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The C harles W olfson Charitable Trust

Financialstatem ents
5 April2009
 1

THE CHARLES W OLFSO N CHARITABLE TRUST

Com pany information

Governing lnstrument
Deed ofTrustexecutedon 14July 1960
Settlors
CharlesW olfson
LordW olfson ofSunningdale

Trustees
LordW olfson ofSunningdal
e
The HonSi m onAdam Wolfson
The HonAndrew DanielW ol fson
DrSara Levene
Secretary
MichaelM orris Franks

Correspondent
Mrs R Crawford
Address
' 129 BattenhallRoad
7 t WorcesterWR52BU
:1 Auditor
:l chantreyvellacottDFKLup
chadered Accountants
q-
'r-t Ru
10s1s2el
-
lSss
Ruquel
ar
leHous
ee
Squar
London
w clB 5LF
1 Bankers
x
u BankofScotland
14/16CockspurStreet
London
sw lY 5BL
W solicitors
W illiam Sturges& Co
Burwood House
14-16 Caxton Street
London
SW IH 0QY
lnvestmentpropedy managers
M ERJS Limited
26/28 Hallam Street
London
W 1W 6NS
Charity registration num ber
238043
lnland Revenue reference
XN2027

1
 THE C HA RLES W O LFSO N C HA RITA BLE TRUST
Trustees'repod

Thetrusteespresenttheirreportand financialstatementsofTheCharlesWolfsonCharitableTrust('d
theTrusf')andthe
group fortheyearended 5April2009,whichincludestheadministrative information setouton page 1.

The'group'meanstheTrustandBenescoCharityLimi
ted('
dBenesco')andi
tswholly-ownedsubsidiarycompanies,Heath
RetailHoldingsLimitedandHeath RetailOneLimlted.
Reference and administrative details ofthe charity,itstrustees and advisors
The chari
tynumber,presenttrusteesandadvisorsaregi
venonpage 1.

Trustees
Thetrusteeswho heldofficethroughouttheyearwere asfollows:

LordWol
fsonofSunningdale(Chairman)
The Hon SimonAdam W olfson
The HonAndrew DanielW olfson
DrSara Levene
Structure,governanceand management

Governingdocument
m TheTrustisaregisteredchari
tyandisgovernedbyaDeedofTrustexecutedon14Jul
y1960.
Q Appointmentoftrustees,organisationalstructureandrelatedparties
The Trustis administered by the trustees who are appointed by the settlors during theirIifetime and thereafterby the
continuing trustees. They meetquarterly and receive regularreports on the group' s properties and finances from its
a propedymanagersandotheradvisors.
Q
m ves the bulk ofits income from grants received from Benesco,which isa
The Trustis a grant-making charity which deri
registeredcharityandacompany(Iimitedbyguarantee)whoseinvestmentsare heldin property.
t ltisthedeclaredpolicyofthetrusteesthatthemajorityofthetrusteesofthischaritymustbemembersofBenesco,andthe
% majorityofthemembersofBenescowillconsistoftrusteesofthisTrustwhohavethepowertoappointandremovedirectors,
and Benesco isthereby controlled bythischari ty. Becausethe Trustthereby controls Benesco,the trustees are presenting
% consolidated financialstatements including the combined assets,liabili
subsidiarycompaniesasa group.
ties and income ofthe Trustand ofBenesco and its
>
.

Riskmanagementstatem ent
c,businessand operationalrisks which the group facesand confirm that
The trustees have examined the majorstrategi
systemshave beenestabli shedto enabletheseriskstobe managed toan acceptableIevel.

Objectivesand activities
TheobjectiveoftheTrnstistoapplytheincometosuchcharitablepurposesasthetrusteesshallselect.
ThepoliciesadoptedtofurthertheTrust'sobjectivesincludethemakingofdirectgrantsofmoney,theprovisionoffoans,
onwhich the interestiswai ved andthe provision ofrent-free premises.Directgrantsofmoney constitute wellover95% of
the chari
table application offunds.
Althoughthe trusteesofthe Trustand the directorsofBenesco have powerto apply both capitaland income to charitabl
e
purposes,the medium and Iong term policy has been to preserve the capitaland to expend the income,aftergiving
considerationto theeffectsofinflation.
Itis considered thatitis notpracticalto make any predetermined annualal
location between the various grantheadings,
especiallyasitissometimesappropriate nottofullydistribute inaparticularyearinordertoaccommodate I
arge projects
which extend overmore than one year.
The directorsofBenesco have chosen to focus on propedy investmentbecause,afterallowing forannualrunning costs
and renewalsand refurbishment,the rentalincomeovertheyearstendstokeep pacewithinflation,so long asthe portfolio
iswellspread i
n appropriate propedies. lncome from property does nOtinclude monies spentand recouped by way of
reimbursementfrom l
essees,suchasservicecharges,insurance premiumsand the usualoutgoings recovered.
.@

THE CHA RLES W O LFSO N CHARITA BLE TRUST

Trustees'repod (contihued)

Objectivesandactivities(continued)
Grantmaking policy
ltisthe trustees'normalpolicy notto make grantsto individualsandto make grants in the UK onl
y to registered charities,
ortohospitalsand schoolsand similarcharitableinstitutions.The intention isto directgrantstothemajorareasIisted
below,especiallyforcapi
talorfixedterm projects,andwithparticular,butnotexclusive,regardtotheneedsoftheJewish
community. ThisstatementofobjectivesisnotintendedasaformalIimi tationofthewaythatthetrusteesmayexercise
theirdiscretionfrom time to time.

1.Medicine
2.Education
3.W el
fare
The group in suitable circumstances haspurchased buildingsto be made availableto othercharitiessothateffectivelythe
income which should otherwise be deri ved from such property,ormostofit,is foregone byway ofconferring a grantor
benefittotheothercharitiesto assistthem inthe workforwhichthegroupwishestogive suppod.

Public benefit
W e havetaken noteofthe CharityCommission'sguidanceonpublicbenefit.

m Achievementsandperformance
Q lnveslmenlpolicyandproperk reporf
The group's investmentpolicy is primaril
y to focus on property providing a good rentalincome,to enable itto supportits
charitableobjecti
ves,combinedwithIongterm securitytoensuretheIongevityofthecharity.
Z
m
- Wi
ththis inmind,supported bythe servicesOfprofessionalpropertymanagers,thegroupinveststobuildwhati
tconsiders
Q to beahighqual
ityportfoli
owi
ththevastmajori
tyincommercialandnon-residenti
alpropedyIettobusinesstenants.The
trustees considerthis policy to have been successfuloverprevious years given both the income generati
on and the
unrealised increases inpropertyvalues.

%k Atthe balancesheetdate,the grotlp'

s propertyportfol
io consisted of:
1. 12commercialholdings,al
lofwhich were freeholdand which representwellover99% ofthepropertyportfolio;and
> 1propedywhichthegroupmade availabletoothercharities onarent-freeorrent-reduced basis.
Theportfolio hasbeen builtup over30 years,the srstpurchase having been made in February 1977.
The originalcostofthe properties,excluding those made available to otherchari
ties,atthe balance sheetdate was

1 E90,465,658 (2008:E69,
528,505)against a currentvalue ofE123,
April2009wasE9,001,839(2008:E7.472,543).
613,000 (2008:E131,991,000). The rentrollat

The changesin sxed assetsduring theyearare summarised inthe notesto the ùnanci
the chari
alstatements. The propediesheld by
table com pany and its subsidiary undertakings at 5April2009 have been valued by the group' s property
managersonamarketvaluebasisatapproximatelyE124,113,000(2008:E132,471,000)ascomparedtotheirtotaloriginal
costoff90,532,218(2008:E69,595,065).
 THE CHARLES W O LFSON CHARITA BLE TRUST
Trustees'report(contihued)

Achievementsandpedormance(continued)
Grantsmade
Intheyearto5April2009,E4,273,085(2008:E6,990,599)hasbeendonatedbythegroupbywayofdirectgrantstooperative
chariti
es.
Financialreview
Netincoming resourcesforthegroupforthe year,beforegrants payabl
e and rentalsforegone on chari
tably Ietproperties
ofE4,273,
085(2008:E6,990,599)are:7,497,711(2008:E7,125,692).
Afteradeficitonrevaluationofinvestmentpropertiesandinvestmentsof:28,812,290(2008:deficitofE10,330,104)anda
realised surplusonsalesofpropertiesofENil(2008:E2,878,334),the netmovementinfundsfortheyearisa defkitof
E25,587,664(2008:deficitofE7,316,677).
Fund balancesatthe yearend are E127,293,301 although investmentproperties and investmentsare in excess ofthisat
E129,955,466.At5 April2008 fund balances were E152, 880,965 ofwhich E137,830,603was represented byinvestment
propertiesand investments,and the balance ofE15,050,362 was available reserves forgrantcommitments and working
capital.
Reservespolicy
Inordertoprovideincometoenabl
ethegrouptofulilitscharitableobjectivesandmakegrants,itisnecessarytomaintain
m and fund assetsto generatethis income. The trustees'currentpolicyis to match expendi
ture to incoming resourcesover
the medium term .
Q
Q Plansforfuture periods
Z
m
- l
tis the trustees'intenti
on to continue to preserve the capital,invested predominately in propedy,wi th an em phasison
commercialratherthan residentialpropertiesandtocontinue to make grantsinaccordancewi th itsgrantmaking policy.
Q
Y Tax status

tled to exempti
on from taxati
on on income and capitalgains to the extentthati
ts funds are applied for
%% The Trustis enti
charitablepurposes.
Auditor
> .
A resoluti
ontoreappointChantreyVellacottDFK LLP willbe proposed atthe forthcoming annualgeneralmeeti
ng.

5
 THE C HA RLES W O LFSO N C HA RITA BLE TRUST
Trustees'report(continued)

Statementoftrustees'responsibilities

The trustees are responsible forpreparing the financialstatements in accordance with appli
cable Iaw and regulations.
Charity Iaw requiresthe trustees to prepare financi
alstatementsforeachfinancialyear. UnderthatIaw the trusteeshave
elected to preparetheirsnanci alstatementsin accordance wi th United Kingdom Generall
y AcceptedAccounting Practice
(Uni
ted Kingdom AccountingStandardsandapplicableIaw).Thefinancialstatementsare requiredby1aw togive atrue
and fairview ofthe state ofaffairs ofthe Trustandofthegroup and ofthe surplusordefi
citofthe Trustandofthe group
forthatperiod.ln preparingthesefinancialstatementsthetrusteesarerequiredto:

selectsui
tabl
eaccountingpoliciesandthenapplythem consistently'
,
observe themethodsand principlesinthe CharitlesSORP;
makejudgementsandestimatesthatarereasonabl eandprudent'
,
* state whetherappl
icable UK Accounting Standards have been foll
owed,subjectto any materialdepartures
disclosed andexplained inthefinancialstatements'
,
prepare the snancialstatements on the going concern basis unless i
tis inappropri
ate to presume thatthe Trust
andthegroupwillcontinuein existence.
Each trustee has taken alIsteps thatthey oughtto have taken as trustees in orderto make them selves aware ofany
inform ation relevantto the auditand to ensure thatthe audi torisaware ofaIlrelevantauditinformation. As faras each
trustee isaware,there isno relevantaudi tinform ationofwhichthe chari
ty'
saudi torisunaware.

0: T
thheeftrusteesaretr
inancialposi
esponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatany
ion ofthe Trustandthe groupandenablesthem to ensure thatthefinancialstatements complywi
time
th the
:) CharitiesAct1993.TheyarealsoresponsibleforsafeguardingtheassetsoftheTrustandthegroupandhencefortaking
:l reasonablestepsforthepreventionanddetecti
onoffraudandotherirregularities.
q-rdt Thi
sr
eportwasapprovedbythetrust
eeson VtIt 2009andsi
gnedontheirbehal
f.

u
W olfson-Trustee
THE C HA RLES W O LFSO N CHA RITA BLE TRUST
Independentauditor's'reportto the trustees ofThe Charles W olfson Charitable Trust

W e have audited thefinancialstatements ofThe CharlesW olfson Charitable Trustforthe yearended 5 April2009which
comprise the Consolidated and TrustStatementofFinancialActivi ties,the Consolidated and TrustBalance Sheets, the
Consolidated Cash Flow Statementand the related notes.The snancialstatements have been prepared underthe
accounting policiessetouttherein.

This reportis made solely to the charity's trustees,as a body,in accordance with section 44 ofthe Charities Act1993.
Ourauditworkhasbeen undertaken so thatwe mightstate to the trusteesthose matterswe are requiredto statetothem
in an auditor's reportand forno otherpurpose. To the fullestextentpermi tted by law, we do notacceptorassume
responsibility to anyone otherthan the charity and the trustees as a body,forouraudi twork,forthis report,orforthe
opinionswehaveformed.
Respective responsibilities oftrustees and auditors

Thetrustees'responsibili
ties forpreparing the AnnualReportand the financialstatementsin accordancewith applicabl
e
Iaw andUnitedKingdom AccountingStandards(UnitedKingdom GenerallyAcceptedAccounting Practi
ce)aresetoutin
theStatementofTrustees'Responsibilities.

W e have been appointedasauditorsundersection43 ofthe CharitiesAct1993andrepod inaccordancewi th regulations

made under thatAct.Our responsibility is to auditthe fi
nancialstatements i
n accordance with relevant Iegaland
regulatoryrequirementsandInternationalStandardsonAudi
ting(UK andlreland).
W e reportto you ouropini on as to whetherthe financialstatements give a true and fairview and are prepared in
accordance with the Chari
ties Act1993.W e also reportto you if,in ouropinion,the i
nformation gi
ven in the Trustees'
AnnualRepodisnotconsi
stentwiththosefinancialstatements,ifthecharityhasnotkeptsufficientaccountingrecords,i
f
the charity's financi
alstatementsare notin agreementwi
th these accountng records orifwe have notreceived aIIthe
inform ati
ona0d expl anationswerequireforouraudit.
W e read the Trustees'AnnualRepod and considerthe implications forourreportifwe become aware ofany apparent
m isstatementswithinit.
Basis ofauditopinion

Weconductedourauditinaccordancewith lntemati
onalStandardsonAuditing(UK andIrel
and)issuedbytheAuditing
Practices Board.An auditincludes examination,on a testbasis,ofevidence relevantto the amounts and disclosuresin
thefinancialstatements.Ital
soincludesanassessmentofthesignificantestimatesandjtldgementsmadebythetrustees
in the preparation ofthe financialstatements,and ofwhetherthe accounting polici
es are appropriate to the charity's
circumstances,consistentlyappliedand adequatelydisclosed.
W e planned and perform ed ourauditso asto obtainaI1the informationandexplanationsw hi chwe considered necessary
in orderto provide us with suffici
entevidence to give reasonable assurance thatthe financialstatementsare free from
materialmisstatement,whethercausedbyfraud orotherirregularityorerror.Informing ouropinionwealso evaluatedthe
overalladequacyofthepresentation ofinformationin thefinancialstatements.

6
THE CHAR LES W O LFSO N CHARITA BLE TRUST
Independentauditor'streportto thetrustees ofThe CharlesW olfson Charitable Trust(continued)

Opinion
Inouropinion

@ the financialstatements give a true and fairview,in accordance wi th Uni

ted Kingdom Generall y Accepted
Accounting Practice,ofthe state ofaffairs ofthe charity as at5 April2009,and ofits incoming resources and
appli
cationofresources,fortheyearthen ended' ,and

theinancialstatements havebeenprepared in accordancewiththe CharitiesAct1993.

t.WSIU
i vïtœ. v c cuf
CHANTREY VELLACOTT DF LLP
Chadered Accountants and Statutory Auditor

London

nate,vjjxjss
 THE CHARLES W OLFSON CHARITABLE TRUST
Consolidated statem entoffinancialactivities
Yearended 5 April2009

Unrestricted funds
General Designated 2009 2008
Notes funds funds Total Total
lncoming resources E E E E
Incom ing resourcesfrom generated funds
lnvestmentincom e
- Rentalincom e 2 7,994,770 7,994,770 7,157,316
- Ban k interest 799,894 799,894 963,803
- Ot herinterest 3 18,301 18,301 28,052
- Di
vidends 200,519 200,519 181,338
Totalincoming resources 9,013,484 9,013,484 8,330,509
Resourcesexpended

Costs ofgeneratingfunds 4 1,322,673 1,322,673 1,059,742

Charitableactivities 5 4,440,685 4,440,685 7,111,424
7t Governance costs 6 25,500 25,500 24,250
l Totalresourcesexpended 5,788,858 5,788,858 8,195,416
2l
Netincoming resources
fortheyearbefore transfers 3,224,626 3,224,626 135,093
Movementinfunds 14a - - - -

Netincome forthe year 3,224,626 3,224,626 135,093

d
u Gainsand Iosses on revaluations
and investmentassetdisposals
(Deicit)/surplusonrevaluation
-
Investm entproperties 7a (29,295,153) (29,295,153) (6,765,566)
- Investm ents 8 482,863 482,863 (3,564,538)
1
Y Ro
ef
ai
l
ni
svedsts
mue
rpnl
tup
srop
nesra
tie
les 14a . -
2,878,334
Netmovementinfunds 3,224,
626 (28,812,290) (25,587,664) (7,316,677)
Fund balancesbroughtforward 27,808,218 125,072,747 152,880,965 160,197,642
Fund balances carried forward 31,032,
844 96,260,457 127,293,301 152,880,965

The notes on pages 13 to 22 form partofthese financialstatem ents

8
 THE CHA RLES W O LFSO N C HA RITA BLE TRUST
Truststatem entoffinancialactivities

Yearended5A/il2009
Unrestrictedfunds
General Designated 2009 2008
Notes funds funds Total Total
Incom ing resources E fr E E
Incom ing resourcesfrom generated funds
Investmentincom e
- Rent alincom e 2
- Bank i nterest 34,293 34,293 60,621
-
Otherinterest 3
- Dividends 200,519 200,519 181,338
234,812 234,812 241,959
lncom ing resourcesfrom charitable activities
Grants receivablefrom
BenescoCharity Limited 3,500,000 - 3,500,000 6,600,000
Totalincoming resources 3,734,812 - 3,734,812 6,841,959
Resourcesexpended
Costsofgenerating funds 4
l
2l Charitable activities 5 3,693,883 3,693,883 6,769,106
Governancecosts 6 4,500 - 4,500 4,250
q'
rt
Totalresourcesexpended 3,698,383 - 3,698,383 6,773,356
Netincoming resourcesforthe year 36,429 36,429 68,603
u
d Gainsand Iosses on revaluations
rU Sandinvestmentassetdisposals
urplus/(defi
cit)onrevaluationofinvestments 8 - 482,863 482,863 (3,564,538)
a Netmovementinfunds 36,429 482,863 519,292 (3,
495,935)
1
.

# Fundsbalancesbroughtforward 416,662 4,952,455 5,369,117 8,865,052

Fund balances carried forward 453,091 5,435,318 5,888,409 5,369,117

The noteson pages 13to 22 form partofthesefinanclalstatem ents

9
TH E CHA RLES W O LFSO N CHA RITA B LE TRUST
Consolidated balance'sheet
5 April2009

Notes 2009 2008

E E
Fixed assets
Tangible assets 7a 124,113,001 132,471,001
lnvestments 8 5,842,465 5,359,602
Intangibleassets 9 - -

129,955,
466 137,830,603
Currentassets
Debtors 10 3,701,345 2,964,659
Cashatbank,includingdeposits 723,602 23,571,089
4,424,947 26,535,748
Creditors:amounts falling due within oneyear 11 (5,815,635) (7,574,731)
Netcurrent(Iiabilities)Iassets (1,390,688) 18,961,017
Totalassets less currentliabilities 128,564,778 156,791,620
Creditors:amounts falling due aftermorethanone year 12 (1,271,477) (3,910,655)
Netassets 127,293,301 152,880,965
Unrestricted funds
Generalfunds 13a 31,032,844 27,808,218
Designatedfunds 14a 96,260,457 125,072,747
127,293,301 152,880,965

These financialstatem ents have

signedon theirbehalf. beenappr
ovedbytheboardoftrusteesandauthori
sedfori
ssueon 1Zj and

W olfson

/
.'
S W olfson ' '
k'
,.
Trustees

A W olfson

orLevene tn-tt:.-

The notes on pages 13 to 22 form partofthese financialstatem ents

THE CHA RLES W O LFSO N CHA RITA B LE TRUST
Trustbalance sheet
5 April2009

Notes 2009 2008

E E
Fixed assets
Tangible assets 7b 1 1
Investments 8 5,842,465 5,359,602
5,842,
466 5,359,
603
Currentassets
Debtors 10 3,850,000 7,600,000
Cashatbank,includingdeposits 27,041 350,379
3,877,041 7,
950,379
Creditors:amounts falling duewithin one year 11 (2,559,621) (4,780,210)
Netcurrentassets 1,317,420 3,170,169
Totalassets less currentIiabilities 7,159,886 8,529,
772
Creditors:am ountsfalling due afterm ore than oneyear 12 (1,271,477) (3,160,655)
Netassets 5,888,409 5,369,117

Unrestricted funds
Generalfunds 13b 453,091 416,662
Designated funds 14b 5,435,318 4,952,455
5,888,409 5,369,117

These financialstatements have been approved by the board oftrustees

si
gnedon theirbehalf. andat
l
thori
sedfori
ssueOnVl1 and

)
Wolfson

SWolfson
)
)
)
)
)
)
)
Trustees
t
l
' )
)
)
A Wolfson )
)
)
)
)
DrLevene )

The notes on pages 13 to 22 form pad ofthese financialstatem ents

 THE CHARLES W O LFSO N CHARITA BLE TRUST
Consolidated cash flow statem ent
Yearended 5 April2009

Notes 2009 2008

E E
Netcash(outflow)Iinflow from operatingactivities 15a (2,929,048) 636,395
Returnson investm ents and servicing offinance
Dividendsrecei ved 200,519 181,338
lnterestreceived 818,195 991,855

Netcash(outfl
ow)/inflow from retumsoni
nvestment
and servicingoffinance (1,910,334) 1,173,193

Capitalexpenditure
Purchaseoftangi ble fi
xed assets (20,937,153) (7,261,
056)
Saleoftangiblefixedassets -
16,116,824
Netcash(outflow)/i
nflow from capi
talexpenditure (20,937,153) 8,855,768
m
< (Decrease)lincreaseincashintheyear 15b,15c (22,847,487) 10,665,356
Q
Z
=
-

k
>
.

The notes on pages 13 to 22 form pad ofthese financialstatements

12
 THE CHA RLES W O LFSO N C HA RITA BLE TRUST
Notes to the financialstatem ents
Yearended 5 April2009

Accounting policies
The financialstatements have been prepared in accordance with the Statementof Recommended Practice
Accounting and Repoding by Charities (SORP 2005) issued in March 2005, and applicable Accounting,
Standards. A summaryofthe moreimportantaccounting policieswhich have been consistentlyappliedissetout
below.
1.1 Accounting convention
The financialstatements are prepared underthe historicalcostconvention as modi
fied by the reval
uation of
certain fixed assets.
1.2 FinancialInstrum ents
Financialassetssuch ascash and debtorsare measured atthe presentvalue ofthe amounts receivable, Iess an
allowance fortheexpected Ievelofdoubtfulrecei vables. FinancialIiabil
itiessuch astrade credi
torsand loansare
measured atthe presentvalue ofthe obli gation. An equity instrumentis any contractthatevidencesa residual
interestin the assetsofthe TrustafterdeductingalIofitsIiabilities.
1.3 Basis ofconsolidation
The group snanci
alstatements consolidate the financialstatements ofthe Trustand Benesco and its subsidi
ary
m undertakingsona IinebyIi
ne basi
sforthe financialyearended5 April2009.
Q 1.4 Designated funds
Q Designatedfundsare asfoll
ows:
Z Property and investmentcapitalfund
Q
m Realised surpluseson the disposalofinvestm entproperties and investmentsare transferred to the capitalfund.
Inthe trustees'opinionthis shoul d ensure thatthere are sufficientfunds to guarantee thecontinued existence of
thecharity.Unreal ised revaluationsurplusesarealsotransferred to the capi talfund.
1.5 Tangible fixed assetsand depreciation
k Investmentpropedies
Investmentpropertiesare revaluedannuallyand included in the balancesheetattheirmarketvalue. Thesurplus
> ordeficitoverbookvalue istransferredto the revaluationfundwhichformspad ofthe capitalfund. Although this
accounting policy is in accordancewiththe applicable accounting standard, SSAP 19,Accounting forinvestment
properties,i
tis adeparture from thegeneralrequirementofthe CompaniesAct2006 foraIItangible assetsto be
depreciated. Inthe opinion ofthetrusteescompb iancewiththe standard isnecessaryforthefinancialstatements
togive atrue andfairvi ew. Depreciation isonlyoneofthe many factors reflected inthe annualvaluationandthe
amountofthiswhichmightotherwise have beenchargedcannotbe separatelyidentified orquantified.

! Officeequipm entand m otorvehicles

Depreciati
on ischargedatthefollowing rates:
Officeequipment - 15% perannum ona reducingbalance basis, or20% ona straightline basis
Motorvehicle 25% on areducing balance basis
Capitalisation policy
IndividualitemsunderE1,000arenotcapitalisedunl
esspartofaIargerprojectorassetpurchase.
1.6 Fixed assetInvestm ents
Fixed assetinvestments are carried at marketvalue. The surplus arising on revaluation is transferred to the
revaluation reservewhichformspartofthepropedyand investmentcapitalfund.
1.7 Incom e from investments
Income from investments is included,together with the related tax credi
t, in the income and expendi
ture
account/statementoffinancialactivitiesonthe accrualsbasis.
1.8 Depositand loan interest
lnterestisincluded inthe incomeand expendi
ttlre accounton areceivabl
e basi
s.

13
 TH E CHA RLES W O LFSO N CHA RITAB LE TRUST
Notes to the financialstatements (continued)
Yearended 5 April2009

Accountingpolicies(continued)
1.9 Provision ofservices
The trusteesofthe Trustand the directors ofBenesco and its subsidiary companies receive no remuneration for
theirservices.Furthermore,novaltlehasbeenattributedtotheprovision ofservicesbythetrusteesordirectors.
1.10 Incom ing resourcesand resources expended
Incoming resources,including rentand interest,are recognised when receivable. ForIeasehold i nvestment
propedies grotlnd rents payable are netted against rentreceivabl
e from thatproperty to give a true and fair
reflecti
onofpropertyincome.
Donations and I egacies are accounted foron a receivable basis. Grants payabl e are recognised in fullatthe
pointatwhich a I egalorconstructive obligation arises. Ifthese obligations are fora period ofgreaterthan one
year,the creditorforthe pad due aftermorethan oneyearfrom thebalance sheetdate isdisclosed assuch. No
discountfactors are applied to such Iiabili
ties. AlIotherresources expended are recognised as they become
payable.
1.10 Service charge
As agents ofthe group,MERJS Limited the group's investmentproperty managers, manage the service charge
m accotlnton behal
fofthe tenants ofthe group's investmentproperties. AIIcosts,including those relati
ng to the
Q employmentof6staff(2008:6)arereimbursedbythetenants.
Q These costsand reimbursements are notincluded inthe income and expendi ture accotlntofthe group astheyare
inctlrred sol
ely on behal
fofthe tenantsand consequentlyare dealtwith inthe service charge accounts ofMERJS
#
. Limited withregardto each property.

2. Investmentincome -Rentalincom e
Group Trust
2009 2008 2009 2008
t E t f.
Rentsrecei
vabl
e 7,976,270 7,135,316
Y
> Iess:groundrents

7,976,270 7,135,316 -
Charitable rentforegone 18,500 22,000 -
Totalrentalincom e 7,994,770 7,157,316 - -
=

! Investmentincome-Otherinterest

2009
Group
2008 2009
Trust
2008
Q f: E E
Loan interestreceivabl
e 18,180 24,125 - -
Otherinterestreceivable 121 3,927 -
Totalotherinterest 18,301 28,052
=

14
 THE CHARLES W O LFSO N CHARITA BLE TRUST
Notes to the financialstatements (continued)
Yearended 5 April2009

4. Costs ofgenerating funds

GrGtl9 Trust
2009 2008 2009 2008
Propertyexpenses E E E E
Repairs,ratesand othernon-
rechargeablepropertyexpenses 426,670 388,841
Irrecoverabl
e servi
cecharges 136,969
563,639 388,841 -
Property m anagem entexpenses
Agents'm anagem entfeesnot
recoverable 387,190 318,464
Agents'rentreview andIetting fees 265,758 197,821
Legalexpenses 106,086 154,616 -
759,034 670,901 -

Totalpropedy expenses 1,322,673 1,059,742 - -

= = =

< 5. Chari
table activities
Group Trust
2009 2008 2009 2008
E E E E
Grantspayable(seeNote21) 4,273,085 6,990,599 3,667,405 6,
745,174
IndemnityInsurance-charity 20,479 13,686 8,404 4,687
IndemnityInsurance-trustees 521 521 521 521
Consultancy& professionalfees 106,812 63,192 3,643 2,993
%ï Generaloffi
ceexpendi
Sundryexpenses
ture 27,465
194
31,115
224
1,697
84
3,549
95
Pension costs 12,129 12,087 12,129 12,087

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

No expenseswere reimbursedtoanytrustee inei

theryear.

! 6. Governancecosts

Auditfees
2009
E
25,500
Group
2008
E
24.250
2009
E
4.500
Trust
2008
E
4,250

15
THE C HA RLES W O LFSO N CHARITA BLE TRUST
Notes to the financialstatem ents (continued)
Yearended 5 April2009

Tangiblefixed assets

(a) Group Vehicleand

Investmentproperties office
Freehold Leasehold equipment Total
E E E E
Costorvaluation
At6 April2008 132,471,000 136,614 132,607,614
Additi
ons 20,937,153 - 20,937,153
(Defici
t)onrevaltlati
on (29,295,153) (29,295,153)
At5April2009 124,113,000 136,614 124,249,614
Depreciation
At6April2008 136,613 136,613
Charge fortheyear
At5April2009 136,613 136,613
Netbookvalue
At5Apri
l2009 124,113,000 - 1 124,113,001
I
At5 Apri
l2008 132,471,000 - 1 132,471,001
- - Z

The investmentproperties have been valued by the Trust's property managers on a marketvalue basis as at
5April2009.
Ifstated underhistoricalcostprinciples,the comparableamountsforthe investmentpropertieswouldbe:

2009 2008
t E
Cost 90,532,218 69,595,065
=

16
 TH E CHAR LES W O LFSO N CHA RITAB LE TRUST
Notes to the financialstatements (continued)
Yearended 5 April2009

Tangiblefixedassets(continued)
(b) Trust Vehicle and
office
equipment Total
E E
Costorvaluation
At6April2008 and sApril2009 432 432
Depreciation
At6 Apri
l2008 and5 April2009 431 431
Netbook value
At5 April2009 1 1
At5 April2008 1 1
:- =

m 8. Fixedassetinvestments Group Trust

< 2009
f
2008
E
2009
E
2008
E
Q Marketvalueat6 April2008 5,359,602 8,924,140 5,359,602 8,924,140
Z Surplus/(Deficit)onrevaluation 482,863 (3,564,538) 482,863 (3,564,538)
m
- Marketval
ue at5April2009 5,842,465 5,359,602 5,842,465 5,359,602
Q . = -.

These investments are Iisted on the London InternationalStock Exchange. The Trust's investm ents at
u 5 April2006 consisted ofordinarysharesin Burberry Group pIcand GreatUniversalStoresplc. As a result
ofthe restructuring ofGreatUniversalStorespIcduring the yearended 5 April2007, the Trust'
s investm ents
J
-
now consistofordinary shares in BurberryGroup pIc and the two newly-formed companies ofHome Retail
Group pIc and Experian plc. Ifstated under historicalcost principles, the comparable amounts forthe
$ investmentswould be:

Group Trust
2009 2008 2009 2008
t E E E
Cost 407,146 407,146 407,146 407,146

! =

Costrepresentsthe marketvalueoftheinvestmentsatthedatewhentheyweresettled onthe Trust.

 TH E CHA RLES W O LFSO N CHA RITAB LE TRUST
Notes to the financialstatements (continued)
Yearended 5 April2009

9. Intangible assets-Group
Goodw ill
E
Cost
At6April2008 and 5April2009 59,186
Am odisation
At6April2008 and 5April2009 59,186
Netbookvalue
At5 April2008and 5April2009

10. Debtors
Group Trust
2009 2008 2009 2008
Q E E E.
Duefrom managing agents 2,525,808 2,198,151 - -
Rentarrears 498,682 215,818 - -
7t Benesco Chari
tyLimited - -
3,850,000 7,600,000
l Otherdebtorsand prepayments 676,855 550,690 - -
l 3,701,345 2,964,659 3,850,000 7,600,000
=

GroupotherdebtorsincludeanamountofE300,000(2008:E300,000)whichisdueaftermorethanoneyear .

Q
d 11. Creditors:amountsfallingduewithinoneyear
Group Trust
2009 2008 2009 2008
E E E E
Othertaxesand socialsecuri
ty 347,232 240,016 -
1
N Othercreditors
Accrualsanddeferred income
130,702
2,033,080
107,670
1,
- -
Y Grantscommitted 3,304,621 701,836
5,525,209 5,000
2,554:621 5,000
4,775,
210
5,815,635 7,574,731 2,559,621 4,780,
210
=

12. Creditors:am ounts falling due afterm orethan one year

Group Trust
2009 2008 2009 2008
t E E E
G rantscom mitted 1,271,477 3,910,655 1,271,477 3,160,655
=
 THE CHA RLES W O LFSO N C HA RITA BLE TRUST
Notes to thefinancialstatements (continued)
Yearended5Apkil2009

13. Generalfund
2009 2008
a) Group E E
At6April2008 27,808,218 27,673,125
Netmovementinfunds 3,224,626 135,093
At5April2009 31,032,844 27,808,218

2009 2008
Trust t E
At6April2008 416,662 348,059
Netmovementin funds 36,429 68,603
At5April2009 453,091 416,662
'

) ) 14. Designatedfunds
) l a) oroup
Propedyand investm ent
capitalfund
r'
rt Realised Unrealised
surpluson revaluation 2009 2008
disposal reserve Total Total
E E E E
u At6April2008 57,244,357 67,828,390 125,072,747 132,524,517
d
rU Movementinfund
Movementdue to revaluation in year (28,812,290) (28,812,290) (10,330,104)
Real
isedsurplus/tdefici
t)onsale
1
N ofinvestmentproperties 2,878,334
57,244,357 39,016,100 96,260,457 125,072,747
Y At5April2009 =

b) Trust
Propedyand investment
capitalfund
Realised Unrealised
surpluson revaluation 2009 2008
disposal reserve Total Total
E E E E
At6April2008 - 4,952,455 4,952,455 8,516,993
Movementduetorevaluationin year 482,863 482,863 (3,564,538)
At5 April2009 5,435,318 5,435,318 4,952,455
=

19
 THE CHARLES W OLFSON CHARITABLE TRUST
Notes to the financialstatem ents (continued)
Yearended 5 April2009

15. Notes to the cashflow statement

a) Reconciliationofnetincomefortheyearto
netcash(outflow)Iinflow from operatingactivities 2009 2008
E E
Netincome fortheyear 3,274,626 135,093
Dividend recei
vable (200,519) (181,338)
Interestrecei
vable (818,195) (991,855)
Depreciation
(Increase)/decrease indebtors (763,686) 712,286
(Decrease)/increaseincreditors (4,421,274) 962,209
Netcash(outflow)/inflow from operati
ngactivi
ties (2,929,048) 636,395

b) Analysisofchangesinnetdebt
At6April At5April
2008 Cashflow 2009
7t E fr t
) Cashatbankandinhand 23,571,089 (22,847,487) 723,602
2l
c) Reconciliationofnetcashflow tomovementinnetdebt
2009 2008
qvt E E
(Decrease)/increaseincashintheyear (22,847,487) 10,665,356
Netfundsatthe beginning ofthe year 23,571,089 12,905,733
tm
u
- Netfundsattheendoftheyear 723,602 23,571,089

16. Analysis ofnetassets betweenfunds

> .x Group General Designated

Funds funds Total
1
.
t E E
r-l Fi
xed assets 33,695,009 96,260,457 129,955,466
currentassets 4,424,947 4,424,947
creditors (7,087,112) (7,087,112)
31,032,844 96,260,457 127,293,301
= =

Trust General Designated

fund funds Total
E E E
Fixed assets 407,148 5,435,318 5,842,466
Currentassets 3,877,041 3,877,041
Credi
tors (3,831,098) (3,831,098)
453,091 5,
435,318 5,888,409
= =

17. Related party transactions

These financialstatementsinclude the costs ofIegalexpenses amounting to E140,863(2008:E189,017)provi ded

to the group by its soli
citorsW illiam Sturges & Co,ofwhich M M Franks,company secretary ofBenesco Chari ty
Limited,isa partner.This represents professionalfees charged atcommercialrates. E106, 086 (2008::143,576)
isincludedindirectpropertyexpensesandthebalanceisincluded,Enil(2008:E26,191)whichrelatestothesaleof
assetswhi chhavebeensetagainstthesaleproceedsandE34,777(2008:E19,250)onthepurchaseofafreehold
property which has been capi
talised.
THE CHA RLES W O LFSO N C HA RITAB LE TRUST
Notes to the financial'
statem ents (contînued)
Yearended 5 April2009

18. Subsidiary undertakings

lnterestsingroupundedakings atthe balance sheetdate areasfollows:

Proportion ofnominal
Description valtle ofissued
Countryof ofshares shares held by
Nam e ofundedaking incorporation held Group Trust
Benesco CharityLimited England (Seenotebelow)
HeathRetai lHoldings Limited England E1Ordinary 100%
Heath RetailOneLimited England f.
1Ordinary 100%

Benesco Charity Limited is a company Iimited by guarantee. The company consi

ders The Charles W olfson
Charitabl
e Trusttobe itshol
ding organisati
on.
The principalactivity ofBenesco Chari ty Limited continued to be the managementoffunds i
nvested mainl
y in
propertyto raise m oneyfordistributiontocharity.
The principleactivity ofHeath RetailHoldingsLimi
tedcontinuesto bethatofa non-trading holding company.
The principle activity of Heath RetailOne Limited continued to be that of property investment, rentaland
management.

19. Capitalcom m itm ents

Group Trust
2009 2008 2009 2008
E E E E
Comm ittedto butnotprovi dedfor
inthefinancialstatem ents 532,000 301,670 - -
Q

20. Contingentliability
One ofthe Trust'ssubsidiary undertakings has received a demand from a contractorwith regard to certainworks
performed on thatcompany's site in a previous year. No provision forthis Ii
abili
ty has been made withi n these
financialstatements as the demand is being assessed by the group's professi onaladvisors and any potential
Iiability(i
fany)cannotbeascedainedwi
thsufficientreliabitityatthedateofsigningthesefinancialstatements.
THE C HARLES W O LFSO N CHARITA BLE TRUST
Notes to the financial'
statem ents (continued)

Yearended5Airil2009

21. Donations
Trust
E
Medicine 1,440,193
Educati on 409,745
W elfare 1,817,467
TotalTrust 3,667,405

Subsidiary undedakings
Medicine 354,000
Educati on 100,000
W elfare 151,680
TotalSubsidiary undedakings 605,680

TotalGroup 4,273,085

22