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 eXe￿ted 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 re￿1ve 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 reSoUr￿s, 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 dI￿t 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 be￿fit.
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
obl￿tiVes, 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 a￿ordan￿ 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..
19A￿las2¢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 AC￿pted 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 re￿iVed 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 in￿rred.
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 SUS￿ptib1e to fraud to be the posting of inappropriate joumal
entries to manipulate financial ￿SUItS and management bias in accounting estimates.
Our prO￿dureS 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 fO￿ard
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
Trans￿r$ 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$7e
Dr Sara Levene
IIE3id155IEtA45
Deborah Edwards
Lor
onatNan￿endel5ohn
The note$ 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 transac￿0￿ 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 finan￿81 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 re￿1vable basis.
1.13
Financial instruments
Th8Trust and Group only enters into basic fin8nci81 Inst￿￿8￿ttr￿nsactio￿s 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 assess￿1 at the end of each reporting period for obje￿1Ve 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 lTnpaI￿ellL 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 re￿1ve 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
enIOr￿able 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 be￿een £10,0(M) and £49,999
Grants made be￿een £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 Bene￿0
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.