2021-12-31-accounts

Charity number: 1114062

THE DR BENJAMIN ANGEL FOUNDATION UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021

Trustees	A Angel
	R Angel
	J Angel
	E Angel
	L A Szczerb
	A Leon
Charity registered number 1114062 Principal office 8 Oak Tree Close Stanmore HA7 2PX Accountants Blick Rothenberg Limited Chartered Accountants 16 Great Queen Street Covent Garden London WC2B 5AH

Page 1

THE DR BENJAMIN ANGEL FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report together with the financial statements of the charity for the year 1 January 2021 to 31 December 2021.

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 U� and Republic of Ireland �FRS 102�.

Objectives and policies

a. Objectives and activities

The Foundation was established in 2006 in memory of Dr Ben�amin Angel. The ob�ective 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 pro�ects in the Jewish community, in Israel and in the medical field of which the Trustees believe Ben�amin would have been proud, alongside making donations to a wider range of charities.

During 2021, 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, to support charities engaged in helping Jews in need in the U�, in the former countries of the Soviet Union and in Israel, through and World Jewish Relief and other international charities. Thirdly, in support of Jnetics’, the only U� charity devoted to the better management, domestic 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 ob�ectives 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, and only where appropriate and necessary 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 li�uid assets are invested in portfolios under discretionary management with these investment ob�ectives.

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THE DR BENJAMIN ANGEL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance

a. Main achievements of the charity

The Trustees are e�tremely proud of the work done by the charities the Foundation supports, in particular Jnetics, and the way in which they responded in 2021 to the ongoing challenges of the CO�ID-1� pandemic. They are also e�tremely proud that additional generations of recipients of its Scholarships at the Hebrew University continue to �ualify as doctors.

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 CO�ID-1� 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 en�uiries, the Trustees have a reasonable e�pectation that the charity has ade�uate resources to continue in operational e�istence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

b. Financial review

During the year, the charity had income of �55,422 �2020� �83,250� and total resources e�pended of ���,�65 �2020� �102,335�. Net gains on investment for the year were �2,658,223 �2020� �30,323� giving rise to a total net movement in funds of �2,613,680 �2020� �11,238�. This was the result of the disposal of the charity's holding in �antage Diagnostics Limited at a significant gain. The level of unrestricted funds rose by 161� from �1,61�,183 to �4,232,863. The charity had no restricted funds during the year or the prior year.

The Trustees invest the bulk of the Foundation’s li�uid 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 Ben�amin Angel Foundation is a registered charity, number 1114062, and is constituted under a Trust deed dated 5 February 2006.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

New Trustees are approved and appointed by e�isting Trustees.

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THE DR BENJAMIN ANGEL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Structure, governance and management (continued)

c. Financial risk management

The Trustees have assessed the ma�or risks to which the charity is e�posed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate e�posure to the ma�or risks.

Approved by order of the members of the board of Trustees and signed on their behalf by�

A L Angel R F B Angel Trustee Trustee Date� 1 August 2022

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THE DR BENJAMIN ANGEL FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Independent Examiner's Report to the Trustees of The Dr Benjamin Angel Foundation ('the charity')

I report to the charity Trustees on my e�amination of the accounts of the charity for the year ended 31 December 2021.

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 re�uired to state to them in an independent e�aminer's report and for no other purpose. To the fullest e�tent 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 re�uirements of the Charities Act 2011 �'the 2011 Act'�.

I report in respect of my e�amination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my e�amination 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 U� 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 e�tant 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 e�amination. I confirm that no matters have come to my attention in connection with the e�amination giving me cause to believe that in any material respect�

1. accounting records were not kept in respect of the charity as re�uired by section 130 of the 2011 Act� or

2. the accounts do not accord with those records� or

3. the accounts do not comply with the applicable re�uirements concerning the form and content of accounts set out in the Charities �Accounts and Reports� Regulations 2008 other than any re�uirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent e�amination.

I have no concerns and have come across no other matters in connection with the e�amination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed� Dated� 01.08.2022 Russell Tenzer FCA

Blick Rothenberg Limited

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

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THE DR BENJAMIN ANGEL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities Total expenditure Net expenditure before net gains on investments 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 2021 £ 12,9�0 42,4�2 ��,422 14,�40 ��,22� 99,96� (44,�43) 2,6��,223 2,613,6�0 1,619,1�3 2,613,6�0 4,232,�63	Total funds 2021 £ 12,9�0 42,4�2 ��,422 14,�40 ��,22� 99,96� (44,�43) 2,6��,223 2,613,6�0 1,619,1�3 2,613,6�0 4,232,�63	Total funds 2020 � 20,71� 62,531 83,250 11,247 �1,088 102,335 �1�,085� 30,323 11,238 1,607,�45 11,238 1,61�,183

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 AS AT 31 DECEMBER 2021

Note Fixed assets Investments � Current assets Debtors Cash at bank and in hand 10 Creditors� amounts falling due within one year 11 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds Unrestricted funds 12 12 Total funds	494,�60 290,60� ���,36� (1,0�0)	2021 £ 3,44�,�49 3,44�,�49 ��4,31� 4,232,�64 4,232,�64 � 4,232,�64 4,232,�64	- 222,460 222,460 �150�	2020 � 1,3�6,873
				1,3�6,873 222,310
				1,61�,183
				1,61�,183
				- 1,61�,183
				1,61�,183

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by�

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A Angel R Angel
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Date: 1 August 2022

The notes on pages 8 to 16 form part of these financial statements.

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THE DR BENJAMIN ANGEL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. General information

The Dr Ben�amin 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 prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest �.

2. Accounting policies

2.1 Basis of preparation of financial statements

The 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 U� and Republic of Ireland �FRS 102� and the Financial Reporting Standard applicable in the United �ingdom and Republic of Ireland �FRS 102� and the Charities Act 2011 and U� Generally Accepted Accounting Practice.

The 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 e�tent re�uired 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 U� 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 Ben�amin Angel Foundation meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

After making appropriate en�uiries, the Trustees have a reasonable e�pectation that the charity has ade�uate resources to continue in operational e�istence for the foreseeable future. For this reason they continue to adopt the going concern basis 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 re�uire deferral of the amount. Income ta� 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 2021

2. Accounting policies (continued)

2.4 Expenditure

E�penditure 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 re�uired in settlement and the amount of the obligation can be measured reliably. E�penditure 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.

E�penditure on raising funds includes all e�penditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

E�penditure on charitable activities is incurred on directly undertaking the activities which further the charity's ob�ectives, 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 e�cept in those cases where the offer is conditional, such grants being recognised as e�penditure when the conditions attaching are fulfilled. Grants offered sub�ect to conditions which have not been met at the year end are noted as a commitment, but not accrued as e�penditure.

All e�penditure is shown inclusive of irrecoverable �AT.

2.� Investments

Fi�ed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subse�uently 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 li�uid investments with a short maturity of three months or less from the date of ac�uisition or opening of the deposit or similar account.

2.� 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 re�uired 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 2021

2. Accounting policies (continued)

2.� 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 e�uity instruments are classified according to the substance of the contractual arrangements entered into. An e�uity 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 ma�or 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 subse�uently 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 subse�uently carried at amortised cost, using the effective interest rate method.

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THE DR BENJAMIN ANGEL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

Financial instruments (continued)

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for ob�ective evidence of impairment. If ob�ective 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 e�ceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in statement of financial activities.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when �a� the contractual rights to the cash flows from the asset e�pire 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 e�tinguished, that is when the contractual obligation is discharged, cancelled or e�pires.

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 2021

3. Income from donations and legacies

	Unrestricted	Total	Total
	funds	funds	funds
	2021	2021	2020
	£	£	�
Donations	12,�70	12,9�0	20,71�

Included in donations is �2,250 �2020 - �3,800� received from HMRC in respect of gift aid repayment claims.

4. Investment income

	Unrestricted	Total	Total
	funds	funds	funds
	2021	2021	2020
	£	£	�
Income from listed investments	42,452	42,4�2	62,531

�. Expenditure on raising funds

Fundraising trading expenses

Unrestricted funds 2021 £ Portfolio management fees �,�40 Other fundraising costs 4,800 14,740	Total funds 2021 £ 9,940 4,�00 14,�40	Total funds 2020 � �,768 1,47�
		11,247

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THE DR BENJAMIN ANGEL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. Analysis of grants

Hebrew University in Jerusalem Jnetics United Synagogue World Jewish Relief Jewish Care CS Disabled Holidays Chai Mizrachi U� Goods for good Wizo Sacks Morasha Norwood Other grants below �1,000	2021 £ 1�,600 26,220 1,313 6,�60 1,000 � 1,�30 1,964 � �,013 9,000 2,330 11,39� ��,22�	2020 � 23,815 34,�50 3,145 5,540 630 - 500 - - 5,110 �,000 1,180 7,218
		�1,088

�. Analysis of expenditure by activities

	Grant
	funding of	Total	Total
	activities	funds	funds
	2021	2021	2020
	£	£	�
Charitable activities	85,225	��,22�	�1,088

�. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits �2020 - �NIL�.

During the year ended 31 December 2021, no Trustee e�penses have been incurred �2020 - �NIL�.

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THE DR BENJAMIN ANGEL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

9. Fixed asset investments

Cost or valuation At 1 January 2021 Additions Disposals Revaluations At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 10. Debtors Due within one year Other debtors	Listed investments £ 1,26�,��3 4,3�0,�02 (1,�6�,103) (402,�23) 3,44�,�49 3,44�,�49 1,267,873	Unlisted investments £ 129,000 � (2,6��,12�) 2,�26,12� � � 12�,000 2021 £ 494,�60 494,�60	Total £ 1,396,��3 4,3�0,�02 (4,422,230) 2,123,404 3,44�,�49 3,44�,�49 1,3�6,873 2020 � - -

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THE DR BENJAMIN ANGEL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

11. Creditors: Amounts falling due within one year

	2021	2020
	£	�
Other creditors	1,0�0	150

12. Statement of funds

Statement of funds � current year

					Balance at
	Balance at 1				31
	January			Gains�	December
	2021	Income	Expenditure	(Losses)	2021
	£	£	£	£	£
Unrestricted funds
General Funds - all funds	1,619,1�3	��,422	(99,964)	2,6��,223	4,232,�64
Statement of funds � prior	year
					Balance at
	Balance at				31
	1 January			Gains�	December
	2020	Income	E�penditure	�Losses�	2020
	�	�	�	�	�
Unrestricted funds
General Funds - all funds	1,607,�45	83,250	�102,335�	30,323	1,61�,183

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THE DR BENJAMIN ANGEL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

13. Analysis of net assets between funds

Analysis of net assets between funds � current year

Unrestricted funds 2021 £ Fi�ed asset investments 3,448,550 Current assets 785,365 Creditors due within one year �1,050� Difference �1� Total 4,232,864 Analysis of net assets between funds � prior year Unrestricted funds 2020 � Fi�ed asset investments 1,3�6,873 Current assets 222,460 Creditors due within one year �150� Total 1,61�,183	Total funds 2021 £ 3,44�,��0 ���,36� (1,0�0) 1 4,232,�64 Total funds 2020 � 1,3�6,873 222,460 �150� 1,61�,183

14. Related party transactions

During the year, the Foundation granted �26,220 �2020� �34,�50� to Jnetics, a charity with a common Trustee.

During the year, the Jonathan Angel, a Trustees donated ��,000 �2020� �8,200� �e�clusive of gift aid� to the charity.

During the year, the Ruth Angel, a Trustees donated �Nil �2020� �7,000� �e�clusive of gift aid� to the charity.

Included in creditors is an amount of ��00 �2020� �Nil� due to the Trustees of the charity.

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