## 

|||Page|
|---|---|---|
|Reference and administrative<br>details ofthe company,|its Trustees and advisers||
|Trustees' report||2-5|
|Trustees' responsibilities<br>statement|||
|Independent<br>auditor's<br>report on the financial statements||7-9|
|Consolidated<br>statement<br>offinancial activities||10|
|Consolidated<br>balance sheet|||
|Company<br>balance sheet||12|
|Consolidated<br>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<br>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<br>for liabilities|||15||(51,031)||(19,862)|
|Net assets|||||4,419,629||4,269,7'l7|
|Charityfunds||||||||
|Restricted<br>funds|||18||625||625|
|Unrestricted<br>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<br>for|liabilities||15||(51,031)||(19,862)|
|Net assets|||||4,419,629||4,269,747|
|Charityfunds||||||||
|Restricted<br>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<br>activities|||||
|Net cash used<br>in operating<br>activities||20|(70,444)|101,224|
|Cash flows from investing<br>activities|||||
|Dividends<br>and interest from investments|||77,792|69,849|
|Investment<br>management<br>fees|||(13,243)|(13,015)|
|Purchases offixed asset investments|||(753,386)||
|Disposal proceeds on investments|||13||
|Net cash provided<br>by investing<br>activities|||(688,824)|56,834|
|Cash flows from financing<br>activities|||||
|Change<br>in cash and cash equivalents|in the year||(759,268)|158,058|
|Cash and cash equivalents<br>at the beginning|ofthe year||2,004,059|1,844,668|
|Effect of currency translation<br>on cash and|cash equivalents||(1,912)|1,333|
|Cash and cash equivalents<br>at the end|ofthe year|21|1,242,879|2,004,059|





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|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<br>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<br>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<br>Income||||||||||
||||||||||2022|2021|
||||||||||E|E|
||Dividends|from listed|investments||||||27,765|31,361|
||Interest|on Treasury<br>stocks||and|corporate|bonds|||49,717|38,462|
||Investment<br>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<br>and|instructors'|||fees|||||24,879|10,538|
||Victuals|||||||||10,600|3,334|
||Transport<br>and|travelling||||||||20,081|12,594|
||Building<br>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<br>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<br>remuneration|||||||||15,447|14,161|
||Indemnity<br>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<br>d securit es||
||Group and company||||2022<br>f|2021<br>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<br>investments||||||
||||||2022|2021|
||||||f|f|
||2.5% Index Linked|Treasury||Loan Stock 2024|1,950,384|1,895,739|
||Berkshire<br>Hathaway|Common||Stock|770,388||
||Rio Tinto Ordinary|10p|||198,987|167,893|
||||||2,919,759|2,063,632|






|Debtors|||||||
|---|---|---|---|---|---|---|
||||Group<br>2022<br>f|Group<br>2021<br>f|Company<br>2022<br>f|Company<br>2021<br>f|
|Prepayments<br>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<br>2022<br>f|Group<br>2021<br>f|Company<br>2022<br>f|Company<br>2021<br>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<br>Severance|pay fund.<br>Withdrawal<br>of these<br>funds<br>i<br>Pay Law.|s subject<br>to compliance<br>with<br>the<br>provi|sions<br>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<br>retirement<br>benefits (continued)|||
|---|---|---|---|
|||2022|2021|
|||6|6|
|Funds deposited||||
|Brought forward|at 1January|179,434|210,610|
|Return on funds||(10,076)|(3,025)|
|Contributions<br>by|employer|8,130|5,386|
|Benefits paid|||(40,367)|
|Currency<br>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<br>parties are|as follow|s:||||
|---|---|---|---|---|---|---|---|
|||||||Amount due|(to)/from|
|||||Amount||related|rties|
|Relationship||Transaction||2022<br>f|2021<br>f|2022<br>f|2021<br>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<br>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<br>f|2022<br>f|2021<br>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<br>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<br>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<br>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<br>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<br>ofnet mov|ement<br>in funds to net cash flow from|operating<br>activities||
|---|---|---|---|---|
||||Group|Group|
||||2022|2021|
||||E||
||Net income/(expenditure)<br>for|the year (as per Statement of|161,381|40,291|
||Financial<br>Activities)||||
||Adjustments<br>for:||||
||Depreciation<br>charges||57,537|57,193|
||Gains/(Losses)<br>on investments||(155,746)|(44,060)|
||Dividends,<br>interests<br>and rents|from investments|(77,792)|(69,849)|
||Investment<br>management<br>fees||13,243|13,015|
||Interest<br>payable<br>and financing|costs|4,290|1,768|
||Decrease/(increase)<br>in debtors||3,451|(6,889)|
||Increase/(decrease)<br>in creditors||(100,106)|103,183|
||Severance benefits<br>provision|adjustment|22,320||
||Exchange difference<br>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<br>in Hand||445,918|416,025|
||Amounts<br>held by Portrait Solicitors|||24,564|
||Cash held by Investment<br>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<br>f|Changes<br>f|2022<br>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|



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