Company Re8iStration No. 05679146 (England and Wales) Charity Registration No. 1117644 JW3 Trust Limited (Limited by Guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2023 lllllllw "ADBY7DKtrI' 19109r2024 COMPANIES H¢JJSE
281
JW3 Trust Limited Legal and administrative Informatlon Trustees Jeremy Abram Rafi Addlestone Neil Blair Joseph Cohen Amy Dorfman Tammy Einav Denise Joseph David Kershaw Cary Kochberg Marc Nohr (Chaifl Katy Ostro Claudia Rosencrantz Jonathan Simmons Charity Number 1117644 Company Number 05679146 Principal Addre$5 and Regtstered Office 341-351 Finchley Road London NW3 6ET Chief EXUt1¥e Officer Raymond Simonson Independent Auditor Saffery LLP 71 Queen VKtoria Street London EC4V 4BE 8ankeTs Lloyds Bank plc 39 Threadneedle Street London C2R 8AU
JW3 Trust Limited (Limited by Guaranleel Contents Page Trustees, Report 1-20 Independent Audttorfs Report 21-24 Group Statement of Financial ActNities 25 Group and Charity Balance Sheets 26 Group Statement of Cash Flows 27 Notes to the Financial Statements 2844
JW3 Trust Limited (Limited by guarantee) Trusiees. Report Fof the year ended 31 December 2013 The trustees present their report and account5 for the year ended 31 Dember 2023. The accounts have been prepared in accordance wf(h the accounting policies set out in note I to the accounts and comply with the charity's Memorandum and Articles of Association Iwhich is the charty's governing docymentl. the Companies Act 2006, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rep)rting Stsndard applicable in the UK and Republic of Ireland IFRS1021. INTRODUCTION TO JW3 JW3 Trust I'the charit l is the governing charity that runs JW3- Jewish Community Centre London 1.the Cent, or-JW3-1. JW3 is the UK'S flagship Jewish Community Centre. the only public venue of its kind in the UK forjewish art5, culture, leaming and community. "Over the post decade. JW3 has served os o vibront hubforjewish art, culture. educatAon ond entertoinment ond hos ployed a pivotol role in celebroting our heritoge ond bringing itolivefor the next generotion." ChieARobbi Ephraim Mir¥is This report covers the activities of the Charity and the companies that are controlled by it Ithe"JW3 Group~l. AIMS. OBJECTIVES AND STrATEGY: The le8al objects of the charity are to benefrt suth charities and such charitable purposes in accordance WFth the law of England & Wales as the trustees may detemiine. In summer 2023. JW3's trustee5 signed off on a new ambitiovs strategic plan for 2023-2028 to further its mission in support of its vision. That strategy is driven by three priority impact areas and four strategic aims-
JW3 Trust Limited {Llmlted by guarantee) Trustees, Report For the year ended 310ecember 2023 JW3 Strategy 2023 - 2028 visio Enga8 Encounter IM?ACT I. j.we w•pAI¢1 ow 4. W¢wJlampBlythc *n• ArnwJW5aTrd rta(h •nOtmp7 ÉY 5fAATEGI AIMS yw3 ihtpkn(tlor people moremates 2023 ACHIEVEMENTS ANO CHALLENGES 2023 In Numbers: Over50.000 tickets were booked forJW3 events online and in-person12022: over 40,0001. o We welcomed 131.354 visits to our Iwilding in pers12022. 112,2611. o Our online video content w3s ¥iewed 24.566 limes. o The JW3 website received over 500,0 visits to our programming and events web pages. o Our CIal me(fia web content reached over 1.8 million ¥iews12022= 1.6 million). o Our food bank provided approximately 120.0ty) mea15 as either hot food or care packages 12022: I14,cl. Supported and led by its c¢Fchairs, Amy Dorfvnan and Denlse Joseph, JW3 Development, a separate charity, met its fundraising targets for the year with Significantly lower than budgeted costs. and thereforè surpassed JW3 Trust's budget for fundraised support from IW3 Development. Highlights included holdin8 the most successful ever gala evenin& raising £407k against a target of E350k. despite having to amend aspects of the event to reflect the mood following the terrori5t attack5 of 7 October 2023 in Israel. 2023 was JW3'5 first fvll year operating with no Covid $tritt[0ns since 2019. and therefore a key focus was on the continued growth of in-person visit5 and participation in our dNerse ran8e of activities. programmes and projects. We were delighted to see a 17% increase in visits on the previous year, and a peak of over 15.OC(J visits in both November and December.
JW3 Trust Limited (Limited by guaranieel Trustees, Report For the year ended 31 December 2023 A key focus of the trustees and the Senior Leadership Team during the year wa5 to complete the strategic planning process that commenced in the latter half of 2022. This resulted in approval of our new five-year strategic plan and financial roadmap. The plan is an ambitious one. Set against the context of moving into JW3's second decade in existence. new organisational needs. and prritIeS in this post-covid period, and the realrflies of the wider financial climate in which we exist. Followin8 the restructure of the Senior Leadership Team in 2022. in order to deliver the 5trate8ic plan we conducted a wider review of organisational and staffing structure. The need to bear down on overall operating costs. make changes to how we operate, and detemiine where our programming and other revenue-earning priorities need to be going forward to meet our charitable delivery objectives while ensurin8 financial security. signtfi¢antly infomied this review and subseqLtent reorganisation. A consultation process took place during the sprin& at the end of which 3 reorgani5ation of the Marketing department (now Marketin8 & Sales), a significant restructure of the Pn)gramming department, and the creation of a new Visitor Service5 department were implemented. During this proce55, eight positions were made redundant, nine new p05ttions were created. and six colleagues left the organisation. An intense recruitrnent process took place during the Summer and autumn months to fill the new and vacant positions, with appointments substantialty completed by the end of the year. As we approached JW3'5 anniversary, a decade after opening our doors to the public in October 2013. much effort went in to crealing a season of programmes and events for Ortober-December to celebrate this milestone. This included a high-profile celebratory 10th AnnIveary Gala Fundraising Evenin& planned and run by JW3 Development, the first in-per50n fundrat5ing dinner since 2019, whh was due io take place on 12 October. and which would launch the sea50n of anniversary festivitie5. ~1 would like to con9rotulote JW3 on your I( Annrversory. Over the last decode, JW3 hos proved to be a voluoble addition to London's vibront culturol and community sertor where Gll of our diverse communities- not just the Jewish community- have benefitedArom its rich olfering of orts, culture, sociol oction. educotionolprogrommes and $0 much more. I t)m proud to hove visitedJW3 on numerou5 OCCt75ions und hove alwoys been inspired by the dedicotion and commitment of the stoff, volunteers ond members of the community in mokingJW3 one of the m?st unique spoces we hove in the UK. In London, l om proud we celebrate. embmce ondchampion our diversity and ivs one ofour biggest Strengths 05 o city. Thank youAor oll you do in building bridges ond breaking down barriers in order tolosterbetter cross-community relotionships." Sodiq Khon, Moyorof London Due to the horrific terrorist attacks in Israel on 7 Ortober. which saw the largest single massacre of Jewish people since the Holocaust, it was clear that a Season of celebrations and festivities was no longer appropriate. Indeed, the final months of 2023 were dominated by the 7110 massacre and the ongoing ramifications, which impacted so significantty on the British-jewish community.
JW3 Trust Limited (Llmlted by Euaranteel Trustees, Report For the year ended 31 December 2023 Our first priority was the safety and security of all visitors. members. volunteers, staff and users of JW3's jewish Community Centre. We worked swiftly. with the input and support from the Metropolitan Police. the Community Security Trust ICSTI and our professional security partners, SQR, to review all seturity procedures and increase our level ol security in and around JW3. Whilst this led to increased security costs every month since October. these changes- reviewed on a constant basis and refined as necessary- were unavoidable. Our second. urgent focus was on the iolh Anniversary Gala. due to take ple just fNe days after the attacks. In consultation with key trustees of JW3 Trust and IW3 Development, the Senior Leadership Team worked swiftly io adapt the event, rewrite scripts. remove all Overt celebratory content and performances. and communicate Clear to the 200 confirmed attendees. The event took place with a significantly changed tone and content to erbsure it reflerted the mood and the temperature of the community. In fLtrndraising and public relations terms. the event was a success. and feedback from attendees was overvdhelmingly positive. Over the subsequent months of 2023- and continuing well into 2024- it became clear that JW3'5 unique role had become more important than ever. As well as continuing to offer our wide range of programme and artivities that thousands of people every week engage with lin person or onlinel, our team swiftly sponded to the evolving sTrtuation in a very'JW3ish' way. For example.. We programmed and offe a range of extra educational talks. classes. and sessions, including weekly free online briefing Wlth a different expert speaking from Israel every week- in-person events, talks and discussions at JW3 WTth top journalists and educators- and special events with visitin8 experts from Israel representing diverse views. We hosted several vigil-type events for jewish people and others to come together across divtdes, to have time and space to reflect. mourn. share their Conm$. and connert with others. We hosted over 70 displaced Israeli families every day for free social and educational activities from 9 October ¥Jntil they were able to return to Israel in early December. These were families who were either temporarily stuck in London, or families who fled either from the south or far north of Israel where their homes were under attack. Many of those who found a 'home-from-home' at JW3 had lost family and friends or their homes back in Israel. JW3 worked in partnership with London-based Israelis and other Hebrew-5peaking youth leaders, educators, social workers and other professionals to plan and run daily activities. including a Hebrew-speaking nursery for the youngest ages.. a day- camp of educational and recational activities for children and teens,. sessions for parents with trauma-expert mental health professionals,. and briefing se555 with NHS profe5siona15 to help them navigate services. Workin8 with a small group of volunteers. we created the "Empty Shabbat Table- instsllation in our pia2za to raise awareness of the humanitarian issue of the Israeli hostaEes held in Gaza, 8ainin8 nationwide media coverage with millions of views of social media, videos. television news. mainstream national newspapers and radio. This installation gave Ople across London. Jewish and non-lewish, a place to come to be part of a community. to learn about the plight of the hostages. and to engage in conversations about the ongoing situation in a safe space. We set up a new Jewish Cultural Network for British Jews working in the creative, arts and cultural sector who have found theMSee$ facing unprecedented hostile environments and antisemitism within theii professional organisations and groups. We treated a safe space where we facilitate critical conversations for this group who previously felt vulnerable and unsupported. A significant
JW3 Trust Limited (Limited by guarantee) Trustees, Rewt For the year ended 31 December 2023 majority of them are younger Jews who did not necessarily feel they had a natural home in the Jewish community and were now feeling alienated and at risk within their professional communities. The impact of the 7 October attacks and the subsequent war between Israel and Hamas, along with the unprecedented rise in recorded levels of antisemitism in the UK continues to have an impart on the work ofJW3. 2023 Pro8rarnrne Highlights: We delivered a successful year-round programme of events. performances, actwitie5. festivals, courses, classes, as well as one-off bespoke projects. enjoyed by over 50,IX() participants. We highlight below a selection of the diverse range of programming attivit*s delNered during 2023 in pursuit of our charitable objectives and organisational mission. These include a number of new and innovative programming events, designed to bring back the bu12 to JW3 post-covid and to generate posltive national media coverage and publicity. As mentned aLN)ve. Ihe Programming Team was restructured to facilitate achievement of our financial and strategic objectNes goin8 forward. This included the recruitment of two new senior producers (for Creative and Learning & Engagement programmesl to start in early 2024. We also outsourced our cinema programming to the Independent Cinema OffKe from August 2023. Arts ond Culture.. We produced the UK'S first professional Jewish Panto. Red Riding Hood & the BIB Bad Pig. The production ran for 38 performances and sold 5,687 tickets, bringing a dose of much needed Jewish joy into the community post 7 October. The production receNed p05rtNe prominent local and national news coverage including features in The Guardian. The Obsetver. The Times. Daily Telegraph, Daily Mail an(J BBC Radio 4's World at One. We launched 3 successful classical music series in autumn 2023, working wrih the external classical musician and CLbrator David Waterman. A stellar season of world tlass classical music was programmed. which included a sold-out concert from the Jerusalem Quartet and the great British tenor Mark Padmore accompanied by rising sta pianist Mishka Rushdie Momen. Our piaiia event5 once again included the Hampstead Beach during the summer and the JW3 l<e Rink in the winter. The lee Rink sold 5,853 ticket5 and the Beach was enjoyed by over 10,(XIO visitors from the local aa and beyond. a reduction on 2022 due to an erefflety rainy July.
JW3 Trust Limited (Limited by guarantee) Trustees, Report For the year ended 31 December 2023 Arts Councll England awards of £.(K) provKled finance towards little Amal, the development of a klezmer street arts show, The Great Yiddlsh Parade, and Zoom Rockman's Jewish Hall ol Fame exhibition in the JW3 foyer. As described atw)ve, since October 7th we pNoted to re5wnd to the fast-changing events and provided a much-needed place of community. comfort and reflection for our audiences and communities, informative briefings on the situation from diverse perspectives. and safe spaces for those impacted by the horrific events and their aftemiath. Adult Educotion.. Audience number5 continued to increase post-covid with a notIable increase after October both for Adult Learning and for Language classes. As part of the strategic plan, we aim to expand the appeal of our courses to different age ranges. Delivering this strate8ic aim is a core part of the new Leaming & Engagement Producerfs role and we have started by piloting the use of younger teachers. Highlights this year included: Our continued series with 8ar Ilan University and Oxford University Centre for Hebrew & Jewish Studies. o Partnerships with the Lithuanian Embassy, hosting the annual Litvak Days celebration of Jewish-Lithuanian heritage. as well as holocaust events partnering with the Polish Embassy and Ukrainian Cultural Institute. o Lectures and talks from a range of interestin& high-profile speakets and experts In their areas. including former UK Ambassador to Vkraine. Dame Melinda Simmons, and Chief Rabbi Ephraim Mirvis in conversatton with the Archbishop of Canterbury. Justin Welby. amongst other5. o Well-atiended classes on themes of Jewish history, current affairs, Israel and the Middle East. and modem Jewish literalure. Shooh IHolocoustJ Educatloft & Remembrance.. We continued to create events, often with partners, to mark key events in our Membrance of the Shoah. including Holocaust Memorial Day. Yom Hashoah. and Kristallnacht. With a very well-re$ed Holocaust Learning specialist, Thamar Barnett. as part of our team we have also been able to provide additional support to other Holocaust projects looking for expertlse. In particular. we provided dramatur8ical and Holocaust Education support to Good Chance Theatre's project around the Frank Meisler Kindertransport statues.
JW3 Trt Limited (Limited by guarantee) Twstees. Report For the year ended 31 Oecember 2023 Chlldren. Fomilies & Young People.. Our Families programme included monthlyfamily discos. family film screenings, weekly "Crafternoons" and a very successful Party on Purim and Chanukah "Funnukah-. Thi5 year saw a signrficant uplift in engagement with children and families through our JW3 Panto Red Riding Hood and the Big Bad Pig pantomime with over 5,500 tickets sold to multi-generational family groups as well as Jewish primary 5chool5. The New Generations pr¢gramme Ifomially Young JW31 has gained new momentum through our department restructure with the appointment of our New Generations programmer. Regular month Friday Night Dinners have had record attendance. often with waiting lists. By the end of the year, our New Generations Steering Committee had been set up to Create increased actNity for this constituency. Other Courses and Cla55e5: We continue io offer a number of other popular cla$ With partners induding a thrwing Krav Maga programme, National Childbirth Trust INCtI and other post-natal classes. dance classes. school holiday camps. S¢¢ial Artion: So¢i?l Artion is a key element of the new S Year Strategic Plan. and infuses much of our work across our programme as we take a more holistic approach. Our NHS 81ood Donation session5 saw 375 donors donate enough blood during the year at JW3 to save up to 1,125 people's lives. The JW3 F¢)od 8ank was èstablished as a reswnse to the pandemic. However, due to the current econom environment and the cost-of-INing cris. we continued to find that demand for its seNices increased. Our food bank powerfully refierts JW3's understanding and commitment to the meaning of community and we support around 2C service users on a weekly basis- including many Camden Council Teferrals. Our footl poverty work has been continuing at a great pace with no sign of demand letting up. The impact of this work was recognised at the national Mitzvah Day Awards 2023. Whe we won the award for best Year-Round Social Action Project. This award reflects the commitment and dedication of our markable volunteers. without whom the JW3 food bank could not operate.
JW3 Trust Limited (Llmited by guarantee) Trustees, Report For the year ended 31 December 2023 'JW3's impact isfelt in Camden ondocross London os o result of their brilliont work frorn collerting bikesfor refugees in portnership with the Bike Project to distributingfood to 2(70 people euch week acmss the borough. Indeed. it was o greotprivilege to visitJW3'sAood bonk during the pundemic and seefirst-hond the work of the dedKoted volunteers who mode such o difference to people's lives through during that difficult period. JW3 is a deeply importont ond cherished jewel in the crown of my constituency and sets the stundordfor community centre5 andculturol hubs ocross the country.. Tulip Siddiq MP, Memberof Parfiament for Hampstead & Kilburn Volunteerin8.' we recruited a new Volunteerin8 Coordinator with the mi55ion of expanding and enriching our volunteering experience at JW3. At the date of this report we have increased our volunteering database to 300 volunteers and expanded the volunteering actNities available. On a weekly basis volunteers help out wr(h the food bank. cook for the vulnerable. and undertake shifts as cinema ushers, as well as helping with audience research, marketing and development tasks in the IW3 office. Volunteers have recent helped with pricing and competitor analysis, generating schools bookings for the 2024 Panto l-Goldrfrocks and the Bear Mrtzv3h~I, engagement wi(h JW3 members. and assistin8 the development of legacy giving. We are actively retruiting younger volunteers, particularty to help the JW3 food bank over the summer. Volunteering is integral to JW3's Social Action programme and we have taken a significant step forward in recruitin& utilising and celebrating the role of our volunteers. We continued our Interfaith work which has become increasingly important since 7 October. Our Interfaith hi8hlight was Little Am•l's Spring Gathering. JW3 was lead producer on bringing Little Amal, 3 12-foot high puppet of a Syrian lUgee girl who is a symbol of hope around the world, back to London in a joint project across the London Borough of Camden. working with partners from Muslim, Christian, and other diverse backgrounds. rn a year when Passover, Ramadan and Easter coincided. Over 6.000 people came togetherto Sha their traditions wf(h Little Amal. We collaborated with the Ramadan Tent FestNèl in hosting an Open Iftar in Granary Square for 1,000 people as the culmination of our Little Amal project- where a priest, imam and rabbi blessed Little Amal before the breaking of the fast. 2023 Purtnerships.. A CO principle that informs much of our approach is a belief in the value and prartital power of partnerships, expressed in our core organizational values by the Hebrew terms Shitu]Peul(J- Collaboration- and Hochloloh- Inclusivity. We believe in the Jewish maxim, as expressed in the Jewish text Deuteronomy Rabbah I'.10. that "A community is t¢ heavy to corry olone." During 2023 we continued to develop exi5tin8 partnerships and build new ones with a wide range of orBani5ations, charities and venues. Partners included- 2 Simple Limited. 50¢lation of Jewish Refvgees. Barnet Council, BBYO. Board of Deputies of British Jews, Boys Clubhouse, BritTrsh Friends of Hebrew University IBFHUI. Carnden Council, Camden Cultural Quarter. Council of Christians and Jews. Doorstep Families Homeless Project. FEAST With Us, Friedrich Ebert Stiftun& Give Blood, Green Note, Harif. Hasmonean Hgh School, Holocaust
JW3 Trust Llmited (Limited by 8uaranteel Trustees, Report For the year ended 31 Oecember 2023 Memorial Day Trust , Institute for Jewish Policy Research, Israeli Scouts. JCOSS, Jewish Agency for Israel, Jewish Chronicle, Jewish Leadership Council. Jewish Music Instrtute, Jewish News, Jewish Quarterly, jewish Vegetarian Society. jeWh Volunteer Network. JFS. Kaunas European Capital of Culture 2022, Kinoteka (Polish Film FestNall. Limmud. Lithuanian Embassy. London Irish Centre, London Krav Maga. London School of Jewish Studies, Menorah Grammar High School. Mitzvah Day. NCT. Nigel Canin, Nisa-Nashim. Noa Girls. Oxford Centre for Hebrew and Jewlsh Studies, Petit Pierrot, Polish Cultural Instttute, Polish Embassy. Project Impact. Ramadan Tent Festival, Reform Movement, Religion Media Centre IRMCI. Rene Cassin. Resource. Rising Stars. Sephardi Voices UK, SERET Israeli Film & TV Festival, Shetter, South African Jewish Museum. South Hampstead High School. The Faith & Belief Forum. The Felix Project. The Female Pibt Club, The Holocaust SuNivors Centre. The Walk Producttons. Tsitsit Jewish Fringe Festival. Tzedek. Tzofim, UK Jewish Film, Union of Jewish Students, University of Southampton, Wingate Literary Prize, World Jewish Relief, World Zionist Organi5ation WZO. Yavneh College These partnerships strengthened our programme offering to the Jewish community and others across London and beyond, to the benefit of many thousand5 of people from all walks of life. JW3 Gotewoys.. since 2015, JW3 Trust gW its Gateways programme from an initial pilot project into the only pedagogic and pastoral provision of rf(s kind within the UK Jewish community. As a specialist educational and vocational provision 5UPWJrtin8 vulnerable young people. the dedicated JW3 Gateways staff team provided opportunitie5 for young people to access education and achieve qualifications that they otherwise would not get due to the mainstream education system belng unable to cope with the rise in students, mental health needs and other thallenges. With the onEoing support of Jw3'5 CEO and trustees. the JW3 Gateways, programme responded to the significant increase in demand for its services as a result of the impact of the Covid pandemic on Ihe mental health crises experienced by young people. JW3 Gateways. programme continued to grow during 202212023 to successfully assist an increasing number of 15-17 year olds struggling in and out of mains1aM education. and 18-25 year olds who were disengaged from education in previous years and strive to overcome emotional. social and academic challenges in order to enter the workplace. As testament to its succes5. demand for JW3's Gateways programme had become greater than ever. with a growing waiting list and requests from seThice Use and schools to expand the programme to meet the changin8 needs of the Community. These needs had ev0ed during the Covid years in particular, during which time JW3 continued to deliver 100% of its Gateways services online, before moving students back into the JW3 community cent. To meet this demand and to ensure that developing needs of the community's young people are effectively met, JW3'5 trustees made the decision. along with our CEO and our JW3 Gateway5 Director that the project should take the next step on rts journey and become a wholly independent educational organisation. and transition physically out of JW3 and into its own premises. It was agreed by all concerned, including the key funders of the project, that such a move would enable Gateways to build on the current curritulum, expand the support seNites, and help even more voung people to thrive. irrespective of their background or sltuation.
JW3 Trust Limited (Limited by guarantee) Trustees. Report For the year ended 31 December 2023 During the first half of 2023, a new tharity was set up. experienced trustees recruited. and core funding committed from a group of philanthropic trusts ènd foundations. Gateways fomially separated from JW3 on 31st August 2023 and successfully launched the new academic year from its bespoke new premises in September 2023, as an independent charity. JW3 Trust is extremety proud of the success of the Gateways programme, and the positive impact that JW3's support had on the many hundreds of young people that it supported between 2015 and 2023. JW3's trustees Sincere wish Gateway5 every success as an independent charity in meeting the increasing demand for its critical SeiceS for young peopbe who have struggled with mainstream education. "I commend JW3'5 Gatewa progromme, whKh provides integroted educotion ond vocotionol provision for vulneroble young people ond those experiencing mentol health chollenges within theJewi5h commtjnity. The trtsstees ofJW3 should be con9rotuloted.~ Lord Stuart PolèK CBE House of Lords Revenue Generating Activities JW3 Trust 5eek5 to supplement its income from grants and donations and tickets sales from programming events and thereby facilitate the further activities in line with its charitsble aims, through.. Leosing of spoces within theJW3 Premi'ses.. The third floor of JW3 is let to a nursery, whith provides both an income to the charity, and a strong connection to bcal families with young children. rnany of whom develop their relationship to JW3 through our programming provision. The agreement with the lessee provide5 for the nursery to operate in a manner consistent with JW3's ethos and values. Rental income is dependent on the nursery's revenue, which has been lower than expected during 2022 and 2023 as a result of external factors impacting the nursery sector in general. JW3 Trust also lets commercial offices that it owns on the first floor of the residential tower block adjacent to JW3. These offices became vacant during the Covid pandemic. During 2023, successful lets of some of the offices to other chartties were arranged which made a p051tNe contribution to JW3 Trust, although it remain5 challenging in the short term to meet the objective of letting all the office space at commercial rent levels. Prowsion of o cafrfvcllity." During 2023, the café area and kitchen was let on an interim basis to a third-party food and beverage provider which generated income forJW3 Trust. and served visitor5. volunteer5, members, teachers and performers. This arrangement ended in the latter part of 2023 and as an Interim arrangement, before detemiinin8 the optimal 501ution for food and beverage provision at JW3. a café is now operated directly by JW3. with food sourced from extem31 kosher caterers. Trustees consider that although running the cafe on a profriable basis is desirable. the necessity of food and beverage provision at JW3 to facilitate an enjoyable overall experience for visitor and io-
JW3 Trust Limited (limited by guarantee} Trustees. Report For the year ended 31 December 2023 ojstomers at JW3 means that profftability is not the prime factor in the necessity of offering food and beverage seThices at JW3. Short term hlre oloreas of thepremise5." JW3 Trust lets areas of Jw3 to external commercial and charitable customer5. and to private Indlviduals to hold celebratory life cycle and other events such as barlbat mr(zvahs. weddings. anniversaries and significant birthdays. Although much of this activity is very much ali8ned with JW3's ethos and values. the core objective is to raise revenue to support our charitable attivities. Venue hire activity picked up significantly during 2023 and bookings in 2024 have increased further. helped by the opening of the Dorfman Piazza in April 2024 which provides a flexible space with retractable roof and Sbdes for customers to hokl events Outside despite the unpredictability of the British weather. 2024 OBJEcfivES AND FLITURE PLA14NING In order to achieve JW3's strategic aims approved during 2023 as described above, over thirty initiatives were developed by the Senior Leadership Team and their colleagues. working closely with a number of trustees and the support committees they chair. Each initiative has been further broken down into key annual metrics over the period of the strategic plan. Organisational Objettive5 for 2024 were approved by the trustees in October 2023. along with a detailed plan of key results and indicators of Success for each objectNe. The Senior Leadership Team ISLTI measure and monitor these on an ongoing basi%, and report to the JW3 goard of Trustees monthty on their progress. STRucfuRE GOVERNANCE AND MANAGEMENT The trustees, who are also the directors of JW3 Trust Limited. who served during the year and following the year*nd. were: Jeremy Abram lappointed June 20241 Rafi Addlestone Neil Blair Joseph Cohen Amy Dorfman Tammy Einav Denise Joseph Clive Kahn (resigned April 20241 Cary Kochberg David Kershaw Michael Marx (resigned June 20231 Marc Nohr (Chairl Katy Ostro Claudia Rosencrantz jonathan Simmons li-
JW3 Trust Limited liimited by guarantee) Trustees, Report For the year ended 31 December 2023 The Board of Trustees has ultimate legal SpOnsIbl11ty forJW3 Tnjst and works to ertSu good governance, with the help of its sub-committees. The 8oard agrees the overall strategic tlirection and is the highest decision-making body. They work alongside the executNe team, who are responsible for implementation of policy and for the management of the day-lo-day running of the organisation. The Board of Trustees has the power to apwint additional trustees as it considers appropriate. Potential trustees a identified as part of an ongoing review by the Board and senior management in accordance with the charity's needs. with particular reference to enriching skills and increasing representation from different sections of the Jewish community- Trustees maintain a good working knowledge of charity and company law and best practice. New trustees are provided with full details of Board minutes, financial )rtS and the charitable company's Memorandum and Articles of Association. There are also infom)al procedures in place for their induction and training. JW3 Trust Limited is manèBed by a team of experienced profesSnal5, by the Chief Executive Officer, who report to the Board of Trustees. COMMITfEES OF THE CHARITY The JW3 Trust Board delegates some detailed work to committees. The main committees are- The Trading Board: The members la5 at the date of this report) are: Joseph Cohen Jane Conley Daniel Forman Denise Joseph Robert Launce Marc Nohr RalOnd Simonson (Chair, Trustee) (Vice Chairl (Trustee) Ichair of Trustees) ICEOI The remit of this commrttee is to provide detailed oversight over the commercial activities of the JW3 Group as well as its overall finances. It meets regular throughout the year. Clive Kahn and Denise Joseph communicate the views of the Trading Board to the other trustees. Members of the Trading 8oard, other than Marc Nohr. a directors of JW3 Trading Ltd. The Remuneration & Nominations Committee: This is a subcommittee of the Trnst Board. Its members las at the date of this rewjrtl are: Joseph Cohen Denise Joseph Cary Kochberg Mèrc Nohr Katy Ostro (Trusteel ITrusteel (Trvsteel (Chair. Chair of Trustees) (Trusteel
JW3 Trust Limited {Limited by guarantee) Trustees. Repixt For the year ended 31 December 2023 A5 a Subcommittee of the Trust Board, its remit is to review and ratify decisions on all aspects of executNe remuneration and to recommend new trustee nomhnations to the Trust Board. It meets as required. The Audit and Risk Committee {ARQ: The members of thi5 committee la5 at the date of this report) are= Simon Durkin Cary Kochberg Susan Nyman (Chair. Trustee) A5 a cornfflittee reporting to the JW3 Trust Board. its remit is to review rsks identified on the risk register and oversee the annual audit process. It works with the Senior Leadership Team and the auditor to en5Lbre that any signifTrcant issues a properly addsSed. It meets as required and meets with the auditor at least once a year. The Estates C¢)mmlttee: The members of this committee {as at the date of this report) are= Robert Laurence Alan Leibowitz Vincent Wang Nick Viner (Chairl As an advisory committee reporting to the JW3 Trading Board. its remit is to oversee building usage, health and safety. property risk anatysis and facilities management. Alan Leibowitz 15 a director of the CharitS subsidiary. Hampstead Slope t)evelopments Limited. The People Commlttee: The members of this committee las at the date of this rewrtl are: Katy Ostro (Chair. Trustee) It is intended to appoint additional members of this committee with expertise ar experience in recruitment, remuneration and professional training. A5 an advisory committee reporting to the Trust Board, its remit t5 to advise and support the Senior Leadership Team in People related decisions and to make recommendations to the Trading Board which employs the staff within the JW3 Trust group. This includes areas such as professional development, complianee with employment law and best praciÉce. recruitment and retention of staff. organisational design. volunteers, HR support. The People Committee discusses and makes recommendations around remuneration policies and significant changes. Salaries of key personnel are benchmarked against similar roles within the charity sector with.a particular focus on the Jewish communal charity settor. Where relevant, we 13-
JW3 Trust Limited IL5mited by guarantee) Trustees. Rewt For the year ended 31 December 2023 consult with senior recruitment professionals and with other leader5 in the Jewish charity sector, and the London-wide arts and culture field. The ProBramming Advlsory Group {PAGI: The members of this committee las at the date of this rerx)rtl are- Claudia Aosencrantz Jonny Persey Jonathan Simmons Neil Blair Caroline Marcus Michelle Langer Dani Neumann Jodi Myers (Chair. Trustee) ITru5teel (Trusteel The PAG'S remit is to support and advise the Director of Programming. The Chair does this on an ongoing individual basis, and the Group meets to provide guidance on specific issue5 a5 required throughout the year. most often a5 smaller 8atherings of the most relevant member5. The PAG reports to trustees an.d the draft annual Programming budgets are reviewed by the Chair before consideration by the Trading Board and Trust Board. The Revenue Innovation Group IRIGI: The membets of this committee las at the date of this reportl were: Joseph Cohen David Kershaw jonathan Sirnmons Tammy Einav Ichair. Trustee) ITrusteel (Trusteel (Trusteel The RIG'5 remit Is to introduce new ideas which have the potential to drive new income stream5, as well as guide. comment and advise on current commercial initiatives. Using knowledge of key aa$ of opportunity, the group members will also Provide contacts for the JW3 team to connect with to help further these ideas. The Group aims to meet 4-6 times per year. The RIG reports to the JW3 Trading Board. SUBSIDIARY UNDERTAKINGS The charity has two wholly owned trading subsidiaries. JW3 Trading Limited and Hampstead Slope Developments Limited. JW3 Trading Limited operates the Jewish Community Centre, including both the charitable programming actNities and commercial actNities. JW3 Trust fhAances the charitable aspects of Jw3 Trading Limited's operations by way of grant. Hampstead Slope Developments Limited acts as the head leaseholder of the sidential apartments on the site adjacent to JW3 for which the freehold is held by IW3 Trust. -14-
JW3 Trust Limited (Limited by guarantee) Trustees. Rewt For the year ended 31 December 2023 CONNEcfED CHARITY JW3 Development is a separate organisation Ire8iStered charity 11562481. set up with the aim of SLtpporttng JW3 Trust by raising funds in support of its charitable objectrves. Funds raised by JW3 Development a granted to JW3 Trust and il is this grant that enables JW3 Trust to undertake its charitable artivities. The trustees of JW3 Trust are grateful to the management and non-executive leadership of JW3 Development for their successes in raisirtg funds to help ertSU that JW3 Trust was able to carry out it5 charitable objectives during 2023. Our thanks in partitular go to all donors and supporting trust5 and foundations for their vital support. JW3 Development has the foll¢)wing trustees in common with JW3 Trust= Amy Dorfman Denise Joseph David Kershaw The day-to-day management ofJw3 Development delegated to a management team which comprises specific members of the JW3 Trust Senior Leadership Team, as well as a fundraising team led by the Fundraising Director. FINANCIAL REVIEW The group's incoming resources totalled £4.4m12022.. £3.3ml rn the year. Some of the group's operations were commercial in nature and are undertaken to support the charttable activrties. Overall income is derived from a wide range of aclNities- Charitable grants and donations from JW3 Devek)pment. Ticket income from events. performances, Screenings and course fees. Government grants - primarily relatin8 to support for the costs of security. artistic performances and social action. Rental income- from hiringJW3 space for third party events. leasing Offi space in the residential tower, and renting the top floor of JW3 to a third-party nursery provider. Café operations- rent and share of catering income from events at JW3, from a third-party café operator during the year. Membership income- from individuals who support JW3's activit and recerve a small discount on tickets, course fees and café purchase5. Interest on bank dep05itS. The group's expendrture is made up of direct costs of our tharitable activities and trading activf(ies, support costs, governance costs and depreciation. The group's total income exceeded its expenditure in 2023. givin8 rise to an overall surplus of £61k 12022.. £561k deficit). During 2023, JW3 received £402k in restricted funds from JW3 Development which was spent durin8 the year on a capital project constructing a pergola structure in the piazza area. Excluding that restrirted grant, JW3 had a defscit of £341k. which COmpad faVOurab with a bud8eted deficit of £504k.
JW3 Trust Limited (Llmlted by 8uararteel Trustees, Report For the year ended JIDember 2023 The favourable variance against the budgeted deficit refiected additional grant income from JW3 Development and emergency security 8rant. In comrnon with other charities, IW3 faced upward pressure on its costs of running the buildin& procuring artistes, using contractors for core services such is housekeeping and security and on the core of running the building. The Senior Leadership Team sought to mitigate those costs by identtfying additional sources of income within the categories set out above and by adopting a continue(I focus on reducing costs where possible. In addition, savings arose as a result of staff positions being vacant for periods of the year, although these were offset by the cort of restructuring during the year. The deficit for the year is considered con51Stent with the financial roadmap accompanying the fNe-year strategic plan for 2013-2018 approved by trustees. Cash at bank balances decreased during the year by an amount Significant greater than the deficit for the year. This arose because lower funds were advanced by the connected charity. JW3 Development, which decided during the year to pay grant monies to JW3 Trust as they are required to meet JW3 Trust's commitments..The connected charity explained that this policy was introduced in order to improve treasury management and generate higher returns from deposits. which will benefit JW3 Trust. There is a corresponding increase in balances due from the connected charity. At 310ecember 2023 there were unrestricted funds of £34.IOm12022.. £34.08ml, the majority of which are classified as designated funds of £31.31m12022- £31.07ml relating to ihe freehold land and buildings. Restricted fvnds amounted to £0.04m12022: EO.Olml. During the year, the Charl5 trustees and management considered the carrying value of its investment in, and balances due from its subsidiary, JW3 Trading Ltd. In view of JW3 Trading Ltd's historic losses. a prwision of £249.999 was made to reduce the carrying value of the investment to £1, and a provision of £814,464 was made to reduce the carrying value of the amount receivable to its recoverable amount based on the balance sheet position of JW3 Trading. In considering those provisions. the Charl$ management and trustees reeognised that JW3 Tradinls attivity were primarily undertaken to provide charitable services on behalf of the Charity and that to a considerable extent the historic losses arose due to a lack of grant income from the Charity to cover the cost of those a1Vities. Those provisions impact the Charity's accoltnts but have no impact on the group income and expenditure account or balance sheet. RISK MANAGEMENT The trustees acknowledge their responsibility to manage the risks faced by the tharity. The trustees are Satisfied that the major rt5ks to which the Charity is exposed are VIeWed and systems of internal control are being continually developed and refined to mitigate those risks. Risks are continually identified. and their impact assessed, with plans established to mitigate them. Common to many charitable bodies, the lack of guaranteed funding on a medium to long term sustainable basis is an issue which the trustees take seriousty an(J have taken w)sitive steps to address. The grant from JW3 Development to finance JW3 Trusys charitable al¥ltIeS relies on relationships with trusts. foundation5. and"major donors-, which have been developed over several years. Management lime is devoted to working closely with the JW3 Development Board 16-
JW3 Trust Limited (Limited by guarantee) Trustees, Report For the year ended 31 Oecember 2023 and the professional team supporting these relationships and to identfy and maximise new sources of funding. As a hi8h-profile jewish or8anisation with a public facing communal buiklin& JW3 take5 seriously the potential security risks. The organisation work5 closely with relevant expert professional agencies. including the Community Security Trnst ICSTI. Metropolitan Police, and its security partner, saR. Security need5 are reviewed and evaluated on a da1 and event-by-event basis and changes made as advised. Training briefings and exercises for staff a conducted in accordance with SQR and CST'S guidance. JW3 continue5 to invest a significant amount into its annLsal security tontratt to ensure appropriate risk mitigation as per csfs advice and retomrnendations. Additional security provis¥)n has been made since October 7th in the light of the increased number of antisemflic incidents recorded in London and the need to reassu visitors and staff at the JW3 Centre. JW3 is grateful for the financial contribution towards security costs Ceived from the Government via CST. The procedures to mitigate organisational risk are periodically reviewed to ensure they continue to meet the needs of the charity. The key controls include= Audit & Risk Committee meet at least three times a year to review all risks as identified on the risk register and oversee the annual audit process. Formal agendas and minutes of Jw3 Trust Board meetings. which are held at least four times a year. Comprehensrve bud8etin& management accounts. cash flow projections and reforecastiri8 processes. IW3 Trading Board meeting on a regular basis: at which rnonthly management accounts and cash flow forecasts are scrutinised. The ongoing development of formal written policies. ComprehensNe Safeguarding Policies developed with and regularly wwed by a senior safeguarding professional. RESERVES POLICY The trustees consider that a reasonable target level of reserves is six months. gross expenditu excluding non-salary costs relating to pTo8rammin8 and marketing acttvities as these can be expected to vary broadly in line wrih the level of income from programming events. That policy was updated in conjunction with the strategic plan for 2023-2028. It is considered prudent as it excludes all income, including long temi commttments from key supporters. and therefore provides reasonable assurance that JW3 Trust could continue to offer its services to beneficiaries on an ongoing basis. As of 31 December 2023. total reserves of the group were £34.14m12022= £34.08ml of which £0.04m12022- £0.Olml was restritted to support specrfic strands of programminE and building activity. £31.31m12022.. £31.07ml was a designated fi¥ed asset fund equal to the net book value of land and buildings, and £2.80m12022= E3.OOml was a general unrestricted fund. The general unrestricted fund balance equates to nine months of budgeted expenditure excluding non-salary programming and marketing costs. and therefore exceeds the target level specified in -17-
JW3 Trust Llmlted (Limited by guarantee) Truste, Report For the year ended 31 December 2023 the reserves policy. Trustee5 consider that is reasonab as the financial roadmap accompanying the five-year strategic plan foresees a decline in reseNes in the initial years. At 310ecember 2023, free reseNes. which comprise the unrestricted reseryes less the unrestrKted fixed assets and commitments forfNed asset purchases were £ 2.65m12022.. £2.86ml. As explalned above, the trustees consider the level of erveS and are confident that the re5trirted, unrestricted and free reseNes are sufficient and appropriate for the Charity at this time. GOING CONCERN The financial statements have been prepared on a going concern basis. The trustees reviewed financial performance in 2023 against the financial roadmap accomparsyine JW3's five-year strategy through to 2028. including consideration of fundraising by JW3 Development. The trustees consider that JW3 Trust's financial performance, reseNes and liquiditv are broad in line with that roadmap. The directors a150 reviewed the group management accounts for the period to 31 May 2024, and forecast income statements. balance sheet$ and cash flows for the year to December 2024. The directors scrutinised the key assumptions underlyin8these forecasts. and the financial roadmap for the period after December 2024. The financial f0CaSt$ and financial roadmap assume that JW3 Development. a separate charitv that undertakes fundraisin8 forJW3 Trust. will continue to raise sufficient funds anil grant them to JW3 Trust to enable JW3 Trust to meet tts charitable objective5. Confidence in JW3 Development's ability to support JW3 Trust is supported by a signrfbcant muhpyear pledge through to 2028 from major donor and multi-year pledges from other donors. Accordingly, the trustees a satisfied that current cash reserves together with forecast cash flows are adequate to meet the group's obligations as they fall due so that rt can continue to operate for at least 12 months from the approval of these accounts. PUBLIC BENEFIT STATEMENT The trustees have complied with their duty in section 17 of the Charit$ Art 2011 to have due regard to guidance on public benefrt published by the Charrty Commission. Although focused largely on Jewish arts. culture and communrty, the Centre is open to all who wish to visit. There is no admission charge to enter the Centre and. over the course of a year, thousands of visitors from the local community and beyond have enjoyed a range of both free and paid-for activities. FUNDRAISING DISCLOSURE The trustees take their responsibilitie5 under the Charities (Protettion and Social Investment) Act 2016 seriously and have considered the implications on their fur7draising actNities. The Trust is 5UPPOrted by JW3 Development. The Trust does not carry out any fundraising artivity in order to
JW3 Trust Limited (Limited by guaranteel Trustees. Report For the year ended 31 December 2023 raise funds from the general public. JW3 Trust does not work directly with commerck?I sponsors or engage external professional fundraisers. There were no complaints made in respert of fundrai5in8 durin8 the year. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of JW3 Trust Limited) are responsible for preparing the Trustees. Report and the financial staiements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aepted Accounting Practicel. Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charrtable company and the group and of the incoming resources and application of resources, includinB the income and expenditure, of the charitable group forthat period. In preparing these financial statements. the trustees are required to.. selert suttable accounting policies and then appty them consistently- obserye the methods and principles in the Charities SORP {FRS 1021- make jud8ement5 and estimates that afe reasonable and prudent,. state whether applicable actounting standafds have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concem basis unless it is inappropriate to psume that Ihe charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them io ensure that the financial statements Comp wf(h the Companies Act 2006. They are also responsible for safeguardirtg the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularittes. In so far as the trustees are aware: there is no relevant audit information of which the charitable CoMpanS auditor is unaware; and the trustees have taken all steps that they ought to have taken to make themsefves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees a responsible for the maintenance and integrity of the Corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. AUDITOR The auditor, 5affery LLP, has expressed its willingness to remain in offKe a5 auditor of the company.
JW3 Trust limited (Limited by 8uarantee) Trustees, Report For the year ended 31 December 2023 The Truslees. Report, which incorporates the Strategic Report. has been approved by the Board of Trustees. On behalf of the Board rustees- M Nohr JW3 Trust Chair Dated:.Z.l..August 2024
JW3 Trust Limlted (Limlted by guarantee) Independent auditorfs report to the members ofJW3Tntsl Limited For the year ended 31 December 2023 Opinion We have audited the financial statements of JW3 Trust Limited Ithe'parent charttable company'l and its sub5idiaTies Ithe'group'l for the year ended 31 December 2023 which comprise the group statement of financial activities. the group and charity balance sheets, the group statement of cash flows and notes to the financial statements. including signrficant actounting policies. The fi'nancial 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 Actounting Practice). In our opinion the financial statements- gtve a trne and fair view of the state of the affairs of the group and the parent charitable company as at 31 December 2023 and of the group's incoming resources and application of resourtes, includinB Its income and eXpend[tu, for the year then endèd- have been proper prepared in attordance with United Kingdom Generalty ACpted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 26. Basls for oplnlon We conducted our audit in accordance with Internatnal Standards on Auditing IUKI {ISAs IUKI) and applicable law. Our responsibÉlities under those standards are further described in the Auditorfs responsibilities for the audit of the financTral statements section of our report. We are independent of the group and parent charitable company 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. Condusions 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 perfomied. we have not identified any material uncertainties relatin8 to events or conditions that. individually or collectNety. may cast signifant doubt on the group or the parent charitable company's ability to continue as a goin8 concern for a period of at least twefve months from when the financial statements are authori5ed lor issue. Our resw)nsibilities and the responsibilities of the tnjstees with respert to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, otherthan the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and,
JW3 Trust Llmited {Limlted by guarantee) Independent auditorf$ report to the members ofJW3 Trust Limlted For the year ended 31 Oecember 2023 except to the extent otherwt5e explicitfy stated in our report. we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so. consKler whether the other information is materially inconsistent with the financial statements or our knowbedge obtained in the course of the audit or otherwise appears to be Material misstated. If we identify such material intonsistencies or apparent material misstatements, we are required to determine whether thi5 gives rise to a maierial misstatement in the financ1 statements themsefves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other infomiation- we are required to report that fact. We have nothing to report in this gard. Other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit-. the information given in the Trustee5' Annual Report which includes the Directors, Report and the Strategic Report forthe financial year for which the financial statements are prepared is consistent with the financial statements- and the Trustees, Annual Report which includes the DirectOf5' Report and the Strategic Report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identrfied material misstatements in the Trustees. Annual Report and Strategic Report. We have nothire to report in respect of the following matters where the Companies Art 2006 require us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company. or returns adequate for our audit have not been receNed from branches not visited by us- or the parent charitable company financial statements are not in agreement wtth the accountlng records and turns,. or certain di5tlosures of trustees, remuneration spec4f*d by law are not made- or we have not receNed all the information and explanation5 we requi for our audit. Responsibilities of trustees As explained more fully in the Statement of TnJsiees' Responsibili(ies set out on page 19. the trustee5 Iwho are also the directors of the parent charitable cornpany for the purposes of company lawl are responsible for the preparation of the financial statements and for being 5at15fied that they gwe a true and fair view, and for such internal control as the trustees determine 15 necessary to enable the preparation of the financial statements that are free from material mi5Statement. whether due to fraud or error. 22-
JW3 Trust Llmited liimited by guarantee) Independent auditorfs report to the members of JW3 Trust Limited For ihe year ended 31 Defernber 2023 In preparing the financial statements. the trustees are responsible for assessing the group and the parent chariiable companvs ability to continue as a going concem, disc105in& a5 applicable, matters related to going conterft and using the goin8 concern basis of accounting unless the trustees either intend to liquidate the group or the panI charitable company or to cease operations. or have no realistic alternatNe but to do so. Auditorfs responsibilfties for the aud•t of the finanaal st•tements We have been appointed as auditor under the Companies Act 26 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit condurted in accordance with ISAS IUKI will always dete a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the a8gre8ate. 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-compliante with laws and regulatTrons. We design procedu5 in line with our responsibilities. outlined above. to detect materia misstatements in respect of irregularities. including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the group and parent charitable tompanws financial statements to material misstatement antl how ffaud might occur. including through discu55ions with the trustees, discussions within our audit team planning meetin& updating our record of internal controls and ensuring these controls operated as intended. We evaluated possib5e incentives and opportLtnities for fraudulent manipulation of the financial statement5. We identified laws and regulations that are of significance in the context of the group and parent tharitable company by distussions with informed management and updating our understanding of the sector in which the group and pant charitable company operate. Laws and regulations of direct significance in the context of the group and parent charitable company include the Companie5 Act 2006 and guidan issued by the Charity Commission for England and Wales. Audit response to risks identified: We considered the extent of compliance with these laws and regulatn5 as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable CoMpanS records of breaches of laws and regulations, minutes of meetin8s and correskw)ndence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable compan15 policie5 an(J -23-
JW3 Trust Limited (LIMIt by guarantee) Independenl auditorfs report to the members of JW3 Trust limited For the year ended 31 December 2023 procedures for compliance with laws and regulations with members of mana8ement responsible for complian. During the planning meeting wtth the audit team. the engagernent partner drew attention to the key areas which might involve non-compliante with laws and regulations or fraud. We enquired of rnanagement whether they were aware of any instances of non-wmpliance with laws and regulations or knowledge of any au81, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of joumal entries and identifying any significant transactions that were unusual or outside the nomial course of business. We assessed whether judgements made in making accountin8 estimates gave rise to a possible indication of management bias. At the completion stage of the audit. the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws arid regulations and fraud. There are inherenl limitations in the audit procedures described above and the hjrther removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statemenis, the less likely we would become aware of it. Also, the risk of not deterting a material misstatement due to fraud is higher than the risk of not detectin8 one resulting from error, as fraud may invofve deliberate concealment by. for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at= www.frt.orE.uklAuditorsrespon5ibiltties. This description forms part of our auditorfs report. Claire Wills (Senior Statut¢)ry Auditorl for and on behalf of Saffery LLP Chartered Accountants Statutory Audilors 71 Queen Victoria Street London EC4V4BE Date: (Q) 2014 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Compan$ Act 2006 -24-
JW3 Trust limited (Limited by 8uaranteel Statement of financial Activities (Induding Ineorne and Expendlture A¢¢ountl At 31 Detember 2023 Funds General Fuhds Deed Restrlcted Noie Total 2013 Tal 202Z Inmrne from: Donations= JW3 Oevebpment Gra Don•tÉd Goods 1011.752 2,711360 127.5C#) 539.469 951.148 9,397 4.399,874 2.197.976 123.orij 390,583 586.622 1,712 3.299.893 127.% Trading artivities Chantable artNityes 539,469 951.148 Investments Ink interest) Total incorne 9.397 3.511.766 888,108 ExpendiEuie IM: Trading activities Charitable activities 324.167 3,387,057 3.711.224 324.167 4,014,741 4,338,908 241.516 172.542 172.542 455.142 455.142 3,619,662 3,861,178 Total expenditure Net lexpelditurellfjncthme befwe transfers 1199.4581 11725421 432,966 fll.966 1561,285 Gr055 tran5fÈrs between funds lexpeTh4itureifinrryne for iheyear and net mtyffieni In fwds 15.(ml I4.688} I204.4> 234.146 31.278 60.966 1561,2851 Fund balances at ljanuary Fund balamees at 31 3,UJ2.497 31.072.168 6.667 34,081,332 34.642,617 2.798.039 31.3(.314 37.945 34,142,298 34,081,332 The consolidated statement of financial activities includes all gains and losses recognised in the year. All income and expendbture derives from continuing activitie5. The notes on pages 28 to 44 form part of these financial statements. -25-
JW3 Trust Limited (Limited by guarantee) Balance Sheets At 31 December2023 Group Charity 2023 2022 2023 2022 Note Fixed assets Tangible assets Investments 31.454,548 31.213.243 31,360,8E 31.112,855 250,001 31,362.856 31,454.548 31.213,243 31.3K),862 Current Assets Stock Debtors Cash at bank and in hand li 3,167.105 248.043 3,417,548 1.918.812 1,624,095 3,548,307 3,004,942 45.939 3.050.881 2,654,107 1.491.374 4.145,481 Creditors: amounts fallin8 due within one year 12 1729,7981 1680.2181 1270,9121 1341,8741 Net current assets T¢tal assets less current liabilitie5 2.687.750 2,868,089 2,779,969 3,803,607 34.142,298 34.081,332 34,140,831 35.166,463 Restrirted Income Funds 37,945 6.667 37.945 6,667 Unrestricted Funds Designated funds General unrestrirted funds 14 15 31.306.314 2.798.039 34,104,353 31.072.168 3.002.497 34,074.665 31,306,314 2,796,572 34.102.886 31,072,168 4,087.628 35,159,796 34,142.298 34,081,332 34,140,831 35,166.463 As permitted by section 408 of the Companies Act 2(I)6, the charitable company has not presented its own profit and Ios5 account and related note5. The companls 105$ for the year was £1,025,63212022.. loss of £538,821). The notes on pages 28 to 44 fom) part of these financial statements. The accounts were appr¢)V by the truste M Nohr IChaiTI Trustee Company Re8iStration No. 05679146
JW3 Trust knmited {Limited by guarantee) Statement of Cash Flows For the year ended 310ecember 2023 2023 2022 Note Cash fiow5 from operating arti¥lties Cash lused in) operations 18 {895,830} 1172,B721 Cash flow5 from investing artivitles Purchase of tangible fixed assets Interest receNed 1489,6191 9.397 142,2311 1.712 Net cash (used in) investing activ•tles 1480,2221 140,5191 11,376,052) 1213.3911 Net decrease in $h and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 1,624.095 1.837,486 248,043 1,624,095 The notes on pages 28 to 44 form part of these financial statements.
JW3 Trust Limited (Limited by guarantee) Notes to the financial statements For the year ended 31 December 2023 Accounting policies Company informatlty) JW3 Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered Offi is 341-351, Finchley Road. London NW3 6ET. Basis of prepaiation of financial slatements These financial statements have been prepared in accordance with the second edition of FRS 102 "The Financial Rewrting Standard applicable in the UK and Republic of Ireland" I-FRS 102.1, -Accounting and Reporting by Chartties~ the Statement of Retommended Prattice for charr(ies applying FRS 102. the Companies Act 26 and UK Generally Accepted Accounting Practice. The charity is a Public 8enefrt Entity as defined by FRS 102. The financial statements are prepared in sterlin& which is the functional (rn(Y of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The group financial statements reflect the results and combined financial posiiion, consolidated on a line-by-line basis, of Jw3 Trust Limited and its subsidiaries. JW3 Trading Ltd and Hamp5tead Slope Developments Ltd. The financial statements have been prepared under the historical cost Convent)n. The principal accounting polioe5 adopted are set out below. Going concern The financial statements have been prepad on a going concern basis. The trustees reviewed financial performance in 2023 against the financial roadmap accompanying JW3's five-year strategy through to 2028. including considerètion of fundraisin8 by JW3 Development. The trustees consider that JW3 Trust's financial performance, reserves and liquidty a broadly in line with that roadrnap. The directors also reviewed the group mana8ement accounts for the period to 31 May 2024, and fowast income statements. balance sheets and cash flows for the year to December 2024. The directors scrutinised the key assumptions underlying these forecasts. and the financial roadmap for the period after December 2024. The financial forecasts and financial roadmap assume that JW3 Development. a separate charity that undertakes fundraising forJW3 Trust, will continue to raise sufficient funds and grant them to JW3 Trust to enable JW3 Tnjst to meet its charttable objectNes. Confidence in JW3 Development's ability to support JW3 Trust is supported by a siBnrficant multi-year pledge through to 2028 from a major donor and multi-year pledges from other donors. Accordingly, the trustees a satisf*d that current cash reseNes tO8ether with forecast cash flows are adequate to meet the group's obligations ès they fall due so that it can continue to operate for at least 12 months from the approval of these accounts. -28-
JW3 Trust Limlted (knmited by Luarantee) Note5 to the financial statements For the year ended 31 December 2023 Charltable fund5 Unrestricted funds are available for use at the dIsCtion of the trustees in furtherance of their charitable obje¢tNes unless the funds have been designated for other purposes. Designated funds cornprise funds whKh have been set aside al the dIscretn of the trustees for specrfic purposes. The purSeS and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specifK conditions by donors 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. IA Income Income is recognised when the charity 15 legally entitled to it after any performance conditions have been met. when the amounts can be measu reliably and when it is probable that income will be Ceived. Government Grants recewed are ognIsed on an accruals basis. Cash donations are recognised on reipt- Other donations a recognised On the charity has been notrfied of the donation and there is a reasonable expectation of receipt. unles5 performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gtft Aid or deeds of covenant 15 recognised at the time of the donation. Legacies are recognised on receipt or earlr rf the charity has been notified of an impending distribution. when the amount is known and there is a high degree of certainty as to receipt. If ihe amount cannot be reliabty estimated or receipt i4 uncertain, the legacy is treated as a contingent asset. Donated g¢)ods and services are recognised in the financial statements. within income and expenditure, at the estimated value to the chartty of the goods or seNices receNed. Turnover from other trading activities is measud at the fair value of the consideration received or receivable and represents amounts re1¥able forgoods and serv15 provided in the normal course of business, net of discounts. VAT and other sales related taxes. Expenditure Direct charitable e¥pendrture comprises all the expenditure relating to the attivities carried out to achieve the tharity's objectives. Support costs consist of expendrf(ure incurred in support of the charitable activitie5. This includes relevant proportion5 of proviSn of prnISes, staff c05ts. facilities and governance cosis. Governance includes the costs of compliance with constitutional and Statutory requirements. Expenditure is allocated directty to the expenditure headings as far as practicalty possible to reflect the actNtties of the charity. -29-
JW3 Trust Limited (Limited by guarantee) Note5 to the financial statements Fof the year ended 31 December 2023 Wages are allocated to drflerent artNfties on the basrs of t1 spent. Tangible fixed assets Tangible fixed assets are stated at C05t less depreciation. DepreCIat)n is provided at rates calculated to write off the cost less estimated residual value of each asset over it5 expected useful life. as follows- Freehold bjildings Fixtu$, frttings and equipment 2% straight line I residual valuel 33% straight line No depreciation is provided in respect of freehold land. Impairment of fixed assets At each reporting date. the charity reviews the carrying amounts of its tangible aet5 to determine whether there is any indication that those assets have suffered an impairment loss. If any of such indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss Irf anvl. Stock Stock comprises bar stock and is stated at the bwerof cost and estimated selling price. Cash and ¢ash equivalents Cash and ta5h equivalents include cash in hand. dewsits held at call with banks. other short-term liquid investments with original maturities of 95 days or less, and bank overdrafts. Inve5trnents- bank deposits Bank deposits with original maturities of greaterthan 95 days but less than one year arè classified as current assel investment5. i.ii fin•n¢ial Instrurnents The charity ha5 elected to apply the provisions of Sertion 11 '8asic Financial Instruments, and Section 12 '0ther Financial Instrument515sues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charlS balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilitie5 are offset, with the net amounts presented in ihe financial Statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to Sett on a net basis orto realise the asset and settle the liability simultaneousty. l.11.1 Basic financial assets Basic financial assets. which include debtors lexcluding prepayments and any statutory or fiscal 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 CeIptS discounted
JW3 Trust knmited (Limited by 8uaranteel Notes to the financial staternents For the year ended 31 December 2023 t a market rate of interest. Financial assets classified a5 re1vable within one year are not amortised. 1.11.2 Basic financial liabilities Basic financial liabilKties, including creditors otherthan tax balances, are initialty recognised at transaction pri unless the arrangement constitutes a fi'nancing transaction, where the debt instrument is measured at the present value of the future receipt5 discounted at a market rate of inte5t. Financial liabilities classified as payable within one vear are not amort15ed. 1.12 Employee beneffts The cost of any unused holiday entitlement ts recognised in the period in which the employee's seNices are received. Terniination beneffts are recognised immediately as an expense when the charty is demonstrably committed to temiinate the employment of an employee or to provide termination benefhts. Retirernent benefits Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. Critical ac¢¢uMin8 estimates and judgements In the application of the charitVs accounting policies. the trustees are required to rnake 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 estimate5. The estimates and underjying assumptions are viewed on an ongoing basis. Revisions to actounting estimates are recognised in the period in which the estimate is revised where the revision affect5 only that period. or in the period of the revIsn and future periods where the revision affetts both current and future periods. Criticol judgements in upptying the Group s occounting polffcies." The residual value of the freehold buildings has been estimated by the trustees to be 80% of the original cost of the building after the useful economic life of 50 years. In deciding to depreciate the building assuming an 80% residual value. the trustees carefully considered the best method that could be applied to cOgnise the nature of building, in that it is well built, long lrfe asset whose value will be retained via an ongoing maintenance programme to ensure the building kept to a high standard. They considered it important to find a method that recognised the trne usage of the building over the perd and to bear in mind the building's position. profile, and the expectation of a rise in the propertv market over the next 50 years. They have committed to review their assumptions yearty. 31-
JW3 Trust Umited (Limited by guarantee) Notes to the financial statements For the year ended 31 Decernber 2023 3 Income from Tradin8 Artivitles Income from Trading Activities include5 government grant5 received of £196,13412022- £221,728) 4 Expendlture on Trading Activities 2023 2022 Trading cost of sales Staff costs Oepreciation 209.960 103.950 10,257 324,167 156,640 66,111 18.765 241,516 5 Charitable Act•¥ities- 2023 Direct Support costs Governance costs 2023 Staff costs Deprecialion General charitable expenditure Premises Costs Distribution of donated goods Legal, professional and audit fees 807,758 238,054 938,236 849,242 127.500 664,323 1.472,081 238,054 1,241,904 851,057 127,500 84.145 303,668 1,815 84,145 2,960,790 969,806 84,145 4,014,741 Charitable A¢tivities- 2022 Dirert Costs Support costs Governance costs 2022 Staff costs Oepreciation General charitable expenditure Premises costs Distribution of donated goods Legal. professional and audit fees 1.111,407 223,525 581.799 730.951 123.0 639,678 1,751,085 223,525 716.921 730,951 123,000 74,180 135.122 74,180 2.770,682 774,8(K) 74.180 3,619,662
JW3 Trust Limited (Limited by guarantee) Notss to the financial statements For the year ended 31 December 2023 2023 number 2022 number 6 Employees The average monthly number of employees during the year was- Administration Box Office Cinema Commercial Gateways Marketing Operations Programming and production Total io 39 15 46 Employment Costs 2023 202Z Wages and salaries Social security costs Other pension costs 1.407,837 136.250 31,944 1,619.801 145,852 39,502 1,576.031 1,805,155 The Charrty had no employees during the year,. all staff are employed by JW3 Trading Ltd. The charitfs key managerneni personnel at the year-end comprises the Board of Trustees, the Chief Executive Officer, the Chief Revenue Officer, the Dirertor of Finante & Operations, the Programming Director. the Marketing & Communications Director. and the Head of People & Cuhure. None of the trustees Inor any persons connected with them) CeIVed any remuneration or expenses during the year12022.' nill. Total remuneration and benefits (including employerfs national insurance contributions) of management personnel amounted to £528,63612022'. £447,400). Included in Wa8e5 and Salaries are payrnents in connection with terrninaiion of employment duTinB the year of £54,30412022- £30,417). The charge to the Statement of Financial ActNlties in respect of defined contribution pension scheme5 was £31.94412022: £39.5021. -33-
JW3 Trust Limited ILimited by guarantee) Notes to the financial statements For the year ended 31 December 2023 2023 number 2022 nurnbei The number of employees whose annual remuneration was £60,(KK) or more were: £60.(MXI- £69.999 £80.10- £89,999 £90,(MYJ- £99,999 £IOO,CKXS- £109,999 £110.1- £119.999 Nel lexpenditureifincornt: Net lexpenditurellincome 15 Stated after charging: 2023 2022 Auditorf5 remuneration- For the audit of the parent charity and group For the audit of the subsidiary entrties Tax services Depreciation 13.500 21.750 2.913 248,314 14,525 22,475 5.2C 242,288 8.1 Tanglble Flxed Assets Group Freehold land and buildings Fixtures, fittings and equipment Total At l January 2023 Additions 32.865.925 406.689 999,175 82.930 33,865,100 489,619 34,354,719 At 31 Oecember 2023 33,272.614 1.082,105 Depreciation and impairnient At l January 2023 Depreciation charged in the year 1,793.757 172.543 858.1(Xl 75,771 2,651,857 248,314 At 31 Decefflber 2023 1.966.3( 933.871 2,900,171 Net book value At 31 December 2023 31.306.314 148,234 31,454,548 At 31 December 2022 31.072.168 141,075 31,213,243
JW3 Trust Limited (Limited by guarantee) Notes to the financial statements For the year ended 31 December 2023 Tangible Fixed Assets Charity Freehold land and buildin85 FiXre5, fittings and equipment Total C05t At lJanuary2023 Additions 3265,925 406.689 591,406 25.520 33,457,331 432,209 At 31 December 2023 33,272,614 616,926 33,889.540 Depre¢lation and Impaimient At l January 2023 Depreciation charged in the year 1.793,757 172,543 550.719 11,661 2,344,476 184,204 At 31 December 2023 1,%6,3CQ 562,380 2,528,680 Net book value At 31 December 2023 31.306.314 54,546 31,360,860 At 31 December 2022 31.072.168 40,687 31,112,855 Included in freehold land and buildings is £437.907 relating to assets in the course of wnstruction. Fixed Asset Investhients_ 2023 2022 Char•ty only Investments in subsidiaries 250,1 A provision of £249,999 was made in 2023 to reduce the carrying value of the investment in JW3 Trading Lid to r¢5 estimated recoverable amount. 10.1 Subsldiaries Oetaits of the chart$ subsidiaries at 31 December 2023 are as follows.. Country of Class of incorporation share United Or(Jinary Kingdom % held dirertly loo Name of undertaking Hampstead Slope Developments Ltd Company No. 07686348 Nature of lJusine$5 Head lessee of residential flats JW3 Trading Ltd, Company No. 07686352 Uniied Kingdom Operation of JW3 Community Centre Ordinary loo
JW3 Trust Limited (Limited by guarantee) Notes io the financial 5tstements For the year ended 31 Oecember 2023 10.2 IoMe and expenditure ofsubsidiary companies for the year ended 311)ecember 2023: JW3 Trading Ltd 2022 HSD Ltd 2022 2023 2023 Profit and1055 account Turnover Expenditure Profitl{lossl for the finandal vear Shareholderfs funds at I January Gift Aid distribution payable to parent company Shareholderfs funds at 31 December 4,353.496 14,331,534) 3.837,024 13,859,096) 4.966 14,7941 15,1691 21.962 {22.0721 172 12691 1836.4261 1814,3541 1,295 1,687 11231 1814.4641 1836,4261 1,467 1,295 li Debtors: amount$ falling due within Me year Group Ch• 2023 2023 2022 2022 Trade debtors Amounts duefrom group undertakings Amounts due from connected charity Other debtors Prepayments and accrued income 102.567 79,210 49.851 683.435 1,238,030 2.6.925 64.673 1.663.376 83.988 2.246.191 25.465 1,375,235 92,940 92,238 40,842 3.167.105 1.918.812 3,CQ4,942 2.654.107
JW3 Trust Limited (Limited by 8uarantee) Notes to the financial ststements For the year ended 31 Dttember 2023 12 Creditors: amounts falli due within one year Group Charlty 2023 2022 2023 2022 Trade creditors Amounts due to group undertakings Taxation and social security Other creditors Accrua15 Deferred income 215,604 142,030 8.739 750 34,580 181,060 109.489 189,065 35,878 244,942 94.597 162,771 166,064 13,5 82.609 229,866 20,221 91,037 729,798 680,218 270,912 341,874 Deferred income represents the total value of lease rental, ticket sales. rnembership and venue hire invoiced in advance as at the year end and realised within one year. 37-,
JW3 Trust Limited (Limited by 8uarantee} Notes to the finan¢ial ststements For the year ended 31 December 2023 13 Restrirted Funds- Group and Charity The income funds of the group an(J chartty include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in Funds 2023 Incomin8 ftesour¢es Transfers Resource5 Expended Balance at l Jan 2023 Balance at 31 De¢ 2023 Programming and Activities Buildin8 and Operations Donated Goods 6.667 347.1 1327,6421 26,125 413,508 1401,6881 11.820 127.5rKI 1127.5001 6,667 888.108 1455.1421 1401,6881 37,945 Movement in Funds 2022 Balan¢e at ljan 2022 Incoming Resources Resources Expended Transfers Balance at 31 Dec 2022 Programming and Activities Building and Operations Donated Go¢)ds 16,280 261,745 1266,3581 15,0001 6,667 2.967 12.9671 123,CLXI 1123.(K)01 1392,3251 19.247 384,745 15,0001 6.667 Programming and ActNities includes funds provided by various organisations and individuals to fund the food bank and to support specrfic areas of programming. Included, for e¥ample. is funding to subsidise music programming and events for Young Professionals. Building and Operations include5 donatn5 recewed for the construrtion of a pergola in the pia2za. A transfer was made from Restricted to Designated Funds relating to these donaiions. Donated goods are rtems donated to the food bank and distributed to those in need. -38-
JW3 Trust Limiied (Limited by guarantee) Notes to the financial statements For the year ended 31 December 2023 14 Oesiznated Funds- Group and Charity The income funds of the group and charity include the following designated fund which has been set aside out of unrestricted funds by the trustees for a specific purpose- Movement in Funds- 2023 Intomin8 Resources Resour¢es Expended Balance at l Jan 2023 Balante at 31 Dec 2023 Transfer5 Fixeil asset fund 31,072.168 1172.5421 406.688 31.306,314 Movemert in Funds- 2022 Incoming Resources Resources Expended Balan¢e at l Jan 2022 Balance at 31 2022 Transfers Fixed asset fund 31,244.468 5.250 1177,5501 31,072.168 The value at the year-end is equal to the net book value of land and buitding5. 15.1 General Unrestrirted Funds- Group The income funds of the group include the folk)wing general unrestricted funds- Movement in Funds- 2023 Balance at l Jan 2023 Incoming Resources Resour¢es Expended Transfers Balance at 31 De¢ 2023 Funds 3.C(12.497 3.511.766 13.711,2241 15,c(KJl 2,798,039 Mo¥ement in Funds- 2022 Balance at l Jan 2022 Incomin8 Resowces Resources Empended Transkn Balance at 31 Dec 2022 Funds 3,378,902 2.992,413 13.373.818) 5,000 3,2,497
JW3 Trust Ltmited (Limited by guarantee) Notes to the financial statements For the year ended 31 Detember 2023 15.2 General Unrestrirted Funds- Charity The income funds of the charity include the following general unrestricted funds: Movement in Funds- 2023 Incoming Resources Expended Balance at I Jan 2023 Transfers Balance at 31 Dec 2023 Funds 4,087.628 2.626,620 13,912,6761 15.0(Kil 2,796,572 Movement in Funds- 2022 lftcomlng Resources Resources E¥pended Balance at I Jan 2022 Transfers Balance at 31 De¢ 2022 Funds 4.441.569 2.391.794 12.750.735) 4,087,628 16 Analysis of net assets between lunds Group General Unrestrirted funds Designated funds Restrirted funds Totsl Fund balances at 31 December 2023 are represented by- Tangible assets Net current assets 148.234 . 2.649.805 31.306.314 31,454,548 2,687,750 34,142.298 37,945 37,945 2.798,039 31.306.314 Fund balances at 31 December 2022 are represented by- Tangible assets Net Cufnt assets 141.075 31.072.168 31,213,243 2.868.089 2,861,422 3.OJ2.497 6.667 31.072,168 6,667 34.081,332
JW3 Trust Limited ILimited by guarantee) Notes to the financial statements For the year ended 31 December 2023 Charity General Unrestrirted funds Designated funds Restrirted fvnds Total Fund balances al 31 Decernber 2023 a represented by- Tangible assets Investments 54,546 31,306.314 31,360,860 Net cUrnt assets 2.742.024 37,945 37.945 2,779,969 34,140,831 2.796.572 31.306.314 Fund balances at 31 December 2022 are represented by= Tangible assets Investments 40.687 250,001 3,796,940 4,087,628 31,072.168 31,112,855 250,001 3,803,607 35.166.463 Net current assets 6,667 6,667 31.072,168 -41-
JW3 Trust Limited (Limited by guaranlee) Notes to the ffinancial statements For the year ended 31 Dewnber 2023 17 Related party tran5arti0ns D Joseph, A Dorfman and D Kershaw are also trustees of a separate charity. JW3 Development, whith granted JW3 Trust Limited £2,772,36012022: £2.197.9761. M Nohr is a Director of London Krav Maga Ltd ILKMI. LKM provide Krav Maga tlasses at JW3 and pay a rental based on a splri of turnover less finance costs. During 2023. JW3 Trading Limited billed LKM £39,42412022.' £37.7831 excludin8 VAT. The aggregate amount of donations made to JW3 Development by trustees of JW3 Trust was £175.815 in 2023. all of which was unrestricted12022- £138,705). At the yearend, in the Charity accounts. there is an amount of £2.246,191 {2022.' £1,375,235) due from JW3 Development (which funds JW3 Trust by way of a grant) wf(hin Amounts Due from Connected Charity. At the year end. in the Group accounts, there is an amount of £2,9)6,92512022.. £1,663,376) due from JW3 t)evelopment within Amounts Due from Connected Charity. At the year end. in the JW3 Trust charity accounts, there is an amount of £1.497,89912022: £1.238,0301 due from JW3 Trading Ltd within Debtors - Amounts Due from Group Undertakings. A provision of £814,464 wa5 made in 2023 to reduce the recoverable amount to £683,435. During the year, JW3 Troding charged Jw3 Trust a £170.837 management charge12022: £165,4831 and a £143,742 service char8e12022= £126.0921. JW3 Trust charged JW3 Tradin8 rent of £325,OCQI2022= £325,IKQI and paid a grant to JW3 Tr3din8 of £2,838,73812022= £2,624,605). At the year end, in the JW3 Trust charity accounts. there is an amount of £8,73912022: £750} due to Hampstead Slope Developments Ltd within creditors. A number of JW3 trustees are also directors ortrustees of organisations that pay to use the facilities or are supplier5. Such transaction5 are in the course of normal business and are not at preferential rates. -42-
JW3 Trust Limited (Limited by guarantee} Notes lo the financial statements For the year ended 31 De¢ember 2023 18 Cash used in operating activities 2023 2022 Net income/le¥penditurel EQ.966 1561,2851 Adjustments for- Investment income included in profrt or10sS Depreciation and impaiment of tangible fixed assets 19,3971 248.314 11,7121 242,288 Movements in working capital- Decfease in stock Ilncreasel in debtors Increase in creditors 3,000 11.248,2941 49.581 1895.8301 137,5671 185.404 1172,8721 Cash used in operations 19 Analysis of than8es in cash balances Atljan 2023 At 31 Dec 2023 Cash flows Cash at bank and in hand 1,624,095 11,376,052) 248,043 The Group did not have any debt at 31 December 202312022: nonel- Net funds at 310ecember 2023 were £248,04312022.. £1,624,095). 20 Operating lease commitments At the reporting date the group had no outstanding commitments for fvture minimum lease payments under non-cancellable operating leases. JW3 Trust also acts as a lessor in connertion with operating leases and continue5 to recognise the assets subject to operating leases as assets on its balance sheet. The amounts due from le55ee5 are reco8nised in the Statement of Financial ActNities on a receNable basis. The leases relate to the rental of property. The future minirnum receipts arising from operating leases, subject to certain lease temis, are shown below-. 2023 2022 Within one year In the second to fifth years inclu5i¥e After five years 135.914 585,671 753,434 1.475.019 131,955 568,613 906,407 1.606.974 -43-
JW3 Trust rnited {Limited by 8uarantee) Notes to the financial statements For the year ended 31 December 2023 21 Le8al status ¢f the charity The charity is a company limited by guarantee and has rK> share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up. 22 Comparative Statement of Flnanclal P£tl¥ltles Vnrestrirted Funds General Unrestricted Funds DesIgned Restrirted Funds Totsl 2022 Income from: Donations- IW3 Development Grant Donated Goods Trading activities Charitable actNities Investments (bank interest) Total income 1.930.981 5.250 261.745 2.197.976 123,ly 123,IX 3.583 390,583 $86,622 58&622 1.712 2,9)9.898 1,71Z 3,299.893 5.250 384.745 Expenditure on: Trading activities Charitable activities Total expenditure Net incomellexpenditurel belore transfers Gross transfers between funds Net {expendlturellincome for the year and net movement in funds Fund balances at I Jantsary Fund balances at 31 December 241,516 241.516 3.C49,787 3.291,303 177.550 177.550 392,325 392.325 3,619,662 3,861,178 1381.4051 1172.3Q)I 17,$801 1561.28SI Is.co]I 1376.4051 1172.3(K)I IiiS801 1561,2851 3,378.902 31.244.468 19.247 34.642.617 3.(X12,497 31.072.168 6.667 34,081.332