**CHARITY REGISTRATION NUMBER: 273095** 

**PORAT YOSEF FUND NUMBER ONE ACCOUNT UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2020** 

**COHEN ARNOLD** Chartered Accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU 



## **PORAT YOSEF FUND NUMBER ONE ACCOUNT** 

## **FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 DECEMBER 2020** 

||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**3**|
|Statement of financial activities|**4**|
|Statement of financial position|**5**|
|Notes to the financial statements|**6**|





**PORAT YOSEF FUND NUMBER ONE ACCOUNT** 

## **TRUSTEES' ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2020** 

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2020. 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

**Registered charity name** 

Porat Yosef Fund Number One Account 

**Charity registration number** 273095 **Principal office** 6 Albert Court Prince Consort Road London SW7 2BE **THE TRUSTEES** Mr M S L Stern Mr A T Cohen Mr D Rabson 

**INDEPENDENT EXAMINER** D Goldberg, FCA DChA 

New Burlington House 1075 Finchley Road London NW11 0PU 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The Porat Yosef Number One Account was set up by the Settlor, Ralphe Moise Sassoon, by a Declaration of Trust dated 18 August 1970. 

The Trust Deed directs that the Original sum settled and such other funds or property and all subscriptions and donations which may be paid or transferred for the purposes of the charitable objects declared shall be held and applied for the Charity.  The Charity created by the Deed is to be administered under the title of 'Porat Yosef Fund'. 

The Trust owns the freehold titles to the properties known as Yeshivot of Porat Yosef in Jerusalem, Israel.  The value of the properties is not known and has not been included in the annual accounts, other than this note in the Trustees' Report. 

The board of Trustees consists of three Trustees. 

New Trustees are found from the contacts and networks of existing Trustees.  When recruiting new Trustees the board looks for individuals with skills and experience which are of value to the Charity. Any potential Trustees will be interviewed by the existing Trustees and provided with a pack of information including accounts and a copy of the trust deed. 

The Trustees are experienced individuals and have a good understanding of what is involved in being a Trustee of a charity.  When appropriate, the Charity supports the training of Trustees including, for example, attendance at seminars. 

The Trustees meet regularly during the year to consider recommendations for, and make final decisions on, the awarding of grants. 

**- 1 -** 



PORAT YOSEF FUND NUMBER ONE ACCOUNT
TRUSTEES, ANNUAL REPORT (cgnllmtyedj
YEAR ENDED 31 DECEMBER 2020
Risk Manogement
The Trustees have assessed the major risks to which the charity is exposed. in particular thos¢ relaied
to the operation and finances of the Trust, and are satisfied that syst¢ms are in plaw to mitigate
exposure to the major risks.
OWECTIVES AND ACTIVITIES
The Trust directs the Trustees shall apply the income of the Charity for the mr¢inl¢nance, upkeep and
benefit of the Institution in Isrnel known as Midrash Poral Yosef (also known the Federation
Yeshivot of Porat Yoseph}, established and dedicat￿ for the benefit of the Jewish community in
JenLs&lem.
Public Beneflt
The trustees confimi their compliance with the duty to have due regard to the public b¢nefit guidance
published by the Charity Commibsion when reviewing th¢ Charity's aims and objectives and in
planning fulure actimlies.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity continued to review ils investments with th¢ aim of Applying funds in
furtherance of its objectives.
FINANCIAL REVIEW
At 31 December 2020 the Charity had S1,536,608 Unrestricted Funds. The Trustees have not entered
into any commitment5 which would affect the financial position of the Charity.
Reserves pr)Ilcy
The Truslees, policy is to maintain a minimum reserve lo cover fl￿tuatIonS in income.
Investment Pollcy And Performance
In ac¢ordance with the Trust Deed. the Trustees have pow¢r to invest in such stock5, funds, share$,
securities or other investment or property of wha150ever nature 8nd wheresoever situate as they see fit.
The Truslee5 have engaged Cazenove Capital Management as invesmient managers. The Policy is to
adopt a low to medium risk investment strdlegy. The invesiment objective is to maximise in¢ome and
pital in the medium tem) to be achieved throu8h a balanced portfolio of equities, bonds gnd c￿￿.
PLANS FOR FirruRE PERIODS
The charity is rnanaged with a view to it being able lo continue its activities in th¢ future.
The tnL4tees' annual rekX)rt was approved on 20 October 2021 and signed on ￿h￿lf of the board of
trustees by:
MRMSLSTERN
Trustee

PORAT YOSEF FUND NUMBER ONE ACCOIINT
INDEPENDENT EXAMINER'S REPORT TO'f71E TRUSTELS OF PORAT YOSEF
FIIND NIIMBER ONE ACCOUNT
YEAR ENDED 31 DECEMBLR 2020
I rcport to thc Iru6tec% un my examinaiitsn of the financial bta¢rmeiits of Pordt Yv%¢f Fund Numbcr
One Account ('tli¢ ClE￿.1¢y,) for il)¢ year ended 31 Dccemb¢i 2020.
RESPONSIBILI'I'ILS AND BASIS OF REPORT
As ihc trust¢cs of Lh¢ charity you are icspon4iblc for lh¢ preparation of tlie Iinancial stalements in
accordanc¢ wirh the rcquireiiicnl& ol'the Cliaritics Acl 2011 ('Ih¢ Act.).
I report in respoct of my examin4tion of tlie charity'5 fin*nei#l statemcnts carricd out under scclion 145
ol. lh¢ 2011 Acl and in eariyinuF Out my examination I hav¢ followd all tlie applIc￿ble Dir¢ction
givcn by The Lharity Commission under se¢tion 145{5)Ib} of the A¢1.
INDCPF.NDENT F.XAMINf.R'S 5TATF.MF.NT
I hav¢ ¢ompletLd my cx4ininalion. l u)nfirm tliot no mntcrial multLry'8 liave Lomc to my nl¢cn¢ivn in
onnLCtion with Ilie ¢ximinaliL)n giving m¢ ¢&u$e to beli¢ve thor in any matei'iol rcsp¢¢l'.
ccounting rcctsrdg were not kcpl in r¢¥pccl of thc ¢harity a¥ required by sc¢tion 130 of the
Act; or
the finonciol stalements do not accord with those re¢ords' or
the finonci81 .8thtementg do nol ¢omply witl) the applicable iiquirenicnl& concci'ning tlie
form And cDnlenl lif n¢¢ount4 %¢t oul in th¢ Ch81'ili¢S (Accounts und Rep(TrrisI RcbTululion¥
2008 ()tl)ci' Iliaii any rcqiiir¢menl thai t11¢ ac¢oiinLs giv¢ ll 'truL ftnd faiff vicw whicli is iiot a
muttLr con4id¢r¢d a% purt of ali indepcndcnl cxiiinination.
huv¢ no concci'ns and have ¢omc uLrosg llo l)ther Illut￿r5 in conh¢¥lion witli thc ex￿117)ndI10n tn
whicli attention should be drown in tlii5 repori in order to e118ble n proper understanding vf rhe
a¢eOLints to bc r¢achcd.
D C:01.
G. FCA DCHA
¥ni F..xamin¢i'
New BLirlinglvn House
1075 Fincliley Road
LONDON
NWII OPU
20 October 2021

## **PORAT YOSEF FUND NUMBER ONE ACCOUNT** 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## **YEAR ENDED 31 DECEMBER 2020** 

|||**2020**|**2020**|2019|
|---|---|---|---|---|
|||Unrestricted|||
|||funds|**Total funds**|Total funds|
||**Note**|**$**|**$**|$|
|**Income and endowments**|||||
|Investment income|**4**|24,723|**24,723**|32,900|
|||`─────────`|`─────────`|`─────────`|
|**Total income**||24,723|**24,723**|32,900|
|||`═════════`|`═════════`|`═════════`|
|**Expenditure**|||||
|Expenditure on raising funds:|||||
|Investment management costs|**5**|(6,631)|**(6,631)**|(6,576)|
|Expenditure on charitable activities|**6,7**|(1,911)|**(1,911)**|(3,175)|
|||`─────────`|`─────────`|`─────────`|
|**Total expenditure**||(8,542)|**(8,542)**|(9,751)|
|||`═════════`|`═════════`|`═════════`|
|Net gains on investments||76,320|**76,320**|147,327|
|||`─────────`|`─────────`|`──────────`|
|**Net income and net movement in funds**||92,501|**92,501**|170,476|
|||`═════════`|`═════════`|`══════════`|
|**Reconciliation of funds**|||||
|Total funds brought forward||1,444,107|**1,444,107**|1,273,631|
|||`─────────────`|`─────────────`|`─────────────`|
|**Total funds carried forward**||1,536,608|**1,536,608**|1,444,107|
|||`═════════════`|`═════════════`|`═════════════`|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 6 to 11 form part of these financial statements.** 

**- 4 -** 



PORAT YOSEF FUND NUMBER ONE ACCOUNT
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2020
2020
2019
No¢e
Flxed assets
Investtnents
12
1,129,535
1,000.371
Current Assets
Debtors
Investments
C￿h at bank and in h￿d
13
14
403J17
105,000
15,494
523,811
403,219
123,0(NJ
37.834
564.053
Creditors: amounts fAlllng due
wlthln one year
Net Current assets
15
(11&738)
(120.317)
407,073
1536,608
IJ36,{￿lS
443,736
1,444,107
1,444,107
Total assets less current Il*blll¢les
Net Assets
Funds of the chgrlty
Unrestricled funds
IJ36,608
I￿30,008
1,444,107
1,444.107
Total ¢h•rity ￿ndS
16
Thege financial statements were approved by the board of trustees Ond authorised for issue on 20
(htober 2021, 8nd are signed on b¢h&lf of the board by.,
MRMSLSTERN
Trust¢e
Th• noteB on pr¢ges 6 ID 11 form parlof the4e finAncial 5thtemtnts.

**PORAT YOSEF FUND NUMBER ONE ACCOUNT** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 DECEMBER 2020** 

## **1. GENERAL INFORMATION** 

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 6 Albert Court, Prince Consort Road, London, SW7 2BE. 

## **2. STATEMENT OF COMPLIANCE** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. 

## **3. ACCOUNTING POLICIES** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure. 

The financial statements are prepared in US Dollars which is the functional currency of the entity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Judgements and key sources of estimation uncertainty** 

There are no judgements, estimates and assumptions that affect the amounts reported. 

## **Foreign currencies** 

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities. 

## **Fund accounting** 

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. 

Designated funds are unrestricted funds earmarked by the trustees for a particular future project or commitment. There are no designated funds as at the balance sheet date. 

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. There are no restricted funds as at the balance sheet date. 

## **Incoming resources** 

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. 

**- 6 -** 



**PORAT YOSEF FUND NUMBER ONE ACCOUNT** 

**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ 

## **YEAR ENDED 31 DECEMBER 2020** 

## **3. ACCOUNTING POLICIES** _**(continued)**_ 

## **Resources expended** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates. 

Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 

## **Investments** 

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.  Realised gains and losses on investments are calculated based on the opening market value.  Unrealised gains and losses on investments are calculated as the difference between the carrying valuation of investments at the balance sheet date and the original cost in the case of investments purchased during the year and otherwise on the difference between current valuation and the previous valuation. 

## **Financial instruments** 

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 

Debt instruments are subsequently measured at amortised cost. 

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. 

## **4. INVESTMENT INCOME** 

|**INVESTMENT INCOME**|||||
|---|---|---|---|---|
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2020**|Funds|2019|
||$|**$**|$|$|
|Interest receivable|325|**325**|519|519|
|Income from UK quoted investments|2,967|**2,967**|3,714|3,714|
|Income from non-UK quoted|||||
|investments|21,431|**21,431**|28,667|28,667|
||`─────────`|<br>`─────────`|`─────────`|`─────────`|
||24,723|**24,723**|32,900|32,900|
||`═════════`|<br>`═════════`|`═════════`|`═════════`|



**- 7 -** 



**PORAT YOSEF FUND NUMBER ONE ACCOUNT** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ 

## **YEAR ENDED 31 DECEMBER 2020** 

## **5. INVESTMENT MANAGEMENT COSTS** 

|**5.**|**INVESTMENT MANAGEMENT**|**COSTS**||||
|---|---|---|---|---|---|
|||Unrestricted|<br>**Total Funds**|Unrestricted|Total Funds|
|||Funds|<br>**2020**|Funds|2019|
|||$|**$**|$|$|
||Portfolio management|6,631|<br>**6,631**|6,576|6,576|
|||`═══════`|<br>`═══════`|`═══════`|`═══════`|
|**6.**|**EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE**|||||
|||Unrestricted|<br>**Total Funds**|Unrestricted|Total Funds|
|||Funds|<br>**2020**|Funds|2019|
|||$|**$**|$|$|
||Support costs|1,911|<br>**1,911**|3,175|3,175|
|||`═══════`|<br>`═══════`|`═══════`|`═══════`|
|**7.**|**EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE**|||||
|||||**Total funds**|Total fund|
||||Support costs|**2020**|2019|
||||$|**$**|$|
||Governance costs||1,911|**1,911**|3,175|
||||`═══════`|`═══════`|`═══════`|
|**8.**|**NET INCOME**|||||
||Net income is stated after charging/(crediting):|||||
|||||**2020**|2019|
|||||**$**|$|
||Foreign exchange differences|||**(386)**|(9)|
|||||`════`|`════`|
|**9.**|**INDEPENDENT EXAMINATION FEES**|||||
|||||**2020**|2019|
|||||**$**|$|
||Fees payable to the independent examiner for:|||||
||Independent examination of the financial statements|||**2,789**|3,164|
|||||`═══════`|`═══════`|



## **10. STAFF COSTS** 

No salaries or wages have been paid to employees during the year. 

## **11. TRUSTEE REMUNERATION AND EXPENSES** 

No trustees received any remuneration during the year. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity. 

**- 8 -** 



**PORAT YOSEF FUND NUMBER ONE ACCOUNT** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ 

## **YEAR ENDED 31 DECEMBER 2020** 

## **12. INVESTMENTS** 

|**INVESTMENTS**||||
|---|---|---|---|
||Non-UK|||
||quoted|UK quoted||
||Investments|investments|**Total**|
||$|$|**$**|
|**Fair value**||||
|At 1 January 2020|925,533|74,838|**1,000,371**|
|Additions|304,922|–|**304,922**|
|Disposals|(276,916)|–|**(276,916)**|
|Fair value movements|100,824|334|**101,158**|
||`─────────────`|`─────────`|`─────────────`|
|**At 31 December 2020**|1,054,363|75,172|**1,129,535**|
||`═════════════`|`═════════`|`═════════════`|
|**Carrying amount**||||
|**At 31 December 2020**|1,054,363|75,172|**1,129,535**|
||`═════════════`|`═════════`|`═════════════`|
|At 31 December 2019|925,533|74,838|1,000,371|
||`═════════════`|`═════════`|`═════════════`|



All investments shown above are held at valuation. 

## **Financial assets held at fair value** 

All investments are carried at their fair value.  Fair value at 31 December 2020 is determined using quoted prices. The historical cost of investments is $853,396 (2019: $802,589). 

## **13. DEBTORS** 

||**2020**|2019|
|---|---|---|
||**$**|$|
|Other debtors|**403,317**|403,219|
||`══════════`|`══════════`|



Other debtors include an amount of $400,000 (2019: $400,000) due from Midrash Porat Yosef. 

## **14. INVESTMENTS** 

|**14.**|**INVESTMENTS**|||
|---|---|---|---|
|||**2020**|2019|
|||**$**|$|
||Other investments|**105,000**|123,000|
|||`══════════`|`══════════`|
|**15.**|**CREDITORS:** **amounts falling due within one year**|||
|||**2020**|2019|
|||**$**|$|
||Accruals and deferred income|**2,789**|6,368|
||Other creditors|**113,949**|113,949|
|||`──────────`|`──────────`|
|||**116,738**|120,317|
|||`══════════`|`══════════`|



Other creditors include an amount of $113,949 (2019: $113,949) due to the Porat Yosef Fund Number Two Account. 

**- 9 -** 



**PORAT YOSEF FUND NUMBER ONE ACCOUNT** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ 

## **YEAR ENDED 31 DECEMBER 2020** 

## **16. ANALYSIS OF CHARITABLE FUNDS** 

## **Unrestricted funds** 

|**Unrestricted funds**||||||
|---|---|---|---|---|---|
||At||||**At**|
||1 January|||Gains and|<br>**31 December**|
||2020|Income|Expenditure|losses|<br>**2020**|
||$|$|$|$|**$**|
|General funds|1,444,107|24,723|(8,542)|76,320|<br>**1,536,608**|
||`═════════════`|`═════════`|`═══════`|`═════════`|<br>`═════════════`|
||At||||At|
||1 January|||Gains and|<br>31 December|
||2019|Income|Expenditure|losses|<br>2019|
||$|$|$|$|$|
|General funds|1,273,631|32,900|(9,751)|147,327|<br>1,444,107|
||`═════════════`|`═════════`|`═══════`|`══════════`|<br>`═════════════`|



## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

||Unrestricted|**Total Funds**|
|---|---|---|
||Funds|**2020**|
||$|**$**|
|Investments|1,129,535|**1,129,535**|
|Current assets|523,811|**523,811**|
|Creditors less than 1 year|(116,738)|<br>**(116,738)**|
||`─────────────`|`─────────────`|
|**Net assets**|1,536,608|**1,536,608**|
||`═════════════`|`═════════════`|
||Unrestricted|Total Funds|
||Funds|2019|
||$|$|
|Investments|1,000,371|1,000,371|
|Current assets|564,053|564,053|
|Creditors less than 1 year|(120,317)|<br>(120,317)|
||`─────────────`|`─────────────`|
|**Net assets**|1,444,107|1,444,107|
||`═════════════`|`═════════════`|



## **18. FINANCIAL INSTRUMENTS** 

The carrying amount for each category of financial instrument is as follows: 

||**2020**|2019|
|---|---|---|
||**$**|$|
|**Financial assets measured at fair value through income and expenditure**|||
|Financial assets measured at fair value through income and|||
|expenditure|**1,129,535**|1,000,371|
||`═════════════`|`═════════════`|
|**Financial assets that are debt instruments measured at amortised**|**cost**||
|Financial assets that are debt instruments measured at amortised|||
|cost|**403,317**|403,219|
||`══════════`|`══════════`|
|**Financial liabilities measured at amortised cost**|||
|Financial liabilities measured at amortised cost|**116,739**|120,317|
||`══════════`|`══════════`|



**- 10 -** 



**PORAT YOSEF FUND NUMBER ONE ACCOUNT** 

**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ 

**YEAR ENDED 31 DECEMBER 2020** 

## **19. RELATED PARTIES** 

There were no related party transactions during the year under review. 

**- 11 -** 



**CHARITY REGISTRATION NUMBER: 273095** 

## **PORAT YOSEF FUND NUMBER TWO ACCOUNT UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2020** 

**COHEN ARNOLD** Chartered Accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU 



## **PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

## **FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 DECEMBER 2020** 

||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**4**|
|Statement of financial activities|**5**|
|Statement of financial position|**6**|
|Notes to the financial statements|**7**|





## **PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

## **TRUSTEES' ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2020** 

The trustees present their report and the unaudited financial statements of the Charity for the year ended 31 December 2020. 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

**Registered charity name** 

Porat Yosef Fund Number Two Account 

**Charity registration number** 273095 **Principal office** 6 Albert Court Prince Consort Road London SW7 2BE 

**THE TRUSTEES** Mr M S L Stern Mr A T Cohen Mr D Rabson **Independent examiner** D Goldberg, FCA DChA New Burlington House 1075 Finchley Road London NW11 0PU 

**- 1 -** 



## **PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

## **TRUSTEES' ANNUAL REPORT** _**(continued)**_ 

## **YEAR ENDED 31 DECEMBER 2020** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The Porat Yosef Fund Number Two Account was set up by the Settlor, Ralphe Moise Sassoon, by a Declaration of Trust dated 18 August 1970. 

The Trust Deed directs that the Original sum settled and such other funds or property and all subscriptions and donations which may be paid or transferred for the purposes of the charitable objects declared shall be held and applied for the Charity.  The Charity created by the Deed is to be administered under the title of 'Porat Yosef Fund'. 

The Trust owns the freehold titles to the properties known as Yeshivot of Porat Yosef in Jerusalem, Israel.  The value of the properties is not known and has not been included in the annual accounts, other than this note in the Trustees' Report. 

The board of Trustees consists of three Trustees. 

New Trustees are found from the contacts and networks of existing Trustees.  When recruiting new Trustees the board looks for individuals with skills and experience which are of value to the Charity. Any potential Trustees will be interviewed by the existing Trustees and provided with a pack of information including accounts and a copy of the Trust Deed. 

The Trustees are experienced individuals and have a good understanding of what is involved in being a Trustee of a charity.  When appropriate, the Charity supports the training of Trustees including, for example, attendance at seminars. 

The Trustees meet regularly during the year to consider recommendations for, and make final decisions on, the awarding of grants. 

## **Risk Management** 

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operation and finances of the Trust, and are satisfied that systems are in place to mitigate exposure to the major risks. 

## **OBJECTIVES AND ACTIVITIES** 

The Trust directs the Trustees shall apply the income of the Charity for the maintenance, upkeep and benefit of the Institution in Israel known as Midrash Porat Yosef (also known as the Federation Yeshivot of Porat Yoseph), established and dedicated for the benefit of the Jewish community in Jerusalem. 

## **Public Benefit** 

The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities. 

## **ACHIEVEMENTS AND PERFORMANCE** 

During the year the charity continued to review its investments with the aim of applying funds in furtherance of its objectives. 

**- 2 -** 



PORAT YOSEF FUND NUMBER TWO ACCOUNT
TRUSTEES, ANNUAL REPORT rconlln4erfJ
YEAR ENDED 31 DECEMBER 2020
FINANCIAL REVIEW
At 31 December 2020 the Charity had S1,131,415 Unrestricted Funds. The Tr￿te¢S have noi entered
into any commitmerrts which would affect the finan¢ial position of the Charity.
Reserves pollcy
The Truste¢5' policy is to mainlain a minimum reserve to cover flucluations in incom¢.
Investment Pollcy and P¢rformAnee
In accordance with the Trust Deed, the Trustees have power to invest in such stocks, funds, Shares.
securities or other investment or property of whatsoever nalure and wh¢reso¢v¢r situate as they see fil.
The Trusle¢s have engaged Cazenove Capital Management as investment managers. The Poli¢y is to
adopt a low to medium risk investment strategy. The investment objective is to maximise income and
capital in the medium terni to be achieyed throu8h a balanced portfolio of equittes. bonds and cash.
PLANS FOR FUTURE PERIODS
The charity is Managed with a view to it being able to continue its a¢tivlties in the future.
The trustees, annual report was approved on 20 October 2021 and Sign￿ on behalf of the board of
trustees by..
MRMSLSTERN
Thjstee

PORAT YOSCF FIIND NUMBLR TWO ACCOUNT
INDEPENDENT EXAMINER'S REPORT TO 'TIIE TRUSTEES OF PORAT YOSEF
FUIYD NUMBER TWO AC'COUNT
YEAR ENDED 31 DEC'EMBER 2020
report lo lh¢ trustecs ¢)n my examination of il)¢ finftncial blaI￿n¢ll15 of Poral Yvset, Fund Number
Two Account I'the ChJTity'I for the year ended 31 Dcccmb¢r 2020.
RESPOIYSIBILITIES AND BASIS OF REPORT
As the In]st¢es of ihc Charity y()Ll arc rc4ponsible for th¢ preparation of the financial staiernenls in
uLGord¥iiLe With tli¢ reqiiircmLnls of th¢ Choritie¥ Act 2011 ('Ihc A¢i'}.
I re￿rt in [￿peCt of my ¢xawn#tion the Cliority's tina￿la] stateillcnls carried out undcr s¢clion
145 of the 201 l A¢t ond in canying oiii my exaillinarion I have follow¢d all the applicgblc Dircctions
given by the C'harity L01nmission under section 145(5)(b) of the Aol.
INDFPF.NDFNT F.XAMINF.R'?i STATF.MF.NT
hav¢ complclcd my examination. I coiifii'm tliot Inlltcrial mattLY¥ litsve comc to my att¢ntion in
Lonncclion with thc ex￿ni)nation giving me Laus¢ to ￿lIeve ¢hai in Afty Inaterial re8p¢a'.
accounting r¢¢ord¥ were not kw iii rcspect of th¢ ClJAri¢y Os r4uircd by t4¢¢tivi? 130 of th¢
the finpnciol slalements do not accord willi ¢hos¢ reeords. or
the finan¢ial sthteinent8 do not comply with Ilic applicable reqliiremcnls concti'nilly Ili¢
rorm Mnd L()nlei)t ol. llc¢ounts sei Out in th¢ Cl)ariiies (Accounls und Reports) Rcgulaiion%
2008 othci. Ililln uny rcquircii)ent that tliL aLLouiIL8 giivc a 'lruc and foil, view whi¢li is iiot
matter consid¢rcd as pllrt of un indcp¢ndcnl exuminatitsn.
I havc concerns aiid hov¢ ¢ome aLI'oss nij other mattcrs in ¢oniiection will) th¢ ¢xthiiiination 10
wliich alterttion should be drawn in tlii5 report in order to enable rt proper und¢rstgiiding of the
accounts to be reached.
D GOI.DB .
Inde
. FCA DCHA
'.xuminci'
BurlingTtoTr Houso
1073 Fincliley Road
LONtK)N
NWII 01?U
20 October 2021

## **PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## **YEAR ENDED 31 DECEMBER 2020** 

|||**2020**|**2020**|2019|
|---|---|---|---|---|
|||Unrestricted|||
|||funds|**Total funds**|Total funds|
||**Note**|**$**|**$**|$|
|**Income and endowments**|||||
|Investment income|**4**|19,054|**19,054**|24,813|
|||`─────────`|`─────────`|`─────────`|
|**Total income**||19,054|**19,054**|24,813|
|||`═════════`|`═════════`|`═════════`|
|**Expenditure**|||||
|Expenditure on raising funds:|||||
|Investment management costs|**5**|(4,816)|**(4,816)**|(4,631)|
|Expenditure on charitable activities|**6,7**|(1,945)|**(1,945)**|(3,220)|
|||`─────────`|`─────────`|`─────────`|
|**Total expenditure**||(6,761)|**(6,761)**|(7,851)|
|||`═════════`|`═════════`|`═════════`|
|Net gains on investments||51,708|**51,708**|107,699|
|||`─────────`|`─────────`|`──────────`|
|**Net income and net movement in funds**||64,001|**64,001**|124,661|
|||`═════════`|`═════════`|`══════════`|
|**Reconciliation of funds**|||||
|Total funds brought forward||1,067,414|**1,067,414**|942,753|
|||`─────────────`|`─────────────`|`─────────────`|
|**Total funds carried forward**||1,131,415|**1,131,415**|1,067,414|
|||`═════════════`|`═════════════`|`═════════════`|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 7 to 12 form part of these financial statements.** 

**- 5 -** 



PORAT YOSEF FUND NUMBER TWO ACCOUNT
STATEMENf OF FllYANCIAL POSITION
31 DECEMBER 2020
2020
2019
Nott
Flxed Assets
Investments
12
82&590
741,933
Current assets
Ikbtors
Investments
Cash ai bank and in h8nd
13
14
225,362
64,ODO
16,2S2
305,614
225,294
77,000
29.555
331.849
Credltors: amounts falllng due
wlthln one yegr
Net current assets
15
(2,789)
(6.368)
302,825
325,481
1,067,414
1,067,414
Totsl asgets le58 ¢urrent Ilabllltles
1,131,413
1,131.413
Net *ss¢ts
Ftsnds of the ¢harlty
Unreslrided funds
1,131,415
,131,415
1,067,414
1,067.414
Total ¢harity fundy
16
These financial statements were approved by the board of trustees ond authorised for issue on 20
October 2021, 8nd &re signed on behalf of the bo8rd by:
MRMSLSTERN
Trustee
Th¢ ll•t¢5 on p•gM 7 to Iz form p•rt otth* Gll*rtelal MA*meDti.

**PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 DECEMBER 2020** 

## **1. GENERAL INFORMATION** 

The Charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 6 Albert Court, Prince Consort Road, London, SW7 2BE. 

## **2. STATEMENT OF COMPLIANCE** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. 

## **3. ACCOUNTING POLICIES** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure. 

The financial statements are prepared in US Dollars which is the functional currency of the entity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Judgements and key sources of estimation uncertainty** 

There are no judgements, estimates and assumptions that affect the amounts reported. 

## **Foreign currencies** 

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities. 

## **Fund accounting** 

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. 

Designated funds are unrestricted funds earmarked by the trustees for particular future project or committment. There are no designated funds as at the balance sheet date. 

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. There are no restricted funds as at the balance sheet date. 

## **Incoming resources** 

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. 

**- 7 -** 



**PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ 

## **YEAR ENDED 31 DECEMBER 2020** 

## **3. ACCOUNTING POLICIES** _**(continued)**_ 

## **Expenditure** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates. 

Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 

## **Investments** 

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.  Realised gains and losses on investments are calculated based on the opening market value.  Unrealised gains and losses on investments are calculated as the difference between the carrying valuation of investments at the balance sheet date and the original cost in the case of investments purchased during the year and otherwise on the difference between current valuation and the previous valuation. 

## **Financial instruments** 

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 

Debt instruments are subsequently measured at amortised cost. 

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. 

## **4. INVESTMENT INCOME** 

|**INVESTMENT INCOME**|||||
|---|---|---|---|---|
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2020**|Funds|2019|
||$|**$**|$|$|
|Interest receivable|82|**82**|393|393|
|Income from UK quoted investments|3,286|**3,286**|4,104|4,104|
|Income from Non-UK quoted|||||
|investments|15,686|**15,686**|20,316|20,316|
||`─────────`|<br>`─────────`|`─────────`|`─────────`|
||19,054|**19,054**|24,813|24,813|
||`═════════`|<br>`═════════`|`═════════`|`═════════`|



**- 8 -** 



## **PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ 

## **YEAR ENDED 31 DECEMBER 2020** 

## **5. INVESTMENT MANAGEMENT COSTS** 

|**5.**|**INVESTMENT MANAGEMENT**|**COSTS**||||
|---|---|---|---|---|---|
|||Unrestricted|<br>**Total Funds**|Unrestricted|Total Funds|
|||Funds|<br>**2020**|Funds|2019|
|||$|**$**|$|$|
||Portfolio management|4,816|<br>**4,816**|4,631|4,631|
|||`═══════`|<br>`═══════`|`═══════`|`═══════`|
|**6.**|**EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE**|||||
|||Unrestricted|<br>**Total Funds**|Unrestricted|Total Funds|
|||Funds|<br>**2020**|Funds|2019|
|||$|**$**|$|$|
||Support costs|1,945|<br>**1,945**|3,220|3,220|
|||`═══════`|<br>`═══════`|`═══════`|`═══════`|
|**7.**|**EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE**|||||
|||||**Total funds**|Total fund|
||||Support costs|**2020**|2019|
||||$|**$**|$|
||Support of Midrash Porat Yosef||(352)|**(352)**|36|
||Governance costs||2,297|**2,297**|3,184|
||||`───────`|`───────`|`───────`|
||||1,945|**1,945**|3,220|
||||`═══════`|`═══════`|`═══════`|
|**8.**|**NET INCOME**|||||
||Net income is stated after charging/(crediting):|||||
|||||**2020**|2019|
|||||**$**|$|
||Foreign exchange differences|||**(352)**|36|
|||||`════`|`════`|
|**9.**|**INDEPENDENT EXAMINATION FEES**|||||
|||||**2020**|2019|
|||||**$**|$|
||Fees payable to the independent examiner for:|||||
||Independent examination of the financial statements|||**2,789**|3,184|
|||||`═══════`|`═══════`|



## **10. STAFF COSTS** 

No salaries or wages have been paid to employees during the year. 

## **11. TRUSTEE REMUNERATION AND EXPENSES** 

No trustees received any remuneration during the year. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity. 

**- 9 -** 



**PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ 

## **YEAR ENDED 31 DECEMBER 2020** 

## **12. INVESTMENTS** 

|**INVESTMENTS**||||
|---|---|---|---|
||Non-UK|||
||quoted|UK quoted||
||investments|investments|**Total**|
||$|$|**$**|
|**Fair value**||||
|At 1 January 2020|655,343|86,590|**741,933**|
|Additions|218,693|–|**218,693**|
|Disposals|(201,909)|–|**(201,909)**|
|Fair value movements|70,338|(465)|**69,873**|
||`──────────`|`─────────`|`──────────`|
|**At 31 December 2020**|742,465|86,125|**828,590**|
||`══════════`|`═════════`|`══════════`|
|**Carrying amount**||||
|**At 31 December 2020**|742,465|86,125|**828,590**|
||`══════════`|`═════════`|`══════════`|
|At 31 December 2019|655,343|86,590|741,933|
||`══════════`|`═════════`|`══════════`|



All investments shown above are held at valuation. 

## **Financial assets held at fair value** 

All investments are carried at their fair value. Fair value at 31 December 2020 is determined using quoted prices. 

The historical cost of investments at 31 December 2020 is $636,132 (2019: $602,693). 

## **13. DEBTORS** 

|**DEBTORS**|||
|---|---|---|
||**2020**|2019|
||**$**|$|
|Other debtors|**225,362**|225,294|
||`══════════`|`══════════`|



Other debtors include an amount of $113,949 (2019: $113,949) due from the Porat Yosef Fund Number One Account and $109,105 (2019: $109,105) due from Midrash Porat Yosef. 

## **14. INVESTMENTS** 

|**14.**|**INVESTMENTS**|||
|---|---|---|---|
|||**2020**|2019|
|||**$**|$|
||Other investments|**64,000**|77,000|
|||`═════════`|`═════════`|
|**15.**|**CREDITORS:** **amounts falling due within one year**|||
|||**2020**|2019|
|||**$**|$|
||Accruals and deferred income|**2,789**|6,368|
|||`═══════`|`═══════`|



**- 10 -** 



**PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ 

## **YEAR ENDED 31 DECEMBER 2020** 

## **16. ANALYSIS OF CHARITABLE FUNDS** 

## **Unrestricted funds** 

|**Unrestricted funds**||||||
|---|---|---|---|---|---|
||At||||**At**|
||1 January|||Gains and|<br>**31 December**|
||2020|Income|Expenditure|losses|<br>**2020**|
||$|$|$|$|**$**|
|General funds|1,067,414|19,054|(6,761)|51,708|<br>**1,131,415**|
||`═════════════`|`═════════`|`═══════`|`═════════`|<br>`═════════════`|
||At||||At|
||1 January|||Gains and|<br>31 December|
||2019|Income|Expenditure|losses|<br>2019|
||$|$|$|$|$|
|General funds|942,753|24,813|(7,851)|107,699|<br>1,067,414|
||`══════════`|`═════════`|`═══════`|`══════════`|<br>`═════════════`|



## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

||Unrestricted|**Total Funds**|
|---|---|---|
||Funds|**2020**|
||$|**$**|
|Investments|828,590|**828,590**|
|Current assets|305,614|**305,614**|
|Creditors less than 1 year|(2,789)|<br>**(2,789)**|
||`─────────────`|`─────────────`|
|**Net assets**|1,131,415|**1,131,415**|
||`═════════════`|`═════════════`|
||Unrestricted|Total Funds|
||Funds|2019|
||$|$|
|Investments|741,933|741,933|
|Current assets|331,849|331,849|
|Creditors less than 1 year|(6,368)|<br>(6,368)|
||`─────────────`|`─────────────`|
|**Net assets**|1,067,414|1,067,414|
||`═════════════`|`═════════════`|



## **18. FINANCIAL INSTRUMENTS** 

The carrying amount for each category of financial instrument is as follows: 

||**2020**|2019|
|---|---|---|
||**$**|$|
|**Financial assets measured at fair value through income and expenditure**|||
|Financial assets measured at fair value through income and|||
|expenditure|**828,590**|741,933|
||`══════════`|`══════════`|
|**Financial assets that are debt instruments measured at amortised**|**cost**||
|Financial assets that are debt instruments measured at amortised|||
|cost|**225,362**|225,294|
||`══════════`|`══════════`|
|**Financial liabilities measured at amortised cost**|||
|Financial liabilities measured at amortised cost|**2,789**|6,368|
||`═══════`|`═══════`|



**- 11 -** 



**PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ 

**YEAR ENDED 31 DECEMBER 2020** 

## **19. RELATED PARTIES** 

There were no related party transactions during the year under review. 

**- 12 -**