2021-10-31-accounts - The Montefiore Endowment

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			Page
Trustees' report			1-7
Statement ofTrustees'	responsibilities
Independent auditor's	report		9-12
Statement offinancial	activities		13
Summary income and	expenditure	account	14
Balance sheet			15-16
Notes to the financial	statements		17-30

				Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
				funds	funds		funds	funds
				2021	2021	2021	2020	2020	2020
			Notes	F	E	E	E	E	E
~ccome from
Donations and	legacies		3	19,034		19,034	20,298		20,298
Investments			4	17,144	49,926	67,070	29,224	55,578	84,802
Total income and
endowments				36,178	49,926	86,104	49,522	55,578	105,100
Ex enditure on:
Raising funds				605	14,215	14,820	734	14,197	14,931
Charitable activities			6	525,237		525,237	512,084		512,084
Exceptional item -		Loss
due to fraud			23	100,000		100,000
Total resources expended				625,842	14,215	640,057	512,818	14,197	527,015
Net gains/(losses)		on
investments				30,000	712,718	742,718		341,528	341,528
Net movement	in	funds		(559,664)	748,429	188,765	(463,296)	382,909	(80,387)
Fund balances	at 1 November
2020				4,046,932	3,662,869	7,709,801	4,510,228	3,279,960	7,790,188
Fund balances	at	31
October 2021				3,487,268	4,411,298	7,898,566	4,046,932	3,662,869	7,709,801

			All income	All income
			funds	funds
			2021	2020
Gross income			36,178	49,522
Change in fair value on investment		property	30,000
Total income in	the reporting period		66,178	49,522
Total expenditure	from income funds		625,842	512,818
Net expenditure	for the year		(559,664)	(463,296)

					2021		2020
				Notes	E		E
Fixed assets
Tangible assets				13		2,046		1,168
Investment	properties			14		500,000		470,000
Investments				15		4,849,865		4,151,278
						5,351,911		4,622,446
Current assets
Debtors				17	3,077
Cash at bank and		in	hand		2,561,692		3,106,772
					2,564,769		3,106,772
Creditors:	amounts		falling due within
one year				18	(18,114)		(19,417)
Net current	assets					2,546,655		3,087,355
Total assets less		current liabilities				7,898,566		7,709,801
Capital funds
Endowment	funds	- general				4,411,298		3,662,869
Income funds
Unrestricted	funds
Designated	funds			20	2,833,569		3,309,953
General unrestricted			funds		653,699		736,979
						3,487,268		4,046,932
						7,898,566		7,709,801

						Unrestricted	Unrestricted
						funds	funds
						2021	2020
Donations	and gifts					19,034	20,298
Investments
		Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
		funds	funds		funds	funds
			general			general
		2021	2021	2021	2020	2020	2020
		E			F	E	F
Income from listed
investments			49,926	49,926		55,578	55,578
Rental income		16,222		16,222	19,026		19,026
Interest receivable		922		922	10,198		10,198
		17,144	49,926	67,070	29,224	55,578	84,802

			Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
			funds	funds		funds	funds
				general			general
			2021	2021		2020	2020	2020
							E
Investment	mana	ement	605	14,215	14,820	734	14,197	14,931
			605	14,215	14,820	734	14,197	14,931

				Religious	Educational	Maintenance	Total	Total
				and		and	2021	2020
				cemetery		conserving
				running		assets
				expenses
Staff costs				7,347	36,833		44,180	41,828
Building costs				16,104			16,104	40,415
Semicha course provision					42,737		42,737	51,459
Expenses	incurred		in support of
Semicha courses					1,391		1,391	5,183
Conservation		programme				4,980	4,980	1,050
Manuscripts						7,485	7,485	2,190
Testimonial	projects					2,197	2,197	4,485
				23,451	80,961	14,662	119,074	146,610
Grant funding		of activities (see note 7)
					269,857		269,857	268,619
Share ofsupport costs (see note 8)				7,676	114,831	4,799	127,306	90,855
Share ofgovernance			costs (see note
8)				543	8,118	339	9,000	6,000
				31,670	473,767	19,800	525,237	512,084
Analysis by		fund
Unrestricted		funds		31,670	473,767	19,800	525,237
				31,670	473,767	19,800	525,237
For the year		ended	31October 2020
Unrestricted	funds			58,571	443,986	9,527		512,084
				58,571	443,986	9,527		512,084

		Educational	Educational
		2021	2020
Grants to institutions:
Manchester Kollel		31,250	18,750
Dayanut Course		13,750	18,600
London School ofJewish	Studies	50,386	50,000
University Scholarships		11,449	5,970
Eretz Hatzvi		13,500	26,001
Midreshet Harova		22,500	31,500
Secular Yeshiva		7,500	7,500
Spanish and Portuguese	Congregation		5,000
Morenu		8,025	22,500
Sephardi Voices		4,197	9,998
Jewish Chaplaincy		10,000	20,000
Yeshivat Hakotel		31,500
Sephardi Haburah		12,500
		216,557	215,819
Grants to individuals		53,300	52,800
		269,857	268,619

Support	costs
			Support	Governance	2021	2020 Basis ofallocation
			costs	costs
			E
Staff costs			66,793		66,793	52,636 See note a)
Depreciation			714		714	532 See note a)
ITcosts			7,965		7,965	3,228 See note a)
Maintenance	costs		15,268		15,268	13,837 See note a)
Accountancy	and secretarial		12,290		12,290	11,580 See note a)
Rent and security costs			23,333		23,333	1,667 See note a)
Legal and professional		fees	900		900	7,125 See note a)
Sundry expenses			43		43	250 See note a)
Audit fees				9,000	9,000	6,000 See note b)
			127,306	9,000	136,306	96,855
Analysed	between
Charitable	activities		127,306	9,000	136,306	96,855

2021	2020
Number	Number

Employees		(Continued)
Employment costs	2021	2020
		E
Wages and salaries	103,859	88,825
Social security costs	4,933	3,778
Other pension costs	2,181	1,861
	110,973	94,464

				Unrestricted	Endowment	Total	Endowment
				funds	funds		funds
					general		general
				2021	2021	2021	2020
				E	E	E
Revaluation	of	investments			714,126	714,126	208,778
Gain/(loss)	on	sale of investments			(1,408)	(1,408)	132,750
Revaluation	of	investment	properties	30,000		30,000
				30,000	712,718	742,718	341,528

13	Tangible fixed assets	Tangible fixed assets
				Plant and equipmentf
	Cost
	At 1 November 2020			2,661
	Additions			1,593
	At 31 October 2021			4,254
	Depreciation and impairment
	At 1 November 2020			1,494
	Depreciation charged	in the	year	714
	At 31 October 2021			2,208
	Carrying amount
	At 31 October 2021			2,046
	At 31 October 2020			1,168
14	Investment property
				2021
	Fair value
	At 1 November 2020			470,000
	Net gains or losses through		fair value adjustments	30,000
	At 31 October 2021			500,000

Fixed ass	et i	nvestments
				Listed	Cash held by	Total
				investments	investment
					managers
Cost or valuation
At 1 November		2020		4,135,829	15,449	4,151,278
Additions				142,213		142,213
Valuation	changes			714,126		714,126
Movement	in cash				9,858	9,858
Investment	management		fees		(14,194)	(14,194)
Disposals				(153,416)		(153,416)
At 31 October		2021		4,838,752	11,113	4,849,865
Carrying	amount
At 31 October		2021		4,838,752	11,113	4,849,865
At 31 October		2020		4,135,829	15,449	4,151,278

16	Financial instruments			2021	2020
				f.	F
	Carrying amount of	financial assets
	Instruments measured	at fair value through	profit or loss	4,838,752	4,135,829
17	Debtors
				2021	2020
	Amounts falling due	within one year:
	Trade debtors			3,077
18	Creditors: amounts	falling due within one year
				2021	2020
	Other taxation and social security			2,914
	Trade creditors			2,124	10,390
	Other creditors			4,076	27
	Accruals and deferred	income		9,000	9,000
				18,114	19,417

	Balance at 1 November 2019	Movement Investment return: dlvldends and Interest	in funds Investment return: realised and unreallsed gains/(lossesl	Investment management costa	Balance at 1 November 2020	Movement Investment return: dividends and Interest	in funds Investment return: realised and unrsallaed gains/(losses)	Investment management coats	Balance at 31October 2021
Permanent	endowments
Endowment Unapplied	984,874 total				984,874				984,874
return	2,295,086	55,578	341,528	(14,197)	2,677,995	49,926	712,718	(14,215)	3,426,424
	3,279,960	55,578	341,528	(14,197)	3,662,869	49,926	712,718	(14,215)	4,411,298

Unrestricted fund	Unrestricted fund	Unrestricted fund
The unrestricted funds ofthe charity			indude	general	unrestricted funds	and the following		designated	funds which	have been	set aside by	the Trustees	for specific
purposes:
						Movement	In funds			Movement In funds
					Balance at 1 November 2019	Incoming resources	Resouroes expended		Balance at 1 November 2020	Incoming resources	Resources expended	Revaluations, gains and losses 6	Balance at 31October 2021f
Designated	- Special Project Fund				3,051,452	8,969		(443,987)	2,616,434	17,129	(473,768)		2,159,795
Designated Fund	- Building, Tombstone	and	Burial	Ground	411,596	11,228		(58,570)	364,254	1,725	(31,670)		334,309
Designated -Other Bequest Funds General Unrestricted Funds					40,513 708,388	29,325		. (9,527) (734)	30,986 736,979	17,324	(19,800) (100,604)		11,186 653,699
Designated	- Investment Property	Revaluation		Fund	298,279				298,279			30,000	328,279
					4,510,228	49,522		(512,818)	4,046,932	36,178	(625,842)	30,000	3,487,268

Analysis ofnet assets	between funds
	Unrestricted funds	Endowment funds	Total	Unrestricted funds	Endowment funds	Total
	2021	2021 f	2021 E	2020	2020	2020
Fund balances at 31
October 2021 are
represented by:
Tangible assets Investment properties Investments Current assets/	2,046 500,000 438,568	4,411,297	2,046 500,000 4,849,865	1,168 470,000 488,409	3,662,869	1,168 470,000 4,151,278
(liabilities)	2,546,655		2,546,655	3,087,355		3,087,355
	3,487,269	4,411,297	7,898,566	4,046,932	3,662,869	7,709,801