Cha￿ty reglstratlon number 1143272 Company reglstratlon number 07469168 (England and Walesl SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Michael Sorknn MrAnlhony Rosenfebjer MrAlain Stechler Mr Martin Paisner Mr Michael Sandler Mr Nigel Sloam Mr Jonathan Paull Charlty number 1143272 Company number 07469168 Rggljtergd offlcg 4 Theobal(J Court Theobald Street Bofehamwood Hertford5hire United Kingdom WD6 4RN Audltor RDP N¢wman$ LLP Lynwood House 37>375 SIal￿n Road Halrow Middlesex HA1 2AW Bank•r8 HSBC Bank Plc 8 Canada Squa London E145HQ National ￿StMin$tQr Pk 135 Bishopgate London EC2M 3UR Bai¢Jays Bank PLC 1 Churchill Place London E145HP SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Tnjstees. feport Statement of Trustees, responsibilities 10 Independent audito¢s report Statement ol financjal activitie 15 B8lan¢e sheet 16 Slalemenl ol ¢gsh flows 17 Notes to the financial statements 18-32 SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEAIBER 2023 The Trustees present their annual report and financial ststements for the year ended 31 December 2023. The accounts have been prepared in accordance wih the accounting poliaes set out in note 1 to the accounts and comply with the Charity's Mernorandum & Arlide5 of Assoualion. the Companies Act 20(E and the St8teTnent of Rewmmended practi￿ 8pplirable lo chaiibes preparing their accounts in acwrd8nce with the Financi81 Reptsrting Standard applicab￿ in Ihe UK and Republic of Ireland IFRS 1021 lèffectiv& 1 January 20191. In this context the Trustees have complied wrth the duty in section 17151 of the 2011 Charities Act in giving due consideration lo the Charity Commiss*)n's guidan￿ on Public Benefit. The report is prepared in accordance with the small companies, regime (Section 419121 of the Companies Act 20061. Prlnelp•l •lm¥ •nd Ob￿ctIV 'To save a lrfe is to save th6 world. Nowhèrè is Ihis dèaref than at Shaarè zèdek. A hospital not just with 8 hèart but wth a soul that makes the worfd a better place." Quote from a relative ol a Shaare Zedek patient Our mission is to support, by all such means as may be tharitable in law and for excjusivety charitable purposes, Shaare Zedek Medical Centre Ishaare Zedekl in providing worfd dass care for all palienls irrespective of their ability to pay. nationality. age, race or religion. We provide finanrAal support to fund services. capital projects, research and the purchase of equipment for the hosprtal. Hlotory Founded in 1902, Shaart Zedek has been knrmn as the "Hospitsl with a Hearf lor more than a century. This reputation as 8 palienl'$ first ¢hoi¢e ol ho$prtal$ st&m Irom rt$ unwavtrring ¢ommitmenl to 811 rts pati¥nt$, regardless of race, religion, political view or country of origin. All patients who are admrtted receive the most advanced medical treatment available in a compassionale. supportive and nurturing environment. The hospital's ethos, "delivery ol Ca￿ and pioneering approaches to research". prowdes hope for us, hope for Israel and hope lor the world. Since it was founded. the Hospital has charlered the course of Jerusalem's modem development and has been instrumental in the city's growth. Over half of Jerusalem's ¢hildren live below the poverty line. Sh88re Zedek was one ol the first ho$pi181s in Israel to recognise the need foT spe¢iali$l paediatri¢ medi¢&l faulities and 1$ home lo Jerusalem's only dedicated ￿)Men and Childrnn's HosFNtal. Shaare Z8dek 2023 Today Shaare Zedek is a 1,50￿bed laulty wrth dose to 100 departments, treating 800,000 patients annualty. As the fastest growng hospital in Ihe regh)n. the hospital continues to respond lo and plan for the needs of Jerusalem's uniquely diverse populalion. In 2023. the hospital opened rts expanded Weinstock Deparirnent of Ernergency Medirine. As home to a Level One Trauma Centre. the (Jepartment stands as Jerusalem'5 foremost urgent response lacility, 4nnualty admitting over 100.000 patients and experiencing 8 ten perc8nt inuease in 8dmissions e8ch year. The nèwly expanded department was mebculousty desi9ned with the patient at heart, aiming to make It much easier for them to nw)ve through each section, allowng for faster and more effective patient admission, triage and treatmenl. Following the atlacks on October 71h. Shaare Zedek also faced many other challenges. induding staff shortages, as many professionals were called up lor reserve army service. The team at the hosprtal responded immediately to the needs of the Community by opening a rnenlal heahh emergency cenlre very quiGkty. 8$ they reoognised there would be an irnmediate inuease in the requirement of suth a service5. This was in addition to focusing on emergency preparedness and fundraising focused on building and equipping a 70 bed ICU ward in the basement of the Helmsley Cancer Centre, should there be a full scale attack which would require patients to be treated in safety underground. SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Message from Shaare Zedek Medical Centre's Oirector General Dear Friends. On the morning ol Simchat Torah, a5 massès of Jew5 wèrè about to rèjoicè and pray, thè most bestial massacrè in Israel's history was ragin9 in the stsuth. On Ihat day, I was leading an Israeli rescue team in Arrnenia. As soon as I heard what was happening in Israel. I knew rt was extremety serious and I got straight on a plane to Cyprus that flew over Iran and Iraq. I was tense the whole flight and by Ihat evening I was already in the hospital. In all my lime ol working at Shaare Zedek and in my time as the Director of Trauma during 2007-2019 1 have never experienced such a large number ol wounded pabents admrtted to our Trauma department in such a short space of time. To date we have treated over 600 pabents since October 71h and this number increases daity. lfvhile the ground initi8live in G8Z8 IS still 99ing on, our meilic81 le8ms are ready for ￿ery eveniu81ity. Thè times we live in are deepty challengin9 and tragic, bul we see il as a great sourcè of personal and professional pride to know that Shaare Zeilek is seThin9 in so many ways lo offer professional, advanced and compassionate care for the people ol Jerusalem and Israel and we thank you, our friends in the UK for digging deep and supporting us at this incredibty challenging tsme. We continue to pray for the sale and secure ￿l￿rn ol all the hostages and our soldiers. ProfeBsor Oler Mertn Dlreclor Genoral Shaarg Zedek Medl¢al Cem SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities In order to achieve our key objectives, Shaare Zedek UK ISZUK} employs a small office team led by a Chief Executive working in partnership with trustees and other lay leaders. supported by a small number of energetic volunteers. SZUK promotes awareness of the activities of Shaare Zedek. We also seek lo promote support ol the charitsble activities of the h05Pltal. and in particular ts th8ri¢able activities for the public benefft in health welfare, Fnedic81 and scientific advancement and best practice in patient trèatmenL We raise funds through donations, lègacie$, solicited mailings, events, ¢Jirect approaches and speaal appeals. Aehlevements and Perfom)ane• The Impact of our lundralslng Shaare Zedek relies on rts donors to provide Ihe funds to enable Ihe standard of care and innovation for which the hospital is known. Every day at Shaare Zedek brings new challenges and achievements. Shaare Zedek prides itself on rts abilty to 8dap¢ to any situabon and provide eycellent care when it is most needed. Hope for18ra9l On October 7th we woke lo the devaststing news that Israel was under attack. Whilst communitie5 were preparing to c8lÉbrale on* ol the most joylul dale$ in lh* Jwsh ¢al¢ndar n¢ws &m¢rged of th• alrwli•s parpelralèd by Hamas. When news began to trickle through, in the eaty moming hours, Shaace Zedek was already preparing. Setllng up an ernergency centre, a family call centre, nurse and doctor planning was Unde￿aY and all departments in the hospital were prepped with the sole aim of providing solutions to whatever challenges palienls were about to lace. For the first lirne in dec8de5 a nearby 5POrts field became the hospitsls helipad and palients were transferred both by MDA Imagen David Adoml me¢Jivac and mditary helicopters slr8ighl lo Sha8re Zedek. The h05Pltal started to rèceive many victims from thè south ol l$ra81 who wère evacuated to safèty. Among them ¢ivilians and soldiers and many pain-filled stories of loss. In one particulady heart-wrenching case, the hospital treated tsvo young children found abandoned on the border fence after their mother was taken inlo captivty. Their father had survived and brought them direclly to Shaa Zedek. Within hours of the dedaration of War the hospital opened a mental health care unil wiihin the emergency room for individuals suffering from shock and olher emotional issues. The solidarity of our staff, Irom 811 races and populalK)ns ol Ihe Jeru$8lem populalion. has been extraordinary 8nd is indicative of the remarkable spirit of unty that has always defined Shaaie Zedèk. Tr89ically, somè of our staff have Èxperiènc￿ pewsonal lossès. Yèt. amidst the grief. 8 sense of unity p￿vaIl$. Over 200 dedicated Individuals from shaa￿ Zedek. Including doctors, nurses, and staff from various departments, seamlessty transitioned from Iheir medical roles to don IDF unrfoms, as they were called up for their reservist army duty. ￿lIe retired staff. motivaled by a sense of community. r&Joined the hospitafs ranks (o support their Shaare Zedek famity. The hospital stands as a beacon of strenglh and resilience. providing ¢yuryal medical care and unwavering support to the comrnunity. even in the face of adversty- SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Hope for the World vi in Arm ni On the 4th October 2023, Israel received 8 call from the Armènian govemmènt for hèlp aftèr hundrèd$ of utizèns were wounded after a fijel tank explosion. Israel was the first country to land in Amenia wrth a medical delegab.on led by Professor Ofer Merin, Director General of Shaare Zedek. The delegation from Israel. made up of 14 medical professionals, were sent to provide intensive care treatment lo hundreds ol injured crtizens induding many bum victims. Professor Merin shared 'This is an unusual evenl on a gkjbal scale. wlh such a large number of bum victims. It is an honour and privilege to lead this worthy task. on behaw of the Slale of Israel. whKh is the first country to provide assis18nce." .1 would like lo thank the Ministy of Heath lor thtrir commitment and the ttr8ms ol Sh8artr Zedtrk and Sortska who immèdi8tèly mobilized to èmbark on thi$ in4)ortsnl mission. Our pr¥paredne$$ al Shaare Zedek Medical Cenler is for the benefit of everyone, everywhere.. The work of Shaare Zedek and our medical professionals extends lar beyond the walls ol the hospital in Jerusalem and something we are so proud of is how our doctors give hope to the worfd through their research and teaching. Professor Gabriel Izb¢ki, Director of the Pulmonary Institute at Sh8arts Zedek visited Zanzibar, Tanzania with colleagues Irorn Shaare Zedek to ltram aboul the lack ol ba$1¢ medical equipment and knowledge about lung diseases in Zanzibar hospitals. Professor Izbicki sh8r¥19. asthma, and chronic obstructive pulmonary disease ICOPDI.. At the AkRahma Hospital in the caprtal crty of Zanzibar, the Shaare Zedek team were impressed by the level of the staff s knO%￿edge. "They understood quite well the diseases. types of I￿atMents. and the various inhalation5. but wtten l asked thern rf they do lests to diagnose aslhma and COPD. they said no. I was surprised and asked them if they referred patients to another hospitsl. and they 898in $8id no. l asked why. and Ihey said that neither of them had the necessary mediral equipment." Professor Izbi¢ki dis¢ov$red th81 do¢lors did not fj￿n hgv& a $pirom&t&r, 8 bg$i¢ lung fun¢tion d¥vi¢e Ihal measures the amount of air you can exhale in one second and ihe total volume of air you can exhale in one forced breath. 'It is impossible to dis(Inguish betsveen asthma and COPD without this device, and misdiagnoses due to inadequate equipment can lead to lurlher prO￿emS. Professor Izbicki was saddened by what he saw in Zanzibar. and upon his relurn lo Israel, set about trying (o help the people he met on his lrip. After almosl a year of planning. he arranged for a medical delegation to Vls11 Israel for a week of essential leamin9. Nol onty ttb8t. he was also able tg arrange donations of es5enli81 medic81 equipment to be taken back to the Tegion. Dr Bukoro Neston who was among the group that came to Israel had never been on a plane belore,but had d￿amt of visiting Israel. Professor Izbicki and his team were able lo enr￿h Dr Bukoro's medical know how with valuable hands-on experien￿ as well as impart important medical knovAedge that Dr Bukoro was able to take back to Zanzibar. A very speual trip that will help change Ihe fvlure of Pulmonary Ca￿ in Tanzan￿. SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 I bal first at Shaa In August 2023. Shaare Zedek Medical Center became the first hospital in the worfd lo perfomi a complex spin81 surgery using 8ugrnented realty combined with robolic tethnology. Dr Cezar J Mizrahi perfomièd thè incredible prorAdurè on a 2&year4d pat*nt who had beèn admitted to thè hospital's Emergencg Department after being seriousty injU￿d in a work-place fall. The trauma team at Shaare Zedek swffj diagnosed an unstable spine fracture that put the man al immediate risk for paralysis and other severe neurological damage. He was quickty transferred into Ihe care of Dr Mizrahi, a Spinal Neurosurgeon from the Spine Surgery Unrt. and the Department of Neurosurgery. The combination of AR (Augmented Reality) 8nd robotics allowed Dr Mrirnhi lo perforn 8 precise and minirnally inv85ive prO￿dure. "It made my life amazingty easy. I would even say a child could do 8 svrgery with all this l$¢hntslogy. The AR and robt)li¢s helped wrth ptssitioning. trajeclory, and planning. he said. The combination of AR, whid) is an interactive experience that combines the real wortd and computer-generated content, with robotic technology, did not speed up the surgery, but ralher made It more'effective. The successful operation has given Dr Mizrahi hope thal Ihe lechnology may become an integral part of spinal surgeries going foMard. but he knows that Ihese Ihings lake time to gel fulty implemented. 'It is a slow process. If I had to speculate. I would say Ihat in about 10 years il wll be stsndard to use AR and robotics for complex cases," he said. And although this technology is currenity onty used to perlorm spinal surgeries. Dr Mrirahi said he can see rt being used for injurios on the enb￿ ￿)dY in th¢ fuluw. UK fundlng Donors choosè to support any ol the hospital's 100+ departmènts wtth which thèy have a person818fflnty as well as responding to our appeals to support Ihe needs ol speofic departments as dictated by the Board of the hospital. This year donors supported a variety ol departments ty bjnding equipment, rooms, facAlities and scholarships. There is a slrong British foolprint in every one of Ihe hosprtal's 14 intemationally recognised Centres of Excellence. Fundraising in the UK has ahYay5 been conducted in d05e partnership wilh the leadership of the hospital in Jerusalem. Collaboration belween prole$$ional ¢olleague$ and b08rd members grows e8¢h year. This year our new ChiÈl Executi¥È madè her first visit to Ihè hospital. We havè enjoyed a dosè working ielationship with both the President and Director General ol the hospital and their teams. This year the UK team once again joined a call bringing the internatsonal offi￿S fundraising for Shaare Zedek together to discuss further collaboration. We look forward to a continued partnership wrth Prolessors Halevy an(J Merin and are indebted to Ihern for their visionary leadership and conlinued seryice. We are grateful to Ihe enti￿ ftjndraising learn at Shaare Zedek Medi￿1 Centre who 3UPPOrt our ftjndraising effort3 on the ground inlsrael. Strategi¢ report The descripts'on under the headings"Achievements and perforniance- and 'Finanaal ￿VieW, meet the company law requirements for Ihe Trustees to present a slralegic report. SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review The current economic climate continues to impacl on our abilrty to raise new funds. Given the tough dimate we were delighted to have raised £2,228.474 12022.. £1,641.8221. We have maintained a healthy finanaal position with closing fund balances lolalling £1.106.290 12022. £984.1871 of which £71.219 12022.. £70.3191 relates to restricted fund5 and £42,46512022.. £42.4651 to general end¢)wment lund. Furtherrnore. £16.32012022. £84.3531 within the d05in9 uniestricted lund balance is designated for specific purposes. Hence, the general unrestrict8d funds the charity holds amounts to £976,286 12022". £787,050) at the end of the reporting period after making allowance for restncted and designated funds. Vve are delighted to have raised significant funds enabling us to send £1.708,473 12022.. £1.280.7581 to shaa￿ Zedek in Jerusalem in relation to our charrtable activities and support costs. This year we were in a position to send over 75% of our total income directty to the hospital, the balance being held in reserves in the UK. Legacy gifts continue to be a vrtal source of income. wNh 30% of 811 don8tions this year being trom legacy grfts in donors, wills. Legacies are unpredictable, al lime$ malerialising without our prior knowledge and we continue lo maintain and develop this in¢ome whilst re¢ognising the ntred foi a diversifi¢ab"on tsf inGome from other sources to maintain the level ol support we cunenlty provi¢Je lo the hosprtal. General donations, including major grfts. totalled £1.557.33S12022.' £1,041,396). Atthough we continue to enjoy the support of our loyal donors, the economic situalion continues lo be challenging. In common with other charities, we continue to find ways to engage new donors in a challenging dimate. Some existing donors a lowering their donations due ¢0 reduced income to their Trusts or thanges in personal rircumstsnces, or because of the attacks on October 7th have chosen lo Support olher Israeli ¢harrtie$. SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Reseryes policy and going concern It is the policy of the Charty to m8intsin unrestricted fund5. which are Ihe free reserves of the Ch8rty. at a level th81 lakes 8ccounl of the likety adrninistration wsts of the Charty over the next 24-month peri(Id. The B08rd has the power to invest in such assets in secure money market instruments. The intenb.on of the Chanty is to make further payments to the Hospital in Israel as and when required in the fubjre. This poli￿ will provide adequate funds to meet current and anticipated fulure liabilrties and provide finanaal fiexibilty in the event of an adverse drop in donations received. RiBk management The Board has assessed the major risks lo whrd) the charrty is exposed, in particul8r those related to th operations and finances of the Chanty and is satisfied Ihat systems are in place to mrtigate rts exposure to thosè risks. Significant risk areas indude". Financial risks the variablty of incoming donabons create risk that the Charity wll not have sufficient funds to continue rts charrtable activrties. The Trustees ￿gU18rfY review the financial performance and position of the charity to manage Ihis risk. and have done so successfully historically by ensuring that planned ¢hantable adivities are in4ine vnth anbupaled don8titsn$ and level of funds available. Plan8 lor th• fLrtur• In May 2023 our ExecutNe Director decided to leave the charity after dedicating herself to the role for 10 years. She finished working with us in Juty 2023. An experienced fvndraiser was appointed as a successor in the post of CEO and started work in June. The trustees worked dosety wilh our outgoing and incoming CEO'S to ensure a smooth tr8nsition. which focused on the conlinuity ol donor relationship5. In O¢lober 2023, we appointed 8 new Fundraising Manager, who will be w0￿1n9 dosety with the CEO and Iruslees, to develop a progr¥mm• of fvndfaisin9 e￿nIs, 8$ well a$ helping lo rai￿ lh& profile of SZUK a¢ro88 the communty. As an organisation, it was agreed that we would invest in our CRM and work to future proof our technologies, by further developing our website so that we can truty personalise our supporter joumey. This wll be implemented in 2024-2025. Recrultment, appolnlment and tems of office of TNstees Trustees are appointed in accordance wilh the Charity's Memorandum & ArI￿e5 of Assocsation. In 2023. three new Trustee$ were appointed. New tiustees are tn8de aw8re ol the 01gani$8tion stru(lure of Ihe ¢harity and aro $hown finanu81 statements of the chanty lor the three preceding years. I trustees are now already familiar wrth the pracbcal work of the charity. Inducts"on procedures are in place for new trustees. Safeguardlng Shaare Zedek UK has a Safeguarding Pdicy. The charity makes regular enquiries of the hospital wrth regard (o its own robust safeguarding poliries and n01th￿tIon of any relevant safeguarding issues of which we Should be awaie. Structure. governance and management The charity is a company limrted by guaranlee. incorporated on 14 December 2010 and registered as a charity on 8 August 2011. The charitys reference and administrative detals are as set oul within these accounts. The company was established under a Memorandvm ofAssociabon whth established the objects and powers ofthe charitable company and 15 govemed undei it5 Artides ofA550uatK)n. SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Board of Trustees The Trustees, who are also the diredors lot the purpose of (x)mpany law, and who Se￿ed during the year weie". Mr Michael Sorkn'n MrAnthony Rosenfelder MrAlain Stechler Mr Martin Paisner Mr Michael Sandl&r Mr Nigel Sloam Mr Jonathan Paull K•y pernonn•l The following individu815 whilst not statutory rnembers of the tharrty were invofved in an advisory capacity.. Dan Adlgr David 8emsteln David Cohen Geoffrey Goldkom Eva Greenspan John Jay Margot Lew Angela MargoIIs-Raz Marcus Margulies Hilary Nalofl Jonathan Paull Marcus Pearl Margarel G Rothem Simon Sa¢km8n Nolan ￿n9[¢)w+ Michael Zrff Emma Pea Recrultment, appolnlment and temis of office of TNstee$ Trustees arè 8ppoint6d in accordancè wrth thè Chantys Mèmorandum & Ar1￿•S ofAs$ociation. SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustee Induction and Training New trustees are made aware of the Olganisational structure of the chaiity and are shown financial statements Of the charity lor the three preceding years. I trustees are now already lamiliar with the practical work of the tharity. Induckn'on procedures are in place for new trustees. 0￿ratIonS and Staffing Up until the end of 2023, the trustees delegated day to day management of the chanty to the Executive Director. Simona Bennett to deliver the aims and objectives ol the charity. Oshrrt Cowan, who started with the charity in June 2023, has now been appointed as Simona's successor. Saf¥guordlng Shaare Zetjek UK has a Safeguarding Pollcy. In 2019 the Executlve Director completed safeguarding tralnlng with the NSPCC. The charity makes regular enquiries of Ihe hospital wth regard to Its own robust safe•guar(Jing policies and notification of any relevant safeguarding issues we should be aware of. Ml SZUK staff will now be required to undergo safeguarding Iraining and DBS checks as we expand our outreach work into the comrnunity. Relat?d partl Aggregate donations re¢eiv&d from relaled parti&$ without ¢ondition$ gmounled 10 £520,74012022'. £421,374) for the year. Aggregate remuneration of key managemenl personnel in 2023 amunted to £100,52312022.' £91.1671. None of Ihtt Tru$lee8 lor any persons ¢onne¢ted with them) retswed any remuneration or benefits frtsm the Charity during the year. Audltor In accordance with Ihe company's articles. a resolution proposing that ROP Newmans LLP be ￿apPOInted as auditor ol Ihe company will be pul 81 a General Meetin9. Di8clo8ur• of infomiation to auditor Each of the Trustees has confirrned that there is no information of Ihey are aware which is relevant to the audit, bul ol which the auditor is unaware. They have fvrther confi￿ned thal Ihey have taken appropriate steps 10 idèntify such rolovant Infomiatson and to establbsh that the audrtor is awaie of such inlomation. The Trustees, report. induding the ¥lr8tegK reporL was 8pproved by the Board of Twstees. Mr Jonathan Paull Trustee Dated.. 25 September 2024 SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEAIBER 2023 The Trustees, who are also the directors of Shaare Zedek UK for the purpose of company law, are responsible for preparing the Trustees, Report and the finanaal statements in accordance wrth applicable law and United Kingdom Accounting Standards Iunited Kingdom Generalty Accepted Accounbng Practice). Company L8w requires the Trustees to prepare fin8nryal ststements for each finanry81 year which give 8 true 8nd fail view of the stat8 of alfairs of the charty and of the incorning resources and applieAtion of re$oui¢è$, induding the income and expenditure, ol the charrtable company for that year. In preparing these financial statements. the Trvstees are required to.. select SUlt8ble accounting policies and then appty them consistenuy.. - obs8ni¥ th& methods and prin¢1￿￿$ in th¢ Charities SORP., - rnake judgements and estsmates that a￿ reasonable and pwdent.. state whether applicable UK Accounting Standards have been followed. subject to any material departures disdosed and explained in the financial statements.. and prepare the financial stat•m8nts on the 90in9 cOn￿M bas1$ unl8$$ 11 1$ Inapproprfgle lo presumè that the ¢harfty wlll continue in operation. The Trustees are responsible for keeping adequale accouniing records that disdose with ￿aSOnable accuracy at any time the financial position of the charity and enable them to ensure that Ihe financial s¢alements comply wrth the Companies Aet 2006. They are also responsible for $8fe9uar¢Jing the assets of the charty and hence for taking re8$on8tyle steps for the prevention and deledion ol fraud 8n¢J other irre9ul8riti¢s. The Trustees are responsible for the maintenance and integrity of the charity and finanaal infomation. Legislation in the United Kingdom goveming the preparation and disseminalion of financial statements may differ from legislation in other jurisdictions. 10- SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHAARE ZEDEK UK Oplnlon We hav8 audited the financial staternents ol Shaare Zedek UK (the 'charity'l for the year ended 31 December 2023 which cornpiise the statement of financial activtties, the balance sheet, the staternent of cash flows and the notes to the financial statements, induding a summary of signthcant atcounts.ng poliues. The finanual reporting framework that has been applied in their p￿paratIOn is applicable law and Uniled Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generalty Accepted Accountsng Pracb'cel. In our opinion, the financi81 staternents.. give a tnje and lair view of the stale of the charitable companrfs affairs as at 31 December 2023 and of its incoming resources and application of resourcEs. induding its income and expenditure. for the year then ended.. have been properfy prepared in accordance wrth United Kingdom Generalty Accepted Accounting Practice,. and have boen preparetj in a¢¢ord8nce wrfh the requirtrments of the Companies Ad 2006. Ba818 for oplnlon We conducted our au¢Jit in ac￿rdanc? wrth Intem8bonal siandards on Auditing IVKI IISAS IUKII 8nd applicable law. Our responsibilities under those standards ar& fvrther (Je￿ribed in lh& Audiloffs fyspon$ibilili&s for tha 8udil of the financial stètem8nÈs section of our report. We are independent of the charity In accordance wrth the ethlcal requirements that are relevant to our audit of the finanual statements in the UK, including the FRC'S Ethical Standard, and we have fU￿illed our other ethical responsibilil*s in accordance wrth these requirements. We believe that the audit evidence we have oblained is sufficAent and appropriate to provide a basi5 for our opinion. ConcluJlon• relatlnq to golng concern In auditing the financial statements. we have conduded that the Truslees, use of the going concem basis of accounting in the preparation of the financial slatemenis is appropriate. Based on the work we have perforned. we have not identified any material vncertsintTes relating lo evenl$ or conditions that. individually or ¢olle¢tivety, may ¢a$t $ignifi¢ani doubt on the ¢h8rity'$ ability to continue as a going Concern for a period of at l¢a$t Iwelve month$ Irom wh&n the fin¥noal $tslem¥nt$ aro gu¢hori$e4 for issue. Our responsibilits'es and the responsibilities of Ihe Trustees wtth respect to going concern are described in the relevant sections of this reporL other InforrnatSon The other information comprises the infom)ation induded in the annual report, induding the trustees, report. other than the finanaal statements and our audrtor's report thereon. The irustees are responsible for the other inlomation contained within the annual report. Our opinion on the financial statements does not cover the other inlomation and, ex￿pt lo Ihe exlent otherwise e¥plicty stated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility Is to read the other infomialion and, in doing so, consider whetner the other infomiatlon Is materially inconsistent with the financial statemenls or our kn￿￿edge obtained in the course of the audit. or otherwise appears to be materialty misslaled. If we idenlify such material inconsistenaes or apparent material mi5slalemen15, we are required to dete￿Ine whether this gives rise to a material mi5slatement in the finanaal statements themselves. 11, based on the WO￿ we have performed. we ¢x)ndude that there is 8 rn*eri81 mi5Statement of this Other inforTnats'on, we ale required to report that fact We have nothing to report in Ihis regard. SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SHAARE ZEDEK UK Oplnlons on othèr matters pr•scrlb8d by th• Companl•s Act 21106 In our opinion, based on the work undertaken in the CA)urse of our audtt.. the information given in the Trustees, report for the financial year for Wh￿ the financial statements are prepared. which indudes the directors, ￿port and the strategic report prepared for the purposes ol company law. 15 consistent with the financi81 statements. and the strategic report and the directors. report induded wrthin the Trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to ￿port by exception In the light of the kno￿edge and underslanding ol the chanty and its environment obtained in the course of the audit, we have not identified material misslalements in the stralegic report or the directors, report included wthin the Trustees, report. We have nothin9 to report in respect of the follwng mattets in relation to which the Companies Act 2006 requires us lo report lo you rf, in our (>pinion'. adequate accounting records have not been kept. OT retums adequate for our audit have not been received from branche5 not visited by us.. or the financial statements are not in a9r8ement vhth th& accounbng records and retum$', or certain disdosures of trustees, rernuneralion 5peoffied by law are not made.. or we have not received all the information and explanations we require f￿ our audit. Responslblllt108 01 Tru8tee8 As explained more fulty In the statement of Trvstees. responsibilrtK?S. the Trustees. who are also the directors ol the charity for the purpose of company law. a￿ responsible for the preparation of the financial staternents and lor being satisfied that they give a Inje and lair view. and lor such intemal control as the Trustees deterrnine is necessary lo enable the preparation of financial statements that are free from material rnisstaternent. whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charty's ability lo continue as a goin9 ￿n￿rn. disrAosing. 8$ appli¢8ble. matters ￿l4¢ed to going ¢on¢ern and using the going concern basis of a¢¢ounlin9 unl&$s the Tfu$l¥e$ erth•r inlend lo liqu￿91¢ the ¢haritsbl& ¢omp8ny or lo ¢&88 operations, or have no realistic altematNe but to do so. Audltorf8 re8pon8lbllltle8 for the audlt ol the financlal statements Our objective$ are to obtain reasonable assurance about whethef the finan¢ial $18t¥menls as a whole are fre¥ from material misstatement, whether due to fraud or error, and to issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee thal an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise frorn fraud or error and are considered material if, individualty or in the aggregale. Ihey could ieasonabty be expected lo influence the economic decisions of users taken on Ihe basis of Ihe5e finanryal Statements. Iirogu18ritiès, including fraud, arè instancès of n0￿M￿￿13nCÈ wrth laws and regulations. Wè design procèdurès in line with our responsibilrties, outlined above, to detect material misstatements in respect ol irregularities, induding fraud. The extent to which our procedures a￿ capable of detecting irregularities, induding fraud, is detailed below. 12- SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SHAARE ZEDEK UK Thè èxt•nt to bvhlch tho audlt was eonsld•r•d ￿Pabl# of det•ctlng Irreguladtl•s Includlng fraud Our approach to identifying and ass8ssing the wisks of material misstatement in respect of irregularitie5, induding fiaud and non-compliance with laws and ie9ulation5. was a5 follows". the engagement partner ensu￿ that the engagement team collectivety had the appropriate competence, capabilities and skills lo identify or recognise n0rrtompl1an￿ with applicable laws and regulations.. we identffied the laws and regulations ap￿1¢able to the chaiitable company through discussions wth directors 8nd other rn8nagement. and from our commerci81 knowledge and experience of the charty sector. we focused on specific18ws and regulabons which we consbdered may have 8 dired material effed on the financial statements or the operations ol the charitable company, induding the Companies Act 2006 and The Charities Act 2011 together with the Charities SORP IFRS1021, General Data Protection Regulation IGDPRI, and employment legislation. we assessed the extent of compliance with Ihe laws and regulabons identified above through making enquiries of management and inspecting legal correspondence.. and identrfied law5 and regulalions were communic8teil within the audrt learn regularty 8nd the team rèmained alert lo instances of non-¢omplian¢e throughout the audrt. We assessed the susceplibilty of the charws finanaal slalements to material misstatement. induding obtaining an understanding of how fraud might occur. by.. making enquiries of rnanagemenl as to vthere they conSide￿d there was susceptibility to fraud. their knowledge of 8c¢ual. suspected and alleged fraud.. and considering the inlemal ￿ntrol5 in place lo miti98le risks of fr8ud and nOr￿comPlI8nce with laws and règulations. To address the risk offraud through managemenl bias and override of controls, we.. performed analytical procedu￿$ lo i(Jentfy any unusual or unexpected relationships,. reviewed and tested journal entries to identsfy unusual transaction5 and other adjustments for appropriateness. and evalualing Ihe business rationale ol significant tr8ns8Ctions outside the norm81 course ol business., assessèd whether judg¢m&nt$ and as$umpb'on$ made ￿ d¢lemilnin9 the accountln9 e$timates $et out In note 2 were Indicative ol potential bias," and investlgated the rationale behind significant or unusual transact¥)ns. In response to the risk of irregularibes and n01H￿rn￿1ance wilh laws and regulation5. we designed procedures which included, but were not limited to.. r8vi8wing and agreèing financial $lalem&nl disdo$u￿$ and l¢$bng lo undertying Supporting do¢um¥n181ion', and enquiring of management as to actual and potenlial liligalion and daims. reviewing correspondence with HMRC and bankers and reviewng minuies of board meetings. No instances of material non-compliance were idenlified. However. the likelihood of detecting I￿egUlaritIes. induding fraud. is limited by the inherent difficulty in detecting irregul8ritses. the effectiveness of the entity'5 controls, and the nature, timing and extent of the audit procedu￿$ perfomied. There are inherent Iimitatitsns in our audit procedures described above. The more removed that laws and regulations are from finanaal transactions, the less likely it is that we would become aware of non-compliance. Audrting slan¢Jards also limit the audit procedures required to identify non-cornpliance with laws and regulations to enquiry ol the directors and other management and the inspection ol regulatory and legal correspondence. rf any. Material mi55tatement5 that arise due to fraud be harder to deted than those that arise from error as they tn8y involve deliberate concealment or collusion. A further description of our responsibil￿e$ is available on the Finanaal Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This descripts.on forms part of our auditorfs report. 13- SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SHAARE ZEDEK UK Usa of our rèport This r8port is made solety to th8 charitable companys mernbers. as a body. in accordance with Chaptèr 3 of Part 16 of the Companies Act 2(X)6. Our audtt work ha5 been undertaken so that we might state to the charitable cotnpany's members those matters we are required to state to them in an audilofs feport and for no other purpose. To the fullest extent pem)itted 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 audil work, for this report, or lor the opinions we have fomied. PargBh Radlo FCA Isenlor Ststutory Audltor) for and on behalf of RDP Newmans LLP 2S September 2024 Chartered Accountant• Statutory Audltor Lynwood House 37>375 Stats'on Road Harrow MKI(Jlesex HA12AW 14- SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted Endovment funds funds funds 2023 2023 2023 Total Totsl 2023 2022 Notes Incom• Irom: Donations and legacies Investments 971.356 23.347 1.257.118 2.228.474 23,347 1.641,822 1,433 Total Income 994.703 1.257.118 2.251.821 1,643,255 Ex enditure on.. Costs of ral$Sng lunds 302.936 302,936 243,705 Payrnenls to hosprtal 550.142 1.256.218 1.806,360 1,386,780 Total charftable expendlture 550.142 1.256.218 1.806.360 1,386,780 Other 11 20.422 20.422 15,387 Totsl r•8our¢•8 oxp•nd•d 873.500 1,256.218 2,129,718 1,625,872 Nel gainslllossesl on investments 12 1991 Net movement In lund• 121.203 122.103 17,284 Fund balances al 1 January 2023 871.403 70.319 42,485 984.187 966,903 Fund balances at 31 December 2023 992.606 71,219 42,465 1,106,290 984,187 The slalement of finanri81 activities indudes all g8in3 and losses recognised in the year. Thè st8tèment of finaniial activities indudes all gains and losses recognised in the year. AJI income and expenditure derlve from continuing activities. The statement of finanigal activities also coMpl￿S with the requirements for an income and expendrture account under the CompaniesAc12o(￿. 15- SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assets Tangible assets Investments 14 15 4.526 211 4,725 211 4.737 4,936 Current a8set8 Debtors Cash at bank and in hand 16 32.589 I.1(￿.358 7.215 997.716 1.138.947 1.004.931 Cr•dltors'. amounts falllng du• vAthln one year 18 37.394 25,680 Net current assets 1.101.553 979,251 Total a8•ets leos current Ilabllllle8 1.1(￿.290 984.187 The lund8 of the charSty Endowment lunds Restricted incorne funds Unrestricted lund$ 20 19 21 42.465 71.219 992,606 42,465 70,319 871,403 1.1Cé,290 984,187 The flnanclal statem8ntS W8r• approvèd by the Trust8es on 25 September 2024 MrAlain Slechler Tru•t8• Mr Jonalhan Paull Trust•• Company registration number 07469168 IEngland and ￿e$> 16- SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEAIBER 2023 2023 2022 Note$ Cash Ilows from opèrating aetlvltl•s Cash generated from operations 26 86.820 26.366 Inv•stlng actlvltl•s Purchase of tangible fixed assets Investment Income received {1.525} 23.347 15251 1,433 Net eash general￿ Irom In¥•stlng actlvltle8 21,822 908 Net cash u•ed In financlng actlvltleo Net Increa•e In ca•h and ca•h ?qulval•nts 108.642 27,274 Cash and cash equivalents al beginning of year 997.708 970,434 Co$h and ¢a$h oqulval•nts •t •nd of y•ar 1,1Cfj,350 997,708 R•latlng to: Cash 81 bank and in hand Bank overdrafts included in ueditors payatle within one year 1.1rJs.358 997,716 181 181 17- SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2023 Aecountlng pollel•s Charfty Snforniatlon Shaare Zedek UK is a private company limited by guarantee incorporated in England and Wdles. The registered office is 4 Theobajd Court. Theobald Street. Borehamwood, Hertfordshire. VVD6 4RN, United Kingdom. 1.1 Accounting convention The accounts have been prepared in accordance wilh the chanty's memorandum and artides of association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- las amended for accounting periods commencing from 1 January 20191. The charity 15 8 Public Benefft Entity as defined by FRS 102. The financial $tatemenl$ a￿ p￿pared in slewling, whicj) is the lunth'On￿ curnency of th¥ ¢harity. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prePa￿d under the historical cost convention. The principal accounting policies adopted a￿ set out below. 1.2 Golng concern At the lime ol approving Ihe financial statements. the Trustees have a reasonable expectation that the charity has adequate resources to continue in operalional existen￿ lor the loreseeable fijture. Thus the Trustees continue to adopt the going concem basis of accounbng in preparing the financsal staternents. 1.3 Charttabl• funds Unrtrstri¢led fvnds are available lof us& al the discretion of the Tru$l¢¥$ in lurtheranco of Ih¥ir ¢harit8ble objectives. Designaled funds compris& unreslricled fiJnd$ that hav& bsen s&1 as￿* by the Trusle¥s for particular purposes. Restricted funds are subject 10 5pecrfK condltions by donor3 as lo how they may be used. The purposes and uses of the reslri¢ted lund$ are sel oul in the noies 10 the finanual statements. Endowment fvnds are subject to specific conditions by donors that the capital must be maintained by the charity. 1A Income Income is recognised when the chanty is le9ally enlrfed to it after any perftsmance conditions havè bèan mèt, the amounts can be measured reliabty, and rt is probable that income will be received. Cash donation5 are recognised on receipt. other donations are recogni5ed once the charrty h85 been notified of the donation, unless perfomiante condth.ons requi￿ deferral of the amount. Income tax recoverable in relath)n to donath)ns recewed under GiftA¥J or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relalion to inveslment incon* or gift donab.ons is recognised at the time the relevant income is receivabbe. Legacy incorne is induded in the SOFA when the Charity's entillernenl has been established Yith a sufficient level ol certainty. nomialty on receipt of the legary or a letter confirniing that it will be sent. Grants received are accounted for as receivable as and when the chanty is legalty entitle(J to the income and the amount can be quantrfied with reasonaNe accurary. Income from charitable activits'es includes income received under contract 18- SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accounting policies (Continuedl Trading income is iecogniseil as and when M￿leS are received and stated after trade discounts. Trading income rdated to events is recognised in the year the events took place. The chanty is not registered lor VAT. 1.5 Expendlture Expenditure is recognised once there 1$ 8 legal or ¢onstrudive obligation to Ir8n$fer ￿nOmiC benefit to 8 third party. rt is probable that a Iransfef ol economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by actNity. The costs of each activity are made up of the total of direct costs and sha￿d c05t5. including support costs involved in undertaking each activity. Direct Costs attributsble to a single activity are allocaled direclty lo Ihat activity. Shared wsts which con¢ribute to rnore than one activity and support costs which are not attributable to a single adi¥rty are apportioned between those activitie$ on a basis consistent wrth the use ol resources. Central staff costs are allocated on the basis ol time spent, and depreuation charges a￿ allocated on the portion ol the assel's use. Exp8nditur¥ is recognised when a liability 1$ incur￿. Contra¢tual affangemènl$ and performancè related grants ar8 rècognised as goods or sèrvicè$ are supplied. Olhèr grant paymènts arè recognisèd when a constructive obligation arises that result in the payment being unavoidable. Costs ol generating funds are those costs inCU￿ed in attracting voluntary income, and those incurred in trading activities that raise lunds. Charltabltr octivlties indude both thè dired and support co$t$ relating to th¢$& a¢tiviti&$. Governance costs include the cost of any legal advice to trustees on govemance or constitutional rnatters. external accountancy and audit costs. Support ¢osts indude ¢enir81 ftJn¢tions and ha¥e been a110¢8ted 10 thtr drfferent ¢altrgories of a¢tivitie5 based on the lime spent on each adivity. The charty is not regiSte￿d for VAT so all expenses shovm in the SOFA and notes to the accounts are shown gross li.e. inclusive of VATI. 1.6 Tangiblè fixèd a#8•t8 Tangible fixed assets are initiaty measured at cosl and subsequenty measured at cosl, nel ol depreciation and any imp8irmen¢ losses. DeprecAatron is recognised so as to vrrile off the cost of assets kss their residual values over their usefijl lives on the follomng ba5es'. Plant and machinery Fixtures. ffittings & equipment 25% straight line 10% reduung balance The gain or loss arising on the disposal of an asset is delerrnined as the dfflerence belween the sale proceeds and the c81rying value of the asset. and is recognised in the statement of finan￿81 acbvibes. 1.7 Fixed asset investments Fixed asset investments are initially Measu￿ at transactv)n price exduding transaction costs, and are subsequenuy measured al fair value al each ￿pOrting date. Changes in fair value are recognised in net incomellexpendrturel for the year. Transaction costs are expensed as incurred. 19- SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accounting policies (Continuedl 1.8 Impalm•nt ol fix￿ ass•ts At each reporting end dale, the charity reviews the ¢arying amounts of its tangible assets to detemiine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable 8mount of the asset is esbm8ted in order to determine the extent of the itnp8irment loss Ill any). 1.9 Cash and cash equivalents Cash and cash equivalents indude cash in hand. deposits held at call with banks. other short-term liquid investments with original maturities of three monlhs or less, and bank overdrafts. Bank overdrafts are shown wrthin borrowngs in current liab'lrties. 1.10 Flnanclal Instruments The charity has elected to appty the provisions of Section 11 'Basic Finanaal Instruments, and Section 12 'Other FinancAal Instrument5 Issues. of FRS 102 to all of its financial instruments. Flnan¢io1 in$lrumonts are r*¢ogni$ed in the ¢hanty's balon¢& sh¢&l wh¥n lh& ¢h81ty be¢ome$ party lo th& ¢onlrac¢ual provisions of the in$IN￿nI. B•sle flnancl•l •ss•ts B8sic financial assets. which include debtors and cash and bank balances. are initially measured 81 transaction prie¢ including transaction costs and are $ubsequènty carried at aM0￿.$¢d ¢o$l using thè èffè¢tiv$ Interèst mèthod unless the arran9èmenl constilutes a finanon9 transaction, wher• the transactlon Is measured at the present value of Ihe luture receipls discounled at a market rate of interest. Financial assets classified as receivable wtthin one year are not amortised. Baslc flnanclal Ilabllltios B8sic flnandal Ilabilities. induding credrtors and bank loans are inrtially recognised at transaction pnce unless the arrangement conslilules a financing transaction. where the debt instnjment is measured at the present value ol the future payments discounted at a market rate of inle￿$t. Finanaal liabilities da5sified as payable wrthin one year are not amortised. Trade Creditors are oblig8lions lo pay for goods or servi¢es thal have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilrties if payment is due wthin one year or less. If not, they are p￿sented as non 2 (nUWZOLzzCr)o E"- ¢Ji o U> -QC o ¢rJ Zl o 0> Ili u)£w- VUIJ o£vJ Caa Q o CL > CL c£ 41 ￿(LC£ CorL OU)4>E Caa Q £c£ • oc (t LU 0￿0) l ¢y *Ji a* Caa Q ZILwfLIZL) lJ D lJlJ E57J D C q> w 4> J CD CSJ CQ q) 4fj 4• C 111111 0> oj 0> o) Z5 Z5 ( lJ 111- Jrm y v) 7J • V) W Q)a Q Q>LU It SHAARE ZEDEK UK {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 23 Operating lease commrtments Lessee At the reporting end date the chanty had outstsnding commrtN*nts for ftrture minimum lease payments under non-cancellable operating leases, which fall due as follows". 2023 2022 Wlthln one year Between and five years 15,000 27.500 15,000 42.500 42,500 57,500 24 Related party tran8¥cllon• Tran8actlon• wlth r•latèd partl•s Aggregate donations recEived from related parties wtthout condibons amounted to £520,74012022'. £421.3741 lor the year. 25 Anolysl¥ ol chang0¥ In fund* The chanty had no material debt during the year. 26 Ca$h g•n$r•t•d from oporaiion• 2023 2022 Surplus for the year 122,103 17.284 Adjustmènts for.. Investment income recognised in slalement of finanual actiwiies Loss on disposal of tangible fixed assets Fair value gains and losses on investments Depreaation and impaimient of tangible fixed assets and investments 23,3471 276 11.4331 378 1,447 1,206 Movements in working capital.. Ilncreaselldecre85e in debtgr$ Increase in credrtors 125,3741 11.715 3,891 4.942 Ca¥h generated from operations 86,820 26,367 -32-