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← The Dr Benjamin Angel Foundation

2024-12-31-accounts

Charity number: 1114062

THE DR BENJAMIN ANGEL FOUNDATION UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

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 2024

The Trustees present their annual report together with the financial statements of the charity for the year 1 January 2024 to 31 December 2024.

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 (Charities SORP 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 2024, 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 2023 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 people 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)'.

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 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 2024

Achievements and performance

a. 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 increasingly delivering on Benjamin’s vision that no child should be born into the UK Jewish community with a life-threatening recessive disorder, as well as the engagement programme for the NHS Jewish BRCA Testing Programme. Additional generations of recipients of the Foundation’s 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.

b. 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 investment returns and a return to growth in the Foundation’s assets.

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.

b. Financial review

During the year, the charity had income of £146,488 (2023: £141,406) and total resources expended of £101,196 (2023: £135,939). Net gains on investment for the year were £156,710 (2023: net gains of £144,755) giving a total net increase in funds of £201,962 (2023: net increase of £150,222). At the year end, charity had a total unrestricted fund of £4,238,818 (2023: £4,036,856). The charity had no restricted funds during the year or the prior year. The Trustees invest the Foundation’s funds in the Barclays C harity 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

a. 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.

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 existing Trustees.

Page 3

THE DR BENJAMIN ANGEL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management (continued)

c. 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:

==> picture [108 x 34] intentionally omitted <==

A L Angel Trustee

R F B Angel Trustee

Date: 29 July 2025

Page 4

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 The Dr Benjamin Angel Foundation (the Trust) for the year ended 31 December 2024.

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 of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

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 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.

A Hh ony Epton

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

29 July 2025

Page 5

The Dr Benjamin Angel Foundation Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 December 2024

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
£
12,500
133,948
146,448
9,919
91,277
101,196
156,710
201,962
-
201,962
4,036,856
4,238,818
45,252		 2024
2023
Total
funds
Total
funds
£
£
12,500
13,498
133,948
127,908
146,448
141,406
9,919
9,476
91,277
126,463
101,196
135,939
156,710
144,755
201,962
150,222
-
-
201,962
150,222
4,036,856
3,886,634
4,238,818
4,036,856
5,467
45,252

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 2024

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:		 2024
£
149,175		 2024
2023
£
£
4,092,523
166,693
166,693
2,935
146,295
4,238,818
4,036,856
4,238,818
4,238,818		 2023
£
3,873,098
163,758
149,175
2,880
4,238,818
4,036,856
4,036,856
4,036,856

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

29 July 2025

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 2024

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

The Dr Benjamin Angel Foundation Notes to the financial statements

For the year ended 31 December 2024

2 Income from donations and legacies

Donations
Gift Aid
3
Income from investments
Income from listed investments		 Unrestricted
funds
£
10,000
2,500
12,500
Unrestricted
funds
£
133,948
133,948		 2024
Total
funds
£
10,000
2,500
12,500
2024
Total
funds
£
133,948
133,948		 2023
Total
funds
£
10,998
2,500
13,498
2023
Total
funds
£
127,908
127,908

4 Analysis of expenditure

Portfolio management fees
Grants awarded
Hebrew University in Jerusalem
Jnetics
IDF Widows and Orfans
Finchley Jewish Primary
United Synagogue
World Jewish Relief
Zaka-Chesed Shel Emet
Leket
Chai Cancer Care
Chabad Lubavitch
Adrian Gordon supplies
Wizo
MDA
Other grants below £1,000
Independent examination fees
Adjustments to prior years
Support costs
Total expenditure 2024		 Fundraising
costs
£		 Charitable
activities
£		 Support
costs
£		 2024
Total
£		 2023
Total
£
9,919
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
17,730
18,790
3,072
9,000
2,484
6,360
-
5,107
2,050
-
-
5,500
18,304
-
88,397
-
2,880
91,277		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,880
2,880
(2,880)
-		 9,919
17,730
18,790
3,072
9,000
2,484
6,360
-
5,107
2,050
-
-
5,500
-
18,304
2,880
101,196
-
-
101,196		 9,476
19,025
15,372
10,162
9,000
-
6,000
5,099
-
-
5,000
5,134
10,000
5,000
33,792
2,880
9,919
-		 135,939
9,919

All expeditures were unrestricted.

9

The Dr Benjamin Angel Foundation Notes to the financial statements For the year ended 31 December 2024

5 Net income / (expenditure) for the year

This is stated after charging / (crediting):

Independent examiner’s fees- Net of VAT

2024 2023 £ £ 2,400 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 (2023: £nil) neither were they reimbursed expenses during the year (2023: £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
Market value at the end of the year
Creditors: amounts falling due within one year
Other creditors
Accruals		 2024
£
1,674,519
2,418,004		 2023
£
1,613,242
2,259,856
4,092,523 3,873,098
3,873,098
77,205
(14,490)
156,710		 3,087,519
650,300
(9,476)
144,755
4,092,523 3,873,098
2024
£
-
2,880		 2023
£
55
2,880
2,880 2,935

8 Creditors: amounts falling due within one year

10

The Dr Benjamin Angel Foundation Notes to the financial statements For the year ended 31 December 2024

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
£
4,092,523
149,175
(2,880)		 Total
funds
£
4,092,523
149,175
(2,880)
4,238,818 4,238,818
Unrestricted
funds
£
3,873,098
166,693
(2,935)		 Total
funds
£
3,873,098
166,693
(2,935)
4,036,856 4,036,856
10
Movements in funds
Unrestricted funds:
General funds
Movements in funds-prior year
Unrestricted funds:
General funds		 £
4,036,856
At the start of
the year		 £
146,448
Incoming
resources &
gains		 £
(101,196)
Outgoing
resources &
losses		 £
156,710
Gains/(Losses)		 £
4,238,818
At the end
of the year
£
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

11 Related party transactions

During the year, the Foundation granted £18,790 (2023: £16,431) to Jnetics, a charity with two common trustees.

During the year, a trustee, donated £12,500 (2023: £12,500) to the charity.

11