Charity number: 230824 SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Trustees. Report Independent Examiner's Report statement of Financial Activities Balanco Sheot Notes to the Financial Statements 8-18
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2023 Trustees S Graham, Chair S Gewolb P Magnus A Dwek Charity registered number 230824 Principal office Spanish & Portuguese Synagogue 2 Ashworth Road London W9 1JY Independent examiner lan Saunderson FCA 35 Ballards Lane London N3 1XW Bankers Nalwesl Bank London EC2R 8PA Page 1
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 The Trustees present their annual report together with the financial statements of the Charity for the 1 November 2022 10 31 October 2023. Objectives and activities a. Polieies and objectives The Trust funds We established to provide all forms of relief for Sephardi Jews in Britain. In setting objectives and planning for activities, the Trustees have given due consideration to general guidanee published by the Charity Commission relating to public benefit, including the guidance 'Public benefit". running charity IP821'. b. Activities undertaken to achieve objeetives The charity has given grants of £85,04012022". £60,505) to worthy organisalions as decided by the Trustees. c. 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 ch8ri18ble objectives, the Trust has made 319 grants12022." 2081 during the year. d. Main activities undertaken to further the Charity's purposes for the public benefit The activity of grant making to those Sephardi Jews in need furthers the Charity's purposes for the public benefit. Aehievements and performance a. Main achievements of the Charity The Welfare Board disbursed 319 grants in 2023 compared lo 208 grants in the previous year. Average incoming resources for the last 5 years lo 2023 were £79,304 12022". £80,710>. The Welfare Board has continued to work closely wth eommunal welfare organisations in order lo provide grants for children's holidays, clothing, household equipment, utilities, and additional assistance at Pesach and Rosh Hashana. Financial review a. Going coneem After making appropriate enquiries, the Trustees have 8 reasonable expectation that the Charity has adequate resources to eontinue in operational existence for the foreseeable futu. For this reason, they continue lo adopt the going eoncern basis in preparing thè financial stalemenls. Further details regarding the adoption of the going concem basis Can be found in the accounting policies. Page 2
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 b. Reserves policy The charity aims to expend all incoming resources in the form of grants p8yable to various individu818nd inslitulional 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 ulilise resetves when suitable gont 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 eamed 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 miligale exposure to the major risks. d. Review of the Year Total income for the year was £82,13712022. £61,845>, of which £33,10812022. £17,215> was from donations and legacies and £49,029 12022". £44,630) was derived from the common investment fund. Expenditure for the year lotalled £93,055 12023. 66,7701 of which £85,04012023. £60,5051 pertained lo grants and £8,01512023. £6,265) pertained to support costs. There was a loss on investments of £39,08812023". loss of 210,2771. Funds Carried forward at the year end lotalled £2,047,09912023." £2,097,107). Included in the above is £8,02812023". £7,522) of restricted income and £4,49412023". £24, 1731 of restricted losses on investments. Restricted funds 8t the year end totalled £250,45412023. £251,383). Structure, govemance and management a. Constitution Spanish and Portuguèse Synagogue Welfare Board is a registered charity, number 230824, and is constituted under a constitution dated 16 March 1961 as amended 20 February 1966. b. Methods of appointment or election of Trustees 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 8ccord8nce with the Constitution, with any nominations needing to be appropriately seconded and transmitted to the Secretary. Trustees may be appointed direcuy by election or co-oplion to fulfil 8 casual vacancy. New Trustees are generally furnished with minutes of recent meetings, and invited lo obsetve one or two meetings prior to 18king offi'ce. They are encoumged to discuss mattèrs with other Trustees andlor the Secretary lo familiarise themselves with the workings of the Charity. Page 3
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 Structure, govemance and management Icontinuedl c. Organisational structure and deeision-making policies 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 Montefi'ore C081s and Blanket Trust, The Sir Moses Montefiore Holy Land Trust and the Eugenio Joseph Arbib Trust. Plans for future periods The Trust shall continue to make grants in line with ils charitable objectives. Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, Report and the financi81 statements in accordance with applicable law and United Kingdom Accounting Standards Iunited 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 stale 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 IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., 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 lo show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable them lo 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.. P Magnus Trustee Dale.. 2810812024 Page 4
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 Independent Examiner's Report to the Trustees of Spanish and Portuguese Synagogue Welfare Board Ilhe Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 October 2023. 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 I'lhe 2011 ACVI. 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 14515llbl of the 2011 Act. Independent Examiner's Statement 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 conceming the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regu18tions 2008 other than any requirement that the accounts give a 'true and f81¢ view which is not a matter considered as part of an independent examinab'on. I have no concerns and have come across no other mallers 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 stale to the Charity's Trustees those mallers l am required lo slate to them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl permitted by law, I do not a¢p1 or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated. 29108/2024 lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Page 5
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Investments 30,718 43.393 2,390 5.636 33,108 49.029 17.215 44,630 Total income 74,111 8,026 82,137 61,845 Expenditure on: Charitable activities 88.595 4.461 93.056 66, 770 Total expendlture 88,595 4,461 93,056 66,770 Netlgxpenditurellincome before net losses on investments Nel losses on investments 114.4841 134.5941 3,565 14.4941 110,9191 139.0881 (4,925) (210,277) Net movement in funds 49,0781 19291 50,0071 (275,202) Reeoneiliation of funds.. Total funds brought forward Nel movement in funds 1,845,724 149.0781 251.383 19291 2,097,107 150.0071 2,312,309 (215,202) Total funds carried forward 1,796,646 250,454 2,047,100 2,097, 707 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 18 form part of these financial slatemenls. Page 6
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD BALANCE SHEET AS AT 31 OCTOBER 2023 2023 2022 Note Fixed assets Investments 2,006,579 2,045,668 2.006.579 2,045,668 Current assets Debtors Cash al bank and in hand 10 31,541 16.050 24,670 32,169 47,591 56,839 Creditors.. amounts falling due within one year 17,070) (5,400) Net current assets 40.521 51,439 Total net assets 2,047,100 2,097, 107 Charity funds Reslricled funds 12 250,454 1,796,646 251,383 1,845, 724 Unrestricted funds 12 Total funds 2,047,100 2,097, 107 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. P Magnus Trustee Dale.. 2810812024 The notes on pages 8 10 18 form part of these financial slalemenls. Page 7
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies 1.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Spanish and Portuguese Synagogue Welfare Board meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless othenlSe stated in the relevant accounting F)olicy. 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 lo 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 entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax 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 paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, Including support costs inVoed in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resourTrs. Expenditure on charitable activities is incurred on direclly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 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 mel at the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 8
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies Icontinuedl 1.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investments, in the Statement of Financial Activities. 1.6 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al 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 dale 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 Balan Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anlicipales il will pay lo settle the debt or the amount il has reiVed as advanced payments for the goods or services it musl 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 al their selllemenl value with the exptIOn of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.10 Fund accounting General fvnds are unreslricled fvnds 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 accordan with specific reslriclions 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 lo the financial statements. Investment income, gains and losses are allocated to the appropriate fvnd. Page 9
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Income from donations and legacies Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Donations 30,718 2,390 33,108 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Donations 14,824 2,391 17,215 Investment income Unrestrieted Restricted funds funds 2023 2023 Total funds 2023 Income from Common Investment Fund 43,393 5,636 49,029 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Income from Common Investment Fund 39,499 5, 131 44,630 Analysls of grants Grants to Individuals 2023 Total funds 2023 Grants, Supporting Seph8rdi Jews 85,040 85,040 Page 10
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Analysis of grants Icontinuedl Grants to Individuals 2022 Total funds 2022 Grants, Supporting Sephardi Jews 60,505 60,505 Analysis of gxpenditure on charitable activitios Summary by fund typg Unrgstricted Restricted funds funds 2023 2023 Total 2023 Supporting Sephardi Jews 88,595 4,461 93,056 Unrestricted funds 2022 Restricted funds 2022 Total 2022 Supporting Sephardi Jews 58,600 8,170 66,770 Anatysis of expenditure by activities Grant funding of activities Support costs Total funds 2023 2023 2023 Supporting Sephardi Jews 85,040 8,016 93,056 Page11
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Analysis of expenditure by activities Icontinuedl Grant funding ol activities 2022 Support Gosts 2022 Total funds 2022 Supporting Sephardi Jews 60,505 6,265 66,770 Analysis of support costs Supporting Sephardi Jews 2023 Total funds 2023 Sundry Office costs Secreterial fees Independent Examinab'on fees Legal fees 393 4,858 2,730 35 393 4,858 2,730 35 8,016 8,016 Supporting Sephardi Jews 2022 Total funds 2022 Sundry Office costs Secreterial fees 710 710 2,800 2, 720 35 2,800 2, 720 35 Independent Examination fees Legal fees 6,265 6,265 Page 12
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Independent examiner's remuneration 2023 2022 Fees payable to the Ch8rily's independent examiner for the preaparation and independent examination of the Charity's annual accounts 2,730 2, 720 Trustees. remuneration and expensos During the year, no Trustees reiVed any remuneration or other benefits (2022- £NIL). During the year ended 31 October 2023, no Trustee expenses have been incurred {2022 - £NIL). Fixed asset investments Llsted Investments Cost or valuation At 1 November 2022 2,045,667 39,0881 Revaluations At 31 October 2023 2,006.579 Net book value At 31 October 2023 2,006,579 At 31 October 2022 2,045,66T 10. Debtors 2023 2022 Due within one year Amounts owed by Common Investment Fund 31,541 24,670 31,541 24.670 Page 13
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 11. Creditors: Amounts falling due within one year 2023 2022 Other creditors Accruals and deferred income 5.530 5,400 7,070 5,400 Page 14
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 12. Statement of funds statement of funds - current year Balance at 1 November 2022 Balance at Gainsl 31 October (Losses) 2023 Income Expenditure Unrestricted funds General Funds - all funds 1.845,724 74.111 188.5951 134.594} 1.796,646 Restrlcted funds Purim 21 2.115 5.911 12.1361 12.3251 Eugenio Joseph Arbib 251.362 14.494} 250.454 251,383 8,026 14,4611 14,494) 250,454 Total of funds 2,097.107 82.137 193.0561 {39,088} 2,047.100 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 lo 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 2023 12. Statement of funds (continued) statement of funds - prior year Balan at l November 2021 Balan at Gains/ 37 October (Losses) 2022 Income Expenditure Unrestricted funds General Funds - all funds 2,036, 705 54,323 (58,600) (186, 104) 1,845, 724 Restrlcted funds Purim 2,000 274,204 2,391 5, 131 (4,370) (3,800) 21 Eugenio Joseph Arbib (24, 173J 251,362 276,204 7,522 (8, 170) (24, 173) 251,383 Total of funds 2,312.309 61,845 (66. 770) (210,277) 2.097. 107 13. Summary offunds Summary offunds - current year Balance at 1 November 2022 Balance at Gainsl 31 October (Losses) 2023 Income Expenditure General funds Reslricled funds 1,845,724 251.383 74,111 8.026 88,5951 14.4611 (34,594) 1,796,646 14,494} 250.454 2,097,107 82,137 193,0561 139,088} 2,047,100 Page 16
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 13. Summary of funds Icontinuedl Summary of funds - prior year Balan at l November 2021 Balan at Gains/ 37 October (Losses) 2022 Income Expenditure General funds 2,036, 105 276,204 54,323 7,522 (58,600) (186, 104) (8, 170) (24, 173) 1,845,724 251,383 Reslricled funds 2,312,309 61,845 (66, 770) (210,277J 2,097, 107 14. Analysis of net assets between funds Anatysis of net assets between funds - current year Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 1,756, 125 47,591 17,0701 250,454 2,006,579 47.591 17.0701 Total 1,796,646 250,454 2,047,100 Analysis of net assets between funds - prior year Unrestricted funds 2022 R8Strict8d funds 2022 Total funds 2022 Fixed asset investments 1,810,456 40,668 (5,400) 235,212 16,171 2,045,668 56,839 (5,400) Current assets Creditors due within one year Totsl 1,845, 724 251,383 2,097, IOT Page 17
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 15. Related party transactions As al 31 October 2023, The Spanish and Portuguese Synagogue Welfare Board was owed £29,019 12022 £24,6701 by the Spanish and Portuguese Jews, Synagogue Common Investment Fund, also known as the London Sephardi Trust Investment Pool lan associated enlily of the Spanish and Portuguese Jews, Synagogue with common Trusleesl, in which all investments of The Spanish and Portuguese Synagogue Welfare Board were held for the entirety of the current and prior year. The charge for administrative fees from Spanish and Portuguese Jews, Synagogue for the year was £2,80012022- £2,800). Page 18