Charity registration number-. 261265 The Woolf Charitable Trust Annual Report and Finantial Statement5 for the Year Ended 5 Apr•1 2025 Fld Sullivan Ilmlted 9 Hare & Billet Blackheath SE3 ORB
The Woolf Charltable Trust Contents (continued) Reference and Administrative Details Ttee$. Report 2to4 Independent Examinerfs Report Statement of Financial ActNltles 8alan¢e Sheet Notès to the Fiftancial Statements 8t016
The Woolf Charitable Trust Referen and Admlnlstrative Details Trustees 8ernadette Curley Olena Leontovyeh Jonathan WoolF Charlty Reglstrattw Number 261265 Prfncipal Offke 5 Hobart Place London SWIW OHU Ind*pendent Examlner Field Sullivan LlmSted 9 Hère & Billèt 8lackheath SE3 ORB Bankets Lloyds Bank plc. 25 Gresham Street London EC2V 7HN Walker Crlps Investment Managemerrt knmited Old Change House 128 Queen Vlctorla Street London EC4V 4BJ Page I
The Woolf Challtable Trust Trustees, Report The Trustees present their Rert together wlth the Flnancial Statements of the Charity fol the year ended 5th April 2025. The FinancSal statements ¢¢rfnpty wlth turrent statutory requlremerts and the Ststement of Recommended Practlcè-Accounting and Reportin8 by Charitre Objertlv•s and actlvltles of the Charlty The ObjeE¢s of the Charlty are to make donations to Charitable Institutions and for tharkable purposes. The Trustees make donations for the benefft of disabled and dlsadvantaged chiklren and other charltable causes. The Charlty sponsors visits to Children's Care homes, hospices. hospltals and Schools by the theatrical groupt Maglcal Quests. Thls programme enjoys an excèllent reputation and reception 3rn0nB children and administrators alike. The Charity supports th? Soaety of Friends of Jewsh Ree5 and the CinematO8raph Trades Benevolent Fund. Durin8 the year theatrical performances havE been 8iven to chlldren at hosplees, hospitafs, 5chco15 and speclal needs schools, such as: All Saiits Primary School, Wiwnbled¢)n Ch35e Primary School. Skylarks Charity, Melrose SEND. Links Primary School, Lark Hall SEND, Ni8htingale House, Gorrtnge Primary School. Garfield Primary School, Strathmore School. Morden Primary School. Cricket Green SEND, Park Academy SEND. Links EYFS, Merton Abbey School, Linden Lodge School. Hoty Trinity Primary School. Holly Mount Prlmary School. Pelham Primary. Malmesbijry Park Primary School, Beecholme Primary School, St. George'5 H05pitsI. 21 & Co, Merton SEND, Merton Art Cefttrè. Jiesaw4U Charity, Wandsworth Libraries. Down's South London, St Thomas Primary School, Harris Academy. Benèdict Academy. St. George's Hospr¢al - ward5. Grf Encounter, St John Fisher Prlmary Sthooj, Poplar Prlmary School, St Matthew5 Academy. The Priory. The works of art held by the Charity arè available on publlc dlsplay on open days and by appointment. and iftclude regular lecture and research ¥lsits by Museums induding the Brit15h Museum, Virtoiia and Albert Museum. SOAS and Orlental Cefaml¢ Society. Ourin8 the year. twelve works of art were on loan to Sothebrfs. Flnandal revl•w Varlous macroecortomic fartor5 impact companies in a number of industrles, Including markets in whith the Charty holds investments. Whilst the Maets remained ¥oJatile, the Charity perforrned steadily. By reviewin8 and accordingly adapting its investmènt and operational strate8ies, the Trustees have taken appropriate steps to mitl8ate the impart of uncertaintles and negative global trends on Its finances and operation& In addition. the assets of the Charity ConSt malnly of securities that are readi reali5able, and accordingty. the charity has adequate financial resources to continue its operational existence forthe foreseeable future. At the balance sheet date. the Charityfvnd had assets of £24.128.54612024- £24,464,783). £60,( ofthe fvnd is res¢rf¢ted and lateS to the Charit¢s obllgations under the current lease. The Charity seek5 to dlstribute to charitable causes all donatiDll5 received. net of costs, on an annual basis. Page 2
The Woolf Charftable Trust Trustees, Report (contlnued) The Tmstees have concluded that there are no material vncertairties that may cast doubt over the Charivs ability to continue as a going concern and have prepared these financial staternents on the 80in8 concern basis. Strn¢turei governance and rnana8•ment The 8ovemlng dLument of the Charity is the Trust deed. The Charlty Is constituted as a charFtable unincoyporated organization. The Trustees conslder matters relating to the Charity on a regular basis and, as and when required. The Charlty has the powerto make any investrnent which the Trustees see fft and proper. Risk Mana8ement 7he Trustees have assessed the major risks to whlch the Charlty Is exposed. rn partleular. thosÈ related to the operallons and finances of the Trust and are sat15fied that appropr¢ate systems are in place to mltSgate thelr exposure to major Tisks. RefererKw and admlnlstrativè dÈta115 The al and administrative tnformatlon, set out on Page I, fomis part of thls Report. Pollryon holdin¢ reserves The Charrty aims to dlstribute all the net income tothe beneficFarles while maintsin the capjtral reserves. Appolnlment of th• trus Newttee5 are appointed by the current trustee Perpetuity Day Twenty-one year5 after the death of the last Su¥or of suth of the descendants of his late Majesty King George the Fifth aswere Ilwng on 9th June 1970. Statementof Tnlee$, Responsibilitie5 The trystees are responsible for prepèrlng the trustees, report and the flnancial statements in accordance with the Unlted Kingdom kcounting Stsndards Iunlted Kingdom Generalty ACpted Accounting Practe) and applicable law and regulatlons. The law applicabje to charlties requires the trustees to ppare financlal ststÈmÈnts fi)r eath financial year which 8i¥e a true and fair view of the state of affairs of the charity and of the incoming resources and application of resour$ of the charity for that period. In preparing these financral statements, the tntstees are quired to.. select sultable accounting policies and then apply them conslstentlv: observe the methjds and principles In the Charities 50RP: make judgements and estimates that are reasonable and prudentr. state whether applicable a¢¢ountinB standards have been followed. subjert to any material departures disclosed and explained in the financial 5tstements: and Page 3
The Woolf Charltable Trust Trustees. Report (contlnued prepare the financial statements on the going concern basi5 unless it 15 inappropriate to presume that the tharity will continue rn business. The trustees are re5POn5ible for keeping proper accountlng records that dlsclose wtth reasonable acturacy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Art 2011, the charliies (Accounts and Report51 Regulations 2008, and the provisions of the consiitutlon. The trustees are also responsible for safeguardlng the assets of the charity and hence for taking reasonable steps forthe prevention and detection of fr4ud and other irregularities. The trvstees are responsible for the malntenance and integrity of the corporate and finantial infomation included on the charitable ttsmpany's website. Legislation 8overnin8 the preration and di55emination of financlal statements may differ frorn leBi51*ion in other jUTisdiction& The annual rep rt was approved by the trustee5 of the charityon . . and $18ned on Its behalf by.. Jonathan W Trustee Page 4
The Woolf Charltable Trust Independent Examlner's Report to the trustees of The Woolf Charltable Trust I report to the (harity trustees on my examination of the atcounts of the charity ft)r the year ended 5 Aprtl 2025 which tomprise the Statement of Financial Attivities. the Balance Sheet and related notes 3 to 18. This report is made solely to the charitvs trustees, as a body, in accordance wth 5ectton 145 of the Charltles Act 2011. My work has been undertaken so that I mi8ht state to the charftrfs trustses those matters l am qurred to state to them in thls report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charws trustees as a body. for my work. for thls report, orfor the opinions I have formed. Responslbllltles and bBsl$ of ieport As the charity trustees of The Woolf Charitable Trust you are respjnsible forthe preparation of ihe accounts in accordance wlth the requlrements of the tharitie5 Act 20111'the ACVI. I report in respect of my examInatn of the The WcK)If Charitable Trust's accounts carded out under section 145 of the 2011 Art and In carrying out rny examination I have followed all the applicable Directions Biven by the Chartty Commisslon undersection 14515llbl of the Act. An independent examination doe5 not Involve gatherfn8 all the evidence that would be requiFed in audit and Consequent does not CO all the rnatters that an auditor considers In 8iving theK opinion on the flnancial statemerrts. The planning and conduct of an audit goe5 beyond the limited a55ur3nce that an Independent examination can provide. Consequently l express no opinlon as to whether the financial 5taternents present a 'true and falrf view and my report Is Ilmited to those Specific matters set out in the Independent examlnerfs statement. Independenl examlnerfs statement I have completed my examination. I tonfirm that no material matters have come to my attenOn In conftect5on with the exawnination 8i¥ing me cause to believe that in any materSal respect.. l. accountlng records were r*)t kept In respect of The Woolf Charftable Trust as requlied by section 130 of theAct:or 2. the financial statements do not accord wrth those rffords; or 3. the financral stateménts do not comply with the accounting requirements ConMIng the fom and content of accounts set out In the Charities IAccDvnts and Reportsl Regulatlons 2008 other than any requirement that the accounts give a 'true and fair view, whith is not a matter considered 35 part of an Independent examlnatlon. I hwe no concems and have come across no other matters in connection wlth the examination to whith attentlon should be draw n thts report in order to enable a proper understsndlng of the accounts to be reached. rim S¢Jllivan FCA Field Sullivan Limited 9 Hare & Billet Blackheath SE3 ORB Pa8e 5
LO CO LD t71 M 'Il Illi11 r4 ri (D 11111111
The Woolf Charltable Trust (Regirtratlon number: 261265) Balance Sheet as at 5 April 2025 2025 20Z4 Hxed assets Investments li 24.256.576 24,643.532 Cuffent assets Debtors 13 69,228 59,274 24.704 Cash at bankand in hand 14 75.050 83,978 Credltors". Amounts falling due wlthln oneyear 15 201,747} 1253.394) Net current Ilabilides 126.6971 1169.4161 Total assets1Èss ¢uryent Ilabllltl95 24,129,879 24,474.116 Cr•dltors: Amounts falllng dug aft•r more than one year 16 11,333 19,3331 Nei assets 24.128,546 24,464.783 Funds ofthe tharity. Restrlrted In¢ome fund5 Restrrc¢ed funds 60.000 Unre5trirted Income fvnds Unrestrirted funds 24,068.546 24,4CW,783 Totsl funds 17 24,128.546 24.464.783 The financial statements on pages 6 to 16 were approved by the trustees, and authorised for issue on .znd ned on their behalf by.. Jonathan Woolf Trustee The notes on pages 8 to 16fomi an integral part of these financial statements. Page 7
The Woolf Charftable Trust Notss to the Flnancial Statements for the Year Ended 5 April 2025 I Ch•rlty statu5 The charity is domiciled in En813nd and Wales. The addre$5 of Its registered offKe is: 5 Hobart Place SWIW OHU 2 Attou•ttiTrg polldes St*ementof compllance The finanual statements have been prepared in accordan with Accounting and RepLYting by Charitres.. Ststement of Recommended PrKti¢e applicable to charities preparing their atcounts in accordan wf(h the Financlal Reportlng Standard applicable In the UK and Republi¢ of Ireland IFRS 1021 leffective l January 2019I- (Charities SORP IFRS 1021 Second edition Ortober 20191, the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. They algo ¢omply wfth the Companles Act 2CK6 and CharleS Art 2011. Basls of pyeparatlon The Woolf Charltable Trust meets the definltlon of a publK benefft entlty under FRS 102. The a¢tounts lfinancial staternentsl have been prepared under the hi5toric31 cost convent40n wth items reccqnlsed at cost ortransartlon value unless otherwise stated in the relevant notelsl to these accounts. Goln# ton(ém trustees con&der that therè are no materrdl uncertalnties about the charlty's abllltyto continue as a going concern. jUdgemts and key 3ource5 ofestlmalloTr uncertainty In the applkètlon of the charivs accounting policies, the trustees are requlred to make Judgements, estlmates and assumptions about the carrying amount of assets and liabilities that a not readily apparent from other sources. The estimatès ènd associated assumptions are $d on historital èxpÈriente and other factors that are considÈred to be relevant. Artual results may dlffer from these estimate> The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estlmates are recognised in the perfods In whlch the estimate Is revised where revislons affects only that period. or in the period of the rewsion and future periods where the revisions affects both current and future periods. IKome and endovmients Voluntsry income inclutling donatlons, glfts, legacies and grants that provlde core fundinB or are of a 8eneral nature 15 recogni5ed when the charity has entitlement to thè income. it is probable that the income WHI be received and the amount can be measured wSth sufficient reliability. Dtyjotions tyndl¢ottci¢5 Donations and legacie5 are recogni5ed on a receivable basi5 when receipt 15 probablÈ and the amount can be reliably measured. Page 8
The Woowcharitable Trust Note5 to the Finandal Statemerts for the Year Ended S Aprfl 2025 (c0Trtlnd) Deferred income repsents amounts reiVed for future perlods and Is released trj Fncomin8 resources in the peri¢Jd for whlch. it has been re1ve. Such income Is only deferred when: - The donor specifies that thegralt ordonation must only bo used in fUre accounting period5- or - The donor has imp)sed wndit*)ns which must be met beforethe charity ha5 unconditional entidement. Dlvldends are recognised oncè the dlvldend has been declared and notlfication has been reNed of the dividend due, Expendltsre All e¥penditure Is recognised On there is a Iwl or ton5t¥uctive obliBation to that expenditure, ft Is probable setdement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that a88regate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consisrent wlth the usè of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portlon of the assevs use. Other SUPPDrt costs are allocAtÈd based on the spread of staff costs. Charitsble expenditure comprises those costs incurred by the Charity in the dellvery of its actNitiÉs and services for its beneficlarles. It includes both costs that can be allotatèd direttly to such actlvltles and those costs of an indirt nature necessary to support them. Support costs include central funttions and have been allocated to artivity cost cate8ories on a bèsis consistent with the USÈ of resources. for example. allocating property costs by floor are4 or per capita, staff costs by the time spent and other costs by their usage. Tamatlon The tharity considered to pass the tests set out in PaTa8raph I Schedule 6 of the Finan Art 2010 and therefore it meets the definitton of a charhtable company for UK corpgration tax purposes. AccordiNdty. the charity is potentialty exempt from tèxatitsn In respert of income or Cap31 gains received wSthlD categorles covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sectlon 256 of the Tamatlon of Chargeable Galns Aet 1992, tothe extent thatsuch lrtome or gains are applled exclusively to charitsble purposes. F5xed asset Snvestments FSxed asset investments. other than PTogfammÈ related tnvèstments. are Included èt market Wdlue at the balan¢e sheet date. Reallsed gain5 arld 105ses on investments are talculated z5 the differen between sales proceeds and thelr market Yalue at the stsrt of the year. ortheir subsequent cosL and are charged or creditèd to the Statement of Financial Actlvttles in the period of disposal. Unrealised gains and losses represert the movement In market Vall durfnB the year and are credlted or charged tothe Statement of Financial Actrvities basÈd on the market value at theyearend. Page 9
The Woolf Charitable Trust Notes to the Flnancial Statements forthe Year Ended 5 Aprfl 2025 leontinued) Trade debtOf5 Trade debtors are amounts due from Customers for merchandise sold or Serv1 performed in the ordlnary course of business. Trade debtors are recogni5ed initially at the tran5adron prf. They are subsequently measured at arnortised cost ugng the effective interest methLxI, less provision for rmpairmenL A provlsion for the impairment of tradè debtors is establisheil when there is oblectivè eviden that the charity will not be able to cOltt all amounts due according to the orl8inal term5 Of the 1¥ableS. Cash and cash 4uivalents Cash and cash equlvalents comphse cash on hand and call deposits. and other short-terrn htghty liquid investments that are readi cOntIble to a known amount of tash and are subjert to an insignificant risk of chan8e In valuè. Trad• cr•ditor5 Trade cdItorS ale obligations to pay for8oods orseThlces that have been acquired In thè ordinary course of business from suppliers. Accounts payable are classified as current liabilFtie5 if they do not have an unconditional right. at the end of the reportir6 period, to defer settlement of the creditor f¢)r at leèrt e1Ve months after the reporting date. If there is an unconditional ri8ht to dèfer settlement for at least months after the reportinB date. they are presented as non-current liabilities. Trade creditor5 are recognlsed InTtlally at the transactlon price and subsequently measured at amortlsed c05t usrng the effectlve Interest method. Borrowl Interest-bearfnB borrowings a Initial recorded at fair value. net of transaction costs. Interert-bearing borrowings are subsequently Caled at amortr5ed c05t, with the difference between the proceeds. net of transattlon costs. and the amount due on dempton beinB reco8nlsed as a charge to the Statemènt of Financial Activitles overthe period of the relevant borrowin8. Interest expense Ss recognised on the basls of the effeCte lrterest method and Is Included in interest pable and similar char8es. 8orrowngs are classifled as cvrrent liabillties uJ)less the tharity has an untondFtlonal rtght to defer settlement of the liabilty for at least twelve months afterihe Teportlng date. Fund strutture Unrestrlrted income funds are gener?1 funds that are available for use at the tmstees discretion in furthèrance ofthe objertives ofthe tharity. RestrictÈd income funds are those donated for use In a particular area or for speclftc purpose5, the use of which is restricted to that area or wrpose. Page 10
The Woolf Charltable Trust Notes to the Financlal Statements for the Year Ended 5 April 20251continued) 3 Income from donatlons and leRacles Umestrirted funds General Total 2025 Totsl 2024 Donations and legacies,. Donations from individuals 101,725 101,725 104,998 101.725 101,725 104.998 4 In¥esbnent income Unrestrfcted funds Gènwal Total Total 2024 Interest re1vable anrl similar Income,. Intefe5t reiVable on bank deposlts orher in¢ome from fixed asset investments 178 178 2,445 6.751 7,375 2.623 2,623 14,126 5 Other Incomè UTrrestrlrted htnds G•neral Total 2025 Totsl 2024 Rental rncome 72,750 942 72,750 942 72.239 2.768 Other Incomè ILossl/galn on Sale of tan8ible fixed assets for charitvs own use 13.OJO 13,OLKI 12,6531 86.692 86,692 72.354 Page 11
The Woolf Charftable Trust Notes to the Financial Statements for the Year Ended 5 April 20251continued) 6 Expendfture on ch•rStable 4ctl¥ltles Totsl Totsl 2024 Rent, rates and seThice char8e Insurance 132,221 18,846 12,018 58,897 10.697 123,991 18,811 13,564 55,754 8,814 Charitable donations Staff costs Support costs io 232.679 220.934 7 Analy515 0180man and supiw)rt Costs Total 2025 2024 Private health insurance 3.970 3,749 1.150 326 Repairs znd maintenance Computer softhre and Maintenan costs PrSnUn& postage aThJ statlonery 5undrie5 343 291 Cleaning Independent examinatlon OthEr interest payable 240 1,959 3.285 1,902 1.326 10,697 8.814 8 Taxatlon The charity is a registsred charttyand Is thefOre exempt from taxation. 9 Trustees rÈmunÈrntion atml expense5 No trustees. nor any person5 ¢onnerted with them. have recefved any remuneratlon from the charoty durlng the year. No trustees have recelved any reirnbursed expenses or anyother benefits from the charlty dudng the year. Page 12
The Woolf Charftable Trust Notes to the Financial Statements for the Year Ended 5 April 20251wntinued) 10 Staff costs The aggregate payroll costs were as follows,. 2025 2024 Staff costs durlngth*year were." Wages and salarles Social security ¢osts Pension costs 50,550 1,192 7.155 48.125 817 6,812 58,897 55,754 The monthly average number of persons lincludlng senior management I leadership team) employed by the charrty duringthe year expressed 85 full tirne equivalents was a5 follows.. 2025 2024 No Chailtsblè a¢bvitie5 No employee reteNed emoluments of more than £60.(L)O durtng the year Other Investments Listed investments Unllsted investments Total Cost orValuatloTr At 6 April 2024 Revaluation 582,752 1294,5981 16,642 1109,CKK) 24,(0,780 24,643,532 1294,5981 16,642 1109,OJO Additions Dlsposals At 5 Aprll 2025 195,796 24,060,780 24,256,576 Net 1Xk val At 5 Aprol 2025 19S.796 24,0,7 24,256,576 At 5 Aprll 2024 582,752 24,0.780 24,643,532 Page 13
The Woolf Charltable Trusl Notes to the Fman¢ial Statemerts for the Year Ended 5 Aprll 2025 Icontlnued) 12 Related partytran5Klions Durin8 the year the charity made the followin8 related party transartions: Romvlus Fllms Ltd During the year. the charity reCed donations of £l.459(2024.. EICQ,8821 froffl Romul Films Limited. Mr J C Woolf is a dirtctor of ROM$ Films Limited. AT the balance sheet date, the charity owed £105,64212024: £61,695) to Romulus Films Umlted. Interest was dMrgÈd on thÈ balance at 3%12024.. 2.5%). Romulus Real Estate Umlted During the year. the charity reIVed donations of £84212024- E8391 from Romulus Real Eststè Lirnited. Mr J C W0F 15 a director of Romulus Real Estatè LimTrted. la Dékrttsrs 21r25 2024 Prepayments Other debtors 54,978 14.250 55.034 4,240 69,228 59,274 14 Cash aThl cash equtvalents Cash at bank 5022 24,704 IS Cr¢ditors: •mountsfallin8 due wlthln one year 2025 2024 Bank loans Other loans 105,642 7.522 72.624 1,959 6.OLKI 61.965 6,347 169,181 1,901 6,000 Othertaxation and Social security Other creditors Accntals Deferd income 201,747 253.394 16 Credltors: amountsfa1l1 due after one year 2025 Z4 Bank loans 1.333 9,333 Pa8e 14
The Woolf Charitable Trust Notes to the Finandal Statements for the Year Ended 5 Aprll 20251continuedl 17 Funds B#l4nce at 6 Aprll 2024 Ib)comlng resource5 Resources reco8nlsed Balan at S
ÈndÈd y11110$$•$1 April 21n5 UnrÈslricted lunds General 24W,783 191.040 1232.6791 1294,5981 24.068,546 Restrkted funds 60,0(M) 60.000 Ttstslfunds 24,464,783 191.040 1232,6791 1294,5981 24.128.546 Other Resources re¢o¢ni5ed Oalance at 5 expended yin5lllossesl Awil 2024 Balance at 6 Aprll 2023 Incomlng resour$ VnteStrirted funds General 24.251.660 191,478 1220,9341 182,579 24,404,783 Restrkd funds Total funds 24,311.660 191.478 1220,9341 182.579 24,464.783 The specific purpose5 forwhSch the fund5 are to be applpd are as tollows: The restrlcted funds relate to the tharit*s obligat10115 underthe current lease. 18 Anatysis ofnet •Mets between funds Curfent perlod Uvestrfd8d funds Genewal Totalfvnds al 5 April 2025 Restrftted funds Fixed asset investments Current assets 24,248.576 23,050 1201,747) 11.3331 24,256,576 75,05Q 1201.7471 11.3331 52,0 Current liabilities Creditors over l yèar Total net assets 24,068.546 24,128,546 Page 15
The Woolf Charltable Trust N•)tes to the FInala1 Statements for the Year Ended 5 AP 2025 Icontlnued) Unre51rlrted fund5 General Total funds at S Aprll 20Z4 fund5 Fixed asset Investments 24,635.532 31,978 1253,3941 19,333 24.643.532 83,978 1253.3941 9,333 Current assets 52,(N)O Current liabilities Creditors over l year Total net assets 24,404,783 60.CIJO 24.464,783 Page 16