Charity number: 313635
THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Statement of cash flows | 8 |
| Notes to the financial statements | 9 - 20 |
THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2020
| Trustees | Mr S Dangoor |
|---|---|
| Mrs S Kandel | |
| Mrs S Kendal | |
| Mrs R Khalastchy | |
| Ms N Leon | |
| Ms J Samuel | |
| Charity registered number 313635 Principal office 2 Ashworth Road London W9 1JY Accountants Berg Kaprow Lewis LLP Chartered Accountants 35 Ballards Lane London N3 1XW Bankers NatWest Bank City of London Office London EC2R 8PA |
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2020
The Trustees present their annual report together with the financial statements of the charity for the 1 November 2019 to 31 October 2020.
Objectives and activities
a. Policies and objectives
The object of the Trust is to provide grants for specified purposes to children or young people not more than 25 years of age who are Sephardi Jews or persons accustomed to congregate with them who are, in the opinion of the Trustees, in need of financial assistance.
b. Grant-making policies
The Trustees receive applications from individuals and institutions. These are reviewed by the Trustees throughout the year in relation to the chartable objectives and appropriate grants are approved by the Trustees.
c. Main activities undertaken to further the charity's purposes for the public benefit
The Trustees have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. The benefit to the public is manifestly demonstrated by the achievements contained in this report.
Achievements and performance
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The charity aims to expend all incoming resources in the form of grants payable to various individuals and institutional beneficiaries. This is dependent upon the level of applications received for funding and also the level of investment income in the year. The Trustees will utilise reserves when suitable grant applications are received in future periods. On this basis, and due to the fact that there are very few overhead costs, there is no fixed level set for free reserves. This reserves policy will be reviewed on an annual basis.
The Trust holds investments in the name of the Spanish and Portuguese Jews' Synagogue Common Investment Fund (also known as The London Sephardi Trust Investment Pool) as custodian trustee. Income earned on these investments in the principal source of funding for the Charity.
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
c. Principal funding
The Statement of Financial Activities, drafted to comply with the Statement of Recommended Practice, shows incoming resources of £35,668 (2019: £44,068) and outgoing resources of £29,561 (2019: £52,398). In addition, there were other recognised losses of £147,116 (2019: gains - £72,733).
Unrestricted reserves at the year end totalled £1,660,357 (2019: £1,795,980) and restricted reserves totalled £85,820 (2019: £91,206)
Structure, governance and management
a. Constitution
The Spanish And Portuguese Jews' Children's Fund is a registered charity, number 313635, governed by a Trust deed and whose governing document is a scheme dated 22 May 1964.
b. Methods of appointment or election of Trustees
Trustees are currently recruited both by word of mouth and also by advertising vacancies among the membership of the Spanish & Portuguese Jews' Congregation. Such advertising is conducted in accordance with the Constitution, with any nominations needing to be appropriately seconded and transmitted to the Secretary. Trustees may be appointed directly by election or co-option to fulfil a casual vacancy. New trustees are generally furnished with minutes of recent meetings and invited to observe one or two meetings prior to taking office. They are encouraged to discuss matters with the Trustees and/or the Secretary to familiarise themselves with the workings of the Charity.
Please see note 16 for details regarding related party transactions and relationships during the year.
c. Financial risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The Trust shall continue to make grants in line with its charitable objectives.
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
Mrs N Leon
Trustee Date: 14/07/2021
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2020
Independent examiner's report to the Trustees of The Spanish And Portuguese Jews' Children's Fund ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 October 2020.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form 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 fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Ian Saunderson
Signed: Dated: 14/07/2021
Ian Saunderson FCA
Berg Kaprow Lewis LLP Chartered Accountants London
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2020
| Note Income from: Investments 3 Total income Expenditure on: Charitable activities Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 33,944 33,944 29,561 29,561 4,383 (140,006) (135,623) 1,795,980 (135,623) 1,660,357 |
Restricted funds 2020 £ 1,724 1,724 - - 1,724 (7,110) (5,386) 91,206 (5,386) 85,820 |
Total funds 2020 £ 35,668 35,668 29,561 29,561 6,107 (147,116) (141,009) 1,887,186 (141,009) 1,746,177 |
Total funds 2019 £ 44,068 44,068 52,398 52,398 (8,330) 72,733 64,403 1,822,783 64,403 1,887,186 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these financial statements.
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
BALANCE SHEET AS AT 31 OCTOBER 2020
| Note Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
20,384 35,614 55,998 (6,045) |
2020 £ 1,696,224 1,696,224 49,953 1,746,177 1,746,177 85,820 1,660,357 1,746,177 |
28,072 22,934 51,006 (7,160) |
2019 £ 1,843,340 |
|---|---|---|---|---|
| 1,843,340 43,846 |
||||
| 1,887,186 | ||||
| 1,887,186 | ||||
| 91,206 1,795,980 |
||||
| 1,887,186 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mrs N Leon Trustee Date: 14/07/2021
The notes on pages 9 to 20 form part of these financial statements.
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2020
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 9 to 20 form part of these financial statements |
2020 £ (22,988) 35,668 35,668 - 12,680 22,934 35,614 |
2019 £ (50,087) 44,068 44,068 - (6,019) 28,953 22,934 |
|---|---|---|
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
1. General information
The Spanish and Portuguese Jews' Children's Fund is a registered charity, operating in England and Wales.
The registered office is 2 Ashworth Road, Maida Vale, London, W9 1JY.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Spanish And Portuguese Jews' Children's Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees acknowledge that the ongoing pandemic has adversely affected the charity's income, but with the closures of schools and residential summer camps, the charity's expenditure on assisting families with school transport costs have reduced. Overall the Trustees consider it appropriate to prepare the financial statements on a going concern basis.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
2. Accounting policies (continued)
2.4 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
2. Accounting policies (continued)
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Investment income
| Unrestricted funds 2020 £ Investment income 33,944 Unrestricted funds 2019 £ Investment income 41,938 |
Restricted funds 2020 £ 1,724 Restricted funds 2019 £ 2,130 |
Total funds 2020 £ 35,668 |
|---|---|---|
| Total funds 2019 £ 44,068 |
4. Analysis of grants
| Grants to | Total | |
|---|---|---|
| Individuals | funds | |
| 2020 | 2020 | |
| £ | £ | |
| Grants | 25,841 | 25,841 |
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
4. Analysis of grants (continued)
| Grants to | Total | |
|---|---|---|
| Individuals | funds | |
| 2019 | 2019 | |
| £ | £ | |
| Grants | 48,199 | 48,199 |
5. Analysis of expenditure by activities
| Charitable activities Charitable activities Analysis of support costs Support costs Audit & Accountancy fees |
Grant funding of activities 2020 £ 25,841 Grant funding of activities 2019 £ 48,199 |
Support costs 2020 £ 3,720 Support costs 2019 £ 4,199 Activities 2020 £ 1,500 2,220 3,720 |
Total funds 2020 £ 29,561 |
|---|---|---|---|
| Total funds 2019 £ 52,398 |
|||
| Total funds 2020 £ 1,500 2,220 |
|||
| 3,720 |
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
5. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Support costs Governance costs |
Activities 2019 £ 1,979 2,220 4,199 |
Total funds 2019 £ 1,979 2,220 |
|---|---|---|
| 4,199 |
6. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,220 ( 2019 - £2,160 ).
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 31 October 2020, no Trustee expenses have been incurred (2019 - £NIL) .
8. Fixed asset investments
| Cost or valuation At 1 November 2019 Revaluations At 31 October 2020 Net book value At 31 October 2020 At 31 October 2019 |
Listed investments £ 1,843,340 (147,116) 1,696,224 1,696,224 1,843,340 |
|---|---|
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
9. Debtors
| Due within one year Amounts owed by group undertakings |
2020 £ 20,384 20,384 |
2019 £ 28,072 |
|---|---|---|
| 28,072 |
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
10. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2020 £ 3,825 - 2,220 6,045 |
2019 £ 2,640 2,300 2,220 |
|---|---|---|
| 7,160 |
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
11. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Restricted funds David Mellows fund Sahal Scholarship fund Total of funds |
Balance at 1 November 2019 £ 1,795,980 56,557 34,649 91,206 1,887,186 |
Income £ 33,944 1,069 655 1,724 35,668 |
Expenditure £ (29,561) - - - (29,561) |
Gains/ (Losses) £ (140,006) (4,409) (2,701) (7,110) (147,116) |
Balance at 31 October 2020 £ 1,660,357 |
|---|---|---|---|---|---|
| 53,217 32,603 |
|||||
| 85,820 | |||||
| 1,746,177 |
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
11. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General funds Restricted funds David Mellows fund Sahal Scholarship fund Total of funds |
Balance at 1 November 2018 £ 1,737,221 53,057 32,505 85,562 1,822,783 |
Income £ 41,938 1,321 809 2,130 44,068 |
Expenditure £ (52,398) - - - (52,398) |
Gains/ (Losses) £ 69,219 2,179 1,335 3,514 72,733 |
Balance at 31 October 2019 £ 1,795,980 |
|---|---|---|---|---|---|
| 56,557 34,649 |
|||||
| 91,206 | |||||
| 1,887,186 |
David Mellows Fund: To provide scholarships for Ashkenazi students of Jewish studies or social work.
Sahal Scholarship Fund: To provide scholarships to any UK university for Jewish boys of Spanish and Portuguese parentage.
12. Summary of funds
Summary of funds - current year
General funds Restricted funds |
Balance at 1 November 2019 £ 1,795,980 91,206 1,887,186 |
Income £ 33,944 1,724 35,668 |
Expenditure £ (29,561) - (29,561) |
Gains/ (Losses) £ (140,006) (7,110) (147,116) |
Balance at 31 October 2020 £ 1,660,357 85,820 |
|---|---|---|---|---|---|
| 1,746,177 |
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
12. Summary of funds (continued)
Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 November 2018 £ 1,737,221 85,562 1,822,783 |
Income £ 41,938 2,130 44,068 |
Expenditure £ (52,398) - (52,398) |
Gains/ (Losses) £ 69,219 3,514 72,733 |
Balance at 31 October 2019 £ 1,795,980 91,206 |
|---|---|---|---|---|---|
| 1,887,186 |
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2020 £ Fixed asset investments 1,610,404 Current assets 55,998 Creditors due within one year (6,045) Total 1,660,357 |
Restricted funds 2020 £ 85,820 - - 85,820 |
Total funds 2020 £ 1,696,224 55,998 (6,045) 1,746,177 |
|---|---|---|
In accordance With Clause 3 of the Scheme made by the Secretary of State of Education and Science under Section 18 of the Charities Act 1960, the General Fund (Unrestricted Fund) incorporates Capital, Revenue Reserve, Holiday and Entertainment,Wilhelm Van Gutman Scholarship and Abendana Hananel Memorial Prize Funds.
The Charity Commission approved the re-organisation of a number of small associated charities effective from 1 November 1998. All the net assets of National Infant School Fund and Gates of Hope Fund together with one half of the net assets of Charities of Fanny Rophe Fund, have been transferred and incorporated within the General Fund. The net assets o! Sahal Scholarship Trust Fund has also been transferred and classified under a separate fund.
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2019 £ 1,752,134 51,006 (7,160) 1,795,980 |
Restricted funds 2019 £ 91,206 - - 91,206 |
Total funds 2019 £ 1,843,340 51,006 (7,160) 1,887,186 |
|---|---|---|---|
14. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Losses/(Gains) on investments Dividends, interests and gains from investments (Increase)/Decrease in debtors Increase/(Decrease) in creditors Net cash used in operating activities 15. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2020 £ (141,009) 147,116 (35,668) 7,688 (1,115) (22,988) 2020 £ 35,614 35,614 |
2019 £ 64,403 (72,733) (44,068) 457 1,854 (50,087) 2019 £ 22,934 22,934 |
|---|---|---|
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THE SPANISH AND PORTUGUESE JEWS' CHILDREN'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
16. Analysis of changes in net debt
| Cash at bank and in hand | At 1 November 2019 £ 22,934 22,934 |
Cash flows £ 12,680 12,680 |
At 31 October 2020 £ 35,614 |
|---|---|---|---|
| 35,614 |
17. Related party transactions
As at 31 October 2020, The Spanish and Portuguese Jews' Children's Fund was owed £20,384 (2019: £28,072) by the Spanish and Portuguese Jews' Synagogue Common Investment Fund, also known as the London Sephardi Trust Investment Pool (an associated entity Of the Spanish and Portuguese Jews' Synagogue with common Trustees), in which all investments of Spanish and Portuguese Jews' Children's Fund were held as at 31 October 2020 and 31 October 2019.
Investment income received during the year from these investments amounted to £35,668 (2019: £44,068).
At the year end, the charity owed £3,800 (2019: £2,300) to Spanish and Portuguese Jews' Synagogue relating to administration fees.
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