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2024-10-31-accounts

Charity number: 212517

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 13
Independent Auditors' Report on the Financial Statements 14 - 17
Statement of Financial Activities 18 - 19
Balance Sheet 20
Statement of Cash Flows 21
Notes to the Financial Statements 22 - 50

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024

Trustees Daniel Sacerdoti, Parnas Presidente
Sian Levy, Vice President
Elliot Arwas, Gabay
Joseph Bekhor
Alan Mendoza
Jack Zelouf
Suzanne Magnus
Tilla Crowne
Jonathan Solomons
Charity registered
number
212517
Principal office
2 Ashworth Road
Maida Vale
London
W9 1JY
Independent auditors
Nyman Libson Paul LLP
124 Finchley Road
London
NW3 5JS
Bankers
Natwest Bank
1 Princes Street
London
EC2R 8PA
Custodian Trustee
London Sephardi Trust (company number: 0051526)
Charity Trustee
S&P Sephardi Trustee Ltd (company number: 11156384)
Senior staff
Senior Rabbi, Rabbi Joseph Dweck
Chief Executive, Rachel Fink

Page 1

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2024

The Trustees present their annual report together with the audited financial statements of the charity for the year 1 November 2023 to 31 October 2024. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

a. Policies and objectives

The Objects of the Charity are for the public benefit to support such work of the Congregation as shall be exclusively charitable under the laws of England and Wales from time to time as the Trustees shall think fit. Without prejudice to the generality of the foregoing, such exclusively charitable work includes:

  1. the advancement of the orthodox Jewish religion as practised by the Spanish & Portuguese Jewish community and other Sephardi communities;

  2. the advancement of education of the orthodox Jewish religion and of the history, culture and traditions of the Spanish & Portuguese Jewish community and other Sephardi communities; and

  3. to advance education on the history of the Spanish & Portuguese Jewish community, in particular but not exclusively by the curation, preservation and cataloguing of historic documents, records, artefacts and synagogue buildings for public display and for the purposes of research.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Objectives and activities (continued)

b. Strategies for achieving objectives

c. Activities undertaken to achieve objectives

The main activities of the charity are the operation of synagogues, Jewish educational and cultural programming, the operation of a Beth Din, Sunday school and burial services.

d. Main activities undertaken to further the Charity's purposes for the public benefit

Bevis Marks Synagogue, the cathedral synagogue of the community, remains a spiritual and historic landmark, preserving centuries-old worship traditions and serving as a focal point for Sephardi heritage in London’s historic Jewish quarter.

The Heritage Lottery Fund (HLF) Project, A Vision for the Future, aims to enhance Bevis Marks as an educational and cultural hub and ensure the synagogue’s sustainable future as a centre for community knowledge and public learning.

Charitable activities connected to the Spanish and Portuguese Jews’ Synagogue support both congregation members and the wider Sephardi community, focusing on education and welfare. The Board, adhering to Charity Commission guidance, confirms that:

  1. The charities’ aims remain charitable.

  2. Their work provides clear public benefit.

  3. Access is not unreasonably restricted, including by cost.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Objectives and activities (continued)

  1. No harm arises from their activities.

  2. They remain insured under the cover of the S&P community. Achievements and performance

a. Review of activities

Membership numbers

2024 Membership Data (as of 31st October 2024) – 1,117 Adult Members

There were 54 new members, and 16 members were deceased. There were 22 resignations.

Separately, there were 21 newly married members.

What has happened in the last reporting year:

Following the elections in March 2023, Daniel Sacerdoti was re-elected by the Board to the position of Parnas Presidente. Mrs Sian Levy was re-elected by the Board to the position of Vice Chair of Trustees. Mr Elliot Arwas was reelected to the position of Gabay.

The primary focus since March 2024 has been on reducing the operating deficit and improving the cash flow of the Kahal by focusing on key areas for cost saving and fundraising.

This year has seen significant developments within the organisation, particularly within the office team. We are pleased to report that the positions of Financial Controller and Finance Manager are now fully staffed, providing increased stability and expertise in managing the charity’s financial operations.

The office team now comprises four dedicated staff members alongside the CEO. This team structure has allows to streamline processes, enhance collaboration, and improve the support provided across all areas of our work.

These advancements reflect the ongoing commitment to strengthening the organisation and ensuring we are well-equipped to meet the challenges and opportunities of the year ahead.

Dayan Daniel Kada resigned his position as Rabbi of Lauderdale Road Synagogue in November 2023. Rabbi Joseph Dweck has settled has combined the role of Rabbi of the synagogue with his role as Senior Rabbi of the S&P Sephardi Community. Rabbi Israel Elia continued to be engaged as Rabbi Emeritus on a consultancy basis but sadly passed away in August 2024 following a brief illness. Rabbi Dweck is currently leading the synagogue as the sole rabbi. Rabbi Jeff Berger resigned his position as rabbi of Wembley Sephardi Synagogue in January 2024. Between February and October 2024, the role was filled by Rabbi Michael Gabai.

There was once again a successful Kal Nidrei Appeal across the High Holy Day period and the Kahal are thanked for their contributions.

Most significantly, an emergency fundraising appeal to support the challenging finances of the Kahal was led by Sian Levy, Vice Chair responsible for fundraising, in the summer. This has brought in almost £200K, much of which has been committed for 3 years.

In addition to the redundancies, other cost saving measures include a relocation of the central office to the premises at Lauderdale Road (March 2024). This has required a significant amount of reorganisation at the synagogue, the trustees and CEO are particularly grateful to the small but extremely dedicated team of volunteers who have assisted with the work required to ensure as smooth a transition as possible.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Achievements and performance (continued)

The lease for the nursery has been renegotiated and they will remain on the premises until September 2025.

The finance team no longer manages the finances of the associated charities of the S&P enabling the new smaller team structure to be developed more efficiently.

A review of all leases and contracts has also been undertaken including a retender of security provision.

Lauderdale Road held an emergency security fundraising appeal which has been used to improve physical security at the premises.

Lauderdale Road Management Committee held a very well attended AGM in January 2024, the first for a couple of years and the committee has now been further strengthened with additional members and a focus on reengaging the local community with a range of events and speakers for the whole community demographic in collaboration with the Rabbinic team. Of note, is the establishment of the Good Food Train project to support those in need with the provision of meals cooked on site and delivered by volunteers.

A significant amount of work on maintenance at Lauderdale Road synagogue has begun following several years of neglect. A larger project to regenerate the Lauderdale Road campus is underway being led by Sian Levy, VP and Trustee with the fundraising portfolio.

A number of initiatives to create revenue for the Kahal have commenced including school visits to Lauderdale Road and hall hire for various events.

It was with much sadness that a decision was made to close the Sha’are Tikva Hebrew Classes. This was due to a dwindling role directly impacted by the increasing number of children attending Jewish Day Schools and in particular Naima JPS.

The opening of the visitors centre has once again been delayed due to delays in the construction project but a soft opening is planned for September 2025.

Michael Green took up the role of chair of Bevis Marks Synagogue in May 2024. The community has commenced a series of programmes and events under his leadership.

The Bevis Marks Eruv project continues to progress with the team overcoming some challenges from the various related local authorities.

With the war in the Middle East continuing this has been another difficult year for the Jewish community. The S&P Sephardi community were proud to participate in the Mizrahi Dancing through Tears Simhat Torah project and commissioned three me’ilim for Sifrei Torah, one in each synagogue, dedicated to the memory of 3 fallen soldiers.

There have been many interesting, exciting and well attended events across the Kahal throughout the year reflecting a renewed enthusiasm. These have included successful High Holy Day services, Pesah and Rosh Hashana seders, dinners, speakers and other festive celebrations. The 2024 Hagim magazine had an Israel Focus and was rename Adelante by its most able and young editors Elisa and Aurele Tobelem.

Volunteering across the Kahal has increased in particular with the introduction of the Good Food Train Hessed project and active engagement with Mitzva Day, both ably led by Jennifer Brooke.

Lauderdale Road engaged a youth couple in July 2024 to support the younger members of the community and in the absence of a second rabbinic couple. This post has been generously sponsored by Yehidim of the synagogue thus limiting the financial impact on the Kahal.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Achievements and performance (continued)

It was with immense sadness that the S&P Sephardi community marked the untimely passing of Rabbi Israel Elia, z’l, emeritus rabbi of Lauderdale Road in August 2024. Rabbi Elia served the Lauderdale Road community both as Hazzan and Rabbi for many decades. His passing was marked with many communal tributes in the Jewish press, at communal events and the Kahal magazine.

In August 2024 we took possession of Choice House and Choice Court located next to Wembley Sephardi Synagogue as the home ceased to operate and in accordance with the terms of the lease. The premises were in a very poor state and we are currently working to understand the condition of the buildings and possible future The Trustees of the S&P Sephardi Community are actively working with the Trustees of the Bet Holim charity to determine the future of the site.

b. Investment policy and performance

The investment assets of the charity are held to derive an income for the charity to enable the charity to enhance its work and to ensure that the assets are held for the future benefit of the charity and can grow through capital appreciation with a low to medium risk tolerance. The Charity's target for capital appreciation over the long term set by the investment committee is a mid-single digits percentage increase. The investment performance over the long term has been in line with the target set, specifically the investments held within the Common Investments Fund, which also outperformed the benchmarks set by the investment committee over a 5 year period.

There are currently assets of £4,566,736 held as investments (2023: £4,641,202). These decreased by £74,466 due to a downwards revaluation of £205,000 on investment properties and an upwards revaluation of £130,534 on the Charity's share of the Common Investment Fund.

Table of percentage income yields on investment:

Investment in Common Investment Fund Investment property * Based on the valuation at year end

Target % Actual % Low to mid-single digit 2.0% Low to mid-single digit 5.1%

Please see Note 16 of the financial statements.

The trustees are permitted to invest in stocks, funds, shares, REITs, and physical properties anywhere in the world that the trustees sees fit in the furtherance of the Funds objectives.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Financial review

a. Review

Total reserves at year end amounted to £11,008,587 (2023: £10,587,841). The year end to 31 October 2024 showed an increase in unrestricted reserves of £365,771 to £7,395,334 (2023: £7,029,563). Restricted Funds increased by £51,720 to £735,819 (2023: £684,099). The Endowment fund has also increased by £3,255 to £2,877,434 (2023: £2,874,179). There has been no change to the community's heritage assets during the year.

The total income was £2,725,704 (2023: £2,595,236) an increase of £129,968. The total expenditure was £2,463,513 (2023: £2,409,309) an increase of £54,204.

b. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation from the forecasts that have been prepared that the charity has adequate resources to continue in operational existence for the foreseeable future, including drawing down on investments should the need arise. For this reason they continue to adopt the going concern basis in preparing the financial statements.

c. Reserves policy

It is the policy of the Charity to maintain the free reserves, that is unrestricted (and designated) funds less tangible (and intangible) fixed assets, of the Charity at a level which equates to between three and six months unrestricted (and designated) expenditure. The reserves policy has been reviewed and is being kept at the current level of between three and six months.

Currently this splits as below:

2024 2023
£ £
General unrestricted funds 5,321,488 5,042,262
Designated funds 2,073,846 1,987,301
Total 7,395,334 7,029,563
Less tangible and intangible assets (5,174,087) (5,007,217)
Add back mortgage 1,412,700 1,412,700
Funds available 3,633,947 3,435,046

This would provide sufficient funds to cover management, administration and running costs for the Charity.

The free reserves of the Charity are currently above this level but are largely tied up within longer term investments and heritage assets which are not currently realisable. The charity is implementing a plan which includes a cost cutting programme and increasing fundraising that will have cash surpluses in future years so that there will be sufficient free cash for three months expenditure without relying on investments or heritage assets. At the reporting date, £1.3m cash was held by the charity, compared with £2.24m unrestricted expenditure incurred during the year.

d. Principal funding

The charity is principally funded by donations made by members of the community through the annual suggested donation (Finta) and through other fundraising. The charity also received grants for security and for the Bevis Marks Heritage Lottery Fund. It is also partially funded through its charitable activities such as burial fees and investment income.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Structure, governance and management

a. Constitution

The governing document of the Congregation (as defined below) is the Ascamot. This governs in relation to its membership, religious services, and election to offices and how those elected administer the Congregation. Governance is by elected "Elders" known as the "Board of Elders" or the "Trustee Board" (as defined below). Funds, income, chattels and property are held on trust for the Congregation's charitable purposes as the 'General Funds of the Spanish & Portuguese Jews' Synagogue' (the "General Funds") and 'Trust properties held in connection with the Spanish & Portuguese Jews' Synagogue' (the "Property Charity"), which are registered (no. 212517) with the Charity Commission as Charities ICW (as defined below) and to which these accounts relate.

A Charity Commission Scheme dated 29th May 1958 appointed the "members for the time being of the Board of Elders of the Spanish & Portuguese Jews' Synagogue, acting in accordance with their usual procedure" as the managing trustees of the General Funds and the Property Charity. The usual procedure of the Board of Elders is set out in the Ascamot and all references to procedures relating to financial matters refer to the members of the Board of Elders acting in their capacity as managing trustees of the General Funds and the Property Charity.

The principal object of the charity is to provide a welcoming, enriching and educational Sephardi Jewish experience.

In July 2019, as a result of the successful bid for funding from the National Lottery Heritage Fund, a new charitable entity, the Bevis Marks Synagogue Heritage Foundation was established charity number 1184803. This has its own set of trustees, two of whom are currently also trustees of the S&P Sephardi Trustee Ltd. The main objective of the Foundation is to act as the project delivery board to oversee the construction and successful opening of the new exhibition by providing strategic oversight of the project. Once the planned exhibition is open to the public it is expected that the Foundation will oversee its operational running. As the Foundation is a charity in its own right, it will be subject to its own audit and therefore its progress and accounts will be reported separately.

b. Methods of appointment or election of Trustees

Trustees are directly elected, by the members of the Congregation. The Ascamot cover all elections.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

Up to July 2016 the Congregation was run by the Mahamad, which was the Principal Executive Standing Committee of the Board of Trustees, and which was responsible to the Board for the operational management of all affairs of the Congregation. The full Board consisted of both the Mahamad and Board of Elders and comprised fifteen members who included the Gabay. However In July 2016, after a series of consultative AGMs, revised Ascamot were adopted by the congregation which provided for a unitary Board of 9 members (i.e the Board of Elders became the Board of Trustees and are the single governing board of the congregation). The Ascamot now provide that the Honorary officers (Parnas President, Vice-chair's, Gabay) may be collectively referred to as the Mahamad.

Whilst the Advisory Council no longer sits in practice, the trustees use the expertise of individual community members on specific projects to assist in decision making.

The Board also has a series of committees including but not limited to local synagogue committees, finance, fundraising and HR. Each board member holds a number of portfolios to assist the work of the community. These are reported on regularly at meetings of the Trustees.

Our Board delegates the day-to-day operations of the charity to the Chief Executive who within their delegated authority has assigned operational matters to their team.

The charity continues to be reliant on volunteers and committees working in collaboration with the central office. Members of the community are appointed by the Board onto a series of sub committees. They contribute by overseeing key areas such as finance, property and maintenance of the heritage assets, sitting on local synagogue committees overseeing services and local events as well as those volunteers who sit on the Hebra or cemetery committees and oversee burials for the Sephardi Community.

Governance code

In 2015 the S&P charity underwent a full governance review which culminated in reducing the original multilayered structure down to the existing board of trustees as it is today. The Trustees are aware of the need for further development related to governance and the Ascamot and this is outlined in the section below on Future Developments.

d. Policies adopted for the induction and training of Trustees

New Trustees are introduced to the various associated charities alongside the main responsibilities of the S&P Board of Elders. Trustees have undertaken Safeguarding and Fundraising training.

The Board recognises that the responsibilities of a Trustee are considerable. Training sessions will be arranged as the need arises. Representatives of the Board are offered annual Trustee training provided by JVN, the Jewish Volunteers Network and a member of the Jewish Leadership Council which has covered governance and other compliance areas.

e. Pay policy for senior staff

The arrangements for setting the pay and remuneration of the charity's key management personnel are that the Board of Elders/Trustee Board decides on the appropriate salary after discussion with HR subcommittee and benchmarking within the charitable and Jewish sector. For rabbinical salaries benchmarking outside the UK may also be appropriate.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Structure, governance and management (continued)

f. Financial risk management

The Board has established the following areas of potential risk and have drafted a working risk register.

1. Operational

The Board are aware and have identified that membership numbers are key to financial performance and ensuring the future of the organisation and therefore it needs a comprehensive strategy to mitigate the risk of loss of members. It is continuing to look at developing the affiliate membership option in addition to a drive towards encouraging young adults to become members in their own right, distinct from their parents, and initiatives to retain newly married couples.

2. Reputational

The Board are acutely aware of the need to maintain the reputation of themselves, the Senior Rabbi, the Beth Din, staff and Kahal to ensure trust is maintained that we act as an orthodox Sephardi Community.

3. Financial

The Board is constantly reviewing plans for the future sustainability of the community. The Board is aware of the fact the finances are reliant on fundraising and aware that we need to ensure that donors are fully committed and that there is no donor fatigue.

Since April 2023, ensuring a sustainable financial future has been the key priority of the trustees and the cost cutting measures referenced earlier in this document outline the savings made alongside the successful fundraising achieved.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Plans for future periods

Future developments

The future development of the charity continues to focus on the following key areas:

  1. Sustainability

  2. Growth in Membership

  3. Development of community provision

The organisation must focus on sustainability and have long term plans for an aging estate. As well as antiquated infrastructure the need to maintain a Grade I and Grade II listed building in a charity of this size is a challenge. Proper financial budgeting and planning for building maintenance linked to focused fundraising will ensure plans are in place to keep the infrastructure in a workable and usable condition. The National Lottery Heritage project is a major enabler for sustaining the Bevis Marks Synagogue and it is hoped that it will finally open to the public in September 2025. It is recognised that sustainability is not just about the estate but also about the Yehidim in the community and the future of the S&P Sephardi community as an important and relevant organization in both Anglo and World Jewry.

Growth in membership is very important and fundamental to the future of the organisation. There continues to be a significant number of potential junior members who have yet to join the S&P in their own right and remain under their parents’ membership. A drive to engage this cohort of young professionals with the objective to secure their membership to the community has been commenced and remains a priority.

There is a strong commitment to continue to improve communication and transparency of the work of the Board of Trustees. An example of this was the December 2023 note to the Kahal sent by the Parnas Presidente outlining the work the board had undertaken in the previous 9 months.

Specific plans for the future include:

  1. Planning fundraising initiatives that will enhance the financial stability of the Kahal.

  2. Developing a plan for the restoration of Lauderdale Road Synagogue and the Ashworth Road site.

  3. Continue to evaluate all community programming to ensure that these are well attended and engage different members across the demographic.

  4. Review and update the affiliate community provision.

  5. With the residential care home Choice House now vacated, S&P is continuing and prioritising internal discussions as to the long term impact on the Wembley community.

  6. Collaborate with the Bevis Marks Heritage Fund to ensure a robust and effective educational provision.

  7. Develop a mutually beneficial business plan between the Heritage Centre and the Kahal.

  8. Seek increased revenue through hall and synagogue hire both at Lauderdale Road and Bevis Marks.

  9. Support the implementation of the City of London Eruv spearheaded by Rabbi Morris and the Beth Din. 10. Secure the conservation of Bevis Marks Synagogue.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Funds held as custodian

The London Sephardi Trust (company number 0051526) is the custodian trustee of the assets held in the General Funds and the Property Charity. The Board of the London Sephardi Trust is the same as the Board of the S&P Sephardi Community.

Our trustees have due regard for their specific responsibilities in respect of the charity and apply care and diligence in ensuring the requirements of the Charities Act 2011 and the Charities (Protection and Social Investment) Act 2016 are adhered to.

Objects: The Objects of the Charities (which will be defined under the new charity scheme), are for the public benefit to support such work of the Congregation as shall be exclusively charitable under the laws of England and Wales from time to time as the Trustee shall think fit. Without prejudice to the generality of the foregoing, such exclusively charitable work includes:

Information on fundraising practices

This note is written with regard to Fundraising disclosures brought in by section 13 of the Charities (Protection and Social Investment) Act 2016 and notes that Charities registered in England and Wales which must have their accounts audited by law must, for periods beginning on or after 1 November 2016, include extra information on their fundraising practices in the trustees’ annual report under the provisions of section 13 of the Charities (Protection and Social Investment) Act 2016.

Fundraising is now led by one of the Trustees working together with the Chief Executive.

Fundraising consists mainly of the following categories:-

We have not to date signed up with the fundraising regulator.

There were no formal complaints received by the charity, or by a person acting on its behalf for the purposes of fundraising, about fundraising activity. The staff handbook sets out guidelines for staff behaviour and a separate ‘Volunteer Code of Conduct’ has been created which will be shared with all volunteers (committee members, trustees etc.). This sets out the expected behaviour of individuals working for the charity.

No fundraising is carried out directly to the public except the ability to become a friend of Bevis Marks.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Bank

The Charity banks with the Natwest Bank. This has not changed in over 150 years as one of the bank’s first customers.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Nyman Libson Paul LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 24th March 2025 and signed on their behalf by:

Daniel Sacerdoti

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

Opinion

We have audited the financial statements of Spanish And Portuguese Jews' Synagogue (operating as 'The S&P Sephardi Community') (the 'charity') for the year ended 31 October 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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).

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY') (CONTINUED)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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.

Page 15

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY') (CONTINUED)

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation, tax legislation, employment legislation and health and safety legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of Hebra and grant income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Page 16

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY') (CONTINUED)

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 Auditors' Report.

Use of our report

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 Auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Nyman Libson Paul LLP

124 Finchley Road

London

NW3 5JS

Date: 26 March 2025

Nyman Libson Paul LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 17

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024

Note
Income and endowments from:
Donations and legacies
4
Charitable activities
5
Investments
6
Other income
7
Total income and endowments
Expenditure on:
Charitable expenditure
8,9
Total expenditure
Net income/(expenditure) before net gains/(losses) on
investments
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
21
Net movement in funds before other recognised
gains/(losses) carried forward		 Endowment
funds
2024
£
-
-
1,051
-
1,051
-
-
1,051
2,204
3,255
-
3,255		 Restricted
funds
2024
£
199,211
38,483
12,440
-
250,134
223,706
223,706
26,428
25,160
51,588
132
51,720		 Unrestricted
designated
funds
2024
£
-
693,472
50,814
-
744,286
331,371
331,371
412,915
102,729
515,644
(429,099)
86,545		 Unrestricted
funds
2024
£
1,363,193
115,344
172,555
79,141
1,730,233
1,908,436
1,908,436
(178,203)
(204,559)
(382,762)
428,967
46,205		 Total
funds
2024
£
1,562,404
847,299
236,860
79,141
2,725,704
2,463,513
2,463,513
262,191
(74,466)
187,725
-
187,725		 Total
funds
2023
£
1,427,098
781,964
209,279
176,895
2,595,236
2,409,309
2,409,309
185,927
(58,726)
127,201
-
127,201

Page 18

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Note
Net movement in funds before other recognised gains
brought forward
Other recognised gains/(losses):
Gains on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Endowment
funds
2024
£
3,255
-
3,255
2,874,179
3,255
2,877,434		 Restricted
2024
£
51,720
-
51,720
684,099
51,720
735,819
funds		 2024
£
86,545
-
86,545
1,987,301
86,545
2,073,846
Unrestricted
designated
funds		 Unrestricted
funds
2024
£
46,205
233,021
279,226
5,042,262
279,226
5,321,488		 Total
funds
2024
£
187,725
233,021
420,746
10,587,841
420,746
11,008,587		 Total
funds
2023
£
127,201
-
127,201
10,460,640
127,201
10,587,841

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 22 to 50 form part of these financial statements.

Page 19

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

BALANCE SHEET AS AT 31 OCTOBER 2024

2024
Note
£
Fixed assets
Intangible assets
13
2,126
Tangible assets
14
5,171,961
Heritage assets
15
2,815,790
Investments
16
4,566,736
12,556,613
Current assets
Debtors
17
517,627
Cash at bank and in hand
1,343,006
1,860,633
Creditors: amounts falling due within one
year
18
(1,947,523)
Net current liabilities
(86,890)
Total assets less current liabilities
12,469,723
Creditors: amounts falling due after more
than one year
19
(1,329,149)
Provisions for liabilities
(131,987)
Total net assets
11,008,587
Charity funds
Endowment funds
21
2,877,434
Restricted funds
21
735,819
Unrestricted designated funds
21
2,073,846
General funds
21
5,321,488
Total funds
11,008,587
The
financial
statements
were
approved
and
authorised
for
issue
24 March 2025and signed on their behalf by:		 2023
£
-
5,007,217
2,815,790
4,641,202
12,464,209
482,917
1,000,531
1,483,448
(1,904,530)
(421,082)
12,043,127
(1,329,149)
(126,137)
10,587,841
2,874,179
684,099
1,987,301
5,042,262
10,587,841

by
the
Trustees
on

Daniel Sacerdoti Elliot Arwas

The notes on pages 22 to 50 form part of these financial statements.

Page 20

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of intangible assets
Purchase of tangible fixed assets
Purchase of investments
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
109,942
236,860
(2,126)
(2,201)
-
232,533
-
-
342,475
1,000,531
1,343,006		 2023
£
179,079
209,279
-
(21,369)
(200,000)
(12,090)
(54,336)
(54,336)
112,653
887,878
1,000,531

The notes on pages 22 to 50 form part of these financial statements

Page 21

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

1. General information

Spanish And Portuguese Jews' Synagogue (operating as 'The S&P Sephardi Community') is a Charity registered in England and Wales (reg. 212517). The registered office is 2 Ashworth Road, London, W9 1JY.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Spanish And Portuguese Jews' Synagogue (operating as 'The S&P Sephardi Community') meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

After making appropriate enquiries the Trustees have a reasonable expectation from the forecasts that have been prepared that the Charity has adequate resources to continue in operational existence for the foreseeable future, including drawing down on investments should the need arise. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

2.3 Incoming resources

Donations, legacies and other forms of voluntary income are recognised on receipt or when entitlement to receipt is probable and the amount can be reliably valued.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

Finta (membership subscriptions) is treated as a donation and is accounted for when received. Tax recoverable continues to be accounted for in the year in which the related Finta is received.

Grants, where related to performance and specific deliverables, are accounted for as the Charity earns the right to consideration by its performance. Where income is received in advance of its recognition, it is deferred and included in creditors; where entitlement occurs before income being received the income is accrued. Capital grants are accounted for as income as soon as they are received.

Investment income has been included to the extent that it arises on the fixed asset investments held during the year. Investment income is recognised on a receivable basis.

Page 22

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Expenditure is recognised on an accruals basis, inclusive of value added tax.

Fundraising costs are those incurred in seeking voluntary contributions, this includes costs incurred in producing the Charity’s newsletters and website.

Charitable expenditure comprises all expenditure directly relating to the objectives of the Charity and are allocated across the 3 main categories; Ecclesiastical, Hebra, Educational and programme activities

Governance costs include audit costs and legal advice for the trustees and those costs associated with constitutional and statutory requirements.

Support costs are those costs that are not directly attributable to a single activity but provide the necessary organisational support for all the charity's activities. The support costs have all been allocated across Fundraising and Charitable activities according to the following percentages which are based on the effective number of staff supporting each activities;

2.5 Government grants

Government grants are recognised on the performance model, when the charity has complied with any conditions attached to the grant and the grant will be received.

Page 23

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. Accounting policies (continued)

2.6 Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer software - 33 %

2.7 Tangible fixed assets and depreciation

Items of equipment are capitalised where the purchase price exceeds £500.

Residential Freehold and Leasehold buildings are initially measured at cost and subsequently revalued periodically to market value, net of depreciation and any impairment losses.

Fixtures, fittings and equipment are recognised at cost.

Synagogues, Burial Grounds and Operational Buildings are held at cost less depreciation and impairment, the majority of these assets are over 50 years old held at nil value and deemed to be fully depreciated. Freehold land associated with these categories is not valued on the balance sheet as the difference to historical cost is immaterial.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

Depreciation is provided on the following basis:

Freehold property - 2%
Long-term leasehold property - 2%
Fixtures and fittings - 20%
Computer equipment - 33%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Page 24

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. Accounting policies (continued)

2.8 Heritage assets

Heritage assets acquired or donated are capitalised and recognised in the balance sheet at their cost or value at the date of acquisition, where such a cost or value is reasonably obtainable. Capitalised heritage assets are not subject to depreciation or revaluation as a matter of routine.

The Heritage assets continue to be catalogued in a database.

In 2015, an external valuation was undertaken by Sotheby's for a collection of heritage assets, comprising books, scrolls, silverware, artwork, pictures and artifacts. The valuation was on an 'open market value' basis and a value of £2,815,790 has been received, and brought on to the balance sheet. Further information can be found in note 15 to the accounts.

2.9 Fixed asset investments

Fixed asset investments (including investment properties) are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities

Liabilities and provisions are recognised when there is an obligation at the reporting 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.

Page 25

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. Accounting policies (continued)

2.13 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances but exclude prepayments and gift aid recoverable, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans but excluding deferred income and taxation, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

2.14 Pensions

The Charity operates a defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme and allocated to the charitable activities in line with salary costs.

2.15 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 26

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. Accounting policies (continued)

2.16 Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Endowment funds relate to Charity's heritage assets, more details are provided in the note 15.

2.17 Constituent Synagogues

There are three constituent synagogues at: Bevis Marks (City of London), Lauderdale Road (Maida Vale) and Wembley (Forty Avenue).

3. Critical accounting estimates and areas of judgment

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

Critical accounting estimates and assumptions:

Further details are provided in the accounting policies and in the relevant notes to the accounts. The estimates and underlying assumptions are reviewed on an ongoing basis.

Page 27

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

4. Income from donations and legacies

Donations
Finta
Synagogue donations
Other donations
Appeals
Gift Aid recovered
Grants receivable
Total 2024
Total 2023		 Restricted
funds
2024
£
-
104,346
-
-
-
94,865
199,211
198,889		 Unrestricted
funds
2024
£
495,926
344,799
143,465
153,150
144,776
81,077
1,363,193
1,228,209		 Total
funds
2024
£
495,926
449,145
143,465
153,150
144,776
175,942
1,562,404
1,427,098		 Total
funds
2023
£
531,216
320,843
172,575
148,169
141,577
112,718
1,427,098

5. Income from charitable activities

Hebra income
Educational and programme
activities
Marriages
Beth Din
Total 2024
Total 2023		 Restricted
funds
2024
£
-
38,483
-
-
38,483
43,894		 Designated
Funds
2024
£
693,472
-
-
-
693,472
653,475		 Unrestricted
funds
2024
£
-
49,480
45,970
19,894
115,344
84,595		 Total
funds
2024
£
693,472
87,963
45,970
19,894
847,299
781,964		 Total
funds
2023
£
653,475
71,466
23,250
33,773
781,964

Page 28

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

6. Investment income

Endowment
funds		 Restricted
funds		 Designated
funds		 Unrestricted
funds		 Total
funds		 Total
funds
2024 2024 2024 2024 2024 2023
£ £ £ £ £ £
Rental income - - - 165,894 165,894 141,067
Distributions from Common Investment Fund 1,051 12,440 50,814 252 64,557 66,121
Interest receivable - - - 6,409 6,409 2,091
Total 2024 1,051 12,440 50,814 172,555 236,860 209,279
Total 2023 1,077 17,004 47,782 143,416 209,279

Page 29

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

7. Other incoming resources

Room Hire
Administration fees
Other income
Total 2023		 Unrestricted
funds
2024
£
21,615
23,000
34,526
79,141
176,895		 Total
funds
2024
£
21,615
23,000
34,526
79,141
176,895		 Total
funds
2023
£
31,872
43,605
101,418
176,895

8. Expenditure

Fundraising
Synagogue & Ecclesiastical
Hebra
Educational & Programme
activities
Total 2024
Total 2023		 Staff costs
2024
£
-
328,222
-
-
328,222
459,411		 Direct costs
2024
£
32,148
450,990
331,371
82,247
896,756
720,822		 Support
costs
2024
£
24,651
868,772
-
345,112
1,238,535
1,229,076		 Total
funds
2024
£
56,799
1,647,984
331,371
427,359
2,463,513
2,409,309		 Total
funds
2023
£
43,212
1,647,958
302,839
415,300
2,409,309

Page 30

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

9. Support costs

Staff costs
Property
Other staff costs
Office supplies
Insurance
Professional fees
Accountancy
Provisions
Bank charges & interest
Other
Depreciation
Governance
Total 2023		 Fundraising
2024
£
6,467
5,153
792
1,335
1,821
1,490
1,192
1,162
3,315
109
1,410
405
24,651
24,582		 Synagogue
&
Educational
&
activities
2024
£
90,541
180,366
72,146
27,707
11,083
46,729
18,691
63,729
25,491
55,744
20,857
41,706
16,682
43,065
16,269
116,011
46,404
3,853
1,544
49,335
19,734
14,175
5,670
868,772
345,112
860,352
344,142
2024
£
226,352
Ecclesiastical
Programme		 Total
funds
2024
£
323,360
257,665
39,582
66,755
91,041
78,091
59,580
60,496
165,730
5,506
70,479
20,250
1,238,535
1,229,076		 Total
funds
2023
£
502,042
281,408
52,419
82,912
73,928
49,522
14,556
(36,666)
102,701
3,283
83,195
19,776
1,229,076

10. Auditors' remuneration

2024 2023
£ £
Fees payable to the Charity's auditor in respect of:
Audit of the Charity's annual accounts 13,600 13,250
Other services 1,800 1,750

Page 31

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
573,993
58,823
18,766
651,582		 2023
£
860,928
84,829
15,696
961,453

Included within wages and salaries are payments totaling £Nil (2023: £23,659) which relate to ex gratia termination payments. Such payments are accounted for when the decision to terminate the employment is made.

The average number of persons employed by the Charity during the year was as follows:

Ecclesiastical staff
Hebra
Administration and support staff
Cheder teachers (term time only)		 2024
No.
9
1
5
3
18		 2023
No.
10
1
10
5
26

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £70,001 - £80,000 - 1
In the band £90,001 - £100,000 1 1
In the band £100,001 - £110,000 1 1

The key management personnel of the charity comprise the Chief Executive, the Senior Rabbi and the Finance Controller, total employee benefits (including employer national insurance and pension contributions) amounted to £274,680 (2023: £302,173).

12. Trustees' remuneration and expenses

During the year, no Trustee received any remuneration or other benefits (2023: £NIL).

During the year ended 31 October 2024, no Trustee expenses have been incurred (2023: £NIL).

Page 32

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

13. Intangible assets

Cost
Additions
At 31 October 2024
Net book value
At 31 October 2024
At 31 October 2023		 Computer
software
£
2,126
2,126
2,126
-

14. Tangible fixed assets

Freehold land
& buildings
£
Cost or valuation
At 1 November 2023
4,535,000
Additions
-
Revaluations
100,000
At 31 October 2024
4,635,000
Depreciation
At 1 November 2023
99,766
Charge for the year
33,255
On revalued assets
(133,021)
At 31 October 2024
-		 Leasehold
land &
buildings
£
550,000
-
-
550,000
43,995
11,000
-
54,995		 Fixtures,
fittings &
equipment
£
218,818
2,201
-
221,019
152,840
26,223
-
179,063		 Total
£
5,303,818
2,201
100,000
5,406,019
296,601
70,478
(133,021)
234,058

Page 33

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

14. Tangible fixed assets (continued)

Freehold land
& buildings
£
Net book value
At 31 October 2024
4,635,000
At 31 October 2023
4,435,234		 Leasehold
land &
buildings
£
495,005
506,005		 Fixtures,
fittings &
equipment
£
41,956
65,978		 Total
£
5,171,961
5,007,217

All of the above assets are used for charitable purposes.

Included within leasehold land and buildings is the following minister residence; 5 Osprey Court. In 2019, this property was revalued by an independent valuer, by a member of MNAEA, a member of the estate agents association.

Included with freehold land and buildings is the property 3 Vale Close. During the year, this property was revalued by an independent valuer, by a member of the Royal Institute of Chartered Surveyors.

The historical cost of revalued assets was:

The Trustees have carried out an impairment review of the properties of the Charity and are confident that there has been no reduction in the service potential of these properties. Accordingly, they have concluded that no impairment provision is necessary.

The charity also owns a number of historical buildings which are held at £Nil net book value on the grounds that the cost of these freeholds is now fully depreciated or the freehold interest is considered to be immaterial and written off. These include:

Synagogues Burial Grounds Other Freehold Properties Bevis Marks Synagogue Nuevo Burial Grounds Choice House Lauderdale Road Synagogue Brentwood Burial Ground Choice Court Holland Park Synagogue Burial Ground Velho Wembley Synagogue Hoop Lane Burial Ground Edgwarebury Lane Burial Ground

Page 34

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

15. Heritage assets

Assets recognised at cost

Carrying value at 1 November 2023
Carrying value at 31 October 2024		 Heritage
assets
2024
£
2,815,790
2,815,790

The charity has for many years held assets of historical and cultural importance. These assets comprise books, scrolls, silverware, artwork, pictures and other artifacts, and freehold properties.

These assets are considered to be heritage assets. Due to the nature of these heritage assets, it was previously not possible to place a reliable value on them, and the trustees followed the Statement of Recommended Practice (SORP) which allows heritage assets to be excluded from the financial statements if there is no reliable estimate of value and it would be unreasonably costly to obtain such a valuation.

The trustees obtained an open market valuation of these assets from Sotheby's in the year to 31 October 2015 and in accordance with the SORP, brought a value of £2,815,790 for heritage assets onto the balance sheet. These items are important for the community history and education and were donated with the intention that they would be held in the long term for future benefit. Whilst these assets are to be held in the long term, trustees have the power to sell these items if it would be beneficial to the charity. Accordingly these items are held within an expendable endowment, a fund where there is no requirement to spend or apply the capital unless the trustees decide to do so.

There were no sales or purchases of heritage assets during the year.

Expenditure on the heritage assets is immaterial year on year and exclusively relates to the costs incurred for storage.

Page 35

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

16. Fixed asset investments

Cost or valuation
At 1 November 2023
Revaluations
At 31 October 2024
Net book value
At 31 October 2024
At 31 October 2023		 Investment in
Common
Investment
Fund
£
3,046,202
130,534
3,176,736
3,176,736
3,046,202		 Investment
Property
£
1,595,000
(205,000)
1,390,000
1,390,000
1,595,000		 Total
£
4,641,202
(74,466)
4,566,736
4,566,736
4,641,202

The above investment held by S&P Sephardi Community accounts for 29.6% of the total Spanish and Portuguese Jew's Synagogue Common Investment Fund (charity reg no. 1104449).

Included within investment property are the properties at 4 (part), 6, 8, and 10 Heneage Lane, London (freehold interest only). During the year, this investment was revalued by an independent valuer, by a member of the Royal Institute of Chartered Surveyors.

17. Debtors

Trade debtors
Amounts due from Common Investment Fund
Other debtors
Prepayments and accrued income
Gift Aid recoverable		 2024
£
261,169
110,540
3,381
69,515
73,022
517,627		 2023
£
311,299
36,684
10,500
86,050
38,384
482,917

Page 36

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

18. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
83,551
119,038
14,797
74,743
1,655,394
1,947,523		 2023
£
83,551
116,522
110,477
66,167
1,527,813
1,904,530

Deferred income includes income received in advance for burials and funerals, these are released when carried out.

Deferred income at 1 November 2023
Resources deferred during the year
Amounts released from previous periods		 2024
£
1,388,052
1,513,718
206,961
(81,295)		 2023
£
1,213,603
230,154
(55,705)
1,388,052

Page 37

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

19. Creditors: Amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,329,149 1,329,149

In 2018 a mortgage was taken out by the charity to fund the purchase of a new property. The mortgage has a variable rate of 1.99% + the Bank of England base rate and is due for repayment in 2043. The mortgage is secured against 3 Vale Close, a freehold property owned by the charity. After the reporting date, a new mortgage was negotiated as stated in note 28.

Included within the above are amounts falling due as follows:

Between one and two years
Bank loans
Between two and five years
Bank loans
Over five years
Bank loans		 2024
£
148,249
444,747		 2023
£
148,249
444,747
736,153 736,153

20. Provisions

At 1 November 2023
Amounts used		 Provisions
£
126,137
5,850
131,987

Obligations for Ecclesiastical Officers' accommodation

The spouse of a deceased ecclesiastical officer occupies a residential property owned by the Charity under a housing licence.

This license permits the spouse to remain in the dwelling (during which the Charity will cover the cost of rates, service charges and repairs). The accommodation will be provided until the date of death of the spouse.

Page 38

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

21. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds
Endowment
funds
Heritage assets
Sephardi
Endowment
fund
Restricted
funds
Restricted
Funds -other
funds
Abraham
Valencia
Holy
Books
Fund
Norma Levy
Memorial Fund
Raphael de
Sola Hazanut
Fund
Religious
Education Fund
Richard Barnett
Memorial
Lecture Fund
Tombstone
Fund
Violet Reuben
Fund
Wembley
Building Fund		 Balance at 1
November
2023
£
5,042,262
2,815,790
58,389
2,874,179
16,832
116,672
5,451
22,036
40,940
23,780
238,235
21,289
65,878		 Income
£
1,730,233
-
1,051
1,051
2,014
2,386
921
522
15,240
486
4,742
422
2,331		 Expenditure
£
(1,908,436)
-
-
-
-
-
(800)
-
(6,630)
(1,250)
-
-
(2,438)		 Transfers
in/out
£
428,967
-
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
28,462
-
2,204
2,204
29
4,850
441
882
2,204
882
9,700
882
2,645		 Balance at
31 October
2024
£
5,321,488
2,815,790
61,644
2,877,434
18,875
123,908
6,013
23,440
51,754
23,898
252,677
22,593
68,416

Page 39

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

21. Statement of funds (continued)

Statement of funds - current year (continued)

New Burial
Scheme
Office of Senior
Rabbi
Lauderdale
Young Family
Fund
Lauderdale
Road Security
Community
Security Trust
Brandon
Endowment -
Bevis Marks
Rabbi
Brandon
Endowment -
Events
Lauderdale
Road Rabbi
Fund
Security Levy
Building Levy
Haburah
Unrestricted
designated
funds
Beth Haim
Reserve
Nuevo Fund
Heneage Lane
Endowment
Honorary
Hazanut Fund		 Balance at 1
November
2023
£
66,731
21,963
16,135
-
-
-
1,631
5,786
2,376
-
18,364
684,099
1,941,626
31,198
1,247
13,230		 Income
£
1,414
1,000
-
10,537
43,310
30,000
10,500
-
25,992
24,410
73,907
250,134
743,425
653
208
-		 Expenditure
£
-
-
(1,618)
(10,537)
(43,310)
(30,000)
(10,500)
(1,057)
(28,368)
(24,542)
(62,656)
(223,706)
(331,371)
-
-
-		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
132
-
132
(432,724)
-
-
3,625		 Gains/
(Losses)
£
2,645
-
-
-
-
-
-
-
-
-
-
25,160
100,966
1,323
440
-		 Balance at
31 October
2024
£
70,790
22,963
14,517
-
-
-
1,631
4,729
-
-
29,615
735,819
2,021,922
33,174
1,895
16,855

Page 40

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

21. Statement of funds (continued)

Statement of funds - current year (continued)

Balance at 1 Balance at
November Transfers Gains/ 31 October
2023 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
1,987,301 744,286 (331,371) (429,099) 102,729 2,073,846
Total of funds 10,587,841 2,725,704 (2,463,513) - 158,555 11,008,587
Statement of funds - prior year
Balance at Balance at
1 November Transfers Gains/ 31 October
2022 Income Expenditure in/out (Losses) 2023
£ £ £ £ £ £
Unrestricted
funds
General Funds
- all funds 4,809,199 1,633,115 (1,848,040) 448,218 (230) 5,042,262
Endowment
funds
Heritage assets 2,815,790 - - - - 2,815,790
Sephardi
Endowment
fund 58,268 1,077 - - (956) 58,389
2,874,058 1,077 - - (956) 2,874,179
Restricted
funds
Restricted
Funds -other
funds 5,332 17,714 (2,420) - (3,794) 16,832
Abraham
Valencia
Holy
Books
Fund 116,399 2,444 - - (2,171) 116,672
Norma Levy
Memorial Fund 5,438 124 - - (111) 5,451

Page 41

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

21. Statement of funds (continued)

Statement of funds - prior year (continued)

Raphael de
Sola Hazanut
Fund
Religious
Education Fund
Richard Barnett
Memorial
Lecture Fund
Tombstone
Fund
Violet Reuben
Fund
Wembley
Building Fund
New Burial
Scheme
Office of Senior
Rabbi
Lauderdale
Young Family
Fund
Community
Security Trust
Brandon
Endowment -
Bevis Marks
Rabbi
Brandon
Endowment -
Events
Lauderdale
Road Rabbi
Fund
Security Levy
Building Levy
Haburah		 Balance at
1 November
2022
£
21,976
37,070
23,919
237,692
21,590
64,945
66,569
37,589
17,355
-
-
2,725
5,935
2,376
-
30,934
697,844		 Income
£
535
19,276
498
4,858
433
3,982
1,449
12,327
-
10,350
30,000
19,250
5,114
39,848
25,449
66,136
259,787		 Expenditure
£
-
(14,502)
(195)
-
(350)
(1,830)
-
(27,953)
(1,220)
(10,350)
(30,000)
(20,344)
(5,263)
(39,848)
(25,449)
(78,706)
(258,430)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
(475)
(904)
(442)
(4,315)
(384)
(1,219)
(1,287)
-
-
-
-
-
-
-
-
-
(15,102)		 Balance at
31 October
2023
£
22,036
40,940
23,780
238,235
21,289
65,878
66,731
21,963
16,135
-
-
1,631
5,786
2,376
-
18,364
684,099

Page 42

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

21. Statement of funds (continued)

Unrestricted
designated
funds
Beth Haim
Reserve
Nuevo Fund
Heneage Lane
Endowment
Honorary
Hazanut Fund
Total of funds		 2,035,363
33,623
1,223
9,330
2,079,539
10,460,640		 700,375
669
213
-
701,257
2,595,236		 (302,839)
-
-
-
(302,839)
(2,409,309)		 (449,618)
(2,500)
-
3,900
(448,218)
-		 (41,655)
(594)
(189)
-
(42,438)
(58,726)		 1,941,626
31,198
1,247
13,230
1,987,301
10,587,841

Page 43

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

21. Statement of funds (continued)

ENDOWMENT FUNDS

Sephardi Endowment - To advance the Orthodox Jewish religion and education on the history of the Spanish & Portuguese Jewish community in England.

RESTRICTED FUNDS

Abraham Valencia Holy Books Fund - To provide for the purchase of religious books.

Norma Levy Memorial Fund - To provide floral decoration on Shabu'ot in Lauderdale Road Synagogue.

Raphael de Sola Hazanut Fund - To provide scholarships for young men of the Congregation for Hazanut training.

Religious Education Fund - To provide for the needs of religious classes.

Richard Barnett Memorial Lecture - To provide for the cost of an annual lecture.

Tombstone Fund - To provide for the maintenance and repair of charity tombstones.

Violet Reuben Fund - To provide prizes for Hebrew religious classes.

Wembley Building Fund - To provide for the maintenance of Wembley Synagogue.

New Burial Scheme – this was established to allow members to subscribe a small annual sum, in addition to their synagogue membership payment, to ensure that in due course they will be provided a burial plot and a burial service. On the occasion of a funeral there is a transfer from restricted to unrestricted reserves of a specified sum to reflect this.

The Senior Rabbi’s Office –To provide for costs relating to the Senior Rabbi's educational and ambassadorial projects.

Community Security Trust - To provide for the security of the synagogues.

Brandon Endowment Funds - To provide for the salary of the Bevis Marks Rabbi and other community development upon successful request.

Lauderdale Road Rabbi Fund - To provide for events and programmes organised by the Rabbi of Lauderdale Road Synagogue.

Other restricted funds include several different restricted funds to provide for costs such as building and security of the Charity's synagogues.

DESIGNATED FUNDS

Beth Haim Reserve - To provide for and maintain burial grounds. In December 2022, the trustees approved a temporary reallocation of some designated funds to general reserves by way of internal loan. £300,000 was transferred to general funds, to be transferred back to the Beth Haim Reserve fund over 120 months. Interest of 3% is accrued annually on the outstanding balance, and the fund is scheduled to receive £343,583 back after the above period.

Page 44

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

21. Statement of funds (continued)

Nuevo Fund - To provide for charitable and educational purposes, not forming part of the normal expenses of the Congregation.

Heneage Lane Endowment - To provide for the upkeep and maintenance of Bevis Marks Synagogue.

Honorary Hazanut Fund - These are funds to be spent at the Honorary Hazan's discretion.

22. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Heritage assets
Current assets
Creditors due within one year
Creditors due in more than one
year
Provisions for liabilities and
charges
Total		 Endowment
funds
2024
£
-
-
53,649
2,815,790
7,995
-
-
-
2,877,434		 Restricted
funds
2024
£
-
-
612,300
-
123,519
-
-
-
735,819		 Unrestricted
designated
funds
2024
£
-
-
2,500,057
-
1,087,507
(1,513,718)
-
-
2,073,846		 Unrestricted
funds
2024
£
5,171,961
2,126
1,400,730
-
641,612
(433,805)
(1,329,149)
(131,987)
5,321,488		 Total
funds
2024
£
5,171,961
2,126
4,566,736
2,815,790
1,860,633
(1,947,523)
(1,329,149)
(131,987)
11,008,587

Page 45

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Heritage assets
Current assets
Creditors due within one year
Creditors due in more than one
year
Provisions for liabilities and
charges
Total		 Endowment
funds
2023
£
350,000
49,597
2,815,790
(341,208)
-
-
-
2,874,179		 Restricted
funds
2023
£
-
783,397
-
-
(99,298)
-
-
684,099		 Unrestricted
designated
funds
2023
£
-
2,201,303
-
1,174,050
(1,388,052)
-
-
1,987,301		 Unrestricted
funds
2023
£
4,657,217
1,606,905
-
650,606
(417,180)
(1,329,149)
(126,137)
5,042,262		 Total
funds
2023
£
5,007,217
4,641,202
2,815,790
1,483,448
(1,904,530)
(1,329,149)
(126,137)
10,587,841

Designated funds include within creditors due within one year, deferred income relating to income received in advance for burials and funerals. Cash and investments are held against these liabilities in the event that these are no longer required by members.

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Increase in debtors
Increase in creditors
Increase/(decrease) in provisions
Net cash provided by operating activities		 2024
£
187,725
70,478
74,466
(236,860)
-
(34,710)
42,993
5,850
109,942		 2023
£
127,201
83,195
58,726
(209,279)
6,069
(57,050)
230,996
(60,779)
179,079

Page 46

SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

24. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2024
£
1,343,006
1,343,006		 2023
£
1,000,531
1,000,531

25. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
November
2023
£
1,000,531
(83,551)
(1,329,149)
(412,169)		 Cash flows
£
342,475
-
-
342,475		 At 31
October
2024
£
1,343,006
(83,551)
(1,329,149)
(69,694)

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

26. Operating lease commitments

At 31 October 2024 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Hendon - Operating Lessee
Within 1 year
Operating leases as a lessor
Nursery
Within 1 year
Between 1 and 5 years
After more than 5 years		 2024
£
-
2024
£
95,833
-
-
95,833		 2023
£
14,000
2023
£
94,167
95,833
-
190,000

The above disclosure represents an updated lease signed on 6 March 2024.

Heneage Lane

The charity receives rental income from an operating lease of an investment property. The original lease was for 125 years and entitles the charity to 9.4% of future rental income collected by the Lessee, who has sublet the property to multiple tenants. There are 84 years remaining on the lease and the income receivable is variable based on the success of the Lessee subletting to various tenants.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

27. Related party transactions

As at 31 October 2024, the Spanish and Portuguese Jews’ Synagogue was owed £110,540 (2023: £37,708) by the Spanish and Portuguese Jews’ Synagogue Common Investment Fund (an associated entity of the Spanish and Portuguese Jews’ Synagogue with common trustees, also known as The London Sephardi Trust Investment Pool Fund), in which all quoted investments of the Spanish and Portuguese Jews’ Synagogue are held. Investment income received during the year from those investments amounted to £64,557 (2023: £66,121). During the year £23,000 (2023: £23,000) was charged for administrative services from the Spanish and Portuguese Jews’ Synagogue and this balance was outstanding at year end (2023: £23,000).

Included within note 7 to the accounts are contributions from associated trusts, entities which are connected with the charity by virtue of common trustees or being part of the Spanish and Portuguese Jews’ Synagogue group, and represent fees for secretarial and accounting services of £Nil (2023: £20,605). At 31 October 2024 the Spanish and Portuguese Jews’ Synagogue was owed £79,370 (2023: £75,031) by such associated trusts and entities.

In the year ended 31 October 2024 the Spanish and Portuguese Jews’ Synagogue recharged expenses of £Nil (2023: £16,265) to the Bevis Marks Synagogue Heritage Foundation (an associated entity of the Spanish and Portuguese Jews’ Synagogue with common trustees). The total owed by the Bevis Marks Synagogue Heritage Foundation as at 31 October 2024 was £1,548 (2023: £1,548).

Trustee S Magnus’ spouse was a trustee of the Brandon (resigned April 2024). In the year ended 31 October 2024 £30,750 (2023: £41,750) of grants were made to the Spanish and Portuguese Jews’ Synagogue by the Brandon Endowment.

Trustee S Magnus’ son is a trustee of the S&P Common Investment Fund (see above for details), the S&P Welfare Board and the S&P Dower Society. In the year ended 31 October 2024 the Spanish and Portuguese Jews’ Synagogue had income of £Nil (2023: £4,620) relating to fees for secretarial and accounting services from the S&P Welfare Board, the Spanish and Portuguese Jews’ Synagogue also made donations to the S&P Welfare Board of £2,316 (2023: £Nil). At the reporting date £Nil was held in debtors due from the S&P Welfare Board (2023: £1,540). In the year ended 31 October 2024 the Spanish and Portuguese Jews’ Synagogue had income of £Nil (2023: £3,630) relating to fees for secretarial and accounting services from the S&P Dower Society. At the reporting date £Nil was held in debtors due from the S&P Dower Society (2023: £1,210).

A family member of a trustee is employed by the Charity. During the year this family member received gross remuneration of £41,706 (2023: £41,706).

Donations from trustees to the charity totaled £25,503 during the year (2023: £26,674).

28. Post balance sheet events

After the reporting date, the Charity finalised a renewed mortgage agreement for 3 Vale Close, which had been in negotiation since before the year end. At the reporting date, £53,000 is recorded in accruals for costs related to this.

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SPANISH AND PORTUGUESE JEWS' SYNAGOGUE (OPERATING AS 'THE S&P SEPHARDI COMMUNITY')

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

29. Contingent assets

The charity has a contingent asset by way of ownership of the Freehold of two properties in Wembley (disclosed in note 14). Historically these have been held at £Nil book value in the financial statements as leased to a leaseholder. The lease was terminated during the period and the Charity believes that it is entitled to the full value of the assets (not yet formally valued but likely to be material to the financial statements). The Charity is currently engaged in discussions with the previous leaseholder as to beneficial interest of the assets. Due to the current status of the discussions, no figure has been recorded in these financial statements.

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