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← The Dr Benjamin Angel Foundation

2023-12-31-accounts

Charity number: 1114062

THE DR BENJAMIN ANGEL FOUNDATION UNAUDITED TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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

THE DR BENJAMIN ANGEL FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

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 Independent examiner Anthony Epton Goldwins Limited Chartered Accountants 75 Maygrove Road, West Hampstead London NW6 2EG

Page 1

THE DR BENJAMIN ANGEL FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the charity for the year 1 January 2023 to 31 December 2023.

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).

Objectives and policies

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 2023, the Foundation made charitable donations in three principal areas. First, in the field of health and medicine, the Foundation continued its support of Jnetics, the only UK charity devoted to the better management, and prevention of Jewish genetic disorders, and its sponsorship of multi-year Scholarships at the Hebrew University in Jerusalem to support a diverse group of young people training as doctors. Secondly, and especially in light of the tragic events of 7 October and their aftermath, it made donations to emergency aid and other charities engaged in providing medical, psychological and physical support to people affected in Israel. It also continued its long-term support of 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. Thirdly, the Foundation continued to make grants to a range of medical, educational and other charities helping children, the elderly and others in need of care and support within the UK Jewish Community and elsewhere.

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)’.

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.

Investment policy

Consistent with its reserves policy, the Trustees seek to invest the Foundation assets with a view to long term income generation and capital appreciation. The greater part of its assets are invested in portfolios under discretionary management with these investment objectives.

Page 2

THE DR BENJAMIN ANGEL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

Main achievements of the charity

The Trustees are extremely proud of the work done by the charities the Foundation supports. Jnetics has expanded its activities and is assuming an increasingly recognised role in the UK Jewish Community, and is - beginning to deliver threatening recessive disorder. Additional generations of recipients of Scholarships at the Hebrew University, from across the range of disparate communities in Israel, continue to qualify as doctors; they are living proof of the opportunities for peaceful coexistence at a very difficult time. Organisations like WIZO, World Jewish Relief and the range of relief charities the Foundation supports across the Jewish Community continue to both serve and unite the community in extraordinary ways at a time of great pressure,

Performance

The Trustees continue to keep costs at a low level and to seek to ensure that investments achieve a return in line with relevant benchmarks, to enable the Foundation to meet its current commitments and to generate future funds at a level that allows the charity to meet its long-term objectives. This year has seen some improvement in

Financial review

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.

Financial review

During the year, the charity had income of £141,406 (2022: £131,522) and total resources expended of £135,939 (2022: £134,806). Net gains on investment for the year were £144,755 (2022: net loss of £342,945) giving a total net increase in funds of £150,222 (2022: a decrease of £342,945). At the year end, charity had a total unrestricted fund of £4,036,856 (2022: £3,886,634). The charity had no restricted funds during the year or the prior year.

The Trustees invest the the Barclays Charity Fund managed by Barclays Asset Management Limited, a Bond and accounts with Barclays Bank plc, and in a diversified multi-asset Cazenove Fund specifically designed for Charities.

The Foundation aims over time to continue to maintain a stream of investment income sufficient to fund its work.

Structure, governance and management

Constitution

The Dr Benjamin Angel Foundation is a registered charity, number 1114062, and is constituted under a Trust Deed dated 5 February 2006, as amended by Deeds dated 11 January 2022 and 30 November 2023.

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 existing Trustees.

Page 3

THE DR BENJAMIN ANGEL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

Financial risk management

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:

A L Angel Trustee

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R F B Angel Trustee

Date: 10 May 2024

Page 4

THE DR BENJAMIN ANGEL FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Independent Examiner's Report to the Trustees of The Dr Benjamin Angel Foundation.

I report to the trustees on my examination of the accounts of The Dr Benjamin Angel Foundation (the Trust) for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements

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:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

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

  3. 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 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.

==> picture [176 x 47] intentionally omitted <==

Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG

10 May 2024

Page 5

The Dr Benjamin Angel Foundation Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 December 2023

Note
Income from:
Donations and legacies
2
Investments
3
Total income
Expenditure on:
4
Raising funds
Charitable activities
Total expenditure
Net gains / (losses) on investments
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income / (expenditure) for the year
Net income / (expenditure) before net gains /
(losses) on investments		 Unrestricted
funds
£
13,498
127,908
141,406
9,476
126,463
135,939
144,755
150,222
-
150,222
3,886,634
4,036,856
5,467		 2023
2022
Total
funds
Total
funds
£
£
13,498
23,982
127,908
107,540
141,406
131,522
9,476
8,605
126,463
126,201
135,939
134,806
144,755
(342,945)
150,222
(346,229)
-
-
150,222
(346,229)
3,886,634
4,232,863
4,036,856
3,886,634
(3,284)
5,467

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.

6

The Dr Benjamin Angel Foundation Balance sheet As at 31 December 2023

Note
Fixed assets:
7
Current assets:
Liabilities:
8
10
Total unrestricted funds
Total net assets
Investments
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Funds
General funds
Total funds
Unrestricted funds:		 2023
£
166,693		 2023
2022
£
£
3,873,098
802,150
802,150
3,035
163,758
4,036,856
3,886,634
4,036,856
4,036,856		 2022
£
3,087,519
799,115
166,693
2,935
4,036,856
3,886,634
3,886,634
3,886,634

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

10 May 2024

and signed on their behalf by:

AL Angel Trustee

Charity registration no. 1114062

The attached notes form part of the financial statements.

7

The Dr Benjamin Angel Foundation Notes to the financial statements

For the year ended 31 December 2023

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. The 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

f) 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.

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 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

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 reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

8

For the year ended 31 December 2023

The Dr Benjamin Angel Foundation Notes to the financial statements

2 Income from donations and legacies

Donations
Gift Aid
Income from investments
Income from listed investments		 Unrestricted
funds
£
10,998
2,500
13,498
Unrestricted
funds
£
127,908
127,908		 2023
Total
funds
£
10,998
2,500
13,498
2023
Total
funds
£
127,908
127,908		 2022
Total
funds
£
19,357
4,625
23,982
2022
Total
funds
£
107,540
107,540

3 Income from investments

4 Analysis of expenditure

Portfolio management fees
Other fundraising costs
Grants awarded
Hebrew University in Jerusalem
Jnetics
IDF Widows and Orfans
Finchley Jewish Primary
United Synagogue
World Jewish Relief
Zaka-Chesed Shel Emet
JCC Krakow
Chai Cancer Care
Chabad Lubavitch
Adrian Gordon supplies
Wizo
MDA
Jewish care
Amud Hatzdokoh Trust
Leket
Norwood
United Hatzalah
Kidney Research UK
CST
United Jewish Israel Appeal
Other grants below £1,000
Independent examination fees
Support costs
Total expenditure 2023		 Fundraising
costs
£		 Charitable
activities
£		 Support 2023
Total
£		 2022
costs
£		 Total
£
9,476
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
19,025
16,431
10,162
9,000
4,132
7,263
5,099
-
1,500
5,000
5,134
10,200
6,000
2,000
2,000
4,000
1,250
1,000
1,000
1,250
1,000
11,138
-
123,583
2,880
126,463		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,880
2,880
(2,880)
-		 9,476
-
19,025
16,431
10,162
9,000
4,132
7,263
5,099
-
1,500
5,000
5,134
10,200
6,000
2,000
2,000
4,000
1,250
1,000
1,000
1,250
1,000
11,138
2,880
135,939
-
135,939		 8,533
72
20,348
51,909
-
18,500
1,884
9,456
-
1,423
1,080
-
-
5,000
-
-
-
-
-
-
-
-
-
14,267
2,880
9,476
-		 135,352
9,476

All expeditures were unrestricted.

9

The Dr Benjamin Angel Foundation Notes to the financial statements For the year ended 31 December 2023

5 Net income / (expenditure) for the year

This is stated after charging / (crediting):

Independent examiner’s fees- Net of VAT

2023
£
2,400		 2022
£
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 (2022: £nil) neither were they reimbursed expenses during the year (2022: £nil).

7 Investments

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		 2023
£
1,613,242
2,259,856		 2022
£
1,573,696
1,513,823
3,873,098 3,087,519
3,087,519
650,300
(9,476)
144,755		 3,448,549
-
(18,085)
(342,945)
3,873,098 3,087,519

8 Creditors: amounts falling due within one year

Other creditors
Accruals		 2023
£
55
2,880		 2022
£
155
2,880
2,935 3,035

10

The Dr Benjamin Angel Foundation Notes to the financial statements For the year ended 31 December 2023

9 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
£
3,873,098
166,693
(2,935)		 Total
funds
£
3,873,098
166,693
(2,935)
4,036,856 4,036,856
Unrestricted
funds
£
3,087,519
802,150
(3,035)		 Total
funds
£
3,087,519
802,150
(3,035)
3,886,634 3,886,634
10
Movements in funds
Unrestricted funds:
General funds
Movements in funds-prior year
Unrestricted funds:
General funds		 £
3,886,634
At the start of
the year		 £
141,406
Incoming
resources &
gains		 £
(135,939)
Outgoing
resources &
losses		 £
144,755
Gains/(Losses)		 £
4,036,856
At the end
of the year
£
4,232,863
At the start of
the year		 £
131,522
Incoming
resources &
gains		 £
(134,806)
Outgoing
resources &
losses		 £
(342,945)
Gains/(Losses)		 £
3,886,634
At the end
of the year

11 Related party transactions

During the year, the Foundation granted £16,431 (2022: £51,909) to Jnetics, a charity with two common trustees.

During the year, a trustee donated £12,500 (2022: £13,500) (exclusive of gift aid) to the charity.

11