DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 Company Number 00972762 Charity Registration Number 269181 Benesco Charity Limited Financial statements 5 April 2024
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Company information Directors The Hon Andrew Woltson Jonathan Ragol-Levy Lord David Wolfson of Tredegar KC Mikael Breuer-weil Auditor BDO LLP Two Snow Hill Birrningham B4 6GA Banker5 Bank of Scouand 33 Old Broad Street London branch POBOX 1000 BX21LB Solieitors Taylor Wessing LLP Hill House 1 Little New Street London EC4A 3TR Investment property managers Metrus Limited 8-10 Hallam Street London W1W6NS Registered office 55 Baker Street London W1U7EU Charity registration number 269181 Company number 00972762
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Directors, report The directors present their report and the financial statements for Benesco Charity Limited l Benesco'l for the year ended 5 April 2024. Reference and administrative details of the charity, its directors and advisors Benesco Charity Lirnited is a charitable company limited by guarantee. The charity nurnber, Cotnpany number, present diredors and advisors are given on p8ge 1. Dire¢lors & Irusl8es All th& trLJSte85 of the charity are also directors of the ¢h8ritable cornpany, and there 8rg no other directors. The dirtOrS who held office throughout the year were as follows. Th8 Hon Andr8w Wolfson Jonathan Ragol-Levy Lord David Wolfson ofTredegar KC Mikael 8ieuer-Weil A director received remuneration for consultancy services provided to the charitable company, as ouuined in Note 17. Structura, govarnanea and manag•mènt Goveming document Benesco Charity Limited is a registered charity and a company limited by guarantee incorporated on 18 February 1970. Every member of the charitable company undertakes to contribute to its assets in the event ol winding up such amount, as may be required, not exceeding one pound. Appointmenl of clirectors, 0ffjanisatnal stmcture and relatecl parties Benesco passes a subslants'al proportion of its income to The Charles Wolfson Charitable Trust I CWCT.), for distribution. CWCT is a grant-making charity. which derives the bulk ol its income from grants reiVed from Benesco. The majority ofthe members ol Benesco are also the majority ol the trustees of CWCT who therefore have the power lo appoint and remove directors. The charitable company considers CWCT to be the ultimate holding organisation. New directors upon appointment are provided with information about the practical mechanics as to how the charitable company transacts its business and advised who the key personnel are at our professional advisers. The quarterly board meetings are attended by the professionals so any updates to lawlregulationlindustry practice are discussed in this forum. The charitable company is administered by 8 8rd of directors appointed by the members for their partsoular skills and experience which may benefit the ¢h8rit8ble Company in its operation. The board, the member5 of which serve on 8 voluntary basis. meets qu8rterfy and receives regular reports on its propertiesand finances from its property m8n8gers and other advisors. Risk manag8m8nt stat8m8nt The directors have examined the tmajor strategic, business and operational risks which the charitable company face5 and confimi th8tsyst8ms hav8 b8en 8stablished to enabl8 th8S8 risks to be managed to an 8cc8pt8ble l&vel. The directors consider that th8 rnajor risks to th8 charitable company ar8.. 8 r8duction in rental incotne reducing the ability to rnak8 donations., 8 5igntficant fall in property value5,' and insufficient liquidity as assets are retained in property a55ets. These risks have been addressed by the appointment of professional pioperty managers and the wular and dose management of cash resour$, together with input from extemal lawyers and independent consultant surveyor. The directors consider there are no material uncertaints.es that would east doubt on the charitable company eontinuing as a going cOnM.
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Directors, report (continu8d) Objectives and activities The objects of the charitsble company (Yhe Objects'l are to furtherany purpose orpurposes recognised by the law of England as charitable. In furtheran ol the Objects, the charitable o)mpany may apply the capital and incorne of the charitable cornpany.. for th8 charitabl& purpos8s of such one or more of the bodies, associations 8rKI organisations being ¢h8rit8bl8, which the charitable company shall seled.. and for such other charitsble purpo*s as the charitable company sh811 seled and in particularlo m8k8 grants to The Charfes Wolfson Charitsble TrLJSt to gn8ble it to carry out ts charitable objeds. Although the directors have power to apply both capital and income to Charitable purposes, the medium and long tsrm poliry has b&8n to preserve th& capital and to eXP8nd the incom&, after giving consideration to th8 eff&cts of inflation. The direetors have ehosen to focus on property investment because, after allowing for annual mnning eosts and renewals and refurbishment, the rental income over the years tends to keep pace with inflab"on, so long a5 the portFolio is well spread in appropriate pioperties. Income from property does not indude monies 5pellt and recouped by way of ieimbur5eThentfrotn lessees, Such a5 setvits chaiges, insuranTr premiums and the usual outgoings iecovered. The parent charityof Benesc(>Charity Limited is The Charfeswoffson CharitableTrust Icharitynumber.. 2380431. The Charfes Woffs()n Charitable Trust is a grant-making charity. The majority ol the trustees of the Charfes Wolfson Charitable Trust must be members of Benesco Charity Limited, and the majority of the members of Benesco Charity Limited will consist of trustees ol the Charles Wolfson Charitable Trust who have the power to appoint and remove directors. Benesco Charity Limited is therefore controlled by The Chatles Wollson Charitable Trust. The consolidated accounts ol Benesco Charity Limited and The Chartes Wowson Charitable Trust can be obtained from the Charity Commission. Grant making policy During the year. the charitable company continued to carry out its charitable activities through ils policy of investment in property. Its charitable activities are the making of direct grants lo CWCT, as well as other specific charities as approved by directors from time to time. The majority of the grants made are to CWCT, its holding organisation. The norrnal policy of the directors of Benesco and the Irustees of CWCT is not to make grants to individuals and to make grants in the UK only lo 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 terrn projects, and with particular. but not exclusive, regard io the needs of the Jewish community. This statement of objectives is not intended as a formal lirnitation of the way that the directors may exercise their discretion from time to tirne. Medicine Education Welfare Public benefit We have taken note ofthe Charity Commission's guidance on public benefiL Achievements and perforniance lrtveslmertt policy andproperty tsport The charitable cotnpany's investrnent policy is PriTnarily to focus on property providirTrg a good rental income to enable it to support its charitable objectives, combined with long temi secunty to ensure the longevity ofthe charitable company. This policy in recent years has induded ensuring that the properties meet the requirements of the Minimum Energy Efficiency Standards IMEESI. With this in mind, supported by the servi$ ol professional property managers, the charitable company invests to build what it considers lo be a high-quality portfolio with the vast majority in commeraal and non-residential property let to business tenants. The directors consider this policy to have been successful over pVIouS years given both the income generation and the realised and unrealised gains in property values. At the balance sheet date, the charitable cornpany's propetty portfolio consisted 017 commercial holdings, all of which were freehold.
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Directors, report (continuad) Achiev8m•nts and rf0MlanCtr leontinuèdl 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 wa5 £112,207,03012023.. £109,979,631) against a current value of £136,900,000 12023". 2149,750,0001. The valuations were conducted by the charitable company's property managets on a market value basis. The rent roll at 5 April 2024 was £6,643,19112023." 26,464,323). Grènts mède During the year the charitable company made a grant to CWCT of £5,000,00012023'. £15,200,000) and £101,84812023'. £71,34611o other charities. See also the objectives and activities paragraphs for the charitable company's grant policy. The Directors have been reviewing their investment policy to endeavour to obtain the best return on investments in the group as a whole. This has led to the decision to reduce the reliance on investment property. These funds have been invested by CWCT and can be seen lo have increased the value of the portfolio held in recent years. Grants are recognised as a commitment when approved by the Board of Directors in accordance with the Charity SORP. The charitable company also makes programme relaled investments which at 5 April 2024 totalled £58 12023.. £581. Programme related investments are loans and equity investrnents made by the charitable company which directly further the charitable company's charitable objects which, at the sarne 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 in¢lLJding the NHS and NHS Trusts which is in accordan with the oharitable objectives. One of the programme related investrnents was disposed of in the year to 5 April 2018. As part of the settlement on that disposal in the year ended 5 April 2018. Benesco received deferred shares but no value has been attributed io the deferred shares received. The charitable company also rnakes rnixed motive inveslJnents which at 5 April 2024 tolalled £3.999,99612023.' £nill. Mixed motive investments are assets which provid& fvnding to an organisation in order to generate a financial return for the Charity as w811 as furthering the charity's objects and charitable purpos&s. Th8S8 ar8 rn88sur8d at cost less impairment. An investment of £3,999,996 was made in Tokarnak Energy Limited a British cornpany which is striving to deliver clean, Secure, affordable, nuclear fusion energy in 20305. The reason bghind this is that this proposed form of engrgy generstion does not generate greenhouse gases or create any radioactiv& waste. In addition to providing 818ctricity, it can also provide heat for key Industrial prOSses. Financial review Incoming resourtss lor the charitable company for the year totalled £7,085,57912023". £7,387,645). Charitsble expenditure totalled £5,394,42412023." £15,520,221) and costs of raising funds totalled £2,486,12112023.' £2,020,847). After a net loss on revaluation and profit on sale of investment properties of £15,077,39912023". £23,901,231) and £nil12023'. profit of £nill respectively, the net movement in funds for the year results in a deficit tsf £15,872,36512023." £34,054,654). Fund balances at the year-end are £137,756,22312023'. £153,628,5881'. £136,900,00012023'. £149,750,000) ol which was represented by investment prc)perties," £5812023." £581 programme related investments," £3,999,996 12023.. £nill mixed motive investments,. and net current liabilities of £3,143,83112023'. net current assets £3,878,530). Reserves pollcy The total reserves of the Charity have reduced from £153,628,588 at 5 April 2023 to £137,756,223 at 5 April 2024. This is due to the net expenditure for the year being compounded by unrealised losses in investment properties of £15,077,399. At the end of the year the balances ol the funds were.. 2024 2023 Unrestricted General funds Unrestricted Designated funds Total res8rv8S 13,143.8311 140.900.054 137,756,223 3.878.530 149,750.058 153,628,588 In order to provide income to enable the charitable company to fulfil its charitable objectives and make grants, it is neSSary to maintain and fund assets to generate this ineome.
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Directors, report (continu8d) Reserves policy Icontinuedl The directors 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 Directors believe there is a future obligation to meet using funds held in the General fund. the Directors Can agree to recognise a Designated fund and transfer assets from the General fund to the Designated fund. The directors have a designated reserve, called the Property and Investment reserve. This represents the assets which are retained to ensure incorne generation and capital growth. Th8 Cornp8ny must balanc8 th8 n8ed to maintain th8 ass8t5 Wlth the ne8d to have suffici8nt financi81 resourcS to carry on its activities in the long term. The Company s re5erve5 policy has the objective to generate income to tneetthe costs of the maintenance and irnprovement to propertie5 as they fall due. Incotne generated and costs incurred are recognised through the General fund, and given thè property costs it 15 expected th8t the balance of the General fund can fluctuate y88r on y8ar. In some y88rs 8 d8fiat can arise as a result of tnarket condition5 and l or improvements to the propertie5. Unrestricted general funds, at 5 April 2024 am()unted to £13,143,831112023.' £3,878,5301.The directors are aware that the ieduction in the unrestricted funds is a consequents of market conditions which resulted in a downward valuation of the property portfolio. 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 lor the Company's charitable objectives. Plans for future perlods 11 is the directors. intention to continue to preserve the capital, invested predominately in property, with an emphasis on commercial rather than residential properties and lo continue to make grants in accordance with its grants 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 conlinued which includes updated cost estirnates and reporting of capital expenditure. This informalion has assisted in providing guidance on the amounts available for charitable donations. The trustees of the Charles Woltson Charitable trust (which is the prin¢ip81 recipient of the grants made by the charitable company) have been kept inforrned so that they can consider the appropriate quantum of grantsldonations to be made. Restrictions on distribution The Memorandum of Association prohibits the distribution of inwme and property of the ¢harit8ble MPanY to the m8mbers. Upon dis501ution or winding up of th& charitable company the 8ss8ts sh811 be given or transferred to some sirnil8r insb"tution or institutions h8ving objects Similar to the charitable company. Tax status The charitsble eompany is entitled to exemption from taxation on income and eapital gains to the extent that its funds are applied for charitable purposes. Small eompaniès notè In preparing this report, the Directors have taken advantage ol the small companies exemption provided by part 15 of the Companies Act 2006. Quallfylng thlrd party Indemnlty provlslons During the year and up to the date of approval of the finanaal statements, the charitable company had in place a third party indemnity provision for the benefit ol all the directors of the charitable company, subject lo the conditions set out in Section 234 of Companies Act 2006.
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Directors, report (continu8d) Statement of directors. responsibilities The Directors are responsiblefor preparing the Directors, Report and the financial statements in actordance with applicable law and regulations. Company law requires the Directors to prepare financial ststements for each financial year in accordance with United Kingdom G8nerally Acc8pted Accounting Pr8Ctic& Iunited Kingdom Accounting Standards and applicAble 18wI. Under mpany law the Directors musl not approve the financial s18tements unless they are satisfied that they give a true and fair view of the stste of affairs of the Charitsble Company and of the incorning resour8 and application of resour$, including the income and gxpenditurg, of the ¢h8rity for that period. In preparing those financial st8teTngnts, the directors are required to.. s8lect suitab18 8ccoLJnting policies and then apply th8Tn consistenuy., observe the methods and principles in the 8ppli¢8ble Gharities SORP., make judgernents and accounting estitnates that are reasonable and prudent., state wh8ther applicable UK Accounting Standards h8v8 b8en followed, subj8Ct to any rnat&ri81 departur85 disclosed and explained in the financial 5tatements,' and prepare the financial statements on the going concern basis unless it is inappropriate t() presume that the Charitable Cotllpany wll continue in business. The Directors are responsible lor keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible lor safeguarding the asseis of the Charitable Company and hence lor taking reasonable steps lor the prevention and detection of fraud and other irregularities. Insofar as the directors are aware". there is no relevant audit information of which the charitable company's auditor is unaware,. and the directors have taken all steps that they ought to have taken to make themselves aware ol any relevant audit information and to establish that the auditor is aware of that information. This report was approved by the board of directors on 16 Oerember 2024 and signed on Iheir behalf. DocuS*Mdby'. 8519A3I135264CF The Hon Andrew Wolfson- Director
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Independent auditor's report to the members and trustees of Benesco Charity Limited Opinion on the financial statements In our opinion, the financial statements.. give a true and fairview of the state ol the Charitable Company's affairs as at 5 April 2024 and of its incoming resources and applicats'on of resources for the year then ended., have been properly prepared in accordan with United Kingdom Generally ACpted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements of Benesco Charity Limited I'the Charitable Company'l for the year ended 5 April 2024 which comprise the statement of financial activities, the balance sheet. the cash flow statement and notes to the financial stat8ments, inclLJding s summary of significant 8ccounting polici85. The financial r8porting framework that has been applied in their preparation is applicable law and UnitBd Kingdom Accounting Standards, including Financial R8POrting standard 102 The Financial Reporting Standard 8pplicable in the UK and Republic of Irg18nd (United Kingdom Generally Acc8Pted Accounting Practi(1. Ba515 for opinion We conducted our audit in accordanc8 Wlth International Standards on Auditing IUKI IISAS IUKII and applic8bl8 law. Our ie5ponsibilities under those 5tandard5 are further described In the Auditor'5 responsibilities for the audit ol the financi81 statemerits section of our report. We believe that the audit evidence we have obtained is sufficjent and appropriate to provide a basis ftsr our opinion. lrtdependence We remain independent of the Charitable Company in accordan 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. Concluslons related to golng concern In auditing the financial statements, we have concluded that the Directors, use of the going concem basis of acctsunting 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 doubton the Charitable Company's ability to continue as a going concem for a period of at least twelve months from when ihe financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going ncern are described in the relevant sections ol this report. Other information The Directors ar8 responsible for the other information. The other information wmprises the information included in the Annual R8POrt other than th8 financial Statements our auditor's report thereon. Our opinion on the fin8ncial st8t8ments does not cover the other information and, expt to the extent otherwise explicitly ststed in our report. we do not express any forrn of assurance conclusion thereon. Our r8sponsibility is to read the other inforrnation and, in doing so, consider whether the other infomiatlon 15 tmaterially inconsistent with the fin8ncial statements or our knowledge obtained in the audit or otherwise appears to be rnaterially rnisstated. If we identify such tnaterial InconslStencie5 or apparent matenal tnisstatern8nt5, W8 are r8quired to d8t8rmine whether th8r8 is 8 rnat8ri81 misstatement in th8 financial statements themselves. If, based on the work we have perfOed, we condude that there is a rnaterial mi5Statement of this other infomation, wè ale required t(> report that faet. We have nothing to report in this regard.
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Independent auditor's report to the members and trustees of Benesco Charity Limited (continued) Other Companies Act 2006 reporting In our opinion, based on the work undertaken in the course of the audit.. the information given in the Directors, Report, which includes the Trusiees, Report prepared for the purposes of Cornpany Law. for the financial year for which the financial statements are prepared is consistent with the financial ststernents.. and the Directors, Report has been prepared in accordan wth applicable legal requirements. In the light of the knowledge and understsnding of the Ch8ritsble Cornpany and its environtnent obtsingd in the wurse of the audit, we have not identified material rnisstaternents in the Directors, report. We hav8 nothing to r8POrt In r8SP8Ct of the following m8tt8rs in r81ation to which th8 Cornp8n18s Act 2006 r8quir8S US to report to you if, in our opinion., adequat8 accounting records hav8 not b88n k8Pt, or retUm5 8dequat8 for our audit hav8 not b88n rec8iV8d fro branches not visited by us., or th8 financial stat8tnents 8r8 not in agreement with the 8ccounting r8cords and returns., or certain disclosuie5 of Directors, remuneration specified by law are not made,. or we have not r8ceived all th8 information and 8xplanations we r8quire for our audit., or the directors were not entitled to prepare the financial statements in accordance with the small eompanies regime and t8ke advantag8 of th8 small cotmpanies. 8xernptions in preparing th8 Director5. report. Raspoftsibilitiès of Diraetors As explained more fully in the Statement ol directors, resptsnsibilities, the Directors 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 Directors determine is necessary to enable the preparats.on of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Charitable Company's ability to continue as a going concern, disdosing, as applicable, matters related to going concern and using the going COnM basis ol accounting unless the Directors either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative bul to do so. Audltor's responslbllltSes for the audlt of the flnanclal statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuranTr about whether the financial statements as a whole are free frorn material misslaternent. 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 IUKI will always detect a materi81 misststement when il exists. Misststernents ¢8n arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the econornic decisions of users taken on the b8sis of these financial statements. Extent to whNch the audit w8s cap8bl8 of d8t8Cting Nrr8gularities, Nncluding fraucl Irregularities, including fraud, are instsnces of non-wmpliance with laws and regLJl8tions. We design prooedur85 in line wth our r85ponsibilities, outlined 8bov8, to det8Ct tmaterial rnisstat8n18nt5 in resp8Ct of irregularities, induding fraud. Th8 ext8nt to which our procedure5 are capable of detecting iriegularities, including fraud is detailed below..
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Independent auditor's report to the members and trustees of Benesco Charity Limited (continued) Non-Gompli8nce wth laws and regulations Based on.. Our understanding of the Charitable Cornpany and the sector in which it operates., Discussion with management and those charged with governan., Obtaining and understanding of the Charitsble Company s policies and procedures regarding compliance with laws and regulations. we considered the significant laws and regulations to be Financial Reporting Standard applicable in the UK and Republic c)f Ireland IFRS1021, the Charities SORP IFRS 1021, Charities Act 2011 and Companies Act 2006. Th8 Charitable Company is also subj8ct to laws and r8gulations where the consequence of non-compliaNc8 could have 8 tnateri81 effect on the amount or disc105ures in the financial statements, for example through the imposition of fines or litigations. We idenb.fied such laws and regulations to be Health and Safety Act 1974, Data Protectson Act 2018, Employment Rights Act 1996, and the Bribery Act 2010. Our protsdures in respect of the above included.. Review of minutes of meeting of those charged with governance f(>r any instances of non-compliance with laws and regulations., Review of correspondence with regulatory and tax author(ties foi any instances of non-compliance with law5 and regulations., Review of financial statement disclosures and agreeing to supporting documentation," 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 ol the Charitable Company's policies and proeedures relating to". Detecting and respc)nding to the risks of fraud", and Intemal controls established lo mitigate risks related to fraud. Review of minutes of meeting ol those charged with governance for any known or suspected instan$ 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 and management bias in accounting estimates. Our prOdureS in respect of the ab)ve included.. Testing a sample of journal entries throughout the year, which mel a defined risk criteria, by agreeing to supporting documentation., A review ol estimates and judgements applied by Management in the financial statements to assess tt)eir appropriateness and the existence ol systematic bias., and Testing the existence and accuracy of income recognised in the year. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit predureS were designed to respond to risks of material misstatement in the financial statements. recognising that the risk of not detecting a rnaterial misstatement due lo fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate cOnalment by. for example, forgery. rnisrepresentations or through collusion. There are inherent limitstions in the audit procedures performed and the further removed non-complian with laws and regulations is from the events and transactions reflected in the finan¢i81 statements, th& less likely we are to becorme 8w8rg of it.
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Independent auditor's report to the members and trustees of Benesco Charity Limited (continued) A further description of our responsibilities for the audit of the financial statements is ILKated at the Financial Reporting Council's I'FRC'S'I website at.. htt s.'Ilww.fr¢.or .ukl8uditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the Charitable Company's members. as a body. in accordance with Chapter 3 of Part 16 of the Gompanies Act 2006. Our audit work has been undertaken so that we might State to the Ch8rit8ble Gompany s members those rn8tters we are required to state to th8m in an aLJditor's report and for no other purpose. To th8 fullest extent permitted by law, we do not accept or a55ume responsibility to anyone other than the Ch8ritab18 Cotnpany and th8 Charitable Company's members as 8 body, for our audit work, for Ihis report, or for the opinions we have formed. C464. atManlh8lihord Isenior Statutory Auditor) For and on behalf of BDO LLP, statutory auditoi Birmingham, UK Date.. 18 December 2024 BDO LLP is a limited liability partnership registered in England and Wales Iwith registered number OC3051271. .10-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Statement of financial activities (incorporating the income and expenditure account) Year ended 5 April 2024 Unrestricted funds General Designated funds funds 2024 Total 2023 Total Notes Income Investment inoome Rent81 income Bank interest Dilapidations Investment interest 6,935,451 2,459 139,013 8,656 6,935A51 2,459 139.013 8,656 7,158.fj92 3,354 201,750 Other Incorne 23,849 Total income 7,085,579 7.085.579 7,387,645 Exp•ndltu Costs of ralslng funds 2,486,121 2,486,121 2,020,847 Charltable actlvltles 5,394,424 5,394,424 15,520,221 Total expenditure 7,880,545 7,880,545 17,541,068 Net lexpenditurel before gains on Investment properties 1794,9661 1794,9661 110,153,423) Net gains and losses on investment properties Realised gain on revaluation Investment properties Unrealised loss on revaluation Investrnent properties 115,077,399) 115,077,399) 123,901,231) Net expenditure 1794,9661 115,077,399) {15.872,3651 134,054,654) Transfers between funds 16,227,395) 6,227,395 Net movement in funds 17,022,361) 18,850,0041 115.872,3651 134,054,654) Rèeoneiliation of funds= Fund balances brought forward 3,878,530 149,750,058 153.628,588 187,683,242 Fund balancès carrl•d forward 13,143,831) 140,900,054 137,756,223 153,628,588 The statement of finanaal activities indudes all gains and losses recognised in the year. All income and expenditure as stated above arises from continuing actimties. The notes on pages 15 to 23 fomi part of these flnanclal statements .11-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Statement of financial activities (incorporating the income and expenditure account) Year ended 5 April 2023- comparative figures Unrestricted funds General Designated funds funds 2023 Total Notes Income Investment inoome Rent81 income Bank interest Dilapidations 7,158,692 3,354 201,750 7,158,692 3,354 201.750 oth8r Incorne 23,849 23,849 Totsl income 7,387,645 7.387.645 Exp•nditur• Costs of raising funds 2,020,847 2.020.847 Charltable actlvltles 15,520,221 15,520,221 Total expenditure 17,541,068 17,541,068 Net lexpenditurel before gains on Investment properties 110,153,4231 {10,153,4231 Net gains and losses on investment properties Realised gain on revaluation Investment properties Unrealised loss on revaluation Investrnent properties 123,901,231) 123,901,231) Net expenditure 110.153,4231 123,901,231) 134,054,654) Transfers between funds 14,101,231) 4.101,231 Net movement in funds 114,254,6541 119,800,000) 134.054,6541 Rèeoneiliation of funds= Fund balances brought forward 18,133,184 169,550,058 187.683,242 Fund balancès carrl•d forward 3,878,530 149,750,058 153,628,588 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure as slated above arises from continuing actimties. The notes on pages 15 to 23 fomi part of these flnanclal statements .12-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Balance sheet As at 5 April 2024 Notes 2024 2023 Fixed assets Tangible 8ssets Investment property Investments 136,900,000 4,000.054 149,750,000 58 140.900.054 149,750,058 Current asset$ Debtors Cash at bank, including deposits 10 1.761.945 55B.263 2,521,602 3,338,679 2.320.208 15.464.039) 5,860,281 11,981,751) Creditors.. amounts falling duè within one year 11 Nat currant Illabllltlasyass8ts 13,143,831) 3,878,530 Total assats lèss currant Ilabllltlas 137,756.223 153,628,588 Net assets 137,756,223 153,628,588 UnstrICted funds Designated funds.. Revaluation reserve Realised surplus on disposal 24,692,970 116,207,084 39,770,369 109,979,689 12 13 140,900,054 13,143,8311 149,750,058 3,878,530 General funds 137,756,223 153,628,588 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies reoime. These financial statements have been approved and authorised for issue by the board of dlrectors on.. 16 Oecember 2024. and signed on thelr beh81f. Do¢u84Jn•d by.. 19A34135264CF Th• Hon Andrew Wolfson- Diraetor Company Registration Numb8r- 00972762 The notes on pages 15 to 23 fomi part of these financial statements .13-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Cash flow statement Year ended 5 April 2024 Note 2024 2023 Cash flows from operating a¢tivities= Net cash (used inl operating activities 15a 1564,1361 19,738,000) Cash flows from investing activities.. Interest receivable Purchas8 of inv8Stm8nt prop8ty, plant and eqLJiPrngnt Purchase of investments 11.115 12.227,3991 13.999,9961 3,354 14,101,231) Nat cash lus•d inl inv•sting aetiviti•s 16.216,2801 14,097,877) Cash flows from financing activit18S'. Cash inflows from new borrowng from parent entity 4,000,000 Nat cash providèd by financing aetivitiés 4.000.000 Change in cash and cash equivalents in the reporting period 12,780,418) 113,835,877) Cash and cash equivalents at the beginning of the period 3,338,679 17,174,556 Cash and cash equlvalents at the end of the reportlng perSod $58,263 3,338,679 The notes on pages 15 to 23 form part of these financial statements .1
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements Year ended 5 April 2024 Accounting policies The principal accounting tK)licies adopted. judgements and key Sou$ of estimation urertaInty in the preparation of the financial statements are as follows.. Basis of preparation Benesco Charity Limited is 8 registered charity and a private company registered in England and Wales, lirnited by guar8nte8 and incorporat8d in the UK on 18 F8bru8ry 1970 (Cornpany nuTnb8r.' 00972762, Charity numb8r'. 2691811. The registered office addres5 155 Baker Street, London, United Kingdotn, W1 U 7EUI. Information regarding the charitsble company s objectives 8nd a1vitieS are included wthin the Directors, report. The financial statements hav8 b88n prepared in accordanc8 Wth Accounting and R8POrting by Charities.. Statetnent of Recommended Practice applicable to charities preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The charity meets the definition of a public entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. The functional currency is Pound Sterling (£1 and the figures have been rounded to the nearest £1. Preparatlon of the accounts on a golng concern basls The charity's approach. lo rent collection is aligned with that set out in the Govemment's code of practi originally issued in June 2022. The Majority of the tenants have resurned quarterly payments. with a very lew paying monthly. Cash flow remains sufficient to meeting our liabilities and the professional property managers continue to dosely monitor the portfolio and report to the Directors on a regular basis. The charity will continue to make grants in accordance with its grant making policy, which will be in line with incorne generated. The directors have a reasonable expectation that the charity has sufficient resources to continue its activities lor the foreseeable future and 8ccordingly. they continue to adopt the going concern basis in the preparation of the financial statements. The D1ctOrS have engaged with the property managers, extemal lawyers and an independent surveyor to pr&pare for8C8Sts. Thes8 indicste that the charity has sufficient cash liquidity to meet its obligations as they fall due for a period of at least 12 rnonths frotn 8pproval of the fin8ncial Statements. After rnaking appropriat8 enquiries, th8 Dir8Ctors have 8 r88sonable 8XP8Ct8tion that th8 charity ha5 8d8quate resources to continue in operational existence for the foreseeable future, which is a period of at least 12 months from signing these accounts. Estimates and judgernents The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It als() requires management to exercise judgement in applwng the charitable company's accountirig poliaes. Estirnates and judgements are continually evaluated by the Director5 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 late to the market value of the investment properties, for which the charitable company relies on the experien ol property management experts. .15-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2024 Incoming resources and sourceS expended Incoming resour$, induding rent and interesl, are recognised when receivable. Donations and legacies are accounted for on a r1Vable basis. Grants payable are recognised in full at the point at which a legal or wnstructive obligation arises in line with the Charities SORP. All expenditure is accounted for on an aru81$ 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 Directors on 8 r88sonable, justifiable and consistent basis. Servic8 charge As agents of the ch8rit8bl8 company, M8trus Lirnit8d, the companys inv8Stm8nt property rnanag8rs, manage th8 service charge account on behalf of the tenants of the charitable cotnpany's investment properties. Costs are reirnbursed by thetean, these are not included in the incotne and expenditure accountof thecharitable company as they are incurred solely on behalf olthe tenants and consequenlly are dealt with in the service charge accounts of Metius Lirnited with regard to each property. Sinking fund5 held for maintena[e are held by Metrus Litnited on behalf of the charitable company. Provlslon of servlces The directors receive no remuneration fortheir servIs. Furthermore, no value has been attributed to the provision of setvices by the directors (note 171. Deslgnated funds Designated funds are as follows.. Propeity and Investment capltal fund An amount equal to the carrying value of the investment properties and investments is held in the property and investment capital fund in order to allow for the ongoing generation of income to enable the charitable company to continue to make their donations and lulfil their charitable objectives. Tangible fixed assets and depreciation Investment properties Investment properties are re-valued annually and included in the balance sheet at their market value. The surplus or deficit over book value is transferred lo the unrealised revaluation fund which forms part of the designated funds. Purchases and $8le$ of investment properties, and any deposits paid or received in respect th8r8to, are recognised in th8 financial statement5 on (x)mp18tion. (IFfice equipment Depreciation is provid8d on offic8 equipm8nt so 85 to write off its cost 185S 85tim8ted residual value ov8r its expected useful life of 5 years on a straight line basis. Depreciation policy Depreciatlon is charged at the following rates.. Office equipment 20°/ts on a straight line basis Fixèd assat invastm•nts Programme related Investments Programme related investments are loans and equity investments made by the charitable company which directly further the charitable company's tsbjects which, at the same time, potentially wll make a return. These are shown at cost less any impairment in value. Details ol these investments a included in note 9. .16-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2024 Fixed asset investments Icontinuedl Mixed motive investments The charity reoognises as rnixed rnotive investrnents those assets which provide funding to an org8nisation in order to generate a financial retum for the Charity as well as furthering the charity's objects and Charitable purposes. Details of these investrnents are included in note 9. Wher8 th& investn18nt takes the fomi of ordinary, or prefer8ll[ shar85 it Is measur8d on the balance sheet at th8 reporting date either.. At its fair value, rf this can be m8aSLJred reliably,. or If it5 fair valu8 cannot b8 m8a5ured reliably, at its C05t185s impairment. Where the investment is measured at cost less impaiment, the Directors assess the investment for objective evidence of i[Mpaiellt at the end of each reporting peiiod. 1.10 Financial instrumènts The charitable company only enters into basic financial instrument transactions that result in the recognition ol financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed al the end ()f each rewrting period f()r objective evidence of impaiment. 11 objective evidence of impaiment is found, an impairment loss is recognised in the Statement ol financial activities. For financial assets measured at amortised cost, the impaimient loss is measured as the difference between an assets canying amount and the present value ol estimated cash flows discounted al the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impaimient loss is the current effective interest rate detemined under the contract. Forfinancial assets measured at cost less impairment, the impairment loss is measured as the difference betsveen an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the charitable company would receive for the asset if il 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 seiue on a net basis or to realise the asset and settle the liability simultsneously. Investment income 2024 2023 Rents r8cgivable Bank interest Di18pid8tions Inv8Stment int8r8St 6,935.451 2.459 139.013 8.656 7,158,692 3,354 201,750 Total invèstment ineomè 7.085.579 7,363,796 Costs of raising funds 2024 2023 Propèrty èxpènsès Repair5, rates and other non- rechargeable property expenses Recovery of expenses previously expensed 1,995.198 1168,5911 1,419,604 129,3501 1,826.607 1,390,254 Property management expenses Agents, management fees not recoverable Agents, rent review and letting fees Legal expenses 284,950 327,138 47,426 362,045 167,612 1CQ,936 659,514 630,593 Total propeity expenses 2,486,121 2.020.847 .17-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2024 Charitable activities 2024 2023 Grants payable (see note 51 Indemnity Insurance Consultsncy and professional fe8S Gen8ral office expenditure Sundry exp8ns8S Governall costs (see note 61 5,101,848 36,132 118,900 62,190 703 74.651 15,271.346 36,149 69.693 71,643 390 71,000 5,394.424 15,520,221 There were no directors reitnbursed for expenses during the year12023.. £Nill. During the year no directors remunerati(>n was paid12023.. £Nill. Grants payablè 2024 2023 The Chatles Wolfson Charitable Trust In relation to education In relation to mediane In relation to welfare 5,000,000 2S,000 15,200,000 25,500 5,000 40,846 76.848 5,101,848 15,271,346 An analysis of grants paid in the year is as follows.. 2024 2023 Education Grants made of less than £5,000 Grants made of between £5,000 and £9.999 Grants made of between £10.000 and £49,999 3.000 12,500 10,000 5.000 20,000 Medicine Grants made of less than £5,000 Grants mad8 of b8twe8n £5,000 and £9,999 5,000 Welfare Grants made of less than £5,000 Grants mad8 of between £5,000 and £9,999 Grants made of between £10,000 and £49,999 4.348 10.000 62.500 10,000 30,846 101.848 71,346 Gov•manca costs 2024 2023 Audit fees Accountancy fees 64,500 10,151 71,000 74,651 71,000 .18-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2024 Tangible fixed assets Office equipment Total Cost At 5 April 2023 Dispos81 6,693 12,2201 6,693 12,2201 At 5 April 2024 4,473 4.473 Depreciation At 5 April 2023 Depreciation on disposal 6,693 12,2201 6.693 12.2201 At 5 April 2024 4,473 4.473 Net book valu8 At 5 April 2024 At 5 April 2023 Investment Property Investhient propertles Freehold Total Valuation At 5 April 2023 Addition Net loss on rev81uation 149,750,000 2.227,399 115,077,399) 149,750,000 2,227,399 115.077,3991 At 5 April 2024 136,900,000 136,900.000 Net book value At 5 April 2024 136,900,000 136,900,000 At 5 April 2023 149.750,000 149.750,000 The investment propertie5 have been valued at 5 April 2024 by an independent professionally qualified RICS valuer. The valuations were undertaken in accordanee with RICS Valuation Global Standards (effective 31 January 20201. If ststed under historical eost principles, the comparable amounts for the investment pi(>perties would be.. 2024 2023 Cost 112,207,030 109,979,631 .19-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2024 Fixed asset investments Fixed asset investments comprise: 2024 2023 Social investments 4,000,054 58 Investments held at cost less Smpalrment Programme Related Investments MSxed MotSve Investments Total Investments Cost At 5 April 2023 Additions 58 58 3.999,996 3,999.996 At 5 April 2024 58 3,999,996 4,000,054 Nat book valu• At 5 April 2024 58 3.999,996 4.000,054 At 5 April 2023 58 58 Programme related investments: A5 at 5 April 2024, Bene5co held a 49Q/D 12023.. 49Q/DI stake in Soza Health Litmited, a cornpany which piovides diagnostic and oth8r services to the Health s8Ctor. On 24 August 2016, Lord Wolfson of Sunningdalg, and The Hon Andrew Daniel Wolrson were appointed as non-executwe directors. Lord Wolfson of Sunningdale resigned as 8 director on 27 April 2021. In the year ended 31 March 2024 unaudited financial statements Indicate a loss of £55,644 12023". £153,485), with a deficit on capital and reserves of £437,21812023.. £381,574). Mixed motivè invèstments During the year Benescts purchased 714,285 shares in Tokamak Energy Ltd, a company which aims to harness Nuclear Fusion energy to generate electriaty in a'green" environment. As at 5 April 2024, Benesco held a 10/ts Stake in Tokamak Energy Ltd. The Charity measures the investment at cost less impairment given that reliable data cannot be obtained regarding its lair value. As at 5 April 2024, the directors assessed the investment lor impairment. No indicators of impairment were found. .20-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2024 10. Debtors 2024 2023 Due from managing agents Rent arrears Oth8r debtors and prepayments Atnounts ow8d frorn group und8rtakings 690,756 967,964 177.586 1,238,374 137,678 1,071,189 1,761.945 2,521,602 All amounts shown under debtor5 fall due for payment within one year. Creditors.. amounts falling due within onè year 2024 2023 Other taxes and Sla1 security Accruals and deferred income Other creditors Amounts due to group undertakings 201,158 1,336,393 64,166 3,862,322 179,507 1,378,359 423,885 5,464,039 1,981,751 Deferred income relates to a quarters rent reiVed in advance and amounted to £1,181,555. The prior year balance of £1,239,926 was released in the current year. Amounts due to group undertakings are interest free and repayable on demand. 12. Designated funds Property & investment capitsl fund Realised surplus on disposal Revaluation fulld 2024 Total 2023 Tot81 At 6 April 2023 Mov8rn8nt due to revaluation in year Transf8rs b81w88n funds 109,979,689 39,770.369 149,750,058 169.550.058 115.077,3991 115,077,399) 123,901,231) 6.227,395 4,101,231 6,227,395 At 5 April 2024 116,207,084 24,692,970 140,900.054 149,750,058 The tiansfers belween funds above and in general funds bring the designated funds in line wth the totsl of the investments in property and other investments. 13. G•n•ral funds 2024 2023 At 5 April 2023 Transfers between funds Net (expenditu} 3,878,530 16,227,3951 1794,9661 18,133,184 14,101,231) 110,153,423) At 5 April 2024 13,143,831) 3,878,530 .21-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements (continued) Year ended 5 April 2024 14. Analysis of net assets between funds General funds Designate(I fijnds 2024 Totsl 2024 Fixed assets Current 85S8ts Creditors 140,900,054 140,900,054 2,320.208 15.464.039) 2,320,208 15,464,039) 13,143,831) 140,900,054 137,756.223 General funds D8signatad funds 2023 Total 2023 Fixed assets Cuiient assets Creditors 149,750,058 149,750,058 5,860,281 11,981,751) 5,860,281 11,981,751) 3,878,530 149,750,058 153,628,588 15. Notes to the cash flow statement lal Reconclllatlon of net expendlture to net cash flow from operatlng actlvltles 2024 2023 Net lexpenditurel for the reporting period las per the statement of financial activities) Interest receivable Unrealised losses on investrnent propety Decrease in debtors Decrease in creditors 115,872,365) 134.054,6541 111.1151 13,3541 15,077,399 23,901,231 759.657 1,095.134 1517,7121 1676.3571 Nel cash (used inl operating activities 1564,1361 19.738,0001 Ibl Analysis of changes in net debt At 5 April 2023 At 5 April 2024 Cash flow Cash in hand and at bank 3,338,679 12,780,416) 558.263 lel Analysls of cash and cash aqulvalènts 2024 2023 Cash in hand and at bank 558,263 3,338,679 .22-
DoGusign Envelope ID.. 1465157D-A2E74200-A8BC-A41F2A986787 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements (continued) Year ended 5 April 2024 16. Commith)ents under operating leases Lessor The Charity leases out the investment properties under non-cancellable operating leases for the following fuiure minimum lease payments. 2024 2023 Not later than one year Later thsn one y88r snd not latgr than five years Lat8r than five years 5,159,223 13,326,462 6,069,261 5,240,856 12,151,131 7, 809,633 24 554 946 25 201620 Excluded from the above is £941,27912023.' £783,298) of contingent rents which are based on turnover and profit share ol the tenants. 17. Related party transactions Advantage has been taken of the exemption conferred by FRS 102 not to disclose transactions between group entities. because the financial ststernents of the ultimate parent organisation, within which this charitable company s results are consolidated, are publicly 8v8i18ble frorn its registered office. As sel out in note 9 to these fin8n¢i81 ststements. the charitable cornpany holds an investrnenl in Soza Health Limited, 8 cornpany in which The Hon Andrew Wolfson is non-executive dir8Ctor. As set out in note 9, the charitable Cornpany holds 8n investrnent in Tokamak Energy Ltd, a company in which Lord Sirnon Wolf50n of Aspl8y Guise 15 an appointing shar8hold8r. A director was iemunerated £40,00012023.. £40,000) in iespeet of eonsultaney serviees during the year. 18. Control of company The charitable company considers The Charles Wolfson Charitable Trust, a charity registered in England and Wales (charity registrab.on number 2380431, to be the ultimate holding organisab"on. The smallest and largest group to consolidate these financial statements is The Charles Wolfson Charitable Trust. Consolidated accounts which indude the Charity's accounts can be obtained from the registered address of The Chartes WoWson Charitable Trust, 8-10 Hallam Street, London, W1W 6NS .23-