Registered number: 00395846 Charlty number: 313900 PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 KNOX CROPPER chhrieiod accotJiilan15
PINHAS RUTENBERG EDUCATIONAL TRusr (A company Ilmlted by guarantee) CONTENTS Page Reference and admlnistratlve detslls of the companyi Its Trustees and advlsers Trustees. report Trustees, responslbllities statement Independent audltorfs report on the flnanclal statements Consolldated statement of flnanclal actlvltles io Consolldated balance sheet 11 Company balance sheet 12 Consolldated statement of cash flows 13 Notes to the flnanclal statements 14-35
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees (known as the Councll of Management) Mr David Rutenberg Miss Judlth S Portralt Mr Isaac Meshoulam Professor Israel Agranat Mrs Janet B Bloch Mr Abraham Rutenberg Mr Domlnlc B Flynn Company reglstered number 00395846 Charlty reglstered number 313900 Reglstered offlce offl Sulte I, Haslemere House Lower Street Haslemere Surrey GU27 2PE Prlnclpal operatlng offlce The Plnhas Rutenberg Instltute for Youth Educatlon 77 Hanassl Avenue Halfa Israel Company secretary Knox Cropper Trustee Llmlted Independent audltor Knox Cropper LLP offi Sulte I, Haslemere House Lower Street Haslemere Surrey GU27 2PE Investment advlsors & Bankers Rathbone Investment Management Umlted 8 Flnsbury Clrcus London EC2M 7AZ Barclays Bank Hc 80 Fleet Street London EC4Y IET Sollcltors BDB Pltmans LLP One Bartholomew aose London ECIA 7BL
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present thelr annual report together with the aJited financial statements of the group and company for the year l January 2022 to 31 Detrmber 2022. The annual report serves the purpose5 of both a trustees, report and a directors, report under company law. The tNstees confirm that the annual report and flnancial statements of the charitable company comply with the current statutory requirements, the requlrements of the charitable company's governlng document and the provisions of the Statement of Recommended Practlce (SORP) applicable to charitles preparing their accounts in accordance with the Finandal Reportlng Stsndard appllcable In the UK and Republlc of Ireland (FRS 102) (effettive l January 2019). Slntr the tmst and the group quallfies as small under sectlon 383 of the Companies Act 2006, the strateglc report of medium and large companies Is not required. srRucfuRE, GOVERNANCE AND MANAGMENT Constltutlon The trust Is reglstered as a charltable company Ilmlted by guarantee and was set up by a Memorandum of Assoclatlon on l June 1945. The trust Is constituted under a Memorandum of A$slatIOn dated l June 1945 and Is a reglstered charlty wlth number 3139W. Method$ of appolntment or electlon of trustees The management of the trust Is the responslblllty of the Councll of Management who are elected and co-opted under the terms of the Articles of Association. Rlsk management The Councll of Management have assessed the major rlsks to whlch the trust is exposed, In partlcular those related to the operatlons and fInanS of the trust, and are satlsfied that systems and proureS are In place to mltlgate exposure to the major risks. OBJECTIVES AND ACTIVITIES Pollcles and objectlves The Plnhas Rutenberg Educatlonal Trust CPREf? was funded in 1945 as a Consequen of Mr Plnhas Rutenberg's Wlll In whlch he dedicated all his property and wealth to the purpose of educating the youth of Israel. Maln actlvltles undertaken to further the company's purposes for the public benefit The maln object of PR Is to provlde at its Institute in Halfa, Israel, Infornial educatlon for young people by providlng a framework whlch 15 not part of the State's officlal school system but complementsry to It. The Institute asslsts and supports subjects where officlal or formal education Is lacklng. Over the years, the Institute's actlvltles have developed greatly and now cover a wide range of educational projetts all of which are guided by the objett of fulfllllng the objects of the charlty. The Council of Management have referred to the guidantr contained In the Charity Commission's general guldan on publlc benefit when reviewing our aims and objectives and in planning our future activltles. In partlcular, the trustees conslder how planned activities will contiibute to the aim5 and objettives they have set.
PINHAS RUTENBERG EDUCATIONAL TRusr (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE General The Pinhas Rutenberg Educational Trust fPREf? was founded In 1945 as a conquence of Mr Plnhas Rutenberg's Will In which he dedicated all hls property and wealth to the purpose of educatlng the youth of Israel. Throughout the years Mr Abraham Rutenberg and later Mr Alexander Rutenberg also donated funds and worked to implement the cause of the Trust. Thls report summarises the PR educational activlty for the year 2023, whlch began peacefully but ended In wartime, thus affecting the focus of the PW attivity. Maln Actlvltles - 2023 Educatlon EdLKatlonal Virtual Realty system was agaln deployed. some 120 young students took part In the current cour. This activity is held in co-operation wlth the Israeli Electrlcal Company. Youth of lower socio-economlc ststus were IntrodUd to a vlrtual computerised envlronment In which they were tasked with team "planning and bullding" technlcal projects (power statlon buildlngs, electrlcal supply grld etc.). The projert syllabus will be changed In 2024 to focus on sothare programmlng and robotlcs. The computerlsed robotlcs programme wa5 enlarged to Indude some 25 partlclpants. Although there Is much demand from young students to Joln the programme, the hlgh cost of the reprlsed Infrastrutture (computers and robot parts) inhiblts further development of thls programme. The Cyber project In co-operatlon with the I.D.F. and the Rashl Trust Is developlng well. The projett whlch Introdu$ young students to Cyber technology was held wlth some 150 partidpants. The Cyber project has the potentlal of development with time. On the outbreak of war In the south on October 7, 2023 the Institute welcomed and hosted approximately 60 youngsters from famllles from the south. These famllies were unable to stsy at home durlng rocket attacks due to thelr parents. essential roles In the poli force, fire brigades, hospltals and other critical servlces. The Institute provided all neSSary accommodation, Including re51dentt, food, warm clothlng and supervislon by instructors. Many resources were donated by the communlty. The Instltute ensured that the youngsters remained connected to thelr dasses by settlng up Individual vldeo conferencing for each student durlng the day. Secondary Actlvltles- 2023 During the year 2023, the Institute renovated the faEade of the Imahut buildlng and modernised aCssIbl11ty of the maln campus as per new regulations. The Instltute maintained the upkeep of the property in accordan with regulatory standards. An effort to let bulldings, whlch were not In efficient use, to generate Income was made. Thls assists In funding of educatlonal programmes. era n with the Boston-H ifa Partne The Institute provlded rooms and faclllties for the offices of the Boston-Haifa Partnership. Since the Boston-Haifa Partnership is involved in attivitles and seminars for Jewish Youth, it is hoped that this co-operatlon will strengthen the Insbtute's abllity to operate In this area. Summary The Institute has continued with its activities which are constantly measured by strirt accounting standards. Budget Ilmits have not been exceeded.
PINHAS RUTENBERG EDUCATIONAL TRusr (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Golng concern The Councll of Management conslder there are no material UrtaIntleS relatiro the charitable company's ability to continue as a golng concern. In view of the financial position of the Trust and planned actlvities, the Council of Management lIeVeS that the Trust has sufficient resources to allow the Trust to continue operatlng for the foreseeable future, belng a period of not less than twelve months from the date of approval of these financlal statements. Therefore, the golng concern basls remains approprlate. Reserves pollcy The trust makes available all its investmeflt and voluntsry income to the Plnhas Rutenberg Instltute In Halfa. The Councll of Management examlnes cash flow throughout the year and is satisfied that the trustls In a position to meet any commitment it may make out of income and that its reseNes a sufficient for Its purpose. The capltal Is expendable endowment. Unrestrlcted funds at 31 Dernber 2023 totslled £4,404,154 of which £2,357,912 Is capltal, £1,756,546 represents unreallsed galns and losses on Investments whlch the trustees regard as capltal, accordlng to trust law. The balan of £289,696 includes £278,370 of tsnglble fixed assets held for the Trust's own use resultlng In free reserves of £11,326 avallable to be spent at the discretion of the trustees In accordance with the terms of the trust'5 objects. The Councll of Management conslders that the Trust has adequate resourtrs avallable, on a fund by fund basls, to meet its foreseeable requlrements. Flnanclal Revlew of the year Incomlng resources for the year amounted to £506,599 (2022: £517,990) Includlng amounts contrlbuted by varlous bodles co-operating In and benefittlng from the Trust's educational artivitles of £398,008 {2022: £436,698), other grants and contributlons of £8,000 (2022: £3,500), and Investment income of £100,591 {2022: £77,792). Resour$ expended amounted to £622,644 (2022: £512,355) glving rise to net outgoing reSoUrS from operatlons before Investment galns of £116,045 (2022: net incomlng resources of £5,635). The net deuease In the Trust's funds In the year, Invesknent and penslon Ilabllity movements and exchange differen5, was £14,850 (2022: Increase £149,882). Consolldated net assets at 31 Detrmber 2023 amounted to £4,404,779 (2022: £4,419,629), represented by flxed asset investments of £4,053,314, tsnglble fixed assets of £278,370, net current as*ts of £89,683 less provlslons of £16,588. The value of listed Investments held at the end of the year was £1,756,546 (2022: £1,674,579) In excess of cost, as repsented by the revaluatbn reserve. Materlal Investments pollcy The Councll of Management has the power to invest in such assets as they see frt. The Councll takes advice from Rathbone Investment Management Limited. The pollcy is to generate both Income and capital. The fund manager has malntained a high percentage of gilts which has provided a stabilising factor. The Council of Management confirms that all investments held have been acqulred In accordan wlth the powers avallable to it.
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW (CONTINUED) Plans for future perlods The Council of Management expects the Trust to operate at slfflilar levels In the future. Dlsclosure of 5nformation to audltor Each of the persons who are trustees at the time when this trusteeg report Is approved has conflmied that: so far as that trustee Is aware, there Is m relevant audlt infomiatlon of whlch the charltable group's auditor Is unaware, and that trustee has taken all the steps that ought to have been taken as a trustee In order to be aware of any relevant audit Information, and to establish that the charitable group's auditor Is aware of that Informatlon. Thls report has been prepared In accordan wlth the provislons of Part 15 of the Companles Act 2006 relatlng to small companles. Approved by order of the members of the iK)ard of trustees and slgned on thelr behalf by: Mlss Judlth S Portralt Member of the Council of Management 27th September 2024
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limlted by guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees (who are also the directors of the company for the purposes of company law) are responslble for preparing the trustees, report and the financial statements in accordan wlth appllcable law and United Klngdom Accountlng Stsndards (United Klngdom Generally Accepted Accounting Practbce). Company law requires the trustees to prepare financial statements for each financlal year. Under company law the trustees must not approve the financial statements unless they are satisfied that they glve a true and fair vlew of the state of affairs of the group and the company and of thelr incoming resources and applicatlon of resources, Including thelr income and expenditure, for that perii)d. In preparing these financial ststements, the trustees are required to: select sultable accounting pollcks armj then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102). make Judgments and accountlng estimates that are reasonable and prudent; state whether applicable UK Accountlng Stsndards (FRS 102) have been followed, subjett to any materlal departures dlsclosed and explained in the financial statements; prepare the financial statements on the golng conrn basls unless It is inappropriate to presume that the group wlll contlnue In business. The trustees are responslble for keeplng adequate accountlng records that are sufflclent to show and explaln the group and the companls transactlons and dlsclose with reasonable accuracy at any tlme the flnancial posltlon of the group and the company and enable them to ensure that the financial statements comply with the Companles Act 2006. They are also responsible for safeguardlng the assets of the group and the company and hence for tsklng reasonable steps for the prevention and detertlon of fraud and other Irregularltles.
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF PINHAS RUTENBERG EDUCATIONAL TRUST Opinlon We have audited the finanaal statements of Pinhas Rutenberg Educatlonal Trust (the 'parent charltable company? and Its subsidlarles (the'group? for the year ended 31 December 2023 whlch compr1* the consolidated statement of financial activities, the consolidated income and expenditure account, the consolidated balan sheet, the company balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applled in thelr preparatlon Is applicable law and United Kingdom Accounting Standards, including Financial Reportlng Stsndard 102'The Financlal Reporting Standard applicable in the UK and Republic of Ireland, (United Klngdom Generally Accepted Accountlng Practi). In our oplnlon the financlal ststements: glve a true and falr vlew of the state of the group's and of the parent charitable company's affalrs as at 31 Dember 2023 and of the group's incoming resources and application of resources, including Its income and expendlture for the year then ended; have been properly prepared in accordantr with United Kingdom Generally Accepted Accounung Prattice, and have been prepared in accordants with the requirement of the Companles Act 2006. Basls for oplnlon We conducted our audit In accordan wlth Internatlonal Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responslbillties under those stsndards are further described In the Auditor's responslbllltles for the audlt of the flnanclal statements sectlon of our rert. We are independent of the group In accordance wSth the ethlcal requlrements that are relevant to our audit of the financial statements In the United Klngdom, Includlng the Flnanclal Reportlng Councll's Ethlcal Standard and we have fulfilled our other ethlcal responslbllltle5 In accordance wlth these requlrements. We belleve that the audlt eVIden we have obtslned Is sufficlent and appropriate to provlde a basls for our oplnlon. Concluslons relatlng to golng concern In audltlng the financlal statements, W have concluded that the trustees, use of the golng concern basls of accountlng In the preparation of the financlal ststements Is approprlate. Based on the work we have perfomed, V have not identifled any materlal unrtaIntleS relatlng to events or conditions that, IndivldualSy or collectivelyi may cast signlficant doubt on the charitsble company's ablllty to contlnue as a golng conrn for a perfod of at least twelve months from when the fSnanclal statements are authorlsed for Issue. Our responslbllltles and the responsibilities of the trustees wtth respect to golng cOnM are descrlbed In the relevant sedlons of this report. other Informatlon The trustees are responslble for the other infomiation. The other Inft)rmation comprises the Informatlon Included In the annual report, other than the finanaal ststements and our auditor's report thereon. Our oplnion on the flnanclal statements does not cover the other information and, except to the extent otherwlse expllcltly stated In our report, we do not express any form of assuran concluslon thereon. In connectlon with our audit of the financial 5tstements, our responsibility Is to read the other Information and, In dolng so, consider whether the other Information is materlally inconslstent with the financlal statements of our knowledge obtained in the audit or otheThyise appears to be materially misstated. If we identify such material inconsistencles or apparent material mlsstatements, we are required to determlne whether there is a materlal mlsstatement in the financial Statements or a materlal mlsstatement of the other informatlon.
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF PXNHAS RUTENBERG EDUCATIONAL TRUST other Information (continued) If, based on the work we have perfomied, we condude that there Is a materlal mlsstatement of thls other information, we are requlred to report that fact. We have nothing to report in thls regard. Opinion on other matters prescribed by the Companles Act 2006 In our oplnlon, based on the Vrk undertaken In the course of the audit: the Information given in the Trustees, rep)rt for the financial year for whlch the financlal statements are prepared is consistent wlth the financial statements; the Trustees, report has been prepared in accordance with appllcable legal requlrements. Matters on whlch we are requlred to report by exceptlon In the Ilght of our knowledge and understandlng of the charitsble company and Its envlronment obtalned In the course of the audlt, we have rK)t Identlfied materlal misstatements In the Trustees, reFQrt. We have nothlng to report In respect of the followlng matters In relatlon to whlch Companles Art 2006 requlres us to report to you If, In our oplnion: the pant charltsble company has not kept adequate and sufficlent accoundng records, or returns adequate for our audlt have not been reIVed from branches not vlsited by us; or the parent charltable company finandal ststements are not In agreement wlth the accountlng records and returns; or certain dlsclosures of trustees, remuneratlon SIfied by law are not made,. or we have not recelved all the information and explanations we require for our audit; or the trustee5 were not entitled to prepare the financial statements In accordance wlth the small companles, reglme and tske advantage of the small companies, exempuon from the requirement to prepare a Strateglc Report or In preparing the Report of the Trustees. Responslbllltles of trustees As explained more fully In the trustees, reSnSIbIlitieS statement, the trustees (who are also the dlrectors of the charitable company for the purposes of company law) are responslble for the preparation of the flnanclal statements and for being satisfied that they gtve a true and fair view, and for such internal control as the trustees determlne Is netrssary to enable the preparation of financlal statements that are free from materlal mlsstatement, whether due to fraud or emr. In preparlng the flnanclal ststements, the trustees are responslble for assesslng the group's and the parent charltsble company's abllity to contlnue as a going COnrn, disclosing, as applicable, matters related to golng concern and using the golng concern basls of accountlng unless the trustees either Intend to Ilquidate the group or the parent charltsble company or to cease operations, or have no realistic alternative but to do so. Audltor's responsibllities for the audlt of the flnanclal statements Our objettives are to obtain reasonable assuran about whether the financial statements as a whole are free from materlal mlsststement, whether due to fraud or error, and to Issue an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance, but it not a guarantee that an audit conducted in accordance wlth ISAS (UK) will alway5 detect a materlal misstatement when it exlsts. Misstatements can arlse from fraud or error and are considered material if, individually or in the aggregate, they could reanablY be expected to influen the economic decisions of u5er5 taken on the ba515 of these financial statements.
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF PINHAS RUTENBERG EDUCATIONAL TRUST Auditor's responsibilities for the audlt of the financlal ststements (continued) Irregularlties, including fraud, are instances of nOnompliance wtth laws and regulatlons. We deslgn procedures in line with our responsibillties, outlined above, to detect material misstatements in respett of Irregularities, Includlng fraud. The extent to whlch our procedures are capable of detecting Irregularlties, Including fraud Is detsiled below: We obtalned an understanding of the legal arThJ regulatory frameworks that are appllcable to the charitable company and determlned that the most significant are the Statement of Recommended pract1 'Accounting and Reporting by Charities, {SORP), In accordan with the FinarKial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006. We understood how the charitable company Is complylng wlth those frameworks via cornmunlcatlon wlth those charged with g0veman, together with the review of the charity's documented pollcles and prottdures In both the UK and Israel. The charitable company is requlred to comply with both company law and charlty law and, based on our knowledge of Sts actlvities, we identified that the legal requlrement to accurately account for restricted funds was of key s1gnlflcan. The audlt team, whlch is experienced in the audlt of charltles, consldered the charftable company's susceptiblllty to materlal mlsstatement and how fraud may occur. L*Jr conslderatlon5 Include the rlsk of management override. Our approach was to check that the Income from donatlons, and charltable actlvltles were properly Identlfled and accurately disclosed, that expendlture complied wlth the control prOdureS and was approprlately charged. We conflrmed the movements and income from investments, Including unreallsed galnsllosses. We also revlewed Journal adjustments and unusual transactlons for management overrlde, and consldered the Identlficatlon and disclosure of related party transactions. There are Inherent limitations In the audlt protrdures descrlbed al)ove and, the further removed non-compllance wlth laws and regulations Is from the events and transactlons flected In the financlal statements, the less Ilkely we would become aware of It. The rlsk of not detecting a material misstatement due to fraud Is hlgher than the rlsk of not detettlng one resuldng from error, as fraud may Involve dellberate concealment by, for example, forgery or Intentlonal mlsrepresentstions, or through colluslon. A further descrlptlon of our responslbllltles for the audit of the financlal ststements Is located on the Flnanclal Reportlng Councll's webslte at www. auditorsres onsibilities. Thls descrlptlon forms part of our audltor's port. Use of our Report Thls report Is made solely to the charitable company's members, as a tody, In accordan wlth Chapter 3 of Part 16 of the Companles Act 2006. 1)Jr audit work has been undertaken so that we mlght state to the charltable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibllity to anyone other than the charltable company and its members, as a body, for our audit work, for this report, or for the oplnions we have formed. James Holland-Leader (Senlor Statutory Auditor) For an on behalf of Knox Cropper LLP Office Suite I, Haslemere House Lower Street Ha51emere Surrey GU27 2PE 2P September 2024
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PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Investments li 12 278,370 4,053,314 208,625 3,959,631 4,331,684 4,168,256 Current assets Debtor5 Cash at bank and In hand 13 5,281 231,968 11,550 445,918 237,249 457,468 Credltors: amounts falllng due withln one year 14 (147,566) (155,064) Net current assets 89,683 302,404 Total assets less current Ilabllltles 4,421,367 4,470,660 Provlslon for Ilabllltles 15 (16,588) (51,031) Net assets 4,404,779 4,419,629 Charlty funds Restrlcted funds Unrestrltted funds 18 18 625 4,404,154 625 4,419,004 Totsl funds 4,404,779 4,419,629 The financlal statements have been prepared in accordance with the provlslons appllcable to companies subject to the small companies, reglme. The flnanclal statements were approved and authorlsed for Issue by the trustees on 27th September 2024 and signed on thelr behalf by: Miss Judlth S Portrait Member of the Councll of Management The notes on pages 14 to 35 fonn part of these financlal statements. Company Registered Number: c395846 Charity Number: 313900 li
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) COMPANY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Investments li 12 278,370 4,053,314 208,625 3,959,631 4,331,684 4,168,256 Current assets Debtors Cash at bank and in hand 13 5,281 231,968 11,550 445,918 237,249 457,468 Credltors.. amounts fallSng due withln one year 14 (147,566) (155,064) Net current assets 89,683 302,404 Totsl assets legs current Ilabllltles 4,421,367 4,470,660 Provlslon for Ilablllues 15 (16,588) (51,031) Net assets 4,404,779 4,419,629 Charlty funds Restricted funds Unrestricted funds 18 18 625 4,404,154 625 4,419,004 Total funds 4,404,779 4,419,629 The flnanclal statements have been prepared In accordantr wlth the provlslons appllcable to companles subject to the small companies, reglme. The flnancial statements were approved and authorised for Issue by the twstees on 27th September 2024 and slgned on thelr tEhalf by: Miss Judlth S Portralt Member of the Council of Management The notes on pages 14 to 35 form part of these finanaal statements. The net income and expenditure for the year dealt with in the accounts of the Trust was a deficit of £34,078 (2022.. surplus of £161,381). Company Reglstered Number: ¢)0395846. Charty Number: 313900 12
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cash flows from operatlng activities Net cash used In operatlng activiues 20 (136,413) (70,444) Cash flows from Invest5ng activltles Divldends and interest from Investments Investment management fees Purchases of tangible fixed as*ts Purchases of flxed asset investments Dlsposal prOed$ on Investments 97,113 (13,565) (141,407) 77,792 (13,243) (753,386) 13 Net cash provlded by Invest5ng actlvltles (57,859) (688,824) Cash flows from financlng a¢tlvltles Change In cash and cash equlvalents In the year (194,272) (759,268) Cash and cash equlvalents at the beginnSng of the year Effect of currency translatlon on cash and cash equlvalents 1,242,879 (7,962) 2,004,059 (1,912) Cash and cash equlvalents at the end of the year 21 1,040,645 1,242,879 The notes on pages 14 to 35 form part of these flnanclal statements. 13
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng Policies 1.1 Company ststus The Trust is a company Ilmited by guarantee and is incorp)rated in England and Wales. The members of the Trust are the Council of Management named on page l. In the event of the Trust being wound up, the liability in respett of the guarantee is limited to £1 per member of the Trust. The address of the reglstered office is Office Suite I, Haslemere House, Lower Street, Haslemere, Surrey, GU27 2PE. The address of the prlnclpal pla of buslness Is 77 Hana551 Avenue, Halfa, Israel. 1.2 Basis of preparatlon of financlal statements The financlal statements have been prepared In accordan wlth the Charlties SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitles preparing thelr accounts In accordan with the Financial Reporting Stsndards applicable In the UK and Republlc of Ireland (FRS 102) (effettlve l January 2019), the Financlal Reportlng Standard applicable in the UK and Republlc of Ireland (FRS 102) and the Companies Act 2006. Plnhas Rutenberg Educatlonal Trust meets the definition of a publlc benefit entlty under FRS 102. Assets and Ilabilities are Inltlally recognlsed at historical cost or transactlon value unless otherwlse ststed in the relevant accounting policy. The statement of flnanclal actlvltles (SOFA) and balan sheet consolldate the flnanclal ststements of the company andlts 5ubsidlary undertaking. The results of the subsldlary are consolldated on a Ilne by Ilne basls. No separate SOFA has been presented for the company alone as permltted by sectlon 408 of the Companles Art 2006. The preparauon of flnandal statements In complIan wlth FRS 102 requlres the use of rtaIn crltlcal accounting estimates. It also requlres management to exercise judgement in applying the group's accountlng Follcles (see note 2). The followlng prlrKlpal accountlng polldes have been applled: 1.3 Golng concern The Councll of Management conslder there are rn materlal unrtaIntleS relatlng the charltable company's ablllty to contlnue as a golng cOnrn. In view of the financial posltion of the Trust and planned activities, the Council of Management belleves that the Trust has sufficlent resour$ to allow the Trust to continue operating for the foreseeable future, being a period of not le55 than e1ve months from the date of approval of these financial statements. Therefore, the golng o)ncern basls remalns approprlate. 14
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng Policies (contlnued) 1.4 Basls of consolldatlon The flnancial ststements consolidate the accounts of Pinhas Rutenberg Educatlonal Trust and all of Its subsidlary undertaknngs Csubsidiaries?. The subsldlary company holds the property in Israel, from which the Educatlonal Institute Is run, as nominee on behalf of its parent. The subsidiary company has no attivlues other than holdlng thls property. Accordingly, a true and fair override has been adopted In the preparation of the Trusvs Individual balance sheet such that SUbStsn overrldes legal form whlch would present the prope as an investment In a subsidiary company which in rn owns the propety. Thls departure Is ne$sary to glve a true and fair view. Other than the classification of thls asset as a tsnglble fixed asset rather than a fixed asset Investment, there Is no impact on the finanaal statements as a result of thls true and falr override. other than In the classSficatlon of flxed assets detalled above, there Is no dlfference beteen the state of affairs of the parent company and that on a consolidated basis. 1.5 Fund accountlng General furvls are unrestrlcted funds whlch are available for u* at the dlscretlon of the Trustees In furtheran of the general objedlves of the group and whlch have not been deslgnated for other purposes. Restrlcted funds are funds whlch are to be used In accordan wlth speclfic restrlctlons Imposed by donors or whlch have been ralsed by the group for particular purposes. The costs of ralslng and admlnlstering such funds are charged against the specific fund. The alm and use of each restrlcted fund Is set out In the notes to the financlal statements. The Israell Electrldty Company fund Is a StrIcted fuThJ whlch Is subject to donor declared restrlctlons. The object of the fund Is to assist towards the reconstructson of the Plnhas Rutenberg perpetuatlon rijom. The Arlson Fund Is a restrlcted fund whlch Is subject to donor declar restrictlons. The obJett of the fund Is to assist towards the buildlng of a computer ntre almed at glvlng tralnlng In communlcatlon and Informatlon technol(NJy. Investment Income, galns and losses are allocated to the appropriate fund. 15
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting Policies (continued) 1.6 Income All Income is recojnised once the company has enutlement to the income, It is probable that the Income will be received and the amount of income receNable can be measured rellably. Voluntsry Income Is received by way of grants, donations and gifts and Is Included in full In the statement of financlal activities when received. Donations are accounted for where there Is entitlement, rtaInty of reIpt and the amount can be measured with sufficlent rellablllty. Investment Income Ss recognised when re1vable and the amount can be measured rellably. Thls Is normally when the dlvKlends are dedared and notificatlon has been reIVed of the dividend due. Income from charitable activitles Is accounted for when earned. Rental Income is recognised on an accruals basls In the perlod In accordan wlth the terms of the lease. 1.7 Expendlture Costs of ralslng funds are corts Incurred In managlng the Trust's fixed asset Investments, attractlng voluntsry income, and those Incurred In tradlng actlvltles that ralse funds. Expendlture on Charltable athvlties are costs incurred on the Trusys educatlonal operatlons, Includlng support costs and costs relating to the governance of the company apporOned to charltable actlvltles. Llabllltles are recognlsed as soon as there Is a legal or constructive obllgation commlttlng the Trust to that expenditure, it Is probable that settlement wlll be requlred and the amount of the obllgatlon can be measured rellably. All expenditure Is included In the accounts on an accruals basls. Irrecoverable VAT Is charged to the ststement of financlal acttvltles as Incurred. Governano costs comprlse all costs Invomng the publlc accountablllty of the charity and Its complIan wlth gulatIOn and good pract1. These costs Include costs related to statutory audlt and legal fees. 16
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng Pollcles (continued) 1.8 Tanglble ftxed assets and depreciation Tangible fixed assets are carried at cost, net of depreclatlon and any provision for impalrment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less thelr estlmated resldual value, over their expected useful lives on the following basis: Freehold property Long-term leasehold property offi equipment Computer equipment Other fixed assets 25 years - over the Ilfe of the lease 10 years 3 years 10-25 years The assets, residual values, usefiJl Ilves and depreclatlon methods are revlewed, and adjusted prospettlvely ff approprlate, or If there Is an Indication of a slgnlflcant change Sin the last reportlng date. Galns and losses on disposals are determlned by comparlng the prOed$ wlth the carrylng amount and are recognlsed In the consolldated statement of flnanclal artivities. 1.9 Investments Flxed asset Investments are a form of flnanclal Instrument and are Inltlally recognlsed at thelr transactlon cost and subsequently measured at fair value at the balance sheet date, unless falr value cannot be measured reliably In which case It Is measured at cost less Impalrment, Investment galns and losses, whether realised or unrealised, are combined and shown In the headlng 'Galnsl(Losses) on investments, In the consolidated statement of finandal artivitÈes incorporatlng Income and expenditure account. Llsted Investments are subsequently measured at falr value at the balance sheet date uslng the closed quoted market pri. Cash and cash equlvalents are measured at the cash balan In sterllng, uslng the spot exchange rate at the balance sheet date. 1.10 Concesslonary loans Concesslonary loans are Inltlally recorded at the conslderation received and are subsequently held at amrtised cost based on the implied Interest rate of the loan. 17
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting Policies {contlnued) 1.11 Forelgn currencles The Trust's functional and presentauonal currency Is Sterling (£). Trust Monetary assets and Ilabilities demminated in forelgn currencles are translated into Sterllng at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the average monthly rate of exchange. Ail differentrs are tsken to the profit and loss account. Forelgn enterprises The affairs of the Trust's Israell branch and subsldiary undertaking are consldered to be not closely Interllnked wlth those of the Trust and the results of those undertakings are not regarded as being dependent on the economlc envlronment of the Trusys currency, due to limited transactlons beteen the Trust and Its branch and subsidiary undertaklng. The functional currency of the Israeli branch is therefore consldered to be the NIS (Israeli New Shekel). The results and financial pos6Uon of the branch are translated to Sterllng £ In accordance wlth paragraph 30.18 of FRS 102 as follows: All assets and Ilabllltles are translated at the closlng rate on the balance sheet date. Income and expenses are translated at the average exchange rate for the year, In accordan with paragraph 30.19. All resultlng exchange galns and l¢)sses are recognlsed In other comprehenslve Income. 18
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting Policies (continued) 1.12 Employee benefits Short term employee benefits Includlng holiday pay accrual A Ilabllity Is recognised to the extent of any short term employee benefits, includlng unLbsed hollday pay entitlement, which is accrued at the balan sheet date and carrled forward to future perlods. This Is measured at the undiscounted salary cost of the future employee benefit so accrued at the balan sheet date. Other long term employee beneflts A Ilabllity Is recognlsed to the extent of any long term employee benetlts whith Is accrued at the balantr sheet date and carrled forward to future periods. Thls is measured at the net total of: (a) the present value of the benefit obligation at the reportlng date; minus (b) the fair value at the repordng date of plan assets (if any) out of whlch the obllgatlons are to be settled directly. The change In Ilabllty Is remgnlsed In the ststement of financlal actlvltles. The Israell branch has a Ilablllty for employee Severan beneflts. A provlslon Is recognlsed If, as a result of a past event, the Trust has a present legal or constructive obllgation that can be estlmated reliabSy and It Is probable that an ouffiow of economlc benefits wlll be requlred to settle the obllgatlon. The Trusvs Ilability for severance beneflts to Its employees Is covered malnly by current deposlts In the name of the employees in recognlsed pension funds andlor by the purchase of pollcies from an Insurance company. The deposlted amounts are not under the control and management of the Trust as therefore these amounts and the Ilablllties for whlch they We deposited are not presented In the balan sheet. Funds deFQSited In the Trust's name in a recognlsed veran pay fund In respett of the Ilablllty for severance benefits are included In the balan sheet. 1.13 Flnanclal Instruments The group has elected to apply Sections 11 and 12 of FRS 102 In respect of financlal Instruments. Financlal assets and financlal Ilabllltles are recognlsed when the group becomes paty to the contractual provisions of the instrument. Financial Ilabllities and equity Instruments are classlfled accordlng to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a resldual Interest In the assets of the group after deducting all of Its Ilabllities. The group's p)Ikles for Its major dasses of financlal assets and flnanclal Ilabllltles are set out below, Flnanclal assets Baslc flnanclal assets, IndLhJing other debtors, cash and bank balan5, are Initially recognised at transattion price, unless the arrangement constitutes a financing transaction, Whe the transaction 15 measured at the psent value of the future receipts discounted at a market rate of Interest for a slmilar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of Interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effettive Interest method, less any impairment. 19
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting Policies (continued) 1.13 Financial instruments (contlnued) Flnanclal Ilabllltles Basic financial Ilabllities, Indudlng other creditors, are initially recognlsed at transaction pr1, unless the arrangement constitutes a financlng transaction, where the debt Instrument is measured at the present value of the fvture payments discounted at a market rate of Interest for a similar debt Snstrument. Financing transactions are those in whlch payment Is deferred beyond normal buslness terms or is financed at a rate of Interest that is not a market rate. Debt Instruments are subsequently carried at amortlsed cost, uslng the effettlve Interest rate method, Impalrment of financial assets Flnancial assets measured at cost and amortised cost are assessed at the end of each reportlng perlod for objectlve evidence of Impairment. If objective evldence of Impalrment Is found, an Impairment loss is recognlsed In the profit and loss account. For financlal assets measured at cost less ImpairmenL the Impalrment loss Is measured as the difference between the asset's carrylng amount and the best estlmate of the amount the company would recelve for the asset If It were to be sold at the reporting date. For flnanclal assets measured at amortlsed cost, the impairment loss Is rneasud as the dlfference beeen the asset's carrying amount and the present value of estlmated cash flows dlscounted at the asset's orlglnal effertlve Interest rate. If the financial asset has a varlable Interest rate, the dlscount rate for measurlng any impalrment loss Is the current effectlve Interest rate determlned under the contract. If there Is a decrease In the Impalrff£nt loss arlsSng from an event occurrlng after the Impalrment was recognlsed, the Impairment Is reversed. The reversal Is such that the current carrylng amount does not exceed what the carrylng amount would have been had the Impairment not prevlously been recognised. The impairment reversal Is recognised In profit or loss. Derecognltlon of flnanclal assets and financlal Ilabllltles Flnanclal assets are derecognlsed when (a) the contractual rlghts to the cash flows from the asset explre or are setued, or (b) substantially all the rlsk5 and rewards of the ownershlp of the asset are transferred to another party or (c) despite havlng retalned some significant risks and rewards of ownershlp, control of the asset has been transferred to another paty who has the practlcal ability to unllaterally sell the asset to an unlated thlrd party wlthout Imposlng additional restrlctlons. Flnandal Ilablllties are derecognised when the Ilablllty Is extingulshed, that Is when the contractual obllgatlon Is discharged, cancelled or explres. Offsetting of financlal assets and finandal Ilabllltles Flnancial assets and liabillties are offset and the net amount reported in the balance sheet when there Is an enforceable right to set off the recogni5ed amounts and there Is an intenb'on to *ttle on a net basis or to realise the asset and settle the liability simultaneously. 20
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Judgements in applying accountlng policies and key sources of estimation uncertainty In the appllcatlon of the group's accountlng policies, which are descrlbed In note I, the Council of Management are required to make Judgements, estimates and assumptions about the carrylng amounts of assets and liabilities that are not readily apparent from other SoUrs. The estimates and associate assumptions are based on hi5torlcal experience and other factors that are consldered to be relevant. Actual result may differ from these estimates. The esumates and underlying assumptions are reviewed on an on-golng basis. Revisions to accountlng estlmates are recognised In the perlod in which the estimate is revlsed if the revision affects only that period, or in the perlod of the revision arKJ future perlods If the revislons affects both the current and future perlods If the revlslon affects both current and future periods. The followlng is the critlcal estlmatlon that the Trustees have made in the pro55 of applylng the group's accountlng policles and that have the most signiflcant effect on the amount recognlsed In the financlal statements. Accountlng for a Severan benefits and the value of Ilabllltles Is dependent on slgnlflcant assumptlons, includlng an assessment of the dlscount rate, Pri Inflatlon and key demographlc figures Includlng Ilfe expectanry and mortality rates. The* accountlng judgements are Inherently complex and require a hlgh level of management Judgement and speclallst Input by an actuary In the calculatlons of the value of the Ilabllltles. For carrylng amunt of Ilabllle$, see note 15. Net Incomel(expendlture) 2023 2022 Audltor's reMUneraon Israel Auditor's remuneration - UK 3,522 11,820 3,867 11,580 Durlng the year, no Trustees received any remuneration (2022: £NIL). Durlng the year, no Trustees recelved any benefits In kind (2022: £NIL). Durlng the year, no Trustees reIVed any relmbursements of expenses (2022: £NIL). 21
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from Donations and Legades 2023 2022 Donatlon from Rest-Harrow Trust Donation from Ardwick Trust Donation from Michael & Anna Wix Charltatle Trust 3,000 3,000 2,000 1,000 1,000 1,500 Total donatlons and legacles 8,000 3,500 Income from Charitable Actlvltles 2023 2022 Income from further education courses Participation In varlous semSnars and varlous actlvltles Includlng hostel facllltles seIces to educatlonal Institutlons Income from courses In communlcations 47,811 54,111 69,559 206,494 8,804 81,810 221,134 14,501 332,668 371,556 Investment Income 2023 2022 Divldends from listed investments Interest on Treasury stocks and corporate bonds Investment income - local cash 19,478 45,666 35,447 27,765 40,464 9,563 ICKI,591 77,792 22
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 other Tradlng actlvltles 2023 2022 Other Income 65,340 65,142 Other Income Includes fees for [lular carrier's lease. Expend5ture on Charltsble Actlvltles 2023 2022 Dlrect costs Lecturerfs and instructors, fees Victuals Transport and travelllng Building malntenance and upkeep of garden, fumlture and kltchen equSpment Premlses tsxes Legal, bookkeeplng and accountsncy charges Bank Interest and charges Insuran and rates Communlcatlons Sundry expenses Wages and salarles Depreciatlon 11,894 11,783 11,220 24,879 10,600 20,081 114,299 158,743 5,720 (6,951) 18,625 4,289 5,146 190,219 55,272 95,741 20,404 3,607 20,058 4,912 2,932 210,308 57,537 580,259 471,059 Support costs Auditor's remuneratlon Indemnity Insurance Legal fees Bank charges 15,342 4,763 8,690 25 15,447 4,326 8,280 28,820 28,053 609,079 499,112 Glven the Ilmlted number of projects belng undertaken by the charity, the trustees conslder that no further analysis of the above direct charitable expenditure would be beneficial. 23
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ralsing funds 2023 2022 Investment management fees 13,565 13,243 10. Staff Costs 2023 2022 Wages and 5alarles Social security and payroll tsxes Pension costs Movement In hollday provlslons Other costs 154,298 15,680 17,699 2,542 153,529 26,647 28,253 1,879 190,219 210,308 The average number of persons employed by the company dudng the year was as follows: Group 2023 Group 2022 Employees li No employee reIVed remuneratlon amounting to more than £60,000 In either year. 24
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Tangible fixed assets Long-terni Leasehold leasehold Improve- property ments Group Freehold property Office equlpment Computer equipment Total At l January 2023 Addluons Dlsposals Forelgn currency tranSL3on 768,810 1,273 1,091,331 131,514 206,755 6,116 36,057 3,777 2,104,226 141,407 (81,830) (15,257) (2,696) (99,783) At 31 Dernber 2023 768,810 1,273 1,141,015 197,614 37,138 2,145,850 Depreclatlon At l January 2023 Charge for the year On dlsposals Forelgn CurncY translatlon 768,809 554 13 904,912 48,763 185,269 6,237 36,057 260 1,895,601 55,273 (67,063) (13,681) (2,650) (83,394) At 31 December 2023 768,809 567 886,612 177,825 33,667 1,867,480 Nat IM)ok value At 31 December 2023 706 254,403 19,789 3,471 278,370 At 31 December 2022 719 186,419 21,486 208,625 25
PINHAS RUTENBERG EDUCATIONAL TRusr (A company Ilmited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Tangible fixed assets (continued) Group {contlnued) All the fixed assets are held for dlrect charltsble pUr)seS of the Trust and Its subsldlary. Long-term leasehold property Leasehold improve- ments Company Freehold property Office Computer equlpment equlpment Total Cost At l January 2023 Addltlons Dlsposals Forelgn Currency Translatlon 1,273 1,091,331 131,514 206,755 6,116 36,057 3,777 1,335,417 141,407 (81,830) (15,257) (2,696) (99,783) At 31 December 2023 1,273 1,141,015 197,614 37,138 1,377,041 Depreclatlon At l January 2023 Charge for the year On dlsposals Forelgn CurrefKy Tran51atlon 554 13 904,912 48,763 185,269 6,237 36,057 260 1,126,792 55,273 {67,063) (13,681) (2,650) (83,394) At 31 Dernber 2023 567 886,612 177,825 33,667 1,098,371 Net book value At 31 December 2023 706 254,403 19,789 3,471 278,370 At 31 December 2022 719 186,419 21,486 208,625 The Trust's Interest in the lease explred In 2018. All the fixed as*ts are held for dlrect charitable purposes of the Trust. 26
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Fixed asset investments Group and company 2023 2022 Market value At l January 2023 Addltlons Disposals Reallsed and unrealised gains 3,162,670 2,253,551 753,386 (13) 155,746 81,967 At 31 December 2023 3,244,637 3,162,670 Cash held by Investment Managers 808,677 796,961 4,053,314 3,959,631 Group materlal Investments 2023 2022 2.5% Index Llnked Treasury Loan Stk 2024 Berkshire Hathaway Common Stock Rlo Tlnto Ordlnary lop 1,977,533 839,332 200,497 1,950,384 770,388 198,987 3,017,362 2,919,759 The Trust also owns the entlre share capltsl of Plnhas Rutenberg Trust Llmlted, a company Incorporated In Israel. The authori5ed and issued share capltsl of this company comprlses 5,000 shares of NIS 0.0001 each. The company owns properties which are used by the trust for the fijrtherance of Its charitable activities and dld not have any income or expendlture in 2023 or 2022 other than In respect of depredatlon of the property. The net assets of the company are NIS 12 (2022: NIS 12). 27
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Debtors Group 2023 Group 2022 Company 2023 Company 2022 Prepayments and accrued Income Trade debtors 3,478 1,803 3,478 1,803 11,550 11,550 5,281 11,550 5,281 11,550 14. Credltors: Amounts falllng due wlthln one year Group 2023 Group 2022 Company 2023 Company 2022 Trade credltors (Xher credltors Accruals and deferred Income 11,782 92,465 43,319 5,133 97,021 52,910 11,782 92,465 43,319 5,133 97,021 52,910 147,566 155,064 147,566 155,064 Included wlthln other credltors Is a concesslonary loan of £79,485 (NIS 354,078) (2022: £83,007) from the estate of the late Mr Sandy Rutenberg. The loan prlncipal is Ilnked to the Israeli Consumer Prlce Index and does not bear interest. 15. Long term employment retlrement beneflts Funds are deposited In the Trust's name In a recognised Severan pay furMI In respect of the Ilablllty for employee Severan benefits included in the balan sheeL The amounts In the fund irlUded accumulated Ilnkage and interest diffenceS and are deposlted In a severance pay fund. Withdrawal of these funds is subject to Compl1an wlth the provlslons of Israell Severance Pay Law. 2023 2022 Funds deposlted Liability per employee Severance benefits 164,075 (180,663) 175,235 (226,266) Net penslon asseV(Ilabilty) (16,588) (51,031) 28
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Long term employment retlrement benefits (contlnued) 2023 2022 Funds deposlted Brought forward at l January Return on funds Contributions by employer Benefits paid Currency translatlon 175,235 31,105 179,434 (10,076) 8,130 (29,379) (12,886) (2,253) Carrled for*Yard at 31 Dember 164,075 175,235 2023 2022 Llablllty per employee severance beneflts Brought forward at l January Beneflts pald Se1 cost Forelgn currency translation 226,266 (29,379) 199,295 30,450 (3,479) (16,224) Carrled forward at 31 December 180,663 226,266 The Trust's Ilabllity for the above is covered by deposlts wth an approved fund, the Central Severance Pay Fund, whlch Is managed by Bank Leuml Le-Israel BM. 29
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Related party transactions Transactions with related parties are as follows: Amount due (to)IfYom arties 2022 Amoun Relatlonship Transactlon 2023 2022 2023 Portrait Solldtors Fees 2,400 BDB Pitrnans LLP Fees 8,940 5,880 Two Members of Councll, JLKlith Portrait and Domlnlc Flynn were Partners In Portralt Sollcltors, and Domlnlc Flynn is a Partner wlth BDB Pltmans LLP. Janet Bloch, Judlth Portralt and DomlnSc Flynn are Trustees of the followlng: The Rest Harrow Trust, The Ardwlck Trust and the Mlchael and Anna Wlx Charitsble Trust, who donated £3,(Y)) (2022: £1,000) £3,000 (2022: 1,000) and £2,oc (2022: £1,500) respectlvely. 17. Flnanclal Instruments Group 2023 Group 2022 Company 2023 Company 2022 Flnanclal assets Flnanclal assets at falr value - fixed asset investments Flnanclal assets at aM0sed cost - trade debtors 3,244,637 3,162,670 3,244,637 3,162,670 1,803 11,550 1,803 11,550 3,246,440 3,174,220 3,246,440 3,174,220 Group 2023 Group 2022 Company 2023 Company 2022 Flnanclal Ilabllltles Financial liabilities at amortised cost- trade creditors Financlal Ilabllltles at amortised cost- concessionary loans Incomel(expense) related to finandal Ilabllitles at amortlsed cost Exchange galnsl(losses) related to flnanclal Ilabllltles at amortised cost 11,782 5,133 11,782 5,133 79,485 83,007 79,485 83,007 (2,606) (4,290) (2,606) (4,290) 6,128 1,158 6,128 1,158 Financial assets measured at amortised cost indude trade debtor5. Flnanclal Ilabllltles measured at amortised cost indude concesslonary loans and trade creditors. 30
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of funds Ststement of funds- current year Galnsl (Losses) on disposals of Investments Balance at 31 December 2023 Balance at l January 2023 other Gainsl (Losses) Income Expenditure Unrestrlcted Funds Trust capStal amount 2,357,912 2,357,912 Revaluatlon reserve 1,674,579 81,967 1,756,546 Income and expendltu account 386,513 506,599 {591,S39) (11,877) 289,696 4,419,004 506,599 (591,539) {11,877) 81,967 4,404,154 Restrlcted lunds Israell Electrlclty Company Trust Fund 405 405 Arlson Fund 220 220 625 625 Total of Funds 4,419,629 506,599 (591,539) (11,877) 81,967 4,404,779 31
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of funds Statement of funds- prlor year Galnsl (Losses) on dlsposals Balance at 31 December 2022 Balance at l January 2022 Other Galnsl {Losses) Income Expendlture Investments Unrestrlcted Funds Trust capltal amount 2,357,912 2,357,912 Revaluatlon reserve 1,518,833 155,746 1,674,579 Income and expendlture 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 Restrlctsd funds Israell Electrlclty Company Trust Fund 405 405 Arlson Fund 220 220 625 625 Total of Funds 4,269,747 517,990 (512,355) (11,499) 155,746 4,419,629 32
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Analysls of net assets between funds Analysis of net assets between funds- current year Unrestrlcted funds 2023 Restrlcted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Provlslons for Ilabllltles and charges 277,745 4,053,314 237,249 (147,566) (16,588) 625 278,370 4,053,314 237,249 (147,566) (16,588) Totsl 4,404,154 625 4,404,779 Analysls of net assets between funds- prlor year Unrestrlcted funds 2022 Restrlctsd funds 2022 Total funds 2022 Tanglble fixed assets Flxed asset Investments Current assets Credltors due wlthln one year Provlsions for Ilabilltles and charges 208,000 3,959,631 457,468 (155,064) (51,031) 625 208,625 3,959,631 457,468 (155,064) (51,031) Total 4,419,004 625 4,419,629 33
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Reconciliation of net movement In funds to net cash flow from operating actlvltles Group 2023 Group 2022 Net Incomel(expenditure) for the year (as per Statement of Financial Activities) (34,078) 161,381 Adjustments for: Depreciation charges Galnsl(Losses) on Investments Dividends and Interest from investments Investment management fees Interest payable and financing costs Decreasel(Increase) in debtors Increasel(decrease) In credltors severan benefits provislon adjustment Exchange dlffererKe on retranslatlon 55,273 (81,967) {100,591) 13,565 2,606 9,017 (238) 57,537 (155,746) (77,792) 13,243 4,290 3,451 (100,106) 22,320 978 Net cash used In operatlng actlvltles (136,413) (70,444) 21. Analysls of cash and cash equlvalents Group 2023 Group 2022 Cash at Bank and In Hand Cash held by Investment Managers 231,968 808,677 445,918 796,961 Total cash and cash equ5valents 1,040,645 1,242,879 34
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Analysis of Net Debt Ati January 2023 At31 December 2023 Non-cash Changes Cash Flows Cash at bank and In hand Loan 1,242,879 (83,007) (194,272) (7,962) 3,522 1,040,645 (79,485) 1,159,872 (194,272) (4,HO) 961,160 23. Controlllng party The Coundl of Management are the ults'mate controlllng paty. 35