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← The Gerald and Gail Ronson Family Foundation

2023-12-31-accounts

Charity Registration No. 1111728

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

TRUSTEES’ ANNUAL REPORT AND CONSOLIDATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

LEGAL AND ADMINISTRATIVE INFORMATION

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

Trustees Sir Gerald Ronson CBE (Chairman)
Dame Gail Ronson DBE (Deputy Chairman)
Mr Alan Goldman
Mr Jonathan Goldstein
Ms Amanda Ronson
Ms Hayley Ronson
Ms Lisa Ronson
Ms Nicole Ronson Allalouf
Mr Jeffrey Shear
Mr Anthony Wagerman
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 - 36

THE GERALD AND GAIL RONSON FAMILY FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Charity information

The trustees present their annual report and the financial statements for the year ended 31 December 2023. 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, 7 May 2021 and 28 November 2023.

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: Sir Gerald Ronson CBE (Chairman) (I) Dame Gail Ronson DBE (Deputy Chairman) (I) Mr Alan Goldman (5) Mr Jonathan Goldstein (4) Ms Amanda Ronson (2) Ms Hayley Ronson (2) Ms Lisa Ronson (2) Ms Nicole Ronson Allalouf (2) Mr Ian Rosenblatt OBE (3) Mr Jeffrey Shear (4) Mr Anthony Wagerman (6) Mr Marc Zilkha (2)

(1) Appointed for life.

The power of appointing new or additional trustees is vested in Sir Gerald Ronson CBE during his lifetime and subject thereto by Dame Gail Ronson DBE during her lifetime 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 following sub-committees act in an advisory capacity to the main Board:

Decisions of the Foundation are taken by the trustees collectively.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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

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 £62 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) Humanitarian aid; (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. During the year, grants have been given for Holocaust education, universities, help for those seeking employment, retirement homes, humanitarian aid and youth programmes.

The trustees do not invite unsolicited grant applications, rather relying on both the trustee and staff 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.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Risk Management

The trustees maintain a risk register which is reviewed annually in order to assess and record the major risks to which the Foundation is exposed. The trustees are satisfied that systems are in place to manage exposure to these risks. The risk register is 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. Treasury Bills are invested via an execution only mandate. The unlisted investments are illiquid. Accordingly, the Charity is exposed to fluctuations in value which are beyond its control. 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.

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.

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

Following the successful 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, the Foundation conditionally approved additional funding of £1,000,000 in 2022 to fund the construction of the second stage of the school, this time directly to the Ma’aleh Yosef Regional Council. This second stage of the project will be co-funded together with the Government of Israel and the Regional Council.

In 2020 the Foundation committed £2,082,032 over 5 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, undertaken in conjunction with World Ort who have raised the balance of funds to complete the project, is progressing satisfactorily.

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. This project was successfully completed in December 2023.

The Foundation has committed £5,000,000 to The Holocaust Memorial Trust for the construction of the proposed new Holocaust Memorial, which has been provided for in the accounts. However, this will be formally ratified by the trustees when final approval of the planning permission for this project is granted. To date £191,100 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. This programme is progressing successfully, with the final funding tranche of £164,583 scheduled for late 2024.

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 2023, Darca manages 47 schools across Israel’s geosocial periphery, reaching over 26,000 students and enabling significant academic improvements, displaying exceptional organisational transparency, efficient financial management, and expert leadership. In February 2023 the Foundation committed a further £4,158,860. As of 31 December 2023, £1,831,772 has been paid.

In 2022 the Foundation committed £1,000,000 over three years (2022-2024) to the Gesher School to facilitate an increase in capacity for secondary pupils and to modify learning spaces to meet students’ specific learning needs. To date £750,000 has been paid.

THE GERALD AND GAIL RONSON FAMILY FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

In 2023 the Foundation committed £1,000,000 over 4 years (2023-2026) to Gateways to re-purpose and renovate their new facility to expand provision of education and support services to young people aged 14-25 missing out on mainstream education due to mental, and physical ill health or other issues. This is being funded in collaboration with several additional charitable foundations.

Community Activities

In 2022, the Foundation pledged £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. This will incorporate a dementia day centre, a restaurant and several multifunctional spaces to accommodate a variety of programmes and activities. This grant was finalised post year end and will be recognised as a grant commitment in 2024.

In 2022, the Foundation committed £832,812 over two years (2023-2024) 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 welladjusted citizens. The centre is due to open in the summer of 2024.

Medical and Disability

The Foundation has pledged £1.23 million spread over five years (2021-2025) 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. To date, £750,000 has been paid.

In 2019 the Foundation 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. The final instalment was paid in Q3 2023.

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 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. £541,328 has been paid to date with the project due for completion in 2024.

Arts and Culture

In 2023 the Foundation approved and paid a grant of £300,000 to the Royal Opera House in support of their School Matinees Programme, one of their most important initiatives, a vital part of their Learning and Participation activities, and a critical tool for the development of their future audiences.

The Foundation has pledged £4,164,060 over 3 years (2024-2026) to the Jerusalem Foundation for the construction of a new music conservatory building in Jerusalem, Israel. The Jerusalem Ha’Sadna Music Conservatory offers music instruction to all of Jerusalem’s residents, regardless of religion, ethnicity or socio-economic background. This 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 which is raising additional funds. This project has commenced post year end in 2024.

Humanitarian Aid - Emergency Funding

The atrocities committed in Israel on October 7[th] 2023, the consequent outbreak of war, the subsequent virulent outbreak of blatant antisemitism, and the collateral impact on the British and other diaspora Jewish communities has given the Foundation great cause for concern, pause and thought.

As a result, the trustees have approved £2,000,000 for an emergency grants programme. As at 31 December 2023 £1,585,000 has been paid via grants to 23 different organisations, mostly in Israel, for civilian relief and humanitarian efforts, and in the UK for efforts to combat antisemitism and educational support. A further £180,000 was paid via grants post year end.

These grants included, amongst others, £300,000 to the Jewish Agency for Israel to provide emergency support for displaced civilians; £400,000 to United Hatzalah for the replenishment of essential medical supplies and equipment and ensuring the well-being of their volunteer emergency personnel on the front lines; £100,000 to the Ashkelon Foundation for the provision of emergency response and rescue equipment and informal educational activities and infrastructures; £100,000 to Darca Schools to provide welfare assistance, emotional counselling, additional teaching hours, IT equipment & infrastructure; £60,000 to the Rashi Foundation for the operation of educational centres for displaced children, providing holistic responses combining experiential learning, stress-relieving enrichment activity, and emotional support;

THE GERALD AND GAIL RONSON FAMILY FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

£50,000 to EmotionAid to support emergency trauma counselling for survivors and refugees from the communities worst affected; £50,000 to the Sderot Foundation for the evacuation of residents and families away from the conflict zone; £50,000 to Be'Atzmi to deal with the rise in domestic violence amongst displaced families; and £50,000 to the Union of Jewish Students to combat the dramatic rise in antisemitism on UK campuses.

Public Benefit

The trustees are satisfied that the Foundation meets the public benefit requirement, having taken account of Charity Commission guidance.

Safeguarding

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

Financial review

The net assets of the Foundation as at 31 December 2023 amounted to £471,638,273 (2022: £443,189,958). Income generated in the financial year amounted to £3,878,875 (2022: £23,229,533) of which £2,525,985 (2022: £22,500,000) is credited to the endowment funds, expenditure amounted to £11,608,918 (2022: £11,372,728) and gains on investments (including revaluations) of £36,178,358 (2022: £87,912,823). After net gains on investments and expenses, costs and grants paid, there was a net increase in funds of £28,448,315 (2022: £99,769,628).

Reserves Policy

The Foundation’s reserves are held on expendable endowment and it does not generally 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 2023 expendable endowment funds for restricted purposes were £324,955,692 (2022: £308,154,739) and expendable endowment funds for general purposes (unrestricted funds) were £146,370,152 (2022: £135,035,219). The trustees have the power to release expendable endowment to meet expenditure to the extent that it exceeds income in the year.

As at 31 December 2023, the Foundation had a surplus on the general unrestricted income fund of £312,429 (2022: £nil).

Funding

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

During the year Sir Gerald Ronson CBE gifted £2,500,000 (2022: £22,500,000) and Dame Gail Ronson gifted £25,985 (2022: £nil) to the Foundation.

Investment policy

The trustees’ investment policy is to achieve a return in excess of inflation.

The trustees continually review the performance of 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

Sir Gerald Ronson CBE (Chairman) Trustee

15[th] July 2024

………………………………………..

THE GERALD AND GAIL RONSON FAMILY FOUNDATION STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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 2023, 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 the date 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 2023

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 parent 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 2023

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 parent 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 parent 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 parent 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 2024

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 2023

Unrestricted
funds
2023
Notes
£
Income from:
Investments
2
722,253
Donations and legacies
3
-
Total income
722,253
Expenditure on:
Investment management fees
114,985
Charitable activities
4
Arts and Culture
(127,241)
Community and Welfare
153,998
Education
232,524
Medical and Disability
228,533
Humanitarian Aid
1,232
Religion
-
Total charitable expenditure
489,046
Total expenditure
604,031
Net gains on investments
-
Net income/(expenditure)
118,222
Transfers between funds
16
194,207
Net movement in funds
312,429
Fund balances as at 1 January
2023
-
Fund balances at
31 December 2023
16
312,429		 Restricted
funds
2023
£
630,637
-
630,637
100,383
8,132
3,697,095
6,272,221
601,781
325,275
-
10,904,504
11,004,887
-
(10,374,250)
10,374,250
-
-
-		 Endowment
funds
2023
£
-
2,525,985
2,525,985
-
-
-
-
-
-
-
-
-
36,178,358
38,704,343
(10,568,457)
28,135,886
443,189,958
471,325,844		 Total
2023
£
1,352,890
2,525,985
3,878,875
215,368
(119,109)
3,851,093
6,504,745
830,314
326,507
-
11,393,550
11,608,918
36,178,358
28,448,315
-
28,448,315
443,189,958
471,638,273

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 2023

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
Total charitable expenditure
Total expenditure
Net gains on investments
Net (expenditure)/income
Transfers between funds
16
Net movement in funds
Fund balances as at 1 January 2022
Fund balances at
31 December 2022
16		 Unrestricted
funds
2022
£
454,280
-
454,280
147,476
406,330
53,085
39,322
121,899
-
-
620,636
768,112
-
(313,832)
313,832
-
-
-		 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 GERALD AND GAIL RONSON FAMILY FOUNDATION CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Fixed assets:
Tangible fixed assets
7(a)
Investments
7(b)
Total fixed assets
Current assets:
Debtors
10
Investments
11
Cash at bank and in hand
12
Total current assets
Liabilities:
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Net assets
The funds of the Foundation:
Unrestricted funds
Restricted funds
16a
Endowment funds
16b
Total Foundation funds		 2023
£
4,312
473,746,979
473,751,291
16,112
12,556,096
1,728,722
14,300,930
(5,189,123)
9,111,807
482,863,098
(11,224,825)
471,638,273
312,429
-
471,325,844
471,638,273		 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

Approved by the Board of Trustees on 15[th] July 2024

Sir Gerald Ronson CBE (Chairman) Trustee

THE GERALD AND GAIL RONSON FAMILY FOUNDATION CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Fixed assets:
Investments
7(b)
Total fixed assets
Current assets:
Debtors
10
Investments
11
Cash at bank and in hand
12
Total current assets
Liabilities:
Creditors: amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Net assets
The funds of the Foundation:
Unrestricted funds
Restricted funds
16a
Endowment funds
16b
Total Foundation funds		 2023
£
473,746,981
473,746,981
93,060
12,556,096
1,505,918
14,155,074
(5,034,659)
9,120,415
482,867,396
(11,224,825)
471,642,571
312,429
-
471,330,142
471,642,571		 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

Approved by the Board of Trustees on 15[th] July 2024

Sir Gerald Ronson CBE (Chairman) Trustee

THE GERALD AND GAIL RONSON FAMILY FOUNDATION CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Net cash (used by)/from operating
activities
17
Cash flows from investing activities:
Investment income
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash (used in)/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
18		 2023
£
(4,836,759)
1,352,890
(2,159)
17,346,030
(30,301,575)
(11,605,098)
(16,441,573)
18,170,295
1,728,722		 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

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 budgets, 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 2023

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 and the grant agreement signed. 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 and Treasury Bills 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 interest bearing deposit accounts 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 2023

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. Restricted Fund (No.2) was specifically for Israeli charities, but has now been closed.

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
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Bank interest
Listed
investment
income		 253,556
221,460
475,016
8,317
5,039
13,356
468,697
409,177
877,874
445,963
270,214
716,177
722,253
630,637
1,352,890
454,280
275,253
729,533

NOTES TO THE ACCOUNTS

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2023

3 Donations – Group and Charity

Donations
Gift aid receivable
Donations
Gift aid receivable
Gifts of shares		 Unrestricted
funds
Restricted
funds
Endowment
funds
Total
2023
2023
2023
2023
£
£
£
£
-
-
2,020,788
2,020,788
-
-
505,197
505,197
-
-
2,525,985
2,525,985
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

During the year, the Foundation received gross donations of £2,500,000 from Sir Gerald Ronson CBE and £25,985 from Dame Gail Ronson DBE.

In accordance with the wishes of the donors, these are recognised as an expendable endowment.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

4 Charitable activities 2023 – Group

Arts and Culture
Community and Welfare
Education
Medical and Disability
Humanitarian Aid		 Grants payable (note
20)
Allocated support costs
Grants payable (note
20)
Allocated support
costs
Unrestricted funds
total
2023
Restricted funds (No.1)
- Jewish causes total
2023
£
£
£
£
£
£
(140,000)
12,759
(127,241)
7,500
632
8,132
125,000
28,998
153,998
3,409,812
287,283
3,697,095
176,500
56,024
232,524
5,782,694
489,527
6,272,221
185,500
43,033
228,533
555,020
46,761
601,781
1,000
232
1,232
300,000
25,275
325,275
348,000
141,046
489,046
10,055,026
849,478
10,904,504

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

4 Charitable activities 2022 - 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 20) support costs 2022 (note 20) support costs total 2022 20) costs 2022
£ £ £ £ £ £ £ £ £
Arts and Culture 310,000 96,330 406,330 8,000 757 8,757 - - -
Community and Welfare 40,500 12,585 53,085 2,240,789 212,092 2,452,881 36,211 9,157 45,368
Education 30,000 9,322 39,322 6,981,300 660,782 7,642,082 10,000 2,529 12,529
Medical and Disability 93,000 28,899 121,899 183,610 17,379 200,989 100,000 25,287 125,287
Research - - - - - - - - -
Overseas Aid - - - - - - - - -
Religion - - - 25,000 2,366 27,366 - - -
General - - - - - - - - -
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 2023

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.

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		 2023
2022
£
£
415,477
438,520
160,732
186,919
178,214
201,090
1,875
2,056
38,272
45,210
170,124
177,890
964,694
1,051,685
25,830
25,800
990,524
1,077,485

Governance costs include audit fees of £25,830 (2022: £25,800). No other services were provided by Blick Rothenberg Audit LLP as auditor in 2023 and 2022.

5 (b) Employees

The average number of employees during the year was 3 (2022: 3). The remuneration of the Chief Executive (based in Israel) comprising gross pay and benefits amounted to £232,511 (2022: £307,399) including salary related costs (including pension costs) of £50,004 (2022: £57,658) and benefits of £35,971 (2022: £25,859). The total gross pay and benefits of the Chief Executive in Israeli Shekels (₪) was ₪1,085,923 (2022: ₪1,085,923).

6 Related party transactions – Group

During the year, the Foundation received a gross donation of £2,500,000 (2022: £22,500,000) from Sir Gerald Ronson CBE.

During the year, the Foundation received a gross donation of £25,985 (2022: £nil) from Dame Gail Ronson DBE.

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

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

6 Related party transactions – Group (continued)

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

During the year, expenditure of £40,654 (2022: £92,049) was incurred on behalf of, or reimbursed, in respect of overseas trips made by six trustees and the CEO of the Israeli subsidiary company, in the course of running the Foundation.

The trustee trips were made to:-

Phoenix, Arizona – to represent the Foundation at the Jewish Funders Network annual conference – one of the premier events in Jewish Philanthropy. Attended by hundreds of funders and foundation professionals, the event was an outstanding opportunity to develop relationships with significant funders and other foundations, learn from and contribute to an enormous body of knowledge, experience and good practice, and benefit from vibrant dialogue. The itinerary included a full programme of meetings, sessions and panel discussions.

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

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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		 2023
2022
£
£
7,424
5,826
2,159
1,598
9,583
7,424
3,839
1,754
1,432
2,085
5,271
3,839
4,312
3,585

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 gain/(loss) on investments
At 31 December
Unlisted investments held at fair value:
At 1 January
Net gain on investments
At 31 December
Unlisted investments comprise the following holdings:
Heron International Limited
GMR Capital “Group”
At 31 December
Listed investments
Unlisted investments
At 31 December		 2023
2022
£
£
24,121,196
30,359,913
9,209,481
10,632,577
(8,783,151)
(13,439,000)
1,627,257
(3,432,294)
26,174,783
24,121,196
2023
2022
£
£
413,048,419
321,740,544
34,523,777
91,307,875
447,572,196
413,048,419
2023
2022
£
£
679,196
983,419
446,893,000
412,065,000
447,572,196
413,048,419
£
£
26,174,783
24,121,196
447,572,196
413,048,419
473,746,979
437,169,615

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

7(b) Fixed asset investments – Group (continued)

Unlisted investments in the GMR Capital Group consist of a holding of 5,000 (2022: 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, valued on a discounted net asset value basis at 31 December 2023 of £446,893,000 (2022: £412,065,000).

Unlisted investments also include a holding of 707,496 (2022: 707,496) shares in Heron International Limited. These are valued at £0.96 (2022: £1.39) per share based on a discounted net asset value at 31 December 2023.

In addition, the Charity holds £2 (2022: £2) of share capital in Ronson Foundation Services Limited, an Israeli incorporated company.

Charity investments

Unlisted investments within the charity entity total £447,572,196 (2022: £413,048,421) and total investments £473,746,981 (2022: £437,169,617).

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 discounted the net assets value discounted by 28.75% to reflect the lack of marketability because the ordinary shares are non-voting.

In the case of Heron International Limited the trustees have reflected a 40% (2022: 25%) discount on the net assets value.

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.

10 Debtors

Gift Aid receivable
Amounts due from subsidiary
Other debtors		 Group
Charity
2023
2022
2023
2022
£
£
£
£
-
4,500,000
-
4,500,000
-
-
87,238
-
16,112
5,994
5,822
-
16,112
4,505,994
93,060
4,500,000

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

11
Current asset investments
Short term investments		 Group
Charity
2023
2022
2023
2022
£
£
£
£
12,556,096
-
12,556,096
-
12,556,096
-
12,556,096
-

Short term investments, held by the Charity, comprise UK Treasury Bills of £12,556,096 (2022: £nil) with maturities within 6 months of the year end. These are highly liquid investments and are readily convertible to cash at any point in time.

12 Cash at bank and in hand

Deposit and current accounts
13
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
14
Creditors: amounts falling due within one year
Other creditors
Other taxes and social security costs
Accruals
Grant commitments		 Deposit and current accounts
13
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
14
Creditors: amounts falling due within one year
Other creditors
Other taxes and social security costs
Accruals
Grant commitments		 Group
Charity
2023
2022
2023
2022
£
£
£
£
1,728,722
18,170,295
1,505,918
18,058,702
1,728,722
18,170,295
1,505,918
18,058,702
Group
Charity
2023
2022
2023
2022
£
£
£
£
16,112
4,505,994
93,060
4,500,000
473,746,979
437,169,615
473,746,981
437,169,615
16,413,948
16,659,529
16,259,484
16,515,940
Group
Charity
2023
2022
2023
2022
£
£
£
£
3,956
4,539
329
137
103,534
87,864
1,614
865
127,685
183,911
78,768
131,723
4,953,948
6,646,600
4,953,948
6,646,600
5,189,123
6,922,914
5,034,659
6,779,325

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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

Grant commitments 2023
2022
£
£
11,224,825
9,736,617
11,224,825
9,736,617

A further £20,093,684 (2022: £18,044,496) of pledges have been made which have not been provided for in these accounts as the criteria for recognition has not yet been met.

16a Analysis of movements in restricted funds

Group
Jewish causes (No.1)
Charity only
Jewish causes (No.1)
Group
Jewish causes (No.1)
Israel (No.2)		 Funds at 1 January 2023
Incoming
resources
Resources
expended
Transfers
Funds at 31
December 2023
£
£
£
£
£
-
630,637
(11,004,887)
10,374,250
-
-
630,637
(11,004,887)
10,374,250
-
Funds at 1 January 2023
Incoming
resources
Resources
expended
Transfers
Funds at 31
December 2023
£
£
£
£
£
-
630,637
(10,988,327)
10,357,690
-
-
630,637
(10,988,327)
10,357,690
-
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
-

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

16a Analysis of movements in restricted funds (continued)

Charity
Jewish causes (No.1)
Israel (No.2)		 Funds at 1
January 2022
Incoming
resources
Resources
expended
Transfers
Funds at 31
December 2022
£
£
£
£
£
-
275,253
(10,905,126)
10,629,873
-
-
-
(183,184)
183,184
-
-
275,253
(11,088,310)
10,813,057
-

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 16b 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 fully expended.

16b Analysis of movements in endowment funds

Group
Expendable endowments
General purposes
Jewish Causes (No.1)
Expendable endowments
General purposes
Jewish Causes (No.1)
Israel (No.2)		 Funds at 1
January
2023
Incoming
resources
Resources
expended
Gains and
losses
Transfers
Funds at 31
December
2023
£
£
£
£
£
£
135,035,219
625,000
-
10,904,140
(194,207)
146,370,152
308,154,739
1,900,985
-
25,274,218
(10,374,250)
324,955,692
443,189,958
2,525,985
-
36,178,358
(10,568,457)
471,325,844
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

The expendable endowment funds represent assets which must be held as capital by the Foundation. The trustees have powers 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 or Jewish causes. Capital gains or losses arising on the assets form part of the relevant endowment fund.

Net transfers in the year are sums agreed by the trustees to cover excess of expenditure over income and comprise £194,207 (2022: £313,832) from general purposes to unrestricted income funds and £10,374,250 (2022: £10,146,179) from Jewish causes and £nil (2022: £183,184) from the Israel fund to the corresponding restricted income funds.

Charity
Expendable endowments
General purposes
Jewish Causes (No.1)		 Funds at 1
January
2023
Incoming
resources
Resources
expended
Gains and
losses
Transfers
Funds at 31
December
2023
£
£
£
£
£
£
135,035,219
625,000
-
10,904,140
(194,207)
146,370,152
308,177,158
1,900,985
-
25,239,538
(10,357,691)
324,959,990
443,212,377
2,525,985
-
36,143,678
(10,551,898)
471,330,142

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

16b Analysis of movements in endowment funds (continued)

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
237,832,126
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

Net transfers in the year are sums agreed by the trustees to cover excess of expenditure over income and comprise £194,207 (2022: £313,832) from general purposes to unrestricted income funds and £10,357,691 (2022: £10,119,449) from Jewish causes and £nil (2022: £183,184) from the Israel fund to the corresponding restricted income funds.

17 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
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net cash (used by)/generated from operating activities
nalysis of cash and cash equivalents
Cash in hand
Notice deposits
Total cash and cash equivalents		 2023
2022
£
£
28,448,315
99,769,628
(1,352,890)
(729,533)
1,875
2,056
(36,178,358)
(87,912,823)
4,489,882
(4,501,086)
(245,583)
3,249,756
(4,836,759)
9,877,998
2023
2022
£
£
1,727,694
18,169,276
1,028
1,019
1,728,722
18,170,295

18 Analysis of cash and cash equivalents

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 2023

19 Consolidated split of assets between funds

Unrestricted Restricted Endowment Endowment Total Unrestricted Restricted funds Endowment Endowment Total 2022
funds (general funds (Jewish funds (general funds (Jewish 2023 funds (general (Jewish causes & funds (general funds (Jewish
purposes) causes) purposes) causes) purposes) Israel) purposes) causes & Israel)
Tangible fixed
assets - 4,312 - - 4,312 - 3,585 - - 3,585
Investments:
Listed - 2,421,135 17,620,761 6,132,887 26,174,783 - - 12,878,307 11,242,889 24,121,196
Unlisted - - 128,749,391 318,822,805 447,572,196 - - 118,710,116 294,338,303 413,048,419
- 2,421,135 146,370,152 324,955,692 473,746,979 - - 131,588,423 305,581,192 437,169,615
Debtors 5,822 10,290 - - 16,112 - 4,505,994 - - 4,505,994
Current asset 4,445,298 8,110,798 - - 12,556,096 - - - - -
investments
Cash at bank and in 1,505,918 222,804 - - 1,728,722 6,745,000 5,404,952 3,446,796 2,573,547 18,170,295
hand
Creditors: amounts falling due within
one year
Grant commitments (1,026,113) (3,927,835) - - (4,953,948) (2,075,000) (4,571,600) - - (6,646,600)
Other creditors (329) (3,627) - - (3,956) - (4,539) - - (4,539)
Other taxes & social (1,614) (101,920) - - (103,534) - (87,864) - - (87,864)
security costs
Accruals (78,765) (48,920) - - (127,685) - (183,911) - - (183,911)
Net current
assets/(liabilities) 4,850,217 4,261,590 - - 9,111,807 4,670,000 5,063,032 3,446,796 2,573,547 15,753,375
Total assets less
current liabilities 4,850,217 6,687,037 146,370,152 324,955,692 482,863,098 4,670,000 5,066,617 135,035,219 308,154,739 452,926,576
Creditors: amounts falling due after
more than one year
Grant commitments (4,537,788) (6,687,037) - - (11,224,825) (4,670,000) (5,066,617) - - (9,736,617)
312,429 - 146,370,152 324,955,692 471,638,273 - - 135,035,219 308,154,739 443,189,958

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

19 (continued) Charity only split of assets between funds

Unrestricted Restricted Endowment Endowment Total Unrestricted Restricted funds Endowment Endowment Total 2022
funds (general funds (Jewish funds (general funds (Jewish 2023 funds (general (Jewish causes & funds (general funds (Jewish
purposes) causes) purposes) causes) purposes) Israel) purposes) causes & Israel)
Investments:
Listed - 2,416,837 17,620,761 6,137,185 26,174,783 - - 12,878,307 11,242,889 24,121,196
Unlisted - - 128,749,391 318,822,805 447,572,196 - - 118,710,116 294,338,303 413,048,419
Israeli subsidiary - 2 - - 2 - 2 - - 2
- 2,416,839 146,370,152 324,959,990 473,746,981 - 2 131,588,423 305,581,192 437,169,617
Debtors - 5,822 - - 5,822 - 4,500,000 - - 4,500,000
Amounts due from - 87,238 - - 87,238 - - - - -
subsidiary
Current asset 4,370,412 8,185,684 - - 12,556,096 - - - - -
investments
Cash at bank and in 1,505,918 - - - 1,505,918 6,745,000 5,270,940 3,446,795 2,595,967 18,058,702
hand
Creditors: amounts falling due within
one year
Grant commitments (1,026,113) (3,927,835) - - (4,953,948) (2,075,000) (4,571,600) - - (6,646,600)
Other creditors - (329) - - (329) - (137) - - (137)
Other taxes & social - (1,614) - - (1,614) - (865) - - (865)
security costs
Accruals - (78,768) - - (78,768) - (131,723) - - (131,723)
Net current
assets/(liabilities) 4,850,217 4,270,198 - - 9,120,415 4,670,000 5,066,615 3,446,795 2,595,967 15,779,377
Total assets less
current liabilities 4,850,217 6,687,037 146,370,152 324,959,990 482,867,396 4,670,000 5,066,617 135,035,218 308,177,159 452,948,994
Creditors: amounts falling due after
more than one year
Grant commitments (4,537,788) (6,687,037) - - (11,224,825) (4,670,000) (5,066,617) - - (9,736,617)
312,429 - 146,370,152 324,959,990 471,642,571 - - 135,035,218 308,177,159 443,212,377

THE GERALD AND GAIL RONSON FAMILY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

20
Grants payable
Arts & Culture
British Friends of the Art Museums of Israel
BFAMI- J (Arts)
Bishnat 2021
Israel Philharmonic Orchestra Foundation UK
Jewish Music Institute
UK Jewish Film
Total Restricted grants
Hampstead Theatre
Mousetrap Foundation for the Arts
Royal Academy of Dance
Royal Opera House
The Music in Secondary Schools Trust
Total Unrestricted grants
Total grants
Community & Welfare
Acheinu Cancer Support
American Jewish Joint Distribution Committee
Ashkelon Foundation
AWIS
Be'Atzmi
Bedside Kosher
Beit Halochem UK
Board of Deputies
British Friends of United Hatzalah of Israel
Camp Simcha
Chabad Lubavitch Brighton
Chabad Lubavitch Centre
Chai Cancer Care
Chaverim Youth Organisation
Chief Rabbinate Trust
Community Security Trust
DALAID-UK
Emotion Aid (formerly The Centre for Treatment of
Trauma)
Emunah National Religious Women's Organization
Gateshead Talmudical College
Greenaway Foundation
Hostage and Missing Families Forum
Hamachon
JAFI
Jami
Jewish Blind & Disabled
Jewish Association Ronson Donation
Jewish Care
Jewish Deaf Association		 2023
2022
£
£
-
1,000
4,500
-
1,000
-
-
5,000
2,000
2,000
-
-
7,500
8,000
5,000
10,000
5,000
-
20,000
-
(195,000)
300,000
25,000
-
(140,000)
310,000
(132,500)
318,000
5,000
-
-
400,000
100,000
63,789
-
25,000
50,000
100,000
-
5,000
-
11,000
5,000
15,000
-
5,000
25,000
25,000
1,000
-
2,500
13,000
5,000
-
5,000
3,000
25,000
-
300,000
300,000
-
80,000
50,000
-
50,000
25,000
5,000
-
75,000
-
50,000
-
3,000
1,138,900
-
10,000
-
400
-
-
5,000
200,000
201,000
-
-

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

Community & Welfare (continued)

Jewish Leadership Council
Jewish News
Jewish Volunteering Network
Jewish Women’s Aid
JW3
Kemach
Leket UK
London School of Jewish Studies
Lubavitch Scotland
Maccabi GB
March of the Living UK
Mavoi Satum
Mitzvah Day UK
Nightingale Hammerson
Noa Girls
Norwood Ravenswood
Norwood
Project Impact
Project Seed Ltd
Sderot Development Foundation
Seret International Limited
Shabbat Walk
Shalva Israel
Solihull & Hebrew District Congregation
St John's Wood Synagogue
Stand With Us UK
The Benji Hillman Foundation
The Fed
The Chicken Soup Shelter
The Tel Aviv Foundation
UJIA
UK Friends of Yad Yisroel
UK Jewish Film Festival
United Synagogue
University of Jewish Chaplaincy
We Believe in Israel
Western Marble Arch Synagogue
Work Avenue
World Jewish Relief
Youth Aliyah Child Rescue
Total Restricted grants		 100,000
100,000
25,000
-
5,000
-
-
15,000
5,000
-
-
81,000
-
10,000
2,000
-
500
500
5,000
5,000
-
5,000
25,000
-
3,000
3,000
50,000
-
-
10,000
-
110,000
11,200
-
25,000
-
-
1,000
50,000
-
10,000
-
10,000
-
25,000
-
-
2,000
-
1,000
5,000
-
832,812
-
-
25,000
2,000
1,000
25,000
-
-
400,000
20,000
-
-
1,000
5,000
10,000
20,000
-
10,000
-
10,500
7,500
-
3,000
-
170,000
25,000
-
3,409,812
2,240,789
Israel Fund
Ashkelon Foundation		 -
36,211
-
36,211
Total Restricted grants
Battersea Dogs' and Cats' Home
Birmingham Royal Ballet
Cherie Blair Foundation
Corinne Burton Memorial Trust
Food Bank Aid
Future Dreams
Grief Encounter
Heart Cells Foundation		 3,409,812
2,277,000
5,000
-
25,000
-
-
3,000
-
1,000
20,000
-
-
5,000
5,000
5,000
10,000
-

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

Community & Welfare (continued)

Impetus
Lady Garden Foundation
London Centre for the Study of Contemporary Anti-
Semitism
Royal Marines Charity
Save the Children
Sir Simon Milton Foundation
The Springboard
Together for Short Lives
Water Aid
Total Unrestricted grants
Total grants
Education
AJEX Charitable Foundation
Anne Frank Trust UK
Beit Halochem UK
British Friends of Bar Ilan University
Clore Tikva School
Darca Schools
Dror Israel
Davidson Institute of Science Education
First Israel
Gateshead Talmudical College
Gateways
Gesher School
Greenway Foundation
Hasmonean High School Charitable Trust
Holocaust Centre (Beth Shalom Ltd)
Holocaust Educational Trust
Holocaust Memorial Day Trust
INSS
JCoSS
Jewish Schools Network (PaJeS)
Kemach
Kfar Silver
King David Harold House Foundation
King David Schools
Menorah Primary School
North West London Jewish Day School
Ohel Torah
Prism The Gift Fund - PJ Library
Rashi Foundation
Ronson Primary School Ma'aleh Yosef
Sacks Morasha School
Side By Side
Simon Marks Jewish Primary School
The Abraham Effect
The Abraham Initiatives
UJIA (UK)
Union of Jewish Students
University of Haifa UK
Yemin Orde Youth Village		 -
10,000
5,000
25,000
-
18,000
-
5,000
-
-
1,500
5,000
3,000
-
10,000
2,000
2,000
125,000
40,500
3,534,812
2,317,500
-
3,000
5,000
1,800
50,000
-
20,000
-
50,000
-
4,258,860
5,000,000
25,000
-
-
50,000
-
20,000
-
5,000
1,000,000
-
-
1,000,000
-
10,000
1,000
5,000
-
-
-
10,000
-
10,000
-
37,500
7,334
3,000
25,000
-
50,000
-
50,000
-
-
3,000
-
5,000
500
-
10,000
-
15,000
15,000
5,000
-
60,000
250,000
25,000
-
-
5,000
-
500,000
-
3,000
(10,000)
20,000
10,000
-
50,000
-
50,000 -
25,000
-
-
25,000
5,782,694
6,981,300

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

Education (continued)

----- Start of picture text -----
Israel Fund
Bedein Centre for Near East Policy Research - 10,000
- 10,000
Total Restricted grants 5,782,694 6,991,300
Art Therapies for Children 10,000 -
Big Ideas - 10,000
Core & Co Foundation 10,000 -
Druze Veterans Association 25,000 -
Holocaust Educational Trust 10,000 -
Holocaust Memorial Charitable Trust (65,000) -
Holocaust Memorial Day Trust 10,000 5,000
Hope not Hate Charitable Trust 10,000 -
Mind - 5,000
Minority Matters - 5,000
Institute of Policy Research - 5,000
Prism The Gift Fund – CSJ Foundation 10,000 -
Temple Bar Trust 500 -
-
The Institute for Policy Research (5,000)
The National Holocaust Centre & Museum 150,000 -
The Wiener Holocaust Library 5,000 -
Theirworld 1,000 -
University of Liverpool 5,000 -
Total Unrestricted grants 176,500 30,000
Total grants 5,959,194 7,021,300
Medical & Disability
Acheinu Cancer Support - 3,000
Aleh-Educational & Rehab Bnei Brak - J - 100,000
- -
Art Therapy for Children
Beit Halochem 50,000 10,000
British Friends of Shalva 5,000 -
British Friends of United Hatzalah of Israel - 11,360
Camp Simcha - 250
Chai Cancer Care 10,000 20,000
Cochav Ha'Tzafon 20 -
Friends of Barzilai Medical Centre 50,000 -
Hatzola Northwest - 10,000
Jewish Blind & Disabled 5,000 5,400
Jewish Deaf Association 5,000 5,000
Jnetics - 3,000
Kisharon - 10,000
Magen David Adom UK 5,000 5,000
Norwood - 600
United Hatzalah Israel 1221 400,000 -
Zaka Search and Rescue 25,000 -
Total Restricted grants 555,020 183,610
Israel Fund Reuth Tel Aviv Rehabilitation Hospital - 100,000
- 100,000
Total Restricted grants 555,020 283,610
----- End of picture text -----

Total Restricted grants

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

Medical & Disability (continued)

Medical & Disability (continued)
Active Lightworks
Blood Cancer UK
Back-up Trust
British Heart Foundation
Cornwall Air Ambulance Trust
CPotential
Future Dreams
Haven House Children's Hospice
Heart Cells
Hope for Hypothalamic Hamartomas UK
Lady Garden Foundation
London's Air Ambulance
Prism The Gift Fund - NHS Tessa Jowell Foundation
Project Lily
Race Against Dementia
Royal Free Hospital Charity
Royal Marsden Cancer Charity
St George's Hospital Charity
Spoons
Spread A Smile
Success Life After Cure Ltd
Target Ovarian Cancer
The Back-Up Trust
The Bevern Trust
The Urology Foundation
Wellbeing of Women
Total Unrestricted grants
Total grants
Religion
Chief Rabbinate Trust
Tzohar
Total Restricted grants
Total Unrestricted grants
Total grants
Humanitarian Aid
World Jewish Relief
Total Restricted grants
The Bike Project
Total Unrestricted grants
Total grants
TOTAL		 5,000
-
-
8,000
5,000
-
10,000
-
5,000
-
-
1,000
50,000
-
5,000
-
-
13,000
-
10,000
-
5,000
50,000
-
10,000
-
5,000
-
-
25,000
-
7,000
20,000
-
500
-
-
5,000
-
3,000
15,000
-
-
10,000
-
2,000
-
3,000
-
1,000
5,000
-
185,500
93,000
740,520
376,610
(25,000)
25,000
25,000
-
-
25,000
-
-
__ ____
-
25,000
300,000
-
300,000
-
1,000
-
1,000
-
301,000
-
10,403,026
10,058,410

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE GERALD AND GAIL RONSON FAMILY FOUNDATION

21 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		 2023
2022
£
£
16,383,217
13,285,306
7,250,592
7,465,990
7,455,036
(4,368,079)
16,178,773
16,383,217
4,953,948
6,646,600
11,224,825
9,736,617
16,178,773
16,383,217

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

22 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 Mixer Work & Lounge, 4 Dolev Street, Building A, Ra’anana, 4366204, Israel.

Turnover
Expenditure
Surplus for the period		 2023
2022
£
£
490,921
510,425
(490,921)
(510,425)
-
-

The aggregate amount of its net assets at the end of the reporting period was £2 (2022: £2) comprising fixed assets of £4,312 (2022: £3,585) cash at bank £222,804 (2022: £111,593), debtors £10,291 (2022: £5,994), liabilities of £154,466 (2022: £143,589) and an intercompany balance of £87,238 owed to the Foundation (2022: £22,420 owed by).