Charity Registration Number 238043 r I

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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

Po", 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

4 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.

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
Trustees' report (continued)
.1

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 2008 2007
Notes funds funds Total Total
Incoming resources £ £ £ f-

Incoming resources from generated funds

Investment income
- Rental income 2 7,157,316 - 7,157,316 6,890,249
- Bank interest 963,803 - 963,803 542,005
- Other interest 3 28,052 - 28,052 29,069
- Dividends 181,338 - 181,338 215,693

Total incoming resources 8,330,509 - 8,330,509 7,677,016

Resources expended

Costs of generating funds 4 1,059,742 - 1,059,742 922,774

Charitable activities 5 7,111,424 - 7,111,424 6,289,665

Governance costs 6 24,250 - 24,250 23,000

Total resources expended 8,195,416 - 8,195,416 7,235,439

Net incoming resources

for the year before transfers 135,093 135,093 441,577

Movement in funds 14a

Net income for the year 135,093 135,093 441,577

Gains and losses on revaluations

and investment asset disposals
Deficit on revaluation
- Investment properties 7a - (6,765,566) ( 6,765,566) 14,565,162
- Investments 8 - (3,564,538) ( 3,564,538) 453,617
Realised surplus/(deficit) on sale
of investment properties 14a - 2,878,334 2,878,334 (16,429)

Net movement in funds 135,093 (7,451,770) ( 7,316,677) 15,443,927

Fund balances brought forward 27,673,125 132,524,517 160,197,642 144,753,715

Fund balances carried forward 27,808,218 125,072,747 152,880,965 160,197,642

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
General Designated 2008 2007
Notes funds funds Total Total
Incoming resources £ £ £ £

Incoming resources from generated funds

Investment income
- Rental income 2
- Bank interest 60,621 60,621 47,118
- Other interest 3
- Dividends 181,338 181,338 215,693

241,959 241,959 262,811

Incoming resources from charitable activities
Grants receivable from
Benesco Charity Limited 6,600,000 - 6,600,000 5,700,000
Total incoming resources 6,841,959 - 6,841,959 5,962,811

Resources expended

Costs of generating funds 4

Charitable activities 5 6,769,106 6,769,106 5,817,057

Governance costs 6 4,250 - 4,250 4,000

Total resources expended 6,773,356 - 6,773,356 5,821,057

Net incoming resources for the year 68,603 68,603 141,754

Gains and losses on revaluations

and investment asset disposals
(Deficit)/surplus on revaluation of investments 8 (3,564,538) ( 3,564,538) 453,617

Net movement in funds 68,603 (3,564,538) (3,495,935) 595,371

Funds balances brought forward 348,059 8,516,993 8,865,052 8,269,681
Fund balances carried forward 416,662 4,952,455 5,369,117 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 2008 2007

£ £
Fixed assets
Tangible assets 7a 132,471,001 145,214,001
Investments 8 5,359,602 8,924,140
Intangible assets 9 - -

137,830,603 154,138,141

Current assets
Debtors 10 2,964,659 3,676,945
Cash at bank, including deposits 23, 571, 089 12,905,733

26, 535,748 16,582,678

Creditors: amounts falling due within one year 11 (7,574,731) (7,749,500)

Net current assets 18,961,017 8,833,178

Total assets less current liabilities 156,791,620 162,971,319

Creditors: amounts falling due after more than one year 12 ( 3,910,655) (2,773,677)

Net assets 152,880,965 160,197,642

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

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 2008 2007

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

5,359,603 8,924,141
Current assets
Debtors 10 7,600,000 6,000,000
Cash at bank, including deposits 350,379 600,615

7,950,379 6,600,615
Creditors: amounts falling due within one year 11 (4,780,210) (4,636,027)

Net current assets 3,170,169 1,964,588

Total assets less current liabilities 8,529,772 10,888,729

Creditors: amounts falling due after more than one year 12 (3,160,655) (2,023,677)

a1 Net assets 5,369,117 8,865,052

h- -1,
1.-4~-1
Unrestricted funds
General funds 13b 416,662 348,059
Designated funds 14b 4,952,455 8,516,993

'••
O 5,369,117 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 15a 636,395 129,005

Returns on investments and servicing of finance

Dividends received 181,338 215,693
Interest received 991,855 567,614

Net cash inflow from returns on investment and serv icing of finance 1,173,193 783,307

Capital expenditure
Purchase of tangible fixed assets (7,261,056) (204,838)
Sale of tangible fixed assets 16,116,824 1,898,571

Net cash inflow from capital expenditure 8,855,768 1,693,733

Increase in cash in the year 15b, 15c 10,665,356 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.

1.2 Financial instruments

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.

1.4 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.

1.5 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:
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

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.

1.7 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.

1.8 Deposit and loan interest

Interest is included in the income and expenditure account on a receivable basis.

13
 ° THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued)

Year ended 5 April 2008

1. Accounting policies (continued)

1.9 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.

1.10 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
p..~ employment of 6 staff (2007: 6) are reimbursed by the tenants.

These costs and reimbursements are not included in the income and expenditure account of the group as they are
M-~-~ 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 2007
£ £ £ £
Rents receivable 7,135,316 6,749,285
less: ground rents

7,135,316 6,749,285 - -
Charitable rent foregone 22,000 140,964 - -

Total rental income 7,157,316 6,890,249 - -

3. Investment income - Other interest

Group Trust
2008 2007 2008 2007
£ £ £ F
Loan interest receivable 24,125 21,984 - -
Other interest receivable 3,927 7,085 - -

Total other interest 28,052 29,069

14
 • THE CHARLES WOLFSON CHARITABLE TRUST
.~ . Notes to the financial statements (continued)

Year ended 5 April 2008

4. Costs of generating funds

Group Trust
2008 2007 2008 2007
Propert y expenses £ £ £ £
Repairs, rates and other non-
rechargeable property expenses 388,841 337,629 - -
Irrecoverable se rvice charges - (29,517) - -

388,841 308,112

Prope rty management expenses

Agents' management fees not
recoverable 318,464 348,024
Agents' rent review and letting fees 197,821 116,071
Legal expenses 154,616 150,567

670,901 614,662

Total property expenses 1,059,742 922,774

5. Charitable activities
Group Trust
2008 2007 2008 2007
£ £ £ £
Grants payable ( see Note 20) 6,990,599 6,148,925 6,745,174 5,786,592
Indemnity Insurance - cha rity 13,686 13,686 4,687 4,687
Indemnity Insurance - trustees 521 521 521 521
Consultancy & professional fees 63,192 63,474 2,993 10,635
General office expenditure 31,115 23,174 3,549 2,552
Sund ry expenses 224 27,891 95 76
Pension costs 12,087 11,994 12,087 11,994

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 Trust
2008 2007 2008 2007
£ £ £ £
Audit fees 24,250 23,000 4,250 4,000

15
 THE CHARLES WOLFSON CHARITABLE TRUST
.~ . Notes to the financial statements (continued)

Year ended 5 April 2008

7. Tangible fixed assets

(a) Group Vehicle and

Investment prope rt ies office
Freehold Leasehold equipment Total
£ £ £ £
Cost or valuation
At 6 April 2007 145,214,000 - 136,614 145,350,614
Additions 7,261,056 - - 7,261,056
(Deficit) on revaluation (6,765,566) - - ( 6,765,566)
Disposals (13,238,490) - ( 13,238,490)

At 5 April 2008 132,471,000 - 136,614 132,607,614

Depreciation
At 6 April 2007 136,613 136,613
Charge for the year
Disposals

At 5 April 2008 136,613 136,613

Net book value

At 5 April 2008 132,471,000 - 1 132,471,001

At 5 April 2007 145,214,000 - 1 145,214,001

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 2007
£ £

Cost 69,595,065 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. Tangible fixed assets (continued)

(b) Trust Vehicle and

office
equipment Total
£ £
Cost or valuation
At 6 April 2007 432 432
Additions
Disposals

At 5 April 2008 432 432

Depreciation
At 6 April 2007 431 431
Charge for the year
Disposals

At 5 April 2008 431 431

Net book value

At 5 April 2008 1 I

At 5 April 2007 1

8. Fixed asset investments

Group Trust
2008 2007 2008 2007
£ £ £ £
Market value at 6 April 2007 8,924,140 8,470,523 8,924,140 8,470,523
(Deficit)/Surplus on revaluation (3,564,538) 453,617 ( 3,564,538) 453,617

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

These investments are listed on the London International Stock Exchange. The 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 Trust
2008 2007 2008 2007
£ £ £ £
Cost 407,146 407,146 407,146 407,146

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 59,186

Amo rtisation
At 6 April 2007 and 5 April 2008 59,186

Net book value

At 5 April 2007 and 5 April 2008

10. Debtors
Group Trust
2008 2007 2008 2007
£ £ £ £
Due from managing agents 2,198,151 2,489,081 - -
Rent arrears 215,818 57,505 - -
VAT on Service charges recoverable 5,561 37,368 - -
Benesco Charity Limited 7,600,000 6,000,000
Other debtors and prepayments 545,129 1,092,991

2,964,659 3,676,945 7,600,000 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 Trust
2008 2007 2008 2007
£ £ £ £
Other taxes and social security 240,016 174,557 - -
Other creditors 107,670 246,135 - -
Accruals and deferred income 1,701,836 1,950,285 5,000 7,504
Grants committed 5,525,209 5,378,523 4,775,210 4,628,523

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

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

Group Trust
2008 2007 2008 2007
£ £ £ £
Grants committed 3,910,655 2,773,677 3,160,655 2,023,677

18
 THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued)
I

Year ended 5 April 2008

13. General fund

2008 2007
a) Group £ £

At 6 April 2007 27,673,125 27,231,548

Net movement in funds 135,093 441,577

At 5 April 2008 27,808,218 27,673,125

2008 2007
b) Trust £ £

At 6 April 2007 348,059 206,305

Net movement in funds 68,603 141,754

At 5 April 2008 416,662 348,059

14. Designated funds

a) Group
Prope rty and investment
capital fund
Realised Unrealised
surplus on revaluation 2008 2007
disposal reserve Total Total
£ £ £ £
At 6 Ap ri l 2007 47,774,739 84,749,778 132,524,517 117,522,167

Movement in fund - - - -
Movement due to revaluation in year - (10,330,104) ( 10,330,104) 15,018,779
Realised surplus/(deficit) on sale
of investment properties 9,469,618 (6,591,284) 2,878,334 (16,429)

At 5 April 2008 57,244,357 67,828,390 125,072,747 132,524,517

b) Trust
Prope rty and investment
capital fund
Realised Unrealised
surplus on revaluation 2008 2007
disposal reserve Total Total
£ £ £ £
At 6 April 2007 - 8,516,993 8,516,993 8,063,376

Movement due to revaluation in year - (3,564,538) (3,564,538) 453,617

At 5 April 2008 - 4,952,455 4,952,455 8,516,993

19
:. .
:• , THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued)

Year ended 5 April 2008

15. Notes to the cash flow statement

a) Reconciliation of net income for the year to

net cash inflow from operating activities 2008 2007
£ £

Net income for the year 135,093 441,577

Dividend receivable ( 181,338) (215,693)
Interest receivable ( 991,855) (571,074)
Depreciation -
Decrease (Increase) in debtors 712,286 (550,266)
Increase in creditors 962,209 1,024,461

Net cash inflow from operating activities 636,395 129,005

b) Analysis of changes in net debt

At 6 April At 5 April
2007 Cashflow 2008
£ £ £
Cash at bank and in hand 12,905,733 10,665,356 23,571,089

c) Reconciliation of net cashflow to movement in net debt

2008 2007
£ £
Increase in cash in the year 10,665,356 2,606,045
Net funds at the beginning of the year 12,905,733 10,299,688

Net funds at the end of the year 23,571,089 12,905,733

16. Analysis of net assets between funds

Group General Designated

Funds funds Total
£ £ £
Fixed assets 12,757,856 125,072,747 137,830,603
Current assets 26,535,748 - 26,535,748
Creditors (11,485,386) - ( 11,485,386)

27,808,218 125,072,747 152,880,965

Trust General Designated

fund funds Total
£ £ £
Fixed assets 407,148 4,952,455 5,359,603
Current assets 7,950,379 - 7,950,379
Creditors ( 7,940,865) - ( 7,940,865)

416,662 4,952,455 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
.': Notes to the financial statements (continued)
I
Year ended 5 April 2008

18. Subsidiary undertakings

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

Proportion of nominal
Description value of issued
Country of of shares shares held by
Name of undertaking incorporation held Group Trust

Benesco Chari ty Limited England (See note below)

Heath Retail Holdings Limited England £1 Ordina ry 100% 100%
Heath Retail One Limited England £1 Ordina ry 100% -

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 raise money for distribution to charity.

19. Capital commitments

Group Trust
2008 2007 2008 2007
£ £ £ £
Committed to but not provided for
in the financial statements 301,670 302,840

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 500,000

Bath Institute of Medical Engineering 25,000
British Heart Foundation 2,000
Cancer Research UK 500
Chai Cancer Care 3,000
CORE 60,001
Cure Parkinsons Trust 200,000
Cystic Fibrosis Trust 1,000
DIPEx 5,000
Hadassah UK 150,810
Heart Cells Foundation 300,000
Heartline Association 1,000
Hemi Help (Cerebral Palsy) 2,000
Hospital of St. John & St. Elizabeth 500
Institute for Complementary Medicine 166,916
Kings College London (Prof. Greenough) 52,108
MERU 2,000
Noah's Ark 5,000
Oxford Foundation for Theoretical Neuro-Science 100,000
Parkinsons Disease Society 50,000
P.S.P. Association 47,000
Royal Botanical Gardens Kew 30,000
Royal Marsden Cancer Campaign 50,000
Sir George Pinker Appeal 30,000
Special Care Baby Unit Fund Raising Society 1,000
Speech Language & Hearing Centre 10,000
Tavistock Trust for Aphasia 5,000
University of Oxford (Prof. Aziz) 189,873
William Harvey Research Foundation 500

1,990,208

Education

Avondale Extra 2,000

British Friends of Bar Ilan University 8,000
British Friends of the Ariel Institute 61,794
Chicken Shed Theatre Trust 2,000
Dyson Perrins Museum Trust 3,000
Ellen Tinkham PTFA 25,000
Federation of Synagogues 2,000
Highbury Grove School 65,395
Huntingdon Foundation 125,000
Jewish Learning Exchange 15,000
JFS Charitable Trust 2,000
Immanuel College 10,000
Institute for Policy Research 75,000
London Jewish Cultural Centre 15,000
Plumpton College 10,000
Priors Court Foundation 10,000
The Back-Up Trust 48,814
The Roundhouse Trust 1,000
United Synagogue 10,000
Yavneh College Trust 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 2,000
Action for Kids 5,000
Adam Smith Research Trust 12,000
Aguda Israel Organisation of GB 2,500
AISH Hatorah 75,000
Ajex Charitable Trust 500
Amber Foundation 1,000
Aspire 2,500
Beis Yisroel Organisation 1,000
Bowles Rocks Trust 2,000
Central Synagogue General Charities Fund 12,000
Civitas 25,000
Community Security Trust 70,000
Cornwall Community Foundation 4,000
Council for a Beautiful Israel 5,000
Council of Christians and Jews 40,000
Cued Speech Association UK 10,000
Edward Elgar Foundation 2,000
Emunah 500
Fair Havens Hospice 750
Falkland Islands Memorial Chapel 10,000
Family Links 1,000
Fenely Library 2,000
Friends of Bnei Akiva 30,000
Friends of Beit Issie Shapiro 10,000
V Friends of General Orphans Home for Girls - Jerusalem 2,500
Gurkha Welfare Trust 2,000
Hampstead Theatre 5,000
HCPT The Pilgrimage Trust 500
Home Farm Trust 2,000
Hospital Kosher Meals Se rvice 1,000
Institute of Economic Affairs 20,000
I. Rescue 5,000
Intl. Tiger Moth Cha ri table Trust 1,000
Israel Diaspora Trust 2,000
Jerusalem Foundation 5,000
Jewish Association for the Mentally III 500
Jewish Book Council 1,000
Jewish Care 350,000
Jewish Marri age Council 500
JNF Givol 25,000
Laniado UK 10,000
Level 2 Youth Project 1,000
Lifeline for the Old 5,000
Listening Books 5,000
Maggs Day Centre 1,000
Natural Histo ry Museum 1,000
Nightingale House Home for Aged Jews 150,000
North London Hospice Group 7,000
Norwood 10,000
Ohel Sarah 2,500
Perdiswell Young Peoples Leisure Clubs 3,000
Policy Exchange 143,666

Subtotal carried forward to next page 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 1,087,916

Queen Alexandra Hospital Home 5,000

Racing Welfare 5,000
Royal Berkshire NHS Foundation Trust 49,000
Shabaton Choir 2,000
SSAFA Forces Help Central Office 1,000
Tikun 75,000
United Trusts 30,000
University Chaplaincy Board 1,000
Victory Services Club 10,000
World Jewish Relief 2,000
Zoological Society of London 25,000

1,292,916

Provision for committed future grant payments

Kings College London (Prof. Greenough) 119,599

The Back-Up Trust 46,773
CORE 132,175
Yavneh College Trust 1,500,000
Parkinsons Disease Society 72,500
Heart Cells Foundation 300,000
Foundation for Theoretical Neuro-Science 300,000

2,471,047

Total - Trust 6,745,174

Other

The Children's Trust 50,000

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

223,425

Rentals foregone on charitably let properties

Family Welfare Association 22,000

22,000

Total - Group 6,990,599

24