i

Charity Registration Number: 238043

THE CHARLES WOLFSON CHARITABLE TRUST

Report and Financial Statements ~ For the year ended
5 April 2005

THE CHARLES WOLFSON CHARITABLE TRUST

Company information
Governing Instrument : Deed of Trust executed on 14 July 1960 Settlors: Charles Wolfson

I

I

Lord Wolfson of Sunningdale Trustees : Lord Wolfson of Sunningdale The Hon Simon Adam Wolfson The Hon Andrew Daniel Wolfson Dr Sara Levene Trustees are appointed by the settlors during their lifetime and thereafter by the continuing trustees'. Secretary: Mrs Cynthia Margaret Crawford Address: 129 Battenhall Road Worcester WR5 2BU Auditors: Chantrey Vellacott DFK LLP Chartered Accountants Russell Square House 10-12 Russell Square London WC1 B 5LF Bankers: Bank of Scotland 14/16 Cockspur Street London SW1Y 5BL Solicitors : William Sturges & Co Burwood House 14-16 Caxton Street London SW1 H OQY Investment property managers: Ross Jaye Sayer & Co. Ltd 26/28 Hallam Street London W1W 6NS Charity registration number 238043 Inland Revenue reference XN2027

THE CHARLES WOLFSON CHARITABLE TRUST Trustees' report
Fixed Assets The changes in fixed assets during the year are summarised in the notes to the financial statements . The properties held by the group at I5 April 2005 have been valued by the group's property managers on a market value at approximately £104,925,500 (2004: £99,095,000) as compared to their total original cost of £42,884,131(2004 : £37,077,377) . I Investment policy and property report

I

The group's investment policy is primarily to focus on property providing a good rental income, to enable it to support its charitable obje'ctives, combined with long term security to ensure the longevity of the charity. With this in mind, supported by the services of professional property managers, the group invests to build what it considers to be a high quality portfolio with an emphasis on commercial rather than residential properties . The trustees consider this policy to have been successful over previous years and during the current year given both the income generation and the unrealised increases in property values . At the balance sheet date, the group's property portfolio consisted of: 1. 2. 11 commercial holdings of which I10 were freehold and 1 leasehold; and I 6 properties which the group made available to other charities on a rent-free or rent-reduced

basis.

The portfolio has been built up over 28 years, the first purchase having been made in February 1977 and the total original cost of the properties (excluding those made available to other charities) is £41,874,749 (2004: £35,642,185) against a current value of £102,370,000 (2004: £95,535,000) . The rent roll at April 2005 was E6,925,006 (2004 : £6,566,000). The trustees have continued their policy~ of upgrading buildings as and when required . Upgrades have again been carried out during the lyear which have resulted in increased rental income and increased portfolio value . Further upgrades are currently in hand which will continue to contribute positively towards both the rental income ~and the capital values of the properties . Auditors A resolution to reappoint Chantrey VellaCott DFK LLP will be proposed at the forthcoming annual general meeting . Risk policy The trustees have examined the major strategic, business and operational risks which the group faces and confirm that systems have been established to enable these risks to be mitigated .

THE CHARLES WOLFSON CHARITABLE TRUST

Independent auditors' report to the trustees of The Charles Wolfson Charitable Trust
We have audited the financial statements of The Charles Wolfson Charitable Trust for the year ended 5 April 2005 which comprise tlie consolidated and Trust statement of financial activities, consolidated and Trust balance sheets and consolidated cash flow statement and the related notes. These financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets arid the accounting policies set out therein . This report is made solely to the charity's trustees, as a body, in accordance with section 43(2) of the Charities Act 1993. Our audit work ~as been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the cfiarity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 1, Respective responsibilities of the trustees and auditors The trustees' responsibilities for preparing the financial statements in accordance with applicable law and United Kingdom Accounting i Standards are set out in the Statement of Trustees' Responsibilities . , We have been appointed as auditors under section 43 of the Charities Act 1993 and report in accordance with regulations made under section 44 of the Act. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.

I We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the! Charities Act 1993 . We also report to you if, in our opinion, the trustees' report is not consistent with ~the financial statements, if the Trust and the group has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding trustees' remuneration and transactions with the Trust and the group~is not disclosed.
We read other information contained in ;he trustees' report, and consider whether it is consistent with the audited financial statements . We consider the implications for our report if we become aware of any apparent misstatements or ~material inconsistencies with the financial statements . Our responsibilities do not extend to any other, information . Basis of audit opinion We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements . It also includes an assessment of the significant estimates and judgements made by the trustees in the preparation of the financial statements, and of whether the accounti i g policies are appropriate to the Trust's and the group's circumstances, consistently applied and adequately disclosed.

i

THE CHARLES WOLFSON C ARITABLE TRUST Independent auditors' report to the trustees of The Charles Wolfson Charitable Trust
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our 'opinion we also evaluated the overall adequacy of the presentation of information in the financilal statements . Opinion In our opinion the financial statements 'give a true and fair view of the state of the Trust's and the group's affairs as at 5 April 2005 and of their incoming resources and application of resources for the year then ended and have been properly prepared in accordance with the Charities Act 1993 .

cjn,a r.,l.ce.
CHANTREY VELLACOT Chartered Accountants Registered Auditors London

.

FK LLP

Date: 2

1

~0

to

THE CHARLES WOLFSON CHARITABLE TRUST Consolidated statement of fi h~ ancial activities
for the year ended 5 April 2005
Incoming resources Investment income- property Investment income-other Other incoming resources Notes I 2 3i 4I Unrestricted funds General Designated funds funds £ £ 6,124,493 1,081,601 359,089 7,565,183 2 20 5 6I 1 I 1,034,324 4,189,638 75,609 163,304 5,462,875 2,102,308 197,243 37,885 2,337,436 497,443 497,443 (497,443) (197,243) (37,885) (732,571) 1,604,865 (1,869,198) 2005 Total £ 6,124,493 1,081,601 359,089 7,565,183 1,531,767 4,189,638 75,609 163$04 5,960,318 1,604,865 2004 Total £ 6,417,668 557,291 653,222 7,628,181 749,285 8,595,076 42,451 110,567 9,497,379 (1,869,198)

Total incoming resources
Resources expended Costs of generating funds Charitable expenditure Grants payable in furtherance of the charity's objects Support costs Management and administration of the Trust Total resources expended

Net incoming I(outgoing) resources
for the year before transfers Designated capital expenditure Movement in reserve 14a 14a

Net incomel(expenditure) for the year Gains and losses on revaluations and investment asset disposals Surplus on revaluation - Investment properties 7a i - Investments 8 Realised (deficit)/surplus on sale 14a I of investment properties Realised surplus on sale 14a ~ of subsidiary Net movement in funds Fund balances brought forward Fund balances carried forward I ~

2,337,436 24,378,812

1,603,258 1,246,424 (467,866) 1,649,245

1,603,258 1,246,424 (467,866) -

7,790,029 1,782,583 2,867,460 517,25 4

3,986,681 11,088,128

96,180,829 120,559,641 109,471,513 97,830,074 124,546,322120,559,641

1 26,716,248

The notes on pages 13 to 27 form part of these financial statements .

1 1 1 1 1 1
a

THE CHARLES WOLFSON CHARITABLE TRUST .I Trust statement of financial activities
for the year ended 5 April ~!2005
I Incoming resources Grants receivable from Benesco Charity Limited Investment income - property Investment income - other Total incoming resources Resources expended Costs of generating funds Charitable expenditure Grants payable in furtherance of the charity's objects Support costs Management and administration of the Trust Total resources expended 2 20 I 5 + 6 i ~Notes ~I ~I ~ 2 ~ 3 Unrestricted funds General Designated funds funds £ £ 3,800,000 262,055 4,062,055 3,979,267 16,423 45,061 4,040,751 21,304 2005 Total £ 3,800,000 262,055 4,062,055 3,979,267 16,423 45,061 4,040,751 21,304 2004 Total £ 3,500,000 243,198 3,743,198 1,012 5,387,338 22,268 32,989 5,443,607 (1,700,409)

0

Net income/(expenditure) for the year Gains and losses on revaluations i and investment asset disposals Surplus on revaluation of investments 8 Net movement in funds Funds balances brought forward Fund balances carried forward

21,304

1,246,424 1,246,424 5,563,815 6,810,239

1,246,424 1,267,728 5,616,450 6,884,178

1,782,583 82,174 5,534,276 5,616,450

i i i

52,635 73,939

'

The notes on pages 13 to 27 form part of these financial statements .

1

1 1 1

I

1 1 1 1
,
,

o q

THE CHARLES WOLFSON CHARITABLE TRUST I

Consolidated balance sheet at 5 April 2005
Notes Fixed assets Tangible assets Investments Intangible assets II I 7a 8 9

2005 £ 104,937,398 7,217,386 112,154, 784

2004 £ 99,110,876 5,970,962 105, 081, 838 3,286,179 21 , 244 , 229 24,530,408 (4,081,326) 20,449,082 125,530,920 (4,971,279) 1 20, 559,641 24 , 378 , 812 96,180,829 120, 559,641

Current assets

Debtors Cash at bank , includin 9 de posits Creditors : amounts falling due within one year Net current assets

I I

10

5,893,728 16 , 353 498 22,247,226

11 1

(4,556,744) 17,690,482 129,845,266

Total assets less current, liabilities

Creditors : amounts falling due afte'r
Q .. Net assets Unrestricted funds Genera I fun d s Designated funds I~ ' ~ ~

12

(5,298,944) 124,546,322

13a 14a

26 , 716 , 248 97,830,074 124,546,322

1 1 1 1 1

The financial statements were approveld by the trustees on . .2 .a-l.l.to.(o. . . .and signed .

i

Wolfson

4v!~~I .1 .1 . . . . . . . . . . . . . . )

) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., ) S Wolfson Trustees A Wolfson )

`

)
DrLevene )

I

I The notes on pages 13 to 27 form part oif these financial statements .

THE CHARLES WOLFSON CHARITABLE TRUST
Trust balance sheet at 5 April 2005
Notes Fixed assets Tangible assets Investments 7b 8 2005 £ 11,898 7,217,386 7,229,284 2004 F 15,876 5,970,962 5,986,838 3,200,755 722,273 3,923,028 (1,572,137) 2,350,891 8,337,729 (2,721,279) 5,616,450

Current assets

Debtors Cash at bank, including deposits Creditors : amounts failing due within one year Net current assets

1 ~

10

4,340,755 36,224 4,376,979

11

(1,673,141) 2,703,838 9,933,122

Total assets less current liabilities Creditors: amounts falling due aft", more than one year i Net assets 1 12

(3,048,944) 6,884,178

Unrestricted funds
General funds Designated funds

~ ~

13b 14b

73,939 6,810,239 6,884,178

52,635 5,563,815 5,616,450

The financial statements were approved by the trustees on . . . a.h . . ! ~k . .and signed .

The notes on pages 13 to 27 form part If these financial statements . 11

1 1 1 1 1

THE CHARLES WOLFSON~ CHARITABLE TRUST

Consolidated cash flow statement for the year ended 5 April 2005
Notes Net cash (outflow)/inflow from operating activities Returns on investments and servicing of finance Dividends received ~ Interest received Net cash inflow from returns on investment and servicing of finance, 15a 2005 £ (7,992,219) 2004 £ 2,065,350

221,586 1,009,358 1,230,944

193,097 196,321 389,418

1
' '~ 4

Capital expenditure

Purchase of tangible fixed assets Sale of tangible fixed assets Net cash inflow from capital expenditure Acquisitions and disposals (Acquisition)/disposal of subsidiary I Cash in acquired/(disposed of) subsidiary

(197,242) 3,502,134 3,304,892

(669,621) 17,554,160 16,884,539

' O

Net cash (outflow)/inflow from acquisitions
and disposals I

I

15b 15b

(1,575,462) 141,114 (1,434,348) (4,890,731)

738,112 (25,197) 712,915 20,052,222

(Decrease)lincrease in cash in the year 15c,15d

The notes on pages 13 to 27 form part of these financial statements .

1 1 1 1 1 1

12

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements for the year ended 5 April 2005
1. Accounting policies The financial statements have been prepared in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2000) issued in October 2000, and applicable Accounting Standards. A summary of the more important accounting policies which hav i been consistently applied is set out below. 1 .1 Accounting convention The financial statements are p'repared under the historical cost convention as modified by the revaluation of certain fixed assets . i Basis of consolidation I The group financial statements consolidate the financial statements of the Trust and Benesco and its subsidiary undertakingis on a line by line basis for the financial year ended 5 April 2005.

1 .2

1 .3

Designated funds Designed funds are as follows :
Realised surpluses on the disp~osal 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 of the charity. Unrealised revaluation surpluses are also transferred to the capital fund . , Property maintenance fund The trustees plan in advance for substantial future commitments and provide for them by way of appropriations from general funds to designated funds. The costs of these projects when they arise are then charged directly to these funds. The majority of this fund relate's to cyclical refurbishment costs. Transfers are made to this fund to provide for the expected future costs of major refurbishments as soon as the likely timing and costs involved can be evaluated with reasonable accuracy. Provision is also made for minor refurbishments necessary at the expiry of occupational leases, again as soon as the likely timing and costs involved can be evaluated with reasonable accuracy.

Property and investment capital fund

1 .4

Tangible fixed assets and depreciation
Investment properties are revalued annually and included in the balance sheet at their market value. The surplus or deficit over book value is transferred to the revaluation fund which forms part of the capital fund . Although this accounting policy is in accordance with the applicable accounting standard, SSAP 19,1 Accounting for investment properties, it is a departure from the general requirement of the Companies Act 1985 for all tangible assets to be depreciated. In the opinion of the trustees compliance with the standard is necessary for the financial statements to give a true and fai~r view. Depreciation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified .

Investment properties

THE CHARLES WOLFSON CHARITABLE TRUST

.

Notes to the financial statements for the year ended 5 April 2005
1. 1 .4 Accounting policies (continued) Tangible fixed assets and del,preciation (continued) Office equipment and motor wehicles Depreciation is charged at the following rates: Office equipment 15% per annum on a reducing balance basis, or, 20% on a straight line basis Motor vehicle 25% on a reducing balance basis I

Capitalisation policy

Individual items under E1,0001 are not capitalised unless part of a larger project or asset purchase . 1 .5 Fixed asset Investments Fixed asset investments are carried at market value. The surplus arising on revaluation is transferred to the revaluation reserve which forms part of the property and investment capital fund . Income from investments Income from investments is included, together with the related tax credit, in the income and expenditure account on the accruals basis. Deposit and loan interest Interest is included in the income and expenditure account on receipt. Provision of services The trustees of the Trust and the directors of Benesco and its subsidiary companies receive no remuneration for their services . Furthermore, no value has been attributed to the provision of services by the trustees or directors. Incoming resources and resources expended Incoming resources, including I rent and interest, are recognised when receivable . For leasehold investment properties ground rents payable are netted against rent receivable from that property to give a trueland fair reflection of property income. Donations and legacies received are accounted for on a received basis . Grants payable are recognised in full at the point at which a legal or constructive obligation arises . If these obligations are for a period of greater than one year, the creditor for the part due after more than one year from the balance sheet date is disclosed as such . No discount factors are applied to such liabilities. All other resources expended are recognised as they become payable . 1 .10 Service charge As agents of the group, Ross Jaye Sayer & Co. Ltd the group's investment property managers, manage the service charge account on behalf of the tenants of the group's investment properties . All costs, including those relating to the employment of 11 staff (2004 : 11) are reimbursed by the tenants. These costs and reimbursements are not included in the income and expenditure account of the I group as they are incurred solely on behalf of the tenants and consequently are dealt with in the service charge accounts of RossIJaye Sayer & Co. Ltd with regard to each property .

1 .6

1 .7 1 .8

1 .9

THE CHARLES WOLFSON ICHARITABLE TRUST!, Notes to the financial statements for the year ended 5 April 2005
2. Income from properties and property outgoings
Group 2005 2004 £ £ Trust 2005 2004 £ £

Income from investment properties

Rents receivable Less: Ground rents
Net rents receivable ;

6,243,943 6,537,118 (119,450) (119,450) 6,124,493 6,417,668

Direct property expenses Repairs, rates and other nonrechargeable property expenses (see note below) 792,640 324,969 175,685 69,823 168,650 1,531,767 55,753 254,315 218,845 52,499 167,873 749,285 436 576 1,012 (1,012)

Agents management fees not

recoverable I Agents rent review and letting fees Irrecoverable service charges Legal expenses

4,592,726 5,668,383

Repairs, rates and other non-rechargeable property expenses are after receipts of Mil (2004 : £323,828) relating to dilapidation settlements and party wall awards.

3.

Other investment income
2005 £ 860,015 221,586 1,081,601

Interest receivable Dividends Other

Group 2004 £ 356,471 193,097 7,723 557,291

Trust 2005 2004 £ £ 40,469 42,378 221$86 193,097 7,723 262,055 243,198

4.

Other incoming resources
2005 £ 189,246 13,925 155,918 359,089

Charitable rent foregone Charitable rent received Lease surrender and

Group 2004 £ 207,738 28,844 416,640 653,222

Trust 2005 2004 £ £ -

extension premiums

;.

I`

THE CHARLES WOLFSON ICHARITABLE TRUST Notes to the financial statements for the year ended 5 April 2005
5. Support costs
2005 £ 10,445 2,000 3,978 59,186 i 75,609 Group 2004 £ 11,083 1,500 4,395 25,473 42,451 2005 £ 10,445 2,000 3,978 16,423 Trust 2004 £ 11,083 1,500 4,395 5,290 -

Wages and salaries Other pension costs Loss on disposal of vehicle Depreciation

Amortisation

22,268

The average number of persons employed, who were engaged in management and administration was 1 (2004: 1) . ',No employee earned more than £50,000 in either year. 6. Management and administrati~on of the Trust 2005 £ 20,000 12,786 521 100,504 27,004 89 2,400 163,304 Group 2004 £ 19,000 12,785 521 31,139 21,037 6,060 2,400 17,625 110,567 2005 £ 4,000 4,687 521 31,080 2,338 35 2,400 45,061 Trust 2004 £ 3,850 4,687 521 3,906 2,400 17,625 32,989

Audit fees Indemnity Insurance - charity Indemnity Insurance - trustees ~ Consultancy & professional fees General office expenditure Sundry expenses Medical advisor's expenses i Trustees' honorarium

Costs of management and administration include an honorarium paid to J A Franks, a trustee until his retirement ori 5 April 2004, of £Nil (2004: £17,625) in respect of administration services carried out on behalf of the Trust. No trustees were reimbursed for lany expenses during this year or the previous year.

THE CHARLES WOLFSON

HARITABLE TRUST'

Notes to the financial stateiments for the year ended 5 April 2005
7. Tangible fixed assets

(a)

Group

Cost or valuation At 6 April 2004 Additions Surplus on revaluation Disposals

Vehicle and Investment properties office Freehold Leasehold equipment £ £ £ 92,445,000 8,197, 242 1,478,258 (3,970,000) 98,150,500 6,650,000 125,000 6,775,000 157,764 -

Total £ 99,252,764 8,197, 242 1,603,258 (3,970,000)

At 5 April 2005
Depreciation At 6 April 2004 Charge for the year Disposals At 5 April 2005 Net book value At 5 April 2005 I I

157,764 105,083,264 141,888 3,978 145,866 141,888 3,978 145,866

98,150, 5 00

6,775,000

11,898 1 04,937,398

At 5 April 2004

92,445,000

6,650,000

15,876

99,110,876

The investment properties have been valued by the Trust's property managers on a market value basis as at 5 April 2005. If stated under historical cost principles, the comparable amounts for the investment properties would be: 2005 2004 £ £ 42,884,131 37,077,377 Cost

THE CHARLES WOLFSON CHARITABLE TRUST

I(

Notes to the financial state'rnents for the year ended 5 April 2005
7. (b) Tangible fixed assets (continlued) Trust Vehicle and office equipment

Cost or valuation At 6 April 2004 Additions Disposals At 5 April 2005 Depreciation At 6 April 2004 Charge for the year

£

Total

£

21,582

21,582

21,582 5,706 3,978 i 9,684 11,898 15,876 i

21,582 5,706 3,978 9,684 11,898 15,876

Disposals

At 5 April 2005 Net book value At 5 April 2005 At 5 April 2004 8. Fixed asset investments

Market value at 6 April 2004 Surplus on revaluation Market value at 5 April 2005

I

2005 £ 5,970,962 1,246,424 7,217,386

Group

2004 £ 4,188,379 1,782,583 5,970,962

2005 £ 5,970,962 1,246,424 7,217,386

Trust

2004 £ 4,188,379 1,782,583 5,970,962

The investments are listed onl the London International Stock Exchange. The Trust's investments consist of ordinay shares in Great Universal Stores plc. If stated under historical cost principles, the comparable amounts for the investments would be: ' Group 2005 2004 £ £ 407,146 407,146 Trust 2005 2004 £ £ 407,146 407,146

Cost

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

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements for the year ended 5 April 2005
9. Intangible assets - Group Cost Additions Amortisation Provision for the year Net book value At 5 April 2005 10. Debtors Group Trust i Goodwill £

59,186
(59,186)

Due from managing agents Rent arrears

Service charges recoverable Benesco Charity Limited Other debtors and prepayments

2005 £ 3,244,429 451,949 9,139 2,188,211 5,893,728

2004 £ 2,334,167 327,103 9,139 615,770 3,286,179

2005 £ 4,300,000 40,755 4,340,755

2004 £ 2,800,000 400,755 3,200,755

Included within group other de htors and prepayments is a deposit of £1,747,084 relating to the purchase of an investmen~t property in Llanelli, Wales, the purchase of which was completed in May 2005 . Group other debtors and prepayments include an amount of £300,000 which is due after one year (2004: £300,000) . 11 . Creditors: amounts falling due within one year 2005 £ 17,209 167,557 1,959,613 2,412,365 4,556,744

Group

Taxation and social security Other creditors Accruals and deferred income Grants committed

2004 £ 1,475 109,012 1,665, 735 ~ 2,305,104 4,081,326

2005 £ 776 10,000 1,662,365 1,673,141

Trust

2004 £ 1,475 15,558 1,555,104 1,572,137

12.

Creditors : amounts falling due after more than one year 2005 £ 5,298,944

Group

Grants committed

2004 £ 4,971,279

2005 £ 3,048,944

Trust

2004 £ 2,721,279

iI
THE CHARLES WOLFSON CHARITABLE TRUST " I Notes to the financial statements for the year ended 5 April 2005
13. a) General fund Group At 6 April 2004 2005 £ 2004 £

Net movement in funds At 5 April 2005

24,378,812 26,390,696 2,337,436 (2,011,884) 26,716,248 24,378,812 2005 £ 52,635 21,304 73,939 2004 £ 1,753,044 (1,700,409) 52,635

b)

Trust
At 6 April 2004 Net movement in funds At 5 April 2005

14.

Designated funds

a)

Group

At 6 April 2004

Property an, d investment capital fund Realised Unrealised surplus on revaluation disposal reserve £ £ 27,761,705 ~. 67,581,438

Property maintenance fund £ 837,686 (497,443) (197,243) (37,885)

2005 Total

2004 Total

£ £ 96,180,829 83,080,817 (497,443) (197,243) (37,885) 2,849,682 (484,777) 627,463 9,572,612

Expenditure - revenue - capital Movement in fund Movement due to revaluation in year Realised (deficit)/ surplus on sale of investment 1,111,685 properties Realised surplus on sale of investment property in disposed of subsidiary

2,849,682

-

(1,579,551)

-

(467,866)

2,867,460

517,254

At 5 April 2005

28,873,390

I 68,851,569 I

105,115

97,830,074 96,180,829

20 I

I THE CHARLES WOLFSON CHARITABLE TRUST,

Notes to the financial statements for the year ended 5 April 2005
14. b) Designated funds (continued) Trust Property and investment capital fund Realised Unrealised surplus on revaluation disposall fund £ £ 5,563,815 1,246,424 6,810,239 Property maintenance fund £ -

2005 Total £ 5,563,815 1,246,424 6,810,239

2004 Total £ 3,781,232 1,782,583 5,563,815

At 6 April 2004 Movement due to revaluation in year At 5 April 2005 15. a)

Notes to the cash flow statement Reconciliation of net income/,(expenditure) for the year to net cash (ouflow)/infloiw from operating activities

2005 £

2004 £

Net income/(expenditure) for yei r Dividend receivable Interest receivable Depreciation Loss on disposal of motor vehiclle Amortisation Increase in debtors (Decrease)/increase in creditors Net cash (outflow)/ inflow from operating activities b) Acquisition/disposal of subsidiary

1,604,865 (1,869,198) (221,586) (859,601) 3,978 59,186 (2,722,190) (5,856,871) (193,097) (356,471) 25.,473 4,395 (555,868) 5,010,116

(7,992,219) 2,065,350

Consideration (paid)/received Fixed assets Debtors Cash

Acquisition 2005 £ (1,575,462) 8,000,000 35,115 141,114 (6,659,953) 1,516,276 (59,186)

Disposal 2004 F738,112 (350,000) (13,756) (25,197) 168,095 (220,858) 517,254

Creditors

'

Fair value of subsidiary acquired/,(disposed of) (Goodwill on acquisition)/profit on' disposal

21

THE CHARLES WOLFSON CHARITABLE TRUST" Notes to the financial statements for the year ended 5 April 2005 (
15. c) Notes to the cash flow statenient (continued) Analysis of changes in net debt . ~ At 6 April 2004 £ Cash at bank and in hand I 2 1,244,229 At 5 April 2005 £ 16,353,498

Cashflow £ (4,890,7 31)

d)

Reconciliation of net cashflow to movement in net debt

I

VU

a

/-UU 20,052,222 1,192,007 21,244,229

(Decrease)/increase in cash in the year Net funds at the beginning of the year Net funds at the end of the year! 16. Analysis of net assets between funds

(4,890,731) 21,244,229 16,353,498

Group
Fixed assets Current assets Creditors I i ~ I

General Funds £ 14,429,825 22,142,111 (9,855,688)

Designated funds £ 97,724,959 105,115 97,830,074 Designated funds £ 6,810,239 6,810,239

Total £ 112,154,784 22,247,226 (9,855,688) 124,546,322

I26,716,248 Trust Fixed assets Current assets Creditors I General fund £ 419,045 4,376,979 (4,722,085) 73,939

Total £ 7,229,284 4,376,979 (4,722,085) 6,884,178

17.

Related party transactions These financial statements include the costs of legal expenses amounting to £173,554 (2004: £300,339) provided to 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. £160,688 (2004: £167,873) is included in direct property expenses and the balance of £12,866 (2004: £132,466), which relates to the sale of assets, has been set against the sale proceedi.

1 i 1 1 1

THE CHARLES WOLFSON CHARITABLE TRUST ~

Notes to the financial stateIments for the year ended 5 April 2005
18. Subsidiary undertakings

Interests in group undertakings at the balance sheet date are as follows:
Country of Description Proportion of nominal incorporation of shares value of issued shares held held by Group Trust England England England (See note below) El Ordinary El Ordinary 100% 100% 100% -

Name of undertaking Benesco Charity Limited Heath Retail Holdings Limited Heath Retail One Limited

a

Benesco Charity Limited is a company limited by guarantee. The company considers The Charles Wolfson Charitable Trust to be its holding organisation . The principal activity of Benesco Charity Limited continued, to be the management of funds invested mainly in property to ra~ise money for distribution to charity . On 9 December 2004 BenescolCharity Limited acquired Heath Retail Holdings Limited and its wholly owned subsidiary undertaking Heath Retail One Limited.

0
, ~>_1 19.

Dorset House Limited (a previously wholly owned subsidiary undertaking) was removed from the Register at Companies House on 9 November 2004 as it was dormant and no longer

required .

Capital commitments

1 1 1 1 1 1 1 1

Committed to but not provided fo;r in the financial statements 1

Group 2005 £ 105,115

2004 £ 797,686

2005 £ -

Trust

2004 F -

I I

l I I

23

THE CHARLES WOLFSON CHARITABLE TRUST ~'

Notes to the financial statements for the year ended 5 April 2005
20. Donations

I

Medical research & facilities'
Alzheimers Society I Barts Cancer Centre of Excellence Cure Parkinsons Trust ~ Evalina Childrens Hospital Fund for Addenbrookes I High Blood Pressure Foundation Institute for Complementary Medicine - OATH Trials Kings College Noahs Ark Progressive Supranuclear Palsy Samantha Dickson Research irust St Andrew's Group of Hospitals University of Oxford - pharmacology

£ 60,677 54,400 100,000 50,000 176,722 26,000 67,282 77,000 7,500 47,721 44,521 50,000 70,000 831,823

Education Hertsmere Jewish High School Trust London Jewish Cultural Centre .I Oxford Centre for Hebrew Studies United Synagogue Yesodey Hatorah Trust I 1,000,000 15,000 1,000 100,000 100,000 1,216,000 Welfare AISH Hatorah Community Security Trust Dame Vera Lynn Trust Foundation and Friends of RBG iKew Hunt & Almshouse Charity Impakt Aid National Missing Persons Helpline Next Charitable Trust North London Hospice World Jewish Relief 150,000 50,000 10,000 41,000 45,000 20,000 67,000 100,000 5,000 100,000 588,000

THE CHARLES WOLFSON CHARITABLE TRUST Notes to the financial state'rnents for the year ended 5 April 2005
20. Donations (continued)
Other i £ 250,750

i

Benevolent Aid Fund (see pages 26 - 27) Amendment to provision for previously-committed grant payments

Huntingdon Foundation Limited i I
Provision for committed future grant payments Imperial College - Centre for Brain and Musculoskeletal Repair The National Centre for Young Children with Epilepsy SPECT Scan Project

(50,000)

500,000 500,000 142,694 1,142,694

Total - Trust

3,979, 267

Other Child Bereavement Trust 21,125

Rentals foregone on charitab ;ly let properties : B'nai Brith Hillel ' Family Welfare Association I~ Torah Teminah Primary School Yakar Education Foundation 1 142,928 18,750 17,500 10,068 189,246

Total - Group

4,189,638

I (

25

THE CHARLES WOLFSON CHARITABLE TRUST' Notes to the financial state'I ents for the year ended 5 April 2005
20. Donations (continued) Distributed by the Benevolelnt Aid Fund Adam Smith Institute Agudas Organisation of Great Britain Blind in Business Brainwave Breakaway I British Ort British Wizo Cancer Bacup Cancer Research UK Central School of Ballet Centre for Studies of Jewish Christian Relations Changing Faces Churchill College Civitas Colfels Charitable Trust Contact the Elderly Council for a Beautiful Israel Council for Christians and Jew's DEBRA Dyson Perrins Museum Edwards Trust Eric Liddell Centre Federation of Synagogues Friends of Bar Ilam University Friends of Dallington Friends of General Israel Orphanage H F J Cornwall Hasmonean Primary School I Rescue IMS Russia Cove Injured Jockeys Fund Injured Riders Fund Institute of Economic Affairs Institute for Policy Research Institute for the Special Child Jaste the Adventure JFS General Charitable Fund King Edward VII's Hospital Kosher Meals Service Level Two Youth Project Listening Books Luka Mentor MERU Noahs Ark North West London Jewish Day School Subtotal carried forward to next page £ 5,000 4,500 5,000 1,500 7,500 5,000 1,000 1,000 7,500 1,000 1,000 1,000 5,000 5,000 1,000 2,000 5,000 1,000 5,000 2,500 1,000 2,000 2,300 5,000 5,000 4,500 1,000 5,000 13,000 1,000 1,000 1,000 5,000 10,000 2,500 1,000 2,500 1,000 1,000 5,000 5,000 2,500 5,000 1,000 1,000 5.000 156,800

THE CHARLES WOLFSON

HARITABLE TRUST

Notes to the financial staternents for the year ended 5 April 2005
20. Donations (continued) Distributed by the Benevolent Aid Fund (continued) Subtotal brought forward from Iprevious page I Norwood Padstow Sea Cadets Peninculas Med School Foundation Peninsula Medical School Perdiswell Young Peoples Leisure Club Philharmonia Ltd £ 156,800 8,000 2,000 5,000 10,000 3,000 1,000 1,000 1,000 1,000 2,000 5,000 5,000 1,000 2,000 1,000 1,000 5,000 10,000 1,000 6,000 5,000 1,000 2,000 5,000 9,950 250,750

Racing Welfare

Reading Community Welfare Rights Unit Reading Voluntary Action Remap Special Language and Hearing Centre Speech, Language and Hearing Centre I Spinal Research Tavistock Fund for Aphasia I The Dalhousie Centre The Fenely Library The Shabbatin Choir The Social Affairs Unit Trinity College Holiday Scheme, UK Friends of Magen David Adorn United Synagogue Weizmann Institute World Jewish Relief X - Appeal Miscellaneous small donations (less than £1,000 individually)