THE DR BENJAMIN ANGEL FOUNDATION UNAUDITED
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 - 11 |
A Angel R Angel J Angel E Angel L A Szczerb A Leon
1114062 8 Oak Tree Close Stanmore HA7 2PX Anthony Epton Goldwins Limited Chartered Accountants 75 Maygrove Road, West Hampstead London NW6 2EG
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The Trustees present their annual report together with the financial statements of the charity for the year 1 January 2022 to 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 102).
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 2022, the Foundation made charitable donations in three principal areas. First, in support of Jnetics, the only UK charity devoted to the better management, domestic and prevention of Jewish genetic disorders. Secondly, 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 training as doctors, along with supporting other charities operating there. Thirdly, to support charities engaged in helping Jews in need in the UK, in the former countries of the Soviet Union and elsewhere through World Jewish Relief and other international charities. 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)’.
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.
Consistent with its reserves policy, the Trustees seek to invest the Foundation s 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.
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The Trustees are extremely proud of the work done by the charities the Foundation supports, in particular Jnetics, and the way in which they responded in 2022 to the challenges of the COVID-19 pandemic and have operated since. They are also extremely proud that additional generations of recipients of its Scholarships at the Hebrew University continue to qualify as doctors.
The Trustees seek to ensure that funds donated at a time many charities have been struggling due to COVID-19, inflation and economic uncertainty are well used. The medical students the Foundation had funded have, in addition to their studies, also give generously of their time to help others. 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 and caused by the Russian invasion of Ukraine.
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.
During the year, the charity had income of £131,522 (2021: £55,422) and total resources expended of £134,806 (2021: £99,965). Net losses on investment for the year were £342,945 (2021: net gain of £2,658,223) giving fall to a total net movement in funds of £346,229 (2021: £2,613,680). At the year end, charity had a total unrestricted fund of £3,886,634 (2021: £4,232,863). The charity had no restricted funds during the year or the prior year.
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.
The Dr Benjamin Angel Foundation is a registered charity, number 1114062, and is constituted under a Trust deed dated 5 February 2006.
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 existing Trustees.
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The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Trustee
Trustee
Date: 9 October 2023
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I report to the trustees on my examination of the accounts of the The Dr Benjamin Angel Foundation (the Trust) for the year ended 31 December 2022.
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements
I report in respect of my examination of the Trus carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the 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
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.
Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
9 October 2023
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The Dr Benjamin Angel Foundation Statement of financial activities
(incorporating an income and expenditure account)
For the year ended 31 December 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Unrestricted | Total | Total | ||
| funds | funds | funds | ||
| Note | £ | £ | £ | |
| Income from: | ||||
| Donations and legacies | 2 | 23,982 | 23,982 | 12,970 |
| Investments | 3 | 107,540 | 107,540 | 42,452 |
| Total income | 131,522 | 131,522 | 55,422 | |
| Expenditure on: | 4 | |||
| Raising funds | 8,605 | 8,605 | 14,740 | |
| Charitable activities | 126,201 | 126,201 | 85,225 | |
| Total expenditure | 134,806 | 134,806 | 99,965 | |
| Net (expenditure) before net gains / (losses) on | ||||
| investments | (3,284) | (3,284) | (44,543) | |
| Net gains / (losses) on investments | (342,945) | (342,945) | 2,658,223 | |
| Net income / (expenditure) for the year | (346,229) | (346,229) | 2,613,680 | |
| Transfers between funds | - | - | - | |
| Net movement in funds | (346,229) | (346,229) | 2,613,680 | |
| Reconciliation of funds: | ||||
| Total funds brought forward | 4,232,863 | 4,232,863 | 1,619,183 | |
| Total funds carried forward | 3,886,634 | 3,886,634 | 4,232,863 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
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The Dr Benjamin Angel Foundation Balance sheet
As at 31 December 2022
| Note Fixed assets: Investments 7 Current assets: Debtors 8 Cash at bank and in hand Liabilities: Creditors: amounts falling due within one year 9 Net current assets Total net assets Funds Unrestricted funds: 11 General funds Total unrestricted funds Total funds |
2022 £ - 802,150 802,150 3,035 3,886,634 |
2022 £ 3,087,519 799,115 3,886,634 3,886,634 3,886,634 |
2021 £ 494,760 290,604 785,364 1,050 4,232,863 |
2021 £ 3,448,549 784,314 4,232,863 |
|---|---|---|---|---|
| 4,232,863 4,232,863 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
9 October 2023
and signed on their behalf by:
AL Angel Trustee
Charity registration no. 1114062
The attached notes form part of the financial statements.
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The Dr Benjamin Angel Foundation Notes to the financial statements
For the year ended 31 December 2022
1 Accounting policies
a) Basis of preparation
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 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 charity 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 or note.
b) Going concern
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. Th e trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
c) Income
Income is recognised when the charity 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 that the amount can be measured reliably.
Income from government and other grants, whether grants or grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
d) Interest receivable
- Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
e) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are donations and
f) Expenditure
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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 re liably. 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.
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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.
g) Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequ ently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured a t cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as
h) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
i) Cash at bank and in hand
Cash at bank and cash 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.
j) Creditors and provisions
Creditors and provisions are recognised where the charity 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 rel iably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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The Dr Benjamin Angel Foundation Notes to the financial statements For the year ended 31 December 2022
2 Income from donations and legacies
| Donations Gift Aid 3 Income from investments Income from listed investments |
Unrestricted funds £ 19,357 4,625 23,982 Unrestricted funds £ 107,540 107,540 |
2022 Total funds £ 19,357 4,625 23,982 2022 Total funds £ 107,540 107,540 |
2021 Total funds £ 10,720 2,250 12,970 |
|---|---|---|---|
| 2021 Total funds £ 42,452 42,452 |
4 Analysis of expenditure
| Portfolio management fees Other fundraising costs Grants awarded Hebrew University in Jerusalem Jnetics United Synagogue World Jewish Relief Jewish Care JCC Krakow Chai Cancer Care Mizrachi UK Kidney Research UK Wizo Sacks Morasha Norwood Other grants below £1,000 Independent examination fees Adjustments to prior years Support costs Total expenditure 2022 |
Fundraising costs £ |
Charitable activities £ |
Charitable activities £ |
Support costs £ |
2022 Total £ |
2021 Total £ |
|
|---|---|---|---|---|---|---|---|
| 8,533 72 - - - - - - - - - - - - - - |
- - 20,348 51,909 1,884 9,456 - 1,423 1,080 - 1,000 5,000 18,500 1,000 12,267 - |
- - - - - - - - - - - - - - - 2,880 2,880 - (2,880) - |
8,533 72 20,348 51,909 1,884 9,456 - 1,423 1,080 - 1,000 5,000 18,500 1,000 12,267 2,880 |
9,940 4,800 18,600 26,220 1,313 6,860 1,000 - 1,530 1,964 - 5,013 9,000 2,330 11,395 - |
|||
| 8,605 - - |
123,867 (546) 2,880 |
99,965 | |||||
| 8,605 | 126,201 |
All expeditures were unrestricted.
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The Dr Benjamin Angel Foundation Notes to the financial statements For the year ended 31 December 2022
5 Net income / (expenditure) for the year
This is stated after charging / (crediting):
Independent examiner’s fees- Net of VAT
2022 2021 £ £ 2,400 -
6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
No charity trustees were paid or received any other benefits from employment with the charity in the year (2021: £nil) neither were they reimbursed expenses during the year (2021: £nil).
| 7 Investments Investments at fair value: Investment funds- Cazenove Investment funds- Barclays Movements Market value at the start of the year Additions at cost Disposals at carrying value Net gains / (losses) Market value at the end of the year 8 Debtors Other debtors 9 Creditors: amounts falling due within one year Other creditors Accruals |
2022 £ 1,573,696 1,513,823 |
2021 £ 1,752,687 1,695,862 |
|---|---|---|
| 3,087,519 3,448,549 - (18,085) (342,945) |
3,448,549 | |
1,396,873 4,350,502 (4,422,230) 2,123,404 |
||
| 3,087,519 2022 £ - |
3,448,549 | |
2021 £ 494,760 |
||
| - 2022 £ 155 2,880 |
494,760 | |
2021 £ 1,050 - |
||
| 3,035 | 1,050 |
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The Dr Benjamin Angel Foundation Notes to the financial statements
For the year ended 31 December 2022
10 Analysis of net assets between funds
| Fixed asset investments Net current assets Creditors due withing one year Net assets at the end of the year Analysis of net assets between funds-prior year Fixed asset investments Net current assets Creditors due withing one year Net assets at the end of the year |
Unrestricted funds £ 3,087,519 802,150 (3,035) |
Total funds £ 3,087,519 802,150 (3,035) |
|---|---|---|
| 3,886,634 Unrestricted funds £ 3,448,549 785,364 (1,050) |
3,886,634 | |
Total funds £ 3,448,549 785,364 (1,050) |
||
| 4,232,863 | 4,232,863 |
| Movements in funds Unrestricted funds: General funds Movements in funds-prior year Unrestricted funds: General funds |
At the start of the year £ 4,232,863 At the start of the year £ 1,619,183 |
Incoming resources & gains £ 131,522 Incoming resources & gains £ 55,422 |
Outgoing resources & losses £ (134,806) Outgoing resources & losses £ (99,964) |
Gains/(Losses) £ (342,945) Gains/(Losses) £ 2,658,223 |
At the end of the year £ 3,886,634 |
|---|---|---|---|---|---|
At the end of the year £ 4,232,863 |
11 Movements in funds
12 Related party transactions
During the year, the Foundation granted £51,909 (2021: £26,200) to Jnetics, a charity with two common trustees.
During the year a trustee donated £13,500 (2021: £9,000) (exclusive of gift aid) to the charity.
11