DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 Company Number 00972762 Charity Registration Number 269181 Benesco Charity Limited Directors, report and financial statements Year ended 5 April 2025
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Company inforniation D1CtOrS The Hon Andrew Woltson Jonathan Ragol-Le Lord David Wolfson of Tredegar KC Mikael Breuer-weil Auditor BDO LLP Two Snow Hill Birrningh8rn B4 6GA 8anker5 Bank of Scouand 33 Old Broad Street London branch POBOX 1000 BX2 1L Solieitors Taylor Wessing LLP Hill House 1 Little New Street London EC4A 3TR Mishcon de Reya LLP Africa House, 70 Kingsway, London WC2B 6AH Investment property managers Metrus Limited 41h Floor Artillery House 11-19 Artillery Row London SW1P 1RT Registered office 55 Baker Street London W1U7EU Charity regl$tration numbgr 269181 Company number 00972762
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Directors, report The Directors present their report and the financial statements for Benesco Charity Limited I'Benesco"I for the year ended 5 April 2025. Reference and administrative details of the charity, its Directors and advisors Benesco Charty Limited is a Charitable Company limited by guarantee, and a registered charity, incorporated on 18 February 1970. The financial sl8lernents have been prepared in acoordanoe with Charities SORP IFRS 1021.. Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting St8nd8rd applicable in the UK and Republi¢ of Ireland IFRS 1021. The charity nurnber, ¢OTnpany number, present Directors and adwsors are given on pagg 1. Directors & trustees All the trustees of the charity ar8 also Dir8ctor5 of the Charitable Company, and there are no other Directors. The Direotors who held office throughout the year were as follows.. The Hon Andrew Wolfson Jonathan Ragol-Levy Lord David Wolfson of Tredegar KC Mikael Breuer-weil A Director received remuneration for consultsncy ServIS provided to the Charitable Company, as outlined in Note 17. Structurs, govarnanca and manag•m&nt Goveming document The Charitable Company's governing document is the Memorandum and Articles ol Association, 18 February 1970. Under the terms of the Memorandum and Artides ol Association, each Director has undertaken lo contribute a maximum of £1 in the event of a winding-up of the Charitable Company. Appointmenl of DI10, organisational stmcture and la1edparties The parent charity ol Benesco Charrty Limited is The Charfes Woltson Charitable Trust (Charity number.. 2380431. Benesco passes a substantial proportion of ils income lo The Charles Wollson Charitable Trust I'CWCT I, for distribution. CWCT is a grant-making charity, which derives the bulk of its income frorn grants received frorll Benesco. The trustees of CWCT are the members of Benesco Charity Limited. They have the powerto appoint remove the Directors of Benesco Ch8rity Limited. 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 Charitsble Gompany transads its business and advised who the key personnel 8re at our professional advisers. The quarterly board meetings are attended by the professionals so any updates to18wlregul8tionlindustry practice are discussed in this forum. Thg Charitable Company is adrministered by a board of Dir8ctors appnted by the rngmbers for th8ir particular skills and experience which may benefit the Charitable Cornpany in its operation. The tard of Director5 meet qL1arteY to le1ve regular r8POrts on its prop8rties and finsncgs from its prop8rty managers and oth8r admsors. Risk mènègement stètement The Directors have examined the major strategie, business and operational risks which the Chaiitable Company faces and Confi that Systems have been established to enable these ri5k5 to be managed to acceptable level. The Directors consider that the major risks to the Chaiitable Company are.. a reduction in rental income reducing the ability to make donations., a significant fall in property values,. and insufficient liquidity as assets are retained in property asseis. These risks have been addressed by the appointmenl of professional property managers and the regular and dose management of cash SoUrCes, together with inpui from extemal lawyers and independent Consultant surveyor. The Directors consider there a no material uncertainties that would cast doubt on the Charitable Company continuing as a going cOnM.
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Directors, report (continuèd) Oblectlves and actlvltles The objects of the Charitable Company I'lhe Objeds l are to further any purpose or purFK)ses wognised by the law of England as charitable. In furtherance of the Objects, the Charitable Company may apply the capital and income of the Charitable Company.. for the charitable purposes of such one or more of the bodies, associations and organisalions being charil8bl8, which the Charitable Company shall select.. and for such other charitable purposes as the Charitable Company shall select8nd in p8rticularlo make grants to The Charfes Wolfson Charitsble Trust to gngble it to carry out ts ¢h8ritable objeds. Although thg Diredors have powerto apply both capital and income to ch8rit8ble purposes, the mediurn and long term policy ha5 been to preserve th& capital and to exp8nd the incom8, after giving consideration to th8 effects of inflation. The Directors have ehosen to foeus on propèrty invèstment because, after allowing for annual running costs and renewals and refurbishment, the rental income over the years tends to keep pace with inflation, so long as the portFolio is well spread in appropriate pioperties. Income from property does not indude mc>nies spent and recouped by way ol reimbursernent Irotn lessees, such as Servi charges, insurance premiums and the usual outgoingg rethvered. Grant making policy During the year, the Charitable Company continued to carry out its charitable aetivities through its policy tsf investment in property. Its charitable activities are the making ol direct grants to CWCT, as well as other specific charities as approved by DItorS from time io time. The majority ofthe grants made are to CWCT, its parent charity. The normal policy ol the Directors of Benesco and the trustees ol 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 term projects, and with particular, but not exclusive, regard io the needs of the Jewish community. This statement ol objectives is not intended as a formal lirnitation ol the way that the Directors may exercise their discretion from time to lime. Public benefit We have taken note of the Charity Commission's guidance on public benefit. Achievements and performance Inveslment policy andpmpety POrt The Charitable Company s inveslrnenl wlicy is primarily to focus on propety promding a golxl rent81 in(x)rne to enable it to support its charitable objectives, cornbined with long tsrm seGurity to ensure the longevity of the Charitable Company. This policy in reoent years has included ensuring that the properties meet the requir¢rnents of the Minimutn Energy Efficienoy standards IMEESI. With thi5 in mind, supported by th8 58rviixs of prof8ssional prop8rty m8nag8rs, th8 Charitab18 Company inv8sts to build what considers to be a high-quality portfolio with the vast rnajority in comtnercial and non-residential property let to business t8nants. Th8 Dir8Ctors consider thi5 pdicy to have b88n Successful ov8r prevU5 y8ars given both the incorne g8neration and the realised and unrealised g8in5 in property values. At the balance sheetdate, the Charitable Company's property portfolits ctsnsisted of 7 commercial holdings, all of which were freehold.
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Directors, report (contlnuèd) Achievements and performan¢e l¢ontinuedl The portfolio has been built up over 40 years, the fitst purchase having been made in February 1977. The changes in fixed asset5 during the year are sutllrnarised in the notes to the financial statements. The orinal cost of the properties at the balanee sheet date was £113,112,08712024.. £112,207,0301 against a Current value of £137,300,000 12024". £136,900,000). The valualions were conducted by the Charitable Company's property managers on a market value basis. The rent roll at S April 2025 was £7,181,01212024.' £6,643,1911. The Charitable Company also makes programme related investments which at 5 April 2025 totalled £58 12024., £581. Programme related investments are loans and equity investments made by the Charitsble Company which directly fijrther the Charitable Company's charitable objects which, at the same time, potentially will make a return. These are shown at cost less any impairment in value. Investments made to date were to assist companies developing products and servi$ that will benefit the health sector including the NHS and NHS Trusts which is in accordance with the charitable objectives. One ol the prograrnme related investments was disposed ol in Ihe year to S April 2018. As part ol the settlement on that disposal in the year ended 5 April 2018, Benesco reTrived deferred shares but no value has been attributed to the deferred shares received. The Charitable Cornpany also makes mixed motive investments which al 5 April 2025 iotalled £3,999,996 12024.. £3.999,9961. Mixed motive investments are assets which provide funding to an organisation in order to generate a financial return for the charity as well as furthering the charity's objeds and charitable purwses. These are measured at cost less impairment. An inveslment of £3,999,996 was rnade in Tokamak Energy Limited, a British company which is striving lo deliver clean. secure. affordable. nuclearfusion energy in 2030s. The reason behind this is that this proposed form ol energy generation does not generate greenhouse gases or create any r8dioadive waste. In addition to providing electricity, it can also provide heat for key industrial prOSses. Gr8nls m8de During the y8ar thg Ch8ritsble Company made a grant tt) CWCT of £2,750,00012024.. £5,000,000> and £130,00012024.. £101,848) to other charities. See also the objective5 and activities paiagiaph5 for the Charitable Company's grant policy. Th8 Directors have b88n r8Vi8wing th8ir inv8StTn8nt policy to ende3vour to obtain the b8St r8turn on inv8Stm8nts in the group as a whole. This has led to the decision to reduce the reliance on investrnent property. These funds have been invested by CWCT and can be seen to have increased the value of the portfolio held in recent years. Grant5 are recognised s a commitment when approved by the Board of Directors in accordance with the Charity SORP. Finaneial rèvièw Incoming resources for the Charitable Company for the yeartotalled £8,301,19912024.' £7,085,579). Charitable expenditure totalled £3,128,49612024.. £5,394,424) and costs of raising funds totalled 11,660,46212024.. £2,486,121). After a net loss on revalualitsn of £505,05712024". £15,077,399), the net movement in funds for the year results in a surplus of £3,007,184 12024.. deficit of £15,872,365). Fund balances at the year-end are £140,763,40712024'. £137,756,2231". £137,300,00012024'. £136,900,000) ol which was represented by investment properties,. £58 12024.. £581 programme related investments., £3,996,996 12024.. £3,999,9961 mixed motive investments,. and net current liabilities of £536,64712024.' net current liabilities £3,143,831). R•s•rvas pollcy The total reserves of the Charrtable Company have increased from £137,756,223 at 5 April 2024 to £140,763,407 at 5 April 2025. Al the end of the year the balances of the funds were.. 2025 2024 Unreslrioted General funds Unreslricled Designated funds Total reserves 1536,6471 141,300.054 140,763,407 13,143,831) 140.900.054 137,756,223 In order lo provide income to enable the Charitable Company tofulfil its charitable objectives and make grants, it is neSsarY to maintain and fund assets to generate this income.
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Directors, report (continuèd) Reserves pollcy Icontlnuedl The Directors can designate unrestricted fund5 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 obligalion 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 Propety and Investment reserve. This represents the assets which are retained lo ensure income generation and capital growth. The Charitable Company rnu5t balance the need to tnaintain the a55et5 With the need to have sufficient financial resources to carry on its activities in the long terrn. The Charitable Cotnpany's reserves policy has the objective to generate income to tmeet the costs of the Maintenan and improvement to properties as they fall due. Income generated and costs incurred are recognised through the General fund, and given the property cost5 It is expected that the balance of the General fund can fluctuat8 y88r on y8ar. In sorn8 y8ars a deficit can arise as a iesult of market conditions and l or impiovernents to the properties. Unrestrieted general funds, at 5 April 2025 amounted tts a deficit of £536,64712024.' deficit of £3,143,831). The Directors have taken steps to monitor the level ol reserves to ieduce the deficit and decreased the grant payable to its parent charity The Chartes W0$0n Charitable Trust. The balance of funds, together with this reserves policy, are taken into account alongside expected contributions to charitable expenditure in annual budgeting to establish the resources available for the Chariiable Company's charitable objectives. Plans for future perlods It is the Directors, intention to continue to preserve the capital, invested predominately in propety, with an emphasis on commercial rather than residential properties and io continue to make grants in accordan 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 continued which includes updated cost estirllates and reporting of capitsl expenditure. This information has assisted in providing guidance on the amounts available for Charitable donations. The trustees of the Charles Woltson Charitsble Trust Iwhioh is the principal recipient of the grants made by the Charitsble Company) have been kept inforrlled so that they can consider the appropriate quantum of grantsldonalions to be made. Restrictions on distribution Th8 Memorsndurn of Association prohibits the distribution of incom8 and prop8rty of the Charitable Cornpany to thg members. Upon dissolub.on or winding up of the Charitable Cotnpany the a55ets shall b8 given or tr8nsfeired to some Similar institution or institutions having objects similar to the Charitable Company. Tax status The Charitable Company is entitled to exemption from taxation tsn income and capital gains to the extent that its funds are applied for charitable putpose5. Small companl&s notè In preparing this report, the Directors have taken advantage ol the small companies exemptitsn provided by part 15 of the Companies Act 2006. Quallfylng thlrd party Indemnlty provlslons During the year and up to the dale ol approval of the financial statements, the Charitable Company had in place a third party indemnity provision lor the benefit of all the Directors of the Charitable Company, subject to the conditions set out in Section 234 of Cornpanies Act 2006.
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Directors, report (continuèd) Statement of Dlrectors. responsSbllltles The Directors are responsiblefor preparing the Directors, Report and the financial statements in aOrdanCe with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable 13wI. Under Company law the Directors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Charitable Company and of the incorning resour3 and application of resour5, including the income and expenditure, of the charity for that period. In preparing those financial statements. the Director$ are required to.. S81ect suitab18 accoLJnting policies and th8n 8pply th8Tn consist8ntly', observe the methods and principles in the 8ppli¢ablg Charities SORP., make judgernents and actx)unting estitnates that are reasonable and ptudent,. statg whether applicable UK Accounting Standards have been followed, subject to any rnaterial departure5 disclosed and explained in the financial 5tatements,' and prepare the financial statements on the going concern basis unless it is inappropriate tts 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 iransactions 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 Aet 2006. They are also responsible lor safeguarding the asseis of the Charitable Company and hence lor taking reasonable steps lor the prevention and delection of fraud and other irregularibes. 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 sieps that ihey ought to have taken to make themselves aware of any relevanl audit infomation and to establish that the auditor is aware ol that information. 1811212025 This report was approved by the board of Directors on.......................... and signed on their behalf. Docu8*Mdty'. $519A34135264CF . The Hon Andrew Wolfson- Director
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 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 2025 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 wth the requirements ofthe Companies Act 2006. We have audited the financial statements of Benesco Charity Limited I'lhe Charitable Corrpany'l for the year ended 5 April 2025 which comprise the ststement of financial activities, the balance sheet, the cash flow statement and notes to the financial stat8ments, inclLJding 8 summary of significant accounting polici85. The financial reporting framework that ha5 been applied in their preparation is 8ppIic8ble law and UnitBd Kingdom Accounting Standards, including Financial Reporting Stsndard 102 The Financi81 Reporting Stsndard 8pplic8ble in the UK and Republic of Ireland (United KingdoTn Generally A¢Gep18d Accounting Praclio81. Basis for opinion We conducted our audit in accoidance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor'g responsibilities for the audit ol the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis foi our opinion. Inclependence We remain independent of the Charitable Company in accordance with the ethical requ1Ments relevant to our audit tsf 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 r&latod to golng concèrn In auditing the financial statements, we have concluded that the Directors, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material unrtaIntieS 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 al least twelve rnonths frorn when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Other informalion The Directors are responsible for the other information. The other information wmprises the information included in the Directors, report oth8r than the financial stat8m8nts and our auditor's r8POrt th8r8on. Ouropinion on th8 financial statements does not cover the other infortnation and, exTrpt to the extent otherwise explicitly ststed in our report, we do not express any fo of assurance conclusion thereon. Our re5pon5ibility is to read the other inforrnation and, in doing so, consider whether the other infomiation is tllaterially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be rnateiially rnisstated. If we identify such rnaterial inconsistencie5 or apparent material misstatements, we are required to detemine whether there is a material misstatement in the financial ststements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomation, we ale required to report that fact. We have nothing to report in this regard.
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 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 Trustees. Report prepared for the purposes of Company Law, ft)r the financial year for which the financial statements are prepared is consistent with the financi81 staternents,. and the Directors, Report has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Charitable Company and its environment obtsined in the course of the audit, we have not identified rn8lerial rnisslaternenls in the Directors. report. We h8ve nothing to report in respect of the following tnattets in relation to which the Cornpanies Act 2006 requires us to report to you if, in our opinion., adequate accounting records have not been kept, or returns adequate foi our audit have not been received frorn branches not visited by us., or the financial statetnents are not in agreement with the accounting records and returns., or certain disclosures of Directtsrs, remuneration specified by law are not made,. or we have not te1Ved all the information and explanations we require for our audit., or th8 Dir8ctois were not entitled to prepar8 the financial stat8m8nts in 8ccord8nc8 with th8 small compani8s r89im8 and take advantage of the small companie5. exemptions in preparing the Director5. report and from the requiretnent to prepare a strategic report. Rèsponsibilitiès of Dir•elors As explained more fully in the Stalement of Directors, responsibilities, the Directors are responsible lor the preparation ol the financial statements and for being satisfied that they give a true and lair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Charitable Company's ability lo continue as a going cOnrn, disdosing, as applicable, matters related to going concern and using the going concern basis ol accounting unless the Directors either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstaternent, 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 guaranteg that an audit conducted in 8ccord8nce with ISAS IUKI will alway5 detect a material mi5Statement wh8n it 8XiSts. Misstatement5 can arise from fraud 01 error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these finan¢i81 statements. Exlent to whNch the èutlit w&s cèpable of detecting Nrregulèrities, nclUding frèucl Irregularities, including fraud, are instances of non-mmpliance with laws and regulations. We design procedures in line wth our responsibil"e$, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable tsf detecting irregularities, including fraud is detailed below..
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Independent auditor's report to the members and trustees of Benesco Charity Limited (continued) Non-compliance with 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 an understanding of the Charitable Company's policies and procedures regarding compliance with laws and regulations., we conSided the significant laws and regulations to be Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Charities SORP IFRS 1021, Charities Act 2011 and Companies Act 2006. The Charitable Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be Health and Safety Act 1974, Data Protection Act 2018, Employment Rights Act 1996, and the Bribery Act 2010. Our proTrdures in respect of the ab)ve included.. Review of minutes ol meeting of those charged wilh governance for any instances of non<0mplian with laws and regulations., Review ol correspondence with regulatory and tax authorities for any InStanS of non-complian with laws and regulations., Review of financial statement disclosures and agreeing io 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 misslaternent, including fraud. Our risk assessment procedures included.. Enquiry with management and those charged with govemance regarding any known or suspected in$tsnS of fraud., Obtaining an understanding of the Charitable Company's policies and procedures relating to.. Detecting and responding to the risks of fraud., and Intemal controls established to mitigate risks related to fraud. Review of minutes of rneeting of those Charged with governance for any known or suspected instances of fraud., Discussion amongst the engagement tearn as lo how and where fraud might occur in the financial stslements.. and Perforrning analytical procedu$ to identify any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud. Based on our risk assessment. we considered the areas most SUSptib1e to traud to be posting of inappropriate joumal entries to rnanipulate financial results and rnanagement bias in accounting estimates, In addition, we considered revenue recognition an 8rea to be susceptible to fraud, p8rti¢ul8rly in relation to rental income being recognised in the correct accounting period and the 8ppli¢8tion of agreed and wntracted lease incentives. Our procedures in respect of the 8bove in¢ludgd'. T8Sting 811 joum81 entries throughoLrt the year. which mgt a dgfingd risk criteri8, by agreeing to supporting documentation., A review of estirn8tes and judgements applied by M8n8gernent in the financial statements to assess their appropriateness and th8 existence of syst8matic bias., A revi8w of un8djust8d audit dtFter8nc85 for indications of bias or deliberat8 rnisst8tement,' and Testing th8 application of cut-off and rev8nU8 recognition for a 58mple of r8ntal agreern8nts, r8-P8rforming the d9ferred incorne calculation for rentsl income and re-performing the contracted lease incgntive over the term of the lease. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained al8rt to any indications of fraud or non-cotnplianc8 Wlth laws and r8gulations throughout th8 audit. Our audit predureS were designed to respond to risks of material misstatement in the finanaal statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from erior, as fraud may involve deliberate concealment by, for example, forgery, MIsrepsentatl0ns tsr through collusion. There are inherenl limitations in the audit procedures performed and the further removed non-complian with laws and regulations is from the events and Iransactions rellecied in the financial statements, the less likely we are to become aware of it.
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Independent auditor's report to the members and trustees of Benesco Charity Limited (Contlnued) A further description of our responsibilities for the audit of the financial slalements is located al the Financial Reporting Council's l FRC'S") website at.. htl s'.Ilwww.frc.or -uklauditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the Charitable Cornpany's members, 85 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work h85 be8n undertaken so that W8 might state to the Charitab18 Comp8ny s m8mb8rs those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not aept or 8ssurne responsibility to anyone other than the Charitsblg Company and the Charitable Company s memb8r5 as 8 body, for our 8udit work, for this r8port, or for th8 opinions we hav8 formed. Do¢uSn6y'. T4 DE267022F8EE4A7 James Taylor (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Biirningham, UK Date.. 19 December2025 BDO LLP is a limited liability partnership regisiered in England and Wales Iwith registered number OC3051271. .10-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Statement of financial activities (incorporating the income and expenditure account) Year ended 5 April 2025 Unrestricted funds General Designated funds funds 2025 Total 2024 Total Notes Income from= Investment incorn8 7,601,199 7,601,199 7,085,579 Oth8r inootn8 700,000 700,000 Total incom8 8,301,199 8.301,199 7,085,579 Expenditure on= Costs of raising funds 1,660,462 1.660.462 2,486,121 Charitable activities 3,128,496 3.128.496 5,394,424 Toial expenditure 4,788,958 4,788,958 7,880,545 Not Incomèllaxpondltuml bèfor8 lossès on Investment propertles 3,512,241 3,512,241 1794,9661 Nèt lossos on Investmant propèrtlos Unrealised loss on revaluation Investrnent properties 1505.0571 1505,0571 115.077,3991 Net incomellexpenditurel 3,512,241 1505,0571 3,007,184 115,872,365) Transfers beeen funds 1905,0571 905,057 Net movement in funds 2,607,184 400,000 3,007,184 115,872,365) Ron¢111a11on of fiJnds= Fund balan¢8s brought forward 13,143,8311 140,900,054 137.756,223 153,628,588 Fund balancès earrièd forward 1536,6471 141,300,054 140,763.407 137,756,223 The statement of financial activities indudes all gains and losses recognised in the year. All Ineome and expenditure as stated above arises fr(m eontinuing aetimties. The notes on pages 15 to 23 forni part of these flnanclal statements .11-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Statement of financial activities (incorporating the income and expenditure account) Year ended 5 April 2024- comparative figures Unrestricted funds General Designated funds funds 2024 Totsl Notes Income from: Investrnenl incorne 7.085,579 7,085,579 Totsl inwme 7,085,579 7,085,579 Exp•nditur• on= Costs of raising funds 2,486,121 2.486,121 Charitable activities 5,394,424 5,394,424 Total expenditure 7,880,545 7,880,S45 Net lexpenditurel before losses on Investment properties 1794,9661 1794,9661 Net losses on Investment propertles Unrealised loss on revaluation Investment properties 115,077,399) 115,077,399) Net expend5ture 1794,9661 115,077,399) 115,872,365) Transfers beeen funds 16,227,395) 6,227,395 Net movement in funds 17,022,361) 18,850,004) 115,872,365) Reconciliation of funds= Fund balances brought forward 3,878,530 149,750,058 153,628,588 Fund balances ¢arried forward 13,143,831) 140,900,054 137.756,223 The statement of financial activities indudes all gains and losses recognised in the year. All Ineome and expenditure as stated above arises from eontinuing aetimties. The notes on pages 15 to 23 forni part of these flnanclal ststements .12-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Balance sheet As at 5 April 2025 Notes 2025 2024 Fixefl assets Tangible assets Investment property Investments 137,300,000 4,000,054 136,900,000 4,000,054 141.300.054 140,900,054 Current a$$et$ Debtors Cash at bank, includir¥J deposits 10 2,581.568 2.714.671 1,761,945 558,263 5.296.239 15.832.886) 2,320,208 15,464,039) Crèditors.. amounts falling du• within on• yèar 11 Nat currant Ilabllltl&s 1536.647) 13,143,831) Total assats l•ss currant Ilabllltl8s 140.763.407 137,756,223 Nat assets 140,763,407 137,756,223 UnstrOcted funds Designat funds.. Revaluation reserve Cost 24,187,913 117,112,141 24,692,970 116,207,084 12 13 141,300,054 1536,6471 140,900,054 13,143.8311 General funds 140,763,407 137,756,223 Totsl Funds These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. These financial statements have been approved and authorised for issue by the board of Directors on...ieii.212025.......... 8nd signed on their behalf. DocuS*Mdby'. 8519A3I135264CF Th• Hon Andraw Wolfson- Diraetor Company R•gistration Numbèr- 00972762 The notes on pages 15 to 23 forni part of these flnanclal statements .13-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Cash flow statement Year ended 5 April 2025 Note 2025 2024 Cash flows from operating a¢tivities= Net cash generated fromlluse(l in) operating activities 15a 2.894,205 1564,1361 Cash flows frorn investing adivities.. Interest receivable Purchas8 of inv8strn&nt property, plant and equipment Purchase of investments 83,857 821,6541 11,115 12,227,399) 13,999,996) Nat cash lus•d inl inv•sting activitiès 1737.797) 16,216,280) Cash flows from financing aetivitias.. Cash inflows from new borrowng from parent entity 4,000,000 Nat cash providèd by financing aetivitias 4,000,000 Change in cash and cash equivalents in the repcirting period 2,156.408 12,780,416) Cash and cash equivalents at the beginning of the period 558,263 3,338,679 Cash and cash equlvalents at the end of the reportlng perlod 15c 2,714.671 558,263 The notes on pages 15 to 23 form part of these flnanclal statements .1
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements Year ended 5 April 2025 Accountlng pollcles The principal accounting policies adopted, judgements and key Sou$ of estimation UnrtaInty in the preparation of the financial statements are as follows.. Basis of preparation Benesoo Charity Limited is 8 registered charity and a private cornpany registered in England and Wales, limited by guarantee and incorporated in England and Wales on 18 February 1970 (Company number.. 00972762, Charity numtEr.' 2691811. The registered office address 155 Baker Street, London, United Kingdom, W1U 7EUI. Infortn8tion regarding the Charitsble Cornpany s objedivgs and adivitPS arg included within the Directors. report. Th8 financial statements hav8 b88n pr8par8d in accordanc8 Wth Accounting and Reporting by Charities.. Staternent of Recommended Practice applicable to ehaiities preparing their aecounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 ICharib"es SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Cornpanies Act 2006. The Charitable Company meets the definition of a public entity under FRS 102. Assets and liabilities a initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting ptslicy notelsl. The functional currency is Pound Sterling (£1 and the figures have been rounded to the nearesl £1. Preparatlon of the accounts on a golng concern basls Cash flow remains sufficient to meeting our liabilities and the professional propety managers continue lo dosely monitor the portffolio and report to the Directors on a regular basis. The Charitable Company will continue to make grants in accordance with ils grant making policy, which will be in line with income generated. The Directors have a reasonable expectation that the Charitable Company has sufficient resources to continue its activibes for the foreseeable fulure and accordingly, they continue to adopt the going concern basis in the preparation of the financial statements. The Directors have engaged with the propety managers, external lawyers and an independent surveyor to prepare foreoasts. These indicate that the Charitable Company has sufficient cash liquidity to meet its obligations as they f811 due for a period of al le85112 rnonths frorn approv81 of the financi81 stslemenls. After making appropriate enquiries, the Directors have a reasonable expectstion that the Charitable Company has adequate resources to continue in operation81 existence for the foreseeable future, which is a Pgri(Kl of 81 188St 12 months frorn signing thes8 accounts. Estimates and judgements The preparation of financial staternents in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charitable Company's accounting poliaes. Estirnate5 and judgements are continually evaluated by the Directors based on historical experience and other factor5 including expectations of future events that are believed tc> be reasonable under the circumstances. The most significant estimates and judgements relate to the market value of the investment properties. The fair value of the investment properties of the Charitable Company have been provided to management by an independent valuation expert, Metrus Limited, at the reporting date, as instructed. They have made assumptions in the determination of the fair value of the property in respect of the condition of the property, health of the prc)perty market in the location where the property is situated and in respect ol the range of reasonable lair value estimates of the asset. .15-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2025 Income Income is recognised when the Charitable Company has enbtlemenl to the funds. any performance conditions attsched to the income have been mel, it is probably that the income will be received and the amount can be measured reliably. Rental Income Rental income is recognised on a straight line basis over the term of the lease. Any lease incentives 8re spread OV8r th8 term of th8 18as8. Inv8Stm8nt incom8 Investment income, including int8r8St and divid8nds is rectNJnis8d when th8 Charitable Cornpany is 8ntit18d to receive it. OtherNncome Other income includes any income not falling within the categories above. It is recognised when the Charitable Company is entitled to receive it. Expanditura All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure involving more than one category has been apportioned by the Direclors on a reasonable, justifiable and consistent basis. Grants payable are recognised in full at the point at which a legal or constructive obligation arises in line with the Charities SORP. SeIce charge As agents ol the Charitable Company, Metrus Limited, the company's investsnent property managers. manage the seNice charge account on behalf ol the tenants of the Charitae Company's investment properties. Costs are reimbursed by the tenants, these are not included in the income and expenditure account ol the Charitable Company as they are incurred solely on behalf of the tenants and consequently are dealtwith in the service charge accounts of Metrus Lirnited wth regard to each propety. Sinking funds held for rnaintenance are held by MetNs Limited on behalf ol the Charitable Company. Designated funds Designated funds are as follows.. Property and investment capital fund An amount 8qLJal to th& carrying valu8 of the investrnent properties and inv8Stments is held in the property and inv8Stment capital fLJnd in ord8r to allow for th8 ongoing generation of incom8 to 8nab18 th8 Charitabl8 Company to wntinue to make their donations and fulfil their charitsble objectives. Tangible fixed assets and depreciation Invèstmènt propèrtiès Investment properties are re-valued annually and induded in the balance sheet at their market value. The sutplus or deficit over book value is transferred to the unrealised revaluation fund which forms part of the designated funds. Purchases and sales of investment properties, and any deposits paid or received in respect thereto, are recognised in the financial statements on completion. Office equlpment Depreciation is provided on office equipment so as to write off its cost less estimated residual value over its expecied useful life 015 years on a straight line basis. Depreciatlon pollcy Depreciation is charged at the following rates.. Office equipment 20°/0 on a straight line basis .16-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2025 Flxed asset Investments Programme related investments Prograrnrne related investments are loans and equity investrnents made by the Charitable Company which directly further the Charitable Company s objects which. at the same time. potentially will make a retum. These are shown at cost less any impairrnent in value. Detsils of these investments are included in note 9. Mixed motive investments The Chaiitable Cornpany recogni5es as tnixed tllotive investrnents those assets which provide funding to an orgsnisation in orderto g8n8rat8 8 financial retum for the Charitable Company as well as furthering the tt's oblts and charitable purposes. Details of these investrnents ar8 included in note 9. Where the investment tskes the form of ordinary, or prefereft shares it is measured on the balance sheet at the reporting date either.. At its fair value, rf this can be measured reliably,. or If its fair value cannot be measured reliably, at its cost less impaim)ent. Where the investment is measured at cost less impaiment, the Directors assess the investment for objective evidence of impairmenl at the end of each reporting peri¢yJ. 1.10 Flnanclal Instrumgnts The Charitable Company only enters into basic financial instnjment transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed al the end of each rep)rting period for objective evidence of impairment. 11 objective evidence of impaimienl is found, an irnpairment loss is recognised in the Statemenlof financial activities. For financial assets measured al amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the asset's original effective inlerest rate. If a financial asset has a variable interest rate. the discounl rate lor measuring any irnpaimient 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 belween 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 forthe asset if it were to be sold at the Balance sheet dale. Financi81 assets and liabilities are offset and the nel amount reported in the Balance sheet when there is an enforce8ble right to set off the recognis&d amounts and there is an intention to setlle on 8 net basis or to rg8lise the asset and settle the liability simultsneously. Income 2025 2024 Inveslment Income Rents receiv8bl8 Bank interest Dilapidations Investment interest 7,517.342 75.305 6,935,451 2,459 139,013 8,656 8.552 Total invastm•nt ineom• 7,601,199 7,085,579 Other Income Rtqhls of Light 700.000 Total other Income 700,000 Total Income 8,301,199 7,085,579 .17-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2025 Costs of ralslng funds 2025 2024 Property expenses Repairs, rates and other non- rechargeable property expenses Recovery of expenses previously expensed 1,115,764 1175,3521 1,995,198 1168,5911 940.412 1,82fj,607 Property management expenses Agents. rnanag8m8nt fees not recoverable Agents. rent review 8nd letbng fee5 Legal expenses 355.291 116.895 247.864 284,950 327,138 47,426 720.050 659,514 Total propèrty •xpansos 1.660.462 2,486,121 Charltablè actlvltl&s 2025 2024 Grants payable (see note 51 Indemnity Insurance Consultancy and professional fees General office expenditure Sundry expenses G0veMan costs Isee note 61 2,880,000 5,101,848 36,132 118,900 62,190 703 74,651 135,668 33,166 79,000 3,128,496 5.394,424 There were no Directors reirnbursed for expenses during the year12024'. £Nill. During the year, no Directors received remuneration from employment with the Charitable Corllpany12024..£Nill. Grants payable 2025 2024 The Ch8rfes Wolfson Charitable Trust In relation to education In relation to welfaro 2,750,000 53.000 77.000 5,000,000 25,000 75,848 2,880.000 5,101,848 An analysis of grants paid in the year is as follows.. 2025 2024 Education Grants made of less than £5,000 Grants made of between £5,001 and £9,999 Grants made of between £10,000 and £49,999 5.000 8.000 40.000 5,000 20,000 53.000 25,000 Welfare Grants made of less than £5,000 Grants made of between £5,001 and £9,999 Grants made of between £10,000 and £49,999 5,000 14,000 58,000 4,348 10,000 62,500 77,000 76,848 .18-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2025 Govemance costs 2025 2024 ALKlit fees Accountancy fees 67,500 11,500 64,500 10,151 79,000 74,651 Tangible fixed assèts Office Equipment Total Cost At 6 April 2024 Disposals 4.473 17531 4,473 17531 At 5 April 2025 3.720 3,720 D•pr8clatlon At 6 April 2024 Diswsals 4,473 17531 4,473 17531 At 5 April 2025 3,720 3,720 Net book valua At 5 April 2025 At 5 April 2024 Investment Property Investment properties Freehold Totsl Valuation At 6 April 2024 Addition Net loss on revaluation 136,900,000 905,057 1505,0571 136,900,000 905.057 1505.057 At 5 April 2025 137.300.000 137,300,000 Nat book valu8 At 5 April 2025 137.300.000 137,300.000 At 5 April 2024 136,900,000 136,900,000 The investment properties have been valued at 5 April 2025 by an independent professionally qualified RICS Registered Valuer. The valuations were undertaken in accordan with RICS Valuation Global Standards leffective 31 January 20251. If stated under historical cosl principles, the comparable amounis for the investment properties would be.. 2025 2024 Cost 113,112,087 112,207,030 .19-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2025 Flxed asset Invesknents Fixed asset investments comprise: 2025 2024 Social investments 4,000,054 4,000,054 Investments held at cost less Smpalrment Programme Related Investments Mlxed Motlve Investments Total Investments Cost Al 6 April 2024 58 3,999,996 4,000,054 At 5 April 2025 58 3,999.996 4.000,054 Nat book valuè At 5 April 2025 58 3,999.996 4.000,054 Al 5 April 2024 58 3,999.996 4,000.054 Programme related investments: As at 5 April 2025, Benesco held a 49¢/012024.. 49¢/01 stake in Soza Health Limited, a cornpany which piovides diagnostic and oth8r sgMCeS to the Health sector. On 24 August 2016, Lord Wolfson of Sunningd819, and The Hon Andrew Daniel Wolfson were appointed as non-executwe Directors. Lord Wolfson of Sunningdale resigned as 8 Director on 27 April 2021. In the year ended 31 March 2025 unaudited financial statements indicate a105s of £22,716 12024.. £55,644), with a deficit on capitsl and reserves of £480,47712024.. £437,218). MIX motivè inv•stm•nts During the prior year Benesco 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 2025, Benesco held a 1¢/ts Stake in Tokamak Energy Ltd. The Charitable Company Measu the investmenlat cost less impaimentgiven that reliable data cannot be obtain regarding its fair value. As at 5 April 2025, the Directors assessed the investment for impairment. No indicators of impairment were found. .20-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements {continuodJ Year ended 5 April 2025 10. Debtors 2025 2024 Due from managing agents Rent arrears Other debtors, prepayments and accrued inwm8 1,016,571 140,431 1,424.566 690,756 1,071,189 2.581.568 1,761,945 All amounts shown und8r d8btor5 fall du8 for payment within on8 y88r. Creditor5'. arnounts falling due within one year 2025 2024 Other taxes and srrial security Accruals and deferred income Other creditors Amounts due to group undertakings 291,370 1,565,026 64,168 3,912,322 201,158 1,336,393 64,166 3,862,322 5,832,886 5,464,039 Deferred income relates to a quarters rent reiVed in advance and amounted to £1,324,535. The prior year balance of £1,181,555 was released in the current year. Amounts due to group undertakings are interest free and repayable on demand. 12. Designated fvnds Property & investment capitsl fund Revaluation fund 2025 Totsl 2024 Totsl Cost At 6 April 2024 Movernenl due lo revaluation in year Transf8rs belween funds 116,207,084 24,692,970 140,900,054 149,750,058 1505,0571 1505,0571 115,077,399) 905,057 6,227,395 905,057 At 5 April 2025 117,112,141 24,187,913 141,300.054 140,900,054 The transfers belween funds abovè and in general funds bring the designated funds in line wth the total of the investments in property and other investments. Prioryear.. prOrtY & invèstmant capitsl fund Revaluation fund 2024 Total 2023 Total Cost At 6 April 2023 Movement due to revaluation in year Transfers beeen 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 24,692,970 140,91)0,054 149,750,058 .21-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements (continued) Year ended 5 April 2025 13. General funds 2025 2024 At 6 April 2024 Transfers bebween funds Net incomellexperKliturel 13,143,831) 1905,0571 3,512,241 3,878,530 16,227.3951 1794,9661 At 5 April 2025 536,6471 13,143,831) 14. Analy$i$ of net a$sets between funds General funds D8signated funds 2025 Total 2025 Fixed assets Currenl assets Creditors 141,300,054 141,300.054 5,296.239 15.832.8861 5,296,239 15,832,886) 1536,6471 141,300,054 140,763.407 Ganaral funds Dèsignated funds 2024 Total 2024 Fixed assets Currenl assets 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 15. Notes to the cash flow ststement lal Reconciliation of net expenditure to net cash flow from operating activities 2025 2024 Net in¢omellexpenditurel for the reporting period las per the statement of financial ?di¥ities1 Interest receivable Unrealised losses on investment property Ilncreaseydecreas8 in debtors Inereaselldeereasel in creditors 3,007.184 183.8571 505,057 819,6231 285.444 115,872,365) 15,077,399 759,657 1517,7121 Net eash generated fromllused inl operating aetivities 2,894,205 1564,1361 Ibl Analysis of chang•s in nat dèbt At 6 April 2024 At 5 Aprll 2025 Cash flow Cash in hand and at bank 558,263 2,156,408 2,714,671 Icl Analysls of cash and cash 8qulvalènts 202S 2024 Cash in hand and at bank 2,714,671 558,263 .22-
DoGusign Envelope ID.. 6C74309C-12C9481F-9715-289A80C96260 BENESCO CHARITY LIMITED (Limited by Guarantee) Notes to the financial statements (continued) Year ended 5 April 2025 16. Commltments under operatlng leases Lessor The Charitable Company leases out the investment properties under non-cancellable operating leases for the following future rninimum lease p8yrnents. 2025 2024 Not18ter than one year Laterthan one y83r and not later than fivg years Laterthan five years 5.892.669 14,484.395 6.255.721 5,159,223 13,326,462 6,069,261 26 632 785 24 554 946 Excluded from the aty)ve is £1,807,03412024'. £941,279) of contingent rents which are based on tumover and profit share of the tenants. 17. Related party transactions During the year the Charitable Company made a grant payment of £2,750,000 to its parent The Charles Wolfson Charitable Tru5t12024.. £5,000,0001. At the 5 April 2025 there was an amount due by the Charitable Company to its parent of £3,912,322.12024.. £3.862,3221. As set out in note 9 to these financial statements, the Charitable Cornpany holds an investment in Soz8 Health Limited, a company in which The Hon Andrew Wolfson is non-exgcutive Director. As set out in note 9, the Ch8ritsble Company holds an investment in Tokarn8k Energy Ltd. a cornpany in which Lord Simon Wolfson of Aspley Guise is 8n 8ppointing shareholdgr. A Director was remunerated £40,00012024.. £40,000) in respect of consultsncy semces during the yeai. 18. Control of Company The Charitable Company considers The Chades Wdfson Charitable Trust, a charity registered in England and Wales (charity registrats.on numtkr 2380431, to be the ultimate holding organisats"on. The smallest and largesl group to consolidate these financial statements is The Charles Wolfson Chariiable Trust. Consolidated accounts which include the Charitable Companys accounts can be obtained from the registered address ol The Chartes Wollson Charitable Trus( Artillery House, London, SW1 P 1RTW. .23-