2023-04-05-accounts

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARITABLE TRusr FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARITABLE TRUST CONTENTS FOR THE YEAR ENDED 5 APRIL 2023 Page Legal and administrative <Jetails Report of the trustees Report of the Independent examiner Accounts comprising: Statement of financial activities Balance sheet Notes to the accounts 7-11

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARrrABLE TRUST LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2023 Date of Trust 26 July 1991 Charity registration number 1004451 Trustees Benita Rose Fogel steven Anthony Fogel David Richard Fogel Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Solidtors Dechert 160 Queen Victoria Street London EC4V 4QQ Accountants Menzies LLP Lynton House 7-12 Tavistock Square London WCIH 9LT Independent examiners Menztes LLP Lynton House 7-12 Tavistock Squa London WCIH 9LT Investment Managers abrdn Capital Limited 280 Bishopsgate London EC2M 4AG

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARftABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023 The Trustees present their reprrt together the accounts of the Trust for the year ended 5 April 2023. STRUCTURE. GOVERNANCE AND MANAGEMENT The Trust was created by a deed dated 26th July 1991 as a Trust exdusively for charitable purposes. The Trust is a Charity (No.1004451) registered wtth the Charity Commission. The power to appDint new or additional trustees vested in the Settlor, Mr J G Fogd during his lifetime and after his death in suth person as he by Deed or will appoint. At a trustees meeting on 24 October 2017 the trustees resolved to thange the name of Ihe trust from The Benita Fogel CharitaFAe Trusv to The Benita and Gerald Fogel arilable Trust.. OBJEcmiES AND ACTIVITIES The object of the Trust is the appAication of the Trust's income and ca￿tal charitable wrptsses at the absolute discretion of the Trustees. The Trustees have unrestricted powers of inVestM￿t. ACHIEVEMENTS AND PERFORMANCE The Trustees made grants tot￿ling £661,639, {2022 - £22,022). to ch￿table organisations supporting a range of artivities. These grants are summarised in note 3 on page & When setting the objectives and deading on grant makiThJ activities of the Trust, the Trustees have given Consid￿￿10n to the Charity Commisson's generdl gÉridan￿ on public benefit. FINANCIAL REVIEW The Trustees will continue to review future investment opportunities and ccn&der the ￿$￿VeS for fvture grant giving satisfactory. FUTURE DEVELOPMENTS The Trust wtll continue to make a wide spread of dc￿a￿(￿S. TRusfEES The Trustees ir¢ office during the year are listed on page I cl the report and accounts. No Trustee received any remuneration during the year (2022- NII) and none of the Trustees were rembursed any expenses incurred in the perfotTnance of thejr duties (2022- Nil). No Trustee any Inte￿St in any c(￿traCt with the Trust during the year. RISK POLICY The Trustees minimise investment risk through the use of professional investment advisers and the malntenance of a diverse portfdio. General operating risk is minimised through the regular review procedures by the Trustees of the trust's actiwities.

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARITABLE TRUST TRUSTEES REPORT - (Continued) FOR THE YEAR ENDED 5 APRIL 2023 Trustees. Responsibiltties in Relation to the Financial Statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prattl￿). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the stste of affairs of the charity and of the incoming resources and application of resour￿$. of the charity for that period. In preparing the financlal statements, the trustees are required to= select suitable accounting poliaes and then apply them consistently: observe the methods and princoples in the applicable Charities SORP: make judgements and estlmates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disdosed and explained in the financial statements- prepare the financial staternents on a golng concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper 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 wlth the Charities Act 2011. the applicable Charitie5 (Accounts and Reports) Regulations. and the provisions of the Tnjst Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable Steps for the prevention and detection of fraud and other irregularities. For and on half of the Trustees: Date of approval:

DocuSign Envelope ID: 664F7B7E-4C56-4AED-9DDD-EE977432803C

THE BENITA AND GERALD FOGEL CHARITABLE TRUST

REPORT OF THE INDEPENDENT EXAMINER

FOR THE YEAR ENDED 5 APRIL 2023

I report on the accounts of the trust for the year ended 5 April 2023, which are set out on pages 5 to 11.

Respective responsibilities of Trustees and Examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011('the Act').

The charity's trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.

It is my responsibility to: . examine the accounts under section 145 of the Charities Act; . to follow the applicable Directions given by the Charity Commission (under section 145(5)(b) of the

Act); and . to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

. the accounting records were not kept in accordance with section 130 of the Charities Act; or . the accounts did not accord with the accounting records; or

. the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

… … … … … … … … … … … . .

David Truman Lynton House 7 – 12 Tavistock Square London WC1H 9LT

25-Mar-2024

Date ………………………………………..

• 4 -

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTivrrIES FOR THE YEAR ENDED 5 APRIL 2023 Unrestricted funds 2023 2022 Notes Income Investments Income from Envestsnents Interest receivable 52.079 46.286 Total income 52,367 46,286 Expenditure on: Costs of raising fund5 Investment Management costs 10,248 12,015 Charitable activities Grants payable 661,639 22,022 Other costs 5.590 5.416 Total expenditure 677.477 39,453 Net movement in funds before gains and losses on investments (625,110) 6.833 Net (lossesllgalns on investments (page 10) (181,303) 137,510 Net movemertt in funds (806.413) 144,343 Totsl Fund balances at 6 April 2022 1.927.860 1,783,517 Total Fund balances at 5 Aprll 2023 1.121.447 1,927,860

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2023 Notes 2023 2022 FIXED ASSETS Investments 1.052.264 1,883,567 CURRENT ASSETS Cash at bank aThY trokers 74.383 49,193 CREDITORS Amounts falling due within one year (5,2LKI) (4.9001 NET CURRENT ASSETS 69.183 44,293 TOTAL NET ASSErs 1,121,447 I.927￿60 Represented by: UNRESTRICTED FUNDS 1.121,447 1,927,860 1.121.H7 1,927.860 Approved by and signe on behalf of the Trustees Trustee: . Date of approval..

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 I ACCOUNTING POLICIES (a) Basls of preparation and assessment of going concern The ffinancial ststements have been prepared under the historical cost convention with items recognised at cost or transartion value unless otherwise stated in the relevent notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS1021 and the Charities Att 2011. The trust constttutes a public benefit entity as defined by FRSIO2. The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. (b) Interest receivable and Investment income Interest receivable is credited to the statement of financial actiwties when it is receivable. Dividends and Inte￿$t from investments, including associated ￿nSItIOnal relief. are credited to the statement of financial activities when they are receivable. (c) Expenditure (i) Grants payable Grants payable a￿ debited to the statement of financial attivities when an undertaking to pay the grant during the financial year has been entered into. (li) Managernent and administration Thls expenditu￿ comprises general admlnistrdtion, management and costs In connection with constitutional and statutory reqU1￿Ments. (d) Investments Investments are Included in the accounts at market value at the end of the financial year. Realised and unrealise¢5 galns and losses are credited or deblted to the statement of financial activities In the year In which they arise.

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 (e) Foreign currency translation Assets and Ilabilities In foreign currenoes are translated Into sterling at the rates of exchange ruling at the balance sheet date. Transartions In foreign currencies are translated into sterllng at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account when arriving at the net movement in fvnds. Unrestrlcted funds 2023 2022 2 INCOME FROM EQUITIES UK equities 52.079 46,286 3 GRANTS PAYABLE Grants made to institutions of £1,000 and over were as follows: Amount of grant Recipient- UK Grants Chai Can￿r Care Steven and Joan Fogel Charitable Trust David and Jo Fogel Charitable Tnjst World lewlsh Relief Jewish Care Add: Small grants below £l.000 50,000 300,000 300,000 5,300 5,000 1,339 Total Grants 661,639

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARrrABLE TRUST NOTES TO THE ACCOUNTS - (Continued) FOR THE YEAR ENDED 5 APRIL 2023 Unrestricted funds 2023 2022 4 OTHER COSTS Accountancy fees Independent examiners fees Administration fees Bank charges 3.240 960 1.000 390 3,108 912 1.000 396 5,590 5,416 5 TRUSTEES. REMUNERATION No trustee received any remunerntion ir) respect of services pmvided during the year {2022 £Nill. No Trustee was reimbursed for any expenditure inCu￿ed during the course of his/hers duties during the year (2022 - ÉNil). 6 TAXATION The Benita and Gerald Fogel tharitsble Trust is a regiSte￿a charity and 15 therefore not liable to income tsx or corporation tax on the income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARrrABLE TRusr NOTES TO THE ACCOUNTS - (Contlnued) FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 7 INVESTMENTS Market value at the beginning of the year 1.883,567 1,654,619 Additions in the yearl(equalisation) 99,788 Disposal proceeds (650,000) {8,350) Net (losses) / gains on disposals in the year (85,873) 443 Nel (losses) / gatns on revaluations at end of year 195,430) 137,067 Market value at end of year 1,052,264 1,883,567 Historic cost 925,769 1,524,299 All of the above investments are listed on a recognised stock exchange and are allocated as f￿lOW$.. HELD WETHIN THE UNrrED KINGDOM UK Equities Overseas {Jerseyl 59.802 992,462 74,906 1,808,661 1.052,264 1,883,567 The following investment represent more than 5% of the portfolio at rna￿et value:. 81,898.428 Aberdeen Standard Capital Bridge Fund Z Inc 1.462.297.241 ASC (Offshore) Income Fund Z 59,802 992,462 10-

Docusign EnvÈlope ID." 664F7B7E4C5fAAED-gDDD-EE977432803C THE BENITA AND GERALD FOGEL CHARITABLE TRusr NOTES TO THE ACCOUNTS - (Continued) FOR THE YEAR ENDED 5 APRIL 2023 8 CREDITORS: AMOUIITS FALLING DUE WITHIN ONE YEAR 2023 2022 Accountancy and independent examiner's fees Administration fee 4,200 1.000 3,900 1,000 5,200 4,900 9 RECONCILIATION OF MOVEMENTS IN UNREALISED GAINS 2023 2022 Unrealised gains at beginniry of year 359.268 224,552 Unrealised (losses) in respert of disposa￿ in year (137,343) (2.351) Net {losses} / gains arising on revaluat(on at end of year (95.430} 137,067 Unrealised gains at end of year 126,495 359,268 11