The Charles Wolfson Charitable Trust Accounts 2009

8/9/2019 The Charles Wolfson Charitable Trust Accounts 2009

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Charity Registration Number 238043

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The Charles W olfson Charitable Trust

Financial statem ents

5 April 2009



1

THE CHARLES W OLFSON CHARITABLE TRUST

Company information

Governing lnstrumentDeed of Trust executed on 14 July 1960

SettlorsCharles W olfsonLord Wolfson of Sunningdale

TrusteesLord Wolfson of SunningdaleThe Hon Simon Adam WolfsonThe Hon Andrew Daniel W olfson

Dr Sara Levene

SecretaryMichael Morris Franks

Correspondent

Mrs R Crawford

Address

129 Battenhall Road

Worcester WR5 2BUt1 Auditor

'

l chantrey vellacott DFK Lupchadered Accountants

Russell Square House-''r-t 1012 Russell Square

Londonw clB 5LF

1 Bankersu Bank of Scotland14/16 Cockspur StreetLondon

swlY 5BL

W solicitorsW illiam Sturges & CoBurwood House14-16 Caxton StreetLondon

SW IH 0QY

lnvestment propedy managersMERJS Limited26/28 Hallam StreetLondonW 1W 6NS

Charity registration num ber

238043

lnland Revenue referenceXN2027

1




Trustees' repod

The trustees present their report and financial statements of The Charles Wolfson Charitable Trust ('dthe Trusf') and thegroup for the year ended 5 April 2009, which includes the administrative information set out on page 1.

The ''group'' means the Trust and Benesco Charity Limited ('dBenesco'') and its wholly-owned subsidiary companies, HeathRetail Holdings Limited and Heath Retail One Limlted.

Reference and administrative details of the charity, its trustees and advisors

The charity number, present trustees and advisors are given on page 1.

TrusteesThe trustees who held office throughout the year were as follows:

Lord Wolfson of Sunningdale (Chairman)The Hon Simon Adam WolfsonThe Hon Andrew Daniel WolfsonDr Sara Levene

Structure, governance and management

Governing document

The Trust is a registered charity and is governed by a Deed of Trust executed on 14 July 1960.Q

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Appointment of trustees, organisational structure and related partiesThe Trust is administered by the trustees who are appointed by the settlorscontinuing trustees. They meet quarterly and receive regular reports on the

propedy managers and other advisors.

during their Iifetime and thereafter by thegroup's properties and finances from its

The Trust is a grant-making charity which derives the bulkregistered charity and a company (Iimited by guarantee) whose

lt is the declared policy of the trustees that the majority of the trustees of this charity must be members of Benesco, and themajority of the members of Benesco willconsist of trustees of this Trust who have the power to appoint and remove directors,and Benesco is thereby controlled by this charity. Because the Trust thereby controls Benesco, the trustees are presentingconsolidated financial statements including the combined assets, liabilities and income of the Trust and of Benesco and its

of its income from grants received from Benesco, which is ainvestments are held in property.

subsidiary companies as a group.

Risk management statementThe trustees have examined thesystems

major strategic, business and operational grouphave been established to enable these risks to be managed to an acceptable Ievel.

risks which the faces and confirm that

Objectives and activities

The objective of the Trnst is to apply the income to such charitable purposesas the trustees shall select.

The policies adopted to further the Trust's objectives include the making of direct grants of money, the provision of foans,on which the interest is waived and the provision of rent-free premises. Direct grants of money constitute well over 95% of

the charitable application of funds.

Although the trustees of the Trust and the directors of Benesco have power to apply both capital and income to charitable

purposes, the medium and Iong term policy has been to preserve the capital and to expend the income, after givingconsideration to the effects of inflation.

It is considered that it is not practical to make any predetermined annual allocation between the various grant headings,especially as it is sometimes appropriate not to fully distribute in a particular year in order to accommodate Iarge projectswhich extend over more than one year.

The directors of Benesco have chosen to focus on propedy investment because, after allowing for annual running costsand 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 propedies. lncome from property does nOt include monies spent and recouped by way ofreimbursement from lessees, such as service charges, insurance premiums and the usual outgoings recovered.



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Trustees' repod (contihued)

Objectives and activities (continued)

Grant making policylt is the trustees' normal policy not to make grants to individuals and to make grants in the UK only to registered charities,

or to hospitals and schools and similar charitable institutions. The intention is to direct grants to the major areas Iistedbelow, especially for capital or fixed term projects, and with particular, but not exclusive, regard to the needs of the Jewishcommunity. This statement of objectives is not intended as a formal Iimitation of the way that the trustees may exercisetheir discretion from time to time.

1. Medicine2. Education3. W elfare

The group in suitable circumstances has purchased buildings to be made available to other charities so that effectively theincome which should otherwise be derived from such property, or most of it, is foregone by way of conferring a grant orbenefit to the other charities to assist them in the work for which the group wishes to give suppod.

Public benefit

W e have taken note of the Charity Commission's guidance on public benefit.

Achievements and performanceQ

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lnveslmenl policy and properk reporfThe group's investment policy is primarily to focus on property providing a good rental income, to enable it to support its

charitable objectives, combined with Iong term security to ensure the Iongevity of the charity.

W ith this in mind, supported by the services Of professional property managers, the group invests to build what it considersto be a high quality portfolio with the vast majority in commercial and non-residential propedy Iet to business tenants. Thetrustees consider this policy to have been successful over previous years given both the income generation and theunrealised increases in property values.

At the balance sheet date, the grotlp's property portfolio consisted of:

1. 12 commercial holdings, all of which were freehold and which represent well over 99% of the property portfolio; and

1 propedy which the group made available to other charities on arent-free or rent-reduced basis.

The portfolio has been built up over 30 years, the srst purchase having been made in February 1977.

The original cost of the properties, excluding those made available to other charities, at the balance sheet date was

E90,465,658 (2008: E69,528,505) against a current value of E123,613,000 (2008: E131,991,000). The rent roll atApril 2009 was E9,001,839 (2008: E7.472,543).

The changes in sxed assets during the year are summarised in the notes to the ùnancial statements. The propedies held by

the charitable company and its subsidiary undertakings at 5 April2009 have been valued by the group's propertymanagers on a market value basis at approximately E124,1 13,000 (2008: E132,471,000) as compared to their total originalcost of f90,532,218 (2008: E69,595,065).




Trustees' report (contihued)

Achievements and pedormance (continued)

Grants made

In the year to 5 April 2009, E4,273,085 (2008: E6,990,599) has been donated by the group by way of direct grants to operativecharities.

Financial review

Net incoming resources for the group for the year, before grants payable and rentals foregone on charitably Iet properties

of E4,273,085 (2008: E6,990,599) are :7,497,711 (2008: E7,125,692).

After a deficit on revaluation of investment properties and investments of :28,812,290 (2008: deficit of E10,330,104) and arealised surplus on sales of properties of ENil (2008: E2,878,334), the net movement in funds for the year is a defkit ofE25,587,664 (2008: deficit of E7,316,677).

Fund balances at the year end are E127,293,301 although investment properties and investments are in excess of this atE129,955,466. At 5 April 2008 fund balances were E152,880,965 of which E137,830,603 was represented by investmentproperties and investments, and the balance of E15,050,362 was available reserves for grant commitments and working

capital.

Reserves policy

In order to provide income to enable the group to fulil its charitable objectives and make grants, it is necessary to maintainand fund assets to generate this income. The trustees' current policy is to match expenditure to incoming resources overthe medium term.

Plans for future periods

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lt is the trustees' intention to continue to preserve the capital, invested predominately in propedy, with an emphasis on

commercial rather than residential properties and to continue to make grants in accordance with its grant making policy.

Tax status

The Trust is entitled

charitable purposes.

to exemption from taxation on income and capital gains to the extent that its funds are applied for

Auditor

A resolution to reappoint Chantrey Vellacott DFK LLP will be proposed at the forthcoming annual general meeting.




Trustees' report (continued)

Statement of trustees' responsibilities

The trustees are responsible for preparing the financial statements in accordance with applicable Iaw and regulations.Charity Iaw requires the trustees to prepare financial statements for each financial year. Under that Iaw the trustees haveelected to prepare their snancial statements in accordance with United Kingdom Generally Accepted Accounting Practice

(United Kingdom Accounting Standards and applicable Iaw). The financial statements are required by 1aw to give a trueand fair view of the state of affairs of the Trust and of the group and of the surplus or deficit of the Trust and of the groupfor that period. ln preparing these financial statements the trustees are required to:

select suitable accounting policies and then apply them consistently'observe the methods and principles in the Charitles SORP;

make judgements and estimates that are reasonable and prudent'* state whether applicable UK Accounting Standards have been followed, subject to any material departures

disclosed and explained in the financial statements'prepare the snancial statements on the going concern basis unless it is inappropriate to presume that the Trustand the group will continue in existence.

Each trustee has taken alI steps that they ought to have taken as trustees in order to make themselves aware of any

information relevant to the audit and to ensure that the auditor is aware of aIl relevant audit information. As far as eachtrustee is aware, there is no relevant audit information of which the charity's auditor is unaware.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time: the financial position of the Trust and the group and enables them to ensure that the financial statements comply with the

) Charities Act 1993. They are also responsible for safeguarding the assets of the Trust and the group and hence for takingreasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the trustees on Vt I t 2009 and signed on their behalf.-rd t

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W olfson - Trustee




Independent auditor's'report to the trustees of The Charles W olfson Charitable Trust

We have audited the financial statements of The Charles Wolfson Charitable Trust for the year ended 5 April 2009 whichcomprise the Consolidated and Trust Statement of Financial Activities, the Consolidated and Trust Balance Sheets,theConsolidated Cash Flow Statement and the related notes. The snancial statements have been prepared under theaccounting policies set out therein.

This report is made solely to the charity's trustees, as a body, in accordance with section 44 of the Charities Act 1993.Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to themin an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assumeresponsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for theopinions we have formed.

Respective responsibilities of trustees and auditors

The trustees'responsibilities for preparing the Annual Report and the financial statements in accordance with applicableIaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out inthe Statement of Trustees' Responsibilities.

We have been appointed as auditors under section 43 of the Charities Act 1993 and repod in accordance with regulationsmade under that Act. Our responsibility is to audit the financial statements in accordance with relevant Iegal and

regulatory requirements and International Standards on Auditing (UK and lreland).

W e report to you our opinion as to whether the financial statements give a true and fair view and are prepared inaccordance with the Charities Act 1993. W e also report to you if,in our opinion, the information given in the Trustees'

Annual Repod is not consistent with those financial statements, if the charity has not kept sufficient accounting records, ifthe charity's financial statements are not in agreement with these accountng records or if we have not received aII theinformation a0d explanations we require for our audit.

W e read the Trustees' Annual Repod and consider the implications for our report if we become aware of any apparentmisstatements within it.

Basis of audit opinion

We conducted our audit in accordance with lntemational Standards on Auditing (UK and Ireland) issued by the AuditingPractices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures inthe financial statements. It also includes an assessment of the significant estimates and jtldgements made by the trusteesin the preparation of the financial statements, and of whether the accounting policies are appropriate to the charity'scircumstances, consistently applied and adequately disclosed.

W e planned and performed our audit so as to obtain aI1 the information and explanations which we considered necessaryin 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 our opinion we also evaluated theoverall adequacy of the presentation of information in the financial statements.

6




Independent auditor'streport to the trustees of The Charles W olfson Charitable Trust (continued)

Opinion

In our opinion

@ the financial statements give a true and fair view, in accordance with United Kingdom Generally AcceptedAccounting Practice, of the state of affairs of the charity as at 5 April 2009, and of its incoming resources andapplication of resources, for the year then ended' and

the inancial statements have been prepared in accordance with the Charities Act 1993.

t. U vïtœ. v c cufSIiDF LLPHANTREY VELLACOTT

Chadered Accountants and Statutory Auditor

London

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Consolidated statem ent of financial activities

Year ended 5 April 2009

Notes

Unrestricted fundsGeneral Designated

funds fundsE E

2009

TotalE

2008

TotalEncoming resources

Incom ing resources from generated fundslnvestment income- Rental income 2 7

,994,770 7,994,770 7,157,316- Bank interest 799

,894 799,894 963,803- Other interest 3 18,301 18

,301 28,052- Dividends 200

,519 200,519 181,338

Total incoming resources 9,013,484 9,013,484 8,330,509

Resources expended

Costs of generating funds 4 1,322,673 1,322,673 1,059,742

Charitable activities 5 4,440,685 4,440,685 7,111

,424

Governance costs 6 25,500 25,500 24,250

Total resources expended 5,788,858 5,788,858 8,195,416

Net incoming resourcesfor the year before transfers 3

,224,626 3,224,626 135,093

Movement in funds 14a - - - -

Net income for the year 3,224,626 3,224,626 135,093

7 tll

u Gains and Iosses on revaluationsand investment asset disposals

(Deicit) / surplus on revaluation- Investment properties- Investments

1 Realised surplus on saleof investment properties

Net movement in funds

Fund balances brought forward

Fund balances carried forward

7a

8

14a

(29,295,153) (29,295,153) (6,765,566)482,863 482,863 (3,564,538)

. - 2,878,334

3,224,626 (28,812,290) (25,587,664) (7,316,677)

27,808,218 125,072,747 152,880,965 160,197,642

31,032,844 96,260,457 127,293,301 152,880,965

The notes on pages 13 to 22 form part of these financial statements

8




Trust statem ent of financial activities

Year ended 5 A/il 2009

Notes

Unrestricted fundsGeneral Designated

funds fundsE fr

2009

TotalE

2008

TotalEncoming resources

Incom ing resources from generated fundsInvestment income- Rental income 2- Bank interest- Other interest 3-Dividends

34,293 34,293 60,621

200,519 200,519 181,338

234,812 234,812 241,959

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u Gains and Iosses on revaluations

r and investment asset disposalsSurplus / (deficit) on revaluation of investments 8 - 482,863 482,863 (3,564,538)

a Net movement in funds 36,429 482,863 519,292 (3,495,935).1# Funds balances brought forward 416,662 4,952,455 5,369,117 8,865,052

Fund balances carried forward 453,091 5,435,318 5,888,409 5,369,1 17

lncom ing resources from charitable activitiesGrants receivable fromBenesco Charity Limited 3

,500,000 - 3,500,000 6,600,000

Total incoming resources 3,734,812 - 3,734,812 6,841,959

Resources expended

Costs of generating funds 4

Charitable activities 5 3,693,883 3,693,883 6,769,106

Governance costs 6 4,500 - 4,500 4

,250

Total resources expended 3,698,383 - 3,698,383 6,773,356

Net incoming resources for the year 36,429 36,429 68,603

The notes on pages 13 to 22 form part of these financlal statements

9



THE CHARLES W O LFSON CHARITABLE TRUST

Consolidated balance'sheet

5 April 2009

Notes 2009 2008E E

Fixed assetsTangible assets 7a 124,113,001 132,471,001lnvestments 8 5

,842,465 5,359,602Intangible assets 9 - -

129,955,466 137,830,603

3,701,345 2,964,659723,602 23,571,089

4,424,947 26,535,748

(5,815,635) (7,574,731)

(1,390,688) 18,961,017

128,564,778 156,791,620

Current assetsDebtors

Cash at bank, including deposits

Creditors: amounts falling due within one year

Net current (Iiabilities) I assets

Total assets less current liabilities

10

11

Creditors: amounts falling due after more than one year

Net assets

Unrestricted fundsGeneral fundsDesignated funds

12 (3,910,655)

127,293,301 152,880,965

(1,271,477)

13a14a

27,808,218125,072,747

127,293,301 152,880,965

31,032,84496,260,457

These financial statements havesigned on their behalf. been approved by the board of trustees and authorised for issue on 1 Zj and

W olfson

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S Wolfson ' ',.k'

A W olfson

Trustees

or Levene tn-tt:.-

The notes on pages 13 to 22 form part of these financial statements




Trust balance sheet

5 April 2009

Notes 2009

E2008

E

Fixed assetsTangible assetsInvestments

7b8

1 15,842,465 5,359,602

5,842,466 5,359,603

3,850,000 7,600,00027,041 350,379

3,877,041 7,950,379

(2,559,621) (4,780,210)

1,317,420 3,170,169

7,159,886 8,529,772

Current assetsDebtorsCash at bank, including deposits

10

Creditors: amounts falling due within one year

Net current assets

Total assets less current Iiabilities

11

12

Net assets

Unrestricted fundsGeneral fundsDesignated funds

13b14b

These financial statements have been approved by the board of trusteessigned on their behalf.

)Wolfson )

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S Wolfson )

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A Wolfson )))))

Dr Levene )

Trustees

and atlthorised for issue On Vl 1 and

(1,271,477) (3,160,655)

5,888,409 5,369,1 17

453,091 416,6625,435,318 4,952,455

5,888,409 5,369,117

Creditors: amounts falling due after more than one year

The notes on pages 13 to 22 form pad of these financial statements




Consolidated cash flow statement


Notes

15a

2009

E

2008

E

Net cash (outflow) I inflow from operating activities

Returns on investments and servicing of financeDividends receivedlnterest received

Net cash (outflow) / inflow from retums on investmentand servicing of finance

Capital expenditurePurchase of tangible fixed assets

Sale of tangible fixed assets

Net cash (outflow) / inflow from capital expenditure

(2,929,048) 636,395

200,519 181 ,338818,195 991,855

(1,910,334) 1,173,193

(20,937,153) (7,261,056)- 16,1 16,824

(20,937,153) 8,855,768

(22,847,487) 10,665,356m<QZ-=Q

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(Decrease) l increase in cash in the year 15b, 15c

The notes on pages 13 to 22 form pad of these financial statements

12




Notes to the financial statem ents


Accounting policies

The financial statements have been prepared in accordance with the Statement of Recommended Practice,ccounting and Repoding by Charities (SORP 2005) issued in March 2005

, and applicable AccountingStandards. A summary of the more important accounting policies which have been consistently applied is set outbelow.

Accounting conventionThe financial statements are prepared under the historical cost convention as modified by the revaluation ofcertain fixed assets.

Financial Instruments

Financial assets such as cash and debtors are measured at the present value of the amounts receivable,Iess an

allowance for the expected Ievel of doubtful receivables. Financial Iiabilities such as trade creditors and loans aremeasured at the present value of the obligation. An equity instrument is any contract that evidences a residual

interest in the assets of the Trust after deducting alI of its Iiabilities.

1 . 1

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Property and investment capital fundRealised surpluses on the disposal of investment properties and investments are transferred to the capital fund

.

In the trustees' opinion this should ensure that there are sufficient funds to guarantee the continued existence ofthe charity. Unrealised revaluation surpluses are also transferred to the capital fund.

Tangible fixed assets and depreciation

Investment propediesInvestment properties are revalued annually and included in the balance sheet at their market value. The surplusor deficit over book value is transferred to the revaluation fund which forms pad of the capital fund. Although thisaccounting policy is in accordance with the applicable accounting standard

,SSAP 19, Accounting for investmentproperties, it is a departure from the general requirement of the Companies Act 2006 for aII tangible assets to bedepreciated. In the opinion of the trustees compbiance with the standard is necessary for the financial statementsto give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and theamount of this which might otherwise have been charged cannot be separately identified or quantified

.

Office equipment and motor vehicles

Depreciation is charged at the following rates:

Office equipment - 15% per annum on a reducing balance basis,or 20% on a straight line basisMotor vehicle 25% on a reducing balance basis

1.3 Basis of consolidation

The group snancial statements consolidate the financial statements of the Trust and Benesco and its subsidiaryundertakings on a Iine by Iine basis for the financial year ended 5 April 2009.

1.4 Designated funds

Designated funds are as follows:

Capitalisation policy

Individual items under E1,000 are not capitalised unless part of a Iarger project or asset purchase.

1.6 Fixed asset InvestmentsFixed asset investments are carried at market value. The surplus arising on revaluation is transferred to therevaluation reserve which forms part of the propedy and investment capital fund.

1.7 Income from investmentsIncome from investments is included, together with the related tax credit

, in the income and expenditureaccount/statement of financial activities on the accruals basis.

1.8 Deposit and loan interestlnterest is included in the income and expendittlre account on a receivable basis.

13




Notes to the financial statements (continued)


1.9

Accounting policies (continued)

Provision of servicesThe trustees of the Trust and the directors of Benesco and its subsidiary companies receive no remuneration fortheir services. Furthermore, no valtle has been attributed to the provision of services by the trustees or directors

.

1.10 Incom ing resources and resources expendedIncoming resources, including rent and interest, are recognised when receivable. For Ieasehold investmentpropedies grotlnd rents payable are netted against rent receivable from that property to give a true and fairreflection of property income.

Donations and Iegacies are accounted for on a receivable basis. Grants payable are recognised in full at thepoint at which a Iegal or constructive obligation arises If these obligations are for a period of greater than oneyear, the creditor for the pad due after more than one year from the balance sheet date is disclosed as such

. Nodiscount factors are applied to such Iiabilities. AlI other resources expended are recognised as they become

payable.

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1.10 Service chargeAs agents of the group, MERJS Limited the group's investment property managers

,manage the service chargeaccotlnt on behalf of the tenants of the group's investment properties. AII costs, including those relating to theemployment of 6 staff (2008: 6) are reimbursed by the tenants.

These costs and reimbursements are not included in the income and expenditure accotlnt of the group as they areinctlrred solely on behalf of the tenants and consequently are dealt with in the service charge accounts of MERJSLimited with regard to each property.

Investment income - Rental income

Rents receivableIess: ground rents

Charitable rent foregone

Total rental income

Group Trust2009 2008 2009 2008

t E t f7,976,270 7,135,316

7,976,270 7,135,316 -18,500 22,000 -

7,994,770 7,157,316 - -=

Investment income - Other interest

Loan interest receivableOther interest receivable

Total other interest

Group Trust2009 2008 2009 2008Q f: E E

18,180 24,125 - -121 3,927 -

18,301 28,052=

14






4. Costs of generating funds

Property expensesRepairs, rates and other non-rechargeable property expensesIrrecoverable service charges

GrGtl92009E

2008

E

388,841

388,841 -

Trust2008

E2009

E

426,670

136,969

563,639

Property management expensesAgents' management fees notrecoverableAgents' rent review and Ietting feesLegal expenses

387,190 318,464265,758 197,821106,086 154,616 -

759,034 670,901 -

1,322,673 1,059,742 - -= = =

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5.

6.

Total propedy expenses

Charitable activities

Grants payable (see Note 21)Indemnity Insurance - charityIndemnity Insurance - trusteesConsultancy & professional feesGeneral office expenditureSundry expensesPension costs

Group Trust2009 2008 2009 2008

E E E E4,273,085 6,990,599 3,667,405 6,745

,17420,479 13,686 8,404 4,687521 521 521 521

106,812 63,192 3,643 2,99327,465 31,1 15 1,697 3,549194 224 84 95

12,129 12,087 12,129 12,087

4,440,685 7,111,424 3,693,883 6,769,106

No expenses were reimbursed to any trustee in either year.

Governance costsGroup Trust

2009 2008 2009 2008

E E E EAudit fees 25,500 24.250 4.500 4,250

15






Tangible fixed assets

(a) Group Vehicle andInvestment properties officeFreehold Leasehold equipment

E E E

132,471,000 136,614 132,607,614

20,937,153 - 20,937,153

(29,295,153) (29,295,153)

124,113,000 136,614 124,249,614

136,613

136,613 136,613

136,613

TotalE

Cost or valuationAt 6 April 2008Additions

(Deficit) on revaltlation

At 5 April 2009

DepreciationAt 6 April 2008

Charge for the year

At 5 April 2009

Net book valueAt 5 April 2009

At 5 April 2008

124,113,000 - 1 124,113,001

I

132,471,000 - 1 132,471,001

- - Z

The investment properties have been valued by the Trust's property managers on a market value basis as at5 April 2009.

If stated under historical cost principles, the comparable amounts for the investment properties would be:

2009

t2008

E

Cost 90,532,218 69,595,065

=

16






Tangible fixed assets (continued)

(b) Trust

Cost or valuationAt 6 April 2008 and sApril 2009

DepreciationAt 6 April 2008 and 5 April 2009

Net book value

At 5 April 2009

At 5 April 2008

Vehicle andoffice

equipment Total

E E

432 432

431 431

1 1

1 1:- =

8. Fixed asset investments

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Market value at 6 April 2008

Surplus/ (Deficit) on revaluation

Market value at 5 April 2009

These investments are Iisted on the London International Stock Exchange. The Trust's investments at5 April 2006 consisted of ordinary shares in Burberry Group pIc and Great Universal Stores plc

. As a resultof the restructuring of Great Universal Stores pIc during the year ended 5 April 2007

,the Trust's investmentsnow consist of ordinary shares in Burberry Group pIc and the two newly-formed companies of Home RetailGroup pIc and Experian plc. If stated under historical cost principles

,the comparable amounts for theinvestments would be:

Group Trust2009 2008 2009 2008

f E E E5,359,602 8,924,140 5,359,602 8

,924,140482,863 (3,564,538) 482,863 (3,564,538)

5,842,465 5,359,602 5,842,465 5,359,602

. = -.

Cost

Group2009 2008

t E407,146 407,146

Trust2009 2008

E E407,146 407,146

=

Cost represents the market value of the investments at the date when they were settled on the Trust.






9. Intangible assets - Group

GoodwillE

59,1 86

59, 186

CostAt 6 April 2008 and 5 April 2009

AmodisationAt 6 April 2008 and 5 April 2009

Net book value

At 5 April 2008 and 5 April 2009

10. Debtors

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Group other debtors include an amount of E300,000 (2008: E300,000) which is due after more than one year

Q 11. Creditors: amounts falling due within one year Group Trust

2009 2008 2009 2008E E E E

Other taxes and social security 347,232 240,016 -

N Other creditors 130,702 107,670 - - Accruals and deferred income 2,033,080 1

,701,836 5,000 5,000Grants committed 3304,621 5,525,209 2,554:621 4,775,210

5,815,635 7,574,731 2,559,621 4,780,210

=

12. Creditors: amounts falling due after more than one year

Due from managing agentsRent arrears

Benesco Charity LimitedOther debtors and prepayments

Group Trust

2009 2008 2009 2008Q E E E

2,525,808 2,198,151 - -498,682 215,818 - -

- - 3,850,000 7,600,000676,855 550,690 - -

3,701,345 2,964,659 3,850,000 7,600,000

=

Grants committed

Group Trust2009 2008 2009 2008

t E E E1,271,477 3,910,655 1,271,477 3

,160,655=





Year ended 5 Apkil 2009

13. General fund

a) Group 2009E 2008E

At 6 April 2008Net movement in funds

At 5 April 2009

27,808,2183,224,626

31,032,844

27,673,125135,093

27,808,218

Trust

At 6 April2008

Net movement in funds

At 5 April 2009

2009t

2008E

416,662 348,05936,429 68,603

453,091 416,662

) 14. Designated fundsl a) oroup

'

r'rt

u At 6 April 2008dr Movement in fund

Movement due to revaluation in year

Realised surplus/tdeficit) on saleN of investment properties

Y At 5 April 2009

b) Trust

Propedy and investmentcapital fund

Realised Unrealisedsurplus on revaluation 2009 2008disposal reserve Total Total

E E E E57,244,357 67,828,390 125,072,747 132,524,517

(28,812,290) (28,812,290) (10,330,104)

2,878,334

39,016,100 96,260,457 125,072,747=

57,244,357

Propedy and investment

capital fundRealised Unrealised

surplus on revaluation 2009 2008disposal reserve Total Total

E E E E- 4,952,455 4,952,455 8,516,993t 6 April 2008

Movement due to revaluation in year

At 5 April2009

482,863 482,863 (3,564,538)

5,435,318 5,435,318 4,952,455=

19






15. Notes to the cash flow statement

a) Reconciliation of net income for the year tonet cash (outflow) I inflow from operating activities 2009 2008

E E

Net income for the yearDividend receivableInterest receivable

Depreciation

(Increase) / decrease in debtors(Decrease) / increase in creditors

Net cash (outflow) / inflow from operating activities

3,274,626 135,093

(200,519) (181,338)(818,195) (991,855)

(763,686) 712,286(4,421,274) 962,209

(2,929,048) 636,395

b) Analysis of changes in net debt

7 t) Cash at bank and in handl

c) Reconciliation of net cashflow to movement in net debt

qv t(Decrease) / increase in cash in the yearNet funds at the beginning of the year

m- Net funds at the end of the year

16. Analysis of net assets between funds

Group General.xFunds

.1 tr-l Fixed assets 33

,695,009current assets 4

,424,947creditors (7,087,112)

31,032,844

Trust General

fundE

Fixed assets 407,148Current assets 3,877,041Creditors (3,831,098)

2009 2008E E

(22,847,487) 10,665,35623,571,089 12,905,733

723,602 23,571,089

Designatedfunds

E

96,260,457

TotalE

129,955,4664,424,947

(7,087,112)

127,293,3016,260,457= =

Designatedfunds

E5,435,318

5,435,318= =

453,091

TotalE

5,842,4663,877,041

(3,831,098)

5,888,409

17. Related party transactions

At 6 April2008

E23,571 ,089

At 5 AprilCashflow 2009

fr t(22,847,487) 723,602

These financial statements include the costs of Iegal expenses amounting to E140,863 (2008: E189,017) providedto the group by its solicitors William Sturges & Co, of which M M Franks, company secretary of Benesco Charity

Limited, is a partner. This represents professional fees charged at commercial rates. E106,086 (2008: :143,576)is included in direct property expenses and the balance is included, Enil (2008: E26,191) which relates to the sale ofassets which have been set against the sale proceeds and E34,777 (2008: E19,250) on the purchase of a freeholdproperty which has been capitalised.




Notes to the financial 'statements (contînued)


18. Subsidiary undertakings

lnterests in group undedakings at the balance sheet date are as follows:

Name of undedaking

Benesco Charity LimitedHeath Retail Holdings LimitedHeath Retail One Limited

Benesco Charity Limited is a company Iimited by guarantee. The company considers The Charles WolfsonCharitable Trust to be its holding organisation.

Proportion of nominalvaltle of issuedshares held by

Group Trust

100%1 00%

Descriptionof shares

held

(See note below)E1 Ordinaryf.1 Ordinary

Country ofincorporation

EnglandEnglandEngland

The principle activity of Heath Retail One Limited continued to be that of property investment, rental and

management.

19. Capital com mitments

Group

2009 2008E E

Trust

2009 2008E ECommitted to but not provided forin the financial statements 532,000 301 ,670 - -

Q

20. Contingent liability

One of the Trust's subsidiary undertakings has received a demand from a contractor with regard to certain worksperformed on that company's site in a previous year No provision for this Iiability has been made within thesefinancial statements as the demand is being assessed by the group's professional advisors and any potential

Iiability (if any) can not be ascedained with sufficient reliabitity at the date of signing these financial statements.

The principal activity of Benesco Charity Limited continued to be the management of funds invested mainly inproperty to raise money for distribution to charity.

The principle activity of Heath Retail Holdings Limited continues to be that of a non-trading holding company.




Notes to the financial 'statements (continued)

Year ended 5 Airil 2009

21. Donations

Trust

MedicineEducationW elfare

Total Trust

E1,440,193409,745

1 ,817,467

3,667,405

Subsidiary undedakings

MedicineEducation

W elfare

Total Subsidiary undedakings

Total Group

354,000100,000151,680

605,680

4,273,085

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The Charles Wolfson Charitable Trust Accounts 2009

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