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2022-12-31-accounts

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 —35
Trustees (known as Trustees (known as Trustees (known as the Mr David Rutenberg Mr David Rutenberg Mr David Rutenberg Mr David Rutenberg
Council ofManagement) Miss Judith S Portrait
Mr Isaac Meshoulam
Professor Israel Agranat
Mrs Janet 8 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 Knox Cropper Trustee Limited
Independent auditor Knox Cropper LLP
Office Suite 1, Haslemere House
Lower Street
Haslemere
Surrey
GU27 2PE
Investment advisors Br Rathbone
Investment		 Management Limited
Bankers 8 Flnsbury Circus
London
EC2M 7AZ
Barclays Bank Pic
80 Fleet Street
London
EC4Y 1ET
Solicitors To 31/07/2022 From 01/08/2022
Portrait Solicitors BDBPitmans LLP
21 Whitefriars Street One Bartholomew Close
London London
EC4Y BJJ EC1A 7BL

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2022 2021
Note 6 E
Fixed assets
Tangible assets 11 208,625 267,881
Investments 12 3,959,631 3,817,021
4,168,256 4,084,902
Current assets
Debtors 13 11,550 15,092
Cash at bank and in hand 445,918 440,589
457,468 455,681
Creditors: amounts falling due within
one year (155,064) (250,974)
Net current assets 302,404 204,707
Total assets less current liabilities 4,470,660 4,289,609
Provision
for liabilities		 15 (51,031) (19,862)
Net assets 4,419,629 4,269,7'l7
Charityfunds
Restricted
funds		 18 625 625
Unrestricted
funds		 18 4,419,004 4,269,122
Total funds 4,419,629 4,269,747

2022 2021
Note f 6
Fixed assets
Tangible assets 11 208,625 267,881
Investments 12 3,959,631 3,817,021
4,168,256 4,08'i,902
Current assets
Debtors 13 11,550 15,092
Cash at bank and in hand 445I918 440,589
457,468 455,681
Creditors: amounts falling due within
one year 14 (155,064) (250,974)
Net current assets 302,404 204,707
Total assets less current liabilities 4,470,660 4,289,609
Provision
for		 liabilities 15 (51,031) (19,862)
Net assets 4,419,629 4,269,747
Charityfunds
Restricted
funds		 18 625 625
Unrestricted funds 18 4,419,004 4,269,122
Totalfunds 4,419,629 41269,747

2022 2021
Note 6 E
Cash flows from operating
activities
Net cash used
in operating
activities		 20 (70,444) 101,224
Cash flows from investing
activities
Dividends
and interest from investments		 77,792 69,849
Investment
management
fees		 (13,243) (13,015)
Purchases offixed asset investments (753,386)
Disposal proceeds on investments 13
Net cash provided
by investing
activities		 (688,824) 56,834
Cash flows from financing
activities
Change
in cash and cash equivalents		 in the year (759,268) 158,058
Cash and cash equivalents
at the beginning		 ofthe year 2,004,059 1,844,668
Effect of currency translation
on cash and		 cash equivalents (1,912) 1,333
Cash and cash equivalents
at the end		 ofthe year 21 1,242,879 2,004,059

Net inco me/(expendit ure)
2022 2021
f 6
Auditor's remuneration - Israel 3,867 3,361
Auditor's remuneration - UK 11,580 10,800
4. Income from Donations from Donations and Legacies
2022 2021
E 6
Donation from Rest-Harrow Trust 1,000 3,000
Donation from Ardwick Trust 1,000 2,500
Donation from Michael ik Anna Wix Charitable Trust 1,500 2,000
Total donations
and		 legacies 3,500 7,500
S. Income from Charitable Activities
2022 2021
6 E
Income from fudher education courses 54,111 46,213
Participation
in various		 seminars and various activities including
hostel facilities 81,810 56,678
Services to educational institutions 221,134 145,069
Income from courses in communications 14,501 12,391
371,556 260,351
6. Investment
Income
2022 2021
E E
Dividends from listed investments 27,765 31,361
Interest on Treasury
stocks		 and corporate bonds 49,717 38,462
Investment
income —local		 cash 310 26
77,792 69,849

2022 2021
f f
Other income 65,142 58,781
Other income includes fees for cellular carrier's lease.
8. Expenditure on Charitable Activities
2022 2021
f f.
Direct costs
Lecturer's
and		 instructors' fees 24,879 10,538
Victuals 10,600 3,334
Transport
and		 travelling 20,081 12,594
Building
maintenance		 and upkeep of garden, furniture and kitchen
equipment 95,741 92,626
Legal, bookkeeping and accountancy charges 20,404 23,'i25
Bank interest and charges 3,607 2,976
Insurance
and		 rates 20,058 19,428
Communications 4,912 3,903
Sundry expenses 2,932 2,087
Wages and salaries 210,308 131,681
Depreciation 57,537 57,193
471,059 359,785
Support costs
Auditor's
remuneration		 15,447 14,161
Indemnity
insurance		 4,326 3,217
Legal fees 8,280 10,072
28,053 27,450
499,112 387,235
9. Raising funds Raising funds Raising funds 2022 2021
6 6
Investment management fees 13,243 13,015
10. Staff Costs
2022 2021
6 6
Wages and salaries 153,529 111,315
Social security and payroll taxes 26,647 11,631
Pension costs 28,253 10,257
Movement in holiday provisions 1,879 (2,832)
Other costs 1,310
210,308 131,681
Group Group
2022 2021
E

angible fixed assets
Long-term Leasehold
Group Freehold leasehold improve- Office Computer
property property ments equipment equipment Total
6 6 6 6 6 6
Cost
At 1)anuary 2022 768I810 1,273 1,105,576 209I454 46,054 2,131,167
Additions
Disposals (9,526) (9,526)
Foreign currency translation (14I245) (2,699) (471) (17,415)
At 31December 2022 768,810 1,273 1,091,331 206,755 36,057 2,104,226
Depreciation
At 1)anuary 2022 768,809 541 867,338 180I544 46I054 1,863,286
Charge for the year 13 50,255 7,269 57,537
On disposals (9,526) (9,526)
Foreign currency translation (12,681) (2,544) (471) (15,696)
At 31December 2022 768,809 554 904,912 185I269 36I057 11895i601
Net book value
At 31December 2022 719 186,419 21,486 208,625
At 31December 2021 732 238,238 28,910 267,881

Long-term Leasehold
Company Freehold leasehold improve- Office Computer
pl'op city property ments equipment equipment Total
6 6 6 6 6
Cost
At 1January 2022 1,273 1,105,576 209,454 46,054 1,362,358
Additions
Disposals (9I526) (9,526)
Foreign Currency Translation (14,245) (2,699) (471) (17,415)
At 31 December 2022 1 1,273 1,091,331 206,755 36,037 1,335,417
Depreciation
At 1)anuary 2022 541 867,338 180,544 46,054 1,094,477
Charge for the year 13 50,255 7,269 57,537
Dn disposals (9,526) (9,526)
Foreign Currency Translation (12,681) (2,544) (471) (15/696)
At 31 December 2022 554 904,912 185,269 36,057 1,126,792
Net book value
At 31December 2022 719 186,419 21,486 208I625
At 31December 2021 732 238,238 28,910 267/881
12. Fixed asset investments Fixed asset investments Fixed asset investments
Li
d securit es
Group and company 2022
f		 2021
f
Market value
At 1)anuary 2022 2,253,551 2,209,491
Additions 753,386
Disposals (13)
Realised and unrealised gains 155,746 44,060
At 31December 2022 3,162,670 2,253,551
Cash held by Investment Managers 796,961 1,563,470
3,959,631 3,817,021
Group material
investments
2022 2021
f f
2.5% Index Linked Treasury Loan Stock 2024 1,950,384 1,895,739
Berkshire
Hathaway		 Common Stock 770,388
Rio Tinto Ordinary 10p 198,987 167,893
2,919,759 2,063,632
Debtors
Group
2022
f		 Group
2021
f		 Company
2022
f		 Company
2021
f
Prepayments
Trade debtors		 and accrued income 11,550 15,092 11,550 15,092
11,550 15,092 11,550 15,092
Creditors: Amounts falling due within one year
Group
2022
f		 Group
2021
f		 Company
2022
f		 Company
2021
f
Trade creditors 5,133 7,550 5,133 7,550
Other creditors 97,021 95,376 97,021 95,376
Accruals and deferred income 52,910 148,0'i8 52,910 148,048
155,064 250,974 155,064 250,974

severance
Severance		 pay fund.
Withdrawal
of these
funds
i
Pay Law.		 s subject
to compliance
with
the
provi		 sions
of Isra
2022 2021
f f
Funds deposited
Liability per employee 175,235 179,'l34
Severance benefits (226,266) (199,296)
Net pension asset/(liability) (51,031) (19,862)

Long term emp loyment
retirement
benefits (continued)
2022 2021
6 6
Funds deposited
Brought forward at 1January 179,434 210,610
Return on funds (10,076) (3,025)
Contributions
by		 employer 8,130 5,386
Benefits paid (40,367)
Currency
translation		 (2,253) 6,830
Carried forward at 31December 175,235 179,434
2022 2021
6
Liability per employee severance benefits
Brought forward at 1January 199,295 240,797
Benefits paid (40,367)
Service cost 30,450 (8,613)
Foreign currency translation (3,479) 7,479
Carried forward at 31December 226,266 199,296

Transactions with rela ted
parties are		 as follow s:
Amount due (to)/from
Amount related rties
Relationship Transaction 2022
f		 2021
f		 2022
f		 2021
f
Portrait Solicitors Amounts held 24,564
on behalf ofthe
charity
Fees 2,400 9,600
BDB Pitmans LLP Fees 5,880

Financial instrum ents
Group Group Company Company
2022f 2021 2022
f		 2021
Financial assets
Financial assets at fair value —fixed 3,162,670 2,253,551 3,162,670 2,253,551
asset investments
Financial assets at amortised cost —trade 11,550 15,092 11,550 15,092
debtors
3,174,220 2,268,643 3,174,220 2 268,643
Group Group Company Company
2022f 2021
f		 2022
f		 2021
f
Financial liabilities
Financial liabilities at amortised cost- 5,133 7,550 5,133 7,550
trade creditors
Financial liabilities at amortised cost- 83,007 79,874 83,007 79,87'i
concessionary
loans
Income/(expense) related to financial (4,290) (1,768) (4,290) (1,768)
liabilities at amortised cost
Exchange gains/(losses) related to 1,158 (3,339) 1,158 (3,339)
financial liabilities at amortised cost

Statement offunds Statement offunds Statement offunds
Statement offunds —current year
Gains/
(Losses) Balance at
Balance at Other on disposals 31
13anuary Gains/ of December
2022 Income Expenditor (Losses) investments 2022
e
Unrestricted
Funds
Trust capital
amount 2,357,912 2,357,912
Revaluation
reserve 1,518,833 155,746 1,674,579
Income and
expenditure
account 392~377 517/990 (512/355) (11~499) 386,513
4,269,122 517,990 (512,355) (11,499) 155,746 4,419,004
Restricted
funds
Israeli Electricity
Company Trust
Fund 405 405
Arison
Fund		 220 220
625 625
Total ofFunds 4,269,747 517,990 (512,355) (11,499) 155,746 4,419,629

Analysis ofnet assets between funds
Analysis ofnet assets between funds —current year
Unrestricted Restricted Total
funds funds funds
2022I 2022
6		 2022I
Tangible fixed assets 208,000 625 208,625
Fixed asset investments 3,959,631 3,959,631
Current assets 457,468 457,468
Creditors due within one year (155,064) (155,064)
Provisions for liabilities and charges (51,031) (51,031)
Total 4,419,004 625 4,419,629

Analysis ofnet asset s between
funds —pri		 or year
Unrestricted Restricted Total
funds funds funds
2021 2021 2021
f f. 6
Tangible fixed assets 267,256 625 267,881
Fixed asset investments 3,817,021 3,817,021
Current assets 'l55,681 455,681
Creditors due within one year (250,974) (250,974)
Provisions for liabilities and charges (19,862) (19,862)
Total 4,269,122 625 4,269,747

20. Reconciliation
ofnet mov		 ement
in funds to net cash flow from		 operating
activities
Group Group
2022 2021
E
Net income/(expenditure)
for		 the year (as per Statement of 161,381 40,291
Financial
Activities)
Adjustments
for:
Depreciation
charges		 57,537 57,193
Gains/(Losses)
on investments		 (155,746) (44,060)
Dividends,
interests
and rents		 from investments (77,792) (69,849)
Investment
management
fees		 13,243 13,015
Interest
payable
and financing		 costs 4,290 1,768
Decrease/(increase)
in debtors		 3,451 (6,889)
Increase/(decrease)
in creditors		 (100,106) 103,183
Severance benefits
provision		 adjustment 22,320
Exchange difference
on retranslation		 978 6,572
Net cash used in operating activities (70,'l44) 101,224
21. Analysis ofcash and cash equivalents
Group Group
2022 2021
E E
Cash at Bank and
in Hand		 445,918 416,025
Amounts
held by Portrait Solicitors		 24,564
Cash held by Investment
Managers		 796,961 1,563,470
Total cash and cash equivalents 1,242,879 2,00'l,059

At 1 At 31
3anuary Non-cash December
2022 Cash Flows
f		 Changes
f		 2022
f
Cash at bank and in hand 2,004,059 (759,268) (1,912) 1,242,879
Loan (79,874) (3,133) (83,007)
1,924,185 (759,268) (5,045) 1,159,872