CHARITY REGISTRATION NUMBER: 2731195 PORAT YOSEF FUND NUMBER ONE ACCOUNT UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2023 COHEN ARNOLD Chartered Accountants New Burlington House 1075 Finchley Road London NWI I OPU
PORAT YOSEF FUND NUMBER ONE ACCOUNT FINANCIAL STATEMEIYTS YEAR ENDED 31 DECEMBER 2023 Page TNstees' annual report Independcnt examinees report to the trustees ststement of financial activities Statement of financial position Notes to the financial ststements
POIL4T YOSEF FUND NUMBER ONE ACCOUNT TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The tnteeS present their report and ihe unaudited financial statemenls of the charity for the year end¢d 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Porai Yosef Fund Number One Account Registered eharlty n*me Charlty registratlott number Prlnclpal offi¢¢ 273095 6 Albert Court Prince Consort Road London SW7 2BE THE TRUSTEES MrMSLStern Mr A T Cohen Mr D Rabson INDEPENDENT EXAMINER D Goldberg. FCA DChA New Burlington House 1075 FIhleY Road London NWII OPU STRUCTURE, GOVERNANCE AND MANAGEMENT The Porat Yosef Number One Account was set up by the Settlor, Ralphe Moisc Sassoon, by Declaration of Trusl dat 18 August 1970. The Trust Deed directs that the original sum settled and such other funds or prottrty and all subscriptions and donations which rnay be paid or transferred for the purposes ofthe charitable object5 declared shall be held and applied for the Charity. The Charity created by the Deed is to be administered under the lille of 'Por&t Yos¢f Fund,. The Trust owns th¢ freehold iiile5 to the prortieS 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, oiher than this not¢ in the Trustees, Report. Th¢ board of Trusrees wnsists of ihree Truste¢5. New Trustees are found from the contacts and nettworks of existing Trustees. When recruiting n¢w Trustees, the board looks for individuals Wlth ski115 and experience which are of value to the Charity. Any potential Trustees will be interview¢d by the existing Trustees And provided with a pack of inforniation including accounts and a copy of the Intsl deed. The Trustees are eXrIenced individuals and have a good understanding of what is involved in being a Tru51ee of a Charity. When appropriate, the Charity supports the training of Tru51ees including? for example, &ttetMlanc¢ at seminar5. The Trustees meet regularly during the year to consider r¢commendations for, and Tnake final decisions on, the owarding of granis.
POK4T YOSEF FUND NUMBER ONE ACCOUNT TRUSTEES, ANNUAL REPORT (Comtlttue YEAR ENDED 31 DECEMBER 2023 Risk Management The Truslees have assessed the major risks to which the ch8rity is exposed. in particular those relaled to the operation and finances of the Trust, and are satisfied thai systems are in pla¢e to rnitigate exposure to the major risks. OWECTIVES AND ACTIVITIES The Trust directs the Trustees shall apply the income of the Charity for the malthenae, upkeep and benefit of the Institulion in Isr8el known as Midrdsh Porat Yos¢f (a150 known ag the Federation Yeshivot of Porni Yoseph). established and dedicated for the benefit of the Jewish community in Jerusalem. Publlc Benefit The trustees confimi thelr compliance with the dury to have due regatd 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 ils investments with the aim of applying funds in furtherdnce ofiis objeciives. Don&tions paid during the year amounted to $100,000. FINANCIAL REVIEW Ai 31 December 2023 the Charity had $1,511.703 Unrestricted Funds. The Trustees have noi enlered into any commitments which would affect the financial position of the Charity. Reserves pollcy The Trustees, policy is to maintain a minimum reselve to cover fluctuations in income. Investment Pollcy *nd Performance In accordance with the Trust Deed, the Trustees have power to invest in su¢h stocks, funds. shares. securities or other investmenl or property of whatsoever nature and wheresoever situate as they see fit. The Trustees have engaged Cazenove Capital M8nagement as investmenl rnanagers. The Policy is to adopt a low to medium risk investm¢nt strategy. Th¢ investment obje¢tiv¢ is to maximise income and c&pital in the medium term lo be achi¢ved through a balanced portfolio of equities, bonds and cash. PLANS FOR FUTURE PERIODS Th¢ charity is Managed with a view to it b¢in8 able to continue its 74clivities in the future.
PORAT YOSEF FUND NUMBER ONE ACCOUNT TRUSTEES, ANNUAL REPORT (conflNivd) YEAR ENDED 31 DECEMBER 2023 The tnL8tees' annu report W&8 appToved on 24 July 2024 and signed on behalf of the trA)8rd of tnLStees MRMSLSTERN Trustre
PORAT YOSEF FUND NUMBER ONE Accouwr INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PORAT YOSEF FUND NUMBER ONE ACCOUNT YEAR ENDED 31 DECEMBER 2023 I report to the trustees on my examIn10n of the financial statements of Porat Yosef Fund Number One Account ('the charity,) for the year ended 31 December 2023. RESPONSIBILITIES AIYD BASIS OF REPORT As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('Ihe Ad,). I report in respecl of my examination of the charity's financial statements catTied oui under section 145 of the 201 l Act and in carrying out my examination I have followed all the applicable Directions given by lh¢ Charity CoTn5nission under section 145(5Kb) of ihe Act. INDEPENDENT EXAMINER'S STATEMENT I have ¢ompleted my examination. I confirni that no material matters have come io my attention in connection with the examination giving me to believe that in any material respect.. accounling records were not kept in respect of the charity a5 required by section 130 of the Act: or the financial sÉatem¢nls do not accord with those records. or th¢ financial slalements do not comply with the applible requirements concerning the romi and content of accoun15 sei out in the Charities (A¢counts and Reports) Regulations 2008 other than any requiTerneni that the accounts give a 'true and fail view which is not a matrer Considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo whiLh attention should be drawn in this report in order lo enable a proper understanding of the ac¢ounts to be reh¢d. DA Inde ID DBERG, FCA DCHA Examiner urlington I lous¢ 1075 Fin¢hley Road London NWII OPU 24 July 2024
PORAT YOSEF FUND NUMBER ONK ACCOUNT STATEMEiYf OF FINANCIAL AcfivITIES YEAR ENDED 31 DECEMBER 2023 2023 Unrestri¢ted funds Totsl funds Total funds 2022 No INCOME AND ENDOWMENrs Investment incoTne 28.728 28,728 28,728 26,967 26,967 TOTAL INCOME 28.728 EXPENDITURE Expendiiure on raising funds.. Investment management costs Expenditure on ¢haritsble activities TOTAL EXPENDITURE (7,497) {7,497} (102,901) (102,901} (110.398) (I IOJ98) (11.165) (2.217) (13.382) Nel 8ainsl(losses) on investments 111.290 111,290 (210.740) NET INC.OMEI(EXPENDITURE) AND NET MOVEMENT IIY FUNDS 29,620 29.620 (197.155) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED VORWARD 1,482.083 .511,703 1,482,083 1,511,703 1,679,238 1.482,083 The statement of financial activifies includes all gains and losses rccognised in the year. All income and ¢xpenditure derive from continuing activities. The ttoies on pA¥es 7 10 12 fDrm prt of these Ilnncial tstitemen
PORAT YOSEF FUND NUMBER ONE ACCOUNT STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023 2013 2022 FIXED ASSETS Investments 12 1242,582 1,074,070 CURRENT ASSETS Debtors Investrnents Cash at bank and in hand 13 14 40(10 400.O¢J) 30,000 94,426 35,668 435,068 524,426 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Is (166,547) (116,413) NET CURRENT ASSETS 269,121 408,013 TOTAL ASSETS LESS CURRENT LIABILITIES 1,511.703 1,511,703 1,482,083 1,482.083 NET ASSETS Funds of the ehArlty Unrestricted funds 1511,703 1511,703 1.482.083 1.482.083 TOTAL CHARITY FUNDS 16 These financial statements were approved by the board of trLLStees and authorised for issue on 24 July 2024. and are signed on tehalf of the board by: MRMSLSTERN Trustee Tht •otu on 1¢$ 7 to 12 form p•rt ofthtse finantial slat¢mcnt
PORAT YOSEF FUND NUMBER ONE Accouiyr NOTES TO THE FIIYANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 GENEIL4L INFORMATION The charity is a public benefit entity and a registered Ch1¢Y in England and Wales and is unincorporated. The address of the principal office is 6 Alixrt Court, Prince Consort Road, London. SW7 2BE. 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 Sthtement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rewrting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. ACCOUNTING POLICIES Basls ofprepAratlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of ttrtain financial asseis and liabilities me&sured at fair value through income or expenditure. The financial slatements are prepared in US Dollars which is Ihe functional CUfTency of th¢ entity. Golni ¢oncern There are no material uncertainties about the charity's ability lo continue. JudgemeThtS And key sourcu of tImAtIOn un¢¢rtalnty There are no judgements, eslimat¢s and assumptions that affeci the amounts reped. Forelgn currencl Foreign curren¢y transactions are iniiially recorded in the functional currenLy, by applying the 5poI exchange rate as at the dale of the trdnsaction. Monetary assets and liabilities denominated in foreign currencies 8Je translated al the exchange rale ruling at the reporting date, with any gains or losses being iaken to the ststement of financial activities. Fund accollntlng Unrestricted funds are available for use at th¢ discretion of th¢ trustees to further 8ny of the charity's purposes. Designated funds are unrestricted funds earniarked by the trustees for a particular future projeci or commitment. There are no designated funds as al the balance sheet date. Restricted funds are subje¢led to restTiClion5 on their exrKndilure declared by the donor or through the tems of an appeal, and fall into one of htyo sub-classe5.' restricted iOme funds or endowment funds. There are no restricted funds as at the balance sheet date. Incoming resource5 All income is included in the statement of financial a¢tivities when entitlement has passed to the charity, it is probable that th¢ economic benefits associated with the transaction will flow to the ¢harity 2nd ihe amouni Can be reliably measured.
PORAT YOSEF FUPID NUMBER ONE ACCOUNT NOTES TO THE FINANCIAL STATEMENTS (cONlinJ YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (conrtlnAed) Resour¢es expended Expenditure is recognised on an accnjals basis as a liability is incunrd. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the Sthlement of financial a¢livities 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 b¢n¢fit of its beneficiaries, including those support Costs and costs relating to the governance of ihe charity apportioned lo charitable activities. Investment$ Listed inve5trnenls are measured 841 fair v8lue with change5 in fair value being recognised in profit or loss. Reali5ed gains and losses on investments are Calculed based on ihe opening market V8dlue. Unrealised gains and losses on investments are ¢al¢ulated as the differen¢e between the ¢8rrying valuaiion of investments al th¢ balance sheet date and the original cost in Ihe case of investments puKhed during ihe year and otherwise on the differ¢nce tween current valuation and the previous valuation. Flnan¢io1 Instruments A financial asset or a financial liability is reco¥nised only when the entity becomes a party lo the contractual provisions of the instrument. Basic financial instruments are initially recogni5ed al the amount receivable or payable including any related tvdnsaction costs, unless the arrangement constitutes & financing transaction, where il is rccognised at the pre5eni value of the future payments disCOUllted al a market ral¢ of interest for a similar debt instrument. Current assets and current liabilities are Subsequently me&sured at the c&8h or other consideration expected to be paid or received and not discounted. Debt instruments are $ubsequeni5y measured at amortised cost. Where investments in shares or preferen¢¢ shares are publicly traded or their fair value can otherwise be med5ured reliably, Ihe investment is subsequently measured at fair value with changes in fair value re¢ognised in income and expenditure. All other such investments are subsequently measured at cosi less impaijinent. INVESTMENT INCOME Unrestricted Totsl Funds Unrestricted Total Fund5 Funds 2023 Fund5 2022 Income frorn UK quoted investments Income from non-UK quoted investTnents 1,792 1,792 2,034 2,034 26,936 28.728 26,936 24.933 24,933 26,967 28,728 26,967
PORAT YOSEF FUND NUMBER ONE ACCOUNT NOTES TO THE FINANCIAL STATEMENfs YEAR ENDED 31 DECEMBER 2023 INVESTMENT MANAGEMENT COSTS Unreslricted To¢•1 Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Portfolio managern¢nt 7.497 7497 11.165 11.165 EXPENDITURE ON CHARITABLE AcfivJTIES BY FUND TYPE Unrestricted Total Fund$ Unresiricied Total Funds Funds 2023 Funds 2022 SuptM)rt of Midrash Porat Yosef Support costs 100,000 2,901 102,901 Iw),000 2,901 102,901 2.217 2.217 2,217 2.217 EXPENDITURE ON CHARITABLE ACTIVITIES B Y ACTIVITY TYPE Activities undertaken direcily Support costs Total funds 2023 Total fund 2022 Support of Midraqh Pordt Yosef Governan¢¢ ¢osts 100,000 ioo,ooo 2,901 2,901 2,217 100,000 2.901 102,901 2,217 NET INCOMEI{EXPENDITURE) Nel incomel(expenditure) is stated after charginW{crediting): 2023 2022 Foreign ex¢hange differences 303 (247) INDEPENDENT EXAMINATIOIY FEES 2023 2022 Fees payable to the independent examiner for: Independent examination of the financial staternents 2.464 10. STAFF COSTS No salaries or wages have been paid to employees during the year. 11. TRUSTEE REMUIYERATION AND EXPENSES No irustees received any remuneration during the year. The charity did not meet 8ny individual expenses incurred by the trustees for services provided to the ¢harity.
PORAT YOSEF FUND NUMBER ONE ACCOUNT NOTES TO THE FINANCIAL STATEMENTS (coAlln4e YEAR ENDED 31 DECEMBER 2023 12. INVESTMENTS Non-UK quoted UK quoted Investments investments Totsl Falr value Al l January 2023 Additions Disposals Fair value movements 1,047.476 180,675 (124,051) 108.607 1,212,707 26,594 1,074,070 180,675 (124.051) 111,888 3,281 At 31 December 2023 29.875 1,242J82 Carrylng amoun¢ A¢ 31 De¢¢mb¢r 2023 1,212.707 29.875 1,242J82 At 31 December 2022 1,047.476 26,594 1,074,070 All investment5 shown above ar¢ held at valuation. Flnan¢l41 ass¢ts h¢ld gjt falr value All investments are ¢aJTied at their fair value. Fair value at 31 December 2023 is determined USill8 quoied Pri$. The hislori¢al ¢ost of investrnents is $1.048.855 (2022.. $1,003,140). 13. DEBTORS 2023 2022 Other debtors 400,IH)O 400,000 Other debtors include an arnount of $400,(N)0 (2022: $400,000) due from Midrash Pordt Yosef. 14. INVESTMENTS 2023 2022 Other investtnents 30,000 I& CREDITORS: amounts falling due wlthln one year 2023 2022 Accn]als and defetTed incorne Other creditors 2398 163,949 2.464 113,949 16W7 16,413 her creditors include an amount of S163,949 (2022.. $113.949) due to the Pornt Yosef FLmd Number Two Account. io
PORAT YOSEF FUND NUMBER ONE ACCOUNT NOTES TO THE FINANCIAL STATEMEiYfs (conth4ed) YEAR ENDED 31 DECEMBER 2023 16. ANALYSIS OF CHARITABLE FUNDS Unrestrlcted funds At l January 2023 At Gains and 31 December losses 2023 In¢om¢ EXndItre General fjjnds 1,482,083 28.728 (110.398) 111,290 1511,703 At l January 2022 At Gains and 31 December losses 2022 Incorne Expenditure General fund5 1,679,238 26.967 (13,382) (210,740) 1,482,083 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestric*d To141 FndS Funds 2023 Inve5tm¢nls Cuent assets Creditors less than l year Net assets 1,242,582 1,242,582 435,668 435,068 (166.547) (166,547) 1,511,703 1,511,703 Unreslricled Total Funds Funds 2022 Investments Current assets Creditor5 less than l year Net assets 1.074.070 1,074.070 524.426 524.426 (116,413) (116,413) 1.482,083 1.482,083 I& FINANCIAL INSTRUMENTS The carrying amouni for each category of financial instrument is as follows: 2023 2022 FlnanclAI assets measured at fair value through Income •nd ¢xpendlture Financial etS measured at fair value through ineome and expendiiure 1,07I070 1,074.070 Flnan¢lal agsets ¢ho18r¢ debt inslrnments measured at amorti8ed cost Financial &ssets that are debt instruments measured at amortised cost 400.000 400.000 Financial liabilities Mellred at Amortlsed ¢ost Financial liabiliti¢s measured at amortised cost 11&413 116,413
PORAT YOSEF FUND NUMBER ONE ACCOI)NT NOTES TO THE FINANCL4L STATEMENTS ( YEAR ENDED 31 DECEMBER 2023 19. RELATED PARTIES There weTe no Telaied paty ttMns&clion5 duting the year under review. 12
CHARITY REGISTRATION NUMBER: 273095 PORAT YOSEF FUND NUMBER TWO ACCOUNT UNAUDITED FINAIYCIAL STATEMENTS 31 DECEMBER 2023 COHEN ARNOLD Chartered Accountants New Burlington House 1075 Finchley Road London NWI I OPU
PORAT YOSEF FUND NUMBER TWO ACCOUNT FINANCIAL sTATEMEs YEAR ENDED 31 DECEMBER 2023 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Stat¢m¢nt of financial position Notes to the financial statements
PORAT YOSEF FUND NUMBER TWO Accouiyr TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The trustees present their report 8nd the unaudit¢d financial statements of Charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Porat Yosef Fund Number Two Account Registered chArlty nam¢ Charity reglstrltion number Principal offl¢e 273095 6 Albert Court Prince Consort Road London SW7 2BE THE TRUSTEES MrMSLStern Mr A T Cohen Mr D Rabson Independent ex*mlner D Goldberg. FCA DChA New Burlington House 1075 Finchley Road London NWII OPU STRUCTURE, COVERNANCE AND MANAGEMENT The Porat Yosef Fund Number Two Account was set up by the Settlor, Ralphe Moise Sass00 by a Declar81ion of Trust dated 18 August 1970. The Trust Deed direcis that the original sum settled and suLh other funds or property and all subscriptions and donations which may be paid or transferred for lh¢ purwses of the charitable objects de¢lared shall be held and applied for ihe Charity. The Charity created by the Deed is to be administered under the title of 'Pordl 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 noi known and has not been included in the armual accounts, other than this note in the Trustees, Report. The board of Trustees consists of three Trustees. New Trustees are fouThJ from the contscls and networks of existing Trustees. Wh¢n recruiting new Trusiees, the board looks for IliVIdual5 with skills and experien¢e which are of value to the Charity. Any potential Trustees will b¢ interviewed by the existing Trust¢e5 and provided with a p&ck of infornialion including accounts and a Copy of the Trusi Deed. The TnJst¢es are eXrienCed 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 al seminars. The Truste¢s meet regularly during the year lo consider re¢ommendations for. and make final decisions on, the awarding of grants.
PORAT YOSEF FUND NUMBER TWO ACCOUNT TRUSTEES, ANNUAL REPORT (cpRlhtj YEAR ENDED 31 DECEMBER 2023 (com11Nl} Risk Management The Trustees have assessed the major risks to which the Charity is exposed, in particular ih05¢ related io the operation and finances of the Trust, and are satisfied that systems are in place lo mitigate exposure lo the major risk5. 0ECTIVEs AND ACTIVITIES The Trust directs the Trustees shall apply the income of the Charity for the maintenance, upkeep and benefit of the Instilution in Israel known as Midrash Pornl Yosef (also known as the Federdtio Yeshivol of Pordt Yoseph), established and dedicated for the benefit of the Jewish Communiry in Jetwsalem. Public Benetit The trustees confirm iheir compliance with ihe duty to have due regard to the public benefil guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning fuiure a¢tivities. ACHIEVEMENTS AND PERFORMANCE During the year ihe charity continued lo review its irtvestmenls with the aim of applying funds in furtherance of its objectives. During the year, Ihe charity recognised S100,O(10 as a donation to Midrash Porai Yosef. Thi5 Was previously held as a loan. FINANCIAL REVIEW At 31 December 2023 the Charity had $1,079,019 Unrestricted Fund5. The TNslee5 have not entered into any commitments which would affect the financial position of th¢ Chllrity. Reserves poltcy The TrSlee5, policy is to maintain a minimum reserve io cover fluctuations in income. Investment Polley and Perform*nee In accordance with ihe Trust Deed, the Trustees have power lo invest in such stocks. funds, shares, securities or other investment or property of whatsoever nature and wheresoever situate as they see fit. The Trustees have engaged Cazenove Capital Management as investment managers. The Policy is to adopt 8 low to medium risk investment strntegy. The inv¢slment objectiv¢ is to maximise in¢ome and capital in the medium terni to be achieved through a banCed portfolio of equities, bonds and cash. PLANS FOR FUTURE PERIODS The chariry is managed with a view to it being able to ¢ontinue its M¢tivitie5 in the future.
POIL4T YOSEF FUND NUMBER TWO AccouNr TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The Intees. ann] rewrt was approved on 24 July 2024 and $id on behalf of the board of truste /è/A z MRMSLSTERN Ttustee
PORAT YOSEF FUND NUMBER TWO ACCOUIYT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PORAT YOSEF FULYD NUMBER TWO ACCOUIYT YEAR ENDED 31 DECEMBER 2023 I report to the trustees on my examination of the financial statements of Porai Yos¢f Fund NumE*r Two Account ('the Charity,) for the year end¢d 31 December 2023. RESPONSIBILITIES AND BASIS OF REPORT As the trustees of the Charity you are responsible for the preparation of the financial st&l¢ments in accordance with ¢h¢ requirements of the Charities Ad 2011 {'the Act,). I report in respect of my examination of the Charity'g financial statemenis ¢arried out under se¢tion 145 of the 201 l Act and in carrying out my examination I have followed all the applicable Directior15 given by the Charity Commission under section 145(5)(b) of the Act. INDEPENDENT EXAMINERIS STATEMENT I have compleled my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in Tespecl of the Charity as required by section 130 of the Act,. or the financial statements do not accord with those records; or the financial statements do not comply with the applicable requirements concerning the fomi and Content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fail view which is not a matter considered as part of an independeni examination. I have no ¢oncerns and have come acros5 no other matters in connection wilh the examination to which attention should be drawn in this report in nrder to enable a proper und¢rstandin8 of Ihe accounts to be reached. RG, FCA DCHA nt F,xaminer Indepen urlington House 1075 Finchley Road London NWI I OPU 24 July 2024
PORAT YOSEF FUND NUMBER TWO ACCOUNT STATEMENT OF FINANCIAL ACTIVITtES YEAR ENDED 31 DECEMBER 2023 2023 Unrestricted funds Total funds Toial funds 2022 N•t¢ INCOME AND ENDOWMENTS Investment income 21,436 21.436 21,436 21,436 20,417 TOTAL INCOME 20,417 EXPENDITURE Expenditure on raising funds: Investment management costs Expenditure on charilable activities TOTAL EXPENDITURE (5,399) (5,399) (112,005) (112.005) (117,404) (117,404) (7,908) (2,215) (10.123) Nel gainQ(losses) on investments 79,680 79,680 (151,258) NET EXPENDITURE AND NET MOVEMENT IN FUNDS (16,288) (1&288) (140,964) RECONCILIATION OF FUNDS Total funds brought fonvard TOTAL FUIYDS CARRILD FORWARD 1,095,307 1,079.019 1,095,307 .079,019 1.236,271 1.095.307 The stalement of financial activities includes &ll gains gnd10sse5 reco8nised in the year. All income and expendiiure deriv¢ from coniinuing activities. The Thott$ 011 P8t8 7 10 12 foTm part of the finary¢i21 ststemertt$.
PORAT YOSEF FUND NUMBER TWO ACCOUNr STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023 2023 2022 No FIXED ASSETS Inve5tsnents 13 900,500 788.387 CURRENT ASSETS Debtors Investments Cash at bank 2nd in hand 14 15 163,949 223.054 11.000 75,330 17,168 181,117 309.384 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 16 (2,598) (2,464) NET CURRENT ASSETS I7819 306,920 TOTAL ASSETS LESS CURRENT LIABILITIES 1,079.019 1,079.019 .095,307 NET ASSETS 1,095,307 FUNDS OF THE CHARITY unreric*d funds 1,079,019 1.095,307 TOTAL CHARITY FUNDS 17 1,079,019 1.095.307 These financial statements were approved by the board of trustees and authorised for issue on 24 July 2024. and are signed on beh&lf of the Ix)ard by: MRMSLSTERN Trustee Tht notes tsn paw 7 to 12 forni part ofthe5e f•nan¢knl st4terntTht
PORAT YOSEF FUND NUMBER TWO ACCOUNT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CENERAL INFORMATION The Charity is a public benefit entity and a registered charity in England and Wales and is unincorporaied. The address of the principal office is 6 Alrt Court. Prince Consort Road. London. SW7 2BE. STATEMENT OF COMPLIANCE Thes¢ financial statements have been prepared in compliance with FRS 102, 'The Financia] Reporting Standard applicable in the UK 8nd the Republic of Ireland,, the Statement of Re¢omm¢nded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in rhe UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 201 ACCOUNTING POLICIES Boslg of preparntlon The financial statements have been prepared on the historical cosi basis, as modified by the revaluation of Certain financial setS and liabiliiies me&8ured at fair value thTough income or expenditure. The financi81 statements are prepared in US Dollars which is the fun¢lional currency of the entity. Golng Concer There are no material uncertainties about the charity's ability to continue. Judgements and key sour5 of estlmxtion uncertalnty There are no judgements, estimates and assumptions that affect ihe amouT)ts reported. Forelgn ¢urr¢ncle Foreign curren¢y transactions ore initially recorded in the functional currency? by applying the spot exchange Tate as at the dale of the trnnsaction. Monetary assets and liabilities denominated in foreign currencie5 are translated at the ex¢hang¢ rate ruling al the reporting dale, with any gains or lo&se5 being taken to the statement of financial activities. Fund *ccounting Unrestricted funds are available for use at the discrdion of the irustees to further any of the charity's purposes. Designated funds are unre51ri¢ted funds e&nnarked by the trustee5 for parti¢ular future project or COTnmiiment. There are no de5i8nated funds a5 at the balance sheet dAIe. Restticted funds are subjected to restrictions on their expenditure declared by the donor or through the ternis of an appeal, and fall into one of hvo sub-classe5: r¢slricted incoTn¢ funds or endowment funds. There are no restricted funds as at the balance sheet date. IDcomiTrg resour¢es All income is included in the statement of financial activities when entitleTnent has passed to the charity, it is Probable that the e¢onomic benefils associated with the Iransa¢tion will flow to the charity and the amount cfin be reliably measured.
PORAT YOSEF FUND NUMBER TWO ACCOUNT NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES ieontljwed) EKpendi¢ure Expendilure is re¢ognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannoi be fully recovered. and is ¢lassifi¢d under h¢adings of the statement of financial activities to which it relates. EXndItUre on charitable activities includes all costs incutTed by a charity in undertaking aclivilies that further its charitable aims for the benefit of its beneficiaries, including those support cosis and cost5 relaiing to the governance of the charity aptM)rtioned lo clwitable activities. Investments List¢d investments are measured al fair value with changes in fair v&lue being recognised in profit or loss. Realised gains and losses on investments are calculated based on the opening market value. Unrealised gains and 1055es on investments are calculated as the difference between th¢ carying valuation of investTnents gt the balance sheet date and the original cost in Ihe case of investments purchased durin8 the year and otherwise on the differersce Eetween current valuation and lh¢ previous valuation. Financial instruments A financial asset or a finan¢ial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic finan¢ial instruments are initially reco8ni5ed al the amount receivable or payable including any related transaction costs, unless the arrangement Consiilutes a financing Iransaction, where it is recognised at the present value of the future payments discounted al a market rate of interest for a similar debi instrument. Current assets and current liabilities are subscquenily measured at the c&qh or other consideration expected to be paid or received and not discounted. tkbi instruments are subsequently measured at amortised cost. Where investments in shares or preference shares are publicly tr&ded or their fair value can otherwise be Tneasured reliably, the investment is subsequently measured at fair value with hanges in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairnient. INVESTMENT INCOME Unrestricted Tot#1 Funds Unrestri¢led Total Funds Fund5 2023 Funds 2022 Interest receivable Income from UK quoled investments Income from Non-UK quoted investments 846 2,279 846 2.279 2.174 2,174 19,262 21,436 19,262 17,292 17.292 21,436 20,417 20.417
PORAT YOSEF FUND NUMBER TWO ACCOUNT NOTES TO THE FIIYANCIAL STATEMENTS frwillntsed) YEAR ENDED 31 DECEMBER 2023 INVESTMENT MANAGEMENT COSTS Unrestricted Total Funds Unreslri¢ted Totai Funds Funds 2023 Funds 2022 Portfolio management 5,399 SJ99 7.908 7.908 EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE Unrestricl¢d Total FuTrds Unrestricied Total Funds Funds 2023 Funds 2022 Support of Midrash Porat Yosef Support costs 109,105 2,900 112.(M)5 109,105 2.215 2,215 2.215 2.215 112,005 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Support of Midrd5h Poral Yosef Governance cosis 109,105 302 2,598 2,900 109,407 2,598 112,Ib05 (249) 2,464 2.215 109.105 ANALYSIS OF SUPPORT COSTS Supwrt of MidTash Porat Yosef Total 2023 Total 2022 Finance costs Govemance costs 302 2,598 302 2J98 2,900 2,900 NET EXPENDITURE Net expenditure is stated after ch8rgingl{crediting): 2023 2022 Foreign exchange differences 302 (249) 10. INDEPENDENT EXAMINATION FEES 2023 2022 Fees payable to the independent ¢xaminer for- Independeni examination of the financial statements 2.464
PORAT YOSEF FUND NUMBER TWO ACCOUNT NOTES TO THE FINANCIAL STATEMENfs rconilA4edJ YEAR ENDED 31 DECEMBER 2023 11. STAFF COSTS No salaries or wages h&ve been paid to employees during the year. 12. TRUSTEE REMUNERATION AND EXPENSES No trustees re¢eived any rernunerdtion dLbring the year. The charity did not meet any individual expenses ineurred by the trustees for 5ervice5 provid¢d to the charity- 13. INVESTMENTS Non-UK quoted UK quoted investments investments TotAI Falr vilue Ai l January 2023 Addiiions Disposals Fair value movements 752.275 129,747 (97,803} 75,184 859,403 36,112 788J87 129,747 (97,803) 80,169 900J 4,985 41,097 A131 December 2023 Carryln8 amount At 31 December 2023 859.403 752.275 41,097 36.112 900JOO 788,387 At 31 December 2022 All investments shown above are held at valuation. FlnAn¢141 assets held at falr vollle All investments are carried al their fair value. Fair vallke at 31 December 2023 15 ddem)ined Using quoted price5. The historical cost of investments at 31 December 2023 is $831.474 (2022.. S768.235). 14. DEBTOILS 2023 2022 Chher debtors 163,949 223.054 Other debtors include an amount of $163,949 due from the Porat Y05ef Fund Numkr One Account. IX INVESTMENTS 2023 2022 Other investments I 1,000 io
POIL4T YOSEF FUND NUMBER TWO ACCOUNT NOTES TO THE FINANCIAL STATEMENTS (cMlin4C YEAR ENDED 31 DECEMBER 2023 I& CREDITORS: amounts falllng de within oTre yegr 2023 2022 Accruals and deferred income 298 2,464 17. ANALYSIS OF CHARITABLE FUNDS Unre5trlcted fundj At l J&nuary 2023 At Gains and 31 December losses 2023 Income Expenditure General funds 1,095,307 21,436 (117,404) 79,680 Ilb79,019 At l January 2022 At Gains and 31 December losses 2022 Income Expenditure General fund5 1,236,271 20,417 (10.123) (151,258) 1,095,307 I& ANALYSIS OF NET ASSETS BETWEEN FUNDS Unr¢5tricted Totsl Funds Funds 2023 Investments Current assets Crediiors less than l year Net *ssets 900,500 90500 181,117 (2,598) 1,079,019 (2,598) 1,079,019 Unrestricted Total Funds Funds 2022 Investment5 Current assets Creditors less than l year Net aB5ets 788,387 309.384 {2.464) 1.095,307 788,387 309,384 (2,464) 1.095,307 19. FINANCIAL INSTRUMENTS The carrying amount for eh category of financial instrument is as follows: 2023 2022 Financial assets me&8urtd at falr value through In¢ome ind expenditure Financial assets measured at fair value through income and expenditure 788J87 788.387
PORAT YOSEF FUND NUMBER TWO ACCOUNT NOTES TO THE FINANCIAL STATEMENTS (cofillnm YEAR ENDED 31 DECEMBER 2023 19. FINANCIAL INSTRUMENTS (C•*lltt#¢4J 2023 2022 Financial assets that 8re debt instruments measured at omortlsed Cost Financial assets that are debt instruments measured at amortised cost 223,054 223.054 Financial liabilities measured at amortlsed cost Financial liabilities measured at amortised cost 2,464 2,464 20. RELATED PARTIES There w¢r¢ no related party transactions during the year under review. li