|||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|||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||0
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& I—|| ## ## |||||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| ## ## ## |14.|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| ## |24.|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| ##