Charity number: 1094694 THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent examiner's report statement of financial activities Balanco sheet Notes to the financial $tatement$ 8-15
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2023 Trustees S Graham, Chair P Magnus S Gewolb A Dwek Charity registered number 1094694 Principal office 2 Ashworth Road London W9 1JY Independent Examiner lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Bankers Natwesl Bank City of London Offi London EC2R 8PA Page 1
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 The Trustees present their annual report together with the financial statements of the Charity for the 1 November 2022 10 31 October 2023. Objectives and activities a. Polieies and objectives The Trust funds We established to provide financial assistance for Jewish Women in Britain who have 8 connection with the Sephardi Community. 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 8 charity IPB21'. b. Grant making policies The Trustees te1ve applications from individuals and institutions. These are reviewed by the Trustees throughout the year in relation to the charitable objectives and appropriate grants are approved by the Trustees. In line with its ch8ri18ble objectives, the Trust has made 77 granls12022." 1851 during the year. c. Activities undertaken to achieve objeetives The Charity undertakes lo give grants in line with its goveming document lo Jewish Women in need. d. Main activities undertaken to further the Charity's purposes for the public benefit The activity of gmnl making to those Jewish Women in need furthers the Charity's purposes for the public benefit. Achievements and performance a. Main achievements of the Charity The Dower Society disbursed 77 grants in 2023 compared to 185 grants in the previous year. Average incoming resources for the last 4 years to 2023 were £26,24612022". £19,490). The Dower Society has continued lo work closely with commun81 welfare organisalions in order to provide grants for single women and their children when in need of grants lo cover additional expenses for religious festivals, summer holidays and general household items. Financial review a. Going coneem After making appropriate enquiries, the Trustees have 8 reasonable expectation that the Charity has adequate resources to eontinue in operational existence for the foreseeable futu. For this reason, they continue lo adopt the going eoncern basis in preparing thè financial stalemenls. Further details regarding the adoption of the going concem basis Can be found in the accounting policies. Page 2
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 b. Reserves policy The charity aims to expend all incoming resources in the form of grants p8yable to various individu818nd inslitulional beneficiaries. This is dependent upon the level of applications received for funding and also the level of investment income in the year. The Trustees will ulilise resetves when suitable gont applications are received in future periods. On this basis, and due to the fact that there are very few overhead costs, there is no fixed level set for free reserves. This reserves policy will be reviewed on an annual basis. The Trust holds investments in the name of the Spanish and Portuguese Jews, Synagogue Common Investment Fund (also known as The London Sephardi Trust Investment Pool) as custodian trustee. Income eamed on these investments is the principal source of funding for the Charity. c. Review of the Year Total income for the year was £29,002 12022." £26,398), of which was entirely from the Common Investment Fund. Expenditure for the year tolalled £33,01212022. £48,311) consisting of £26,32312022." £43, 1111 on grants given and £6,689 12022". £5,200) on support costs. There was a loss of £23,121 12022. Loss of 124,3791 on valuation of investments. Funds carried forward at the year end tolalled £1,196,326 12022." £1,223,457). AII funds, income, expenditure, g8ins and losses related to unrestricted funds. Structure, govemance and management a. Constitution The Spanish and Portuguese Synagogue Dower Societies is a registered charity, number 1094694, and is constituted under a Scheme. b. Methods of appointment or election of Trustees New Trustees a appointed by selection by the current Trustees of the charity by a simple majority vote. New Trustees are selected to add thier expertise or knowledge to the board of Trustees. The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Scheme. Page 3
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the stale of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to". select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Scheme. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. P Magnus Trustee Dale.. 2810812024 Page 4
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 Independent examiner's report to the Trustees of The Spanish and Portuguese Synagogue Dower Societies I'the Charity'} I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 October 2023. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe 2011 ACVI. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect". accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act", or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements conceming the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regu18tions 2008 other than any requirement that the accounts give a 'true and f81¢ view which is not a matter considered as part of an independent examinab'on. I have no concerns and have come across no other mallers 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. 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 stale to the Charity's Trustees those matters l am required lo stale to them in an Independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law, I do not a¢p1 or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. 16zA Dated.. 29/08/2024 lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Page 5
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Investments 29,002 29,002 26,398 Total income 29,002 29,002 26,398 Expendlture on: Charitable activities 33,012 33,012 48,317 Total expenditure 33,012 33,012 48,311 Net expenditure before net losses on investments Nel losses on investments 14,0101 123.1211 14,0101 123.1211 (21,913) (124,379) Net movement In funds 127,1311 127,1311 (146,292) Reconclllatlon of funds: Tot81 funds brought forward Nel movement in funds 1,223,457 127.1311 1,223,457 127.1311 1,369, 749 (146,292) Total funds carrled forward 1,196,326 1,196,326 1,223,457 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 10 15 form part of these financial statements. Page 6
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES BALANCE SHEET AS AT 31 OCTOBER 2023 2023 2022 Note Fixed assets Investments 1,186,904 1,210,025 1.186.904 1,270,025 Current assets Debtors Cash al bank and in hand 17,167 2.597 14,592 2,880 19,764 17,472 Creditors.. amounts falling due within one year 10 110,342) (4,040) Net current assets 9.422 73,432 Total net assets 1,196,326 1,223,457 Charity funds Unrestricted funds 11 1.196,326 1,223,457 Total funds 1,196,326 1,223,457 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. P Magnus ITrusteel Dale: 2810812024 The notes on pages 8 10 15 form part of these financial slatemenls. Page 7
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 General information The Spanish And Portuguese Synagogue Dower Societies is a unincorporated trust established by scheme on 7th August 2002 in England & Wales with charity registration number 1094694 and as subsequently amended by resolution on 20th March 2018 and 4th June 2018. Accounting policies 2.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Spanish and Portuguese Synagogue Dower Societies meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless othenNise staled in the relevant accounting policy. 2.2 Going concern The charity has minimal fixed costs, with the main source of expenditure being grants made to institutions, which can be made at the discretion of the Trustees. Furthermore, the Charity had significant nel assets at the year end. including a healthy cash balance. The Trustees therefore consider that based on the circumstanTrs existing al the dale of signature of the accounts, the operations of the charity are not likely lo be affected in a material manner by the current Coronavirus outbreak. The accounts have therefore been prepared on a going concern basis. 2.3 Income All income is recognised once the Charity has entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 8
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies Icontinuedl 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. 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 lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not allributable lo a single activity are apportioned belMeen those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on diredy undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable 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 mel at the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value al the Balan sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the Slalement of financial aclivilies. 2.6 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 9
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies Icontinuedl 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anlicipales il will pay lo sellle the debt or the amount il has reiVed as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Slalement of financial activities as a finan cost. 2.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their selllemenl value with the exptIOn of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.10 Fund accounting General fvnds are unreslricled fvnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fvnd. Investment income Unrestricted funds 2023 Total funds 2023 Income from Common Investment Fund 29,002 29,002 UnStricted funds 2022 Total funds 2022 Income from Common Investment Fund 26,398 26,398 Page 10
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Analysis of grants Grants to Individuals 2023 Total funds 2023 Grants, Supporting Jewish Women 26,323 26,323 Grants to Individuals 2022 Total funds 2022 Grants, Supporting Jewish Women 43,111 43,111 Analysis of expenditure by activities Grant funding of a¢tivitie$ 2023 Support osts 2023 Total funds 2023 Supporting Jewish Women 26,323 6,689 33,012 Grant funding ol 2Ctivities 2022 Support costs 2022 Total funds 2022 Supporting Jewish Women 43,711 5,200 48,311 Page11
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Analysis of expenditure by activities Icontinuedl Analysis of support costs Supporting Jewish Women 2023 Total funds 2023 Secretsrial fees IT sollware 3,732 387 3,732 387 Accountancy fees 2,570 2.570 6,689 6,689 Supporting Jewish Women 2022 Total funds 2022 Secretarial fees IT SOare 2,200 360 2,200 360 Accountancy fees 2,640 2,640 5,200 5,200 Independent examlner's remuneratlon 2023 2022 Fees payable lo the Charitys independent examiner for the preparation and Independent examination of the Charity's annual accounts 2.760 2,640 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2022- £NIL). During the year ended 31 October 2023, no Trustee expenses have been incurred (2022 - £NIL). Page 12
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Fixed asset investments Listed investments Cost or valuatlon At 1 November 2022 Revaluations 1,210,025 123.1211 At 31 October 2023 1.186,904 Net book value At 31 October 2023 1.186.904 At 31 October 2022 1,210,025 Debtors 2023 2022 Due within one year Owed by Common Investment Fund 17,167 14,592 17.167 14,592 10. Creditors: Amounts falling due within one year 2023 2022 Trade creditors 6.372 3,970 Accruals and deferred income 4,040 10,342 4,040 Page 13
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 11. Statement of funds statement of funds - current year Balance at 1 November 2022 Balance at Gainsl 31 October (Losses) 2023 Income Expenditure Unrestricted funds General Funds - all funds 1.223,457 29.002 133.0121 123.121} 1.196,326 Statement of funds - prior year Balan at l November 2021 Balan at Gains/ 31 October (Losses) 2022 Income Expenditure Unrestricted funds General Funds - all fvnds 1,369. 749 26.398 (48.311) (124,379) 1.223.451 12. Summary offunds Summary offunds - current year Balance at 1 November 2022 Balance at Gainsl 31 October (Losses) 2023 Income Expenditure General funds 1,223,457 29,002 33,0121 (23,121) 1,196,326 Summary offunds - prlor year Balance at f November 2021 Balance at Gainsl 31 October (Losses) 2022 Incom8 Expenditure General funds 1,369, 749 26,398 (48,311) (124,379) 1,223,457 Page 14
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 13. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Fixed asset investments 1,186,904 19,764 110,3421 1.186,904 19,764 10,3421 Current assets Creditors due within one year Total 1,196,326 1.196,326 Anatysls of net assets between funds - prlor year Unrestricted funds 2022 Total funds 2022 Fixed asset investments Current assets Creditors due within one year 1,210,025 17,472 (4,040) 1,210,025 77,472 {4,040) Total 1,223,457 1,223,457 14. Related party transactions At the year end, the charity owed £1,210 12022. £Nill to Spanish and Portuguese Jews, Synagogue relating lo administration fees Included within trade creditors. There was also a charge during the year of £2,52212023: £Nill. Page 15