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 a￿Jited 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$s￿latIOn dated l June 1945 and Is a reglstered charlty wlth
number 3139W.
Method$ 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 fInan￿S of the trust, and are satlsfied that systems and pro￿ureS 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 con*quence 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 IntrodU￿d 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 ne￿SSary 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 aC￿ssIbl11ty 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 U￿rtaIntleS 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 De￿rnber 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 reSoUr￿S 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 differen￿5, 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 rep￿sented 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 con￿rn 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
De￿mber 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 re￿rt. 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 un￿rtaIntleS relatlng to events or
conditions that, IndivldualSy or collectivelyi may cast signlficant doubt on the charitsble company's ablllty to contlnue
as a golng con￿rn 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 cOn￿M 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 V￿rk 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 pa￿nt charltsble company has not kept adequate and sufficlent accoundng records, or returns adequate
for our audlt have not been re￿IVed 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 S￿Ified 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, reS￿nSIbIlitieS 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 COn￿rn, 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 rea￿nablY 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 nOn￿ompliance 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 prO￿dureS 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: c￿395846
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 prO￿ed$ 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 un￿rtaIntleS relatlng the charltable
company's ablllty to contlnue as a golng cOn￿rn. 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 bet￿een 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 re￿Ipt and the amount can be measured with sufficlent rellablllty.
Investment Income Ss recognised when re￿1vable and the amount can be measured rellably. Thls Is
normally when the dlvKlends are dedared and notificatlon has been re￿IVed 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 appor￿Oned 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 prO￿ed$ 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 bet￿een 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 balan￿5, are Initially recognised at
transattion price, unless the arrangement constitutes a financing transaction, Whe￿ the transaction
15 measured at the p￿sent 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 rneasu￿d as the dlfference
be￿een 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 un￿lated 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 SoUr￿s. 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 pro￿55 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 Ilablll￿e$, see note 15.
Net Incomel(expendlture)
2023
2022
Audltor's reMUnera￿on 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 re￿IVed 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
se￿Ices 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 re￿IVed 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 tranSL3￿on
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 De￿rnber 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 Cur￿ncY 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 De￿rnber 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 St￿k 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 ir￿lUded accumulated Ilnkage and interest diffe￿nceS 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 De￿mber
164,075
175,235
2023
2022
Llablllty per employee severance beneflts
Brought forward at l January
Beneflts pald
Se￿1￿ 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 aM0￿sed 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