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THE BENITA AND GERALD FOGEL CHARITABLE TRusr
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

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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

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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

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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.

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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 - 



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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

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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..

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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.

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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

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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.

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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-

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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