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2022-12-31-accounts

Charity Registration No. 1111728

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

TRUSTEES’ ANNUAL REPORT AND CONSOLIDATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Gerald Ronson CBE (Chairman)
Dame Gail Ronson DBE (Deputy Chairman)
Ms Lisa Althasen
Mr Alan Goldman
Mr Jonathan Goldstein
Ms Amanda Ronson
Ms Hayley Ronson
Ms Nicole Ronson Allalouf
Mr Ian Rosenblatt OBE
Mr Jeffrey Shear
Mr Marc Zilkha
Charity number: 1111728 (England and Wales)
Accountants and HW Fisher LLP
correspondence address Acre House
(This serves as the principal 11-15 William Road
address of the charity as it is a London
family foundation without NW1 3ER
formal offices.)
Auditor Blick Rothenberg Audit LLP
16 Great Queen Street
London
WC2B 5AH
Bankers NatWest Bank PLC
1 Princes Street
London
EC2R 8BP
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
Investment Managers Canaccord Genuity Wealth Management
41 Lothbury
London
EC2R 7AE
Lombard Odier (Europe) S.A UK Branch
Queensberry House
3 Old Burlington Street
London
W1S 3AB
Barclays Private Bank
1 Churchill Place
London
E14 5HP
Solicitors Womble Bond Dickinson
4 More London Riverside
London
SE1 2AU

THE GERALD AND GAIL RONSON FAMILY FOUNDATION CONTENTS

Page
Trustees’ annual report 1-5
Statement of trustees’ responsibilities 6
Independent auditors’ report 7-9
Consolidated statement of financial activities 10-11
Consolidated balance sheet 12
Charity balance sheet 13
Consolidated statement of cash flows 14
Notes to the accounts 15 - 39

THE GERALD AND GAIL RONSON FAMILY FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Charity information

The trustees present their annual report and the financial statements for the year ended 31 December 2022. The accounts have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with the Foundation's trust deed, the Charities Act 2011 and 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 (FRS 102).

Structure, governance and management

The Foundation is registered with the Charity Commission for England and Wales (No. 1111728) and constituted by deed of trust dated 29 September 2005 as amended by supplemental deeds dated 11 February 2015, 27 October 2015 (as rectified by an Order of the High Court dated 8 September 2022), 9 February 2018, 24 April 2018, 8 June 2018, 6 September 2018, 29 October 2018 and 7 May 2021.

Its principal office is c/o HW Fisher LLP, Acre House, 11-15 William Road, London NW1 3ER.

The trustees who served during the year were: Mr Gerald Ronson CBE (Chairman) (I) Dame Gail Ronson DBE (Deputy Chairman) (I) Ms Lisa Althasen (2) Mr Alan Goldman (2) Mr Jonathan Goldstein (4) Ms Amanda Ronson (2) Ms Hayley Ronson (2) Ms Nicole Ronson Allalouf (2) Mr Ian Rosenblatt OBE (3) Mr Jeffrey Shear (4) Mr Marc Zilkha (2)

The power of appointing new or additional trustees is vested in Mr Gerald Ronson CBE during his life and subject thereto by Dame Gail Ronson DBE during her life and subject thereto by the trustees (who may act by a majority decision). New trustees are provided with induction materials and background information on the Foundation.

During the year, the trustees received training and updates from the Foundation’s legal advisors.

The trustees have created the following sub-committees to act in an advisory capacity to the main Board:

Decisions of the Foundation are taken by the trustees collectively.

The Foundation has a wholly owned subsidiary, Ronson Foundation Services Limited, which is a company registered in Israel.

Key management personnel comprise of the trustees and the Chief Executive Officer of the Israeli subsidiary. The directors who served on the Israeli subsidiary’s board during the year were Ms Amanda Ronson, Mr Alan Goldman and Mr Natie Shevel. Mr Natie Shevel resigned as a director of the subsidiary on 28 July 2022.

The remuneration of the Chief Executive Officer of the Israeli subsidiary is reviewed by the trustees of the Foundation in line with his service agreement at each review date.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Conflicts of Interest

The management of conflicts of interest is a standing item on the trustees' meeting agenda. The Foundation’s policy is that any trustee or member of staff with a conflict should identify this at the earliest opportunity and at the beginning of the meeting in which a conflict might arise. When that item is discussed, the conflicted party takes no part in the discussion or the decision-making process on that item.

Grant making policy

Since the inception of the Foundation in 2005, grants totalling approximately £52 million have been committed. The Foundation has established its grant making policy to achieve its objectives for the public benefit. The trustees review the grant making policy on a regular basis.

The trustees currently focus on charities in the United Kingdom and Israel.

During the financial year, the Foundation has provided both short and long-term support for organisations in the areas of: (a) Arts and culture; (b) Community and welfare; (c) Education; (d) Medical and disability; (e) Research; (f) Religion and (g) other general charitable purposes.

The trustees' policy is to make grants in the UK to charities registered with the Charity Commission for England and Wales. Where grants are made to non-UK charities, the trustees carry out appropriate due diligence and monitoring to ensure that they meet all necessary compliance thresholds for payment of charitable funds for overseas grants and payments, including the public benefit test. As well as assessing the merits of the applicant's proposal, the appraisal criteria include the anticipated outcome of the project and its financial viability.

Charities in receipt of grants above a minimum threshold are required to report to the Foundation quarterly to update the trustees on the effectiveness of the grant.

The Foundation aims to help the underprivileged. The key areas of focus are the Jewish Community, Welfare, Education, Security, Medical and Disability and Arts and Culture. The Foundation supports capital projects including children's hospices, medical and research facilities and schools. Grants have been given for Holocaust education, universities, help for those seeking employment, retirement homes and youth programmes.

The trustees do not invite unsolicited grant applications, rather relying on the trustees’ knowledge of the sector to bring suitable projects to the Foundation's attention.

The Foundation awards grants on a monthly basis. All requests for donations are approved by the trustees. The trustees meet quarterly to ratify donations approved, and to consider new applications.

Israeli subsidiary company

Ronson Foundation Services Limited was formed for the purposes of administering all aspects of grant making in Israel. Mr Natie Shevel is the Chief Executive Officer. These financial statements consolidate the results of the Israeli subsidiary company.

Related Party Transactions

Details of related party transactions are included in note 6 to the accounts.

Risk Management

The trustees maintain a risk register which is reviewed annually in order to assess the major risks to which the Foundation is exposed. The trustees are satisfied that systems are in place to manage exposure to risks. Going forward the risk register will be monitored by the Risk and Governance Committee. The main risk is considered to be the exposure to fluctuations in investment values. The listed investments of the foundation are either managed on an advisory or discretionary basis by independent asset managers. In relation to its unlisted investments which are illiquid, the trustees are exposed to fluctuations in value which are beyond their control, and they are aware of this risk. Additional risks are reputational risk from safeguarding failures in projects the Foundation supports and compliance with Law and Regulation, in particular in relation to overseas funding.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Aims, Objectives and Activities

The Foundation maintains a restricted fund to benefit charitable causes for persons of the Jewish faith wherever resident and a general fund to benefit charitable causes for all purposes. A further restricted fund, to benefit Israeli charities has now been fully expended.

The trustees are committed to provide funding to a number of major projects over the next few years to make an impact in specific areas.

Some of the major projects are highlighted below:

Educational Activities

In 2020 the Foundation committed £916,688 to the United Jewish Israel Appeal to fund the construction of the first stage of a new regional primary school in the Ma’aleh Yosef Regional Council in Israel to serve the growing needs of the local population. This project, which was co-funded together with the Government of Israel and the Regional Council has now been completed.

The Foundation has now conditionally approved additional funding of £1,000,000 to fund the construction of the second stage of the school, together with the same partners.

In 2020 the Foundation committed £2,082,032 over 3 years to the Kfar Silver Youth Village in Israel for the renovation of their dining hall and kitchen, underground infrastructures, and the renovation of their senior and junior high school blocks. This will ensure that the facility is fit for purpose to serve the needs of its residents. The project is being undertaken in conjunction with World Ort, who have raised the balance of funds to complete the project.

In 2020 the Foundation committed £2,083,333 to Reichman University (formerly known as the Interdisciplinary Centre) in Herzliya Israel for the construction of a student dormitory block. Additional funding is being provided by other charitable sources and from the College’s own resources.

The trustees previously awarded a grant of £1,000,000 to JCoSS for the purposes of a planned extension, of which £50,000 has been advanced to cover planning costs. However, as the project is not proceeding, £950,000 has been written back.

The Foundation’s commitment of £5,000,000 to The Holocaust Memorial Trust for the construction of the proposed new Holocaust Memorial, has been provided for in the accounts. However, this will be finally ratified by the trustees when final approval of the planning permission for this project is granted. To date £185,000 has been advanced to assist with planning costs.

In 2020, the Foundation committed £1,041,667 over five years to the Rashi Foundation’s Pedagogic Network for Elementary Schools that aims to close Israel’s educational gaps by offering a unique enhancement programme, providing disadvantaged children with an early start in mastering English and other key subjects. The Foundation’s commitment is to support the development of infrastructure and facilities to enhance this work, in partnership with and co-funded by the local Councils, additional philanthropy and Israeli commercial companies.

In 2020, the Foundation committed £1,157,920 over 3 years to the Darca Schools Network in Israel for refurbishment and improvement works in 7 schools in Dimona, and the Ashkelon Coastal Region in need of critical renovations. This project has been satisfactorily completed and the commitment has been paid in full, enabling Darca to continue fulfilling its goals of driving significant pedagogical improvements in these schools.

In 2022 the Foundation pledged £5,000,000 over five years (2023-2027) to the Darca Schools Network, to support their core mission of empowering students from underprivileged communities, to realize their full potential. As of 31 December 2022, Darca manages 47 schools across Israel’s geosocial periphery, reaching over 26,000 students and enabling significant academic improvements, displaying exceptional organizational transparency, efficient financial management, and expert leadership. Since the year end, the Foundation has committed a further £4,158,860.

Community Activities

In 2022, the Foundation pledged (but not accrued) £5,000,000 over a five-year period for the development of Jewish Care’s new Redbridge Community and Care Hub, a 66-bed nursing and dementia residential home and community centre.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

This will incorporate a dementia day centre, a restaurant and several multifunctional spaces to accommodate a variety of programmes and activities.

In 2016, The Foundation committed £3.6 million over a five-year period for the Ronson Family Community Centre at Jewish Care's project in Stanmore, North London. This enables Jewish Care to support those most vulnerable within the Jewish community for generations to come.

The Foundation committed £1 million over five years to Nightingale Hammerson. This has helped fund the £40 million redevelopment of Hammerson House Care Home in North London.

After the year end, the Foundation has pledged £832,812 to the Benji Hillman Foundation, towards the construction of a Guidance and Support Centre in Ra’anana, Israel. The Centre will provide support programmes to over 500 young people a year to help them achieve sufficient stability to become independent, productive, and well-adjusted citizens.

Medical and Disability

The Foundation has pledged £1.23 million spread over five years for a new Maggie’s Centre at the Royal Free Hospital, in North London, to support over 25,000 visits each year from people with cancer and their loved ones. The project will provide practical, emotional and psychological support to people affected by cancer in a calm, uplifting space.

The Foundation has committed £1 million over five years to Noah's Ark Children's Hospice. The hospice provides care and support for children and their families in North London.

In 2021, the Foundation committed £541,328 to the Northern Stars Association towards the construction of a regional occupational and therapeutic centre in Ma’aleh Yosef, Israel. The Centre naturally integrates the community’s social life in an occupational and cultural centre designed to improve the lives of people with cognitive and mental disabilities in the region.

Arts and Culture

The Foundation has committed £1 million to the Science Museum over a five-year period to fund an IMAX Theatre to provide visitors with film screenings, interactive workshops and shows, including school group activities.

The Foundation has pledged £4,164,060 over 4 years to the Jerusalem Foundation for the construction of a new music conservatory building in Jerusalem, Israel. The Jerusalem Ha’Sadna Music Conservatory offers instruction to all of Jerusalem’s residents, regardless of religion, ethnicity or socio-economic background. The enormously successful conservatory has for many years operated out of inadequate facilities. The new building will provide it with a permanent home, ensuring its ability to provide superior quality music instruction. This project is being planned, managed and cofunded by the Jerusalem Foundation who are raising additional funds to ensure that the project progresses. This project is due to commence in 2023.

Public Benefit

The trustees are satisfied that the Foundation meets the public benefit requirement, taking into account Charity Commission guidance.

Safeguarding

The trustees take their responsibilities for safeguarding seriously. Although the Foundation does not work with vulnerable children or adults directly, it does provide funding for charities that do. As such, the trustees seek to ensure, through proportionate and reasonable due diligence, that prospective grantee charities comply with their safeguarding responsibilities.

Emergency Funding

The Foundation’s trustees responded to the humanitarian crisis that evolved following the outbreak of the war in Ukraine, sending a small delegation to Poland and the Ukrainian-Polish border in March 2022 to assess the needs of Jewish refugees, and to gain an in situ understanding of the work of some of the Jewish humanitarian agencies responding in the field.

Following this trip, the trustees approved emergency grants totalling £1,011,360 to World Jewish Relief, UJIA, American Joint Distribution Committee, DALAID and British Friends of United Hatzalah of Israel. These humanitarian agencies are working in Ukraine, and in surrounding countries, to support those who remain, and those who fled, and those who wish to relocate and settle elsewhere: Their deployment in three short weeks, adapting quickly and successfully to an evolving

THE GERALD AND GAIL RONSON FAMILY FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

crisis, was impressive and effective in providing what was needed – including transport, shelter, medical, psychological, welfare needs, childcare, language support and more.

Financial review

The net assets of the Foundation as at 31 December 2022 amounted to £443,189,958 (2021: £343,420,330). Income generated in the financial year amounted to £23,229,533 (2021: £48,196,788) of which £22,500,000 (2021: £47,414,421) is credited to the endowment funds, expenditure amounted to £11,372,728 (2021: £3,360,232) and gains on investments (including revaluations) of £87,912,823 (2021: £81,439,243). After net gains on investments and expenses, costs and grants paid, there was a net increase in funds of £99,769,628 (2021: £126,275,799).

Reserves Policy

All the Foundation’s reserves are held on expendable endowment and it does not have free reserves. The trustees are able to draw down on the expendable endowment funds as required, which provide a capital base to ensure the long term existence of the Foundation. As at 31 December 2022 expendable endowment funds for restricted purposes were £308,154,739 (2021: £238,073,011) and expendable endowment funds for general purposes (unrestricted funds) were £135,035,219 (2021: £105,347,319). The trustees have the power to release expendable endowment to meet expenditure to the extent that it exceeds income in the year.

Funding

The Foundation has relied on donations from Gerald Ronson CBE and the Ronson family to fund its grant giving.

During the year Gerald Ronson CBE gifted £22,500,000, with a further donation of £2,500,000 after the year end.

In the prior year, on 18[th] February 2021 the Foundation received donations of 333,334 “B“ Non-voting Shares in Rope Holdings Ltd and on 25[th] February 2021 the Foundation received donations of 42 “C“ Non-voting Shares and 901,228 “B“ Preference Shares and 901,228 “BB“ Preference Shares in GMR Capital Limited. These donations were made by Ronson family trusts and added £47,414,421 of value to the Foundation.

Investment policy

The trustees’ investment policy is to achieve a return in excess of inflation. The trustees continually review the investment portfolio, with a view to achieving this target and the long-term growth of the fund.

Disclosure of information to the auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

On behalf of the board of trustees

Mr Gerald Ronson CBE (Chairman) Trustee

17[th] July 2023

………………………………………..

THE GERALD AND GAIL RONSON FAMILY FOUNDATION STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR EDNED 31 DECEMBER 2022

The Foundation’s 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) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

Charity law requires the Foundation’s trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure, of the Foundation for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Foundation and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF THE GERALD AND GAIL RONSON FAMILY FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of The Gerald and Gail Ronson Charitable Foundation (the ‘parent Charity') and its subsidiary (the ‘group’) for the year ended 31 December 2022, which comprise the consolidated statement of financial activities, the consolidated balance sheet, the parent charity balance sheet and the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF THE GERALD AND GAIL RONSON FAMILY FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of financial statements which 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 group and parent 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 the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the group and parent charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

THE GERALD AND GAIL RONSON FAMILY FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GERALD AND GAIL RONSON FAMILY FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022

Auditor’s responsibilities for the audit of the financial statements (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Our risk assessment findings for both non-compliance with laws and regulations and the susceptibility of the group’s financial statements to material misstatement arising from fraud were communicated with component auditors so that they could include them within their own risk assessment procedures and include, where appropriate, audit procedures in response to such risks in their work.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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’s trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Blick Rothenberg Audit LLP

Chartered Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH

Date: 17[th] July 2023

Blick Rothenberg Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

THE GERALD AND GAIL RONSON FAMILY FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
funds
2022
Notes
£
Income from:
Investments
2
454,280
Donations and legacies
3
-
Total income
454,280
Expenditure on:
Investment management fees
147,476
Charitable activities
4
Arts and Culture
406,330
Community and Welfare
53,085
Education
39,322
Medical and Disability
121,899
Research
-
Religion
-
Total charitable expenditure
620,636
Total expenditure
768,112
Net gains on investments
-
Net (expenditure)/income
(313,832)
Transfers between funds
15
313,832
Net movement in funds
-
Fund balances as at 1 January
2022
-
Fund balances at
31 December 2022
15
-		 Restricted
funds
2022
£
275,253
-
275,253
89,357
8,757
2,498,249
7,654,611
326,276
-
27,366
10,515,259
10,604,616
-
(10,329,363)
10,329,363
-
-
-		 Endowment
funds
2022
£
-
22,500,000
22,500,000
-
-
-
-
-
-
-
-
-
87,912,823
110,412,823
(10,643,195)
99,769,628
343,420,330
443,189,958		 Total
2022
£
729,533
22,500,000
23,229,533
236,833
415,087
2,551,334
7,693,933
448,175
-
27,366
11,135,895
11,372,728
87,912,823
99,769,628
-
99,769,628
343,420,330
443,189,958

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Income from:
Investments
2
Donations and legacies
3
Total income
Expenditure on:
Investment management fees
Charitable activities
4
Arts and Culture
Community and Welfare
Education
Medical and Disability
Research
Religion
General
Total charitable expenditure
Total expenditure
Net gains on investments
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
Fund balances at 1 January 2021
As originally reported
Prior year adjustment
22
As restated
Fund balances at
31 December 2021
15		 Unrestricted
funds
(restated)
2021
£
460,653
-
460,653
96,503
55,769
131,977
75,761
1,517,859
-
3,683
5,261
1,790,310
1,886,813
-
(1,426,160)
1,426,160
-
59,448,732
(59,448,732)
-
-		 Restricted
funds
(restated)
2021
£
321,714
-
321,714
225,173
8,217
612,879
523,367
62,012
-
41,771
-
1,248,246
1,473,419
-
(1,151,705)
1,151,705
-
157,695,799
(157,695,799)
-
-		 Endowment
funds
(restated)
2021
£
-
47,414,421
47,414,421
-
-
-
-
-
-
-
-
-
-
81,439,243
128,853,664
(2,577,865)
126,275,799
-
217,144,531
217,144,531
343,420,330		 Total
2021
£
782,367
47,414,421
48,196,788
321,676
63,986
744,856
599,128
1,579,871
-
45,454
5,261
3,038,556
3,360,232
81,439,243
126,275,799
-
126,275,799
217,144,531
-
217,144,531
343,420,330

THE GERALD AND GAIL RONSON FAMILY FOUNDATION CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Fixed assets:
Tangible fixed assets
7(a)
Investments
7(b)
Total fixed assets
Current assets:
Debtors
10
Cash at bank and in hand
11
Total current assets
Liabilities:
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
14
Net assets
The funds of the Foundation:
Unrestricted funds
15a
Restricted funds
15a
Endowment funds
15b
Total Foundation funds		 2022
£
3,585
437,169,615
437,173,200
4,505,994
18,170,295
22,676,289
(6,922,914)
15,753,375
452,926,575
(9,736,617)
443,189,958
-
-
443,189,958
443,189,958		 2021
£
4,072
352,100,457
352,104,529
4,908
4,720,666
4,725,574
(4,678,983)
46,591
352,151,120
(8,730,790)
343,420,330
-
-
343,420,330
343,420,330

Approved by the Board of Trustees on 17[th] July 2023

Mr Gerald Ronson CBE (Chairman) Trustee

THE GERALD AND GAIL RONSON FAMILY FOUNDATION CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Fixed assets:
Investments
7(b)
Total fixed assets
Current assets:
Debtors
10
Cash at bank and in hand
11
Total current assets
Liabilities:
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
14
Net assets
The funds of the Foundation:
Unrestricted funds
15a
Restricted funds
15a
Endowment funds
15b
Total Foundation funds		 2022
£
437,169,617
437,169,617
4,500,000
18,058,702
22,558,702
(6,779,325)
15,779,377
452,948,994
(9,736,617)
443,212,377
-
-
443,212,377
443,212,377		 2021
£
352,100,459
352,100,459
-
4,605,926
4,605,926
(4,612,966)
(7,040)
352,093,419
(8,730,790)
343,362,629
-
-
343,362,629
343,362,629

Approved by the Board of Trustees on 17[th] July 2023

Mr Gerald Ronson CBE (Chairman) Trustee

THE GERALD AND GAIL RONSON FAMILY FOUNDATION CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Net cash from/(used by) from operating
activities
16
Cash flows from investing activities:
Investment income
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the
year
Cash and cash equivalents at the beginning
of the year
Cash and cash equivalents at the end of the
year
17		 2022
£
9,877,998
729,533
(1,503)
14,158,545
(11,314,944)
3,571,631
13,449,629
4,720,666
18,170,295		 2021
£
(8,018,785)
782,367
(2,051)
14,950,733
(15,414,243)
316,806
(7,701,979)
12,422,645
4,720,666

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting Policies

The principal accounting policies adopted in the preparation of the financial statements are as follows:

1.1 Basis of preparation

The accounts have been prepared in accordance with the Foundation's trust deed, the Charities Act 2011 and “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 (FRS 102)”. The Foundation is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in pounds sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include listed and unlisted investments at fair value. The principal accounting policies are set out below.

The preparation of financial statements in accordance with UK applicable accounting policies requires the use of estimates. Details of the key accounting estimates used are detailed in note 8 to the financial statements.

1.2 Preparation of the accounts on a going concern basis

Key budget, forecast assumptions and cash flow projections show that the Foundation will be in a position to fulfil project grant commitments and day to day operations.

At the time of approving the financial statements, the trustees have a reasonable expectation, based on the level of their reserves, cash held at bank and investments, that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Income

Income is recognised when the Foundation has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from donations is accounted for together with the associated Gift Aid where applicable.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Investment income is allocated to restricted and unrestricted funds based on the proportion of assets held within each fund at the start of the accounting period. Cash donations are recognised on receipt.

1.4 Expenditure

Expenditure is recognised on an accruals basis. All costs which can be directly attributed to charitable activities are allocated to the relevant activity. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Costs of generating funds comprise investment management fees. Costs of charitable activities include grants made, governance costs and support costs. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Foundation and include the audit fees and costs linked to the strategic management of the Foundation.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

Accounting Policies

(Continued)

1.5 Grants payable

Grants payable are payments made to institutions in the furtherance of the charitable objects of the Foundation. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. In the case of a conditional grant offer, this is accrued when the conditions attached to the grant are beyond the control of the Foundation, such as the commencement of building works or the recipient matching the Foundation’s funding, and the recipient has been notified of the grant award.

1.6 Investments

Investments are a form of basic financial instruments and are recognised initially at their transaction value and subsequently measured at their fair value as at the balance sheet date. Listed investments are stated at fair value based on bid prices at the balance sheet date. Fair value of unquoted investments is based on the net asset value of the underlying investments adjusted as appropriate as explained in note 8 to the financial statements.

1.7 Debtors

Debtors are recognised at the settlement amount due after any discount. Prepayments are valued at the amount prepaid net of any discounts due.

1.8 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Creditors and provisions

Creditors and provisions are recognised where the Foundation has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

1.10 Gains and losses

All 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 sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and the assets’ carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.

1.11 Group financial statements

The financial statements consolidate the results of the Foundation and its wholly owned Israeli subsidiary, Ronson Foundation Services Limited, on a line-by-line basis. Transactions and balances between the Foundation and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity's balance sheet. As per the requirements, a separate Statement of Financial Activities for the charity has not been presented.

1.12 Fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their expected useful lives on the following basis:

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

Accounting Policies

(Continued)

Computer equipment: 33% straight line. Assets below £250 are not capitalised.

Office equipment: 6% straight line.

1.13 Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general charitable objectives of the Foundation.

Restricted funds can only be used for the purposes specified by the donor. Restricted fund (No.1) is set aside for Jewish causes and Restricted fund (No.2) is specifically for Israeli charities.

Endowment funds – these are expendable endowment funds. The trustees have a power to release these to the income funds to meet any shortfall of income over expenditure. Income arising from investments held within specific endowment funds is credited to the corresponding unrestricted or restricted funds in accordance with the purpose of the fund.

1.14 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Opening net assets of foreign subsidiaries are re-translated at the exchange rate prevailing at the year end date or date of original transaction. Gains and losses arising on translation are included in net/income expenditure for the period.

2 Investment income – Group and Charity

Unrestricted
funds
Restricted
funds
Total
Unrestricted
funds
Restricted
funds
Total
2022
2022
2022
2021
2021
2021
£
£
£
£
£
£
Bank interest
Listed
investment
income		 8,317
5,039
13,356
710
1,657
2,367
445,963
270,214
716,177
459,943
320,057
780,000
454,280
275,253
729,533
460,653
321,714
782,367

NOTES TO THE ACCOUNTS

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2022

3 Donations – Group and Charity

Donations
Gift aid receivable
Gifts of shares
Donations
Gift aid receivable
Gifts of shares		 Unrestricted
funds
Restricted
funds
Endowment
funds
Total
2022
2022
2022
2022
£
£
£
£
-
-
18,000,000
18,000,00
-
-
4,500,000
4,500,000
-
-
-
-
-
-
22,500,000
22,500,000
Unrestricted
funds
Restricted
funds
Endowment
funds
Total
2021
2021
2021
2021
£
£
£
£
-
-
-
-
-
-
-
-
-
-
47,414,421
47,414,421
-
-
47,414,421
47,414,421

During the year, the Foundation received a gross donation of £22,500,000 from Gerald Ronson CBE. In accordance with the wishes of the donor, this is recognised as an expendable endowment.

In the prior year, on 18[th] February 2021 the Foundation received donations of 333,334 “B“ Non-voting Shares in Rope Holdings Ltd and on 25[th] February 2021 the Foundation received donations of 42 “C“ Non-voting Shares and 901,228 “B“ Preference Shares and 901,228 “BB“ Preference Shares in GMR Capital Limited. These donations were made by Ronson family trusts and added £47,414,421 of value to the Foundation. In accordance with the wishes of the donors these were recognised as expendable endowments.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4 Charitable activities 2022 – Group

Arts and Culture
Community and Welfare
Education
Medical and Disability
Research
Overseas Aid
Religion
General		 Grants payable
(note 19)
Allocated
support costs
Grants payable
(note 19)
Allocated
support costs
Unrestricted
funds total
2022
Restricted funds
(No.1) - Jewish
causes total
2022
Grants payable
(note 19)
Allocated
support costs
Restricted
funds (No.2) -
Israel total
2022
£
£
£
£
£
£
£
£
£
310,000
96,330
406,330
8,000
757
8,757
-
-
-
40,500
12,585
53,085
2,240,789
212,092
2,452,881
36,211
9,157
45,368
30,000
9,322
39,322
6,981,300
660,782
7,642,082
10,000
2,529
12,529
93,000
28,899
121,899
183,610
17,379
200,989
100,000
25,287
125,287
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25,000
2,366
27,366
-
-
-
-
-
-
-
-
-
-
-
-
473,500
147,136
620,636
9,438,699
893,376
10,332,075
146,211
36,973
183,184

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

4 Charitable activities 2021 - Group

Unrestricted Restricted Restricted funds
funds Fund (No.1) Grants Allocated (No.2) - Israel
Grants payable Allocated total Grants payable Allocated (Jewish causes) payable (note support total
(note 19) support costs 2021 (note 19) support costs total 2021 19) costs 2021
£ £ £ £ £ £ £ £ £
Arts and Culture 53,000 2,769 55,769 6,000 2,217 8,217 - -
Community and Welfare 125,425 6,552 131,977 447,503 165,376 612,879 - - -
Education 72,000 3,761 75,761 118,500 394,867 513,367 10,000 - -
Medical and Disability 1,442,500 75,359 1,517,859 40,000 14,782 54,782 7,230 - 10,000
Research - - - - - - - - 7,230
Overseas Aid - - - - - - - - -
Religion 3,500 183 3,683 30,500 11,271 41,771 - - -
General 5,000 261 5,261 - - - - - -
1,701,425 88,885 1,790,310 642,503 588,513 1,231,016 17,230 - 17,230

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

5 (a) Analysis of governance and support costs – Group

The trustees identify those costs which relate to the governance and support function of the Foundation. Having identified its governance and support costs, the costs are then allocated to the charitable activities on a pro-rata basis based on monetary value of grants awarded. All the costs relating to the Israeli subsidiary are allocated to the restricted fund (No.1) Jewish causes and then pro-rata to charitable activities based on the monetary value of grants awarded in Israel under each activity. No costs are allocated to the No.2 fund which has now been fully spent.

Support costs
Staff costs
Accountancy
Legal and professional
Depreciation
Travel and subsistence
Administration fees
Total support costs
Governance costs
Auditor’s remuneration (including VAT)
Total allocated to charitable activities		 2022
2021
£
£
438,520
386,670
186,919
122,197
201,090
44,540
2,056
1,432
45,210
33,460
177,890
64,621
1,051,685
652,920
25,800
24,478
1,077,485
677,398

Governance costs include audit fees of £25,800 (2021: £24,478). No other services were provided by Blick Rothenberg Audit LLP as auditor in 2022 and 2021.

5 (b) Employees

The average number of employees during the year was 3 (2021: 3). The remuneration of the Chief Executive (based in Israel) comprising gross pay and benefits amounted to £307,399 (2021: £360,354) including salary related costs (including pension costs) of £57,658 (2021: £81,692) and benefits of £25,859 (2021: £24,478).

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

6 Related party transactions – Group

During the year, the Foundation received a gross donation of £22,500,000 (2021: £nil) from Gerald Ronson CBE.

In the prior year, on 18[th] February 2021 the Foundation received donations of 333,334 “B“ Non-voting Shares in Rope Holdings Ltd and on 25[th] February 2021 the Foundation received donations of 42 “C“ Non-voting Shares and 901,228 “B“ Preference Shares and 901,228 “BB“ Preference Shares in GMR Capital Limited. These donations were made by Ronson family trusts and added £47,414,421 of value to the Foundation.

During the year, the Foundation made the following grants:-

None of the trustees (or any person connected with them) received any remuneration during the year.

During the year, expenditure of £92,049 (2021: £nil) was incurred on behalf of, or reimbursed, in respect of overseas trips made by six trustees and the CEO of the Israeli subsidiary company.

These trips were made to:-

Israel - to engage with the Foundation’s Israeli beneficiaries, partners, and grantees to monitor progress of current projects being supported by the Foundation and to explore new funding opportunities.

Poland/Ukraine - to better understand the needs in the field, and the support required by the Jewish community there. The trustees examined the work currently being performed by Jewish organisations on the ground. As a result of the trip, the trustees identified the need to support the following areas: supporting the Ukrainian Jewish community in situ as well as the evacuation and resettlement of Jewish Ukrainian refugees.

Ethiopia - The Foundation was invited by the Jewish Agency for Israel (JAFI) to join a delegation on a mission to Ethiopia to galvanise support for the Jewish Agency’s effort to raise USD $9.6m to facilitate the current immigration of 3,000 Ethiopians to Israel. Following the trip, the trustees are focussing their efforts on assisting the Ethiopian community’s educational opportunities upon arrival in Israel.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

7(a) Fixed assets – Group

Computer equipment – cost
At 1 January
Additions
At 31 December
At 1 January
Charge
At 31 December
Net book value		 2022
2021
£
£
5,826
3,775
1,598
2,051
7,424
5,826
1,754
309
2,085
1,445
3,839
1,754
3,585
4,072

Fixed assets are held by the subsidiary company.

7(b) Fixed asset investments – Group

Listed investments held at fair value:

At 1 January
Additions
Disposals
Net (loss)/gain on investments
At 31 December
Unlisted investments held at fair value:
At 1 January
Additions
Net gain on investments
At 31 December
Unlisted investments comprise the following holdings:
Heron International Limited
GMR Capital “Group”
At 31 December		 2022
2021
£
£
30,359,913
26,834,418
10,632,577
15,414,243
(13,439,000)
(14,962,491)
(3,432,294)
3,073,743
24,121,196
30,359,913
2022
2021
£
£
321,740,544
195,948,864
-
47,414,421
91,307,875
78,377,259
413,048,419
321,740,544
2022
2021
£
£
983,419
1,089,544
412,065,000
320,651,000
413,048,419
321,740,544

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

Listed investments
Unlisted investments
At 31 December		 2022
(Continued)
2021
£
£
24,121,196
30,359,913
413,048,419
321,740,544
437,169,615
352,100,457

Unlisted investments in the GMR Capital Group which consists of a holding of 5,000 (2021: 5,000) non-voting "B" shares in Ronson Capital Limited, 333,334 “B“ non-voting Shares in Rope Holdings Ltd, 42 “C“ Non-voting Shares and 901,228 “B“ Preference Shares and 901,228 “BB“ Preference Shares in GMR Capital Limited based on a discounted net asset value at 31 December 2022 of £412,065,000 (2021: £320,651,000).

Unlisted investments also include a holding of 707,496 (2021: 707,496) shares in Heron International Limited. These are valued at £1.39 (2021: £1.54) per share based on a discounted net asset value at 31 December 2022.

In addition, the Charity holds £2 (2021: £2) of share capital in Ronson Foundation Services Limited, an Israeli incorporated company.

Charity investments

Unlisted investments within the charity entity total £413,048,421 (2021: £321,740,546) and total investments £437,169,617 (2021: £352,100,459).

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

8 Key estimates and judgements

A key judgement in arriving at the balance sheet values is the method of valuing unlisted investments. The trustees judge a net assets basis of valuation as being the most appropriate method. Key estimates in arriving at the balance sheet values are the levels of discount applied to the net asset valuation and rates applicable to different classes of shares for unlisted investments.

In the case of GMR Capital “Group” the trustees have assumed the net assets value discounted by 28.75% for lack of marketability and because the ordinary shares are non-voting shares.

In the case of Heron International Limited the trustees have assumed a 25% discount on the net assets value of the Foundation’s interest in the shares.

Any adjustment to the discount rates used above would have an impact on the valuation of the investments at the balance sheet date.

9 Taxation

As a charity, the Gerald and Gail Ronson Family Foundation is exempt from UK tax on income and gains to the extent that these are applied to its charitable objects. No UK tax charges have arisen in the Foundation during the year or the previous year.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

10
Debtors
Gift Aid receivable
Other debtors
11 Cash at bank and in hand
Deposit and current accounts
12
Financial instruments
Carrying amount of financial assets
Measured at amortised cost
Investments measured at fair value
Carrying amount of financial liabilities
Measured at amortised cost
13
Creditors: amounts falling due within one year
Other creditors
Other taxes and social security costs
Accruals
Grant commitments		 Group
Charity
2022
2021
2022
2021
£
£
£
£
4,500,000
-
4,500,000
-
5,994
4,908
-
-
4,505,994
4,908
4,500,000
-
Group
Charity
2022
2021
2022
2021
£
£
£
£
18,170,295
4,720,666
18,058,702
4,605,926
18,170,295
4,720,666
18,058,702
4,605,926
Group
Charity
2022
2021
2022
2021
£
£
£
£
4,505,994
4,908
4,500,000
-
437,169,615
352,100,457
437,169,615
352,100,457
16,659,529
13,409,773
16,515,940
13,343,756
Group
Charity
2022
2021
2022
2021
£
£
£
£
4,539
5,120
137
5,120
87,864
34,274
865
-
183,911
85,073
131,723
53,330
6,646,600
4,554,516
6,646,600
4,554,516
6,922,914
4,678,983
6,779,325
4,612,966

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

14 Creditors: amounts falling due after more than one year – Group and Charity

Grant commitments 2022
2021
£
£
9,736,617
8,730,790
9,736,617
8,730,790

A further £18,044,496 (2021: £8,512,496) of pledges have been made which have not been provided for in the accounts as the criteria for recognition have not yet been met.

15a Analysis of movements in restricted funds

Group
Jewish causes (No.1)
Israel (No.2)
Charity only
Jewish causes (No.1)
Israel (No.2)
Group
Jewish causes (No.1)
Israel (No.2)		 Funds at 1 January 2022
Incoming
resources
Resources
expended
Transfers
Funds at 31
December 2022
£
£
£
£
£
-
275,253
(10,421,432)
10,146,179
-
-
-
(183,184)
183,184
-
-
275,253
(10,604,616)
10,329,363
-
Funds at 1 January 2022
Incoming
resources
Resources
expended
Transfers
Funds at 31
December 2022
£
£
£
£
£
-
275,253
(10,905,126)
10,629,873
-
-
-
(183,184)
183,184
-
-
275,253
(11,088,310)
10,813,057
-
Restated funds
at 1 January
2021
Incoming
resources
Resources
expended
Transfers
Funds at 31
December 2021
£
£
£
£
£
-
321,714
(1,456,189)
1,134,475
-
-
-
(17,230)
17,230
-
-
321,714
(1,473,419)
1,151,705
-

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

15a Analysis of movements in restricted funds (continued)

Charity
Jewish causes (No.1)
Israel (No.2)		 Restated funds
at 1 January
2021
Incoming
resources
Resources
expended
Transfers
(restated)
Funds at 31
December 2021
£
£
£
£
£
-
321,714
(1,674,426)
1,352,712
-
-
-
(17,230)
17,230
-
-
321,714
(1,691,656)
1,369,942
-

Restricted fund (No.1) is for the benefit of persons of the Jewish faith wherever resident. Restricted fund (No.2) is for the benefit of Israeli charities. Transfers are explained in note 15b and relate to the release of expendable endowment funds to cover a shortfall of income over expenditure as agreed by the trustees.

The Restricted fund (No.2) has now been wound up as the projects associated with the fund have been completed.

15b Analysis of movements in endowment funds

Group
Expendable endowments
General purposes
Jewish Causes (No.1)
Israel (No.2)
Expendable endowments
General purposes
Jewish Causes (No.1)
Israel (No.2)		 Funds at 1
January
2022
Incoming
resources
Resources
expended
Gains and
losses
Transfers
Funds at 31
December
2022
£
£
£
£
£
£
105,347,319
5,593,750
-
24,407,982
(313,832)
135,035,219
237,889,827
16,906,250
-
63,504,841
(10,146,179)
308,154,739
183,184
-
-
-
(183,184)
-
343,420,330
22,500,000
-
87,912,823
(10,643,195)
443,189,958
Restated
funds at 1
January
2021
Incoming
resources
Resources
expended
Gains and
losses
(restated)
Transfers
(restated)
Funds at 31
December
2021
£
£
£
£
£
£
59,448,732
23,707,210
-
24,570,336
(2,378,959)
105,347,319
157,495,385
23,707,211
-
56,868,907
(181,676)
237,889,827
200,414
-
-
-
(17,230)
183,184
217,144,531
47,414,421
-
81,439,243
(2,577,865)
343,420,330

The expendable endowment funds represent assets which must be held as capital by the Foundation. In accordance with the donors’ wishes, the trustees have a power to release endowment funds to cover excess of expenditure over income on the income funds. Income arising on individual endowment funds must be used in accordance with the purposes of each being either general purposes, Jewish causes or Israel. Capital gains or losses arising on the assets form part of the relevant endowment fund.

Net transfers in the year include sums agreed by the trustees to cover excess of expenditure over income and comprise sums of £313,832 (2021: £1,426,160) from general purposes to unrestricted income funds, £10,146,179 (2021: £1,134,475) from Jewish causes and £183,184 (2021: £17,230) from the Israel fund to the corresponding restricted income funds.

In the prior year, a transfer of £952,799 was made between the general purposes and Jewish causes fund to amend a prior year allocation of funds.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

15b Analysis of movements in endowment funds (continued)

Charity
Expendable endowments
General purposes
Jewish Causes (No.1)
Israel (No.2)
Expendable endowments
General purposes
Jewish Causes (No.1)
Israel (No.2)		 Restated
funds at 1
January
2022
Incoming
resources
Resources
expended
Gains and
losses
Transfers
Funds at 31
December
2022
£
£
£
£
£
£
105,347,319
5,593,750
-
24,407,982
(313,832)
135,035,219
237,832,126
16,906,250
-
63,558,231
(10,119,449)
308,177,158
183,184
-
-
-
(183,184)
-
343,362,629
22,500,000
-
87,966,213
(10,616,465)
443,212,377
Restated
funds at 1
January
2021
Incoming
resources
Resources
expended
Gains and
losses
Transfers
Restated
funds at 31
December
2021
£
£
£
£
£
£
59,448,732
23,707,210
-
24,570,336
(2,378,959)
105,347,319
157,659,993
23,707,211
-
56,868,907
(403,985)
237,832,126
200,414
-
-
-
(17,230)
183,184
217,309,139
47,414,421
-
81,439,243
(2,800,174)
343,362,629

Net transfers in the year include sums agreed by the trustees to cover excess of expenditure over income and comprise sums of £313,832 (2021: £1,426,160) from general purposes to unrestricted income funds, £10,119,449 (2021: £1,356,784) from Jewish causes and £183,184 (2021: £17,230) from the Israel fund to the corresponding restricted income funds.

In addition, in the prior year, a transfer of £952,799 was made between the general purposes and Jewish causes fund to amend a prior prior year allocation of funds.

16 Reconciliation of Group net movement in funds to net cash flow from operating activities

Net movement in funds as per the statement of financial activities
Adjustments for:
Investment income
Depreciation
Gain on investments
Non-cash gift of shares
(Increase) in debtors
Increase/(Decrease) in creditors
Net cash generated from/(used by) operating activities		 2022
2021
£
£
99,769,628
126,275,799
(729,533)
(782,367)
2,056
1,445
(87,912,823)
(81,439,243)
-
(47,414,421)
(4,501,086)
(4,908)
3,249,756
(4,655,090)
9,877,998
(8,018,785)

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

17 Analysis of cash and cash equivalents

Cash in hand
Notice deposits
Total cash and cash equivalents		 2022
2021
£
£
18,169,276
4,719,648
1,019
1,018
18,170,295
4,720,666

No movement in net debt is required as the Foundation has no loans.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

18 Consolidated split of assets between funds

Unrestricted Restricted Endowment Endowment Total Unrestricted Restricted funds Endowment Endowment Total 2021
funds funds funds (Jewish funds (general 2022 funds funds (Jewish funds (general
causes) purposes) causes & Israel) purposes)
Tangible fixed
assets - 3,585 - - 3,585 - 4,072 - - 4,072
Investments:
Listed - - 11,242,889 12,878,307 24,121,196 4,296,462 4,383,665 8,771,451 12,908,335 30,359,913
Unlisted - - 294,338,303 118,710,116 413,048,419 - - 229,301,560 92,438,984 321,740,544
- - 305,581,192 131,588,423 437,169,615 4,296,462 4,383,665 238,073,011 105,347,319 352,100,457
Debtors - 4,505,994 - - 4,505,994 - 4,908 - - 4,908
Cash at bank and in 6,745,000 5,404,952 2,573,547 3,446,796 18,170,295 3,308,538 1,412,128 - - 4,720,666
hand
Creditors: amounts falling due within
one year
Grant commitments (2,075,000) (4,571,600) - - (6,646,600) (2,190,000) (2,364,516) - - (4,554,516)
Other creditors (4,539) - - (4,539) - (5,120) - - (5,120)
Other taxes & social
security costs - (87,864) - - (87,864) - (34,274) - - (34,274)
Accruals - (183,911) - - (183,911) - (85,073) - - (85,073)
Net current
assets/(liabilities) 4,670,000 5,063,032 2,573,547 3,446,796 15,753,375 1,118,538 (1,071,947) - - 46,591
Total assets less
current liabilities 4,670,000 5,066,617 308,154,739 135,035,219 452,926,576 5,415,000 3,315,790 238,073,011 105,347,319 352,151,120
Creditors: amounts falling due after
more than one year
Grant commitments (4,670,000) (5,066,617) - - (9,736,617) (5,415,000) (3,315,790) - - (8,730,790)
- - 308,154,739 135,035,219 443,189,958 - - 238,073,011 105,347,319 343,420,330

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

18 (continued) Charity only split of assets between funds

Unrestricted Restricted Endowment Endowment Total Unrestricted Restricted funds Endowment Endowment Total 2021
funds funds funds (Jewish funds (general 2022 funds funds (Jewish funds (general
causes) purposes) causes & Israel) purposes)
Investments:
Listed - - 11,242,889 12,878,307 24,121,196 4,296,462 4,441,366 8,713,750 12,908,335 30,359,913
Unlisted - - 294,338,303 118,710,116 413,048,419 - - 229,301,560 92,438,984 321,740,544
Israeli subsidiary - 2 - - 2 - 2 - - 2
- 2 305,581,192 131,588,423 437,169,617 4,296,462 4,441,368 238,015,310 105,347,319 352,100,459
Debtors - 4,500,000 - - 4,500,000 - - - - -
Cash at bank and in 6,745,000 5,270,940 2,595,967 3,446,795 18,058,702 3,308,538 1,297,388 - - 4,605,926
hand
Creditors: amounts falling due within
one year
Grant commitments (2,075,000) (4,571,600) - - (6,646,600) (2,190,000) (2,364,516) - - (4,554,516)
Other creditors - (137) - - (137) - (5,120) - - (5,120)
Other taxes & social
security costs - (865) - - (865) - - - - -
Accruals - (131,723) - - (131,723) - (53,330) - - (53,330)
Net current
assets/(liabilities) 4,670,000 5,066,615 2,595,967 3,446,795 15,779,377 1,118,538 (1,125,578) - - (7,040)
Total assets less
current liabilities 4,670,000 5,066,617 308,177,159 135,035,218 452,948,994 5,415,000 3,315,790 238,015,310 105,347,319 352,093,419
Creditors: amounts falling due after
more than one year
Grant commitments (4,670,000) (5,066,617) - - (9,736,617) (5,415,000) (3,315,790) - - (8,730,790)
- - 308,177,159 135,035,218 443,212,377 - - 238,015,310 105,347,319 343,362,629

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

19
Grants payable
Arts & Culture
British Friends of the Art Museums of Israel
Israel Philharmonic Orchestra Foundation UK
Jewish Music Institute
UK Jewish Film
Total Restricted grants
Hampstead Theatre
Imperial War Museum
Mousetrap Foundation for the Arts
Royal Opera House
Total Unrestricted grants
Total grants		 2022
2021
£
£
1,000
5,000
5,000
-
2,000
-
-
1,000
8,000
6,000
10,000
-
-
50,000
-
3,000
300,000
-
310,000
53,000
318,000
59,000

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

Community & Welfare

Aish HaTorah UK - 5,000
AJEX Charitable Foundation - 3,000
American Jewish Joint Distribution Committee 400,000 -
Ashkelon Foundation 63,789 -
AWIS 25,000 -
Be'Atzmi 100,000 -
Bedside Kosher 5,000 -
Beit Halochem UK 11,000 -
Board of Deputies 15,000 -
British Emunah Fund - 5,000
British Friends of Shalva - 5,000
British Friends of United Hatzalah of Israel 5,000 -
Camp Simcha 25,000 -
Chabad Lubavitch Centre 13,000 3,600
Chaverim Youth Organisation 3,000 -
Community Security Trust 300,000 300,000
DALAID-UK 80,000 -
Emunah National Religious Women's Organization 25,000 124,923
Food Bank Aid - 5,000
Gateshead Talmudical College - 5,000
Hamachon 3,000 -
Jewish Association Ronson Donation 5,000 -
Jewish Care 201,000 100,000
Jewish Deaf Association - 5,000
Jewish Leadership Council 100,000 125,000
Jewish Museum - (400,000)
Jewish Volunteering Network - 5,000
Jewish Womens Aid 15,000 -
JLC - Partnerships for Jewish Schools (PaJeS) - 25,000
JLGB - 10,000
Kemach 81,000 -
King Solomon High School - 2,500
Kisharon - 10,000
Leket UK 10,000 1,000
Lubavitch Scotland 500 1,000
Lubavitch UK - 10,000
Maccabi GB 5,000 5,000
March of the Living UK 5,000 5,000
Menorah Grammar School - 500
Mitzvah Day UK 3,000 -
Noa's Girls 10,000 10,000
Norwood Ravenswood 110,000 10,000
Ohel Torah - 10,000
Prism - 5,000
Project Seed Ltd 1,000 5,000
Shema Bni - 5,000
Solihull & Hebrew District Congregation 2,000 -
St John's Wood Synagogue 1,000 -
Stand With Us UK - 3,000
The Central Hendon Mikvah - 10,000
The Centre for Treatment of Truma - 17,980
The Fed 25,000 -
The London Soup Kitchen (The Chicken Soup Shelter) 1,000 2,000

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

Community & Welfare

Community & Welfare
(continued)
UJIA
UK Jewish Film Festival
United Synagogue
University of Jewish Chaplaincy
Western Marble Arch Synagogue
Wizo UK
Work Avenue
World Jewish Relief
Total Restricted grants		 400,000
-
1,000
-
10,000
-
-
2,000
7,500
-
-
1,000
3,000
5,000
170,000
-
2,240,789
447,503
Israel Fund
Ashkelon Foundation		 36,211
-
36,211
-
Total Restricted grants
Anne Frank Trust
British Paralympic Association (BPA)
Cherie Blair Foundation
Corinne Burton Memorial Trust
Fight for Peace UK
Future Dreams
Grief Encounter
Impetus
Landaid Charitable Trust
Lifelites
Prism The Gift Fund
PWRR Benevolent Fund
Rays
Revitalise Holidays
Royal Marines Charity
Save the Children
Sir Simon Milton Foundation
The Friends of St Anne's Church
The Paperweight Trust
The Poppy Factory
The Springboard
Together for Short Lives
Unlocking Potential
Water Aid
Total Unrestricted grants
Total grants		 2,277,000
447,503
-
10,000
-
25,000
3,000
-
1,000
-
-
825
5,000
5,000
5,000
6,000
10,000
-
-
5,000
-
2,000
-
5,000
-
3,500
-
10,000
-
1,000
-
12,500
-
5,000
1,500
1,500
-
100
-
5,000
-
3,000
3,000
5,000
10,000
-
-
20,000
2,000
-
40,500
125,425
2,317,500
572,928

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

Education

AJEX Charitable Foundation
Anne Frank Trust UK
Chaverim Youth Organisation
Clore Tikva School
Dalaid UK
Darca Schools
Davidson Institute of Science Education
First Israel
Gateshead Talmudical College
Gesher School
Greenway Foundation
Hasmonean High School Charitable Trust
Holocaust Centre (Beth Shalom Ltd)
Holocaust Educational Trust
Holocaust Memorial Day Trust
INSS
JCoSS
Jewish Interactive
Jews' College
JLC - Partnerships for Jewish Schools (PaJeS)
King David Harold House Foundation
King David Schools
Ohel Torah
Rashi Foundation
Sacks Morasha School
Side By Side
Simon Marks Jewish Primary School
The Abraham Effect
The Boys Clubhouse
The Holocaust Educational Trust
Unlocking Potential
Wizo Ronson
Yemin Orde Youth Village		 3,000
-
1,800
-
-
2,000
-
10,000
-
5,000
5,000,000
-
50,000
-
20,000
-
5,000
-
1,000,000
-
10,000
-
5,000
-
-
10,000
10,000
-
10,000
5,000
37,500
-
3,000
10,000
-
500
-
2,000
-
50,000
3,000
-
5,000
-
15,000
-
250,000
-
5,000
-
500,000
-
3,000
5,000
20,000
-
-
1,000
-
5,000
-
10,000
-
3,000
25,000
-
6,981,300
118,500
Israel Fund
Bet Ha'Shanti
BedeinCentre for Near East Policy Research		 -
10,000
10,000
-
10,000
10,000
Total Restricted grants
6,991,300
128,500

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

Education (continued)

Big Ideas
Holocaust Memorial Charitable Trust
Holocaust Memorial Day Trust
Imperial War Museum
Mind
Minority Matters
Institute of Policy Research
Prince's Teaching Institute
The Wiener Holocaust Library
Wolfson Hillel Primary School
Total Unrestricted grants
Total grants
Medical & Disability
Acheinu Cancer Support
Aleh-Educational & Rehab Bnei Brak - J
Art Therapy for Children
Beit Halochem
British Friends of United Hatzalah of Israel
Camp Simcha
Chai Cancer Care
Hatzola Northwest
Jewish Blind & Disabled
Jewish Deaf Association
Jnetics
Kisharon
Magen David Adom UK
Norwood J
Total Restricted grants		 10,000
-
-
10,000
5,000
-
-
50,000
5,000
-
5,000
-
5,000
-
5,000
5,000
2,000
30,000
72,000
7,021,300
200,500
3,000
-
100,000
-
-
10,000
10,000
10,000
11,360
-
250
-
20,000
15,000
10,000
-
5,400
-
5,000
-
3,000
5,000
10,000
-
5,000
-
600
-
183,610
40,000
Israel Fund
The Sheba Fund for Health Services and Research		 -
7,230
Reuth Tel Aviv Rehabilitation Hospital 100,000
-
100,000
7,230
Total Restricted grants
Alzheimer’s Research UK
Blood Cancer UK
Brain Tumour Research
Clim 2 Recovery
CPotential
Folicul
Follicular Lymphoma Foundation
Heart Cells
Hope for Hypothalamic Hamartomas UK
Lady Garden Foundation
Maggie's Centres
Race Against Dementia
RNIB
Royal Free Hospital Charity
Royal Society for Blind Children
Spoons
Spread A Smile
Target Ovarian Cancer
The Back-Up Trust
The Bevern Trust
283,610
47,230
-
500
8,000
-
-
25,000
-
1,000
1,000
-
-
5,000
-
5,000
13,000
3,000
10,000
-
5,000
-
-
1,230,000
25,000
-
-
15,000
7,000
-
-
100,000
5,000
-
3,000
-
10,000
-
2,000
-
3,000
-

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

The Royal Free Charity
The Urology Foundation
UCL Development Fund
Wellbeing of Women
Total Unrestricted grants
Total grants
Religion
Chief Rabbinate Trust
Exeter Synagogue
Finchley Federation Synagogue
United Synagogue
Western Marble Arch Synagogue
Total Restricted grants
Institute for Druze Community Practical Research
The Friends of St Anne's Church
Total Unrestricted grants
Total grants
General
Letter of Law
Total Restricted grants
Institute of Policy Research
Total Unrestricted grants
Total grants
TOTAL		 -
50,000
1,000
-
-
5,000
-
3,000
93,000
1,442,500
376,610
1,489,730
25,000
-
-
10,000
-
5,000
-
15,000
-
500
25,000
30,500
-
3,000
-
500
-
3,500
__ ____
25,000
34,000
-
-
-
-
-
5,000
-
5,000
-
5,000
10,058,410
2,361,158

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

20 Grant commitments

Grant commitments brought forward
Grants approved in the year
Grants paid in the year
Grants committed for payment:
Within one year
In more than one year		 2022
2021
£
£
13,285,306
17,992,422
7,465,990
2,361,158
(4,368,079)
(7,068,274)
16,383,217
13,285,306
6,646,600
4,554,516
9,736,617
8,730,790
16,383,217
13,285,306

Grant commitments are accrued when a signed grant agreement between the Foundation and grantee is in place.

21 Subsidiary company

The Foundation owns 100% of the share capital of Ronson Foundation Services Limited, a company incorporated and registered in Israel with company number 516178522 whose registered office is at 27 Gishmei Bracha Street, Hod Hasharon, 5431627, Israel.

Turnover
Expenditure
Surplus for the period		 2022
2021
£
£
510,425
381,115
(510,425)
(381,115)
-
-

The aggregate amount of its net assets at the end of the reporting period was £2 (2021: £2) comprising fixed assets of £3,585 (2021: £4,072) cash at bank £111,593 (2021: £114,738), debtors £5,994 (2021: £4,908), liabilities of £143,589 (2021: £66,018) and an intercompany balance with the Foundation of £22,420 (2021: £57,698).