REGISTERED CHARITY NUMBER: 298814
Report of the Trustees and
Flnanclal Statements For The Year Ended
31 March 2023
for
The Frfends of the Yeshivat Har Etslon Trust

The Friends of the Yeshlvat Har Elzion Trust
Contents of the FlnanGlal Stat•monts
for the Year Ended 31 March 2023
Page
Report of the Trustees
Statement of Financial Activtlies
Balance Sheet
4t05
Statement of Cashflows
Notes to the Financial Ststements
7t09
Detailed Statement of Financial Activities
10

The Frlends of the Yeshivat Har Etzion Trust
Report of th• TnMtso8
for the Year Ended 31 March 2023
The trustees of the charity present their report *ith the unaudiied financial statements of the charity for
the year ended 31 March 2023. The financial statements compty wtth the Charities Act 2011 and
Accounting and Reporting by Charl￿e$. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Finanual Rewrting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective 1 January 2015).
Reglstered Charlty number
298814
Registered office
25 Broughton Avenue
Finchley. London
N3 3ES
Trustees
Rabbi D Roselaar
S Ebert
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govemlng document
The charity is controlled by ts goveming d￿Ment, a deed of trust. dated 22 February 1988.
Rlsk management
The trustees have a duty to identify and review the risks to which the charity is exposed and lo ensure
appropriate controls are in place to provide ￿aSonable assurance against fraud and error. The Board is
satisfied that such controls are in Pla￿ and that all risks are reviewed in the course of regular Board
meetings.
OBJECTIVES AND ACTivmES
Objectlves and alms
The main object of the charity is the furtherance and prom(Aion ofthe Jewish religion and Jewish religious
education.
ACHIEVEMEKfs AND PERFORMANCE
Charitable activities
The trustees consider that the performance of the charity in the year has been satisfaciory. Donations
received in the y8ar amounted to £133,132 (2022: £111,458). The Statement of Finan￿al Activiiies shows
incoming resources for the year of £37,207 due to the charity's donation exceeding the grants of£95,000
{2022: £100.000) during th8 year. The total reserves were £137.319 (2022: £100,112) at the balance
sheet date.
This rèport was approved by the trustees on3cNovernber 2023 and sign&J on their b8haff
S Ebert- Trustee

The Frlends of the Yeshlvat Har Elzlon Trust
8tatsment of Flnanclal Actlvltles
for the Yoar Ended 31 March 2023
2023
Unr•8trlGted Unrestricted
Fund•
Funds
2022
Noto8
INCOMING RESOURCES
Incoming resourc9$ from gonoratod funds
Voluntsry income
Totsl incoming resources
133 132
111458
133,132
111,458
RESOURCES EXPENDED
Charltable actlvltles
Operating exp8nses
Total charltablo actlvltlo•
100,925
(95,925) (100,925)
Total r•sourcas •xpond•d
{95,92S) (100,9251
NET INCOMINGIIOUTGOING) RESOURCES
37,207
10,533
RECONCILIATION OF FUNDS
Total fund¥ brought forward
100,112
89,759
TOTAL FUNDS CARRIED FORWARD
137 319
100112

The Frlends of the Yoshlvat Har Etzlon Trust
Balanc• Sheet
At 31 March 2023
2023
2022
Notes
CURRENT ASSErs
Cash at bank
138 219 101.012
138,219 101.012
CREDITORS
Amounts falling due viithin one year
(900)
(900)
NET CURRENT ASSErs
137,319 11x1,112
TOTAL ASSETS LESS CURRENT UABILMES
137.319 100,112
NET ASSErs
137.319 100,112
FUNDS
General fund
137.319 100.112
Total Unreslricted Funds
137.319 100,112
TOTAL FUNDS
137.319 100,112

The Frfends of the Yoshivat Har Etzlon Trust
Balan¢0 Sh•et- contlnued
At 31 March 2023
The charity is entilled to exemption from audit in accordance with the Charitie$ Act. The trustees
acknowledge their responsibillties in accordance with the ch8rits.es Act for
(a) ensuring that th9 charity keeps proper accounting records
(b) preparing financial slatements which give a true and fair view of the state of affairs of the charity
The financial ststements were approved by the Board of Trustees on November 2023 and w8re signed
on its behaw by..
S Ebert-Trustee

The Frlends of the Y8shivat Har Etzlon Trust
Statement of Cashflows
for the Yoar Ended 31 March 2023
2023
2022
Notes
Cash génerated by oporatlng actlvltlo•
37,207
10,533
Increase In eash and ¢a8h equlvalents In tho
y•ar
37,207
10,533
Cash and cash gqulvalonts at tho beglnnlng of
the year
101,012
94,479
Cash and cash equlvalenl• at th• •nd of tho
y•ar
138,219 101.012

The Frfends ot the Yeshlvat Har Etzlon Trust
Nots$ to the Financlal Statements
for the Yoar Ended 31 March 2023
1. ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in
the preparation of the financial statements are as follows=
Basis of preparatlon
The financial statements have been prepared in accordance with 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 IFRS
1021 (effective 1 January 2015) - (Charities SORP IFRS 102)) and the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 102).
Reconclllallon with previous Generally Accepted Accounting Practice
In preparing the accounts, the Trustees have considered whether in applying the accounling policies
required by FRS 102 and the Charitl8s SORP FRS 102 lh8 r8slatement of comparative items was
required. Following a review, it was deemed that no restalements were required.
Preparatlon of accounts on a golng Concern basis
The Trustees reported al a surplus for Ihe year of £37,207 and a cash infiow of £37,207. Reserves
at the balance sheet date total £137,319. The Trustees have reviewed the immediate fLrture income
and expenses, laking into account the changing financial and geo-political climate, including any
further impact from the changing economic impact from the various global conflicts, and thi5 analysis,
together with the reserves, provides the basis that the Chartty is a going concem for the next 12-18
months.
Incoming resources
All incoming resources are induded on the Statement of Financial Activities when the charity is18gally
entitled to the income and the amount can be quantified wsth reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings Ihat
agg￿gate all cost related to the category. whe￿ costs cannot be directly attributed to particular
headings they have been allocated to activilies on a basis consistent with the use of resources.
Fund accounllng
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the
trustees. Restricted fijnds can only be used for particular restricled purposes within the obje¢ts of the
charity. Restrictions arise when specified by the donor or when funds are raised for particular
restricled purposes. Furth8r explanation of the nature and purpose of each fund is included in th8
notes to the financlal statements.
Debtors
Trade and other d8btors are recognised at the settlement amount due after any trade discount
offered. Prepayments are valued at the amount pr8paid n8t of any trade diswunts due.
Cash at bank and in hand
Cash at bank and cash in hand indudes Cash and short tenn highly liqui¢J investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar
account.

The Frlends of the Yeshlvat Har Etzlon Trust
Notes to the Flnanclal Statements - contlnued
for Ihe Year Ended 31 March 2023
1. ACCOUNTING POLICIES (cont.)
Crndilors and provlslons
Creditors and provisions are recognised where the charity has a present obligation resulting from a
past event that w511 probably result in the transfer of funds to a third paty and the amount due lo settle
the obligation can be measured or estimated reliably. Creditors and provisions are nomially
recognised at their Settlement amount after allowing for any trade discounts due.
Flnanelal Instrumonts
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequenlty
measured at their settlement value with the exception of bank loans which are subsequently
m8asur8d at amortis8d cost using the 8ff8Ctive interest method.
2. NEf INCOMING RESOURCES
Net resources are staled after charging:
2023
2022
Govemanc8 costs Is8e not8 3)
900
900
900
3. Governance costs
2023
2022
Accountancy fees
900
900
900
900
4. TRUSTEES. REMUNERATION AND BENEFITS
There were no trustees, remuneration or other beneffts for the year ended 31 March 2023 nor for the
year ended 31 March 2022.
Trustees. Expenses
There were no trustees. expenses paid for the year 8nded 31 March 2023 nor for the year ended 31
March 2022.

The Frfends of the Yeshivat Har Etzlon Trust
Notes to the Flnanclal Statements - contlnued
for thè Year Ended 31 March 2023
5. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR
2023
2022
Accruals and deferred income
900
6. MOVEMENT IN FUNDS
At
Net
01.04.22 movement
in funds
At
31.03.23
Unrestricted funds
General fund
100,112
37,207
137,319
TOTAL FUNDS
100,112
37,207
137.219
Net movement in funds, included in the above are 88
follows..
Incoming Rosources
Fund
Expended Transfers
resources
Net
Movement
In funds
Unrestrlcted funds
General fund
133,132
(95,925)
37,207
TOTAL FUNDS
133,132
(95,925)
37,207
7. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2023
2022
Net movement in funds
Increase in creditors
Not Cash generated in operating activities
37,207 10,533
37,207 10.533
Thv rK)te&fom) p8rtoflh888 finarKial stst8ments

The Frfends of tho Yoshlvat Har Etzlon Trust
Detailed Statement of Flnanclal Acllvltlos
for the Year Ended 31 March 2023
2023
2022
INCOMING RESOURCES
Voluntary Income
Donations
133,132
133.132
111.458
111,458
Total Incoming resources
RESOURCES EXPENDED
Charftabl• actlvltlos
Flnance charges
Governance
Grants and donation8
23
900
95,000
55
100,000
Total charltabl• 4dlvltl•8
(95,925) 1100,925)
NET INCOMING RESOURCES
37,207
10,533
Th1$ po9• dogs not lo￿ part ol th? statytory financial 8tat8mentS
10

REGISTERED CHARITY NUMBER: 298814
Report of the Trustees and
Flnanclal Statements For The Year Ended
31 March 2023
for
The Frfends of the Yeshivat Har Etslon Trust

The Friends of the Yeshlvat Har Elzion Trust
Contents of the FlnanGlal Stat•monts
for the Year Ended 31 March 2023
Page
Report of the Trustees
Statement of Financial Activtlies
Balance Sheet
4t05
Statement of Cashflows
Notes to the Financial Ststements
7t09
Detailed Statement of Financial Activities
10

The Frlends of the Yeshivat Har Etzion Trust
Report of th• TnMtso8
for the Year Ended 31 March 2023
The trustees of the charity present their report *ith the unaudiied financial statements of the charity for
the year ended 31 March 2023. The financial statements compty wtth the Charities Act 2011 and
Accounting and Reporting by Charl￿e$. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Finanual Rewrting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective 1 January 2015).
Reglstered Charlty number
298814
Registered office
25 Broughton Avenue
Finchley. London
N3 3ES
Trustees
Rabbi D Roselaar
S Ebert
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govemlng document
The charity is controlled by ts goveming d￿Ment, a deed of trust. dated 22 February 1988.
Rlsk management
The trustees have a duty to identify and review the risks to which the charity is exposed and lo ensure
appropriate controls are in place to provide ￿aSonable assurance against fraud and error. The Board is
satisfied that such controls are in Pla￿ and that all risks are reviewed in the course of regular Board
meetings.
OBJECTIVES AND ACTivmES
Objectlves and alms
The main object of the charity is the furtherance and prom(Aion ofthe Jewish religion and Jewish religious
education.
ACHIEVEMEKfs AND PERFORMANCE
Charitable activities
The trustees consider that the performance of the charity in the year has been satisfaciory. Donations
received in the y8ar amounted to £133,132 (2022: £111,458). The Statement of Finan￿al Activiiies shows
incoming resources for the year of £37,207 due to the charity's donation exceeding the grants of£95,000
{2022: £100.000) during th8 year. The total reserves were £137.319 (2022: £100,112) at the balance
sheet date.
This rèport was approved by the trustees on3cNovernber 2023 and sign&J on their b8haff
S Ebert- Trustee

The Frlends of the Yeshlvat Har Elzlon Trust
8tatsment of Flnanclal Actlvltles
for the Yoar Ended 31 March 2023
2023
Unr•8trlGted Unrestricted
Fund•
Funds
2022
Noto8
INCOMING RESOURCES
Incoming resourc9$ from gonoratod funds
Voluntsry income
Totsl incoming resources
133 132
111458
133,132
111,458
RESOURCES EXPENDED
Charltable actlvltles
Operating exp8nses
Total charltablo actlvltlo•
100,925
(95,925) (100,925)
Total r•sourcas •xpond•d
{95,92S) (100,9251
NET INCOMINGIIOUTGOING) RESOURCES
37,207
10,533
RECONCILIATION OF FUNDS
Total fund¥ brought forward
100,112
89,759
TOTAL FUNDS CARRIED FORWARD
137 319
100112

The Frlends of the Yoshlvat Har Etzlon Trust
Balanc• Sheet
At 31 March 2023
2023
2022
Notes
CURRENT ASSErs
Cash at bank
138 219 101.012
138,219 101.012
CREDITORS
Amounts falling due viithin one year
(900)
(900)
NET CURRENT ASSErs
137,319 11x1,112
TOTAL ASSETS LESS CURRENT UABILMES
137.319 100,112
NET ASSErs
137.319 100,112
FUNDS
General fund
137.319 100.112
Total Unreslricted Funds
137.319 100,112
TOTAL FUNDS
137.319 100,112

The Frfends of the Yoshivat Har Etzlon Trust
Balan¢0 Sh•et- contlnued
At 31 March 2023
The charity is entilled to exemption from audit in accordance with the Charitie$ Act. The trustees
acknowledge their responsibillties in accordance with the ch8rits.es Act for
(a) ensuring that th9 charity keeps proper accounting records
(b) preparing financial slatements which give a true and fair view of the state of affairs of the charity
The financial ststements were approved by the Board of Trustees on November 2023 and w8re signed
on its behaw by..
S Ebert-Trustee

The Frlends of the Y8shivat Har Etzlon Trust
Statement of Cashflows
for the Yoar Ended 31 March 2023
2023
2022
Notes
Cash génerated by oporatlng actlvltlo•
37,207
10,533
Increase In eash and ¢a8h equlvalents In tho
y•ar
37,207
10,533
Cash and cash gqulvalonts at tho beglnnlng of
the year
101,012
94,479
Cash and cash equlvalenl• at th• •nd of tho
y•ar
138,219 101.012

The Frfends ot the Yeshlvat Har Etzlon Trust
Nots$ to the Financlal Statements
for the Yoar Ended 31 March 2023
1. ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in
the preparation of the financial statements are as follows=
Basis of preparatlon
The financial statements have been prepared in accordance with 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 IFRS
1021 (effective 1 January 2015) - (Charities SORP IFRS 102)) and the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 102).
Reconclllallon with previous Generally Accepted Accounting Practice
In preparing the accounts, the Trustees have considered whether in applying the accounling policies
required by FRS 102 and the Charitl8s SORP FRS 102 lh8 r8slatement of comparative items was
required. Following a review, it was deemed that no restalements were required.
Preparatlon of accounts on a golng Concern basis
The Trustees reported al a surplus for Ihe year of £37,207 and a cash infiow of £37,207. Reserves
at the balance sheet date total £137,319. The Trustees have reviewed the immediate fLrture income
and expenses, laking into account the changing financial and geo-political climate, including any
further impact from the changing economic impact from the various global conflicts, and thi5 analysis,
together with the reserves, provides the basis that the Chartty is a going concem for the next 12-18
months.
Incoming resources
All incoming resources are induded on the Statement of Financial Activities when the charity is18gally
entitled to the income and the amount can be quantified wsth reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings Ihat
agg￿gate all cost related to the category. whe￿ costs cannot be directly attributed to particular
headings they have been allocated to activilies on a basis consistent with the use of resources.
Fund accounllng
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the
trustees. Restricted fijnds can only be used for particular restricled purposes within the obje¢ts of the
charity. Restrictions arise when specified by the donor or when funds are raised for particular
restricled purposes. Furth8r explanation of the nature and purpose of each fund is included in th8
notes to the financlal statements.
Debtors
Trade and other d8btors are recognised at the settlement amount due after any trade discount
offered. Prepayments are valued at the amount pr8paid n8t of any trade diswunts due.
Cash at bank and in hand
Cash at bank and cash in hand indudes Cash and short tenn highly liqui¢J investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar
account.

The Frlends of the Yeshlvat Har Etzlon Trust
Notes to the Flnanclal Statements - contlnued
for Ihe Year Ended 31 March 2023
1. ACCOUNTING POLICIES (cont.)
Crndilors and provlslons
Creditors and provisions are recognised where the charity has a present obligation resulting from a
past event that w511 probably result in the transfer of funds to a third paty and the amount due lo settle
the obligation can be measured or estimated reliably. Creditors and provisions are nomially
recognised at their Settlement amount after allowing for any trade discounts due.
Flnanelal Instrumonts
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequenlty
measured at their settlement value with the exception of bank loans which are subsequently
m8asur8d at amortis8d cost using the 8ff8Ctive interest method.
2. NEf INCOMING RESOURCES
Net resources are staled after charging:
2023
2022
Govemanc8 costs Is8e not8 3)
900
900
900
3. Governance costs
2023
2022
Accountancy fees
900
900
900
900
4. TRUSTEES. REMUNERATION AND BENEFITS
There were no trustees, remuneration or other beneffts for the year ended 31 March 2023 nor for the
year ended 31 March 2022.
Trustees. Expenses
There were no trustees. expenses paid for the year 8nded 31 March 2023 nor for the year ended 31
March 2022.

The Frfends of the Yeshivat Har Etzlon Trust
Notes to the Flnanclal Statements - contlnued
for thè Year Ended 31 March 2023
5. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR
2023
2022
Accruals and deferred income
900
6. MOVEMENT IN FUNDS
At
Net
01.04.22 movement
in funds
At
31.03.23
Unrestricted funds
General fund
100,112
37,207
137,319
TOTAL FUNDS
100,112
37,207
137.219
Net movement in funds, included in the above are 88
follows..
Incoming Rosources
Fund
Expended Transfers
resources
Net
Movement
In funds
Unrestrlcted funds
General fund
133,132
(95,925)
37,207
TOTAL FUNDS
133,132
(95,925)
37,207
7. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2023
2022
Net movement in funds
Increase in creditors
Not Cash generated in operating activities
37,207 10,533
37,207 10.533
Thv rK)te&fom) p8rtoflh888 finarKial stst8ments

The Frfends of tho Yoshlvat Har Etzlon Trust
Detailed Statement of Flnanclal Acllvltlos
for the Year Ended 31 March 2023
2023
2022
INCOMING RESOURCES
Voluntary Income
Donations
133,132
133.132
111.458
111,458
Total Incoming resources
RESOURCES EXPENDED
Charftabl• actlvltlos
Flnance charges
Governance
Grants and donation8
23
900
95,000
55
100,000
Total charltabl• 4dlvltl•8
(95,925) 1100,925)
NET INCOMING RESOURCES
37,207
10,533
Th1$ po9• dogs not lo￿ part ol th? statytory financial 8tat8mentS
10


## **Kenwood House, 77a Shenley Road, Borehamwood, Hertfordshire, WD6 1AG T: 020 3817 7720** 

_**www.shelleycapitalmanagement.com**_ 

The Trustees 

The Friends of Yeshivat Har Etzion Trust 25 Broughton Avenue Finchley, London N3 3ES 

24[th] November 2023 

Dear Sirs, 

I report to the Trustees on my examination of the accounts of The Friends of Yeshivat Har Etzion Trust (“The Trust”) for the year ended 31 March 2023. 

As the Charity’s Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). 

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

I have completed my examination.  I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: 

- the accounting records were not kept in accordance with section 130 of the Charities Act; or 

- the accounts did not accord with the accounting records; or 

- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. 

Yours faithfully, 


## **Jonathan Shelley Partner Shelley Capital Management LLP**