**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. 

**- 1 -** 



POIL4T YOSEF FUIYD NUMBER ONE ACL'OUNT
I'RUSTLES, ANNUAL RLPOIiT
YEAR LNDLD 31 DECEMBER 2022
Risk Management
Thc Trust￿5 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$fi¢d ihul ¥y%ienis arL' in plu¢¢ to Iniligat
exposure to thc majoi. risks.
O&IECTIVES AND ACTIVITIES
The Trust directs th¢ Tnist¢¢5 shfdll apply the incoinc of the Charity for the maintenan¢¢, upke£p and
benefit of the Insti￿tiOn in l*'¥LcI known &¥ Midrayli Porat Yos¥t (also knowii ￿ the F¢d¢r&tion
Yesliivol of Porat Yoscph), establish¢d and d¢dicAt£d for the benefit of thL Jewish cominunity ITh
JcrusAlem.
Public Beneflt
The trLl%te¢% ¢onfinii ihLir eL)iiiplian¢c with ihr duly lo havc due rcburd lo the public bcncfil b>uidunLe
publi%lied by lh¢ ChArity Comiiii55ion wlien IL'vi¢wing the ChtLfiLy'S aims and objcctivcs und in
pl&iining7 futLlIL' activiiieb.
AC.FIIEVEMKNTS AND PERFORMANCE
During ihc year the ch&rily CL)nlinu¢d to rcview ils invtsim¢nl% with the aim of applyin¥* funds in
fiirthcranLL of ILS objLLIivLIi.
FINANCIAL REVIEW
Al 31 DrrthnbLr 2022 th¢ Cliarity hud Sl.4112,083 UnT¢bLriLted Funds. The Trubiees hav¢ not ¢n￿red
inlii ￿nY L()iiimilinLiit% which would utYc¢# tliL findn¢'io1 pU￿1110n ul'tl)e Churity.
Reserv￿ pollry
Tli¢ TNbla's' policy is lo mainlAin M minimuin r¢s¢rve lo Lover tlu¢tuatiorts in in¢om¢.
Investment Pollcy &nd Performance
In a¢¢ordancc with lh¢ Trust Dccd, thc Trustccs have pow¢r to inv¢sr in su¢h stocks, fund5. sharcs,
4CLuritiL.¥ ¢ir olhcr invc%linLnl or prop¥rty f)I' whulsocvLY' naiuir and whLir&()cvLI' siiuulc iliLy fil.
Thc Trui%(ecb haiic cn¥ugJ¢d Cth£enuvc Capilul Monabicmint as iiiveslmciil mttnllge￿. Tlie Polioy is to
Bdoiit a low lo Incdiuim ri%k invcslmcnt %truLegy. Thc iiivcbtincni objcctive )% to IiiUXiliii6e illluinc and
cupillll in th¢ mediLlllI t¢nn lu b¢ 8cliiev¥d througl? a b8lanc¢d porrfolio of eqiiities, bond8 and cash.
PLANS14OR FUTURE I>ERIODS
The charity 1$ 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.** 

**- 4 -** 



potL4T YOSEF FUND NUMBER ONE ACCOUNT
STATEMENT OTr FINANCIAL POSITION
31 DF.CEMBER 2022
2022
2021
N￿e
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 as￿9 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•￿t￿ts,

**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. 

**- 6 -** 



**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|
||`─────────`|<br>`─────────`|`─────────`|`─────────`|
||26,967|**26,967**|21,070|21,070|
||`═════════`|<br>`═════════`|`═════════`|`═════════`|



**- 7 -** 



**PORAT YOSEF FUND NUMBER ONE ACCOUNT** 

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

## **YEAR ENDED 31 DECEMBER 2022** 

## **5. INVESTMENT MANAGEMENT COSTS** 

|||Unrestricted|<br>**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|<br>**2022**|Funds|2021|
|||$|**$**|$|$|
||Portfolio management|11,165|<br>**11,165**|8,011|8,011|
|||`═════════`|<br>`═════════`|`═══════`|`═══════`|
|**6.**|**EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE**|||||
|||Unrestricted|<br>**Total Funds**|Unrestricted|Total Funds|
|||Funds|<br>**2022**|Funds|2021|
|||$|**$**|$|$|
||Support costs|2,217|<br>**2,217**|2,809|2,809|
|||`═══════`|<br>`═══════`|`═══════`|`═══════`|
|**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. 

**- 8 -** 



**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. 

**- 9 -** 



**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|<br>**31**|**December**|
|||2022|Income|Expenditure|losses||**2022**|
|||$|$|$|$||**$**|
|General funds||1,679,238|26,967|(13,382)|(210,740)||**1,482,083**|
|||`═════════════`|`═════════`|`═════════`|`══════════`||`═════════════`|
||||||||At|
||At|1 January|||Gains and|<br>31|December|
|||2021|Income|Expenditure|losses||2021|
|||$|$|$|$||$|
|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)|<br>**(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)|<br>(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|
||`══════════`|`══════════`|



**- 10 -** 



**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. 

**- 11 -** 



**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 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 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¢ Tn￿re¢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.** 

**- 5 -** 



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 Auth￿riS¢{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** 

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 2022** 

## **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|**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|
||`─────────`|<br>`─────────`|`─────────`|`─────────`|
||20,417|**20,417**|16,464|16,464|
||`═════════`|<br>`═════════`|`═════════`|`═════════`|



**- 8 -** 



**PORAT YOSEF FUND NUMBER TWO ACCOUNT** 

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

## **YEAR ENDED 31 DECEMBER 2022** 

## **5. INVESTMENT MANAGEMENT COSTS** 

|||Unrestricted|<br>**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|<br>**2022**|Funds|2021|
|||$|**$**|$|$|
||Portfolio management|7,908|<br>**7,908**|5,609|5,609|
|||`═══════`|<br>`═══════`|`═══════`|`═══════`|
|**6.**|**EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE**|||||
|||Unrestricted|<br>**Total Funds**|Unrestricted|Total Funds|
|||Funds|<br>**2022**|Funds|2021|
|||$|**$**|$|$|
||Support costs|2,215|<br>**2,215**|2,797|2,797|
|||`═══════`|<br>`═══════`|`═══════`|`═══════`|
|**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|<br>**31**|**December**|
|||2022|Income|Expenditure|losses||**2022**|
|||$|$|$|$||**$**|
|General funds||1,236,271|20,417|(10,123)|(151,258)||**1,095,307**|
|||`═════════════`|`═════════`|`═════════`|`══════════`||`═════════════`|
||||||||At|
||At|1 January|||Gains and|<br>31|December|
|||2021|Income|Expenditure|losses||2021|
|||$|$|$|$||$|
|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)|<br>**(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)|<br>(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 -**