Company registration number 02967916 (England and Wales)
Charity registration number 1042541 (England and Wales)
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr R M Hatter
Mr S L Bernstein
Mr S J Alberga
Secretary
Mrs R Weston
Charity number (England and Wales)
1042541
Company number
02967916
Registered office
ORT House
147 Arlington Road
London
England
NW1 7ET
Auditor
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Trustees' report
1 - 6
Statement of trustees' responsibilities
7
Independent auditor's report
8 - 10
Statement of financial activities
11
Balance sheet
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charitable objects of World ORT Trust are given below and are taken from the Memorandum and Articles of Association, as follows:

 

 

To meet these objectives, World ORT Trust makes grants to World ORT to fund education and training projects worldwide. The Trustees have put in place formal procedures to ensure that grants made are only used for purposes which comply with UK rules for charitable donations. To monitor the impact of grants made, World ORT Trust maintains regular communication with World ORT and reviews the progress and outcomes of projects such as the Kfar Silver School in Israel.

 

World ORT Trust does not actively seek charitable donations, but it does occasionally receive donations from UK charities or benefactors. The nature of such donations, whether restricted or unrestricted, is determined by the donor.

 

World ORT Trust owns the freehold of ORT House, an office building at 147 Arlington Road, London, NW1 7ET. The trustees have substantially redeveloped and invested in this freehold land and building, which serves as the head office for World ORT Trust, ORT UK and World ORT. World ORT Trust lets out office space to World ORT and ORT UK by way of serviced office agreements. Three floors of the building are not required by the three ORT charities and are therefore leased to third parties on commercial terms. Two floors were let to tenants during the year. A new tenant has moved into the final vacant floor of the building in the 2026 financial year. The income from leasing out the building net of the operating costs of operating the building and administering the charity are used to make charitable grants as set out above.

Public benefit

The trustees confirm compliance with their duty under section 17 of the Charities Act 2011 and operate with due regard to the guidance published by the Charity Commission in relation to the charity’s activities being for the public benefit. The Trustees comply with the Equalities Act 2010 when reviewing the charity's aims and objectives and in planning future activities.

Social investments

The charity has a policy of not making social investments either in individuals or schools.

Grant making policy

The charity grants surplus funds to World ORT as set out above.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Achievements and performance

The results for the year are set out in the Statement of Financial Activities on page 11.

 

Total income for the year was $527,035 (2024: $762,261). Total income has decreased as the charity did not receive any donations this year (2024: $450,021). However, the trustees have successfully shifted the charity's strategy to be able to generate consistent rental and serviced office income. As planned by the trustees, income from the letting and serviced office activity increased significantly to $487,881 (2024: $291,449), representing a 67% increase compared to last year, due to increased occupancy during the period.

 

The charity's funds were largely used to renovate and maintain its premises for the new tenants since 2024 and hence during the year, no grants were made to World ORT in respect to the charity's objectives outlined above. However, the trustees expect that the charity will be in a stronger financial position in 2026, supported by increased rental income following the new tenant’s occupation of the first floor in early 2026, to be able to issue grants to World ORT in-line with its charitable objectives.

 

Unrestricted expenditure was $972,841 (2024: $1,002,436), a decrease of 3% compared to last year. Expenditure is also expected to stabilise further in the subsequent financial year, as exceptional set-up costs were incurred in previous periods in respect to the new tenancies.

 

Further, no restricted funds were received to be granted to World ORT (2024: $450,000) and hence beneficiary charities did not receive any funds (2024: $450,000 to Kfar Silver School, Israel). The charity does not anticipate any further restricted donations for the foreseeable future.

 

Overall, the trustees are satisfied with the results and achievements of the charity during the year.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Financial review

During the year the charity had net outgoings, before other gains and losses, of $445,806 (2024: $690,175). This improvement is primarily driven by increased rental income and stabilising building maintenance and related costs which were exceptionally higher in 2024, when works were carried out in respect to the new tenancies. Expenditure includes total depreciation charge of $455,365 (2024: $422,474) which is a non-cash expense.

 

The majority of the depreciation charge relates to the charity's freehold head office building, ORT House. As at 31 December 2025, the net book value of the freehold land and buildings was $10,121,688 (2024: $10,372,386). Movements in fixed assets are detailed in Note 13 to the financial statements.

 

While World ORT Trust’s policy is to depreciate the value of the building in its accounts because the building is World ORT’s own office, the underlying value of the freehold land and is driven by rental income, occupancy, and market sentiment including UK interest rates. As the charity prepares its accounts in US dollars, foreign exchange rate movements can materially affect the reported value of certain assets, particularly the building which is the main asset of the charity. Foreign exchange rates may result in significant fluctuations in the financial statements year-on-year.

 

As at 31 December 2025, cash at bank was $203,675 (2024: $415,161), representing a 51% decrease compared to last year. However, no cash flow constraints are anticipated given the increasing rental income and stabilising expenditure.

 

The charity’s defined benefit pension plan was formally wound up during the year. The plan's assets comprised cash, which was used to settle outstanding management fees, and the remaining balance was repaid to World ORT Trust. Following completion of the winding-up, no assets or liabilities remained in respect of the defined benefit pension plan. Further details are provided in the pension note to the financial statements.

 

The charity has two types of reserves: restricted and unrestricted.

 

Restricted funds: The charity transfers restricted donations received to World ORT according to the instructions from donors. Restricted reserves comprise income and expenditure relating to specific donations made by donors which are held for the purpose of being transferred to World ORT to fulfil the charitable purposes requested by the donor. During the year, the charity did not receive any restricted donations (2024: $450,000, which were fully remitted to World ORT in 2024).

 

Unrestricted funds: the charity grants these funds to World ORT in accordance with the charity’s grant policy as described above. Unrestricted reserves mainly comprise income generated from the charity’s main asset net of building operating and administration costs. During the year, the charity received total unrestricted income of $527,035 (2024: $312,261) which includes $487,881 ($291,449) of rental and serviced office income generated from letting vacant office space.

 

In the year under review, World ORT Trust has maintained a healthy financial position, with overall reserves amounting to $10,076,623 (2024: $10,522,429) as at 31 December 2025. The overall reserves include $10,045,703 (2024: $10,491,509) of unrestricted reserves which include a revaluation reserve of $5,033,865 that can only be realised if the freehold property is disposed. In addition, overall reserves include restricted funds of $30,920 (2024: $30,920) which are to be remitted to World ORT in the subsequent financial year.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

Reserves policy and going concern

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between six and twelve months' expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

 

Overall reserves amounted to $10,076,623 (2024: $10,522,429), which consists of $10,045,703 (2024: $10,491,509) in unrestricted funds and $30,920 (2024: $30,920) in restricted funds.

The unrestricted funds include a revaluation reserve of $5,033,865, which can only be realised upon disposal of the freehold property. Therefore, the general 'free' unrestricted reserves amount to $5,011,838 (2024: $5,457,644). Given the increasing rental income, the charity is considered to have sufficient resources to continue its charitable activities for the foreseeable future.

Risk management

The trustees regularly review the risks that the charity is exposed to and assess the major risks that the charity faces each financial year when preparing and updating the strategic plan. The major risks identified include:

 

1) The financial risk arising from the variability of donations is managed by regularly reviewing the financial position of the charity. Historically the charity has successfully ensured that planned charitable activities can be funded in accordance with anticipated donations and the level of funds available.

 

2) The risk of the charity being unable to renew leases, or tenants terminating their leases, and maintaining occupancy at ORT House is managed by:

 

 

Plans for future periods

The charity successfully increased occupancy of its ORT House premises in the subsequent financial year and anticipates increased rental income which would improve performance in 2026.

Structure, governance and management

The charity is constituted under a Memorandum and Articles of Association, incorporated on 14 September 1994 as amended by Special Resolution on 17 October 1994 and 30 October 2000, and is a registered charity (number 1042541). The charity is a charitable company limited by guarantee and registered in England and Wales with company number 02967916.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

History

The trustees, who also served as directors for the purposes of company and charity law, during the year and up to the date of signing the financial statements were:

 

Mr R M Hatter
Mr S L Bernstein
Mr S J Alberga
Throughout this report, they are collectively referred to as the ‘trustees'. No trustees of the charity were also trustees of World ORT during the year.

Recruitment, appointment and terms of office of Trustees

The Memorandum and Articles of Association states that the number of trustees shall not be less than three but shall not be subject to any maximum. Additional or replacement trustees can be appointed by the existing trustees. New trustees are given an induction by other trustees, an outline of their responsibilities and a list of the information they will receive in order to fulfil their responsibilities.

 

New trustees are mainly identified from contacts of existing trustees and occasionally by advertising in UK Jewish media. A third party indemnity provision is in force for the benefit of each of the trustees and the officers.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

Organisational structure

The trustees consider the Board of Trustees are the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis, with financial decisions being made by the Chief Financial Officer of World ORT, Mrs H Grumet. The main strategic decisions made by the trustees include letting decisions regarding unoccupied office space, the maintenance of ORT House and ensuring that grants are made with due regard to the financial position of the charity. Day to day administration of the charity is carried out by World ORT under an appropriate service agreement.

 

Arrangements for setting the pay and remuneration for the key management personnel

All trustees give their time freely and no trustee received any remuneration from the charity during the year. There were no trustees' expenses in the year. The Chief Financial Officer of World ORT does not receive any remuneration for her duties in relation to World ORT Trust.

 

The only employee referred to in note 11 is primarily engaged in the general administrative activities of the charity. Staff pay is reviewed in accordance with their employment contract. In view of the nature of the charity, the trustees will normally benchmark against pay levels in other charities of similar size.

 

Affiliate organisations and related parties

The ultimate parent undertaking and controlling party is World ORT, a charity registered in Switzerland under registration number CH-6600148971-1, which is the main umbrella charity operating internationally in the ORT network of organisations and many World ORT staff are based in ORT House for which it pays a serviced office charge to World ORT Trust. World ORT also provides a number of accounting and administrative functions for World ORT Trust under a service agreement.

 

In February 2026, the charity's parent entity, World ORT, merged with ORT America.

 

World ORT Trust is also linked to ORT UK and World ORT through a number of common charitable aims and objectives. ORT UK is an autonomous charity registered in England and Wales. ORT UK's office staff are based in ORT House, for which it pays a serviced office charge to World ORT Trust.

 

The financial statements for World ORT are in US Dollars and accordingly the trustees believe that presenting accounts in US Dollars is beneficial in accounting for the charity’s finances and obligations, given the global nature of World ORT’s activities, the charity’s contributions to these activities, and the charity’s intrinsic involvement within the World ORT network of charities. Further details of the work of World ORT can be obtained from the World ORT website: http://www.ort.org.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

Related party transactions during the year were as follows:

 

 

 

 

Auditor

In accordance with the company's articles, a resolution proposing that RDP Newmans LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' Report, including the Strategic Report, was approved by the Board of Trustees.

Mr S J Alberga
Trustee
24 September 2026
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

The trustees (who are also the directors for the purpose of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

 

In preparing these financial statements, the trustees are required to:

 

 

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

The trustees confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the charitable company’s auditors are unaware. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WORLD ORT TRUST
- 8 -

Opinion

We have audited the financial statements of World ORT Trust (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report and the strategic report prepared for the purposes of company law, is consistent with the financial statements; and

-

the strategic report and the directors' report included within the trustees' report have been prepared in accordance with applicable legal requirements.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WORLD ORT TRUST
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WORLD ORT TRUST
- 10 -

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paresh Radia FCA (Senior Statutory Auditor)
For and on behalf of RDP Newmans LLP, Statutory Auditor
Chartered Accountants
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
25 September 2026
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
$
$
$
$
$
$
Income and endowments from:
Donations and legacies
3
-
-
-
21
450,000
450,021
Letting and serviced office activity
4
487,881
-
487,881
291,449
-
291,449
Investments
5
999
-
999
2,120
-
2,120
Government grants
6
38,155
-
38,155
18,671
-
18,671
Total income
527,035
-
527,035
312,261
450,000
762,261
Expenditure on:
Charitable activities
7
972,841
-
972,841
1,002,436
450,000
1,452,436
Total expenditure
972,841
-
972,841
1,002,436
450,000
1,452,436
Net (outgoing)/incoming resources
(445,806)
-
(445,806)
(690,175)
-
(690,175)
Fund balances at 1 January 2025
10,491,509
30,920
10,522,429
11,181,684
30,920
11,212,604
Fund balances at 31 December 2025
10,045,703
30,920
10,076,623
10,491,509
30,920
10,522,429

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
$
$
$
$
Fixed assets
Tangible assets
13
10,290,921
10,477,494
Current assets
Debtors
14
101,381
170,645
Cash at bank and in hand
203,675
415,161
305,056
585,806
Creditors: amounts falling due within one year
15
(383,091)
(376,538)
Net current (liabilities)/assets
(78,035)
209,268
Total assets less current liabilities
10,212,886
10,686,762
Creditors: amounts falling due after more than one year
16
(136,263)
(196,825)
Net assets excluding pension (liability)/surplus
10,076,623
10,489,937
Defined benefit pension (liability)/surplus
18
-
32,492
Total net assets
10,076,623
10,522,429
The funds of the charity
Restricted funds
Restricted income funds
19
30,920
30,920
Unrestricted funds
Unrestricted funds
20
5,011,838
5,457,644
Revaluation reserve
5,033,865
5,033,865
10,076,623
10,522,429
The financial statements were approved by the trustees on 24 September 2026
Mr S J Alberga
Trustee
Company registration number 02967916 (England and Wales)
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
27
56,306
149,908
Investing activities
Purchase of tangible fixed assets
(268,791)
(98,543)
Investment income received
999
2,120
Net cash used in investing activities
(267,792)
(96,423)
Net cash generated from financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(211,486)
53,485
Cash and cash equivalents at beginning of year
415,161
361,676
Cash and cash equivalents at end of year
203,675
415,161
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Charity information

World ORT Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is ORT House, 147 Arlington Road, London, NW1 7ET, England.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The functional currency of the charity is sterling. The financial statements are prepared in US Dollars, which is the presentation currency of the charity because this is the operating currency of World ORT group. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds, excluding the revaluation reserve, are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income includes rental income, service charges, other recoveries from tenants in respect to the charity's property, government grants and investment income.

 

Rental income is recognised net of VAT on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

 

Investment income, including bank interest, is recognised in the Statement of Financial Activities when it becomes receivable.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

Government grant income is recognised using the performance model when the conditions attaching to the grant are met and the grant will be received. Where grant funding is conditional on qualifying expenditure being incurred, income is recognised as the related eligible expenditure is incurred and the grant becomes receivable, subject to the maximum amount claimable under the grant agreement. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold building
2% per annum on cost
Building improvements
10% per annum on cost
Fixtures, fittings and equipment
20% per annum on cost
Computer equipment
20% per annum on cost

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/(expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.12
Foreign exchange

Transactions in currencies other than US Dollar are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the Statement of Financial Activities.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
Freehold property valuations

The fair value of the freehold property recognised in freehold land and buildings is appraised regularly by management.

 

The valuation is inherently complex and requires a high level of management judgement and specialist input by external surveyors.

 

The underlying assumptions are explained in more detail in the accounting policies on tangible fixed assets and in note 13.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Critical accounting estimates and judgements
(Continued)
- 18 -
Retirement benefit schemes

Accounting for a defined benefit pension scheme and the value of liabilities is dependent on significant assumptions, including an assessment of the discount rate, price inflation and key demographic figures including life expectancy and mortality rates. These accounting judgements are inherently complex and require a high level of management judgement and specialist input by an actuary in the calculation of the value of the liabilities.

 

The defined benefit pension scheme was formally closed and wound-up in January 2025, as outlined in Note 18.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
$
$
$
$
$
$
Donations and gifts
-
-
-
21
450,000
450,021
4
Income from letting and serviced office activity
Unrestricted funds
Unrestricted funds
2025
2024
$
$

Income from letting and serviced office activity

487,881
291,449
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
$
$
Interest receivable
999
2,120
6
Government grants
Unrestricted
Unrestricted
funds
funds
2025
2024
$
$
Government grant income
38,155
18,671
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
7
Charitable activities

Unrestricted Charitable Expenditure

Unrestricted Letting and Serviced Office Activities

Total

Unrestricted Charitable Expenditure

Restricted Charitable Expenditure

Unrestricted Letting and Serviced Office Activities

Total
2025
2025
2025
2024
2024
2024
2024
$
$
$
$
$
$
$
Staff costs
54,477
-
54,477
21,371
-
-
21,371
Depreciation and impairment
-
455,365
455,365
-
-
422,474
422,474
Building running costs
-
335,272
335,272
-
-
398,822
398,822
Foreign exchange gain/(loss)
-
30,172
30,172
-
-
61,768
61,768
Consultancy fees
-
-
-
-
-
10,045
10,045
Governance costs
19,554
-
19,554
17,925
-
-
17,925

Legal and professional

27,215
18,431
45,646
2,364
-
32,585
34,949

Sundry

1
-
1
1
-
-
1
Office support costs
30,917
-
30,917
33,882
-
-
33,882
Bank charges
1,437
-
1,437
1,199
-
-
1,199
133,601
839,240
972,841
76,742
-
925,694
1,002,436
Grant funding of activities (see note 8)
-
-
-
-
450,000
-
450,000
133,601
839,240
972,841
76,742
450,000
925,694
1,452,436
Analysis by fund
Unrestricted funds
133,601
839,240
972,841
76,742
-
925,694
1,002,436
Restricted funds
-
-
-
-
450,000
-
450,000
133,601
839,240
972,841
76,742
450,000
925,694
1,452,436
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
8
Grants payable
Total
Restricted Charitable Expenditure
Total
2025
2024
2024
$
$
$
Grants to institutions:
World ORT
-
450,000
450,000
9
Auditor's remuneration
Fees payable to the charity's auditor and associates:
2025
2024
$
$
For audit services
Audit of the financial statements of the charity
18,833
17,776
10
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year, nor were any expenses reimbursed to them (2024: $nil).

11
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Administration
1
1
Employment costs
2025
2024
$
$
Wages and salaries
22,220
18,315
Other pension costs
32,257
2,519
54,477
20,834
There were no employees whose annual remuneration was more than $60,000.
12
Taxation

The charity is exempt from tax on income and gains falling within section 505 of Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
13
Tangible fixed assets
Freehold building
Fixtures, fittings and equipment
Computer equipment
Total
$
$
$
$
Cost or valuation
At 1 January 2025
10,764,445
147,325
12,463
10,924,233
Additions
153,898
114,893
-
268,791
At 31 December 2025
10,918,343
262,218
12,463
11,193,024
Depreciation and impairment
At 1 January 2025
392,059
49,586
5,093
446,738
Depreciation charged in the year
404,596
48,276
2,493
455,365
At 31 December 2025
796,655
97,862
7,586
902,103
Carrying amount
At 31 December 2025
10,121,688
164,356
4,877
10,290,921
At 31 December 2024
10,372,386
97,739
7,369
10,477,494

Discussions were held between the trustees and external property valuers and it was deemed that there was a decrease in the fair value of the property during 2023 due to higher interest rates resulting in lower sales values and lower rents being achieved. The charity’s external property valuers estimated that the fair value of the building had reduced by approximately 17.5%, which was reflected in the 2023 financial statements.

 

The trustees have considered the fair value of the property at 31 December 2025 and are satisfied that there has been no material change in its fair value since the 2023 valuation.

At 31 December 2025, had the revalued assets been carried at historic cost less accumulated depreciation, their carrying amount would have been approximately $5,087,824 (2024: $5,338,521).

14
Debtors
2025
2024
Amounts falling due within one year:
$
$
Trade debtors
57,566
30,811
Amount owed by parent undertaking
-
83,412
Other debtors
11,292
12,422
Prepayments and accrued income
32,523
44,000
101,381
170,645
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
15
Creditors: amounts falling due within one year
2025
2024
Notes
$
$
Other taxation and social security
43,677
138,321
Deferred income
17
97,871
60,561
Trade creditors
71,359
22,825
Amount owed to parent undertaking
106,965
-
Other creditors
44,386
52,352
Accruals
18,833
102,479
383,091
376,538
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
$
$
Deferred income
17
136,263
196,825
17
Deferred income
2025
2024
$
$
Deferred income arising from rental and serviced office activity
234,134
257,386

Deferred income is included in the financial statements as follows:

2025
2024
$
$
Deferred income is included within:
Current liabilities
97,871
60,561
Non-current liabilities
136,263
196,825
234,134
257,386
Movements in the year:
Deferred income at 1 January 2025
257,386
-
Released from previous periods
(63,708)
-
Deferred in the year
40,456
257,386
Deferred income at 31 December 2025
234,134
257,386

Deferred income is recognised when any rental or serviced office income is received in advance of the specific period to which it relates. Amounts are released to income in the period to which they relate, ensuring income is matched to the correct financial year.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
2,019
2,519

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

Defined benefit schemes

World ORT Trust operated a defined benefit pension scheme known as the ORT Retirement Benefit Plan, which was administered by a third party and the assets of the scheme were held separately to those of the Charity. The scheme was established on 14 February 1974 and was closed to new members with effect from 1 November 1999, and by the current financial year had no remaining members.

 

The most recent actuarial report was undertaken as at 31 December 2023, by ISIO Group Limited, to take account of the requirements of FRS102 in order to assess the liabilities of the scheme. Scheme assets are stated at their market value at the respective balance sheet dates. No further actuarial reports were undertaken following this date as there were no remaining members of the scheme and no material movements in the scheme's assets or liabilities.

 

The scheme was formally closed and wound up on 20 January 2025 in accordance with the terms of the winding-up deed. During the winding-up process, the cash assets of the scheme were used to settle the outstanding management fees. Following settlement of these fees, the remaining cash balance was repaid to World ORT Trust. At the reporting date the charity has no remaining defined benefit pension asset or liability in respect of the ORT Retirement Benefit Plan.

2025
2024
Liabilities/(assets):
$
$
Fair value of plan assets
-
(32,492)
Deficit/(surplus) in scheme
-
(32,492)
2025
Movements in the fair value of plan assets
$
Fair value of assets at 1 January 2025
32,492
Exchange differences
3,506
Other
(35,998)
At 31 December 2025
-
2025
2024
Fair value of plan assets
$
$
Cash and Cash equivalents
-
32,492
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
19
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January 2025
Incoming resources
Resources expended
At 31 December 2025
$
$
$
$
Restricted funds
30,920
-
-
30,920
Previous year:
At 1 January 2024
Incoming resources
Resources expended
At 31 December 2024
$
$
$
$
Restricted funds
30,920
450,000
(450,000)
30,920

Restricted reserves comprise funds relating to specific donations made by donors which are held for the purpose of being transferred to World ORT to fulfil the charitable purposes requested by the donor.

 

During the year, the charity did not receive any restricted donations (2024: $450,000) to be remitted to World ORT for the Kfar Silver School infrastructure project (2024: $450,000). The restricted funds carried forward of $30,920 are to be remitted to World ORT in the subsequent financial year to be used for specific charitable purposes and include:

 

20
Unrestricted funds
The income funds of the charity include unrestricted funds:
At 1 January 2025
Incoming resources
Resources expended
At 31 December 2025
$
$
$
$
General unrestricted funds
5,457,644
527,035
(972,841)
5,011,838
Revaluation reserve
5,033,865
-
-
5,033,865
10,491,509
527,035
(972,841)
10,045,703
WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Unrestricted funds
(Continued)
- 25 -
Previous year:
At 1 January 2024
Incoming resources
Resources expended
At 31 December 2024
$
$
$
$
General unrestricted funds
6,147,819
293,590
(983,765)
5,457,644
Revaluation reserve
5,033,865
-
-
5,033,865
11,181,684
293,590
(983,765)
10,491,509
21
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
$
$
$
At 31 December 2025:
Tangible assets
10,290,921
-
10,290,921
Current assets/(liabilities)
(108,955)
30,920
(78,035)
Long term liabilities
(136,263)
-
(136,263)
10,045,703
30,920
10,076,623
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
$
$
$
At 31 December 2024:
Tangible assets
10,477,494
-
10,477,494
Current assets/(liabilities)
178,348
30,920
209,268
Long term liabilities
(196,825)
-
(196,825)
Provisions and pensions
32,492
-
32,492
10,491,509
30,920
10,522,429
22
Members' liability

The company is limited by guarantee and does not have share capital. Each member of the company undertakes to contribute such amount as may be required (not exceeding £10) to the company’s assets if it should be wound up while they are a member or within one year after they cease to be a member, for payment of the company’s debts and liabilities contracted before they cease to be a member.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
23
Operating lease commitments
Lessor

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

2025
2024
$
$
Within one year
443,593
251,247
Between two and five years
1,741,181
1,749,479
In over five years
1,231,931
1,667,226
3,416,705
3,667,952

The Charity rents out office space at its ORT House premises to third-party tenants under operating lease arrangements. The amounts disclosed represent the minimum contractual rentals receivable under the leases in place at the reporting date.

24
Events after the reporting date

In February 2026, the charity's parent entity, World ORT, merged with ORT America.

25
Related party transactions

As at 31 December 2025, $106,965 was due to World ORT (2024: $nil) and $nil was due from World ORT (2024: $83,412). During the year, serviced office charges amounting to $194,740 (2024: $191,726) were made to World ORT for the use of shared facilities. World ORT Trust is a subsidiary of World ORT, a charitable organisation in Switzerland.

 

As at 31 December 2025, $11,291 was due from ORT UK (2024: $7,837) for serviced office charges receivable. During the year, serviced office charges amounting to $30,025 (2024: $27,471) were made to ORT UK for the use of shared facilities. ORT UK is related as it participates in joint projects with World ORT, which is the parent of World ORT Trust.

 

As at 31 December 2025, $nil was owed to Epsilon Real Estate Partners Limited (2024: $6,852) for project management costs in relation to the development and refurbishment of the new ORT House. Expenditure during the year amounted to $3,203 (2024: $10,101). Epsilon Real Estate Partners Limited is related by virtue of having a director and shareholder that is a trustee of the charity.

 

During the year, restricted donations of $nil (2024: $450,000) were received from The Maurice Hatter Foundation of which $nil (2024: $450,000) was remitted to World ORT in the year for the Kfar Silver School project. The Maurice Hatter Foundation is related by virtue of having a common trustee.

26
Ultimate parent undertaking

The ultimate parent undertaking and controlling party is World ORT which is a charity registered in Switzerland under registration number CH-6600148971-1.

 

The consolidated financial statements of World ORT, which include the results of World ORT Trust, are available to the public at www.ort.org.

WORLD ORT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
27
Cash generated from operations
2025
2024
$
$
Deficit for the year
(445,806)
(690,175)
Adjustments for:
Investment income recognised in statement of financial activities
(999)
(2,120)
Depreciation and impairment of tangible fixed assets
455,365
422,474
Difference between pension charge and cash contributions
32,492
-
Movements in working capital:
Decrease in debtors
69,263
121,030
(Decrease)/increase in creditors
(30,757)
41,313
(Decrease)/increase in deferred income
(23,252)
257,386
Cash generated from operations
56,306
149,908
28
Analysis of changes in net funds

The charity had no material debt during the year.

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