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 re￿1ve 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
cOn￿M 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 re￿nt 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 prO￿dureS 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 reSoUr￿s, 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 con￿rn 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 COn￿rnS 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
reSoUr￿S 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 re￿1vable 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 be￿een those activities on a basis consistent with
the use of reSoUr￿s. 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 ServI￿S 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 ex￿ptIOn 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 re￿iVed during the year from these investments amounted to £43,771 (2023..
£45,626).
Page 16