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
D1￿CtOrS
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 ServI￿S 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 DI￿10￿, 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 app￿nted by the rngmbers for th8ir particular skills and
experience which may benefit the Charitable Cornpany in its operation. The t￿ard of Director5 meet qL1arte￿Y to le￿1ve 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 cOn￿M.

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
DI￿torS 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 prev￿U5 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 or￿inal 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 prO￿Sses.
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 ne￿SsarY
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 a￿OrdanCe 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 resour￿3 and application of resour￿5,
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 AC￿pted 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 requ1￿Ments 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 un￿rtaIntieS 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 cOn￿rn, 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 conSide￿d 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 InStan￿S 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$tsn￿S of
fraud.,
Obtaining an understanding of the Charitable Company's policies and procedures relating to..
Detecting and responding to the risks of fraud., and
Intemal controls established to mitigate risks related to fraud.
Review of minutes of rneeting of those Charged with governance for any known or suspected instances of fraud.,
Discussion amongst the engagement tearn as lo how and where fraud might occur in the financial stslements.. and
Perforrning analytical procedu￿$ 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 SUS￿ptib1e 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 pr￿edureS 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, MIsrep￿sentatl0ns 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 a￿ept 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¢uS￿n￿6y'.
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 be￿een funds
1905,0571
905,057
Net movement in funds
2,607,184
400,000
3,007,184
115,872,365)
R￿on¢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 be￿een 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
Un￿strOcted 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 Un￿rtaInty 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.
Se￿Ice 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 Charita￿e 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 obl￿ts
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 re￿iVed 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..
prO￿rtY & invèstmant capitsl fund
Revaluation
fund
2024
Total
2023
Total
Cost
At 6 April 2023
Movement due to revaluation in year
Transfers be￿een 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-