REGISTERED CHARITY NUMBER- 298814
Report of the Trustees and
Financial Statements For The Year Ended
31 March 2024
for
The Friends of the Yeshivat Har Etzion Trust

The Friends of the Ye$hivat Har Etzlon Trust
Contents of the Financial sL￿eMents
for the Yoar Ended 31 Mar¢h 2024
Page
Report of the Trustee5
Statement of Financial A¢tivities
Balance Sheet
4t05
Statement of Cashflows
Notes to the Financial Slatemenls
7t09
Detailed St8temenl of Finanaal Activities
10

The Friends of the Yeshlvat Har Etzlon Trust
R8port of tho Trustees
for the Year Ended 31 March 2024
The trustees of the charity present th￿r rewrt with the unaudited financial statements of the charity for
the year ended 31 March 2024. The finanryal statements comply with the Charities Act 2011 and
Accounting and Reporting by Charities: Statement of Reojmmended Practice applicable to charities
preparing their accounts in accordance wth the Financial Retx)rting Stsndard applicable in the UK and
Republi¢ of Ireland (FRS 102) (effective 1 January 2015).
Registerfjd Charlty number
298814
Registsred offlce
25 Broughton Avenue
Finchley, London
N3 3ES
Trustegs
Rabbi D Roselaar
S Ebert
STRUCTURE. GOVERNANCE AND MANAGEMENT
Goveming docurnent
The charity is controlled by its g)veming documen( a deed of trus( dated 22 February 1988.
Risk management
The trustees have a duty to ￿entify and review the risks to which the chanty is exposed and to ensure
appropriate controls are in place to provide reasonable assurance against fraud and error. The Board is
satisfied that such control$ are in place and that all risks are reviewed in the course of regular Board
meetings.
0￿ECTIVEs AND ACTivrriES
Objectlvos and alms
The main object of the charity is furtherance and profflotM￿ of the Jewsh religion and Jewish religious
educallon.
ACHIEVEMENTS AND PERFORIAANCE
Charltsble actlvltles
The truslees consider that the perf￿rnan(￿ of the charlty in the year has been satisfadory. t)onations
received in the year amounted lo £53.52412023'. £133,132). The Statement of Financial Activities shows
outgoing resources for the year of £47,863 due to the tharity's donations not exceeding the grants of
£100.000 (2023: £95.000) during the year. The total Trgeives were £89.456 12023: £137,319) at the
balants sheet date.
This rewrt was approvgj by the trustees on'.3January 2025 and signed ijn their behalf
S Ebert- Trusteè

The Frfend8 of Ihe Yeshivat Har Etzlon T￿￿t
Statament of Fln•Trcial Activitie•
for the Year Ended 31 IAarch 2024
2024
2023
Unr••tricted Unrestricted
Funds
Funds
INCOMING RESOURCES
Incomlng rosource$ from gfrnfjrated funds
Voluntary income
Total incomlng resources
133 132
53,524
133,132
RESOURCES EXPENDED
Charltsbl• actlvltl•s
Operating expenses
Total ¢harltabl• actlvltlos
(101,387)
(95.9251
Tolal r••ourc•• •xpond•d
(101,387)
195.9251
NET (OUTGOINGYINCOMING RESOURCES
147,863)
37,207
RECONCILIATION OF FUNDS
Total fund• brought t0￿rd
137,319
100.112
TOTAL FUNDS CARRIED FORWARD
137319

The Frlends of the Yeshlvat Har Etzion Trust
Balance Sh•ot
At 31 March 2024
2024
2023
CURRENT ASSErs
Gash at bank
90 356 138219
90,356 138.219
CREDrroRS
Amounts falling due within one year
(900)
{￿)0)
NET CURRENT ASSET8
89.456 137,319
TOTAL ASSETS LESS CURRENT UABIUTIES
89,456 137,319
NET ASSETS
89,456 137,319
FUNDS
General fund
89 456 137 319
Total Unr8Strict•J Funds
89,456 137.319
TOTAL FUNDS
89,456 137,319

The Frfends of the Yeshlvat Har Etzion Trust
Balance Sheet - contlnuod
At 31 March 2024
The charity is entstled to exempti￿ from audit in acc£*dance with the charit￿ Act. The trustees
acknowledge their resp￿sibIlIt*S in accordance with the Charities Ac# for
(a) ensurlng that the charity keeps proper accounting recwds
(b) preparing financial s12tements which gN8 a true fair view oftr* state of affairs of the chanty
The financial statements were approved by the Board of Trustees on-&January 2025 and were sNJned on
its behalf by..
S¢￿-
S Ebert-Trustee

The Frlends of the Yeshfvat Har Etzlon Trust
Staternant of Cashflows
for th• Yèar End•d 31 March 2024
2024
2023
C•sh (u••dyg•norat•d by op•rntlng activltie•
{47,863)
37.207
Incr•aso In cash and cash •qulv•l•nt8 In th•
year
(47,863
37,207
Ca•h and ca•h •qulv•l•nt• at th• b•glnnlng of
tho y•ar
138219
101,012
CA•h and co*h •qulval•nts at th• •nd of th•
yoar
90.356
138.219

The Frfends of the Yeshivat Har Etzion Trust
Notss to the Flnanclal Statements
for tho Yoar Ended 31 March 2024
1. ACCOUNTING POUCIES
The principal accounting policies adopted. judgements and key sources of estimation Un￿rtaInty in
the preparation of the financial ststements are as folFows:
Basis of preparntion
The ffinancial statements have been prepared in accordance with Accounting and Reporting by
Charities.. SL2tement of Recommended Prath'c£ applicable to charities preparing their accounts in
accordance with the Financial ReForting Standard applicable in the UK and Republic of Ireland {FRS
1021 (effective 1 January 2015) - (Charities SORP {FRS 102)) arKI the Finan(ial Reporting Standard
appI￿able in the UK and Republic of Ireland (FRS 1021-
Rèconciliation wlth previous Gonernlly Accgpted Accountlng Practlce
In preparing the accounts, the Trustees have considered whether in applw'ng the accountirffJ poli¢ies
required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was
required. Follow'ng a rewew. it was deemed that no restatements were required.
Preparatlon of accounts on a golng concern basis
The Trustees reported al a deficit for the year of £47,863 arKI a cash ouffiow of £47,863. Resep4es
at the balance sheet date totsl £89.456. The Trustees have rev￿ed the immediate futur8 income
and expenses. taking into account the changing finanoal and geovpolitical climate. including any
fijrther impact from the changing economi¢ irnpact from the various global conflicts. and this analysis.
together Imth the reserves, provides the basis that the Charity is a going concem for the next 12-18
months.
Incoming resources
All incoming resources are induded on the Statemerrt of Financial Actrvibes *then the thaiity is legally
entitled to the In¢(￿e and Ihe amount c3n be quantir￿j with reasonable accuracy.
Rosources expended
Expendrture is accounted for on an acuuals basis and has been cLasstfied under headings that
aggregate all cost related to the category. Vlhwe costs cannot be dir• attributed to particular
headings they have been allocated to activrbes on a basis consistent with the use of resources.
Fund accountlng
Unrestricted hjnds can be used in accordance with the charitable objective$ at the discretson of the
trustees. Re$tri¢ted funds can onty be used for partiryjlar restricted purposes within the objects of the
charity. Restrictions arise when specffied by the donor or when fvnds are raised for parti¢ular
restricted purposes. Further explanation of the nature arKI purpose of eath fund is induded in the
notes to the financial statements.
Debtors
Trade and othgr deblors are recL)3ni8ed at the settlement amount due after any trade distsjunt
offered. PrepayTnents are valued at the amount wepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand indudes cash and short term high￿ liquid investments V￿th a short
maturity of three months or less from the date of acqUI￿tion or opening of the deposit or sifflilar
account.

The Frlends of tho Yeshivat Har Etzlon Trust
Notes to the Flnancial Stat¢rnents - ccmrtbnued
ft>r the Year End•d 31 March 2024
1. ACCOUNTING POUCIES {conL)
Creditors and provisions
Creditors and pn)visions are recognBed where the Charity has a present obligat￿n resulting from
past event that will probably result in the transfer of funds to a third paty and the amount due to settle
the obligat.on can be measured ty estimated reliab￿. Creditors and provisions are normally
recognised at their settlement amourrt after allowing for any trade d*s￿￿nts due.
Financial Instruments
The chanty OTr￿ has financial assets and finanaal Ikibilities of a knrKI that qualrfy as basic finanaal
instruments. Basic financial instruments are initially ￿cogniSed al transaction value and sUbSequen￿Y
measured al their settlement value Nwth the exception of bank loans which are subsequenuy
measured at amortised cost using the effective interest method.
2. NET INCOMING RESOURCES
Net resources are stated after d)argiry:
2024
2023
G0Veman￿ costs (see note 3)
1.362
1.362
Govemance costs
2024
2023
Accountsncy fees
Consultancy & Advl¢e
900
462
900
1.362
900
4. TRUSTEES. REMUNERATION AND BENEF￿s
There were no tru5tees' remuneration or other benefts for ￿ year ended 31 March 2024 nor forthe
year ended 31 Marth 2023.
TrUs￿s. EX￿nSeS
There were no try￿tees, expenses paid f(Y the year eThJed 31 March 2024 r￿r for the year ended 31
March 2023.

The Friends of the Y￿h1vat Har Etrlon Trust
Notes to the Flnanclal Ststements - contlnuod
for tha Y•ar Ended 31 March 2024
5. CREDITORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR
2024
2023
Accruals and deferred income
6. MOVEMENT IN FUNOS
Al
N•t
01.04.23 movement
In furHI•
At
31.03.24
Unrnstrlctod funds
General fund
137,319
(47.863)
89,456
TOTAL FUNDS
137.319
(47,863)
89,456
Nel movement in funds. induded in th8 above are as
follows..
Incomlng R•8ources
Fund
rosOurc￿ Expend•d Trnnsfers
N•t
Mov•m•rrt
In funds
Unr••trlded fvnds
General fund
53,324 (101,38n
147,863)
TOTAL FUNDS
53,324 (101,387)
(47,863)
7. RECONCILIATION OF NET MOVEMEKf IN FUNDS TO MEf CASH FLOW FROM OPERATING
ACTNMES
2024
2023
Nel movement in funds
In¢r8asè in creditors
Net Cash lusedyg•n•rat•d In oporatlng actlvlt
{47,863) 37.207
147,863) 37,207

The Frlends of the Yeshlvat Har Etzlon Trust
D•tsll•d Stat•m?nt of Flnanclal Actlviti•s
for the Year Endod 31 March 2024
2024
2023
INCOMING RESOURCES
Voluntary In¢omo
Donatsons
53.524
133,132
133.132
Total incoming resources
53,524
RESOURCES EXPENDED
Charltabl• actlvlth•
Finance charyes
Govemance
Grants and donatk)ns
25
1.362
100,000
25
95,000
Total ¢harttable actlvlti
1101.3871 {95,925)
NET (OUTGOINGIIINCOMING RESOURCES
(47,863)
37,207
10

REGISTERED CHARITY NUMBER- 298814
Report of the Trustees and
Financial Statements For The Year Ended
31 March 2024
for
The Friends of the Yeshivat Har Etzion Trust

The Friends of the Ye$hivat Har Etzlon Trust
Contents of the Financial sL￿eMents
for the Yoar Ended 31 Mar¢h 2024
Page
Report of the Trustee5
Statement of Financial A¢tivities
Balance Sheet
4t05
Statement of Cashflows
Notes to the Financial Slatemenls
7t09
Detailed St8temenl of Finanaal Activities
10

The Friends of the Yeshlvat Har Etzlon Trust
R8port of tho Trustees
for the Year Ended 31 March 2024
The trustees of the charity present th￿r rewrt with the unaudited financial statements of the charity for
the year ended 31 March 2024. The finanryal statements comply with the Charities Act 2011 and
Accounting and Reporting by Charities: Statement of Reojmmended Practice applicable to charities
preparing their accounts in accordance wth the Financial Retx)rting Stsndard applicable in the UK and
Republi¢ of Ireland (FRS 102) (effective 1 January 2015).
Registerfjd Charlty number
298814
Registsred offlce
25 Broughton Avenue
Finchley, London
N3 3ES
Trustegs
Rabbi D Roselaar
S Ebert
STRUCTURE. GOVERNANCE AND MANAGEMENT
Goveming docurnent
The charity is controlled by its g)veming documen( a deed of trus( dated 22 February 1988.
Risk management
The trustees have a duty to ￿entify and review the risks to which the chanty is exposed and to ensure
appropriate controls are in place to provide reasonable assurance against fraud and error. The Board is
satisfied that such control$ are in place and that all risks are reviewed in the course of regular Board
meetings.
0￿ECTIVEs AND ACTivrriES
Objectlvos and alms
The main object of the charity is furtherance and profflotM￿ of the Jewsh religion and Jewish religious
educallon.
ACHIEVEMENTS AND PERFORIAANCE
Charltsble actlvltles
The truslees consider that the perf￿rnan(￿ of the charlty in the year has been satisfadory. t)onations
received in the year amounted lo £53.52412023'. £133,132). The Statement of Financial Activities shows
outgoing resources for the year of £47,863 due to the tharity's donations not exceeding the grants of
£100.000 (2023: £95.000) during the year. The total Trgeives were £89.456 12023: £137,319) at the
balants sheet date.
This rewrt was approvgj by the trustees on'.3January 2025 and signed ijn their behalf
S Ebert- Trusteè

The Frfend8 of Ihe Yeshivat Har Etzlon T￿￿t
Statament of Fln•Trcial Activitie•
for the Year Ended 31 IAarch 2024
2024
2023
Unr••tricted Unrestricted
Funds
Funds
INCOMING RESOURCES
Incomlng rosource$ from gfrnfjrated funds
Voluntary income
Total incomlng resources
133 132
53,524
133,132
RESOURCES EXPENDED
Charltsbl• actlvltl•s
Operating expenses
Total ¢harltabl• actlvltlos
(101,387)
(95.9251
Tolal r••ourc•• •xpond•d
(101,387)
195.9251
NET (OUTGOINGYINCOMING RESOURCES
147,863)
37,207
RECONCILIATION OF FUNDS
Total fund• brought t0￿rd
137,319
100.112
TOTAL FUNDS CARRIED FORWARD
137319

The Frlends of the Yeshlvat Har Etzion Trust
Balance Sh•ot
At 31 March 2024
2024
2023
CURRENT ASSErs
Gash at bank
90 356 138219
90,356 138.219
CREDrroRS
Amounts falling due within one year
(900)
{￿)0)
NET CURRENT ASSET8
89.456 137,319
TOTAL ASSETS LESS CURRENT UABIUTIES
89,456 137,319
NET ASSETS
89,456 137,319
FUNDS
General fund
89 456 137 319
Total Unr8Strict•J Funds
89,456 137.319
TOTAL FUNDS
89,456 137,319

The Frfends of the Yeshlvat Har Etzion Trust
Balance Sheet - contlnuod
At 31 March 2024
The charity is entstled to exempti￿ from audit in acc£*dance with the charit￿ Act. The trustees
acknowledge their resp￿sibIlIt*S in accordance with the Charities Ac# for
(a) ensurlng that the charity keeps proper accounting recwds
(b) preparing financial s12tements which gN8 a true fair view oftr* state of affairs of the chanty
The financial statements were approved by the Board of Trustees on-&January 2025 and were sNJned on
its behalf by..
S¢￿-
S Ebert-Trustee

The Frlends of the Yeshfvat Har Etzlon Trust
Staternant of Cashflows
for th• Yèar End•d 31 March 2024
2024
2023
C•sh (u••dyg•norat•d by op•rntlng activltie•
{47,863)
37.207
Incr•aso In cash and cash •qulv•l•nt8 In th•
year
(47,863
37,207
Ca•h and ca•h •qulv•l•nt• at th• b•glnnlng of
tho y•ar
138219
101,012
CA•h and co*h •qulval•nts at th• •nd of th•
yoar
90.356
138.219

The Frfends of the Yeshivat Har Etzion Trust
Notss to the Flnanclal Statements
for tho Yoar Ended 31 March 2024
1. ACCOUNTING POUCIES
The principal accounting policies adopted. judgements and key sources of estimation Un￿rtaInty in
the preparation of the financial ststements are as folFows:
Basis of preparntion
The ffinancial statements have been prepared in accordance with Accounting and Reporting by
Charities.. SL2tement of Recommended Prath'c£ applicable to charities preparing their accounts in
accordance with the Financial ReForting Standard applicable in the UK and Republic of Ireland {FRS
1021 (effective 1 January 2015) - (Charities SORP {FRS 102)) arKI the Finan(ial Reporting Standard
appI￿able in the UK and Republic of Ireland (FRS 1021-
Rèconciliation wlth previous Gonernlly Accgpted Accountlng Practlce
In preparing the accounts, the Trustees have considered whether in applw'ng the accountirffJ poli¢ies
required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was
required. Follow'ng a rewew. it was deemed that no restatements were required.
Preparatlon of accounts on a golng concern basis
The Trustees reported al a deficit for the year of £47,863 arKI a cash ouffiow of £47,863. Resep4es
at the balance sheet date totsl £89.456. The Trustees have rev￿ed the immediate futur8 income
and expenses. taking into account the changing finanoal and geovpolitical climate. including any
fijrther impact from the changing economi¢ irnpact from the various global conflicts. and this analysis.
together Imth the reserves, provides the basis that the Charity is a going concem for the next 12-18
months.
Incoming resources
All incoming resources are induded on the Statemerrt of Financial Actrvibes *then the thaiity is legally
entitled to the In¢(￿e and Ihe amount c3n be quantir￿j with reasonable accuracy.
Rosources expended
Expendrture is accounted for on an acuuals basis and has been cLasstfied under headings that
aggregate all cost related to the category. Vlhwe costs cannot be dir• attributed to particular
headings they have been allocated to activrbes on a basis consistent with the use of resources.
Fund accountlng
Unrestricted hjnds can be used in accordance with the charitable objective$ at the discretson of the
trustees. Re$tri¢ted funds can onty be used for partiryjlar restricted purposes within the objects of the
charity. Restrictions arise when specffied by the donor or when fvnds are raised for parti¢ular
restricted purposes. Further explanation of the nature arKI purpose of eath fund is induded in the
notes to the financial statements.
Debtors
Trade and othgr deblors are recL)3ni8ed at the settlement amount due after any trade distsjunt
offered. PrepayTnents are valued at the amount wepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand indudes cash and short term high￿ liquid investments V￿th a short
maturity of three months or less from the date of acqUI￿tion or opening of the deposit or sifflilar
account.

The Frlends of tho Yeshivat Har Etzlon Trust
Notes to the Flnancial Stat¢rnents - ccmrtbnued
ft>r the Year End•d 31 March 2024
1. ACCOUNTING POUCIES {conL)
Creditors and provisions
Creditors and pn)visions are recognBed where the Charity has a present obligat￿n resulting from
past event that will probably result in the transfer of funds to a third paty and the amount due to settle
the obligat.on can be measured ty estimated reliab￿. Creditors and provisions are normally
recognised at their settlement amourrt after allowing for any trade d*s￿￿nts due.
Financial Instruments
The chanty OTr￿ has financial assets and finanaal Ikibilities of a knrKI that qualrfy as basic finanaal
instruments. Basic financial instruments are initially ￿cogniSed al transaction value and sUbSequen￿Y
measured al their settlement value Nwth the exception of bank loans which are subsequenuy
measured at amortised cost using the effective interest method.
2. NET INCOMING RESOURCES
Net resources are stated after d)argiry:
2024
2023
G0Veman￿ costs (see note 3)
1.362
1.362
Govemance costs
2024
2023
Accountsncy fees
Consultancy & Advl¢e
900
462
900
1.362
900
4. TRUSTEES. REMUNERATION AND BENEF￿s
There were no tru5tees' remuneration or other benefts for ￿ year ended 31 March 2024 nor forthe
year ended 31 Marth 2023.
TrUs￿s. EX￿nSeS
There were no try￿tees, expenses paid f(Y the year eThJed 31 March 2024 r￿r for the year ended 31
March 2023.

The Friends of the Y￿h1vat Har Etrlon Trust
Notes to the Flnanclal Ststements - contlnuod
for tha Y•ar Ended 31 March 2024
5. CREDITORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR
2024
2023
Accruals and deferred income
6. MOVEMENT IN FUNOS
Al
N•t
01.04.23 movement
In furHI•
At
31.03.24
Unrnstrlctod funds
General fund
137,319
(47.863)
89,456
TOTAL FUNDS
137.319
(47,863)
89,456
Nel movement in funds. induded in th8 above are as
follows..
Incomlng R•8ources
Fund
rosOurc￿ Expend•d Trnnsfers
N•t
Mov•m•rrt
In funds
Unr••trlded fvnds
General fund
53,324 (101,38n
147,863)
TOTAL FUNDS
53,324 (101,387)
(47,863)
7. RECONCILIATION OF NET MOVEMEKf IN FUNDS TO MEf CASH FLOW FROM OPERATING
ACTNMES
2024
2023
Nel movement in funds
In¢r8asè in creditors
Net Cash lusedyg•n•rat•d In oporatlng actlvlt
{47,863) 37.207
147,863) 37,207

The Frlends of the Yeshlvat Har Etzlon Trust
D•tsll•d Stat•m?nt of Flnanclal Actlviti•s
for the Year Endod 31 March 2024
2024
2023
INCOMING RESOURCES
Voluntary In¢omo
Donatsons
53.524
133,132
133.132
Total incoming resources
53,524
RESOURCES EXPENDED
Charltabl• actlvlth•
Finance charyes
Govemance
Grants and donatk)ns
25
1.362
100,000
25
95,000
Total ¢harttable actlvlti
1101.3871 {95,925)
NET (OUTGOINGIIINCOMING RESOURCES
(47,863)
37,207
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 

28[th] January 2025 

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 2024. 

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**