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 W0￿S0n 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 se￿l¢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 d￿UMent, 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 pOI￿leS. 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 re￿nI 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 adVaN￿ment 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
decision￿rnakIng. 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 fur*ding 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 Hea￿h.
Awards for 5sraeli universrties and hospitals are normally made under the urnbrel￿ of designated national
programmes wh￿h 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 cap*tal 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 prO￿sS 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 Val￿Y 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 A￿OuntIng 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 deScri￿d 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 prO￿S 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 t￿MSelveS 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 A0￿untIng
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 ￿qUi￿￿ents. 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 con￿rn 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, I￿luding 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 wh￿h 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{f￿d 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 e1pJi￿e 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 prO￿ded 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 F￿llY 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 inVo￿ed 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 re￿1vable 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
T￿OgnISed 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 be￿een 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￿ be￿een 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 ￿n￿stments
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 Con￿Med 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 e￿ments 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 sTATEME￿rs
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 re￿1ve 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
JerUSa￿M 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