2020-12-31-accounts - Pinhas Rutenberg Educational Trust

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		Page
Reference and administrative details ofthe company,	its Trustees and advisers
Trustees' report		2-5
Trustees' responsibilities statement
Independent auditor's report on the financial statements		7-9
Consolidated statement offinancial activities		10
Consolidated balance sheet
Company balance sheet		12
Consolidated statement ofcash flows		13
Notes to the financial statements		14-34

Trustees (known as the	Trustees (known as the	Trustees (known as the	Mr David Rutenberg	Mr David Rutenberg
Council of Management)			Miss Judith S	Portrait
			Mr Isaac Meshoulam
			Professor Israel Agranat
			Mrs Janet B Bloch
			Mr Abraham Rutenberg
			Mr Dominic B	Flynn
Company	registered
number			00395846
Charity registered
number			313900
Registered		office	Office Suite 1, Haslemere			House
			Lower Street
			Haslemere
			Surrey
			GU27 2PE
Principal operating			The Pinhas Rutenberg		Institute		for	Youth Education
office			77 Hanassi Avenue
			Haifa
			Israel
Company	secretary		Dentons Secretaries		Limited
Independent		auditor	Knox Cropper	LLP
			Office Suite 1,	Haslemere		House
			Lower Street
			Haslemere
			Surrey
			GU27 2PE
Investment		advisors 5.	Rathbone Investment		Management			Limited
Bankers			8 Finsbury Circus
			London
			EC2M 7AZ
			Barclays Bank	Pic
			80 Fleet Street
			London
			EC4Y 1ET
Solicitors			Portrait Solicitors
			21 Whitefriars	Street
			London
			EC4Y8JJ

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				2020		2019
		Note		f
Fixed assets
Tangible assets		13		11,027		80,751
Investments		14		3,785,951		3,866,278
				3,796,978		3,947,029
Current assets
Debtors		15	7,467		9,723
Cash at bank and	in hand		268,208		222,963
			275,675		232,686
Creditors: amounts	falling due within
one year		16	(134,850)		(139,370)
Net current assets				140,825		93,316
Total assets less	current liabilities			3,937,803		4,040,345
Provision for liabilities		17		(30,187)		(30,304)
Net assets				3,907,616		4,010,041
Charityfunds
Restricted funds		20		625		14,354
Unrestricted funds		20		3,906,991		3,995,687
Total funds				3,907,616		4,010,041

					2020		2019
			Note		f		E
Fixed assets
Tangible assets			13		11,026		80,750
Investments			14		3,785,951		3,866,278
					3,796,977		3,947,028
Current assets
Debtors			15	7,467		9,723
Cash at bank	and	in hand		268,208		222,963
				275,675		232,686
Creditors: amounts		falling due within
one year			16	(134,850)		(139,370)
Net current	assets				140,825		93,316
Total assets less		current liabilities			3,937,802		4,040,344
Provision for	liabilities		17		(30,187)		(30,304)
Net assets					3,907,615		4,010,040
Charity funds
Restricted funds			20		625		14,354
Unrestricted	funds		20		3,906,990		3,995,686
Total funds					3,907,615		4,010,040

			2020	2019
		Note
Cash flows from operating activities
Net cash used in operating activities		22	(37,114)	(117,674)
Cash flows from investing activities
Dividends and interest from investments			83,484	120,302
Purchase oftangible fixed assets				(3,520)
Disposal proceeds on investments			1,582,942
Net cash provided by investing activities			1,666,426	116,782
Cash flows from financing activities
Change in cash and cash equivalents	in the year		1,629,312	(892)
Cash and cash equivalents at the beginning	ofthe year		215,356	216,248
Cash and cash equivalents at the end	ofthe year	23	1,844,668	215,356

Net inco	me/(expendit	ure)
			2020	2019
			f.	f.
Auditor's	remuneration	—Israel	3,389	3,299
Auditor's	remuneration	—UK	10,680	15,100

4.	Income	from d	onati	ons	and legacies
							Unrestricted	Total	Total
							funds	funds	funds
							2020	2020	2019
							f.	f
	Donation	from Rest-Harrow			Trust				2,000
	Donation	from Ardwick		Trust					3,000
	Donation	from Michael		tk Anna Wix Charitable		Trust	5,000	5,000	2,000
	Total donations		and	legacies			5,000	5,000	7,000
	Total 2019						7,000	7,000
5.	Income	from charitable			activities
							Unrestricted	Total	Total
							funds	funds	funds
							2020	2020	2019
								f	f
	Educational projects						182,918	182,918	311,204
	Total 2019						311,204	311,204

Investmen	t Income
		Unrestricted	Total	Total
		funds	funds	funds
		2020	2020	2019
			f
Income from local listed investments		83,199	83,199	119,669
Investment	income —local cash	285	285	633
		83,484	83,484	120,302
Total 2019		120,302	120,302

Direct costs
						2020	2019
Lecturer's and instructors'		fees				6,612	9,027
Victuals						7,973	37,138
Transport and travelling						6,602	18,398
Building maintenance	and	upkeep of	garden,	furniture	and kitchen
equipment						56,233	104,030
Legal, bookkeeping	and accountancy		charges			19,871	19,830
Bank interest and charges						709	3,477
Insurance and rates						18,314	26,394
Communications						4,332	5,171
Sundry expenses						2,144	3,615
Wages and salaries						125,809	210,206
Depreciation						69,724	74,035
						318,323	511,321
Support costs
Auditor's remuneration						14,069	18,399
Indemnity insurance Legal fees						2,396 8,388	2,381 10,413
						343,176	542,514

Raising funds	Raising funds		Total	Total
			2020	2019
Expenditure	on investment	management	12,956	13,365

Tangible fixed assets
		Long-term		Leasehold
Group	Freehold	leasehold		improve-	Office	Computer
	property f	property f		mentsf	equipment f	equipment f	Totalf
Cost
At 1january 2020	768,810	1,273		685,646	511,789	31,213	1,998,731
Additions
Disposals
At 31December 2020	768,810	1,273		685,646	511,789	31,213	1,998,731
Depreciation
At 1january 2020	768,809		515	618,417	499,026	31,213	1,917,980
Charge for the year			13	59,648	10,063		69,724
On disposals
At 31December 2020	768,809		528	678,065	509,089	31,213	1,987,704
Net book value
At 31December 2020	1		745	7,581	2,700		11,027
At 31December 2019			758	67,229	12,763		80,751

Company		Long-term	Leasehold
	Freehold	leasehold	improve-	Office	Computer
	property	property f	ments f	equipment	equipment f	Total
Cost or valuation
At 1January 2020	768,809	1,273	685,646	511,789	31,213	1,998,730
Additions
Disposals
At 31December 2020	768,809	1,273	685,646	511789	31,213	1,998,730
Depreciat;ion
At 1January 2020	768,809	515	618,417	499,026	31,213	1,917,980
Charge for the year		13	59,648	10,063		69,724
On disposals
At 31December 2020	768,809	528	678,065	509,089	31,213	1,987,704
Net book value
At 31December 2020		745	7,581	2,700		11,026
At 31December 2019		758	67,229	12,763		80,750

Fixed asset investments	Fixed asset investments	Fixed asset investments	Fixed asset investments
						Listed	securities
Group and company						2020 f	2019 f
Market value
At 1january 2020						3,866,278	3,856,547
Additions
Disposal proceeds						(1,582,942)
Realised and unrealised			losses			(73,845)	9,731
At31December	2020					2,209,491	3,866,278
Cash held by Investment			Managers			1,576,460
						3,785,951	3,866,278
Group investments		at	market value comprise:
				UKf	Overseas f	2020	2019
Listed investments				2,194,655	14,836	2,209,491	3,866,278
Group materia I investments
						2020	2019
						f	f
2.5%Index Linked	Treasury			Loan Stock 2024		1,849,682	1,869,330
2.5%Index Linked	Treasury			Loan Stock 2020			1,386,536
Rio Tinto Ordinary	10p					187,730
						2,037,412	3,255,866

Debtors
				Group	Group	Company	Company
				2020	2019	2020	2019
				f.
Prepayments	and accrued		income
Income receivable				7,467	9,723	7,467	9,723
				7,467	9,723	7,467	9,723
Creditors:	Amounts	falling due within one year
				Group	Group	Company	Company
				2020	2019	2020	2019
						f
Bank loans and overdrafts					7,607		7,607
Other creditors				115,088	108,386	115,088	108,386
Accruals and deferred		income		19,762	23 377	19,762	23,377
				134,850	139,370	134,850	139,370

Severance	Pay	Law.
			Liability for
			employee	Funds
			severance	deposited
			benefits	in funds	Net
					f.
Balance brought		forward	226,288	(195,984)	30,304
Movement	in the year		14,509	(14,626)	(117)
Balance carried forward			240,797	(210,610)	30/187

Transactions with r	elate	d partie	s ar	e as f	ollows:
									Amount due	(to)/from
					Amount				related	arties
Relationship		Transaction			2020 f		2019 f		2020 f	2019 f
Portrait Solicitors		Amounts		held					16,409	41,768
		on behalf		ofthe
		charity
		Fees					9,736			(5,502)
Two Members of Council, Judith			Portrait and Dominic Flynn			are Partners		in Portrait Solicitors.
Janet Bloch, judith	Portrait and		Dominic		Flynn are Trustees of the following:				The Rest Harrow	Trust, The
Ardwick Trust and	the	Michael	and	Anna	Wix Charitable	Trust,	who donated		f5,000 (2019:E2,000) ENil
(2019:E3,000) and	ENil	(2019:	E2,000) respectively.
Financial instruments
					Group		Group		Group	Group
					2020		2019		2020	2019
					f		f		f	f
Financial assets
Financial assets that	are	equity
instruments measured		at fair value			3,785,951		3,866,278		3,785,951	3,866,278
Financial assets that	are	debt instruments
measured at amortised		cost			7,467		9,723		7,467	9,723
					3,793,418		3,876,001		3,793,418	3,876,001
					Group		Group		Group	Group
					2020		2019		2020	2019
					f				f
Financial liadilities
Financial liabilities that are debt
instruments amortised		costs			115,008		115,993		115,008	115,993

						Gains/
						(Losses)	Balance at
		Balance at				on disposals	31
		13anuary			Exchange	of	December
		2020	Income	Expenditure	differences	investments	2020
Unrestricted
Funds
Trust capital
amount		1,528,990				828,922	2,357,912
Revaluation
reserve		2,377,540				(902,767)	1,474,773
Income and
expenditure
account		89,157	332,322	(342,403)	(4,770)		74,306
		3,995,687	332,322	(342,403)	(4,770)	(73,845)	3,906,991
Restricted
funds
Israeli Electricity
Company	Trust
Fund		8,790		(8,385)			405
Arison Fund		5,564		(5,344)			220
		14,354		(13,729)			625
Total ofFunds		4,010,041	332,322	(356,132)	(4,770)	(73,845)	3,907,616

						Gains/
						(Losses)	Balance at
		Balance at				on disposals	31
		13anuary			Exchange	of	December
		2019	Income	Expenditure	differences	investments	2019
Unrestricted
funds
Trust capital
amount		1,528,990					1,528,990
Revaluation
reserve		2,367,809				9,731	2,377,540
Income and
expense
account		154,429	496,804	(553,618)	(8,458)		89,157
		4,051,228	496,804	(553,618)	(8,458)	9,731	3,995,687
Restricted
funds
Israeli Electricity
Company	Trust
Fund		10,255		(1,465)			8,790
Arison Fund		6,359		(795)			5,564
		16,614		(2,260)			14,354
Total ofFunds		4,067,842	496,804	(555,878)	(8,458)	9,731	4,010,041

				Unrestricted	Restricted	Total
				funds	funds	funds
				2020	2020	2020
						f
Tangible	fixed assets			10,402	625	11,027
Fixed asset investments				3,785,951		3,785,951
Current assets				275,675		275,675
Creditors	due within	one year		(134,850)		(134,850)
Provisions	for liabilities and charges			(30,187)		(30,187)
Total				3,906,991	625	3,907,616
Analysis	ofnet assets between		funds —prior year
				Unrestricted	Restricted	Total
				funds	funds	funds
				2019	2019	2019
				f.
Tangible fixed assets				66,397	14,354	80,751
Fixed asset investments				3,866,278		3,866,278
Current assets				232,686		232,686
Creditors	due within one year			(139,370)		(139,370)
Provisions	for liabilities and charges			(30,304)		(30,304)
Total				3,995,687	14,354	4,010,041

				Group	Group
				2020	2019
	Net expenditure for	the year (as per Statement of Financial		(97,655)	('i9,343)
	Activities)
	Adjustments for:
	Depreciation charges			69,724	73,858
	Gains/(Losses) on investments			73,845	(9,731)
	Dividends, interests	and rents from investments		(83,484)	(120,302)
	(Decrease)/increase	in retirement	benefits	(117)	(7,920)
	Decrease/(increase)	in debtors		2,256	11,903
	Increase/(decrease)	in creditors		3,087	(7,681)
	Exchange difference	on retranslation		(4,770)	(8,458)
	Net cash used in operating activities			(37,114)	(117,674)
23.	Analysis ofcash and cash equivalents
				Group	Group
				2020	2019
	Cash at Bank and in Hand			251,799	181,195
	Amounts held by Portrait Solicitors			16,409	41,768
	Bank overdraft				(7,607)
	Cash held by Investment Managers			1,576,460
	Total cash and cash equivalents			1,844,668	215,356

Analysis of Net	Analysis of Net	Debt
				At 1		At 31
				3anuary		December
				2020	Cash Flows	2020
				f		f
Cash at bank and		in hand		222,963	1,621,705	1,844,668
Bank overdrafts	repayable		on demand	(7,607)	7,607
				215,356	1,629,312	1,844,668