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Charity Registration Number 238043 

**The Charles Wolfson Charitable Trust Trustees’ report and financial statements Year ended 5 April 2025** 



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## **THE CHARLES WOLFSON CHARITABLE TRUST Charity information** 

## **Governing Instrument** 

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

## **Settlors** 

Charles Wolfson Lord Wolfson of Sunningdale 

## **Trustees** 

Lord Simon Wolfson of Aspley Guise The Hon Andrew Wolfson Dr Sara Levene Deborah Edwards Lord Jonathan Mendelsohn 

## **Correspondent** 

Mrs Joanne Cowan 

## **Address** 

4[th] Floor Artillery House Artillery Row London SW1P 1RT 

**Auditor** BDO LLP Two Snow Hill Birmingham B4 6GA 

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

**Solicitors** Taylor Wessing LLP Mishcon de Reya LLP Hill House                           Africa House, 1 Little New Street              70 Kingsway London                                London EC4A 3TR                           WC2B 6AH 

**Investment property managers** Metrus Limited 4[th] Floor Artillery House 11-19 Artillery Row London SW1P 1RT 

**Investment managers** 

Casenove Capital (formerly Whitley Asset Management Limited) 1 London Wall Place London EC2Y 5AU 

**Charity registration number** 238043 

_______________________________________________________________________________________________ 

**-1-** 



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## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Trustees' report** 

_________________________________________________________________________________________________ 

The Trustees present their report and financial statements of The Charles Wolfson Charitable Trust (“the Trust”) and the Group for the year ended 5 April 2025. 

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

## **Reference and administrative details of the Charity, its Trustees and advisors** 

The Charles Wolfson Charitable Trust is a registered Charity. The financial statements have been prepared in accordance with Charities SORP (FRS 102): Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

## _Trustees_ 

The Trustees who 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** 

## _Governing document_ 

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

## _Appointment of Trustees, organisational structure and related parties_ 

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

The Trust is a grant-making Charity which derives the bulk of its income from grants received from Benesco, which is a registered Charity and a company (limited by guarantee) whose investments are held in property, programme related and mixed motive investments. During the year, the Trust has continued to invest in a portfolio of investments through its investment managers. 

The Trustees of the Trust must be members of Benesco . They have the ability to appoint and remove Directors of Benesco. Because the Trust thereby controls Benesco, the Trustees are presenting consolidated financial statements including the combined assets, liabilities and income of the Trust and of Benesco and its subsidiary companies as a group. 

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

## _Risk management statement_ 

The Trustees have examined the major strategic, business and operational risks which the Group faces and confirm that systems have been established to enable these risks to be managed to an acceptable level. The Trustees consider that the major risks to 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 resources, 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 funds). 

The Trustees consider there are no material uncertainties that would cast doubt on the Group or the Trust continuing as a going concern. 

## **Objectives and activities** 

The objective of the Trust is to apply the income to such charitable purposes as the Trustees shall select. The policies adopted to further the Trust's objectives include the making of direct grants of money, the provision of loans, on which the interest is in certain circumstances waived and the provision of rent-free premises. 

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

_________________________________________________________________________________________________ 

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## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Trustees' report** _**(continued)**_ 

_________________________________________________________________________________________________ 

## **Objectives and activities** _**(continued)**_ 

The Directors of Benesco have chosen to focus on property investment because, after allowing for annual running costs and renewals and refurbishment (which includes ensuring the properties meet the requirements of the Minimum Energy Efficiency Standards (MEES), the rental income over the years tends to keep pace with inflation, so long as the portfolio is well spread in appropriate properties. Whilst the long term trend has been for rentals to keep pace with inflation, due to the current economic situation, rent reductions have been seen when re-letting vacant properties. Income from property does not include monies spent and recouped by way of reimbursement from lessees, such as service charges, insurance premiums and the usual outgoings recovered. 

## _Grant making policy_ 

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

## **Public benefit** 

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

## **Achievements and performance** 

## _Investment policy and property report_ 

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

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

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

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

The changes in fixed assets during the year are summarised in the notes to the financial statements. The original cost of the properties at the balance sheet date was £113,112,087 (2024: £112,207,030) against a current value of £137,300,000 (2024: £136,900,000). The valuations were conducted by the Group’s property managers on a market value basis. The rent roll at 5 April 2025 was £7,181,012 (2024: £6,643,191). 

## _Grants made_ 

In the year to 5 April 2025, £6,028,915 (2024: £6,989,176) has been donated by the Group by way of direct grants to operative charities. See the objectives and activities paragraphs for the Charity’s grant policy and note 5 for a summary of grants made. 

The programme related investments made by the Group at 5 April 2025 totalled £58 (2024: £58). Programme related investments are loans and equity investments made by the Group which directly further the Group’s charitable objects which, at the same time, potentially will make a return. These are shown at cost less any impairment in value. Investments made to date were to assist companies developing products and services that will benefit the health sector including the NHS and NHS Trusts and green energy development which is in accordance with the charitable objectives. 

The Group also makes mixed motive investments which at 5 April 2025 totalled £3,999,996 (2024: £3,999,996). Mixed motive investments are assets which provide funding to an organisation in order to generate a financial return for the Charity as well as furthering the Group’s objects and charitable purposes. These are measured at cost less impairment. The investment of £3,999,996 was made in 2024 in Tokamak Energy Limited, a British company which is striving to deliver clean, secure, affordable, nuclear fusion energy in 2030s. The reason behind this is that this proposed form of energy generation does not generate greenhouse gases or create any radioactive waste. In addition to providing electricity, it can also provide heat for key industrial processes. 

_______________________________________________________________________________________________ 

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## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Trustees' report** _**(continued)**_ 

_________________________________________________________________________________________________ 

## **Financial review** 

Incoming resources for the Group for the year totalled £9,030,399 (2024: £7,560,637). Charitable expenditure totalled £6,389,703 (2024: £7,397,802) with costs of raising funds totalling £1,701,777 (2024: £2,592,913). After a net loss on revaluation of investment properties of £505,057 (2024: £15,077,399), a net gain on revaluation of investments of £4,274,271 (2024: loss of £6,796,139) and loss on sale of investments of £203,685 (2024: gain of £58,292), the net movement in funds for the year results in a surplus of £4,504,448 (2024: £10,653,046 deficit). 

Fund balances at the year-end are £183,987,255 (2024: £179,482,807): £179,146,126 (2024: £178,923,902) of which was represented by investment properties and investments; and net current assets of £4,841,129 (2024: £558,905). 

## **Reserves policy** 

The total reserves of the Group have increased from £179,482,807 at 5 April 2024 to £183,987,255 at 5 April 2025. This is due to the net income for the year being compounded by unrealised gains in investment properties. At the end of the year the balances of the funds were: 

|Unrestricted General funds<br>Unrestricted Designated funds<br>Total reserves|2025<br>2024<br>£<br>£<br>4,841,129<br>558,905<br>179,146,126<br>178,923,902|
|---|---|
||183,987,255<br>179,482,807|



In order to provide income to enable the Group to fulfil its charitable objectives and make grants, it is necessary to maintain and fund assets to generate this income. 

The Trustees can designate unrestricted funds for a specific purpose where suitable to isolate funds from the General fund and ensure they are not used through normal operations. Where the Trustees believe there is a future obligation to meet using funds held in the General fund, the Trustees can agree to recognise 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 balance the need to maintain the assets with the need to have sufficient financial resources to carry on its activities in the long term. 

The Group’s reserves policy has the objective to generate income 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 of the General fund can fluctuate year on year. In some years a deficit can arise as a result of market conditions and / or improvements to the properties. 

The balance of funds, together with this reserves policy, are taken into account alongside expected contributions to 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 emphasis on commercial rather than residential properties and to continue to make grants in accordance with its grant making policy. 

## **International conflicts and inflation** 

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

## **Tax status** 

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

_________________________________________________________________________________________________ 

**-4-** 



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## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Trustees' report** _**(continued)**_ 

_________________________________________________________________________________________________ 

## **Statement of Trustees' responsibilities** 

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations. 

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).  Under Charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Trust and the Group and of the incoming resources and application of resources, including the income and expenditure, of the group and Charity for 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; 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust and the Group’s transactions and disclose with reasonable accuracy at any time the financial position of the Trust and the Group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

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

This report was approved by the Trustees on 18/12/2025 

and signed on their behalf. 


**The Hon Andrew Wolfson - Trustee** 

_________________________________________________________________________________________________ 

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## **THE CHARLES WOLFSON CHARITABLE TRUST Independent auditor's report to the Trustees of The Charles Wolfson Charitable Trust** 

_________________________________________________________________________________________________ 

## **Opinion on the financial statements** 

In our opinion, the financial statements: 

- give a true and fair view of the state of the Group’s and of the Parent Charity’s affairs as at 5 April 2025 and of the Group’s and of the Parent Charity’s incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

We have audited the financial statements of The Charles Wolfson Charitable Trust (“the Parent Charity”) and its subsidiary (“the Group”) for the year ended 5 April 2025 which comprise the Consolidated and Trust Statement of Financial Activities, the Consolidated and Trust Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

## **Basis for opinion** 

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

## _Independence_ 

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

## **Conclusions related to going concern** 

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

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

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

## **Other information** 

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

We have nothing to report in this regard. 

**-6-** 



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## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Independent auditor's report to the Trustees of The Charles Wolfson Charitable Trust** _**(continued)**_ 

_______________________________________________________________________________________________ 

## **Matters on which we are required to report by exception** 

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

- the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is inconsistent in any material respect with the financial statements; or 

- adequate accounting records have not been kept by the Parent Charity; or 

- the Parent Charity financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of Trustees** 

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

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

## **Auditor’s responsibilities for the audit of the financial statements** 

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

_Extent to which the audit was capable of detecting irregularities, including fraud_ 

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

_Non-compliance with laws and regulations_ 

## Based on: 

   - Our understanding of the Group and the sector in which it operates; 

   - Discussion with management and those charged with governance; 

- Obtaining an understanding of the Group’s policies and procedures regarding compliance 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 (FRS102), the Charities SORP (FRS 102) and Charities Act 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 through 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. 

________________________________________________________________________________________________ 

**-7-** 



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## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Independent auditor's report to the Trustees of The Charles Wolfson Charitable Trust** _**(continued)**_ 

_________________________________________________________________________________________________ 

## **Auditor’s responsibilities for the audit of the financial statements** _**(continued)**_ 

Our procedures in respect of the above included: 

- Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations; 

- Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations; 

- Review of financial statement disclosures and agreeing to supporting documentation; 

- Involvement of tax specialists in the audit; and 

- Review of legal expenditure accounts to understand the nature of expenditure incurred. 

## _Fraud_ 

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: 

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud; 

- Obtaining an understanding of the Group’s policies and procedures relating to: 

   - Detecting and responding to the risks of fraud; and 

   - Internal controls established to mitigate risks related to fraud. 

- Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud; 

- Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and 

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. 

Based on our risk assessment, we considered the areas most susceptible to fraud to be posting of inappropriate journal entries to manipulate financial results, management bias in accounting estimates and providing grants to those who are not registered charities. In addition, we considered revenue recognition an area to be susceptible to fraud, particularly in relation to rental income being recognised in the correct accounting period and the application of agreed and contracted lease incentives. 

Our procedures in respect of the above included: 

- Testing all journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; 

- A review of estimates and judgements applied by Management in the financial statements to assess their appropriateness and the existence of systematic bias; 

- A review of unadjusted audit differences for indications of bias or deliberate misstatement; 

- Testing a sample of grants paid to supporting evidence of Trustee authorisation and confirmation that the recipient is a registered Charity; and 

- Testing the application of cut-off and revenue recognition for a sample of rental agreements, re-performing the deferred income calculation for rental income and re-performing the contracted lease incentive over the term of the lease. 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

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

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

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

_________________________________________________________________________________________________ 

**-8-** 



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## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Independent auditor's report to the Trustees of The Charles Wolfson Charitable Trust** _**(continued)**_ 

**_________________________________________________________________________________________________** 

## **Use of our report** 

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 . Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


James Taylor BDO LLP, statutory auditor Birmingham, UK Date: 19 December 2025 

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

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

________________________________________________________________________________________________ 

**-9-** 



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## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Consolidated statement of financial activities** _**(including income and expenditure account)**_ 

## **Year ended 5 April 2025** 

|___________________________________________<br>**Notes**<br>**Income from:**<br>Investment income<br>**2**<br>Other income<br>**2**<br>Total income<br>**Expenditure on:**<br>Costs of raising funds<br>**3**<br>Charitable activities<br>**4**<br>Total expenditure<br>**Net income/(expenditure) before gains on**<br>**investments**<br>**Net gains and losses on investments**<br>Realised (loss)/gain on sales of<br>- Investments<br>Unrealised gain/(loss) on revaluation<br>- Investment properties<br>- Investments<br>**Net income/(expenditure)**<br>**Transfers between funds**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Fund balances brought forward<br>**Fund balances carried forward**|__________________________<br>Unrestricted funds<br>General<br>Designated<br>funds<br>funds<br>£<br>£<br>**8,330,399**<br>**-**<br>**700,000**<br>-<br>**9,030,399**<br>-<br>1,701,777<br>-<br>6,389,703<br>-<br>8,091,480<br>-<br>938,919<br>-<br>(203,685)<br>-<br>-<br>(505,057)<br>-<br>4,274,271<br>735,234<br>3,769,214<br>3,546,990<br>(3,546,990)<br>4,282,224<br>222,224<br>558,905<br>178,923,902<br>4,841,129<br>179,146,126|_|____________<br>**2025**<br>**Total**<br>**£**<br>**8,330,399**<br>**700,000**<br>**9,030,399**<br>**1,701,777**<br>**6,389,703**<br>**8,091,480**<br>938,919<br>**(203,685)**<br>**(505,057)**<br>**4,274,271**<br>**4,504,448**<br>**-**<br>**4,504,448**<br>**179,482,807**<br>**183,987,255**|_______________<br>2024<br>Total<br>£<br>7,558,863<br>1,774<br>7,560,637<br>2,592,913<br>7,397,802<br>9,990,715<br>(2,430,078)<br>58,292<br>(15,077,399)<br>6,796,139<br>(10,653,046)<br>**-**<br>(10,653,046)<br> 190,135,853<br>179,482,807|
|---|---|---|---|---|
||||||



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 30 form part of these financial statements** 

**-10-** 



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## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Consolidated statement of financial activities** _**(including income and expenditure account)**_ 

## **Year ended 5 April 2024 - comparatives** 

|_________________________________________________________<br> <br>**Notes**<br>**Income from:**<br>**2**<br>Investment income<br>Other income<br>Total income<br>**Expenditure on:**<br>Costs of raising funds<br>**3**<br>Charitable activities<br>**4**<br>Total expenditure<br>**Net (expenditure) before gains on**<br>**investments**<br>**Net gains and losses on investments**<br>Realised gain on sale of<br>- Investments<br>Unrealised (loss)/gain on revaluation<br>- Investment properties<br>- Investments<br>**Net (expenditure)**<br>**Transfers between funds**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Fund balances brought forward<br>**Fund balances carried forward**|_________________________<br> Unrestricted funds<br>General<br>Designated<br>funds<br>funds<br>£<br>£<br>7,558,863<br>-<br>1,774<br>-<br>7,560,637<br>-<br>2,592,913<br>-<br>7,397,802<br>-<br>9,990,715<br>**-**<br>(2,430,078)<br>-<br>58,292<br>-<br>-<br>(15,077,399)<br>-<br>6,796,139<br>(2,371,786)<br>(8,281,260)<br>(1,804,786)<br>1,804,786<br>(4,176,572)<br>(6,476,474)<br>4,735,477<br>185,400,376<br>558,905<br>178,923,902|_______________<br>**2024**<br>**Total**<br>**£**<br>**7,558,863**<br>**1,774**<br>**7,560,637**<br>**2,592,913**<br>**7,397,802**<br>**9,990,715**<br>**(2,430,078)**<br>**58,292**<br>**(15,077,399)**<br>**6,796,139**<br>**(10,653,046)**<br>**-**<br>**(10,653,046)**<br>**190,135,853**<br>**179,482,807**|
|---|---|---|



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 30 form part of these financial statements** 

**-11-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Trust statement of financial activities** _**(including income and expenditure account)**_ 

## **Year ended 5 April 2025** 

|___________________________________________<br>**Notes**<br>**Income from:**<br>**2**<br>Charitable activities<br>Investment income<br>Other income<br>Total income<br>**Expenditure on:**<br>Costs of raising funds<br>**3**<br>Charitable activities<br>**4**<br>Total expenditure<br>**Net (expenditure) before gains and losses**<br>**Net gains and losses on investments**<br>Realised loss on sale of<br>- Investments<br>Unrealised gain on revaluation of<br>- Investments<br>**9**<br>**Net (expenditure)/income**<br>**Transfers between funds**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Fund balances brought forward<br>**Fund balances carried forward**|___________________________<br>Unrestricted funds<br>General<br>Designated<br> <br>funds<br>funds<br>£<br>£<br>2,750,000<br>-<br>729,200<br>-<br>-<br>-<br>3,479,200<br>-<br>41,315<br>-<br>6,011,207<br>-<br>6,052,522<br>-<br>(2,573,322)<br>-<br>(203,685)<br>-<br>-<br>4,274,271<br>(2,777,007)<br>4,274,271<br>4,452,047<br>(4,452,047)<br>1,675,040<br>(177,776)<br>3,702,736<br>38,023,848<br>5,377,776<br>37,846,072|_____________<br>**2025**<br>**Total**<br>**£**<br>**2,750,000**<br>**729,200**<br>-<br>**3,479,200**<br>**41,315**<br>**6,011,207**<br>**6,052,522**<br>**(2,573,322)**<br>**(203,685)**<br>**4,274,271**<br>**1,497,264**<br>**-**<br>**1,497,264**<br>**41,726,584**<br>**43,223,848**|______________<br>2024<br>Total<br>£<br>**5,000,000**<br>473,284<br>1,774<br>5,475,058<br>106,792<br>7,003,378<br>7,110,170<br>(1,635,112)<br>58,292<br>6,796,139<br>5,219,319<br>-<br>5,219,319<br>36,507,265<br>41,726,584|
|---|---|---|---|



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 30 form part of these financial statements** 

**-12-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Trust statement of financial activities** _**(including income and expenditure account)**_ 

## **Year ended 5 April 2024 - comparatives** 

_________________________________________________________________________________________________ 

|<br>**Notes**<br>**Income from:**<br>**2**<br>Charitable activities<br>Investment income<br>Other income<br>Total income<br>**Expenditure on:**<br>Costs of raising funds<br>**3**<br>Charitable activities<br>**4**<br>Total expenditure<br>**Net (expenditure) before gains and losses**<br>**Net gains and losses on investments**<br>Realised gain on sale of<br>- Investments<br>Unrealised gain on revaluation of<br>- Investments<br>**9**<br>**Net income**<br>**Transfers between funds**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Fund balances brought forward<br>**Fund balances carried forward**|Unrestricted funds<br>General<br>Designated<br>funds<br>funds<br>£<br>£<br>5,000,000<br>-<br>473,284<br>-<br>1,774<br>-<br>5,475,058<br>-<br>106,792<br>-<br>7,003,378<br>-<br>7,110,170<br>-<br>(1,635,112)<br>-<br>58,292<br>-<br>**-**<br>6,796,139<br>(1,576,820)<br>6,796,139<br>4,422,609<br>(4,422,609)<br>2,845,789<br>2,373,530<br>856,947<br>35,650,318<br>3,702,736<br>38,023,848|**2024**<br>**Total**<br>**£**<br>**5,000,000**<br>**473,284**<br>**1,774**|
|---|---|---|
|||**5,475,058**|
|||**106,792**<br>**7,003,378**|
|||**7,110,170**|
|||**(1,635,112)**<br>**58,292**<br>**6,796,139**|
|||**5,219,319**<br>**-**|
|||**5,219,319**<br>**36,507,265**|
|||**41,726,584**|



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 30 form part of these financial statements** 

______________________________________________________________________________________________ 

**-13-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Consolidated balance sheet** 

## **5 April 2025** 

_________________________________________________________________________________________________ 

|**Notes**<br>**Fixed assets**<br>Tangible assets<br>**7**<br>Investment property<br>**8**<br>Investments<br>**9**<br>**Current assets**<br>Debtors<br>**10**<br>Cash at bank, including deposits<br>**Creditors: amounts falling due within one year**<br>**11**<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Net assets**<br>**Unrestricted funds**<br>Designated funds:<br>-<br>Revaluation reserve<br>-<br>Cost<br>**12a**<br>General funds<br>**13a**|**2025**<br>**£**<br>**-**<br>**137,300,000**<br>**41,846,126**<br>**179,146,126**<br>**2,581,568**<br>**4,223,527**<br>**6,805,095**<br>**(1,963,966)**<br>**4,841,129**<br>**183,987,255**<br>**183,987,255**<br>**32,245,068**<br>**146,901,058**<br>**179,146,126**<br>**4,841,129**<br>**183,987,255**|2024<br>£<br>-<br>136,900,000<br>42,023,902<br>178,923,902<br>1,761,945<br>606,577<br>2,368,522<br>(1,809,617**)**<br>558,905<br>179,482,807<br>179,482,807<br>31,346,984<br>147,576,918|
|---|---|---|
|||178,923,902<br>558,905<br>179,482,807|



18/12/2025 

These financial statements have been approved by the board of Trustees and authorised for issue on …………………. and signed on their behalf. 

) **Lord Simon Wolfson of Aspley Guise** ) ) ) **Trustees** ) ) **The Hon Andrew Wolfson** ) ) ) ) ) **Dr Sara Levene** ) ) ) ) ) **Deborah Edwards** ) ) ) ) ) **Lord Jonathan Mendelsohn** ) 

**The notes on pages 17 to 30 form part of these financial statements** 

_________________________________________________________________________________________________ 

**-14-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST Trust balance sheet** 

## **5 April 2025** 

|___________________________________________________________________<br>**Notes**<br>**Fixed assets**<br>Investments<br>**9**<br>**Current assets**<br>Debtors<br>**10**<br>Cash at bank, including deposits<br>**Creditors: amounts falling due within one year**<br>**11**<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Net assets**<br>**Unrestricted funds**<br>Designated funds<br>-<br>Revaluation reserve<br>-<br>Cost<br>**12b**<br>General funds<br>**13b**|_______________<br>**2025**<br>**£**<br>**37,846,072**<br>**37,846,072**<br>**3,912,322**<br>**1,508,856**<br>**5,421,178**<br>**(43,402)**<br>**5,377,776**<br>**43,223,848**<br>**43,223,848**<br>**8,057,155**<br>**29,788,917**<br>**37,846,072**<br>**5,377,776**<br>**43,223,848**|_______________<br>2024<br>£<br>38,023,848<br>38,023,848<br>3,862,322<br>48,314<br>3,910,636<br>(207,900)<br>3,702,736<br>41,726,584<br>41,726,584<br>6,654,014<br>31,369,834<br>38,023,848<br>3,702,736<br>41,726,584|
|---|---|---|



18/12/2025 

These financial statements have been approved by the board of Trustees and authorised for issue on …………………. and signed on their behalf. 

) **Lord Simon Wolfson of Aspley Guise** ) ) ) **Trustees** ) ) **The Hon Andrew Wolfson** ) ) ) ) ) **Dr Sara Levene** ) ) ) ) ) **Deborah Edwards** ) ) ) ) ) **Lord Jonathan Mendelsohn** ) 


**The notes on pages 17 to 30 form part of these financial statements** 

_________________________________________________________________________________________________ 

**-15-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Consolidated cash flow statement** 

## **Year ended 5 April 2025** 

|___________________________________________________________________<br>**Notes**<br>**Cash flows from operating activities:**<br>**Net cash (used in) by operating activities**<br>**15a**<br>**Cash flows from investing activities:**<br>Dividends & interest from investments<br>Purchase of investment property, plant and equipment<br>Purchase of investments held at fair value<br>Purchase of investments held at cost less impairment<br>Proceeds from sale of investments<br>**Net cash generated from/(used in) investing activities**<br>Change in cash and cash equivalents in the reporting period<br>Cash and cash equivalents at the beginning of the reporting<br>period<br>Change in cash and cash equivalents due to exchange rate<br>movements<br>**Cash and cash equivalents at the end of the reporting period**<br>**15(b)&(c)**|______________<br>**2025**<br>**£**<br>**(622,773)**<br>**813,057**<br>**(821,654)**<br>**(6,635,199)**<br>-<br>**12,095,449**<br>**5,451,653**<br>**4,828,880**<br>**795,131**<br>**(42)**<br>**5,623,969**|________________<br>2024<br>£<br>(2,722,406)<br>484,399<br>(2,227,399)<br>(107,320)<br>(3,999,996)<br>4,695,792<br>(1,154,524)<br>(3,876,930)<br>4,670,287<br>1,774<br>795,131|
|---|---|---|



**The notes on pages 17 to 30 form part of these financial statements** 

**-16-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial statements** 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **1. Accounting policies** 

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

## **1.1 Basis of preparation** 

The financial statements have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice. 

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

The Trust meets the definition of a public entity under FRS 102. 

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 

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

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

## **1.2 Preparation of the accounts on a going concern basis** 

Cash flow remains sufficient to meeting the liabilities and the professional property managers continue to closely monitor the portfolio and report to the Trustees on a regular 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 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. 

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

## **1.3 Estimates and judgements** 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charity's accounting policies. Estimates and judgements are continually evaluated by the Trustees based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. The most significant estimates and judgements relate to the market value of the investment properties. The fair value of the investment properties of the group have been provided to management by an independent valuation expert, Metrus Limited, at the reporting date, as instructed. They have made assumptions in the determination of the fair value of the property in respect of the condition of the property, health of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. 

_________________________________________________________________________________________________ 

**-17-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **1.4 Basis of consolidation** 

The Group financial statements consolidate the financial statements of the Trust and Benesco Charity Limited on a line by line basis for the financial year ended 5 April 2025. 

## **1.5 Incoming resources and resources expended** 

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probably that the income will be received and the amount can be measured reliably. 

## _Rental Income_ 

Rental income is recognised on a straight line basis over the term of the lease. Any lease incentives are spread over the term of the lease. 

## _Investment income_ 

Investment income, including interest and dividends is recognised when the Charity is entitled to receive it. 

## _Other income_ 

Other income includes any income not falling within the categories above. It is recognised when the Charity is entitled to receive it. 

## **1.6 Expenditure** 

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. 

Grants payable are recognised in full at the point at which a legal or constructive obligation arises in line with the Charities SORP. 

## **1.7 Deposit and loan interest** 

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

## **1.8 Service charge** 

As agents of the Group, Metrus Limited, the Group’s investment property managers, manage the service charge account 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 expenditure account of the Group as they are incurred solely on behalf of the tenants and consequently are dealt with in the service charge accounts of Metrus Limited with regard to each property. Sinking funds held for maintenance are held by Metrus Limited on behalf of the Group. 

## **1.9 Designated funds** 

Designated funds are as follows: 

## **Property and investment capital fund** 

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

## **1.10 Tangible fixed assets and depreciation** 

## **Investment properties** 

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

## **Office equipment** 

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

## **Capitalisation policy** 

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

________________________________________________________________________________________________ 

**-18-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **1.11 Fixed asset Investments** 

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

## **Programme related investments** 

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

## **Mixed motive investments** 

The Charity recognises as mixed motive investments those assets which provide funding to an organisation in order to generate a financial return for the Charity as well as furthering the Charity’s objects and charitable purposes. Details of these investments are included in note 9. 

Where the investment takes the form of ordinary, or preference shares it is measured on the balance sheet at the reporting date either: 

- At its fair value, if 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 impairment, the Trustees assess the investment for objective evidence of impairment at the end of each reporting period. 

## **1.12 Income from investments** 

Income from investments is included in the statement of financial activities on the receivable basis. 

## **1.13 Financial instruments** 

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

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

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

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

**2. Income** 

|Rental income<br>Dilapidations<br>Bank interest<br>Investment interest<br>Dividends<br>**Total investment income**<br>Donation from subsidiary<br>**Total charitable activity income**|**Group**<br>**Trust**<br>**2025**<br>2024<br>**2025**<br>2024<br>**£**<br>£<br>**£**<br>£<br>**7,517,342**<br>6,935,451<br>**-**<br>-<br>**-**<br>139,013<br>**-**<br>-<br>**75,305**<br>2,459<br>**-**<br>-<br>**345,075**<br>18,217<br>**336,523**<br>9,561<br>**392,677**<br>463,723<br>**392,677**<br>463,723<br>**8,330,399**<br>7,558,863<br>**729,200**<br>473,284<br>**-**<br>-<br>**2,750,000**<br>5,000,000<br>**-**<br>-<br>**2,750,000**<br>5,000,000|
|---|---|



_________________________________________________________________________________________________ 

**-19-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **2. Income** _**(continued)**_ 

|**Group**<br>**2025**<br>2024<br>**£**<br>£<br>Rights of Light<br>**700,000**<br>-<br>Other income<br>**-**<br>1,774<br>**Total other income**<br>**700,000**<br>1,774<br>**Total Income                                              9,030,399            7,560,637**<br>**3.**<br>**Costs of raising funds**<br>**Group**<br>**2025**<br>2024<br>**Property expenses**<br>**£**<br>£<br>Repairs, rates and other non-<br>rechargeable property expenses<br>**1,115,764**<br>1,995,198<br>Recovery of expenses previously expensed<br>**(175,352)**<br>(168,591)<br>**940,412**<br>1,826,607<br>**Property management expenses**<br>Agents’ management fees not<br>recoverable<br>**355,291**<br>284,950<br>Agents’ rent review and letting fees<br>**116,895**<br>327,138<br>Legal expenses<br>**247,864**<br>47,426<br>**720,050**<br>659,514<br>**Total property expenses**<br>**1,660,462**<br>2,486,121<br>**Investment portfolio expenses**<br>Management fees<br>**41,315**<br>106,792<br>**1,701,777**<br>2,592,913<br>**4.**<br>**Charitable activities**<br>**Group**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable (see Note 5)<br>**6,028,915**<br>6,989,176<br>Indemnity Insurance - Charity<br>**53,856**<br>92,188<br>Consultancy and professional fees<br>**153,130**<br>125,302<br>General office expenditure<br>**38,398**<br>76,588<br>Sundry expenses<br>**1,917**<br>1,797<br>Pension costs<br>**6,087**<br>7,500<br>Governance costs (see note 6 below)<br>**107,400**<br>105,251<br>**6,389,703**<br>7,397,802|**Trust**<br>**2025**<br>**£**<br>**-**<br>**-**<br>**-**<br>**3,479,200**<br>**2025**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**41,315**<br>**41,315**<br>**2025**<br>**£**<br>**5,898,915**<br>**53,856**<br>**17,462**<br>**5,232**<br>**1,255**<br>**6,087**<br>**28,400**<br>**6,011,207**|**Trust**<br>**2025**<br>**£**<br>**-**<br>**-**<br>**-**<br>**3,479,200**<br>**2025**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**41,315**<br>**41,315**<br>**2025**<br>**£**<br>**5,898,915**<br>**53,856**<br>**17,462**<br>**5,232**<br>**1,255**<br>**6,087**<br>**28,400**<br>**6,011,207**|2024<br>£<br>-<br>1,774<br>1,774<br>**5,475,058**<br>**Trust**<br>2024<br>£<br>-<br>-|
|---|---|---|---|
|||||
|||||
||||-<br>-<br>-<br>-|
||||-<br>-|
||||113,213<br>113,213|
||||**Trust**<br>2024<br>£<br>6,887,328<br>56,056<br>6,402<br>14,398<br>1,094<br>7,500<br>30,600|
||||7,003,378|



There were no Trustees reimbursed for expenses during the year (2024: £Nil). During the year, no Trustees received remuneration from employment with the Charity (2024: £Nil). 

_________________________________________________________________________________________________ 

**-20-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

## **5. Grants and donations** 

|**Trust**<br>Medicine<br>Education<br>Welfare<br>**Total Trust**<br>**Subsidiary undertaking**<br>Education<br>Welfare<br>**Total Subsidiary undertaking**<br>**Total group**|**2025**<br>**£**<br>**2,082,200**<br>**1,968,175**<br>**1,848,540**|
|---|---|
||**5,898,915**|
||**53,000**<br>**77,000**|
||**130,000**|
||**6,028,915**|



In addition to the grants noted above, the Trustees are considering further potential grant commitments, which are awaiting reports and / or finalisation of details. Should all the conditions be satisfied, it would result in additional future grants in the region of £Nil million (2024: £2.5 million). 

Charity law gives an exemption from the requirement to provide the names of grant recipients and the amounts of the grants during the lifetime of the settlor and the Charity has made use of this exemption. However, details of the larger donations has been provided below: 

## **Trust** 

|**Medicine**<br>**Grants made equal to or greater than £50,000:**<br>National Hospital for Neurology & Neurosurgery<br>Addenbrookes Charity (Cambridge)<br>Barts and the London Charity<br>Children’s Hospital Sheffield<br>Follicular Lymphoma Foundation<br>Grants made of less than £5,000<br>Grants made between £5,001 and £9,999<br>Grants made between £10,000 and £49,999|**£**<br>50,000<br>1,000,000<br>500,000<br>250,000<br>150,000|
|---|---|
||1,950,000<br>-<br>-<br>132,200|
||**2,082,200**|



_________________________________________________________________________________________________ 

**-21-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **5. Grants and donations** _**(continued)**_ 

|**Education**<br>**Grants made equal to or greater than £50,000:**<br>Policy Exchange<br>Music in Secondary Schools Trust<br>Tikun<br>NMITE<br>British Council<br>Jewish Learning Exchange<br>Kisharon<br>British Friends of Bar-Ilan University<br>Chief Rabbinate Charitable Trust<br>Side By Side School<br>Radley Foundation<br>Jewish Community Secondary School<br>Hasmonean Primary School<br>Grants made of less than £5,000<br>Grants made between £5,001 and £9,999<br>Grants made between £10,000 and £49,999<br>**Welfare**<br>**Grants made equal to or greater than £50,000:**<br>Jewish Care<br>Norwood<br>Beit Halochem<br>Chai Cancer Care<br>The Fed<br>Community Security Trust<br>Jerusalem Foundation Ein Yael<br>NOA Girls<br>Myisrael<br>Leket UK<br>Jewish Leadership Council<br>Nightingale Hammerson<br>UK Friends of Yad Yisroel<br>Grants made of less than £5,000<br>Grants made between £5,001 and £9,999<br>Grants made between £10,000 and £49,999<br>**Subsidiary undertaking**<br>**Education**<br>Grants made of less than £5,000<br>Grants made between £5,001 and £9,999<br>Grants made between £10,000 and £49,999<br>**Welfare**<br>Grants made of less than £5,000<br>Grants made between £5,001 and £9,999<br>Grants made between £10,000 and £49,999|**£**<br>250,000<br>200,000<br>160,000<br>90,000<br>67,000<br>232,000<br>50,000<br>97,425<br>125,000<br>200,000<br>100,000<br>100,000<br>80,000|
|---|---|
||1,751,425<br>-<br>11,750<br>205,000|
||**1,968,175**|
||**£**<br>200,000<br>100,000<br>110,000<br>53,000<br>50,000<br>200,000<br>50,000<br>60,000<br>81,925<br>65,000<br>55,000<br>100,000<br>100,000|
||1,224,925<br>49,338<br>74,261<br>500,016|
||**1,848,540**|
||**£**<br>5,000<br>8,000<br>40,000<br>**£**<br>5,000<br>14,000<br>58,000|
||**130,000**|



_________________________________________________________________________________________________ 

**-22-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **6. Governance costs** 

|Audit fees<br>Accountancy fees|**Group**<br>**2025**<br>2024<br>**£**<br>£<br>**90,900**<br>95,100<br>**16,500**<br>10,151<br>**107,400**<br>105,251|**2025**<br>**£**<br>**23,400**<br>**5,000**<br>**28,400**|**Trust**<br>2024<br>£<br>30,600<br>-<br>30,600|
|---|---|---|---|



|**7.**<br>**Tangible fixed assets**<br>**(a)**<br>**Group**<br>**Cost**<br>At 6 April 2024<br>Disposal<br>At 5 April 2025<br>**Depreciation**<br>At 6 April 2024<br>Depreciation on disposal<br>At 5 April 2025<br>**Net book value**<br>At 5 April 2025<br>At 5 April 2024|**Office**<br>**equipment**<br>**£**<br>4,473<br>(753)<br>3,720<br>4,473<br>(753)<br>3,720<br>-<br>-|**Total**<br>**£**<br>**4,473**<br>**(753)**|
|---|---|---|
|||**3,720**|
|||**4,473**<br>**(753)**|
|||**3,720**|
|||**-**<br>-|



_________________________________________________________________________________________________ 

**-23-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **8. Investment Property** 

|**Group**<br>**Valuation**<br>At 6 April 2024<br>Additions<br>Net loss on revaluation<br>At 5 April 2025<br>**Net book value**<br>At 5 April 2025<br>At 5 April 2024|**Investment**<br>**properties**<br>**Freehold**<br>**£**<br>136,900,000<br>905,057<br>(505,057)<br>137,300,000<br>**137,300,000**<br>136,900,000|**Total**<br>**£**<br>**136,900,000**<br>**905,057**<br>**(505,057)**<br>**137,300,000**<br>**137,300,000**<br>136,900,000|
|---|---|---|



The investment properties have been valued at 5 April 2025 by an independent professionally qualified RICS Registered Valuer. The valuations were undertaken in accordance with RICS Valuation – Global Standards (effective 31 January 2025). 

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

||**2025**|2024|
|---|---|---|
||**£**|£|
|Cost|**113,112,087**|112,207,030|



## **9. Fixed asset investments** 

## **Fixed asset investments comprise:** 

|Cash or cash equivalents<br>Listed investments<br>Other investments<br>Social investments|**Group**<br>**2025**<br>**£**<br>**1,400,442**<br>**18,708,609**<br>**17,737,021**<br>**4,000,054**<br>**41,846,126**|2024<br>£<br>188,554<br>27,096,566<br>10,738,728<br>4,000,054<br>42,023,902|**Trust**<br>**2025**<br>**£**<br>**1,400,442**<br>**18,708,609**<br>**17,737,021**<br>**-**<br>**37,846,072**|2024<br>£<br>188,554<br>27,096,566<br>10,738,728<br>-|
|---|---|---|---|---|
|||||38,023,848|



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

|Next plc<br>CQS Multi Asset Credit Investment<br>Tokamak Energy Ltd<br>Protea Fund - Veritas High Equity|**2025**<br>2024<br>**£**<br>£<br>**18,423,713**<br>14,473,197<br>**11,688,460**<br>10,738,728<br>**3,999,996**<br>3,999,996<br>**6,048,561**<br>-<br>**40,160,730**<br>29,211,921|
|---|---|



_________________________________________________________________________________________________ 

**-24-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **9. Fixed asset investments (continued)** 

## **Investments held at fair value** 

|Market value at 6 April 2024<br>Gain on revaluation<br>Additions<br>Disposals<br>Cash held for reinvestment<br>Market value at 5 April 2025|**Group**<br>**2025**<br>2024<br>**£**<br>£<br>**37,835,294**<br>35,569,335<br>**4,274,271**<br>6,796,139<br>**6,635,199**<br>107,320<br>**(12,299,134)**<br>(4,637,500)<br>**36,445,630**<br>37,835,294<br>**1,400,442**<br>188,554<br>**37,846,072**<br>38,023,848|**Trust**<br>**2025**<br>2024<br>**£**<br>£<br>**37,835,294**<br>35,569,335<br>**4,274,271**<br>6,796,139<br>**6,635,199**<br>107,320<br>**(12,299,134)**<br>(4,637,500)<br>**36,445,630**<br>37,835,294<br>**1,400,442**<br>188,554<br>**37,846,072**<br>38,023,848|
|---|---|---|



If stated under historical cost principles, the comparable amounts for the investments held at fair value would be: 

|||**Group**|**Trust**|**Trust**|
|---|---|---|---|---|
||**2025**|2024|**2025**|2024|
||**£**|£|**£**|£|
|Cost|**29,788,917**|31,369,834|**29,788,917**|31,369,834|



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

## **Investments held at cost less impairment** 

|||**Group**||
|---|---|---|---|
||**Programme Related**|**Mixed Motive**|**Total**|
||**Investments**|**Investments**|**investments**|
||**£**|**£**|**£**|
|**Cost**||||
|At 6 April 2024|58|3,999,996|4,000,054|
|Additions|-|-|-|
|At 5 April 2025|58|3,999,996|4,000,054|
|**Net book value**||||
|**At 5 April 2025**|**58**|**3,999,996**|**4,000,054**|
|At 5 April 2024|58|3,999,996|4,000,054|



____________________________________________________________________________________________ 

**-25-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **9. Fixed asset investments (continued)** 

## **Programme related investments:** 

As at 5 April 2025, the Group held a 49% (2024: 49%) 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 as non-executive Directors. Lord Wolfson of Sunningdale resigned as a Director on 27 April 2021. In the year ended 31 March 2025 unaudited financial statements indicate a loss of £22,716 (2024: £55,644), with a deficit on capital and reserves of £480,477 (2024: £437,218). 

## **Mixed motive investments** 

During the prior year the Group purchased 714,285 shares in Tokamak Energy Ltd, a company which aims to harness Nuclear Fusion energy to generate electricity in a “green” environment. As at 5 April 2025, 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 fair value. As at 5 April 2025, the Trustees assessed the investment for impairment. No indicators of impairment were found. 

## **10. Debtors** 

|**Debtors due within one year**<br>Due from managing agents<br>Rent arrears<br>Other debtors and prepayments<br>Amounts owed from Benesco<br>Charity Limited|**Group**<br>**2025**<br>2024<br>**£**<br>£<br>**1,016,571**<br>690,756<br>**140,431**<br>-<br>**1,424,566**<br>1,071,189<br>**-**<br>-<br>**2,581,568**<br>1,761,945|**Trust**<br>**2025**<br>2024<br>**£**<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>**3,912,322**<br>3,862,322<br>**3,912,322**<br>3,862,322|**Trust**<br>**2025**<br>2024<br>**£**<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>**3,912,322**<br>3,862,322<br>**3,912,322**<br>3,862,322|
|---|---|---|---|
||||3,862,322|



All amounts shown under debtors fall due for payment within one year. 

## **11. Creditors: amounts falling due within one year** 

|Other taxes and social security<br>Accruals and deferred income<br>Grants committed<br>Other creditors|**Group**<br>**2025**<br>2024<br>**£**<br>£<br>**291,370**<br>201,158<br>**1,593,430**<br>1,362,793<br>**15,000**<br>181,500<br>**64,166**<br>64,166<br>**1,963,966**<br>1,809,617|**Trust**<br>**2025**<br>2024<br>**£**<br>£<br>**-**<br>-<br>**28,402**<br>26,400<br>**15,000**<br>181,500<br>**-**<br>-<br>**43,402**<br>207,900|**Trust**<br>**2025**<br>2024<br>**£**<br>£<br>**-**<br>-<br>**28,402**<br>26,400<br>**15,000**<br>181,500<br>**-**<br>-<br>**43,402**<br>207,900|
|---|---|---|---|
||||207,900|



Deferred income relates to a quarters rent received in advance and amounted to £1,324,535. The prior year balance of £1,181,555 was released in the current year. 

|Grants committed<br>Balance at 6 April 2024<br>Grants awarded<br>Grants paid<br>Balance at 5 April 2025|**Group**<br>**2025**<br>2024<br>**£**<br>£<br>**181,500**<br>235,000<br>**6,028,915**<br>6,989,176<br>**(6,195,415)**<br>(7,042,676)<br>**15,000**<br>181,500|**Trust**<br>**2025**<br>2024<br>**£**<br>£<br>**181,500**<br>235,000<br>**5,898,915**<br>6,887,328<br>**(6,065,415)**<br>(6,940,828)<br>**15,000**<br>181,500|**Trust**<br>**2025**<br>2024<br>**£**<br>£<br>**181,500**<br>235,000<br>**5,898,915**<br>6,887,328<br>**(6,065,415)**<br>(6,940,828)<br>**15,000**<br>181,500|
|---|---|---|---|
||||181,500|



_________________________________________________________________________________________________ 

**-26-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **12. Designated funds** 

|**a)**<br>Group<br>At 6 April 2024<br>Realised gain on sale of investment<br>Unrealised gain/(loss) on revaluation<br>- Investment properties<br>- Investments<br>Transfers between funds<br>At 5 April 2025<br>**b)**<br>Trust<br>At 6 April 2024<br>Movement due to revaluation in year<br>- Realised gain on sale of investments<br>- Unrealised gain on revaluation<br>Transfers between funds<br>At 5 April 2025|**Property and investment**<br>**capital fund**<br>Unrealised<br>revaluation<br>Cost<br>reserve<br>£<br>£<br>147,576,918<br>31,346,984<br>203,685<br>(203,685)<br>-<br>(505,057)<br>-<br>4,274,271<br>(879,545)<br>(2,667,445)<br>146,901,058<br>32,245,068<br>**Property and investment**<br>**capital fund**<br>Unrealised<br>revaluation<br>Cost<br>reserve<br>£<br>£<br>31,369,834<br>6,654,014<br>203,685<br>(203,685)<br>-<br>4,274,271<br>(1,784,602)<br>(2,667,445)<br>29,788,917<br>8,057,155|**2025**<br>**Total**<br>**£**<br>**178,923,902**<br>-<br>**(505,057)**<br>**4,274,271**<br>**(3,546,990)**<br>**179,146,126**<br>**2025**<br>**Total**<br>**£**<br>**38,023,848**<br>**-**<br>**4,274,271**<br>**(4,452,047)**<br>**37,846,072**|2024<br>Total<br>£<br>185,400,376<br>-<br>(15,077,399)<br>6,796,139<br>1,804,786|
|---|---|---|---|
||||178,923,902|
||||2024<br>Total<br>£<br>35,650,318<br>-<br>6,796,139<br>(4,422,609)|
||||38,023,848|



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

## **13. General funds** 

|**13.**|**General funds**|||
|---|---|---|---|
|||**2025**|2024|
|**a)**|Group|**£**|£|
||At 6 April 2024|**558,905**|4,735,477|
||Net income/(expenditure)|**938,919**|(2,430,078)|
||Realised (loss)/gain on sale of investments|**(203,685)**|58,292|
||Transfers between funds|**3,546,990**|(1,804,786)|
||At 5 April 2025|**4,841,129**|558,905|
|||**2025**|2024|
|**b)**|Trust|**£**|£|
||At 6 April 2024|**3,702,736**|856,947|
||Net (expenditure)|**(2,573,322)**|(1,635,112)|
||Realised (loss)/gain on sale of investments|**(203,685)**|58,292|
||Transfers between funds|**4,452,047**|4,422,609|
||At 5 April 2025|**5,377,776**|3,702,736|



**-27-** 



Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **14. Analysis of net assets between funds** 

|Group<br>Fixed assets<br>Current assets<br>Creditors<br>Trust<br>Fixed assets<br>Current assets<br>Creditors|**General**<br>**funds**<br>**£**<br>-<br>6,805,095<br>(1,963,966)<br>4,841,129<br>**General**<br>**funds**<br>**£**<br>-<br>5,421,178<br>(43,402)<br>5,377,776|**Designated**<br>**funds**<br>**£**<br>179,146,126<br>-<br>-<br>179,146,126<br>**Designated**<br>**funds**<br>**£**<br>37,846,072<br>-<br>-<br>37,846,072|**Total**<br>**£**<br>**179,146,126**<br>**6,805,095**<br>**(1,963,966)**<br>**183,987,255**<br>**Total**<br>**£**<br>**37,846,072**<br>**5,421,178**<br>**(43,402)**<br>**43,223,848**|
|---|---|---|---|



## **15. Notes to the cash flow statement** 

## a) **Reconciliation of net expenditure to net cash flow from operating activities** 

|**Net income/(expenditure) for the reporting period (as per**<br>**the statement of financial activities)**<br>Dividend receivable<br>Interest receivable<br>Loss/(gain) on sale of investments<br>Unrealised (gains) on investments<br>Unrealised losses on investment property<br>(Increase)/decrease in debtors<br>Increase/(decrease) in creditors<br>Foreign exchange loss/(gain)<br>Net cash (used in) operating activities|**2025**<br>**£**<br>**4,504,448** <br>**(392,677)**<br>**(420,380)**<br>**203,685**<br>**(4,274,271)**<br>**505,057**<br>**(819,623)**<br>**70,946**<br>**42**<br>**(622,773)**|
|---|---|



## **b) Analysis of changes in net debt** 

|Cash at bank and in hand|At 6 April<br>2024<br>£<br>795,131|FX<br>Movement<br>£<br>(42)|Cashflow<br>**At 5 April**<br>**2025**<br>£<br>**£**<br>4,828,880<br>**5,623,969**|
|---|---|---|---|



_________________________________________________________________________________________________ 

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Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **15. Notes to the cash flow statement** _**(continued)**_ 

## **(c)      Analysis of cash and cash equivalents** 

|**Analysis of cash and cash equivalents**|||
|---|---|---|
||**2025**|2024|
||**£**|£|
|Cash at bank and in hand|**4,223,527**|606,577|
|Cash held for reinvestment (see note 9)|**1,400,442**|188,554|
||**5,623,969**|**795,131**|



## **16. Commitments under operating leases** 

## **Lessor** 

The Group leases out the investment properties under non-cancellable operating leases for the following future minimum lease payments. 

|inimum lease payments.|||
|---|---|---|
|Not later than one year<br>Later than one year and not later than five years<br>Later than five years|**2025**<br>**£**<br>**5,892,669**<br>**14,484,395**<br>**6,255,721**<br>**26,632,785**|**2024**<br>**£**<br>5,159,223<br>13,326,462<br>6,069,261|
|||24,554,946|



Excluded from the above is £1,807,034 (2024: £941,279) of contingent rents which are based on turnover and profit share of the tenants. 

## **17. Related party transactions** 

The financial statements also include a donation of £250,000 to Policy Exchange (2024: £250,000) of which Lord Wolfson of Aspley Guise is also a Trustee, and the following donations to charities of which The Hon Andrew Wolfson is also a Trustee: £200,000 (2024: £350,000) to Music in Secondary Schools Trust; £110,000 (2024 - £200,000) to Beit Halochem UK; £30,000 (2024: £20,000) to Veteran Games and Conference. The following donations were made to charities in which Lord Jonathon Mendelsohn is a Trustee: £150,000 (2024: £150,000) to Follicular Lymphoma Foundation. 

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 Wolfson is non-executive Director. 

As set out in note 9, the Group holds an investment in Tokamak Energy Ltd, a company in which Lord Simon Wolfson of Aspley Guise is an appointing shareholder. 

A Director of Benesco Charity Limited was remunerated £40,000 (2024: £40,000) in respect of consultancy services during the year. There were no reimbursement of expenses to Directors in the year (2024: £nil). 

During the year, £2,750,000 (2024: £5,000,000) 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 £Nil (2024: £4,000,000). At 5 April 2025 the Trust was owed £3,912,322 from Benesco Charity Limited (2024: £3,862,322). 

As set out in note 9, an investment of market value £18,423,713 is held in Next plc, a company in which Lord Wolfson of Aspley Guise is a Director. 

_________________________________________________________________________________________________ 

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Docusign Envelope ID: 22D9ECE9-F450-4D2F-A258-67811356511ADocusign Envelope ID: 6C74309C-12C9-481F-9715-289A80C96260 

## **THE CHARLES WOLFSON CHARITABLE TRUST** 

## **Notes to the financial statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

_________________________________________________________________________________________________ 

## **18. Subsidiary undertakings** 

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

|||**Description**||
|---|---|---|---|
||**Country of**|**of shares**||
|**Name of undertaking**|**incorporation**|**held**|**Holding**|
|Benesco Charity Limited|England|(See note below)|100%|



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

The principal activity of Benesco Charity Limited continued to be the management of funds invested mainly in property to raise money for distribution to Charity. Its Charity registration number is 269181 and company number 00972762. During the year to 5 April 2025, its income amounted to £8,301,199 (2024: £7,085,579) and its expenditure was £4,788,958 (2024: £7,880,545). Its result for the year ended 5 April 2025 was net income of £3,007,184 (2024: £15,872,365 net expenditure), which includes unrealised losses of £505,057 (2024: £15,077,399). The net asset value of the charitable company at 5 April 2025 was £140,763,407 (2024: £137,756,223). The registered office of Benesco Charity Limited is 55 Baker Street, London, United Kingdom, W1U 7EU. 

_________________________________________________________________________________________________ 

**-30-**