Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC Registered number: 09583708 Charity number: 1162974 THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) CONTENTS Page Reference and administrative details of the charitable Companys its Trustees and advisers Trustees. report Independent examiner's report statement of financial activities Balance sheet 9-10 Statement of cash flows 11 Notes to the financlal statements 12-32
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 29 APRIL 2022 Trustees B Mocatta. Chair R Taylor, Trustee G R Riese, Trustee V Eth"nghausen, Trustee D Ezekn'el. Trustee Company registered number 09583708 Charity registered number 1162974 Registered office 16 Great Queen Street Covent Garden London WC2B SAH Aecountants Blick Rothenberg Limited Chartered Accountants 16 Great Queen Street Covent Garden London WC2B SAH Page 1
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) TRUSTEES, REPORT FOR THE PERIOD ENDED 29 APRIL 2022 The Trustees present their annual report together with the financial statements of the charitable company for the 1 November 2020 10 29 April 2022. The annual report serves the PUTposes of both a Trustees, report and a directors. report under company law. The Trustees confimi thal the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practi ISORPI applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffectNe 1 January 20191- sin the charitable company qualifies as small under sects.on 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Achievements and perforniance a. Main achievomonts of th8 charitsble company During the stsrt of the financial period commencing 1st November 2020, the Home conb.nued lo provide day to day care at varwng levels depending on the requirements of the residents. The Home had a large proportion of people with dementia and continues to improve its standard of care for the increased number of our residents will all types of demenb"a. During the pandemic, as reported last year the Home experienced a tragic increase in the number of deaths. This was parUy due lo natural causes but it was grossly exarbaled by the returning of infected residents returning from hospitals. The numbers of residents dropped to totally uneconomic levels. So by late November a decision was taken to close the Horne before its finances were exhausted. The Home and Choice Court has been running al a loss for many years. surviving on its reserves and occasional legacies, and seeing no respite from this financial haemorrhaging the Trustees felt they had no alternative. Additionally, local authorities stopped funding placements and the Jewish community in the Wembley area has diminished considerabty, which further led to the decision. The families of all the resident5 and the residents themselves were grven fiirmal noti in January 2021. 1 am pleased to say despite Covid and the issues of moving elderty residents. many of which had dementia, went very smoothly for which the Trustees are indebted to Paul Peak and Roger Ellis ft)r their incredible wotk. So by June 2021, every resident except for one resident in choi Court were satisfactorily rehoused. The controlled closure of the Home occurred once all residents had retEived their second vaccination5 and they were able lo find suitable accommodation in other care homes. Following the last departure, the site of the Horne has been taken over by Adhoc Property Management Limited who act as property guardians. Though not perfect the arrangernent has meant that the buildings are occupied and this enhanTrs the safety of the site and the Synagogue which is the Wembley branch of the Spanish and Portuguese Jews Congregation. The trustees do intend for the charity to continue for the benefit of the elderly of the Jewsh community for the foreseeable future by using the retums of its investment towards related charitable activities. The Trustees are seeking legal advice on this. I repeal that the Tnjstees were fortunate to have such a wonderful team of loyal, patient, caring and understanding staff under the supervision of Paula Peake Ichief Executive) and Roger Ellis (Registered Manager), and their incredible hard work that they all endured once the pandemic crisis started and throughout the ensuing period to closure. Ulbmately all of the staff had to be made redundant and the Trustees are extremely grateful to all of them and their dedication. Page 2
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 29 APRIL 2022 Achievements and perforniance (continued b. Polieies and objectives In setting objecb'ves and planning for acb'vities, the Trustees have given due considerab'on lo general guidance published by the Chanty Commission relating to public benefit, induding the guidance 'Public benefit". running a charity IPB21' Flnanclal revlew a. Flnanclal evaluation The Statement of Financial Activities set out on page 8 of the financial statements shows how the charitable company's incoming reSoUrS have been expended during the period ended 29 April 2022. Totsl incoming resources amounted to £850,12612020." £1,879,578), comprising charitable activities of £727,085 12020. £1,709,194), donations of £80,016 12020. £143,907), investment income of £797 12020. £26,577) and other income of £42,22812020.' £Nil). Totsl expendrture for the period was £1.296,019 (2020.. £2,162,814) and there were gains on the investments held by the charitable company of £189,416 (2020". loss of £88,154). The charitable company incurred an impairment charge of £2.536,651 12020.. £Nill as a result of the reslriclion in the terms of the lease for Choi House and Choice Court which stipulated that the propety must be used for care home activities with the provision of the lease surrender to the freeholder, S&P Synagogue, if the activity ceases. The Trustees are of the opinion that value of the leasehold interest in the propety should therefore be written down to £1. Accordingly, the deficit for the period was £2,793,128 {2020.' £371.3901. After bringing in the brought forward reseNes of £3,525,122 12020.. £3,896,512), the closing funds at 29 April 2022 amounted lo £731,994 12020.. £3,525,122). The slalement of finanaal position set out on page 9 of the financial statements shows the financial position of the charitable company at 29 April 2022. Nel current assets of £71,178 12020.. £57,177) is represented by fixed assets of £660,816 12020.. £3,467,945), debtors of £16,702 12020.. £51,825) plus cash al bank and in hand of £76,976 12020.. £383,377), less current liabilities of £22,50012020.' £378.025}. Total nel assets amount lo £731,994 12020: £3.525,122). whith is represented by the closing balan on the unrestricted funds. b. Investment performance As staled, the fvjnds of the Charity are mainty invested in a pooled investment fvjnd with the London Sephardi Trust and managed by Walker Crips Ltd. The policy is to adopl a medium risk investment strategy. The returns this period have been satisfactory as mentioned in the following figures. The value of the Charity's investments as al 29 April 2022 is £660,815 12020. £866,399). There was a capital withdrawal of £395,000 during the period12020'. £150,000)- Page 3
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 29 APRIL 2022 c. Going concem Even though the company ceased to operate the care home in Ihe period. the trustees do intend for the charity to continue for the benefit of the elderfy of the Jewish community for the foreseeable future by using the returns of ils investment towards related charitable acts"vities. Where appropriate, the charitable company's assets have been written down to their net realisable value_ The Trustees have a reasonable expectation that the charity has adequate reSoUrS to conts.nue in operational existen for the foreseeable ftjture. Thus, the Trustees continue lo adopt the going concem basis of accounting in preparing the financial statements. d. Controls The Treasurer reviews the financial perfomiance and cash flow of the Charity on an ongoing basis, together with the Accounts Manager. The Board of Directors is regulady updated with current financial reports which show actual Income and expenditure against budget to date. Close scrutiny is made of all items with significant variances lo determine the appropriate management acbon. e. Fundraising and sources of income The Charity is fortunate to re1ve a small annual amount from donations and a significant amount of income from its investments with the London Sephardi TrusL During the period the Home has been taken over by Adhoc Propety management Limited who act as propety guardians. This has enabled the Charity to start generating some other income during the period. f. Reserves policy The unrestricted funds arise from past operating results, but also indude the long leasehold propety of Choice House and Choice Court as well as other investments. We have instant or relatively qLJick access to funds in the Pool investment which can be released by special arrangement at short notice. This and the collection of harges due from residents is more than adequate in the opinion of the Board of Directors lo meet the foreseeable contractual obligations to staff and provision of a4re to residents and tenants. g. Investment policy The capital of the Horne is invested under a pooling arrangement wth the London Sephardi Trust which is a limited company which looks after the pooled funds of not only the Charity bul also the Spanish and Portuguese Jews, Congregation's own capital, the Welfare Board and a variety of smaller charitable funds. One member of the Board of Jewish choi is a permanent rnember of the board of the London Sephardi Trust. Funds are withdrawn or invested with this Trust on 31 October of each year. though m8jOf Withdrawals or additions can be made at other times by speaal arrangement Other funds of the Charity are invested in deposit accounts with the Charity's bank. h. Risk management The Trustees have assessed the major risks to which Jewish Choice is exposed, in particular those related to the operations and finanS of the Charity and are satisfied that systems are in place to mrtigate exF)osure to major risks. Page 4
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 29 APRIL 2022 i. Post balance sheet events It is the intention of the Trustees to make granls lo other care Homes which wholly, or in part, serve the Jewish Community. The Trustees wish to assist such Homes in the purchasing of specialist equipment that may be required. Before doing so the Home will lake legal advice to ensure that this policy Is within the lawful objects of the Home. structure. govgmance and management Constitution The Spanish and Portuguese Jews Home for the Aged is registered as a charitable company limited by guarantee and was sel up by a Trust deed. b. Methods of appointment or election of Trustees The management of the charitable company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The Trustees, who are also the directors for the purpose of company law, and who served during the period were.. B Mocatta, Chair R Taylor G R Riese V Ettinghausen D Ezekiel J Shapiro Iresigned 17 November 2020) S D Zubaida (resigned 27 April 2021} Approved by order of the mernbers of the board of Trustees and signed on their behalf by.. B Mocatta Date". CA7861E1 27-Jan-23 1 11:34 f[ Page 5
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 29 APRIL 2022 Independent examinerfs report to the Trustees of The Spanish and Portuguese Jews Home for the Aged {Ihe charitable tompany.) I report to the charity Trustees on my examination of the accounts of the charitable company for the period ended 29 April 2022. Responsibilities and basis of report As the Trustees of the charitable company land its directors for the purposes of company lawl you are resF)onsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'the 2006 ACVI. Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charrty Commission under section 14515llbl of the 2011 Act. Independent examlnerfs statement sin the charitable company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confim that no matters have come to my attention in connection with the examinats'on giving me cause to believe.. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act., or the accounts do not accord with those records", or the accounts do not comply wth the accounkn.ng requirements of section 396 of the 2006 Act 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". or the accounts have not been prepared in accordan the methods and principles of the Statement of Recommended Pracb"ce for accounb.ng and reporb.ng by charities applicable to charities preparing their accounts in accordance wth the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. This report is made solely to the charitable company'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 charitable company's Trustees those matters l am required to stsle to them in an independent examiner's 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 charitable company and the charitable company's Trustees as a body, for my work or for this report. Page 6
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT {CONTINUED) FOR THE PERIOD ENDED 29 APRIL 2022 Signed". Darsh Shah Dated. 2710112023 Instilute of Chartered Accountants in England and Wales Blick Rothenberg Limited Chartered Accountants 16 Great Queen Street Covenl Garden London WC2B SAH Page 7
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTMTIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 29 APRIL 2022 Restricted Unrestricted funds funds 18 months 18 months ended ended 29 April 29 April 2022 2022 Total funds 18 months ended 29 April 2022 Total funds 31 October 2020 Note Income from: Donations and legacies Charitsble activities Investments Other income 53.692 26.324 727,085 80.016 727,085 797 143,807 1,709,194 26,577 311 42.228 42.228 Total Income 54.003 7%.123 850,126 1,879,578 Expenditure on: Charitable activities 53,692 1,242,327 1,296,019 2,162,814 Total expenditure 53.692 1.242.327 1.296.019 2,162,814 Net incomel{expenditure) before net gainslllossesl on investments Nel gainslllossesl on investments 311 1446,204 189.416 1445,893 189.416 1283,2361 188,1541 Net Incomel{expendlture) Transfers between funds 311 1256.788} 4,233 1256,477} 1371,3901 16 14,2331 Net movement in funds before other recognised gainslllosses) 13.9221 1252.555} 1256.4771 1371,3901 Other recognised losses Losses on revaluation of fixed assets 12 (2.536.651} {2.536.651} Net movement in funds 13,9221 {2,789,206I {2,793,1281 1371,3901 Reconcillatlon of funds: Total funds brought forward Nel movement in funds 3,922 3,521,200 3,525,122 13.9221 (2.789.206} {2.793.128} 3,896,512 1371,3901 Total funds carrfed fopmard 731.994 731.994 3,525,122 The Statement of financial activities includes all gains and losses recognised in the period. The notes on pages 12 to 32 form part of these financial staternents. Page 8
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) REGISTERED NUMBER: 09583708 BALANCE SHEET AS AT 29 APRIL 2022 29 April 2022 31 October 2020 Note Fixed assets Tangible assets Investments 12 13 2,601,546 866,399 660,815 660,816 3,467,945 Current assets Debtors 14 16.702 76,976 51,825 383,377 Cash at bank and in hand 93.678 435,202 Creditors.. amounts falling due within one year 15 122.500) {378,0251 Net current assets 71,178 57,177 Totsl assets less Current liabilities 731.994 3,525,122 Net assets excluding pension asset 731.994 3,525,122 Total net assets 731.994 3,525,122 Charity funds Reslricled funds Unrestricted funds 16 16 3,922 3,521,200 731.994 Total funds 731,994 3,525,122 Page 9
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) BALANCE SHEET ICONTINUEDI AS AT 29 APRIL 2022 The charitable company was entided to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to aecounling records and preparation of financial statements. The financi81 ststements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. The financial ststemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. OouJ4n•d hy. E14gs Date". 27-Jan-23 | 11=34 GMT The notes on pages 12 to 32 fom part of these financial statements. Page 10
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 29 APRIL 2022 18 months ended 29 April 31 October 2022 2020 Note Cash flows from operating o¢tivi¢ies Nel cash used in operating activities 20 {714.5211 1186,5551 Cash flows from investing activities Dividends, interests and rents from investments Proceeds on disposal of investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 26,406 150,000 395,000 13,120 111,4591 Net cash provided by investing activities 408.120 164.947 Change In eash and cash equlvalents In the perlod Cash and cash equivalents at the beginning of the period {306.4011 {21,6081 383.377 404,985 Cash and cash equivalents at the end of the period 21 76.976 383,377 The notes on pages 12 to 32 fom part of these financial statements Page11
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 General infomiation The Spanish and Portuguese Jews Home for the Aged is a private company limited by guarantee ineorporaled in England and Wales. The registered Offi is 16 Great Queen Street, Covent Garden, London, WC2B 5AH. These finanaal statements have been prepared for a 18-month period from 1 November 2020 to 29 April 2022 due to the decision to close the care home, the warden assisted accommodation units and the day cenlre. Therefore, the comparative figures are not entirely comparable. The financial statements are prepared in steding, which is the functional currency of the Charity. Monetary amounts in these finanaal statements are rounded to the nearest £. Accounting pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP IFRS 1021- Accountyng 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 IFRS 1021 leffects.ve 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Spanish and Portuguese Jews Home for the Aged meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initialty recognised at historical cost or transaction value unless otherwise stated in the relevant accounting poly. 2.2 Going concern Even though the company ceased to operate the care home in the period, the Iruslees do intend for the charity to continue for the benefit of the eldedy of the Jewish community for the foreseeable future by using the retums of its investment towards related Charitable activities. Where appropriate, the chanlable company's assets have been vrritten down lo their net realisable value. The Trustees have a reasonable expectation that the charity has adequate resour$ to continue in operational existence for the foreseeable future. Thus. the Trustees continue to adopt the going concern basis of accounb.ng in preparing the financial slatements. 2.3 Charitable funds Unrestricted funds are available for use at the dIretIon of the Trustees in fvrtheran of their charitable objective5 unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the restn.cted funds are set out in the notes to the financial statements. Page 12
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Aecounting policies Itontinuedl 2.4 Income All income was recognised once the charitable company has enlitlemenl to the income, il is probable that the income will be reIVed and the amount of income re1vable can be measured reliably. Fees from residents and local authorities for accommodation and care services are recognised on a re1vable basis. Any payments made in advance by clients at the period end a included within creditors. Cash donations are recognised on rlpt. Other donations are recognised On the Charity has been notified of the donation, unless perfom)ance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift 'd or deeds of covenant is recognised at the time of the donation. Legacies are recognised on rlpt or othemise if the Charity has been notified of an impending distributs'on, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 2.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third paty, 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 ath'vity 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 lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciats'on charges allocated on the portion of the asset's use. Expenditure on charitable activi.e$ is incurred on direcdy undertaking the activities which further the charitable company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.6 Government grants Grants of a revenue nature are recognised in the profil and loss account in the same period as the related expenditure. Page 13
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Aecounting policies Itontinuedl 2.7 Tangible fixed assets and depreciation Tangible fixed assets are inib'ally recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis." Land and buildings Motor vehicles Fixtures and fith'ngs Over the lease temi 200A straight line basis 200A straight line basis 2.8 Investments Investments represent a Sha of a Common Investment Fund and are held within fixed assets. The fund includes listed investments, which are stated al mid-market value at the period end, as well as a portfolio of freehold properties. All movements in value arising from revaluats'on are shown as part of the Ststemenl of Financial Actwibes. Investments are held primarily to provide an investment return for the Charity. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.10 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 Ihal the charitable company anlicipales il will pay to settle the debt or the amount it has received as advanced payments for the goods or serVIS it must provide. Page 14
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Aecounting policies Itontinuedl 2.11 Financial instruments The charitable company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are reeognised when the charitable company becomes paty to the contractual provisions of the instrument Financial liabilities are classffied according to the Substan of the contractual arrangements entered into. The charitable company s policies for rts major classes of financial assets and financial liabilities are set out below. Flnanclal assets Basic financial assets, including trade and other debtors, cash and bank balances, are inits'ally recognised al transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business temis or is financed at a rate of interest that is not a market rate. Such assets are subsequentiy carried at amortised cost using the effective interest method, less any impaimient. Financial liabilities Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised al transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt inslrumenls are subsequently carried al anw)rtised cost, using the effective interest rale method. Page 15
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Aecounting policies Itontinuedl Financial instruments (continued) Impairnient of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective eviden of impaimenL If objective evidence of impairment is found, an impaimient loss is reeognised in the statement of financial activities. For finanaal assets measured at cost less impaim*nt, the impaimient loss is measured as the difference between the assevs carrying amount and the best esb'mate of the amount the company would re1ve for the asset if rt were to be sold at the reporting date. For financial assets measured at amortised cost. the impairment loss is measured as the differen beeen the assefs carrying amount and the present value of estimated cash flows discounted al the asset's original effecb've interest rate. If the financial asset has a variable interest rate, the discount rale for measuring any impairment loss is the current effecbve interest rale determined under the contract. If there is a decrease in the impaimient loss arising from an event occurring after the impairment was recognised, the impaimient is reversed. The reversal is such that the current carrying amount does not exceed what the carying amount would have been had the impaimient not previously been recognised. The impairment reversal is recognised in the statement of financial aclivilies. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (al the contractual rights lo the cash flows from the asset expire or are settled, or Ibl substantially all the risks and rewards of the ownership of the asset are transferred lo another paty or Ic) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred lo another paty who has the practical ability to unilaterally sell the asset to an unrelated third paty without imposing additional reslriclions. Financial liabilities are dereccyjnised when the liability is extinguished, that is when the contractual obligation is discharged, nlled or expire& Oftsetting of financial assets and financial liabilities Financial assets and liabililies are offset and the net amount reported in the balance sheet when there is an enforceable right lo set off the recognised amounts and there is an intention lo sellle on a net basis of to realise the asset and setde Ihe liability simultaneously. 2.12 Pensions Payments to defined contn"bub"on retirement benefil schemes are charged as an expense as they fall due. Page 16
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Aecounting policies Itontinuedl 2.13 Employee benefrts The cost of any unused holiday entidement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charitsble company is demonstrably committed to teminate the employment of an employee to provide termination benefits. 2.14 Leases Leases are classffied as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value al the date of InptIOn and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net incomellexpendilurel for the period so as to produ a constant periodic rate of interest on the remaining balance of the liability. The charitable company had no finance leases for the period under review. Rentsls payable under operating leases. including any lease incentsves received, are charged to income on a straight line basis over the temi of the relevant lease. 2.15 Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes. Restricted funds are fvnds which are to used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 17
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Income from donations and legacies Restricted Unrestrieted funds funds 18 months 18 months ended ended 29 April 29 April 2022 2022 Total funds 18 months ended 29 April 2022 Donab'ons and gifts Government grant5 26,324 26,324 53,692 53.692 53,692 26,324 80.016 Restricted Unrestricted funds funds Total funds 31 October 2020 31 October 2020 31 October 2020 Donab'ons and gifts Government grants 1.970 80,076 61,761 63,731 80,076 82,046 61,761 143,807 Income from charitable activities Unrestricted funds 18 rnonths ended 29 April 2022 Total funds 18 months ended 29 April 2022 Income from charitable actwib.es 727,085 727,085 Page 18
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Income from charitable activities (continued) Unrestricted funds Total funds 31 October 2020 31 October 2020 Income from Charitsble actNities 1,709, 194 1,709,194 Investment income Restricted Unrestricted funds funds 18 months 18 months ended ended 29 April 29 April 2022 2022 Total funds 18 months ended 29 April 2022 Income from unlisted investments 311 797 Restricted Unrestricted fvnds fvjnds Total funds 31 October 2020 31 October 2020 31 October 2020 Income from unlisted investments 171 26,4C 26,577 Page 19
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Charitable activities Choice House 18 months ended 29 April 2022 Choice Court 18 months ended 29 April 2022 Total funds 18 months ended 29 April 2022 Staff costs Depreciab"on and loss on disposal Direct charitable expenses Share of support costs Share of governance costs 758.932 35,214 191,565 231,693 28.427 22,487 16,560 1,514 9,627 781,419 51.774 193.079 241,320 28,427 1,245,831 50,188 1.296.019 Choice Friendship Club Choi House Choice Court Total funds 31 October 31 October 2020 2020 31 October 2020 31 October 2020 Staff costs Depreciab"on and loss on disposal Direct charitable expenses Share of support costs Share of governance costs 1,418,344 36,349 223,858 355,452 11,269 38,300 10,970 3,654 57,993 2,220 3,725 1,460,369 47,319 227,873 413,764 13,489 361 319 2,045,272 113,137 4,405 2,162,814 Allocation of support costs are based on actual expendrture incurred. Page 20
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Restricted Unrestricted funds funds 18 months 18 months ended ended 29 April 29 April 2022 2022 Total funds 18 months ended 29 April 2022 Staff costs 53,692 727,727 2,588,425 193,079 241,320 28,427 781,419 2.588.425 193.079 241,320 28,427 Depreciation and loss on disposal Direct charitable expenses Share of support costs Share of governance costs 53,692 3,778,978 3.832.670 Restricted Unrestricted funds funds Total funds 31 October 2020 31 October 2020 31 October 2020 Staff costs Depreciab"on and loss on disposal Direct charitable expenses Share of support costs Share of governance eosts 76.505 1,383,867 47,319 222,840 412,238 13,489 1,460,372 47,319 227,873 513,091 13,489 5,033 100,853 182,391 2,079,753 2,262,144 Page 21
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Support and governanee costs Support costs - unrestricted Governance funds costs 18 months 18 months ended ended 29 April 29 April 2022 2022 Total funds 18 months ended 29 April 2022 Rates Insurance Light and heat Repairs and maintenan Postage and stationery Telephone and fax Motor expenses Legal and professional Sundry expenses Accountancy and audit fees 18.601 54,830 58,327 65,671 2,545 6,313 376 4,208 30,449 18,601 54,830 58.327 65,671 2,545 6,313 376 4.208 30,449 28,427 28,427 241,320 28,427 269.747 Page 22
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 Support costs- unrestricted funds Support eosts - restricted Governance funds costs Total funds 31 October 31 October 2020 2020 31 October 2020 31 October 2020 Rates Insuran Light and heat Repairs and maintenan Postage and stationery Telephone and fax Motor expenses Legal and professional Sundry expenses Accountancy and audit fees 20,775 43,463 86,795 210,722 5.375 16,968 3,707 26,243 {1,8101 20,775 43,463 86,855 310,052 5,375 16,968 3,802 26,243 14421 13,489 60 99,330 95 1,368 13,489 412,238 100,853 13,489 526,580 Other incoming resources Unrestricted funds 18 months ended 29 April 2022 Total funds 18 months ended 29 April 31 October 2022 2020 Total funds Other income 42,228 42.228 Independent examinerfs remuneration 18 months ended 29 April 31 October 2022 2020 Fees payable to the tharitable companvs independent examiner 13,869 13,489 Page 23
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 10. Staff costs 18 months ended 29 April 31 October 2022 2020 Wages and salaries Social security costs Contribution lo defined (x)ntribution pension schemes 721.876 43,514 16,029 1,351,564 80,510 28,295 781.419 1,460,369 During the period the chanty incurred redundancy costs of £177,408, included within wages and salaries, due to the closure of the care home, the warden assisted accommodation units and the day ntre. There is no remaining liability at the period end. The average number of persons employed by the charilable company during the period was as follows.. 18 months ended 29 April 31 October 2022 2020 No. No. Full-time Part-time 45 16 11 19 61 No employee received remunerakn.on arnounb.ng tr) more than £60,000 in the period. The aggregate compensats.on of key management personnel for the period was £63,57312020'. £84,295). 11. Trustees. remuneration and expenses During the period, no Trustees received any remunerakn.on or other benefits12020- £NILI. During the period ended 29 April 2022, no Trustee expenses have been incurred12020 - £NIll. During the period, the charty paid £Nil12020 '. £1,909) for Insuran to indemnify the trustees against the consequences of any alleged or actual wrongftjl acts in their capacity as trustees. Page 24
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 12. Tangible fixed assets Land and buildings Molor Fixtures and vehicles fittings Total Cost At 1 November 2020 2.671.581 42.857 142.8571 149,226 1149,2261 2.863,664 1192,0831 Disposals At 29 April 2022 2,671,581 2,671,581 Depreclatlon At 1 November 2020 On disposals Impairment charge 134,929 42,856 142.8561 84,333 {84.3331 262,118 1127,1891 2.536.651 2.536.651 At 29 April 2022 2.671.580 2.671.580 Net l)ook value At 29 April 2022 At 31 October 2020 2.536,652 64,893 2,601,546 Page 25
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 13. Fixed asset investrnents Unlisted investments Market value At 1 November 2020 866,399 1395.0001 189,416 Disposals Revaluations At 29 April 2022 660,815 Net book value At 29 April 2022 660,815 At 31 October 2020 866,399 The charity invests in a pcx)led fvnd which itself invests in lisled investments and propety. 14. Debtors 29 April 31 October 2022 2020 Due wthin one year Trade debtors Other debtors Prepayments and accrued income 10.931 28,839 21,197 1,789 5,771 16,702 51,825 Page 26
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 15. Creditors: Amounts falling due within one year 29 April 31 October 2022 2020 Trade creditors Other tsxalion and social security Other creditors Accruals and deferred income 13,961 18,485 259,972 85,607 22.500 22.500 378,025 Page 27
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 16. Statement of funds Statement of funds - current period Balance at 1 November 2020 Balance at 29 April 2022 Transfers inlout Gainsl {Lossesl Income Expenditure Unrestricted funds General Funds- all funds 3,521,200 796,123 11,242,327) 4,233 12,347,235) 731,994 Restricted funds Restricted Funds all funds 3.922 54.003 153.692) 14.233} Totsl offunds 3,525.122 850.126 11,296.0191 12,347.2351 731,994 Statement of funds - prior period Balance at 1 November 2019 BalanTr at Gainsl 31 October (Losses) 2020 Income Expenditure Unrestricted funds General Funds- 811 funds 3.792.416 1.797.361 {1.980.4231 188, 1541 3,521,200 Restricted funds Restricted Funds- all funds 104.096 82,217 1182,3911 3,922 Total of funds 3,896,512 1,879,578 {2,162,8141 188,1541 3,525,122 Page 28
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 17. Restricted funds Funds brought forwanl Total funds Incoming resources Outgoing resources 1 November 2020 29 April 2022 Hackney St John Dr Pacificos Amshouse Coronavirus Job Retention sche Brent Care Home Grant 3,922 311 14,2331 115,4261 138,2661 15,426 38,266 3,922 54,003 157,9251 In the opinion of the Board of Trustees. there are no reslricled fvnds lo be carried forward as al 29 April 2022. Restricted funds Total funds 31 October 2020 31 October 2020 Hackney St John Dr Pacificos Almshouse 3,922 3,922 18. Summary offunds Summary of funds - current period Balance at 1 November 2020 Balance at 29 April 2022 Transfers inlout Gainsl {Losse$l Income Expenditure General funds Reslricled funds 3.521.200 3.922 796.123 11.242.327) 54.003 153.692) 4.233 12.347.235) 14.233} 731.994 3.525.122 850.126 11.296.019) 12.347.235) 731,994 Page 29
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 18. Summary offunds Itontinuedl Summary offunds- prior period Balance at 1 November 2019 Balance at Gainsl 31 October (Losses) 2020 Income Expenditure General funds Reslricled funds 3,792,416 104,096 1,797,361 82,217 {1,980,4231 1182,3911 188,1541 3,521,200 3,922 3.896.512 1.879.578 {2. 162.8141 188, 1541 3,525,122 19. Analysis of net assets between funds Anatysis of net assets between funds - current period Unrestricted funds 29 April 2022 Total funds 29 April 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 660,815 93,678 122,5001 660.815 93,678 {22,5001 Total 731,994 731.994 Anatysls of net assets between fvnds - prlor period Restricted Unrestricted funds funds 31 October 31 October 2020 2020 Total funds 31 October 2020 Tangible fixed assets Fixed asset investments 3,922 2,597,624 866,399 435,202 {378,0251 2,601,546 866,399 435,202 1378,0251 Current assets Creditors due within one year Total 3,922 3,521,200 3,525,122 Page 30
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 20. Reconeiliation of net movement in funds to net eash flow from operating activities 18 months ended 29 April 31 October 2022 2020 Nel expenditure for the period las per Ststement of Financial Activitses) {256.4771 1371,3901 Adjustments for: Depreciation charges Decrease in debtors IDecreasellincrease in creditors Investment income recognised in statement of financial activities Fair value Igainsl and10sses on investments Loss on disposal 47,319 35,100 40,668 126,4061 88,154 35.123 {355.5251 {189,4161 51.774 Net cash used in operating activities {714.5211 1186,5551 21. Anatysls of eash and cash equlvalents 29 April 31 October 2022 2020 Cash in hand 76.976 383,377 22. Analysis of changes in nel debt At1 November 2020 Cash flows At 29 April 2022 Cash at bank and in hand 383.377 {306.4011 76,976 Page 31
Docusign Envelope ID.. BBC4360B-135E4774-AEA&B1C3C48DDZCC THE SPANISH AND PORTUGUESE JEWS HOME FOR THE AGED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 APRIL 2022 23. Operating lease eornmitments At 29 April 2022 the charitable Company had Commitments to make future minimum lease payments under nonnCelIable operating leases as follows". 29 April 31 October 2022 2020 Not later than 1 year 4,534 24. Membets. liability Each member of the Charitable eompany undertakes to contribute to the assets of the eompany in the event of it being wound up whilst they are a rnember, or within one year after they ce8se to be a member, such amount as may be required, not exceeding £10 foi the debts and liabilities contracted before they cease to be a member. 25. Related party transactions Except for the disclosures in notes 10 and 11, the Charity has not entered into any further related paty transactions during the period, nor are there any outstsnding balances owing between related parties and the Charity at 29 April 2022. Page 32