Charfty number. 209058 J E JOSEPH CHARITABLE FUND UNAUDrrED TRUSTEES REPORT AND FINANCIAL 8TATEMEKrs FOR THE YEAR ENDED 8 APRIL 2020
J E JOSEPH CHARITABLE FUND CONTEKrs Rof•r•n¢• and Admlnl•tratlv• D8talh of th• Charlty, It• Tru•ts•8 and Advlogrn Tru•ts•'• R•port Ind•pond•nt Examln•V• Report Statem•nt of Fln•nciwl Actlvhl Balan 8h••t Notm to th• Fln•n¢l•l Slat•m•nts 10-20
J E JosepH CHARITABLE FUNO REFERENCE AND ADMINISTrATIVE DETAILS OF THE CHARrrY, rrs TRUSTEES AND ADVISER8 FOR THE YEAR ENDED 5 APRIL 2025 Tru•l••• Repre88nt8trs of J. E. J088ph Trustao Company Limited Charlty rtyl•ter•d numbor Prlnclp•l offlc• 19 Hawes Court Wstford Road Radlett Herti WD7 8HH S•cr•tsry R Leon Ch•lrm• R Shemtob Ac¢ountants Soph•r + Co LLP Chartered Attount8nts 5 E18tree Gata E18tree Way Borohamwc)d WD61JD Bank•r• C Hoare & Co 37 Fleet street London EC4P 4DQ InvMlm•nt •dvl•or Cuenove Capitsl Manggement Llmlted 1 London Wall PIvL• London EC27 SAU Inv••tffl•nt dvl•or Canaccord Wealth 91h Fkior 88 Wood Street London EC2V 7QR Invorytmont •dvlsor ARR In¥e8trn•nt P8rtnors Ltd 9 Ar91 Street 6th Floor Lorthn W1F 7TG Page 1
J E JOSEPH CHARThA8LE FUND TRUSTEE'S REPORT FOR THE YEAR ENDED 6 APRIL 2026 The Directors of the Corp)rats Trustee fthe DIrtOrS.) present their annual report topthor with the financi81 8talements of the J E Joseph Charrtable Fund for the year 6 April 2024 to 5 &orll 2025. The financial statements have beon prepared in accordance with the accounting policies set out in notes to the accounts and compty wth the charW8 governing document. the Charities Act 2011 and the relevant version of the Stalemenl of Recommended Pradce applicabl? to charities preparing their accounts In 8ccordan¢a with the Financial Reporting Standard applkabla in the UK and Republic of Ireland (FRS 1021- ObJ•¢tlve8 and actlvltl•s •. Pollclm and obJKtIv•• The objects of the Fund are definod as charitabla purposes for tha boneflt of the Jowi8h c(xnmunbty, n8tion81 and overBeas, namety.. 81 Relief of poverty. b) Relief of affliction8 or suffering- This Indudes car• for the olderly and di60bled chiklron 8nd aduli8. cl Advancemonl of &Ju¢allon. dl Advan¢em8nt of tha Jewish rellgion. •) Other tharrtable objects. The Dire¢tor8 h8vo pald due regord to guidance1$8ued by tha Charity Comml88lon in dd1ft9 what actlvhies the trust 8hDuld undertake. In 88tting 08¢t1¥8$ and planning for activlJ68, the Diractor8 havo given due con8ider8tson to goneral guidan published by the Charity Commis¥lon relallng to public bonefft. b. Grnnt4n*klng pollcl•• Applic8llonB for grants. from both nthv $nd exi$tlng appli¢ants. are rovlewed throughout the year, taklng Into 8¢¢ount each 8pplicanls actsvlty and benefrt lo the community, its financiol needs, the difference that 8ssistsn¢e will make and whether altemative Sour of Income may bè available, aayS in accordance with the Fund, objec18. The Fund receive8 many more appli¢8tion6 fol considoralion than il can 8LbPPOrt from 11$ distributable Income. In general, grants are made to organisalions rathèr than individuals, #lthough help has octssionally been given in particulaf cases th81 Could fesull in benefrts for the wider community. The grants aro approved and aulhorised by the Dlrectors al 8 grants meeting. which tskes place once 8 year. after the a¢counts have been approved arKI the18vd of Income known. A¢hl•vMn•nts and porforni•nc• a. Rwlow of xtlvltl•B The Stalemenl of financi81 oGlivities set out on page 8 of the fin8ncl81 statamonts Shovo how th8 Fund'i incoming resour¢es have baen expended in the year ended 5 April 2025. The Balance Sheet set out on page 9 of the flnanci81 statements Shows the financigl of the Fund at S ADril 2025. P4e2
J E J08EPH CHARrrA8LE FUND TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 6 APRIL 2026 Achlevem•nt8 and porformanG• {contiTru•d b. Inva8lmgnt pollcy and pfrrformanc• Th6 capital of the Endcwment Fund t8 Invest under a power of totsl retum commencing on 6 April 2022. The Director8 consider vari8bility of inve¥lment returns on the Endowment Fund lo ¢on8tilule the charitys major financial risk. The Directors have resolved to manage the pemianenl endowment fund on a lolal return basis, under Section 4 of the Tru$ls (Capital and Income} Act 2013. which amended th8 Charities Act 2011. allowing them to use a total return approach in relatlon lo these investments. The Directors con8lder that the use of a total return 8pproaGh will slabilise the rewurces avai18ble for grant making, thgreby facilitsting longer tem grants and a more stable number grants bul th8 Dire¢tor8 also take account of tha outlook ft)r Investment returns Ind keep thg le¥el of grants under revthv. The Director8 confimi that.. In idenlifylng the valu8 of the portion of the Endowment Fund that repT88ented unapplied tot81 return, th8 Directors first identified the value of the inlllal foundlng gift in 1939 of £75,000; and - when determinirvJ the amount of un8ppld totsl return lo tran6fer lo income the DirectOT8 have con$ld8fed th amount of in¢tsme requlred to malnt8in the current level of ¢haTitablo ath'vty, Ihe likely benefit8 to future generatsons, and the likely needs of future ben8ficiario$; and when roa¢hing their decision as to tho unappliod total retum to transfer to incom8, the Directors have taken profession81 advlce frcffl their inve$lment th¥or8 regardlng the market outlook, investhant tronds and yi$ld and the prospect lor future capital growth. Our inve8tmenl advisor8 (Caz8nove Capltal. Can8ccord Wealth and ARR 5nvosknenl Partnernl are Instructed to invest to maximise the total retum on Endowment Fund$ within the con$lraints of a medium to low rl8k Investment portlollo. Within the portfollo. allocallons to fixed income. absolute relum, cash and gold h8v¢ helped offset the negative equ retums while maintaining a spread of manager by style and $èleclion. The Director$ are confident that the Investment values will rebound following an increase In consumer confidence after the year-end. Fln•nGlal r•vlow . Golng ¢onc•m The income of the Fund16 almost entlrely dgrived fr(Jm in¥e8tm¢nts hold by an investrnent portfollo managgd by our investment 8thisor8. The inve51manl Portf10 holds a diverse range of investments whith duce the investment holdlng risk. The DiT¢Gtors are also aware of the possibility of reduced dividend and interest Income. Theie are however signrficant unrestricted fund8 ¥vall8ble and thoy ¢on6ider that the Fund would continu6 to megt its obligations as they fall due. The Directors therefore conslder that there are no mateii81 uncertaint3 concerning the Fund's ability to continue as a going concern. Paga 3
J E JOSEPH CHARABLE FUND TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 6 APRIL 2025 b. Re•orves pollcy The fr8e rasepmg of the trust as at 5 April 2025. which are tho unrestricted frjnds, amounted to £135,621 (2024.. £142,124}. It is the policy of the Trust to 8lkJcate grants within nine months of the accounts for the previou8 financi81 year teing approved, up to a levol in line with the unrèstricted di$lrlbut8ble income funds sh¢)wn In those accounts. The Dlreclors consider that a Iwel of nine months is suffi'cient given the flexibility afford8d by the total reluTn approach towards the inve$tment of the pernanenl endowment foi which the Directors have resosved lo transfer 3% year on year from the portfolio value of the endowment fund to unreslrictsd fund$. Thereby there will aayS be sufflci8nt funds to ¢over management, admlnistration and support Costs and to respond lo emergency applications for gfants which arise from tsme to tlme. The charity held endment fund8 of £5,613,403. 8 decr8aB8 on last ye•ls £5,867,272. c. Fln•ncl•l rb•k manag•m•nt obJ•cllvM •nd polkl•• The DlrectOfJ have 8s8eswg the major rf8k8 to wtblch the Fund 18 exp)88d, in particular th080 relatad to the operation8 and finances of the Fund, and are 8atisfi•d that 8y8twns and procodur68 are in place to miti9ats our OXPO8ur8 lo Ihè major ri8k$. Slrudur•. gov•rn•nco and manaq•m•nt *. Con•titutlon Tha trust W85 founded by will proved wllh a ¢odlcll thorelo Sn tho Prfncpal Roglstry on 29 Augu8t 1946, In aGcordance with the wi8hes of Mr Joseph Edgar J08eph {1882 - 19461. It 18 a r•gistér8d charty.. No. 209058. In 1994 the Sophla Jo8oph Fund lor Jerusalem, founded in 1961, was 8malgomate(I with tha Fund. In 2019. the tharity completed the setting up of tho Corporate Trustee, J. E. Joseph Tru8te8 CpanY Limited, as Trustee of the J. E. Joseph Ch8rllable Fund. The new company had been wistered with Companies House on the 6 June 2018 and inGorporaled as pral@ limited company. Throughout the proces8, the Fund was guided and advised by Womble Bond Dickinson, an e8labli5hed firm of solicltors with much 8xpgri6nce in Ihify field. The Twstees of the Fund had been seoking to reslruclure the Chanty in order lo ensure that the asse18 can be held efficiently ond the trustee body benefits from limitsd liability. The individual Trustees were no longer Trustees of the Fund but wère instead appointed a8 Dlrectors of the Corporate Twslee. which itself had been appointed 88 the sole Trustee of the Fund. As stated. it was necessary to updaté the Fund's slwclure in the light of ils growing tsize and the new legis18ti0n introduced by the Charity C'.ommission, with regard lo data protection, charity grant awaTd8 8nd Trustae liakn'llty. The Corporat6 Trustee itself has a £nll balan¢a sheet and has filed dormant company accounts for the year to 5 April 2025. b. Pl•thod• of appolntffl•nt or eloctlon olTru•ts• The management of the Fund is the fesponsibility of the Directors of th9 Corporate Trustee who are elected and Copopled under the terms of the Trust deed. The Fund's recnjitment needs are considered wtth the nominating bodies as needed. The adminlslralion of the Fund is dealt with by its secretary in consultstion with the DiTe¢lor8 of the Corporate Trustee. There aro no ernOYees. The Directors meet regularty, as needed, reviewing its investment stfalegy gnd aulh0ri5ing all grants. The Fund18 aware of the nged to proviJ8 training to its Directors as consid8red nec888ary. Page 4
J E JOSEPH CHARrrABLE FUND TRUSTEPS REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 St•mont of Trustse'• responslbilltle• The Directors of th? Corporate Tru$tse Clhe Dir¥tor8") aro responsible for preparing the Tru81ee's ReFL)rt and the fin8nckql statements in accordance with applicable law and United Kingdom kcounting Standards (Unibj lQ'ngdom Genwally Accepted Accountlng PraGliG81. The law applicable lo chafilies in England & Wales require8 the Directors of the Corporate Trustee f'lhe Direclor8"I to prepare financial slat8ments for each financial wh¢ch givè 8 true and fair view of the state of affairs of the Charity and of its incoming fesources and application of resources, including its in¢orn& and expenditure, lor that perM)d. In preparing th888 financial 8tatement8, tho Directors of the Corp)rate Trustee Iyie Directors") are required lo: Bel8Ct suitsble accountlng pollcies and then apply them consistently,. ob8erve the methods and principles of th8 Charitles SORP {FRS 1021,. ludgments and accounting esllmat88 that ar8 T8860fbable and prudent,. 8tate wh81haf applicable UK Accounting Standards (FRS 102) havg baan folh)w¢d, 8ubje¢t to any mater181 departures dlsclosed 8nd explained in the financkql 8tatements.' prepare the financial Statements on the golng con¢0m basis unle88 It 18 Inapproprlats to presume that the Charity will conb'nue in busine88. The Director8 of the Corw)r8te Trustee Clhe Dire¢tor8') 8re regpon81bl• for keeplng adequè accounting records that are Sufflent to Show and explain the CharityB tr8n88clion8 ond diBdose with aSOnable aG¢uracy at any tlme the financi81 position of tho Charlty and ènable them to ensure that th8 financial ststements comply with the Charities kt 2011, the Charity IA¢counls and Reports) Regulations 2008 and thg prowsions of the Twst deed. They aro also responsible for safaguarding the assets of the Charity 8rMI henc8 for tsklng re880n8bla $lep8 for tho prevention and detectlon of fraud and other irrogularib'e&. Approved by order of the member8 of the t*Jard of Directorn of the Corwrsie Tru8ts6 {Yhe DirKtor8'1 and signed on their behalf by.. R•prnBgntative• ol J. E. Jo••ph TN8t•e Cornp•ny Llmlt•d Trusteg Date.. I q 102S Page 5
J E JOSEPH CHARITABLE FUND INDEPENDENT EXAMINER'S REpoKr FOR THE YEAR ENDED 6 APRIL 2026 Ind•pondent Examinefs Report lo th• Tru8t•• olJ E Joseph Charltabl• Fund llh• Charlty.) I rep)rt to the charty Tru8ts9 on my eXInatiOn of the accwnts of tha Charlty for the year onded 5 ApTII 2025. R•8pon8lbllttles and Ba•h of R•port As the Trustee of thè Charity are re8pon$lbie for tho prwration irf tha accounts in accordance thg requir¢ments of the Charltie8 Act 2011 {'Ihe 2011 Art). I report In re8peGt of my examination of the Charty's aGcounls carried out under section 145 of the 2011 Act and In ¢8rrying out my examination I have followed the applicable Dire¢tlons given ty the Charty Commi88ion under 8actn 145{5llbl of the 2011 Act Indop•nd•nl Ex•mln•rf• Stat•m•nt Your attention is drawn to th8 fact that the Chority has prepared the ac¢ounts in o¢eordance with Accountin9 and Reporting by Ch8fllie8.' Statement of Racommended Practice 8pplicable lo charities preparing their accounts in accordan¢a with Ihe Flnancial Reporting Standard applicable in thè UK and Republic of Ireland IFRS 1021 in Pfefwence to the Accounting and Reporting by Charities.. Statement of Recomm•nded PTadcè i88U8d on 1 April 2005 whl¢h IG reforfed to in th8 extant regulations bul has been withdfawn. l understand that thi8 hos bwt dono in order for thg accounts to provide 8 true and falr vlew In accordanc6 wlih the Genorally Accepted Accounting Practic6 effective for reporting p8rfod8 beginnlng on or after 1 January 2015. I have completed my examinalion. I confirm that no matter8 have corne to my attontbn In connection wlth thfj Oxamlnatlon giving me c8U8e to believe Ihal In any mgterkql respect accounting re¢ords wero not kept In re8pect of the Charity 88 required by sectlon 130 of the 2011 ACL. or the accounts do not accord with those record8'. or the accounts do not rJJmply with the applicable requlrements concemlng the form and ci)ntent of accounts sot out in tha Charitie$ {Accounts and Reports) Regulations 2008 other th8n #ny requirement th81 the accounts glve a Iwo and fairf vW thIGh Is Tr)1 a matter con$idwed as part of an independent examination. I have no TbCoM and have como across no olher mattar8 In nnectIOn with the examlnation to wh attention should bo drawn in this report in order to enable a prop8r under8tanding of the accounts to re8ched. Page 6
J E JOSEPH CHARtfA8LE FUND INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 This report is made solely to the Charity's Truslee, as a body, in arcordance wth Part 4 of the Chartties {Accounts and Reports) Regulations 2008. My work has been undertaken so that I might State to the Charity's Trustee tho¥e matters l am required lo state to them in an Independent Examin8rf8 Report and for no other purpose. To the fullest extent permilled by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charitys Trustee as a body, for my work or for this reporL Signed: H Young Soph•r + Co LLP Chartered Accountants 5 Elstree Gale Elstree Way Borehamwood Hertrordshire WD61JD Dated. 2114111015 ICAEW Page 7
J E JOSEPH CHARITABLE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Unrastrlctgd Endowm•nt fund• fund• 2025 2025 Total funds 2026 Total funds 2024 Income and •ndowm•nts from: Investm•nt8 136,119 136.119 126.381 Tot•1 In¢om• and •rtd¢)wm•nts 136,119 136,119 126,381 Exp•ndltur• on: Raising funds Charitable a¢tleS 10,465 178,769 24,066 188,172 178,769 Totsl •xp&ndltur• 178,769 26A5S 210.238 Net {expondllur•inn¢om• befor• n•t (loss119•In• on invo•tm•nts Net {IoB808ygains on knv88tments (178,769) 110,684 1192,28n 188,106) (192,26n 183,8571 358.909 N•t lexp•ndlturnylneom• Transfers beeert funds (178,769) 172.268 181.603 {172,2661 1260,372) 275.052 14 N•t mov•m•nt In fund• (6,503 1253,869) (260,372) 275,052 R•con¢lllatlon of fund•: Total fund8 brought forward Net movament in furKI8 142,124 16,503) 6.867,272 (263M69 6.009,396 1280,372) 5.734,344 275.052 Total fund• earrf•d fmrd 136,621 6,613.403 0.749,024 8,009,396 Tho Statement of Flnanclal Activities includes all gain6 and105888 rectrJni8od In the r. The notss on pa9e$ 10 to 20 fi)mi part of the88 finonual Statements. P98
J E JOSEPH CHARrrABLE FUND LANCE SHEET AS AT S APRIL 2025 2025 2024 Not• Fix•d •8•0ts Investments Curr•nt *Met• 10 5,742,192 5.970.276 Debtor8 Ca8h at bank and In hond 11 5,173 8,309 S,024 38.896 13h82 43,920 Curr•nt Ilabllltl•8 Credllorn.. amounts f8lllng due wrthln one 12 10.880) {4.8(YJ) Nal curr•nt •M•ts 6M32 39,120 Total n•t 480•ts 0,749,024 6,009.396 Ch•rfty lund• Endowment fund8 Unrn8tricled fund8 14 14 6,613,403 130,621 6.887,272 142,124 Tot•1 lund• 6,749,024 6,009,398 The financial 8tatements wero approved and wthorised for i8sug by the TruJte8 and algr1 on thelr behaw ty. Reprn80ntatlV of J. E. Jos•ph Tru•to• Company Lknit•d Trustee Ig CDIS The notes on p8988 10 to 20 fonn part ol the#0 ffinancial $talementS. Page 9
J E JOSEPH CHARrrABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 O•n•r•l Infomi•lion The J E Joseph Charitable Fund 18 a Reglstered Charlty in England 8nd Wales with charity number 209058. Its princry1 addross is 19 H8wI(esley Court. Watford Road. R8dW Herts. WD7 8HH. Accountlng pollclo• 2.1 B••l• of prwrntlon of Iln•nchl •tst•monts The financial $tatements havo been prepared in accordanGg Wth the Charitk8s SORP (FRS 1021- Accounting and Reporting by Charities.. Slatement of Recommended Practice applicabl8 to charlties preparing their accounts in accordance with the Fin8nclal Reporting Stsndard applicable in the UK and Republ of Ireland IFRS 102) leffeclive 1 January 2019}, tha Flnancial Roporting Standard applicable in the UK and Republic of Ireland IFRN¢> 1021 and the Charitles Act 2011. Th8 financial $t8tements have been prepared to give 8 'tnJe and fairf view and have departed from the Charities IAccountB and Reports) Regulations 2008 only to tho extent required to provide o 'lrue and fairf view. Thi8 deporture has Invow following the Charities SORP IFRS 102) publlshed in October 2019 rather than the AcGounting and Reportlng by ChaTitie8'. Statement of Recommended Pfacllce efftIve from 1 April 2005 whlch h08 Slnce been withdrawn. J E Joseph Charitable Fund m•ots the deflnilion of a publlc benefit entity under FRS 102. A8set8 and liabilit are inilidlty recognwd at hi8tori¢al cost or transaction value unles8 Otherw18e stated in the relèvant ac¢ounting polw. 2.2 Incom•. All income 18 Tg9)gnised once the Charity has entitlement to tho incom¥, it is wobable that th• Income wibl be receivtrj and the amount of incAime receivabb can maasuT*J rellably. Olvidend arKI other irwe8tment Income 18 reGogni8ed on an accrual¥ ba818 once the Fund is entilled to its recelpl. Income t8x recoverable in relatn to Investment income 18 rec<>ani8ed at the time the Inve8trnent Income 1$ reCeabl•. 2.3 Exp•ndllurn EXpendIre1& r8cogni8ed once there18 8 lag81 or construdve ob11pOn to transfer economic benefit to 8 third paty, it 1$ probable that a transfer of econom banefits will be required in Settlement and the omounl of Ihg obllgation ean be measured reliably. Expenditure is cl8ssffied by aCtity. The costs of each aCtity are made up of the total of direct co¥ts and shared costs, including support Costs Invow In undertaklng each activity. Direct costs attributable to a single activhty afe allocated diredy to that 8ctivlty. Shared costs which contribute to more than one 8¢tivity and support costs which ara not ottributablg to a slngle acbvity are appothned bets¥e8n those acttleS on a basis ¢on818tent with the u8e of resources. Expenditure on raising funds indude5 all expenditure incurred by the Charity to r8i5e funds for its charitable purposes and includes costs of all fLÈndraising actNities events end non4haritable trading. Expenditurg on charitable activities i8 incurred on directy undertaking the activities whlch furth6r the Charity's objectives. as well as 8ny associated Support cosls. Page 10
J E JOSEPH cHARABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Ac¢ouffttlng policim Icontlnu•d 2.3 Expendlture (¢ontlnuod) Grants payable arè charged in the ygor when the offer18 made except in th08? Cas88 where the offer is conditsonal, such grants beiThJ recognised ag expenditure when the conditions attaching are fulfilled. Grants offered subjed to conditions which have rK>t been met at the year end are noted a8 8 commilm6nt. bul not accrued as expenditure. All expendlture Is inclusiv• of irreLOVOrabla VAT. 2.4 Intsr••t Mc•lvabl• Intere8t on funds held on deposit is induded whon receivable and the arnnt can be measured reliably by the Charity.. this 18 nonnalty upon notffication of th6 int•re81 pold or payable by the insliluli¢X with whom th8 funds are deposSted. 2.S Inv••lm•nt• Fixed 888et Invesbnenls aro a fom of financlal In8trument and 8r• Inibalty recogn188d at thoir tran3aclion cost end 8ub8equenUy m888ured al fair value ot the Balance Sheet date, unle88 the value C8nnot be measured reliably in which case it 18 m888ured 81 cost less unpaimienl. Inve¥trnenl gain8 and 10¥8es. whether realised or unrealised, are ¢omtxned and pre8ented as 'G•In(Lo83e8I on inve8tm8nts' in the Statement of Flnanckgl Act188. Inva8tmenl8 held a8 flxed as8 aro shown at co8t1888 provi8ion for Impgimiwt 16 Ca•h •t bank and In hand C98h at bank and in hand in¢ludes cash and 8hort-term hlghty Ilquld InvlmentS wlth a short maturty ol three months or less from Ihe date of 8cquisltlon or opening of the deposit or simiLqr 8cGount. 2.7 Lhbllltlm and provl•lon• Llabililie8 are ieccgnised when ther& 18 an obligation at the Balance Sheet date as a result of a past •vent. 1118 probab that a transfer of economic tenelit wlll Èe required in setttemont. and the amount of the settlement can be 881imatsd reliabty. Llabllitie8 are recogni8ed at tho amount that the Charity 8ntkip8teB It ¥11 pay to 80tUe Ihg debt or th• amount it h8# raceived as advanced payments for the wds or 8ervica$ it must W0de. Page11
J E JOSEPH CHARThABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Accountlng pollclm (contlnu•d) 2.8 Fln•nclal In•trumonts Th8 Fund ha# elactod to appty Secticrn 118Th112 of FRS 102 in resFeGt of financ1 instruments. Finan81 assets and ffinaftcial 118bilitsg are recogni5ed when the Fund becomes party to the Contrac81 provision$ of the instrument. Financial Ilabllities and equity bnstruments are classified according to the sub8lan¢e of the contractual arrangements ent6red into. An equity instrument is any contract that evidenGg8 8 resKlual interest in th8 a868ts of tho Fund aftor deducting all of 118 liabillb68. Thg Fund'$ pol10 fty major clas808 of financial aB88ts aThJ firkinclol Ilabilitss or• set out b81(Ml. Flnan¢lAI aB••t• 88$k finandal a88èts, Including other dgbtor8, ca8h and bank balan¢88 ar8 Inalty recognised at trarssaction price, unl$ the arrangement constitutes a finanGlng tran8xlion, where the tran88ction is measured at the present Value of the future receipts discounted al a market Tate of interest for ? 8hnilar dgbt instrument Financlng transactions are those in whlch paymont 18 defgrred boyond nomial bu8lne6S tem)$ or 18 flnanced at a rate of intere8t that i• not 8 market rot•. Such 888ets are 8ub8equenlty caffled at amortl8ed cost U5uig the effectivo InlereBt methtyj, 18$8 any ImpAlrmenL Flnanclal Il•blllllo• Bask fin8n¢lo1 liabllitO88, Indudlng other creditors aro initlally rewn18ed at tran88ction pTic•, unle89 thè #rrangement ¢on8titute8 a financlng transaction, where the debt instrument 18 measured al the Present value of the future payments discount&J at a market rale of Interest for a similar debt In8lNmenl. Financing tran8actionF are those in which payment18 deferred beyo1 normal business temis or 16 flnarKed at a ratè of inler88t that 1$ not 8 market iats. Debt instrument8 are SUbqUentfy Carried at amorti88d co8( u6ing the effactlve IntereBt ral• method. Impalmfrnt of flnanclal a••ots Finandal 888ets mea#ured at CO8t and amortised cost are a$8e88ed at the end of reporting period for objectlve evidenco of impaimienL If objeclwe ev*Jence of Impaimient 18 found, an Impalmient ioss is r8cogni8gd in the stslemenl of financial 8ctivili88. FOT financial assets measured at C08t 19$5 impaiment. the Impaimenl 1088 is mèasured as the dlfference betsveen the assefs carying amount and the b8St estimate of the amount the company would receive for the asset rf it were to bo sold at th8 reportlng date. For finanal assets measured * 8mortIs cost, the impaimient los$ is Measu as the differen betrmen the asseys carrying amount and the pre¥ent value of estlmated cash flows diswuntad at the a$sefs orvJinal effect8 inbre51 rate. ff thg financkql asset has a variable interest rate. the discount rate for m&q8uring any impal9nt 1088 is the current effth interest rate detemined under the contracL If there is a de¢rease in the irnpaim7ent Ioss arising from an event occurring after the impairyn¢nt wa¥ recognised. the impaiment is reversed. The reversal is such that the current carying amount doe8 not exceed what the carrying amount would have bgen had the impaimient not previously been recognised. Tha impaimient reversal 56 recognised in the statement of financial aclivities. Page 12
J E JOSEPH CHARrrABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Aecoufttlng pollclM {coThtlnued) 2.8 Fln•nclal InBtrumonts {contlnu•d) D•rncognltlon of finncl•l a•sots and fln•ncl•l Ilabllttl•B Financial 888et8 gr8 d8recogni60d when la) th8 contractual rwJhts to the cash flow8 from tho 888et expire or are Settled. or Ibl Substantially all the risks and rewards of the ownership of the as8el are transferred to another paty or {c> despite having retained some significant Tisks and rgwards of owner8hip. control of the asset ha8 been transfeTred to another party who has the practi¢al abilty to uniLgterally Sell the 858et to an unrelated third party without Imp081ng 8dditKJnal r8Strt¢tion8. Financial liabllitl88 are d8recogni8ed when the liabl1 18 extinguished, that 18 when the contractual ¢bligation1s d18ch8rg8d, ¢ancellgd or expires. Oll••ttlng of flnanclal 1•8•t• and flnancl•l lknbllltl Flnanci8188sats aThJ Ilabilitie8 8ffj offset and the net amount roported in the balance sheet when therè18 an enforGeable right to set off the rOgniSed amounts and ther• 18 an intention to 8OtUe on a net basls or lo re8lisè the a888t and 8ettle the liability 8imultanoousty. 2.9 Fund •c¢ountlng Gener81 funds are unr88triGtgd funds Ithich are Available for use 8t the d18cretion of the Tru8tee in furthefan¢6 of the ggneral obltIVa8 of the Charity and which have not bg8n designated for other purp08e8. Investment in¢ome, gain8 and108888 are allc¢atsd to tho approprth fvrld. 2.10 P•mian•nt •ndovffli•nt fund The charity has a slngle permanent endowment which 18 managed on a tolal ffjtum basis. Th8 Dlrector8 havg re8ofved lo Iran8fer 3% year on year fftxn the lift>ll0 value of thè endowThtrnt fund to unrestricted fund8. Inv8•tm•nt Incom• Endowment fvnd$ 2025 Total fund• 2025 Total funds 2024 Dmdends and fixed income wurflie8 Intare8t on dèposits 133.129 2,990 133.129 123.854 2,527 136,119 136,119 126,381 P413
J E JOSEPH CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Inv••tm•nt m•n4gem•nt coBts Endowmont fund• 2026 Total fund* 2025 Tota fvnds 2024 Investment management fees 25.455 25.455 24,088 An•ty•l• of •xp•ndltur• by actlvltl•8 Gr•Tht fundlng of •ctlvltl 2025 Support Total fund• 2026 Total funds 2024 2025 Hom•- General Home- S¢hoo18 Far Ea•t 18rao11 94,500 9,000 5.oIyJ 49,000 13.001 1,181 656 8,431 107,801 10.181 5,656 06,431 110,832 3,569 5,948 86,023 157,500 21,269 178.769 186,172 Total 2024 158,500 29.672 186,172 Anaty•l• of gupport co•ts Hom•- Gen•r•l 2026 Hom•- School8 2025 Tot•1 fund8 2020 Totsl lund8 2024 Far E••t 2025 r¥911 2026 Share of ¥upport 8,325 793 4.317 13,875 18,5(M) Share of govemance ¢0$ts 4.876 388 216 2.114 7,394 11,172 13,001 1,181 656 6.431 21,269 29,672 Total 2024 17,632 569 10,523 29,672 P8ge 14
J E JOSEPH CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Anaty8i• of gr•nt• Grants lo In8titutlon6 2026 Total fund8 2024 lund• 2026 Home- Ganeral Home- Schools Far E88t Israell 94,5 9.000 5,000 49.0(M) 94,100 9.01)0 93,000 3,000 5.000 55,500 49,000 157,5 157,500 156,500 Total 2024 156,500 158.500 Ind•p•nd•nt •x•mln•rf• v•mun•rntlon Tho indyndent examlnotrs romun8ration amount• to an Indep8ndent examkner feo 01 £8,000 (2024 - £4,800). There were no •mploye88 under contracts of employment durfng th8 year or th8 prior year. No ompw ro¢elved mmuneration amounting to mor• than £eo,OOD in either r. Tru•to0'v r•mun•fatlon and oxpon• During the year, Trustees rnceived ary remunerat)on or other bondli8 (2024- £NIL). Durlng tho year 5 April 2025, no Trustee exp8n8es ha¥8 been incurred {2024- £NIL>. Page 15
J e JOSEPH CHARITABLE FUND NOTES TO THE FINANCIAL 8TATEMeNT8 FOR THE YEAR ENDED 6 APRIL 2025 10. Fix•d ••8•t InvHbn•nts C••h hold In List•d Invostment portlollo Totsl Co• or valutlon At e April 2024 AddlOn5 DIBpotya18 Revalua16on8 Gauh movemen18 0002A72 0,269,931 10.613,792) 1146.341) 187W4 5,970,276 6,269.931 15,613,792) {14&3411 261,118 281,118 At 5 April 2025 6.313,270 428,922 5,742,192 N•t book valu• At 5 April 2025 6,313,270 428,922 5,741192 At 5 Aoril 2024 5,802,472 187,804 5,970,276 Page 18
J E JOSEPH CHARrrABLE FUND NOTES TO THE FINANCIAL STATEMEP FOR THE YEAR ENDED 5 APRIL 202S 11. D•btorn 2025 2024 Due wlthin on• y•ar PrePaents and aCcrd incom• 5.173 5,024 12. Cr•dhor•: Amoun1• f4111ng due wlthln on• year 2025 2024 Acciual$ and deferrod Inc%)me 6.660 4,800 13. Flnanclal In•trum•nt• 2026 2024 Fln•ncl•l *•••t• Finanryal a8sel8 m088ured at fair value through Income and experKlllure 6,313,270 5,802,472 Flnanci81 a88ets m688ured at f8ir value through IncLwne and expen1thre cornpri8• lisled Investments held wthin an inveslmenl port101. Page 17
J E JOSEPH CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2026 14. Stat•mgnt of fund• st•t•m&nt of fvnds- CUTr•nt y••r Balanc• at 6 Aprfl 2024 Tran8f•rn Inlout O•ln•l B*lanc• at 5 {Lo80•8) Aprfl 2026 In¢om• Exp•ndlturn Unrnstrl¢t•d fund8 Gener81 Funds- all fund8 142,124 11n,769) 171286 135,621 Endt>wm•nt fund• EndoTrent Fund8- all funds 5,867.272 136,119 125,458> 1172266) (192.287) 6,613,403 Tol•l fund• 6,009.398 136,119 1204.224) (192,2671 5.749,024 8t•t•mont of fund•- prlor ymr Balance at 1 Apfil 2023 Tran8fer8 inlout Ga1ft Balan¢9 al IL0s888} 5 April 2024 Income ExpditUre Unre•tri¢t•d fund• General Fund8- 811 funds 149,188 1186,172) 179,108 142,124 Endowm•nt fund• Endoynnent Funds- all fund8 5,585.156 128,381 {24,068) 1179,108) 358,909 5,867,272 Total of funds 5,734,344 126.381 (210,2381 358,909 6,IY)9,396 Pag8 18
J E JOSEPH CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 6 APRIL 2025 l& Ana1• of n•t •s••ts b6tweM fun AMty818 of n•t a880ts b•tw•on fuDd•- curront year Unrootrl¢t•d Endowm•nt fund8 lund• 2026 2026 Totsl fund8 1025 Fixod 888et Inve•tments Current 088ets Crodltorn due *Athln one ytsr 133.962 8,309 (6.850) 5,608,230 5,173 0,742,192 13A82 16,680 Total 135,621 5,613.403 8,749,024 Analy•l• of n•t a•••t• b•tw••n fund• . prlor ymr Unrejlrlcted Endomnent fund8 fund8 2024 2024 Tt)tsl funds 2024 Flxed aB8et Inve8tmonts Curient Cr•dltorn du? wlthln one year 108,028 38,896 {4,8rxs> 5,862,248 5,024 5,970,278 43,920 (4,8001 142,124 5,867,272 6,009,3 Tol•l Page 19
J E JosepH CHARtfABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 16. R•lat•d party tranotIon8 During the yeor, a grant payment of £5,000 12024 - £5,000> was made to the Spanlsh and Portuguese Synagogue Welfare 808rd, which Is the nominating b)dy of S Kendal and M Sabah. During the year. a grant paymènt of £9.000 12024 - £9,000) w88 m8de to the 8riti¥h Friend8 of Shalva, and o grant paymenl of £5,000 12024 - £5.0001 w88 made lo UK Friends of Parde8. J H Corre i8 Truste& of both thfjsè charits"68. The wife of R Shemtob also 8orved as a Tts6 of the Br'sh Friend8 of Shalva up until January 2025. During th6 year, 8 grant pasTh8nl of £6.500 (2024- £8.$00) wa8 made to MANW of which M Sabah serves 88 a trugtee. During the year. a grant payment of £3,WO12024 - £3,000) was made to Tif8rot Eyal Synagogue, of whth A Slmon 8orv88 ag a Tru8te8. During tho yo8r. a grant payment of £3,000 (2024 - £3,000) wal made to Tho Wtxk Avonue A880¢1ation of whth S Pack serves as a Tru8te8. Durfng the year, 8 grant pgyment of £3,IJOO wa8 m•Jè to tho JFS Foundatv)n of whkh S Pack seN•d 88 Tru8tee. The Individu018 list•d abovè 8150 serve 88 Dlrectors of Ihe corrat0 Tru8teè, J. E. Jo8¢ph Tru6tee Company Limited. 17. Controlllng party The controlling parent Is J. E. J059ph Trustee Company Limlted, o eompony limitsd by gu8rantee 18lered in England and Wales. Its registered office is 19 Hawkesley Court. Watford Road. R8dletL Herts W07 8HH. The Company 18 dormant and acts as a Corporate Trustee lo the Fund. The company 18 entitled to exemption from preparing consolidated financial slalements under $383 of the Companie5 Act 2006. Pagg 20