2022-12-31-accounts - Porath Yoseph Fund (Mideas Poreth Yusuff)

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CHARITY REGISTRATION NUMBER: 273095

PORAT YOSEF FUND NUMBER ONE ACCOUNT UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2022

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 2022

	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 2022

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.

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.

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POIL4T YOSEF FUIYD NUMBER ONE ACL'OUNT I'RUSTLES, ANNUAL RLPOIiT YEAR LNDLD 31 DECEMBER 2022 Risk Management Thc Trust5 have as$css¢d ihe major risk$ to whiLh ilic ehtsrity is exposcd. in parti¢ular tlios¢ lAted to ihL" operntion and findnLC4 of Lhc Trus( and ¥r¢ .WLli$fi¢d ihul ¥y%ienis arL' in plu¢¢ to Iniligat exposure to thc majoi. risks. O&IECTIVES AND ACTIVITIES The Trust directs th¢ Tnist¢¢5 shfdll apply the incoinc of the Charity for the maintenan¢¢, upke£p and benefit of the InstitiOn in l'¥LcI known &¥ Midrayli Porat Yos¥t (also knowii the F¢d¢r&tion Yesliivol of Porat Yoscph), establish¢d and d¢dicAt£d for the benefit of thL Jewish cominunity ITh JcrusAlem. Public Beneflt The trLl%te¢% ¢onfinii ihLir eL)iiiplian¢c with ihr duly lo havc due rcburd lo the public bcncfil b>uidunLe publi%lied by lh¢ ChArity Comiiii55ion wlien IL'vi¢wing the ChtLfiLy'S aims and objcctivcs und in pl&iining7 futLlIL' activiiieb. AC.FIIEVEMKNTS AND PERFORMANCE During ihc year the ch&rily CL)nlinu¢d to rcview ils invtsim¢nl% with the aim of applyin¥ funds in fiirthcranLL of ILS objLLIivLIi. FINANCIAL REVIEW Al 31 DrrthnbLr 2022 th¢ Cliarity hud Sl.4112,083 UnT¢bLriLted Funds. The Trubiees hav¢ not ¢nred inlii nY L()iiimilinLiit% which would utYc¢# tliL findn¢'io1 pU1110n ul'tl)e Churity. Reserv pollry Tli¢ TNbla's' policy is lo mainlAin M minimuin r¢s¢rve lo Lover tlu¢tuatiorts in in¢om¢. Investment Pollcy &nd Performance In a¢¢ordancc with lh¢ Trust Dccd, thc Trustccs have pow¢r to inv¢sr in su¢h stocks, fund5. sharcs, 4CLuritiL.¥ ¢ir olhcr invc%linLnl or prop¥rty f)I' whulsocvLY' naiuir and whLir&()cvLI' siiuulc iliLy fil. Thc Trui%(ecb haiic cn¥ugJ¢d Cth£enuvc Capilul Monabicmint as iiiveslmciil mttnllge. Tlie Polioy is to Bdoiit a low lo Incdiuim ri%k invcslmcnt %truLegy. Thc iiivcbtincni objcctive )% to IiiUXiliii6e illluinc and cupillll in th¢ mediLlllI t¢nn lu b¢ 8cliiev¥d througl? a b8lanc¢d porrfolio of eqiiities, bond8 and cash. PLANS14OR FUTURE I>ERIODS The charity 1$ managed wilh & vi¢w to it being abl¢ to Lonliiiue its aclivities in the futUTQ. The tru$tees' &ttnual report was approved on 6 Jun¢ 2023 und Signed on behalt of th¢ board of trustees by.. Mrm SLSlern Trustec

PORAT YOSEF FUND NUMBER ONE ACCOUNT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PORAT YOSEF FUND NUMBER ONE ACCOUNT YEAR ENDED 31 DECEMBER 2022 I report to the trustees on my examination of the financial statements of Pornt Yos¢f Fund Number One Account ('the charity) for the year ended 31 De¢¢tllber 2022. RESPONSIBILITIES AND BASIS OF REPORT As the trustees of the charity you are responsible for the preparation of the financial slatetnents in accordaiice with the requirements of the Charities Act 2011 ('the Act,). I report in respeci of my examination of the charity's financial statem¢nts carried out under section 145 of th¢ 2011 Act and in carying Out Tny examination I have followed all th¢ &pplicable Direotions given by the Charity Cotnmission under section 145(SXb) of the Act, INDEPENDENT EXAMINER'S STATEMKNr have completed my examination. l Confirm that no material matters have come lo my Attention in onnectioii with the examination giving me cause to believ¢ that in any material respect: accounting ordS were not kept in respect of the charity as required by section 130 of th¢ the financial statements do not accord with those records. or the financial statements do not comply wilh the applicable requirements concerning the fom) and content of accounts s¢t out in the Charities (Accounts and Reports) Re8ulations 2008 other thali any requirement that the aG¢ounls give a 'true and fail view which is not & mart¢r considered As part of an iiidependent examination. I l)ave no concerns and hav¢ come across no other matters in connealion with th¢ examination to which attention should be drawn in ihis report in order lo enable a proper understanding of the ounls to be reached. erg, FCA DChA ep¢iideni Examiner New Burlington Hous¢ 1075 Finchley Road LONDON NWII OPU 6 June 2023

PORAT YOSEF FUND NUMBER ONE ACCOUNT

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2022

		2022	2022	2021
		Unrestricted
		funds	Total funds	Total funds
	Note	$	$	$
Income and endowments
Investment income	4	26,967	26,967	21,070
		`─────────`	`─────────`	`─────────`
Total income		26,967	26,967	21,070
		`═════════`	`═════════`	`═════════`
Expenditure
Expenditure on raising funds:
Investment management costs	5	(11,165)	(11,165)	(8,011)
Expenditure on charitable activities	6,7	(2,217)	(2,217)	(2,809)
		`─────────`	`─────────`	`─────────`
Total expenditure		(13,382)	(13,382)	(10,820)
		`═════════`	`═════════`	`═════════`
Net (losses)/gains on investments		(210,740)	(210,740)	132,380
		`──────────`	`──────────`	`──────────`
Net (expenditure)/income and net movement in funds		(197,155)	(197,155)	142,630
		`══════════`	`══════════`	`══════════`
Reconciliation of funds
Total funds brought forward		1,679,238	1,679,238	1,536,608
		`─────────────`	`─────────────`	`─────────────`
Total funds carried forward		1,482,083	1,482,083	1,679,238
		`═════════════`	`═════════════`	`═════════════`

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.

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potL4T YOSEF FUND NUMBER ONE ACCOUNT STATEMENT OTr FINANCIAL POSITION 31 DF.CEMBER 2022 2022 2021 Ne Flxed assets Investments 12 1,074,1170 .281,015 Current asse¢y Debitsrs InveslmcnlS Cush ut bjuth and in h411d 13 14 4011,tHIii 3U.000 94,426 524,426 403.285 63,000 48,650 514,935 Creditsbry: 8mounts f4lling due within one year N¢ht current 15 (11&413) (116.712) 4011.013 1,4112,083 1,4112.0113 398,223 1.(?79,2311 1.679,238 TotAI as9 IL%1 current liAbllitles Net assets Fiindi of the chirlty Unrestricted funds 1,482,083 1,482,083 1,679.238 1,679,238 I'ot81 charity fund% These finAn¥ial statem¢nts were approved by the boaTd of ¢ru5tee& ond aurhorised for issue on 6 Jume 2023, and are signed on belialf of thc board by- 16 Mr M S L SieLII Truslc¢ Th¢ on p*£ts 6 to I I part oftbe5e finin¢io1 Stat•tts,

PORAT YOSEF FUND NUMBER ONE ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

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.

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PORAT YOSEF FUND NUMBER ONE ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

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	2022	Funds	2021
	$	$	$	$
Income from UK quoted investments	2,034	2,034	3,027	3,027
Income from non-UK quoted
investments	24,933	24,933	18,043	18,043
	`─────────`	`─────────`	`─────────`	`─────────`
	26,967	26,967	21,070	21,070
	`═════════`	`═════════`	`═════════`	`═════════`

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PORAT YOSEF FUND NUMBER ONE ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

5. INVESTMENT MANAGEMENT COSTS

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		$	$	$	$
	Portfolio management	11,165	11,165	8,011	8,011
		`═════════`	`═════════`	`═══════`	`═══════`
6.	EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		$	$	$	$
	Support costs	2,217	2,217	2,809	2,809
		`═══════`	`═══════`	`═══════`	`═══════`
7.	EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
				Total funds	Total fund
			Support costs	2022	2021
			$	$	$
	Governance costs		2,217	2,217	2,809
			`═══════`	`═══════`	`═══════`
8.	NET (EXPENDITURE)/INCOME
	Net (expenditure)/income is stated after charging/(crediting):
				2022	2021
				$	$
	Foreign exchange differences			(247)	46
				`════`	`════`
9.	INDEPENDENT EXAMINATION FEES
				2022	2021
				$	$
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			2,464	2,763
				`═══════`	`═══════`

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.

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PORAT YOSEF FUND NUMBER ONE ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

12. INVESTMENTS

INVESTMENTS
	Non-UK
	quoted	UK quoted
	Investments	investments	Total
	$	$	$
Fair value
At 1 January 2022	1,249,625	31,390	1,281,015
Additions	358,038	–	358,038
Disposals	(379,701)	–	(379,701)
Fair value movements	(180,486)	(4,796)	(185,282)
	`─────────────`	`─────────`	`─────────────`
At 31 December 2022	1,047,476	26,594	1,074,070
	`═════════════`	`═════════`	`═════════════`
Carrying amount
At 31 December 2022	1,047,476	26,594	1,074,070
	`═════════════`	`═════════`	`═════════════`
At 31 December 2021	1,249,625	31,390	1,281,015
	`═════════════`	`═════════`	`═════════════`

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 2022 is determined using quoted prices. The historical cost of investments is $1,012,910 (2021: $955,534).

13. DEBTORS

		2022	2021
		$	$
	Other debtors	400,000	403,285
		`══════════`	`══════════`
	Other debtors include an amount of $400,000 (2021: $400,000) due from Midrash Porat Yosef.
14.	INVESTMENTS
		2022	2021
		$	$
	Other investments	30,000	63,000
		`═════════`	`═════════`
15.	CREDITORS: amounts falling due within one year
		2022	2021
		$	$
	Accruals and deferred income	2,464	2,763
	Other creditors	113,949	113,949
		`──────────`	`──────────`
		116,413	116,712
		`══════════`	`══════════`

Other creditors include an amount of $113,949 (2021: $113,949) due to the Porat Yosef Fund Number Two Account.

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PORAT YOSEF FUND NUMBER ONE ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

16. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

							At
	At	1 January			Gains and	31	December
		2022	Income	Expenditure	losses		2022
		$	$	$	$		$
General funds		1,679,238	26,967	(13,382)	(210,740)		1,482,083
		`═════════════`	`═════════`	`═════════`	`══════════`		`═════════════`
							At
	At	1 January			Gains and	31	December
		2021	Income	Expenditure	losses		2021
		$	$	$	$		$
General funds		1,536,608	21,070	(10,820)	132,380		1,679,238
		`═════════════`	`═════════`	`═════════`	`══════════`		`═════════════`

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Total Funds
	Funds	2022
	$	$
Investments	1,074,070	1,074,070
Current assets	524,426	524,426
Creditors less than 1 year	(116,413)	(116,413)
	`─────────────`	`─────────────`
Net assets	1,482,083	1,482,083
	`═════════════`	`═════════════`
	Unrestricted	Total Funds
	Funds	2021
	$	$
Investments	1,281,015	1,281,015
Current assets	514,935	514,935
Creditors less than 1 year	(116,712)	(116,712)
	`─────────────`	`─────────────`
Net assets	1,679,238	1,679,238
	`═════════════`	`═════════════`

18. FINANCIAL INSTRUMENTS

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

	2022	2021
	$	$
Financial assets measured at fair value through income and expenditure
Financial assets measured at fair value through income and
expenditure	1,074,070	1,281,015
	`═════════════`	`═════════════`
Financial assets that are debt instruments measured at amortised	cost
Financial assets that are debt instruments measured at amortised
cost	400,000	403,286
	`══════════`	`══════════`
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost	116,413	116,713
	`══════════`	`══════════`

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PORAT YOSEF FUND NUMBER ONE ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

19. RELATED PARTIES

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

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CHARITY REGISTRATION NUMBER: 273095

PORAT YOSEF FUND NUMBER TWO ACCOUNT UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2022

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 2022

	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 2022

The trustees present their report and the unaudited financial statements of the Charity for the year ended 31 December 2022.

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 2022

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 board of Trustees consists of three Trustees.

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.

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PORAT YOSEF FUND NUMBER TWO ACC'OUNT TRUSI'EES, AIYNUAL RLPOR'f (¢onrfN#erf) YEAR ENDED 31 DECEMBER 2022 FINANCJAI, REVITr'W At 31 D¢cember 2022 the Cliariry had Sl,095,107 Unrestricted F,Wbds. Th¢ Tnre¢S have noi entetcd iL)to any wmmitmenis which would affeci Ihe financial position of ihe Chariry. Re¥erve5 policy Th¢ Trustees, policy 18 to TnAintain a millimutn reserve to cover fluctuaiions in incom¢. Investm¢nt Policy PerfomAnce accordan¢¢ with th¢ Ttrust D¢ed, the Trustees havc pow¢r to invest in such sto¢ks. funds. sh8r¢5. securiii&S vr otlier inv¢slment or property of wliaisoev¢r natllre and wlieresoever silUAte as iliey see fit. The Trust¢es have Liigaged Cazenove Lapiial Mai)ugement as invcslin¢n( Inanag¢rs. The Policy is to adopt a low to Incdium risk invesim¢nt %ti'atcby. Tlic invcsliiient objcelivc 1% to i)iaxiiiiise incoi))c and ypilal in ilie Incdiuni tcrni to bc achievcd tl)r()ugh a balanced ponfolio of e4uilies, bonds ond ¢asl?. PLANS FOR FU'I'URE PEHJODS The Gharity is manag¢d with a view to it bein¥ able to ntinUe 11$ QCtiviTie8 in the future. The Irustees, annual report was approvcd on 6 Jun¢ 2023 ond signed on b¢hslf of the board of trustees by.. MrMSLStcrn Tnjsiee

PORAT YOSEF FUND NUMBER TWO AccouNr INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PORAT YOSEF FUND NUMBER TWO ACCOUNT YEAR ENDED 31 DECEMBER 2022 I report to the trustees on my examination of the financial statem¢nts of Pornt Yosef Fund Number Two Account {'the Charity,) for the year ended 31 December 2022. RESPONSIBILITIES AND BASIS OF REPORT As the truslees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities A¢t 2011 ('the Act,). I report in respect of my examinalion of the Charity's financial stat¢ments catYi¢d out under section 145 of the 2011 Act and iTb carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of ihe Act. INDEPENDENT EXAMINER'S STATEMENT I have ¢ompleted my examination. I confirm that no material matters have come to my attention in connection with the examination giving m¢ cause to believe that in any material respect.. accounting records w¢re not kept in respect of the Charity as required by seclion 130 of the Ihe financial statements do not accord with th0 records: or the financial statements do not comply with the applicable requirements concerning the forni and coiilent of accounts set out in the Chariti¢s (Accounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'tru¢ and fail vi¢w which is not a matter considered as part of an independ¢nt examination. J have no concerns and have come across no other matters in connection with ihe examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. berg. FCA DChA Iiidependent Examiner New Burlington House 1075 Fincliley Road LONDON NWI I OPU 6 June 2023

PORAT YOSEF FUND NUMBER TWO ACCOUNT

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2022

		2022	2022	2021
		Unrestricted
		funds	Total funds	Total funds
	Note	$	$	$
Income and endowments
Investment income	4	20,417	20,417	16,464
		`─────────`	`─────────`	`─────────`
Total income		20,417	20,417	16,464
		`═════════`	`═════════`	`═════════`
Expenditure
Expenditure on raising funds:
Investment management costs	5	(7,908)	(7,908)	(5,609)
Expenditure on charitable activities	6,7	(2,215)	(2,215)	(2,797)
		`─────────`	`─────────`	`─────────`
Total expenditure		(10,123)	(10,123)	(8,406)
		`═════════`	`═════════`	`═════════`
Net (losses)/gains on investments		(151,258)	(151,258)	96,798
		`──────────`	`──────────`	`──────────`
Net (expenditure)/income and net movement in funds		(140,964)	(140,964)	104,856
		`══════════`	`══════════`	`══════════`
Reconciliation of funds
Total funds brought forward		1,236,271	1,236,271	1,131,415
		`─────────────`	`─────────────`	`─────────────`
Total funds carried forward		1,095,307	1,095,307	1,236,271
		`═════════════`	`═════════════`	`═════════════`

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.

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PORAT YOSEF FUND NUMBER TWO ACCOUNT SI'ATEMLN'f OTr TriNANCIAL POSITION 31 DECTr.MBb.R 2022 21b22 2021 Fixed gssets Iiivestments 12 788J87 933,136 Current Sets Debio Invc8tmcnt$ Cush at bank And in hand 13 14 225,340 33,000 47,558 305,898 11.000 75,330 309A84 Credithrx: amounts filling ithim veay 15 (2,464) {2,763} NLht f urrent •8sety 30&1)20 1,09.5,307 1,1)95.31)7 303,135 .23f,271 .236.271 TotRI asiets IL151 Lurrent Il#bllities Nel sieti Funds of the charity Unrestri¢t¢d tunds 1,095J07 1,095,307 1.236,271 1,236.271 Tot81 chArity I'und$ These financial $lat¥ments were approved by the board of ttU51¢es and AuthriS¢{l for i&8ue on 6 June 2023, and orL' signed on belialf of thc board by.. 16 MrMSLStern Trustce Th¢ note5 on p*w 7 to 12 fornj part of thut fithantlgl $tstern¢Dt

PORAT YOSEF FUND NUMBER TWO ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

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

3. ACCOUNTING POLICIES

Basis of preparation

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

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.

Incoming resources

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PORAT YOSEF FUND NUMBER TWO ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

3. ACCOUNTING POLICIES (continued)

Expenditure

Investments

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.

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.

4. INVESTMENT INCOME

INVESTMENT INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	$	$	$	$
Interest receivable	846	846	–	–
Income from UK quoted investments	2,279	2,279	3,327	3,327
Income from Non-UK quoted
investments	17,292	17,292	13,137	13,137
	`─────────`	`─────────`	`─────────`	`─────────`
	20,417	20,417	16,464	16,464
	`═════════`	`═════════`	`═════════`	`═════════`

- 8 -

PORAT YOSEF FUND NUMBER TWO ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

5. INVESTMENT MANAGEMENT COSTS

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		$	$	$	$
	Portfolio management	7,908	7,908	5,609	5,609
		`═══════`	`═══════`	`═══════`	`═══════`
6.	EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		$	$	$	$
	Support costs	2,215	2,215	2,797	2,797
		`═══════`	`═══════`	`═══════`	`═══════`
7.	EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
				Total funds	Total fund
			Support costs	2022	2021
			$	$	$
	Support of Midrash Porat Yosef		(249)	(249)	34
	Governance costs		2,464	2,464	2,763
			`───────`	`───────`	`───────`
			2,215	2,215	2,797
			`═══════`	`═══════`	`═══════`
8.	NET (EXPENDITURE)/INCOME
	Net (expenditure)/income is stated after charging/(crediting):
				2022	2021
				$	$
	Foreign exchange differences			(249)	34
				`════`	`════`
9.	INDEPENDENT EXAMINATION FEES
				2022	2021
				$	$
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			2,464	2,763
				`═══════`	`═══════`

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 2022

12. INVESTMENTS

INVESTMENTS
	Non-UK
	quoted	UK quoted
	investments	investments	Total
	$	$	$
Fair value
At 1 January 2022	864,496	68,640	933,136
Additions	259,875	–	259,875
Disposals	(277,923)	–	(277,923)
Fair value movements	(94,173)	(32,528)	(126,701)
	`──────────`	`─────────`	`──────────`
At 31 December 2022	752,275	36,112	788,387
	`══════════`	`═════════`	`══════════`
Carrying amount
At 31 December 2022	752,275	36,112	788,387
	`══════════`	`═════════`	`══════════`
At 31 December 2021	864,496	68,640	933,136
	`══════════`	`═════════`	`══════════`

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 2022 is determined using quoted prices.

The historical cost of investments at 31 December 2022 is $748,623 (2021: $701,644).

13. DEBTORS

DEBTORS
	2022	2021
	$	$
Other debtors	223,054	225,340
	`══════════`	`══════════`

Other debtors include an amount of $113,949 (2021: $113,949) due from the Porat Yosef Fund Number One Account and $109,105 (2021: $109,105) due from Midrash Porat Yosef.

14. INVESTMENTS

14.	INVESTMENTS
		2022	2021
		$	$
	Other investments	11,000	33,000
		`═════════`	`═════════`
15.	CREDITORS: amounts falling due within one year
		2022	2021
		$	$
	Accruals and deferred income	2,464	2,763
		`═══════`	`═══════`

- 10 -

PORAT YOSEF FUND NUMBER TWO ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

16. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

							At
	At	1 January			Gains and	31	December
		2022	Income	Expenditure	losses		2022
		$	$	$	$		$
General funds		1,236,271	20,417	(10,123)	(151,258)		1,095,307
		`═════════════`	`═════════`	`═════════`	`══════════`		`═════════════`
							At
	At	1 January			Gains and	31	December
		2021	Income	Expenditure	losses		2021
		$	$	$	$		$
General funds		1,131,415	16,464	(8,406)	96,798		1,236,271
		`═════════════`	`═════════`	`═══════`	`═════════`		`═════════════`

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Total Funds
	Funds	2022
	$	$
Investments	788,387	788,387
Current assets	309,384	309,384
Creditors less than 1 year	(2,464)	(2,464)
	`─────────────`	`─────────────`
Net assets	1,095,307	1,095,307
	`═════════════`	`═════════════`
	Unrestricted	Total Funds
	Funds	2021
	$	$
Investments	933,136	933,136
Current assets	305,898	305,898
Creditors less than 1 year	(2,763)	(2,763)
	`─────────────`	`─────────────`
Net assets	1,236,271	1,236,271
	`═════════════`	`═════════════`
FINANCIAL INSTRUMENTS
The carrying amount for each category of financial instrument is as	follows:
	2022	2021
	$	$
Financial assets measured at fair value through income and expenditure
Financial assets measured at fair value through income and
expenditure	788,387	933,136
	`══════════`	`══════════`
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised
cost	223,054	225,340
	`══════════`	`══════════`
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost	2,464	2,763
	`═══════`	`═══════`

18. FINANCIAL INSTRUMENTS

- 11 -

PORAT YOSEF FUND NUMBER TWO ACCOUNT

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

19. RELATED PARTIES

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

- 12 -