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 De￿mber 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 t￿￿te¢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 aSSe￿d the major rfsks to whlch the trustls exposed, in partlcular those related
to the operatlons and finan￿5 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
prO￿ldIng a framework whlch bs not part of the State's official schcol system but complementary to It. The Institute
aS￿stS 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 refe￿ed to the gU￿an￿ 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 IntrodU￿d to fundamental COn￿Pts 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 ne￿SSary 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 b￿n started to prompt and ensure the Su￿sS 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 eX￿eded.
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 De￿Mber. 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 a￿ts 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 reSoUr￿S 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 De￿rnber 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 per￿ntsge 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 bU￿ness.
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 t￿en 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 resour￿5, 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 Aud￿ng (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 f￿filled 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 con￿rn basls of
accountlng In the preparatlon of the fina￿la1 statements is approprlate.
Based on the work we have performed, we have not Identified any materlal un￿rtaIntleS relatlng to events or
condltlons that, Indlvldually or collectSvely, may cast signiflcant doubt on the charitable company s ablllty to contlnue
as a golng con￿rn 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 con￿rn 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, ex￿pt 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 s￿h 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 dI￿loSUreS 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 ne￿SSary 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 U￿ng the golng con￿rn 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 deCI￿onS 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)
IrregUlarl￿eS, Including fraud, are lnstsn￿S 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 Pro￿dureS
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 miSrepreSenta￿ons, 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 respon4t￿lIty 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

ts)￿0
mo
O￿ln
00
ONC

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 as*ts
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* applk*bleto 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.
corry￿nY 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 fi￿ar￿1 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 Inco￿orated 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
p￿parIng 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 other￿lSe
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 un￿rtaIntleS ￿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 Opera￿ng 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 con￿rn 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 Ed￿tIonal 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 wh￿h 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 0￿e 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 r￿1Ved by way of grants, donatlons and glfts and Is Included In full In the
ststement of flnandal activltles when re￿Ived. 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 re￿1vable 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 Ind￿e 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 eqUIp￿Ent
Computer equipment
other fixed assets
- 25 years
over the life of the lease
10 years
. 3 years
10-25 years
The a￿ts, 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 prO￿ed$ wlth the carrylng amount
a￿1 are recognised In the consolldated statement of flnanclal aCti￿tieS.
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 differen￿5 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 rep￿tIng 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 reCogni￿d 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 ded￿tIng all of Its liabSllties.
The group's polldes for Its major classes of financial assets and financial Ilabllltles are set out below.
Flnanclal assets
Ba￿C 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 as*ts are subsequently carrled at amortised o)st U￿n9 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 bu￿neSS
terms or is finan￿d 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
a￿t'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 OCC￿rring after the Impalrment was
recognlsed, the impalrment Is reversed. Tr reversal Is such that the current carrylng amount dces
not ex￿ed what the carrylng amount would have b￿n 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 ho￿ng 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 a￿t to an unrelated thlrd party without imposlng addltSonal restrictlons,
Flnanclal Ilabilltles are derecognlsed when the Ilablllty Is ext1ng￿5hed, that Is when the contractual
obligation Is discharged, Can￿lled 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 SoUr￿s. 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 eS￿MateS and underfySng as5umptlons are revlewed on an on-golng basis. Revislons to accountlng
estlmates are recognlsed In the period In whlch the estlmate Is r￿Sed 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 prO￿s$ 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 re￿Ived any remuneratlon (2023: £NIL).
Durlng the year, no Trustees recelved any benefits In klnd {2023: £NIL).
Durlng the year, no Trustees re￿IVed 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
serv1￿S 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 re￿1vable
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 De￿rnber 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 De￿mL￿r 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 pUr￿Se5 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 De￿rnber 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 Ir￿Me
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 Con￿SsIonary 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 f￿d I￿luded 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 Cur￿ncY translatlon
180,663
(34,831)
245
226,266
(29,379)
{16,224)
Carrled forward at 310e￿rnber
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-
cOn￿sSIOnary 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