Registered number: 00395846 Charity number: 313900 PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 KNOX CROPPER cliJrlered aGGoLrnlanls
PINHAS RUTENBERG EDUCATIONAL TRusr {A company Ilmlted by guarantee) CONTENTS Page Reference and administratlve detslls of the companyi Its Trustees and advlsers Trustees. report Trustees. responslbllltles statement Independent auditorfs report on the financlal ststements Consolldated statement of flnandal artlvities 10 consolldated balance sheet 11 Company balance sheet 12 Consolldated statement of cash flows 13 Notes to the flnanclal statsments 14-35
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmltsd by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees (known as the Councll of Management) Mr Davld Rutenberg Miss Judith S Portralt Mr Isaac Meshoulam (Retired 24 October 2024) Professor Israel Agranat Mrs Janet B Bloch Mr Abraham Rutenterg Mr Domlnlc B Hynn Mrs Sarah J Devltt (Appolnted 6 December 2024) Company reglstered number 00395846 Charity reglstered number 313900 Reglstered offlce Offlce Sulte I, Haslemere House Lower Street Haslemere Surrey GU27 2PE Prlnclpal operatlng offlce The Plnhas Rutenberg Institute for Youth Educatlon 77 Hanassl Avenue Halfa Israel Company secretary Knox Cropper Trustee Limited Independent audltor Knox Cropper LLP offi Suite I, Haslemere House Lower Street Haslemere Surrey GU27 2PE Investment advlsors & Bankers Rathbone Investment Management Llmlted B Flnsbury Clrcus London EC2M 7AZ Barclays Bank PIC 80 Fleet street London EC4Y I Solldtors Broadfield Law UK LLP One Bartholomew a05e London ECIA 7BL
PINHAS RirrENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present thelr annual rep)rt together wlth the audlted financial statements of the group and company for the year l January 2024 to 31 Dember 2024. The annual report serves the purkY)ses of toth a trustees, report and a dlrectors, report under company law. The trustees conflrm that the annual report and finandal statements of the charltable company comply wlth the ojrrent statutory requirements, the requlrements of the tharitable company's governlro dLKument and the provlsions of the Statement of RecornmetKled Practlce (SORP) appllcable to charlties preparlng their accounts In accordan with the Financial Reportlng Standard appllcable in the UK and Republlc of Ireland (FRS 102) (effective l January 2019). Slnce the trust and the group qualifies as small uTrJer section 383 of the Companies Act 2006, the strateglc report of medlum and large companles is not requlred. STRUCTURE, GOVERNANCE AND MANAGMENT Constltutlon The trust is reglstered as a charltsble 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 Assodatlon dated l June 1945 and Is a reglstered charlty wlth number 313900. Methods of appolntment or electlon of tte¢S The management of the trust Is the responslblllty of the Council of Management who are elected and co-opted under the terms of the Artlcles of AsxKiatk)n. Rlsk management The Councll of Management have aSSed the major rfsks to whlch the trustls exposed, in partlcular those related to the operatlons and finan5 of the twsL and are satisfied that systems and procedures are In pla to mitlgate exposure to the major rlsks. OBJECTIVES AND AcfIviTIES Pollcles and objectlves The Pinhas Rutenberg Educauonal Trust CPREf? was funded In 1945 as a Consequen of Mr Pinhas Rutenberg's Will In whlth he dedl¢Jted all his property and wealth to the purpose of educaung the youth of Israel, Maln actlvltles undertaken to further the company's purposes for the publlc benefft The maln object of PREf is to provlde at Its Institute in Halfa, Israel, Informal educatlon for young people by prOldIng a framework whlch bs not part of the State's official schcol system but complementary to It. The Institute aSstS and supports subjerts where official or formal education Is lacklng. Over the years, the Instltute's activitles have developed greatly and now cover a wbde raThJe of edUcats.al projects all of whlch are gulded by the object of fulfllllng the objects of the tharlty. The Councll of Management have refeed to the gUan contalned in the Charfty Comm5sslon's general guldance on public benefit when reviewin9 our aims and objectlves and in plannlng our future actlvltles. In partlcular, the trustees consider how planned activities will contribute to the aims and objectlves they have set.
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmited by guarantee) TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTSAND PERFORMANCE General The Pinhas Rutenberg Educatlonal Trust (°PREn was founded In 1945 as a Consequen 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 summarlses the PR educational actlvltles conducted In 2024, during a tlme of war In Israel, whlth slgniflcanuy affected the Institute's focus. Maln Actlvltles - 2024 Introduction To Electrlci . Thls project was a pilot initlatlve conducted In collal)oratlon wlth the Israel Electrlc Corporation, the Ministry of Educatlon, and the Haifa Munlclpallty. It Invofved 120 high school students who were IntrodUd to fundamental COnPts In electricity - IncludlThJ elettrlc power, energy demand and suppty, and resldentlal solar panel systems - as well as basic programmlng of computerlsed home control systems. The projecvs goal wa5 IKI evaluate a proposed educatSonal syllabus almed at promotlng Informed and resFN)nslble energy use among hlgh school students. The computerised robotics programme was postponed due to wartlme conditions. Desplte strong Interest from young students, the hlgh cost of restorlng the neSSary Infrastructure (computers and robotlc components) has h1nde further development of the programme. ber Pro'ect Develo me The Cyber project In co-operatlon wlth ttrE I.D.F. and the Rashl Trust Is developlng well, The Institute 15 becomlng the preferred locatlon of tralnlng Llber Instructor from all parts of Israel. The Institute also h)st weekly some 150 young students In tralning cyber technology. The Cyber project has potentlal of development wlth tlme. In year 2025 (September) we plan to open another cyber class and have some 200 weekly partlclpant& The current swlabus Is already modlfled to Include Al technology. A new Inltlatlve wlth the Boston-Halfa Partnershlp has bn started to prompt and ensure the SusS of the youth from low soclal Lyonomlc status before enty service in the l.D.F. The aLtlvlty Is In groups of 30 youngsters tw1 a wee Secondary Actlvltles- 2024 li The Instrtute malntalned the upkeep of the property In accordance wlth regulatory standards. An effort to let bulldlngs, whlch were not In effldent use, to generate Income was made. Thls asslsts In fundlng of educatlonal programmes. er The tnstltute provlded ro)ms arKJ fadlitles for the offlces of the Boston-Halfa Partnershlp. Slntr the Boston-Halfa Partnershlp Is Involved In actlvStles and *mlnars for Jewlsh Youth, It Is hoped that thls co-operatlon wlll strengthen the InSt[te'S abllity to operate In thls area. Summary The Instituts has contlnwl with Its actlvitles whlch are constantly measured by strlct accountlng standards. ty• Budget Ilmlts have Th)t LEen eXeded. The Trustees would like to thank their long-time friend and supporter, Mr. Iko Meshoulam, on the ¢xcasion of hls retirement from the PR trustees last DeMber. The Chalrman In particular wlshes to formally record hls deep appreclation for hls many years of loyal servitr and unwavering support.
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limlted by guarantse) TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCJAL REVIEW Going concern The Councll of Management conslder there are no materlal uncertalntles relatlng the charitable company5 ablllty to contlnue as a going concern, In vlew of the flnanclal posltion of the Trust and planned activities, the Council of Management believes that the Trust has 5ufflclent resources to allow the Trust to contlnue operating for the foreseeable future, belng a perlod of not less than twelve months from the date of approval of these financial statements. Therefore, the 9)ing concern bas65 remalns appropriate. Reserves pollcv The trust makes avallable all its investment and voluntary Income to the Plnhas Rutenberg Institute In Halfa. The Councll of Management examlnes cash flow throughout the year and Is satlsfied that the trust Is In a posluon to meet any commltment It may make out of Income and that its reserves are sufflcient for Its purpose, The capltal Is expendable endowment. Unrestrfcted funds at 31 December 2024 totalled £4,604,262 of whlch E3,745,022 Is capital, £613,778 represents unreallsed galns and losses on Investments whlch the trustee5 regard as capitsl, accordlng to trust law. The balan of £245,462 includes £255,404 of tsnglble fixed ats held for the Trust's own use resultlng In free reseNes of £(9,942) avallable to be spent at the discretlon of the trustee5 In accordance wlth the terms of the trusys objects. The Councll of Management corslders that the Trust has adequate resouros avallable, on a fund by fund basls, to meet Its foreseeable requirement& Flnanclal Revl¢w of the year Incomlng resources for the year amounted to É509,002 (2023.. £506,599) includlng amounts contrlbuted by various bodles co-operating In and beneflttlng from the Trust's educational actlvitles of £362,552 (2023: £398,008), other grants and contrlbuuons of £3,000 (2023., £8,000), and Investment Income of £143,450 (2023; £100,591). Resources expended amounted to £549,504 (2023: £622,644) glvSng rl* to net outgolng resour$ from operatlons before investment galns of £40,502 (2023: net outgolng reSoUrS of £116,045). The net Increase In the Trust's funds In the year, Imiestment and penslon Ilablllty movements and exchange dlfferences, was £200,108 (2023: decrease £14,850), Consolldated net assets at 31 Dernber 2024 amounted to £4,604,887 (2023: £4,404,779), represented by fixed asset Investments of £4,340,474, tanglble fixed assets of £255,404, net current assets of £42,844 less provlslons of £33,835. The value of listed Investrnents held at the end of the year was £613,778 {2023: £1,756,546) In excess of cost, as represented by the revaluatlon reserve. Materlal Investments poIIcy The Counol of Management has the p)wer to Invest in SLKh assets as they see fit. The Councll takes advltr frorn Rathbone Investment Management Umlted. The lIcY is to generate both income and capltal. The fijnd manager has malntalned a hlgh perntsge of gllts whlch has provided a stabilisltvJ factor. The Councll of Management confimis that all investments held have been acquired In accordan wlth the powers avallable to IL
PINHAS RITfENBERG EDUCATIONAL TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVXEW (CONTINUED) Plans lor future perlods The Council of Management expects the Trust to operate at slmilar levels in the future. Disclosure of Informatlon to audltor Each of the persons who are trustees at the tlme when thls tru*ees' report Is approved has conflrmed that: so far as that trustee Ss aware, there is no relevant audlt Informatlon of whlth the charitable group s audltor 15 unaware, and that trustee has taken all the steps that ought to have been taken as a trustee In order to be aware of ary relevant audit Informatlon, and to establish that the charltable group's audltor Is aware of that Informatlon. Thls report has been prepared Sn accordarts wlth the wovlslons of Part 15 of the Companies Act 2006 relatlng to small companles. Approved by order of the embers of the board of trustees and slgned on thelr behalf bv; MIJJ Jud Portralt Member of the Coundl of Management 17UI September 2025
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The tnJstees (who are also the dlrectors of the company for the purposes of company law) a responsible for preparing the trustees, report and the flnanclal statements in accordance wlth appllcable law and United Klngdom Accounting Standards (United Klngdom Generally Accepted Accounting pract1). Company law requlres the tnjstees to prepare flnanclal statements for each flnanclal year. Under company law the trustees must not approve the financial statements unless they are satisfied that they glve a true and falr vlew of the state of affairs of the groL4) and the company and of thelr IncomlrKJ resources and appllcatlon of resources, Including their income and expendlbjre, for that period. In preparlng these financlal statements, the trustees are requlred to.. select sultable accountlw poliaes and trEn apply them conslstentlyi observe the methods and pyinaples of the Q)arltles SORP (FRS 102); make judgments and accountlng estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subjett to any materlal departures dlsdosed and explalned In the finandal siatements; prepare the finanaal ststements on the going conorn basls unless it Is Inapproprlate to presume that the group wlll conunue In bUness. The trustees are resw)nslble for keeplng adequate accounting records that are sufficlent to show and explain the group and the company's transactions and dlsdose wlth reasonable acojracrf at any tlme the flnanclal posltlon of the group and the company and enable them to ensure that the financlal statements mmply wlth the Companles Act 2006, They are also responslble for safeguardlng the assets of the group and the company and hen for taklng reasonable steps for the prevenb'on and detectlon of fraud and other irregularltles.
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) INDEPENDEKf AUDITOR'S REPORTTO THE MEMBERS OF PINHAS RLrrENBERG EDUCATIONAL TRUST Qplnl¢n We have audlted the flnanaal statements of Pinhas Rutenberg Educational Trust (the 'parent charitable company? and its subsldlarles (the 'group? for the year ended 310ecember 2024 whith comprfse the consolidated statement of finandal actlvities, the consolldated Income and expenditure account, the consolidated balance sheet, the company balan sheet, the consolldated statement of cath flows and the related notes, Including a summary of slgnificant accountlng pollcles. The financial reportlng framework that has ten applied In thelr preparation Is appllcable law and Unlted Klngdom Accountlng Standards, includlng Flnanclal Reportlng Standard 102'The Flnanaal Reporting Standard applicable In the UK and Republlc of Ireland, (United Kingdom Generally Accepted Accountlng Practice), In our oplnlon the finandal statements: glve a true and fair vlew of the state of the group s and of the parent tharftable companvs affalrs as at 31 Detrmber 2024 and of the group's IncomlrHJ resourtrs and appllcatlon of resour5, Includlng Its income and expendlture for the year then erKled; have been properly prepared In accordan wlth Unlted Klngdom Generally Accepted Accountlng Pract1. and have been prepared In accordan wlth the requSrement of the Companles Act 2006. Basls for oplnlon We conducted our audlt in accordan wlth Intematlonal Standards on Audng (UK) (ISAS (UK)) and appllcable law. Our responslbllitles urKler those stsndards are further descrlbed Sn the Auditor's responslbllltles for the audlt of the financlal statement5 5ectlon of our report. We are Independent of the group in accordan with the ethical requlrements that are relevant to our audlt of the flnandal statements In the United Kingdom, Includlng the Financlal Reportlng Coundl's Ethlcal Standard and we Iiave ffilled our other ethlcal responsibilitles In accordan wlth these requlrements. We belleve that the audlt eVIden we have obtsinedls sufflclent and approwiate to provlde a basis for our oplnion. Conclusions relatlng to golng concern In audltlng the flnanclal statements, we have concluded that the tru5tees' use of the golng conrn basls of accountlng In the preparatlon of the finala1 statements is approprlate. Based on the work we have performed, we have not Identified any materlal unrtaIntleS relatlng to events or condltlons that, Indlvldually or collectSvely, may cast signiflcant doubt on the charitable company s ablllty to contlnue as a golng conrn for a perlod af at least twelve month5 from the flnanclal statements are authorlsed for l&sue. Our responslbllities and the responlbllltles of t trustees wlth respect to golng conrn are descrlbed In the relevant sectlons of thls report. Other Inforniatlon The trustees are responsible for the other informatK)n. The other information comprlses the Informatlon Included in the annual report, other than the financial statements and our auditorfs report thereon. Our oplnlon on the flnancial statements does not cover the other Information and, expt to the extent Otherw1 expllcitly stated in our report, we do not express any form of assuran condusion thereon. In connethon wlth our audit of the finanaal statements, our responsibility is to read the other Informatlon and, In doing so, consider whether the other information is materialty inconsistent wlth the financlal statements of our knowledge obtained in the audit or otherwi* appears to be materially misstated. If we identlfy sh material Inconslstencles or apparent materlal misstatements, we are required to determlne whether there Is a materlal misstatement in the financial statements or a material 5statement of the other informatlon.
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limlted by guarantee) INDEPENDENT AUDrroR'S REPORTTO THE MEMBERS OF PINHAS RUTENBERG EDUCATIONAL TRusr Other Inforniatlon (contlnued) If, based on the work we have performed, we condude that there is a materlal mlsstatement of thls other Information, we are required to report that fact. We have nothlng to report In th15 regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our oplnlon, based on the work undertaken in the course of the audit: the Informatlon glven In Truste* pOrt for the finandal year for whlch the flnanclal staternents are prepared Is consistent wlth the financial statements. the Trustees, report has been prepared In accordan wlth appllcable begal requlrements. Mattern on whlch we are requlred to report by exceptlon In the Ilght of our knowledge and understandlng of the charltable compary and Its envlronment obtalned In the course of the aud1¢ we have not Identlfled material misstatements In the Trustee5' report. We have nothlng to report In respect of the followlng matters In relatlon to wNch Companles Act 2006 requires us to report to you If, In our oplnlon: ¥• the parent charltsble company has not kept adequate arKJ sufflclent accountlng records, or returns adequats for our audlt have not been recelved from branches not vlslted by us; or the parent charltable company flnanclal statements are not in agreement wlth the accountlng records and teturns,. or certaln dIloSUreS of trustees, remuneration specified by law are not made,, or we have not recelved all the informatlon and explanations we requlre for our audlt. or the trustees were not entytled to prepare the flnanclal statements in accordance wlth the small companies, regime and take advantage of the small companles, exemption from the requSrement to prepare a Strategic RerM)rt or In preparfng the Repxt of the Trustees. Responsibllltl¢$ ol trustees As explalned more fully In the trustees, responslblllties statement, the trustees (who are also the dlrectors of the charitable company for the purpow of company law) are responslble for the preparation of the financlal ststements and for being satisfled that they glve a true and falr vlew, and for such Internal control as the trustee5 determlne Is neSSary to enable the preparation of financlal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the flnanclal statements, the trustees are respcnslble for a5sesslng the group's and the parent charltable company's ablllty to continue as a golng concern, disclosngi as appllcable, matters related to golng concern arKI Ung the golng conrn basls of accountlng unless the trustees elther Intend to liquidate the group or the parent charitable company or to ase operations, or have no alIStIC altemats've but to do so. Audltor's responslbllltles for the audlt of the financlal ststsments Our objectives are to obtaln reasonable assuran about whether the financial stateTnents as a whole are free from material misstatemenL whether due to fraud or error, and to Issue an audltor's report that includes our oplnlon. Reasonable assuran Is a hlgh level of assuran, but it not a guarnntee that an audit conducted in accordance wlth ISAS (UK) will always detect a materlal mlsstatement when it exists. Misstatements oan arise from fraud or erTor and are consldered materlal If, Indlvldually or in the aggregate, they could wsonably be expected to influence the economlc deCIonS of users taken on the basls of these finandal statements.
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limlted by guarantee) INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF PINHAS RUTENBERG EDUCATIONAL TRusr Audltorfs responslbllltles for the audlt of the financlal statements (contlnued) IrregUlarleS, Including fraud, are lnstsnS of non-complian with laws and regulatbons. We deslgn procedures In Ilne wlth our responsibllltles, out15ned above, to detect materfal misstatements Sn respect of Irregularities, includlng fraud. The extent to whlch our procedures are capable of detectlng Irregularltles, Includlng fraud Is detalled below: We obtained an understanding of the legal and regulatory frameworks that are appllcable to the charStable company and determined that the most significant are the Statement of Recommended Pract4 'Accounting and Rewrtlng by CharltJes' (SORP), In accordan wlth the Flnanclal Reporung Stsndard appllcable In the UK (FRS 102) and the CompanSes Act 2006. We understood how the charrtable company Is complylng with those frameworks vla communScation wlth those charged wlth governan, together wlth the revlew of the charlvs documented pollcles and ProdureS In both the UK and Israel. The charltsble company Is requlred to comply wlth both company law and thadty law and, based on our knowl&Jge of its activltles, we identlfled that the legal requirement to accurately account for restrlcied funds was of key s1gn1fion. The audlt team, whlch Is experlenced In the audlt of tharlties, consldered the charltable companls susceptSblllty to materlal rnlsstatement and how fraud may occur. Our considerations Indude the rlsk of management overrlde. Our approach was to check that the income from donatlons, and charitable attlvlties were properly Identlfled and accurately dlsclosed, that expenditu complied wlth the control procedures and was approprlately charged, We conflrmed the movements and income from Investments, Including unrealised galns/losses. We also revlewed journal adjustments and unusual transactions for management overrlde, and consldered the Identjflcatlon and dlsd05ure of related party transactlons. There are Inherent Ilmltations In the audlt procedures desulbed above and, the further removed non-compllan wlth laws and regulatlons Is from the events and transactlons reflected In the ftnancial statsments, the less Ilkely we would become aware of It. The risk of not detectlng a materlal mlsstatement due to fraud is hlgher than the risk of not detetting one resultyng from error, as fraud may involve deliberate concealment byi for example, forgery or Intentional miSrepreSentaons, or through colluslon. A further descrlpUon of our responslbllltles for the audlt of the flnanclal Statements Is located on the Flnanclal Reportlng Council's webslte at www.frc.or audit rsr nsi ilitles. Thls descrlpdon forms part of our audltor's report. Use of our Report Thls report Is made solely to the charitable companvs member5, as a bodyi In accordan wlth thapter 3 of Part 16 of the Companles Att 2006. Our audit work has been undertaken so that we mlght State to the charitsble company's members those matters we are required to state to them in an audltor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume respon4tlIty to anyone other than the charltable ompany and Its members, as a body, for our audlt work, for thls p)rt, or for the oplnlons we have formed. James Holland-Leader (Senlor Statutory Audltor) For an on behalf of Knox Cropper LLP Office Sulte I, Haslemere House Lower Street Haslemere Surrey GU27 2PE eptember 2025
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PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Flxed assets Tanglble asts Investments 11 12 255,404 4,340,474 278,370 4,053,314 4,595,878 4,331,684 Current assets Debtors Cash at bank and In hand 13 18,830 186,303 5,281 231,968 205,133 237,249 Credltors.. amounts falllng due withln one year 14 (162,289) (147,566) Net current assets 42,844 89,683 Total assets less Current Ilabllltles 4,638,722 4,421,367 Promslon for Ilabllltles 15 (33,835) (16,588) Net assets 4,604,887 4,404,779 Charlty funds Restrlcted funds Unrestricted funds 18 18 625 4,604,262 625 4,404,154 Total funds 4,604,887 4,404,774 The fiftanclal etstejnents hm tseln pr¢pred fn Jxorthnce lth tt applkbleto rompanley.*JbJe¢t to the Sfflall companles, règlmè. The flnanctal Siatements wew ap roved and autbDrb&J foriwe bytrie twtees 17th Sepknbor 2025And Ml$g Judlth S Portralt Momber of the C¢undl of Managemert Tha note's on pages 14 to 35 fomi part of thesa Jlnind)15tatèrnehts. corrynY Regjstèfred Number: IX1395b46 Charty Number: 313900. 11
PINHAS RUTENBERG EDUCATIONAL TRusr (A company Ilmlted by guarantee) COMPANY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Nots Fixed assets Tanglble assets Investments 11 12 255,404 4,340,474 278,370 4,053,314 4,595,878 4,331,684 Current assets Debtors Cash at bank and In hand 13 18,830 186,303 5,281 231,968 205,133 237,249 Credltors: amounts falllng due wlthln one year 14 (162,289) (147,566) Net current assets 42,844 89,683 Total assets less current Ilabllltles 4,638,722 4,421,367 Provlsion for liablllties 15 (33,835) (16,588) Net assets 4,604,887 4,404,779 Charlty funds Restricted funds Unrestrlcted funds 18 18 625 4,604,262 625 4,404,154 Totsl funds 4,604,887 4,404,779 The fiar1 state.ment5 have been prepared h Jc¢wdaiKè Yilth the prcvfslons oppllcablq b) crynh9 subJeGt to the 4Thipanirf Ime. The tlnafthi statdme thelr.trehair era'approv&l and authorfsed for the trustts¥on 17th S8p&Thilibr ZD25 and MIMJ It M8mlJer olthe Councll of Manage The notts on pages.14 to 35.ftirm th of the*flnandal statement% The net Income and ekpendlbjrn for the year dealt wlth kn the accowts.ofthe was 9 sutyltss.of.£2Q3"840 (2023: dellclt ol £34,078). Company Registered Numb¢r. 00395846. tharlty Number:.313900 12
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) CONSOLIDATED sfATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operatlng actlvltles Net cash us&1 In operatlng actlvltles 20 (109,813) (136,413) Cash flows from Investlng actlvltles Dlvldends and Interest from Investments Investment management fees Purchases of tanglble flxed assets Purchases of fixed asset Investments Dlsposal proceeds on Investments 138,747 (14,208) (14,078) 97,113 (13,565) (141,407) 1,982,151 Net cash provlded by Investlng actlvltles 2,092,612 (57,859) Cash flows from flnan¢ing a¢tivltle$ Chan9¢ In ¢ash and cash equlvalents In the year 1,982,799 (194,272) Cash and cash equNalents at the beglnning of the year Effect of currency translatlon on cash and cash equlvalents 1,040,645 (3,495) 1,242,879 (7,962) Cash and cash equivalents at the end of the year 21 3,019,949 1,040,645 The notes on pages 14 to 35 form part of these flnanclal statements. 13
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng Pollcleg 1.1 Company status The Trust Is a company Ilmlted by guarant and Is Incoorated In England and Wale5. The members of the Trust are the Council of Management named on page l. In the event of the Trust belng wound up, the liability in respect of the guarantee Is Ilmlted to £1 per memter of the Trust. The address of the registered office Is offl Sulte I, Haslemere House, Lower Street, Haslemere, Surreyi GU27 2PE. The address of the prlnclpal pla of buslness is 77 Hanassl Avenue, Haifa, Israel. 1.2 Basls of preparatlon of flnanclal statements The flnanclal statements have been prepared In accordan wth the Charitles SORP {FRS 102) - Accountlng and Reporting by Charits'es: Ststement of Recommended practi appllcable to charitles pparIng tfreir accL)unts In accordance with the Flnanclal Reporting Standards appllcable In the UK and Republlc of Ireland (FRS 102) (effectlve l January 2019), the Finandal Reportlng stsndard appllcable in the UK and Republic of Ireland (FRS 102) the Companies Act 2006. Plnhas Rutenberg Educatlonal Trust meets the deflnltlon of a publlc benefit entity under FRS 102. Assets and Ilabilities are Inltially recognlsed at hlstorlcal oDst or transactlon value unless otherlSe ststed in the relevant accounting pollcy. The statement of financlal actlvlties (SOFA) and balan sheet consolldate the finandal statements of the company and its subsldlary urnlertaklng. The results of the subsldSary 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 Act 2006. The preparatlon of financial statements In complIan wlth FRS 102 requlres the use of certaln critical accounting estlmates. It also QUI$ management to exerase judgement In applyiNJ the group s accountlro pollcles (see note 2). The followlng prlnclpal accountlng polides have been applkd: 1.3 Golng concern The Coundl of Management conslder trEre are no materlal unrtaIntleS latIng the tharltable company's ablllty to contlnue as a golng concern. In vlew or the flnanclal positlon of the Trust and planned actlvltles, the Councll of Management belleves that the Trust has suffident resources to allow the Trust to contlnue Operang for the fore*eable future, belng a period of not less than twelve months from the date of approval of these financial statements. Therefore, the go5ng conrn basls remalns approprlate. 14
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng Pollcles (continued) 1.4 Basls ol consolldatlon The flnanclal statements consolldate the accounts of Plnhas Rutenberg EdtIonal Trust and all of Its subsldlary undertaklngs ('subsidlaries?. The subsidlary company holds the property In Israel, from whlch the Educatlonal Institute Is run, as nominee on behalf of Its parent. The subsidlary company has no actlmtles other than holdlng this property. Accordlnglyi a twe and fair override has been adopted In the preparatbon of the Trusvs indlvldual balatKe sheet such that substance overrides legal form which would present the property as an investment In a subsldiary company whlch In turn owns the property. Thls departtjre is necessary to glve a true and falr vlew. Other than the dasslflcatlon of thls a55et as a tsnglble fixed asset rather than a rtxed asset Investment, there Is no Impact on the finanaal statements as a regjlt of thls true and falr overrlde. Other than In the clasaficatlon of fixed assets detalled above, there Is no dlfference between the state of affairs of the parent company and that on a consolldated basls, 1.5 Fund accountlng General funds are unrestrlcted fvnds whlch are avallable for use at the dlscretlon of the Trustees In furtherance of the general objectlves of the group and whlch have not been deslgnated for other purposes. Restricted funds are funds whlch are to be used In accordance wlth spedflc restrlctlons Imposed by donors or whlch have been ralsed by the group for partlcular purposes. The costs of ralslrKJ and admlnlsterlng such funds are charged against the speclflc fuThJ. The aim arKI use of each restrlcted fund is set out In the notes to the finandal statements. The Israeli Electriclty Company fund Is a restricted fund whlch Is 9JbJeec to donor declared restrlthons, The object of the fund Is to asslst towards the reconstrudlon of the Plnhas Rutenberg perpetuatlon room. The Ar1son Fund Ss a restrltted fund whh Is subject to donor dedared restrictlons. The objett of the fund Is to asslst towards the bulldlng of a computer ntre almed at givSng tralnlng In communication and Informatlon tethrK)logy. Investment Incomei galns arKS losses are allocated to the approprfate fund. 15
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng Pollcies (contlnued) 1.6 Income All ir£ome Is recognlsed 0e the company has entitlement to the Income, It Is probable that the Income wlll be received and the amount of irKome receivable can be measured reliably. Voluntsry income Is r1Ved by way of grants, donatlons and glfts and Is Included In full In the ststement of flnandal activltles when reIved. Donations are accounted for where there Is entitlemenL rtaInty of receipt and the amount can be measured with sufficlent rellablllty. Investment Income Is recognised when re1vable and the amount can be measured relSably. Thls Is normally when the dlvldends are dedared and nouficatlon has been received of the dlvldend due. Income from charltable activltles Is accounted for when earned. Rentsl Income Is recognlsed on an aC(alS basls In the perlod In accordan wlth the terms of the lease. 1.7 Expendltur¢ Costs of ra151ng funds are costs incurred In managlng the Trust's tlxed asset Investments, attracting voluntary Income, and those Inajrred In tradlng attivlties that ralse funds. Expenditure on Charitsble activltles are costs Incurred on the Trust's educatlonal opernuons, induding support costs aThJ costs relatlng to the governantr of the company apportloned to charltable actlvltles. Llabllltles are recognlsed as swn as there Is a legal or construcuve obllgatton commlttlng the Trust to that expenditure, it is probable that settlement will be requlred and the amount of the obllgation can be measured rellably. All expendlture Is IndLKled In the accounts on an accruals basis. Irrecoverable VAT Is charged to the sktement of flnanclal activlties as Incurred. Governan costs comprlse all costs Involving the publlc accountabillty of the charlty and Its compl5an with regulatlon and good pract1. These costs Inde costs related to ststutory audlt and legal fees. 16
PINHAS RUTENBERG EDUCAIIONAL TRUST (A company Ilmlted by guaftntee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng Pollcies (contlnued) 1.8 Tangible flxed assets and depreclatlon Tanglble fixed assets are carried at cost, net of depredatlon and any provision for Impalrment. Depreciatlon Is provlded at rates calculated to write off the cost of fixed awts, less thelr estlmate¢ residual value, over thelr experted useful lives on the followlThJ bashs: Freehold prop Long-term leasehold property Office eqUIpEnt Computer equipment other fixed assets - 25 years over the life of the lease 10 years . 3 years 10-25 years The ats, residual values, useful Ilves and depreclation methods are revlewed, and adjusted prospectlvely if approprlate, or If there is an indication of a slgnlficant change since the last reportlng date. Galns and losses on dlsposals are determined by comparlng the prOed$ wlth the carrylng amount a1 are recognised In the consolldated statement of flnanclal aCtitieS. 1.9 Investments xed asset Investrnents a a form of finandal Instrument and are Inltlally recconlsed at thelr transaction cost and subsequently measured at fair value at the balan sheet date, unless fair value cannot be meayjred rellably In whlch It Is measured at cost less Impalrment. Investment galns and losses, whether reallsed or unreallsed, are comblned and shown In the headlng 'Galnsl{Losses) on Investments, in the consolldated statement of financlal actlvities Incorporatlng Income and expendlture account, Listed Investrnents are subsequently measured at falr value at the balance sheet date uslng the closed quoted market pr1. Cash arKI cash equlvalents are measured at the cash balan In sterflng, uslng the spot exchange rate at the balan sheet date. 1.10 Concesslonary loans con$S1Onary loans are Initially recorded at the conslderatlon recelved ind are subsequently held at amortlsed cost based on the irnplied Interest rate of the loan. 17
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng PolScles (contlnued) 1.11 Forelgn currencles The Trust's functlonal and presentatlonal currency Is SterllrvJ (£>. Trust Monetary assets and Ilablllthes denomlnated In forelgn currendes are translated into Sterllng at rates of exchange ruling at the balan sheet date. Transactions In forelgn currendes are recorded at the average monthly rate of exchange, All differen5 are taken to the profit and loss account. For¢lgn entsrprises The affalrs of the Trust's Israell branch and subsldlary undertaklng are consldered to be not closely interllnked wlth those of the Trust and the results of those undertaklngs are not regarded as belng dependent on the economlc envlronment of the Trust's currencyi due to Ilmlted transactlons between the Trust and Its branch and subsldlary undertaklng. The functional Curren of the Israell branch Is therefo consldered to be the NIS {Israell New Shekel). The results and financlal posltlon of the brdnch are translated to Stertlng £ In accordan wlth paragraph 30.18 of FRS 102 as follovts: All assets and Ilabllltles are translated at the doslng rate on the balan sheet date, Income and expenses are translated at the average exchange rnte for the year, In accordan wlth paragraph 30.19. All resultlng exchange galns and losses are recognlsed In other comprehen51ve Income. 18
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTESTO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng Pollcie$ {c¢ntlnued) 1.12 Employee beneflts Short temi employee beneflts Indudlng hollday pay accrual A liability is recognlsed to the extent of any short term employee benefits, includSng unused holiday pay entitlement, whlth is accrued at the balan sheet date and carried forward to futtjre perlods, This Is measured at the undlscounted salary cost of the fijture employee beneflt so accrued at the balance sheet date. Other long term employee benefrts A Ilability is recognlsed to the extent of any long term employee benefits whlch is accrued at the balan sheet date and carried forward to fijture periods. Thlsls measured at the net totsl of.. (a) the present value of the benefit obllgation at the reptIng date; mlnus (b) the falr value at the reportlng date of plan assets (If any} out of which the obligatlons are to be settled dlrectly. The change In Ilablllty Is reCognid In the ststement of flnanaal adivltles. The Israell brath has a liability for employee Severan beneflts, A provlslon Is recognlsed If, as result of a past event, the Trust has a present legal or constructlve obllgation that can be estlmated rellably and It Is probable that an ouffiow of economlc benefits wlll be requlred to settle the obllgatlon. The Trust s Ilability for severance benefits to its employees Is covered malnly by current deposlts In the name of the employees in recognised pension funds andlor by the purcha of polldes from an Insuran cornpany. The deposlted amounts are not under the control and management of the Trust as therefore these amounts and the Ilabllltles for whlch they were deposlted are not presented In the balano sheet. Funds dep)slted in the Trust's name In a recognlsed Severan pay fund In respect of the Ilability for Severan benefits are Included in the balan sheet. 1. 13 Flnanclal Instruments The group has elected to apply Sectlons I l and 12 of FRS 102 In respect of flnanaal Instruments. Flnanclal assets and financlal Ilabllltles are recognlsed when the group becomes party to the contractual provlslons of the Instrument. Financlal liabillties and equlty Instruments are Cla[fied ac£ordlng to the substance of the contractual arrarKJements erbtered into. An equity Instwment 15 any contratt that evidences a residual Interest in the assets of the group after dedtIng all of Its liabSllties. The group's polldes for Its major classes of financial assets and financial Ilabllltles are set out below. Flnanclal assets BaC finandal assets, IncludlNJ other debtors, cash arKI bank balances, are Inltlally recognlsed at transactyon price, unless the arrarKJement constltutes a flnanclng transactlon, where the transactlon is measured at the present value of the future recelpts dlscounted at a market rate of Interest for a slmilar debt Instrument. Finandng transactions are those in which payment is deferred beyond normal buslness terms or Is flnanced at a rate of interest that Is not a mathet rate. Such asts are subsequently carrled at amortised o)st Un9 the effectlve interest method, less any impairment. 19
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng Policies (contlnued} 1.13 Flnanclal Instruments (continued) Financial Ilabilitles Basic financial liabilities, includlng other ue(Iltors, are Inltlally recognlsed at transactlon pr1, unless the arrangement constitutes a financing transaction, where the debt instrument Is measured at the present value of the future payments discounted at a market rate of interest for a slmllar debt Instrument. FlnanarHJ transactlons are those in whlch payment Is deferred beyond normal buneSS terms or is finand at a rate of Interest that Is not a market rate. Debt Instruments are subsequentty carrled at amortised cos¢ uslng the effectlve interest rate method. Impalrnient of financial assets Flnanaal assets measured at cost and amortised cost are assessed at the end of each reporting pedod ft)r objectlve evidence of Impalrment. If objective evidentr of Impalrment Is found, an Impalrment lossls recognised In the profit and loss account. For ftnancial assets measwred at cost less Impalrment, the Impalrment loss Is measured as the dIfferen between the asset's carryiThJ amount and the best estlmate of the amount the company would recelve for the as*t If It were to be sold at the reportlng date. For flnancial assets measured at amortlsed cost, the impairment105s is measured as the differen tetNeen the asset's carrylng amount and the present value of estlmated cash flows dSscounted at the at'S original effective Interest rate, If financlal asset has a variable Intsrest rate, the discount rate for measuriw any Impairment loss is the current effectlve Interest rate determlned under the contract, If there Is a decrease In the Impalrment loss arlsSng from an event OCCrring after the Impalrment was recognlsed, the impalrment Is reversed. Tr reversal Is such that the current carrylng amount dces not exed what the carrylng amount would have bn had the Impalrment not prevlously been recognlsed, The Impalrment reversal Is recngnlsed In proflt or loss. Derecognltion of finandal assets and flnandal Ilabllltles Flnandal assets are derecognlsed when (a) the contractual rh3hts to the cash flow5 from the asset explre or are settled, or (b) substantially all the rfsks and rewards of the ownershlp of the asset are transferred to another party or (c) despite hong retalned some slgnlficant rlsks and rewards of ownershlp, control of the a55et has been transferred to another party who has the practlcal ablllty to unllaterally sell the at to an unrelated thlrd party without imposlng addltSonal restrictlons, Flnanclal Ilabilltles are derecognlsed when the Ilablllty Is ext1ng5hed, that Is when the contractual obligation Is discharged, Canlled or explres. Offsettlng of flnanclal assets and flnanclal Ilabllltles Flnanclal assets and Ilabllldes are offset and the net amount reported In the balance sheet when there 15 an enforceable rlght to t off recognised amounts and there Is an Intentlon to settle on a net basls or to reallse the asset and settle the Ilabllity slmultaneously. 20
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Judgments In applying accounting policies and key sources of estimation uncertalnty In the appllcation of groups accountlng polldes, whlch are descrlb&J In note I, the Coundl of Management are required to make Judgments, estlmates and assurnptlons about the carylng amounts of assets and liabilities that are not readily apparent from other SoUrs. The estimates and assodate assumptlons are based on historlcal eXperIen and other frdctors that are consldered to be relevant. Actual result may differ from these estimates. The eSMateS and underfySng as5umptlons are revlewed on an on-golng basis. Revislons to accountlng estlmates are recognlsed In the period In whlch the estlmate Is rSed if the revisfjon affects only that perlod, or In the period of the revislon and future perlods If the revlslons affects both the current and future perlods if the revision affects both current and future perlods. The following Ss the criti¢31 estimatlon that the Trustees have made In the prOs$ of applylng the group's accountlng pollcles and that have the most slgnlficant effect on the amount recognlsed in the flnanclal statements. Accountlng for a Severan benefits and the value of liabilltie5 Is dependent on slgnlflcant assumptlons, Includlng an assessment of the dlscount rate, pri inflation arid key demgraphlc flgures Indudlng Ilfe expectancy and mortality rates. These accountlng Judgments are Inherent5y (x)mplex and require a hlgh level of management Judgment and speclallst Input by an actuary In the calculatlons of the value of the liabllitles. For carylng amount of liabilltles, see note 15. Net Incomel{expendlture) 2024 2023 Auditor's remurEration - Israel AudStor'5 remurEration - UK 3,366 12,180 3,522 11,820 Durlng the year, no Trustees reIved any remuneratlon (2023: £NIL). Durlng the year, no Trustees recelved any benefits In klnd {2023: £NIL). Durlng the year, no Trustees reIVed any relmbursements of expenses (2023.. £NIL). 21
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from Donatlons and Legades 2024 2023 Donatlon from Rest-Harrow Trust Donatlon from Ardwlck Trust Donatlon from Mlchael & Anna Wlx CharStsble Trust 3,000 3,000 2,000 2,000 1,000 Totsl donatlons and legac5es 3,000 8,000 Income from Charltable Actlvltles 2024 2023 Income from further educatjon cour Particlpatlon In varlous semlnars and varlous activltles Indudlng hostel faclllties serv1S to educatlonal Instltutk)ns Income from courses In communicatlons 56,939 47,811 27,252 209,889 6,312 69,559 206,494 8,804 300,392 332,668 Investment Income 2024 2023 Dlvldends from Ilsted Investments Interest on Treasury stocks and corporate tonds Interest re1vable 20,376 49,422 73,652 19,478 45,666 35,447 143,450 100,591 22
PINHAS RUTENBERG EDUCATIONAL TRusr (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 Other Tradlng activltle$ 2024 2023 Other Income 62,160 65,340 Other Income Includes fees for cellular carrler's lease. Expendlture on Charltsble Actlvltles 2024 2023 Dlrert Costs Lethjrerfs and Instructors, fees Vlctuals Transport and travelllThJ Buildlng malntenance and upkeep of garden, fumiture and kltthen equlpment Premlses taxes Legal, bookkeeplng and accountancy charyes Bank Interest and charges Insuran and rates Communlcatlons Sundry expen Wages and salartes Depreclatlon 5,908 7,923 11,894 11,783 11,220 114,124 90,155 705 3,211 27,777 4,875 2,627 211,591 38,644 114,299 158,743 5,720 (6,951) 18,625 4,289 5,146 190,219 55,272 507,540 580,259 Support costs Auditor's remuneration Indemnity Insuran Legal fees Bank charges 15,546 4,998 8,940 50 15,342 4,763 8,690 25 29,534 28,820 537,074 609,079 Glven the Ilmlted number of projects belng undertaken by charlty, the trustees conslder that no further analysls of the above dlrect charltsble expendlture would be beneflaal. 23
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ra151ng funds 2024 2023 Investment management fees 12,430 13,565 10. Staff Costs 2024 2023 Wages and salarles Soclal securlty arKI payroll taxes Penslon costs severance provlsions Movement in hollday prowislons Other costs 183,183 12,510 15,241 657 154,298 15,680 17,699 2,542 211,591 190,219 The average number of persons employed by the company during the year was as foll0v. Group 2024 Group 2023 Employees 10 11 No employee recelved remuneration arnounting to more than £60,000 In eltker year. 24
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Tanglble fixed assets Long-terni Leasehold leasehold Improv property ments Group Freehold property rJJmputer equlpment equlpment Total Cost At l January 2024 Additions DIsp05als Foreign currency translatlon 768,810 1,273 1,141,015 197,614 12,439 37,138 1,639 2,145,850 14,078 (285,542) 10,836 2,403 422 (271,881) At 31 Dernber 2024 483,268 1,273 1,151,851 212,456 39,199 1,888,047 Depreclatlon At l January 2024 arye for the year On d15posals Forelgn currency translatlon 768,809 567 13 886,612 30,324 IT/,825 6,621 33,667 1,686 1,867,480 38,644 (285,542) 9,701 1,969 391 (273,481) At 31 December 2024 483,267 580 926,637 186,415 35,744 1,632,643 Net book value At 31 DemLr 2024 693 225,214 26,041 3,455 255,404 At 31 December 2023 706 254,403 19,789 3,471 278,370 25
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Tanglble fixed assets (contlnued) Group (continued) All the fixed assets are held ts dirert charitable pUrSe5 of the Twst and Its subsldlary. Long-temi Leasehold Freehold leasehold improve- property property ments Company Computer equlpment équlpment Total At l January 2024 Additions DIsp05a15 Forelgn Currency Translation 1,273 1,141,015 197,614 12,439 37,138 1,639 1,377,041 14,078 10,836 2,403 422 13,661 At 31 Dernber 2024 1,273 1,151,851 212,456 39,199 1,404,780 Depredatlon At l January 2024 Charge for the year On dlsP05als Foreb3n Currency Trnnslatlon 567 13 886,612 30,324 177,825 6,621 33,667 1,098,671 38,644 9,701 1,969 391 12,061 At 31 December 2024 926,637 186,415 35,744 1,149,376 Net book value At 31 December 2024 693 225,214 26,041 3,455 255,404 At 31 December 2023 706 254,403 19,789 3,471 278,370 The Trust s Interest in the lease explred in 2018. AJI the flxed assets are held for dlrect charltable purp)ses of the Tntst. 26
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Flxed asset Investments eds rl Group and company 2024 2023 Market value At l January 2024 Addltlons Dlsposals Realised and unrealised galns 3,244,637 3,162,670 (1,977,533) 239,724 81,967 At 31 December 2024 1,506,828 3,244,637 Cash held by Investment Manager5 2,833,646 808,677 4,340,474 4,053,314 Group materlal Investments 2024 2023 2.5% Index nked Treasury Loan Stock 2024 Berkshire Hathaway Common Stock Rlo Tlnto Ordlnary lop 1,977,533 839,332 200,497 1,085,787 162,093 1,247,880 3,017,362 The Trust also owns the ent[ share capital of Plnhas Rutenberg Trust Llmlted, a company Incorporated In Israel. The authorlsed and issued share fdpital of thls company comprlses 5,000 shares of NIS 0.0001 each. The company owns propertles whlch are used by the trust for the furtherantr of Its charltable actlvltles and dld not have any Income or expenditure In 2024 or 2023 other than In respect of depredatlon of the property. The net assets of the company are NIS 12 (2023: NIS 12). 27
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Prepayments and accrued IrMe Trade debtors 8,181 10,649 3,478 1,803 8,181 10,649 3,478 1,803 18,830 5,281 18,830 5,281 14. Credltors: Amounts falllng due wlthln one yéar Group 2024 Group 2023 Company 2024 Company 2023 Trade credltors other credltors Accruals and deferred Income 34,275 97,131 30,883 11,782 92,465 43,319 34,275 97,131 30,883 11,782 92,465 43,319 162,289 147,566 162,289 147,566 Included wlthin other credltors 15 a ConSsIonary loan of £82,989 (NIS 318,449) (2023; £79,485) from the estate of the late Mr Sandy Rutenberg. The loan princlpal Is Ilnked to the Israeli Q)nsumer pr1 Index and does not bear Interest. 15, Long temi employment retlrement beneflts Funds are deposlted In the Trusts name in a recognlsed *Veran pay fund In respect of the Ilablllty for employee Severan benefits Included in the balan shee The amounts In the fd Iluded accumulated Ilnkage and Interest differences and are deposited In a Severan pay fund. Wlthdrawal of these furKls Is subject to complIan wlth the provlslons of Israeli severan Pay Law. 2024 2023 Funds deposlted Llabllity per employee severan beneflts 146,077 (112,242) 164,075 (180,663) Net severance pay asseV(Ilabillty) (33,835) (16,588) 28
PINHAS RUTENBERG EDUCATIONAL TRusr (A company Ilmited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Long temi employment retlrement benefits (contlnued) 2024 2023 Funds deposlted Brought forward at l January Retum on funds les5 Withdrawal of funds Contributions by employer Beneflts pald Currency translatlon 164,075 (68,498) 17,271 175,235 31,105 (29,379) (12,886) {606) Carrled forward at 31 December 112,242 164,075 2024 2023 Liability per employee severance benefits Brought forward at l January Movement In liablllty for beneflts Forelgn CurncY translatlon 180,663 (34,831) 245 226,266 (29,379) {16,224) Carrled forward at 310ernber 146,077 180,663 The Trusys Ilabillty for the above Is covered by deposlts wlth an approved fijnd, the Central severan Pay Fund, whlch Is managed by Bank Leuml Le-Israel BM. 29
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Related party transactlons Transactlons wlth related partles are as follows: Amount due (to)/lrom Amoun Relatlonshlp Transactlon 2024 2023 2024 2023 Broadfleld Law UK LLP 12,300 8,940 (2,520) One Members of Councll, Dominlc Flynn was a Partner with Broadfield Law UK LLP (fornierly BOB Pltmans LLP) untll 3110312024. Janet Bloch, Judlth Portralt aThJ Domlnlc Fl¥nn are Trustees of the followlng: The Rest Harrow Trust, The Ardwld( Trust and the Michael and Anna Wix Charltsble Trust, who donated £NII (2023: £3,000) £2,000 (2023: £3,000) and £1,000 (2023: £2,000) re5peLtively. 17. Flnanclal Instruments Group 2024 Group 2023 Company 2024 Company 2023 Flnanclal assets Flnanclal assets at falr dIue - fixed asset Investments FinancSal assets at amortised cost - trade debtors 1,506,828 3,244,637 1,506,828 3, 244,637 10,649 1,803 10,649 1,803 1,517,477 3,246,440 1,517,477 3,246,440 Gyoup 2024 Group 2023 Company 2024 Company 2023 Flnanclal Ilabllltles Flnandal Ilabllitles at amortlsed cost- trade credltors Flnandal Ilabllitles at amortised cost- cOnsSIOnary loans Incomel(expense) related to financlal Ilab511tles at amorused cost Exthange gainsl(losses) related to flnandal Ilabilltie5 at amort15ed cost 34,275 11,782 34,275 11,782 82,989 79,485 82,989 79,485 (2,637) (2,606) (2,637) (2,606) (3,504) 6,128 (3,504) 6,128 Flnanclal assets measured at amortised cost Indude trade debtors. Flnanclal liabilltles measured at amortlsed cost include concessicjnary loans and trade ueditors. 30
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement of funds ststement of funds- current year Gjlnsl (Losses) on dlsposals Balance at 31 December 2023 Balance at l January 2023 Other Galnsl {Losses) Income Expenditure Investments Unrestrictéd Funds Trust cdpltal amount 2,357,912 1,387,110 3,745,022 Revaluatlon reseNe 1,756,546 (1,142,768) 613,778 Income and expendibjre account 289,696 509,002 (549,504) (3,732) 245,462 4,404,154 509,002 (549,504) (3,732) 244,342 4,604,262 Restrlcted funds Israeli Electrltity Company Trust Fund 405 405 Arison Fund 220 220 625 625 Totsl of Funds 4,404,779 509,002 (549,504) (3,732) 244,342 4,6(N,887 31
PINHAS RUTENBERG EDUCATIONAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of funds Statement of funds- prlor year Gainsl (Losses) on dlsP05als Balance at 31 December 2023 Balance at l January 2023 Other Gainsl (Losses) Income Expendlture Investments Unrestrlcted Funds Trust capSts1 amount 2,357,912 2,357,912 Revaluatlon reseNe 1,674,579 81,967 1,756,546 Income expendlture account 386.513 506,599 (591,539) (11,877) 289,696 4,419,004 506,599 (591,539) (11,877) 81,967 4,404,154 Restrlcted funds Israeli Elertrlclty Company Trust Fund 405 405 Ar150n Fund 220 220 625 625 Totsl of Funds 4,419,629 506,599 (591,539) (11,877) 81,967 4,404,779 32
PINHAS RUTENBERG EDUCATIONAL TRusr (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Analysls of net assets between lunds Analysls of net assets between funds - current year Unrestrlrted funds 2024 Restrlcted lunds 2024 Total funds 2024 Tangible fixed assets Fixed asset Investments Current assets Credltors due wlthln one year Provlslons for Ilablllles and tharges 254,779 4,340,474 205,133 (162,289) (33,835) 625 255,404 4,340,474 205,133 (162,289) (33,835) Total 4,604,262 625 4,604,887 Analysls of net assets between funds- prlor year Unrnstrlctad funds 2023 Restrlcted funds 2023 Total funds 2023 Tangible fixed assets Flxed asset Investments Current assets Credltors due wlthln 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) Total 4,404,154 625 4,404,779 33
PINHAS RUTENBERG EDUCATIONAL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles Group 2024 Group 2023 Net Incomel(expendlture) for the year (as per Ststement of Financial Activities) 203,840 (34,078) Adjustments for: Depreclation charges Gainsl(Losses) on Investments DSvidends and Interest from Investments Investment management fees Interest payable and financing costs Decrease/(Increase) in debtors Increasel(decrease) in credltffs 38,644 (244,342) (143,450) 12,430 2,637 {8,471) 28,899 55,273 (81,967) (100,591) 13,565 2,606 9,017 (238) Net cash u$¢d In operating artlvitles (109,813) (136,413) 21. Analysis of cash and cash equlvalents Group 2024 Group 2023 Cash at Bank arKI In Hand Cash held by Investment Managers 186,303 2,833,646 231,968 808,677 Total ¢a5h and cash equlvalents 3,019,949 1,040,645 34
PINHAS RUTENBERG EDUCATIONAL TRusr (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Analysls of Net Debt Atl January 2024 At31 December 2024 Non-cash Changes Cash Flows Cash and cash equivalents Loan 1,040,645 (79,485) 1,982,799 (3,495) (3,504) 3,019,949 (82,989) 961,160 1,982,799 (6,999) 2,936,960 23, Controlllng party The Coundl of Management are the ultlmate controlllrKJ party. 35