Charity number: 1114062
THE DR BENJAMIN ANGEL FOUNDATION UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE DR BENJAMIN ANGEL FOUNDATION CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 16 |
THE DR BENJAMIN ANGEL FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
| Trustees | Ruth Angel |
|---|---|
| Louise Angel Szczerb | |
| Anthony Angel | |
| Anthony Leon | |
| Elisa Angel | |
| Jonathan Angel | |
| Charity registered number 1114062 Principal office 8 Oak Tree Close Stanmore HA7 2PX Accountants Blick Rothenberg Limited Chartered Accountants Palladium House 1 - 4 Argyll Street London W1F 7LD |
Page 1
THE DR BENJAMIN ANGEL FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report together with the financial statements of the charity for the year 1 January 2020 to 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the relevant version of the 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).
Objectives and policies
a. Objectives and activities
The Foundation was established in 2006 in memory of Dr Benjamin Angel. The objective of the Foundation is to support a range of charitable relief, educational, and medical organisations, and other charitable causes where its contributions can make a real difference. In particular, the Foundation supports charitable projects in the Jewish community, in Israel and in the medical field of which the trustees believe Benjamin would have been proud, alongside making donations to a wider range of charities.
During 2020, the Foundation made charitable donations in three principal areas. First, In Israel the Foundation continued its sponsorship of multi-year Scholarships at the Hebrew University in Jerusalem, to support a diverse group of young people in Israel training as doctors, along with supporting other charities operating there. Secondly, in support of charities engaged in helping Jews in need in the UK. in the former countries of the Soviet Union and in Israel, through domestic charities and World Jewish Relief and other international charities. Thirdly, in support of Jnetics’ the only UK charity devoted to the better management and prevention of Jewish genetic disorders. The Foundation also supports a range of medical, educational and other charities helping children, the elderly and others in need of care and support.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Reserves policy
The trustees aim is that the Foundation should be a reliable long term partner to the charities it supports where that is appropriate. Hence the trustees seek to maintain reserves at a sufficient level to enable it to do that, largely and wherever possible by making grants out of income and capital gains, but only where appropriate by making grants out of capital.
c. Investment policy
Consistent with its reserves policy, the trustees seek to invest the Foundations’ assets with a view to long term income generation and capital appreciation. The greater part of its liquid assets are invested in portfolios under discretionary management with these investment objectives. Historically, as the result of gifts, the trustees have also held property and other less liquid assets such as shares in a private company, Vantage Diagnostics Limited. These assets are converted into more liquid assets as suitable opportunities arise.
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THE DR BENJAMIN ANGEL FOUNDATION TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance
a. Main achievements of the charity
The Trustees are extremely proud of the work done by the charities the Foundation supports and the way in which they responded in 2020 to the challenges of the COVID-19 pandemic. They are also extremely proud that the initial recipients of its Scholarships at the Hebrew University have now, after 6 years of support, qualified as doctors.
The Foundation increased the level of grants that it provided by 41% from £64,633 to £91,088. Whilst this was sustainable only as a result of the redemption of its preference shares in Vantage Diagnostics Limited, it reflected the trustees’ concern to help the charities it supports meet the challenges of the pandemic.
b. Performance
The Trustees have tried to ensure that funds donated at a time many charities have been struggling have been well used. Several of the medical students the Foundation had funded have, in addition to their studies, been in the front line of fighting the COVID-19 pandemic. The donations to Jnetics and World Jewish Relief have been targeted to help Jnetics over a period of change and uncertainty, and to relieve the pressures on deprived Jewish communities in Eastern Europe.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. The impact of the ongoing Coronavirus pandemic is described in note 2.2 to the financial statements.
b. Financial review
During the year, the Charity had income of £83,250 (2019: £56,363) and total resources expended of £102,335 (2019 £74,755). Net gains on investment for the year were £30,323 (2019: £111,685) giving rise to a total net movement in funds of £11,238 (2019: £93,293). The level of unrestricted funds rose by 1% from £1,607,945 to £1,619,183. The charity had no restricted funds during the year or the prior year.
The trustees invest the bulk of the Foundation’s liquid funds in an investment portfolio and accounts managed by Barclays Bank plc, and in a diversified multi-asset Cazenove Fund specifically designed for Charities.
The Foundation aims over time to build a stream of investment income to fund its work.
Structure, governance and management
a. Constitution
The Dr Benjamin Angel Foundation is a registered charity, number 1114062, and is constituted under a Trust deed dated 5 February 2006.
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THE DR BENJAMIN ANGEL FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 structure, governance and management {contInU) b. Methods of appointmant or elactlon of Tru¥toes The management of the charity 15 the responsibility of the Tnjstees wtho are elected and co-opted under the tenns of the Trust deed. New trust8es are approved and apw.nted by eSts.9 trustees. c. Flnanclal risk management The TTuslees have assessed the major risks lo which the charity is exposed, in particular those related to the operations and finances of the charity, and are sab"sfied that systems and Pr(edureS are in place lo mrtigate exposure to the major risks_ Approved by order of the Tnembers (rf the trx)arO of Trustees and signetl on their behaff by." Ruth Angel /•f nthony Ange Date.. Page 4
THE DR BENJAMIN ANGEL FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Independent Examiner's Report to the Trustees of The Dr Benjamin Angel Foundation ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2020.
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. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Responsibilities and Basis of Report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 18.06.2021
Russell Tenzer FCA
Blick Rothenberg Limited Chartered Accountants Palladium House 1 - 4 Argyll Street London, W1F 7LD
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THE DR BENJAMIN ANGEL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities Total expenditure Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 20,719 62,531 83,250 11,247 91,088 102,335 30,323 11,238 1,607,945 11,238 1,619,183 |
Total funds 2020 £ 20,719 62,531 83,250 11,247 91,088 102,335 30,323 11,238 1,607,945 11,238 1,619,183 |
Total funds 2019 £ 22,455 33,908 |
|---|---|---|---|
| 56,363 | |||
| 10,122 64,633 |
|||
| 74,755 | |||
| 111,685 | |||
| 93,293 | |||
| 1,514,652 93,293 |
|||
| 1,607,945 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
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THE DR BENJAMIN ANGEL FOUNDATION BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Note Fixed assets Investments 1.396.873 1,421,319 1,396.873 1.421,319 Cunpnt assets Cash at bank and in hand 222.460 186.776 186,776 Credilots.. amounts falling due within or year 10 1150) 1150) Net currant assets 222.310 186,626 Total assets less current liabilities 1.619,183 1,607,945 Total net assets 1,619.183 1,607.945 Charfty funds Restricted funds Unrestricted fvnds 11 1.619.183 1.607.945 Tot•1 funds 1.619.183 1,607.945 The financial statements were approv and authon.sed for issue by the TnJstges and signed on their behalf by". Ruth Angel Date." 17 June 2021 The notes on pagas 8 to 16 fom part of these financigl statements. Page 7
THE DR BENJAMIN ANGEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. General information
The Dr Benjamin Angel Foundation is an unincorporated charity registered at the Charities Commission with charity number 1114062 which is governed by its Trust Deed dated 5 February 2006.
The financial statements are presented in Sterling (£).
2. Accounting policies
2.1 Basis of preparation of financial statements
The accounts (financial statements) have been prepared in accordance with the relevant version of the 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and 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 relevant version of the 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Dr Benjamin Angel Foundation meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at transaction value and then accounted for on an historic cost basis except for fixed asset investments which are accounted for in accordance with note 2.5.
2.2 Going concern
The trustees have considered whether the charity has been affected by the economic impact and restrictions that have ensued following the Coronavirus pandemic. The trustees are of the opinion that the charity has negligible fixed recurring overheads and therefore having considered post yearend financial results and cash reserves, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, albeit there may be a lower level of grants made to other charitable bodies. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
Income is recognised when the charity is legally entitled to its receipt after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised on receipt.
Income from listed and other investments are recognised on a receivable basis.
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THE DR BENJAMIN ANGEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable, including multi-year grants provided to students, are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is shown inclusive of irrecoverable VAT.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
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THE DR BENJAMIN ANGEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.8 Financial instruments
The charity has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the charity becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
The charity’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of financial activities.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the foundation would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in statement of financial activities.
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THE DR BENJAMIN ANGEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
Financial instruments (continued)
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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THE DR BENJAMIN ANGEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2019 | |
| £ | £ | £ | |
| Donations | 20,719 | 20,719 | 22,455 |
Included in donations is £3,800 (2019 - £3,950) received from HMRC in respect of gift aid repayment claims.
4. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2019 | |
| £ | £ | £ | |
| Income from listed investments | 62,531 | 62,531 | 33,908 |
5. Expenditure on raising funds
Fundraising trading expenses
| Unrestricted funds 2020 £ Portfolio management fees 9,768 Other fundraising costs 1,479 11,247 |
Total funds 2020 £ 9,768 1,479 11,247 |
Total funds 2019 £ 10,094 28 |
|---|---|---|
| 10,122 |
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THE DR BENJAMIN ANGEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
6. Analysis of grants
| Hebrew University in Jerusalem Finchley Jewish Primary School Trust Jnetics United Synagogue World Jewish Relief Hadassa CS Disabled Holidays Chai Community Security Trust Goods for good Wizo Sacks Morasha Norwood Other |
2020 £ 23,815 - 34,950 3,145 5,540 - - - - - 5,110 9,000 1,180 8,348 91,088 |
2019 £ 27,650 9,000 3,281 3,226 2,612 2,357 2,357 2,000 1,020 1,000 - - 1,000 9,130 |
|---|---|---|
| 64,633 |
7. Analysis of expenditure by activities
| Grant | |||
|---|---|---|---|
| funding of | Total | Total | |
| activities | funds | funds | |
| 2020 | 2020 | 2019 | |
| £ | £ | £ | |
| Charitable activities | 91,088 | 91,088 | 64,633 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL).
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THE DR BENJAMIN ANGEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
9. Fixed asset investments
| Cost or valuation At 1 January 2020 Additions Disposals Revaluations At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Listed investments £ 1,247,318 277,101 (357,748) 101,202 1,267,873 1,267,873 1,247,318 |
Unlisted investments £ 174,000 - (45,000) - 129,000 129,000 174,000 |
Total £ 1,421,318 277,101 (402,748) 101,202 1,396,873 1,396,873 1,421,318 |
|---|---|---|---|
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THE DR BENJAMIN ANGEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
10. Creditors: Amounts falling due within one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Other creditors | 150 | 150 |
11. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2020 | Income | Expenditure | (Losses) | 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,607,945 | 83,250 | (102,335) | 30,323 | 1,619,183 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2019 | Income | Expenditure | (Losses) | 2019 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,514,652 | 56,363 | (74,755) | 111,685 | 1,607,945 |
12. Analysis of net assets between funds Analysis of net assets between funds - current period
| Unrestricted funds 2020 £ Fixed asset investments 1,396,873 Current assets 222,460 Creditors due within one year (150) Total 1,619,183 |
Total funds 2020 £ 1,396,873 222,460 (150) |
|---|---|
| 1,619,183 |
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THE DR BENJAMIN ANGEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
12. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2019 £ 1,421,319 186,776 (150) 1,607,945 |
Total funds 2019 £ 1,421,319 186,776 (150) 1,607,945 |
|---|---|---|
13. Related party transactions
During the year, the Foundation granted £34,950 (2019: £3,281) to Jnetics, a charity with a common trustee.
During the year, the trustees donated £15,200 (2019: £12,200) (exclusive of gift aid) to the charity.
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