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 dir￿tOrS
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, 0ffjanisat￿nal 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 re￿iVed 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 cOn￿M.

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 p￿VIouS 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 prO￿Sses.
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 ne￿SSary
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 resourc￿S 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 resour￿8 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 AC￿pted 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, ex￿pt 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 perfO￿ed, 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 COn￿M 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 prO￿dureS 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 pr￿edureS 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 cOn￿alment 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
Un￿strICted 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 ur￿ertaInty 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 a￿1vitieS 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 D1￿ctOrS 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￿$, induding rent and interesl, are recognised when receivable.
Donations and legacies are accounted for on a r￿1Vable basis. Grants payable are recognised in full at the
point at which a legal or wnstructive obligation arises in line with the Charities SORP.
All expenditure is accounted for on an a￿ru81$ 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 thete￿an￿, 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 servI￿s. 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[Mpai￿ellt 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 S￿la1 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 re￿iVed 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-