DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD Charity Registration Number 238043 The Charles Woltson Charitable Trust Financial statements 5 April 2024
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Charity infomiation Governlng Instrument Deed of Trusl executed on 14 July 1960 and as amended on 22 April 2021 Settlors Charles Woltson Lord Wolfson of Sunningdale Trustees Lord Simon Woltson of Aspley Guise The Hon Andrew Wolfson Dr Sar8 Levene Deborah Edwards Lord Jonathan Mendelsohn Correspondent Mrs Joanne Cow8n Addr85S 8-10 Hallam Street London W1W6NS Audltor BDO LLP Two Snow Hill Birmingham B4 6GA Bankers Bank of Scotland 33 Old Broad Street London branch PO Box 1000 BX21LB Solicitors Taylor Wessing LLP Hill House 1 Little New Street London EC4A 3TR Investment property managers Metrus Limited 8-10 Hall8rn Street London W1W6NS Investment manager5 Whitley Asset Management Limited 116 Piincedale Road London W11 4NH Charlty rnglstratlon numbèr 238043
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Trustees. report Th8 trust88s pr8sent th8ir report and financial 5tat8m8nts of Th8 Ch8rf8s Woffson Ch8ritabl8 Trust i.the TrusVI and the Group for the year ended 5 April 2024. The "Group" means the Trust and Benesco Charity Limited I"Bene5co°I. Reference and administrative details of the charity. its trustee5 and advisors The charity nutllber, present trustees and advisors are given on page 1. Trustees The trustees wh(> held office throughout the year were as follows.. Lord Simon Wolfson of Aspley Guise The Hon Andrew Wolfson Dr Sara Levene Deborah Edwards Lord Jonathan Mendelsohn Structure, governance and management Goveming document The Trust is a registered charity and is governed by a Deed of Trust eXeted on 14 July 1960 and as amended on 22 April 2021. Appointment oftrustees, organisational stniGture ancl relatedparties The Trust is administered by the INstees who are appointed by the settlors during their lifetime and thereafter by the continuing Iruslees. They meet quarterly and re1ve regular reports on the Group's properties, investments and finances frorn its property rnanagers, investment managers and other advisors. The Trust is a grant-rnaking charity which derives the bulk of its income from grants received from Benesco. which is a registered charity and a company Ilirnited by guarantee) whose inveslments are held in property. programme related and mixed motive investments. During the year, the Trust has continued to invest in a portFolio of investments through its inv8Stment Tnanagers. It is the declared policy of the twstees that the majorty of the twstees of this Trust must bg members of Benesw, and the tnajority of the memb8rs of B8n8sco will consist of trust8es of this Trust who have th8 power to appoint and r8move dir8ctors, and Benesco is thereby contrdled by this Trust. Because the Tiust thereby controls Bene5CO, the trustees are presenting consolidated fin8ncial statement5 including the wmbined assets, liabilities and income of the Trust and of Benesw and ts Subsidiary cornpanies as a group. New trustees up(>n appointment are provided with inft>rmation about the practical mechanics as to how the Trust transacts its business together wth the structure whereby the investment propertie5 are held by Benesco Charity Limited whose rnembers are the CWCT trustees. The quarterly trustee rneets.ngs are attended by the Trust'5 lawyers so any updates to law I regulats.on etc are discussed in this forum. Risk management stètement The Trustees have examined the major strategic, business and operational risks which the Group fa$ and conlim that systems have been established to enable these risks to be managed to an acceptable level. The Trustees consider that the major risks lo the Trust 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 reSoUrs, together with input from external lawyers and independent consultant surveyor. In addition to the above, whenever a property has been sold in recent years, the trustees to spread risk, have invested part of the sale proceeds in non-property investments (equities and established investment lundsl. The trustees consider there are no material uncertainties that would cast doubt on the Group or the Trust continuing as a going concem. Objectives and activities The objective of the Trust is lo apply the incorne to such Charitable purposes as the trustees sh811 select. The policies adopted to further the Trust's objectives include the making of direct grants of rnoney, the provision of loans, on which the interest is in oertain ciroumst8nces waived and the provision of rent-fr8e prernises. Although the truste85 of the Trust and the directors of Beng5¢0 have power to apply both capit818nd income to charitable purp058S, th8 m8dium and long term policy has b88n to pres8rv8 th8 capital and to expend th8 inmm8, 8ft8r giving consideration to the effects of inflation.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Trustees. report (contlnuad) Objectives and activities (continued) The directors of B8n8sco hsve chosen to focus on prop8rty inv8Stni8nt becaus8, sfter allowing for annual running costs and r8newals and refurbishtn8nt (which includ85 8nsuring the propertie5 tmeetthe requirements of the Minimum Energy Efficiency Standards IMEESI, the rental Incorne over the years tends to keep pace with inflation, so long as the portfolio is well spread in appropriate properties. Whilst th8 long t8rm tr&nd has b88n for r8ntals to k8ep pac8 Wlth inflation, due to the current economic situation, lent ieduction5 have been seen when reletting vacant properties. Income from pioperty does not include tnonies spent and recouped by way of reitnbursetnent from lessees, such as service charge5, insurance premiums and the usual outgoings recovered. Grant making policy It is the trustees, nomal policy not to make grants to individuals and to make grants in the UK only tts registered charities, or to hospitals and schools and similar charitable institutions. The intention is to dIt grants to the major areas listed below, especially for capital or fixed teim projecis, and wilh particular, but nol exclusive, regard to the needs ol the Jewish community. This statement of objectives is not intended as a fomal limitation of the way that the trustees may exercise their discretion from time to time. 1. Medicine 2. Education 3. Welfare Publlc benefit We have taken note ofthe Charity Commission's guidance on public befit. Achievements and perfomiance Investment policy property POrt The Group's investrnent policy includes 8 focus on property providing a good rental inwm8, to enable il lo support its chartsble obltiVes, cornbined with long term security to ensure the longevity of the Group. With this in mind, supported by the servi$ of profession81 property rnanaggrs, the Group invests to build what it Considers to be 8 high quality portfolio with the vast majority in cornrn8rci81 and non-r8sidential prop&rty 18t to bLJsines5 t8nants. Th8 trustees consider this policy to have been successful over previous years given both the incotme generation and the reali5ed and unrealisgd gains in property values. At the balance sheet date, the Group's property portfolio consisted of 7 commeraal holding5, 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 asseis during the year are summarised in the notes to the financial statements. The original cost of the properties at the balance sheet date was £112,207,030 12023.. £109,979,631) against a current value of £136,900,000 12023". £149,750,000). The valuations were conducted by the Group's pioperty managers on a market value basis. The rent roll at 5 April 2024 was 26,643,19112023.' £6,464,323). Grants made In the year to 5 April 2024, £6,989,17612023.' £5,395,279) has been donated by the Group by way Of direct grants to operative charities. The programme related investments made by the Group al 5 April 2024 totalled £58 12023.. £581. 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 al 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 and green energy development which is in aordan with the charitable objectives. The Group also makes mixed motive investments which at 5 April 2024 totalled £3,999.996 12023.. £nill. Mixed motive investments are assets which provide funding io an organisation in order to generate a financial tUrn for the charity as well as furthering the Group's objects and ch8ritsble purposes. These are rneasured at cost less impairment. An investment of £3,999.996 was made in Tokamak Energy Limited a British cornpany which is striving to deliver clean. secure. affordable, nuclear fusion energy in 20305. The reason behind this is that this proposed form of energy generation does nol generate greenhouse gases or create any radioactive waste. In addition lo providing electricity, it can 8150 provide heat for key indLJStrial processes.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Trustees. report (contlnuad) Financial review Incoming resources for the Group for the ye8r totalled £7,560,637 12023.. £7,853,766). Charitable expenditure totalled £7,397,802 12023.. £5,735,350) with costs of raising funds totalling £2,592,913 12023.. £2,132,060). After a n8t loss on ievaluation of Investment properties of 215,077,399 12023.. £23,901,231), profit on sale of investment properties ol £nil 12023.. profit of £nill, a n8t profit on r8valuation of investments of £6,796,13912023.. loss of £1,237,867) and profit on sal8 of investments of £58,29212023.. loss of £922,560), the net movement in funds for the year results in a deficit of £10,653,046 12023.. £26,075,302). Fund balances at the year-end are £179,482,80712023.. £190,135,853).. £178,923,90212023". £185,400,376) of which was represented by investment properties and investments,. and net cuirent assets of £558,90512023." £4,735,477). Resetves polley The total reserves ol the Group have reduced from £190,135,853 at 5 April 2023 to £179,482,807 at 5 April 2024. This is due to the net expenditure for the year being compounded by unrealised losses in investment properties of £15,077,399. At the end of the year the balances ol the funds were.. 2024 2023 Unrestricted General funds Unrestricted Designated funds Tot81 reserves 558.905 4,735,477 178,923,902 185,400,376 179,482,807 190,135.853 In ord8r to provid8 incotn8 to 8n8b18 th8 Group to fulfil it5 ch8ritab18 obj8CtIV85 and make grants, it 15 n8ce558ry to rnaintain and fund assets to generate this income. The trustees designate unrestricted funds for a specific purpose where suitable to isolate funds frotm the General fund and ensure they are not used through nomial trperab"ons. Where the trustees believe there is a future obligab.on to meet using funds held in the General fund, the trustees can agree to reco3nise a Designated fund and transfer assets from the General fund to the Designated fund. The trustees have a designated reserve, called the Property and Investment reserve. This represents the assets which are retained to ensure income generation and capital growth. The Group must balanTr the need to maintain the assets with the need to have sufficient financial resour$ to carry on its activities in the long term. The Group's reserves policy has the objective to generate incorne to meet the costs of the maintenance and improvement to properties, and payment of grants as they fall due. Income generated and costs incurred are recognised through the General fund, and given the property costs it is expected that the balance ol the General fund can fluctuate year on year. In some years a deficit can arise as a result of markel conditions and l or improvements to the properties. The balance of funds, together with this reserves policy. are taken into account alongside expected wntributions lo charitable expenditure in annual budgeting to establish the resources available for the Group's charitable objectives. Plans for future periods It is the trustees, intention to continue to preserve the capital. invested predominately in property, with an ernphasis on mmercial rather than residenti81 properties and tt) continue to rn8ke grants in accordan with its grant rnaking poliw. International conflicts and inflation With the ongoing Tnilit8ry conflicts and the impact of inflation, th8 8dditional r8POrting put in pl8c8 by th8 prop8rty managers has conb.nued which includes updated cost estirnates and reporting of capital expenditure. This information has assisted in providing guidance on the atnounts available for charitable donab"ons. The trustees ol the Charles Wolfson Charitable Trust (which is the principal ieapient of the grants made by Benesco Charity Limited) hav8 b8en kept informed so that they can consider the appropriate quantum of giant51donations to be made. Tax status The Trust is entitled tts exemption from taxatitsn on income and capital gains tts the extent that its funds are applied for charitable purposes.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Trustees. report (contInU) statement of tru5tees' respon5ibilitie5 The Trustees ar8 responsible for preparing the Trustees. Report and the financial statements in accordance with applicable 18w and regulation5. Charity law r8quir8S th8 Truste85 to prepare financi81 statements for 8ach financi81 year in 8ccordanc8 Wlth Unit8d Kingdom Generally Accepted Accounting Practice Iunited Kingdotn Accounting Standards and applicable lawl. Under charity law the TrLJStees must not approve the financial staternents unles5 they are sab"sfied that they give a true and fair view of the stale of affairs ol the Trust and the Group and of the incoming resources and application ol resources, including the income and expenditure, of the group and charity foi that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP., tnake judg8Tn8nts and accounting 85tim8tes that are r88son8ble and prud8nt,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible lor keeping adequate accounting records that are sufficient to show and explain the Trust and the Group's Iransactions 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. the Charities IAocounts and R8POrtsl Regulations 2008, and th8 provisions of th8 Trust de8d. They are 81so responsible for safeguarding the 8Ssets of the Trust and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each trust88 has tak8n all st8ps that th8y ought to hav8 taken as trust8es in order to rnake th8mselv85 awar8 of any inform8tion relev8nt to the audit and to ensur8 that the auditor 1$ 8warg of all relevant audit inforrn8tion. As far 8s each truste8 IS aware, there is no relevant audit infortnation of which the Trust's auditor is unaware. This report was approved by the trustees on 16 Decernber 2024 and signed on their behalf. Do¢uSlgn•d by.. 19Alas2¢4cF Tha Hon Andrèw Woltson - Trusta•
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD 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 slalements.. give 8 true and f8ir view of th8 St8te of the Group's of the Parent Charity's affairs as at 5 April 2024 and of th Group s incoming resources and application of resource5 for the year then ended., have b&en properly pr&pared in accordance Imth United Kingdom Gen8rally Accepted Awounting practi., and have been prepared in 8wrd8n¢e with the requirements of the Charities Ad 2011. We have audited the financial Statements of The Charle5 Wolfson Charitable Trust I'lhe Parent Charity") and its subsidiary I'th8 GroLJP"I for the year 8nd8d 5 April 2024 which comprise th8 Consolidat8d and Trust st8tem&nt of Financial Activities, the Consolidated and Trust Balance Sheets, the Consolidated Cash Flow Staternent and notes to the financial staternent5, including a Summary of significant accounting policies. The financial reporting fratnework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standartl applicable in the UK and Republic Df Ireland Iunited Kingdom Generally ACpted Accounb"ng Practitsl . Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit ol 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. Inclependen We remain independent ol the Group and the Parent Charity in accordance with the ethical requirements relevant to our audit ol 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 statemenis. we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial ststements is 8ppropri8te. 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 5ignificAnt doubt on the Group and the Parent Charity's ability to continue as a going concern for a p8riod of at188st twelve month5 from when the financial stat8m8nts are authorised for issue. Our r8sponsibilities and the responsibilities of the Trustees with respect to going wnc8m are des¢rib8d in the relevant 58Ctions of this report. Othér information The Trustees are responsible for the other information. The other informatitsn comprises the information included in the Annual Report, other than the financial statements and our auditorfs report Ihereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any fom of assuran conclusion Ihereon. Our resporisibility is to read the other Information and, in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge ()btained in the audit or othetwise appears tc) be materially misstated. 11 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 malerial misstatement ol this other infomalion, we are qUired to report that fact. We have nothing to report in this regard.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Independent auditor's report to the trustees of The Charles Wolfson Charitable Trust (contlnu•dJ Matters on which we are required to report by exception We have nothing to report in r95pect of the following Tnatt8rs in relation to whith the Charities IAwounts and Reports) Regulations 2008 r8quir8s us to report to you if, in our opinion., the infomiation given in th8 Trustees. Report for th8 fin8rTrcial y8ar for which thg financial ststemgnts are prepared is inconsistent in any material respect with the financial st8tements,' or adequate accounting records have not been kept by the Parent Charity., or the Parent Gh8rity financial st8ternents are not In 8gr8ement with the accounting records and returns,. or we have not reiVed all the inforrn8tion and explanations we require for our 8udit. R85ponsibilitl85 of Trusteès As explained rnore fully in the Statement of Trustees. responsibilities, the Trustees are responsible for the preparation of the rinaneial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Ttustees delemine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or erior. 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 concem and using the going contsm basis ol 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. Audltor's responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section151 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 misslalement, whether due to fraud or error, and lo issue an auditor's report that includes ouropinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordan with ISAS IUKI will always detect a material rnisstaternent 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 (Jsers t8ken on the basis of these financial statements. Exlent to whNGh the 8udil was ¢8pable of deterting Nwu18ri1ies, Nnduding fr8ud Irregularities. including fraud. are instances of non-complian with laws and regulations. We design procedures in line with our r85ponsibilities, outlined above, to detect material misstatements in respect of irregulariti8s, including fraud. The extent to which our proc8dur85 ar8 capable of d8t8Cting irr8gularit18s, including fraud is d8t8i18d b81ow'. Non-GomplianGe bwth 18ws and regulations Based on.. Our understanding of the Group and the sector in which it operates., Discussion with managetn8nt and those charg8d with gov8rnanc8', Obtaining and understanding of the Group's polici85 and procedur8s regarding complianc8 with laws and regulations We considered the significant laws and regulations to be the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Charrties SORP IFRS 1021 and Charities Aet 2011. The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example thrtrugh the imposition of fines or litigations. We identified such laws and regulations to be Health and Safety Act 1974, Data Protection Act 2018, Employment Rights Act 1996, and the Bribery Act 2010.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Independent auditor's report to the trustees of The Charles Wolfson Charitable Trust (contlnu•dJ Our procedur85 in respect of th8 abov& includ8d.. Review of Minutes of meeting of those charged with governance for any instsnces of non-cornpliance with laws and r8gulations', Review of corresponden¢8 with regulatory and tsx authorities for any instances of non-wmpli8nce with laws and regulations., Review of financial ststement disclosures and agreeing to supporting documenlalion., Involvement of tsx specialists in the 8udit', and Review of leg81 expenditure accounts to undgrst8nd the nathr8 of exp8nditure inrred. Fraud We assessed the susceptibility of the financial statetllents to rnateri81 mi55tatement, induding fraud. Our risk assessrnent procedures includ8d.. Enquiry with man8g8ment and tho58 tharg8d with gov8rnanc8 r8garding any known or sUSP8Ct8d inst8nc8s of fraud., Obtaining an understanding of the Group's poliaes and procedures relating to.. Detecting and responding to the risks of fraud,. and Internal controls established to tnitigate risks related to fraud. Review of minutes of rneeting ol those charged with governance for any known or suspected instances of fraud,. Discussion arnongst the 8ng8gement team as to how and wh8r8 fraud might owur in the finanoial st8tgTnents.' 8nd Perforrning analytical procedures to identtfy any UnUSLJal or unexpected relationships that may indicate risks of material mi55tatement due to fraud. Based on our risk assessment, we considered the area's rnost SUSptib1e to fraud to be the posting of inappropriate joumal entries to manipulate financial SUItS and management bias in accounting estimates. Our prOdureS in respect of the above included.. Testing a sample of joumal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation., A review ol estimates and judgements applied by Management in the financial statements to assess their appropriateness and the existence ol systematic bias", and Testing the existence and accuracy of income recognised in the year. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert tts any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks ol material misslalement in the financial statements, recognising that the risk ol not detects'ng 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, lor 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 lo become aware A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's l FRC'S'I website at.. htt s.'Ilwww.frc.o .uklauditorsres onsibilities. This description fomis part of our auditor's report.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Independent auditor's report to the trustees of The Charles Wolfson Charitable Trust (contlnu•dJ Use of our report This report is made solely to the Charity s truste85, as a body, in a¢wrd8nce with Part 4 of the Chariti85 (Accounts and Reports) R8gulations 2008. Our audit work has bB8n undertaken 50 that W8 Tnight st8t8 to the Charity's trustees those tnatters we are required to state to thetn in an auditoi's report and for no other purpose. To the fullest extent pemiitted by 18w, w8 do not 8ccept or assume responsibility to anyone oth8r than the Charity and the Charity s trustees as a body, for our audit work, for this report, or for the opinions we have formed. FC4&41 Samanlhal',tford BDO LLP, statutory auditor Birmingham, UK Date". 18 December 2024 BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditorol a company under section 1212 of the Companies Act 2006. BDO LLP is a limited liability partnership registered in England and Wales Iwith registered number OC3051271.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Consolidated statement of financial activities Year ended 5 April 2024 Unr85trict8d funds General Designated funds funds 2024 Total 2023 Total Notes Income Investment income Rental income Dilapidations Bank interest Investment interest Dividends 6,935,451 139,013 2,459 18,217 463,723 6.935.451 139.013 2,459 18,217 463.723 7,158,692 199,750 3,356 7,702 460,417 Total investment income 7,558,863 7,558,863 7,829,917 Other Income 1,774 1,774 23,849 Total income 7,560,637 7,560,637 7,853,766 Expendlture Costs of raising funds 2,592,913 2.592,913 2.132,060 Charitable activities 7,397,802 7.397,802 5.735,350 Totsl expenditure 9.990,715 9,990,715 7,867.410 Net lexpenditurel before gains on investrnenls 12,430,078) 12,430,078) 113,fj441 Net gain5 and losses on investments Re81is8d gainlllossl on revaluation Investrn8nt5 Investrnent propertie5 Unrealised Ilossllgain on revaluation Investrn8nt propertie5 Inve5trnent5 58,292 58,292 1922,5601 115,077,399) 115.077,3991 123,901,231) 6,796,139 6.796.139 11,237,867) Nat l•xpandltuMI 12,371,786) 18,281,260) 110,653,046) 126,075,302) Transf•rs batw8•n funds 11,804,7861 1,804,786 Net movement In funds 14,176,572) 16,476,474) 110,653,046) 126,075,302) Reconclllatlon of funds: Fund balances brought forward 4,735,477 185,400,376 190,135,853 216,211,155 Fund balances carrSed forward 558,905 178,923,902 179,482,807 190,135,853 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 note$ on page$ 17 to 29 forni part of these financial statements -10.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Consolidated statement of financial activities Year ended 5 April 2023 - comparatives Unr85trict8d funds General Designated funds funds 2023 Total Notes Income Investment income Rental income Dilapidations Bank interest Investment interest Dividends 7,158,692 199,750 3,356 7,702 460,417 7.158.692 199.750 3,356 7,702 460.417 Total investment income 7,829,917 7,829,917 Other Income 23,849 23,849 Total income 7,853,766 7.853,766 Expenditure Costs of raising funds 2,132.060 2.132,060 Charitable activities 5,735,350 5.735,350 Totsl expenditure 7,867,410 7,867A10 Net lexpenditurel before gains on investments 113,6441 113,6441 Net gains and losses on investments R8alised Ilossl on revaluation Investrnent5 Investrnent properties Unrealised Ilossl on revaluation Investrnent propertie5 Investments 1922,5601 1922,5601 123,901,231) 123.901,2311 11,237,867) 11.237,8671 Nèt lexpenditurel 1936,2041 125,139,098) 126.075.3021 Transfars batw8an funds 112,715,8231 12,715,823 Nat mov•m&nt In funds 113,652,027) 112,423,275) 126,075,302) ReconcllSatlon of funds: Fund balances brought forward 18,387,504 197,823,651 216,211,155 Fund balances carrSed fOard 4,735,477 185,400,376 190,135,853 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 note$ on page$ 17 to 29 forni part of these financial statements -11.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Trust statement of financial activities Year ended 5 April 2024 Unr85trict8d funds General Designated funds funds 2024 Total 2023 Tot81 Notes Income Investment income Inve5ttnent interest Dividends 9,561 463,723 9,561 463.723 7,702 460,417 Total investment income 473,284 473,284 468,119 Other Income 1,774 1,774 Income from charStable actlvltles Grants receivable from Benesco Charity Limited 5,000,000 s.000,000 15,200,000 Total income 5,475,058 5,475,058 15,668,119 Expendlture Costs of raising funds 106,792 106,792 113,213 Charitable activities 7,003,378 7.003,378 5.415,129 Totsl expenditure 7.110,170 7,110,170 5,528.342 Net lexpenditureyincome before gains and losses 11,635.1121 11,635,112) 10,139.777 Net gains and losses on investments R881ised gainlllossl on sal8 of - Investrnents Unr881ised gainlllos51 on revaluation of - Investments 58,292 58,292 1922,5601 6,796,139 6.796.139 11,237,867) Net income 11,576,820) 6,796,139 5.219,319 7,979,350 Transr$ batwaén funds 4,422,609 14,422,609) Nèt movemènt in funds 2,845,789 2,373,530 5.219.319 7,979,350 Reconclllatlon of funds: Fund balances brought forward 856,947 35,650,318 36,$07,265 28,527,915 Fund balances carrfed forward 3,702,736 38,023,848 41,726,584 36,507,265 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure as stated above arises from continuing activities. The note$ on page$ 17 to 29 forni part of these financial statements -12.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Trust statement of financial activities Year ended 5 April 2023 - comparatives Unr85trict8d funds General Designated funds funds 2023 Total Notes Income Investment income Inve5ttnent interest Dividends 7,702 460,417 7,702 460.417 468,119 468,119 Ineomè from eharitabla aetiviti•s Grants receivable from Benesco Charrty Limited 15,200,000 15,200,000 Total income 15,668,119 15,668,119 Expendlture Costs of raising funds 113,213 113,213 Charitable activities 5,415,129 5,415,129 Total expenditure 5,528.342 5,528,342 Net income before gains and losses 10,139,777 10,139,7TT Net gains and losses on investments Realised Ilossl on sale of - Investrnents Unrgalised Ilossl on revaluation of - Investments (Xhgr losses 1922,5601 1922,5601 11,237,867) 11.237,8671 Net incomellexpenditurel 9,217,217 11,237,867) 7.979,350 Transfers between funds 18,614,5921 8,614,592 Nat mov•mènt in funds 602,625 7,376,725 7.979.350 Raeoneiliation of funds- Fund balances brought forward 254,322 28,273,593 28,527,91S Fund balances carrled forward 856,947 35,650,318 36,507,265 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 17 to 29 forni part of these financial statements -13.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Consolidated balance sheet 5 April 2024 Notes 2024 2023 Fixed a5setS Tangible assets Investment property Investments 136,900.000 42,023.902 149,750,000 35,650,376 178.923,902 185,400,376 Current assets Debtors Cash at bank, including deposits 10 1,761,945 606,577 2,383,924 4,589,304 2,368,522 11,809,617) 6,973,228 12,237,751) Cradltors.. amounts falllng du• wlthln on• yèar Net current assets SS8,905 4,735,477 Total assets less current liabilities 179,482,807 190,135,853 Net assets 179,482,807 190,135,853 Unrestricted funds Designated funds.. Revaluation reserve Realised surplus on disposal 31,346,984 147,576,918 39,387,241 146.013,135 12a 13a 178,923,902 558,905 185.400.376 4,735.477 General funds 179.482,807 190,135,853 These financial staternents have been approved by the board of trustees and authorised for issue on 16 December 2024 and signed on their behalf. ¥Klf6ifson of Asplay Guls• Trustoas Tha Hon Andr•w Woltson ¢A¢6E$7e Dr Sara Levene IIE3id155IEtA45 Deborah Edwards Lor onatNanendel5ohn The note$ on page$ 17 to 29 forni part of these financial statements -14.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Trust balance sheet 5 April 2024 Notes 2024 2023 Fixed a5setS T8ngible assets Investments 7b 38.023,848 35,650,318 38.023,848 35,650,318 Curr•nt assats Debtors Cash at bank, including deposits 10 3,862,322 48,314 1,250,625 3,910,636 1207,9001 1,250,625 1393,6781 Credltors.. amounts falllng due wlthln one year Net current assets 3,702,736 856,947 Total assets less current Ilabllltles 41,726,584 36,507,265 Net assets 41,726,584 36,507,265 Unrestricted funds Designated funds Revaluation reserve Re8lised surplus on disposal 6,654,014 31,369,834 1383.1281 36.033,446 12b 13b 38,023,848 3,702,736 35,650.318 856.947 General funds 41.726,584 36,507,265 These financial staternents have been approved by the board of trustees and authorised for issue on 16 Oecernber 2024 and signed on their behalf. Lord Simon o son of Asplay Guls• Trustoas 8519A311352ueF Tha Hon Andr•w Woltson Dr Sara Levene 14E3141554EC44b Deborah Edwards Lord Jona%KanWendelsohn The note$ on page$ 17 to 29 forni part of these financial statements -15.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Consolidated cash flow statement Year ended 5 April 2024 Notes 2024 2023 Cash flows from operating a¢tivities'. N8t cash (used inllprovided by operating activitiès 15a 12,722.4061 72,056 C85h flow5 from investing activitie5= Dividends & interest from investments Purchase of investment property, plant and equipment Purchase of investments held at fair value Purchase of investments held at cost less impaiment Proceeds from sale of investments 484,399 471,475 12,227.3991 14,101,231) 1107,3201 113,298,355) 13,999.9961 4,695,792 3,157,126 Net cash lused Inl SnvestSng actlvltles 11,154,5241 113,770,985) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning ol the reporting period Change in cash and cash equivalents due to exchange rate movernents 13,876,930> 113,698,929) 4,670,287 18,369,216 1.774 Cash and cash equivalents at the end of the reporting period 15lbl&lcl 795,131 4.670.287 The note$ on page$ 17 to 29 forni part of these financial statements -16.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements Year ended 5 April 2024 Accounting policie5 The principal accounting policie5 adopted, jLJdgements and key sources of estimation uncertainty in the prepaiation of the financial statements are as follows.. Basis of preparation The financial statements have been prepared in accordance with the relevant version of the Statement of Recornrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charth"es Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'true and fairf 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 the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting by Charities.. Statement ol 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 hisiorical cost or transac0 value unless otherwise stated in the relevant accounting policy notelsl. These financial statements have been denominated in £ sterling and are rounded to the nearest £1. Benesco Charity Limited is a subsidiary of The Charles Wolfson Charitable Trust. Its company nurnber is 00972762 and its ¢h8rity registration nurnber is 269181. Preparation of the accounts on a going ¢oncern basis The Group's 8ppro8ch, to rent co118Ction is aligned with that set OLJt in the Govemment's code of practi originally 155ued in Jun8 2022. The tnajority of th8 tenants have r8SUtll8d qu8rterly payments, wth a very f8w paying monthly. Cash flow rernain5 suffiaent to rneeting our liabilities and the professional property managers continue to c105ely monitor the portfolio and report to the Trustees on a iegular basis. 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 resource5 to conb.nue its activities for the foreseeable future and accoidingly, they continue to adopt the going c()ncem 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 ol 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. Estlmates and judgements The preparation of financial statements in compliance with FRS 102 requires the use of rtain 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 laclors including expectations of future events that are believed lo 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 rnanagement experts, together with recoverability of amounts due to the Group. -17.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 Basis of consolidation The Group financial statements con501idate the financial staternent5 of the Trust and Benesco Charity Limited on 8 line by line basis for the finan81 year 8ndgd 5 April 2024. Incoming resources and resources expended Incoming resources, induding rent and interest, are recognised when receivable. Donations and legacies a accounted foi on a ieceivable basis. Giants payable are recognised in full at the point at which a legal or constructive obligation arises in accordance with the Charits"es 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. Deposit and loan interèst Interest is included in the income and expenditure account on a receivable basis. Provlslon of serylces A director of Benesco received remuneration in respect of consultancy services provided during the year, please refer to note 17. 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. Furthemiore, no value has been attributed to the provision of services by the other trustees or directors. Seryice charge As agenis of the Group, Metrus Limi. Ihe Group's investrnent property managers. manage the service tharge aocount on behalf of the tenants of the Group's investment properties. Costs are reimbursed by the tenants. these are not included in the income and expenditLJre account of the Group as they are incurred solely on behalf of the tenants and consequently are dealt with in the Servi charge accounts of Melrus Limited with regard to each propety. Sinking funds held for rnaintenance are held by Metrus Limited on behalf of the Group. Designated fund5 Designated funds 8re as follows.. Property and investmont capital fund An amount equal to the cairying value of the investment properties and investments is held in the property and investrnent capital fund, restricted to a 18v81 to ensure general funds ar8 not negative, in ordBr 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 fixèd assèts and depreeiation Investment properties Investment properties are revalued annually and included in the balance sheet at their market value. The surplus or deficit over book valLJe is transferred to the revaluation fund which forms part of the designated funds. Purchases and sales of investment properties, and any deposits paid or received in respect thereto, are recognised in the financial statements on completion. Offlce equSpment Depreciation is charged at the following rates.. Office equipmenl 15°/D per annum on a reducing balance basis, or 20 /0 on a straight line basis Capitalisation policy Individual iterns under £1,000 are not capitalised unless part ol a larger projecl or asset purchase. -18.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 1.11 Fixed asset Investments Fixed asset investments are carried at market value. The surplus arising on Tevaluation is transferred to the rev8lu8tion reserve which ft)rrns part of the propety and invgstrnent capit81 fund. Programrne related investments Programme related investments are loans and equity investments made bythe TrustorGroup which diredy further the Trust's or Group'5 charitable objects which, at the same b"me, potentially wll make a return. These are shown at cost less any impairment in value. Details (>f these investments are included in note 9. Mixed motive investments The charity recognises as mixed motive investments those assets which provide funding t(> an organisation in order to generate a finanaal retum for the charity as well as furthering the charity's objecis and charitable purposes. Details of these investh)ents are included in note 9. Where the investment takes the form ol ordinary, or preference shares it is measured on the balan sheet at the reporting date either.. At its fair value, il this can be measured reliably,. or If its fair value cannot be measured reliably, at its cost less impairment. Where the investment is Measured at cost less impainnent, the Trustees assess the investment for objective evidence of impainmenl at the end of each reports'ng period. 1.12 Income from investments Income from investments is included in the statement of financial activities on the re1vable basis. 1.13 Financial instruments Th8Trust and Group only enters into basic fin8nci81 Inst8ttrnsactios 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 cx)st are assess1 at the end of each reporting period for obje1Ve evidence of impairment. If objective evidence of irMpsimi8nt is found, an impairment10ss is recognised in the Staternent of financial actimtigs. For financial assets measured 8t amortised wst, the impairTnent loss is measured 88 the difference belween an ass8ts carrying arnount and the pr8S8nt valu8 of 8Stimated c8sh flows discounted at th8 ass8Vs original 8ffectiV8 interest rate. If a financial a55et has a variable interest rate, the discount late for measuring any impairment loss is the eurrent effective interest rate detemiined under the contract. Forfinancial 8s5ets measured at cost less lTnpaIellL the impairment loss is tlleasured as the difference belween an asset's carrying amount and best estimate of the recoverable amount, which is an appioximation of the amount that the TrLJSt would re1ve for the asset if it were to be sold at the Balance sheet date. Financial assets and liabilits.es are offset and the net amount reported in the Balan sheet when there is an enIOrable right to set off the recognised amounts and there is an intention to setue on a net basis or to mlise the asset and settle the liability simultaneously. Investment Income Group Trust 2024 2023 2024 2023 Rental income Dilapidations Bank interest Investrnent interest Divid8nd5 6,935,451 139,013 2,459 18,217 463,723 7,158.692 199,750 3.356 7,702 460,417 9,561 463,723 7,702 460,417 Total rncorne 7.558,863 7,829,917 473.284 468,119 -19.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 Costs of r8i5in9 funds Group Trust 2024 2023 2024 2023 Property expens85 Repair5, rates and other non- rechargeable property expenses Recovery of expenses previously expensed 1.995.198 1168,5911 1,417,604 129,3501 1,826.607 1,388,254 Prop•rty managam•nt •xpans•s Agents, management fees n()t recoverable Agents, rent review and letting fees Legal expenses 284,9SO 327,138 47,426 362,045 167,612 100,936 659,514 630,593 Total property expenses 2,486,121 2.018,847 Investment portfolio expenses Management fees 106,792 113,213 106,792 113,213 2,592,913 2,132,060 106,792 113,213 Charitable adivities Group Trust 2024 2023 2024 2023 Grants payable (see Note 51 Indemnity Insurance- charity Consultancy and professional fe85 General office expenditure Sundry expenses Pension costs Govèmance costs (see note 6 belowl 6,989,176 92.188 125,302 76.588 1.797 7,500 105,251 5,395,279 90,134 74,438 71,745 734 7,500 95,520 6,887,328 56.056 6.402 14.398 1.094 7.500 30.600 5,323,933 53,985 4,745 102 7,500 24,520 7,397,802 5,735,350 7,003,378 5,415,129 No Trustee received any remuneration and no expenses were reimbursed to any trustee in either year. During the year no trustees remuneration was paid12023= £Nill. -20.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 Grants and donations Trust 2024 Medicine Education Welfare 2,887,901 1,903,198 2,096,229 Total Trust 6,887,328 Subsldlary undertaklng Medicine Education Welfare 25,000 76,848 Total Subsidiary undertaking 101,848 Total 6,989,176 In addition lo the grants noted above, the trustees are considering further potential grant commitments. which are awaiting reports and l or finalisation of details. Should all the conditions be satisfied, it would result in additional future grants in the region of £2.5 rnillion12023.' £3.0 rnillionl. 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. However, details of the larger donations has b88n provid8d below.. Trust Medicine Grants made equal to or greater than £50.000= Maudsley Charity Fundraising Addenbrookes Charity (Cambridge) Barts and the London Charity Royal Free Hospital Follicular Lymphoma Foundation University ol Edinburgh UK Toremel Ilsrael Centre for Addiction) Hatzola (Bargatewood Trust) 666,666 1,000,000 500,(M)O 162,500 150,000 146,000 98,895 60,(K)O 2,784,C61 128,500 20,000 Grants made beeen £10,0(M) and £49,999 Grants made beeen £5,000 and £9,999 Grants made of less than £5,000 Refund ol grants 144.6501 2,887,901 -21.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 Grants and donations (continued) Education Grant5 madè èqual to or grèat•r than £50.000= Policy Exch8ng8 Music in Secondary Schoo15 Trust Tikun Gesher Primary School Trust 8iits-5h Council Jewish Leaming Exchange Kisharon Loving Classroom Chief Rabbinate Charitable Trust 250,(K)O 350,000 150,(K)O 500,000 67,000 125,000 52,500 66,IXJO 140,000 1,700,500 303,775 5,000 2,000 1108.0771 Grants made between £10,OCM) and £49,999 Grants made between £5,000 and £9,999 Grants made of less than £5,000 Refund of grants 1,903,198 Welfare Grants made equal to or greater than £50,000: Jewish Care Norwood Belt H8lochem Chai C8ncer C8re Association of Trustee Friend of Agricultural Research Community Security Trust Friends of Tifer8th Shlorno NOA Girf5 Myisrael The Charfi8 Waller National Library of15rael Jewish Leadership Council 400.CQO 200.Th)0 200.0 159,(X)O 118.906 100,000 100,000 95,000 63,500 50,000 50,000 50,(K)O 1,586,406 394,974 75,500 39,349 Grants made between £10,0(K) and £49,999 Grants made between £5,000 and £9,999 Grants made of less than £5,000 2,096,229 Subsldlary undertaklng Educatlon Grants made between £5,000 and £49,999 Grants made of less than £5,000 25,000 Medicine Grants made between £5,000 and £49,999 Grants made of less than £5,000 Welfare Grants made between £5,000 and £49,999 Grants made of less Ihan £5,000 72,500 4.348 101,848 -22.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 Governance costs Group Trust 2024 2023 2024 2023 Audit fees Accountancy fees 95.100 10.151 95,520 30.600 24,520 105.251 95,520 30.600 24,520 Tanglbl• fixad ass•ts lal Group Offlce èqulpmant Total Cost At 5 April 2023 Disposal 6,693 12,2201 6.693 12,2201 At 5 April 2024 4,473 4.473 Depreciation At 5 April 2023 Depreciation on disposal 6.693 12.2201 6,693 12,2201 At 5 April 2024 4,473 4,473 Net book value At 5 April 2024 At 5 April 2023 Ibl Trust Office èquipmant Totsl Cost At 5 April 2023 Disposal 432 14321 432 14321 At 5 April 2024 Depreclatlon At 5 April 2023 Depreciation on disposal 432 14321 432 14321 At 5 April 2024 Net l)ook value At 5 April 2024 At 5 April 2023 -23.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 Investment Property Group Investment properties Freehold Total Valuation At 5 April 2023 Additions Net loss on revaluation 149,750,000 2,227,399 115,077,399) 149,750,000 2,227.399 115,077,399) At 5 April 2024 136,900,000 136,900.000 Net book value At 5 April 2024 136,900,000 136,900,000 At 5 April 2023 149,750,000 149,750,000 The investment properties have been valued at 5 April 2024 by an independent professionally qualified RICS valuer. The valuations were undertaken in accordance with RICS Valuation Global Standards leffective 31 January 20201. If stated under historical cost principles. the comparable arnounts for the investment properties would be.. 2024 2023 Cost 112,207,030 109.979.631 Fixed a55et investments Fixed a55et inve5tment5 comprise= Group 2024 Trust 2023 2024 2023 Cash or cash equivalents Listed inveslrnents Other investments Social investments 188,554 27,096,566 10,738,728 4,000,054 80,983 26,094,997 9,474,338 58 188,554 27,096,566 10,738,728 80,983 26,094,997 9,474,338 42,023.902 35,650,376 38,023.848 35,650,318 Investments representing over 5Vo by value of the portfolio are as follows.. 2024 2023 Next PLC CQS Multi Asset Credit Investment Tokarnak Energy Ltd 14,473,197 10,738,728 3,999,996 29,211,921 10.417,683 9,474,339 23.498,057 -24.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 Fixed asset investments Icontinuedl Investments held at fair value Group Trust 2024 2023 2024 2023 Market value at 6 April 2023 Gainlllossl on revaluation Additions Disposals 35,569,335 6,796.139 107,320 14,637.5001 27,588,531 11,237,867) 13,298,357 14,079,686) 35.569,335 27,588,531 6,796,139 11,237,867) 107,320 13,298,357 14,637.5001 14,079,6861 37,835,294 35,569,335 37,835,294 35,569,335 Cash held for reinvestment 188,554 80,983 188,554 80,983 Market value at 5 April 2024 38,023,848 35,650,318 38,023,848 35,650,318 11 stated under historical cost principles, the comparable amounts for the investrnents held at lair value would be.. Group Trust 2024 2023 2024 2023 Cost 31,369,834 36.033.446 31,369,834 36.033,446 0St represents the tnarket value of the investments at the date when they were settled on the Trust. Investments held at cost less impairnient Group Mix•d Motiv• Invastm•nts Programm• R*lat•d Inv&stm•nts Total Inv•stm&nts Cost Al 5 April 2023 Additions 58 58 3,999,996 3,999,996 At 5 April 2024 58 3,999,996 4,000,054 Net book valuè At 5 April 2024 58 3,999,996 4,000,054 At 5 April 2023 58 58 -25.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 Fixed asset investments Icontinuedl Programme related investment$: As at 5 April 2024, the Group held a 490kn12023.. 49¢/ol stake in Soza Health Limited, a company which provides diagnostic and other services to the Health sector. On 24 August 2016, Lord Wolfson of Sunningdale, and The Hon Andrew Daniel Wolfson were appointed a5 non-executive directors. Lord Wolfson of Sunningdale resigned as a director on 27 April 2021. In the year ended 31 March 2024 unaudited financial statements indieate a loss of £55,64412023." £153,4851, with a deficit on capital and reserves of £437,21812023." £381,574). MIX motivè invastm*nts During the year the Group purchased 714,285 shares in Tokamak Energy Ltd, a company which aims to hamess Nuclear Fusion energy to generate electricity in a'green" environment. As at 5 April 2024, the Group held a 1 /. stake in Tokamak Energy Ltd. The Group measures the investment at cost less impairment given that reliable data cannot be obtained regarding its lair value. As at 5 April 2024, the Trustees assessed the investment for impaimient. No indicators of impairment were found. 10. Debtors Group Trust 2024 2023 2024 2023 Debtors due within one year Due from managing agents Rent arrears Other debtors and prepayrnents Amounts owed frorn Bene0 harity Lirnited 690,756 967.964 177,586 1.238.374 1,071,189 3,862,322 1,761.945 2,383,924 3,862,322 l amounts shown under debtors fall du8 for paytll8nt within one year. Crèditors= amounts falling dua within on• yèar Group Trust 2024 2023 2024 2023 Other taxes and social security Amounts due to Benesco Charity Limited Accruals and deferred income Grants committed Oiher creditors 201,158 179,507 137,678 21,000 235,000 1,362,793 181,500 64,166 1,399,359 235,000 423,885 26,400 181,500 1,809,617 2,237,751 207,900 393,678 Deferred income relates to a quarters rent received in advance and amounted to £1,181,555. The prior year balance of £1,239,926 was released in the current year. Grants committed Group Trust 2024 2023 2024 2023 Balance at 6 April 2023 Grants awarded Grants paid 235,000 6,989,176 17,042.6761 100.000 5,395.279 15,260,279) 235,000 6,887,328 16,940.8281 100.000 5,323.933 15,188,933) Balance at 5 April 2024 181,500 235.000 181,500 235.000 -26.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 12. Designated funds Group Property and investment capital fund Realised Unrealised surplus on revaluation disposal reserve 2024 Total 2023 Total At 6 April 2023 Profit on sale ol investment Uniealised gainlllossl on revaluation Investment properties Investments 146,013,135 158,2921 39,387,241 58,292 185,400,376 197,823,651 115,077,399) 115.077.3991 123,901,231) 6,796,139 6,796,139 11,237,867) Transfers between funds 1,622,075 182,711 1,804,786 12,715,823 At 5 April 2024 147,576,918 31,346,984 178,923,902 185,400,376 bl Trust Property and Investment capital fund Realised Unrealised surplus on revaluation disposal reserve 2024 Total 2023 Total At 6 April 2023 36,033,446 1383,1281 35,650,318 28.273,593 Movement due to revaluation in year Re8lised gain on sale of investrnents Unre8lis8d g8inlllossl on rgv8luation 158.2921 58.292 fj,796,139 6,796,139 11,237,867) Transfers belween funds 14,605,320) 182,711 14,422,609) 8,614,592 At 5 April 2024 31,369,834 6,654,014 38.023,848 35,650,318 The transfers between the funds above and in gener81 funds bring the designated funds in line with the total of the investments in property and other investments. 13. Gèneral funds 2024 2023 Group At 6 April 2023 Net lexpenditurel Realised gainlllossl on sale of investments Transfers beMeen funds 4,735.477 12,430,078) S8,292 11,804,786) 18,387,504 113,6441 1922,5601 112,715,823) At 5 April 2024 558,905 4,735,477 2024 2023 bl Trust At 6 April 2023 Net lexpenditureyincorne Realised gainlllossl on sale of investments Transfers between funds 856,947 11,635,112) 58,292 4A22,609 254,322 10,139.777 1922.5601 18,614,592) At 5 April 2024 3,702.736 856,947 -27.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements (contlnued) Year ended 5 April 2024 14. Analysi5 of net assets between funds Group General funds Designated funds Total Fixed assets Current assets Creditors 178,923,902 178.923,902 2,368,522 11,809.6171 2,368,522 11,809,617) 558,905 178,923,902 179,482,807 Trust General funds Deslgnated funds Total Fixed assets Current assets Creditors 38,023,848 38.023,848 3,910,636 1207,9001 3,910,636 1207,9001 3,702,736 38,023,848 41.726,584 15. Notes to the cash flow statement Reconciliation of net expenditure to net cash flow from operating activities 2024 2023 Net lexpenditurel for the reporting period las per the statement of financial activities) Dividend receivable Int8rest r8ceivable IGainllloss on sale of investm8nts Unrealised Igainsl11055es on investtllents Unrealis8d loss&s on inv8Sttn8nt prop8rty Decrease in debtors (Decrease) In creditors Foreign exchange gains 110.653,0461126,075,3021 1463,7231 1460.4171 120,6761 111,0581 158,2921 922,560 16.796,1391 1,237,867 15,077,399 23,901,231 621.979 1,095,133 1428,1341 1537,9581 11,7741 Net cash (used invprovided by operating activities 12.722,4061 72,056 bl Analysis of ehangas in nèt dabt At 6 April FX 2023 Movement At S Aprll 2024 Cashflow Cash at bank and in hand 4 670 287 3.876,930 1,774 795,131 Cash includes that held for reinvestment as shown in note 9. Icl Anatysis of cash and cash equivalents 2024 2023 Cash 8t bank and in hand 795,131 4,670.287 Cash includes that held for reinvestrnent as shown in note 9. -28.
DoGusign Envelope ID.. 745EF33549AB4FD3-A434-A77C2C179BCD THE CHARLES WOLFSON CHARITABLE TRUST Notes to the flnanclal statements {contlnued) Year ended 5 April 2024 16. Commitments under operating leases Les50r The Group leases Out the investment properties under non-cancellable otErating leases for the ft>llowing future minimum lease payments. 2024 2023 Not later than one year Later than one year and not later than five years Later than five yea 5,159,223 13,326,462 6,069,261 5,240,856 12,151,131 7, 809,633 24 554 946 25 201 620 Excluded from the above is £941,27912023'. £783,298) of contingent rents which 8re based on turnover and profit share of the tenants 17. Related party transadions Th8 financial ststern8nts 8150 inclLJd8 8 donation of £250,000 to Policy Exch8nge12023.. £94,666) of which Lord Wolfson of Aspley Guise is also a truste8, and th8 following donations to chariti&s of which Th8 Hon Andr8W Woltson is also a trustee.. £350,00012023.. £350,000) to Music in Secondary Schools Trust., £200,00012023- £215,000) to Belt Halochetn UK,. £20,000 12023.. £nill to Veteran Games and Conference. The following donations were made to charities In which Ltsrd Jonathon Mendelsohn is a trustee." £150,000 12023". £nill to Follicular Lymphoma Fouridation. As set out in note 9 to these financial statements, the Group holds an investment in Soza Health Limited, a company in which The Hon Andrew W()Ifson is non*xecutive director. As set out in note 9, the Group holds an investment in Tokamak Energy Ltd, a company in which Lord Simon Wolfson ol Aspley Guise is an appointing shareholder. A director of Benesco Charity Limited was remunerated £40,00012023'. £40,000) in respect of consultancy services during the year. There were no reimbursement ol expenses to directors in the year12023.' £nill. During the year, £5,000,00012023.' £15,200,000) in grants was received from Benesco Charity Limited, a charitable company in which the Trust is its holding organisation. Benesco Charity Limited loaned the Trust £4,000,00012023.' £nill. At 5 April 2024 the Trust was owed £3,862,322 from Benesco Charity Limiled12023'. £137.678 owed to Benesco Charity Limited). As set out in note 9, an investment of markel value £14,473,197 is held in Next PLC, a company in which Lord Woltson of Aspley Guise is a director. 18. Subsidiary undertakings Interests in group undertakings at the balance sheet dale are 85 follows.. Description of shares held Country of incorporation Name of undertaking Benesco Charity Limited Holding 100° Engl8nd (See note below) Benesco Charity Litnited is a cornpany limited by guarantee. The company considers The Charle5 Wolfson Charitable Trust to be its holding organisation ft>r the reasons noted in the Trustees, Report. The principal activty of Benesco Chaiity Limited continued to be the management of funds invested mainly in property to raise money for distributs.on to charity. Its charity registration number Is 269181 and company number 00972762. During the year tr) 5 April 2024, its income amounted to £7,085,579 12023". £7,387,645) and its expenditure was £7,880,54512023.' £17,541,068). Its result for the year ended 5 April 2024 was net expenditure of £15,872,36512023". £34,054,651), which includes unrealised losses of £15,077,39912023." £23,901,231). The net asset value of the charitable company at 5 April 2024 was £137,756,22312023'. £153,628,588). The registered office of Benesco Charity Limited is 55 Baker Street, London, United Kingdom, W1U 7EU. -29.