Charlty number. 209068 J e JOSEPH CHARITABLE FUND UNAUDrrED TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 8 APRIL 2024 J E JOSEPH CHARrrABLE FUND coKrENTS R•f•rnncè and Admini•tratlv• Dotalls ol tho Charlty, its Tru4tee8 and AdvlB•rn TN•teo'8 R•port Indop•nd•nt Ex•mln•rf• Roport Slat•m•nt of Flnanei•l Actlvlti BAlanc• 8h••t Nots• to th• Flnanelal St•tWMnt• 10-20 J E JOSEPH CHARITABLE FUND REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 6 APRIL 2024 Repr88entatNes of J. E. Joseph Trustoe Company Llmited Charlty rngi¥t•r•d numb•r 209058 Prlnclpol offl¢• 19 Ha￿es10Y Court Watford Road Radlett H8rt9 WD7 8HH So¢v•t•ry R Leon Ch•lrni•n R Shemtob AccountAnt• Sopher + Co LLP Charterod Accountsnts 5 E181re8 Gale Elslree Way Bor8hamwood WD6 1JD Bink•r• C Hoaro & Co 37 Fleet Street London EC4P 4DQ Inv••tm•nt *dvl•or C8zenove Capital ManageM￿t Limited 1 London W811 Place London EC27 SAU P8ge 1 J E JOSEPH CHARITABLE FUND TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Directors of the Corporate Trustee I'the Directors") present their annual report together wth the financial statemants of the J E Joseph Charitable Fund for the yearyear 6 April 2023 10 5 April 2024. The financial statements have been prepared in accord8nce with the accounting polic*s set out In notes lo the accounts and comply wth the charity's governing document, the Charities Act 2011 and the relevant version of the Stslemenl of Recommended Pradice applicable to charities preparing their aGcount8 in accutsnce with the Financial ReFLlrting Stsndard applicable in the UK and Republ￿ of Ireland {FRS 102). ObJectlvoB and actlvltlos a. Pollcl•• and obl•ctnr The objects of the Fund are d8finad as charltable PU￿0$05 for the benerrt of th& Jewish Community, natlonal and overseas, namely.. al Relief of poverty. bl Relief of afflictions or 8uff&rln9- This include¥ ¢8re for the elderfy and dl8ablgd ¢hildran and adulis. l Adv8ncement of educalion. dl Advancement of the JewiBh relig￿. e) Other charitabl& objects. Tho Director8 have p8id due regard to guidanGe18sued by the Charity Commb¥8ion in deGKling what activikne8 tho trust Should und8rtake. In Setting obje¢tiv88 and planning for 8ctivitio¥, th8 Dire¢lors have given due conslderation to pnoral guldance publlshed ty the Charity Commission rel*ing to public benefit. b. Gr•nt4n•klng pollclos AppI￿allonS for grants, from both new and exiBling applicgnts. are rovlewed throughout the year, taking into account each applicanfs activity and benefrt to the community, ils financial needs. the difference that assistance vlll make and whether altemats've sources of Income may be available. afvlays in accordance with the Fund'8 objects. The Fund wgives many more applic81ions for consideration than it can support from ils distributable income. In general. grants are made to organi88tions rather than individuals. although help ha5 occasionalty been given in particular cases that could result in benefits for the wider community. The grants are apwoved and aulhorised by the Directors 818 grants me8ting. which takes plao once a year, after the accoun18 have pprov8d and the levol of Income kn¢)wn. A¢hl•v•m•nts •nd p•rforniano• . R•vl•w of aGtivitlo8 The Statement of financial activities set out on page 8 of the financi81 8tatement6 8h(hYs how the Funds irwming re80ur¢e8 have been expended in thg year ended 5 April 2024. The Balance sheet set out on pgge 9 of the financlal Statements shvws the financial posbtion of the Fund at S April 2024. Page 2 J E JOSEPH CHARrrABLE FUND TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 6 APRIL 2024 Achlovements and p&rfomian¢• {¢onllnu•dl b. Invo•tmont pollw and porfom)•nc• The capital of the Endry•ymenl Fund is Inve8ted under e power of total retum commencing on 6 April 2022. The Directors consider varialility of Investment returns on the Endowmenl Fund to constiluta the charitys major financial risk, The Directors have resolved lo manage the pgrmanent endowment fLbnd on a total relum basis, under Section 4 of the Trusts (Capital and Income) Act 2013, which amended the Charities Act 2011, allowing them to use a total ielurn approach in relation to these inveslmenls. The Directors consider that the use of a total return 8pproach will stsbilise tho resources available for gfant making, thereby facilitating longer teryn grants and a more stsble number grants but thè DirectorB also toke a¢counl of the ouWook for investment retum8 and keep thelovel of grants under rewew. The Directors eonfinn th8t'. In Identi￿ng the value of the portion of the Enth)wment Furbd that repre8ented unapplied total return, the Directors first idgntffied tho value of the inrtial founding gfft in 1939 of £75.OOO', and - when determining the amount of unapplied total relum to transfer to inwme the Direclors have consvJere(I the 8rn0unt of in¢om8 required lo maintain the current level of charltsble activity. the likely tenefits to futuré generats'ons. and the likely need3 of future beneficiaries., and when reaching their decision a$ to the unapplied lotsl return to transfer lo income, the Director6 have taken professional adV￿e from Ih81r inv88trnènt advl8or8 regarding the market ouuook, investment trends and yiold and the prospect for future capital gr￿￿h. Our Investment 8dvi80rs ICaz6nove Copitall are Instructed to Inv88t to maximl80 the total retum on Endowment Fund¥ withln Ihg con8traints ol a medium to low rf8k investmenl portrolD. Wllhln the portlolio, all¢xalion8 to fix•d Incomo. absolute rotum. cash and gold have helF*d off8et the negatlve eqtjity rolurns while maintaining a spread of manager by stylo and selection. The Directors are confident that the investment values wll rebound followlng an in¢rea88 in consumer GonfidenGe after the year-end. Fln•nclal r•vlow a. Goln9 conc•rn The income of the Fund is almost entirely derived from investments held ty an inve8trnent portfolkj man8gad by c￿en0ve. The investment porifolio holds a diverse range of investments whieh reduce the investment holding risk. The DirecloTS are 8180 aware of the possibility of reduced dividend and interest income. There are however slgnificant unre8tricted funds available and they consider that the Fund would conlinue lo meet its obligatlons a thay fall due. The Dlrectors therefore ryjnslder that there are no matsrial unc8rtainties concerning the Fund's abllty to continue as a going concem. Pago 3 J E JOSEPH CHARITABLE FUND TRUSTEE'S REPORT (CONTINUED FOR THE YEAR ENDED S APRIL 2024 b. R•serv88 pollGy The free resoNes of the tru8t as * S April 2024. wh￿h are the unrgslricted fLbnds, amounted to £142.124 {2023'. £149.188). It is the policy of the Trust to allocate grants within nine months of the accounts for Ihe Previous linancial year teing approved. up to a level in line with the unrestricted dislribulable income funds shown in those accounts. The Diredors consider that a18vel of nine months is sufficient given the flexibility afforded by th$ total return approach towards the investment of th8 pernianent endowmenl for which the Directors have resolved to transfer 3% year on year from the portfollo value of the endowment fund to unreslrictsd funds. Thereby there will Iways be sufficient funds lo cover management, admini$lration and 8UPPOrt ¢osts and to respond to emergency applications for grants which arisa from time to time. Tho charlty hobj andowment funds of £S.867,272, an incr•88e on188t Y￿rf8 £5.585,156. ¢. Flnan¢i•l rhlt m•n•g•m•nt objactlvw and pollcl Th8 Olrector8 h8V8 888e88ed the rnaior rl8k8 to wthich the Fund is oxposed, in particular Iho80 related to Ihe op8ralion8 ond finances of the Fund. and are 8atisfied that 8y8tems and procedures are in place to mmgate our 8XPOsure to the major ri8k¥. 8truGtur•, gov•rnanc• and m•n•gom•nt . Con•tllutlon Tho tru81 w88 founded by proved with a codlcll thereto In Ihe Prin¢ipal Registry on 29 August 1946. in accordance with the wishes of Mr Joseph Edgar Joseph 11882 - 19461. It 1$ a registe￿d charity., No, 209058, In 1994 the Sophia Joseph Fund for Jerusalom. founded in 1961, w88 am8lgamated with the Fund. In 2019, the charity completed the setting up of the CoTpor8le Trustee. J. E. Joseph Tru$lee Company Limited. 88 Trustee of the J. E. JoseF* Charitable Fund. The new conipany had been regi$lered with Companies Houso on the 6 June 2018 and incorporated as private limked company. Throughout the proce85. the Fund was guided and advi$8d by Womble Bond Dickinson, an establi8hed firm of 801iGitors with much experience in thi8 field. The Tru$lee8 of the Fund had been seeking to re8trsJcture the Charity in order lo ensure that the 888el8 &in be held effici8nUy and the trustee body benefits from limited liability. The individual Trustees werè no longer Trustees of the Fund but were in¥lead appointed 88 Directors of the Corporate Trustee. whiGh itself hod been appointed aB the 5016 Trusleg of the Fund. AS Stated, it was necessary to updote the Fund's structur6 In the light of its growing Size and the new legi8181ion introduced by the Charity C.'ommission, with regard to data protection. charity gronl awards and Trustee liability. The Corporate Trustse itself has a £nil balance sheet 8nd h8s filed domant company accounts for the year to 5 April 2024. b. Mothod8 of appolntm•Tht or ehctlon of Tru•to0 The management of the Fund 1$ the responsibility of the Directors of the Corporate Trustee who afe elected and CO-QPted under the lerms of the Trust deed. The Fund's recruitment needs are considered with the nominating bodies as needed. The administration of the Fund is dealt with by its secretary in consultation with the Diwlors of the Corporate Trustee. Ther8 arg no employees. The Directors meet regularly. as needed, reviewing its investment strategy and aulhorising all grants. The Fund 1$ aware of the need to provb&e training to it8 Dire¢torg as considered necessary. Page 4 J E JOSEPH CHARITABLE FUND TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Statement of Tru8108￿ reBponslbllftlo8 The Olrectors of the CorpNae Trustee I'the Direclors'l are re5ponsibb foT preparing the Trustee's Rep)rt and th8 financial slalemenls in accordance with applicable law and United Kingdom AGcwnting St8ndard8 (Uniled Kingdom Generalty Accepted Accounting Practice). The law applicable to charities in England & Wales require$ the Directors of the Corporate TnJstee I'lhe Directors,? to prepara fin8nc?al ststemenls for each financial year which give a tfue and fair view of the slate of affairs of the Chafity and of ils incoming resources and application of resources, including its incorne and expenditure. for that pericd. In preparing these financial statements. the Dire¢tors of the CorpoTate Trustee {'Iho Dlrectors'l are required to.. Sel￿t sultsble accounung policle8 and then apply them consistently, observe the methods and principle8 of the Charllies SORP IFRS 1021; make judgments and accounting estimates that are Rasonablg and prudenL 8tste whalher applicable UK Accounting Standards {FRS 1021 have been follow8d, 6ubject to any matorial d8partures di8closed and explained in the financial slatements.. prepare thg financial ststemont8 on the going concem b8S18 un1888 11 is inappropriate to prgsumo that the Charity will ¢onlinue in business. The Dlrectors ol the Corp)rate Tru8tèe {'Ihe DirectOf8"l aro re8pon8ible for keeping adequate accoursling record8 that are 8ufficient lo show and explain the Charivs tran8aclions and di8¢108e with reasonable accuracy at any *me the financial position of the Charity and enable them lo ensure that the finan¢ial statements comp with Ihe Charities Ad 2011, the Charity (Accounts and Report8) Regulations 2008 and the provi8ion8 of the Trust deed. They are also responsible for s8feguarding the a8S81s ol the Charty and hènce for taking reasonable 8tep$ for the Fyevention and dete¢tion of fraud and other iffegularilie8. Approved by order of the member8 of the board of Director8 of the Corporate TruBtee etho DirectorB"l and Sl9ned on their behalf by.. Repr•sontatSve8 J. E. Joseph Tr￿19• Company Llmlt•d Trustee Date.. qllo i Iz024 Page 5 J E JOSEPH CHARrrABLE FUND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Indep•nd•nt Examin•rf• Report to th• Tru8ts0 of J E J¢Yd•ph Charltabl• Fund charl￿ I report to the charfty Trustse on my examination of the &counts of the Charity for the year ended 5 April 2024. Ro8pon•lbllttles and Ba$ls of R•port As thg Trustee of lh8 Charty you are responsible for th& weparation of th6 accounts in accord&nce with the requiremants of th6 Charitie8 Act 2011 ftho 2011 Acri. I report In resFfjCt of my examination of the Charitys a¢counts carri&fj out under 8ection 145 of thè 2011 Act and In canyng out my examin*ion I have follow&J tha aFplicable DirectrJns given the Charty commissi￿ under section 14515llbl of the 2011 ACL Indep•nd•nt Ex•mlnorf8 Statom•nl Your attentlon is drawn to lh& fact that the Charty has prepared tha accounts in accordance with Accounting and Reporting by Charib'es.. Sl8lemenl of Recommended Pra¢lice applicable lo charflles preparing their accounts in a￿ordanCe wfth the Flnanciol Reporting Standard 8ppIic8ble in the UK and Republic of Ireland IFRS 1021 in preference to the Aceounling and Reporting by Ch8rrties.' Statement of Recommended Pr8ctiC8188U8d on 1 April 2005 which 1$ raferred to in Iha extant regulations but hos been withdrawn. l undgrstand that this has been done in order for the accounts to provide a true and fair viaw in 8ccord?n¢e wlth the Generalty Accepted Accounting Practice effective for ffjpO￿.ng periods bgginnlng on or after 1 January 2015. I havo completed my examination. I confimi thal no matters have come to my attentlon in connectk￿ wlth the examination giving me Gause to beliove that in any materf81 r88peGI'. accounting reGord8 were not kept in respect of the Charity a8 required by 88Ction 130 of tha 2011 Act,. or the a￿OUnts do not accord with th08e record8,' or the accounts do not ¢omth with the applic8t4e requirement$ conceming the fomi and Content of 8ccount8 set out in the Charities {Accounts and Reports) Regul81ion3 2008 olhgr than ony requirement that the accounts givo a 'true and fairf vigw which 18 not a matter ¢onsiderod 86 Part of an ind¢pendent examination. I have no COr￿arnB and heve ¢om8 across no other matt8r8 In connection examination to whkh 8tt•ntion should be drawn in this report in order to enable 8 proper understanding of the accounts to bo reached. Pagg 6 J E JOSEPH CHARITABLE FUND INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 This report is made solely lo the Charitrfs Trustee, as a body. in ac¢ordance with Part 4 of the Chaflties {Accounls and Reports) Regulations 2008. My work has been undertaken so that I might stste lo the Charity's Trustee those matters l am required lo slate lo them in an Independent Examinerfs Report and ft)r 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 Trustee as a body. for my work or for thi3 report. Signed: H Young Soph•r + Co LLP Chartered Accountants S E18tree Gate El8tree Way Borehamvotod Hertlordshire WD6 1JD Dated. Is lo+12914 Pa￿7 J E JOSEPH CHARITABLE FUND 8TATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 5 APRIL 2024 Unrostrfcted Endowmont funds fund8 2024 2024 Total funds 2024 Total funds 2023 Incom• and ondowmont8 Irom: Investrnents 126,381 128.381 101,076 Total incom6 and •ndowm•nt8 126,381 126,381 101.076 Exp•ndlturg on: Raising funds Charttablo a¢tiwtie8 24,066 24,086 186,172 24.694 174,521 186,172 Total •xp•ndltur• 186.172 24,068 210.238 199,215 N•t (•yp•ndltur•ylncom• b•lorn n•t g•in•l{lo•••sl on Inv••tmont• Net goin￿1108888) on Investments 1186,1721 102.316 368,909 {83,8157) 368.909 198.139) 1317,073) Not l•xp•ndttur•)nn¢om• Tran8fers beknveen funds 1186.172) 179.108 461,224 276.052 (415,212> 14 Not mov•m•ni In lund• (7,0641 282,116 275.052 1415.212) R•conclllatlon of fund•: Total fundB brought foThv8rd Net movement in fund8 149.188 (7,0641 6.586,166 282,118 5,734,344 275,062 6,149,556 (415.212) Totsl lund• c•rrl•d forward 142,124 5,867.272 6.009,396 5,734,344 The Ststefflent of Financbal ActNitNrys indudes all gain8 and k>8Se8 recognised In the yoar. The notes on pages 10 to 20 fomi p8rt ofthe8e financlal statements. Page 8 J E JOSEPH CHARITABLE FUND PALANCE SHEET AS AT S APRIL 2024 2024 2023 Noto Fbx•d *M•ts Inve8lment5 Current ￿•1* 10 0,970,276 5,609,732 Debtors Ca8h at bank and In hand 11 S,024 38.896 6,871 122,241 43,920 129.112 Creditors.. amounts falling due withln ono year 12 14800) 14.500} N•t Gurront ￿•1• 39.120 124,612 Totsl not •wl• 6,000,396 5,734,344 Charlty fund• Endowment fund8 Unrestricted fund8 14 14 6,867,272 142,124 5,585.156 149,188 Total fvnd• 8,009.398 5,734,344 Thg fina￿la1 #t4t8mer)ts wore apwoved and alth¢￿sed for i88ue by the Tru8te& and Signed on thoir behaw by.. RfrprnBentatlva# of J. E. J08eph Tru•t•• Company Llmll•d Trustèe Date.. fj?10911024 The n¢)tes on pages 10 to 20 fomi p8rt of these fin8nGial statements. Page 9 J E JOSEPH CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Goneral inforni*tion The J E J088ph Charitsble Fund 15 a Registered Charity in England and Wale8 With ¢harfty number 209058.lts principal address 18 19 H84vkesley Court, Watford Road, Radlett. Herts, WD7 8HH. AcGountlng poli¢la• 2.1 8￿1# ol prep•r•tlon ol Iln•nci•l 8t•tem•nts The financial 8t8tements have been prepared accordance with the Charit188 SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applic8ble to ¢hariti88 preparlng their a¢¢ounl8 in aC￿rdanCe with the Financial Reporting Standard applkable in the UK and Ropubli¢ of Ireland (FRS 1021 {effectiv8 1 January 20191, the Financial Reporting Standard appllcable in th8 UK and Republic of Ireland IFR,S 1021 and the Ch8rilie8 Act 2011. The financial statements have been prepared lo gfve a 'true and fail view 8nd have departed from the Charities (Accounts and Report81 Regulatk)ns 2008 only to the extent required to provide a 'true and fairf vlew. This departure has invO￿d foll¢)wing the Charities SORP IFRS 1021 published In October 2019 rather th8n the Accounting and Reporting by Charllie8.' Statement of Recommenthd Practice effectlve from 1 April 2005 which has sinc8 bean withdrawn. J E Joseph Charitable Fund meets the definition of a publlc t*nefit antity undor FRS 102. A88et8 and Ilabiliti96 are initially recognised 81 h18torfcal ¢08t or tran8xUon value unle88 othep￿[se Stated In the relavanl occounting polKy. 2.2 In¢om• All income 18 rgcognised once the Charity h88 entitlement to the income, il 18 probablo that the Incom6 will be receivga and the amount of Income receivoble can bg meosurgd reli8bly. Dividend and other inve81ment incorne18 Tecognised on an accrual8 basis once the Fund is entitled to its receipt. Income t8x recoverable in relation to inve8tmenl income is recogn18ed at the Ilme the investment income18 receI￿ble. 13 Expondltur• Expendllur• is recognised once there i¥ a leg81 or constructive obligth'on to tr8n8fer economic benefit to a third party. is probable that a tr8nsfer of economic benefi15 will be Taquired in settlgmenl and thg amount of the obligation can be measured reliably. Expenditur8 Is cla88ified by sctiwty. The costs of each acliwty are made up of the totsl of direct c08ts and shared costs. indudin9 SUPPOrt costs involved in undertaking each activity. Dlrect costs attributable to a 8ingle activity are 8lbcal8d dir¢clly to that activity. Shared cos18 which contribute to more than one actiwty and 8UPPOrt costs which are not attribulable lo a single activity are apportioned between tho88 actIV￿88 on a bas18 consistènt the u8e of resources. Expenditure on raising funds indudes 811 expenditure incurred by the Charity to raise funds for it8 charitable purpoges and indud8s costs of all fundraising oclivities events and non Aprll 2024 Incom• Exponditur• Inlout Unrestrlct•d fund• General Funds- all fund8 149,188 {186.17¥ 179,108 142.124 Endowm•nt funds ETrJowment Fund8- 811 fund8 0,885.156 126.381 (24,086) (179.108) 358,909 6,867,272 Total of fund• 6,734.344 126,381 1210,238} 308,909 6,009,398 St•t•ffl•nl of fundb - prlor yur Balance at 6 Aprll 2022 Tronsfers Inloul G8ln81 Balance 81 ILossa$) 5 April 2023 Incorno Expondknre fund• Ggngral Funds- all funds 1 $5.417 {174,5211 168.292 149,188 End¢>wm•nt fund• Endowment Funds- all funds 5.994,139 101,076 {24.694) 1168.292> {317,073) 5,585,158 Tolal of funds 8.149,55S 101,076 {199.2151 1317.073) 5.734,344 Page18 J E JOSEPH CHARrrABLE FUND NOTES TO TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 IS. Anatysis of not a8•0ts betw•on fvnds An•ly8h of n•t au801• botW•on fund6- curnnt p•riod Unrnstsl¢tsd Endowmgnt funds fund• 2024 2024 Tot•1 fvnd• 2024 Fixed 888et investments Current as¥ots Creditors due within one ￿ar 106.028 38,896 14.8(KJ) 5,862,248 5.024 6.970,278 43,920 (4,800 Total 142,124 5,887,272 6,009,396 An*ly•l• ol n•t •wi• b•tw••n lund• - prlor poriod Unra$tricted Endowment fund8 nd8 2023 2023 Total funds 2023 Flxed a86•t Irw88trnent8 Current a880ts Credltorn due wllhin year 31,447 122,241 (4.$00} 5.578,285 8,871 5,609,732 129,112 (4,5001 5,734,344 Tot*1 149,188 5,S85,158 P4e 19 J E JOSEPH CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 18. R•l•tod party tran8•Ctlon• During the year. a grant payment of £5,000 12023 - £5,500) was made to the Spanlsh and Pcrtuguese Synagogue Wèlfare Board, which 18 the nominating body of S Kend81 and M S8bah. During the year, a grant payment of £9.00012023 - £7,500) wa8 made to the Briti8h FrierKl$ of Shalva an¢J a grant payment of £5.00012023 - £5.5001 was mode to UK Friends of Pardes. of which J H Corre serves a Trustee. The wife of R Shemtob 18 al￿ a Tru8tee of the 8rfti8h Friends of Shalva. During the y8ar, a grant payment of £6.500 1202& £6.5(N)I was made to MANNA, of wthlch M Sgbah serves as a tw$te8. During the y8ar. a grant p8yThent of £3,CQO {2023 - £3,(KIO) wa8 made to Tlférel Eyal Synagogue, of which A Slmon ￿1Ve8 88 a Tru8ts9. During the year, a grant paymont of £3,000 (2023 - £3,000) was mado to Tho Work Avenue A88tt1alion of which S Pack 8erv8s as 8 Trustee. The individual$ 118ted above a180 8erve as Directorn of thé c￿Por81e Tru8tee, J. E. Jo8eph Tru8tse Company kn'miled. 17. Controlllng party The controlllng pOr￿t is J. E. Joseph Trustee Company Limited, a company limited by guarantee registered in England and Wales. Ils registered office is 19 Hawkesley Court. Watford Road. Radlett, Herts WD7 8HH. The company Is dormant and acts a5 8 Corpor818 Trustee lo the Fund. The company is entitled lo exemption from prepartng consolidoled finarscial 8latem¢n18 under 8383 of the Companies Act Paga 20