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Charity Registration Number 238043

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The Charles Wolfson Charitable Trust Financial statements 5 April 2008

THE CHARLES WOLFSON CHARITABLE TRUST
Company information
Governing Instrument Deed of Trust executed on 14 July 1960
Se ttlors Charles Wolfson

Lord Wolfson of Sunningdale
Trustees Lord Wolfson of Sunningdale The Hon Simon Adam Wolfson The Hon Andrew Daniel Wolfson Dr Sara Levene

Secretary Michael Morris Franks Correspondent Mrs R Crawford
Address 129 Battenhall Road Worcester WR5 2BU Auditor Chantrey Vellacott DFK LLP Cha rtered Accountants Russell Square House 10-12 Russell Square London

WC1B 5LF
Bankers Bank of Scotland 14/16 Cockspur Street London SW 1 Y 5BL

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~

Solicitors
William Sturges & Co Burwood House 14-16 Caxton Street London

SW1H OQY
Investment prope rty managers MERJS Limited 26/28 Hallam Street London W1W 6NS Charity registration number 238043 Inland Revenue reference XN2027

1

~THE CHARLES WOLFSON CHARITABLE TRUST
Trustees' report
The trustees present their report and financial statements of The Charles Wolfson Charitable Trust ("the Trust") and the group for the year ended 5 Ap ri l 2008, which includes the administrative information set out on page 1.

The "group" means the Trust and Benesco Charity Limited ( "Benesco") and its wholly-owned subsidia ry companies, Heath Retail Holdings Limited and Heath Retail One Limited. Reference and administrative details of the charity, its trustees and advisors The charity number, present trustees and advisors are given on page 1.
Trustees The trustees who held office throughout the year were as follows: Lord Wolfson of Sunningdale (Chairman) The Hon Simon Adam Wolfson The Hon Andrew Daniel Wolfson Dr 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. Appointment of trustees, organisational structure and related parties

The Trust is administered by the trustees who are appointed by the settlors during their lifetime and thereafter by the continuing trustees. They meet quarterly and receive regular reports on the group's properties and finances from its property managers and other advisors.
The Trust is a grant-making charity which derives the bulk of its income from grants received from Benesco, which is a registered charity and a company (limited by guarantee) whose investments are held in property. It is the declared policy of the trustees that the majority of the trustees of this charity must be members of Benesco, and the majority of the members of Benesco will consist 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 presenting consolidated financial statements including the combined assets, liabilities and income of the Trust and of Benesco and its subsidiary companies as a group.

Risk management statement 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 managed to an acceptable level. Objectives and activities
The objective of the Trust is to apply the income to such charitable purposes as the trustees shall select. The policies adopted to further the Trust's objectives include the making of direct grants of money, the provision of loans, 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 long term policy has been to preserve the capital and to expend the income, after giving consideration 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 large projects which extend over more than one year. The directors of Benesco have chosen to focus on property investment because, after allowing for annual running costs and renewals and refurbishment, the rental income over the years tends to keep pace with inflation, so long as the portfolio is well spread in appropriate properties. Income from property does not include monies spent and recouped by way of reimbursement from lessees, such as service charges, insurance premiums and the usual outgoings recovered.

2

THE CHARLES WOLFSON CHARITABLE TRUST
1 . Trustees' report (continued)
Objectives and activities (continued) Grant making policy
It 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 listed below, especially for capital or fixed term projects, and with particular, but not exclusive, regard to the needs of the Jewish community. This statement of objectives is not intended as a formal limitation of the way that the trustees may exercise their discretion from time to time. 1. Medicine 2. Education 3. Welfare

The group in suitable circumstances has purchased buildings to be made available to other charities so that effectively the income which should otherwise be derived from such property, or most of it, is foregone by way of conferring a grant or benefit to the other charities to assist them in the work for which the group wishes to give support. Achievements and performance Investment policy and property report
The 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 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 the vast majority in commercial and non-residential property let to business tenants. The trustees consider this policy to have been successful over previous years given both the income generation and the unrealised increases in property values.

At the balance sheet date, the group's property po rtfolio consisted of: 1. 10 commercial holdings, all of which were freehold and which represent well over 95% of the prope rty portfolio; and 2. 1 prope rty which the group made available to other charities on a rent-free or rent-reduced basis.
~ ~ ~ The portfolio has been built up over 30 years, the first purchase having been made in February 1977. The original cost of the propert ies, excluding those made available to other cha rities, at the balance sheet date was £69,528,505 (2007: £68,914,655) against a current value of £131,991,000 (2007: £144,734,000). The rent roll at April 2008 was £7,472,543 (2007: £7,201,092). Subsequent to the balance sheet date there has been a fall generally in UK prope rty market values which in some instances has been abnormal. Such a fall, and any corresponding adjustment required to the carrying value of the Group's freehold property, represents a non - adjusting post balance sheet event and therefore no adjustment, should it be required, has been made. The Trustees consider it is not practical or feasible in the current economic climate to give an estimate of the financial effect. The fall in the market value of investments since the balance sheet date has also had an impact on the value of the Charity's investments. The trustees have continued their policy of upgrading buildings as and when required. Upgrades have again been carried out during the year which have resulted in increased rental income and increased portfolio value. Further upgrades are currently in hand which will continue to contribute positively in the long term towards both the rental income and the capital values of the properties. The changes in fixed assets during the year are summarised in the notes to the financial statements. The properties held by the charitable company and its subsidiary undertakings at 5 Ap ri l 2008 have been valued by the group's property managers on a market value basis at approximately £132,471,000 (2007: £145,214,000) as compared to their total original cost of £69,595,065 (2007: £68,981,215). Grants made In the year to 5 Ap ri l 2008, £6,990,599 (2007: £6,148,925) has been donated by the group by way of direct grants to operative charities. Individual donations are listed in note 20 to these financial statements.

4

Major projects included grants to Yavneh College Trust (£2,000,000), Heart Cells Foundation (£600,000) and Addenbrookes's Charitable Trust (£500,000).

3

THE CHARLES WOLFSON CHARITABLE TRUST
Trustees' report (continued)
Financial review Net incoming resources for the group for the year, before grants payable and rentals foregone on charitably let prope rties of £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) and a realised surplus on sales of properties of £2,878,334 (2007: deficit of £16,429), the net movement in funds for the year is a deficit of £7,316,677 (2007: surplus of £15,443,927). Fund balances at the year end are £152,880,965 (2007: £160,197,642) of which £137,830,603 (2007: £154,138,141) is represented by investment properties and investments, and the balance of £15,050,362 (2007: £6,059,501) is available reserves for grant commitments and working capital. Reserves policy
In order to provide income to enable the group to fulfil its charitable objectives and make grants, it is necessary to maintain and fund assets to generate this income. The group therefore must retain unrestricted funds at least equal to the value of the property and other fixed asset investments, together with additional funds to accommodate grant allocations for large projects which extend over more than one year. Plans for future periods

At the balance sheet date, the trustees had committed to support a number of projects by means of grants for periods of two or three years. During previous years the trustees have committed £6,000,000 from the group towards the theatres development on the Chelsea site of the Royal Marsden Hospital. During this year no stage payments of this grant have been made by the group regarding this commitment. The balance of this grant (£3,000,000), together with other committed grants, the most significant of which are to Cambridge University (£2,000,000) and Yavneh College Trust (£1,500,000), have been provided for in these financial statements (see note 11 and 12).
The trustees also customarily make annual but uncommitted grants to major providers in the educational and welfare fields and for scientific and medical research. As these grants require satisfactory annual reports and review, medical projects being also subject to review by the Trust's medical adviser, the grants are considered uncommitted and have not been provided for in these statements. It is the trustees' intention to continue to preserve the capital, invested predominately in property, with an emphasis on commercial rather than residential properties. Not withstanding the need to accommodate large projects as referred to above, the trustees' current policy is to match expenditure to incoming resources over the medium term.

The Trust is entitled to exemption from taxation on income and capital gains to the extent that its funds are applied for cha ritable purposes.
Auditor A resolution to reappoint Chantrey Vellacott DFK LLP will be proposed at the forthcoming annual general meeting. Statement of trustees' responsibilities The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. Charity law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare their financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and 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 group for that period. In preparing these financial statements the trustees are required to: • • • select suitable accounting policies and then apply them consistently; 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 financial statements on the going concern basis unless it is inappropriate to presume that the Trust and the group will continue in existence.

4

'THE CHARLES WOLFSON CHARITABLE TRUST
.1 Trustees' report (continued)
Statement of trustees' responsibilities (continued) Each trustee has taken all 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 all relevant audit information. As far as each trustee 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 taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the trustees on 2g 2pdV and signed on their behalf.

Wolfson - Trustee

5

`THE CHARLES WOLFSON CHARITABLE TRUST
Independent auditor's 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 2008 which comprise the Consolidated and Trust statement of financial activities, Consolidated and Trust balance sheets, Consolidated cash flow statement, and the related notes. These financial statements have been prepared under the accounting policies set out therein.
This report is made solely to the Trust'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 Trust's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of the trustees and auditor The trustees' responsibilities for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Trustees' Responsibilities.
We have been appointed auditor under section 43 of the Charities Act 1993 and report in accordance with regulations made under section 44 of that Act. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). 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 report to you whether in our opinion the information given in the trustees' report is consistent with the financial statements. We also report to you if, in our opinion, the Trust and the group have 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 other transactions is not disclosed. We read other information contained in the trustees' report, and consider the implications for our report if we become aware of any misstatements within it. Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) 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 accounting policies are appropriate to the Trust's and the group's circumstances, consistently applied and adequately disclosed.

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 financial statements.

6

`THE CHARLES WOLFSON CHARITABLE TRUST
Independent auditor's report to the trustees of The Charles Wolfson Charitable Trust (continued)
Opinion In our opinion:

the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the Trust's and group's affairs as at 5 Ap ri l 2008 and of its incoming resources and application of resources, for the year then ended; and the financial statements have been properly prepared in accordance with the Charities Act 1993; and the information given in the trustees' report is consistent with the financial statements.

• •

CHANTREY VELLACOTT DFK LIP Chartered Accountants Registered Auditor London Date:

24 I

7

' THE CHARLES WOLFSON CHARITABLE TRUST
Consolidated statement of financial activities

Year ended 5 April 2008
Unrestricted funds General Designated funds funds £ £

Notes Incoming resources
Incoming resources from generated funds Investment income - Rental income - Bank interest - Other interest - Dividends

2008 Total £

2007 Total f-

2

7,157,316 963,803

-

7,157,316 963,803

6,890,249 542,005

3

28,052 181,338 8,330,509

-

28,052 181,338 8,330,509

29,069 215,693 7,677,016

Total incoming resources Resources expended Costs of generating funds Charitable activities Governance costs
Total resources expended Net incoming resources for the year before transfers Movement in funds 4 5 6

1,059,742 7,111,424 24,250 8,195,416

-

1,059,742 7,111,424 24,250 8,195,416

922,774 6,289,665 23,000 7,235,439

135,093 14a 135,093

135,093

441,577

Net income for the year Gains and losses on revaluations and investment asset disposals Deficit on revaluation - Investment properties - Investments
Realised surplus/(deficit) on sale of investment properties Net movement in funds Fund balances brought forward Fund balances carried forward

135,093

441,577

7a 8 14a

135,093 27,673,125 27,808,218

(6,765,566) (3,564,538) 2,878,334 (7,451,770) 132,524,517 125,072,747

( 6,765,566) ( 3,564,538) 2,878,334 ( 7,316,677) 160,197,642 152,880,965

14,565,162 453,617 (16,429) 15,443,927 144,753,715 160,197,642

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

8

THE CHARLES WOLFSON CHARITABLE TRUST
Trust statement of financial activities Year ended 5 April 2008
Unrestricted funds Incoming resources
Incoming resources from generated funds Investment income Notes General funds £ Designated funds £ 2008 Total £ 2007 Total £

-

Rental income Bank interest Other interest Dividends

2 60,621 3 181,338
241,959

60,621 181,338
241,959

47,118 215,693
262,811

Incoming resources from charitable activities Grants receivable from

Benesco Charity Limited
Total incoming resources Resources expended Costs of generating funds

6,600,000
6,841,959

-

6,600,000
6,841,959

5,700,000
5,962,811

4 5 6 6,769,106 4,250
6,773,356 68,603

Charitable activities Governance costs Total resources expended
Net incoming resources for the year Gains and losses on revaluations and investment asset disposals (Deficit)/surplus on revaluation of investments Net movement in funds Funds balances brought forward Fund balances carried forward

6,769,106 -

5,817,057 4,000
5,821,057 141,754

4,250
6,773,356 68,603

8

(3,564,538)

( 3,564,538)

453,617

68,603 348,059 416,662

(3,564,538) 8,516,993 4,952,455

(3,495,935) 8,865,052 5,369,117

595,371 8,269,681 8,865,052

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

9

~ THE CHARLES WOLFSON CHARITABLE TRUST
Consolidated balance sheet 5 April 2008
Notes Fixed assets Tangible assets Investments Intangible assets 7a 8 9
2008 £ 2007 £

132,471,001 5,359,602 137,830,603

145,214,001 8,924,140 154,138,141
3,676,945 12,905,733 16,582,678 (7,749,500) 8,833,178 162,971,319 (2,773,677) 160,197,642

Current assets Debtors Cash at bank, including deposits
Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year Net assets

10

2,964,659 23, 571, 089 26, 535,748 (7,574,731) 18,961,017 156,791,620

11

12

( 3,910,655) 152,880,965

Unrestricted funds
General funds Designated funds 13a 14a 27,808,218 125,072,747 27,673,125 132,524,517

152,880,965

160,197,642

These financial statements have been approved by the board of trustees and authorised for issue on2A.J.!~~(51... and signed on their behalf.

Wolfson

S Wolfson Trustees

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

10

° THE CHARLES WOLFSON CHARITABLE TRUST
Trust balance sheet 5 April 2008
Notes Fixed assets Tangible assets Investments 7b 8 2008 £ 1 5,359,602 5,359,603
Current assets

2007 £ 1 8,924,140 8,924,141 6,000,000 600,615
6,600,615 (4,636,027) 1,964,588 10,888,729 (2,023,677) 8,865,052

Debtors Cash at bank, including deposits
Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year a1 h- -1 , Net assets

10

7,600,000 350,379
7,950,379 (4,780,210) 3,170,169 8,529,772

11

12

(3,160,655) 5,369,117

1.-4 ~-1

Unrestricted funds General funds Designated funds '•• O

13b 14b

416,662 4,952,455 5,369,117

348,059 8,516,993 8,865,052

These financial statements have been approved by the board of trustees and authorised for issue on........ . ...~..~..~.
and signed on their behalf.

Wolfson

6 S Wolfson

Vul"/
Trustees

A Wolfson

Dr Levene

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

11

THE CHARLES WOLFSON CHARITABLE TRUST
Consolidated cash flow statement
Year ended 5 April 2008
Notes 2008 £ 2007 £

Net cash inflow from operating activities Returns on investments and servicing of finance Dividends received Interest received Net cash inflow from returns on investment and serv icing of finance Capital expenditure
Purchase of tangible fixed assets Sale of tangible fixed assets

15a

636,395 181,338 991,855 1,173,193

129,005 215,693 567,614 783,307

(7,261,056) 16,116,824

(204,838) 1,898,571

Net cash inflow from capital expenditure Increase in cash in the year 15b, 15c

8,855,768 10,665,356

1,693,733 2,606,045

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

12

° THE CHARLES WOLFSON CHARITABLE TRUST
,~Notes to the financial statements

Year ended 5 April 2008
1. Accounting policies The financial statements have been prepared in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005) issued in March 2005, and applicable Accounting Standards. A summary of the more important accounting policies which have been consistently applied is set out below. 1.1 Accounting convention The financial statements are prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Financial instruments

1.2

Financial assets such as cash and debtors are measured at the present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured 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 all of its liabilities. 1.3 Basis of consolidation The group financial statements consolidate the financial statements of the Trust and Benesco and its subsidiary undertakings on a line by line basis for the financial year ended 5 April 2008. Designated funds
Designated funds are as follows: Prope rty and investment capital fund Realised 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 of the charity. Unrealised revaluation surpluses are also transferred to the capital fund.

1.4

1.5

Tangible fixed assets and depreciation Investment prope rt ies
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, 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 fair 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. Office equipment and motor vehicles Depreciation is charged at the following rates: 15% per annum on a reducing balance basis, or 20% on a straight line basis Office equipment 25% on a reducing balance basis Motor vehicle Capitalisation policy

Individual items under £1,000 are not capitalised unless part of a larger project or asset purchase.
1.6 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/statement of financial activities on the accruals basis. Deposit and loan interest Interest is included in the income and expenditure account on a receivable basis.

1.7

1.8

13

° THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued) Year ended 5 April 2008
1. 1.9 Accounting policies (continued) Provision of se rv ices 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 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 true and fair reflection of property income.
Donations and legacies are accounted for on a receivable 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 Se rvice charge As agents of the group, MERJS Limited 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 6 staff (2007: 6) are reimbursed by the tenants.

1.10

p..~

M-~-~

These costs and reimbursements are not included in the income and expenditure account of the group as they are incurred solely on behalf of the tenants and consequently are dealt with in the service charge accounts of MERJS Limited with regard to each property. 2. Investment income - Rental income
Group Trust 2008 £ 2007 £ 2008 £ 7,135,316 2007 £ 6,749,285

~ Rents receivable less: ground rents

Charitable rent foregone Total rental income

7,135,316 22,000 7,157,316

6,749,285 140,964 6,890,249

-

-

3.

Investment income - Other interest
Group 2008 £ 24,125 3,927 28,052 2007 £ 21,984 7,085 29,069 2008 £ Trust 2007 F -

Loan interest receivable Other interest receivable Total other interest

14

• THE CHARLES WOLFSON CHARITABLE TRUST
.~ . Notes to the financial statements (continued) Year ended 5 April 2008
4. Costs of generating funds Group Propert y expenses Repairs, rates and other nonrechargeable property expenses Irrecoverable se rvice charges 2008 £ 388,841 388,841 Prope rty management expenses Agents' management fees not
recoverable Agents' rent review and letting fees Legal expenses 318,464 197,821 154,616 348,024 116,071 150,567

Trust 2007 £ 2008 £ 2007 £ -

337,629 (29,517) 308,112

670,901 Total property expenses 5. Charitable activities 1,059,742

614,662 922,774

Group 2008 £ 6,990,599 13,686 521 63,192 31,115 224 12,087 2007 £ 6,148,925 13,686 521 63,474 23,174 27,891 11,994 2008 £ 6,745,174 4,687 521 2,993 3,549 95 12,087

Trust 2007 £ 5,786,592 4,687 521 10,635 2,552 76 11,994

Grants payable ( see Note 20) Indemnity Insurance - cha rity Indemnity Insurance - trustees Consultancy & professional fees General office expenditure Sund ry expenses Pension costs

7,111,424

6,289,665

6,769,106

5,817,057

No trustees were reimbursed for any expenses as trustees during this year or the previous year. 6. Governance costs
Group 2008 £ 24,250 2007 £ 23,000 2008 £ 4,250 Trust 2007 £ 4,000

Audit fees

15

THE CHARLES WOLFSON CHARITABLE TRUST
.~ . Notes to the financial statements (continued) Year ended 5 April 2008
7. (a) Tangible fixed assets Group Investment prope rt ies Freehold Leasehold £ £ Cost or valuation At 6 April 2007 Additions (Deficit) on revaluation Disposals At 5 April 2008 Depreciation At 6 April 2007 Charge for the year Disposals At 5 April 2008 Net book value At 5 April 2008 At 5 April 2007 132,471,000 145,214,000 145,214,000 7,261,056 (6,765,566) (13,238,490)
132,471,000

Vehicle and office equipment £ 136,614 136,614

Total £ 145,350,614 7,261,056 ( 6,765,566) ( 13,238,490)
132,607,614

-

136,613

136,613

136,613 1 1

136,613 132,471,001 145,214,001

The investment properties have been valued by the Trust's property managers on a market value basis as at 5 April 2008. If stated under historical cost principles, the comparable amounts for the investment properties would be:

2008 £ Cost 69,595,065

2007 £ 68,981,215

Subsequent to the balance sheet date there has been a fall generally in UK property market values which in some instances has been abnormal. Such a fall, and any corresponding adjustment required to the carrying value of the Charity's freehold property, represents a non - adjusting post balance sheet event and therefore no adjustment, should it be required, has been made. The trustees consider it is not practical or feasible in the current economic climate to give an estimate of the financial effect.

16

THE CHARLES WOLFSON CHARITABLE TRY I I 1111161 4 111at1c lia l statements (continued)
Year ended 5 April 2008
7. (b) Tangible fixed assets (continued) Trust Vehicle and office equipment £ 432

Total £ 432

Cost or valuation At 6 April 2007 Additions Disposals At 5 April 2008
Depreciation At 6 April 2007 Charge for the year Disposals At 5 April 2008 Net book value At 5 April 2008

432

432

431

431

431

431

1

I 1

At 5 April 2007 8. Fixed asset investments Group 2008
Market value at 6 April 2007 (Deficit)/Surplus on revaluation Market value at 5 April 2008 £ 8,924,140 (3,564,538) 5,359,602

Trust 2007
£ 8,470,523 453,617 8,924,140

2008
£ 8,924,140 ( 3,564,538) 5,359,602

2007
£ 8,470,523 453,617 8,924,140

These investments are listed on the London International Stock Exchange. The Trust's investments at 5 April 2006 consisted of ordinary shares in Burberry Group plc and Great Universal Stores plc. As a result of the restructuring of Great Universal Stores plc during the year ended 5 April 2007, the Trust's investments now consist of ordinary shares in Burberry Group plc and the two newly-formed companies of Home Retail Group plc and Experian plc. If stated under historical cost principles, the comparable amounts for the investments would be:
Group 2008 £ 407,146 2007 £ 407,146 2008 £ 407,146 Trust 2007 £ 407,146

Cost

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

Subsequent to the balance sheet date there has been a fall generally in the market values of investments which in some instances has been abnormal. Such a fall, and any corresponding adjustment required to the carrying value of the Charity's investments, represents a non - adjusting post balance sheet event and therefore no adjustment, should it be required, has been made. The extent of the reduction in market value between the accounting date and 27 November 2008 (being the last practicable date before signature of these financial statements) was some £934,014.

17

THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued)
Year ended 5 April 2008
9. Intangible assets - Group Goodwill £ Cost At 6 April 2007 and 5 April 2008 Amo rtisation At 6 April 2007 and 5 April 2008 Net book value At 5 April 2007 and 5 April 2008
10. Debtors

59,186
59,186

Group Due from managing agents Rent arrears VAT on Service charges recoverable Benesco Charity Limited Other debtors and prepayments 2008 £ 2,198,151 215,818 5,561
545,129 2,964,659

Trust 2007 £ 2,489,081 57,505 37,368
1,092,991 3,676,945 7,600,000 6,000,000

2008 £ 7,600,000

2007 £ 6,000,000

Group other debtors include an amount of £300, 000 (2007: £300,000) which is due after one year.

11.

Creditors: amounts falling due within one year

Group
Other taxes and social security Other creditors

Trust 2007 £ 174,557 246,135
1,950,285 5,378,523 7,749,500

2008 £ 240,016 107,670
1,701,836 5,525,209 7,574,731

2008 £ 5,000 4,775,210 4,780,210

2007 £ 7,504 4,628,523 4,636,027

Accruals and deferred income Grants committed

12.

Creditors: amounts falling due after more than one year Group 2008 £ 3,910,655 2007 £ 2,773,677 2008 £ 3,160,655 Trust 2007 £ 2,023,677

Grants committed

18

THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued)
I

Year ended 5 April 2008
13.
a)

General fund
Group At 6 April 2007 Net movement in funds 2008 £ 27,673,125 135,093 2007 £ 27,231,548 441,577

At 5 April 2008

27,808,218

27,673,125

b)

Trust At 6 April 2007 Net movement in funds At 5 April 2008

2008 £ 348,059 68,603 416,662

2007 £ 206,305 141,754 348,059

14. a)

Designated funds Group
Prope rty and investment capital fund

Realised surplus on disposal £ At 6 Ap ri l 2007
Movement in fund Movement due to revaluation in year Realised surplus/(deficit) on sale 47,774,739 -

Unrealised revaluation reserve £
84,749,778 (10,330,104)

2008 Total £
132,524,517 ( 10,330,104)

2007 Total £
117,522,167 15,018,779

of investment properties
At 5 April 2008

9,469,618
57,244,357

(6,591,284)
67,828,390

2,878,334
125,072,747

(16,429)
132,524,517

b)

Trust Prope rty and investment capital fund Realised Unrealised
surplus on disposal £ revaluation reserve £ 8,516,993 (3,564,538) 4,952,455 2008 Total £ 8,516,993 (3,564,538) 4,952,455 2007 Total £ 8,063,376 453,617 8,516,993

At 6 April 2007 Movement due to revaluation in year At 5 April 2008

19

:. .

:• , THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued) Year ended 5 April 2008
15. a) Notes to the cash flow statement Reconciliation of net income for the year to net cash inflow from operating activities Net income for the year Dividend receivable Interest receivable Depreciation Decrease (Increase) in debtors Increase in creditors Net cash inflow from operating activities
b) Analysis of changes in net debt At 6 April 2007 Cashflow At 5 April 2008

2008 £ 135,093 ( 181,338) ( 991,855) 712,286 962,209 636,395

2007 £ 441,577 (215,693) (571,074) (550,266) 1,024,461 129,005

Cash at bank and in hand c)

£ 12,905,733

£ 10,665,356

£ 23,571,089

Reconciliation of net cashflow to movement in net debt Increase in cash in the year Net funds at the beginning of the year Net funds at the end of the year 2008 £ 10,665,356 12,905,733 23,571,089 2007 £ 2,606,045 10,299,688 12,905,733

16.

Analysis of net assets between funds

Group Fixed assets Current assets Creditors

General Funds £ 12,757,856 26,535,748 (11,485,386) 27,808,218

Designated funds £ 125,072,747 125,072,747
Designated funds £ 4,952,455 4,952,455

Total £ 137,830,603 26,535,748 ( 11,485,386) 152,880,965

Trust

Fixed assets Current assets Creditors

General fund £ 407,148 7,950,379 ( 7,940,865) 416,662

Total £ 5,359,603 7,950,379 ( 7,940,865) 5,369,117

17.

Related party transactions These financial statements include the costs of legal expenses amounting to £189,017 (2007: £156,055) 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. £143,576 (2007: £150,567) is included in direct property expenses and the balance is included, £26,191 (2007: £5,488) which relates to the sale of assets which have been set against the sale proceeds and £19,250 on the purchase of a freehold property which has been capitalised.

20

THE CHARLES WOLFSON CHARITABLE TRUST
.':
I

Notes to the financial statements (continued)
Year ended 5 April 2008
18. Subsidiary undertakings Interests in group undertakings at the balance sheet date are as follows: Description Name of undertaking Benesco Chari ty Limited
Heath Retail Holdings Limited Heath Retail One Limited Country of incorporation of shares held

Proportion of nominal value of issued
shares held by Trust Group

England
England England

(See note below)
£1 Ordina ry £1 Ordina ry 100% 100% 100% -

Benesco Charity Limited is a company limited by guarantee. Charitable Trust to be its holding organisation.

The company considers The Charles Wolfson

The principal activity of Benesco Charity Limited continued to be the management of funds invested mainly in property to raise money for distribution to charity.
19. Capital commitments

Group 2008 £
Committed to but not provided for in the financial statements 301,670

Trust 2007 £ 2008 £ 2007 £

302,840

21

THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued) Year ended 5 April 2008
20. Donations Medical research & facilities
Addenbrookes's Charitable Trust Bath Institute of Medical Engineering British Heart Foundation

Cancer Research UK Chai Cancer Care CORE Cure Parkinsons Trust Cystic Fibrosis Trust DIPEx Hadassah UK
Heart Cells Foundation Heartline Association Hemi Help (Cerebral Palsy) Hospital of St. John & St. Elizabeth Institute for Complementary Medicine Kings College London (Prof. Greenough) MERU

500,000 25,000 2,000 500 3,000 60,001 200,000 1,000 5,000 150,810 300,000 1,000 2,000
500 166,916 52,108 2,000 5,000 100,000 50,000 47,000 30,000 50,000 30,000

Noah's Ark
Oxford Foundation for Theoretical Neuro-Science Parkinsons Disease Society

P.S.P. Association Royal Botanical Gardens Kew Royal Marsden Cancer Campaign Sir George Pinker Appeal Special Care Baby Unit Fund Raising Society Speech Language & Hearing Centre Tavistock Trust for Aphasia University of Oxford (Prof. Aziz) William Harvey Research Foundation

1,000 10,000 5,000 189,873 500
1,990,208

Education Avondale Extra British Friends of Bar Ilan University British Friends of the Ariel Institute Chicken Shed Theatre Trust Dyson Perrins Museum Trust Ellen Tinkham PTFA Federation of Synagogues Highbury Grove School Huntingdon Foundation Jewish Learning Exchange JFS Charitable Trust Immanuel College Institute for Policy Research London Jewish Cultural Centre Plumpton College Priors Court Foundation The Back-Up Trust The Roundhouse Trust United Synagogue Yavneh College Trust

2,000 8,000 61,794
2,000 3,000 25,000 2,000 65,395 125,000 15,000 2,000 10,000 75,000 15,000 10,000 10,000 48,814 1,000 10,000 500,000 991,003

22

:• , THE CHARLES WOLFSON CHARITABLE TRUST
.' .. ' , Notes to the financial statements (continued) Year ended 5 April 2008
20. Donations (continued) Welfare Abbeyfield Action for Kids Adam Smith Research Trust Aguda Israel Organisation of GB AISH Hatorah Ajex Charitable Trust Amber Foundation Aspire
Beis Yisroel Organisation Bowles Rocks Trust

2,000 5,000 12,000 2,500 75,000
500 1,000 2,500 1,000 2,000 12,000 25,000 70,000

Central Synagogue General Charities Fund Civitas
Community Security Trust Cornwall Community Foundation Council for a Beautiful Israel Council of Christians and Jews Cued Speech Association UK Edward Elgar Foundation Emunah

4,000 5,000 40,000 10,000 2,000
500 750 10,000 1,000 2,000 30,000 10,000 2,500 2,000 5,000

Fair Havens Hospice Falkland Islands Memorial Chapel Family Links
Fenely Library Friends of Bnei Akiva Friends of Beit Issie Shapiro Friends of General Orphans Home for Girls - Jerusalem Gurkha Welfare Trust Hampstead Theatre HCPT The Pilgrimage Trust Home Farm Trust

V

Hospital Kosher Meals Se rvice Institute of Economic Affairs I. Rescue Intl. Tiger Moth Cha ri table Trust Israel Diaspora Trust Jerusalem Foundation Jewish Association for the Mentally III Jewish Book Council Jewish Care
Jewish Marri age Council JNF Givol Laniado UK Level 2 Youth Project Lifeline for the Old Listening Books Maggs Day Centre Natural Histo ry Museum Nightingale House Home for Aged Jews North London Hospice Group Norwood Ohel Sarah Perdiswell Young Peoples Leisure Clubs Policy Exchange Subtotal carried forward to next page

500 2,000 1,000 20,000 5,000 1,000 2,000 5,000
500 1,000 350,000 500 25,000 10,000 1,000 5,000 5,000 1,000 1,000 150,000 7,000 10,000 2,500 3,000 143,666 1,087,916

23

THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued) Year ended 5 April 2008
20. Donations (continued) Welfare (continued) Subtotal brought forward from previous page Queen Alexandra Hospital Home Racing Welfare Royal Berkshire NHS Foundation Trust Shabaton Choir SSAFA Forces Help Central Office Tikun United Trusts University Chaplaincy Board Victory Services Club World Jewish Relief Zoological Society of London 1,087,916 5,000 5,000 49,000 2,000 1,000 75,000 30,000 1,000 10,000 2,000 25,000 1,292,916

Provision for committed future grant payments
Kings College London (Prof. Greenough) The Back-Up Trust

CORE Yavneh College Trust Parkinsons Disease Society Heart Cells Foundation Foundation for Theoretical Neuro-Science

119,599 46,773 132,175 1,500,000 72,500 300,000 300,000
2,471,047

Total - Trust

6,745,174

Other
The Children's Trust Blond Mclndoe Research King's College Hospital Charlie Waller Memorial Trust Child Bereavement Trust 50,000 49,300 50,000 50,000 24,125 223,425

Rentals foregone on charitably let properties
Family Welfare Association 22,000 22,000 Total - Group 6,990,599

24

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