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2020-10-31-accounts

Charity Registration No. 1104449

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE

COMMON INVESTMENT FUND

(Also known as the London Sephardi Trust Investment Pool)

FOR THE YEAR ENDED 31 OCTOBER 2020

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

LEGAL AND ADMINISTRATIVE INFORMATION

YEAR ENDED 31 OCTOBER 2020

Members of the Investment Committee David Dwek Chair
Edward Azouz
Michie Berger (Mrs)
Marc Iarchy
Bernard Mocatta
Leon Nahon
Sabah Zubaida
Gerrard Mizrahi
Jeremy Smouha
Frank Martin
Philip Magnus
Natalie Leon-Gonn
Elliot Arwas
Registered Charity Number 1104449
Address 2 Ashworth Road
London W9 1JY
Investment Managers Walker Crips Investment Management
Old Change House
128 Queen Victoria Street
London EC4V 4BJ
Investment Portfolio Custodian W.B.Nominees Ltd
St James House
27-43 Eastern Road
Romford
Essex RM1 3NH
Auditors Crowe U.K. LLP.
55 Ludgate Hill
London EC4M 7JW
Bankers NatWest Bank
City of London Office
PO Box 12258
I Princes Street
London EC2R 8PA

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

CONTENTS

YEAR ENDED 31 OCTOBER 2020

Page
Report of the Investment Committee 1
Statement of Trustees' Responsibilities 3
Independent Auditors' Report 4
Statement of Financial Activities 6
Balance Sheet 7
Statement of Total Return 8
Statement of Movement of Funds 8
Notes to the Financial Statements 10
Appendix 1: Capital Accounts of Participating Charities 14
Appendix 2: Allocation of Distributable Income between Participating Charities 15

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

REPORT OF THE INVESTMENT COMMITTEE

YEAR ENDED 31 OCTOBER 2020

The Investment Committee presents its report and financial statements for the year ended 31 October 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charity's governing documents and applicable law.

Constitution

The Fund was established under the initial Scheme of the Charity Commissioners dated 29 May 1958 and subsequent Schemes dated 11 January 1967 and 7 August 1969. The Fund is defined as a common investment fund under the Charities Act 2011, and was registered with the Charity Commission on 21 June 2004.

Investment Policy

The Investment Committee aims to achieve a good overall return on the investments and they have set a medium/conservative risk profile as agreed with Walker Crips. The fund is not operating on a unit basis. Income distributions are made twice a year and withdrawals of capital are only permitted at the end of each financial year.

Objects and Activities

The objects of the Fund are to invest as a common fund for the benefits of its participating charities.

Review of investment activities and policies

The total return (net income/(loss) plus capital gains/(loss)) of the charity was £(639,958) (2019: £684,609). This represents an overall return of (6.14)% (2019: return of 7.23%). The return of the FTSE All Share Index Total Return for the year was (18.64)% (2019: 6.79%).

The gross income earned on investments was £294,202 (2019: £350,312). Net withdrawals made by participating charities during the year were £(204,747) (2019 withdrawals £(180,247) ). Net losses on investment assets were £(843,723) (2019: gains of £426,310), this was split between unreaslised losses of £(627,199) (2019: gains of £430,034) and realised losses of £(216,532) (2019: losses of £(3,724)). The net income of £204,125 (2019: £258,300 ) was distributed to the participating charities.

At the year end the charity had total investments of £9,253,632 (2019: £10,527,763), the composition of these investments is summarised below.

Value at 31 October 2020 ratio Value at 31 October 2019 ratio
£ % £ %
Quoted Investments 8,908,351 96.3% 9,472,814 90.0%
Deposits and loans (current) 345,281 3.7% 1,054,949 10.0%
9,253,632 10,527,763

At 31 October 2020, the market value of the quoted portfolio of investments was £8,908,351 (2019: £9,472,814), this accounts for 96.3% (2019: 90.0%) of total investments.

The decrease of 42.4% in the proportion of net current assets held is due to the capital withdrawal, a lower level of capital contributions made during the year and net purchases of investments made out of cash. The increase of 6.0% in the proportion of quoted investments held is due to amounts being invested in the main investment pool out of cash. The committee considers that the current asset allocation is appropriate in the current circumstances and continues to be guided by market experts.

Page 1

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

REPORT OF THE INVESTMENT COMMITTEE

YEAR ENDED 31 OCTOBER 2020

Latest activities

The latest available investment valuation is at 28th June 2021 and is £10,544,835. There have also been £(350,000) of capital withdrawals between 1st November 2020 and 28th June 2021 and £nil contributions.

Reserves Policy

All the income net of expenses is distributed to the participating charities except for accumulation investments where the income is reinvested.

Public Benefit Statement

The sections of this report above entitled "Objects" and "Review of the investment activities and policies" set out Spanish and Portuguese Jews' Synagogue Common Investment Fund's objectives and report on the activity in the year to 31 October 2020. Spanish and Portuguese Jews' Synagogue Common Investment Fund's work benefits the charities associated with the Spanish and Portuguese Jews' Congregation.

The Investment Committee has reviewed the latest guidance issued by the Charity Commission, and is satisfied that the Fund meets the charitable objectives laid out on the Charity Commission website.

Investment Managers

The Fund is managed by Walker Crips Stockbrokers Limited. The firm is regulated by The Financial Conduct Authority. Portfolio management fees are charged in the capital account and totalled £37,760 (2019: £28,741) in the year.

Performance Measurement

The performance of the fund was monitored on behalf of the Committee by a performance measurement firm, Portfolio Evaluation Ltd.

Members of the Investment Committee

Members of the Investment Committee, who are Trustees for the purposes of Charity law, who served during the year and up to the date of this report are:

David Dwek (Chairman)

Edward Azouz Gerard Mizrahi Michie Berger Leon Nahon Marc Iarchy Mark Salem (resigned 22 April2021) Bernard Mocatta Jeremy Smouha Philip Magnus (appointed 31 October 2019) Sabah Zubaida Frank Martin Natalie Leon-Gonn (appointed 31 October 2019) Stuart Morganstein (resigned 31 October 2019) Elliot Arwas (appointed 22 April 2021)

Auditors

A resolution to appoint Crowe U.K. LLP as auditors will be put to its Members at the Annual General Meeting

Approved by the Investment Committee and signed on its behalf by:

David Dwek Chairman

5th July 2021

Date:

Page 2

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

STATEMENT OF TRUSTEES' RESPONSIBILITIES

YEAR ENDED 31 OCTOBER 2020

The Trustees are responsible for preparing the Report of Investment Committee and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Page 3

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF

THE SPANISH AND PORTUGUESE JEWS' SYNANGOGUE COMMON INVESTMENT FUND

YEAR ENDED 31 OCTOBER 2020

Opinion

We have audited the financial statements of Spanish and Portuguese Jews' Synagogue Common Investment Fund for the year ended 31 October 2020 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF

THE SPANISH AND PORTUGUESE JEWS' SYNANGOGUE COMMON INVESTMENT FUND YEAR ENDED 31 OCTOBER 2020

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to

Responsibilities of the Investment Committee

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the

Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Crowe U.K. LLP

Statutory Auditor

55 Ludgate Hill London EC4M 7JW

DATE

Crowe UK LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 5

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 OCTOBER 2020

Notes
Income
Investment Income
3
Total Income
Expenditure
4
Charitable activities
Direct costs
Governance costs
Total Expenditure
Net Income
Net gains/(loses) on investments
2
Net movements in funds
App.1
Distributions
App.2
Net movement in funds
Fund balances at 1 November 2019
Fund balances at 31 October 2020
Net capital funds contributed(withdrawn) by participating charities
during the year		 2020
£
294,202
294,202
82,577
7,500
90,077
204,125
(843,725)
(639,600)
(204,747)
(204,125)
(1,048,470)
10,624,102
9,575,630		 2019
£
350,312
350,312
83,431
8,580
92,011
258,301
426,309
684,610
(180,247)
(258,301)
246,062
10,378,041
10,624,102

Page 6

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

BALANCE SHEET

YEAR ENDED 31 OCTOBER 2020

Notes
Fixed Assets
Quoted investments
6
Current Assets
Debtors
7
Deposits and loans
8
Bank and cash balances
Current Liabilities
Creditors
9
Distributions payable to participating charities
App.2
Total Net Assets
Capital accounts of participating charities
App.1		 £
£
8,908,351
23,459
345,281
447,663
816,404
32,469
116,655
149,124
667,280
9,575,630
9,575,630
2020		 £
£
9,472,814
24,163
1,054,949
267,947
1,347,059
31,229
164,542
195,771
1,151,288
10,624,102
10,624,102
2019		 £
£
9,472,814
24,163
1,054,949
267,947
1,347,059
31,229
164,542
195,771
1,151,288
10,624,102
10,624,102
2019
816,404
32,469
116,655		 1,347,059
31,229
164,542
149,124 195,771
10,624,102
10,624,102

5th July 2021 The financial statements were approved by the Investment Committee on ……………………………. and signed on its behalf by:

……………………………………… D Dwek - Chairman …………………………………….. S Zubaida

Page 7

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

STATEMENT OF TOTAL RETURN & STATEMENT OF MOVEMENT IN FUNDS

YEAR ENDED 31 OCTOBER 2020

STATEMENT OF MOVEMENT IN FUNDS
Notes
Capital gains/(losses)
2
Revenue
3
Expenses
4
Total Revenue
Distributions
App. 2
App.1
STATEMENT OF MOVEMENT IN FUNDS
Net assets at the start of the year
Net capital funds contributed(withdrawn) by participating charities during the year
Net Assets Attributable to Participating Charities
Net increase/(decrease) to capital accounts participating charities from
investment activities
Net increase/(decrease) to capital accounts participating charities from
investment activities		 2020
£
(843,723)
294,202
(90,077)
(639,598)
(204,125)
(843,725)
2020
£
10,624,102
(204,747)
(843,725)
9,575,630		 2019
£
426,309
350,312
(92,011)
684,610
(258,301)
426,309
2019
£
10,378,041
(180,247)
426,309
10,624,102

Page 8

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2020

1 Accounting policies

1 .1 Basis of preparation

The financial statements are prepared in accordance with FRS102 as modified by the Statement of Recommended Practice for Authorised Funds issued by the Investment Management Association in May 2014 ("the IMA SORP2014")

1 .2 Investments

Investment are stated at mid-market value at the balance sheet date and carried at fair value through the Statement of Financial Activities. Gains are calculated based on the difference between the closing market value or sales proceeds and the purchase price (if purchased during the year) or opening market value.

1 .3 Recognition of Income

Income is recognised when the charity has entitlement to the funds, any conditions attached to the items(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

1 .4 Treatment of expenses

Expenditure is recognised on an accrual basis.

Charitable Expenditure

Direct costs from charitable activities comprises all expenditure directly relating to the objectives of the Investment Fund.

Governance Costs

Governance costs include audit costs and those costs associated with constitutional and statutory

1 .5 Distribution policy

The income for the year net of expenses is distributed to the participating charities in proportion to their respective interests.

1 .6 Transaction costs

Transaction costs incurred during the year amounted to £16,994 (2019: £12,470). In addition to the transaction costs disclosed above, indirect costs are incurred through the bid-offer spread on investments within pooled investment vehicles.

2
Investment Gains
Net investment (loss)/gains of portfolio
Gain/(Loss) on disposal of investment property		 2020
£
(843,723)
-
(843,723)		 2019
£
451,309
(25,000)
426,309

Page 9

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2020

3
Investment income
Dividends in respect of shares
Related Party Interest
Rental income
4
Total expenses
Direct costs
Administrative services -Spanish & Portuguese Jews' Synagogue
Performance measurement services
Completion costs
Investment management charges
Commissions
Sundry expenses
Governance costs
Audit and accounting
Total Expenditure		 2020
£
294,202
-
-
294,202
2020
£
21,000
6,808
-
37,760
16,994
15
82,577
7,500
90,077		 2019
£
330,607
3,814
15,891
350,312
2019
£
20,000
8,303
13,889
28,741
12,470
29
83,431
8,580
92,011

Audit and accounting expenses includes amounts payable to the auditors of £6,150 (2019: £7,230) for audit fees and £1,350 (2019: £1,350) for accountancy fees and other services, all fees are stated exclusive of VAT.

Page 10

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2020

5 Investment committee

None of the investment committee (or any person connected with them)received any remuneration or reimbursement for expenses during the year.

6
Quoted investments
Market value 1 November 2019
Additions
Sales proceeds & management fees
Realised gains/(losses)
Unrealised (Losses)/Gain
Market value 31 October 2020
Historical cost 31 October 2020
Investments at market value comprise of;
Investments Pool
Real Estate Investment Porfolio		 2020
£
9,472,814
1,555,132
11,027,946
(1,275,872)
(216,532)
9,535,542
(627,191)
8,908,351
7,140,000
£
7,561,847
1,346,504
8,908,351		 2019
£
8,126,972
1,446,080
9,573,052
(551,547)
21,275
9,042,780
430,034
9,472,814
7,141,233
£
8,105,380
1,367,434
9,472,814

All investments are valued based on their quoted market price at balance sheet date.

These investments comprise of:
Alternative Assets
Equities
Fixed Interest Securities
Property
Real Estate Securities		 £
% portfolio
161,061
2%
6,670,619
75%
1,260,602
14%
73,500
1%
742,569
8%
8,908,351
100%		 £
124,580
1%
6,603,746
70%
1,343,770
14%
211,620
2%
1,189,098
13%
9,472,814
100%

The latest available investment valuation is at 28th June 2021 and is £10,544,835

7
Debtors
Accrued Investment income
8
Deposits and Loans
Investment portfolio bank deposits		 2020
£
23,459
345,281		 2019
£
24,163
1,054,949

Page 11

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2020

9
Creditors
Related Party Creditors
Accrual and deferred income		 2020
£
21,000
11,469
32,469		 2019
£
20,000
11,229
31,229

10 Related parties

The participating charities in the Fund are all associated charities of the Spanish and Portuguese Jews' Congregation, and are listed in Appendix 1 of the accounts. Movements during the year and the balance as at the year end of their respective capital accounts are also detailed on Appendix 1. Details of the distributions made to them by the Fund during the year can be found on Appendix 2 of the accounts.

As at the 31 October 2020 the Spanish and Portuguese Common Investment Fund owed The Spanish and Portuguese Jews' Synagogue (an associated entity of the Spanish and Portuguese Common Investment Fund with common trustees) £28,654 as the Final Distribution, it also owed £21,000 in admin charges.

Page 12

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2020

11 Calculation of participants' percentages

The percentages are in proportion to the capital contributions of the various participants which have been consolidated into the Pool. When additional capital contributions are made or capital withdrawn the participants' percentages are recalculated as follows:

(a) the total market value of the Pool before the additional capital contribution or withdrawal is calculated

by reference to the last quarterly valuation date;

(b) the additional capital contribution or withdrawal is then added to or subtracted from the total market value of the Pool and then the participants' percentages are recalculated; and

(c) the individual value of each charity, fund or foundation is ascertained by applying the participants' percentages, as calculated in (b) above, to the total market value at the end of the quarter.

Page 13

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

APPENDIX 1 - CAPITAL ACCOUNTS OF PARTICIPATING CHARITIES

YEAR ENDED 31 OCTOBER 2020

Heneage Lane Endowment
Syn General/Property Fund
Montague Carlish Bequest
Nuevo Fund
Special Contingency Fund
Tombstone Fund
Succah Fund
Barnett Fund
Violet Ruebens Fund
Norma Levy Fund
Abraham Valencia Fund
Raphael de Sola Fund
Religious Education Fund
Sephardi Endowment Fund
Wembley Building Fund
Beth Haim Account
Hebra
Sub-total
Holy Land Trust
Coals and Blankets
Sub-total
S&P Dower Societies
Stafford Sassoon Trust
Ronnie Gubbay Trust
Sub-total
Welfare Board
E J Arbib Trust
Sub-total
Jewish Choice
Society of Heshaim
Lara Trust
Dias Foundation
Childrens' Fund
Holland Park Synagogue
Sub-total
Total		 Capital at
1.11.19
Capital funds
withdrawn
01.11.19
Sub-total
%
£
£
10,036
10,036
0.1%
87,199
(75,000)
12,199
0.1%
-
-
0.0%
31,027
31,027
0.3%
660
660
0.0%
219,787
219,787
2.1%
-
-
0.0%
23,487
23,487
0.2%
20,427
20,427
0.2%
5,876
5,876
0.1%
113,362
113,362
1.1%
39,804
39,804
0.4%
80,212
80,212
0.8%
46,717
46,717
0.4%
61,862
61,862
0.6%
1,330,804
1,330,804
12.6%
594,844
594,844
5.6%
2,666,103
(75,000)
2,591,103
24.6%
641,960
641,960
6.1%
198,465
198,465
1.9%
840,425
-
840,425
8.0%
395,463
395,463
3.7%
404,537
404,537
3.8%
393,617
393,617
3.7%
1,193,617
-
1,193,617
11.3%
1,783,582
1,783,582
16.9%
227,296
227,296
2.2%
2,010,879
-
2,010,879
19.1%
1,104,553
1,104,553
10.5%
284,588
284,588
2.7%
628,371
628,371
6.0%
378
378
0.0%
1,843,340
1,843,340
17.5%
51,850
51,850
0.5%
3,913,079
-
3,913,079
37.1%
10,624,102
(75,000)
10,549,102
100.0%		 H1 Gains &
(Losses)
Capital at
30.04.20
%
£
£
800.97
-
9,235
0.1%
(974)
11,225
0.1%
-
0
0.0%
(2,476)
28,551
0.3%
(53)
607
0.0%
(17,541)
202,246
2.1%
-
0
0.0%
(1,874)
21,612
0.2%
(1,630)
18,797
0.2%
(469)
5,407
0.1%
(9,047)
104,315
1.1%
(3,177)
36,627
0.4%
(6,402)
73,810
0.8%
(3,728)
42,989
0.4%
(4,937)
56,925
0.6%
(106,211)
1,224,593
12.6%
(47,474)
547,370
5.6%
(206,795)
2,384,308
24.6%
(51,234)
590,725
6.1%
(15,839)
182,625
1.9%
(67,074)
773,351
8.0%
(31,562)
363,901
3.7%
(32,286)
372,251
3.8%
(31,414)
362,203
3.7%
(95,262)
1,098,355
11.3%
(142,347)
1,641,235
16.9%
(18,140)
209,156
2.2%
(160,487)
1,850,391
19.1%
(88,154)
1,016,399
10.5%
(22,713)
261,875
2.7%
(50,150)
578,221
6.0%
(30)
348
0.0%
(147,116)
1,696,224
17.5%
(4,138)
47,712
0.5%
(312,301)
3,600,778
37.1%

(841,918)
9,707,184
100.0%		 Net Capital
fund
movements
01.05.20
-
-
-
-
(150,000)
(150,000)
(150,000)		 Capital at
30.04.20
%
£
9,235
0.1%
11,225
0.1%
0
0.0%
28,551
0.3%
607
0.0%
202,246
2.1%
0
0.0%
21,612
0.2%
18,797
0.2%
5,407
0.1%
104,315
1.1%
36,627
0.4%
73,810
0.8%
42,989
0.4%
56,925
0.6%
1,224,593
12.8%
547,370
5.7%
2,384,308
24.9%
590,725
6.2%
182,625
1.9%
773,351
8.1%
363,901
3.8%
372,251
3.9%
362,203
3.8%
1,098,355
11.5%
1,641,235
17.2%
209,156
2.2%
1,850,391
19.4%
866,399
9.1%
261,875
2.7%
578,221
6.1%
348
0.0%
1,696,224
17.7%
47,712
0.5%
3,450,778
36.1%
9,557,184
100.0%		 H2 Gains &
(Losses)
Sub-total
%
£
£
1.75
-
9,233
0.1%
(2)
11,223
0.1%
-
0
0.0%
(5)
28,546
0.3%
(0)
607
0.0%
(38)
202,208
2.1%
-
0
0.0%
(4)
21,608
0.2%
(4)
18,793
0.2%
(1)
5,406
0.1%
(20)
104,295
1.1%
(7)
36,620
0.4%
(14)
73,796
0.8%
(8)
42,981
0.4%
(11)
56,914
0.6%
(232)
1,224,361
12.8%
(103)
547,266
5.7%
(451)
2,383,857
24.9%
(112)
590,614
6.2%
(35)
182,591
1.9%
(146)
773,205
8.1%
(69)
363,832
3.8%
(70)
372,181
3.9%
(68)
362,134
3.8%
(208)
1,098,147
11.5%
(310)
1,640,925
17.2%
(40)
209,117
2.2%
(350)
1,850,042
19.4%
(164)
866,235
9.1%
(50)
261,826
2.7%
(109)
578,111
6.1%
(0)
348
0.0%
(321)
1,695,903
17.7%
(9)
47,703
0.5%
(652)
3,450,126
36.1%
(1,807)
9,555,377
100.0%		 Net Capital
fund
movements
31.10.20
5,227
2,694
(14,049)
(20,652)
1,686
31,126
14,221
20,253
-
-
-
-
20,253		 Capital at
31.10.20
%
£
9,233
0.1%
11,223
0.1%
0
0.0%
28,546
0.3%
607
0.0%
207,435
2.2%
0
0.0%
21,608
0.2%
18,793
0.2%
5,406
0.1%
106,989
1.1%
22,571
0.2%
53,144
0.6%
42,981
0.4%
58,600
0.6%
1,255,487
13.1%
561,487
5.9%
2,404,110
25.1%
590,614
6.2%
182,591
1.9%
773,205
8.1%
363,832
3.8%
372,181
3.9%
362,134
3.8%
1,098,147
11.5%
1,640,925
17.1%
209,117
2.2%
1,850,042
19.3%
866,235
9.0%
261,826
2.7%
578,111
6.0%
348
0.0%
1,695,903
17.7%
47,703
0.5%
3,450,126
36.0%
9,575,630
100.0%

Page 14

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE COMMON INVESTMENT FUND

APPENDIX 2 - ALLOCATION OF DISTRIBUTABLE INCOME BETWEEN PARTICIPATING CHARITIES

YEAR ENDED 31 OCTOBER 2020

2020
£
Net Income for period
204,125
Income contributed as capital
-
Net Income available for distribution
204,125
116,655
Interim
Final
Total
£
£
£
Heneage Lane Endowment
83
111
194
Syn General/Property Fund
102
136
238
Montague Carlish Bequest
-
-
-
Nuevo Fund
257
343
600
Special Contingency Fund
5
7
12
Tombstone Fund
1,822
2,430
4,252
Succah Fund
-
-
-
Barnett Fund
195
260
455
Violet Ruebens Fund
169
226
395
Norma Levy Fund
49
65
114
Abraham Valencia Fund
940
1,254
2,194
Raphael de Sola Fund
330
440
770
Religious Education Fund
665
887
1,552
Sephardi Endowment Fund
387
517
904
Wembley Building Fund
513
684
1,197
Beth Haim Account
11,035
14,716
25,751
Hebra
4,932
6,578
11,510
Sub-total
21,484
28,654
50,138
Holy Land Trust
5,323
7,099
12,422
Coals and Blankets
1,646
2,195
3,841
Sub-total
6,969
9,294
16,263
S&P Dower Societies
3,279
4,373
7,652
Stafford Sassoon Trust
3,354
4,473
7,827
Ronnie Gubbay Trust
3,264
4,353
7,617
Sub-total
9,897
13,199
23,096
Welfare Board
14,789
19,723
34,512
E J Arbib Trust
1,885
2,514
4,399
Sub-total
16,674
22,237
38,911
Jewish Choice
9,159
12,214
21,373
Society of Heshaim
2,360
3,147
5,507
Lara Trust
5,210
6,949
12,159
Dias Foundation
3
4
7
Childrens' Fund
15,284
20,384
35,668
Holland Park Synagogue
430
573
1,003
Sub-total
32,446
43,271
75,717
Total
87,470
116,655
204,125
Distribution for the year ended 31.10.20		 2020
£
Net Income for period
204,125
Income contributed as capital
-
Net Income available for distribution
204,125
116,655
Interim
Final
Total
£
£
£
Heneage Lane Endowment
83
111
194
Syn General/Property Fund
102
136
238
Montague Carlish Bequest
-
-
-
Nuevo Fund
257
343
600
Special Contingency Fund
5
7
12
Tombstone Fund
1,822
2,430
4,252
Succah Fund
-
-
-
Barnett Fund
195
260
455
Violet Ruebens Fund
169
226
395
Norma Levy Fund
49
65
114
Abraham Valencia Fund
940
1,254
2,194
Raphael de Sola Fund
330
440
770
Religious Education Fund
665
887
1,552
Sephardi Endowment Fund
387
517
904
Wembley Building Fund
513
684
1,197
Beth Haim Account
11,035
14,716
25,751
Hebra
4,932
6,578
11,510
Sub-total
21,484
28,654
50,138
Holy Land Trust
5,323
7,099
12,422
Coals and Blankets
1,646
2,195
3,841
Sub-total
6,969
9,294
16,263
S&P Dower Societies
3,279
4,373
7,652
Stafford Sassoon Trust
3,354
4,473
7,827
Ronnie Gubbay Trust
3,264
4,353
7,617
Sub-total
9,897
13,199
23,096
Welfare Board
14,789
19,723
34,512
E J Arbib Trust
1,885
2,514
4,399
Sub-total
16,674
22,237
38,911
Jewish Choice
9,159
12,214
21,373
Society of Heshaim
2,360
3,147
5,507
Lara Trust
5,210
6,949
12,159
Dias Foundation
3
4
7
Childrens' Fund
15,284
20,384
35,668
Holland Park Synagogue
430
573
1,003
Sub-total
32,446
43,271
75,717
Total
87,470
116,655
204,125
Distribution for the year ended 31.10.20		 2020
£
204,125
-
204,125
116,655		 2020
£
204,125
-
204,125
116,655		 2019
£
258,301
-
258,301
Interim
Final
Total
£
£
£
83
111
194
102
136
238
-
-
-
257
343
600
5
7
12
1,822
2,430
4,252
-
-
-
195
260
455
169
226
395
49
65
114
940
1,254
2,194
330
440
770
665
887
1,552
387
517
904
513
684
1,197
11,035
14,716
25,751
4,932
6,578
11,510
Distribution for the year ended 31.10.20		 Interim
Final
Total
£
£
£
274
(34)
240
2,459
4,407
6,866
284
(284)
-
430
312
742
94
(78)
16
1,148
4,079
5,227
313
(313)
-
151
411
562
92
396
488
51
89
140
677
2,017
2,694
298
653
951
696
1,222
1,918
345
605
950
850
836
1,686
11,298
19,828
31,126
5,162
9,059
14,221
Distribution for the year ended 31.10.19
21,484
28,654
50,138		 24,622
43,205
67,827
5,323
7,099
12,422
1,646
2,195
3,841		 5,571
9,777
15,348
1,722
3,022
4,744
6,969
9,294
16,263		 7,293
12,799
20,092
3,279
4,373
7,652
3,354
4,473
7,827
3,264
4,353
7,617		 3,432
6,023
9,455
3,510
6,161
9,671
3,416
5,994
9,410
9,897
13,199
23,096		 10,358
18,178
28,536
14,789
19,723
34,512
1,885
2,514
4,399		 15,477
27,165
42,642
1,972
3,462
5,434
16,674
22,237
38,911		 17,449
30,627
48,076
9,159
12,214
21,373
2,360
3,147
5,507
5,210
6,949
12,159
3
4
7
15,284
20,384
35,668
430
573
1,003		 9,585
16,821
26,406
2,470
4,334
6,804
5,453
9,570
15,023
83
146
229
15,996
28,073
44,069
450
790
1,240
32,446
43,271
75,717		 34,037
59,734
93,771
87,470
116,655
204,125		 93,759
164,543
258,302

Page 15