Charity No. 1100779 THE CANTOR FOUNDATION (UK) Report and Financial Statements For the year ended 31 December 2023 THE CANTOR FOUNDATION (UK) LEGAL AND ADMINISTRATIVE INFORMATION ADDRESS 5 Churchill Place Canary Wharf E14 5RD London TRUSTEES The trustees in office during the period and al the date of this report are= J R Lighlbourne (Appointed 23 October 20231 S A Windeatt (Appointed 23 October 2023) S Lynn (Appointed 23 October 2023) H Lutnick (Resigned 23 October 20231 A Lulnick (Resigned 23 October 2023) E Lulnick (Resigned 23 October 2023) MANAGEMENT Day to day management is undertaken by the trustees using the senior management and support functions from the BGC European Holdings LP Group {'BGCEH Group,). AUDITORS Ernst & Young LLP 25 Churchill Place Canary Wharf London E14 SEY THE CANTOR FOUNDATION (UK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their Annual Report and the audited Financial Siatements for the year ended 31 December 2023 in relation lo The Cantor Foundation (UK) I'the Charity'l, which was established on 28 October 2003 and registered with the Charity Commission on 19 November 2003 {Charily Number 1100779). The Financial Statements have been prepared on Ihe basis of the accounting policies sel out in note 2 to the Financial Statemen15 and comply with the Charily's Trust Deed dated 28 October 2003 Ilhe "Trust Deed"), applicable law and the requirements of the "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland" effective 1 January 2019" (Ihe-SORP"I. OBJECTIVES AND ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE The Charity was established in 2003 as a result of the altacks on the World Trade Cenler on 11th September 2001 ("9111 1 in which 658 Canlor and 61 Euro Brokers employees died. It was established in part to provide charitable support to the familie5 of employees who died in the 9111 attacks. Under the terms of ihe Trusl Deed, the Charity has two purposes. which it aims to achieve through its activities.. (al to further the general purposes of such Charitsble Institutions or for such charitable purposes as the Trustees shall think fit.. and Ibl in relieving employees and former employees of Cantor Fitrgerald Intemational {now BGC Internationall (including its subsidiary and associated entitie5 worldwide) and their dependants who are in need, hardship or distress. The primary donors to the Charity are companies and other entities in the BGC and Cantor Groups in the UK (the "Donors"). The Donors donate money to the Charity. from their Charity Day" event which lakes place on or as near a5 POS5ible to 11 September in the relevant year. From the Charity Day which took place on 11 September 2023, the Charity received donations of US$2.976k (2022.. US$7.084k) from Ihe Donors. The Charity's strategy for achieving its aims and objediveslpurposes is by making grants of one hundred per cent of the donations it receives to other Charitable Inslilulions. It does not conducl any operational charitable activity. Although not exclusively. the Charity as a matter ol policy focuses on making donations lo Charitable Institutions which support children and yOLJng people. In relation to Charitable Institutions in the UK, the Donors make non- binding requests for the Trustees to consider supporting particular charities and the Trustees, in the exercise of their discretion, make a number of grants in accordance with the Donors. wishes. The amounts of the donations made to those Charitable Institutions are determined by the Trustees in the exercise of their discretion. The Charity also considers and makes a substantial grant to The Cantor Fitzgerald Relief Fund {the "CFRF"), a US501 (cl(31 public charily registered in the State of Delaware, United States of America. The grant to the CFRF Is restricted to purposes charitable under the law of England and Wales and the CFRF makes subsequent grants. primarily to charitable and non-profit organisations in furtherance of those charitable purposes.A20 The Trustees consider that in agreeing to support the Charitable Institutions and charitable purposes referred to above and rnaking grants of all of the donations that the Charity receives. Ihe Trustees have adequately discharged their obligations to ensure that the Charity is acting for the public benefit. The Charity does not deliver public benefit directly btjt the public benefit of its activities is derived from the activities of its grantees which further a charitable purpose for the public benefit. The Trustees note the success of the Charity in achieving a donation rale of one hundred percent of the donations that the Charity receives. FINANCIAL REVIEW For the year ended 31 December 2023. the Charity recognised US$2.976k 12022.. US$7,084k) of income in relation to amounts donated by the Donors. Simultaneously, the Charity recognised US$2,979k {2022'. US$7,257kl of expense in relation lo accruals for donats'ons to Charitable Institutions as referred lo above. From the donations received by the Charity referred to above. during 2024 the Charity donated US$2,979k {2022: US$7,257kl to Charitable Institutions or in furtherance of a charitable purpose. No reseTves were retained. Therefore the Charity met its aim5 and objective5. Page I THE CANTOR FOUNDATION (UK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED) The Charity does not incur administrative or other expenses as these are borne by entities within BGCEH Group (see the section on Structure and Govemance below). The Charity does not hold reseNes. The Trustees do not consider that this is necessary as their sole activity is lo make donations and because the Charity does not incur expenses as referred to above. PLANS FOR FUTURE PERIODS The Charity plans lo continue the activitie5 as outlined above in Ihe forthcoming years subject to satisfactory funding arrangements. GOING CONCERN The Trustees have a reasonable expectation that the Charity w511 continue to be granted adequate donations and continue to receive support seNices to enable it to continue ils activities for the foreseeable future, and for 12 months from the dale of the approval and signing of the Statement of Financial Position. They therefore continue to adopt the going concern basis of accounting in prepanng Ihe annual financial statements. STRUCTURE, GOVERNANCE AND MANAGEMENT The operation of the Charity is govemed by the terms of the Trust Deed. As stated in the Trust Deed, the number of Trustees should not be less than three except in the instances set out in the Trust Deed and Ihey seNe for Ihree years and may then be re-appointed. The Trustees may appoint new or replacement Trustees in their discrelion. Training for Trustees is provided as required from tsme to time. The management of the Trust is carried out by the Trustees. The Trustees detemiine which Charitable Institutions or charitable purpose5 to support and the size of the granl that each is to receive. Administrative support is to provided to the Charity and Trustees by entities within the BGCEH Group. These support service5 include finance, legal, secretarial and treasury. The Chanty has entered into an Administrative Services Agreement with one of these entities, Towel Bridge Internalional Services LP ('TBIS'I which govems the support sorvices it receives. As set out in the section on Financial Review. no charge is made for these seNices. The Trustees do not receive payment for acting as trustees. None of the Trustees hold tille to any real property belonging to the Charity. The Charity does nol make inveslments nor does It have subsidiaries. The Trust does not have any employee5 and does not rely on volunteers. RISK MANAGEMENT The principal risk or uncertainly that the Charity [a￿S is that il does not receive donations in any year whether from the Donors or olherwise. Whilst this may will limit the amount that the Trustees will be able to donate to Charitable Institutions or for charitable purposes, the Trustees do not consider thal this will olhetwise impair its ability to continue as a Charity. The Trustees place reliance on the BGCEH Group's Risk Management function to manage and monitor risks as well as other related matters. in particular those related to the operations and finances of the Charity and are satlsfied that systems are in place to mitigate the Charitys exposure to those major risks. TRUSTEES, MEETINGS The Trustees held one meeting during the year on 23 October 2023_ Page 2 THE CANTOR FOUNDATION {UK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ICONTINUED) RELATED PARTIES The related parties of the Charily are considered lo be BGCEH Group and its related parties, together with the Trustees and the trust secretaries. STATEMENT OF TRUSTEES, RESPONSIBILITIES The law applicable lo charities in England and Wales requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the Charitys incoming re50urce5 and application of resources during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view. the Trustees are required to.. select suitable accounting policies. observing the methods and principles in the SORP and then apply them consislenlly- make judgements and accounling estimates that are reasonable and prudent.. present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable Information", provide additional disclosures when compliance wilh the specific requirements in SORP is Insufficient lo enable users to understand the impact of particular Iransaclions. other events and conditions on the Charity s financial position and financial performance. in respect of the financial slalements. stale whether applicable accounting standards 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 appropriate to presume that the Charity will not continue in operation. The Trustees are re5pon5ible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable Ihem to ascertain the financial position of the Charity, which enable them lo ensure that the financial statemenls comply with the Charities Act 2011. the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trusl Deed. The Trustees are responsible for safeguarding the assets of the Chanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. POST BALANCE SHEET EVENTS There are no significant events occurring after the balan￿ sheel date. up lo the dale of approval of the financial statements Ihal would meet the criteria to be disclosed or adiusled In Ihe finanoal statements as al 31 December 2023 and for the year then ended. AUDITORS Ernst & Young LLP will be deemed lo be re-appointed as auditors of Ihe Charity 28 days after approval of these financial slalerrient5. Approved b slees and signed on their behalf by= J Lightb Date.. Iilo712 Page 3 In auditing the financial statements, we ha ve concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the trustees ability to continue as a going concern. Page 4 Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard. As explained more fully in the trustees’ responsibilities statement set out on pa ge 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so. Page 5 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at https://www.frc.org.uk/auditorsresponsibilities. This Page 6 THE CANTOR FOUNDATION (UK) STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2023 Note 2023 us$ 2022 us$ Incoming resources Income from Charitable activities 2.976,443 7.084.480 Expenditure Expenditure on Charltable activities (2.979,2731 (7,257,407) Net incomel(expenditure) (2,830) {172,927) Other gainsl(losses) 2,830 {21,785) Net movements In funds {194,712) Tolal funds brought forward 194,712 Total funds carried forward The statement of financial activities indudes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. The notes on pages 10 to 12 form part of these financial statements. Page 7 THE CANTOR FOUNDATION (UK) CHARITY NO. 1100779 STATEMENT OF FINANCIAL PoS￿10N AS AT 31 DECEMBER 2023 Note 2023 us$ 2022 us$ Current Assets Cash 2,900.582 7,257,407 Total Current Assets 2,900,582 7,257,407 Current Liabilities Creditors-. amounts falling due within one year (2,900,582) (7,257,407) Net Current Assets Funds Unrestricted Funds The notes on pages 10 to 12 form part of these financial statement5. The financial tements were approved by the trustees and signed on Iheir behalf by: J Llgh Date. 12 IOF124 urne Page 8 THE CANTOR FOUNDATION (UK) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 Note 2023 uss (4.356.825) 2022 us$ 7.084,480 Net cash flows from operaling activities Net cashflows (4.356.825} 7.084,480 Effect of exchange Tate5 on cash and cash equivalents 121,785) Change in cash for the year {4.356.8251 7,062.695 Cash at the beginning of the year 7,257,407 194,712 Cash at the end of the year 2.900.582 7,257,407 The notes on pages 10 to 12 form part of these financial statements. Page 9 THE CANTOR FOUNDATION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF COMPLIANCE The Charity is a public benefit entity. registered in England and Wales. Its registered office is 5 Churchill Place, Canary Wharf, E14 5RD. The principal accounting policies ot the Charity have been summarised below. They have all been applied consistently throughout the year and the preceding year. ACCOUNTING POLICIES 2.1 Basi5 of accounting The financial slatemenis have been prepared under the historical c05t convention, unless otherwise specified in Ihese accounting policies. on the basis that the Charity is a going concern and in accordancelhe Charity's Trust Deed dated 28 October 2003 (the "Trust Deed"), applicable law and the requirements of the "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities prepanng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland" effective 1 January 2019 (the "SORP"). The accounting policies adopted have been applied consistently in the current and preceding year. 2.2 Incomlng Resources Income is recognised in the period in which the Charity is entitled to receipl and the amount can be measured with reasonable certainty. Incoming resources includes cash donations. 2.3 Resources Expended Expenditure is recognised in the period in which there is a legal or constructive obligation that commits the Charity lo expenditure that will probably require a transfer of economic benefits in settlement and the amounl of the obligation can be reliably measured. Resources expended include costs of charitable activities. 2.4 Going Concern The trustees have a reasonable expectation that the Charity will continue to be granted adequate donations and management Se￿IceS to continue its activities for the foreseeable future, and for 12 months from the date of the approval and signing of the Balance Sheet. They therefore continue to adopt the going concem basis of accounting in preparing the annual financial statements. 2.5 Functional and Presentation Currency The financial statements are prepared in US Dollars, which is the currency of the primary economic environment in which the charity operates. Page 10 THE CANTOR FOUNDATION {UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.6 Forelgn Currencies Transactions in currencies other than USD are recorded at the average rate for the month that the transactions occurred. Monetary as5e15 and liabilities denominated in foreign currencies are translated into USD al the exchange rates ruling at the balance sheet date. Translation differences are recognised in the Statement of Financial Activities. The balance sheet conversion rate used to translate G8P into USD at 31 December 2023 was 1.275 {2022=1.2031. INCOME FROM CHARITABLE ACTIVITIES 2023 us$ 2,976,443 2022 us$ 7,084,480 Cash donalions from the BGCEH Group and its affiliate5 EXPENDITURE 2023 uss 2,979,273 2022 us$ 7,257,407 Expenditure on Charitable activities Management costs, including the audit fee of US$34k for the year ended 31 December 2023 (2022: US$34k), were borne by a relaled party. TBIS, a rnember of the BGCEH Group and not recharged to the Charity- OTHER GAINSI(LOSSES) 2023 us$ 2.830 2022 us$ 121,7851 Foreign currency exchange gainl(loss) STAFF NUMBERS AND TRUSTEES. EXPENSES AND REMUNERATION No staff were employed by the Charity during the year (2022: None). The trustees were not paid remuneration or reimbursed for expenses during the year12022'. Ussnil) Page 11 THE CANTOR FOUNDATION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 us$ us$ Payables lo relaled parties 2,900,582 7,257,407 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 us$ us$ (194,712) 7,257,407 Net movement in funds (Decrease)lincrease in creditors Effect of exchange rates on cash and cash equivalents Net cash flow from operating activities (4,356,825) 21,785 7.084,480 (4.356.825) RELATED PARTY TRANSACTIONS For the year ended 31 December 2023. the Charity recognised US$2.976k (2022.. US$7,084kl of income in relation to amounts donated by the BGCEH Group and its affiliates. The Charity recognised US$2,979k (2022.. USS7.257k) of expense in relation to accnjals for donations to charitable causes, including, USS1,748k12022'. US$5,517k) payable to the CFRF, a charitable corporation registered in the State of Delaware, United States of America, and US$1,231k (2022.. US$1.740k) payable to TBIS, a member of the BGCEH Group, to reimburse it for payments made on behalf of the Charity to third paty charities. Day io day management of the Charity is underlaken by the Iruslees using senior management and support functions from BGCEH Group. which is provided pro-bono. 10. POST BALANCE SHEET EVENTS There are no Significant gvents occuring after the balance sheet date. up to the date of approval of the financial statements that would meet the criteria to be disdosed or adjusted in the financial statements as at 31 December 2023 and for the year then ended. Page 12