Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 5 APRIL 2025** Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **CONTENTS** ## **FOR THE YEAR ENDED 5 APRIL 2025** ||**Page**| |---|---| |Legal and administrative details|1| |Report of the trustees|2 - 3| |Report of the independent examiner|4| |Accounts comprising:|| |Statement of financial activities|5| |Balance sheet|6| |Notes to the accounts|7 - 11| Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **LEGAL AND ADMINISTRATIVE DETAILS** ## **FOR THE YEAR ENDED 5 APRIL 2025** |**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| |**Accountants**|Menzies LLP| ||4th Floor| ||95 Gresham Street| ||London| ||EC2V 7AB| |**Independent examiners**|David Truman| ||4th Floor| ||95 Gresham Street| ||London| ||EC2V 7AB| |**Investment Managers**|LGT Wealth Management UK LLP| ||14 Cornhill| ||London| ||EC3V 3NR| - 1 - Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **TRUSTEES REPORT** ## **FOR THE YEAR ENDED 5 APRIL 2025** The Trustees present their report together with the accounts of the Trust for the year ended 5 April 2025. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Trust was created by a deed dated 26th July 1991 as a Trust exclusively for charitable purposes. The Trust is a Charity (No.1004451) registered with the Charity Commission. The power to appoint new or additional trustees vested in the Settlor, Mr J G Fogel during his lifetime and after his death in such person as he by Deed or will appoint. At a trustees meeting on 24 October 2017 the trustees resolved to change the name of the trust from 'The Benita Fogel Charitable Trust' to 'The Benita and Gerald Fogel Charitable Trust'. ## **OBJECTIVES AND ACTIVITIES** The object of the Trust is the application of the Trust's income and capital for charitable purposes at the absolute discretion of the Trustees. The Trustees have unrestricted powers of investment. ## **ACHIEVEMENTS AND PERFORMANCE** The Trustees made grants totalling £18,468 (2024 - £12,561) to charitable organisations supporting a range of activities. These grants are summarised in note 3 on page 8. When setting the objectives and deciding on grant making activities of the Trust, the Trustees have given consideration to the Charity Commission's general guidance on public benefit. ## **FINANCIAL REVIEW** The Trustees will continue to review future investment opportunities and consider the reserves for future grant giving satisfactory. ## **FUTURE DEVELOPMENTS** The Trust will continue to make a wide spread of donations. ## **TRUSTEES** The Trustees in office during the year are listed on page 1 of the report and accounts. No Trustee received any remuneration during the year (2024- Nil) and none of the Trustees were reimbursed any expenses incurred in the performance of their duties (2024- Nil). No Trustee had any interest in any contract with the Trust during the year. ## **RISK POLICY** The Trustees minimise investment risk through the use of professional investment advisers and the maintenance of a diverse portfolio. General operating risk is minimised through the regular review procedures by the Trustees of the trust's activities. - 2 - Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **TRUSTEES REPORT - (Continued)** ## **FOR THE YEAR ENDED 5 APRIL 2025** ## **TRUSTEES' RESPONSIBILITIES 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 Practice). 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 state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to: . select suitable accounting policies and then apply them consistently; . observe the methods and principles in the applicable Charities SORP; . make judgements and estimates that are reasonable and prudent; . state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; . prepare the financial statements on a going 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 with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust 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 behalf of the Trustees: Trustee:....................................** De **Date of approval: ...................................** - 3 - Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **REPORT OF THE INDEPENDENT EXAMINER** ## **FOR THE YEAR ENDED 5 APRIL 2025** I report on the accounts of the trust for the year ended 5 April 2025, 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. .................................................... 58ECBBEC1B09492... David Truman 4th Floor 95 Gresham Street London EC2V 7AB 30-Jun-2025 Date: ......................... - 4 - Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025** |**Notes**
**Income**
**Investments**
Income from Investments
2
Interest receivable
**Total income**
**Expenditure on:**
**Costs of raising funds**
Investment Management costs
**Charitable activities**
Grants payable
3
**Other costs**
4
**Total expenditure**
Net movement in funds before gains and losses
on investments
Net (losses) / gains on investments
**Net movement in funds**
Total Fund balances at 6 April 2024
**Total Fund balances at 5 April 2025**|**Unrestricted funds**
**2025**
**2024**
**£**
**£**
34,336
35,141
1,033
975
35,369
36,116
8,297
7,372
18,468
12,561
4,140
4,260
30,905
24,193
4,464
11,923
(46,718)
67,659
(42,254)
79,582
1,201,029
1,121,447
1,158,775
1,201,029|**Unrestricted funds**
**2025**
**2024**
**£**
**£**
34,336
35,141
1,033
975
35,369
36,116
8,297
7,372
18,468
12,561
4,140
4,260
30,905
24,193
4,464
11,923
(46,718)
67,659
(42,254)
79,582
1,201,029
1,121,447
1,158,775
1,201,029| |---|---|---| |||36,116| |||7,372
12,561
4,260| |||24,193| |||11,923
67,659| |||79,582| |||1,121,447| |||1,201,029| - 5 - Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **BALANCE SHEET** ## **AS AT 5 APRIL 2025** **----- Start of picture text -----**
Notes 2025 2024
£ £ £ £
FIXED ASSETS
Investments 7 1,098,205 1,144,923
CURRENT ASSETS
Cash at bank and brokers 65,650 61,306
CREDITORS
Amounts falling due within one year 8 (5,080) (5,200)
NET CURRENT ASSETS 60,570 56,106
TOTAL NET ASSETS 1,158,775 1,201,029
Represented by:
UNRESTRICTED FUNDS 1,158,775 1,201,029
**----- End of picture text -----**
**----- Start of picture text -----**
Approved by and signed on behalf of the Trustees
**----- End of picture text -----**
**----- Start of picture text -----**
Trustee: .......................................
Date of approval:.......................................
cer
**----- End of picture text -----**
- 6 - Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 5 APRIL 2025** ## **1 ACCOUNTING POLICIES** ## **(a) Basis of preparation and assessment of going concern** The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction 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 (FRS102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS102. 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 activities when it is receivable. Dividends and interest from investments, including associated transitional relief, are credited to the statement of financial activities when they are receivable. ## **(c) Expenditure** - (i) Grants payable Grants payable are debited to the statement of financial activities when an undertaking to pay the grant during the financial year has been entered into. ## (ii) Management and administration This expenditure comprises general administration, management and costs in connection with constitutional and statutory requirements. ## **(d) Investments** Investments are included in the accounts at market value at the end of the financial year. Realised and unrealised gains and losses are credited or debited to the statement of financial activities in the year in which they arise. - 7 - Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 5 APRIL 2025** ## **(e) Foreign currency translation** Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling 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 funds. ||**Unrestricted**|**funds**| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |**2 INCOME FROM EQUITIES**||| |UK equities|1,490|1,640| |Overseas equities|32,846|33,501| ||34,336|35,141| ## **3 GRANTS PAYABLE** ## **Grants made to institutions of £1,000 and over were as follows:** ||**Amount**| |---|---| ||**of grant**| |**Recipient - UK Grants**|**£**| |Chai Cancer Care|10,000| |World Jewish Relief|6,000| |Kol Nidre Appeal|1,000| |**Add:**|| |Small grants below £1,000|1,468| |**Total Grants**|18,468| - 8 - Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **NOTES TO THE ACCOUNTS - (Continued)** ## **FOR THE YEAR ENDED 5 APRIL 2025** ||**Unrestricted**|**funds**| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |**4 OTHER COSTS**||| |Accountancy fees|2,820|2,940| |Independent examiners fees|960|960| |Bank charges|360|360| ||4,140|4,260| ## **5 TRUSTEES' REMUNERATION** No trustee received any remuneration in respect of services provided during the year (2024 - £Nil). No Trustee was reimbursed for any expenditure incurred during the course of his/hers duties during the year (2024 - £Nil). ## **6 TAXATION** The Benita and Gerald Fogel Charitable Trust is a registered charity and is therefore not liable to income tax or corporation tax on the income derived from its charitable activities, as it falls within the various exemptions available to registered charities. - 9 - Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **NOTES TO THE ACCOUNTS - (Continued)** ## **FOR THE YEAR ENDED 5 APRIL 2025** ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |**7 INVESTMENTS**||| |Market value at the beginning of the year|1,144,923|1,052,264| |Additions in the year/(equalisation)|-|25,000| |Net (losses) / gains on revaluations at end of year|(46,718)|67,659| |Market value at end of year|1,098,205|1,144,923| |Historic cost|950,769|950,769| |All of the above investments are listed on a recognised stock exchange and are allocated as||follows:| |HELD WITHIN THE UNITED KINGDOM|**£**|**£**| |UK Equities|61,149|63,267| |Overseas (Jersey)|1,037,056|1,081,656| ||1,098,205|1,144,923| |The following investment represent more than 5% of the portfolio at market value:-||| ||**£**|| |81,898.428 Abrdn Bridge Fund Z Inc|61,149|| |1,462,297.241 Volare (Offshore) Income Fund Z|1,012,056|| - 10 - Docusign Envelope ID: A6A92948-674B-46BF-917B-C25BC8896498 ## **THE BENITA AND GERALD FOGEL CHARITABLE TRUST** ## **NOTES TO THE ACCOUNTS - (Continued)** ## **FOR THE YEAR ENDED 5 APRIL 2025** |**8 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|**2025**|**2024**| |---|---|---| ||**£**|**£**| |Accountancy and independent examiner's fees|4,080|4,200| |Administration fee|1,000|1,000| ||5,080|5,200| |**9 RECONCILIATION OF MOVEMENTS IN UNREALISED GAINS**|**2025**|**2024**| ||**£**|**£**| |Unrealised gains at beginning of year|194,154|126,495| |Net (losses) / gains arising on revaluation at end of year|(46,718)|67,659| |Unrealised gains at end of year|147,436|194,154| - 11 -