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2022-04-05-accounts

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

Charity Registration Number 238043

The Charles Wolfson Charitable Trust Financial statements 5 April 2022

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST Charity information

Governing Instrument

Deed of Trust executed on 14 July 1960 and as amended on 22 April 2021

Settlors

Charles Wolfson Lord Wolfson of Sunningdale

Trustees

Lord Wolfson of Aspley Guise The Hon Andrew Daniel Wolfson Dr Sara Levene Deborah Sarah Edwards Lord Mendelsohn

Correspondent Mrs Joanne Cowan

Address

8-10 Hallam Street London W1W 6NS

Auditor

BDO LLP Two Snow Hill Birmingham B4 6GA

Bankers

Bank of Scotland 33 Old Broad Street London branch PO Box 1000 BX2 1LB

Solicitors Taylor Wessing LLP 5 New Street Square London EC4A 3TW

Investment property managers Metrus Limited 8-10 Hallam Street London W1W 6NS

Investment managers

Whitley Asset Management Limited 116 Princedale Road London W11 4NH

Charity registration number 238043

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Trustees' report

The trustees present their report and financial statements of The Charles Wolfson Charitable Trust (“the Trust”) and the group for the year ended 5 April 2022.

The “group” means the Trust and Benesco Charity Limited (“Benesco”).

Reference and administrative details of the charity, its trustees and advisors

The charity number, present trustees and advisors are given on page 1.

Trustees

The trustees who held office throughout the year were as follows:

Lord Wolfson of Aspley Guise The Hon Andrew Daniel Wolfson Dr Sara Levene Deborah Sarah Edwards Lord Mendelsohn

Structure, governance and management

Governing document

The Trust is a registered charity and is governed by a Deed of Trust executed on 14 July 1960 and as amended on 22 April 2021.

Appointment of trustees, organisational structure and related parties

The Trust is administered by the trustees who are appointed by the settlors during their lifetime and thereafter by the continuing trustees. They meet quarterly and receive regular reports on the group’s properties, investments and finances from its property managers, investment managers and other advisors.

The Trust is a grant-making charity which derives the bulk of its income from grants received from Benesco, which is a registered charity and a company (limited by guarantee) whose investments are held in property and programme related investments (see grants made below). During the year, the Trust has invested in a portfolio of investments through its investment managers.

It is the declared policy of the trustees that the majority of the trustees of this Trust must be members of Benesco, and the majority of the members of Benesco will consist of trustees of this Trust who have the power to appoint and remove directors, and Benesco is thereby controlled by this Trust. Because the Trust thereby controls Benesco, the trustees are presenting consolidated financial statements including the combined assets, liabilities and income of the Trust and of Benesco and its subsidiary companies as a group.

New trustees upon appointment are provided with information about the practical mechanics as to how the trust transacts its business together with the structure whereby the investment properties are held by Benesco Charity Limited whose members are the CWCT trustees. The quarterly trustee meetings are attended by the trust's lawyers so any updates to law / regulation / etc are discussed in this forum.

Risk management statement

The directors have examined the major strategic, business and operational risks which the group faces and confirm that systems have been established to enable these risks to be managed to an acceptable level. The directors consider that the major risks to the charitable company are: a reduction in rental income reducing the ability to make donations; a significant fall in property values; and insufficient liquidity as assets are retained in property assets. These risks have been addressed by the appointment of professional property managers and the regular and close management of cash resources, together with input from external lawyers and independent consultant surveyor.

The directors consider there are no material uncertainties that would cast doubt on the group or the charitable company continuing as a going concern.

Objectives and activities

The objective of the Trust is to apply the income to such charitable purposes as the trustees shall select.

The policies adopted to further the Trust's objectives include the making of direct grants of money, the provision of loans, on which the interest is in certain circumstances waived and the provision of rent-free premises.

Although the trustees of the Trust and the directors of Benesco have power to apply both capital and income to charitable purposes, the medium and long term policy has been to preserve the capital and to expend the income, after giving consideration to the effects of inflation.

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Trustees' report (continued)

Objectives and activities (continued)

It is considered that it is not practical to make any predetermined annual allocation between the various grant headings, especially as it is sometimes appropriate not to fully distribute in a particular year in order to accommodate large projects which extend over more than one year.

The directors of Benesco have chosen to focus on property investment because, after allowing for annual running costs and renewals and refurbishment, the rental income over the years tends to keep pace with inflation, so long as the portfolio is well spread in appropriate properties. Income from property does not include monies spent and recouped by way of reimbursement from lessees, such as service charges, insurance premiums and the usual outgoings recovered.

Grant making policy

It is the trustees' normal policy not to make grants to individuals and to make grants in the UK only to registered charities, or to hospitals and schools and similar charitable institutions. The intention is to direct grants to the major areas listed below, especially for capital or fixed term projects, and with particular, but not exclusive, regard to the needs of the Jewish community. This statement of objectives is not intended as a formal limitation of the way that the trustees may exercise their discretion from time to time.

  1. Medicine

  2. Education

  3. Welfare

The group in suitable circumstances has purchased buildings to be made available to other charities so that effectively the income which should otherwise be derived from such property, or most of it, is foregone by way of conferring a grant or benefit to the other charities to assist them in the work for which the group wishes to give support. There were no such items this year.

Public benefit

We have taken note of the Charity Commission’s guidance on public benefit.

Achievements and performance

Investment policy and property report

The group’s investment policy is primarily to focus on property providing a good rental income, to enable it to support its charitable objectives, combined with long term security to ensure the longevity of the group.

With this in mind, supported by the services of professional property managers, the group invests to build what it considers to be a high quality portfolio with the vast majority in commercial and non-residential property let to business tenants. The trustees consider this policy to have been successful over previous years given both the income generation and the realised and unrealised gains in property values.

At the balance sheet date, the group’s property portfolio consisted of 7 commercial holdings, all of which were freehold.

The portfolio has been built up over 40 years, the first purchase having been made in February 1977.

The changes in fixed assets during the year are summarised in the notes to the financial statements. The original cost of the properties at the balance sheet date was £105,878,400 (2021: £98,946,284) against a current value of £169,550,000 (2021: £178,530,000). The valuations were conducted by the group’s property managers on a market value basis. The rent roll at 5 April 2022 was £8,393,587 (2021: £9,139,437).

Grants made

In the year to 5 April 2022, £6,090,554 (2021: £5,531,871) has been donated by the group by way of direct grants to operative charities.

The programme related investments made by the group at 5 April 2022 totalled £58 (2021: £1,382,700). Programme related investments are loans and equity investments made by the group which directly further the group’s charitable objects which, at the same time, potentially will make a return. These are shown at cost less any impairment in value. Investments made to date were to assist companies developing products and services that will benefit the health sector including the NHS and NHS Trusts which is in accordance with the charitable objectives.

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Trustees' report (continued)

Financial review

Incoming resources for the group for the year totalled £8,330,865 (2021: £9,918,931). Charitable expenditure totalled £7,764,930 (2021: £5,903,928) and costs of raising funds totalled £2,261,772 (2021: £1,203,496). After a net loss on revaluation and profit on sale of investment properties of £3,221,994 (2021: £5,009,607) and £3,666,087 (2021: loss of £3,000,000) and a net loss on revaluation and profit on sale of investments of £1,245,338 (2021: profit of £2,199,050) and £628,984 (2021: £521,147) respectively, the net movement in funds for the year results in a deficit of £1,868,098 (2021: £2,481,946).

Fund balances at the year-end are £216,211,155 (2021: £218,079,253): £197,823,651 (2021: £191,027,927) of which was represented by investment properties and investments; £nil (2021: £82) other fixed assets; £58 (2021: £1,382,700) programme related investments; and net current assets of £18,387,504 (2021: £27,051,326).

Reserves policy

In order to provide income to enable the group to fulfil its charitable objectives and make grants, it is necessary to maintain and fund assets to generate this income. The trustees’ current policy is to match expenditure to incoming resources over the medium term. Unrestricted funds, excluding designated funds, at 5 April 2022 amounted to £18,387,504 (2021: £27,051,326).

The Trust and group have a policy of designating an amount equal to the carrying value of the investment properties and investments to a designated reserve, restricted to an amount so that general funds are not negative, as these amounts are required to be retained to allow for the ongoing generation of income and enable the Trust and group to make their donations and fulfil their charitable objectives.

Plans for future periods

It is the trustees' intention to continue to preserve the capital, invested predominately in property, with an emphasis on commercial rather than residential properties and to continue to make grants in accordance with its grant making policy.

COVID-19

The impact of COVID 19 was initially analysed by the professional property managers based on rental payments received on March 2021 quarter day. A full review of the portfolio was undertaken at the time and there was also continuous dialogue with the tenants. The initial cashflow forecasts prepared showed a reduction in income and, after allowing for expenses, indicated the amounts likely to be available for charitable donations. Ongoing discussions with tenants meant that rent due was not significantly impacted, with some tenants paying rent monthly and a few rent deferrals being agreed. The group has followed the approach set out in the Government’s code of practice first issued in June 2021. Since the year end, the majority of the tenants have resumed quarterly payments and settled the deferred rents.

Conflict in Ukraine and inflation

With the ongoing conflict in Ukraine and the impact of inflation, the additional reporting by the property managers has continued which includes updated cost estimates and reporting of capital expenditure. This information has assisted in providing guidance on the amounts available for charitable donations. The trustees of the Charles Wolfson Charitable Trust (which is the principal recipient of the grants made by Benesco Charity Limited) have been kept informed so that they can consider the appropriate quantum of grants/donations to be made.

Tax status

The Trust is entitled to exemption from taxation on income and capital gains to the extent that its funds are applied for charitable purposes.

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Trustees' report (continued)

Statement of trustees' responsibilities

The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. Charity law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare their financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Trust and of the group and of the surplus or deficit of the Trust and of the group for that period.

In preparing these financial statements the trustees are required to:

Each trustee has taken all steps that they ought to have taken as trustees in order to make themselves aware of any information relevant to the audit and to ensure that the auditor is aware of all relevant audit information. As far as each trustee is aware, there is no relevant audit information of which the Trust’s auditor is unaware.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust’s and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the Trust and the group and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the trustees on 08/12/22

and signed on their behalf.

A Wolfson - Trustee

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Independent auditor's report to the trustees of The Charles Wolfson Charitable Trust

__________________ _

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of The Charles Wolfson Charitable Trust (“the Parent Charity”) and its subsidiary (“the Group”) for the year ended 5 April 2022 which comprise the Consolidated and Trust Statement of Financial Activities, the Consolidated and Trust Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and the Parent Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing 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 misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST Independent auditor's report to the trustees of The Charles Wolfson Charitable Trust (continued)

_________________

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the Parent Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Independent auditor's report to the trustees of The Charles Wolfson Charitable Trust (continued)

_________________

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Parent Charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Parent Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Parent Charity and the Parent Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Samantha Lifford BDO LLP, statutory auditor Birmingham, UK

Date 12 December 2022

BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

___________________ Consolidated statement of financial activities

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Year ended 5 April 2022

Notes
Income
Investment income
- Rental income
2
- Dilapidations
- Bank interest
- Investment interest
- Dividends
Other Income
Total income
Expenditure
Costs of raising funds
3
Charitable activities
4
Total expenditure
Net (expenditure)/income before gains on
investments
Net gains and losses on investments
Realised gain/(loss) on revaluation
- Investments
9
- Investment properties
Unrealised (loss)/gain on revaluation
- Investment properties
8
- Investments
9
Other gains
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Fund balances brought forward
Fund balances carried forward		 Unrestricted funds
General
Designated
funds
funds
£
£
7,559,729
-
190,000
-
373
-
297
-
280,466
-
300,000
-
8,330,865
-
2,261,772
-
7,764,930
-
10,026,702
-
(1,695,837)
-
628,984
-
3,666,087
-
-
(3,221,994)
-
(1,245,338)
-
-
2,599,234
(4,467,332)
(11,263,056)
11,263,056
(8,663,822)
6,795,724
27,051,326
191,027,927
18,387,504
197,823,651		 Unrestricted funds
General
Designated
funds
funds
£
£
7,559,729
-
190,000
-
373
-
297
-
280,466
-
300,000
-
8,330,865
-
2,261,772
-
7,764,930
-
10,026,702
-
(1,695,837)
-
628,984
-
3,666,087
-
-
(3,221,994)
-
(1,245,338)
-
-
2,599,234
(4,467,332)
(11,263,056)
11,263,056
(8,663,822)
6,795,724
27,051,326
191,027,927
18,387,504
197,823,651		 Unrestricted funds
General
Designated
funds
funds
£
£
7,559,729
-
190,000
-
373
-
297
-
280,466
-
300,000
-
8,330,865
-
2,261,772
-
7,764,930
-
10,026,702
-
(1,695,837)
-
628,984
-
3,666,087
-
-
(3,221,994)
-
(1,245,338)
-
-
2,599,234
(4,467,332)
(11,263,056)
11,263,056
(8,663,822)
6,795,724
27,051,326
191,027,927
18,387,504
197,823,651		 2022
Total
£
7,559,729
190,000
373
297
280,466
300,000
8,330,865
2,261,772
7,764,930
10,026,702
(1,695,837)
628,984
3,666,087
(3,221,994)
(1,245,338)
-
(1,868,098)
-
(1,868,098)
218,079,253
216,211,155		 2021
Total
£
9,322,877
517,500
5,653
211
72,690
-
9,918,931
1,203,496
5,903,928
7,107,424
2,811,507
521,147
(3,000,000)
(5,009,607)
2,199,050
(4,043)
(2,481,946)
-
(2,481,946)
220,561,199
218,079,253
6,795,724
191,027,927
197,823,651

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure as stated above arises from continuing activities.

The notes on pages 16 to 28 form part of these financial statements

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Consolidated statement of financial activities

Year ended 5 April 2021 - comparatives

Notes
Income
Investment income
- Rental income
2
- Dilapidations
- Bank interest
- Investment interest
- Dividends
Total income
Expenditure
Costs of raising funds
3
Charitable activities
4
Total expenditure
Net income before gains on investments
Net gains and losses on investments
Realised gain/(loss) on revaluation
- Investments
9
- Investment properties
Unrealised (loss)/gain on revaluation
- Investment properties
8
- Investments
9
Other losses
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Fund balances brought forward
Fund balances carried forward		 Unrestricted funds
General
Designated
funds
funds
£
£
9,322,877
-
517,500
-
5,653
-
211
-
72,690
-
9,918,931
-
1,203,496
-
5,903,928
-
7,107,424
-
2,811,507
-
521,147
-
(3,000,000)
-
-
(5,009,607)
-
2,199,050
(4,043)
-
328,611
(2,810,557)
18,980,513
(18,980,513)
19,309,124
(21,791,070)
7,742,202
212,818,997
27,051,326
191,027,927		 Unrestricted funds
General
Designated
funds
funds
£
£
9,322,877
-
517,500
-
5,653
-
211
-
72,690
-
9,918,931
-
1,203,496
-
5,903,928
-
7,107,424
-
2,811,507
-
521,147
-
(3,000,000)
-
-
(5,009,607)
-
2,199,050
(4,043)
-
328,611
(2,810,557)
18,980,513
(18,980,513)
19,309,124
(21,791,070)
7,742,202
212,818,997
27,051,326
191,027,927		 2021
Total
£
9,322,877
517,500
5,653
211
72,690
9,918,931
1,203,496
5,903,928
7,107,424
2,811,507
521,147
(3,000,000)
(5,009,607)
2,199,050
(4,043)
(2,481,946)
-
(2,481,946)
220,561,199
218,079,253

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure as stated above arises from continuing activities.

The notes on pages 16 to 28 form part of these financial statements

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Trust statement of financial activities

Year ended 5 April 2022

Notes
Income
Investment income
2
- Bank interest
- Investment interest
- Dividends
Income from charitable activities
Grants receivable from
Benesco Charity Limited
Total income
Expenditure
Costs of raising funds
3
Charitable activities
4
Total expenditure
Net income before gains and losses
Net gains and losses on investments
Realised gain on sale of
- Investments
Unrealised (loss)/gain on revaluation of
- Investments
9
Other losses
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Fund balances brought forward
Fund balances carried forward		 Unrestricted funds
General
Designated

funds
funds
£
£
22
-
297
-
280,466
-
280,785
-
23,400,000
-
23,680,785
-
84,342
-
6,022,052
-
6,106,394
-
17,574,391
-
628,984
-
-
(1,245,338)
-
-
18,203,375
(1,245,338)
(18,403,786)
18,403,786
(200,411)
17,158,448
454,733
11,115,145
254,322
28,273,593		 2022
Total
£
22
297
280,466
280,785
23,400,000
23,680,785
84,342
6,022,052
6,106,394
17,574,391
628,984
(1,245,338)
-
16,958,037
-
16,958,037
11,569,878
28,527,915		 2021
Total
£
1,078
211
72,690
73,979
5,800,000
5,873,979
58,921
5,376,853
5,435,774
438,205
521,146
2,199,050
(4,043)
3,154,358
-
3,154,358
8,415,520
11,569,878

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure as stated above arises from continuing activities.

The notes on pages 16 to 28 form part of these financial statements

-11-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Trust statement of financial activities

Year ended 5 April 2021 - comparatives

Notes
Income
Investment income
2
- Bank interest
- Investment interest
- Dividends
Income from charitable activities
Grants receivable from
Benesco Charity Limited
Total income
Expenditure
Costs of raising funds
3
Charitable activities
4
Total expenditure
Net income before gains and losses
Net gains and losses on investments
Realised gain on sale of
- Investments
Unrealised gain on revaluation of
- Investments
9
Other losses
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds:
Fund balances brought forward
Fund balances carried forward		 Unrestricted funds
General
Designated

funds
funds
£
£
1,078
-
211
-
72,690
-
73,979
-
5,800,000
-
5,873,979
-
58,921
-
5,376,853
-
5,435,774
-
438,205
-
521,146
-
-
2,199,050
(4,043)
-
955,308
2,199,050
(500,575)
500,575
454,733
2,699,625
-
8,415,520
454,733
11,115,145		 2021
Total
£
1,078
211
72,690
73,979
5,800,000
5,873,979
58,921
5,376,853
5,435,774
438,205
521,146
2,199,050
(4,043)
3,154,358
-
3,154,358
8,415,520
11,569,878

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure as stated above arises from continuing activities.

The notes on pages 16 to 28 form part of these financial statements

-12-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Consolidated balance sheet

5 April 2022

Notes
Fixed assets
Tangible assets
7a
Investment property
8
Investments: Programme related
9
Other
9
Current assets
Debtors
10
Cash at bank, including deposits
Creditors: amounts falling due within one year
11
Net current assets
Total assets less current liabilities
Net assets
Unrestricted funds
General funds
12a
Designated funds
13a		 2022
£
-
169,550,000
58
28,273,593
197,823,651
3,479,057
17,684,156
21,163,213
(2,775,709)
18,387,504
216,211,155
216,211,155
18,387,504
197,823,651
216,211,155		 2021
£
82
178,530,000
1,382,700
11,115,145
191,027,927
4,721,055
24,120,668
28,841,723
(1,790,397)
27,051,326
218,079,253
218,079,253
27,051,326
191,027,927
218,079,253

These financial statements have been approved by the board of trustees and authorised for issue on 08/12/22 and signed on their behalf.

)
S Wolfson )
)
) Trustees
)
)
A Wolfson )
)
)
)
)
Dr Levene )
)
)
)
)
D Edwards )
)
)
)
)
J Mendelsohn )

The notes on pages 16 to 28 form part of these financial statements

-13-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Trust balance sheet

5 April 2022

Notes
Fixed assets
Tangible assets
7b
Investments
9
Current assets
Debtors
10
Cash at bank, including deposits
Creditors: amounts falling due within one year
11
Net current assets
Total assets less current liabilities
Net assets
Unrestricted funds
General funds
12b
Designated funds
13b		 2022
£
-
28,273,593
28,273,593
-
509,600
509,600
(255,278)
254,322
28,527,915
28,527,915
254,322
28,273,593
28,527,915		 2021
£
-
11,115,145
11,115,145
-
606,041
606,041
(151,308)
454,733
11,569,878
11,569,878
454,733
11,115,145
11,569,878

These financial statements have been approved by the board of trustees and authorised for issue on 08/12/2022 and signed on their behalf.

S Wolfson )
)
) Trustees
)
)
A Wolfson )
)
)
)
)
Dr S Levene )
)
)
)
)
Mrs D Edwards )
)
)
)
)
J Mendelsohn )

The notes on pages 16 to 28 form part of these financial statements

-14-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Consolidated cash flow statement

Year ended 5 April 2022

_____________
Notes
Cash flows from operating activities:
Net cash provided by operating activities
15a
Cash flows from investing activities:
Interest receivable & other income
Dividends received
Purchase of property, plant and equipment
Proceeds from the sale of property, plant and equipment
Purchase of other investments
Proceeds from sale of investments
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Change in cash and cash equivalents due to exchange rate movements
Cash and cash equivalents at the end of the reporting period
15(b)&(c)		 _ _______
2022
£
1,706,024
670
244,009
(22,041,994)
31,466,088
(22,428,189)
4,989,946
(7,769,470)
(6,063,446)
24,469,119
(36,457)
18,369,216		 ____
2021
£
1,383,959
5,864
72,690
(1,359,607)
18,400,000
(4,786,397)
3,181,239
15,513,789
16,897,748
7,571,371
-
24,469,119

The notes on pages 16 to 28 form part of these financial statements

-15-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements

Year ended 5 April 2022

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.

The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust meets the definition of a public entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

These financial statements have been denominated in £ sterling and are rounded to the nearest £1.

Benesco Charity Limited is a material subsidiary of The Charles Wolfson Charitable Trust. Its company number is 00972762 and its charity registration number is 269181.

1.2 Preparation of the accounts on a going concern basis

Business continued during the Covid pandemic with many tenants paying rent monthly and in a few cases rent deferrals were arranged. The group’s approach, which was implemented at the start of lockdown, is aligned with that set out in the Government’s code of practice issued in June 2021. Post the balance sheet date, the majority of the tenants have resumed quarterly payments and settled the deferred rents.

Cash flow remains sufficient to meeting our liabilities and the professional property managers have closely monitored the portfolio and reported to the Trustees since the commencement of the COVID-19 pandemic. The group will continue to make grants in accordance with its grant making policy, which will be in line with income generated. The Trustees have a reasonable expectation that the group has sufficient resources to continue its activities for the foreseeable future and accordingly, they continue to adopt the going concern basis in the preparation of the financial statements.

The Trustees have engaged with the property managers, external lawyers and an independent surveyor to prepare forecasts. These indicate that the Group has sufficient cash liquidity to meet its obligations as they fall due for a period of at least 12 months from approval of the financial statements.

After making appropriate enquiries, the Trustees have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, which is a period of at least 12 months from signing these accounts.

1.3 Estimates and judgements

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the group and trust's accounting policies. Estimates and judgments are continually evaluated by the Trustees based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. The most significant estimates and judgements relate to the market value of the investment properties, for which the group and trust relies on the experience of property management experts, together with recoverability of amounts due to the charitable company.

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

1.4 Basis of consolidation

The group financial statements consolidate the financial statements of the Trust and Benesco and its subsidiary undertakings on a line by line basis for the financial year ended 5 April 2022.

1.5 Incoming resources and resources expended

Incoming resources, including rent and interest, are recognised when receivable. For leasehold investment properties ground rents payable are netted against rent receivable from that property to give a true and fair reflection of property income.

Donations and legacies are accounted for on a receivable basis. Grants payable are recognised in full at the point at which a legal or constructive obligation arises in accordance with the Charities SORP.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure involving more than one category has been apportioned by the Trustees on a reasonable, justifiable and consistent basis.

1.6 Deposit and loan interest

Interest is included in the income and expenditure account on a receivable basis.

1.7 Provision of services

A director of Benesco received remuneration in respect of consultancy services provided during the year, please refer to note 16. No other trustees of the Trust or directors of Benesco and its subsidiary companies received any remuneration for their services during the current or prior year. Furthermore, no value has been attributed to the provision of services by the other trustees or directors.

1.8 Service charge

As agents of the charitable company, Metrus Limited, the company’s investment property managers, manage the service charge account on behalf of the tenants of the company’s investment properties. Costs are reimbursed by the tenants, these are not included in the income and expenditure account of the charitable company as they are incurred solely on behalf of the tenants and consequently are dealt with in the service charge accounts of Metrus Limited with regard to each property. Sinking funds held for maintenance are held by Metrus Limited on behalf of the charitable company.

1.9 Designated funds

Designated funds are as follows:

Property and investment capital fund

An amount equal to the carrying value of the investment properties and programme related investments is held in the property capital fund, restricted to a level to ensure general funds are not negative, in order to allow for the ongoing generation of income to enable the Trust and group to continue to make their donations and fulfil their charitable objectives.

1.10 Tangible fixed assets and depreciation

Investment properties

Investment properties are revalued annually and included in the balance sheet at their market value. The surplus or deficit over book value is transferred to the revaluation fund which forms part of the capital funds.

Purchases and sales of investment properties, and any deposits paid or received in respect thereto, are recognised in the financial statements on completion.

Office equipment

Depreciation is charged at the following rates: Office equipment - 15% per annum on a reducing balance basis, or 20% on a straight line basis

Capitalisation policy

Individual items under £1,000 are not capitalised unless part of a larger project or asset purchase.

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

1.11 Fixed asset Investments

Fixed asset investments are carried at market value. The surplus arising on revaluation is transferred to the revaluation reserve which forms part of the property and investment capital fund.

Investments in subsidiaries are measured at cost less accumulated impairment. The cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Programme related investments are loans and equity investments made by the Trust or group which directly further the Trust’s or group’s charitable objects which, at the same time, potentially will make a return. These are shown at cost less any impairment in value. Details of these investments are included in note 9.

1.12 Income from investments

Income from investments is included, together with the related tax credit, in the income and expenditure account / statement of financial activities on the accruals basis.

1.13 Financial instruments

The charitable company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of financial activities.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the charitable company would receive for the asset if it were to be sold at the Balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Investment income

nvestment income
Group Trust
2022 2021 2022 2021
£ £ £ £
Rents receivable 7,559,729 9,322,877 - -
Bank interest 373 5,653 22 1,078
Investment interest 297 211 297 211
Dilapidations 190,000 517,500 - -
Dividends 280,466 72,690 280,466 72,690
Total income 8,030,865 9,918,931 280,785 73,979

-18-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

3. Costs of raising funds

Group
2022
2021
Property expenses
£
£
Repairs, rates and other non-
rechargeable property expenses
1,749,774
2,151,731
Recovery of expenses previously expensed
(695,727)
(1,868,580)
1,054,047
283,151
Property management expenses
Agents’ management fees not
recoverable
428,471
333,895
Agents’ rent review and letting fees
244,453
392,187
Metrus purchase fee
206,000
-
Legal expenses
244,459
135,342
1,123,383
861,424
Total property expenses
2,177,430
1,144,575
Investment portfolio expenses
Management fees
84,342
58,921
2,261,772
1,203,496
4.
Charitable activities
Group
2022
2021
£
£
Grants payable (see Note 5)
6,090,554
5,531,871
Indemnity Insurance - charity
77,817
77,810
Consultancy and professional fees
31,538
146,756
General office expenditure
51,194
67,100
Sundry expenses
2,004
627
Depreciation (see note 7)
82
182
Pension costs
7,496
7,500
Governance costs (see note 6 below)
85,146
72,082
Impairment of investment (see note 9)
1,382,642
-
Foreign exchange loss
36,457
-
7,764,930
5,903,928		 2022
£
-
-
-
-
-
-
-
-
-
84,342
84,342
2022
£
5,893,618
46,089
16,692
3,075
1,587
-
7,496
17,038
-
36,457
6,022,052		 Trust
2021
£
-
-
-
-
-
-
-
-
-
58,921
58,921
Trust
2021
£
5,221,271
42,310
76,495
10,493
304
-
7,500
18,480
-
-
5,376,853

No Trustee received any remuneration and no expenses were reimbursed to any trustee in either year.

-19-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

5. Grants and donations

Trust
Medicine
Education
Welfare
Total Trust
Subsidiary undertaking
Medicine
Education
Welfare
Total Subsidiary undertaking
Total		 2022
£
1,351,624
2,254,037
2,287,957
5,893,618
5,000
-
191,936
196,936
6,090,554

In addition to the grants noted above, the Trustees are considering further potential grant commitments, which are awaiting reports and / or finalisation of details. Should all the conditions be satisfied, it would result in additional future grants in the region of £4.3m (2021: £3 million).

Charity law gives an exemption from the requirement to provide the names of grant recipients and the amounts of the grants during the lifetime of the settlor and the charity has made use of this exemption. To provide detail of the larger donations, however, the following analysis has been provided:

Trust

Medicine
Grants made equal to or greater than £50,000:
Maudsley Charity Fundraising
University of Liverpool
London School of Hygiene & Tropical Medicine
Follicular Lymphoma Foundation
University of Ediburgh
University College London (Biochemistry & others)
Grants made between £10,000 and £49,999
Grants made between £5,000 and £9,999
Grants made of less than £5,000		 £
666,667
156,000
125,000
125,000
100,000
51,957
1,224,624
117,000
10,000
-
1,351,624

-20-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

5.
Grants and donations (continued)
Education
Grants made equal to or greater than £50,000:
Policy Exchange
Music in Secondary Schools Trust
Tikun
Chief Rabbinate Charitable Trust
British Council
Jewish Learning Exchange
Wolfson Hillel Primary School
March of the Living
Street Action
Kisharon
London School of Jewish Studies
National Holocaust Centre
Grants made between £10,000 and £49,999
Grants made between £5,000 and £9,999
Grants made of less than £5,000
Welfare
Grants made equal to or greater than £50,000:
Jewish Care
Norwood
Beit Halochem
Community Security Trust
Nightingale House Home for Aged Jews
Churchill Lines Foundation
Finchley Synagogue
Chai Cancer Care
Barnet Youth Zone
World Jewish Relief
Dalaid (Orphanage Belarus)
Historic Royal Palaces
Jewish Agency for Israel
Grants made between £10,000 and £49,999
Grants made between £5,000 and £9,999
Grants made of less than £5,000
Subsidiary undertaking
Medicine
Grants made between £5,000 and £49,999
Grants made of less than £5,000
Welfare
Grants made of more than £50,000:
Broughton Jewish Opportunity Fund
Work Avenue
Grants made between £5,000 and £49,999
Grants made of less than £5,000		 £
500,000
350,000
150,000
140,000
133,333
125,000
100,000
95,000
67,000
50,000
50,000
50,000
1,810,333
439,560
-
4,144
2,254,037
£
400,000
205,000
122,500
100,000
100,000
100,000
87,000
75,000
66,400
65,000
50,000
50,000
50,000
1,470,900
739,307
45,000
32,750
2,287,957
£
5,000
-
90,000
-
98,936
3,000
196,936

-21-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

6. Governance costs

6.
Governance costs
Audit fees
7.
Tangible fixed assets
(a)
Group
Cost
At 6 April 2021
At 5 April 2022
Depreciation
At 6 April 2021
Charge for the year
At 5 April 2022
Net book value
At 5 April 2022
At 5 April 2021
(b)
Trust
Cost or valuation
At 6 April 2021 and 5 April 2022
Depreciation
At 6 April 2021 and 5 April 2022
Net book value
At 5 April 2021 and 5 April 2022		 Group
2022
2021
£
£
85,146
72,082		 2022
£
17,038
Office and
office
equipment
£
143,309
143,309
143,227
82
143,309
-
82
Office
equipment
£
432
432
-		 Trust
2021
£
18,480
Total
£
143,309
143,309
143,227
82
143,309
-
82
Total
£
432
432
-

-22-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

8. Investment Property

Group

Valuation
At 5 April 2021
Additions
Disposal
Net loss on revaluation
At 5 April 2022
Net book value
At 5 April 2022
At 5 April 2021		 Investment
properties
Freehold
£
178,530,000
22,041,994
(27,800,000)
(3,221,994)
169,550,000
169,550,000
178,530,000		 Total
£
178,530,000
22,041,994
(27,800,000)
(3,221,994)
169,550,000
169,550,000
178,530,000

The investment properties have been valued at 5 April 2022 by an independent professionally qualified RICS valuer. The valuations were undertaken in accordance with RICS Valuation – Global Standards (effective 31 January 2020).

If stated under historical cost principles, the comparable amounts for the investment properties would be:

Cost
9. Fixed asset investments
Quoted investments
Market value at 6 April 2021
Gain / loss on revaluation
Additions
Disposals
FX difference
Cash held for reinvestment
Market value at 5 April 2022
Programme related investments		 Group
2022
2021
£
£
10,766,694
6,445,384
(1,245,338)
2,199,050
22,428,189
4,786,397
(4,361,012)
(2,660,094)
-
(4,043)
27,588,533
10,766,694
685,060
348,451
28,273,593
11,115,145
58
1,382,700		 2022
2021
£
£
105,878,400
98,946,284
Trust
2022
2021
£
£
10,766,694
6,445,384
(1,245,338)
2,199,050
22,428,189
4,786,397
(4,361,012)
(2,660,094)
-
(4,043)
27,588,533
10,766,694
685,060
348,451
28,273,593
11,115,145
-
-		 2021
£
98,946,284

-23-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

9. Fixed asset investments (continued)

Investments representing over 5% by value of the portfolio are as follows:

2022 2021
£ £
Vontobel Asset Management - 967,383
Carne Global Fund Managers - 1,538,718
Polen Capital Investment 1,669,347 1,715,332
Fundsmith LLP 1,804,782 1,645,360
KBA Consulting Management Limited - 1,105,962
Scottish Mortgage Investment Trust 1,046,448 1,016,899
Smithson Investment Trust PLC - 626,574
Edgewood L Select Growth 1,743,351 -
CQS Multi Asset Credit Investment 10,016,220 -
16,280,148 8,616,228
If stated under historical cost principles, the comparable amounts for the investments would be:
Group Trust
2022 2021 2022 2021
£ £ £ £
Cost 28,221,727 8,377,669 28,221,727 8,377,669

If stated under historical cost principles, the comparable amounts for the investments would be:

Cost represents the market value of the investments at the date when they were settled on the Trust.

Programme related investments:
Cost:
Brought forward
Further investments made during the year (see note below)
Impairment
Carried forward
Position at end of year:
Soza Health
Share capital: Ordinary shares
Other loan advances
Carried forward
Movements in year
Position at start of the year:
-
Soza Health Limited – share capital
– loan advance
Change during the year
-
Soza Health Limited – share capital
– further loan advance
Impairment
Movement for the year
Total programme related investment carried forward		 Group
2022
£
1,382,700
-
(1,382,642)
58
58
-
58
58
58
1,382,642
1,382,700
-
-
(1,382,642)
(1,382,642)
58
2021
£
1,382,700
-
1,382,700
58
1,382,642
1,382,700
1,382,700
58
1,382,642
1,382,700
-
-
-
-
1,382,700

-24-

DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

9. Fixed asset investments (continued)

As at 5 April 2022, Benesco held a 49% (2021: 49%) stake in Soza Health Limited, a company which provides diagnostic and other services to the Health sector. In the year ended 31 March 2022 unaudited financial statements indicate a loss of £106,069 (31 March 2021: £85,439), with a deficit on capital and reserves of £229,434 (2021: £123,350). On 24 August 2016, Lord Wolfson of Sunningdale, and The Hon Andrew Daniel Wolfson were appointed as non executive directors. Lord Wolfson of Sunningdale resigned as a director on 27 April 2020.

As at 5 April 2021 the investment consisted of share capital and a loan advance of £1,382,642, which is repayable on the sale or winding up of the company. The Directors have considered the programme related investment at 5 April 2022 and, following a review of the latest financial statements available, have concluded that due to uncertainty regarding the recoverability of the investment that it should be impaired to a value equivalent to the nominal value of the shares held.

On 8 September 2017, the shares in Prospitalia hTrak Limited (previously Healthlogistics.co.uk) were sold and debt settled for £1,697,882 in total. As part of the disposal Benesco received deferred shares in that company but the directors of Benesco have not attributed any value to these deferred shares as it is uncertain whether any value for these shares will be received.

10. Debtors

Due from managing agents
Rent arrears
Other debtors and prepayments
Creditors: amounts falling due within on
Other taxes and social security
Amounts due to Benesco Charity Limited
Accruals and deferred income
Grants committed
Other creditors
Grants committed
Balance at 6 April 2021
Grants awarded in the year
Grants paid in the year
Balance at 5 April 2022		 Group
2022
2021
£
£
1,033,218
1,197,409
438,019
1,821,356
2,007,820
1,702,290
3,479,057
4,721,055
e year
Group
2022
2021
£
£
433,214
30,571
-
-
1,818,611
1,741,302
100,000
-
423,884
18,524
2,775,709
1,790,397
Group
2022
2021
£
£
-
625,000
6,090,554
5,531,871
(5,990,554)
(6,156,871)
100,000
-		 Trust
2022
2021
£
£
-
-
-
-
-
-
-
-
Trust
2022
2021
£
£
-
-
137,678
137,678
17,600
13,630
100,000
-
-
-
255,278
151,308
Trust
2022
2021
£
£
-
625,000
5,893,618
5,221,271
(5,793,618)
(5,846,271)
100,000
-

11. Creditors: amounts falling due within one year

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

12. General funds
2022 2021
a) Group £ £
At 6 April 2021 27,051,326 7,742,202
Net (expenditure)/income (1,695,837) 2,811,507
Realised gain/(loss) on sale of investment property 3,666,087 (3,000,000)
Realised gain on sale of investments 628,984 521,147
Other losses - (4,043)
Transfers between funds (11,263,056) 18,980,513
At 5 April 2022 18,387,504 27,051,326
2022 2021
b) Trust £ £
At 6 April 2021 454,733 -
Net income 17,574,391 438,205
Realised loss on sale of investments 628,984 517,103
Transfers between funds (18,403,786) (500,575)
At 5 April 2022 254,322 454,733
13. Designated funds
a) Group Property and investment
a) Group Property and investment
capital fund
Realised Unrealised
surplus on revaluation 2022 2021
disposal reserve Total Total
£ £ £ £
At 6 April 2021 113,396,441 77,631,486 191,027,927 212,818,997
Gain on sale of investment (628,984) 628,984 - -
Gain on sale of property (3,666,087) 3,666,087 - -
Unrealised loss on revaluation
- Investment properties - (3,221,994) (3,221,994) (5,009,607)
- Investments - (1,245,338) (1,245,338) 2,199,050
Transfers between funds 24,998,815 (13,735,759) 11,263,056 (18,980,513)
At 5 April 2022 134,100,185 63,723,466 197,823,651 191,027,927
b) Trust Property and investment
capital fund
Realised Unrealised
surplus on revaluation 2022 2021
disposal reserve Total Total
£ £ £ £
At 6 April 2021 8,585,411 2,529,734 11,115,145 8,415,520
Movement due to revaluation in year
- Realised gain on sale of investments (628,984) 628,984 - -
- Unrealised loss on revaluation - (1,245,338) (1,245,338) 2,199,050
Transfers between funds 20,265,300 (1,861,514) 18,403,786 500,575
At 5 April 2022 28,221,727 51,866 28,273,593 11,115,145

The transfers between the funds above and in general funds bring the designated funds in line with the total of the investments in property and other investments.

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

14. Analysis of net assets between funds

Group
General
funds
£
Fixed assets
-
Current assets
21,163,213
Creditors
(2,775,709)
18,387,504
Trust
General
funds
£
Fixed assets
-
Current assets
509,600
Creditors
(255,278)
254,322
15.
Notes to the cash flow statement
a)
Reconciliation of net expenditure for the year to
net cash provided by operating activities
Net (loss) for the year
Dividend receivable
Interest receivable and other sundry income
Depreciation
(Profit)/loss of sale of PPE
(Profit)/loss on sale of investments
Unrealised losses/(gains) on investments
Unrealised losses on investment property
Impairment of investments
Decrease in debtors
Increase/(decrease) in creditors
Foreign exchange losses
Net cash provided by/(used in) operating activities
b)
Analysis of changes in net debt
At 6 April
2021
£
Cash at bank and in hand
24,469,119
Cash includes that held for reinvestment as shown in note 9.
(c) Analysis of cash and cash equivalents
Cash at bank and in hand
Cash includes that held for reinvestment as shown in note 9.		 Designated
funds
£
197,823,651
-
-
197,823,651
Designated
funds
£
28,273,593
-
-
28,273,593
2022
£
(1,868,098)
(244,009)
(670)
82
(3,666,087)
(628,934)
1,245,338
3,221,994
1,382,642
1,241,998
985,311
36,457
1,706,024
Cashflow
£
(6,099,903)
2022
£
18,369,216		 Total
£
197,823,651
21,019,786
(2,632,282)
216,211,155
Total
£
28,273,593
509,600
(255,278)
28,527,915
2021
£
(2,481,946)
(72,690)
(5,864)
182
3,000,000
(521,147)
(2,199,050)
5,009,607
-
360,844
(1,710,020)
4,043
1,383,959
At 5 April
2022
£
18,369,216
2021
£
24,469,119

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DocuSign Envelope ID: 604637DB-AEB6-4E47-AC42-20FC3B7FC9AE

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2022

16. Related party transactions

The financial statements also include a donation of £500,000 to Policy Exchange (2021: £nil) of which Lord Wolfson of Aspley Guise is also a trustee, and the following donations to charities of which The Hon Andrew Daniel Wolfson is also a trustee: £350,000 (2021: £350,000) to Music in Secondary Schools Trust; £122,500 (2021 - £123,000) to Beit Halochem UK. The following donations were made to charities in which Lord Jonathon Neil Mendelsohn is a trustee: £125,000 to Follicular Lymphoma Foundation; £66,400 to Barnet Youth Zone.

As set out in note 9 to these financial statements, the group made loans to Soza Health Limited, a company in which The Hon Andrew Daniel Wolfson is non executive director.

A director was remunerated £40,000 (2021: £40,000) in respect of consultancy services during the year. There were no reimbursement of expenses to directors in the year (2021: £nil).

During the year, £23,400,000 (2021: £5,800,000) was received from Benesco Charity Limited, a charitable company in which the Trust is its holding organisation.

17. Subsidiary undertakings

Interests in group undertakings at the balance sheet date are as follows:

Description
Country of of shares
Name of undertaking incorporation held
Benesco Charity Limited England (See note below)

Benesco Charity Limited is a company limited by guarantee. The company considers The Charles Wolfson Charitable Trust to be its holding organisation for the reasons noted in the Trustees’ report.

The principal activity of Benesco Charity Limited continued to be the management of funds invested mainly in property to raise money for distribution to charity. Its charity registration number is 269181 and company number 00972762. During the year 5 April 2022 its income amount to £8,050,081 (2021: £9,844,952); expenditure was £27,320,307 (including £23,400,000 paid to the Trust) (2021: £7,471,650 including £5,800,000 paid to the Trust); realised and unrealised losses of £3,221,994 2021: £5,009,607); resulting in net expenditure of £14,155,874 (2021: £5,636,305). The net asset value of the charitable company at 5 April 2022 was £187,683,242 (2021: £206,509,375).

The registered office of Benesco Charity Limited is 55 Baker Street, London, United Kingdom, W1U 7EU.

On 6 April 2021 both Heath Retail Holdings Limited and Heath Retail One Limited were dissolved. At the year ended 5 April 2022 Benesco Charity Limited is the only subsidiary of The Charles Wolfson Charitable Trust.

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