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← World Ort Trust

2023-12-31-accounts

Charity registration number 1042541

Company registration number 02967916 (England and Wales)

WORLD ORT TRUST

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr R M Hatter Mr S L Bernstein Mr S J Alberga Secretary Mrs R Weston Charity number 1042541 Company number 02967916 Principal address ORT House 147 Arlington Road London England NW1 7ET Registered office ORT House 147 Arlington Road London England NW1 7ET Auditor RDP Newmans LLP Lynwood House 373-375 Station Road Harrow Middlesex HA1 2AW Bankers Lloyds Bank PLC 140 Camden High Street London NW1 0NG

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent auditor's report 8 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 27

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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 2019).

Principal aims and objectives

The charitable objects of World ORT Trust are given below and are taken from the Memorandum and Articles of Association, as follows:

To meet these objectives, World ORT Trust makes grants to World ORT, to fund education and training projects worldwide.

Activities for raising funds: World ORT Trust owns the freehold of 147 Arlington Road London NW1 7ET. The trustees have invested in this freehold land and building, which is the charity’s head office. World ORT Trust lets out office space that is surplus to operational requirements. During 2022, and most of 2023, the charity carried out major refurbishment works during which the building was unoccupied. The building reopened in the latter half of 2023 once the works were completed.

Three floors of the newly refurbished building are not required by World ORT Trust. Leases were signed with two tenants on commercial terms after the balance sheet date. The remaining vacant floor is being marketed actively by commercial property agents.

Funds raised by World ORT Trust which are not required for the running of the charity are donated to World ORT. The nature of grants, whether restricted or unrestricted, is determined by the donors.

The charity also accepts donations from UK donors in co-operation with and also from ORT UK, albeit these donations are now atypical.

To assess whether these objectives have been achieved, the trustees review the amount of monies received for charitable purposes and amount of monies remitted to World ORT.

In this context the trustees have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission in relation to the activities being for the public benefit, as well as, the Equalities Act 2010 when reviewing the charity's aims and objectives and in planning future activities.

Social investments

The charity has a policy of not making social investments either in individuals or schools.

Grant making policy

The charity grants surplus funds to World ORT which carries out worldwide education, support and training projects.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

The results for the year are set out in the Statement of Financial Activities on page 11.

During the year the total income of the charity was $1,344,488 (2022: $375,308).

Income from donations was $1,283,314 (2022: $346,959) of which $1,280,720 (2022: $139,474) was for restricted purposes. Using these donations, the charity was able to make restricted charitable grants totalling $1,250,000 (2022: $137,067) to World ORT.

Income from letting and serviced office activities was $59,918 (2022: $914). A part of the freehold property was disposed of during 2021 and the charity carried out major refurbishment works. The refurbishment works were completed in the latter half of 2023.

Investment income was $1,256 (2022: $27,435). Prior year investment income included $27,258 in relation to interest on the deferred consideration (£250,000) for the sale of 126 Albert Road in 2021, which was received in full in 2023.

The majority of restricted funds received were granted to World ORT in the year. The following are the restricted funds received and granted. The activities change from year to year, therefore, direct comparison is not always possible. In the year, beneficiary charities achieved the following:

Activity
Region
Gunzberg Book Project
Germany
Ukraine Emergency Campaign
Ukraine
Kfar Silver School
Israel		 2023
$
1,250,000
1,250,000		 2022
$
5,676
61,644
69,747
137,067

For World ORT, funding in 2023 has been largely driven by contributions from ORT America’s donor base, as well as from ORT UK, ORT Switzerland and ORT Canada. World ORT combines the funds raised in the United Kingdom with funds raised elsewhere in the world. Where possible, World ORT involves the local state authorities and also local individuals.

World ORT has spent much of 2023 responding to the Russia-Ukraine conflict and the Israel-Hamas war in the last

quarter of 2023.

The ORT community in Ukraine is considerable, involving 3,800 students, 400 teachers and schools across 6 cities. A worldwide emergency campaign has raised around $3.7m in the last 2 years to support ORT beneficiaries deal with the hardship that the war caused as well as supporting those who chose to leave their homes for safer parts of the country or abroad. Additional support was provided to ORT schools around Europe who have taken in Ukrainian refugees, providing them with funding to house and educate those displaced by the war. Due to the uncertainties surrounding the region it is generally accepted that prioritising needs in the region will continue to be a factor for many months, if not years to come.

In respect to the Israel-Hamas war, World ORT has raised over $2m to provide support for the affected students and families, and estimates that an additional $2m is needed to be able to provide the necessary security and mental health support in future. World ORT Kadima Mada, their operational arm in Israel, has assisted thousands of students and teachers by providing essential mental health services and educational resources, supporting schools with laptops and teacher training, and have supplied evacuated students with technology to enable them to participate in online learning. Kadima Mada also provides in-person and online stress relief and activities for 1st-8th grade students across Israel, from Eilat in the south to the Northern Galilee. With thousands of Israelis still displaced, trauma affecting families, and communities being unable to return to their homes in the south, World ORT is planning to extend its emergency response in 2024. Overall, funding priorities continue in Israel, notably in the Kfar Silver Youth Village which is continuing its extensive renovation of the general infrastructure on campus.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

World ORT Trust has maintained a healthy financial position with total net assets of $11,212,604 (2022: $13,124,935) of which $30,920 (2022: $200) relates to restricted funds.

Excluding other gains and losses, the charity had a deficit of $174,725 (2022: $6,384,869 deficit), which was predominantly due to the completion of the refurbishment works at ORT House in 2023. The significant level of deficit in 2022 was largely a result of charitable grants being in excess of donations received, the extensive building works undertaken at ORT House in 2022 and significant foreign exchange losses. The charity anticipates further improvement in results in the subsequent financial year.

The charity has two types of reserves: restricted and unrestricted.

Restricted funds: the charity transfers the restricted funds received to World ORT according to the instructions from the donor. Restricted reserves comprise income and expenditure relating to specific donations made by donors which are held for the purpose of being transferred to World ORT to fulfil the charitable purposes requested by the donor.

Unrestricted funds: the charity grants these funds to World ORT in accordance with the grants policy. Unrestricted reserves typically comprise net income generated from letting and serviced office income derived from the charity’s building, as well as donations made for general charitable purposes.

World ORT Trust owns the freehold to its head office, New ORT House. Movements on fixed assets are set out in note 13 to the financial statements. Following consultations with the charity’s external valuers during the year, the fair value has been decreased by $1,737,606 reflecting the impact of higher interest rates on commercial property values. The revaluation of the freehold land and buildings at 31 December 2023 stands at $5,033,865 and the value of the land and buildings as at 31 December 2023 stands at $10,682,682 (2022: $11,202,419) and this proportion of the fund can only be realised by disposing of the freehold land and buildings.

This year overall reserves have decreased by $1,912,331 and the unrestricted funds have reduced to $11,181,684 (2022: $13,124,735). It is the policy of the charity to donate the net surplus generated from letting and serviced office activities to World ORT to fund its projects worldwide. The plans for the funds are to reinvest part of the proceeds into the newly refurbished modern office building, 147 Arlington Road, in part for its own occupation and in part to generate additional income for the charity. The surplus proceeds realised are planned to be used to assist World ORT with its finances towards their aligned aims and objectives.

Reserves policy and going concern

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between six and twelve months' expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The financial statements for the year ended 31 December 2023 show general unrestricted reserves of $11,181,684. The lower level of reserves is due to unrestricted expenditure, which includes significant amounts for property maintenance and repairs, exceeding unrestricted donations received during the year, and the downward revaluation of the property.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Risk management

The trustees regularly review the risks that the charity is exposed to, and assess the major risks that the charity faces each financial year when preparing and updating the strategic plan. The major risks identified include:

1) The financial risk arising from the variability of donations is managed by the trustees by regularly reviewing the financial performance and position of the charity, which has been done successfully historically by ensuring that planned charitable activities are in accordance with anticipated donations and the level of funds available.

2) The risk of not being able to let space in ORT House is managed by:

3) The valuation of the defined benefit pension scheme at 31 December 2023 shows an asset balance of $32,492 (2022: $34,979). The trustees have passed a resolution to settle any deficit from the proceeds of the property sale.

The trustees closed the scheme to new members in 1999. It had no active members at the end of 2021. The last member is due to retire in 2028. In May 2022, the pension scheme insured all remaining uninsured benefits in the scheme with an insurer through a 'buy-in' transaction where annuity contracts were bought in the name of the pension scheme trustees, which remain as assets of the pension scheme resulting in no defined benefit obligation.

Plans for future periods

The redevelopment project of ORT House was completed in the latter half of 2023, allowing tenants to be sought. The charity anticipates increased rental and serviced office income in 2024.

Although grants and donations are no longer anticipated from ORT UK, the close working relationship between World ORT and ORT UK staff mean that they are provided with all necessary resources to carry out their charitable activities.

Structure, governance and management

The charity is constituted under a Memorandum and Articles of Association, incorporated on 14 September 1994 as amended by Special Resolution on 17 October 1994 and 30 October 2000, and is a registered charity (number 1042541). The charity is a charitable company limited by guarantee and registered in England and Wales with company number 02967916.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

History

The trustees who are also the directors, for the purposes of both company and charity law, served during the year and up to the date of signature of the financial statements were:

Mr R M Hatter

Mr S L Bernstein Mr S J Alberga

Throughout this report, they are collectively referred to as the ‘trustees’.

Mr S J Alberga acted as a trustee of World ORT and ORT UK during the year.

Recruitment, appointment and terms of office of Trustees

The Memorandum and Articles of Association states that the number of trustees shall not be less than three but shall not be subject to any maximum.

Additional or replacement trustees can be appointed by the existing trustees. New trustees are given an induction by other trustees, an outline of their responsibilities and a list of the information they will receive in order to fulfil those responsibilities.

The methods used to appoint trustees are mainly utilising the contacts of existing trustees and occasionally by advertising in UK Jewish media. A third party indemnity provision is in force for the benefit of each of the trustees and the officers.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

Organisational structure

The trustees consider the Board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis, with financial decisions being made by the Chief Financial Officer of World ORT, Mrs H Grumet. Strategic decisions made by the trustees include the maintenance of ORT House and matters in connection with the Defined Benefit Pension Scheme.

Arrangements for setting the pay and remuneration for the key management personnel

All trustees give their time freely and no trustee received any remuneration from the charity during the year. There were no trustees' expenses in the year.

The Chief Financial Officer of World ORT does not receive any remuneration for her duties in relation to World ORT

Trust.

The one employee referred to in note 10 is primarily concerned with the general administrative activities of the charity. Staff pay is reviewed per staff contracts. In view of the nature of the charity, the trustees will normally benchmark against pay levels in other charities of similar size.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Affiliate organisations and related parties

The ultimate parent undertaking and controlling party is World ORT which is a charity registered in Switzerland and its registration number is CH-6600148971-1. The financial statements for World ORT are in US Dollar and accordingly the trustees believe that presenting its accounts in US Dollar is beneficial in accounting for the charity’s finances and obligations, given the global nature of World ORT’s activities, the charity’s contributions to these activities, and the charity’s position within the World ORT’s group of charities.

The charity is linked to ORT UK and World ORT through common aims and objectives. ORT UK is an autonomous charity registered in England and Wales. ORT UK raises funds from a variety of sources. ORT UK's office staff are based in ORT House, for which it pays a serviced office charge to World ORT Trust.

The trustees of World ORT Trust may also be trustees of ORT UK. Where this is the case, this is noted on the list of trustees on page 5. There is no shared management between the two charities.

Further details of the work of World ORT can be obtained by going to the World ORT website: http://www.ort.org.

Related party transactions during the year:

Auditor

In accordance with the company's articles, a resolution proposing that RDP Newmans LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' Report, including the Strategic Report, was approved by the Board of Trustees.

Mr S J Alberga Trustee

9 November 2024

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees, who are also the directors of World ORT Trust for the purpose of company law, 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).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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 Companies Act 2006. 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.

The trustees confirm that so far as they are aware, there is no relevant audit information (as defined by section 418 (3) of the Companies Act 2006) of which the charitable company’s auditors are unaware. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WORLD ORT TRUST

Opinion

We have audited the financial statements of World ORT Trust (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WORLD ORT TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WORLD ORT TRUST

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paresh Radia FCA (Senior Statutory Auditor) for and on behalf of RDP Newmans LLP

12 November 2024

Chartered Accountants Statutory Auditor

Lynwood House 373-375 Station Road Harrow Middlesex HA1 2AW

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
funds
2023
Notes
$
Income from:
Donations and legacies
3
2,594
Charitable activities
Income from letting and
serviced office activity
4
59,918
Investments
5
1,256
Total income
63,768
Expenditure on:
Charitable activities
6
269,213
Total expenditure
269,213
Net (outgoing)/incoming
resources before transfers
(205,445)
Gross transfers
between funds
12
-
Net (outgoing)/incoming
resources
(205,445)
Other recognised gains and
losses
Revaluation of tangible
fixed assets
(1,737,606)
Actuarial gains on
defined benefit pension
schemes
16
-
Net movement in funds
(1,943,051)
Fund balances at 1 January
2023
13,124,735
Fund balances at 31
December 2023
11,181,684		 Restricted
funds
2023
$
1,280,720
-
-
1,280,720
1,250,000
1,250,000
30,720
-
30,720
-
-
30,720
200
30,920		 Total
Unrestricted
funds
2023
2022
$
$
1,283,314
207,485
59,918
914
1,256
27,435
1,344,488
235,834
1,519,213
6,623,110
1,519,213
6,623,110
(174,725)
(6,387,276)
-
2,407
(174,725)
(6,384,869)
(1,737,606)
-
-
566,130
(1,912,331)
(5,818,739)
13,124,935
18,943,474
11,212,604
13,124,735		 Restricted
funds
2022
$
139,474
-
-
139,474
137,067
137,067
2,407
(2,407)
-
-
-
-
200
200		 Total
2022
$
346,959
-
914
27,435
375,308
6,760,177
6,760,177
(6,384,869)
-
(6,384,869)
-
566,130
(5,818,739)
18,943,674
13,124,935

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due
within one year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension surplus
Defined benefit pension surplus
16
Total net assets
The funds of the charity
Restricted funds
17
Restricted income funds
Unrestricted funds
18
Unrestricted funds
Revaluation reserve		 2023
$
$
10,801,426
291,675
361,676
653,351
(274,665)
378,686
11,180,112
11,180,112
32,492
11,212,604
30,920
6,147,819
5,033,865
11,212,604		 2022
$
$
11,246,594
376,923
2,450,453
2,827,376
(984,014)
1,843,362
13,089,956
13,089,956
34,979
13,124,935
200
6,353,264
6,771,471
13,124,935		 2022
$
$
11,246,594
376,923
2,450,453
2,827,376
(984,014)
1,843,362
13,089,956
13,089,956
34,979
13,124,935
200
6,353,264
6,771,471
13,124,935
13,089,956
13,089,956
34,979
13,124,935
200
6,353,264
6,771,471
13,124,935

The financial statements were approved by the trustees on 9 November 2024

Mr S J Alberga Trustee

Company registration number 02967916 (England and Wales)

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
23
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
$
$
(776,518)
(1,313,515)
1,256
(1,312,259)
-
(2,088,777)
2,450,453
361,676		 2022
$
$
(5,818,451)
(2,357,978)
27,435
(2,330,543)
-
(8,148,994)
10,599,447
2,450,453

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

World ORT Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is ORT House, 147 Arlington Road, London, NW1 7ET, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The functional currency of the charity is sterling. The financial statements are prepared in US Dollars, which is the presentation currency of the charity because this is the operating currency of World ORT group. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds, excluding the revaluation reserve, are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Revenue includes rental income, service charges and other recoveries from tenants of the charity's property. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 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 are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold building 2% per annum on cost Building improvements 10% per annum on cost Fixtures, fittings and equipment 20% per annum on cost Computer equipment 20% per annum on cost

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/ (expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.12 Foreign exchange

Transactions in currencies other than US Dollar are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the Statement of Financial Activities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty:

Retirement benefit schemes

Accounting for a defined benefit pension scheme and the value of liabilities is dependent on significant assumptions, including an assessment of the discount rate, price inflation and key demographic figures including life expectancy and mortality rates.

These accounting judgements are inherently complex and require a high level of management judgement and specialist input by an actuary in the calculation of the value of the liabilities.

The key assumptions are detailed in Note 16.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

(Continued)

Freehold property valuations

The fair value of the freehold property recognised in freehold land and buildings is appraised regularly by management.

These accounting judgements are inherently complex and require a high level of management judgement and specialist input by external surveyors of the value of the property.

The underlying assumptions are explained in more detail in the accounting policies on tangible fixed assets and in note 13.

3 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
$ $ $ $ $ $
Donations and gifts 2,594 1,280,720 1,283,314 207,485 139,474 346,959

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2023 2022
$ $
Income from letting and serviced office activity 59,918 914

5 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
$ $
Interest receivable 1,256 27,435
Total 2022 $ 416,127 218,115 (14,251) (32,003) 44,367 116,496 157 31,351 1,183,360 1,963,719 4,796,458 6,760,177 6,623,110 137,067 6,760,177
Unrestricted Letting and Serviced Office Activities 2022 $ - 218,115 (14,251) (32,003) - - - - 1,183,360 1,355,221 - 1,355,221 1,355,221 - 1,355,221
Restricted Charitable Expenditure 2022 $ - - - - - - - - - - 137,067 137,067 - 137,067 137,067
Unrestricted Charitable Expenditure 2022 $ 416,127 - - - 44,367 116,496 157 31,351 - 608,498 4,659,391 5,267,889 5,267,889 - 5,267,889
Total 2023 $ 28,487 21,076 172,926 (25,674) 14,185 28,773 4 29,436 - 269,213 1,250,000 1,519,213 269,213 1,250,000 1,519,213
Unrestricted Letting and Serviced Office Activities 2023 $ - 21,076 172,926 (25,674) - - - - - 168,328 - 168,328 168,328 - 168,328
Unrestricted
Restricted		 Charitable
Charitable		 Expenditure
Expenditure		 2023
2023		 $
$		 28,487
-		 -
-		 -
-		 -
-		 14,185
-		 28,773
-		 4
-		 29,436
-		 -
-		 100,885
-		 -
1,250,000		 100,885
1,250,000		 100,885
-		 -
1,250,000		 100,885
1,250,000
Charitable activities Staff costs Depreciation and impairment Building maintenance Foreign exchange gain Governance audit fees Legal and professional Sundry Office and travel Foreign exchange loss Grant funding of activities (see note 7) Analysis by fund Unrestricted funds Restricted funds
6

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

7 Grants payable

Restricted
Charitable
Expenditure
2023
$
Grants to institutions (1 grant):
World ORT
1,250,000
Auditor's remuneration
Fees payable to the charity's auditor and associates:
For audit services
Audit of the financial statements of the charity		 Total
Unrestricted
Charitable
Expenditure
Restricted
Charitable
Expenditure
2023
2022
2022
$
$
$
1,250,000
4,659,391
137,067
2023
$
17,816		 Total
2022
$
4,796,458
2022
$
21,534

8 Auditor's remuneration

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year, nor were any expenses reimbursed to them (2022: $nil).

10 Employees

The average monthly number of employees during the year was:

Administration
Employment costs
Wages and salaries
Other pension costs		 2023
Number
1
2023
$
23,333
5,154
28,487		 2022
Number
1
2022
$
29,989
386,138
416,127

There were no employees whose annual remuneration was more than $60,000.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Transfers

During the year, no restricted funds were transferred to unrestricted funds (2022: $2,407). The transfer made in the prior year related to a foreign exchange gain after all objectives of the restricted funding had been satisfied. As there was to be no clawback of this surplus, it was transferred to unrestricted funds.

13 Tangible fixed assets

Cost or valuation
At 1 January 2023
Additions
Revaluation
At 31 December 2023
Depreciation and impairment
At 1 January 2023
Depreciation charged in the year
Revaluation
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022		 Freehold
building
$
11,469,862
1,217,870
(2,005,050)
10,682,682
267,444
-
(267,444)
-
10,682,682
11,202,419		 Fixtures,
fittings and
equipment
$
47,364
83,182
-
130,546
3,189
18,475
-
21,664
108,882
44,175		 Computer
equipment
$
-
12,463
-
12,463
-
2,601
-
2,601
9,862
-		 Total
$
11,517,226
1,313,515
(2,005,050)
10,825,691
270,633
21,076
(267,444)
24,265
10,801,426
11,246,594

Discussions were held between the trustees and external property valuers and it was deemed that there was a decrease in the fair value of the property during the year due to higher interest rates resulting in lower sales values and lower rents being achieved. The charity’s external property valuers estimated that the fair value of the building has reduced by approximately 17.5%, which has been reflected in the financial statements.

At 31 December 2023, had the revalued assets been carried at historic cost less accumulated depreciation, their carrying amount would have been approximately $5,648,817 (2022: $4,430,948).

14 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2023
$
5,877
178,982
106,816
291,675		 2022
$
-
363,079
13,844
376,923

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

15 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Amounts owed to fellow group undertakings
Other creditors
Accruals and deferred income		 2023
$
63,101
37,880
105,084
46,777
21,823
274,665		 2022
$
51,821
334,938
496,294
44,279
56,682
984,014

16 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to the Statement of Financial Activities in respect of defined contribution schemes was $2,668 (2022: $3,613).

Defined benefit schemes

World ORT Trust operate a defined benefit scheme known as the ORT Retirement Benefit Plan which is administered by a third party. The scheme was established on 14 February 1974 and was closed to new members with effect from 1 November 1999. The assets of the scheme are held separately to those of the Charity.

In the current accounting year there were no active members. The valuation used has been based on the most recent actuarial valuation at 1 January 2018 and was updated by the actuary, ISIO Group Limited, to take account of the requirements of FRS102 in order to assess the liabilities of the scheme at December 2020, December 2021, December 2022 and December 2023. Scheme assets are stated at their Market value at the respective balance sheet dates and overall expected rates of return are established by applying published brokers' forecasts to each category of scheme assets.

In May 2022, the pension scheme insured all remaining uninsured benefits in the scheme with an insurer, through a 'buy-in' transaction where annuity contracts were bought in the name of the pension scheme trustees which remain as assets of the pension scheme, resulting in a nil defined benefit obligation. As the DBO as at 31 December 2022 and 31 December 2023 was nil, the actuaries (ISIO) have not derived any assumptions as at 31 December 2023 other than the discount rate which is to be used if disclosures are required next year.

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

Key assumptions

Key assumptions
2023 2022
% %
Discount rate 4.50 3.35
Inflation assumption - 3.40
CPI pension escalation - 3.00
Allowance for commutation for cash at retirement - 10

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16 Retirement benefit schemes
Mortality assumptions		 (Continued)
2023
2022
Years
Years
-
21.3
-
23.9
-
22.5
-
25.3
2023
2022
$
$
(1,244)
2,474
-
378,580
3,731
-
2,487
381,054
2023
2022
$
$
(1,244)
(95,263)
1,244
12,372
-
(82,891)
-
(461,471)
-
(21,768)
-
(566,130)
2023
2022
$
$
(32,492)
(34,979)
(32,492)
(34,979)
The assumed life expectations on retirement at age 65 are:
Retiring today
- Males
- Females
Retiring in 20 years
- Males
- Females		 2023
Years
-
-
-
-
Amounts recognised in the Statement of Financial Activities

Net interest on defined benefit liability/(asset)
The effect of any curtailment or settlement
Other costs and income
Total costs		 2023
$
(1,244)
-
3,731
2,487
Amounts taken to other comprehensive income:

Actual return on scheme assets
Less: calculated interest element
Return on scheme assets excluding interest income
Actuarial changes related to obligations
IFRS ONLY Exchange differences
Total costs/(income)
The amounts included in the balance sheet arising from the charity's
obligations in respect of defined benefit plans are as follows:
Fair value of plan assets
Surplus in scheme

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

16 Retirement benefit schemes (Continued)
2023
$
34,979
1,244
(3,731)
32,492
2023
2022
$
$
-
4,825
32,492
30,154
32,492
34,979
Movements in the fair value of plan assets:

Fair value of assets at 1 January 2023
Interest income
Other
At 31 December 2023
The fair value of plan assets at the reporting period end was as follows:

Aviva - Deferred Allocation Funding With-Profits policy
Cash and Cash equivalents		 2023
$
-
32,492
32,492

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Current year:
At
Restricted funds
Previous year:
At
Restricted funds		 1 January
2023
Incoming
resources
Resources
expended
$
$
$
200
1,280,720
(1,250,000)
1 January
2022
Incoming
resources
Resources
expended
$
$
$
200
139,474
(137,067)		 Transfers At 31 December
2023
$
$
-
30,920
Transfers At 31 December
2022
$
$
(2,407)
200

Restricted reserves comprise funds relating to specific donations made by donors which are held for the purpose of being transferred to World ORT to fulfil the charitable purposes requested by the donor.

During the year, the charity received restricted donations of $1,280,720, of which $1,250,000 was remitted to World ORT for the Kfar Silver School infrastructure project. The restricted funds carried forward are to be remitted to World ORT for charitable purposes in the subsequent financial year.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

18 Unrestricted funds

The income funds of the charity include unrestricted funds:

At 1 January
2023
$
General
unrestricted
funds
6,353,264
Revaluation
reserve
6,771,471
13,124,735
Previous year:
At 1 January
2022
$
General
unrestricted
funds
12,172,003
Revaluation
reserve
6,771,471
18,943,474		 Incoming
resources
$
63,768
-
63,768
Incoming
resources
$
235,834
-
235,834		 Resources
expended
$
(269,213)
-
(269,213)
Resources
expended
$
(6,623,110)
-
(6,623,110)		 Transfers
$
-
-
-
Transfers
$
2,407
-
2,407		 Gains and
losses
$
-
(1,737,606)
(1,737,606)
Gains and
losses
$
566,130
-
566,130		 At 31
December
2023
$
6,147,819
5,033,865
11,181,684
At 31
December
2022
$
6,353,264
6,771,471
13,124,735

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Analysis of net assets between funds

Unrestricted
funds
2023
$
Fund balances at 31 December 2023 are represented by:
Tangible assets
10,801,426
Current assets/(liabilities)
347,766
Provisions and pensions
32,492
11,181,684
Unrestricted
funds
2022
$
Fund balances at 31 December 2022 are represented by:
Tangible assets
11,246,594
Current assets/(liabilities)
1,843,162
Provisions and pensions
34,979
13,124,735		 Restricted
funds
2023
$
-
30,920
-
30,920
Restricted
funds
2022
$
-
200
-
200		 Total
2023
$
10,801,426
378,686
32,492
11,212,604
Total
2022
$
11,246,594
1,843,362
34,979
13,124,935

20 Members' liability

The company is limited by guarantee and does not have share capital. Each member of the company undertakes to contribute such amount as may be required (not exceeding £10) to the company’s assets if it should be wound up while they are a member or within one year after they cease to be a member, for payment of the company’s debts and liabilities contracted before they cease to be a member.

21 Related party transactions

As at 31 December 2023, $105,084 was due to World ORT (2022: $496,294). During the year, serviced office charges amounting to $52,578 were made to World ORT for the use of shared facilities. World ORT Trust is a wholly owned subsidiary of World ORT.

As at 31 December 2023, $109,637 was due from ORT UK (2022: $25,792). During the year, serviced office charges amounting to $7,340 were made to ORT UK for the use of shared facilities. ORT UK is related by virtue of having a common trustee.

Restricted donations of $1,250,000 (2022: $nil) were received from The Maurice Hatter Foundation and were remitted in full to World ORT in the year for the Kfar Silver School project. The Maurice Hatter Foundation is related by virtue of having a common trustee.

A total of $11,855 (2022: $36,815) was paid to Epsilon Real Estate Partners Limited for project management in relation to the development and refurbishment of the new ORT House. Epsilon Real Estate Partners Limited is related by virtue of having a trustee of the charity as a director and shareholder.

WORLD ORT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

22 Ultimate parent undertaking

The ultimate parent undertaking and controlling party is World ORT which is a charity registered in Switzerland and its registration number is CH-6600148971-1.

The consolidated financial statements of World ORT, which include the results of World ORT Trust, are available to the public at www.ort.org.

23
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Difference between pension charge and cash contributions
Movements in working capital:
Decrease in debtors
(Decrease)/increase in creditors
Cash absorbed by operations		 2023
2022
$
$
(174,725)
(6,384,869)
(1,256)
(27,435)
21,076
218,115
2,487
138,562
85,248
51,848
(709,348)
185,328
(776,518)
(5,818,451)

24 Analysis of changes in net funds

The charity had no material debt during the year.