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← Weidenfeld-Hoffmann Trust

2024-06-30-accounts

Charity registration number 1158918 (England and Wales)

WEIDENFELD-HOFFMANN TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

WEIDENFELD-HOFFMANN TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Hoffmann
M Lewis
A Barnett
J Lieber (Appointed 25 October
2024)
F Mutapi (Appointed 23 May 2024)
G Robinson (Appointed 11 April 2024)
Chief Executive Officer A Henderson
Charity number 1158918
Principal address 70 Walton Street
Oxford
OX2 6AG
Auditor Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
Bankers Coutts & Co
440 Strand
London
WC2R 0QS
United Trust Bank
One Ropemaker Street
London
EC2Y 9AW
Investment advisors BNY Mellon
160 Queen Victoria Street
London
EC4V 4LA

WEIDENFELD-HOFFMANN TRUST

CONTENTS

Page
Trustees' report 1 - 7
Statement of trustees' responsibilities 8
Independent auditor's report 9 - 11
Statement of financial activities 12 - 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 30

WEIDENFELD-HOFFMANN TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2024

The trustees present their annual report and financial statements for the year ended 30 June 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charitable Incorporated Organisation (CIO)'s constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Weidenfeld-Hoffmann Trust was established to bring together and develop the academic work founded by Lord Weidenfeld and previously run by the Institute for Strategic Dialogue. The CIO works with academics, cultural and professional experts and aspiring young leaders on projects which aim to widen participation to high level academic study, discussion, and debate.

The CIO's objects are the advancement of education of the public in the United Kingdom and elsewhere in relation to government, economics, politics, human rights, administration, the arts, humanities, and social sciences, in such ways as the CIO's Trustees think fit, including by, but not limited to:

The CIO runs the following major initiatives for achieving its charitable objectives:

The Weidenfeld-Hoffmann Scholarships & Leadership Programme provides outstanding graduates and early career professionals from developing and emerging economies with the opportunity to pursue fully funded graduate study at the University of Oxford, combined with a specially created programme of leadership development, long-term mentoring, and networking. The Leadership Programme, devised by the CIO, equips scholars with the knowledge, skills, and networks they will require to contribute optimally to public life in their countries and regions of origin and to build lasting professional links across cultures and continents. Since 2007, 412 scholars from 94 countries have been able to study 80 courses thanks to 46 different partners and donors.

The Humanitas Programme (2010-2020), hosted in partnership with the Universities of Oxford and Cambridge supported 93 Visiting Professors to lecture and give masterclasses on a broad range of topics in the arts, humanities and social sciences and included over 300 events which were free and accessible to all. The Humanitas lectures and conversations are available online. The Tellus Mater Fellowship in Sustainability Studies supported 2 Fellows 20182020 at the University of Cambridge.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.

Scholarships Programme

Funding

The Oxford-Weidenfeld and Hoffmann Scholarships and the Oxford-Hoffmann Scholarships are endowed scholarships which form part of the Oxford Graduate Scholarship Fund (OGSF). The funds for these endowed scholarships were provided by Weidenfeld-Hoffmann Trust donors and the Foundation Hoffmann respectively, in each case matched 60/40 by University of Oxford funds, under the Oxford Graduate Scholarships Matched Fund initiative. The capital for both these scholarships is held within the Oxford Endowment Fund, managed by Oxford University Endowment Management (OUEM). The Oxford-Endowment Fund supports all course fees and living expenses but does not cover the cost of the Leadership Programme for these scholarships. In some years direct donors support specific scholars.

WEIDENFELD-HOFFMANN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Donations were received to support the Leadership Programme for the Oxford-Weidenfeld and Hoffmann Scholars and the Oxford-Hoffmann Scholars, and these contributions included support through the WHT College Partnership initiative and from the Trust’s University Department partners - the Saïd Business School and the Blavatnik School of Government. In addition, funds were raised from the Sigrid Rausing Trust, the Younger Family Fund and GRoW @ Annenberg to support those who were refugees or displaced by conflict or other human rights abuses.

The Trust has two long-term Endowment Funds. The Max Weidenfeld Travel Fund was given by the Eranda Rothschild Foundation in memory of Lord Weidenfeld’s father, the investment return of which is allocated every year as a travel bursary to help the scholars chosen by the CIO to travel for professional development purposes during their breaks from the University. The Leadership Programme Endowment Fund was set up in 2019 by founder and first Chairman André Hoffmann and Trustee and current Chairman Michael Lewis to raise funds for the long-term future of the Leadership Programme.

Designated funds are those that were given to be used for the Humanitas Programme (2010-2020) for Visiting Professor Chairs on specific themes.

Scholarship Selection

All eligible beneficiaries for the WHT scholarships apply via the University of Oxford. For the Oxford-Weidenfeld and Hoffmann Scholarships (OWHS) and Oxford-Hoffmann Scholarships (OHS) each academic department selects a fixed number of those with the prerequisite academic requirements (and who have already been accepted by the University) for assessment and interview by the Oxford Weidenfeld-Hoffmann Endowment Panel (made up of senior departmental and college partnership academics, the CEO of the Weidenfeld-Hoffmann Trust, the WHT Academic Fellow and WHT Oxford-based alums). For the Direct Donor Scholars all eligible candidates are assessed and interviewed by WHT and their academic advisers.

Achievements and performance

This period was one marked again by global conflict and the Trust was able to provide scholarships for nine talented individuals who had been displaced due to conflict, persecution, or other serious human rights violations including those from Ukraine, Russia, Sudan, Kenya and Syria making around a third of the cohort Hope Scholars.

The Trust also achieved a long-term goal the purchase of a permanent home for the Trust. In February 2024 the WHT acquired a four-storey late Victorian building in Jericho (70 Walton Street).

Weidenfeld-Hoffmann Scholarships Programme

The Trust continued with its commitment to reach the most promising early career professionals from emerging and developing economies. This year there were 1526 applications for Scholarships of which 495 applicants were offered a place by the University and of these 30 Scholarships were awarded by the Weidenfeld-Hoffmann Trust and included the first scholar from Philippines. The scholars pursued a broad range of courses including one-year master’s in; ‘Water Science, Policy and Management’, ‘Biodiversity, Conservation and Management’, Environmental Change and Management’, ‘International Health and Tropical Medicine’, ‘Law’, ‘Public Policy’, ‘Business Administration’ and ‘Social Science of the Internet’.

The Oxford Endowment Fund provided for 25 Oxford-Weidenfeld-Hoffmann Scholars and Oxford-Hoffmann Scholars. There were 3 scholars in partnership with Chevening, the FCO’s scholarship programme and 2 scholarships supported by the Sigrid Rausing Trust and the Younger Family Fund. The Trust maintained strong links with departmental partners - the Saïd Business School and Blavatnik School of Government with three scholars supported by the Business School (MBA) and four scholars (MPP) supported by the Blavatnik School of Government.

This was the fourth year of the WHT College Partnership initiative for which six Oxford Colleges (Keble, Lincoln, Mansfield, St Edmund Hall, Trinity, Worcester) provide supportive academic communities and financial contributions towards the cost of scholars’ individual Leadership Programmes.

Additional donations were received from WHT Trustee Michael Lewis for the Leadership Programme Endowment Fund (established 2020) during the course of this year.

WEIDENFELD-HOFFMANN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Scholarship Selection

This was the third year that the Trust has managed the OWHS and OHS Selection Process. The Selection panel was drawn from University and College partners and WHT staff and alumni.

Leadership Programme

The Leadership Programme is made up of 3 key strands which are reviewed each year – building a foundation for ethical leadership (moral philosophy seminar series), developing an entrepreneurial mindset (Business Challenge), and creating a toolkit for professional excellence , (impactful communication, negotiation and debating skills). For the year 2023-24 moral philosophy seminars were added to the core curriculum - Free Speech and Universities in response to Scholar feedback. In addition more practical sessions were secured for the Business Challenge Teams to gain experience in pitching their business ideas in public arenas through closer working with Enterprising Oxford and a study field trip was added to Plexal.

This year the Max Weidenfeld Travel Grant set up by the Eranda Rothschild Foundation in the name of George Weidenfeld’s father supported 8 scholars as delegates to the Refugee Conference in Geneva, the Copenhagen Democracy Conference, the WEF in Davos and a global Healthtech conference in Amsterdam.

Alumni Network

Since 2007, 382 scholars from 91 countries have benefited from the Leadership Programme to tackle major problems in their countries and regions of origin or from within multilateral organisations. Over 80% of all alums in this period were working to benefit emerging economies, in national or multilateral organisations at the forefront of the fight against poverty, climate change and biodiversity loss, or leading social, transformative, and empowering enterprises. WHT continued to foster a culture of giving back - as mentors and advisors for the Business Challenge and alumni returned to attend the Welcome Week sharing tips and speaking on the challenges. A house-warming in May brought many Oxford and London based alumni to the new house to celebrate the establishment of a permanent home for the Trust. In addition the house was a major focus for alums visiting Oxford for graduation and work.

Humanitas Programme

The renown opera singer Joyce DiDonato was the Humanitas Programme Visiting Professorship in Voice and Classical Music 2024. She conducted a masterclass for young singers at New College and was in conversation with Professor Suzanne Aspden of the University of Oxford an event which was open to the general public. Both sessions were recorded to be viewed on the WHT YouTube channel.

Evaluation

Continual Leadership Programme evaluation with our scholars, alumni, donors, and advisors was the primary measure by which we assessed success across the reporting period via termly/end-of-year surveys, face-to-face feedback at WHT Collections and Advisory Board meetings. Feedback will be used to enhance the Programme for 2024-25 and beyond. Feedback in this period was overwhelmingly positive once again with all scholars stated that the Leadership Programme had helped them to shape their future plans and equipped them with the skills to achieve them. Stand-out elements for all scholars were the moral philosophy seminars for ethical leadership and the care and importance placed on building the new scholar community and the recognition of the support this provides. Alumni impact is gathered on a regular basis throughout the year via alumni updates and through professional social network monitoring. Regular meetings with the University took place as part of the annual recruitment/admission cycle.

WEIDENFELD-HOFFMANN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Financial review

The Trustees consider the funds generated in the year under review to be sufficient to meet the CIO's objectives and the position of the CIO at the year-end to be satisfactory. They closely monitor the level of free reserves available to ensure there is sufficient financial flexibility in place.

The total incoming resources for the period amounted to £553,332 (2023: £1,723,692) which consisted mainly of donations received for the CIO's educational programmes in place under collaboration with Oxford and Cambridge University. The principal source of funding from donations received during the period have been from The Annenberg Foundation which donated £50,000 (2023: £nil).

The total restricted funds held as of 30 June 2024 amounted to £354,748 (2023: £652,212). The total designated funds held as of 30 June 2024 amounted to £58,315 (2023: £31,044). The total funds held as of 30 June 2024 amounted to £2,361,391 (2023: £2,634,787).

The investment policy is that the return and income from the listed investments (Max Weidenfeld Travel Grant) held should go towards helping the scholars chosen by the CIO to attend conferences and further their professional experience.

It is the policy of the CIO that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to one to two month’s administration costs. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the CIO’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The free reserves available as of 30 June 2024 amounted to £1,866.52,524 (2023: £210,609) which is in line with the reserves policy.

The main sources of funding are the Oxford Endowment Fund, Direct Scholarship Donors - which supported scholarships and leadership programmes for 2 scholars in this period and individual Oxford Colleges and University Departments which supported the Leadership Programme.

WHT is committed to ensuring that it makes investment decisions responsibly and with integrity. The Trust’s Scholarships Endowment Fund is placed in the Oxford Endowment Fund (OEF) managed by Oxford University Endowment Management Ltd (OUEM), a subsidiary of the University which ensures that investment decisions consider social, environmental, and political issues to maintain the University’s ethical standards. WHT Trustees follow carefully the performance of this fund and in April 2024 the Head of Sustainability and Corporate Affairs for the OU Endowment Management gave a presentation on their ESG strategy at a meeting of the Board.

In April 2020, Oxford University Council accepted three new resolutions focused on climate change: divestment from fossil fuel extractors; a commitment to back energy efficient groups; and OUEM to become a signatory of the Carbon Disclosure Project, a member of the Investor Forum and a member of the Institutional Investors Group on Climate Change. In 2021 OUEM integrated its Task Force on Climate Related Disclosures (TCFD) framework into a publicly available ESG Report In addition in 2021, OUEM asked all its OEF investment Managers to plan for a net zero world. In 2021, 54.0% of the Oxford Endowment Fund is invested with managers taking steps towards net zero. 71.6% have a broader codified ESG policy. 37.8% have membership of an ESG organisation. OUEM intends to achieve complete coverage of the portfolio with net zero targets and Paris-aligned net zero strategies by 2035.

The Trust’s principal risks and uncertainties relate to continued support from donors, which we seek to manage by building close and reliable partnerships with our donors, working to secure new sources of support and raise awareness of the impact of the programme and fundraising for the Endowment Fund for the long-term benefit of the Leadership Programme.

WEIDENFELD-HOFFMANN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Plans for future periods Funding

The Trust will work to develop further partnerships with individual Colleges and increase the levels of support offered either through the College’s own donors or by matching with new WHT external donors and continue to engage the interest of further potential supporters in the Leadership Programme and those who may wish to contribute to the Leadership Programme Endowment Fund.

In addition the Trust will continue to develop support for the Hope Scholarships scheme which was launched in the summer of 2022 and work closely with the Sanctuary Community at the University of Oxford to support those from conflict effected countries.

In the immediate term the WHT will undertake the urgent remedial work identified by the surveyor on purchase of the WHT House including work to repair the roof, a dormer window and internal rearrangements for optimum educational use. In the longer term the WHT will work to provide funds to extend the facilities to the building in order to offer extra capacity for programme activities and events as the scholars and alumni continues to grow.

Partnerships

For the academic year 2024-25, seven College partnerships will partially support the Leadership Programmes for 34 scholars providing communities of support and raising awareness of the Scholarship Programme and enabling the global cohort to flourish during their time at Oxford. Further opportunities will be sought for greater donor collaboration and beneficiary impact including placements and potential internships for scholars and alumni. The Trust will work with the Saïd Business School and Blavatnik School of Government to support scholarships to the MBA and MPP courses.

Leadership Programme

The Trust will continue to develop the unique Leadership Programme curriculum including identifying further tailored projects and external opportunities to provide the appropriate skills and support necessary for scholars to make an impact once they return to their home regions/international arenas. A major focus will continue to be on helping scholars to make the transition from Oxford to their professional arenas, via Business skills development and an internship programme. The Trust will explore ways to increase impact and reach of the Leadership Programme at the University of Oxford through alumni and partner engagement and strengthened communication activity.

Alumni Network

The Trust will build on the success of the digital ‘WHT Community’ channel hosted on the Telegram Application, totalling over 175 members at the end of the year, by developing an engagement programme which offers regular networking and professional opportunities to those signed up to this new alumni community with the intention of ultimately connecting all the alumni in this way. In parallel a WHT alumni LinkedIn group will endeavour to link all alumni and scholars to provide a professional network to connect within and across sectors and locations. The Trust will develop a further series of alumni webinars to maintain and strengthen the growing reach of WHT, connect the new cohort to the wider network and demonstrate growing alumni impact to supporters. In order to make the most of the growing number of alumni seeking opportunities to give back - the Trust will provide more roles for alums as mentors and application assessors to enable alums to share their experience and expertise and increase the cohesion across the year groups. WHT Alumni will continue to play a role on the WHT Advisory Board as representatives serving a 2-year term representation may be increased to two alumni from 2025.

Humanitas

No new scheduling is currently in place for future years. Videos of many in the series are on WHT YouTube channel including Mitsuko Uchida whose illustrated lecture has been viewed over 350,000 times.

Structure, governance and management

WEIDENFELD-HOFFMANN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

The trustees who served during the year and up to the date of signature of the financial statements were: A Hoffmann M Lewis A Barnett J Lieber (Appointed 25 October 2024) F Mutapi (Appointed 23 May 2024) G Robinson (Appointed 11 April 2024)

The CIO was established under a 'foundation' model constitution in October 2014. The CIO has a Board of Trustees, comprised of three members. Michael Lewis was appointed Chairman of Trustees in 2020 taking over from the Trust’s first and founding Chairman André Hoffmann. The Board of Trustees may appoint any person who is able and willing to act as a new or additional Trustee. In selecting persons to be appointed as Trustees, the Board considers the benefits of appointing a person who is able by virtue of his or her personal or professional qualifications to contribute to the pursuit of the objects of the management of the CIO. Non-founding trustees are appointed for a period of three years by a resolution of the Trustees. Trustees may be reappointed at the end of their term of office for a further three years. The WHT Advisory Board provides advice to the Trustees and CEO in relation to its core activities. Membership is drawn from key partners and supporters including the University of Oxford and includes an alumni representative. Membership of the group is by invitation to those with professional or academic expertise in the areas of Trust activity. Advisory Board members are non-remunerated and serve a 3-year term renewable for two terms. At the Trustees Meeting in April 2024 a resolution was made to meet three times a year from 2024-25.

The Board keeps minutes of all proceedings at meetings of the Board of Trustees and Advisory Board, including the names of those present at such meetings. The Trustees meet once a year (19 April 2024) and work closely with the Chief Executive Officer, who leads the day-to-day running of the CIO alongside a small team of three in-house staff working in collaboration with external consultants, advisers, and academic colleagues at the Universities of Oxford and Cambridge.

Michael Lewis is a Trustee of the Weidenfeld-Hoffmann Trust and is also a Trustee of the original/parent CIO the Institute for Strategic Dialogue of which the Scholarships and Leadership Programme formed a part until October 2014; and

(b) André Hoffmann is a Trustee of the Weidenfeld-Hoffmann Trust and was the president of Foundation Hoffmann – a major donor of the Scholarships and Leadership Programme.

WEIDENFELD-HOFFMANN TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

Over the course of the year, the Trustees implemented and revised the risk management strategy for the CIO in accordance with Charity Commission guidelines. This includes a regular review of all risks to which the Trust is exposed and the establishment of policies and procedures to mitigate these risks.

The main risks identified during the year were:

The Trust works closely with University and Partnership Colleges and departments to ensure the welfare of all scholars. The Trust is building a network of support with those in the Sanctuary community to support the Hope Scholars. Regular collections provide a means of checking in with scholars on an individual basis and the community activities provide a space for support and sharing.

An intensive engagement programme took place at the beginning of the academic year which involved meetings with nearly all departments of WHT courses offered to raise awareness of the Scholarships as part of the nomination process to get strong alignment of eligible candidate. The composition of the Endowment Panel has been refreshed once again to provide more input from course leaders and partners who understand the scholars and the nature of the scholarships. The Trust works closely with Student Fees and Funding to provide a robust selection process.

The Trustees have assessed the major risks to which the CIO is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Trustee training is important for good governance of the Weidenfeld-Hoffmann Trust. Current WHT Trustees are drawn from the senior levels of business, industry, and family foundations and are familiar with the responsibilities of a Trustee. All Trustees receive the Charity Commission guidance CC3 ‘The Essential Trustee’. Any training needs for new Trustee members is identified on appointment.

The trustees' report was approved by the Board of Trustees.

.............................. A Hoffmann Trustee

Date: 22 April 2025

WEIDENFELD-HOFFMANN TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2024

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources of the CIO for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WEIDENFELD-HOFFMANN TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF WEIDENFELD-HOFFMANN TRUST

Opinion

We have audited the financial statements of Weidenfeld-Hoffmann Trust (the ‘CIO’) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the CIO in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the CIO’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

WEIDENFELD-HOFFMANN TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WEIDENFELD-HOFFMANN TRUST

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the CIO’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and

We assessed the susceptibility of the CIO’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

WEIDENFELD-HOFFMANN TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF WEIDENFELD-HOFFMANN TRUST

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kirtland (Senior Statutory Auditor) 28/4/2025 Gravita Audit Oxford LLP ......................... Statutory Auditor First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD

Gravita Audit Oxford LLP is eligible for appointment as auditor of the CIO by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

WEIDENFELD-HOFFMANN TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2024

Current financial year
Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general
designated
2024
2024
2024
2024
Notes
£
£
£
£
Income from:
Donations and legacies
3
1,871
-
469,942
50,000
Investments
4
4,137
-
-
27,382
Total income and
endowments
6,008
-
469,942
77,382
Expenditure on:
Charitable activities
5
32,061
27,311
656,454
-
Other expenditure
11
240
-
-
-
Total expenditure
32,301
27,311
656,454
-
Net gains/(losses) on
investments
12
-
-
-
560
Net income/(expenditure)
(26,293)
(27,311)
(186,512)
77,942
Transfers between funds
1,682,208
-
-
(1,682,208)
Net movement in funds
8
1,655,915
(27,311)
(186,512) (1,604,266)
Reconciliation of funds:
Fund balances at 1 July 2023
210,609
58,315
652,212
1,713,651
Fund balances at 30 June 2024
1,866,524
31,004
465,700
109,385		 Total
2024
£
521,813
31,519
553,332
715,826
240
716,066
560
(162,174)
-
(162,174)
2,634,787
2,472,613		 Total
2023
£
1,691,655
32,037
1,723,692
811,772
-
811,772
2,198
914,118
-
914,118
1,720,669
2,634,787

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WEIDENFELD-HOFFMANN TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

Prior financial year
Unrestricted Unrestricted
Restricted
Endowment
funds
funds
funds
funds
general designated
2023
2023
2023
2023
Notes
£
£
£
£
Income from:
Donations and legacies
3
-
-
1,166,655
525,000
Investments
4
1,829
-
-
30,208
Total income and
endowments
1,829
-
1,166,655
555,208
Expenditure on:
Charitable activities
5
4,300
-
807,472
-
Total expenditure
4,300
-
807,472
-
Net gains/(losses) on
investments
12
-
-
-
2,198
Net income/(expenditure) and
movement in funds
(2,471)
-
359,183
557,406
Reconciliation of funds:
Fund balances at 1 July 2022
213,080
58,315
293,029
1,156,245
Fund balances at 30 June 2023
210,609
58,315
652,212
1,713,651		 Total
2023
£
1,691,655
32,037
1,723,692
811,772
811,772
2,198
914,118
1,720,669
2,634,787

WEIDENFELD-HOFFMANN TRUST

BALANCE SHEET

AS AT 30 JUNE 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 14 5,681 7,163
Tangible assets 15 1,725,054 971
Investments 16 95,855 95,295
1,826,590 103,429
Current assets
Debtors 17 203,246 382,706
Investments 18 5,000 1,123,282
Cash at bank and in hand 641,149 1,341,743
849,395 2,847,731
Creditors: amounts falling due within
one year 19 (203,372) (316,373)
Net current assets 646,023 2,531,358
Total assets less current liabilities 2,472,613 2,634,787
Capital funds
Endowment funds
Permanent endowment 104,385 103,825
Expendable endowment 5,000 1,609,826
21 109,385 1,713,651
Income funds
Restricted funds 22 465,700 652,212
Unrestricted funds - designated 24 31,004 58,315
Unrestricted funds
General unrestricted funds 1,866,524 210,609
2,472,613 2,634,787

The financial statements were approved by the Trustees on 22 April 2025.

..............................

A Hoffmann Trustee

WEIDENFELD-HOFFMANN TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2024

2024
Notes
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
27
(112,731)
Investing activities
Purchase of intangible assets
-
Purchase of tangible fixed assets
(1,737,665)
Investment income received
31,520
Net cash (used in)/generated from
investing activities
(1,706,145)
Net cash used in financing activities
-
Net (decrease)/increase in cash and cash
equivalents
(1,818,876)
Cash and cash equivalents at beginning of year
2,465,025
Cash and cash equivalents at end of year
646,149
Relating to:
Cash at bank and in hand
641,149
Short term deposits included in current asset
investments
5,000		 2023
£
£
823,333
(7,410)
(995)
32,037
23,632
-
846,965
1,618,060
2,465,025
1,341,743
1,123,282		 2023
£
£
823,333
(7,410)
(995)
32,037
23,632
-
846,965
1,618,060
2,465,025
1,341,743
1,123,282
846,965
1,618,060
2,465,025
1,341,743
1,123,282

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

Charity information

Weidenfeld-Hoffmann Trust is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission in England and Wales. The registered public address is 70 Walton Street, Oxford, OX2 6AG. The nature of the CIO's operations and activities are detailed in the Trustee's report.

1.1 Accounting convention

The financial statements have been prepared in accordance with the CIO's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The CIO is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations, but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the CIO.

1.4 Income

All incoming resources are accounted for when the charity has entitlement to the funds, certainty of receipt and the amount is measurable.

Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software 20% Straight Line

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 50 years Straight Line Office Equipment 25% Straight Line Computer Equipment 33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the statement of financial activities.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/ (expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the CIO reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

(Continued)

1.11 Financial instruments

The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the CIO’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the CIO is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

2 Critical accounting estimates and judgements

In the application of the CIO’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

3 Donations and legacies

Donations and gifts

Unrestricted Restricted Endowment Total Restricted Endowment Total
funds funds funds funds funds
general
2024 2024 2024 2024 2023 2023 2023
£ £ £ £ £ £ £
1,871 469,942 50,000 521,813 1,166,655 525,000 1,691,655

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

4 Income from investments

Unrestricted Endowment Total **Unrestricted ** Endowment Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Interest receivable 4,137 27,382 31,519 1,829 30,208 32,037

5 Charitable activities

Scholarships
Scholarships
Scholarships
Programmes Programmes
2024 2023
£ £
Programme costs 211,427 196,617
Premises costs 4,750 -
216,177 196,617
Grant funding of activities (see note 6) 139,734 279,860
Share of support costs (see note 7) 333,763 310,484
Share of governance costs (see note 7) 26,152 24,811
715,826 811,772
Analysis by fund
Unrestricted funds - general 32,061 4,300
Unrestricted funds - 27,311 -
Restricted funds 656,454 807,472
715,826 811,772
Grants payable
Scholarships
Scholarships
Programmes
Programmes
2024 2023
£ £
Grants to institutions:
University of Oxford for fees for direct donor scholarships 139,734 279,860

6 Grants payable

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

7 Support costs allocated to activities

Staff costs
Depreciation
Rent and rates
Sundry expenses
IT costs
Printing and stationery
Film and photography
Recruitment costs
Governance costs
Analysed between:
Charitable activities
Governance costs comprise:
Audit fees
Legal and professional		 2024
£
233,785
15,063
25,947
19,636
6,293
13,408
6,143
13,488
26,152
359,915
359,915
2024
£
8,316
17,836
26,152		 2023
£
195,128
2,053
24,266
24,636
7,998
11,792
19,693
24,918
24,811
335,295
335,295
2023
£
7,945
16,866
24,811

Governance costs includes payments to the auditors of £8,316 (2023: £7,945) for audit fees.

8 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 8,316 7,945
Depreciation of owned tangible fixed assets 13,581 1,805
Amortisation of intangible assets 1,482 247

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year.

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

10 Employees

The average monthly number of employees during the year was:

Management
Other employees
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£100,001 to £110,000		 2024
Number
1
3
4
2024
£
207,859
18,047
7,879
233,785
2024
Number
1		 2023
Number
1
2
3
2023
£
171,641
17,013
6,474
195,128
2023
Number
1

Contributions totaling £2,028 (2023: £2,490) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

Remuneration of key management personnel
The remuneration of key management personnel was		 as follows:
2024 2023
£ £
Aggregate compensation 100,000 100,000
11 Other expenditure
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Foreign exchange charges 240 -

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

12 Gains and losses on investments

Endowment Endowment
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 560 2,198

13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14 Intangible fixed assets

Intangible fixed assets
Software
£
Cost
At 1 July 2023 and 30 June 2024 7,410
Amortisation and impairment
At 1 July 2023 247
Amortisation charged for the year 1,482
At 30 June 2024 1,729
Carrying amount
At 30 June 2024 5,681
At 30 June 2023 7,163

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

15 Tangible fixed assets

Freehold land
and buildings
£
Cost
At 1 July 2023
-
Additions
1,735,374
At 30 June 2024
1,735,374
Depreciation and impairment
At 1 July 2023
-
Depreciation charged in the year
13,015
At 30 June 2024
13,015
Carrying amount
At 30 June 2024
1,722,359
At 30 June 2023
-
16
Fixed asset investments		 Office
Equipment
£
12,740
2,291
15,031
11,848
488
12,336
2,695
893		 Computer
Equipment
£
6,633
-
6,633
6,555
78
6,633
-
78		 Total
£
19,373
1,737,665
1,757,038
18,403
13,581
31,984
1,725,054
971
Cost or valuation
At 1 July 2023
Valuation changes
At 30 June 2024
Carrying amount
At 30 June 2024
At 30 June 2023
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 Listed
investments
£
95,295
560
95,855
95,855
95,295
2024
2023
£
£
111,222
111,222
75,532
228,740
16,492
42,744
203,246
382,706		 Listed
investments
£
95,295
560
95,855
95,855
95,295
2024
2023
£
£
111,222
111,222
75,532
228,740
16,492
42,744
203,246
382,706
95,855
95,855
95,295
2023
£
111,222
228,740
42,744
382,706

17 Debtors

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

17 Debtors

(Continued)

Included within trade debtors is £111,222 which is overdue and although expected to be received there is some doubt over whether it will be.

18 Current asset investments

18
Current asset investments
Unlisted investments
19
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
20
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
5,000
2024
£
5,004
2,984
1,209
194,175
203,372
2024
£
7,879		 2023
£
1,123,282
2023
£
10,658
1,391
371
303,953
316,373
2023
£
6,474

The CIO operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the CIO in an independently administered fund.

21 Endowment funds

Endowment funds represent assets which must be held permanently by the CIO. Income arising on the endowment funds can be used in accordance with the objects of the CIO and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1
Permanent endowments
Max Weidenfeld Travel Fund
Expendable endowments
Leadership Programme		 July 2023
Incoming
resources
Transfers
Gains and
losses
At 30 June
2024
£
£
£
£
£
103,825
-
-
560
104,385
1,609,826
77,382
(1,682,208)
-
5,000
1,713,651
77,382
(1,682,208)
560
109,385		 July 2023
Incoming
resources
Transfers
Gains and
losses
At 30 June
2024
£
£
£
£
£
103,825
-
-
560
104,385
1,609,826
77,382
(1,682,208)
-
5,000
1,713,651
77,382
(1,682,208)
560
109,385
109,385

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

21
Endowment funds
Previous year:
At 1
Permanent endowments
Max Weidenfeld Travel Fund
Expendable endowments
Leadership Programme		 July 2022
Incoming
resources
£
£
101,627
-
1,054,618
555,208
1,156,245
555,208		 (Continued)
Transfers
Gains and
losses
At 30 June
2023
£
£
£
-
2,198
103,825
-
-
1,609,826
-
2,198
1,713,651

The Max Weidenfeld Travel Fund is a permanent endowment fund that generates an investment return which is used to fund travel bursaries for scholars to travel for professional development.

The Leadership Programme Endowment fund was set up to raise funds for the long-term future of the Leadership Programme.

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Scholarships and Leadership
Programme
The Seed Fund
Previous year:
At 1
Matched Scholarships
Programme
Scholarships and Leadership
Programme
The Seed Fund
Other		 July 2023
Incoming
resources
Resources
expended
£
£
£
111,222
-
-
540,465
469,942
(656,454)
525
-
-
652,212
469,942
(656,454)
July 2022
Incoming
resources
Resources
expended
£
£
£
(821)
-
-
290,125
1,166,655
(804,472)
3,525
-
(3,000)
200
-
-
293,029
1,166,655
(807,472)		 Transfers
At 30 June
2024
£
£
-
111,222
-
353,953
-
525
-
465,700
Transfers
At 30 June
2023
£
£
821
-
(621)
651,687
-
525
(200)
-
-
652,212

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

22 Restricted funds

(Continued)

The Scholarships and Leadership Programme fund is to fund the main programme on which the scholars are registered.

The Seed Fund supports former scholars business journey after Oxford.

23 Unrestricted funds - designated

These are unrestricted funds which are material to the CIO's activities.

At 1
Humanitas programme
Previous year:
At 1
Humanitas programme		 July 2023
Resources
expended
At 30 June
2024
£
£
£
58,315
(27,311)
31,004
July 2022
Resources
expended
At 30 June
2023
£
£
£
58,315
-
58,315

24 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
Humanitas programme
General funds
Previous year:
At 1
Humanitas programme
General funds		 July 2023
Incoming
resources
Resources
expended
£
£
£
58,315
-
(27,311)
152,294
6,008
(4,990)
210,609
6,008
(32,301)
July 2022
Incoming
resources
Resources
expended
£
£
£
58,315
-
-
154,765
1,829
(4,300)
213,080
1,829
(4,300)		 Transfers
At 30 June
2024
£
£
-
31,004
1,682,208
1,835,520
1,682,208
1,866,524
Transfers
At 30 June
2023
£
£
-
58,315
-
152,294
-
210,609

The Designated fund is for the Humanitas Programme run by the CIO. The surplus as at 30 June 2023 is to be used to fund visiting professorships in future years under this Programme.

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

25
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
Endowment
funds
2024
2024
2024
2024
£
£
£
£
Fund balances at 30
June 2024 are
represented by:
Intangible fixed assets
-
-
5,681
-
Tangible assets
1,725,054
-
-
-
Investments
-
-
-
95,855
Current assets/(liabilities)
252,692
31,004
348,797
13,530
1,977,746
31,004
354,478
109,385		 Total Unrestricted
funds
Designated
funds
2024
2023
2023
£
£
£
5,681
-
-
1,725,054
971
-
95,855
-
-
646,023
209,638
58,315
2,472,613
210,609
58,315		 Restricted
funds
Endowment
funds
2023
2023
£
£
7,163
-
-
-
-
95,295
645,049
1,618,356
652,212
1,713,651		 Total
2023
£
7,163
971
95,295
2,531,358
2,634,787

WEIDENFELD-HOFFMANN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

26 Related party transactions

Donations amounting to £nil (2023: £500,000) were received during the period from Foundation Hoffmann. André Hoffmann is the president of this Swiss based foundation.

Donations amounting to £50,000 (2023: £25,000) were received during the year from Stanley and Zea Lewis Family Foundation. Michael Lewis is one of the trustees of this UK registered charity.

27 Cash (absorbed by)/generated from operations 2024 2023
£ £
(Deficit)/surplus for the year (162,174) 914,118
Adjustments for:
Investment income recognised in statement of financial activities (31,519) (32,037)
Fair value gains and losses on investments (560) (2,198)
Depreciation and impairment of tangible fixed assets 15,063 2,053
Movements in working capital:
Decrease/(increase) in debtors 179,460 (348,023)
(Decrease)/increase in creditors (113,001) 289,420
Cash (absorbed by)/generated from operations (112,731) 823,333

28 Analysis of changes in net funds

The CIO had no material debt during the year.