Charity number: 313635 THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND CONTENTS Page Reference and administrative details of the charty, its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-16
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024 Trustees Mrs H Bekhor Mr S Dangoor Mrs S Kendal Mrs R Khalastchy Ms N Leon Ms J Samuel {Resigned 18 September 2024) Dr A Webber Charity registered number 313635 Principal office 2 Ashworth Road London W9 1JY Independent Examiner lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Bankers Natwest Bank City of London Offi London EC2R 8PA Page 1
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees present their annual report together with the financial statements of the charity for the yeaar 1 November 2023 to 31 October 2024. 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 assistan. The exception being the David and Florence Mellows Memorial Fund, the purpose of which is "to award grants, including travel grants and scholarships, to Jewish students either Ashkenazi or Sephardi, male or female, to assist them in pursuing Jewish Studies generally {eg, in a Yeshiva or at a Teachers, Training College or a Degree course at a university or Jews, College) in the United Kingdom, Israel or elsewhere or, alternatively in pursuing studies for a Degree or Diploma in preparation for undertaking social work." b. Activities undertaken to achieve objectives The Charity undertakes to give grants in line with its governing document to Jewish young people in need. c. Grant-making policies The Trustees re1ve applications from individuals and institutions. These are reviewed by the Trustees throughout the year in relation to the charitable objectives and appropriate grants are approved by the Trustees. d. Main activities undertaken to further the charty's purposes for the public benefit The activity of grant making to those Jewish children and Jewish young people in need fijrther the Charity's purpose for the public benefit. Achievements and performance a. Main achievements of the charity The Childrens Fund disbursed 23 grants in 2023-24 compared to 13 in 2022-23. These grants support young people in formal and informal education. This can include support for school field trips, school uniform, university education and residential and day camps. Financial review . 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 cOnM basis can be found in the accounting policies. Page 2
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 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 fijnding 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 Sour of funding for the Charity- c. Review of the Year Total income for the year was £43,771 (2023: £45,626) derived from the common investment fund. Expenditure for the year totalled £26,974 (2023.. £20,908), of which £23,005 (2023.. £16,535) pertained to grants and £3,969 (2023.. £4,373) pertained to support costs. There was a gain on investments of £121,42012023: loss of £36,373). Funds carried forward at the year end totalled £2,065,098 (2023.. £1,926,881). Included in the above is £2,204 (2023.. £2,097) of restricted income and £6,308 {2023.' £1,848) of restricted gains on investments. Restricted Funds carried forward at the year end totalled £105,518 (2023: £97.006). The Trustees were deeply saddened by the passing of the previous chair, Julia Samuel in September 2024. Julia served as a Trustee for more than 20 years, latterly as chair. and played a pivotal role in service to the charity. The Trustees are currently in discussions with two other charities, with similar objectives, with a view to merge. Structure, governance and management a. Constitution The Spanish and Portuguese Jews, Children's Fund is a registered charity, number 313635, govemed 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 direcdy by election or COwOPtion to fulfil a casual vacancy. New trustees are generally furnished with minutes of rent meetings and invited to observe one or two meetings prior to taking office. They are encouraged to discuss matters with the Trustees andlor the Secretary to familiarise themselves with the workings of the Charity. . 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 prOdureS are in pla to mitigate exposure to the major risks. Page 3
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Plans for future periods The Trust shall continue to make grants in line with its charitable objectives. 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 reSoUrs, 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., 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 conrn 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 disdose 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.. Ms N Leon Trustee Date: 1910812025 Page 4
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 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 2024. Responsibilities and basis of report As the Trustees of the charity you are responsible for the preparation of the accounts in accordan 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)Ib) of the 2011 Act. Independent examiner's statement I have completed my examination. I confimi that no 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 respect of the charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records,. or 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 fairf view which is not a matter considered as part of an independent examination. I have no COnrnS 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 l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent pemiitted 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 reporL Signed.. lan Saunderson FCA Dated: 1910812025 BKL Audit LLP 35 Ballards Lane London N3 1XW Page 5
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 2,204 41,567 43,771 45,626 Total income 2,204 41,567 43,771 45,626 Expenditure on: Charitable activities 26,974 26,974 20,908 Total expenditure 26,974 26,974 20,908 Net income before net gainslllossesl on investments 2.204 6,308 14.593 115,112 16,797 121,420 24,718 (36,373) Net gainsl(losses) on investments Net movement in funds 8,512 129,705 138,217 (11, 655) Reconciliation of funds". Total funds brought forward Net movement in funds 97,006 8.512 1,829,875 129.705 1,926,881 138.217 1,938,536 (17,655) Total funds carried forward 105.518 1,959.580 2,065,098 1,926,881 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 16 form part of these financial statements. Page 6
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND BALANCE SHEET AS AT 31 OCTOBER 2024 2024 2023 Note Fixed assets Investments 1,988,715 1,867,295 1,988.715 1,867,295 Current assets Debtors Cash at bank and in hand 71.462 8.086 27,691 35,655 79,$48 63,346 Creditors.. amounts falling due within one year 10 13,165) (3, 760) Net current assets 76.383 59,586 Total assets less current liabilities 2,065,098 1,926,881 Total net assets 2,065,098 1,926,881 Charity funds Restricted funds 105.518 1,959,580 97,006 1,829,875 Unrestricted funds 11 Total funds 2,065.098 1,926,881 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Ms N Leon Trustee Date. 19108/2025 The notes on pages 8 to 16 form part of these financial statements. Page 7
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 General information The Spanish and Portuguese Jews. Children's Fund is a registered charity, operating in England and Wales. The registered Offi is 2 Ashworth Road. Maida Vale, London. W9 1JY. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Statement of Recommended practi 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 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 Charity has minimal fixed costs, with the main source of expenditure being grants made to individuals which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy cash balance at the year end. The Trustees therefore consider that the Charity has adequate reSoUrS 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. 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 re1vable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 8
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies (continued) 2A 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 beeen those activities on a basis consistent with the use of reSoUrs. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. 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 Balan 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 'Gainsl(Lossesl 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. Page 9
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies (continued) 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan 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 ServIS 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 exptIOn of bank loans which are subsequently measured at amortised cost using the effective interest method. 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 fijnds which are to be used in accordan 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. Investment income Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Income from Common Investment Fund 2,204 41,567 43,771 Page 10
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Investment income (continued) Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Income from Common Investment Fund 2,097 43,529 45,626 Anatysis of grants Grants to Individuals 2024 Total funds 2024 Grants, Supporting young people 23,005 23,005 Grants to Individuals 2023 Total funds 2023 Grants, Supporting young people 16,535 16,535 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Supporting young people 23,005 3,969 26,974 Page11
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Anatysis of expenditure by activities (continued) Grant funding of activities 2023 Support costs 2023 Total funds 2023 Supporting young people 16,535 4,373 20,908 Anatysis of support costs Supporting young people 2024 Total funds 2024 Secretarial 1,149 2,820 1.149 2,820 Independent Examination & Accountancy fees 3,969 3,969 Supporting young people 2023 Total funds 2023 Secretarial Independent Examination & Accountancy fees 1,793 2, 580 1,793 2,580 4,373 4,373 Independent examiner's remuneration 2024 2023 Fees payable to the charity's independent examiner for the preparation and independent examination of the charity's annual accounts 2,820 2,580 Page 12
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 October 2024. no Trustee expenses have been incurred (2023 - £NIL). Fixed asset investments Listed investments Cost or valuation At 1 November 2023 1.867.295 121,420 Revaluations At 31 October 2024 1.988,715 Net book value At 31 October 2024 1,988,715 Af 31 October 2023 1,867,295 Debtors 2024 2023 Due within one year Amounts owed by Common Investment Fund 71,462 27,691 71.462 27,691 10. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 3,165 3, 760 Page 13
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 11. Statement of funds Statement of funds - current year Balance at 1 November 2023 Balance at Gainsl 31 October (Losses) 2024 Income Expenditure Unrestricted funds General Funds- all fijnds 1,829,875 41.567 (26.974) 115.112 1.959,580 Restricted funds David and Florence Mellows Memorial Fund 60.154 36,852 1.366 838 3.912 2,396 65,432 40,086 Sahal Scholarship fund 97,006 2,204 6,308 105,518 Total of funds 1,926,881 43,771 (26,974) 121,420 2,065,098 Statement of funds - prior year Balan at 1 November 2022 Balance at Gainsl 31 October (Losses) 2023 Income Expenditure Unrestricted funds General Funds- all funds 1.841,779 43, 529 (20, 908) (34.525) 1,829,875 Restricted funds David and Florence Mellows Memorial Fund Sahal Scholarship fund 60, 000 36, 757 1,300 797 (1, 146) (702) 60,154 36, 852 96, 757 2,097 (1,848) 97,006 Total of funds 1,938, 536 45,626 (20, 908) (36, 373) 1,926,881 Page 14
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 11. Statement of funds {continued) Restricted Funds comprise: David and Florence Mellows Memorial Fund The purpose of the David and Floren Mellows Memorial Fund is to award grants, including travel grants and scholarships, to Jewish students either Ashkenazi or Sephardi, male or female, to assist them in pursuing Jewish Studies generally (eg, in a Yeshiva or at a Teachers. Training College or a Degree course at a university or Jews, College) in the United Kingdom, Israel or elsewhere or, alternatively in pursuing studies for a Degree or Diploma in preparation for undertaking social work." Sahal Scholarshi Fund To provide scholarships to male Sephardi undergraduate students of medicine. 12. Analysis of net assets between funds Anatysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Fixed asset investments 105,518 1,883,197 79,548 (3,1651 1.988,715 79,548 {3.165) Current assets Creditors due within one year Total 105,518 1,959,580 2.065,098 Anatysis of net assets between funds - prior period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 97,006 1, 770,289 63,346 (3, 760) 1,867,295 63,346 (3, 760) Total 97,006 1,829,875 1,926,881 Page 15
THE SPANISH AND PORTUGUESE JEWS. CHILDREN'S FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 13. Related party transactions As at 31 October 2024, The Spanish and Portuguese Jews, Children's Fund was owed £71,462 (2023.. £27,691) 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 a common trustee), in which all investments of Spanish and Portuguese Jews, Children's Fund were held as at 31 October 2024 and 31 October 2023. Investment income reiVed during the year from these investments amounted to £43,771 (2023.. £45,626). Page 16