ty

Charity Registration Number 238043

The Charles Wolfson Charitable Trust

Financial statements

5 April 2007
THE CHARLES WOLFSON CHARITABLE TRUST
Company information

Governing Instrument
Deed of Trust executed on 14 July 1960

Settlors
Charles Wolfson
Lord Wolfson of Sunningdale

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

Secreta ry
Michael Morris Franks

Correspondent
Mrs R Crawford

Address
129 Battenhall Road
Worcester WR5 2BU

Auditor
Chantrey Vellacott DFK LLP
Chartered Accountants
Russell Square House
10-12 Russell Square
London
WC1 B 5LF

Bankers
Bank of Scotland
14/16 Cockspur Street
London
SW1Y 5131-

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 April 2007, 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, unless otherwise stated, 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 fu rther 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
V"
THE CHARLES WOLFSON CHARITABLE TRUST
Trustees' repo rt (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 and during the current year given both the
income generation and the unrealised increases in property values.

At the balance sheet date, the group's prope rty po rtfolio consisted of:

1. 10 commercial holdings, all of which were freehold and which represent well over 95% of the prope rty po rtfolio; and

2. 1 property 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 Februa ry 1977.

The original cost of the prope rt ies, excluding those made available to other charities, at the balance sheet date was
£68,914,655 (2006: £68,709,856) against a current value of £144,734,000 (2006: £129,984,000). The rent roll at
April 2007 was £7,201,092 (2006: £7,233,000).

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 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 April 2007 have been valued by the group's property
managers on a market value basis at approximately £145,214,000 (2006: £132,359,000) as compared to their total original
cost of £68,981,215 (2006: £69,512,951).

Grants made
In the year to 5 April 2007, £6,148,925 (2006: £6,620,660) 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 Cambridge University (£2,000,000) and Great Ormond Street Hospital (ECMO Unit)
(£1,000,000).

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 properties
of £6,148,925 (2006: £6,620,660) are £6,590,502 (2006: £7,030,845).

After a surplus on revaluation of investment prope rt ies and investments of £15,018,779 (2006: £18,456,786) and a realised
defi cit on sales of prope rt ies of £16,429 (2006: surplus of £1,340,422), the net movement in funds for the year is
£15,443,927 (2006: £20,207,393).

Fund balances at the year end are £160,197,642 (2006: £144,753,715) of which £154,138,141 (2006: £140,829,524) is
represented by investment properties and investments, and the balance of £6,059,501 (2006: £3,924,191) 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 stage payments of this grant of £Nil
(2006: £3,000,000) have been made by the group. The balance of this grant (£3,000,000), together with other committed
grants, the most significant of which are to Cambridge University (E2,000,000) and Great Ormond Street Hospital (ECMO
Unit) (£1,000,000), 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.

Tax status

The Trust is entitled to exemption from taxation on income and capital gains to the extent that its funds are applied for
charitable 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)

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.
72-1
This report was approved by the trustees on . ~~~~' and signed on their behalf.

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 2007 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 repo rt 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 April 2007 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.

u ,e-~
-, it u 1,~ - t)~-N c OLOL Q
CHANTREY VELLACOTT DFK LLP

Cha rtered Accountants

Registered Auditor

London

Date:

7
THE CHARLES WOLFSON CHARITABLE TRUST
Consolidated statement of financial activities

Year ended 5 April 2007

Unrestricted funds
General Designated 2007 2006
Notes funds funds Total Total
Incoming resources £ £ £ £

Incoming resources from generated funds

Investment income
- Rental income 2 6,890,249 - 6,890,249 7,395,764
- Bank interest 542,005 - 542,005 719,889
- Other interest 3 29,069 - 29,069 186,109
- Dividends 215,693 - 215,693 233,603

Total incoming resources 7,677,016 - 7,677,016 8,535,365

Resources expended

Costs of generating funds 4 922,774 - 922,774 1,362,083

Charitable activities 5 6,289,665 - 6,289,665 6,740,097

Governance costs 6 23,000 - 23,000 23,000

Total resources expended 7,235,439 - 7,235,439 8,125,180

Net incoming resources

for the year before transfers 441,577 441,577 410,185

Movement in funds 14a

Net income for the year 441,577 441,577 410,185

Gains and losses on revaluations

and investment asset disposals
Surplus on revaluation
- Investment properties 7a - 14,565,162 14,565,162 17,203,649
- Investments 8 - 453,617 453,617 1,253,137
Realised (deficit)/surplus on sale
of investment properties 14a (16,429) ( 16,429) 1,340,422

Net movement in funds 441,577 15,002,350 15,443,927 20,207,393

Fund balances brought forward 27,231,548 117,522,167 144,753,715 124,546,322

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

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 2007

Unrestricted funds
General Designated 2007 2006
Notes funds funds Total Total
Incoming resources £ £ £ £

Incoming resources from generated funds

Investment income
- Rental income 2
- Bank interest 47,118 47,118 32,987
- Other interest 3 - 3,802
- Dividends 215,693 215,693 233,603

262,811 262,811 270,392

Incoming resources from charitable activities
Grants receivable from
Benesco Charity Limited 5,700,000 - 5,700,000 6,000,000

Total incoming resources 5,962,811 - 5,962,811 6,270,392

Resources expended

Costs of generating funds 4

Charitable activities 5 5,817,057 - 5,817,057 6,134,026

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

Total resources expended 5,821,057 - 5,821,057 6,138,026

Net incoming resources for the year 141,754 141,754 132,366

Gains and losses on revaluations

and investment asset disposals
Surplus on revaluation of investments 8 - 453,617 453,617 1,253,137

Net movement in funds 141,754 453,617 595,371 1,385,503

Funds balances brought forward 206,305 8,063,376 8,269,681 6,884,178

Fund balances carried forward 348,059 8,516,993 8,865,052 8,269,681

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

9
THE CHARLES WOLFSON CHARITABLE TRUST
Consolidated balance sheet

5 April 2007

Notes 2007 2006

£ F
Fixed assets
Tangible assets 7a 145,214,001 132,359,001
Investments 8 8,924,140 8,470,523
Intangible assets 9 - -

154,138,141 140,829,524

Current assets
Debtors 10 3,676,945 3,123,219
Cash at bank, including deposits 12,905,733 10,299,688

16, 582,678 13,422,907

Creditors: amounts falling due within one year 11 (7,749,500) (5,987,836)

Net current assets 8,833,178 7,435,071

Total assets less current liabilities 162,971,319 148,264,595

Creditors: amounts falling due after more than one year 12 (2,773,677) (3,510,880)

Net assets 160,197,642 144,753,715

Unrestricted funds
General funds 13a 27,673,125 27,231,548
Designated funds 14a 132,524,517 117,522,167

160,197, 642 144, 753, 715

These financial statements have been approved by the board of trustees and authorised for issue on
11
and signed on their behalf.

Trustees

Dr Levene

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

10
I

T HE CHARLES WOLFSON CHARITABLE TRUST

Trust balance sheet

5 April 2007

Notes 2007 2006

£ £
Fixed assets
Tangible assets 7b 1 1
Investments 8 8,924,140 8,470,523

8,924,141 8,470,524

Current assets
Debtors 10 6,000,000 4,730,755
Cash at bank, including deposits 600,615 922,552

6,600,615 5,653,307
Creditors: amounts falling due within one year 11 ( 4,636,027) (3,093,270)

Net current assets 1,964,588 2,560,037

Total assets less current liabilities 10,888,729 11,030,561

Creditors: amounts falling due after more than one year 12 (2,023,677) (2,760,880)

Net assets 8,865,052 8,269,681

Unrestricted funds
General funds 13b 348,059 206,305
Designated funds 14b 8,516,993 8,063,376

8,865,052 8,269,681

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

Trustees

A Wolfson

:<0'Aa ....
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 2007

Notes 2007 2006

£ F

Net cash inflow from operating activities 15a 129,005 1,847,088

Returns on investments and servicing of finance

Dividends received 215,693 233,603
Interest received 567,614 746,005

Net cash inflow from returns on investment and servicing of finance 783,307 979,608

Capital expenditure
Purchase of tangible fixed assets ( 204,838) (30,533,851)
Sale of tangible fixed assets 1,898,571 21,653,345

Net cash inflow/(outflow) from capital expenditure 1,693,733 (8,880,506)

Increase/(decrease) in cash in the year 15b, 15c 2,606,045 (6,053,810)

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 2007

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 2007.

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 rties

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
on the accruals basis.

1.8 Deposit and loan interest

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

13
i

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2007

1. Accounting policies (continued)

1.9 Provision of se rvices

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 Service charge

As agents of the group, MERJS Limited the group's investment property managers, manage the service charge
account on behalf of the tenants of the group's investment properties. All costs, including those relating to the
employment of 6 staff (2006: 12) are reimbursed by the tenants.

These costs and reimbursements are not included in the income and expenditure account of the group as they are
incurred solely on behalf of the tenants and consequently are dealt with in the service charge accounts of MERJS
Limited with regard to each property.

2. Investment income - Rental income

Group Trust
2007 2006 2007 2006
£ £ £ £
Rents receivable 6,749,285 7,285,489 - -
less: ground rents - (59,725) - -

6,749,285 7,225,764
Charitable rent foregone 140,964 170,000

Total rental income 6,890,249 7,395,764

3. Investment income - Other interest

Group Trust
2007 2006 2007 2006
£ £ £ £
Loan interest receivable 21,984 21,460 - -
Other interest receivable 7,085 164,649 - 3,802

Total other interest 29,069 186,109 3,802

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

Year ended 5 April 2007

4. Costs of generating funds

Group Trust
2007 2006 2007 2006
Property expenses £ £ £ £
Repairs, rates and other non-
rechargeable property expenses 337,629 356,444
Irrecoverable service charges (29,517) 340,794

308,112 697,238

Prope rty management expenses

Agents' management fees not
recoverable 348,024 305,765
Agents' rent review and letting fees 116,071 133,504
Legalexpenses 150,567 225,576

614,662 664,845

Total property expenses 922,774 1,362,083

5. Charitable activities
Group Trust
2007 2006 2007 2006
£ £ £ £
Grants payable (see Note 20) 6,148,925 6,620,660 5,786,592 6,100,200
Indemnity Insurance - charity 13,686 13,686 4,687 4,687
Indemnity Insurance - trustees 521 521 521 521
Consultancy & professional fees 63,474 59,702 10,635 8,923
General office expenditure 23,174 27,307 2,552 1,582
Sundry expenses 27,891 221 76 113
Medical advisor's expenses - 1,025 - 1,025
Pension costs 11,994 14,001 11,994 14,001
Depreciation - 2,974 - 2,974

6,289,665 6,740,097 5,817,057 6,134,026

No trustees were reimbursed for any expenses as trustees during this year or the previous year.

6. Governance costs
Group Trust
2007 2006 2007 2006
£ £ £ £
Audit fees 23,000 23,000 4,000 4,000

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

Year ended 5 April 2007

7. Tangible fixed assets

(a) Group Vehicle and

Investment prope rties office
Freehold Leasehold equipment Total
£ £ £ £
Cost or valuation
At 6 April 2006 132,359,000 - 136,614 132,495,614
Additions 204,838 - - 204,838
Surplus on revaluation 14,565,162 - - 14,565,162
Disposals (1,915,000) - - (1,915,000)

At 5 April 2007 145,214,000 - 136,614 145,350,614

Depreciation
At 6 April 2006 136,613 136,613
Charge for the year
Disposals

At 5 April 2007 136,613 136,613

Net book value

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

At 5 April 2006 132,359,000 - 1 132,359,001

The investment properties have been valued by the Trust's property managers on a market value basis as at
5 April 2007.

If stated under historical cost principles, the comparable amounts for the investment properties would be:

2007 2006
£ £

Cost 68,981,215 69,512,951

16
THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued)
Year ended 5 April 2007

7. Tangible fixed assets (continued)

(b) Trust Vehicle and

office
equipment Total
£ £
Cost or valuation
At 6 April 2006 432 432
Additions
Disposals

At 5 April 2007 432 432

Depreciation
At 6 April 2006 431 431
Charge for the year
Disposals

At 5 April 2007 431 431

Net book value

At 5 April 2007

At 5 April 2006

8. Fixed asset investments

Group Trust
2007 2006 2007 2006
£ £ £ £
Market value at 6 April 2006 8,470,523 7,217,386 8,470,523 7,217,386
Surplus on revaluation 453,617 1,253,137 453,617 1,253,137

Market value at 5 April 2007 8,924,140 8,470,523 8,924,140 8,470,523

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. At
5 April 2007, as a result of the restructuring of Great Universal Stores plc within the year under review, 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
2007 2006 2007 2006
£ £ £ £
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.

17
 THE CHARLES WOLFSON CHARITABLE TRUST
I Notes to the financial statements (continued)

Year ended 5 April 2007

9. Intangible assets - Group

Goodwill
£
Cost
At 6 April 2006 and 5 April 2007 59,186

Amortisation
At 6 April 2006 and 5 April 2007 59,186

Net book value

At 5 April 2006 and 5 April 2007

10. Debtors
Group Trust
2007 2006 2007 2006
£ £ £ £
Due from managing agents 2,489,081 2,374,823 - -
Rent arrears 57,505 269,969 - -
Service charges recoverable 37,368 17,001 - -
Benesco Charity Limited - - 6,000,000 4,700,000
Other debtors and prepayments 1,092,991 461,426 - 30,755

3,676,945 3,123,219 6,000,000 4,730,755

Included within group other debtors and prepayments is a deposit of £630,500 relating to the purchase of an
investment property in Camden, London, the purchase of which was completed in August 2007.

Group other debtors include an amount of £300,000 (2006: £300,000) which is due after one year.

11. Creditors: amounts falling due within one year

Group Trust
2007 2006 2007 2006
£ £ £ F-
Other taxes and social security 174,557 206,029 - -
Other creditors 246,135 199,235 - -
Accruals and deferred income 1,950,285 1,745,842 7,504 6,540
Grants committed 5,378,523 3,836,730 4,628,523 3,086,730

7,749,500 5,987,836 4,636,027 3,093,270

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

Group Trust
2007 2006 2007 2006
£ £ £ £
Grants committed 2,773,677 3,510,880 2,023,677 2,760,880

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

Year ended 5 April 2007

13. General fund

2007 2006
a) Group £ £

At 6 April 2006 27,231,548 26,716,248

Net movement in funds 441,577 515,300

At 5 April 2007 27,673,125 27,231,548

2007 2006
b) Trust £ £

At 6 April 2006 206,305 73,939

Net movement in funds 141,754 132,366

At 5 April 2007 348,059 206,305

14. Designated funds

a) Group
Prope rty and investment
capital fund
Realised Unrealised
surplus on revaluation 2007 2006
disposal reserve Total Total
£ £ £ £

B At 6 April 2006

Movement in fund
46,612,742 70,909,425 117,522,167 97,830,074

(105,115)
Movement due to revaluation in year 15,018,779 15,018,779 18,456,786
Realised (deficit)/ surplus on sale
of investment prope rt ies 1,161,997 (1,178,426) ( 16,429) 1,340,422

At 5 April 2007 47,774,739 84,749,778 132,524,517 117,522,167

b) Trust
Prope rty and investment
capital fund
Realised Unrealised
surplus on revaluation 2007 2006
disposal reserve Total Total
£ £ £ £
At 6 April 2006 8,063,376 8,063,376 6,810,239

Movement due to revaluation in year 453,617 453,617 1,253,137

At 5 April 2007 8,516,993 8,516,993 8,063,376

19
THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued)

Year ended 5 April 2007

15. Notes to the cash flow statement

a) Reconciliation of net income for the year to

net cash inflow from operating activities
2007 2006
£ £

Net income for the year 441,577 410,185

Dividend receivable (215,693) (233,603)
Interest receivable (571,074) (741,349)
Depreciation - 2,974
(increase)/decrease in debtors (550,266) 2,765,853
Increase/(decrease) in creditors 1,024,461 (356,972)

Net cash inflow from operating activities 129,005 1,847,088

b) Analysis of changes in net debt

At 6 April At 5 April
2006 Cashflow 2007
£ £ £
Cash at bank and in hand 10,299,688 2,606,045 12,905,733

c) Reconciliation of net cashflow to movement in net debt

2007 2006
£ £
Increase/(decrease) in cash in the year 2,606,045 (6,053,810)
Net funds at the beginning of the year 10, 299,688 16,353,498

Net funds at the end of the year 12, 905,733 10, 299,688

16. Analysis of net assets between funds

Group General Designated

Funds funds Total
£ £ £
Fixed assets 21,613,624 132,524,517 154,138,141
Current assets 16,582,678 - 16,582,678
Creditors (10,523,177) - (10,523,177)

27,673,125 132,524,517 160,197,642

Trust General Designated

fund funds Total
£ £ £
Fixed assets 407,148 8,516,993 8,924,141
Current assets 6,600,615 - 6,600,615
Creditors (6,659,704) - (6,659,704)

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

17. Related party transactions

These financial statements include the costs of legal expenses amounting to £156,055 (2006: £332,952) 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. £150,567 (2006: £225,576)
is included in direct property expenses and the balance of £5,488 (2006: £107,376), which relates to the sale of
assets, has been set against the sale proceeds.

20
THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued)

Year ended 5 April 2007

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 Charity Limited England (See note below)

Heath Retail Holdings Limited England £1 Ordinary 100% 100%
Heath Retail One Limited England £1 Ordinary 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
2007 2006 2007 2006
£ £ £ £
Committed to but not provided for
in the financial statements 302,840 151,260

21
 THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued)

Year ended 5 April 2007

20. Donations

Medical research & facilities

Acquired Aphasia Trust 5,000

Asthma UK 50,000
British Diabetic Association 500
British Dyslexics 5,000
British Heart Foundation 1,000
Cancer Research UK 200
Chai Cancer Care 2,500
Heartline Association 1,000
Hemi Help (Cerebral Palsy) 2,000
Institute for Complementary Medicine 84,055
Institute of Orthopaedics 1,450
King Edward VII's Hospital 5,000
Lee Smith Research Foundation 22,500
Leukaemia Research Fund 10,000
Marie Curie Cancer Care 1,000
MIND 500
Multiple Sclerosis Resource Centre 2,000
Prostate Cancer Research Centre 10,000
Speech Language & Hearing Centre 5,000
Spinal Research 50,000
St. Marks Hospital Foundation 500
Tavistock Trust for Aphasia 5,000
University of Oxford - Surgery 87,196

351,401

Education

Angela Ruskin University 19,910

BEFORE Trust 25,000
> 35,000
Bntish Fnends of the Anel Institute
t CER
Chicken Shed Theatre Trust
10,000
1,000
5,000
Dyson Perrins Museum Trust
Federation of Synagogues 3,750

4 FSET Politeia
Hasmonean Primary School
Highbury Grove School
10,000
33,112
47,419
Holocaust Educational Trust 25,000
Immanuel College 1,000
Institute for Policy Research 5,000
Jewish Music Institute 6,000
Jews Free School 2,000
London Jewish Cultural Centre 15,000
United Synagogue 5,000

249,191

22
THE CHARLES WOLFSON CHARITABLE TRUST
Notes to the financial statements (continued)

Year ended 5 April 2007

20. Donations (continued)

Welfare

Aguda Israel Organisation of GB 4,750

AISH Hatorah 150,000
Anglo-Israel Association 5,000
Aspire 500
Breakaway 7,500
British Friends of the Jaffa Institute (for children) 1,000
British WIZO 1,000
Central School of Ballet 500
Central Synagogue General Charities Fund 10,000
Centre for Jewish Christian Relations 5,000
Changing Faces 1,000
Chelsea Pensioners Appeal 500,000
Civitas 20,000
Colfe's Charitable Trust 2,000
Community Security Trust 60,000
Council for a Beautiful Israel 5,000
Cricket Foundation 1,000
Dogs for the Disabled 500
Duke of York Sports Foundation 10,000
Dunkirk Little Ships Restoration Trust 1,000
Eastside Young Leaders Academy 5,000
Elephant Family 1,000
Fenely Library 2,000
Foundation & Friends of Royal Botanic Gardens Kew 41,000
Friends of Beit Issie Shapiro 10,000
Friends of Bnei Akiva 25,000
Friends of General Orphans Home for Girls - Jerusalem 4,750
Hampstead Theatre 5,000
Hannah Levy House 5,000
Home Farm Trust 4,000
Hospital Kosher Meals Service 500
Institute of Economic Affairs 10,000
1. Rescue 5,000
Israel Diaspora Trust 2,000
Jewish Care 350,000
Jewish Marriage Council 1,000
Level 2 Youth Project 1,000
Listening Books 5,000
Lord Lieutenants Fund for Youth in Cornwall 1,000
Lords Taverners 500
Maccabi GB 1,500
Mudchute 2,000
National Childrens Orchestra of GB 1,000
National Youth Theatre of GB 500
Nightingale House Home for Aged Jews 150,000
North London Hospice Group 7,500
Norwood 10,000
Ohel Sarah 2,500
Outward Bound Trust 250
Peace Insight 1,000
Perdiswell Young Peoples Leisure Clubs 3,000
Policy Exchange 75,000
Primary Club 500
Rainbow Trust 5,000
Remap 2,000

Subtotal carried forward to next page 1,526,250

23
L

THE CHARLES WOLFSON CHARITABLE TRUST

Notes to the financial statements (continued)

Year ended 5 April 2007

20. Donations (continued)

Welfare (continued)

Subtotal brought forward from previous page 1,526,250

Richard House Children's Hospice 250

Royal College of Music 2,000
Safe Hounds 5,000
Shabaton Choir 5,000
Social Affairs Unit 10,000
SSAFA Forces Help Central Office 1,000
3C's Charity 500
Trinity College Holiday Scheme 2,000
United Trusts 30,000
University Chaplaincy Board 1,000
Wheel Power 1,000
Wooden Spoon Society 500
World Jewish Relief 1,000
ZSV Trust 500

1,586,000

Provision for committed future grant payments

Oxford Radcliffe (Professor Aziz) 200,000

Optima 400,000
Great Ormond Street Hospital (ECMO Unit) 1,000,000
Cambridge University 2,000,000

3,600,000

Total - Trust 5,786,592

Other

B'nai Brith Hillel Foundation (Bournemouth) 6,052

Child Bereavement Trust 21,984
B'nai Brith Hillel Foundation (Leicester) 93,333
Magen David Adorn UK 100,000

221,369

Rentals foregone on charitably let properties

B'nai Brith Hillel Foundation 118,964

Family Welfare Association 22,000

140,964

Total - Group 6,148,925

24