Charity number: 1094694
THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES
UNAUDITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

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
Balance sheet
Notes to the financial statements
8-15

THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI￿, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 OCTOBER 2024
Trustees
S Graham, Chair
R Khalastchy (appointed 19 March 2025)
S Kendal (appointed 19 March 2025)
P Magnus
S Gewolb
A Dwek
Charity registered
number
1094694
Principal office
2 Ashworth Road
London
W91JY
Independent Examiner
lan Saunderson FCA
BKL Audit LLP
35 Ballards Lane
London
N3 1XW
Bankers
Natwest 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 2024
The Trustees present their annual report together with the financial statements of the Charity for the
November 2023 to 31 October 2024.
Objectives and activities
a. Policies and objectives
The Trust funds were established to provide financial assistance for Jewish Women in Britain who have a
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 guidan￿ 'Public benefit.. running a
charity {PB2}'.
b. Grant making policies
The Trustees re￿1ve 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 charitable objectives, the Trust has made 85 grants (2023-. 77) during the year.
c. Activities undertaken to achieve objectives
The Charity undertakes to give grants in line with its governing document to Jewish Women in need.
d. Main activities undertaken to further the Charity's purposes for the public benefit
The activity of grant making to those Jewish Women in need fijrthers the Charity's purposes for the public
benefit.
Achievements and performance
a. Main achievements of the Charity
The Dower Society disbursed 85 grants in 2024 compared to 77 grants in the previous year. Average incoming
resources for the last 4 years to 2023 were £49,653 (2023.. £26,246). The Dower Society has continued to work
closely with communal welfare organisations in order to provide grants for single women and their children when
in need of grants to cover additional expenses for religious festivals, summer holidays and general household
items.
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. Further details regarding the adoption of the going
cOn￿M 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 2024
b. Reserves policy
The charity aims to expend all incoming resources in the form of grants payable to various individual and
institutional beneficiaries. This is dependent upon the level of applications received for fijnding and also the level
of investment income in the year. The Trustees will utilise reserves when suitable grant 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 earned on
these investments is the principal source of funding for the Charity.
c. Review of the Year
Total income for the year was £27,822 (2023.. £29,002), of which was entirely from the Common Investment
Fund. Expenditure for the year totalled £16,732 {2023= £33,012) consisting of £14,58512023.' £26,323) on grants
given and £2,147 (2023: £6,689) on support costs. There was a gain of £77,178 (2023: Loss of £23,121 } on
revaluation of investments. Funds carried forward at the year end totalled £1,284,594 (2023.. £1,196,326). AII
funds, income, expenditure, gains and losses related to unrestricted funds.
Structure, governance 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 are appointed by selection by the current Trustees of the charity by a simple majority vote. New
Trustees are selected to add their expertise or knowledge to the board of Trustees.
The management of the Charity is the responsibility of the Trustees vtho 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 2024
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 (United Kingdom Generally Accepted Accounting
Practi￿).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for
each financial year which give a true and fair view of the state 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 consistentty.,
observe the methods and principles of the Charities SORP (FRS 102).,
make judgments and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material
departures disclosed and explained in the financial statements.,
prepare the financial statements on the going con￿rn 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 to show and explain
the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity
and enable them to 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..
qagnus
Trustee
Date. 1510812025
Page 4

THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
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
2024.
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 ('the 2011 Act,).
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 145(5)Ib) 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 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 fairf 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.
This report is made solely to the Charitys Trustees, as a body, in accordan￿ with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's
Trustees those matters l am required to state to them in an Independent examinerfs report and for no other
purpose. To the fullest extent pemiitted by law, I do not accept or assume responsibility to anyone other than the
Charity and the Charity's Trustees as a body, for my work or for this report.
Signed. saii4lekioM
Dated: 1910812025
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 2024
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Note
Income from:
Investments
27,822
27,822
29,002
Total income
27,822
27,822
29,002
Expenditure on:
Charitable activities
16,732
16,732
33,012
Total expenditure
16,732
16,732
33,012
Net incomel(expenditure) before net gainsl(losses)
on investments
11.090
77,178
11,090
77,178
(4,010)
(23, 121)
Net gainsl(losses) on investments
Net movement in funds
88,268
88,268
(27, 131)
Reconciliation of funds".
Total funds brought forward
Net movement in funds
1,196,326
88.268
1,196,326
88.268
1,223,457
(27, 131)
Total funds carried forward
1,284.594
1,284,594
1, 196,326
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
Page 6

THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES
BALANCE SHEET
AS AT 31 OCTOBER 2024
2024
2023
Note
Fixed assets
Investments
1,264,083
1, 186,904
1.264.083
1, 786,904
Current assets
Debtors
Cash at bank and in hand
15.247
8.204
17,167
2,597
23,451
19,764
Creditors.. amounts falling due within one
year
10
12,940)
(10, 342)
Net current assets
20.511
9,422
Total net assets
1,284,594
1, 196,326
Charity funds
Unrestricted funds
11
1,284,594
I, 196,326
Total funds
1,284.594
1, 196,326
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
P Magnus
(Chair of Trustees)
Date. 1510812025
The notes on pages 8 to 15 form part of these financial statements.
Page 7

THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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 statements
The financial statements have been prepared in accordan￿ with the Charities SORP {FRS 102)
Accounting and Reporting by Charities.. 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) 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 at historical cost or transaction
value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The charity has minimal fixed costs, with the main Sour￿ of expenditure being grants made to
institutions, which can be made at the discretion of the Trustees. Furthermore, the Charity had
significant net assets at the year end, including a healthy cash balance. The Trustees therefore
consider that based on the circumstances existing at the date of signature of the accounts, the
accounts have been prepared on a going concern basis.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
Income tax 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 2024
Accounting policies (continued)
2A 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 be￿een those activities on a basis consistent with
the use of reSoUr￿s. 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 directly 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 met at the year end are noted as a
commitment, but 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 at their
transaction cost and subsequently measured at fair value at the Balan￿ 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 'Gainsl(Lossesl on
investments, in the Statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at 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 date 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 2024
Accounting policies (continued)
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balan￿ sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the
amount it has received as advanced payments for the goods or ServI￿S it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the Statement of financial activities as a finance 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 at their settlement value with the ex￿ptIOn of bank loans which are subsequently
measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds 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 fund.
Investment income
Unrestricted
funds
2024
Total
funds
2024
Income from Common Investment Fund
27,822
27,822
Unrestricted
funds
2023
Total
funds
2023
Income from Common Investment Fund
29, 002
29,002
Page 10

THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Anatysis of grants
Grants to
Individuals
2024
Total
funds
2024
Grants, Supporting Jewish Women
14,585
14,585
Grants to
Individuals
2023
Total
funds
2023
Grants, Supporting Jewish Women
26,323
26,323
Anatysis of expenditure by activities
Grant
funding of
activities
2024
Support
costs
2024
Total
funds
2024
Supporting Jewish Women
14,585
2,147
16,732
Grant
funding of
activities
2023
Support
costs
2023
Total
funds
2023
Supporting Jewish Women
26, 323
6,689
33,012
Page11

THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Anatysis of expenditure by activities (continued)
Anatysis of support costs
Supporting
Jewish
Women
2024
Total
funds
2024
Secretarial fees
(9701
177
(970)
177
IT So￿are
Independent Examination fee
2,940
2,940
2,147
2,147
Supporting
Jewish
Women
2023
Total
funds
2023
Secretarial fees
IT software
3, 732
387
3, 732
387
Independent Examination fee
2,570
2,570
6, 689
6, 689
Independent examiner's remuneration
2024
2023
Fees payable to the Charity's independent examiner for the preparation and
independent examination of the Charitys annual accounts
2.940
2, 760
Trustees. remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 October 2024. no Trustee expenses have been incurred (2023 - £NIL).
Page 12

THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Fixed asset investments
Listed
investments
Cost or valuation
At 1 November 2023
1.186.905
77,178
Revaluations
At 31 October 2024
1.264,083
Net book value
At 31 October 2024
1,264,083
At 31 October 2023
1, 186,905
Debtors
2024
2023
Due within one year
Owed by Common Investment Fund
15,247
17,167
15.247
17,167
10.
Creditors: Amounts falling due within one year
2024
2023
Trade creditors
6,372
3,970
Accruals and deferred income
2,940
10,342
Page 13

THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
11.
Statement of funds
Statement of funds - current year
Balance at 1
November
2023
Balance at
Gainsl 31 October
(Losses)
2024
Income Expenditure
Unrestricted funds
General Funds- all fijnds
1,196,326
27.822
(16.732)
77.178
1.284,594
Statement of funds - prior year
Balan￿ at
1 November
2022
Balance at
Gainsl 31 October
(Losses)
2023
Income Expenditure
Unrestricted funds
General Funds- all funds
1.223,457
29, 002
(33,012)
(23. 121)
1, 196,326
12. Summary of funds
Summary of funds - current year
Balance at 1
November
2023
Balance at
Gainsl 31 October
(Losses)
2024
Income Expenditure
General funds
1,196,326
27,822
(16.732)
77,178
1,284,594
Summary of funds - prior year
Balan￿ at
1 November
2022
Balance at
Gains/ 31 October
(Losses)
2023
Income Expenditure
General funds
1.223.457
29, 002
(33,012)
(23, 121)
I, 196,326
Page 14

THE SPANISH AND PORTUGUESE SYNAGOGUE DOWER SOCIETIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
13.
Analysis of net assets between funds
Anatysis of net assets between funds - current period
Unrestricted
funds
2024
Total
funds
2024
Fixed asset investments
1,264,083
23,451
(2,9401
1.264,083
23,451
{2.940)
Current assets
Creditors due within one year
Total
1,284,594
1.284,594
Anatysis of net assets between funds - prior period
Unrestricted
funds
2023
Total
funds
2023
Fixed asset investments
Current assets
Creditors due within one year
1, 186,904
19,764
(10, 342)
1, 186,904
19,764
(10,342)
Total
1, 196,326
1, 196,326
14. Related party transactions
At the year end, the charity owed £Nil (2023: £1,210) to Spanish and Portuguese Jews, Synagogue
relating to administration fees induded within trade creditors. There was also a charge during the year of
£Nil (2023. £2.522>.
Page 15