THE WOLFSON FOUNDATION Annual Report 2010-2011

THE WOLFSON FOUNDATION Annual Report 2010-2011

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Designed and produced by The AdfieldGroup Limited - Tel: 01952 752500

Wolfson cover 2010-2011_V1:Wolfson Cover 2003

THE WOLFSON FOUNDATION

THE WOLFSON FOUNDATION

8 Queen Anne Street London W1G 9LD - Tel: 020 7323 5730 Fax: 020 7323 3241 Registered Charity No. 206495

2010-2011

Annual Report 2010-2011

WF-Annual Report 2010_V6:WF-Annual Report 2003-2004

CONTENTS

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Page Trustees’ Report Administrative Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 Structure, Governance and Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Objectives and Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 Achievements and Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 Financial Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Plans for the Future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 Trustees’ Responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 Independent Auditors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Statement of Financial Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 Cash Flow Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13

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TRUSTEES

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Lord Wolfson of Marylebone FRS FBA (Chairman, deceased 20 May 2010) Hon Mrs Janet Wolfson de Botton CBE (Chairman from 9 June 2010) Hon Mrs Laura Wolfson Townsley Lord Quinton FBA (deceased 19 June 2010) Lord Quirk CBE FBA (retired 17 February 2011) Sir Eric Ash CBE FRS Lord McColl CBE FRCS Lady Wolfson of Marylebone Lord Turnberg MD FRCP Sir Derek Roberts CBE FRS (retired 31 December 2010) Sir David Weatherall MD FRCP FRS Sir David Cannadine FRHistS FBA FRSL (appointed 27 September 2010) Professor Hermione Lee CBE FBA FRSL (appointed 27 September 2010) Hon Mrs Deborah Wolfson Davis (appointed 27 September 2010) Sir Michael Pepper FREng FRS (appointed 1 January 2011)

D I R E C TO R AT E

Paul Ramsbottom MA MSt – Chief Executive 8 Queen Anne Street, London W1G 9LD Registered Charity No 206495

P R O F E S S I O NA L S E RV I C E S

Bankers Barclays Bank plc, Charities Team, 1 Churchill Place, London E14 5HP Solicitors Berwin Leighton Paisner LLP, Adelaide House, London Bridge, London EC4R 9HA Auditors UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW Investment advisers Cazenove Capital Management Limited, 12 Moorgate, London EC2R 6DA

WEBSITE

2

www.wolfson.org.uk

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STRUCTURE, G OV E R NA N C E AND M A NAG E M E N T

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The Wolfson Foundation is a charitable foundation set up in 1955 whose aims were stated by the Founder Trustees to be the advancement of science and medicine, health, education, the arts and humanities. The Foundation was established by a Trust Deed dated 1 July 1955. It is with sadness that the death of Lord Wolfson of Marylebone is reported in May 2010. He had been a Trustee since the creation of the Foundation and Chairman since 1972. The work and philosophy of the Wolfson Foundation was shaped to a considerable extent by his influence and personality. During his lifetime over £1 billion (in current values) was invested in a wide range of charitable activities. The death of Lord Quinton in June 2010 is also noted with sadness. He was a Trustee from 1988 until the time of his death and made a large contribution to the work of the Foundation, particularly in the arts and humanities. During the year two Trustees retired: Lord Quirk and Sir Derek Roberts. Both had a significant impact on the Foundation and, for a long period, they were Chairman of the Arts & Humanities Panel and Science & Medicine Panel respectively. At the end of the year, the Board of Trustees comprised four family trustees and seven academic trustees drawn from the fields of the arts, medicine and science, as noted on page 2. Four new appointments were made during the year: Sir David Cannadine, Professor Hermione Lee, Mrs Deborah Wolfson Davis and Sir Michael Pepper. The range of skills represented on the Trustee Board is kept under review by a Nominations Committee (which was created during the year). Appointments to the Board are made by the Trustees, advised by the Nominations Committee. The Nominations Committee also advises on the remit and composition of expert panels/committees and any related governance matters. The Board of Trustees meets twice each year. The Board decides matters of strategy and overall policy, determines the priorities and allocations for grants programmes, sets budgets and authorises grant awards. It is served by a number of panels and committees, which make recommendations on grant-making, risk management and investment policies. Panels are comprised of specialists in particular fields, as well as Trustees. The induction process for newly-appointed Trustees and panel members comprises meetings with the Chief Executive and Board members, and covers governance, investment and grant-making policies. Documentation provided for new Trustees includes copies of the Trust Deed, relevant minutes, a history of the Foundation, and recent annual reports and accounts. Risk assessment The Trustees have reviewed the major strategic, operational and financial risks which impact on the work of the Foundation and, on professional advice, noted that systems have been established to mitigate the exposure to them. The Trustees review this matter each year and take action required arising from the assessment of the Risk Committee. Conflicts of interests Where a Trustee holds an active post (whether honorary or otherwise) at an applicant organisation, then that Trustee does not vote on the decision on whether to make an award.

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OBJECTIVES A N D AC T I V I T I E S FOR THE PUBLIC BENEFIT

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The objective of the Foundation, through its grant-making, is the support of excellence in the fields of science and technology, healthcare, education, the arts and humanities. The Trustees have complied with section 4 of the 2006 Charities Act, having due regard for the Charity Commission’s guidance on public benefit when reviewing the Foundation’s aims and objectives, when setting the grant making policy and in making awards. The best measure of public benefit generated by the Foundation is contained in the list of projects supported (see note 9). The Foundation pursues its objective through investment in outstanding projects across a wide range of activities, usually by the provision of infrastructure. Four particular factors influence Trustees in their decision-making. First, Trustees aim to back excellence (both existing and potential). Secondly, attempts are made to identify and support important areas that are under-funded. Thirdly, applicants are encouraged to use Wolfson funds as a catalyst, so that the Foundation’s funding can lever additional support. Fourthly, collaboration is actively sought with other expert bodies, with benefits accruing to both organisations. The Wellcome Trust and the British Academy are two examples of organisations with whom the Foundation collaborates on joint funding programmes. It is anticipated that the range of activities will remain broadly similar during 201112, including a number of new initiatives in targeted areas (see Plans for the Future). The impact of the Foundation’s funding is monitored through biannual reports on projects provided by recipients during the lifetime of a grant, and also by visits undertaken by Trustees and staff. Grant-making process and policy Trustees make awards twice each year and are advised by Panels comprising Trustees and specialists which meet before the main Board meetings. As well as assessing the merits of the applicants’ proposals and their congruence with the Foundation’s aims and priorities, appraisal criteria include: the anticipated outcome of the project (including public benefit); financial viability; value for money; adequate provision for ongoing costs and maintenance and the aesthetics of any building project. Priorities, which are described in this report, are grouped around four funding areas: Science and Technology, Education, Arts and Humanities and Health and Welfare. Funding is made through a number of programmes, including preventive medicine, people with special needs, historic buildings, libraries, the visual arts and education. Grants are made to universities for student accommodation, equipment for research, new buildings and renovations. Awards for university research are normally made under the umbrella of designated programmes in which vice-chancellors are invited to participate. All applications are assessed by expert external reviewers, and applicants are given an opportunity to respond to queries raised during the review process.

AC H I E V E M E N T AND PERFORMANCE

4

As stated above grants are, as a general policy, given to act as a catalyst, to back excellence and talent and to provide support for promising capital projects which may currently be underfunded. In fulfilment of this policy, grants were made totalling £31.3 million. The year’s grant-giving was successful in that, on the advice of external experts, first-rate projects in the Foundation’s priority areas were funded. Given the nature of the investment (particularly funding infrastructure underpinning high-quality research) it is too early to assess the long-term benefits of projects funded.

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AC H I E V E M E N T AND PERFORMANCE

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Summary of grants A summary of the grants awarded by programme area is shown in the following table: £ MILLION

1955-2010

2011

TOTAL

%

Science & Technology (including medical research)

380.7

7.5

388.2

59

Education (including higher education buildings, schools and science/medical education)

107.9

6.0

113.9

17

Arts & Humanities

104.8

14.1

118.9

18

31.9

3.7

35.6

6

625.3

31.3

656.6

100

Health and Welfare (for hospices and special needs)

TOTAL Medical research and health care

In recent years the highest area of expenditure has been in support of high quality medical research at British universities. Trustees have pursued this policy through investing in infrastructure, including new and refurbished buildings and high value equipment. A lower amount was awarded under this category during 2010-11. This was partly due to a reduced number of high quality projects, probably reflecting the impact of the uncertain funding climate on universities and hence an unwillingness to initiate major capital projects. It also reflects the fact that during the year biomedical applications for major capital projects were considered through a joint programme with the Wellcome Trust (to which funds were allocated in a previous year), and major awards were made by the Foundation to Queen’s University Belfast, University of Edinburgh and Peninsula Medical School (Exeter). There were also some significant projects supported directly through the Foundation’s own programme under this heading. The largest grant was for a joint application from University College London and University College London Hospitals, with £1.25 million awarded for research equipment at their major new Cancer Centre in central London. An award of £1 million was made to the University of Cambridge to help create the Cambridge Advanced Imaging Centre. Other significant awards were for new laboratories for cell biology research at the University of Bristol (£715,000) and equipment for the Centre for Infection and Immunity at Queen’s University Belfast (£500,000). Further afield, Trustees awarded almost £1 million for medical equipment at Israeli hospitals. In contrast to medical research, the number of projects and value of grants awarded to smaller charities working in the fields of special needs and hospices has gradually increased over recent years. A total of £3.69 million was invested during the year in new buildings, refurbishment work and equipment. The increased number of applications under this heading may be indicative of a squeeze on funding streams for such organisations. In the case of hospices, the high number of capital funded during the year can be attributed to a Department of Health capital programme for which hospices were required to seek match funding. Science education and research This area saw a drop in expenditure, again probably due to the reluctance of universities to commit to major capital projects in the current economic climate. The major grant made in this area was £1 million to the University of Nottingham for laboratory space and equipment in their new Energy Research Building. Laboratories were also funded in the School of Biosciences at the University of Exeter (£400,000). 5

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AC H I E V E M E N T AND PERFORMANCE

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The Foundation is also concerned with public engagement with science. National Museums Scotland was awarded £500,000 (making a total of £1.25 million for the major project to redevelop the former Royal Museum of Edinburgh); the new Museum will contain the Wolfson Galleries of the Natural World. In support of secondary school science, the Royal Society of Chemistry was awarded £900,000 for their ‘Reach and Teach’ programme (in partnership with the Open University), which aims to inspire outstanding chemistry students. Arts and humanities This area of the Foundation’s activities saw the greatest expenditure for the year, with over £14 million invested in the cultural and heritage sector. This represented strong support from Trustees for a field that is facing significant pressure on funding sources (particularly from public funding streams). The major expenditure came through the renewal of a number of funding programmes in partnership with other organisations. The Museums and Galleries Improvement Fund, jointly funded with government (through the Department for Culture, Media and Sport) was renewed for a further two rounds with a total investment of £4 million (matched by DCMS). A programme supporting conservation work at historic properties owned by the National Trust was renewed for three years, with a total investment of £2.25 million. The partnership with the Art Fund (the Foundation’s longest running continuous partnership dating back to the 1970s) was also renewed for a further three years, with £1.5 million being awarded to assist the purchasing of works of art by British museums and galleries. Following a successful pilot year, a decision was made to continue funding the Cathedral Repair Fund, a new initiative to fund conservation of cathedrals. The Fund is administered by the Cathedrals Fabric Commission and the intention is that the fund will also draw in other funders. The Foundation has committed a further £1 million to the Fund (spread over two years). In terms of individual grants awarded, museums and galleries continued to be the area that received the largest support. Out of awards totalling £2.6 million, two major grants were made. The National Gallery was awarded £535,000 for refurbishment of the Holbein Room in the West Wing Galleries, while restoration of the Private Apartments at Sir John Soane’s Museum received £500,000. In addition, large awards were made in support of modern art (£250,000 for the Hepworth Wakefield), scientific and industrial heritage (£200,000 for the redeveloped Museum of Science and Industry in Manchester) and photography (£160,000 for the historic photographs gallery in the refurbished Photographers’ Gallery in London). Several significant grants were made in the area of music and performing arts. These included work to refurbish artists’ backstage facilities at the Barbican Centre (£200,000) and redevelopment of the workshop and support spaces at Regent’s Park Open Air Theatre (£135,000). The Foundation committed three more years of funding to the Wolfson Music Awards. These awards provide funds for bursaries and the purchase of instruments for students at musical conservatories. A new scholarship programme was also launched with the National Youth Orchestra (£210,000 awarded in total over three years). Conservation work to historic buildings was supported through a large number of generally smaller grants, including £50,000 each to Rosslyn Chapel and the Glasgow Art Club. Finally, a major grant of £500,000 was made to the Wiener Library for a reading room in their new premises in Russell Square.

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AC H I E V E M E N T AND PERFORMANCE

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Education The major award in this area was £1.6 million for Wolfson College, Oxford. The award is for a new lecture theatre to be named in honour of the Foundation’s late Chairman, Lord Wolfson. The other large award was to the Royal College of Radiologists, with £1 million awarded for a lecture theatre in their new headquarters in Lincoln’s Inn Fields. Also of note were awards for new student accommodation for the University of Cape Town in South Africa (£550,000), a new student study centre at University College London (£250,000), an auditorium in the British Academy’s newly acquired 11 Carlton House Terrace (£250,000) and a refurbished lecture theatre at the School of Oriental and African Studies (£200,000). The ongoing programme to fund equipment and building projects for the teaching of science and technology at secondary schools continued, with awards over the year totalling just under £1.6 million.

F I NA N C I A L REVIEW

The Trustees have prepared accounts in accordance with current statutory requirements, the Trust Deed and the 2005 Statement of Recommended Practice – Accounting and Reporting by Charities. The Foundation’s income in 2010/11 was £27.7 million (2009/10: £24.4 million). The portfolio of listed investments and cash held on deposit had a total value of £739 million at 5 April 2011 (2010: £734 million) and are included in the balance sheet as:

Fixed asset investments Current asset investments (short dated gilts and term deposits) Cash held on deposit

2011 £m

2010 £m

607 131 1 _______ 739 ======

629 103 2 _______ 734 ======

Income is applied to the charitable aims of the Foundation as described elsewhere in this report. Grants awarded (net of relinquished grants) during the year were £30 million (2009/10: £28 million). The Trustees hold deposits, gilts and other bonds to cover the Foundation’s current commitments. All of the Foundation’s net assets are held in unrestricted funds as the Trustees have power to distribute both income and capital. The Foundation has shared objectives and joint administration with the Wolfson Family Charitable Trust, registered charity number 228382, at 8 Queen Anne Street, London, W1G 9LD. Investment policy and performance During the year new appointments were made to the Investment Committee and, at the end of the period, the membership was: Michael Marks (Chairman), Sir Eric Ash, Micky Breuer-Weil, Bernard Cazenove and Sandra Robertson. The Investment Committee conducted a thorough review of the Foundation’s investment objectives, policies and structure. Their recommendations were agreed by Trustees in March 2011. The Foundation is managed on the basis of existing in perpetuity and hence the Foundation has the objective of maintaining the portfolio’s real purchasing power after inflation over time. In the light of this, a decision was made during the year to allocate funding on a total return (rather than income) basis. The revised long-term investment objective is an average annual total return of UK RPI + 4%. The Trustees aim to distribute 4% of the fund on an annual basis. The value used to calculate the distribution will be the average of the last five years’ value. The policy has been put in place from May 2011. Trustees have maintained their long-standing policy of not investing directly in tobacco companies.

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F I NA N C I A L REVIEW

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The Investment Committee is responsible to Trustees for investment policy and monitoring the portfolio. Committee members are available to report to Trustees at Board meetings. Cazenove Capital Management have been appointed to manage the Foundation’s assets based upon the revised investment objective outlined above. In addition to managing a portfolio of UK equities, they will invest in funds managed by third party managers. They will provide regular investment reports and be responsible for the custody of the Foundation’s assets. The performance of the portfolio is monitored by the Trustees and the Investment Committee, who were content that the investment policy was successful during the year. Reserves policy The Trustees consider it prudent to have liquid assets to cover a significant proportion of their rolling three year planned allocations to designated programmes. This also allows assessment panels to recommend to Trustees future grant programmes within a framework of known available resources. Accordingly the Trustees consider that reserves are required at a level which enables them to plan with confidence for the forthcoming years. As at 5 April 2011 unrestricted reserves were £70 million (down from £71 million in 2010).

PLANS FOR THE FUTURE

During the year Trustees renewed a number of partnership funding programmes, notably for museums and galleries (with the Department for Culture, Media and Sport), acquisition of art (with the Art Fund), cathedrals (with the Cathedrals Fabric Commission for England) and historic properties (with the National Trust). In each case, the renewed programmes will continue into 2011-12, and details of awards to be made under these programmes will appear in future. The Foundation also intends to launch a number of funding initiatives during 201112, including a major neurology initiative and a pilot scheme for postgraduate scholarships at British universities.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The law applicable to charities in England and Wales requires the Trustees to prepare the financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements the Trustees should follow best practice and: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for commissioning accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for seeking to safeguard the charity’s assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 10 June 2011 and signed on their behalf by: The Hon Mrs Janet Wolfson de Botton CBE (Chairman)

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INDEPENDENT AU D I TO R S ’ R E P O RT TO T H E TRUSTEES OF T H E WO L F S O N F O U N DAT I O N

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We have audited the financial statements of The Wolfson Foundation on pages 10 to 31 for the year ended 5 April 2011, which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charity’s trustees, as a body, in accordance with section 43 of the Charities Act 1993 and regulations made under section 44 of that Act. Our audit work has been undertaken so that we might state to the charity’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 charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of trustees and auditors As explained more fully in the Trustees’ Responsibilities Statement set out on page 8, the trustees are responsible for the preparation of financial statements which give a true and fair view. We have been appointed as 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 and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors. Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm Opinion on financial statements In our opinion the financial statements: • give a true and fair view of the state of the charity’s affairs as at 5 April 2011, and of its incoming resources and application of resources, for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Charities Act 1993. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 1993 requires us to report to you if, in our opinion: • the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or • sufficient accounting records have not been kept; or • the financial statements are not in agreement with the accounting records and returns; or • we have not received all the information and explanations we require for our audit. UHY Hacker Young, Chartered Accountants, Statutory Auditor 10 June 2011 UHY Hacker Young is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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S TAT E M E N T O F F I NA N C I A L AC T I V I T I E S FOR THE YEAR ENDED 5 APRIL 2011

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Notes Incoming resources Incoming resources from generated funds Investment income

2

Total incoming resources Resources expended Charitable activities Grant making activities Science, technology and medical research Education Arts and humanities Health and welfare

Governance costs

4

Net incoming resources before other recognised gains and losses Other recognised gains and losses Realised or unrealised gains on revaluation and disposal of investment assets 10

Reconciliation of funds Total funds brought forward

Total funds carried forward

Unrestricted income fund £’000

Capital expendable endowment fund £’000

Total funds 2011 £’000

Total funds 2010 £’000

27,636 _______

_______

27,636 _______

24,380 _______

27,636

-

27,636

24,380

6,925 6,101 13,870 3,765 _______

_______

6,925 6,101 13,870 3,765 _______

16,712 4,691 5,261 2,103 _______

30,661

-

30,661

28,767

121 _______

_______

121 _______

80 _______

30,782

-

30,782

28,847

_______

_______

_______

_______

(3,146)

-

(3,146)

(4,467)

2,004 _______

7,757 _______

9,761 _______

96,442 _______

(1,142)

7,757

6,615

91,975

70,620 _______

582,215 _______

652,835 _______

560,860 _______

69,478 ======

589,972 ======

659,450 ======

652,835 ======

3

Total resources expended

Net movement in funds

Page 10

The realised and unrealised gains of £9,760,880 (2010: gains £96,441,903) reflect a general increase in market values. The realised losses on disposals, by reference to the original costs of the investments, were £35,970,195 (2010: losses £11,234,348). All recognised gains and losses have been included in the Statement of Financial Activities and the amounts included are derived entirely from the continuing activities of the Foundation.

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BA L A N C E S H E E T AS AT 5 APRIL 2011

Page 11

2011 Notes Fixed assets Investments Current assets Debtors Investments Short term deposits and cash

Creditors falling due within one year

£’000

10

11 10

12

2010 £’000

£’000

606,561

£’000

629,478

2,341 130,814 1,430 _______

3,232 103,143 1,980 _______

134,585

108,355

(36,079) _______

(40,129) _______

Net current assets

98,506 _______

68,226 _______

Total assets less current liabilities

705,067

697,704

Creditors falling due after one year 13

(45,617) _______

(44,869) _______

Total net assets

16

659,450 ======

652,835 ======

Funds Capital – expendable endowment fund Unrestricted income fund

16 16

589,972 69,478 _______

582,215 70,620 _______

659,450 ======

652,835 ======

The financial statements on pages 10 to 31 were approved by the Trustees on 10 June 2011 and were signed on their behalf by: Hon Mrs Janet Wolfson de Botton CBE – Chairman Paul Ramsbottom – Chief Executive Lord Turnberg MD FRCP – Trustee Sir Eric Ash CBE FRS – Trustee

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CA S H F L OW S TAT E M E N T FOR THE YEAR ENDED 5 APRIL 2011

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2011 Notes

£’000

2010 £’000

£’000

£’000

Operating activities Receipts of interest and other income

14,765

12,874

Receipts of dividends

13,767

9,928

(274)

(239)

(399) _______

(412) _______

Payments to staff Payments for other expenses

27,859

22,151

Payments of grants

8

(33,416) _______

(31,825) _______

Net cash outflow from operating activities

14

(5,557)

(9,674)

Financial investment Purchase of investments Proceeds from disposal of investments

Net cash inflow/(outflow) from financial investment

(291,719)

57,709 _______

97,165 _______

13,927

(194,554)

_______

_______

8,370

(204,228)

Net cash resources at 6 April 2010

76,273 _______

280,501 _______

Net cash resources at 5 April 2011 15

84,643 ======

76,273 ======

Increase/(decrease) in cash in the year

12

(43,782)

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N OT E S TO T H E F I NA N C I A L S TAT E M E N T S FOR THE YEAR ENDED 5 APRIL 2011

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1. Accounting policies The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued in March 2005 and applicable UK Accounting Standards and the Charities Act 1993. The particular accounting policies adopted by the Trustees are described below: (a) Investment income Investment income is accounted for in the period in which the charity is entitled to receipt. (b) Resources expended Expenditure is included on an accruals basis. Grants awarded are charged in the year when formally awarded by the Trustees and communicated to the recipient, irrespective of the period covered by the donation, as they are regarded by the Trustees as financial obligations. (c) Allocation of management and administration expenses Management and administration expenses are allocated first between charitable activity and governance. Management and administration expenses relating to grant making activities are apportioned evenly amongst the four grant making categories. The allocation of management and administration expenses is analysed in note 4. (d) Governance costs Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs primarily include costs related to statutory audit and legal fees. (e) Investment assets Investments are included at closing mid-market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Short dated gilts are included as current assets because they form part of the liquid reserves available for payment of the grant commitments and are not held for the longer term. All realised gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the closing mid-market value at the year end and opening mid-market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the statement of financial activities.

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1. Accounting policies (continued) (f) Fund structure The funds of the Foundation comprise: Capital expendable endowment fund The expendable endowment fund comprises the original capital fund, and gains thereto, established to provide income for grant payments in accordance with the objectives of the Foundation. The Trustees have the discretion to convert capital to income. The funds are represented by the capital investments included in fixed assets and current assets. Unrealised gains and losses on revaluation of these investments are credited and charged to the fund. Unrestricted income fund The income of the Foundation is applied to grants and expenses at the discretion of the Trustees in furtherance of the objects of the Foundation. Unrealised gains and losses on revaluation of investments held for the income fund are credited and charged to the fund. 2. Investment income

Dividends – UK equities Interest – UK gilts, corporate bonds and unit trusts Interest – overseas bonds Interest – cash deposits Dividends – overseas equities

Total 2011 £’000

Total 2010 £’000

11,156 12,523 1,605 667 1,685 _______ 27,636 ======

9,336 12,440 1,391 620 593 _______ 24,380 ======

3. Grant making activities

Science, technology and medical research Education Arts and humanities Health and welfare

Grants awarded (net) £’000

Allocated expenses (Note 4) £’000

Total 2011 £’000

Total 2010 £’000

6,788 5,964 13,733 3,629 _______ 30,114 ======

137 137 137 136 _______ 547 ======

6,925 6,101 13,870 3,765 _______ 30,661 ======

16,712 4,691 5,261 2,103 _______ 28,767 ======

The list of individual grants made during the year is set out in note 9. The total management and administration expenses attributable to grant funded activity are apportioned evenly amongst the four grant making activities. Significant aspects of the grant activity during the year are described on pages 4 to 7 of the Trustees’ report. 14

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4. Management and administration expenses

Governance Costs £’000 Consultancy fees Auditors’ remuneration – audit services – other services Legal fees Staff costs Rent and service charges Other expenses

– 10 38 66 – – 7 _______ 121 ======

Grant making activities (Note 3) £’000

Total 2011 £’000

Total 2010 £’000

60 – – – 274 158 55 _______ 547 ======

60 10 38 66 274 158 62 _______ 668 ======

74 10 37 21 240 201 69 _______ 652 ======

The governance costs comprise costs of running the Foundation and planning for future developments, including audit and legal advice for the Trustees and costs of complying with constitutional and statutory requirements, such as Trustees’ meetings and the preparation of accounts and satisfying public accountability. The costs relating to grant making activity represent costs incurred in assessing applications, administration of the grants awarded and post-grant monitoring. No staff costs are allocated to governance costs as the amount of related activity is immaterial compared to the grant making activity. 5. Trustees’ remuneration No fees are paid to Trustees for their services as Board Members. As allowed by the Trust Deed, consultancy fees of £26,000 (2010: £28,000) were paid to Academic Trustees in connection with the work they undertook in advising on applications to the Foundation – capped at £4,000 each to Sir Eric Ash, Lord McColl, Lord Quirk, Sir Derek Roberts, Lord Turnberg, Sir David Weatherall and £2,000 to Lord Quinton. The Family Trustees did not receive any remuneration. Expenses amounting in total to £8,032 (2010: £11,519) were paid in respect of all 15 (2010: 11) Trustees for travel, subsistence, trustee indemnity insurance and sundry costs. 6. Staff costs The Foundation employs full time and part time staff. The average number of full time equivalents in the year approximates to 6 (2010: 6)

Salaries Social security costs Pension costs

2011 £’000

2010 £’000

242 26 6 _______ 274 ======

213 22 5 _______ 240 ======

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7. Statement of funds

Unrestricted income fund Capital expendable endowment fund Total funds

Expenditure £’000

Gains/ (losses) on investments £’000

At 5 April 2011 £’000

27,636

(30,782)

2,004

69,468

– _______ 27,636 ======

– _______ (30,782) ======

7,757 _______ 9,761 ======

589,972 _______ 659,450 ======

At 6 April 2010 £’000

Income £’000

70,620 582,215 _______ 652,835 ======

8. Grants awarded for future payment Grants awarded by the Trustees for future payment at 5 April 2011 total £81,617,000 (2010: £84,919,000) as follows:

Science, technology and medical research Education Arts and humanities Health and welfare

Due within one year (note 12) Due after more than one year (note 13)

At 5 April 2010 £’000

Grants awarded during the year £’000

Grants relinquished & adjusted £’000

Grants paid during the year £’000

At 5 April 2011 £’000

57,866 9,711 14,917 2,425 _______

7,456 6,034 14,098 3,691 _______

(668) (70) (365) (62) _______

(16,560) (2,827) (10,307) (3,722) _______

48,094 12,848 18,343 2,332 _______

84,919 ======

31,279 ======

(1,165) ======

(33,416) ======

81,617 ======

2010 £’000

2011 £’000

40,050

36,000

44,869 _______ 84,919 ======

45,617 _______ 81,617 ======

A summary of grants awarded during the year is set out in note 9.

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9. Grants awarded during the year

£

£

Science, Technology & Medical Research Preventative Medicine and Clinical Research University College London and University College Hospitals, NW1 – 3T MRI for research facility within new Cancer Centre University of Cambridge – Refurbishment work to create Cambridge Advanced Imaging Centre University of Bristol – New laboratories for cell biology research Queen’s University Belfast – Equipment for Centre for Infection and Immunity Queen Mary, University of London, E1 – Clean laboratory in new centre for bowel surgery research Chaim Sheba Medical Center, Tel-Hashomer, Israel – MRI system (joint grant with the Wolfson Family Charitable Trust (WFCT) totalling £330,000) Hadassah Medical Organization, Jerusalem, Israel – CT scanner (joint grant with the WFCT totalling £330,000) Rabin Medical Center, Petah Tikva, Israel – MRI system (joint grant with the WFCT totalling £330,000) Rambam Health Care Campus, Haifa, Israel – Surgical robot (da Vinci system) (joint grant with the WFCT totalling £330,000) Shaare Zedek Medical Centre, Jerusalem, Israel – CT scanner (joint grant with the WFCT totalling £330,000) Edith Wolfson Medical Centre, Holon, Israel – Mammography system and equipment (joint grant with the WFCT totalling £305,000) Tel Aviv Sourasky Medical Center, Israel – Equipment for surgical suite (with angiographic facility) (joint grant with the WFCT totalling £305,000) Soroka Medical Center, Beer Sheva, Israel – Endoscopic equipment and mammography system (joint grant with the WFCT totalling £239,000) RAFT, Middlesex – Equipment for research at Mount Vernon Hospital

1,250,000 1,000,000

715,000 500,000 138,000 132,000

132,000 132,000 132,000

132,000 122,000

122,000

95,000

53,600 __________

4,655,600 Science Education and Research University of Nottingham – Laboratory space and equipment in new Energy Technologies Building Royal Society of Chemistry, W1 – Reach and Teach programme - educational programme to inspire the most able students in chemistry (over three years) National Museums Scotland, Edinburgh – Wolfson Galleries of the Natural World University of Exeter – Developmental biology laboratories in School of Biosciences

1,000,000

900,000

500,000 400,000 __________

2,800,000 Total for science, technology and medical research (Total number of grants: 18)

7,455,600

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9. Grants awarded during the year (continued)

£

Education Medical Education and Learned Societies Royal College of Radiologists, W1 – Lecture theatre in Education Centre at new headquarters in Lincoln’s Inn Fields University of Cape Town, South Africa – Twenty-two study bedrooms in new student accommodation building, Cape Town Royal College of Ophthalmologists, NW1 – Refurbishment of seminar room

1,000,000

550,000

30,000 _________ 1,580,000

Wolfson Intercalated Awards Programme These awards are administered by the Royal College of Physicians and support selected medical students to take a year out of their medical training for an additional science-based degree. Grants were made to students at the following institutions: University of Manchester

19,600

University College London (Royal Free Campus), NW3

19,600

University of Birmingham

14,700

King’s College London, SE1

14,700

University of Sheffield

14,700

Barts and the London, E1

9,800

University of Bristol

9,800

Cardiff University

9,800

University of Edinburgh Medical School

9,800

University of Glasgow

9,800

University of Leicester

9,800

University of Liverpool

9,800

University of St Andrews

9,800

Brighton and Sussex Medical School

4,900

University of Dundee

4,900

Hull York Medical School

4,900

University of Leeds

4,900

Newcastle University

4,900

Queen’s University Belfast

4,900

St George's Hospital Medical School, SW17

4,900

University of Aberdeen

4,410

_______ 200,410

18

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9. Grants awarded during the year (continued)

£

£

Higher Education Buildings Wolfson College, Oxford 1,600,000 – New lecture theatre to be named in honour of the late Chairman, Lord Wolfson University College London, WC1 250,000 – Independent and group study spaces in new Student Study Centre School of Oriental and African Studies, WC1 200,000 – Refurbishment of lecture theatre (VIII) at Vernon Square City and Guilds of London Art School, SE11 150,000 – Refurbishment of six studios Jesus College, Oxford 100,000 – Student rooms in redeveloped Ship Street site Somerville College, Oxford 100,000 – Student room in new accommodation building

_________ 2,400,000 Schools Trustees funded building work, IT and other equipment (mainly for the teaching of science and technology) at the following secondary schools and sixth form colleges: Oldham Sixth Form College

100,000

John Leggott College, Scunthorpe

95,000

Luton Sixth Form College

83,000

Aylesbury Grammar School

50,000

Lampton School, Middlesex

50,000

Shrewsbury Sixth Form College

50,000

Tiffin Girls’ School, Kingston upon Thames

50,000

Reed’s School, Surrey

42,000

Tunbridge Wells Girls’ Grammar School

42,000

Forest School, E17

40,000

John Lyon School, Harrow

40,000

Lincoln Christ’s Hospital School

40,000

Lincoln Minster School

40,000

Loughborough Grammar School

40,000

Maynard School, Exeter

40,000

St John’s School and Community College, Marlborough

40,000

St Peter and St Paul Catholic High School, Lincoln

40,000

Teign School, Devon

40,000

Watford Grammar School for Boys

40,000

Bishop Vesey’s Grammar School, Birmingham

38,000

Bohunt School and Centre, Hampshire

35,000

The Crypt School, Gloucester

35,000

Rainham Mark Grammar School, Kent

35,000

Slemish College, Northern Ireland

32,000

Upton Hall School, Merseyside

32,000

Berkhamsted School

30,000

Chelmer Valley High School, Essex

30,000

Dr Challoner’s Grammar School, Amersham

30,000

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9. Grants awarded during the year (continued)

£

Queen Elizabeth’s Grammar School, Blackburn Ridgeway School, Swindon St Clement Danes School, Hertfordshire Wymondham High School, Norfolk St George’s VA School, Hertfordshire John F Kennedy Catholic School, Hertfordshire West Park School, Derby Fitzwimarc School, Essex Hinchingbrooke School, Cambridgeshire Walthamstow Hall, Kent Worksop College, Nottinghamshire Stamford High School, Lincolnshire

£

30,000 30,000 30,000 30,000 30,000 30,000 30,000 25,000 25,000 25,000 25,000 25,000

_________ 1,594,000

Other Educational Projects The British Academy, SW1 – Named auditorium in expanded and refurbished Academy – premises Girlguiding Leicestershire – New building

250,000

10,000

_______ 260,000 Total for education (Total number of grants: 72)

6,034,410

Arts and Humanities Libraries Wiener Library, W1 – Reading Room in new premises in Russell Square Regent’s Park College, Oxford – Refurbished research room in Angus Library

500,000 45,000

_______ 545,000 Churches Grants were made to Anglican churches through a programme administered by the Church Buildings Council. Awards were made for repair work to the historic fabric of listed buildings (other denominations are listed under ‘historic buildings’): All All All All All All All All

20

Hallows, Alerton, Merseyside Saints, Edingthorpe, Norfolk Saints, Foulden, Northamptonshire Saints, Kirk Deighton, North Yorkshire Saints, Little Kimble, Buckinghamshire Saints, Messing, Essex Saints, Threxton, Norfolk Saints, Westbere, Kent

4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000

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9. Grants awarded during the year (continued) All Saints, Worlington, Suffolk Holy Cross, Slapton, Buckingham Holy Trinity, Norton-Juxta-Twycross, Leicestershire St Andrew, Epworth, Lincolnshire St Anthony of Pamiers, Alkham, Kent St Botolph, Quarrington, Lincolnshire St Botolph, Trunch, Norfolk St Editha, Tamworth, Staffordshire St George, Easton-in-Gordano, North Somerset St George, Hinton St George, Somerset St Giles, Killmarsh, Derbyshire St James the Great, Snitterfield, Warwickshire St John in Bedwardine, Worcester St John the Baptist, Old Dalby, Leicestershire St John the Baptist, Whitbourne, Worcestershire St John the Baptist, Wittersham, Kent St John the Evangelist, Cutcombe, Somerset St Leonard, Flamstead, Hertfordshire St Margaret of Antioch, Suffield, Norwich St Margaret, Wattisfield, Suffolk St Martin, Seamer, North Yorkshire St Mary and St Peter, Harlaxton, Lincolnshire St Mary the Virgin, Barnsley, Gloucestershire St Mary the Virgin, Bishops Lydeard, Somerset St Mary the Virgin, Kempsey, Worcestershire St Mary the Virgin, Linton, Herefordshire St Mary, Berry Pomeroy, Devon St Mary, Bosley, Cheshire St Mary, Cranwich, Norfolk St Mary, Guildford, Surrey St Mary, Hawkesbury, Gloucestershire St Mary, Newick, Sussex St Mary, Sheviock, Cornwall St Mary, Stody, Norfolk St Mary, Woolpit, Bury St Edmunds St Matthew, Bethnal Green, E2 St Michael, Hockering, Norfolk St Peter ad Vincula, South Newington, Oxford St Peter and St Paul, Cherry Willingham, Lincolnshire St Peter and St Paul, Howden Minster, York St Peter and St Paul, Shropham, Norfolk St Peter, Hammersmith, W6 St Peter, Hook Norton, Oxfordshire St Peter, Thornbury, Devon St Peter, Wootton Wawen, Warwickshire St Petrock, Newton St Petrock, Devon St Mary, Fowlmere, Cambridgeshire St Michael, Broome, Norfolk St Mary and All Saints, Lambourne, Essex

£

£

4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 3,000 3,000 1,000

_______ 223,000 Cathedrals St Patrick’s Cathedral, Armagh, Northern Ireland – Conservation work to crypt

20,000

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9. Grants awarded during the year (continued) Lisburn Cathedral, Moira, Northern Ireland – Conservation work

£ 4,000

______ 24,000 Historic Buildings Glasgow Art Club – Conservation of building Rosslyn Chapel, Midlothian – Conservation work David Clarke Railway Trust, Leicestershire – Restoration of Loughborough Central Station canopy Cullompton Walronds Preservation Trust, Devon – Conservation of Walronds House Poltimore House, Devon – Conservation work to 18th Century Saloon National Trust for Jersey – Refurbishment of 18th Century Georgian house Finchingfield Guildhall, Essex – Conservation work Penllergare Trust, Carmarthenshire – Restoration of Orchideous House Saltaire United Reformed Church, West Yorkshire – Conservation work St Mary’s Episcopal Church, Midlothian – Conservation of Dalkeith Tolbooth Historic Chapels Trust, E1 – Conservation of Wainsgate Baptist Church, West Yorkshire

50,000 50,000 35,000 25,000 25,000 20,000 10,000 10,000 10,000 8,000 4,000

_______ 247,000 Museums and Galleries

22

National Gallery, WC2 – Refurbishment of the Holbein Room in the West Wing Galleries Sir John Soane's Museum, WC2 – Private Apartments in major restoration of Museum Eureka! The National Children's Museum, Halifax – ‘My Brain’ area in new gallery Hepworth Wakefield Trust, West Yorkshire – New gallery Museum of Science and Industry, Manchester – Two exhibits in Revolution Gallery in redeveloped Museum Photographers' Gallery, W1 – Historic photographs gallery Oxford University Museum of Natural History – Repair and conservation of roof and ceiling Charles Dickens Museum, WC1 – Fit-out of redeveloped Museum William Morris Gallery, E17 – Conservation and refurbishment work Cheltenham Art Gallery and Museum – Study room in redeveloped Museum Brighton Museum and Art Gallery – Exhibition cases for new world cultures gallery

535,000 500,000 315,000 250,000 200,000 160,000 150,000 100,000 100,000 90,000 75,000

£

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9. Grants awarded during the year (continued) Royal Navy Submarine Museum, Hampshire – Conservation of HMS Alliance Dulwich Picture Gallery, SE21 – New entrance to Gallery Bluebell Railway Trust, East Sussex – Refurbishment of museum learning space

£

£

75,000 44,000 25,000

_________ 2,619,000 Music National Youth Orchestra of Great Britain, EC2 – Scholarship programme (over three years) Barbican Centre, EC2 – Refurbishment of dressing rooms Wells Cathedral School, Somerset – Woodwind room in new music building Longborough Festival Opera, Gloucestershire – Equipment

210,000 200,000 150,000 5,000

_______ 565,000 Wolfson Scholarships for Young Musicians/Instrument Fund 2011-2013 Birmingham Conservatoire Guildhall School of Music and Drama, EC2 Royal Academy of Music, NW1 Royal College of Music, SW7 Royal Northern College of Music, Manchester Royal Scottish Academy of Music and Drama, Glasgow Royal Welsh College of Music and Drama, Cardiff Trinity Laban Conservatoire of Music and Dance, SE10

90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000

_______ 720,000 Theatre Regent’s Park Open Air Theatre, NW1 – Redevelopment of workshop and support spaces Everyman Liverpool Playhouse – Rehearsal room in redeveloped theatre Everyman Theatre, Cheltenham – Restoration of theatre floor Battersea Arts Centre, SW11 – Refurbishment of Octagonal Hall National Theatre of Scotland, Glasgow – Portable lighting system Theatres Trust, WC2 – Resource Centre

135,000 87,000 75,000 38,000 20,000 10,000

_______ 365,000

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9. Grants awarded during the year (continued)

£

£

Joint Programmes During the year, the following partnership programmes were announced: Programme with the Art Fund for purchasing works of art (over three years)

1,500,000

Programme with the Cathedrals Fabric Commission for England for the conservation of cathedrals (over two years) – the Cathedral Repair Fund

1,000,000

Programme with the Department for Culture, Media and Sport, (over two funding rounds, 9 and 10, funding matched by DCMS) – the Museums and Galleries Improvement Fund

4,000,000

Programme with the National Trust for conservation work at historic properties and gardens (over three years, funding matched by the National Trust)

2,250,000

_________ 8,750,000 Wolfson History Prizes 2009 (awarded June 2010) The Wolfson History Prizes, which were established in 1972, are awarded annually to promote and encourage standards of excellence in the writing of history for the general public. The 2009 winners were: Dominic Lieven for Russia against Napoleon: The Battle for Europe (1807-1814) Jonathan Sumption for The Hundred Years War (Volume 3)

20,000 20,000

______ 40,000 Total for arts and humanities (Total number of grants: 110)

14,098,000

Health and welfare People with special needs Trustees funded building/refurbishment work or equipment at the following organisations:

24

Birmingham Women’s NHS Foundation Trust Charities Motor Neurone Disease Association, Northampton Hollybank Trust, West Yorkshire Peaceful Place, Essex Mary Hare Foundation, Newbury Abbeyfield Society, St Albans Combat Stress, Ex-Services Mental Welfare Society, Shropshire CancerCare - North Lancashire and South Lakeland Methodist Homes for the Aged, Kent Age Concern Salford

150,000 135,000 109,000 105,000 102,000 100,000 90,000 87,000 71,600 67,000

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9. Grants awarded during the year (continued)

£

Homerton University Hospital NHS Trust, E9

50,000

King Edward VII’s Hospital, W1

50,000

Manchester Deaf Centre

50,000

Oxfordshire Association for the Blind

50,000

Kibble Education and Care Centre, Paisley

43,000

Autism Initiatives UK, Southport

42,000

Cancer Link Aberdeen & North

41,000

David Lewis Centre, Cheshire

40,000

Compaid (Computer Aid for Disabled People), Tunbridge Wells

35,000

Glasgow Building Preservation Trust (with Cancer Support Scotland)

35,000

Caldecott Foundation, Kent

32,000

St John’s Home, Oxford

32,000

Headway - The Brain Injury Association, Nottingham

30,000

St Christopher’s School, The Catherine Grace Foundation, Bristol

30,000

Zinc, Essex (formerly Theatre Resource)

30,000

Hebridean Trust

28,000

Rowan Tree Cancer Care (formerly Cancer Support Cynon Valley RCT)

27,000

Kids Can Achieve, Middlesex

26,000

Self Unlimited, Sussex

26,000

Beds and Northants Multiple Sclerosis Therapy Centre

25,000

BASIC (Brain and Spinal Injury Centre), Manchester

23,000

Friends of Bower Grove School, Kent

22,000

Child Bereavement Charity, Buckinghamshire

21,000

Assist Trust, Norwich

20,000

Calvert Trust Lake District

20,000

Oak View School, Essex

20,000

Share Community, SW11

20,000

Woodside School, Kent

20,000

YouthNet, EC1

20,000

Earthworks, St Albans

13,000

Hop Skip & Jump South West, Bristol

12,000

MedEquip4Kids, Blackpool

11,000

ExtraCare Charitable Trust, Coventry

10,000

More House School, Surrey

10,000

Other (CAF donations)

10,000

Where Next Association, Redditch, Worcestershire

10,000

Fifth Trust, Kent

£

9,000

_________ 2,009,600 Hospices/Palliative Care Trustees funded building/refurbishment work or equipment at the following organisations: St John’s Hospice, NW8 Compton Hospice, Wolverhampton East Anglia Children’s Hospices, Ipswich Northern Ireland Hospice, Belfast West Yorkshire Forget Me Not Trust, Huddersfield

132,500 120,000 110,000 110,000 104,000

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9. Grants awarded during the year (continued) Children’s Hospice South West, Cornwall East Cheshire Hospice St Richard’s Hospice Foundation, Worcester Willow Burn Hospice, Durham Zoe’s Place Trust, Coventry St Peter and St James Hospice, East Sussex North London Hospice, N12 St Joseph’s Hospice, Liverpool Eden Valley Hospice, Carlisle Blythe House Hospice, Derbyshire Southern Area Hospice Services, County Down, Northern Ireland St Luke’s Hospice, Plymouth Farleigh Hospice, Chelmsford Prospect Hospice, Swindon Peace Hospice, Hertfordshire Hope House Children’s Hospices, Shropshire Weston Hospicecare, Weston-super-Mare Sussex Beacon, Brighton Barnsley Hospice, South Yorkshire

£

£

100,000 100,000 100,000 100,000 100,000 71,000 69,000 60,000 57,000 50,000 48,000 41,000 40,000 39,500 37,000 35,000 27,000 17,000 13,500

_________ 1,681,500 Total for health and welfare (Total number of grants: 71)

Total grants awarded (Total number of grants: 271) Grants relinquished during the year

3,691,100 __________ 31,279,110 (1,165,377) __________ 30,113,733 ========

Continuing programmes In addition to the 271 awards above, a further 59 awards (totalling £13,850,000) were made in a number of programme areas where overall funds had been allocated in previous financial years (and hence the individual awards below did not involve an additional allocation of funds).

Royal Society/Wolfson laboratory refurbishment programme (8 awards) This programme is administered by the Royal Society and provides funds for laboratory refurbishment at British universities. An allocation of £2 million had previously been made for the year, with awards focusing particularly on the reduction of carbon emissions. Awards were made to the following universities: Bangor University (Grant of £150,000 made to the School of Environment, Natural Resources and Geography (Professor Thomas DeLuca)) Imperial College London (Grant of £380,000 made to Department of Materials (Professor Neil Alford)) University of Birmingham (Grant of £380,000 made to Chemical Engineering (Professor Kevin Kendall)) University of Edinburgh (Grant of £300,000 made to Institute for Materials and Processes

26

(Professor Jonathan Gibbins))

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9. Grants awarded during the year (continued) University of Glasgow (Grant of £200,000 made to Department of Chemistry (Professor Leroy Cronin)) Newcastle University (Grant of £90,000 made to School of Engineering and Geosciences (Professor Andrew Alpin)) University of Salford (Grant of £250,000 made to Materials and Physics Research Centre (Professor David Steel)) University of Sheffield (Grant of £250,000 to Department of Mechanical Engineering (Professor Christopher Wilson))

Royal Society/Wolfson Research Merit Awards (24 awards) This programme is jointly funded with the Department for Business, Innovation and Skills, in partnership with the Royal Society, and provides awards for high performing academics. The programme aims to attract to, and retain in, the UK scientists of outstanding achievement and potential. The Wolfson contribution of £2 million was allocated in a previous financial year. Awards were made to the following academics: William Armbruster, Department of Biology, University of Portsmouth Tim Coulson, Faculty of Natural Science, Imperial College London Andrew Cunningham, Institute of Zoology, Zoological Society of London Vladimir Falko, Department of Physics, University of Lancaster Girardi Guillermina, College of Medicine, University of Edinburgh Duncan Graham, Department of Chemistry, University of Strathclyde David Hume, The Roslin Institute, University of Edinburgh Margaret MacLean, Institute of Cardiovascular and Medical Sciences, University of Glasgow David Manolopoulos, Department of Chemistry, University of Oxford Todd Marder, Chemistry Department, Durham University Mervyn Miles, School of Physics, University of Bristol Steven Nolan, School of Chemistry, University of St Andrews Sarah O’Connor, School of Chemistry, University of East Anglia Andy Purvis, Department of Biological Sciences, Imperial College London Quian Quiroga, Department of Engineering, University of Leicester Steve Rawlings, Physics Department, University of Oxford Nancy Reid, Department of Statistics, University College London Eelco Rohling, School of Ocean and Earth Science, University of Southampton Sheila Rowan, School of Physics and Astronomy, University of Glasgow Alan Stitt, School of Medicine, Dentistry and Biomedical Sciences, Queen’s University Belfast Richard Thomas, Department of Mathematics, Imperial College London Jonathan Timmis, Department of Computer Science and Department of Electronics, University of York Vincent Walsh, Institute of Cognitive Neuroscience, University College London John Wood, School of Neuroscience, Physiology and Pharmacology, University College London

Wellcome/Wolfson Capital Awards in Biomedical Sciences (3 awards) Grants were made to fund capital projects for biomedical sciences (medical research) in partnership with the Wellcome Trust. Awards were made to projects in the following institutions out of an allocation of £8 million made in a previous year: Queen’s University Belfast (Grant of £3,000,000 made to the Research Centre for Vision Science) Peninsula Medical School, Devon (Grant of £2,500,000 made to the Centre for Translational Research)

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9. Grants awarded during the year (continued) University of Edinburgh (Grant of £2,500,000 made to the Institute of Genetics and Molecular Medicine)

War Memorials (4 awards) Grants were made for the conservation of memorials, through a programme jointly funded by English Heritage and administered by the War Memorials Trust. Awards were made to memorials in the following locations out of an allocation of £50,000 made in a previous year: Canon Hill, West Midlands (£18,822) Coombe Hill, Buckinghamshire (£20,000) Drayton Bassett, Staffordshire (£2,949) Plymouth Blitz Memorial, Devon (£7,936)

Cathedrals (6 awards) Grants were made for conservation work at English cathedrals, through the Cathedral Repair Fund, a programme administered by the Cathedrals Fabric Commission for England. The following awards were made out of an allocation of £500,000 made in a previous year: Ely Cathedral (£100,000) Lichfield Cathedral (£100,000) Lincoln Cathedral (£100,000) Rochester Cathedral (£100,000) Durham Cathedral (£80,000) York Minster (£20,000)

Historic Properties and Gardens (8 awards) Grants were made for conservation work at historic properties and gardens, through a programme jointly funded and administered by the National Trust. The allocation of £750,000 was made in this financial year (see award listed under ‘Joint Programmes’): Blickling Hall, Norfolk (£70,000) Erdigg, Wrexham (£75,000) Fountains Hall, North Yorkshire (£80,000) Godolphin, Cornwall (£250,000) Ham House, Surrey (£51,000) Hardwick Hall, Derbyshire (£100,000) Paycocke’s House, Essex (£84,000) Townend, Cumbria (£40,000)

National Cataloguing Grants Programme/Pilgrim Trust (3 awards) Grants were made for the cataloguing of archives, through a joint programme with the National Archives and a consortium of funders. The allocation of £50,000 was made in a previous financial year: University of Glasgow (£17,000), Stoddard Templeton archive: Glasgow Green to Bendigo University of Manchester (£16,000), Mary Hamilton Papers: The Female Pepys University of Reading (£17,000), Archives of British publishing: Macmillan and Longman

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9. Grants awarded during the year (continued) The Art Fund (3 awards) Grants were made for the acquisition of works of art through a partnership programme with the Art Fund. The allocation of £500,000 was made in a previous financial year: Birmingham Museums & Art Gallery (£225,000), The Staffordshire Hoard (late 6th-8th century pottery) The Jewish Museum, NW1 (£75,000), John Ruslen’s ‘The Lindo Lamp’ (1709) Victoria and Albert Museum, SW7 (£200,000), An Ottoman Tankard (late 16th century)

10. Investments Fixed asset investments Market value 2010 Purchases £’000 £’000 UK equities* Overseas equities Fixed interest: UK gilts and corporate bonds Overseas bonds

Current asset investments Fixed interest: UK gilts – short dated Cash held for future investments

Total investment assets

Sale proceeds £’000

Gains (Losses) £’000

Transfers £’000

Market value 2011 £’000

262,463 27,199

43,782 –

(22,351) (7,039)

11,356 (612)

– –

295,250 19,548

262,626 77,190 _______ 629,478 _______

– – _______ 43,782 _______

(69) – _______ (29,459) _______

823 (1,206) _______ 10,361 _______

(47,601) – _______ (47,601) _______

215,779 75,984 _______ 606,561 _______

28,850



(28,250)

(600)

47,601

47,601

74,293 _______ 103,143 _______ 732,621 ======

8,920 _______ 8,920 _______ 52,702 ======

– _______ (28,250) _______ (57,709) ======

– _______ (600) _______ 9,761 ======

– _______ 47,601 _______ – ======

83,213 _______ 130,814 _______ 737,375 ======

The historical cost of these investments as at 5 April 2011 is £698,850,273 (2010 £739,735,260). Investments representing over 5% of the value of the Foundation’s total investments as at 5 April 2011: Treasury Stock 2.25% 07.03.2014 – market value £50,465,000. M&G Securities Optimal Income Sterling fund – market value £37,036,260 *UK equities include an investment in the Cazenove Absolute Return Trust for Charities

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11. Debtors

Accrued gross interest Prepayments Sundry debtors

2011 £’000

2010 £’000

2,074

2,044

45

40

222 ______

1,148 ______

2,341

3,232

=====

=====

2011 £’000

2010 £’000

36,000

40,050

79 _______

79 _______

12. Creditors falling due within one year

Grants payable (note 8) Accrued expenses of administration

36,079

40,129

======

======

2011 £’000 ______ 45,617 =====

2010 £’000 ______ 44,869 =====

2011 £’000

2010 £’000

(3,146)

(4,467)

891

(1,592)

13. Creditors falling due after one year

Grants payable (note 8)

14. Reconciliation of net incoming resources to net cash outflow from operating activities

Net incoming resources Decrease/(increase) in debtors Decrease in creditors

(3,302)

(3,615)

______ (5,557) =====

______ (9,674) =====

2010 £’000

Cash flow £’000

2011 £’000

74,293

8,920

83,213

1,980

(550)

1,430

Net cash outflow from operating activities

15. Analysis of changes in cash balances during the year

Cash on deposit held for future investments (note 10) Cash on deposit held for future grant payments

_______ 76,273 ======

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________ _______ 8,370 84,643 ======= ======

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16. Analysis of net assets between funds Unrestricted income fund £’000

Capital fund £’000

Total funds £’000

147,403

589,972

737,375

Debtors

2,341



2,341

Short term deposits and cash

1,430



1,430

Current liabilities

(36,079)



(36,079)

Long term liabilities

(45,617)



(45,617)

Total net assets

______ 69,478 =====

Fund balances at 5 April 2011 are represented by: Investments

_______ _______ 589,972 659,450 ====== ======

17. Joint administration The charity has shared objectives and joint administration with the Wolfson Family Charitable Trust, registered charity number 228382, at 8 Queen Anne Street, London W1G 9LD.

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Wolfson cover 2010-2011_V1:Wolfson Cover 2003

THE WOLFSON FOUNDATION

THE WOLFSON FOUNDATION

8 Queen Anne Street London W1G 9LD - Tel: 020 7323 5730 Fax: 020 7323 3241 Registered Charity No. 206495

2010-2011

Annual Report 2010-2011