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 EX￿Ut1¥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 De￿mber 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• Arnw￿JW5aTrd rta(h •nOtmp￿7 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 pers￿12022. 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,c￿l. 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 pr￿ritIeS 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 AnnIve￿ary Gala Fundraising Evenin& planned and run by JW3 Development, the first in-per50n fundrat5ing dinner since 2019, wh￿h 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 pl￿e 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 Con￿m$. 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 rec￿ational activities for children and teens,. sessions for parents with trauma-expert mental health professionals,. and briefing se55￿￿5 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 theMSe￿e$ 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 ment￿ned 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 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 2￿6 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 (￿r￿n(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 prepa￿d 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 dIsC￿tion 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 dIscret￿n of the trustees for specrfic purposes. The pur￿SeS 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 re￿ipt- 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 earl￿r 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 measu￿d at the fair value of the consideration received or receivable and represents amounts re￿1¥able forgoods and serv1￿5 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 proviS￿n of p￿rnISes, 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 a￿et5 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 charl￿S 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 re￿1vable 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 inte￿5t. 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 revIs￿n 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 per￿d 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 £80.1￿0- £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 FiX￿re5, fittings and equipment Total C05t At lJanuary2023 Additions 32￿65,925 406.689 591,406 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$5 Head lessee of residential flats JW3 Trading Ltd, Company No. 07686352 Uniied Kingdom Operation of JW3 Community Centre Ordinary loo JW3 Trust Limited (Limited by guarantee) Notes io the financial 5tstements For the year ended 31 Oecember 2023 10.2 I￿oMe and expenditure ofsubsidiary companies for the year ended 311)ecember 2023: JW3 Trading Ltd 2022 HSD Ltd 2022 2023 2023 Profit and1055 account Turnover Expenditure Profitl{lossl for the finandal vear Shareholderfs funds at I January Gift Aid distribution payable to parent company Shareholderfs funds at 31 December 4,353.496 14,331,534) 3.837,024 13,859,096) 4.966 14,7941 15,1691 21.962 {22.0721 172 12691 1836.4261 1814,3541 1,295 1,687 11231 1814.4641 1836,4261 1,467 1,295 li Debtors: amount$ 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 donat￿n5 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 Cuf￿nt 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 cUr￿nt 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 DesIgn￿ed 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