Charlty Registration No. 228382 THE WOLFSON FAMILY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022
THE WOLFSON FAMILY CHARITABLE TRUST CONTENTS Page Trustees, Report IndeFendent Auditors. Report Statement of Financial Activities 11 Balan Sheet 12 Cash Flow Statement 13 Notes to the Financial Statements 14
THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 ADMINISTRATIVE DETAILS Trustees Hon Mrs Laura Wolfson Townsley {Chaiman) Dame Janet Woltson de Botton DBE Sir lan Gainsford Mr Martin Paisner CBE Sir Michael Pepper FRS FREng Sir 8ernard Rix Lord Turnberg MD FRCP Hon Mrs Elizabeth Wolfson Peltz Hon Mrs Alexandra Woltson Halamish Directorate Paul Ramsbottom OBE MA MSI- Chief Execulive Relence and administrativ8 details Registered Offi.. 8 Queen Anne Street London. W1G 9LD Registered Charity No.. 228382 Professional SeThices Bankers Barclays Bank Plc. Charities Team 1 Churchill Place London E14 5HP SolKitors Payne Hicks Beach 10 New Square Lincoln's Inn London WC2A 3QG Auditors UHY Hacker Young LLP Quadranl House 4 Thomas More Square London E1W1YW Principal Investment Manage Cazenove Capital 1 London Wall Place, London Wall London EC2Y SAU Website www.wfct.or
THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the chanty's governing document, the Charities Act 2011 and Reporting by Charities." Statement of Recommended Practi.. Accounting and Reporting by Charities preparing their accounls in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)- STRUCTURE, GOVERNANCE AND MANAGEMENT The Wolfson Family Charitable Trust is a charitable foundatson established by a Trust Deed dated 30 March 1958 whose aims are the advanment of scien, health, education and the arts and humanities. A large proportion of the assets derive from the realisation of the Trust's involvement in the Paz Oil Company of Israel. The ITustees therefore consider it appropnate to make a majority of grants for these purposes to leading Israeli institutions. At the end of the year the Board of trustees comprised four family tnjslees and five trustees with medical. scienlific and legal expertise. The range of skills represented on the trustee Board is kept under review and appointrnenls lo the Board are made by the trustees, advised by the Nominations and Goveinance Committee. The Nominations and Governan Committee also advises on the remit and composition of expert panels or committees and any related govemance matters. During Ihe year Professor Zeev Tadmor. a long-standing member of the Advisory Committee Israel, retired and a new member of the Committee was appointed.. Professor Varda Shoshan-Barmatz of Ben Gurion Universty- Board meetings are held once or lce each year. The Board decides matters of strategy and overall policy, determines the priorities and allocations for grants programmes. sets budgets and authorises grant awards. The Board is advised by an Advisory Committee in Israel. drawn from leading academic and medical experts.11 is also seNed by a numter of panels and committees {shared with the Wolfson Foundation), which make recommendab.ons on granl-making, risk management and investment policies. Panels are comprised of specialists in particular fields. as well as trustees. The induction process for newly-appointed trustees and pand members comprises meetings with Board members and the chief executive. and covers govemance. investment and grant-making policies. Documentation provided for new trustees includes copies of the Trust Deed, relevant minutes and recent annual reports and accounts. A full list of members of the committees and expert panels is available on the website.. htt s'.Ilwww.woltson.or .uklabouV nel-committee-membershi Rlsks and uncertainties The trustees have reviewed the major slrategic. operational and financial risks which impact on the work of the Trust and. on professional advi, noted that systems have been established to mitigate the exposure to them. The trustees VIeW this matter each year and take action required arising from the assessment and recommendats'ons of the Risk & Audit Commee. During the year in question. the ongoing impact of the Covid-19 pandemic was a conbnuing consideration, both in terms of the Trust's own operations and on the various sectors that the Trust funds. This was an issue under conslanl discussion - and sub-committees. as well as the Board. considered papers on this subject. Beyond the effect of the pandemic. the trustees consider the main areas of risk for the Trust to be as follows.. (1) Investment iisk. The trustees. supported by a dedicated Investment Committee which meets regularly, take a long-term approach to their investment slralegy and aim to deliver the investment objective within an acceptable level of risk. During the year, a new Investment Committee chair (Micky Breuer-weill was appointed. and the Committee was bolstered by the recruitment of 0 additional members.
TrIE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 (2) The reputational risk of making aWaS to inappropriate Apcipients. The trustees are advised in their decision-making by dedicated panels of experts. by independent peer reviewers and by a professional leam of staff. In addition. regular visits are lin normal times} made by staff and trustees to projects. Grants are paid in arrears on receipt of evidence of appropriate expenditure. A framework for monitoring and evaluation has been established. Full details of all expert panels are available on the website. Conflicts of interests here a trustee holds an active post (whether honorary or otherwise) at an applicant organisalion, then that trustee takes no part in the decision on whether to make an award. Similarly comrnitteelpanel members with a conflict of interest take no part in making recommendations relating to organisations in which they (or relatives or business partners) have an involvement. A register of interests is maintained by the Wolfson offi. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEF The objectives of the Trust, through its granl-making, are the advancement of science and medicine, health, education, the arts and humanities. The trustees have complied with section 17 {5) of the 2011 Charities Act, having due regard for the Charity Commission's guidan on public benefit when reviewing the Trust's aims and objectives, when selting the grant making policy and in making awards. One measure of the public benefit generated by the Trust is demonstrated by the list of projects supported (see note 17). Following the emergency funding provided during the previous year. the Trust relumed to something akin Io bts usual grant-making.. pursuing ils objectives through expenditure on outstanding projects across the range of the Trust's activities, usually by the provision of buildings or equipment. Three particular factors continue to influence trustees in their decision-making. First, trustees aim lo back excellence (both existing and potential). Secondly. attempts are made to idenlify and support important areas that are under-funded. Thirdly. applicants are encouraged lo use Wolfson funds as a catalyst. so that the Trust's funding can lever additional supporl. The impact of the Trust's funding is monitored through regular reports on projects provided by recipients duriw the lifetime of a grant, and also by visits undertaken by trustees. Advisory Committee members and staff. Grant-making process and policy Trustees make awards once or twi each year and are advised by the Advisory Committee in Israel in addition to experl panels which meet tsefore the main Board meets'ngs. As well as assessing the merits of the applicants, proposals and their cOng[uen with the Trust's aims and priorities, appraisal criteria include.. the anticipated outcome of the project (including public benefit),. financial viability., value for money., adequate provision for on-going costs and Maintenan and the aesthetics of any building project. Priorits'es, which are described in this report, are grouFed around four funding areas.. Science and Medicine, Education. Arts and Humanities and He211h. Awards for Israeli universities and hospitals are normally made under the umbrella of designated programmes in which relevant organisations are invited to participate. Applications are assessed by expert reviewers. and applicants are given an opportunity to respond to queries raised during the review process. In fulfilment of this policy. grants were made in the year totalling some £1.5 million.
THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The yearfs grant-giving was successful in that. on the advice of external experts, first-rate projects in number of priority areas were fvnded. Given the nature of the capital investment it is too early to assess the long-lerm benefits of projects funded. In lemis of funding in previous years, a publication and video was produced by the Advisory Committee Israel for the 60th anniversary of the Trust ou#ining the impact of funding. The unrestricted fvnding provided in 2020-21 through the Covid-19 Support Fund proved invaluable to the marny organisalions supported - helping them through the difficult months of the pandemic, and allowing them to plan for an uncertain future. Science and Medicine The key investment duiing the year was for a national programme across Israeli universities to support the purchase of equipment- and. in particular, equipment that will underpin research in the broad area of molecular engineering. Molecular engineering can be defined as the application of molecular-level science of highly complex materials and material systems with specific functions for the design of advanced devices. prosseS and technolog$. The programme followed the existing sucsSful pattem of the Trust's fvnding in Israel with the Advisory Committee in Israel foming a SFecialist sub-committee for the purpose. A prerequisite for much contemporary lopquality science - in Israel. as elsewhere - is access to cuth'ng edge (often highly expensive) equipment. Perversety, finding support for equipment is often the most challenging part of the funding ecosystem. The Trusl's strategy continues to be one of funding around a national research theme across multiple institutions and focussed on specialistequipment. Awards were made in partnership with the Wolfson Foundation. Health & Disability and Arts & education In the UK. funding was divided behveen capital infrastructure projects and a number of unrestricted grants. The largest grant for a capital proiect was made to Gesher for their'makerspace. at a new site for Gesher School as it expands into secondary education. In Israe1, the largest award was for a new museum at Latrun telling the story of the Jewish soldier in World War11. FINANCIAL REVIEW The trustees have prepared accounts in accordance with current slalutory requirements. the Trust Deed and Accounting and Reporting by Charilies". Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP {FRS 10211 The Trust's total return on the fund's assets in 2021122 was £4.3 million {2020121.' £10.2 million) of which income nel of fees was £0.87 million (2020121.. £0.79 million) and gains were £3.4 million (2020121.. £9 53 millionl- The portfolio of investments and cash held on deposit had a total value of £47.1 million at 31 March 202212021.. £44.4 million). The portfolio continued lo enjoy very positive returns through 2021 bul lost value in the final quarter of the financial year (the first three months of 2022) re11ecting falling markets. Income is applied to the charttable aims of the Trust as described elsewhere in this report. Grants awarded (net of relinquished granlsl during the year were £1.5 million {2020121". £2.1 million). The trustees hold deposits. gilts and other bonds to cover the Trust's currenl commrtments. The Trust's net assets are held in unrestricted fvnds as the trustees have power lo distribute both income and capital. The Trust has shared objectives and joint administration with The Wolfson Foundation, registered charity number 1156077 and a company limited by guarantee (89270401, at 8 Queen Anne Street, London, W1G 9LD.
THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 Investment policy and performance The Trust is managed based on existing in perpetuty and hence the Trust has the objective of maintaining the portrolio's real purchasing power after inllation over lime. Trustees allocate funding on a total retum Iralher than income) basis. The long-term investment objective is an average annual total return of UK CPI + 40/0 (changed from UK RPI + 40/0 in the year ended 31 March 2020). The trustees aim to distribute 40/0 of the fund on an annual basis. The calculation of Ihe distribution is based on the average portfolio value over Ihe last five years. The asset allocation within the porttolio is arranged accordingly, taking advantage of the Trust's long-term investment horizon. Policies and investment allocations afe continually reviewed by the Investment Committee and trustees. Tnjstees review the investment strategy with the Investment Committee and fund managers (signatories to the UN Principles for Responsible Investment}. in order to ensure that {1) the Trust can achieve or outperform ils target return in the long term., and {2) investment decisions made by our fund managers are laken in a socially responsible manner and in accoTdance wilh Wolfson's core principles. Responsible investmenl underpins the investment strategy and trustees have a policy of not investing directly in tobacco companies or fossil fuel extractors. The Investment Committee is responsible to the trustees for investment policy and monitoring the portfolio. Committee members are available to report to the trustees al Board meetings. Trustees and the Risk and Audit Committee review the terms of Ihe Investment Committee mandate. The Trust's entire portfolio has been restructured in the last four years in line with the trustees, investment objective. The performan of the portfolio is monitored by the trustees and the Investment Committee. Reserves poll¢y The total net funds of Ihe Trust as at 31 March 2022 stood at £44.2 million, all represented by an expendable endowment fund. As stated above. in the Inveslmentpolicy and p8rformance section, the trustees aim to distribute 4 % of the fund on an annual basis in grants and other expenditure. The trustees consider it prudent to have liquid assets within investments to cover a significant proportion of planned expenditure. They have agreed that a larget of 80/0 of the value of the investments portfolio (currently £3.8 million) should be retained in a combinalion of cash and short-dated gilts. As at 31 March 2022. cash and gilts in the portfolio totalled £4.2 million {9 % of the total}. above this target. The trustees consider that reseNes are available at a level which enables them to plan with confidence for the future. PLANS FOR THE FUTURE During 2022-23, truslees will consider a major programme of support for equipment at Israeli hospitals.
THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STA TEMENTS The trustees are responsible for preparing the ITUStees' Annual Report and the financial statements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi). The law applicable to charilies in England and Wales requires the trustees lo prepare financial ststemenls for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for Ihal period. In preparing these financial statements. the trustees are required to-. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Chartlies SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards and statements of recommended practice have been followed. subject to any material departures disclosed and explained in Ihe financial statements,. and prepare the financial slatements on the going COnM basis unless it is inappropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping proper records which disclose with reasonable accuracy the financial position of the chanty 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 fof safeguarding the charity's assets and hence takir)g reasonable steps for the preventior) and detection of fraud and breaches of law and regulations. The trustees are responsible for the maintenance and integnty of the charity and financial information included on the charity's website. STATEMENT OF DISCLOSURE TO AUDITORS So far as the trustees are aware, there is no relevant audil infomiation of which the Tfust's audilors are unaware. Additionally, the trustees believe they have taken all the necessary steps that they ought to have taken as Irustees in order to make themselves aware of any relevant audit informatson and to establish that the charity's auditors are aware of Ihat information. Approved by the trustees on 20 October 2022 and signed on their behalf by.. Hon. Laura Wolfson Townsley Chairman
UHY Hacker Young liP QtJo(Sianl IlousÈ 4 Thoma5 More Squa Llth EIW 1YW Hackeryoung Chartered Accounlants INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE WOLFSON FAMILY CHARITABLE TRUST Oplnlon We have audited the financial statements of Ihe Wolfson Family Charilable Trust {'the Charity'l for the year ended 31 March 2022, which comprise the Statement of Financial Activities. the Balance Sheet, the Cashflow Slalement and the 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". In our opinion the financial statements.. give a true and fair view of the state of the Charity's affairs as at 31 March 2022 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the Charities Act 2011. Basis for opinlon We conducted our audit in accordance wilh International Standards on Auditing {UK) {ISAs {UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditoffs responsibilities for Ihe audit of the financial slalemenls section of our report. We are independent of the charitable charity in accordance with the ethical requirements that are relevant to our audit of the financial slatements in the UK. including the Financial ReF)Orting Council's IFRC'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. Concluslons relatlng 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 ffinancial statement is appropriate. Based on the work we have performed. we have not idents.fied any material uncertainlies felating to events or conditions that, individually or collectively. may cast significant doubl on the charity's ability to continue as a going concern for a period of al least e1ve 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 Ihe infomiation included in the annual report and the Trustees, Report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly slated in our report. we do not express any fomi of assurance conclusion Ihereon.
UHY Htr Young LLP Quadrani House 4 Thomas More Squar London E1W 1YW Hackeryoung Chaiteied Accountants INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE WOLFSON FAMILY CHARITABLE TRUST In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsislent with the financial slalements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomialion. 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 In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have nol identified material misslalements in the trustees. report. We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if. in our opinion". adequate accounting records have not been kept. or relums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and retums; or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanalions we require for our audit. Responslbilities of Trustees As explained more fully in the Truslees, Responsibilities Statement sel otrt on page 6. the trustees are responsible for the preparation of finanaal statements which give a true and fair view, and for such internal control as Ihe trustees detemiine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In pparIng the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concem. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realists'c allemative but to do so. Audltovs responsibilities for the audit of the flnan¢ial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran. but is not a guarantee that an audit conducted in accordance with ISAS {UKI 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 laken on the baS of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, to detect material misstatements in respecl of irregularities, including fraud. The exlent lo which our prOdureS are capable of detecting irregularities, including fraud is detailed below".
UHY Hacker Young LLP Quadrant House 4 Thofflag IMorÈ Square London E1W 1YW Hackeryoung (hartcrcd Accountants INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE WOLFSON FAMILY CHARITABLE TRUST Based on our understanding of the charity and the industry in which it operates, we identified that the principal risks of non-complian with laws and regulations related lo the acts by the charity, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and fegulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of conlrolsy. and determined that the principal risks were related to the valuats'on of the charity's investments. inflated revenue and the charity's net income for the year. Audit procedures perforned to assess the valualion of the charity's investments included.- confirmation of the valuation of investment balances from the investment managers and a review of the most recent Service Organisation Controls Reports in relation to those investments. We obtained Ihe most recent audited financial statements for the assets under management by Oxford University Endowment Management Limited and the various assets managed by JP Morgan to confirm that there were no indictors of impaiment and thal they were prepared on a going concern basis. To assess inflated revenue and the charity's net income for the year audit procedures perfomied included.. a review of the financial statement disclosures to undeTlying supporting documentation. review of correspondence with legal advisors. enquiries of management and testing of journals and evalLAating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud. There are inherent limitations in Ihe audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also. the fjsk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example. forgery or intenlional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial stalements is located on the Financial Reporting Council's website at.. htt .-lkn.frc.or .ukJaudilorsres onsibililies. This description forms part of our auditorfs rep)rt. Use of our report This report is made solely lo the charity's members, as a body. in accordance with Chapter 3 of Part 8 of the Charities Acl 2011 and regulations made under section 154 of that Acl. Our audit work has been undertaken so that we might stale to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest exlenl permitted by law, we do not accepl or assume responsibility lo anyone other than the charity and the charity's members as a body, for our audit work. for this report. or for the opir)ions we have fomed. UHY Hacker Young Chartered Accounlanls Statutory Auditor 2 November 2022 UHY Hacker Young LLP is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006.
10 THE WOLFSON FAMILY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENOED 31 MARCH 2022 Notes 31 March 2022 £'ooo 31 March 2021 £'ooo Income: Inveslmenls Donations 950 630 Total income 950 1,499 Expenditure on: Raising fLJnds (investment management fees) 77 Charitable activities Grant making activities.. Science and medicine Education Health and disability Arts and humanities 1,036 77 289 235 1,149 155 933 Total charitable expenditure 1.637 2,237 Total expenditure 1.721 2,314 Net expenditure and net movement In funds before gains and losses on Investments (771) 18151 Net realised and Unrealis gainsl(losses) on disposal and revaluation of.. Investmenl assets 10 Foreign exchange 3,491 (92) 9,346 179 Net movement in funds 2,628 8,710 Reconciliation of funds Total funds brought forward 41.563 32,853 Total funds carrled fonvard 44,191 41,563 The net realised and unrealised gains of £3,491.676 for the year ended 31 March 202212021 gains.. £9,345,718) reflect an increase in markel values during the financial year. The nel realised gain on listed investment disposals by reference lo their acquisition cosl was £1.981.222 {2021.' £1,483,346). All recognised gains and losses have been included in the Ststement of Financial Activities and are derived from the continuing activities of the charitable trust.
11
THE WOLFSON FAMILY CHARITABLE TRUST
BALANCE SHEET AS AT 31 MARCH 2022
| Notes | |||||
|---|---|---|---|---|---|
| 31 March | 31 March | ||||
| 2022 | 2021 | ||||
| £’000 | £’000 | £’000 | £’000 | ||
| Fixed assets | |||||
| Investments | 10 | 44,303 | 41,278 | ||
| Current assets | |||||
| Investments | 10 | 2,791 | 3,152 | ||
| Debtors | 11 | 92 | 85 | ||
| Cashatbank | 13 | 13 | |||
| 2,896 | 3,250 | ||||
| Creditors falling due within | |||||
| one year | 12 | (2,260) | (2,248) | ||
| Net current assets | 636 | 1,002 | |||
| Total assets less current liabilities | 44,939 | 42,280 | |||
| Creditors falling due after | |||||
| one year | 13 | (748) | (717) | ||
| Total net assets | 44,191 | 41,563 | |||
| Funds | |||||
| Expendableendowmentfund | 44,191 | 41,563 |
The financial statements on pages 10 to 22 were approved by the trustees on 20 October 2022 and were signed on their behalf by:
Hon. Laura Wolfson Townsley Chairman
Paul Ramsbottom Chief Executive
12 THE WOLFSON FAMILY CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 Notes 31 March 2022 £'ooo 31 March 2021 £'ooo Cash used in operating activltles 14 {1,777} (1.732) Cash flows from Investlng a¢tlvlties Dividends, interest and distributions from investments Purchase of investments Proceeds from disposal of investments Decreasellincrease) in current asset investments 950 (12.427) 12,893 869 {12,923} 14,850 10 10 10 361 11.064} Net cash provlded by investing activities 1.777 1,732 Change In Cash at bank Cash at bank brought forward 13 13 Cash at bank carried forward 13 13
13 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies The particular accounting policies adopted by the trustees are set out below.. {a} Basis of preparatlon The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {Charities SORP (FRS 10211,. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). and the Charities Act 2011. The Vvolfson Family Charitable Trusl meels the definition of a public benefit entity under FRS 102. The financial statements are prepared under the historical cost convention, with the eXpIlOn that investments are included at market value. The financial statements have been prepared to give a 'tTue and fair. view and have departed from the Charities (Accounts and Report) Regulations 2008 only to the extent required lo provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 102). The mosl significant areas of adjustments and key assumptions that affect items in the accounts are to do with eslimaling the liability from multi-year grant commitmenls {see note 9 for more informalionl. With respect to the next reporting peric#J. the most significant areas of uncertainty that affect the carrying value of assets held by the Twst are the level of investmenl return and the performance of the investments. The financial statements have been prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial slatements are rounded to the nearest £'OOO. Ibl Golng ¢oncern The trustees consider that as the finanS are based on a long-tem) endowment there are no material uncertainties about the Trusl's ability to continue as a going concem. This is further strengthened by the positive results for the period. Ic} Income All income is recognised once the Trust has entitlement lo Ihe income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Where income has related expenditure. the income and related expenditure are reported gross in the Statement of Financial Acb"vities. {d} Resources expended Expenditure is included on an accruals basis. Grant awards and olher liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure. il is probable that settlement will be required and the amount of the obligation can be measured reliably. (el Allocation of management and administration expenses Management and administration expenses are allocated belween charitsble activity and governan. Management and administration expenses relating to grant making activities are apportioned evenly amongst Ihe four grant making categories. The allocation of management and administration expenses is analysed in note 6. lfj Governance costs Governance costs comprise all costs involving the public accountability of the Trust and ils compliance with regulation and good practice. including the statutory audit and legal fees.
14 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles {¢ontlnued) Ig) Forelgn exchange Monetary assets and liabilities denominated in foreign currencies are translated into sterling al the rates of exchange ruling al the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All dIfferenS are taken to the expendable endowment fund. {hl Investment assets Investments are a form of basic financial instrument and are initrally recognised at their transaction value and subsequenlly measured al their fair value as at the balance sheet date using the closing quoted market pri where available. Quoted investments Quoted investments comprise publicly quoted, listed securities including shares. bonds and units. Quoled investments are staled at fair value al the balance sheet date. The basis of fair value for quoted investments is equivalent to the mafket value. using the bid-price. Asset sales and purchases are recognised al the date of trade. Unquoted investments Unquoted investments are valued at the best estimate of fair value and comprise of privale equity which is valued externally by their fund managers and direct investments in unit trusts, the majority of which are made with co-investors. Management use the co-investor valuations as a key input to determine the fair value. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Cash and 'cash-like' securilies wilh high liquidity are managed as part of a portfolio of investment assets and are included as current assets. {il Gains and losses on investments Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value (or purchase cost if acquired in the year). Unrealised gains and losses on investments are calculated as the difference beeen the closing mid-markel value al Ihe year end and opening mid-markel value (or purchase cost if acquired in the period). Realised and unrealised gains and losses on investments are not sep2rated in the statement of rinancial activities and are recognised in the stalemenl of financial activities as they arise. Key sources of estimation uncertainty and significant judgements made in applying the accounting policies The preparation of the financial statements requires the application of certain estimates and judgements. The material areas of either estimation or judgement are set out below. Estimates and judgements are continually evaluated and are based on historical experience and olher factors, including expectations of future events that are believed to be reasonable undef the circumstances. Each of these areas are considered by the Risk and Audit Committee based on infomialion prepared by the Finance team. Unquoled investmenls Investments in unquoted investments are valued al the best estimate of fair value. For these investments fair value is estimated using a range of methodologies including pri of recent investmenl and public comparables.
15 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Maintaining the Woltson Family Charitable Trustfor the longer term 3.1 Preservlng the real value of Ihe fund In order to achieve a proper balan beeen the interests of current and future beneficiaries, the trustees have determined that they are aiming to preserve the value of the expendable endowment fund broadly in real lemis. and that investment returns in excess of the amount required lo preserve the real value of the fund may be expended in furtherance of the Trust's objectives. The netvalue of the fund is the residual sum. dependent upon the amounts and timing of both income and expenditure. 2018 2019 2020 2021 2022 RPI at the Trust's year end CPI at the Trust's year end 108.5 111.8 113.5 114.6 121.7 From April 2019. CPI has been applied to the adjusted RPI figure at this dale as the formal investment target changed nearlhe year ended 31 March 2019 from RPI + 4% to CPI + 40/0. £'ooo £'ooo £'ooo £'ooo £'ooo 34.529 35.834 32,853 41.563 44,191 35,088 36.138 36.678 37,050 39,346 Actual expendable endowment fund Target expendable endowment fund (Decrease) l increase in fund in real terms relative to March 2021 1559) (304) {3,8251 4,513 4.845 4. Investment income 2022 £'ooo 2021 £'ooo Dividends-UK companies, unil Injsts and OEICS Dividends-Foreign securities, unit trusts and OEICS Interest-UK securities, unit trusts and OEICS Interest-Foreign securities, unil trusts, OEICS and Eurobonds Distribution - Oxford University Endowment Management Ltd. 62 237 46 200 46 605 52 567 950 869 4.1 Investmenl performance In setting the objectives against which the perf0mlan of the investment managers is measured, the trustees are primarily concerned with the total return on investments, namely the sum of investment income (note 1 {cl above) and gains and losses on investments Inole 1 (h) above). Although these constituent elements are required to be shown separately in Ihe statement of financial aclivities, no importance attaches lo how much of the total retum is represented by investment income and how much is represented by gains or losses on investments. and the investment managers are not set separate targets fof these amounts. This approach is temied a total relum approach. The long-lemi investment objective was until March 2019 an average annual totsl return of UK RPI + 4 %. This largel was changed to UK CPI + 40/0, and this has been reflecled in calculations from the previous financial year. A summary of investment perf0rrnan for the period since the total return approach was adopted is set out below.
16 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 4.1 Investment perfomiance l¢ontlnued} Changes in the investment portfolio 2018 2019 2020 2021 2022 2018 - 2022 Total £'ooo rooo £'ooo £'ooo £'ooo £'ooo Opening value of investments A 39.170 37.628 38.871 35.793 44,430 39,170 Investment income 882 1.118 992 950 4,811 Investment (losses) I gains (988> 1.814 (2,219) 9,525 3.399 11,531 Investment management fees (451 (41) (69) {77) 184) {3161 Total return Amounts withdrawn from portfolio {note {[)) 1151) 2,891 11.296) 10,317 4,265 16,026 (1,391) (1.648) (1,782) (1,680) {1.6011 {8.102) Closing value of iF)vestmenls 37,628 38.871 35,793 44,430 47,094 47,094 {1) These amounts are on a "cash basis"_ being the monies withdrawn from the investment portfolio in the period in order to pay grants and disburse other expenditure. Investment returns compared to the Trust's objective 2018 2019 2020 2021 2022 2018 2022 Average Actual return Ofi (BIA) (0.35%) 7.68% (3.35Q/o) 28.820/0 9.600/0 8.18% Target retum /0 IRPI + 40/0) 7.62¥0 6.990 Target retum % (CPI + 40/0) 5.500 5.01 OA 10.20 /4 7.060/0 Return (below) l in excess of target '/0 (7.970/0) 0.69% {8.850A) 23.81 % {0.60¢/0) 1.12% 2018 £'ooo 2019 £'ooo 2020 2021 £'ooo £'ooo 2022 £'ooo Total £'ooo Actual return £'OOO Target return £'OOO IC x A) {151) 2.985 2,891 2,632 11.296) 10.317 2.138 1.794 4.265 16,026 4,531 14,080 Return (below) l in excess of target £'OOO (3.136) 259 (3,434) 8,523 (266) 1.946
17 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 5. Grant making activities Grants Allocated awarded expenses (net) {note 61 £'ooo £'ooo Totsl 2022 £'ooo Total 2021 £'ooo Science and medicine Education Health and disability Arts and humanities 1,000 42 254 200 36 35 35 35 1,036 77 289 235 1,149 155 933 1.496 141 1,637 2,237 The list of individual grants made during ihe year is set out in note 17. Grants awarded are net of relinquished grants, see note 9. The total management and administration expenses are apportioned evenly amongst the grant making activities. Signrficant aspects of the grant activity during the year are described on pages 3 and 4 of the trustees. report. 6.1 Charitable expenditu The trustees aim to distribute approximately 40/0 of the fund. including administrative costs, on an annual basis. The value used to calculate the nomial target distribution is the average of the last five years, investment portfolio value. 2018 £'ooo 2019 £'ooo 2020 £'ooo 2021 £'ooo 2022 2018 - 22 £'ooo £'ooo Actual charitable expenditure (note (i)) Target charitable expendilure 1,560 1.474 1.586 1.501 1.684 1.491 1.607 1,567 1,637 1.631 8,074 7,664 Expenditure in excess of target 85 193 40 410 lil These amounts are on an "accruals basis". meaning Ihat grants are included in the year of award. as described in note 1{dl. The figure for 2021 excludes designated expenditure which was funded separately by a donation. 6. Management and administration expenses Total Governan¢e Grant maklng 2022 costs a¢tivities (Note 51 £'ooo £'ooo Total 2021 £'ooo £'ooo Consultancy fees Auditors. remuneration for audit seNices Auditors. remunerats'on for other servi Legal fees Staff costs (see note 81 10 10 21 21 18 22 91 95 95 105 141 145
18 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 6. Management and administration expense$ {contlnuedl The governance Costs comprise costs of running the Trust and planning for future developments, including audil fees, legal advice for the Iruslees and costs of complying with constitutional and statutory requirements, such as trustees, meetings. the preparation of accounts and satisfying public accountability. The costs relating to grant making activity represent costs incurred in assessing applications, administration of the grants awarded and post grant monitoring. Staff costs cover salary and other costs paid in respect of part time employees. shared with the Wolfson Foundation, engaged during the year (see note 8). No staff costs are allocated to governance costs as the amount of related activity is immaterial compared to the grant making aclivity. 7. Trustees. remuneration No fees are paid to trustees fortheir SeiCe$ as Board Members. During the year. no expenses12021'. £Nill were incurred by the trustees. As allowed by the Trust Deed. consultancy fees of £2,5(K) were paid to each of Lord Turnberg and Sir Michael Pepper (2021.. £2,500 to Lord Turnberg and Sir Michael Pepper) in connection with their work undertaken in advising on applications to the Wolfson Family Charitable Trust. Trustees who are family members did nol receive any remuneration. 8. Stsff costs During the yearthere were 4 part lime employees. 31 Mar¢h 2022 £'ooo 31 March 2021 £'ooo Salaries Social security costs Other pension costs 77 10 74 10 95 91 The average number of part time employees. shared with Wolfson Foundation. employed throughout Ihe year was 412021.. 4). During the year. one employee received emoluments betsyeen £70,000 and £80.000. The total employment benefils. including employer pension contribulions of the key management personnel. were £85.700 {2021." £81,125). This total does not include consultancy fees paid to trustees (please see note 7 above)..
19 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 9. Grants awarded for future payment Grants awarded by the trustees for future payment al 31 March 2022 total £2,991,632 12021-. £2,764,769) as follows: Grants awarded Grants during paid during the year the year £'ooo £'ooo At 1 Aprll 2021 £'ooo Grants At rellnquished 31 March & adjusted 2022 £'ooo £'ooo Science and medicine Education Health and disability Arts and humanities 2.206 254 36 269 1,000 42 254 200 {899) 175) {145} (1501 2,307 221 145 319 2.765 1.496 (1.2691 2,992 31 March 31 March 2022 2021 £'ooo £'ooo Due within one year (note 12) Due after more than one year (note 13) 2,244 748 2,048 717 2,992 2.765 A summary ofgrants awarded during Ihe year is set out in note 17. 10. Investments Fixed asset Investments Market value 2021 £'ooo Market value 2022 £'ooo Gainsl (losses) £'ooo Purchases Sales £'ooo £'ooo Equities Fixed Income Absolute Returns Real Assets Gilts and Others Investment in private equity funds The Oxford Endowment Fund Charitable Unit Trust 17.666 1.175 5,255 1.634 {7,883) {1.358) 1.836 {13) 16,874 1,438 4.509 643 1,695 600 3,283 1.645 {1.017) {2,528) 197) 608 4.700 1.399 3.841 598 15.586 10 110) 461 16.047 41.278 12.427 {12.893) 3.491 44.303 Current asset investments Cash held for future investment 3,152 2.791 Total Investment assets 44,430 47,094
20 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Investments {¢ontinued) The investment in the Oxford Endowment Fund is in a unit trust which comprises underlying investments in equities with property and credit providing altemative drivers of relum as well as cash and bonds for protection and liquidity. The split beeen fixed asset investments and current asset inveslments in the above note has been amended lo reflect the cash held within the charitable unauthorised unil trust as fixed asset investments as to better reflect the substance of the investment. 11. Debtors 31 March 31 March 2022 2021 £'ooo £'ooo Accrued income Sundry debtors 83 71 14 g2 85 12. Creditors falling due within one year 31 March 2022 £'ooo 31 March 2021 £'ooo Grants payable Inole 9) Other creditors 2,244 16 2.048 200 2,260 2,248 13. Creditors falling due after one year 31 March 2022 £'ooo 31 March 2021 £'ooo Grants payable (note 9) 748 717
21 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Reconciliatlon of net movement in funds to net ¢a$h used in operating a¢tlvltles 31 March 2022 £'ooo 31 March 2021 £'ooo Net incoming resources Gains on inveslments Inveslrllenl income Increase in deblors Decrease l (increase) in creditors 2,628 (3,491) (950) 171 43 8,710 (9,501) {889) (6) 166) Net cash used in operating activities (1.7771 (1.732) 16. Joint administration The Charity has shared objectives and joint administratson with the Wolfson Foundation, regislered charily number 1156077 and company registration number 08927040, at 8 Queen Anne Slfeel, London W1G 9LD. 16 Related party transactlons During the year, fees of £6.630 were paid in TesFXt of legal services provided by Payne Hicks Beach of which Martin Paisner {truslee) is a partner. 17. Grants awarded durlng the year Science and Medi¢lne Science and Medlcinelscientrfic Research Awards for equipment for searCh in molecular engineering were made to Ihe following universities.. Weizmann Instilule of Science, Rehovot. Israel O'oint grant with the Wolfson Foundation tolalling £600.0001 The Hebrew University of Jerusalem, Israel O'oint grant with the Wolfson Foundalion tolalling £575.000) Bar-llan University, Ramal Gan, Israel O'oint grant with the Woltson Foundation tolalling £425,000) Technion - Israel Institute of Technology. Haifa, Israel li'oint grant with the Wolfson Foundalion tolalling £425.0001 8en-GuTion University, Beer Sheva, Israel li'oinl grant with the Wolfson Foundation tolalling £250.000} Tel Aviv University, Israel 'oinl grant with the Wolfson Foundation tolalling £225.000> 240.000 230.000 170,000 170.000 100.000 90,000
22 Total Sclence and Medicine16 grants) THE WOLFSON FAMILY CHARITABLE TRUST 1,000,000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Grants awarded during the year (continued) Edu¢atlon Institute for Jewish Policy Research. London NW1 - Core costs Prism. London W1 - Wolfson Jewish Education Fund 15,000 7.200 Gel Set Girls, London N16 Unrestricted funding Exceptional award Campaign Against Antisemitism, London W1A -unrestricted funding Total Education {4 grants) 5,000 15.000 42,200 Arts and Humanities Yad Chaim Herzog Memorial Foundation. Israel New museum exhibiting the story of the Jewish soldier in World War11 (support specifically for the area related to Ihe British experience) The Bible Lands Museum Jerusalem. Israel -upgrade to acoustics and audio devices in galleries Total Arts and Humanities12 grants) 100,000 50,000 160.000 Health and Disabili The Gesher Trust, Pinner, Greater London - Makerspace at new sile for Gesher School to expand into secondary education Magen David Adom -Rare Blood & Preparation Laboratory in new National Blood & Logistics Cenlre in Ramle, Israel 154,000 50,000 Jewish Deaf Association. London N12 -specialist equipment lo be used across care homes in London, Manchester and Brighton {'Hearing Matters in Care. project) Jnetics. London N12 -Unreslricted funding 25.000 25,000 Exceptional award World Jewish Relief, London NW2 Humanitarian support for Ukrainian refugees Totsl Health and Disability {5 grants) 50.000 304.000 Total grants awarded {Total number of grants: 17) 1,496,200