The Charles Wolfson Charitable Trust Accounts 2008

8/9/2019 The Charles Wolfson Charitable Trust Accounts 2008

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.Y ' Char i ty Regis t ra t ion Number 238043 5 r+ I C / )

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The CharlesWolfson Charitable TrustFinancial statements

5 April 2008


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THE CHARLES WOLFSON C H A R IT A B LE T R US TCompany i n fo rma t i onGove rn i ng Ins t rumen tDeed of Trust executed o n 1 4 July 1960Se ttl o rsChar les Wo l fsonLord Wolfson o f SunningdaleT r u s t e e sLord Wol fson ofSunningdaleThe H o n S im o n A d am W o lfs onThe H on Andrew Daniel Wol fsonD r S ara LeveneSec re t a r yMichae l Mor ris FranksCo r r e s po n d e n tM rs R CrawfordAd d r e s s12 9 Ba tt enha l l R o a dW o rc e ste r W R 5 2B UAuditorChantrey Vellacott DFK LL PC h a rte r e d Accoun tan t sRusse l l S qu ar e H ou se10-12 Rus s e l l Squa r eL o n d o nWC1B 5LFBanke r sBank o f Sco t l and1 4/1 6 C o c ks p ur S tr e e tLon d o nSW 1 Y 5B L

P o " , Solicitors~ Wi lli am S tu rg es & C oBurwood House14-16 C a x to n S tr ee t

Lon d o nSW1H OQ YI n v e s tm e n t p r op e rty ma n a g e r sM E R J S L im i te d26/28 Hallam St ree tLondonW 1 W 6N SCh a r i t y r eg i s t r a t i o n number238043In la n d R e v e n ue r e f e r e n c eXN2027

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~THE CHARLES WOLFSON CHARITABLE TRUSTTrus tees ' reportT he t ru s te e s p re s e nt their report an d financial statements of T h e C ha rl es Wol fson C h ar it ab le T r u s t ( "t he T r u s t" ) an d thegroup for the year ended 5 Ap r i l 2008 , which inc ludes the admin is t ra ti ve informa t ion se t ou t on page 1.T he "group" means th e Trust an d Benesco Char ity Limited ( "Benesco" ) a nd i t s wholly-owned subsid ia ry c ompa n ie s , H ea thReta i l Holdings Limited an d Heath Reta i l O ne Limited.Re f e r ence a nd admin is t r a t ive d e ta ils o f th e charity, it s t rus tees an d adv i so rsT he charit y number, present t rus tees and advisors are given on page 1 .TrusteesThe t rus tees who held o ff ice throughou t the year were as fol lows:Lord Wol fson of Sunningdale (Chairman)The H on S im o n A d am W o lfs onT he H o n A nd r ew D a nie l W o lfs onD r S ara Levene

Struc tu re , governance and manag emen tGoverning documentThe Trus t is a registered charity and is g ove rn e d b y a D e e d of Trus t executed on 14 Ju ly 1960 .Appointment of trustees, organ isat ional structure and related part iesT he T ru st is administered by the t rus tees who are appointed by the sett lo rs dur ing the i r l if e time and thereafter b y thecontinuing trustees. T he y m e e t q uar te rly and receive regular reports on the group's properties and finances from itsproperty managers and other advisors.T he Trus t is a grant-making charity whic h d erive s the b u lk of its income from grants rece ived from Benesco , which is ar eg is te red char it y an d a company ( l imited by guarantee) whose investments are held in proper ty .It is the d e c la re d p olic y of t he t ru s te e s that the majori ty of t he t ru s te e s of this charity m u s t be m e m b e r s of Benesco, an d themajority of the m e m b e r s of Benesco will consist of t rus tees of this Trust w ho h av e the power to appoint a nd r em o ve directors,an d Benesco is the reby cont rol led by this char it y . Because the Trus t t he r eb y c on tr ols B e ne s co , the t ru s te e s ar e present ingconsol ida ted f inanc ial statements including the combined assets, liabili t ies an d income of the Trus t and of Benesco an d itssubs id ia ry compan ies as a group.Risk management statementThe trustees have examined the major strategic, business and operational r isks which the group faces and confirm thatsystems have been established to enable these risks to be managed to an acceptable level.Objec t ives and activit iesT he object ive of the Trus t is to apply the income to such char itab l e pu rposes as the t rus tees shall se lec t .T h e pol ic ie s adopted to fu r ther the Trus t ' s ob jec ti ves inc lude the m a kin g of d ir e c t g r an ts of m o n e y , the provision of loans,on w hic h th e interest is waived an d t he provi sion of rent- free p re m is e s. D ir ec t grants ofm o n e y c o ns tit u te wel l over 9 5% ofthe charitable application of funds .Al though the t rus tees of the Trust and the directors ofBenesco have power to a pp ly b o th capital an d income to chari tablepurposes , the m e d i u m an d long term pol icy has be en to preserve the capital and to expend the inc om e , after givingconsideration to the effects of inflation.It is c o ns id e r e d t ha t it is not p rac t ica l to m a k e an y prede te rm ined annual a ll oca tion be tween the various grant headings,especial ly as it is sometimes appropriate no t to fu l ly distr ibute in a part icular year in orde r to accommoda te large projectswhich e x te n d o ve r m o r e th an one year .The directors of B e ne s co ha ve chosen to focus on proper ty in ve s tm e n t b e c au s e , a ft er a ll ow ing for annu al r u nn ing costsan d renewals an d re fu rb ishment , the rental income over the years tends to k e e p p ac e w it h in fl at io n, so long as the portfoliois wel l spread in appropriate p rop er tie s. Inc om e from proper ty does no t include m o nie s s pe nt an d recouped by way ofr e im b u r s e m e n t fr om le s se e s , su ch as s e r vic e c h ar ge s , i ns u r an c e p re m i u m s an d the usual ou tgoings recove red .

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THE CHARLES WOLFSON CHARITABLE TRUST1 . Trus t e e s ' repor t ( c o n t i n u e d )

Objec t ives an d act iv i t ies (continued)Grant mak ing policyIt is the t rus tees ' normal pol icy no t to make grants to individuals and to make grants in the UK only to registered chari t ies,or to hospitals an d schools an d simi lar char itab le inst itu t ions . T he intention is to d ir e c t g r an ts to the major areas l istedbelow, especial ly for capital o r fix e d te r m projects, and with part icu la r, bu t no t exc lus ive , regard to the needs of th e J e wis hcommun i t y . This s tatement of object ives is no t intended as a f orma l l im i ta tion of the way that the t rus tees m ay exercisetheir discret ion from t ime to t ime .1. Medic ine2. Educat ion3. Wel fareThe group in suitable ci rcumstances has purchased bu ild ings to be made availab le to other charities so that effectively theincome which should otherwise be derived fr om s uc h p rop er ty , or most of it , is foregone by way of conferring a grant orbenefi t to the other charities to assist them in the work fo r which the group wishes to give support.Achievements and pe rformanceInvestment po licy and property reportT he g ro u p' s in ve s tm e n t policy is primari ly to focus on property providing a good rental income, to enable it to suppor t itscharitable object ives, combined with long term secur i t y to e nsu r e t he longevity oft he chari ty .Wi th t his in mind, suppor ted by the serv ices of professional property managers, the group invests to bui ld what it considersto be a high qual i ty por t fo l io with the vast majori ty in commerc ia l an d non-res ident ia l proper ty let to bus iness te na nts . T hetr u st ee s c o ns id e r t his policy to have b e e n successfu l o ve r p re vio u s yea rs give n b oth the income generation an d theunreal ised increases in p r op e r ty v al u e s.At th e balance shee t da t e , t h e g r oup 's prope rt y p o rt f o l i o cons is ted o f :1 . 10 commerc ia l hold ings, a l l o f which were freehold and w h i c h represent well over 95% o f th e pr ope rty p o r t f o l i o ; and2. 1 prope rty w h i c h th e g r o u p made available to o the r cha r it ies o n a rent-free o r rent- reduced b a s i s .~ T h e por tf ol io h as b ee n buil t up ov e r 30 y e a r s , th e f i rs t pu r cha se hav i ng be e n m a d e in Februar y 1977.~ T he o rig in al c o s t o f th e p r ope rt ies , exc lud i ng t h o s e m a d e ava i l ab l e to o t h e r c h a rit i e s , a t th e b a l a n c e s h e e t da t e wa s~ 69,528,505 ( 2007: 68 ,914 ,655) a g a i n s t a cu r ren t value o f 131,991,000 (2007: 144,734,000) . Th e r e n t roll a tApri l 2008 was 7,472 ,543 (2007: 7,201,092) .4 Subsequent to the b alan ce s he e t d ate there has b ee n a fall general ly in UK prope rty market values which in someinstances has b e e n a bn or m a l. S u ch a fall, an d any c o r re s p on d in g a d ju s t m e n t requi red to the carry ing value of theGroup's freehold proper ty , represents a no n - adjust ing p os t b ala nc e s he e t e ve nt an d therefore no adjustment , shouldit be r equ i red , ha s b e e n m ad e. T he Trus tees consider it is not p ra c tic a l o r f e as ib l e in the current economic climate togive an es t imate of t he f inanc ial effect . The fall in the marke t value of in ve s t m e n ts s in c e the b a la nc e s he e t date ha salso had an impact on the value of the Chari ty 's investments .

T he t rus tees have continued their policy of upgrad ing bu i ld ings as and when requi red. Upgrades h av e a ga in b e e n c ar rie dout d u ring the year which have resu l ted in inc reased rental i ncome an d increased portfolio value . Fur ther upgrades ar ecur rent l y in h an d w hic h will continue to contr ibute positively in t he l ong term towards both the rental income an d the capitalvalues of the propert ies.T he changes in fixe d a ss ets d u ring the y e ar are summar i sed in t he note s to the f in an c ia l s ta te m e n ts . T h e propert ies he ld b ythe chari table company an d it s s u bs id ia ry u n de r ta kin gs at 5 A p r i l 2008 have b e e n valued by the group's propertymanage rs on a market value basis at approximately 132,471,000 (2007: 145,214,000) as compared to their total originalcos t of69,595,065 ( 2007: 68 ,981 ,215 ).Grants m a d eIn the year to 5 Ap r i l 2008, 6,990,599 (2007: 6,148,925) ha s b ee n d onate d b y the group by way of di rect grants to operativechar it ies . Ind i vidua l donations ar e listed in note 20 to these f inancia l s tatem ents .Major projects included grants to Yavneh College Trust (2,000,000), Hear t Cells Foundation (600,000) and Addenbrookes'sCharitable Trust (500,000).

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THE CHARLES WOLFSON CHARITABLE TRUSTT rus t e e s ' r epo rt (c o n t i n u e d )Financial rev iewNet incoming resources fo r the group fo r the year, b e fo re g r an ts payable and rentals foregone on charitably le t prope rt ie sof 6,990,599 (2007: 6,148 ,925) are 7,125,692 (2007: 6,590,502).After a deficit on revaluation of investment properties and investments of 10,330,104 (2007: surplus of 15,018,779) anda real ised su rplus on sales of properties of 2,878,334 (2007: de fic it of 16,429), the ne t movement in funds for the year isa deficit of 7,316,677 (2007: su rplus of 15,443,927).F u n d balances at th e yea r end ar e 152,880,965 (2007: 160,197,642) of which 137,830,603 (2007: 154,138,141) isr ep resen ted by investment proper t ies and inves tments , and th e ba lance of 15,050,362 (2007: 6,059,501) i s availablereserves f o r grant commitments and working capital.Reserves policyIn orde r to provide income to enab le the group t o fu lf il its char itab le ob jec t ives and m ak e grants, it is necessary to maintainand fund assets to generate this i ncome . T he group therefore must r e tain unres tr ic t ed funds at le as t equa l to the value ofthe property an d other fixed asset inves tments , together with addi t ional funds to accommoda te grant allocations f or l ar geprojects which extend over m or e than on e year .Pans for future periodsAt the balance s hee t d ate , the t rustees had committed to support a number of projects by means of grants fo r periods oftwo or three y ear s. D u rin g p re vio us y ear s the tr us te e s have com m i tt ed 6 ,000 ,000 fr om the group towards the theatresdeve lopment on the Che lsea s it e of t he Roy al Marsden Hospital . During this year no s tage paym en ts of this g rant havebeen made by the group regarding this commi tment. The balance of this grant (3,000,000), together with other committedgrants, the most significant of which ar e to Cambridge University (2,000,000) and Yavneh Col lege Trust (1,500,000),have been provided fo r in these f inancial s ta tements (see note 1 1 and 12).T he tr us te e s a ls o cus tomar i ly make annual b u t u nc om m i tte d g ra nts to major p rov ide rs in t he educa tiona l and welfare fieldsand for scientific and m e dic al research . As the s e g ra nts r eq u ir e sa tis fac to ry annua l reports a nd r ev ie w, medi ca l projectsbeing a ls o s u b je c t to re view by the T ru st's m e dic al ad vis er, the grants ar e considered uncommi t ted an d have not b ee nprovided for in these s tatements .It is the t rus tees ' intention to continue to preserve the c apit al , inve s te d p r e dom i nat e ly in property, with an emphas is oncommerc ia l r a th e r t han r e s ide n tia l proper t ies . Not withstanding the need to accommoda te large projects a s r efe rr ed toabove, the t rus tees ' cu r ren t policy is to m at c h e x pe nd it u re to incoming r esou r ces over the m e d i u m t e rm .

The Trust is entitled t o exempt ion f rom t axa ti o n o n i ncome and capital ga ins t o th e ex ten t t h a t it s fun d s a re applied fo rcha r itable purposes .AuditorA resolut ion to r eappo in t Chantrey Vellacott D FK LLP will be proposed at the forthcoming annual genera l meet ing .S t a t em en t of t r us t e e s ' r e s p o n s i b i li t ie sThe t rus tees ar e responsible for preparing the f inancial s ta tements in accordance with applicable law an d regulat ions.C h ar it y l aw requ i r es the t rus tees to prepare f inancial s tatements for each f inanc ial yea r . Under that law the t rus tees havee lec ted to prepare their f inanc ial s tatemen ts in accordance with United K in gd o m G e ne r al ly Accepted A c c ou n ting P r ac t ic e(United Kingdom Accounting Standards and applicable law). T he f inanc ial s tatemen ts ar e requ i red by law to give a t ruean d fair view of the state of affairs of the Trust and of the group and of the surplus or deficit of the Trus t and of the groupfor that per iod. In preparing these f inanc ial s tatemen ts the t ru s te e s a r e requi red to:

se lec t suitable account ing pol ic ies and th en a pp ly them consistent ly ; m a k e judgements an d es t imates that ar e reasonable an d prudent ; state whether applicable UK Accounting Standards have been fo l lowed, subject to any m a t e r ia l d e p ar tu r e s

disc losed and explained in the f inancial s tatements ; prepare the f inanc ial s tatemen ts on th e g oin g c on ce rn b as is u nle ss it is inappropriate to p re su m e tha t the Trusta nd the g ro u p w il l c o nt in u e in ex is tence.

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'THE CHARLES WOLFSON CHARITABLE TRUST. 1 Trus tees ' report (continued)

Statement of t r us tees ' responsibi l i t ies (cont inued)Each trustee ha s tak en all steps that t hey ought to have tak en as t rus tees in order to make themse lves aware of anyinformation relevant to t he a ud it and to ensu re t ha t the auditor is aware of all relevant audit information. A s far as e ac htrustee is aware, there is no relevant audit information of which the charity's auditor is unaware.Th e t rustees ar e responsible f o r ke eping proper a c co un ti ng r ec o rd s wh ic h disclose w i t h r ea s o n ab le a c c ur a cy a t any t imeth e f inancia l p o s i t i o n o f th e Trust and th e group an d enab les t hem t o ensure t h at t h e f in a n c ia l s t at emen t s comply w i t h th eChar it ies Act 1993. They are also responsible fo r sa feguar d in g t h e a ss ets o f the Trust and t he g ro u p a nd h en ce fo r takingr easonab le steps fo r t h e p reven t io n a n d d e te ct io n o f fraud and other i r regula r i ties .This report was approved b y th e t rustees on 2 2pdV and s i g n e d o n their beha l f .

Wolfson - Trustee

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`THE CHARLES WOLFSON CHARITABLE TRUSTI n d e p e n d e n t aud i to r ' s repor t to the t r u s t e es of T he Charles Wolfson Charitable T r us tW e have aud it ed the f inancial statem ents of The Charles Wolfson Char itab le T r us t fo r the year ended 5 April 2008 whichc om pr is e the C ons olid ate d and T r us t s ta te m e nt of financial activities, Consolidated and T ru st b alanc e sheets,Consolidated cash f low s ta tement , and the re late d note s. T he se financial s ta tements have been prepared under theaccounting pol ic ies set ou t therein.This report is m a d e solely to the T r u s t' s t ru s te e s , as a body , in accordance with section 44 of the Chari ti e s Ac t 1993 . O u raudit work has b ee n under taken so that we might state to the T r u st 's t ru s te e s t ho se m a tte rs w e are requi red to state tothem in an a u d it or 's r e po rt and fo r no other pu rpose . T o the fullest e x te n t p e rm i tt e d b y law, we do no t ac c ept o r a ss um eresponsibi l i ty to a ny o ne o th er than the Trus t an d t he T r u st 's t rus tees as a body , for o u r a ud it w or k, for this report , or for theopinions we have f o rmed .Respect ive responsibil it ies of the t rus tees an d auditorThe trustees' responsibi l it ies for preparing the trustees' report and the f inancial statements in accordance with applicablelaw and United Kingdom Accounting Standards (United Kingdom General ly Accepted Accounting Prac tice ) are se t ou t inthe Statement of Trustees ' Responsibilit ies.W e have b e e n a pp oin te d a ud ito r u n d er sect ion 43 of the Charities A c t 1 9 9 3 an d report in accordance with regulat ionsm a d e u n d e r sect ion 44 of that Act . O u r responsibil ity is to audit the financial statements in accordance with re levant legalan d regulatory requirements an d Internat ional Standards onAuditing (U K and Ireland) .W e report to you ou r opin ion as to whether the f inanc ial s tatemen ts give a t rue an d fair view and are properly prepared ina c c or d an c e w it h the Chari ti e s Ac t 1 9 9 3 .W e re port to you whether in ou r opin ion the informat ion given in the trustees' report is consistent with the f inanc ia lstatements.W e also report to you i f , i n ou r opinion, the Trust and the group have not k ept p rope r accounting records, if we have notreceived al l the informat ion and explanations we require for ou r audit, or if informat ion specif ied b y law regarding trustees'remuneration and other transactions is not disclosed.W e read other information contained in the trustees' report, and consider the implications fo r ou r report if we b ec om eaware of any misstatements within it .Basis of audit opinionW e c on d uc te d o u r audit in accordance with Internat ional Standards on Audit ing (UK and I re land) issu ed b y the Audit ingPractices Board. A n audit inc ludes examination, on a tes t basis, of evidence relevant to the amounts an d disc losures inthe f inanc ia l s tatemen ts . It also inc ludes an assessmen t of the s ignif icant est imates an d judgements m a d e b y the t rus teesin the preparation of the f inancial s ta tements, and ofwhether the accounting pol ic ies ar e appropriate to t he T r u st 's and thegroup 's c i r cums tances , cons is ten tl y applied an d adequa te l y d i sc losed .W e planned and per fo rmed our audit s o as to obtain all the information and explanations which w e conside red necessar yin order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free frommaterial misstatement, whether caused by fraud or other irregularity or error. In forming ou r opinion we also evaluated theoverall adequacy of the presentat ion of information in the financial statements.

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`THE CHARLES WOLFSON CHARITABLE TRUSTIndependent auditor 's report to the t rus tees of The Charles W olfs on Char itab le T r us t (continued)OpinionIn ou r opinion:

the f inancial statements give a t rue and fair view, in accordance with Unit ed K in gd om General ly AcceptedAccounting Practice, of the state of the Trust 's and group's affairs as at 5 Ap r i l 2008 and of i ts incoming resourcesand application of resources, for the year then ended; and the financial statements have been proper ly prepared in accordance with the Char it ies Act 1993; and the information given in the t rustees' report is consistent with the f inancial statem ents.

CHANTREY V E LL AC O TT D FK LIPChartered AccountantsReg i s t e r ed AuditorLondonDate: 24 I

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'T H E CH ARLE S W O LFSO N CHARITABLE TRUSTC o n s o l id a te d s ta te m e n t o f f i n a n c i a l ac t i v i t i e sYe a r ended 5 Apri l 2008

Incoming resourcesIn c o m in g r es o u rc e s fr om g e n e ra te d f u n d sI nves tm en t income- R en ta l in co m e- B ank interest- Other interest- DividendsTotal incoming resourcesR e s o u rc e s e x pe n d edCosts o f g e n e ra tin g fu n d sCharitable activit iesGovernance costsTota l r e so u rc e s e x pe n d e dN e t in c o min g re s ou rc esfor the year b e f o r e t ra n s f e rsMovement in fundsN e t income for the yearGa ins and l o s s e s on reva lua t ionsand i n ve s tme n t a s s e t d i sposa l sDeficit on revaluation- Inves tment properties- InvestmentsReal ised surplus/(def ic i t) on saleof inves tment propert iesN e t m o v em e n t in f u n d sFund balances brought forwardFu n d b a la n c es c a rr ie d f o r w a r d

Unrestricted fundsGeneral Designated 2008 2007No t e s funds funds Total Total f-

2 7,157,316 - 7,157,316 6 ,890,249963 ,803 - 963,803 542,0053 28,052 - 28,052 29,069181,338 - 181,338 215,6938,330,509 - 8 ,330,509 7,677,016

4 1 ,059,742 - 1 ,059,742 922,7745 7,111,424 - 7,1 1 1 ,424 6 ,289 ,6 6 56 24,250 - 24,250 23 ,000

8 ,195 ,416 - 8 ,195 ,416 7,235,439

135,093 135,093 441,5771 4 a

135,093 135,093 441,577

7a - (6,765,566) ( 6,765,566) 14,565,1628 - (3,564,538) ( 3 ,564 ,538 ) 453,6171 4a - 2,878,334 2,878 ,334 (16 ,429 )

135 ,093 (7,451,770) ( 7,316,677) 15,443,92727,673,125 1 32 ,52 4,51 7 1 60 ,1 97,6 42 1 44 ,753 ,71 527,8 08 ,218 125,072 ,747 152,8 80,965 160,197,642

T he notes on pages 13 to 24 form part of these financial statements

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T H E CHARLES WOLFSON CHARITABLE TRUSTTrus t s t a t eme n t o f f i n anc i a l activitiesY e a r ended 5 Apri l 2008

Incoming resourcesI n c om i n g r e s o u r c e s f r om g e n e ra te d fu n d sInvestment income- Rental income- Bank interest- Other interest- D ividends

I n c om i n g r e s o u r c e s f r om c h a r it a b le a c t iv it ie sGrants rece ivab le fromBenesco Charity LimitedTota l in c om i ng r e s ou r c e sR e s o u r c e s expendedCosts of g e n e r a t i n g f u n d s

Unrestricted fundsGenera l Designated 2008 2007funds funds Total Tota l

60,621181,338241 ,959

60,621 47,118181,338 215,693241,959 262 ,811

6,600,000 - 6,600,000 5,700,0006,841,959 - 6,841 ,959 5,962,811

Gov e r n a n c e cos ts 6 4,250 - 4,250 4,000

Notes

23

4Char i t ab le act iv i t ies 5 6,769,106

Total resources expendedN e t in c o m in g r e s o u r c e s fo r th e y e a rG a i n s and l o s s e s o n r e v a l ua t i onsa n d i n v e s tm e n t a s s e t d i s p o s a l s(Defici t ) /surplus on revaluat ion of inves tments 8N et m o v e m e n t in fundsFunds balances brought forwardFund b a l a n c e s c a r r i e d forward

6,773,356 - 6,773 ,356 5,821,05768 ,603

6,769,106 5,817,057

68 ,603 141,754

(3,564,538) ( 3 ,564 ,538 ) 453,61768,603 (3,564,538) (3,495,935) 595,371

348,059 8,516 ,993 8,865,052 8,269,681416 ,662 4,952,455 5,369,117 8 ,865,052

T he notes on pages 13 to 24 form part of these financial statements

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~ TH E C HAR LES WOLFSON CHARITABLE TRUSTConsol idated balance shee t5 Apri l 2008

Notes 2008 2007 F i x e d a s s e t s

Tangib le assets 7a 132,471,001 145,214,001Investments 8 5,359,602 8,924,140In t a ng i b le a s s et s 9 - -137,830,603 154,138,141

C u rr e nt a s s e tsDebtorsCash at bank, including deposits 10 2,964,659 3,676,94523 , 571, 089 12,905,73326 ,535,748 16 ,582,678C r e d i t o r s : am o u n t s fa l l ing d ue wi th i n o n e y e a r 11 (7,574,731) (7,749,500)

N e t c u r r e n t a s s e t s 18 ,961 ,017 8,833,178To t a l a s s e t s l e s s c u r r e n t lia b i li t ie s 156,791,620 162 ,971 ,319C r e d i t o r s : am o u n t s fa l l ing due a ft e r m o r e t h a n one y e a r 12 ( 3 ,910,655) (2,773,677)N e t a s s e t s 152,880 ,965 160 ,197 ,642Unres t r i c ted f u n d sGenera l funds 13a 27,808,218 27,673,125Designated funds 14a 1 25,072 ,747 1 32 ,524 ,51 7

152,880,965 160,197,642

These f inanc ial s tatements have been approved b y the b oard of trustees and authorised fo r is su e on2A.J.!~~(51...and signed on their behalf.

Wolfson

S WolfsonTrustees

The notes o n p a g e s 13 to 24 form part of these financial s t a t em e n t s

10


12/25

T H E C H A RLE S W O L FS O N CHARITABLE TRUSTT r us t b a l a n c e s h e e t5 Apri l 2008

F ixed asse t sNotes 2008 2007

Tangible assets 7b 1 1Investments 8 5,359,602 8,924,140

5,359,603 8,924,141Current a s s e t sDebtors 10 7,600,000 6,000,000Cash at bank, including deposits 350,379 600,615

7,950,379 6 ,600 ,615C r e d i t o r s : am o u n t s fa l l ing d ue wi th in o n e y e a r 11 (4 ,780,210) (4 ,636,027)N e t c u r r e n t a s s e t s 3 ,170,169 1 ,964,588To t a l a s s e t s l e ss c u r r e n t l i a b i l i t i es 8 ,529 ,772 10,888,729C r e d i t o r s : am o u n t s fa l l ing d ue after mo r e t h a n one y e a r 12 (3 ,160 ,655) (2,023,677)

a1 N e t a s s e t s 5,369,117 8,865,052h- - 11 . - 4-1 Unrestr ic ted fundsGeneral funds 13 b 416,662 348,059Designated funds 14b 4,952,455 8,516,993' 5,369,117 8,865,052

These f inancia l statements have been approved by the board of t rus tees and authorised fo r issue on.. . . . . . . . . . . ~ . . ~ . . ~ .and signed on their behalf.

Wo l f s o n

6S Wolfson V u l "/

AWolfson

D r Levene

Trustees

The notes o n p a g e s 13 to 24 form part of these financial statements

1 1


13/25

T H E CHARLES WOLFSON CHARITABLE TRUSTCons o l i d a t e d c a sh f low s t a t emen tYear ended 5 April 2 0 0 8

Notes 2008 2007

N e t c a sh inflow from ope ra t ing a c t i vi ti e s 15a 636,395 129,005Re t u r n s on i nves tments an d serv ic ing o f f i n anceDividends received 181,338 215,693Interest received 991,855 567,614Net cash i n f l o w f r o m re turns o n investment an d se rv i c i n g o f finance 1,173,193 783,307

Cap i ta l expend i t u r ePurchase of tangible fixed assets (7 ,261,056) (204,838)Sale of tangible fixed assets 16,116 ,824 1,898,571N e t cash in f low from capi ta l expenditure 8,855,768 1,693,733I n c r ea se in c a sh in th e yea r 15b, 15c 10,665,356 2,606,045

The notes on pages 13 to 24 form part of these financial statements

12


14/25

T H E C HARLE S W O LFSO N CHARITABLE TRUST,~ - Notes to the financial statements

Year e nde d 5 Apri l 20081 . Accounting policies

T he financ ial s tate m e nts have been prepared in accordance with the Statement of Recommended Practice,Accounting and Reporting by C har itie s (SO RP 2 00 5) is su ed in March 2005, and app licab le AccountingS tand ar ds . A s um m a ry of the more impor tant accounting polic ies which have b e en consistent ly applied is se t ou tbelow.1.1 Accoun t i ng conven t i onT he financia l s ta tem en ts a re prepared under the historical cost convention as modified b y the revaluation ofcertain f ixed assets .1. 2 F in a n c i a l i n s t rum e n t sFinancial assets s uc h as cash and debtors are measured at t he p resent va lue of the amounts receivable, less anallowance for the expected level of doubtful r ece ivab les. F inanc ia l l iab il it ies such as t rade c redi to rs , loans andf inance leases are measured at the pre se nt valu e of the obligation. An equ it y ins trument is any contract thatevidences a residual interest in the assets of t he T r us t after deducting all of its liabilities.1.3 Bas is o f conso l i da t i onThe group f inanc ia l s ta tements conso lidate the f inanc ia l statements of t he T r us t and Benesco and its subsidiaryundertakings on a line b y line basis for the financial year ended 5 April 2008.1. 4 Des i gna t ed fundsD e s ig na te d f u nds ar e as fol lows:

P rop e rty a n d investment cap i t a l f undReal ised surpluses on t he d is po s al of investment proper t ies an d in ve s tm e n ts a r e t rans fe r r e d to t he c a pit al f und .In the t ru s te e s ' o pin io n th is s ho u ld e n su r e th at there ar e sufficient f unds to guarantee the c on tinu e d e x is te nc e ofthe chari ty . Unrealised r e va lu a tion s u r pl u se s a r e also t rans fer red to the capital f und .

1.5 Tangib le fixed assets an d depreciat ionI nv es tmen t prope r t ie sInves tment propert ies ar e revalued annually an d in c lu d e d in the balance shee t at their marke t value. T he s u rp lu so r de f ic it over book value is t rans fer red to the r evalua ti on fund which forms part of the capi ta l f und . Although thisaccount ing policy is in accordance with the applicable accounting s tandard , S SAP 1 9, Account ing fo r inves tmentpropert ies, it is a depar ture from the g e ne ra l r e q u ir e m e n t of the C om p a nie s A c t 1 9 8 5 fo r al l tangible assets to bedepreciated. In the opinion ofthe t ru s t e e s c om p l ianc e w it h the standard is necessary for the f inanc ia l s ta tem entsto give a t rue an d fair view. Depreciat ion is only one of the m any fac t or s ref lected in the annual valuat ion an d theamount of this which m igh t o the rw ise have been charged cannot be separate l y iden t if ied or quant if ied .Office e qu i pme n t a n d mo t o r vehiclesDepreciat ion is charged at the fol lowing rates:O ffic e e qu ipm ent - 1 5% p e r a nn um on a r e du c ing b a lance basis, or 20% on a straight line bas isM otor ve hic le - 2 5% on a reduc ing b a lanc e b as isC a p i ta li s a ti o n p o li c yIndividual i tems under 1,000 are not cap ital ised un less par t of a larger project or asset purchase.

1. 6 F i x e d a s s e t I n v e s tm e n t sFixed asset in ve s tm e n t s a re carr ied at market value . T he su rplu s arising on revaluat ion is t rans fer red to therevaluat ion reserve which forms part of the proper ty an d in ve s tm e n t c ap it al f u nd .1. 7 I n c om e f r om i n v e s tm e n t sIncome from inves tments is in cl ud e d , t og e th e r with the re lated tax credi t , in the i ncome an d expendi tureaccount/statement of f inancia l act iv it ies on the accruals basis .1. 8 D e p o s i t a n d loan i n t e r e s tInteres t is inc luded in the income an d expendi ture account on a rece ivable basis .

13


15/25

T H E CHARLES WOLFSON CHARITABLE TRUSTNotes to the f inancial sta tements (continued)Ye a r ended 5 Apri l 20081. Accounting policies (cont inued)1. 9 Provision o f s e rv i cesThe tr ust ees of t he T r us t and the directors of Benesco and its subsid ia ry companies rece ive no remuneration fo rthe ir serv ices. Furthermore, no value has b ee n attributed to the provision of s e rv ic es by the t rus tees or directors.1.10 In c om i n g r e s o u rc e s an d r esou rces e xp e n d e dIncoming resources, including rent and interest, are recognised when rece ivab le. For leaseho ld investmentp rop er ties g ro un d r ent s payab le a re netted against rent rece ivab le f rom that property to give a true and fairreflection of property income.

Donations and legacies ar e accounted for on a r e c e iv ab l e b as is . Grants payable ar e recognised in fu ll at thepoint at which a legal or cons tr uc t ive ob l iga ti on ar ises . If these obligations ar e fo r a per iod of g re a te r t han oneyear , the cred i tor fo r the part due after more than one year from the balance sheet date is disclosed as such. N odiscount factors ar e applied to such liabili t ies. All other r e so u rc e s e x pe n d ed ar e recognised as they b e c om epayable .1.10 Se rvic e c h a r g eAs agents of the group, M E R J S Limited the group's inves tme nt p rope r ty managers, m a na ge the service chargeaccount on behalf of the tenants of the g ro up 's i nves tme nt p rope r ties . A ll costs, inc lud ing those re la ting to thep..~ emp loymen t of 6 staf f (2007: 6 ) ar e r e imbu rsed b y t he te na nts .

These costs and reimbursements ar e not inc luded in the income and expenditure account of the grou p as they areM - ~ - ~ incurred solely on behalf of the tenants and consequently are dealt with in the serv ice charge accounts of MERJSLimited with regard to each property.

2 . In v e s tm e n t in c om e - Ren t a l i n c ome Group Trus t~ 2008 2007 2008 2007 Rents rece i vab le 7,135,316 6 ,749,285less: ground rents

7,1 35,31 6 6 ,749 ,285 - -Chari table r en t fo regone 22,000 140 ,964 - -To t a l r e n t a l income 7,1 57,31 6 6 ,89 0 ,249 - -

3 . Inves tment income - O the r in te res tGroup T r u s t

2008 2007 2008 2007 FLoan interest receivable 24,125 21,984 - -Other int e res t r ece i vab le 3,927 7,085 - -

Tota l other interest 28,052 29 ,069

14


16/25

TH E C H AR LE S W O L FS ON CHARITABLE TRUST. ~ . Notes to the f inancial s tatements (continued)

Yea r ended 5 Apri l 20084. Costs of gene ra t i ng funds

Group T r u s t2008 2007 2008 2007Prope r t y e xpe n s e s Repa ir s, r a te s and o th e r n o n-rechargeable property expenses 388,841 337,629 - -Irrecoverable se rv ic e c h ar g es - (29,517) - -

388,841 308,112Prope r ty man ag emen t e xpens e sAgents' management fees notrecoverable 318 ,464 348,024A g e nt s' r e nt r e vie w an d letting f ees 197,821 116 ,071Legal expenses 154,616 150,567

Total property e xp en s e s

5 . Charitable activities

670,901 614,662

1,059,742 922,774

Group T r u s t2 0 0 8 2007 2008 2007 G ra n ts p ay a b le ( s e e No t e 20) 6 ,990,599 6 ,148,925 6,745,174 5,786,592I n d emn ity I n su rance - c h a rity 13,68 6 13 ,686 4 ,687 4 ,68 7I n d emn ity I n su rance - t rus tees 521 521 521 521C o n s ult an c y & p ro fe s si on a l f e es 63,192 63,474 2 ,993 10,635Gen e r a l off ice expend i tu r e 31,115 23,174 3 ,549 2 ,552Sund ry e x p e n s e s 224 27,891 95 76Pens ion cos t s 12,087 11,994 12,087 11,994

7,111,424 6,289,665 6,769,106 5,817,057

N o t rus tees wer e r e imbu rs ed for any expenses as t rus tees dur ing this year or the previous year.6. Governance costs

Audi t fees

Group T r u s t2008 2007 2008 2007 24,250 23,000 4 ,250 4,000

15


17/25

T H E CH ARLE S WOLFSON CHARITABLE TRUST.~ . No t e s to th e f i nanc i a l s t a t emen t s ( c o n t i n u e d )

Y e a r ended 5 Apri l 20087 . Tangib l e fix ed as se t s(a) Group Veh ic le a n dI nves tmen t prope r t ie s off iceFreehold Lea s e h o ld equ ipmen t Tota l Cos t o r valuat ionAt 6 April 2007 145,214,000 - 136,614 145,350,614Additions 7,261,056 - - 7,261,056(Deficit) on revaluation (6,765,566) - - ( 6,765,566)D isposals (13,238,490) - ( 13,238,490)

At 5 Apr il 2008Deprec i a t i onAt 6 April 2007Charge fo r the yearDisposalsAt 5 April 2008

1 32 ,471 ,000 - 1 36 ,6 1 4 132 ,607 ,614

136 ,613 1 3 6 , 6 1 3

136,613 136,613N e t b o o k valueAt 5 April 2008 132,471,000 - 1 132,471,001At 5 April 2007 145,214,000 - 1 145,214,001

T he in ve stm e nt p rop er tie s have b e e n va lued by the Trus t 's property managers on a m a rk e t v alu e b asis as at5 April 2008 .If stated u nde r historical cost pr inciples, th e comparable amounts for th e investment propert ies would be:

2008 2007

Cost 69,595,065 68,981,215

Subsequen t to the ba lance shee t date there has been a fall generally in UK property m a rk e t v alu e s which insome instances has b e e n a bn or m al. S u ch a fall, and an y cor responding adjus tment requ i red to the carryingvalue of the Char it y ' s f reehold property, represents a non-adjust ing post balance shee t event and therefore noadjustment, should it be r equ i r ed , has b e e n m a d e . The trustees cons ider it is not pract ical or feasib le in th ecur rent economic climate to give an es t imate of the financial effect .

16


18/25

THE CHARLES WOLFSON CHARITABLE TRYI1111161 4

I1 1 1 a t 1 c lia l s t a t emen t s ( c o n t i n u e d )

Yea r ended 5 Apri l 20087 . Tangible fixed a s s e t s (continued)( b ) T r u s t

Cos t o r va lu a t io nAt 6 April 2007AdditionsDisposalsAt 5 April 2008Dep r e c i a t i o nAt 6 Apri l 2007C h a r g e fo r th e y e a rD isposa l sAt 5 April 2008N e t b o ok va lueAt 5 A pr il 2 0 08At 5 April 2007

8. Fixed asse t investments

Marke t value at 6 April 2007

Veh ic le an doff icee quipmen t To ta l 4 3 2 432

4 3 2 432

431 431

431 431

1

Group T r u s t2008 2007 2008 2007 8 ,924 ,140 8,470,523 8 ,924 ,140 8,470,523(Defici t ) /Surplus on revaluat ion (3 ,564 ,538) 453,617 ( 3 ,564 ,538 ) 453 ,617

Market value at 5 April 2008 5,359,602 8,924,140 5,359,602 8,924,140

These investments are listed on the London International Stock Exchange. The Trus t' s inves tmen ts at5 April 2006 consisted of ordinary shares in Burber ry Group plc and Great Universal Stores plc. As a resultof the restructur ing of Great Universal Stores p lc du r ing the year ended 5 April 2007, the Trust 's investme ntsnow cons is t of ordinary shares in Burberry Group plc and the two newly -formed companies of Home RetailGr ou p plc and Experian plc. If stated under historical cost princ iples, the comparable amounts for theinvestme nts would be:

Cost

Group T r u s t2008 2007 2008 2007 407,146 407,146 407,146 407,146

Cos t r ep r esent s the market value of the investments a t t he date when they were set t led on the Trus t .

I1

Subsequent to the ba lance shee t d ate the re has b e e n a fall general ly in th e market values of inves tments whichin s om e instances ha s b e e n abnormal . Such a fall, an d an y cor responding ad ju s tm e n t r e q u ir e d to the carryingvalue of the C ha rit y 's i nv e s tm e n t s , r e pr e s e nt s a non - ad ju s ting pos t ba lance sheet e ve nt and therefore noadjustment , should it be requ i red , ha s b ee n m ad e.T he extent of the reduc t ion in m a rk e t va lu e b e tw ee n th e a c c ou n tin g d a te and 27 N o v e m b e r 2008 (be ing the lastpracticable d a te b e fo re signature of these financial s tatements ) was s om e 9 3 4 ,0 1 4 .

17


19/25

TH E C H A RLE S W O L FS ON CHARITABLE TRUSTNotes to the f inancial s tatements (continued)Year ended 5 April 20089. Intang ib le asse ts - Group

C o s tAt 6 April 2007 an d 5 April 2008Amo r ti sa t i onAt 6 April 2007 and 5 April 2008N e t b o o k valueAt 5 April 2007 and 5 April 2008

10. Debtors

Due from manag ing agen t sR e n t a r re a rsV AT on Service cha rges recoverableBenesco Char i ty LimitedO t he r d e b to rs and prepayments

Group other deb tor s inc lude an am o un t of 300, 000 (2007: 300,000) which is due after one year .

11 . Creditors: am o u n t s fa l l ing d ue wi th in one y e a r

Other taxes an d social secur ityOther cred i to rsAccruals and deferred incomeGrants commit ted

Goodwi l l59,186

59,186

Group T r u s t2008 2007 2008 2007

2,198,151 2,489,081 - -215,818 57,505 - -5 , 5 6 1 3 7 , 3 6 8 - -

545,129 1 ,092,991 7,600,000 6,000,000

2 ,964 ,659 3,676,945 7,600,000 6,000,000

Group T r u s t2008 2007 2008 2007 240,016 174,557 - -107,670 246 ,135 - -1,701,836 1 ,950,285 5 ,000 7,5045,525,209 5,378,523 4,775,210 4,628,523

7,574,731 7,749,500 4,780 ,210 4,636,027

12. Creditors: am o u n t s fa l l ing due after more t h a n o n e y e a r

Grants commit tedGroup T r u s t

2008 2007 2008 2007 3,910,655 2,773,677 3 ,160,655 2,023,677

18


20/25

I

TH E C HAR LES W OLFSON CHARITABLE TRUSTNo t e s to th e f in a n c i a l s t a temen t s ( c o n t i n u e d )Yea r ended 5 April 200813. Gen e r a l fund 2008 2007a) Group

At 6 April 2007 27,6 73 ,1 25 2 7,2 31 ,548N et m ov e m e n t in funds 135,093 441,577At 5 April 2008 27,808,218 27,673,125

b ) Trust 2008 2007 At 6 April 2007 348 ,059 206,305Ne t movemen t in funds 68,603 141,754At 5 April 2008 416,662 348,059

14 . Designated f undsa) Group

At 6 Ap r i l 2007

Prope rty and investmentc a p it a l f un dReal ised Unreal isedsurplus on revaluation 2008 2007disposa l reserve Tota l Tota l 47,774,739 84 ,749 ,778 132,524,517 117 ,522 ,167

Movement in fund - - - -Movement due to revaluat ion in y ear - (10,330,104) ( 10,330,104) 15,018,779Rea l ised su rp lus / (de f ic i t) o n s aleof investment properties 9 ,469,618 (6 ,591 ,284) 2,878,334 (16,429)At 5 A pr il 2 0 08 57,2 44 ,357 6 7,8 28 ,39 0 125,072,747 132,524,517

b) Trust Prope r ty an d i nv es tmen tc ap it a l f un dRealised Unrealisedsurplus on revaluat ion 2008 2007d isposal re se rve Total Total

At6 A pr il 2 0 07 - 8,516 ,993 8 ,516 ,993 8,063,376Movement du e to revaluat ion in year - (3,564,538) (3 ,564 ,538 ) 453,617At 5 Apri l 2008 - 4,952,455 4,952,455 8,516 ,993

19


21/25

: . .: , THE CHARLES WOLFSON CHARITABLE TRUSTNotes to the f inancial s tatements (continued)Yea r ended 5 Apri l 200815. Notes to the c ash flow s ta tementa) Reconcil iation of ne t income for the year tone t cash inflow from operating activit ies 2008 2007

Net income for the year 135,093 441,577Dividend receivable ( 181,338) (215,693)Interest receivable ( 991,855) (571,074)Depreciation -Decrease (Increase) in debtors 712,286 (550,266)Increase in creditors 962,209 1,024,461Ne t cash inflow from operating activit ies 636,395 129,005

b ) Analysis of c h a n g e s in n e t d e b t

Cash at bank and in hand

A t 6 A p r i l At 5 A p r i l2007 Cashflow 2008 1 2,9 05,733 10,665,356 23,571,089

c ) Reconcil iation of ne t cashflow to movemen t in net deb t

Increase in cash in the yearNet funds at the beginning of the yearNet funds at the end of the year

1 6 . Analysis o f n e t a s s e t s b e t w e e n funds

2008 2007 10,66 5,356 2,606 ,04512,905,733 10,299,688

23,571,089 12,905,733

Group Gene ra l Des i gna t edFunds fun d s To ta l F ixed asse ts 12,757,856 125,072,747 137,830,603Cur ren t assets 26,535,748 - 26,535,748Creditors (11,485,386) - ( 11,485,386)27,808,218 125,072,747 152,880,965

Trust Gen e r a l De s i g n a t e dfund fu n d s To ta l Fixed assets 407,148 4,952,455 5,359 ,603Cur ren t assets 7,950,379 - 7,950,379Credi to rs ( 7,940,865) - ( 7,940,865)4 1 6 , 6 6 2 4,952,455 5,369,117

1 7. Related party transactionsThese f inanc ia l s tat ements inc lude t he c os ts of legal expenses amount ing to 1 89 ,0 1 7 ( 20 0 7: 1 56 ,0 55 ) p ro vid e dto th e group b y it s so lic i to r s W i l liam Sturges & Co, of which M M F ra nk s , c o m pa ny secretary of B e n e sc o C h ar it yL im i ted, is a partner . This represents professional f ees charged at commerc ia l rates. 143,576 (2007: 150,567)is inc luded in direct proper ty expenses an d the ba lance is inc luded, 26,191 (2007: 5,488 ) w hic h re late s to thesale of assets which have b e e n se t against the s al e p ro ce e d s an d 19,250 on the purchase of a f reehold propertywhich has b e e n capitalised.

20


22/25

T H E CHARLES WOLFSON C H A R IT A B LE T R US T.': Notes to the f inancial s ta tements (continued)I

Year ended 5 April 200818. Sub sid ia ry under tak ings

Interests in group undertakings at the balance sheet date are as follows:

Nam e of under taking

Proport ion of nominalDescr ipt ion value of i ssuedCountry of of shares shares held byincorporation held Group Trust

Benesco Char i ty Limited England (See n o te b e low )Hea t h Re t a i l Ho l d ings Limi ted Eng l a n d 1 Ord i n a ry 1 00% 1 00%He a t h Re t a i l O n e Limi ted Eng l a n d 1 Ord i n a ry 100% -

B e ne s co C ha rity Limited is a company lim ite d b y g u a r a n t e e . T he company cons iders T he C har le s WolfsonChari table Trust to b e it s ho ld ing o r g a n i s a t i o n .The principal activity of B en es co Cha rit y L im i ted c ont in ued to be the management of funds invested mainly inproperty to raise money for distribution to charity.

1 9 . Capital commitments

Commi t t ed to b ut not provided forin the financial s tatements

Group T r u s t2008 2007 2008 2007

301,670 302,840

2 1


23/25

TH E C HAR LES WOLFSON CHARITABLE TRUSTNo t e s to th e f i nanc i a l s t a t emen t s ( c o n t i n u e d )Yea r ended 5 Apri l 200820 . Donations

M ed i cal r e sea rch & facilitiesAddenbrookes's Chari table TrustBath Institute of Med ica l Engineer ingBritish Hear t FoundationC ance r R ese ar ch U KChai Cancer CareCORECure Parkinsons TrustCys ti c F ib ros is TrustDIPExHadassah UKHear t Cells Foundat ionHeart l ine AssociationH e m i Help (Ce reb ral Pa ls y )Hospital of St . John & St . ElizabethInstitute forC o m p le m e n ta ry M e d i c in eKings Co l lege London (Prof. Greenough)M E R UNoah's ArkOxford Foundati on fo r Theoretical Neuro-ScienceP a rk in s on s D i s e as e S o c ie t yP.S.P. AssociationRoyal Botanical Gardens KewRoyal Marsden Cancer CampaignSir George Pinker AppealSpec ia l Car e B aby Unit Fund Raising SocietySpeech Language & Hearing CentreTavistock Trust for AphasiaUniversity of Oxford (Prof . Aziz )William Harvey Research Foundation

EducationAvondale ExtraBr it ish F r iends o f B ar Ilan UniversityBritish Friends of th e Ariel InstituteChicken Shed Theatre T r us tD y s o n P e r rin s M u s e u m TrustEl len Tinkham PTFAFederat ion of SynagoguesHighbury Grove Sc hoo lHun t ingdon Foundat ionJe w is h L e ar nin g E x c ha ng eJFS Charitable TrustI m m a n u e l CollegeInstitute forPolicy ResearchL on d on Je w is h Cultural CentrePlumpton Col legePriors Cour t FoundationT he Back-Up Trus tT he Roundhouse TrustUn it ed SynagogueY a v ne h C o ll e ge Trus t

22

500,00025,0002,0005003,00060,001200,0001,0005,000150,810300,0001,0002,000500166 ,91652,1082,0005,000100,00050,00047,00030,000

50,00030,0001,00010,0005,000189,873500

1,990,208

2,0008,00061,7942,0003,00025,0002,00065,395125,00015,0002,00010,00075,00015,00010,00010,00048 ,8141 ,00010,000500,000991 ,003


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: , TH E C HAR LES WOLFSON CHARITABLE TRUST.' . ' No t e s to th e fin a n c i a l s t a teme n t s (c o n t i n u e d ), Yea r ended 5 Apri l 200820. Donations (cont inued)

WelfareAbbeyfieldAction for KidsAdam Smith Research TrustAguda Israel Organisation of GBAISH HatorahAjex Charitable TrustA m be r FoundationAspireBeis Y isroe l Organisat ionB ow le s R oc k s Trus tCentral Synagogue Genera l Charities FundCivitasCommun i t y SecurityTrustCornwall Commun i t y Foundat ionCouncil fo r a Beaut ifu l IsraelCouncil ofChristians an d JewsC u ed S pe e ch Associat ion UKEdward Elgar Foundat ionE m u n a hFair Havens HospiceFalkland Islands Memorial ChapelFamily LinksFene ly LibraryFriends of Bnei AkivaFr iends of Beit Issie ShapiroFr iends o f G e ne r al O r ph an s H o m e for Girls -Jerusa lemGurkha Welfare Trus tHamps t e ad Theat reH C P T T he P ilg rim a ge TrustH o m e Farm TrustHospital Kosher Meals Se rv ic eI n s t i t u t e o f Economic A f f a i r sI . RescueI n t l . Tiger Mo th C ha r i table TrustIsrael Diaspora TrustJerusalem Foundat ionJewish Assoc ia tion f o r the Mentally I I IJewish Book Counci lJewish Ca r eJewish Ma r ri a g e Coun c i lJ N F G iv olL an ia d o U KLeve l 2 Y ou th P ro je c tLifel ine fo r th e O ldLis ten ing BooksMag g s Da y Ce n t r eN a t u r a l Histo ry MuseumNigh t inga le Ho u s e Home fo r Ag e d J ew sN o rt h L on d o n H os pic e G ro u pNo rwo o dO h e l Sa r a hPerd iswel l Young People s L e is u r e C lub sPol icy E x c h a n g eSubtotal carr ied forward to next page

2,0005,00012,0002,50075,00050 01,0002,5001 ,0002,00012 ,00025,000

70,0004,0005,00040,00010,0002,00050 075010,0001,0002,00030,00010 ,0002,5002,0005,0005002,0001,00020,0005,0001,0002,0005,0005001,000350,00050 0

25,00010,0001 ,0005,0005,0001 ,0001 ,000150,0007,00010,0002,5003,000143 ,6661,087,916

23


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TH E CHARLES WOLFSON CHARITABLE TRUSTNotes to the f inancial s ta tements (continued)Yea r ended 5 Apri l 200820. Dona t i o n s (continued)

Welfare (continued)Subtotal brought forward from previous pageQu e e n Alexandra Hospital HomeRacing WelfareRoyal Berkshire NHS Foundation Trus tShabaton ChoirSSAFA Forces Help Central OfficeTikunUnited TrustsUniversi ty Chaplaincy BoardVic tor y Services ClubWorld Jewish ReliefZoological Soc iety of London

1,087,9165,0005,00049,0002,0001,00075,00030,0001,00010,0002,000

25,0001,292,916

Provision for c o m m i tt e d fu tu r e grant paymentsKings College London (Prof. Greenough)The Back-Up TrustCOREYavneh College TrustPark insons Disease SocietyHeart Ce ll s FoundationFoundation fo r Theoret ical Neuro-Sc ience

119,59946,773132,1751,500,00072,500300,000300,000

2,471,047Total-TrustOtherT he Chi ldren's TrustB lo nd M c l nd oe ResearchKing's Col lege Hosp italChar l ie Waller Memor ia l TrustChild Bereavement Trust

6,745,174

50,00049,30050,00050,00024,125

223,425R e n t a ls fo r e go n e on charitably le t propert ies

Fami ly We l fa re Assoc ia ti on 22,00022,000

Total -Group 6 ,990,599

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The Charles Wolfson Charitable Trust Accounts 2008

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