Charity number: 230824 

# SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

SUES 2S Es Pe eS Se a eS eS a ae ee 

## UNAUDITED 

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31 OCTOBER 2020 



SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

a CONTENTS 

||Page|
|---|---|
|Reference and Administrative Details of the Charity, its Trustees and Advisers|1|
|Trustees’ Report|2-5|
|Independent Examiner's Report|6|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Statement of Cash Flows|10|
|NotestotheFinancialStatements|11-22|





## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## OE ET A RR SSS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2020 

Trustees S Graham, President S Gewolb S Kendal, Hon. Secretary P Magnus S Kandel Dr S Morganstein (resigned 30 November 2019) Charity registered number 230824 Principal office Spanish & Portuguese Synagogue 2 Ashworth Road London W9 1JY Accountants Berg Kaprow Lewis LLP Chartered Accountants 35 Ballards Lane London N3 1XW Bankers Natwest Bank London EC2R 8PA 

Page 1 



## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## eeeeEEEeEeEeEeeeeEeEeEeEeEEEEeeeeEeE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 

The Trustees present their annual report together with the financial statements of the Charity for the 1 November 2019 to 31 October 2020. 

## Objectives and activities 

## a. Policies and objectives 

The Trust funds were established to provide all forms of relief for Sephardi Jews in Britain. 

The Trustees have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. The benefit to the public is manifestly demonstrated by the achievements contained in this report. 

## b. Grant-making policies 

The Trustees receive applications from individuals and institutions. These are reviewed by the Trustees throughout the year in relation to the charitable objectives and appropriate grants are approved by the Trustees. 

In line with its charitable objectives, the Trust has made 214 grants (2019: 203) during the year. 

## Achievements and performance 

## a. Main achievements of the Charity 

The Welfare Board disbursed 214 grants in 2020 compared to 203 grants in the previous year. Average incoming resources for the last 5 years to 2020 were £77,583 (2019: £85,844). This figure has been calculated after removing the transfer of funds from the Eugenio Joseph Arbib Trust during the year. The Welfare Board has continued to work closely with communal welfare organisations in order to provide grants for children's holidays, clothing, household equipment, utilities, and additional assistance at Pesach and Rosh Hashana. 

b. Review of activities 

During the year, the charity merged with the Eugenio Joseph Arbib Trust. The assets of the trust, totalling £241,948, were transferred to the Welfare Board. 

## Financial review 

## a. Going concern 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 

## b. Reserves policy 

The charity aims to expend all incoming resources in the form of grants payable to various individual and institutional beneficiaries. This is dependent upon the level of applications received for funding and also the level of investment income in the year. The Trustees will utilise reserves when suitable grant applications are received in future periods. On this basis, and due to the fact that there are very few overhead costs, there is no fixed level set for free reserves. This reserves policy will be reviewed on an annual basis. 

The Trust holds investments in the name of the Spanish and Portuguese Jews' Synagogue Common Investment Fund (also known as The London Sephardi Trust Investment Pool) as custodian trustee. Income earned on these investments is the principal source of funding for the Charity. 

## c. Risks review 

The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. 

## Structure, governance and management 

## a. Constitution 

Spanish and Portuguese Synagogue Welfare Board is a registered charity, number 230824, and is constituted under a Trust deed. 

## b. Methods of appointment or election of Trustees 

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 

## Structure, governance and management (continued) 

## c. Organisational structure and decision-making policies 

The Spanish and Portuguese Synagogue Welfare Board is a Registered Charity governed by Trust Deeds. 

The Trustees who served during the year were: 

Mrs S Graham, President Mrs S Gewolb Mrs S Kendal, Hon. Secretary Mr P Magnus Mrs S Kandel Dr S Morganstein (resigned 30 November 2019) 

Trustees are currently recruited both by word of mouth, and also by advertising vacancies among the membership of the Spanish & Portuguese Jews’ Congregation. Such advertising is conducted in accordance with the Constitution, with any nominations needing to be appropriately seconded and transmitted to the Secretary. Trustees may be appointed directly by election or co-option to fulfil a casual vacancy. New Trustees are generally furnished with minutes of recent meetings, and invited to observe one or two meetings prior to taking office. They are encouraged to discuss matters with other Trustees and/or the Secretary to familiarise themselves with the workings of the Charity. 

## All decisions regarding the Charity are made by the Trustees. 

The Charity is connected to the Spanish and Portuguese Jews's Synagogue. In addition, the Charity pays grants on behalf of the Stafford Sassoon Memorial Trust, The Ronnie Gubbay Memorial Fund, The Sir Moses Montefiore Coals and Blanket Trust, The Sir Moses Montefiore Holy Land Trust and the Eugenio Joseph Arbib Trust. 

Please see note 18 for details regarding related party transactions and relationships during the year. 

## Plans for future periods 

The Trust shall continue to make grants in line with its charitable objectives. 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 

## 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: 

- e select suitable accounting policies and then apply them consistently; 

- ° observe the methods and principles of the Charities SORP (FRS 102); 

- ° make judgments and accounting estimates that are reasonable and prudent; 

- ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

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. 

Approved by order of the members of the board of Trustees and signed on their behalf by: 

Mrs S Graham Trustee Date: 24th August 2021 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## eee INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 

## Independent Examiner's Report to the Trustees of Spanish and Portuguese Synagogue Welfare Board (‘the Charity’) 

| report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 October 2020. 

## Responsibilities and Basis of Report 

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’). 

| report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## Independent Examiner's Statement 

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

| understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. 

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

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. My work has been undertaken so that | might state to the Charity's Trustees those matters | am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed: A,/ ¢ 0 Dated: 2% a v 2oOV¢ lan Saunderson FCA 

Berg Kaprow Lewis LLP Chartered Accountants 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 

London 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## eee 

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2020 

|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2020|2020|2020|2019|
||Note|£|£|£|£|
|Income from:||||||
|Donations and legacies|2|35,704|244,656|280,360|20,418|
|Investments|3|34,512|4,399|38,911|42,641|
|.<br>Total income||70,216|249,055|319,271|63,059|
|Expenditure on:||||||
|Charitable activities|5|55,661|1,800|57,461|56,840|
|Totalexpenditure||1<br>55,66|1,800|4<br>57,461|56,840|
|Net income before net||||||
|(losses)/gains on investments||14,555|247,255|261,810|6,219|
|Net (losses)/gains on investments||(142,347)|(18,140)|(160,487)|70,375|
|||(127,792)|229,115|101,323|76,594|
|Net movement in funds||yc||||
|Reconciliation of funds:||||||
|Total funds brought forward||1,821,667|200|1,821,867|1,745,273|
|Net movement in funds||(127,792)|229,115|101,323|76,594|
|||1,693,875|229,315|1,923,190|1,821,867|
|Totalfundscarriedforward||er||||



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

The notes on pages 11 to 22 form part of these financial statements. 

Page 8 



## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

—_—_—_—_—————— sw a BALANCE SHEET AS AT 31 OCTOBER 2020 

||||2020||2019|
|---|---|---|---|---|---|
||Note||£||z|
|Fixed assets||||||
|Investments|i)||1,850,391||1,783,582|
||||1,850,391||1,783,582|
|Current assets||||||
|Debtors|10|22,237||27,164||
|Cash at bank and in hand||56,038||36,071||
|||78,275||63,235||
|Creditors: amounts falling due within one||||||
|year|11|(5,476)||(24,950)||
|Net current assets|||72,799||38,285|
|Total assets less current liabilities|||1,923,190||1,821,867|
|Total net assets|||1,923,190||1,821,867|
|Charity funds||||||
|Restricted funds|12||229,315||200|
|Unrestricted funds|12||1,693,875||1,821,667|
|Totalfunds|||1,923,190||1,821,867|



The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

Sy Lo Woe C Vahey Mrs S Graham Date: 24th August 2021 

The notes on pages 11 to 22 form part of these financial statements. 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2020 

||2020|2019|
|---|---|---|
||£|£|
|Cash flows from operating activities|||
|Net cash used in operating activities|(18,944)|(31,533)|
|Cash flows from investing activities|||
|Dividends, interests and rents from investments|38,911|42,641|
|Net cash provided by investing activities|38,911|42,641|
|Change in cash and cash equivalents in the year|19,967|11,108|
|Cash and cash equivalents at the beginning of the year|36,071|24,963|
|Cash and cash equivalents at the end ofthe year|56,038|36,071|
|Thenotesonpages11to22formpartofthesefinancialstatements|||



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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD ————_—_———_—KK_—_—____——i [jEHeoHia EEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 a ss 1: Accounting policies 

## 1.1 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

Spanish and Portuguese Synagogue Welfare Board 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. 

## 1.2 Going concern 

The Charity has minimal fixed costs, with the main source of expenditure being grants made to individuals which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy cash balance at the year end. The Trustees therefore consider that based on the circumstances existing at the date of signature of the accounts the operations of the charity are not likely to be affected in a material manner by the current Coronavirus outbreak. 

1.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 

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

## eeeee Page 11 



## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## SS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

## Le Accounting policies (continued) 

## 1.4 Expenditure (continued) 

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 

All expenditure is inclusive of irrecoverable VAT. 

## 1.5 Investments 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. 

## 1.6 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. 

## 1.7 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. 

## 1.8 Liabilities and provisions 

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

## 1.9 Financial instruments 

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

eeeee Page 12 



## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## I, 

## SS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

13 Accounting policies (continued) 

## 1.10 Fund accounting 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

2: Income from donations and legacies 

||Unrestricted<br>funds|Restricted<br>funds|Total<br>funds|Total<br>funds|
|---|---|---|---|---|
||2020|2020|2020|2019|
||z|£|£|£|
|Donations|35,704|2,708|38,412|14,747|
|Transfer of funds|-|241,948|241,948|5,671|
||35,704|244,656|280,360|20,418|
|Total2019|14,747|5,671|20,418||



During the year, the Eugenio Joseph Arbib Trust ceased operating and transferred all of its funds to the Spanish and Portuguese Synagogue Welfare Board. 

The total transfer of funds of £241,948 consisted of the following: 

Investments held at fair value - £227,296 Cash - £11,190 Accrued income - £3,462 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

## 3. Investment income 

||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2020|2020|2020|2019|
||£|£|£|£|
|Investment income|34,512|4,399|38,911|42,641|
|Total2019|42,641|.|42,641||



## 4. Analysis of grants 

||Grants to|Total|Total|
|---|---|---|---|
||Individuals|funds|funds|
||2020|2020|2019|
||£|£|£|
|Grants|51,986|51,986|46,230|
|Total2019|46,230|46,230||



The charity made 214 grants to individuals during the period (2019 - 203). 

## 5; Analysis of expenditure on charitable activities 

## Summary by fund type 

||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2020|2020|2020|2019|
||£|£|£|£|
|Grants|50,186|1,800|51,986|46,230|
|Support costs|5,475|-|5,475|10,610|
||55,661|1,800|57,461|56,840|
|Total2019|47,402|9,438|56,840||



Page 14 



## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

6. Analysis of expenditure by activities 

||Grant||||
|---|---|---|---|---|
||funding of<br>activities|Support<br>costs|Total<br>funds|Total<br>funds|
||2020|2020|2020|2019|
||a|£|£|£|
|Grants|51,986|-|51,986|46,230|
|Support costs|-|5,475|5,475|10,610|
||51,986|5,475|57,461|56,840|
|Total2019|46,230|10,610|56,840||



## Analysis of support costs 

||Activities|Total<br>funds|Total<br>funds|
|---|---|---|---|
||2020|2020|2019|
||£|£|£|
|Secretarial fees|2,900|2,900|4,550|
|Othergovernance costs|175|175|3,660|
|Independent Examination fee|2,400|2,400|2,400|
||5,475|5,475|10,610|
|Total2019|10,610|10,610||



## va Staff costs 

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

No employee received remuneration amounting to more than £60,000 in either year. 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

## 8. Trustees’ remuneration and expenses 

During the year, no Trustees received any remuneration or other benefits (2079 - £NIL). 

During the year ended 31 October 2020, no Trustee expenses have been incurred (2019 - £NIL). 

## 9. Fixed asset investments 

Listed investments £ 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|Cost|or|valuation|
|At1November|2019|1,783,582|
|Additions|227,296|
|Revaluations|(160,487)|
|At|31|October|2020|1,850,391|
|Net|book|value|
|At|31|October|2020|1,850,391|
|At|31|October 2019|1,783,582|

**----- End of picture text -----**<br>


## 10. Debtors 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|2020|2019|
|£|£|
|Due|within|one|year|
|Amounts|owed|by|related|undertakings|22,237|27,164|
|22,237|27,164|

**----- End of picture text -----**<br>


The total debtor balance is due from The SPUS Common Investment Fund in both the current and prior year. 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

NEE 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

## 11. Creditors: Amounts falling due within one year 

||2020|2019|
|---|---|---|
||£|£|
|Other creditors|3,076|22,550|
|Accruals and deferred income|2,400|2,400|
||5,476|24,950|



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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## Leeental NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

## 12. Statement of funds 

Statement of funds - current year 

||Balance at 1||||Balance at|
|---|---|---|---|---|---|
||November<br>2019|Income|Expenditure|Gains/<br>(Losses)|31 October<br>2020|
||£|£|£|£|£|
|Unrestricted funds||||||
|General Funds- all funds|1,821,667|70,216|(55,661)|(142,347)|1,693,875|
|Restricted funds||||||
|Horesh Travel|200|-|(200)|-|-|
|Purim|-|2,708|(1,600)|-|1,108|
|Eugenio Joseph Arbib|-|246,347|-|(18,140)|228,207|
||200|249,055|(1,800)|(18,140)|229,315|
|Totaloffunds|1,821,867|319,271|(57,461)|(160,487)|1,923,190|



Coals & Blanker Funds: To provide fuel grants to individuals in need. 

Jews Temporary Shelter: The provision of grants to applicants with housing, emergency housing, and household needs. 

Horesh Travel Fund: The provision of grants to Sephardi boys and girls to assist them in visiting Israel during their GCSE year. 

Purim Fund: The money collected to be distributed on Purim to individuals in need. 

Eugenio Joseph Arbib: This consists of the funds transferred from the Eugenio Joseph Arbib Trust. The funds are used to relieve poverty and financial hardship amongst Sephardi Jews in the British Isles. 

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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

## 12. Statement of funds (continued) 

## Statement of funds - prior year 

||Balance at|Balance at||||Balance ai|
|---|---|---|---|---|---|---|
||1|November|||Gains/|31 October|
|||2018|Income|Expenditure|(Losses)|2019|
|||£|£|£|£|£|
|Unrestricted funds|||||||
|General Funds - all funds||1,741,306|57,388|(47,402)|70,375|1,821,667|
|Restricted funds|||||||
|Jews' Temporary Shelter||750|3,226|(3,976)|-|-|
|Horesh Travel||1,500|-|(1,300)|-|200|
|Purim||1,717|2,195|(3,912)|-|-|
|Coals & Blankets||-|250|(250)|-|-|
|||3,967|5,671|(9,438)|:|200|
|Total of funds||1,745,273|5,671|(56,840)|70,375|1,821,867|
|Summary of funds|||||||
|Summary offunds - current|year||||||
||Balance at 1|||||Balance at|
||November||||Gains/|31 October|
|||2019|Income|Expenditure|(Losses)|2020|
|||£|£|£|£|e|
|General funds||1,821,667|70,216|(55,661)|(142,347)|1,693,875|
|Restricted funds||200|249,055|(1,800)|(18,140)|229,315|
|||1,821,867|319,271|(57,461)|(160,487)|1,923,190|



## 13. Summary of funds 

Page 19 



## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

## 13. Summary of funds (continued) 

Summary of funds - prior year 

||Balance at||||Balance at|
|---|---|---|---|---|---|
||1 November|||Gainsy|31 October|
||2018|Income|Expenditure|(Losses)|2019|
||£|£|£|£|£|
|General funds|1,741,306|57,388|(47,402)|70,375|1,821,667|
|Restricted funds|3,967|5,671|(9,438)|-|200|
||1,745,273|63,059|(56,840)|70,375|1,821,867|



## 14. Analysis of net assets between funds 

## Analysis of net assets between funds - current period 

||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2020|2020|2020|
||£|£|£|
|Fixed asset investments|1,641,235|209,156|1,850,391|
|Current assets|58,116|20,159|78,275|
|Creditors due within one year|(5,476)|-|(5,476)|
|Total|1,693,875|229,315|1,923,190|
|Analysis of net assets betweenfunds- prior period||||
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2019|2019|2019|
||£|£|£|
|Fixed asset investments|1,783,582|-|1,783,582|
|Current assets|63,035|200|63,235|
|Creditors due within one year|(24,950)|-|(24,950)|
|Total|1,821,667|200|1,821,867|



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## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

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

||||2020|2019|
|---|---|---|---|---|
||||£|£|
||Net income for the period (as per Statement of Financial|Activities)|101,323|76,594|
||Adjustments for:||||
||Losses/(gains) on investments||160,487|(70,375)|
||Dividends, interests and rents from investments||(38,911)|(42,641)|
||(Increase)/decrease in debtors||4,927|439|
||Increase/(decrease) in creditors||(19,474)|4,450|
||Donation of fixed asset investments||(227,296)|-|
||Net cash used in operating activities||(18,944)|(31,533)|
|16.|Analysis of cash and cash equivalents||||
||||2020|2019|
||||=|£|
||Cash in hand||56,038|36,071|
||Total cash and cash equivalents||56,038|36,071|
|17.|Analysis ofchanges in net debt||||
|||At 1||At 31|
|||November||October|
|||2019|Cash flows|2020|
|||¢|£|£|
||Cashatbankandinhand|36,071|19,967|56,038|



Page 21 



## SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD 

## Eee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 

## 18. Related party transactions 

As at 31 October 2020, The Spanish and Portuguese Synagogue Welfare Board was owed £22,237 (2019 - £27,164) by the Spanish and Portuguese Jews' Synagogue Common Investment Fund, also known as the London Sephardi Trust Investment Pool (an associated entity of the Spanish and Portuguese Jews’ Synagogue with common Trustees), in which all investments of The Spanish and Portuguese Synagogue Welfare Board were held for the entirety of the current and prior year. 

At the year end the charity owed £2,900 (2019 - £22,550) to Spanish and Portuguese Jews' Synagogue relating to cumulative administration fees. The charge for the year was £2,900 (2019 - £4,550). 

During the year, the Eugenio Joseph Arbib Trust, a charity with common trustees, ceased operating and transferred all of its funds to the Spanish and Portuguese Synagogue Welfare Board. 

The total transfer of funds of £241,948 consisted of the following: 

Investments held at fair value - £227,296 Cash - £11,190 Accrued income - £3,462 

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