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
Rele￿nce 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 advan￿ment 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 Comm￿ee. 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 aWa￿S 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. pro￿sseS and technolog￿$.
The programme followed the existing suc￿sSful 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 COn￿M 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 H￿￿tr 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 p￿parIng 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 ba￿S 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 prO￿dureS 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 eX￿pIlOn 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 finan￿S 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 dIfferen￿S 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 be￿een 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￿ be￿een 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 Se￿iCe$ 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 be￿een 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