Charity number: 230824 SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
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 sheet Notes to the financial $tatement$ 8-17
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024 Trustees S Graham, Chair S Gewolb P Magnus A Dwek R Khalastchy lappoinled 6 April 20251 S Kendal lappointed 6 April 2025} Charity registered number 230824 Principal office Spanish & Portuguese Synagogue 2 Ashworth Road London W9 1JY Accountants 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 2024 The Trustees present their annual report together with the financi81 statements of the Charity for the year 1 November 2023 10 31 October 2024. Objectives and activities a. Polieies and objectives The Trust Funds were established to provide all forms of relief for Seph8rdi 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 £54,95012023". £85,040) 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 aer approved by the Trustees. In line with its ch8ri18ble objectives, the Trust has made 255 grants12023." 3191 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 255 grants in 2024 compared lo 319 grants in the previous year. Average incoming resources for the last 5 years lo 2024 were £76,316 12023". £79,304>. The Welfare Board has continued to work closely wth eommunal welfare organisations in order lo provide grants for children's holidays, clothing, household equipment, utlilies, 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 2024 b. Reserves policy The charity aims to expend all incoming resources in the form of grants p8yable to various individu818nd inslitulional benefieiaries.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 £73,96712023. £82,137>, of which £26,85912023. £33,108> was from donations and legacies and £47, 108 12023". £49,029) was derived from the common investment fund. Expenditure for the year tolalled £55,96212023. £93,056) of which £54,95012023. £85,040) pertained to grants and £1,01212023. £8,016) pertained to support costs. There w8S 8 gain on investments of £130,47712023." loss of £39,088). Funds Carried forward al the year end tol8lled £2, 195,58212023". £2,047,100). Included in the above is £27,02912023". £8,026) of reslricled income and £15,00012023". £4,494) of restricted gains on investments. Restricted funds at the year end totalled £291,43312023. £250,454). Structure, govemance and management a. Constitution Spanish and Portuguèse Synagogue Welfare Board is a registered charity, number 230824, and is constituted under 8 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 he 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 lo 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. c. Organisational structure and deeision-making policies All decisions regarding the Charity are made by the Trustees. The Ch8rily is connected lo the Spanish and Portuguese Jews, Synagogue. In addition, the Charity pays gfftnls on behalf of the Stafford Sassoon Memorial Trust, The Ronnie Gubbay Memorial Fund, The Sir Moses Montefi'ore Coals and Blanket Trust, The Sir Moses Monlefiore Holy Land Trust and Eugenio Joseph Arbib Trust. Page 3
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2024 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 financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally AcpIed Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give 8 true and fair view of the state of affairs of the Charity and of ils incoming resources and application of resources, induding its income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo". 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.'1510812025 Page 4
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 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 2024. 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 l understand that this has been done in order for the accounts lo 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 mallers have come lo my attention in connection with the examination giving me cause lo 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 conMIng the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf 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 whieh 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 8ecord8nce with Part 4 of the Charities IAecounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Charity's Trustees those matters 18m reqUId to stale to them in an Independent ex8minerfs report and for no other purpose. To the fullest extent permitted bylaw, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as 8 body, for my work or for this report. Signed. Dated.. 1910812025 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 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Investments 26,859 41.701 26,859 47.108 33.708 49,029 5.407 Total income 5,407 68,560 73,967 82,137 Expenditure on: Charitable activities 1.050 54.912 55.962 93,056 Total expendlture 1,050 54,912 55,962 93,056 Net incomel{expenditure) before net gainsl{lossesl on investmgnts Nel gainslllossesl on investments 4,357 15,000 13,648 115,477 18,005 130,477 fl0,919) (39,088) Net movement in funds 19,357 129,125 148,482 (50,007) Reeoneiliation of funds.. Total funds brought forward Nel movement in funds 250,454 19,357 1,796,646 129,125 2,047,100 148,482 2,097, 107 (50,OOT) Total funds carried forward 269,811 1,925,771 2,195,582 2,047,700 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 17 form part of these financial slatemenls. Page 6
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD BALANCE SHEET AS AT 31 OCTOBER 2024 2024 2023 Note Fixed assets Investments 2,137,056 2,006,579 2.137.056 2,006,579 Current assets Debtors Cash al bank and in hand 10 26,018 35.448 31,541 16,050 61,466 47,591 Creditors.. amounts falling due within one year 12,940) (7,070) Net current assets 58.526 40,521 Total assets less current liabilities 2,195,582 2,047, 100 Total net assets 2,195,582 2,047,100 Charity funds Reslricled funds 12 269,811 1,925,771 250,454 1,796,646 Unrestricted funds 12 Total funds 2,195.582 2,047, 100 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. P Magnus Trustee Dale.. 15/08/2025 The notes on pages 8 10 17 form part of these financial statements. Page 7
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 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 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. 1.3 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 resoLJrces. 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 direcUy undertaking the acb'vities 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. 1.4 Investments Fixed asset investments are a form of financial instrument and are inilialty recognised al their transaction cost and subsequently measured al fair value al the Balance sheet date, unless the value cannot be measured reliably In which case it is measured al cost less impairment. Investment gains and losses, whether realised or Ljnrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial aclivilies. Page 8
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies Icontinuedl 1.5 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. 1.6 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. 1.7 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan sheet dale 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. Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finan cost. 1.8 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. 1.9 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 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations 26,859 26,859 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Donations 2,390 30,718 33,108 Investment income Restrieted Unrestricted funds funds 2024 2024 Total funds 2024 Income from Common Investment Fund 5,407 41,701 47,108 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Income from Common Investment Fund 5,636 43,393 49,029 Analysls of grants Grants to Individuals 2024 Total funds 2024 Grants, Supporting Seph8rdi Jews S4,950 54,950 Page 10
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Analysis of grants Icontinuedl Grants to Individuals 2023 Total funds 2023 Grants, Supporting Sephardi Jews 85,040 85,040 Analysis of gxpenditure on charitable activitios Summary by fund typg Restricted Unrestrictod funds funds 2024 2024 Total 2024 Supporting Sephardi Jews 1,050 54,912 55,962 Restricted uns1cted funds funds 2023 2023 Total 2023 Supporting Sephardi Jews 4,461 88,595 93,056 Anatysis of expenditure by activities Grant funding of activities 2024 Support costs Total funds 2024 2024 Supporting Sephardi Jews 54,950 1,012 55,962 Page11
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Analysis of expenditure by activities Icontinuedl Grant funding ol activities 2023 Support Gosts 2023 Total funds 2023 Supporting Sephardi Jews 85,040 8,016 93,056 Analysis of support costs Total funds 2024 Activities 2024 Sundry Office costs Independent Examination fees 842 170 170 1,012 1,012 Total funds 2023 Activities 2023 Sundry Office costs Secreterial fees Independent Examination fees Legal fees 393 393 4,858 2, 730 35 4,858 2, 730 35 8,076 8,016 Independent examlner's remuneratlon 2024 2023 Fees payable lo the Charitys independent examiner for the independent examination of the Charity's annual accounts 2, 730 Page 12
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2023- £NIL). During the year ended 31 October 2024, no Trustee expenses have been incurred (2023 - £NIL). Fixed asset investments Listed investments Cost or valuation At 1 November 2023 Revaluations 2,006,579 130,477 At 31 October 2024 2.137,056 Net book value At 31 October 2024 2.137.056 At 31 October 2023 2,006,579 10. Debtors 2024 2023 Due wlthln one year Amounts owed by group undertakings Other debtors 25,847 171 31,541 26.018 31,541 11. Creditors- Amounts falling due within one year 2024 2023 Other creditors 1,540 5,530 Accruals and deferred income 7,070 Page 13
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 12. Statement of funds statement of funds - current year Balance at 1 November 2023 Balance at Gainsl 31 October (Losses) 2024 Income Expenditure Unrestricted funds General Funds - all funds 1.796,646 68.560 154.9121 115.477 1.925,771 Restrlcted funds Eugenio Joseph Arbib 250.454 5.407 11.0501 15.000 269.811 Total of funds 2.047,100 73.967 155.9621 130.477 2.195,582 Page 14
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 12. Statement of funds (continued) statement of funds - prior year Salance al l November 2022 Balan at Gains/ 37 October (Losses) 2023 Transfe in/out Income Exp8nditure Unrestricted funds General Funds- all fvnds 1,845, 724 74,711 (88,595) (34,594) 1, 796,646 Restrlcted funds Purim Eugenio Joseph Arbib 21 2,115 (2, 136) 251,362 5,911 (2,325J (4,494) 250,454 257,383 8,026 (4,461) (4,494) 250,454 Total of funds 2,097,107 82,737 (93,056) (4,494) (34,594) 2,047,700 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 nds are used lo relieve poverty and financial hardship amongst Sephardi Jews in the British Isles. 13. Summary offunds Summary offunds - current year Balance at 1 November 2023 Balance at Gainsl 31 October (Losses) 2024 Income Expenditure General funds Reslricled funds 1,796,646 250.454 68,560 5.407 54,9121 11.0501 115,477 15.000 1,925,771 269.811 2,047,100 73,967 155,9621 130,477 2,195,582 Page 15
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 13. Summary of funds Icontinuedl Summary of funds - prior year Salance al l November 2022 Balan at Gains/ 37 October (Losses) 2023 Transfe in/out Income Exp8nditure General funds 1,845, 724 251,383 74,111 8,026 {88,595J (4,461) {34,594J 1,796,646 250,454 Reslricled funds (4,494) 2,097,107 82,137 {93,056J (4,494) {34,594J 2,047, 100 14. Analysis of net assets between funds Anatysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 269,811 1,867,245 61,466 12,9401 2,137,056 61,466 12.9401 Total 269,811 1,925,771 2,195,582 Analysis of net assets between funds - prior period Restricted Unrestrict8d funds funds 2023 2023 Total funds 2023 Fixed asset investments 250,454 1, 756, 125 47,591 (7,070) 2,(106,579 47,591 (7,070) Current assets Creditors due within one year Totsl 250,454 1,796,646 2,047, 100 Page 16
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 15. Related party transactions As at 31 October 2024, The Spanish and Portuguese Jews, Children's Fund was owed £25,847 12023.. £31,541) by the Spanish and Portuguese Jews. Synagogue Common Investment Fund, also known as the London Sephardi Trust Investment Pool lan associated entity of the Spanish and Portuguese Jews. Synagogue with a common Irusleel, in which all investments of Spanish and Portuguese Jews, Children's Fund were held as at 31 October 2024 and 31 October 2023. Investment income received during the year from these investments amounted to £47,10812023'. £49,029). Page 17