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 re￿iVed 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 ex￿ptIOn 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
Un￿Stricted
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 SO￿are
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 re￿iVed 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