Charity Registration No. 228382 THE WOLFSON FAMILY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025
THE WOLFSON FAMILY CHARITABLE TRUST CONTENTS Page Trustees. Report Independgnt Auditors, Report statement of Financial Actwilies 10 Balance Sheet Cash Flow Stslement 12 Notes lo the Financial Statements 13
THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 ADMINISTRATWE DETAILS Trustees Hon Mrs Laura W0S0n Townsley Ichairnanl Dame Janel Woltson de Botton DBE Sir lan Gainsford Mr Martin Paisner CBE Sir Michael Pepper FRS FREng Sir Bernard Rix Lord Tumberg MD FRCP Hon Mrs Elizabeth Wowson Peltz Hon Mrs Alexandra Woifson Halamish DiTrclorate Paul R8msbottom OBE MA Mst- Chief Executive R8ference and adminislrative details Registered Offi.. 8 Queen Anne Street London, W1G 9LD Registered Charity No.. 228382 Professional sel¢es Banke B8rcl8ys Bank Plc. Charities Team Level 27,1 Churchill Pla London E14 5HP SoliGilors Payne Hicks Beach 10 New Square Lincoln's Inn London WC2A 3QG Audilo UHY Hacker Young LLP Quadrant 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 2025 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The financial statements have been prepared in accordance with the accounting poSicie$ Set out In the notes lo the accounts and compty wlh the charity's governing dUMent, the Charities Act 2011 and Reporting by Charities.. Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Raporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive 1 January 20151. STRUCTURE, GOVERNANCE AND WINAGEMENT The Wolfson Family Charitable Trust is a charitable foundation established by a Trust Deed dated 30 March 1958 whose aims are the advancement ofscienGe. health, education and the arts and humanil*s. At the end of the year the board of trustees comprised four family tnjstees and fwe trustees with mediG81, scientific and legal expertise. The range of skills represented on the Iruslee boarcl is kept under review and appointments lo the board are made by the trustees, advised by the Nominations & Governance Commrttee. The Nomination5 & Governance Committee also advises on the remit and composits'on of expert panels or commtitees and any related govern8nce matters. Board rneelings are held once or lce each year. The board decides matters of strategy and overall policy, delemines the priorrties and allocations for gran15 programmes, sets budgets and authorises grant awards. The board is admsed by an Adwsory Committee in Israel. drawn from leading a(3demic and medical experts. It is also served by a number of panels and committees which make recommendations on granl-making, risk management and investment pOIleS. Panels are comprised of specialists In parti¢utar fields, as well as Iruslees. The induction process for newty-appointed Iruslees, committee and panel members Compri meetings with board members and the chief executive. and covers governance. investm&nt and grant-making policies. Documentation provided for new trustees includes copies of the Trust Deed, relevant minutes and renI annual reports accounts. A full list of members of the committ&s and expert panels is available here." wwN.woifson.o .ukl8bou anel-committee-mewbershi Cornmittee in Israel is available here.. h l. A fvll list of members of the Advisory s.'IfvNM.wfct.o rants4'n4sraellwotfson-adviso -¢ommittee. israell. Risk assessment The trustees have reviewed the major strateg, operational and financral risks which irnpacl on the work of the Tiusl and, on professional advice, noted that systems have been established to miligale the exposure to them. The Iruslees review this matter each year and lake action required arising from the a5ses5menl and recommendations of the Risk & Audit Committee. The trustees consider the main areas of risk for the Trust lo be a5 follows.. {11 Investm8nl risk. The trustees. supported by a dedicated Investmènt Committ8e which meets regularly, lake a long-lerm approach lo their investrnenl strategy and airn to deliv6r the investment objective within an acceptable level of risk. The Commrttee has recently been bolstered by the recruitment of an additional member. {21 Reputational risk, including making awards lo inappropriate recipients. The trustee5 are advised in their granl-making by dedicated panels of experts, by independent P88r reviewers and by a professional team of staff (including detailed financial appraisalsl. In addition, visits are made by staff and trustees lo proja¢ts. Grants are paid in arrears on receipt of evidence of appropriate expenditure. A framework for monitoiing and evaluation has been estsblished.
THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Conflicts of interests and loyalty Under the Trust's formal conflict of interest and Ioy81ty policy, a ITUStee holding an active post with an applicant organisalion lakes no part in the decision on whether to make an award. Similarly, CDmmitteelpanel members with a conflict of inleiesl take no part in making recommendations relating to organisalions in which they lor relatives or business partners) have an involvement. A register of interests is maintsined by the Trust's office. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT This section presents highlights across key funding areas in the past year. There is more infomiation aboLrt the work of the Trust on the web51te W.Wf¢I.o and a full list of grants awarded in the year is available in note 17 below. The objectives of the Trust, through ils granl-making. are the adVaNment of Scien and medicine, heatth. education, the arts and humanities. The trustees have complied with section 17151 of the 2011 Charities Act, having due regard for the Charty Commission's gLJidance on public benefrf( when reviewing the Trust's aims and objectives, when setting 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 171. The Trust pursues ts objectives through funding outstsnding projects across the range of its areas of interest, usually by support for buildings orequipmenl. Three factors continue lo influence trustees in their decisionrnakIng. First, trustees aim to support excellence. both existing and potential. Secondty, they attempt to identify 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 support. The impad of the Trust's furding is monitored through regular reports on projects provided by recipients during the lrfelime of a grant and, where possible, by visits undertaken by trustees. Advisory Committee members and staff. Grant4naklng proces5 and policy Trustees make award5 On or twi each year and are aifvised by the Advisory Committee in Israel in addf(ion lo expert panels which meet before the main board meetings. As well as assessing the merits of the applicants, proposals and their congrnen¢e with the Trust's aims and priorities. trustees also consider.. the anlicipaled outcome of the project linclucling public benefit),. financial viabilty., value for money and adequate provision for ongoing costs and maintenan. There are four main ftjnding areas". Science & Medicine,. Education", Arts & Humanf(ies', and Heah. Awards for 5sraeli universrties and hospitals are normally made under the urnbrel of designated national programmes whh operate by invitation only to relevant organisalion8. Applications are assessed by expert reviewers, and applicants a given an opportunity lo Spond to queries raised during the review process. The Trust made grants in the year totslling some £2.05 million. The yearfs granl-giving was successful in that, on the advice Df extern81 experts, excellent projects in a number of Priority ar83$ We funded. Gwen the nature of the captal investment, il loo early lo assess the long-lemi benefrts of projects funded.
THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Education. arts & humanities The nature of the Trusrs ndIng was somewhat different thi¥ year as the trustees invited m*'or applications from cultural organisalions In Israel. Following 3 ¢ompelrtive prOsS they agreed major awards, each of £500,000, lo the Jerusalem Botani¢al Gardens and lo Yad Vashem. In the case of the botanical gardens, this was for 2 new art gallery, SCLJlpture garden and outdoor therapy space. Yad Vashem, the Holocaust memorial cenlre. rec&ived funding for a new audioknvisual experienGe and education ntre within ils ValY of the Communit(es. The Valley of the Communities ¢ommemorate5 over 5,000 European Jewish communities that were damaged or destroy during the Hobcausl. In the UK. a number of awards were made lo help suppK)rt organisations combatting rising antisemilism.. the Community Security Trust", the Antisemitism Policy Trust.. and the Institute for Jewish Policy Research, which is undertaking a research programme into attitudes to antisemilism in the UK. Health & Disability A Major award 1£500.0001 under this heading was for equipment in the new Gandel Rehabilitatitx) Center al Hada55ah Medical Organizalion. In the UK, the largest grant supported the refurbishment of Nightingale House in Clapham, a care home for older people. Additionally, several awards supported organisations assisting individuals wrth a range of disabil((ies, such as thè refurbishment of a hydrotherapy pool al Step by Slep. FINANCIAL REVIEW The trustees have prepared accounts in accordance with current statutory qUireMents, the Trust Deed and AOuntIng and Reporting by Gharities.. Statement of Recommended practi applicable to haritl8s preparing Iheir8ccounls in accordance with fhe Financial Reporting Standard applicable in the UK and Republitr of 1relaw (C17aiFlies SORP (FRS 102). The Trust recorded a positive r81urn on the fund's assets of £2.49 million 12023124.. £5.17 million) of which income net of fees was £1.2 mi51ion 12023124.. £1.1 millic•nl and valuation gains were £1.3 million12023124." £4.07 million). The portfolio of investments and cash held on deposit had a total value of £49.7 million al 31 March 202512024.. £48.5 million). The positive return in the year reflected continuing strong markets to the end of ¢8lendar year 2024. despite falling markets since the beginning of 2025. The rnark@Is since March 2025 have been subject to significant fluctuation bul losses sustained in April 2025 hav8 since been recovered. Retums are applied to the charitable aims of the Trust as deScrid elsewhere in this report. Grants awarded (net of relinquished grants) during the year were £2.05 million 12023124.. £1.5 million). The trusl8ès hold deposits, gilts and other bonds lo cover the Trust's current commrtmenls. The Trusvs neta55ets are hdd in unrestricted fiJnd$ as the trustees have power to distribute both income and capital. Investrnent policy and p8rformance The Trust is managed based on existing in perpetuty and hence the Trust has the objective of maintaining the portfolio's real purchasing power after inflation over time. Trustses allocate funding on a total return Irather than income) basis. The long-tem investment objective 15 an average annual total return of UK CPI + 4°kn. The trustees aim lo distribute an average of al least 40A of the fund on an annual basis. The calculation of the budget for distribution is based on the average portfolio value over the last five years.
THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The asset allocation within the portfolio is arranged accordingly. taking advarltsge of the Trust's long- term investment hori20n. Policies and investment allocations are continually reviewed by the Investmonl Committee and Iruslees. Trustees review the Investment strategy with the Investment Committee and fund managers (signatories lo the UN Principles for Responsible Investmenll, in order to ensure that 111 the Trust (an achieve or outperform ils target return in the long term", and121 investment decisions made by our fund managers are taken in a socially responsible manner and In accordance wf(h Woltson's Core piinciples. Responsible investment underpins the Investment strategy in accordance with our responsible investment policy, and trustees have a policy of not investing diractly in tobacco companies or fossil fuel extractors. The Investment Committee is responsible lo the Iruslees for investment policy and monitoring the portrolio. Cornmittee rnembers are available to report lo the trustees al board meetings. Trustees and the Risk & Audit Committee review the terms of the Investment Committee mandate. The perfornance of the portfolK) is monrtored by the trustees and the Investrnent Committee. During the year, trustees made the decision lo Continue lo increase the portfolio's exposure lo fixed interest assets, using the same fund managers chosen through a Gareful sdection prOS in the previous year. Reserves policy The total value of the investment portfolio al 31 March 2025 was £49.7 million12023124'. £48.5 millionl, as detailed above, with total net funds of the Trust standing al £46.2 million 12023124.. £45.9 millionl. The net funds consist of an expendable endowment. In¢luded in this balance is accrued grant expenditure which has treen cornmitted already bLrt which is not due for payment until future years. As slated above. in the InvestmentpolKy andperfom?ance section. the ITUStees aim to dislribthe at least 40/0 of the fund on an annual basis in grants and other expenditure. The tnjstees consider il prudent lo have liquid assets within investments to cover a significant proportion of planned expenditure. They have agreed that at least £2.5 million should be retsined in a combinab'on of cash and short-dated gits. As al 31 March 2025. cash and gilts in the portfolio lotslled £3.8 million17.6¥0 of the lotsl portfolio). A further £4.7 million was helrj in short term holdings pending significant longer lemi investment decisions (see last paragraph of Investment policy & perfom7anc&l. Accordingly, the trustees consider that reserves are available al a level which enables them lo plan with Confiden for the future. PLANS FOR THE FUTURE During 2025-26, the Trust will again run a national programme to fund research equipment al Israeli univers'e$, with the antiipated theme b&ng fvnclional materials via nanoscopi¢ characlerisation.
THE WOLFSON FAMILY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The trustees are responsible for preparing th& twstees, Annual Report and the financial statements in 3ccordance with applicable law and United Kingdom AccoL+nting Stsndard5 (United Kingdom Generally Accepted AccoLtnling Pradicel. The law applicable lo charities in England and Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incomin9 resources and applic*ion of resources and application Df resources of the chatty for that period. In preparing these financial slalements, the trustees are required to.. select suitable accounting policies and then appty them ¢onsislentty,' observe the methods and principles in the Charities SORP", make judgements and eskn"mates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financk31 stalemenls," and prepare the accounts on a going concem basis unless il is inappropriate to presume that the charity wil continue in business. The trustees are responsible for maintaining proper xcounting records which disclose wth reasonabfe accuracy al any lime the fin8ncial position of the charty and lo enable them lo ensure that the accounts comply with the Charities Act 2011 the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charty and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT OF DISCLOSURE TO AUDITORS So far as the Iruslees are aware, there is no relevant audrt information of which the Trust's auditors are unaware. AddrfJ"onalty, the Iruslees believe they have taken all the necessary steps that they oughtto have tsken as trustees in order lo make tMSelveS aware of any relevant audit information and lo establish that the charity's auditors are aware of that informab'on. Approved by the Iruslees on 22 O¢tci)er 2025 and signed on their behalf by.. US01(kn-It)Lodey QLJL Hon. Laura Wowson Townsley Chaiman
?/UHY UHY H8¢keY Young LLP Chartered Accountants Quadr3nt House 4 Thomas More Square London ElWIYW INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE WOLFSQN FAMILY CHARITABLE TRUST Opinion We have audited the financial statém8nls of the Vvowson Family Charitable Trust I'the Charty'l for the year ended 31 March 2025, which comprise the Statement of Financial Activities. the Balance Sheet, the Cashflow statement and the notes to the finanoial stslemenls. including signifieant accounting policies. The financial reporting framework that has been applied in their preparation 15 8ppli¢able law and United Kingdom Accounting Stsndards IUnrte¢J Kingdom Genera15y Accepted Accounting Practicel, including FRS 102 'The Financial Repotbng Standard applicable in the UK and Republic of Ireland" In our opinion the financial statements.. give a true and fair view of the 518le of the Charity's affairs as at 31 March 2025 and of its incoming resources and application ol resource5, including ils income and expenditure. for the year thèn ended.. have been properly prepared in accordan with United Kingdom Generally Accepted A0untIng Practicè., and have been prepared in accordance with the Charrties Act 2011. Basis for opinion We conducted our audit in accordan¢e with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our re5pon5ibililie5 under those standards are further described In the Audrtorts sponsibilffjtibs for the audit of Ihe finanGial slatements section of our report. We ère independent of the charitable charty in accordance with Ihe ethical r8quiremenls that are relevant to our audit of the fjnancial statements in the UK. including the Financial Reporting Council's IFRC'51 Ethical Standard. and we hav fulfilled our other ethical responsibilities in accordance with these qUients. Vve believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalernents. we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the finanaal statement is appropriate. Based on the work we have performed. we have not identified any material uncertainlie5 relatin9 to events or conditions that, individually or collectively, may cast signfficant doubt on the charity's ability to continue as a going concern for a period of al least twelve months frorv when the financial statem8nls are aulhorised for issua. Our responsibilities and the responsibilities of the Iruslees with resp&ct lo going conrn are describèd in the relevant sections of this r&port. Other Infom)atlon Th& other information comprises the information included in the annual report and the TTUStees' Report, othèi than the financial slalements and our auditor's report Ihereon. The trustees are responsible for the other inforrnalion. Our opinion on the f(nanoial slalements does not covei the other information and, except lo the extent othemisé èxpli¢illy Staled in our report, we do not èxpie55 any form of assurance conclusion thereon.
UHY UHY Ha¢kgr Young LLP Chartered A¢¢ountants Quadrant House 4 Th¢ma$ More Square London ElWIYW INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE WOLFSON FAMILY CHARITABLE TRUST In connection with our audit of the financial statements, cyjr responsibility 15 to re8LI the other information and, in dtsing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misst8led. If we identify Such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstatetnent In the Iinancial statements or a tnateiial misslalement of the other information. If. based on the work we have perfoftlled. we conclude that there is 3 material misstatement of this other information, we ale requi18d lo 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 ol the charity and its environmènt obtained in the course of the audit. we have not identified material mi55taternenls in the trustees, report. We have nothing to report in respect ol the following mallers where the Charities Act 2011 requires us lo report lo you if, in our opinion". adequate accounting records have not been kept, or returns adequate for our audit have not been rèceived from branches not wsited by us., or the financial stslements are not in agreement with the accounkn'ng records and returns." or ertain disclosures of trustees, remuneration spectfied by taw are not made", OF we have not received all the information and explanations we requirè for our audit. Responslbilitl95 Of Trustees As explained more fully in the Trustees, Responsibiliti@s Statement set out on page 6. the trustees are responsiblè for the preparation of financial statements which give a true and fair view, and for such internal control as the Iru5tees determine is necessary lo enable the preparation of finanei81 ststements that are free frorn material rnisslalement, whether due to fraud or error. In preparing thè financial 5ts1emenls. the trustees are rèsporTrsible for assessing the chanty's 8bilty to continue as a going concern, disclosing, as applieable, matters related lo going conc8rn and using the going concern basis of accounting unless the trustees either intend to liquidate the charty or to cease operations, or have no realistic alternative but to do so. Auditoffs r8sponsibilitigs forthe audit of tho financlal ststements Our objectives are lo obtain reasonablo assurance 3boul whether the financial statefflents as a whole are free from material m15Stalement, whether due to fraud or error. and to issue an auditol's report that includes our opinion. Reasonable assurance is a htgh level of assurance but is not a guarantee that an audit eonducled in accordance with ISAS IUKI will always detect a material misstaternent when il 1$1. Misslalements can arise from fraud 01 error and are considered material if, individualty or in the aggiegale, they could rèasonably be expected lo influence th8 econombo dgcisions of users takon on the b891$ of these financial statement5. Irrègularities, Iluding fraud, are instancès of rion-compliance with laws and regulations. We design procedures in line with our rèsponsibilities, outlined above, to detect rnaterial misstatements in 185pect of irregularities, including fiaud. The extent to whh our procedures ale capable of detecting irregularrfEies, including fraud is detailed below.. Bas8d on our understanding of the charity and the industy in which rt operalgs, we ident{fd that the principal risks of non-compliance with law5 and regulations related to the acts by the charity, which were eonlrary to applicable laws and regulations including fraud, and WÈ considered the extent to which non-compliance might have a mateiial effect on the financial statèm8nts. We also considered those laws and regulations that hav& a direct impacl on the preparation of the financial statements such as the Charities Act 2011.
UHY UHY Haek•rYoun9 Chartered Aeeountant5 Quadrant House 4 Thomas More Square London ElWIYW LP INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF TTrIE WOLFSON FAMILY CHAR ABLE TRUST We evaluated managernenys incentives and opportunrties for fraudulent manipulation of the financial statements (including ihe risk of override of contiolsl and detemiined that the pnncipal ri5k5 were related to the valuation of the charity's investment5, Inflated revenue and the charity's net incorne for the year. Audit procedures perfomied to assess the valualion of the charity's investments included.. confirmation of the valuation ol investment balances from the investment managers and 8 review of the most recént Service Organisation Controls Reports in relation to those invesltlleFTrts. We obtained the most recent audited financial staternents lor the assets under management by Oxford Universrty Endowment Management Limited and the various assets managed by JP Morgan to confirrn that there were no indictors of irnpaiment and that they were prepared on a going concem basi5. To 855ess inffated revenue and the charity's nel income for the year audit procedures performed included.. a review of the financial statetnenl disclosures to underlying 5UPPOrting documentation, revEw of corresptsndenee with legal adv150rs, enquifies of managetnent and testing ol joumals and evaluating whether there was evidence of bia5 by the trustees that represented 3 risk of material misstatement due lo fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance wrth laws and regulations is frorn the events and transaolions reflected in the financial stslements, the less likely we would become aware of it. Also. the risk of not detecting a material misstatement due to fraud 15 higher than the risk of not detecting one resulting from error, as fraud may involve deliberatè con¢ealmenl by. for exampl8, forgery or intentional misrepresentations. or through collusion. A furth&r description of our responsibilities ft>r the audit of the financial stslemenls is kncated on the Financial Reporting Council's website at.. hll ..lIk.1Fc.O .uklauditorsres nsibilrties. This description forms part of our auditorfs report. Use of our roport This rèport is made solety lo the charity's mèmbers, as a body, in accordance with Ghapter 3 of Part 8 of the Charities Act 2011 and regulations made under section 154 of that Aet. Our audit work has been undertaken so Ihatwe might statè to the charity's members those matter5 we are required to state to them in an auditorfs report and for no othèr purpose. To the fullest extènt pertnitted by law. we do not a¢cept or assume responsibility to anyone other than the charity and the charity's members as a body. for oui audit work, for this report. or for the opinions we have formed. K*4H k¥oKc. Y UHY Hacker YoLSng Chartered Accountants Stat uditor UHY Hacker Young LLP Is e1pJie to act as an auditor in term5 of section 1212 of the Companies Act 20(
io THE WOLFSON FAMILY CHARrrABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Notes 31 March 2025 £'ooo 31 March 20 £'ooo Income: Investrnents 1,275 1.200 Total incorne 1.275 1,200 Expenditure on: Raising ftjnds linveslment management fees) 113 108 Charitsble acliwlies Science and medicine Arts and hurnanthes Health and disability Education 37 701 895 582 1,138 115 351 100 Total charitable activities 2.215 1,704 Total expenditu 2,328 1,812 Othgr recognised gain5 and losses: Net realised and unreali5ed gains l (losses) on disposal and revaluation of.. Investment assets Foreign exchange 1,030 298 4,296 12221 Nettotsl COgniSed gains 1,328 4,074 Net movement in funds 275 3,462 Reconciliation of funds Total fund5 brought forward 45,899 42,437 Total funds carried fon•vard 46,174 45,899 Net lotsl recognised gains of £1.030,00512024 gains.. £4,295,611) on inv8stment assets refbcl a general increase in market values. Nel total realised gains on listed investrment disposals by reference to their acquisition cost was £2,065,09512024.' £993.2971. All r&ogni5ed gains and losses have been included in the Stslement of Financial Actiwties and are derived from the continuing acliwlies of the charitabl& trust.
li THE WOLFSON FAMILY CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2025 Notes 31 March 2025 £'ooo 31 March 2024 £'ooo £'ooo £'ooo Fixed assets Investments 10 45,940 45,670 Current assets Investments Debtors Cash al bank 3,803 104 14 2,856 98 13 3,921 2,967 Creditors falling due within one year 12 12,6121 12,0071 Net current assets 1,309 960 Total assets less current liabilities 47,249 46,630 credito falling due after one year 13 (1,0751 17311 Total ngt assets 46,174 45,899 Funfls Expendable endowment fund 46,174 45,899 The financial statemanls on pages 10 10 23 were approved by the trustees on 22 October 2025 and signed on their behalf by.. 15&£4 PL(JL Hon. Laura Woffson Townsley Chaiman Paul Ramsbottom Chpf Exe¢utive
THE WOLFSON FAMILY CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 Nots5 31 March 202S £'ooo 31 March 2024 £'ooo Cash used in operating activities 14 {1.08n {2,3781 Cash flows from invosting actlvftles Investment income Investment costs Investment proceeds Ilncreasel I decrease in investmènts cash and cash equivalents 1,275 132.1071 38,745 1,200 119,8911 21,027 10 10 16.8251 42 Net cash prOded by investment acttvities 1,088 2,378 Change in cash at bank Cash al bank brought forward 13 Cash at bank carried for•rnrd 14 13
13 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies The accounting policies adopted by the trustees are sel out below.. al Basis of preparatlon The financial statements have been prepared in accordance with the Statement of Recommended practi.. Accounting and Reporting by CharilEs preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland Icharities SORP IFRS 10211,. the Financial Reporting Stsndard applicable in the Unitecl Kingdom and Republic of Ireland IFRS 1021., and the Charities Act 2011. The Woltson FllY Charitable Trust meets the definilton of a publ benefit entity under FRS 102. The financial ststemenls are preparecl under the histori¢al cost convention, wrth the exception that investments are includeLI al market value. The finanGial 51alements have been prepared lo give a 'true and fair, view and have departed from the Ch8rilies (Accounts and Report) Regulations 2008 only to the extent required to provide a'true and fail Mew. This departure has inVoed following the Charities SORP IFRS 1021. The most significant areas of adjustments and key assumptions that affect items in the accounts are to do with estimating the liability from mulli-year grant commitments (see note 9 for more informalionl. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets hekl by the Trust are the level of investment return and the performance of the inveslmenls. The financial statements have been prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded lo the nearest £'OOO. Ib} Going concern The trustees consider that as the financ are based on a long-term endowment there are no material uncertainties about the Trust's ability lo continue as a going concem. This is further strengthened by the posilwe results for the period. Icl Income All income is recognised once the Trust has entitlement to the income. it is probable that the Income will be received, and the amount of income re1vable can be measured reliably. Where income has related expenditure, the incom& and related expenditure are reported gross in the Statement of Financial Activities. Idl Resources expended Expenditure is included on an accruals basis. Grant awards and other liabilf(ies arè rècognis&d as expenditure as soon as there is a legal or constructive obligation committing the Trust lo that expenditure, il is probable that Sottlemenl will Ee required, and the amount of the obligation can be measured reliabty. 181 Allocation of rnanagoment and admin15tratlon expensos Managem&nt and adminislralion expenses are allocated btheen charitable aclivty and governance. Management and administration expenses relating to granl-making acl+vrties are apportioned even amongst the four granl-making categories. The allocation Df management and administration expenses are analysed in notes 5 and 6.
THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies l¢ontinuedl If) Governance costs Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice, including tho statutory auijil and legal fees. Igl Foreign exchange Monetary assets and liabilities denominated in foreign CUTrencies are valued in sterling al prevailing exchange rale5 as al the balance sheet dale. Transactions in foreigll currencies are recorded at the prevailing exchange rates as at the date of the corresponding transaction. All differences are taken to the expendable endowment fund. Ihl Investment assets InveslTnenls are a form of basic financial instrument and are initrally recognised al their transaction value and subsequently measured al their fair value as al the balance sheet dale using the closing quoted market pri where available. Quoted investments Quoted investments comprise publicly quoted. listed securities including share5, bonds and units. Quoted investments are staled al fair value al the balance sheet date. The basis of fairvalue for quoted investments is equivalent lo the market value. using the bid-price. Asset sales and purchases are TOgnISed 81 the date of trade. Unquoted investments UnqLJoled investments are valued at the best estimate of fair value and comprise of private equity which is valued externally by their fund managers and direct investments in uni£ trusts. the majorty of which are made wrth COThinvestors. Mariagemenl use the co-investor valuatrons as a key input lo det&miine the fair value. The slalemenl of financial activities includes the net gains and losses arising on rev81ualion and disposals throughout the year. Cash and '¢ash-like' securities wtih high liquidity are managed as part of a portroSio of investrnent assets and are included as current assets. {11 Gains and losses on invostmgnts Realised gains and losses on investments are calculated as the difference beeen sale proceeds and opening market value lor purchase Cost if acquired in the yearl. Unrealised gains and k)ss6s on investrnents are calculated as the differen beeen the closing mid•markel value al the year end and opening mid-rnarket value lor purchase cost if acquired in the period). Realised and unrealised gains and105ses on investments are not separatod in the statement of financial activities and are recognised in the statement of fir5ancial activf(ies as th&y arise. Key source5 of estimation uncortainty and signlflcant Judgements made in apptying the accounting policies The preparation of the financial statements requires the application of rtain estimates and judgements. The material areas of either estimation or judgement are sel out below. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Each of these areas are considered by the Risk and Audit Committee based on information prepared by the Finance learn.
15 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Unquoted nstments Investments in unquoted investments are valuod at the best estimate of fair value. For these investments fair value is estimated using a range of methodolchJies including price of rec6nt investment and public comparables. Maintaining the Wolfson Family Charitable Trust for the longer tgrn1 3.1 Preserving the real value of the fund In order lo achieve a proper balance between the interests of current and future beneficiaries, the trustees have delemined that they are aiming lo preserve the value ofthe expendable endowment fund broadly In real terms, and that investment turnS in excess of the amount required to Preserve the real value of the fund may be expended in furtherance of the Trust's objectives. The net value of the fvnd is the residual sum, dependent upon the amounts and liming of both income and expenditure. 2021 2022 2023 2024 2025 CPI al the Trusvs year end 114.6 121.7 132.5 137.5 £'ooo 41,563 37,050 £'ooo 44,191 39,346 £'ooo 42,437 42,825 £'ooo 45,899 44,446 £'ooo 46,174 45,966 Actual expendable endowment fund Target expendable endowment fvnd Increase I Idecreasel in fund in real tern15 relative lo March 2020 4,513 4.845 (3881 1,453 208 4. Invastmant incomo 2025 £'ooo 2024 £'ooo Dividends- UK Investments Dividends- Overse85 Investments Interest- UK Investments Interest- Overseas Inveslm8nts Inlere$t- Cash Deposits Distribution Oxford University Endowment Management Ltd. 70 390 151 91 117 456 220 100 66 73 645 1,275 1,200 4.1 Investment perforniance In setting the objectives against which Ihg performance of the investment managers is measured, the trustees are primarily ConMed wf(h the total return on investments. namely the sum of investment income Inole 1lcl above) and gains and losses on investments Inote 1lhl above). Atthough these constituent ements are required to be shown separately in the statement of financial activities, no importance attaches to how much of the total relum is represented by invesknent income and how much is repTe5enled by gains or losses on investments, and the investment manaJers ale not sel separate targets for these amounts. This approach is ternied a total rolurn approach.
16 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 4.1 Investment perfomiance Icontinuedl A summary of investment perf0mlan for the period since the total retum approach was adopted is set out below. Changes in th8 investment portfolio 2021 2022 2023 2024 2025 2021 - 2025 Total £'ooo £'ooo £'ooo £'ooo £Tho Opening value of investsnenls 35.793 44,430 47,094 45,409 48,526 35.793 Investment income 950 1,087 1,200 1,275 5,381 Investment Ilosge51 I gains 9,525 3,399 11,1511 4,074 1,328 17,175 nveslmenl management fees 1771 1841 1981 11081 11131 14801 Total return 10.317 4,265 11621 5,166 2.490 22,076 Amounts withdrawn from portfolio (note lill 11,6801 {1.6011 11,5231 12,049) 11.2731 18.1261 ctosing value of inve8tsnents 44,430 47,D94 45,409 48,526 49,743 49,743 lil These amounts are on a'cash basi5"_ being tha monies withdrawn from the investment portrolK) in the period in order to pay grants and disburse other expenditure. Investment return$ compargd to the Trust's obiectlve 2021 2022 2023 2024 2025 2021 - 2025 Average Actual return QA IBIAI 28.82% 9.60Qh 10.34%) 11.38% 5.13% 12.34% Target retum Okn (CPI + 4OA) 5.01% 10.200h 12.84% 7.790 7.42° 8.650 Relum (below) I In excess of tsrget OA 23.81% (0.600kn1 113.18V.1 3.55°h {2 29¥01 3.68Q 2021 £'ooo 2022 £'ooo 2023 2024 £'ooo £'ooo 2025 £'ooo Total Actual return £'OOQ Target retum £'OOO {C XAI 10,317 1,794 4,265 4,531 11621 5.166 6,047 3,535 2,490 22,076 3,600 19,507 Retum Ibelowl l in ex$$ of target £'OOO 8.523 12661 16,2091 1,631 11,1101 2,569
17 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 MARCH 2025 5. Grant-making activities Grants Allocatsd awarded expenses Ineti (note 61 £'ooo £'ooo Total 2025 £'ooo Totsl 2024 £'ooo Science and medi¢in8 Education Health and disability Arts and humanities 141 659 853 540 41 42 42 42 37 701 895 582 1.138 115 351 100 2,048 167 2,215 1,704 The list of individual grants made during the year is sel out in note 17. Grants awarded are nel of relinquished grants, see note 9. The total management and administration expense5 are apportioned evenly amongst th8 grant-m8king adivilies (including management ol awards frorn previous years). Significant aspects of the grant acliwty during the year aTe described on pages 3 and 4 of the trustees, report 5.1 Charitable expend5ture The Iruslees aim lo distribute approximately 4Yo of the fund, including administralwe costs, on an annual basis. The value used to calculate the nomal target distribution is the average of the last five years, investment portfolio value. 2021 2022 2023 2024 2025 2021 - 2025 £'ooo £'ooo £'ooo £'ooo £'ooo Actual charitable expenditure {note lill Target charitable expentlilure 1,607 1,567 1.637 1.631 1,592 1,694 1,704 1.770 2,215 1,882 8,755 Expenditure in excess of largel 40 11021 1661 333 211 (il These amounts are on an accruals basis" meaning that 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. Managernant and administration expenses Govomance Grantwmaking costs actlvtths £'ooo £'ooo Total 2025 £'o Total 2024 Consultancy. assessment and advisory fees and expenses Auditors, remuneration - audit services other services Staff costs (see note 81 Other administrative expenses Legal fees 18 18 16 14 115 19 15 14 108 16 14 115 133 167 163
18 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6. Management and administration expenses Icontlnuedl The governance costs comprise costs of running the Trust and planning for future developments. including audit lees, legal advice forthe trustees 3nd costs of cornptying with constitutional and statutory requirements, such as Iruslees, nieetings, the preparabon of accounts and satisfying public accountability. The costs relating lo granl-making activity represent cos15 incurred in assossing applications, administration of the grants awarded 8nd post grant monitoring. Staff costs cover salary and other costs paid in respect of part time employees, shared wrth the Wolfson Foundation, engaged during the year (see note 81. No staff costs are allocated to govefnance cos15 as the amount of related activity is immaterial compared to the granl-making activity. 7. Trustee remuneration No fe&s are paid lo Iru5tees for their services as board members. No expenses were incurred by the trustees during the year12024.- £3,224). As allowed by the trust deed, consultancy fees of £3,000 were paid lo each of Lord Tumberg and Sir Michael Pepper12024.. £2,500 each lo Lord Turnberg and Sir Michael Pepper} in connection wlh their work undertaken in advising on applications lo the Wowson Family Charrtable Trust. Trustees who are family members did not re1ve any remuneration. staff costs During the year there were 5 part lime employees. 31 Mar¢h 2025 £'ooo 31 March 2024 £'ooo Salaries Social security costs Other pension costs 94 12 88 115 108 The average number of part lime employees, shared wf(h Wolfson Foundation, ernployed throughout the year was 512024.. 41. During the year, one employee received emoluments befv4een £90,000 and £100,000. The totsl employment benefits, inclucsing employer p9nsion contributions of the key management personnel, were £102.85012024.' £96,5801. This lolal does not include consultancy fe&s paid to Iru5tees (ref. note 7 above).
19 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCNL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 9. Grants awarded for future payment Grants awarded by the trustees for future payment at 31 March 2025 10ts1 £3,666,251 12024.. £2.721,9581 as follows.. Grants awarrled Grants durrng paid during the year the year £'ooo E'OOO At 31 March 2024 £'ooo Grants relinquished & adjusted £'ooo At 31 March 2025 £'ooo Science and medicine Education Health and disability Arts and humanities 2,428 39 125 130 16791 11991 11251 11011 141 1,745 499 853 569 659 853 540 2,722 2,052 11,1041 141 3,666 31 March 31 March 2025 2024 £'ooo £'ooo Due within one year Inole 121 Due after more than one year Inote 131 2,591 1.075 1,991 731 3,666 2,722 A Summary of grants awarded during the year is sel out in note 17.
20 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Investments Market Movement Market Value Purchase Sale Net Gains in cash Valuo 2024 Costs Proceeds I ILossesl Investments 2025 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Fixed as$ot investments Cazenove.. Listed Investment5 Cash and Cash Equivalents 27,619 349 27.335 132,8971 430 22.687 5,935 5,586 27,968 28,622 JP Morgan.. Third-Party Listed Investments Private Equity Funds Cash and Cash Equivalents 3,525 850 1141 463 3,511 7.460 6,813 16661 6.813 10,980 Oxtord Endowment Fund Inolelill.. 10,889 14,7001 149 6,338 Total fixed asset iTrvestsnents 45.670 45,940 Current asset investments Cazenove.. Listed Investments Cash and Cash Equivalonts 682 2,174 397 16821 399 3.404 1,230 Total current asset Investments 2,856 3,803 Total 5nve5tment assets 48,526 49,743 Total mov9ments on Investments 32.107 (38,7451 1,030 6,825 The historical cost of these investments as of 31 March 2025 was £42,772,401 12024.. £39,400,825). lil Oxford Endowment Fund holdings are equivalent to unil trust holdings and are held for the bng term. The underlying investments include publK equities, prwale equities, hybrid equities, fix8d income, propety and cash.
THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Debtors 31 March 31 hlarch 2025 2024 £'ooo £'ooo Accrued income Sundry debtors 100 88 10 104 98 12. Creditors falling due wtthin one year 31 March 2025 £'ooo 31 March 2024 £'ooo Grant5 payable (note 91 Other creditors 2.591 21 1,991 16 2,612 2,007 13. Creditors falling due after one year 31 March 2025 £'ooo 31 March 2024 £'ooo Grants payable (note 91 1,075 731 14. Reconciliation of net movemgnt In funds to net cash used in operatlng actlvltles 31 March 31 March 2025 2024 £'ooo £'ooo Net incoming resoLtrces Net gains on investment assets Investment income Increase in debtors Increase I Idecreasel in credi(ors 275 {1,0301 11,2751 161 949 3,462 14,2951 11.2001 1121 13331 Net cash used in operating activities 11,0871 12,3781 15. Jolnt admlnlstration The Charity has joint administration with the Wolfson Foundation, registered charrty number 1156077 and company registration number 08927040, al 8 Queen Anne Street, London VV1G 9LD. 16. Related party transactlons There were no related paty transactions Iluring the year12024'. £nill.
22 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Grants awarded during the year Education JerUSaM Botanical Gardens, Israel -New art gallery, sculpture garden and outdoor therapy space Community Security Trust, London NW4 4Jnrestricted funding Anlisemi(ism Policy Trust. London EC1Y -Unreslricted funding Institute for Jewish Poliry Research. London NW1 -Research programme on attitud&s to antisemitism in the UK Prism, London W1 - Wolfson Jewish Education Fund 500,000 100,000 25,000 25,000 9,000 Total Education15 grants) 659,000 Arts & Humanities Yad Vashem. Jerusalem. Israel -New audio-msual experience and education centre in the Valley of Communitie5 500,000 Sandys Row Synagogue, London E1 iepair and restoration of building 40,000 Total Art5 & Humanities12 grants) Health & Disabill Hadassah Medical Organizalion. Jerusalem, Israel -Equipmenl for new Gandel Rehabilitation Cenler 500,0(M) Nightingale Hammerson, London SW12 -R@furbishmenl of Nightingale House step by Step London, N15 -Refurbishment of disused hydrotherapy pwl and installation of a holsl 250.000 50,000 Misgav, London N16 -Refurbishment of new premises in Hackney supporting disabled women 25,000
23 THE WOLFSON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Grants awarded during the year l¢ontlnuedl Bayis Shell. London N16 -IT technology I'IT-I£AN'I lo support residents, development of digital skills 15,000 KEF KIDS, London NW9 -creation of a de-escalation room lo support children self-regulate and control sensory challenges 13,500 Total Health & Disabillty16 grants) 853,500 Total grants awarded rrotal number of grants: 131 Grants relinquishod durlng the p8rlod Total grants awarded {notl 2.052,500 4,Ct01 2,048.499