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THE C HA RLES W O LFSO N C HA RI BLE TRUST TA
Tr ees'r t(o i e ) ust epor c ntnu d
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and f rvew oft sat o afais oft Tr andoft gr and oft s pl ordef ioft Tr tandofte gr ai i he t e f f r he ust he oup he ur us i t he us c h oup f t perod.l pr i t or hat i n eparng hesefnanci sat i al t emenst tuseesar r r t t he r t e equi o: ed

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obsere t mehodsand prnci esi t ChartesSORP; v he t i pl n he il

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THE C HA RLES W O LFSO N CHA RI BLE TRUST TA
I ndependentaudiors'epor t t t ust ofThe Chares W olson Chart e Tr t 'r t o he r ees l f iabl ust

W e hav au t t fnanci sat e di he i al t ement ofTh CharesW ols Chart e Tr tf te yearen 5 Aprl2009whi ed s e l fon i abl us or h ded i ch comprs t Cons i ed and Tr tStt ie he ol dat us aementofFi alAci tes,t Consol t an Tr Bal ce Sh s, te nanci tvi he i i ed d ust an da eet h Consol ed Cas Fl St ementand te r at not The snan alsaement have been pr ed un t i dat h ow at h el ed es. ci tt s epar der he accounig pol ess ou t ei tn i ci et t her n.
Thi r ti made s el t t chart' tusees,as a body,i acc dan wih s in 44 oft Chart Act1993. s epor s ol y o he iys r t n or ce t ect o he ies i Ouraudiwor hasbeen underak s t we mi sat t t tuseestose mater we ar r r t sat t t t k t en o hat ght t e o he r t h ts e equied o t e o hem i an audiors r tan f no ot pur n t ' epor d or her pose. To te f l exen per ted by l , we do notac torass h ul est t t mit aw cep ume r onsbit t anyone ot tan t chart and t tust as a body,f ourau twor f t s r t orf te esp i ly o i her h he iy he r ees or di k, or hi epor, or h opi onswehavef med. ni or Respectve r i esponsi l i oftust and audior bii es r ees t t s Thetu ees'r rst esponsi li f pr i te AnnualRepor and t f bites or eparng h i t he i alsat nanci t ement i acc dancewih appl abl s n or t i e c

Iw an UntdKig o Ac o nigStn ad ( i dKig o Ge eal Ac epe Ac o nig Prcie) r s to tn a d i n d m c u t a d rs Unt n d m n rl c td c u t a t ae e u i e n e y n c
t St ementofTr t Responsi li he at usees' bit ies.

W e hav been appoi edasaudior unders i 43 oft Chari Ac 1993andr e nt ts ecton he ies t t epod i ac dancewi r ai n cor t egultons h made under t Act Our r on bit i t audi t f ancalsat hat . esp si ly s o i t he i i t ement i acc dan wih r ev I and n s n or ce t el ant egal

rguaoyrqur nsa dIt n t n Stn ad o Au t g( a dl ln ) e ltr e i t n nerai al a d rs n din UK n r a d . eme o i e
W e r tt you ouropi on as t whet t fnanci sat epor o ni o her he i al t emens gie a tue and f rvi and ar pr ed i t v r ai ew e epar n ac dance wi t Chari Act1993.W e al r tt you i,i ouropi on,t if maton gien i t Tr t ' cor t he h ies t so epor o fn ni he n or i v n he usees

An u l p din t o sse twi to ef a ca sae ns itec ai h sn tkp s fcetac u tgrc d,i n a Re o s o c n itn t h s i n ilttmet,fh h ry a o e t ufin co ni eors f h n t i n
t chart' fnancilsat he iys i a t ement ar noti a eementwi t e ac s e n gr t hes countng r ds oriwe hav notr ei aIt h ecor f e ec ved I he if m at na0d explnai wer r f ouraudi. nor i o a tons equie or t
W e r t Tr t 'AnnualRepod and c si t i i i f ourr ti we b ead he usees on der he mpl ons or cat epor f ecome awar ofany appar e ent m ist emenswi ni. s at t t t hi Basi ofaudi opi on s t ni

Wec d ce o rau ii a c d n ewi ltmain l tn ad o Au in ( a dI an )is e b teAu in on u td u dtn c ora c t ne t a Sa d rs n dt g UK n r d s u d y h dt g h o i el i
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tef a ca sae ns Ialoicu e ana s s me t fh sg ic n e t tsan jlg me t ma eb tetu te h i n il ttme t.t s n ld s s e s n o te inf a t si e d t e ns d y h rse s n i ma d
i t pr aton oft fnancalsaement and ofwhehert ac n he epar i he i i tt s, t he countng pol es ar appr i e t t c iys i i ci e oprat o he hart' cicumst r ances, consit l appl an adequat ydicl ed. sent y i d ed el s os
W e pl anned and peror ed ouraudis ast obt naIt i or i andexpl i w hihwe c si ed nec ar fm t o o ai 1he nf maton anatons c on der ess y i or t pr i us wih sufi entevdence t gi r onabl as anc tatt fnancilsat n der o ovde t fci i o ve eas e sur e h he i a t ement ar fee fom s er r mat i mi t ementwhet causedbyfaud orot irgul i oreror I f mig ouropi onwealo ev u edt eral ssat , her r her re art y r .n or n ni s alat he ov aladequacyoft pr er l he esent i o i or i i t fn ci stt aton f nf maton n he ian al aement. s

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THE CHAR LES W O LFSO N CHARI BLE TRUST TA
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t fnancalstt he i i aement gie a tue and f rvi i acc dance wi Uni Ki s v r ai ew, n or t h t ed ngdom Gen al Acc e er l y eptd Accountn Pr ie,oft sat ofafais oft chart as at5 Aprl2009,and ofi icomig r ig act c he t e fr he i y i t n n esoures and s c appl atonofr our f t yeart ended' i i c es ces,or he hen , and t inanci saement h beenpr ed i ac or ewiht Chari Ac 1 he al tt s ave epar n c danc t he ies t 993. t

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CHANTREY VELLACOTT DF LLP

Chader Account s and St ut y Audior ed ant at or t London

ne v jjs a jxs t ,

THE CHARLES W OLFSON CHARI TABLE TRUST
Consoldat st em entoffnanci actvii i ed at i al i tes
Yearended 5 Aprl2009 i
Unr rct f ds esti ed un Gener al Desi e gnatd f unds f unds E E

Not es

l ncomi r ng esour ces I ncom i r ng esour fom gener ed f ces r at unds l t ti om e nves men nc - Rent i alncom e - Ban it es k ner t - Ot herit est ner - Dii vdends
Tot i alncomig r n esoures c

2009 Tot al E

2008 Tot al E

2

3

7,994, 770 799,894 1 301 8, 200,51 9 9,01 484 3,

7, 770 994, 7 894 99, 18,301 200, 9 51
9, 484 013,

7, ,31 157 6 963,803 28, 052 1 ,338 81
8,330, 509

Resour expended ces Cos s ofgener i f t atng unds
Chart eac i tes iabl tvii

4
5

1,322, 673
4,440, 685

1322, , 673
4, 685 440, 25, 500 5, 85 788, 8 3, 626 224,
-

1, ,742 059
7, ,424 111 24, 250 8,95,41 1 6 135,093
-

7t

Gover nance cost s
Tot r alesouresex c pended

6

25,500
5,788, 858

l 2l

Neti ncomi r ng esour ces f t yearbef e tansf s or he or r er
Movementi f n unds 1 4a

3,224, 626
-

Neti ncome f t year or he

3,224, 626

3, 626 224,

135, 093

d u

Gai and I ns osses on r uatons eval i
and i nvest mentassetdi sposal s

( i i / upu onrv lain De ct s rls e au t ) o
-

I est entpr t nv m operi es I vest ent n m s

7a 8 1 4a
.

(9,9 ,5 (92 51 3 ( 7 55 6) 2 2 51 3) 2 ,9 ,5 ) 6,6 ,6 48 ,6 28 3 48 ,6 28 3 (,645 8) 35 ,3
-

Y 1

Rfidsel rnre oietrt oets el supu p a as m ns si n v p l e
Netmovementi f n unds Fund bal ancesbr oughtf war or d
Fund bal ances cari f war red or d

2, 334 878,

3,2 62 2 4, 6
27, 218 808,
31, 844 032,

(88 2,9 (55 76 4 ( 3 66 7) 2 ,1 2 0) 2 ,8 ,6 ) 7,1 ,7
125, 747 072,
96, 457 260,

15 880, 2, 965 1 1 642 60,97,
127, 301 293, 1 880,65 52, 9

The not on pages 13 t 22 f m par oft es o or t hese fnanci st em ent i al at s

8

THE CHA RLES W O LFSO N C HA RI BLE TRUST TA
Tr st em entoffnanci actvii ust at i al i tes

Ye re d d5A/i2 0 a ne l09
Not es I ncom i r ng esour ces I ncom i r ng esour fom gener ed f ces r at unds I t ti om e nvesmen nc - Rent i alncom e - Bank it es ner t Ot it est her ner - Dii vdends l ncom i r ng esour fom chart e ac i tes ces r iabl tvii Gr s rcei efom ant e vabl r Benes Chart Li t co i mied y Tot icomi r our aln ng es ces Resour expended ces Unr tit f esrced unds Gener al Desi ed gnat f unds f unds E f r 2009 Tot al E 2008 Tot al E

2

34, 293 3 200, 9 51 234, 2 81 3,500, 000 3,73 81 4, 2
-

34, 293 200, 9 51 234, 812
3, 000 500,

60,621 1 ,338 81 241,959
6,600, 000

-

3, 81 734, 2

6,841, 959

l 2l
qt ' r
d u r U

Cost ofgener i f s atng unds
Chart e ac i tes iabl tvii

4
5 3,693, 883 3, 883 693, 4, 500 6, 1 769, 06 4,250

Gover nancecost s Tot r our ex ded ales ces pen Neti ncomi r ng esour f t year ces or he

6

4,500 3,698, 383 36,429

-

3, 383 698, 3 429 6,

6,773, 356 68,603

Gai and I ns osses on r uatons eval i S n iv sme t s e ds o as a d n e t n a s t ip s l

u pu /(eii o rv laino iv sme t 8 r ls d f t n e au t fn e t ns c) o

-

4 2,6 8 83

4 2,6 8 83

(,6 5 8) 35 4,3

a
1
.

Ne mo e n ifn s t v me tn u d

3 ,2 64 9

4 28 3 8 ,6

592 2 1 ,9

(, 59 5 34 ,3 ) 9

#

Fnsblne bogtowad ud aacs ruhfr r
Fund bal ances cari f war red or d

4662 1,6
453,091

49245 ,5,5
5, 31 435, 8

53917 ,6,1
5, 409 888,

88502 ,6,5
5,369, 17 1

The not on pages 13t 22 f m par oft es o or t hesefnancl s aem ent i al t t s

9

TH E CHA RLES W O LFSO N CHA RI B LE TRUST TA
Consolda ed bal e' i t anc sheet 5 Aprl2009 i
Not es
Fi a s xed sset Tangi e as s bl set l est s nv ment I an bl ass s nt gi e et

2009 E 12 11 ,001 4, 3 5,842, 465 12 955,66 9, 4

2008 E 132, 001 471, 5, 602 359, 137, 603 830,

7a 8 9

Curentasset r s Debt s or Cashatbank i udi depost ,ncl ng is

1 0

3, 345 701, 723, 602
4, 947 424,

2, 659 964, 23, 089 571,
26, 748 535,

Cr t s:amount f lng due wihi oneyear edior s ali t n

11

(, 5,3 ) 581 6 5 (,906 8 13 ,8 )
128,64, 5 778

(,7 7 ) 75 4,31 1 9 101 8,6 , 7
156,91, 7 620

Ne c r t(ablis) a s t t uren I iie I s es i t
Tot asset l curentlabiii al s ess r i ltes

Cr t s:amount f lng due afermor t one year edior s ali t e han
Netasset s

1 2

(,714 7 12 ,7 )
127,93, 2 301

( 9 06 5) 3,1 ,5
1 8 965 52,80, 27, 21 808, 8 1 072,47 25, 7 1 880, 52, 965

Unr ti ed f es rct unds Gener f alunds Desgnat f i ed unds

13a 14a

31, 8 032,44 96, 45 260, 7

127, 301 293,

Th e fnanci st em ens hav es i al at t e si gnedon t rbehal. hei f

bnpodyhbrotsea ahidrs o 1j a e apv bt odfue n uoefiu n Z n e re e a rts d tr ose s d

W olson f

/
.'

S W olson f

' '
, .

k '

Tr t us ees A W olson f

orL en ev e

t- :n tt .

The not on pages 1 t 22 f m par oft es 3 o or t hese fnanci st em ent i al at s

THE CHA RLES W O LFSO N CHA RI B LE TRUST TA
Tr bal ust ance sheet

5 Aprl2009 i
Not es Fi asset xed s Tangi e as s bl set I es ment nv t s 7b 8 2009 E 1 5, 465 842,

2008 E
1 5, 602 359,

5, 466 842,
Curentasset r s Debt s or Cashatbank,ncl ngdepost i udi is 1 0

5, 603 359, 7, 000 600, 350, 379 7,50, 9 379

3, 0, 85 000 27, 041 3, 041 877,

Cr t s:amount f lng duewihi one year edior s ali tn
Netcurentasset r s Tot asset l curentIabiii al s ess r i ltes Cr t s:am ount f lng due aferm or t oneyear edior s ali t e han Netasset s Unr ti ed f es rct unds Gener f alunds Desi e f gnatd unds

11

(,5 6 1 25 9,2 )
1, 420 317,
7, 9, 15 886

(,8 2 0 47 0,1 )
3, 1 170,69
8, 772 529,

12

(,7 ,7 ) 12 14 7
5, 409 888,

( 1 06 ) 3,6 ,55
5, 117 369,

13b 14b

453, 091 5, 31 435, 8 5, 409 888,

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

These fnanci st emens hav been appr ed by t boar oftusees i al at t e ov he d r t sinedon teibehal. g h r f

adtos fiuOVl nahre osen 1 l id rs t

ad n

Wof on ls

SWol n f so ' A Wofon ls

DrL v e e en

) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

t l
Tr ees ust

The not on pages 13 t 22 f m pad oft e fnanci st em ent es o or hes i al at s

THE CHARLES W O LFSO N CHARI BLE TRUST TA
Consoldat cash fow st em ent i ed l at

Yearended 5 Aprl2009 i

Not es

2009 E

2008 E

Ne ca h(utl Ii lw fom op rtnga t t s t s o f ow) nf r o e ai ci i vie
Ret nson i ur nvest ent and ser ci offnance m s vi ng i Di dendsr eied vi ec v l er tr ved nt es ecei

15a

( 9 90 ) 2,2 ,48
200, 519 81 195 8,

6 6,9 3 35
1 , 81338 991, 855

Ne c s (uf w) if w fo rtmso iv sme t t a h o tl /nl rm eu n n e t n o o
and s vci offnance eri ng i

(, 0,3 ) 191 3 4

11 31 3 ,7 ,9

Capialexpendiur t t e Purhaseoft bl f ed as s c angi e i x set Sal oft bl fxedas t e angi e i ses

(09 71 3) 2 ,3 ,5
-

( 2 1,5 ) 7,6 0 6
1 116, 6, 824

Ne c s (uf w) if w fo c pi l p n i r t a h o to /nl rm a t ex e dt e l o a u

(09 71 3 2 ,3 ,5 ) 1 b, 5 5 1c

8,5 ,68 8 57

m

< Q

( cra e lncea ei c s i t ey a De e s ) i r s n a h n h e r

(28 74 7 2 ,4 ,8 )

1 6 53 6 0,6 ,5

Z
=
-

Q

k
>
.

!

The not on pages 13 t 22 f m pad oft e fnanci st ement es o or hes i al at s

1 2

THE CHA RLES W O LFSO N C HA RI BLE TRUST TA
Not t t fnanci st t ent es o he i al a em s Yearended 5 Aprl2009 i

Accountng pol es i i ci

The fnanci sat i al t emens have been pr ed i acc dance wih t St emen of Recommended Pr tce t epar n or t he at t aci Ac o nig a d Re odn b Ch ris ( c u t n p ig y aie SORP 2 0 ) is e i Mac 2 0 , an appl abl Ac ig n t 0 5 s u d n rh 0 5 d i e countn, c St andar A s ds. ummar oft mor i t tac y he e mporan countn pol eswhih hav been c sent appl i se out ig i ci c e onsit l y i s t ed b o elw.
1. 1

Accountng conventon i i The fnanci st emens ar pr ed underte hit ialcostconv i as modied by t r alaton of i al at t e epar h sorc ent on f i he ev u i cerai fx ass s. t n ied et
Fi nanci I r ent al nst um s Fi ci ass ssu ascas and debt sar measur a te pr entval ofte amount r ei e, I an nan al et ch h or e ed t h es ue h s ec vabl ess al l owanc f t expeced I elofdoubtulr eiabl . Fi ali li suc asta cr t sand l ar e or he t ev f ec v es nanci I ies h r de edi abit or oans e meas ed att pr ur he esentv u oft obl ai An equt i tumen i any c tac t tevi ale he i ton. g iy nsr ts onr t ha dencesa r i esdual i er ti te ass so t e Tr aferdeduci alofisI li . nt es n h et f h ust t tng I t i ies abit

12 .

1. 3

m

Basi ofconsoldaton s i i The gr snancilsat oup a t ement cons i e te f s ol dat h i alsat nanci t ement o t Tr and Benes and is s dir s f he ust co t ubsi a y underakngsona I byI e basi f t fn ci yearended5 Aprl t i i ne i n s or he ian al i2009. Desi ed f gnat unds Desi edf gnat undsar asf lws: e ol o

Q Q

14 .

Z Q m

Pr t and i est opery nv mentcapial und t f Real ed sur useson t diposalofivest en pr eri and i esment ar tansered t t capi f . i s pl he s n m t op t es nv t s e r f r o he t und al I t tusees' nint s sh d ens e t tt e ar suf entf n he r t opi o hi oul ur ha her e fi ci unds t guar ee t contnued exst o ant he i i ence of t chart Unr i r al i sur usesar al tansered t te capi f . he iy. eal ev uaton pl sed e so r f r o h t und al
1. 5

k
>

Tangi e fx asse sand depr aton bl ied t eci i
I nvest mentpr opedi es Ivest n mentpr tesar r al annual and icl operi e ev ued l y n uded i t bal sheetatt rmar tv ue. Thesur us n he ance hei ke al pl ordefcto bookval i tanseredt t r uat f whi f mspad oft c t f . Alhough t s ii ver ue s r f r o he eval i und ch or on he apialund t hi acc tng pol y i i ac dancewiht appl e ac ouni i s n cor c t he i cabl countn sandar , SSAP 1 Ac ig t d 9, countn f i t ig or nvesment pr t ii adeparur fom t gener r r operi t s es, t e r he alequiemen ofte Compani Ac 2006 f aIt bl ass st b t h es t or Iangi e et o e depr at I t opi on oft tuseescompb cewiht sandar i nece yf t fnanci st emens eci ed. n he ni he r t i an t he t ds ssar or he i al at t t gie atue andf rviw. Depr i i i onl oneoft man f or r l ed i t annualv u i andt o v r ai e ecaton s y he y act s ef ect n he alaton he amountoft swhi mi ot wi h b char cannotbe s at yi ied orquaniid. hi ch ght her se ave een ged epar el dentf i tfe
Ofi equi entand m ot vehi es fce pm or cl Depr a in i char att f l n r es: ecito s ged he ol g at owi Ofi equi f ce pment - 1 perannum ona r 5% educi bal ce bass, or20% ona sr ghtln basi ng an i tai ie s Mot v cl or ehi e 25% on ar ci b anc bass edu ng al e i Capialsaton polcy ti i i

!
1. 6
1. 7

Idvdu i msu de E10 0aen t a i l e une sp ro aIre poe t ra s tp rh s n ii alt n r ,0 r o c pt i d ls at f ag r rjc o s e uc a e. e as
Fi ass I xed et nvest ent m s Fied as i t t ar cari at mar val . The sur us arsi on r al i i tansered t t x set nves men s e red ket ue pl i ng ev uaton s r f r o he r uaton r er whi f msparoft pr eval i es ve ch or t he opedyand i est nv mentcapi f . t und al
I ncom e f om i t r nves ment s I ome fom i esment i i uded,t her wi t r aed t cedi i t i ome and ex di e nc r nv t s s ncl oget t he elt ax r t n he nc h pen t ur , acc tsat oun/t ementoffnanci aci t onte ac ual basi i al tvies h cr s i s. Deposi and l i er t oan nt est

1. 8

l er ti icl i t icomeand exp tle ac nt es s n uded n he n endi r counton ar v e basi. t eceiabl s

13

TH E CHA RLES W O LFSO N CHA RI TAB LE TRUST
Not t t fnanci s at es o he i al t ement ( nt e ) s co i d nu
Yearended 5 Aprl2009 i

Ac ounigpol is( o i e ) c tn i e c nt d c nu
1. 9 Pr si ofser ces ovi on vi The tuse oft Tr tand t diecor ofBenes o and is s i ar c r tes he us he r t s c t ubsdi y ompa es r eie no r ner i f ni ec v emu at or on t rs vies.Furher e,novall hasbeenatrbut t t prvii o seriesbyt tuseesordiecor. hei er c t mor te ti ed o he o son f vc he r t r ts I ncom i r ng esour and r our expended ces es ces I ncomig r n esoures,i udi r tand it es,ar r ogni when r vabl. ForI c ncl ng en ner t e ec sed ecei e easehol ivesmen dn t t pr opedi gr ld r s payabl ar net agai t r tr v e fom tatpr t t gi a tue and f r es otn ent e e ted ns en eceiabl r h opery o ve r ai rfect nofpr eryi ome. el i o op t nc Don i and Igaces ar acc t f on a r v e basi. Gr s pay e ar r ogns i f latt at ons e i e ouned or eceiabl s ant abl e ec ied n ul he poi atwhi a Igalorconsr tve obl i arses It nt ch e tuci i on i . f hese obl i ar f a perod ofgr ertan one gat i ons e or gat i eat h yeart cr t f t pad due afermor t oneyearfom t bal ,he edi or he or t e han r he ance s dae i di l heet t s scosed ass . No uch dicoun f or ar appl t such I li . Al oterr s t act s e i o ed i ies I h esour exp ded ar rcogni as tey bec abit ces en e e sed h ome pay e. abl 1. 10 Ser ce char vi ge As agent o t gr MERJS Li td t gr s i est tpr ery manager , manage t s vc ch ge s f he oup, mie he oup' nv men op t s he erie ar ac l on behal oft t t oft gr s i esmen pr eri . AI c s,i l ng t e r at g t te cotnt f he enans he oup' nv t t op t es I ost ncudi hos el i o h n

1.0 1

m

Q Q

e ly n o 6saf2 0 : ar ri us db tet a t. mpo me t f tf(0 8 6) e emb re y h en ns

#
.

These c t an r mbusement ar n icl oss d ei r s e ot n uded i t icome and ex n he n pendi e ac lto te gr asteyar t ur cotn f h oup h e i tred soll on beh foft t ant and con nclr ey al he en s sequenl ar dealwi i t s vie ch ge acc s o MERJ ty e t t n he er c ar h ount f S Li t wihr dt eac pr t. mi ed t egar o h opery
2.

I est nv menti ncome -Rent i alncom e

Gr oup

Y >

Rensr eiabl t ec v e I s:gr es oundr s ent Chart e r f egone iabl ent or
Tot r ali al ent ncom e

2009 t 7, 270 976,
7, 270 976, 18,00 5 7, 770 994,

2008 E 7,35, 6 1 31
7, 316 135, 2 000 2, 7, 316 157,
=

2009 t

Tr ust 2008 f .

-

!

I t nves menti ncome-Ot i er t her nt es
Gr oup
Loan it es r eiabl n er t ec v e Ot i er tr v e hernt es eceiabl Tot ot i er al her nt est

2009 Q 1 180 8, 1 21
1 301 8,

2008 f : 24,25 1 3, 927
28, 052
=

2009 E -

Tr ust 2008 E -

1 4

THE CHARLES W O LFSO N CHARI BLE TRUST TA
Not t t fnanci st ement (ont e ) es o he i al at sc i d nu
Yearended 5 Aprl2009 i

4.

Cos s ofgener i f t atng unds

Gr l Gt9
Pr t expenses opery Repais,at an ot n r r es d her onr geabl pr t ex es echar e opery pens Ir over e s viechar rec abl er c ges 2009 E 426, 670 136, 969 2008 E 3 8 88,41 388, 841 2009 E

Tr t us 2008 E

563, 639
Pr t m anagem entexpenses opery Agent m ana enteesno s' gem f t r ov abe ec er l Agent r r i andItig f s'ent evew e t ees n Legal expen ses

3 1 87,90 265, 8 75 1 086 06,
759, 034

318, 464 1 821 97, 15 616 4,
67 901 0, 1, 742 059,
= = =

-

Tot pr al opedy expenses

1322, , 673

<

5.

Chart e actvii iabl i tes

Gr oup

Gr t p y be(e Noe21 ans a a l s e t )

% ï

I ndemni I an -chary t nsur ce y i t I ndemni I an -tusees t nsur ce r t y Consulan & pr essi f t cy of onalees Gen alofieexp di e er f c en t ur Sun yexpens dr es Pensi cos s on t

200 9 E 4, 085 273, 20, 479 521 106, 812 27, 465 194 1 129 2, 4, 685 440,

2008 E 6, 5 990,99 1 68 3, 6 521 63,92 1 31,15 1 224 1 087 2, 7, 42 111, 4

2009 E 3, 405 667, 8, 4 40 5 21 3, 643 1697 , 84 12, 9 12 3, 883 693,

Tr ust 2008 E 6,45,1 7 74 4,687 5 21 2,9 93 3, 549 95 1 ,087 2
6,76 106 9,

> V

No ex eswer r mbur t anytusee i ei year pens e ei sed o r t n t her .

!

6.

Gover nancecost s
Gr oup Au tfes di e

2009 E 25,00 5

2008 E 2 250 4.

2009 E 4. 500

Tr t us 2008 E 4, 250

1 5

THE C HA RLES W O LFSO N CHARI BLE TRUST TA
Not t t fnanci st em ent (o i d es o he i al at s c nt ) nue
Yearended 5 Aprl2009 i

Tangi efxed as s bl i set

() Gru a op
I nvest mentpr tes operi Fr eehol d Leasehol d E E
Costorval i uaton At6 Aprl i2008 Addiins t o 1 471, 32, 000 20, 153 937,

Ve cean hil d
ofi fce equi pment E
136,61 4 Tot al E 132, 61 607, 4 20, 153 937,

( f i o rv lain Deit n e at t c) lo
At5Aprl i2009
Depr aton eci i At6Aprl i2008 Char f t year ge or he At5Aprl i2009

(9,9 ,5 2 2 51 3)
1 113, 24, 000 1 614 36,
136, 613

(9,9 ,5 2 2 51 3)
1 ,249, 4 24 61 1 613 36, 1 613 36, 1 ,1 001 24 13,

136, 613 1 113, 24, 000 I

Netbookval ue At5Apr 2009 i l At5 Aprl2008 i

1

1 471, 32, 000
- -

Z

1

132,471001 ,

The i t tpr t ha b v u by t Tr ts pr t man s on a mar val basi as at nvesmen operi es ve een aled he us' opery ager ket ue s 5Aprl i2009.
I saed underhit ial os prnci es,he c f tt sorc c t i pl t ompar eamount f te i esmentpr eri woul be: abl s or h nv t op t es d
2009 t Cos t
=

2008 E

90,532, 8 21

69, 065 595,

1 6

TH E CHAR LES W O LFSO N CHA RI TAB LE TRUST
Not t t fnanci s at es o he i al t ement (ont e ) sc i d nu Yearended 5 Aprl2009 i

Ta gil fx da s t (o i ed n be ie s es c nt ) nu
( b) T u t rs
Vehi e and cl ofi fce equi pment E

Costorval i uaton At6Aprl i2008 an sAprl d i2009

Tot al E

432 431 1
1
: =

432 431 1
1

Depr a i eciton At6 Aprl2008 and5 Aprl i i2009
Netbook val ue At5 Aprl2009 i

At5 Aprl2008 i

m

8 Fxdastnet ns . ie se ivsmet
Mar etv ueat6 Aprl2008 k al i

Gr oup 2009 f 5, 9, 35 602 2008 E 8, 4,40 92 1

< Q

Z
m
-

Supu / Deii onrv u t n rls ( f t e alai c) o
Maretvale at5Aprl k u i2009

Tr t us 2009 2008 E E 5, 602 359, 8,924,40 1

48 ,6 28 3
5, 465 842,

(,6 ,3 35 45 8)
5, 602 359,
.

4 28 3 8 ,6
5, 465 842,
= -.

( ,6 5 8 35 4,3 )
5,359, 602

Q
u

J $
-

Thes i esment ar I t on t London I er i alSt Ex e nv t s e i ed s he nt nat on ock change. The Tr ts i esm ent at us' nv t s 5 Aprl2006 c sed ofor nar shar i Bur r Gr pI and Gr Uni sal or pl. As a r ul i onsit di y es n bery oup c eat ver St es c es t oft r tuc urn ofGr Uni s St espI durng t y en d 5 Aprl he esr t ig eat veral or c i he ear de i2007, te Tr ' ivesm ent h ust n t s s now c i ofor nar sh es i Bur r Gr pI and t t newl-or c onsst di y ar n bery oup c he wo yf med ompani o Home Ret l es f ai Gr pI and Ex i pl I sat under hit ialcos prncpl , t compar e amount f t oup c peran c. f t ed sor c t i i es he abl s or he i t t woul be: nvesmens d

Gr oup

!

Cos t

2009 t 407,46 1

2008 E 407, 146
=

Tr t us 2009 2008 E E 407, 146 407,46 1

Costr esent t mar v ueoft i t t att dat whent wer setl onte Tr t epr s he ket al he nvesmens he e hey e t ed h us.

TH E CHA RLES W O LFSO N CHA RI TAB LE TRUST
Not t t fnanci s at es o he i al t ement (ont e ) sc i d nu
Yearended 5 Aprl2009 i

9.

I angi e a s-Gr nt bl sset oup Cost At6Aprl i2008 and 5Aprl i2009 Am odi ton sa i At6Aprl i2008 and 5Apr 2009 i l Netbookval ue At5 Aprl2008and 5Aprl i i2009 Goodw il l E

59,86 1 59, 186

1 0. Debt s or Gr oup Duefom mana ng a t r gi gens Ren arear t r s Benesc CharyLi t o i mi t ed Oterdebt sand pr ment h or epay s 2009 Q 2, 808 525, 498, 682
-

7t

2008 E 2,98, 1 151 21 818 5,
-

l l

676, 855

550, 690

Tr t us 2009 2008 E E . 3, 0, 85 000 7, 000 600, -

3, 345 701,

2, 659 964,
=

3, 0, 85 000

7,600, 000
.

Gru oh d bosicu ea a u t f 0 0 0(0 8 E 0 0 0 whc i d eatr r ta on y ar o p ter e tr n ld n mo n o E3 0,0 2 0 : 3 0,0 ) ih s u fe moe h n e e

d Q

1 . Ce i r: mo nsfln d ewi i o ey a 1 rdt s a u t al g u t n n e r o i h
Gr oup Ot t her axesand s als i oci ecury t 2009 E 347, 232 2, 080 033, 304, 621 , 2008 E 240,01 6 1 , 5, 209 525, Tr t us 2009 E 2008 E -

1 N

Y

Accr sanddef r i ome ual ered nc

O h r rdtr te ce i s o

1 07 2 3 ,0

176 0 0 ,7

2, 621 554:
2, 621 559,
=

4,775,10 2
4,780,1 20

Grn cmmtd at o i s t e

3

713 0,6 8

50 ,0 0

50 ,0 0

5, 635 815,

7, 731 574,

12.

Cr t s:am ount f lng due a t m or t one y edior s ali fer e han ear Gr oup G r scom mit ant ted

2009 t 1, 477 271,

2008 E 3, 655 910,
=

Tr t us 2009 2008 E E 1271, , 477 3,1 655 60,

THE CHA RLES W O LFSO N C HA RI BLE TRUST TA
Not t t fnanci s at es o he i al t ement ( nt e ) s co i d nu

Ye e ed5Ap i2 0 ar nd kl 0 9
13. Gener f al und

a )

Gr p ou
At6Aprl i2008 Netmovemen i f ds t n un
At5Aprl i2009

2009 E

2008 E

27, 21 808, 8 3, 4, 22 626 31032, , 844
2009 t 416, 662 36, 429

27, 1 673,25 1 093 35, 27, 218 808,
2008 E 348, 059 68,03 6

Tr t us

At6Aprl i2008 Netmov ementi f n unds

At5Aprl i2009
'

453, 091

41 662 6,

) ) 1. Dsgae fns 4 eintdud ) l a oop ) ru
rt ' r
u At Api2 0 6 r 08 l
Pr opedyand i nvest ent m capialund t f Real ed i s Unr ied eal s s pl on ur us r uaton eval i diposal s r er e es v E E 57, 35 244, 7 67, 39 828, 0 2009 2008 Tot al Tot al E E 1 072,47 132,524, 25, 7 517

d r U

Mo e n ifn r uatoni year v me tn uo d Movemen due t eval i n t
Re ie s rlsteii ons l al d upu / f t ae s d c)

(8,1 ,9 (8,1 ,9 ) (03 0,0 2 8 22 0) 2 8 22 0 1 ,3 1 4)
2, 3 878,34
57, 357 244, 39, 6, 01 100
=

1 N

o iv sme t rpre fnet n po ets i

Y
b)

A 5 pi09 t A r20 l
Trs ut

96, 457 260,

125, 747 072,

At6Aprl i2008 Movemen duet r uatoni y t o eval i n ear
At5 Aprl i2009

Pr opedyand i nvest ment capial und t f Real i sed Unr i eal sed s plson ur u r uaton eval i diposal s r er es ve E E 4, 455 952,

2009 Tot al E 4, 2, 95 455

2008 Tot al E 8, 993 516,

4 2,6 8 83
5, 318 435,
=

4 2,6 8 83
5, 318 435,

(,6 ,3 35 45 8)
4, 2, 95 455

1 9

THE CHARLES W OLFSON CHARI TABLE TRUST
Not t t fnanci st em ent (o i e ) es o he i al at s c nt d nu
Yearended 5 Aprl2009 i

15. Not t t cashfow st ement es o he l at

a )

Re on l to ofn ti o f rt y aro c ciain e nc me o he e t i n tc s ( tlw) ifo fom o rtn a tvte e a h oufo In lw r peaig ciiis
Neti ncome f t year or he Di dend r eiabl vi ec v e It es r eiabl ner t ec v e Depr at n eci i o

2 9 00
E

20 08
E

3, 626 274,

1 093 35,

(0 , 9 (813 8 2 051 ) 1 ,3 ) (1 ,95 ( 18 5) 8 81 ) 99 ,5 ( 6 ,8 ) 7 36 6 (, 12 4 442 ,7 ) (,2 ,48 29 90 )
At6Aprl i 2008 E 23, , 571089

(n ra e) d ce s i d bos Ice s / e ra e n e tr ( ce s /n ra ei ce i r De ra e) ice s n rdt s o

71 ,8 22 6 9 ,0 622 9 6 6,95 33
At5Aprl i 2009 t

Ne c s (uf w) if w fo o eaiga t ie t a h o to /nl rm p rt cit s l o n vi
b ) An lsso c n si ne de t ay i f ha ge n t b

7t

Cas lw hfo f r

) 2l
qt v

C s abn adihn ah tak n n ad
c )

( ,474 7 228 ,8 )
2009 E

7 36 2 2 ,0
2008 E

Re on iai o n tc s l t mo e ti n td t c cl t f e a hf o v men n e eb i on ow ( ra e /ice s i c s i tey a Dece s ) n ra e n a h n h e r (28 ,8 ) 2 ,474 7
23, 089 571, 723, 602

t m

Ne f dsatt begi ng o t y t un he nni f he ear

12, 733 905, 23, 089 571,

1 6 53 6 0,6 ,5

u 16.

Ne fn sa teen o tey a tu d th d fh e r
Analsi ofnetasset bet y s s weenf unds

>. x
1 .
r -l

Gru op
Fied ass s x et
curentass s r et

G n rl e ea
Funds

t

33,695, 009 4,424, 947

Desi ed gnat f unds E 96, 457 260,

crdt s ei or

(, 71 2) 708 ,1
31, 2, 03 844
=

Tot al E 1 955, 29, 466 4, 947 424,

(,8 1 2 70 7,1 )
96, 457 260,
=

127,93, 2 301

Tr st u Fied ass s x et Curentas s r set

Gener al f und E 407,1 48 3, ,041 877

Desi ed gnat f unds E 5, 318 435,

Tot al E 5,42, 8 466 3, 041 877,

Crdi r e ts o

( ,310 8 38 ,9 )
453, 091
=

(,3 ,9 ) 38 10 8
5,35, 4 318
=

5, 409 888,

17.

Rel ed pary t ansactons at t r i

Thes fnancilsat e i a t ement i ude t c s ofIgalex es amouni t E140,8 ( 0 8 E 8 ,1 )po ie s ncl he ost e pens tng o 63 2 0 : 1 90 7 rvd d t t gr by is s ii sW ii St ges & Co,ofwhi M M Fr o he oup t ol t c or lam ur l ch anks,comp secr ar ofBenesc Chart any et y o i y Li t i a p t .Thi r esent pr es onalf char atc mied, s arner s epr s of si ees ged ommer alr es. E1 60 6 (00 : 4 ,7 ci at 0 ,8 2 8 :1 35 6)
pr t whi has been capi i opery ch t sed. al

i icu e i drc po et e p n e a dteb ln ei icu e , nl2 0 : 2 ,91 whc rlt t tes l o s n ld d n i t rp r x e s s n h aa c s n ld d E i(0 8 E 61 ) ih eaes o h ae f e y a s t whihh v b e s t g n th s eprc e san E 4,7 (0 8 E1 ,5 )o tepuc a eo af eh l s es c a e e n e a ais te al o e d d 3 7 7 2 0 : 92 0 n h rh s f r od e

THE CHA RLES W O LFSO N C HA RI TAB LE TRUST
Not t t fnanci 't em ent ( nt e ) es o he i als at s co î d nu
Yearended 5 Aprl2009 i

18. Subsi ar underaki di y t ngs l erst i gr undedakngs a t bal e s tdae ar asf l : nt e s n oup i t he anc hee t e ol ows Descrpton ii ofshar es hel d Pr ton ofnomi opori nal vall ofi te ssued shar hel by es d Gr oup Tr ust 1 00% 100%

Nam e ofundedaki ng Benesc CharyLi t o i mi t ed Heat ReaiHoligs Li t h t l d n mied Heat Ret lOneLi t h ai mi ed

Countyof r i por i ncor aton

En and gl En and gl En and gl

( n t b lw) See oe eo
E1Or nar di y f. Or nar 1 di y

Benes o Chart Li t i a c c i mi s ompany I t b guar ee. The c y ed i ed y mi ant ompany consier The Chares W ols d s l fon Ch i e Tr tt be i holig or sat n. art abl us o t d n gani i s o
The prnci aci t ofBen o Chart Li t c i i pal tvi y esc i mi ontnued t be t managemento f y ed o he f unds ivesed mai y i n t nl n pr t t r s m oneyf diti i t chart. opery o aie or srbuton o i y The prnci eactvt o Heat Ret lHol ngsLi t contnuest bet ofa non-r n hol ng c i pl ii f y h ai di mi ed i o hat tadig di ompany. The prnci e a ii of Heat Ret lOne Li t contnu t be t of pr t i est , r t an i pl ctvt y h ai mied i ed o hat opery nv ment enal d man agemen. t
19. Capialcom m im ent t t s Gr oup
Tr t us

2009 E
Comm it t bu no pr dedf ted o t t ovi or i t fnanci st em ens n he i al at t 53 ,000 2

2008 E
301, 670
Q

2009 E
-

2008 E
-

20.

Contngentlabiiy i i lt

One oft Tr ' subsdi y underaki ha r v a demand fom a contacorwih r d t c t nwor he usts i ar t ngs s eceied r r t t egar o erai ks peror f med on t compan s sie i a pr ous year No pr ii f t s I bit has been made wihi t e hat y' t n evi . ovson or hi i ly a i t n hes fnan alst emens as te demand i bei ass ed by t gr s prf onaladvsor and any pot tal i ci at t h s ng ess he oup' oessi i s eni

I bly( a y c n t ea c d n wi s fce teibtya ted t o sg igte ef n il ttme t. i it i n ) an o b s e aied t uf in rl it th ae f inn h s i ca sae ns a i f h i a i na

THE C HARLES W O LFSO N CHARI BLE TRUST TA
Not t t fnanci 't em ent (oniue ) es o he i als at s c tn d

Ye en d5Airl 0 ar de i20 9
21. Donatons i Tr ust Medi ne ci Educat n i o W el e f ar Tot Tr al ust Subsi ar undedaki di y ngs Mediie cn Educat n i o W el e f ar E 1, 0,93 44 1 409,45 7 1, 467 817, 3, 405 667,

354, 000 100, 000 151, 680
605, 680 4, 085 273,

Tot Subsi ar undedaki al di y ngs Tot Gr al oup

22