Charity number: 230824
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Statement of Cash Flows | 8 |
| Notes to the Financial Statements | 9 - 19 |
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2021
| Trustees | S Graham, President |
|---|---|
| S Gewolb | |
| S Kendal, Hon. Secretary (Resigned 8 February 2022) | |
| P Magnus | |
| S Kandel (Resigned 28 June 2022) | |
| A Dwek (appointed 13 January 2021) | |
| Charity registered number 230824 Principal office Spanish & Portuguese Synagogue 2 Ashworth Road London W9 1JY Accountants BKL Audit LLP Chartered Accountants 35 Ballards Lane London N3 1XW Bankers Natwest Bank London EC2R 8PA |
Page 1
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2021
The Trustees present their annual report together with the financial statements of the Charity for the 1 November 2020 to 31 October 2021.
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 222 grants (2020: 214) during the year.
Achievements and performance
a. Main achievements of the Charity
The Welfare Board disbursed 222 grants in 2021 compared to 214 grants in the previous year. Average incoming resources for the last 5 years to 2021 were £85,261 (2020: £77,583). The prior year figure has been calculated after removing the transfer of funds from the Eugenio Joseph Arbib Trust. 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.
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.
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.
Page 2
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021
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.
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 Mr A Dwek
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.
Page 3
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021
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:
-
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;
-
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: 17/08/2022
Page 4
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2021
Independent Examiner's Report to the Trustees of Spanish and Portuguese Synagogue Welfare Board ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 October 2021.
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').
I 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 I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
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.
I 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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.
I 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 I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I 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: Ian Saunderson Dated: 18/08/2022
Ian Saunderson FCA
BKL Audit LLP Chartered Accountants London
Page 5
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Charitable activities 5 Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 45,344 39,580 84,924 64,051 64,051 20,873 321,357 342,230 1,693,875 342,230 2,036,105 |
Restricted funds 2021 £ 5,220 5,044 10,264 4,328 4,328 5,936 40,953 46,889 229,315 46,889 276,204 |
Total funds 2021 £ 50,564 44,624 95,188 68,379 68,379 26,809 362,310 389,119 1,923,190 389,119 2,312,309 |
Total funds 2020 £ 280,360 38,911 319,271 57,461 57,461 261,810 (160,487) 101,323 1,821,867 101,323 1,923,190 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 19 form part of these financial statements.
Page 6
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
BALANCE SHEET AS AT 31 OCTOBER 2021
| Note Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
33,805 30,310 64,115 (8,100) |
2021 £ 2,256,294 2,256,294 56,015 2,312,309 2,312,309 276,204 2,036,105 2,312,309 |
22,237 56,038 78,275 (5,476) |
2020 £ 1,850,391 |
|---|---|---|---|---|
| 1,850,391 72,799 |
||||
| 1,923,190 | ||||
| 1,923,190 | ||||
| 229,315 1,693,875 |
||||
| 1,923,190 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mrs S Graham Date: 17/08/2022
The notes on pages 9 to 19 form part of these financial statements.
Page 7
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2021
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Net cash provided by investing 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 The notes on pages 9 to 19 form part of these financial statements |
2021 £ (70,352) 44,624 44,624 (25,728) 56,038 30,310 |
2020 £ (18,944) 38,911 38,911 19,967 36,071 56,038 |
|---|---|---|
Page 8
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
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 2019), the Financial Reporting Standardapplicable 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 in October 2019 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 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.
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.
Page 9
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
1. 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.
Page 10
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
1. 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 funds 2021 £ Donations 45,344 Transfer of funds - 45,344 Total 2020 35,704 |
Restricted funds 2021 £ 5,220 - 5,220 244,656 |
Total funds 2021 £ 50,564 - 50,564 280,360 |
Total funds 2020 £ 38,412 241,948 |
|---|---|---|---|
| 280,360 | |||
During the prior 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
Page 11
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
3. Investment income
| Unrestricted funds 2021 £ Investment income 39,580 Total 2020 34,512 |
Restricted funds 2021 £ 5,044 4,399 |
Total funds 2021 £ 44,624 38,911 |
Total funds 2020 £ 38,911 |
|---|---|---|---|
4. Analysis of grants
| Grants Total 2020 |
Grants to Individuals 2021 £ 62,856 51,986 |
Total funds 2021 £ 62,856 51,986 |
Total funds 2020 £ 51,986 |
|---|---|---|---|
The charity made 222 grants to individuals during the period (2020 - 214).
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2021 £ Grants 58,528 Support costs 5,523 64,051 Total 2020 55,661 |
Restricted funds 2021 £ 4,328 - 4,328 1,800 |
Total funds 2021 £ 62,856 5,523 68,379 57,461 |
Total funds 2020 £ 51,986 5,475 |
|---|---|---|---|
| 57,461 | |||
Page 12
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
6. Analysis of expenditure by activities
| Grants Support costs Total 2020 |
Grant funding of activities 2021 £ 62,856 - 62,856 51,986 |
Support costs 2021 £ - 5,523 5,523 5,475 |
Total funds 2021 £ 62,856 5,523 68,379 57,461 |
Total funds 2020 £ 51,986 5,475 |
|---|---|---|---|---|
| 57,461 | ||||
Analysis of support costs
| Secretarial fees Other governance costs Independent Examination fee Sundry expenses Total 2020 |
Activities 2021 £ 2,800 35 2,400 288 5,523 5,475 |
Total funds 2021 £ 2,800 35 2,400 288 5,523 5,475 |
Total funds 2020 £ 2,900 175 2,400 - |
|---|---|---|---|
| 5,475 | |||
7. Staff costs
The average number of persons employed by the Charity during the year was as follows NIL (2020: NIL).
No employee received remuneration amounting to more than £60,000 in either year.
Page 13
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 October 2021, no Trustee expenses have been incurred (2020 - £NIL) .
9. Fixed asset investments
| Cost or valuation At 1 November 2020 Additions Disposals Revaluations At 31 October 2021 Net book value At 31 October 2021 At 31 October 2020 |
Listed investments £ 1,850,391 50,000 (6,407) 362,310 |
|---|---|
| 2,256,294 | |
| 2,256,294 | |
| 1,850,391 |
10. Debtors
| Due within one year Amounts owed by related undertakings |
2021 £ 33,805 33,805 |
2020 £ 22,237 22,237 |
|---|---|---|
The total debtor balance is due from The SPJS Common Investment Fund in both the current and prior year.
Page 14
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
11. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2021 £ 2,900 5,200 8,100 |
2020 £ 3,076 2,400 |
|---|---|---|
| 5,476 |
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Restricted funds Purim Eugenio Joseph Arbib Total of funds |
Balance at 1 November 2020 £ 1,693,875 1,108 228,207 229,315 1,923,190 |
Income £ 84,924 5,220 5,044 10,264 95,188 |
Expenditure £ (64,051) (4,328) - (4,328) (68,379) |
Gains/ (Losses) £ 321,357 - 40,953 40,953 362,310 |
Balance at 31 October 2021 £ 2,036,105 |
|---|---|---|---|---|---|
| 2,000 274,204 |
|||||
| 276,204 | |||||
| 2,312,309 |
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.
Page 15
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
12. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Restricted funds Horesh Travel Purim Eugenio Joseph Arbib Total of funds |
Balance at 1 November 2019 £ 1,821,667 200 - - 200 1,821,867 |
Income £ 70,216 - 2,708 246,347 249,055 319,271 |
Expenditure £ (55,661) (200) (1,600) - (1,800) (57,461) |
Gains/ (Losses) £ (142,347) - - (18,140) (18,140) (160,487) |
Balance at 31 October 2020 £ 1,693,875 |
|---|---|---|---|---|---|
| - 1,108 228,207 |
|||||
| 229,315 | |||||
| 1,923,190 |
13. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 November 2020 £ 1,693,875 229,315 1,923,190 |
Income £ 84,924 10,264 95,188 |
Expenditure £ (64,051) (4,328) (68,379) |
Gains/ (Losses) £ 321,357 40,953 362,310 |
Balance at 31 October 2021 £ 2,036,105 276,204 |
|---|---|---|---|---|---|
| 2,312,309 |
Page 16
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
13. Summary of funds (continued)
Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 November 2019 £ 1,821,667 200 1,821,867 |
Income £ 70,216 249,055 319,271 |
Expenditure £ (55,661) (1,800) (57,461) |
Gains/ (Losses) £ (142,347) (18,140) (160,487) |
Balance at 31 October 2020 £ 1,693,875 229,315 |
|---|---|---|---|---|---|
| 1,923,190 |
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Fixed asset investments 2,047,177 Current assets (2,972) Creditors due within one year (8,100) Total 2,036,105 Analysis of net assets between funds - prior year Unrestricted funds 2020 £ Fixed asset investments 1,641,235 Current assets 58,116 Creditors due within one year (5,476) Total 1,693,875 |
Restricted funds 2021 £ 209,117 67,087 - 276,204 Restricted funds 2020 £ 209,156 20,159 - 229,315 |
Total funds 2021 £ 2,256,294 64,115 (8,100) |
|---|---|---|
| 2,312,309 | ||
| Total funds 2020 £ 1,850,391 78,275 (5,476) |
||
| 1,923,190 |
Page 17
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
15. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Losses/(gains) on investments Dividends, interests and rents from investments (Increase)/decrease in debtors Increase/(decrease) in creditors Donation of fixed asset investments Fixed asset investment additions Fixed asset investment disposals Net cash used in operating activities 16. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 17. Analysis of changes in net debt At 1 November 2020 £ Cash at bank and in hand 56,038 |
2021 £ 389,119 (362,310) (44,624) (11,568) 2,624 - (50,000) 6,407 (70,352) 2021 £ 30,310 30,310 Cash flows £ (25,728) |
2020 £ 101,323 160,487 (38,911) 4,927 (19,474) (227,296) - - (18,944) 2020 £ 56,038 56,038 At 31 October 2021 £ 30,310 |
|---|---|---|
Page 18
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
18. Related party transactions
As at 31 October 2021, The Spanish and Portuguese Synagogue Welfare Board was owed £33,805 (2020 - £22,237) 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 £5,700 (2020 - £2,900) to Spanish and Portuguese Jews' Synagogue relating to cumulative administration fees. The charge for the year was £2,800 (2020 - £2,900).
Page 19