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2024-12-31-accounts

Charity registration number 1143272 (England and Wales)

Company registration number 07469168

SHAARE ZEDEK UK

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Alain Stechler Mr Martin Paisner Mr Michael Sandler Mr Nigel Sloam Mr Jonathan Paull Mr Oliver Julian Sloam (Appointed 1 October 2024) Ms Margaret Rothem (Appointed 1 October 2024) Dr Claire Lemer (Appointed 1 October 2024) Charity number 1143272 Company number 07469168 Registered office 4 Theobald Court Theobald Street Borehamwood Hertfordshire United Kingdom WD6 4RN Auditor RDP Newmans LLP Lynwood House 373-375 Station Road Harrow Middlesex HA1 2AW Bankers HSBC Bank Plc 8 Canada Square London E14 5HQ National Westminster Plc 135 Bishopgate London EC2M 3UR

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) CONTENTS

Page
Trustees' report 1 - 5
Statement of Trustees' responsibilities 6
Independent auditor's report 7 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 30

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report and financial statements for the year ended 31 December 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Memorandum & Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

In this context the Trustees have complied with the duty in section 17 (5) of the 2011 Charities Act in giving due consideration to the Charity Commission's guidance on Public Benefit. The report is prepared in accordance with the small companies' regime (Section 419(2) of the Companies Act 2006).

Principal aims and objectives

“To save a life is to save the world. Nowhere is this clearer than at Shaare Zedek. A hospital not just with a heart but with a soul that makes the world a better place." - Quote from a relative of a Shaare Zedek patient.

Shaare Zedek UK exists to support the vital, life-saving work of Shaare Zedek Medical Center in Jerusalem. Our objective is to raise funds to enable the hospital to provide world-class medical care, invest in ground-breaking innovation, and remain at the forefront of healthcare in Israel.

We aim to engage the UK Jewish community and wider society through education, philanthropy, and advocacy to promote and sustain the hospital’s essential services. Our work ensures that the hospital has the resources it needs to serve all members of Jerusalem’s diverse population with compassion, dignity, and excellence.

History

Shaare Zedek Medical Center was founded in 1902 and has been serving the people of Jerusalem and beyond, for over 120 years. Originally established to provide modern medical care to all residents of the city, it has grown into one of Israel’s largest and most advanced hospitals. Today, it operates across multiple campuses, treating over 1 million patients each year and is recognised as a centre of excellence in trauma, maternity, emergency care, oncology and medical innovation.

Achievements and Performance in 2024

2024 has been one of the most challenging years in Israel’s recent history. The devastating events of October 7th, 2023, and the subsequent conflict have placed unprecedented demands on Shaare Zedek Medical Center and its staff. Despite these challenges, the hospital’s extraordinary response and resilience have shone through.

Message from Shaare Zedek Medical Center’s Director General

Dear Friends,

Israel finds itself in a period of unprecedented challenge and pain, circumstances that have profoundly touched every part of life at Shaare Zedek. Within our hospital family, we have endured tragic loss, witnessed hundreds of our staff and their loved ones called to the frontlines, and have been tasked with treating more than 600 injured victims of this horrific war.

Through it all, Shaare Zedek has stood at the forefront of Israel’s medical response. Our expanded Trauma and Emergency Medicine facilities, together with our outstanding multidisciplinary teams, have enabled us to care for the wounded with skill, compassion, and resilience. Each remarkable recovery we witness reminds us of the vital role our hospital plays in the defence of our beloved nation.

When I began my role as Director General over five years ago, one of my first goals was the expansion of the Weinstock Family Department of Emergency Medicine (DEM), a critical gateway for patients across Jerusalem. At that time, the department was overcrowded and overstretched, unable to meet the growing demand. With the support of the Jerusalem Municipality, the Ministry of Health, and generous private donors, we raised over £10 million to make this vision a reality.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Even as COVID-19 struck and parts of the new department were diverted to serve as Israel’s first Corona ER, we pressed forward. Nearly a year ago, we celebrated the dedication of our new, expanded DEM. Last year alone, more than 100,000 patients passed through its doors, making it the largest and most central facility of its kind in Jerusalem. At the same time, our Trauma Unit has grown into the city’s primary referral centre for emergency injuries.

Alongside the physical expansion, we have optimized processes from admission to discharge, shortening waiting times, improving outcomes and raising patient satisfaction. None of this would be possible without the dedication of our exceptional DEM staff, led by Dr. Todd Zalut and Naama Bagrish, whose professional leadership and compassionate care embody Shaare Zedek’s values every single day.

We know, however, that this mission is not ours alone. We are deeply moved by the steadfast solidarity and support we continue to receive from our friends in the UK and around the world. Your partnership strengthens us, sustains us, and enables us to keep building the future of emergency and trauma care in Jerusalem.

As we pray for the safe return of our soldiers and hostages, and long for days of peace and healing, I thank you sincerely for your unwavering friendship. Together, we will continue to save lives, restore hope, and shape a stronger tomorrow.

With deep gratitude,

Professor Ofer Merin Director General, Shaare Zedek Medical Center

Medical and Emergency Response

Emergency Care

Global Medical Leadership

Groundbreaking Medicine

Shaare Zedek’s Breast Health Center pioneered a new surgical technique allowing many breast surgeries to be performed without general anaesthesia, using advanced nerve blocks and sedation for faster recovery, reduced pain and minimal reliance on opioids.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Hospital Recognition

In June 2024, Shaare Zedek’s Helmsley Cancer Center was awarded first place in the "Design for Health and Wellness" category at the European Healthcare Design Congress.

The building, designed by Canadian architect Tye Farrow in collaboration with Shaare Zedek’s Jerusalem-based architectural firm of Ofer Rubenstein, opened in November of 2022 and is increasingly regarded as one of Israel’s landmark public healthcare buildings.

The design is intended to fuse medical function with a highly original design, using natural wood and light intended to create a warm and bright space to help uplift patients' emotional wellbeing throughout the challenging cancer care process.

UK Activities and Fundraising

In 2024 we raised £1,682,789 through events, campaigns, legacies and major gifts. These funds supported Shaare Zedek Medical Center to remain fully equipped and staffed to meet ongoing emerging needs.

Fundraising activity included participation in RideLondon and the Big Half Marathon, the distribution of our Heartbeat and Pulse publications, professional networking-organised events and general fundraising communications throughout the year. From the participation in challenge events, we are taking a strategic approach in this area for 2025 to grow engagement further.

Support from major donors continued to strengthen, with 29 individuals and charitable trusts contributing at this level. Our Friends and Patrons programmes expanded during the year, building a growing network of committed supporters.

In addition, UK donor visits to the hospital provided valuable opportunities for supporters to see the hospital’s work directly, strengthening engagement and demonstrating the tangible impact of their contributions.

Governance and Growth

UK Financial Review

Shaare Zedek UK continues to operate with financial responsibility and transparency. In 2024:

Reserves policy and ongoing concern

It is the policy of the Charity to maintain unrestricted funds, which are the free reserve of the Charity, at a level that takes account of the likely administration costs of the Charity over the next 24-month period. The Board has the power to invest such assets in secure money market instruments.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Risk management

The Board has assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Charity and is satisfied that systems are in place to mitigate its exposure to those risks.

Structure, Governance and Management

Shaare Zedek UK is a registered charity governed by its Board of Trustees. The Board meets regularly to oversee the charity’s strategy, performance and legal obligations. Daily operations are run by a dedicated team of professionals and volunteers.

We maintain strong communication with the hospital leadership in Jerusalem to ensure funds are deployed effectively and aligned with institutional priorities.

Plans for future periods

Looking ahead to 2025, we will:

Recruitment, Appointment and Terms of Office of Trustees

Trustees are appointed in accordance with the Charity’s Memorandum and Articles of Association. In 2024, three new Trustees joined the Board.

All new Trustees receive a structured induction, which includes an overview of the charity’s governance and organisational structure, as well as access to financial statements from the previous three years. As part of their onboarding, Trustees are also introduced to the operational work and impact of the charity to ensure they are fully informed and engaged in their role. Induction procedures are firmly established to support new appointees in contributing effectively from the outset.

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards.

The Trustees confirm that they have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit.

Safeguarding

Shaare Zedek UK has a Safeguarding Policy. The charity makes regular enquiries of the hospital with regard to its own robust safeguarding policies and notification of any relevant safeguarding issues of which we should be aware.

Strategic Report

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

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

The Board of Trustees

The Trustees, who are also the directors for the purpose of company law, and who served during the year were:

Mr Michael Sorkin (Resigned 1 October 2024) Mr Anthony Rosenfelder (Resigned 1 October 2024) Mr Alain Stechler Mr Martin Paisner Mr Michael Sandler Mr Nigel Sloam Mr Jonathan Paull Mr Oliver Julian Sloam (Appointed 1 October 2024) Ms Margaret Rothem (Appointed 1 October 2024) Dr Claire Lemer (Appointed 1 October 2024)

Related parties

Aggregate donations received from related parties without conditions amounted to £27,721 (2023: £520,740) for the year.

Aggregate remuneration of key management personnel in 2024 amounted to £83,750 (2023: £100,523).

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

Auditor

The auditor, RDP Newmans LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Disclosure of information to auditor

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

The Trustees' report, including the strategic report, was approved by the Board of Trustees.

Mr Jonathan Paull

Trustee Dated: 29 September 2025

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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 financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHAARE ZEDEK UK

Opinion

We have audited the financial statements of Shaare Zedek UK (the 'charitable company') for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SHAARE ZEDEK UK

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of Trustees

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

Auditor's responsibilities for the audit of the financial statements

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

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

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SHAARE ZEDEK UK

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

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

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

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

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

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

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

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

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SHAARE ZEDEK UK

Use of our report

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

Paresh Radia FCA (Senior Statutory Auditor)

For and on behalf of RDP Newmans LLP, Statutory Auditor Chartered Accountants Lynwood House 373-375 Station Road Harrow Middlesex HA1 2AW 30 September 2025

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted Endowment
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
1,455,955
226,834
-
Investments
4
33,567
-
-
Total income
1,489,522
226,834
-
Expenditure on:
Costs of raising funds
5
363,695
-
-
Charitable activities
Payments to hospital
6
1,160,469
200,885
-
Total charitable expenditure
1,160,469
200,885
-
Other
11
22,429
-
-
Total resources expended
1,546,593
200,885
-
Net (outgoing)/incoming resources
before transfers
(57,071)
25,949
-
Gross transfers between funds
82,289
(82,289)
-
Net income/(expenditure) for the year/
Net movement in funds
25,218
(56,340)
-
Fund balances at 1 January 2024
992,606
71,219
42,465
Fund balances at 31 December
2024
1,017,824
14,879
42,465		 Total
2024
£
1,682,789
33,567
1,716,356
363,695
1,361,354
1,361,354
22,429
1,747,478
(31,122)
-
(31,122)
1,106,290
1,075,168		 Total
2023
£
2,228,474
23,347
2,251,821
302,936
1,806,360
1,806,360
20,422
2,129,718
122,103
-
122,103
984,187
1,106,290

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
The funds of the charity
Endowment funds
20
Restricted income funds
19
Unrestricted funds
21		 2024
£
£
6,565
211
6,776
11,093
1,091,774
1,102,867
34,475
1,068,392
1,075,168
42,465
14,879
1,017,824
1,075,168		 2023
£
£
4,526
211
4,737
32,589
1,106,358
1,138,947
37,394
1,101,553
1,106,290
42,465
71,219
992,606
1,106,290		 2023
£
£
4,526
211
4,737
32,589
1,106,358
1,138,947
37,394
1,101,553
1,106,290
42,465
71,219
992,606
1,106,290
4,737
1,101,553
1,106,290
42,465
71,219
992,606
1,106,290

The financial statements were approved by the Trustees on 29 September 2025

Mr Alain Stechler Mr Jonathan Paull Trustee Trustee

Company registration number 07469168 (England and Wales)

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
27
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors payable
within one year		 2024
£
£
(44,324)
(3,827)
33,567
29,740
-
(14,584)
1,106,350
1,091,766
1,091,774
(8)		 2023
£
£
86,820
(1,525)
23,347
21,822
-
108,642
997,708
1,106,350
1,106,358
(8)

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Shaare Zedek UK is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Theobald Court, Theobald Street, Borehamwood, Hertfordshire, WD6 4RN, United Kingdom.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

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

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.

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

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

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

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Income tax recoverable in relation to investment income or gift aid donations is recognised at the time the relevant income is receivable.

Legacy income is included in the SOFA when the Charity's entitlement has been established with a sufficient level of certainty, normally on receipt of the legacy or a letter confirming that it will be sent.

Grants received are accounted for as receivable as and when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income from charitable activities includes income received under contract.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

The charity is not registered for VAT.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that result in the payment being unavoidable.

Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities include both the direct and support costs relating to these activities.

Other costs include governance costs relating to legal, governance or constitutional matters, external accountancy and audit costs.

Support costs include central functions and have been allocated to the different categories of activities based on the time spent on each activity.

The charity is not registered for VAT so all expenses shown in the SOFA and notes to the accounts are shown gross (i.e. inclusive of VAT).

1.6 Tangible fixed assets

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

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

Plant and machinery 25% straight line Fixtures, fittings & equipment 10% reducing balance

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

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

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

1.9 Cash and cash equivalents

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

1.10 Financial instruments

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

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

Basic financial assets

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

Basic financial liabilities

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

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

Derecognition of financial liabilities

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

1.11 Employee benefits

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

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

1.12 Retirement benefits

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

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.13 Foreign exchange

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the statement of financial activities.

1.14 Volunteers

A substantial contribution to the activities of Shaare Zedek UK is supplied in the form of voluntary services for raising funds. The financial benefit of these non-cash donations have not been recognised in these accounts as by their nature it would be impractical to quantify in monetary terms.

2 Critical accounting estimates and judgements

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

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

Specifically, the Trustees have made judgements on the apportionment of support and governance costs across the various charitable activities (see note 7 for further details) - the basis of this apportionment has remained consistent to prior years.

In the view of the Trustees, with the exception to the above, there are no significant accounting estimates and judgements applied.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
391,964
207,176
Legacies
1,063,991
19,658
1,455,955
226,834		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
599,140
497,577
1,059,758
1,083,649
473,779
197,360
1,682,789
971,356
1,257,118		 Total
2023
£
1,557,335
671,139
2,228,474

4 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 33,567 23,347

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

5 Costs on raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Costs of generating donations and legacies
Advertising 42,242 40,385
Other fundraising costs 31,573 14,797
Staff costs 242,863 199,255
Depreciation and impairment 545 723
Support costs 46,472 47,776
363,695 302,936

6 Expenditure on charitable activities

Payments to Payments to
hospital hospital
2024 2023
£ £
Direct costs
Staff costs 21,578 24,694
Depreciation and impairment 545 723
Payments to hospital 1,271,181 1,708,473
1,293,304 1,733,890
Share of support and governance costs (see note 7)
Support 52,556 53,871
Governance 15,494 18,599
1,361,354 1,806,360
Analysis by fund
Unrestricted funds 1,160,469 550,142
Restricted funds 200,885 1,256,218
1,361,354 1,806,360

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Support costs

Staff costs
Premises costs
Other costs
Analysed between
Fundraising
Charitable activities		 Support
costs
Governance
costs
£
£
37,071
15,494
44,917
-
17,040
-
99,028
15,494
46,472
-
52,556
15,494
99,028
15,494		 2024Support costs Governance
costs
£
£
£
52,565
43,293
18,599
44,917
29,380
-
17,040
28,974
-
114,522
101,646
18,599
46,472
47,775
-
68,050
53,871
18,599
114,522
101,646
18,599		 2023
£
61,892
29,380
28,974
120,246
47,776
72,470
120,246

Support costs excluding staff costs which cannot be directly attributed have been apportioned equally between costs of raising funds and the charitable activity of payments to the hospital. Within support costs, other costs include telephone costs, postage costs, travel costs, computer running costs and staff training costs.

Governance costs include staff costs which have been apportioned on an estimated basis of the allocation of time spent on each specific activity.

8 Auditor's remuneration

The analysis of auditor's remuneration is as follows:

The analysis of auditor's remuneration is as follows:
Audit of the annual accounts
Non-audit services
All other non-audit services		 2024
£
15,108
2,145		 2023
£
16,905
121

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration, nor reimbursement of travelling expenses during the year or prior year.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Employees

The average monthly number of employees during the year was:

Administration
Fundraising
Finance
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
2
2
1
5
2024
£
285,102
25,825
6,081
317,008		 2023
Number
2
2
1
5
2023
£
259,847
21,501
4,495
285,843
The number of employees whose annual remuneration was more than £60,000
is as follows:
Between £80,000 - £89,999
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate remuneration		 2024
Number
1
2024
£
83,750		 2023
Number
-
2023
£
100,523

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11 Other

Unrestricted Unrestricted
funds funds
2024 2023
Net loss on disposal of tangible fixed assets 696 276
Audit fees 15,108 16,905
Legal and professional fees 6,625 3,241
22,429 20,422

12 Taxation

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

13 Tangible fixed assets

Plant and
machinery
Fixtures,
fittings &
equipment
£
£
Cost
At 1 January 2024
7,401
6,945
Additions
3,644
183
Disposals
(1,270)
(2,330)
At 31 December 2024
9,775
4,798
Depreciation and impairment
At 1 January 2024
6,703
3,117
Depreciation charged in the year
764
327
Eliminated in respect of disposals
(1,269)
(1,634)
At 31 December 2024
6,198
1,810
Carrying amount
At 31 December 2024
3,577
2,988
At 31 December 2023
698
3,828		 Total
£
14,346
3,827
(3,600)
14,573
9,820
1,091
(2,903)
8,008
6,565
4,526

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

14 Fixed asset investments

Cost or valuation
At 1 January 2024 & 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
16
Loans and overdrafts
Bank overdrafts
Payable within one year
17
Creditors: amounts falling due within one year
Notes
Bank overdrafts
16
Other taxation and social security
Trade creditors
Other creditors
Accruals		 Listed
investments
£
211
211
211
2024
2023
£
£
10,450
31,946
643
643
11,093
32,589
2024
2023
£
£
8
8
8
8
2024
2023
£
£
8
8
8,221
8,808
9,673
12,397
1,572
1,180
15,001
15,001
34,475
37,394

18 Members' liability

The company is limited by guarantee. In the event of the company being wound up while someone is a trustee, or within one year afterwards, in the event of there being a deficiency, each trustee will contribute a sum not exceeding £1.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

19 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January 2023
£
Bikur Cholim Campus
3,560
Emergency Department
52
Neurosurgery and Neurology Department
1,272
Others
58,359
Paediatrics department
-
Neonatal Intensive Care Unit
6,857
Intensive Care Department
201
Coronavirus Department
18
Outpatient Clinic
-
Imaging, Biobanking and Sequencing Diagnosis Methods
-
70,319		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 January 2024
£
£
£
156,822
(156,722)
3,660
19,000
(18,500)
552
-
-
1,272
386,606
(386,606)
58,359
300
-
300
10,000
(10,000)
6,857
-
-
201
-
-
18
393,991
(393,991)
-
290,400
(290,400)
-
1,257,118
(1,256,218)
71,219		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
31 December
2024
£
£
£
£
5,025
(5,000)
(3,685)
-
16,984
(17,536)
-
-
15,300
(16,572)
-
-
80,766
(52,950)
(71,296)
14,879
13,509
(13,577)
(232)
-
-
-
(6,857)
-
38,000
(38,000)
(201)
-
-
-
(18)
-
-
-
-
-
57,250
(57,250)
-
226,834
(200,885)
(82,289)
14,879		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
31 December
2024
£
£
£
£
5,025
(5,000)
(3,685)
-
16,984
(17,536)
-
-
15,300
(16,572)
-
-
80,766
(52,950)
(71,296)
14,879
13,509
(13,577)
(232)
-
-
-
(6,857)
-
38,000
(38,000)
(201)
-
-
-
(18)
-
-
-
-
-
57,250
(57,250)
-
226,834
(200,885)
(82,289)
14,879
14,879

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

19 Restricted funds

(Continued)

Bikur Cholim Campus is a separate campus hospital that merged with Shaare Zedek Medical Centre in Jerusalem. The fund is dedicated to fund the general running of the hospital. The remaining surplus of £3,685 was transferred to unrestricted funds as the project objectives are now completed.

The Emergency Department was set up to develop and extend the existing size of the old department. The fund is dedicated to cover running costs for the department.

The Neurosurgery and Neurology Department at the Shaare Zedek Medical Center treats a wide range of diseases involving the nervous system, with the aim of preserving and restoring brain and spine function and has a designated operating theatre which includes a new navigating system, intra-operation ultra-sound and an innovative robot enabling procedures such as tumor tissue biopsy with great precision. The fund is dedicated to provide equipment and cover general running costs for the department.

Included within Others are various smaller funds which relate to various activities including CT Scanner, various pieces of equipment, Haematology Department, Urology Department, pending allocation, Geriatrics Department, Cardiology Department and LDA Educational Institute. The Cardiology Department provides a comprehensive response to the gamut of cardiac and cellular diseases. Our team performs catheterization, installs stents in the coronary arteries and implants pacemakers, defibrillators and valves without open heart surgery. There is also a state-of-the-art Cardiac Imaging Institute which uses 3-D Echo, CT and MRI. We can also administer advanced treatment for congenital and structural disorders. The department stresses preventative care and accompanies patients throughout the post-heart attack rehabilitation process. A surplus of £19,879 is being carried forward to meet the project objectives of these departments. During the year, an amount of £71,296 was transferred to unrestricted funds as the project objectives are now completed.

The Paediatrics department surplus of £232 was transferred to unrestricted funds as the project objectives are now completed.

The Neonatal Intensive Care Unit (NICU) at the Shaare Zedek Medical Center treats infants born from week 24 of pregnancy. The complex includes 70 beds (with another 20 at the Bikur Cholim Campus), and state-of-the-art respiratory and monitoring equipment which provides precise data 24/7 on each of the babies in the unit. The fund is dedicated to provide equipment and cover general running costs for the department. The remaining surplus of £6,857 was transferred to unrestricted funds as the project objectives are now completed.

Our state of the art new ICU was upgraded in 2017 the first major upgrade and renovation of this Unit since the hospital moved to its current location in 1979. The Unit is now equipped with the latest technology and care methods in the most advanced setting possible. The risk of infection is a top priority for intensive care patients. The redesigned ICU gives each patient their own largely self-sufficient room to minimise the spread of infection. Almost all of the equipment is wall or ceiling mounted, meaning the room can be kept to a higher standard of cleanliness. There are 14 patient rooms in total, almost all of which are in constant use. Our Intensive Care Unit treats the most severe urgent care cases in the hospital. 70% of cases are post-surgery while others are complex cases referred from the Internal Medicine Departments.The remaining surplus of £201 was transferred to unrestricted funds as the project objectives are now completed.

The Coronavirus department resulted in a surplus of £18 which was transferred to unrestricted funds as the project objectives are now completed.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

19 Restricted funds

(Continued)

In terms of the outpatient clinic, out of the 800,000 patients who are treated at Shaare Zedek Medical Center each year, the vast majority are treated on an ambulatory basis in our more than 70 outpatient units and clinics. In general, the trend in modern medicine is to reduce the need for inpatient hospitalization wherever possible, as this increases costs, emotional and practical challenges for the patient and is also less desirable from a medical perspective. For all these reasons, outpatient care is the growing trend in modern hospital care and Shaare Zedek has firmly embraced this trend with increased investment in these services. The central area for the large majority of our ambulatory services is in the Margulies Outpatient Clinics which are divided between the Fourth and Fifth Floors of The Next Generation Building.

The trustees are satisfied that sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with any restrictions.

20 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Investments
Balance at		 Incoming Resources Transfers Investments Balance at
1 January 2023 resources expended gains/losses 1 January 2024 resources expended gains/losses 31 December
2024
£ £ £ £ £ £ £ £ £ £ £
Permanent endowments
Rayne
Endowment Fund 42,465 - - - 42,465 - - - - 42,465
42,465 - - - - 42,465 - - - - 42,465

The Rayne Endowment Fund was donated by Lord Rayne to fund an international urology conference held at Shaare Zedek Medical Centre.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

21 Unrestricted funds

The income funds of the charity include unrestricted funds, within which designated funds have been set aside by the trustees for specific purposes:

Balance at
1 January 2023
Designated - Neo-Natal Department
466
Designated - Paediatric Oncology
104
Designated - Bikur Campus
-
Designated - Emergency Department
-
Designated - Pending Allocation
14,597
Designated - Helmsley Cancer Centre
68,554
Designated - Nursing Scholarships
600
Designated funds- Trauma
Designated - Coronavirus Department
32
General Unrestricted Fund
787,050
871,403		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 January 2024
-
-
466
384
-
488
-
-
-
-
-
-
-
-
14,597
-
(68,554)
-
-
-
600
138
-
170
994,182
(804,946)
976,286
994,703
(873,500)
992,606		 Movement in funds
Incoming
resources
Resources
expended
Transfers from
Restricted
Funds
Transfer to
General
Unrestricted
Fund
Balance at
31 December
2024
25
-
-
(491)
-
2,171
(2,659)
-
-
-
125
-
-
(125)
-
1,984
(1,984)
-
-
-
206,237
(209,391)
-
(11,443)
-
-
-
-
-
-
-
-
-
(600)
-
40,083
(40,083)
-
7
-
-
(177)
-
1,238,890
(1,292,477)
82,289
12,836
1,017,824
1,489,522
(1,546,594)
82,289
-
1,017,824		 Movement in funds
Incoming
resources
Resources
expended
Transfers from
Restricted
Funds
Transfer to
General
Unrestricted
Fund
Balance at
31 December
2024
25
-
-
(491)
-
2,171
(2,659)
-
-
-
125
-
-
(125)
-
1,984
(1,984)
-
-
-
206,237
(209,391)
-
(11,443)
-
-
-
-
-
-
-
-
-
(600)
-
40,083
(40,083)
-
7
-
-
(177)
-
1,238,890
(1,292,477)
82,289
12,836
1,017,824
1,489,522
(1,546,594)
82,289
-
1,017,824
1,017,824

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

21 Unrestricted funds

(Continued)

The Neo-natal and Paediatric Oncology funds were set up to support running costs for the department. The fund balance has been transferred to the general unrestricted fund.

Bikur Cholim Campus is a separate campus hospital that merged with Shaare Zedek Medical Centre in Jerusalem. The fund is dedicated to fund the general running of the hospital. The fund balance has been transferred to general unrestricted fund.

The Emergency Department was set up to develop and extend the existing size of the old department. The fund is dedicated to cover running costs for the department. The fund balance has been transferred to the general unrestricted fund.

The Pending Allocation Fund relates to donations which are yet to be remitted to the Shaare Zedek Medical Centre.

The Nursing Scholarships fund was set up to provide support and training for student nurses. The fund balance has been transferred to general unrestricted fund.

The Trauma unit was set up to treat a wide range of injuries, from minor wounds to complex, life-threatening trauma. The Trauma unit is within a new underground hospital with 70 adaptable beds which was completed during the year to ensure safe and continuous care during emergencies.

The Coronavirus Fund was set up in the wake of the global Covid-19 pandemic to treat Covid-19 positive patients safely in isolation. The fund balance has been transferred to the general unrestricted fund.

The General Unrestricted Fund relates to "free reserves" after allowing for all designated funds.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22 Transfers

At the year end, the Trust transferred a total of £82,289 from restricted funds to unrestricted funds as detailed below:

At the year end, the Trust transferred a surplus of £3,685 arising on the Emergency Department from restricted funds to unrestricted funds to conclude the project objectives.

At the year end, the Trust transferred a surplus of £71,296 arising from various smaller funds (Haematology, Urology, Geriatrics, Cardiology Departments and the LDA Educational Institute) from restricted funds to unrestricted funds to conclude the project objectives.

At the year end, the Trust transferred a surplus of £232 arising on the Paediatrics department from restricted funds to unrestricted to conclude the project objectives.

At the year end, the Trust transferred a surplus of £6,857 arising on the Neonatal Intensive Care Unit from restricted funds to unrestricted to conclude the project objectives.

At the year end, the Trust transferred a surplus of £201 arising on the Intensive Care Unit from restricted funds to unrestricted to conclude the project objectives.

At the year end, the Trust transferred a surplus of £18 arising on the Coronavirus Department from restricted funds to unrestricted to conclude the project objectives.

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

23
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
Endowment
funds
2024
2024
2024
2024
£
£
£
£
Fund balances at 31 December 2024
are represented by:
Tangible assets
6,565
-
-
-
Investments
211
-
-
-
Current assets/(liabilities)
1,011,048
-
14,879
42,465
1,017,824
-
14,879
42,465		 Total
Unrestricted
funds
Designated
funds
2024
2023
2023
£
£
£
6,565
4,526
-
211
211
-
1,068,392
971,549
16,320
1,075,168
976,286
16,320		 Restricted
funds
Endowment
funds
2023
2023
£
£
-
-
-
-
71,219
42,465
71,219
42,465		 Restricted
funds
Endowment
funds
2023
2023
£
£
-
-
-
-
71,219
42,465
71,219
42,465
Total
2023
£
4,526
211
1,101,553
42,465 1,106,290

SHAARE ZEDEK UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

24 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2024
£
15,000
12,500
27,500		 2023
£
15,000
27,500
42,500

25 Related party transactions

Transactions with related parties

Aggregate donations received from related parties without conditions amounted to £27,721 (2023: £520,740) for the year.

26 Analysis of changes in net funds

The charity had no material debt during the year.

27
Cash (absorbed by)/generated from operations
(Deficit)/surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash (absorbed by)/generated from operations		 2024
£
(31,122)
(33,567)
696
1,091
21,496
(2,918)
(44,324)		 2023
£
122,103
(23,347)
276
1,447
(25,374)
11,715
86,820