Charity Registration No. 228382 THE WOLFSON FAMILY CHARITABLE TRUST ANNUAL REPORT AND FINAMCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 THE WOLFSON FAMILY CHARrrABLE TRUST ONTENTS Page Trustees, Report IndependentAudYiors' ReFQrt Stslement of Finanaal Actwibes 10 Balance Sheel Cash Flow Statement 12 Notes lo the Financ￿1 Statements 13 THE WOLFSON FAMILY CHARrrABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 ADMINISTRATIVE DETAILS Trust68s Hon Mts Laura Wolfson TI)wns￿Y Ichaimianl Dame Janet Woltson de Botton DBE Sir lan Gainslord Mr Martin Paisner CBE Sir Micha81 Pepper FRS FREng Sir Bernard Rix Lord Tumberg MD FRCP Hon Mrs Elrzabelh WolFson Peltt Fhjn A18xandra Wolfson Halani%h DI￿Clon41e Paul R8msbottom OBE bA4 Mst- Chief Exe¢Lrtwe Referenco ancl adrrNnistratwe delails Registered office". 8 QL*n Anne Str*t LOT￿On. W1G 9LD Registered Charity No.. 228382 Professional SeNices Bankers Barclays Bank Plc. Charities Team 1 Churchill Place London E14 5HP so1￿110 Payne Hicks Beach 10 New Square ' LI￿(￿ln'S Inn Lon(h)n WC2A 3QG A£￿11￿$ UHY Hacker yO￿g LLP Quadrant House 4 Thomas More Square London E1W1YW i￿￿pal1nV&Sfyn6nr Manage Cazeno¥E Capital 1 Londcx) Wall Pl￿. Lorthn Wall London EC2Y SAU Website www.wfcl.o THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES. REP(ART FOR THE YEAR ENDED 31 MARCH 2023 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 PAARCH 2023 The fi'nancial statements h8ve prepared in ￿￿r￿ar￿ wjth the accounting PDIicEs set out in the notes to the ￿ount$ and comply with the charity's govemiThJ d￿Ment, the Charities Act 2011 and Rewrting by Charthe5". StrdlenEnt of Recomm8nd&l PraCt￿e." Acccwnling ar￿ Reporting by Charities preparing theiT accounts in accordance with the Financial Reporb'ng StsrKlarrJ appliable in the UK and Republic of Irdand IFRS 1021 leffectwe 1 January 20151. STRUCTURE. GOVERNANCE AND MANAGEMENT The Woifson Famity Charitable Trust is a Charitab￿ foundation established by a Trust Deéd dated 30 Mafch 1958 whose aims are the advancement of scler￿. haalth. educa￿n and the arts and humanities. A large proport#)n of the assets d￿1ve from the realwtion of the Trust's involvement in the Paz Oil Company of Israel. The Iruslees therefore c(wsider it ¥spropriate to make a mal￿tty of grants for these purposes to leacling Israeli institutions. Al the end oflh8 year the Board of trustees comprised fourfamI￿ trustees and fNe Iruslees with medul. Scientif￿ ané ￿al expertise. The r8nge of skills represented on the Iruslee Board is kept under review and appointments to Board m￿e by the trustees. advised by the Nc*nin8ty"ons and Gov8m2nGe Committee. The Nominthns and Governance Ccffimittee also adws on the remlt and COMP￿lI10n of expert panels or committees and any related governan￿ matters. Board m￿ting5 are he￿ or￿e or exh year. Tr Bowd d￿ldeS matters of strategy and overall policy. determines the prk)ribes and all￿￿￿}nS ￿ grants programm&s, sets budgets 8nd auth￿iSeSgranI awards. The Board is advised by an Advisory Commrttee in Israef, drawn from leading academic ar rned1￿ 8XP8rts. It is also seNed by 8 number of panels and committ&s . shared with the Wolfson Foundation-which make recommendalvjns on grdnl-making, risk management and investment policies. Panels are ¢(￿priSed of sp￿1811St5 in p8rb"cularfiekJs, as well as trustees. The inductron process for nLwty4ppointed trust￿ and panvA memb8rs ccmpris8s m8etings wrth Board members and the chief executive, and covers govemance. investment and grant-making policies. Documentation provided for new trustees incI￿￿eS cop¢es ofthe Trust Oe&l, rplevanl ￿l￿￿leS and recent annual reports anLI accounis. Afull list of mmborsof th8 ccxnmittees and eypert panels is aVaila￿e onthe Woifson Foundation wèbsite.. on.o -ukJabouV 8nel-committe&membershi Rlsks and uneertalntiès The Iruslees have reviewed the rnaior strategic, operatM)nal and fina￿131 risks which impact on the WO of the Trust and, on professional advKe. noted that systems have been established lo mitigate the exposure lo them. The trustees reviw this matter each year and lake aBtTron requrred arising from the assessment and recomm8ndati￿S of the Risk & Audrt Committe& The trustees consider the two main areas of risk for the Trust lo be as follows.. 11} Invostment t7sk. The Iru5tees. supported by a dedicated Investment Commrttee whi¢h meets regularly, take a long-lerm approach to their investm8nl strategy and aim lo deliver the investment objective within an aceeplable kvel of risk. The commiitee was recently ly)Istered by the recruitment of b￿0 additimal members. {21 The Trputalional nsk ofm8kj.ng &w8nls to inappmpri8t& mpients. The trustees are advised in Ihelr decision-making by dedicated panels of experts, by independent peer revEwers and by a professional team of stsff. In addition, regular visits are male by staff and trustees to projects. Grants are paid in arrears on receipt ol evidence of appropriate expendrture. A framework for monf(oring and evaluation has been established. Full detsils of all expert panels are awLqble on the website. THE WOLFSON FAkqLY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 ￿RCH 2023 Confllcts of Interests Where a Iruslee holds an active post.whether honornry or otheNvise, at an applicant cxganisation, then that trustee takes no part in the deCis￿n on vthether lo make an award. Similarfy, committeelp?nel members with a confiict of interest take no part in ma(ing recommendations relating lo ￿ganIsatIOnS in which they lor relalNes or bu51ness Partr￿rs) have an involV￿nI. A Tegtster of inlerests is maintsined by the Wo￿On office. OWECTIVES AND ACTNMES FOR THE PUBUC BENEFIT This s8Ction presents highlights across key lunding areas in the past yèar. There is mDf8 information about the work of the Trust on and a full list of grants awarded in the year is available in note 17 below. The 04"ectives of the Trus[ through ils granl-making, are the advancement of Scien￿ and M￿1Clne, health, education. the arts and humanities. The twslees have comrAied with section 17151 of the 2011 Charrties Ac( haviTrJ due regard fgr Ihe Charity Cc%nmisyon's guidan￿ on public benefit when remewing the Trust's aims and objectives, when setting the grant making wlicy and in making awards. On8 m8asur8 of the public ljenefft gen￿ated by the Ttust K8 demonstrated by the list of projects supported (see note 171. The Trust pursues ts obl￿tIveS thrOL￿h funding outstanding preiects across the range of ils areas of interest. usually by supportfcK buikjings orequiprnent. Thr￿ factots ￿ntinUe lo influence Imstees in their decisKJn-ma(ing. First, trusle8s aim to suppcrt ex(￿1￿8, brlh @xisting and polenlial. Secondly, they attemptto identify and support TrnFKSrtant areas that are undw-ftjnded. Thirdly. applicants are encouraged lo use Woltson funds as a rxtslysl, so Ihal Trusys funding levet additional support. The impact of th8 Trust'5 ￿ndIng is monrtored through regular reports (fft projecis provided by recipi￿lS during the lifetime of a grant and by wsits undwtaken by trustees. Advisory Committee M￿nber3 ond staff. Grantwmaklng process and policy Trustee5 make awards On￿ or ￿￿"ce each yesr and are adw.sed by the Adw'sory Commiitee in Israel in addition lo expert panels which meet before main Board meetings. As well as assessing the merits of the applicants. proposals and Iheircongruence wth the Trust's aims and PnOTities, I￿Sle2S also consider. the anticipated DUtcc*me of Ihe project {including p￿lIC ￿nefftI- financial vtability,. valuè for money and adequate provigon for ongoing o)sls and maintenance. There are four main funding aweas". scien￿ and Medicine. Educat¥)n, Arts and Humanrties and Heatth. Awards for Isi*li uniVerS￿e$ and hospitals are nom￿lty m8Je under th8 umbrella of d8signal8d programmes which operate by inwtab.on onty to relevant organisalions-. Appliealions are assessed by expert reviewers. and app1b￿ntS are given an opportunity lo respond to qU8ll8s raised during thè rÈvieN pro￿$. The Trust made grants in the yeartotalling some £1.5 mill￿. The yesls granl-giving was successful in that, on the advKe of extemal experts, excellent projects in a number of pJK)rty areas were funded. Given Ihe nature ofthe capital investrnenl, il Is loy) earty lo assess the long-lemi benefits of projects funded. To Lxrtline the Wer term irnpact of funding, a publication and video bo was produced by the AdvL80ry C(Knmrttee Israel for the 60th anniversary of the Trust. The unrestricted fulldillg promded in 2020-21 through ts Covid-19 Support Fund proved invaluable lo the many organis81ions supported - hdping them through the difficult months of the pandemic and allowing them to plan for an uncertain fuiure. We conlinue to recerve reports from these organisalions on the important impact of funding. THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 IAARCH 2023 Science and N8dicin8 The key investment during the yearwas fora nati￿al pr(KJramme across eight IS￿11 hosprtals lo support the pur¢hase of equipment that will underpin a broad range of clin￿1 research. The programme follovhEd the existing successfvl pattem of the Trust's funding in Isr3el with the Advisory Committee in Israel, forming a specialist sulFcommitlee for the purpose. A prerequisite for much contemporary l¢)P-quo1ty research - in Israd. as ￿S￿￿re - is access to CLrtting-edge equipment. Finding support for this expensive equiFynenl is often the most challengitYJ part of the funding ecosyslwn. The Trust made these awards in partnorship the Woifson Foundation. Smaller projects across health, dtsabilty. arts & educatlon In th8 UK. funding was dThiKled beiween capital infrastrudure projects, programn)e grants and sC￿e unrestricted grants. The Trust ¢￿tinUed ts invofvemenl in a jc4nt initiative to support mental heaf(h and wellbeing within Jewish sthwls. A nurmber of culiural heritage projects r￿￿ed funding, including the redevelopment of the National Hothaust Centr8 and Musetjm in NottIngh￿ShIfe. The Trust also continued ils programme for smaller grBnls in Israel. again d[V￿ed between capital infrastructure and unrestricted furHling. This included in the year a number of arts organisations, ranging from the Jerusalem Academy of Music & Dance to GesherThealre. FINANCIAL REVIEW The ttuslees have prepar￿1 accounts in acwrdancewth Current ststutory requirements. the Trust Deed and A￿OuntIng and Reporting by Charilie5.' Slatement of Recommended Practice applicable lo charities preparing their accounts in accOrdan￿￿th the Financial Reporting Standard applicable in the UK and Republic of IreIar￿ (Chaiwties SORP IFRS 10211. The Twst recorded a negative r&tum on the fvnd's assets of £0.16 million (2021r22'. 8 ty)sikn"ve retum of £4.3 million} of Wh￿fv incorne nel of fees was £0.99 million12021122- £0.87 million) and valuatiijn losses were £1. 15 million 12021r22". gains of £3.4 million). The portfolio of investments and cash held on deposit had a total value of £45.4 million al 31 March 202312022. £47.1 millk)n)- The negakn've retum in the year reflected struggling international markets, although waluations improved from the b8ginning of the ¢3￿ndar year 2023. Incc#me is applied lo charItab￿alM$01Ihe Trustas desGribed eLwvhere in this report. Grants awarded Inel of relinquished grants) during the year were £1.5 Mill￿)n12021I22." £1.5 million}. The trustees hold deposits, gilts and other bonds to cover the Trust's current Eommilments. The Trust's net assets are held in unre￿rICted funds as the twstees have power lo distribule both Income and capital. The Trust has shared objectives and j(Nnt adminislralion with Woltson Foundation, registered charity number 1156077 and a company limited by guarantee (892704D}, at 8 Queen Anne Street. London, W1G 9LD. Investment policy and performance TheTrusl is managèd based on e￿st1rng in perpetuity a￿1 hen￿ the Trust has the objective ofmaintsining the portfolio's real purchasing power after infialion over time. Trustees allwale fundi￿ on a total return (rather than income) basis. The long~lerm investment objective is an averaJe annu81 total return of UK CPI + 4Yo (changed from UK RPI + 4Qk in the year ended 31 March 20201. The trustees aim lo distribute 4 /0 ol the fund on an annual basis. The calculation of the distribution is based on the average porttolio value over the last five years. THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 ￿RCH 2023 The asset allctation within the tKJrtFolio is arranged xcordingty, taking advantage of the Trust's long- lem investsnent horTzon. Policies and investrnenl all0cat￿nSare continualty reviewed bythe Investment Committee and tmst88s. Tnjslees rewew the investment strategy wlh the Investment Committee and fund managers (who are signatories to the UN Principles for Responsible Investment). in order lo ensurg that111 the Trust can achieve or outperfomi its targel retum in the long term. and12) investment decisions made by our fund managers are taken in 8 Sock41￿ responsible manner and in accordance th Wowson's core principles. Reswnsible investment underpins the investsrenl Strategy and trustees have a policy of not investing dIre￿Y in td)acco companies or fos￿1 luel @xtraolors. The Investment Committee is responsible lo the truste8s for investment policy and monitoring the portfolio. Ctynmitlee rnember5 are availabk to report to the Ifustees 8t Board meetings. Trustees and the Risk and Audit Committee review the teryns of the Investsnenl C(¥nmittee mandate. The Trust's entire portfolio has been restructured in the last fve years in line with the trustees. investment objeth"ve. The perf0mlan￿ ofthe Fxlrtfolh) is rnnitored by the trustees and the Investrnent Ccxnrllittee. Reserves policy The lolal net funds of the Trust as at 31 March 2023 stcxxl at £42_4 millk)n, all represented by an expendable encl¢Mnent fund. As staled above. in the Invesbnentpolicy andp9rfonn8nce sect￿, the trustees aim lo distribute 40h of the fund on an annual basis in grants and other exwdrture. The trustees ¢onsKler il prudent lo hav8 liquid assets wthin imiestments tr) cover a s¥nificant proportion of planned expenditure. They have agreed that a target Df of the value ￿ the investments portfolio I￿rren11Y £3.6 million) should ba retained in a combination of ¢ash and s￿rt-dated gims. As al 31 March 2023, cash and gilt8 in the pc¥tblD trAal8d £7.2 millk)n (16% of th6 totall. above this target. The trustees ¢onsi¢Jer that reserves are available at a level which enables them lo plan with Conf￿enCe for the future. PLANS FOR THE FUTURE During 2023-24. Iruslees will consider a Ma1￿ prcgramme of support forequpmenl at Israeli univer8(ties. THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 TRUSTEES RESPONSIBIUTIES IN RELATION TO THE FINANCIAL STATEMENTS The Iruslees are responsible for preparing the trustees. Annual R8POrt and the financial statsments in accordance with appliCa￿e law atvl United Kingdom Accounting Standards Iuntted Kingdom Generalty Accepted Accounting Praclicel. The law applicabletocharibe5 in England and Wales rg4uires the trustees to prepatefinanCI￿ stalemonts for each financial year wh￿h give a true and fair view of the slate of affairs of the charity 8nd of the incoming resources and appliCa￿n of reSoU￿S ofthe charity forthal period. In preparing these financial staements, the trustees are ￿qUired to.. select suitable a￿OUnt1[￿￿ wlic4es and then them o)nsistent￿. c*>serve the methods and principth in the charib.es SORP.. makejudgements and estimates that are reasonab￿ and pwdenl.. slate whether applicable ￿CoUnt.ng strnd8￿5 and stalenEnls of recommended pracb.ce have been follNed, subject lo any Ma￿1￿ ￿artureS di￿lOSed and explained in the financial slatemenls," and prepare the financial ststements on the g￿ng concem basis unless rt is inappropriate lo pr8sum@ that the charity will continLE in OFerabon. The trustees are responsib￿ for keeping proper records which disdow with reasonable accuracy the finanryal posvcion of the charity and enable them ID ensure th* the financial st3tem8nls comply wrth the Charities Act 2011. the Charity {Acwunts and Reports) Regulations 2008 and the provisions of the Trust Deed. They 8r9 also responsible for safeguarding thè charity's assets and hence taking roasonoble steps for the Fxevenlion and detection of fraud and br￿heS of snd regulai1￿$. The trustees are reSpOn￿b￿ for the maintenanee arbl integnty of the charity and financial infomiation included on the charity's website. sTATEmETr￿ OF DISCLOSURE TO A￿￿OR8 So far as the trustees are aware, there is no re￿vant aLKtil inf0m￿tion of which the Trust'5 audi(ots are unaware. Additionally.. the trustees believethey havetaken all the n￿eSsary steps that they oughtto have taken as trustees in order to make themselves awa￿ of any relevant au(lil infornalion and to estsblish that the charity's auditors are awafft of that infomiation. Approved by the trugtees on 12 October 2023 and signed on their behalf by.. Hon. Laura WoKson Towr￿leY Chaimian Hackeryoung Ou*ant Fh)we 4 Thory￿s More S E1W IIW CharteredAccountants INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE WOLFSON FAMILY CHARITABLE TRUST Oplnlon We have audiled the fin8ncial statements of the Wolfson Family Charttable Tru511'lhe Charity'l for the year ended 31 March 2023, which comprise Ihe Statemonl of Financial Aclivilies, the Balance Sheet, the Cashflow Slalement and the noles to th8 finawal statem8nts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standar(Is (United Kingd(xn Generally Accepted Awunting Practicfjl, including FRS 102"The Financi81 Reporfing Standard applicable in the UK and Republic of Ireland.. In our opinion the financial statements." give a true and fair v￿W of the stste of the Charrtls affairs as at 31 March 2023 and of ils incoming resources and applicA￿n of rèsources, including rfts income and expenditure, for the year then ended. have been property prepared in accordance with United Kingdom Generally A(£epled Account1r￿ P￿cti￿., ar have been ptepared in accordance with th8 Charitses Act 2011. Basls for oplnlon We conducted our audit in accordance wrth Intemational Standards Audfting (VJQ (ISAS {UKII and applicable law. Our ￿spOnsIbl1￿(les under those standards are further described in the Audilofs r8sponsibililig8 forthe au(*t of the fin8nual slatements s&li)n of our report. We 8re independent ofthe charitable charity in accordance with the ethical requirements that are relevant to OUT audit of the financial statements in the UK, including the Financkil Reporting Council's IFRC'S) Ethical Standard. 8nd we have fulfilled our other eth￿1 responsibilities in ?￿ordan￿ ￿th these requirements. We believe that the audrt evidence we have oblain8d is surricient and appropriate lo provide a basis for our opinion. Conclusions relating lo golng concom In auditing the financial statements, we have wnclude(I that the truslees. use of the going Gon￿rn basis of accounting in the preparntion of the finanaal statement is appropriate. 88sed on the work we have perfomed. we have not identified any malertal uncertainties reialing to evenl8 or condrtions that, Individualty or collectNety, may cast signtficant doubl on the charity's ability lo continue as a going concem for a period ofat least hyelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going ￿nCern are described in the relevant sections of this report. Other infomlation The other infomalion eomprisesthe infornwtion included in the annual report and the Trustees, Rèport, other than the financial slalements and our auditorfs report Ihereon. The trustees are responsible for the other inforrnalion. Ouropinion on the finanual statements does nol cover the other information and. except to the extent otherwise eXpl￿1￿Y st8led in our report. we do not expiess any form of assurance conclusion ther80n. Y N•¢k•*YwkYJ iLP (N￿1[aTht H 4 Thomas More 5warè nEIW1YW Hackeryoung (thartered Accountsnts INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE WOLFSON FAMILY CHARITABLE TRUST In connection w(th ouraudit of the financial statements. ourresponsibilty is lo read th8 Other information and, in doing so. consider whether the other infomial>on is materialty inconsislenl with the financial stslements or our knowledge obtained in the audit or olheThvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, WÈ are Nuiréd lo determine whether there is. a materi81 misstslemenl In the financial statements or a material misslalemenl ol the other informab'on. If, based on the worf( we have perfom18d, we conclude that there is a material misslalernent ofthis other InfO￿nab"0n. we are iequired to report that fact. We have nothing to report in this regard. Matt9rs on whl¢h we are rgqulred to roport by frxceptlon In the light of the knowledge and understanding of the charity and its 8nvironment obtained in the course of the audit, we have not idenltfied material misstatements in the Eruslees. report. We have nothing lo report in ￿Spect of the following matters where the Charli￿$ Act 2011 requires u5 to report to you if, In our opinion.. adequate accounting records have not been kepL or relums adequate for our audrt have not been recewed from branches not visited by us., or the financial slalemenls are not in agreement with the accounting recorés and retums,, or certain disclosures of trustees. remuneralion specrfied by law are not made", or we have not received all the information and explanations we require for our audit Responslbllltles of Trnste6s As explained more lully in the Tiustees, Responsibilities Statement Sel out on page 6, the Iwsle8s are responsible for the preparation of linancial statements wh￿h gNe a true and fair view. and for such internal control as the trustees delemiine Is necessaryto enable the prep8ratK)n of fin8nual slalements that are free from malerial mksstatament, wheth&r due lo fraud or error. In preparing the financial slalements. the trustees are responsible for assessing the charity's ability to continue 8s a going concem, disclosing. as appjuble, matters related to going conceTn and using the going concern basis of accounting unless the trustees eit￿r intend lo liquidate the charity or lo cease operations, or have no realistic altem81ive but lo so. Auditorfs rnsponsibilities for the audit of the financial statements Our objectives are ID obtain reasonable assurance about whether the financial statements as a whole 8r8 free from material misslat8m8n( whether du& to fraud or error. and to Issue an auditorfs report that indudes our opinion. Reasonable assuran￿ is a high kvel of assuran￿. but is not £ gu8rantee that an audit conduclgd in accordance with ISAS (UK) will dways delect a material misstalemenl when il exists. Misslatemenls can arise from fraud or error and are considered malèrial rf, indivKJualty or in the aggregate, they could reasonably be expected to Inffluen￿ the econc4nK decisions of users taken on the basis of these finanual stalemenls. Irregularities, including fraud. ar8 Instan￿ of non-complian￿ wrih laws and regulations, We design procedures in line wrth our responsibilfcies, Qudin￿ above. to detect material misslalements in respect of irfftgularities. including fraud. The extent lo which our procedures are capable ol delecling irregularities, including fraud is detsiled below= Hackeryoung Quadwt Ho 4 Thomas Mue Sqjare LtyKkn EIW 1YW CharteYEd Acc(wJrrtants INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE WOLFSON FAMILY CHARITABLE TRUST Based on our understanding of the charity and the industry In which il operates, we identified that the principal risks of nonns is from the events and Iransactions reflect&d in lh8 financial statements, the less likety we would become aware of rt. Also, the risk of not detecting 8 material misslalement due to fraud is higherthan the risk of not detecting one resulting from error, as fraud may involv8 d81iberate concealment by, for example, forgery or inlenlion81 misrepresentations, or through Ilusion A further description of our responsibilities for the audrt of the ff nancial slalements is located on the Financi81 Reporting Council's website at.. hl .'Ilvwrn.Irc.or .ukJauditorsres onsibilittes. This description foms part of our audilorfs report. Use ol our report This reFX)rt is mad8 soleAy to thè charity's m8mb8rs. as a b￿y, in accordanc8 Wtih Chapter 3 of Part 8 of the Charities Act 2011 and regulations made under seclion 154 of that Act. Our audit work has been undertaken so Ihal we muhl slate to the ch8rty's m￿nber5 those m8tter5 we are required 10 51ale to them in an audilovs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyor)e other than the charity and the charity s member5 as a body. for our audit work, for this report. or for the opin￿￿nS we have fomiej. UHYH ¢kpr Young Chartered Accountants Statutory Audltor 16 October 2023 UHY Hackeryoung LLP is dwJible lo act as an auditor in temis of seclion 1212 of the Companies Act 20C io THE WOLFSChY FAMILY CHARITABLE TRUST STATEmETr￿ OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Notes 31 March 2023 £'ooo 31 March 2022 £'ooo Income: Invoslmenls 1.087 950 Total income 1,087 Expendllure on: Raising funds {investrment management fees) 98 84 Charitable activities scien￿ and medicine Arts and humanities Health and disgbility Education 1,036 269 235 52 1,036 235 77 Total chaiil*le actwthes 1.592 1.637 Totsl &xpenditu 1,6 1,721 other recognisgd gains and losses.. Net realised and unrealised Ibssesl I gains on disposal and revaluation ot. Investment assets Foteign exchange 10 19741 11771 3,491 1921 Total Trcognisedg&ns and lo& 11,1511 3.399 Nel movement in funds 11,754) 2,628 Reconciliation of funds Total funds biought forward 44.191 41,563 Total funts carried fornard 42,437 44,191 The net realised unrealised knsses of £973,902 (2022 gains.. £3.491,6761 reflect a decrease in market values. The realised gain on listed investment dislxwls by reference to their acquisition cost was £1,192,18212022.. £1.981,2221. All reccNJnised gains and bsses have been included in the Ststement of Financial Activities and ar6 derive¢J from the conb'nuiro activities ofthe charitable trust. li THE WOLFSON FAMILY CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2023 31 March 2023 31 March 2022 £'ooo Flxed assats Investments 10 42,843 44,303 Current assets Investments Debtors C8sh al bank 10 2,791 92 13 13 2.665 2,896 Cr•dltors falling due wlthin one yéar 12 {2,292) 12,2601 Nat currnnt assets 373 Total assets 18s5 currant Ilabilities 43.216 44,939 Creditots falllng due after one year 13 {779} (7481 Total nèt assets 42.437 44,191 Funds Expendable endowment lund 42.437 44,191 The finanGial slalemenls on pag8s 10 to 23 were approved by the trustees on 12 Octo￿r 2023 and signed on their IRhaif by- Hon. Laura Wowson Townsley Chaimian Paul Ramsbottom Chief Executive 12 THE WOLFSON FAMILY CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 31 March 2023 £'ooo 31 March 2022 £'crfJo Cash used In opgrnyng activities 14 11,7981 (1,7771 Cash flows from Inve5tlng activities Inveslmenl income Investment costs Investment proceeds Decrease in GurRnl asset inveslments 1,087 115,981} 16.467 225 950 112,4271 12.893 381 10 10 10 Net cash provided by Investlng xtivltles 1,798 1.777 Change in cash at bank Cash at bank broughtforward 13 13 Cash at bank carried forward 13 13 13 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEirrs FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies The particular accounting policies *lopt￿ by the Itustees are set out below. (a} Basis of preparation The finan￿al statements have been prepared in accordance wrth the Stslement of Recommended Pra¢li¢e' Accounting and Reporting by Charities preparing theii accounts in accordance with th8 Financial Reporting Standard applicabl@ in the UK and Republic of Ireland {Charrtiès SORP IFRS 10211- the Financial Reporting Standard applKable in the United Kingdom and Republic of Irelsnd {FRS 1021,. and the Charities Acl 2011. The Wojfson Family Chariiable Trust meets the definition of a public benefft entty under FRS 102. The financial statements are prepar61 under the historical cost convention, with the exception that investments are i￿￿u￿ed at market valuo. The financial statements have been prepared to give a true and fairf view and have departed fr¢)m the Charities (Accounts and Rewrt} RegulatKJns 2CK)8 only lo the extent required lo provide a 'true anol fairf view. Tris departuffj has involved following the Charities SORP IFRS 1021. The most signrficant areas of adjustments and key assumptions that affacl items in the accounts are lo do wth estimating the liability from mu￿..year grant commitments (see note 9 for more infonmalionl. With respe¢l lo the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investrnenl retum and the perfomiance of the inveslmenls. The financial statements hav8 b8@n prepared in slerfing, is the functional currency of the Trust. Monetary amounts in these financial slatunents are rounded to the nearest t.￿0. Ibl Going concern The trustees consider that as the fInan￿S are based on a long-lemi endowment there are no material uneertainlies about the Twsl's ability to eonb'nue as a gring concem. Icl Incom All income Is r￿gnised once the Trust has entitlement lo the income. il is probable that the income will be received and the amount of income receivabk rAn ￿ measured reliably. Where income has rolaled expènditure. the incc¥ne and related expenditure are reported gross in the Stalemènl of Financial Acttvilies. Id} Resources expended Expendilure is induded on an acmwls basis. Grsnl awards and other liabilib.es a￿ recognised as expenditure as soon as there is a or constructive oblig8lion cornmwtting the Ttust lo thal expenditure, il is probable that settlement will be reqUI￿d and the amount of the oblig81ion can be measur8d r81iably. el Allocation of management and adrninistratlon expenses Management and administration expenses are albcaled belween ehari18bie aclivty and govemance. Management and administration expenses rdaling to grant making acts"th"es arp apportioned evenly amongst the four grant making categories. The allocakn'on of management and alministration expenses is analysed in note 6. In Governance costs Gov8mance costs compris8 all costs Invol￿ng the public accountability of the Trust and its complian with regulation and good practice. including the stslutory audit and legal fees. 14 THE WOLFSON FAPALY CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting w11ci￿ (continued) Igl Foreign exchange onelary a￿etS and liabili(ies denominated in forevJn currenues are translated into stèrling althe rates of exchang8 ruling at the balance sheet dale. Tian5aEbons in foreign currencies are recorded al the rale ruling al the dale of the Iransaclp?n. All differen￿ are taken lo Ihe expend*le endowment fund. (h) Investment assets Investments are a fonn of basic financial instrument and are initsally recognised al their transaction value and Subsequent￿ measured at their lair value as al the balan￿ sheet date using the closing quoted market price where Svailable. Quoled inveslmenls Quoted investments comprise publicly quoted, Iksted securities including shares. boThJs and units. Quoted investments are slated atlair value at the ba￿nce sheet date. The bagis offair value for quoted investments is equw81enl to th8 mathel v￿￿e, using the bid-pri￿. Asset sales and purchases are recognised al the date oftrade. Unquotod investments Unquoted investment5 are valued 81 the best estimate of fairvalue and crAnprise of private equity whlch is valued exqernally by th￿r fund managers and direct investrnents in unit trusts, the majority of which are made with co-investors. Management use the ctsinvestor valuat￿)nS as a key input lo d81@mine the fair value. The 81atemenl of financial acliwbes indudes the net gains and losses arising on revaluation and disposals throughout the year Cash ond'cash-like, securities wf(h hYJh IK4uidity 8re manag8d as part ofa portFolioof investment assets and ar8 induded as current assets. 111 Galns and losses on investments Realis8d gains and losses on investments are calculated as the drfference between sale prO￿edS and opening market value (or purchase cost if acquired in the yearl. Un￿a]iSed gains and losses on investments sfft ealculaled as the difference behveen the closing mid-markel value at the year end and opening mid-markel value (or purchase (Dsl if acquired in the period). Realised and unrealised gains and losses on investmènts arè not separated in the statement of financial ath'vities and are rErognised in the statement of financial aclNilies as they arise. Key sources of estimalion uncertainty and slgnificantjudgements made in applying the accounting policles The preparab'on of the finanaal statemenls requires the application of certain estimates and judgements. The material aieas of erther estimation or judgement are sel out below. Eslimales and judgements are continually evaluated and are based on historical experience and other factors, induding exwctaiions of fulure events that are believed lo be reasonable under the c1￿uMS￿nce$. Each of Ihese areas are considered by the Fl"sk and Audit Committee based on infomalion prepared by the Finance leèm. Unquot8d investments Investments in unquoted investments are valued at the best estimate of fair value. For thèse investsnents fair value is estimated using a range of methodokyJiès including price of recent investment and public comparables. 15 THE WOLFSON FANILY CHARITABLE TRUST NOTES TO THE FINANCIAL sTATEME1￿s FOR THE YEAR ENDED 31 MARCH 2023 Maintalnlng the Woltson Family Charltable Trust for the longer term 3.1 PreseThing th8 r￿1 valuè of the fund In otder lo achieve a prcper balance between the interests of current and future beneficiaries, the Iruslees hav8 determined Ihatthey are aiming lo preserve the value oflhe expendable endowment ftjnd broadly in real terrns. and that investment retums in excess of the 8mounl reouired to preserve the real value of the fund may be expended in furtherance of the Trust's objectives. The nel value of the ￿nd is the residual sum, dependent upon the amounts and timing of both income and expenditure. 2019 2020 2021 2022 2023 RPI at the Trust's year etKI CPI at the Trust's year end 111.B 113.5 114.6 121.7 132.5 From April 2019, CPI has been applied lo the adjusted RPI figure at thi5 date as the formal investrnenl largel changed nearthe year ended 31 March 2019 from RPI + 4% to CPI + 40A. £'o £'o £'ooo £'ooo £'ooo 35.834 32.853 41,563 44,191 42,437 36.138 36,678 37.050 39,346 42,825 Actual expendable endowment fund Target expendable endowrnent fund (Decrease) l increase in fund in real tems relativ& to March 2018 1304) 13,8251 4.513 4.845 1388) Investment income 2023 £'ooo 2022 £'ooo Diwdends - UK Investments Dividends - Overseas Inveslments Interest- UK Investments Interest- Oversea5 Investments Interest- Cash Deposits Distribut'on- Oxford University Endowment Manag&m8nt Ltd. 74 2S7 26 56 62 237 46 628 605 1.087 950 4.1 Investment perforniance In setting the objectives against which the perf0mlan￿ of the invesknenl managers is measured, the trustees are primarity concern&4 the t(rt81 retum on investsnenls, n8nEly the sum of investment income (note 11¢) ab¢)vel ond gains and losses on investsnents I￿ 1 (h) above). Although these constitvenl 8th8nts are required to be Shown separately in the statement of financk21 activilEs. no Imp￿tan￿ attaches lo how much of the total relum is represenleé by investment income and how rmuch is represented by gains or losses on investments, and the investment managers are not set separatetsrgets for these amounts. This approach is temied a total relum apprt)ach. The long-tem in￿s￿Ment ot¥'ective was until March 2019 an average annual total return of UK RPI + 40A. This target was changed to UK CPI + 4%, and this has been refleGtsd in calculatKJns from the previous financial year A summary of investment Performan￿ for the peri(Kl ￿nce the total return appro&h was adopted is $el oul below. 16 THE WOLFSON FAkfjlLY CHAR￿ABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 4.1 Investment wrfomance {continuedl Chang9$ In the investhient portfolio 2019 2020 2021 2022 2023 2019 - 2023 Total £'ooo £'ooo £.( £'ooo £'ooo Opening value of investments A 37,628 38.871 35.793 44.430 47,094 37,628 Investment incs 1,118 992 950 1,087 5,016 Investment (losses) I gains 1,814 12.219) 9,525 3,399 (1,151) 11,268 Investment manag8ment f (41) (691 184 1981 1369) Totsl ￿tUrn Amounts withdrawn from portfolio {nole (Ill 2.891 11.296) 10.317 4,265 (1621 16.015 (1,648) I1,7￿2) 11,6801 {1,6011 {1,523) 18,234} Closing value of investments 38.871 35.793 44,430 47,094 45,409 45,409 (Ii These amounts a￿ on a.cash basis-_ being the monies wthdrawn frDm the investment portfolio in the peri￿ in order to FW grants and disburse other expenditure. Investmenl retums eompared to the Trusvs objective 2019 2020 2021 2022 2023 2019 - 2023 Average Actual return % IBIA) 7.68% (3.35%) 28.82% 9.60% (0.34°hi 8.51% Target retUTn % IRPI + 4OA) 6.990h. Tgrget return % {CPI + 4%) 5.50% 5 01% 10.20% 12.840 8.11Yo Return Ibelowl l in excess of 0_69% 18.85%} 23.810kn 10.60%1113.18%1 10.40¢AI 2019 2020 2021 2022 £'OOO £'OOD £'OOO £'OOO 2023 £'ooo Total £'ooo Actual relurn £'OOO Target return £'OOO (C x A} 2,891 2,632 11,2961 10.317 4,265 2.138 1.794 4.531 1162) 16,01 S 6.047 17,142 Relum Ibelowl l in exces5 of target £'ooo 259 (3,434} 8.523 1266} {6,209) 1,127 17 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2023 5. Grant making activllles Grants Allocatsd awarded exponsas Inetl {note 6) £'ooo Totsl 2023 £'ooo Totsl 2022 £'ooo Science and M￿1clne Education Heatth and dk8ability Arts and humanities 1.1M)O 17 199 233 36 35 36 1.036 52 235 269 1,036 77 289 235 1.449 143 1,592 1,637 The list of individual grant5 made during the year is set out in note 17. Grants awarnled net of relinquished grants, see note 9. The total management and administration expenses areapPO￿On9d evenly amongst the grant making activf(ies. Signif￿an1 aspects of the grant actimty during the year are described on pages 3 and 4 of the trustees, report. 5.1 Charitable expendlture The twslees aim lo dislnbuleapprox1mate￿ 4% of th8fiJnd. induding adminislrats've cx)sls, on an annual basis. The value used lo cakulate the nom1￿ target distiibu￿n is the average of the last five years, investment portfolio value. 2019 2020 2021 2022 2023 2019 - 2023 £'oIKJ £'ooo £'ooo £'ooo Actual ¢haritable expenditure {nole li)) Target charitaNe expenditu 1.586 1.684 1,501 1.491 1.607 1.567 1.637 1,631 1,592 1,694 8,106 7,884 Expendtture in excess of tsrget 85 193 40 11 D21 222 lil These amounts ar8 on an'accruals baws" meaning that grants a￿ included in the year of award, as described in note 1ldl. The fuure for 2021 exdudes designated expenditure which was funded separately by a don*ion. 6. Managemont and administration expenses Totsl Governance Grant making 2023 costs aetivititts (Note 51 £'ooo £'ooo Totsl 2022 £'ooo Consullaney fees Auditors. remLJneralion for audit seNices Auditors, remuneration for other servTces Legal fe9S Slaff costs (see note 81 Other administrative expenses 10 10 15 15 18 21 96 95 36 107 143 141 18 THE WOLFSON FAMILY CHARfTA8LE TRUST NOTES TO THE FINANCIAL sTATEME1￿s FOR THE YEAR ENDED 31 MARCH 2023 6. Management and adminlstratlon gxpenses (continued) The gov8mance costs comprise costs of running the Trust and pknning for futur8 developments, induding auditfees. kgal advicefoithe Irusleesand costs of complying with conslrf(utional and slalulory quirements, such as trustees, meetings. the preparaty.on ol accounts and 5alisfying public accountability. The ￿St$ relating to grant making actNty represent costs incurreé in assessing applicafjons, minislralion (rf the grdnls awarded and post grant mnitoring. Staff costs cover $a]ary and other cL)sls paid in resp8Ct ofpart employees, shared with the Wowson Foundation, eng￿@d during the year (S￿ note 81. No staff costs are alk)caled tts govemance costs as the amount of related aclivity is immaterial eompared to the grant making activity. 7. Trustees, remuneratlon No fees are paid lo trustees for thwr sÈMces as board member5. During the year. expen￿ amounting to £1,39D12022.. £Nil) We￿ incurred by the tnjstees. As alltrNed by the trust deed. ￿su1￿anCY fees of £2.500 were paid to each of Lortl Tumberg and Sir Michael Pepper12022'. £2,500 each to'Lord Tumberg Sir Mi¢hael Pepper) in connection with their work undertaken in ￿1vising on applications lo the Imfson Famity charitab￿ Trust. Trustees who are family members did not r8C8N& any remunerth"on. 8. Stsff costs During the year there were 4 part lime employees. 31 MarGh 31 March 2023 2022 £'ooo £'ooo Salarie$ Social security costs (Xher pension costs 77 10 96 95 The average number of p8rt timè employees, shared with Wollson Foundabon, employed throughout the year wa5 4 (2022." 4). During the year. one employee t￿1V￿1 emoluments btheen £80.000 and £90,000. The total wnploym8nt beneffts. including employer PenS￿n contributions of the key managemgnt personnel, were £89,760 {2022.. £85,700). This lotsl does not indude consullan¢y fees paid lo trustees {please see note 7 ak)0￿). 19 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMETr￿s FOR THE YEAR ENDED 31 MARCH 2023 9. Grants awarded for future ptyment Grants awarded by the trustees for ftrture payment al 31 March 2023 total £3.056,491 12022.. £2.991,6321 as follows- Grants awarded Grants during paid during theyear thgyear £'ooo At 31 March 2022 £￿00 Grants At relinquished 31 March & adjuste(I 2023 £'ooo £'ooo Science and medi￿ne Education eallh and disabilty Arts and humanfties 2,307 221 145 319 1.IX)O 32 2LK) 233 (921) 1501 {150) (264) 2,386 188 194 1151 2,992 1,465 11,3851 116} 3,056 31 March 31 March 2023 2022 £'ooo £'ooo Du8 within on@ y8ar {note 121 Due after more than one year (note 131 2,2TI 779 2,244 748 3,056 2,992 A summary of grants awarded during the year is set out in note 17. 10. Investments Market value Purchase 2022 Costs Market value Salè (Losses) ProGeed$ l Galns 2023 £YJoo £'o(N) £'ooo £'ooo Flxed asset inv8stments Listed Investments Other Investments Private Equity Funds Oxford Endowmanl Fund 24,415 15.118 116,163} 11,0021 22,368 3.841 16,047 854 1295} {91 1,030 5,430 11,002} 15,045 44,303 15.981 {16,4671 19741 42,843 Current asset inveslments Cash and Cash Equ￿a￿nts 2,791 2,566 Total Investmont assets 47.094 45,409 The historical cost of these investments as of 31 March 2023 was £39,611,97912022. £39, 130,422). 20 THE WOLFSThY FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 MARCH 2023 11. Debto 31 March 31 March 2023 2022 £'ooo £'Doo Accrued income Sundry debtors 83 86 92 12. Creditors falling due wlthln one year 31 March 31 lJlarch 2023 2022 £'ooo £'ooo Grants payable (note 91 Other credilors 2.277 2.244 16 2,292 2,260 13. Credltors falling due after one year 31 March 31 March 2023 2022 £'(K)o £'ooo Grants payable (note 9) 779 748 21 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Rgconclllation of net m¢)vement In funds to net cash used in opgratlng activities 31 March 31 March 2023 2022 £'ooo £'ooo Nel {oulgoinglfin¢￿iIng resources Nel lossesllgainsl on investment 8ssets Investment income Decreasellincrease) in debtor3 In¢￿aSe in creditors 11.754} 974 {1,0871 2,628 {3,4911 19501 {71 43 Nel cash Us￿1 in oper81ing aclivities {1.7981 11,7771 15. Joint administration The Charity has shared objectives and joint administration wtth the Wolfson Foundation, ￿gIStered ¢h4rty number 1156077 and company ￿lS1[at￿n number 08927040, al 8 Queen Anne Street. London W1G 9LD. 16. Related party transactions During thè year, fees of £3,00012022: £6.￿0} were paid in resppd of legal servic8s provided by Payne Hicks Beach 0fwh￿h Marhn Paigner {Trusteel is a partner. 17. Grants awarded during the year Science and Medicine Awards were made for research equipment al the folhymng Israeli Medical Cenlers.. Tel Aviv &wrasky Medi￿1 Center, Israel -sequencing equipment and fiow cell d¢Jck fjoinl grant with the Woltson Foundation lotalling £420,300) Hadassah Medic81 Cenler, Jerusalem. Is￿1 -Gamma c8rner8 ts'oint grant wrth the Wolfson Foundation totalling £359.1001 Rabin Medical Center: Petah Tikva. Israd -Tomographic im4ing system (J'oint grant with the Wolfson Foundation totalling £359.1(K)} Rambam Health Care Campus, Harfa, Israel -CT simulator (J'oint grant with the Wotrson Foundation totslling £359,100) Chaim Sheba Medical Center. Ramat Gan, Israel -Long read sequen¢irKJ equipment fj(Mnt gtant with the Wolfson FoundatKJn tolalling £329.0001 ShaaTe Zedek Medical Centef. Jerusalem. Israel -Equipmenl for imaging, biobanking and sequeneing O"oint grant with the Woltson Foundation totalling £290.000) Soroka Medical Cenl8r. B88r Sheva, Israd -Neurological robot system (joint 9￿￿t with the Woffson Foundation lotalling £230,000} 168.120 143,640 143,640 143.640 131.600 116.160 92,000 22 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. Grants awarded during the year Icontinuedl Edith Woifson Medical Cenler. Holon, Israel -lMage-gu￿ed therapy system tioint grant wtih the Wolfson Foundation tolalling £153,000) 61,200 Total sc19￿￿ and M8dlclne (8 grantsTr 1.000,000 Educa Jewish Training Academy for Girls Ltd, London N16 - Upgrade of IT fa¢ilf(ies and equipment to delNer accredited vocational training programmes Prism, London W1 - Wolfson Jewtsh EducatK)n Fund 15,000 7.200 Totsl Educatlon12 grants) 22.200 Arts and Humanltles Central Synagogue, London W1 Building rep8irs Cesher Theatre. Tel-Avw, Israel Unr8Stricted funding Tower of David MUs￿m. Jerusalem, Israel Accessi￿lItY irnprovemenls The Jerusalem Academy of Music and Danco. Israel New Concert piano for iecital hall The National Holocaust Centre and Museum, Laxton, Nollinghamshire Redevekjpmenl Q'oinl grant with the Wowson Foundation lotallirvJ £70,000) Holocaust Centre North, Le8ds - N8w archiv6 store at the Universty of Huddersfield Verb"go Dance Company. Jerusalem, Israd -Unreslrictsd funding Worcester Civic S(Kiety Worcester Jewish communty memorial pL2que 50,000 50,000 50,000 43.OQO 20,000 10,000 10.000 463 Total Arts and Humanltles (8 grants) 233A63 23 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEME1￿s FOR THE YEAR ENDED 31 MARCH 2023 17. Grants awarded during the year Icontinuedl Hèalth and Di5abil- Partnerships for Jewish Schools, London NW4 Sthtsols Wellbwng Project (over three yea￿) Ta'ir. Rehovol, Isr￿1 Unrestricted funding Cosgrove Care, Glasgow -Refurbishmenl of supported living aeccffim(Klal￿n sites (Dalmeny Avenue and Bumfield Roajl Ezrs U'marpeh, London N16 -medical equipment for loan to children arKI young people Iparticulaty those suffenng from severe 8llergigsl 60,000 50,000 25,￿0 15,000 ExGeptional avffird GIFT. London NW4 Food Bank Operations in the UK so.000 Total Health and Dlsablltty1S grants) 200,000 Total grants awarded123 grants 1,465,663 Grants relinqulshed during th8 pèriod Total grants awarded Ineti {15,6341 1.450,029