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← Mizrachi (UK) Israel Support Trust

2024-12-31-accounts

Charity number: 1137199

MIZRACHI (UK) ISRAEL SUPPORT TRUST Annual Report and Financial Statements

Page
Reference and administrative details of the charity 2
Trustees' report 3-9
Independent auditor’s report 10-12
Statement of financial activities 13
Balance Sheet 14
Statement of cash flows 15
Notes to the financial statements 16-23

MIZRACHI (UK) ISRAEL SUPPORT TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees:

Principal Operating Office:

44a Albert Road London NW4 2SJ

Charity registered number 1137199

Independent auditors

Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG

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MIZRACHI (UK) ISRAEL SUPPORT TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees are present their annual report together with the financial statements of the Charity for the year ended 31 December 2024.

Objectives and Activities

Charitable Objectives

Our charitable mission, as set out in our governing document, is to inspire and educate the next generation of British Jewish leaders, youth and communities. Through vocational training and comprehensive community programmes, we actively promote Torah learning and Orthodox Jewish traditions. By empowering individuals in the United Kingdom and deepening positive connections to the land of Israel, we aim to strengthen Jewish identity, learning and leadership while embracing the values of British society – education, inclusivity and community.

Activities Undertaken to Achieve Objectives

As a Jewish charity, we must acknowledge that the horrors of October 7th 2023, will forever be etched in our collective Jewish history. In a single day, Israel suffered the largest massacre of Jews since the Holocaust – a brutal, calculated assault that saw over 1,200 men, women, children, and elderly individuals tragically slaughtered in their homes and on the streets. For the UK Jewish community, this was not a distant tragedy; it was deeply personal. Many had friends, family, and loved ones among the victims, the hostages and the thousands displaced by evacuation protocols. Yet, even before Israel could begin to mourn, antisemitism, globally and here at home in the UK, surged overnight. Graffiti, threats and attacks on Jewish schools, synagogues and individuals escalated to record levels. Week after week, mass demonstrations flooded the streets – often filled with openly hostile, antiJewish rhetoric – long before Israel had even fully responded.

In this profoundly challenging aftermath, Mizrachi UK stepped up, offering a renewed commitment to Jewish religion, identity, resilience and unwavering support for the people of Israel. Through education, leadership development and related community initiatives, we reminded British Jews that their faith, heritage and love for Israel were profound sources of strength, not weakness.

Now more than ever, we remain steadfast in our mission: to educate, inspire and, in doing so, empower the Jewish community to stand proud, stand strong and never allow our identity to be shaken.

During 2024, Mizrachi UK undertook a wide range of activities in pursuit of its charitable objectives, with particular resonance in the wake of the October 7th atrocities. These activities were strategically developed to strengthen communal bonds, promote shared values and deepen engagement with Torah learning. Throughout the year, Mizrachi UK delivered significant public benefit by facilitating meaningful community engagement, providing educational programmes rooted in Torah values and Zionist principles, offering support to the Jewish community during a time of need and reinforcing enduring connections with Israel. In doing so, the charity also remained committed to upholding and promoting British values, including respect, tolerance and community cohesion, ensuring its work remains inclusive and aligned with broader societal principles.

Grant-making policies

The Mizrachi Rabbinical Fellowship Programme provides educational opportunities for young British men and women through their studies in Israel. Applicants must meet rigorous criteria to qualify for the programme. Those who are successful and demonstrate a need for financial support are awarded grants to help cover their living expenses while studying in Israel. These grants are provided with the understanding that recipients will return to the UK to become the next generation of Rabbis and female educators.

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MIZRACHI (UK) ISRAEL SUPPORT TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Volunteers

For the academic year (Sept 2023 to August 2024), the Yehudi Year 6 programme recruited 85 Year 12 volunteers to serve as youth leaders (madrichim) for Year 6 participants completing their primary education. These volunteers provide programming for over 330 Year 6 students and are supported by 18 university aged mentors and three senior leaders.

The previous cohort of Year 12 volunteers transitioned to Year 13 and continued their volunteering involvement with the programme, facilitating sessions for over 460 Year 7 students, with similar mentor and senior leader support structures in place.

For the academic year (Sept 2024 to August 2025) the Yehudi Year 6 Programme recruited 21 Year 12 volunteers to serve as madrichim. These volunteers provide programming for over 107 Year 6 students and are supported by 18 mentors and the Yehudi professional team.

The programming will extend through to Year 11, when it is expected that these students will re-enter the Yehudi framework as madrichim when they reach Year 12. Similarly, Year 12 madrichim will have opportunities to progress into mentorship roles, preparing them for future leadership positions within the community and possible entry into the Mizrachi Fellowship Programme.

To enhance their training and leadership skills, the volunteers participated in training sessions and attended regular meetings with their mentors.

The charity is guided by a board of eight trustees, who provide oversight to the executive team in making effective decisions, fulfilling the charity's mission, maintaining financial accountability and ensuring compliance with governing documents and legal requirements.

Trustees formally meet with the executive team four times a year, along with informal discussions throughout the year.

Grant allocations are discussed at the formal meetings as well as informal discussions between these Trustees and the Chief Executive.

Main activities undertaken to further the Charity's purposes for the public benefit

Leadership Programming

Our leadership initiatives, including the successful Rabbinical Fellowship Programme, invest in the future of UK Jewry by supporting young British men and women to study Torah in Israel and return as rabbis and educators. Equipped with the skills to lead local synagogues, schools and communal organisations, they inspire their communities with confidence, further strengthening Jewish life by making learning accessible and fostering a deep, positive connection to Israel.

Community Engagement

We facilitate a diverse range of programming throughout the UK, which includes speaker tours, localised cultural activities and unique productions. Our flagship events, such as the Weekend of Inspiration and Day of Inspiration, are designed to foster engagement and connection within the community, providing enriching experiences for all participants.

Yehudi

Through the Yehudi Initiative, we build nurturing mentorship networks where university students and sixth formers serve as good role models for schoolchildren, helping to develop a strong Jewish

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MIZRACHI (UK) ISRAEL SUPPORT TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

identity, leadership skills and positive mental well-being. Additionally, we focus on recruiting, training and mentoring sixth-form and university students to become madrichim and mentors, thereby creating pathways for leadership opportunities within the Jewish educational sector. The educational trips provide meaningful opportunities to connect with Jewish religion and heritage.

Public Benefit Statement

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing Mizrachi UK's aims and objectives and in planning its activities for 2024. Our activities, as outlined above, contribute significantly to the public benefit by:

Achievements and performance

Key performance indicators

Review of the Year

2024 was a year of profound challenge and remarkable resilience for Mizrachi UK. The charity undertook a wide range of activities in pursuit of its charitable objectives, with particular resonance in the wake of the October 7th atrocities. Our programmes became more vital than ever, offering a steadfast source of Jewish identity, education and solidarity. We adapted swiftly to meet the evolving needs of the community, experiencing strong engagement across all our initiatives.

Leadership Programme:

Community Engagement:

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MIZRACHI (UK) ISRAEL SUPPORT TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

and educators, engaging 8 schools and 56 communities across London and Manchester. The weekend culminated in over 250 shiurim and workshops, offering deep insights into Torah and contemporary Jewish life.

Yehudi Programming:

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MIZRACHI (UK) ISRAEL SUPPORT TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Factors relevant to achieve objectives

Fundraising activities and income generation

The charity ran a successful crowdfunding campaign in December 2024. It will continue to secure funding through existing donor relationships as well as branching out to new trusts and foundations. Robust pricing for events and activities will be actioned. New donor relationships are actively being explored.

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 following the support provided by the Trustees. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves policy

The reserves policy of the Charity requires a three month reserve. As of 31 December 2024, the reserves were in a deficit. Therefore, reliance on the charity being a going concern has been placed on the support of the trustees.

Financial review

The Statement of Financial Activities shows a surplus of £142,503 compared to a deficit in 2023 of £169,314.

Principal risks and uncertainties

The Trustees regularly review the major risks to which Mizrachi UK is exposed, including operational, financial, reputational and compliance risks. A comprehensive risk register is maintained and reviewed regularly by the Board. Key risks identified and actively managed during 2024 included:

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MIZRACHI (UK) ISRAEL SUPPORT TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for Future Periods

As we look ahead to 2025, Mizrachi UK is committed to strengthening our financial foundation, enhancing the sustainability of our programmes, and deepening the impact of our flagship initiatives.

  1. Building Financial Resilience

To secure our long-term viability, we will focus on growing our financial reserves and systematically reducing our operating deficit. This will involve a two-pronged approach: first, by launching targeted, compelling fundraising campaigns that engage both new and established donors; and second, by implementing strategic cost-management measures across all areas. These measures will include a thorough review of recurring expenditures, renegotiation of supplier contracts where possible and the introduction of efficiency protocols to ensure every pound is spent to maximum effect.

  1. Sustainable Project Funding

We recognize that predictable income streams are essential to delivering high-quality programmes year after year. By aligning fees more closely with the true cost of delivery, while still remaining accessible to our community, we will ensure that each project is underpinned by a robust financial model that covers staff, materials, venues and administrative overheads.

  1. Consolidating the Yehudi Project

  2. Having established the Yehudi Project, our focus now turns to refining and deepening its impact. Rather than expanding rapidly in headcount or geographic reach, we will prioritise excellence in programme content, participant engagement and measurable outcomes.

Statement of trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to the Charities registeres in England and Wales 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 income and expenditure for that period.

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

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial

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MIZRACHI (UK) ISRAEL SUPPORT TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

statements comply with the Charities Act 2011 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.

Each of the Trustees confirms that:

Approved by the Board of Trustees and signed on their behalf by:

…………………………….

J Silberstein Trustee

Date: 29 October 2025

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF MIZRACHI (UK) ISRAEL SUPPORT TRUST

Opinion

We have audited the financial statements of Mizrachi (UK) Israel Support Trust for the year ended 31 December 2024, which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of 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 Auditorʼs 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 FRCʼs 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 trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF MIZRACHI (UK) ISRAEL SUPPORT TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 they 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 Charityʼs 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 Charity or to cease operations, or have no realistic alternative but to do so.

Our 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 auditorʼs 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 are set out below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF MIZRACHI (UK) ISRAEL SUPPORT TRUST

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charityʼs trustees those matters we are required to state to them in an auditorʼs 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 Charity and the Charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Goldwins

Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

29 October 2025

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Mizrachi (UK) Israel Support Trust Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 December 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Total income
Expenditure on:
5
Charitable activities
Total expenditure
6
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14
Net income / (expenditure) for the year		 Unrestricted
funds
£
1,286,875
193,272
1,480,147
1,336,242
1,336,242
143,905
995
144,900
(377,354)		 Restricted
funds
£
25,000
-
25,000
26,402
26,402
(1,402)
(995)
(2,397)
40,094
37,697		 2024
Total
funds
£
1,311,875
193,272
1,505,147
1,362,644
1,362,644
142,503
-
142,503
(337,260)
(194,757)		 2023
Total
funds
£
620,265
277,121
897,386
1,066,700
1,066,700
(169,314)
-
(169,314)
(167,946)
(232,454) (337,260)

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

Page | 13

Mizrachi (UK) Israel Support Trust Balance sheet As at 31 December 2024

Note
Fixed assets
9
Current assets:
10
Liabilities:
11
Creditors: amounts falling due more
than one year
13
Unrestricted funds
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total net assets
Total assets less current liabilities
Debtors
Funds
Total funds
Restricted funds		 2024
£
5,837
159,607		 2024
£
2,577		 2023
£
15,029
10,259		 2023
£
2,727
(325,182)
(193,177)
165,444
(358,621)		 25,288
(350,470)
(190,600)
(4,157)		 (322,455)
(14,805)
(194,757) (337,260)
37,697
(232,454)		 40,094
(377,354)
(194,757) (337,260)

29 October 2025 Approved by the trustees on ……………………………… and signed on their behalf by:

J Silberstein Trustee

Charity No. 1137199

The attached notes form part of the financial statements.

Page | 14

Mizrachi (UK) Israel Support Trust Statement of cash flows For the year ended 31 December 2024

Note
2024
£
15
Cash flows from investing activities:
Sale/ (purchase) of fixed assets
(2,742)
Cash provided by / (used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
(10,141)
Cash inflows from new borrowing
22,000
Cash provided by / (used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
16
Net cash provided by / (used in) operating
activities
Change in cash and cash equivalents due to exchange
rate movements		 Note
2024
£
15
Cash flows from investing activities:
Sale/ (purchase) of fixed assets
(2,742)
Cash provided by / (used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
(10,141)
Cash inflows from new borrowing
22,000
Cash provided by / (used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
16
Net cash provided by / (used in) operating
activities
Change in cash and cash equivalents due to exchange
rate movements		 2024
£
140,231
(2,742)
11,859		 2023
£
(2,246)		 2023
£
(100,397)
(2,246)
40,110
(10,141)
22,000		 (9,890)
50,000
149,348
10,259
-		 (62,533)
72,792
-
159,607 10,259

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Mizrachi (UK) Israel Support Trust Notes to the financial statements For the year ended 31 December 2024

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS-102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity 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 or note.

b) Going concern

The trustees have reviewed the charity’s financial position and future plans. They are confident that the charity has sufficient resources, including expected grant income and ongoing donor support, to continue its activities for the foreseeable future. On this basis, the trustees consider it appropriate to prepare the accounts on a going concern basis.

As such, the trustees consider that the charity is able to continue its activities for a period of at least twelve months from the date of signature of these accounts and the accounts have therefore been prepared on a going concern basis.

c) Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

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Mizrachi (UK) Israel Support Trust Notes to the financial statements For the year ended 31 December 2024

1 Accounting policies (continued)

e) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used

for particular areas of the charity’s work or for specific projects being undertaken by the charity.

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 5.

h) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

i) Tangible fixed assets

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model,tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases:

Fixtures and fittings - 33% straight line Computer equipment - 33% straight line

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash 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.

l) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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Mizrachi (UK) Israel Support Trust Notes to the financial statements For the year ended 31 December 2024

2
Detailed comparatives for the statement of financial activities
2023
Income from:
£
Donations and legacies
601,441
Charitable activities
277,121
Total income
878,562
Expenditure on:
Charitable activities
1,057,903
Total expenditure
1,057,903
Net income / expenditure
(179,341)
Transfers between funds
-
(179,341)
Other gains / (losses)
-
Net movement in funds
(179,341)
Total funds brought forward
(198,013)
Total funds carried forward
(377,354)
3
Income from donations and legacies
£
£
Donations
1,278,475
-
Grants
8,400
25,000
1,286,875
25,000
4
Income from charitable activities
Unrestricted
£
£
Events
-
-
Teaching
160,378
-
Educational Program
30,199
-
Book Sales
1,076
-
Magzine Income
1,619
-
Total income from charitable activities
193,272
-
Restricted
Restricted
Unrestricted
Unrestricted
Net income / (expenditure) before other
recognised gains and losses		 2023
£
18,824
-
18,824
8,797
8,797
10,027
-
10,027
-
10,027
30,067
40,094
2024
Total
£
1,278,475
33,400
1,311,875
2024
Total
£
-
160,378
30,199
1,076
1,619
193,272
Restricted		 2023
Total
£
620,265
277,121
897,386
1,066,700
1,066,700
(169,314)
-
(169,314)
-
(169,314)
(167,946)
(337,260)
2023
Total
£
590,941
29,324
620,265
2023
Total
£
-
177,427
96,950
1,744
1,000
277,121

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Mizrachi (UK) Israel Support Trust Notes to the financial statements For the year ended 31 December 2024

5 Analysis of expenditure

Analysis of expenditure
Basis of
allocation
Staff Cost
Staff time
Educational programme
Direct
Events
Direct
Magazine expenses
Direct
Grants
Direct
Fundraising Costs
Direct
Depreciation
Direct
Rent
Direct
IT Costs
Direct
Phone charges
Direct
Bank charges
Direct
General expenses
Direct
Literature, publishing
Direct
Travel
Direct
Accounting fees
Direct
Shaliach expenses
Direct
Loan interest
Direct
Postage
Direct
Advertising
Direct
Staff training
Direct
Support costs
Total expenditure 2024
Total expenditure 2023		 Fundraising
Activities
Charitable
activities
Support &
Governance
costs
2024
Total
2023
Total
-
£
£
£
£
-
476,346
4,618
480,964
388,383
-
369,732
-
369,732
34,020
-
293,741
-
293,741
332,876
-
48,029
-
48,029
46,563
20,827
-
-
20,827
110,153
5,930
-
-
5,930
-
-
-
2,892
2,892
1,566
-
-
25,975
25,975
20,205
-
-
3,224
3,224
16,424
-
-
3,064
3,064
4,078
-
-
373
373
250
-
-
38,890
38,890
43,671
-
-
133
133
79
-
-
2,301
2,301
4,243
-
-
10,084
10,084
7,384
-
-
41,195
41,195
48,939
-
-
507
507
253
-
-
3,216
3,216
1,478
-
-
7,598
7,598
3,906
-
-
3,969
3,969
2,229
26,757
1,187,848
148,039
1,362,644
1,066,700
148,039
(148,039)
26,757
1,335,887
-
1,362,644
1,066,700
-
1,066,700

Of the total expenditure, £1,336,242 was unrestricted (2023: £1,057,903 ) and £26,402 was restricted (2023: £8,797).

Page | 19

Mizrachi (UK) Israel Support Trust Notes to the financial statements For the year ended 31 December 2024

6 Net income / (expenditure) for the year

Net income / (expenditure) for the year
2024 2023
This is stated after charging / (crediting): £ £
Auditor's remuneration - net audit fees 6,250 -
Independent examination - 3,970
7 **Analysis of staff costs, trustee remuneration and expenses, and the cost of key ** **Analysis of staff costs, trustee remuneration and expenses, and the cost of key ** management
personnel
Staff costs were as follows: 2024 2023
£ £
Salaries and wages 442,937 327,056
Social security costs 33,409 13,318
Employer’s contribution to defined contribution pension schemes 4,618 48,009
480,964 388,383

The number of employees who received employee benefits (excluding employer pension) totalling £60,000 or above during the year were;

2024 2023
No. No.
£130,000 to £140,000 1 -
£140,000 to £150,000 - 1

The total employee benefits including pension contributions and employers' NIC of the key management personnel were £309,332 (2023: £190,913).

The charity trustees were not paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity or received any reimbursement for their expenses (2023: £nil).

The average number of employees (head count based on number of staff employed) during the year was 22 (2023: 14).

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9
Tangible fixed assets
Cost at the start of the year
Additions in year
Cost at the end of the year
Depreciation at the start of the year
Charge for the year
Depreciation at the end of the year
At 31 Decemeber 2024
At 31 Decemeber 2023		 £
£
£
220
12,237
12,457
1,811
931
2,742
Fixtures &
Fittings
Computer
Equipment
2024
Total
2,031
13,168
15,199
73
9,657
9,730
677
2,215
2,892
750
11,872
12,622
1,281
1,296
2,577
147
2,580
2,727

Page | 20

Mizrachi (UK) Israel Support Trust Notes to the financial statements For the year ended 31 December 2024

10 Debtors

**10 ** Debtors
2024 2023
£ £
Trade debtors 5,800 12,034
Other debtors 37 2,995
5,837 15,029
**11 ** Creditors: amounts falling due within one year
10 Debtors 10 Debtors
Trade debtors
Other debtors
11 Creditors: amounts falling due within one year		 2024
2023
£
£
5,800
12,034
37
2,995
5,837
15,029
Bank loans
Other loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
12 Creditors: amounts falling due more than one year
Bank loans
13 Analysis of net assets between funds
Fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Net assets at the end of the year
Analysis of net assets between funds 2024
(previous year for comparison)
Fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Net assets at the end of the year		 Unrestricted
£
2,577
127,747
(358,621)
(4,157)		 2024
2023
£
£
10,649
10,142
172,000
150,000
124,414
121,152
44,058
53,161
-
3,662
7,500
12,353
358,621
350,470
2024
2023
£
£
4,157
14,805
4,157
14,805
Restricted
Total
funds
£
£
-
2,577
37,697
165,444
(358,621)
(4,157)
(232,454) 37,697
(194,757)
General
£
2,727
(14,806)
(350,470)
(14,805)
Restricted
Total
£
£
-
2,727
40,094
25,288
(350,470)
(14,805)
(377,354) 40,094
(337,260)

Page | 21

Mizrachi (UK) Israel Support Trust Notes to the financial statements For the year ended 31 December 2024

14 Movements in funds

Restricted funds
Chidon Hatanach
Mizrachi Fellowship Programme
Total restricted funds
Unrestricted funds:
General Fund
Total unrestricted funds
Total funds
Restricted funds
Chidon Hatanach
Mizrachi Fellowship Programme
Total restricted funds
Unrestricted funds:
General Fund
Total unrestricted funds
Total funds
Movements in funds 2023
(previous year for comparison)		 At 1
January
2024
Income Expenditure
Transfers
At 31
December
2024
£
£
£
£
£
834
5,000
(4,839)
(995)
-
39,260
20,000
(21,563)
-
37,697
40,094
25,000
(26,402)
(995)
37,697
(377,354)
1,480,147
(1,336,242)
995
(232,454)
(377,354)
1,480,147
(1,336,242)
995
(232,454)
(337,260)
1,505,147
(1,362,644)
-
(194,757)
At 1
January
2023
Income Expenditure
Transfers
At 31
December
2023
£
£
£
£
£
3,307
6,324
(8,797)
-
834
26,760
12,500
-
-
39,260
30,067
18,824
(8,797)
-
40,094
(198,013)
878,562
(1,057,903)
-
(377,354)
(198,013)
878,562
(1,057,903)
-
(377,354)
(167,946)
897,386
(1,066,700)
-
(337,260)

Chidon Hatanach : The aim of Chidon HaTanach is to promote and celebrate Tanach study amongst Jewish youth to both deepen Torah knowledge and strengthen Jewish identity.

The Mizrachi Fellowship Programmes: create the next generation of Modern Orthodox Religious Zionist Rabbis and Educators. They are funded through three to five years of study in Israel to obtain the necessary qualifications with the expectation they return to the UK live and work in our communities,partner organisations and schools.

Page | 22

Mizrachi (UK) Israel Support Trust Notes to the financial statements For the year ended 31 December 2024

15 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 Cash flows
£
£
10,259
149,348
At 1
January
2024		 2024
2023
£
£
142,503
(169,314)
2,892
1,566
9,192
(11,975)
(14,356)
79,326
140,231
(100,397)
£
£
-
159,607
Other
changes
At 31
December
2024
10,259
149,348		 -
159,607

16 Analysis of cash and cash equivalents

17 Related party transactions

During the year, donations totalling £361,500 (2023: £262,504) were received from the trustees and companies owned by the trustees.

Included in other loans is a balance of £150,000 (2023: £150,000) owed to a trustee.

Page | 23