Docusign Envelope ID.. 3D49A61ADl E49C&8902-9D9AF60643AD Company Registration 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 2024 AEC493HL 2910912025 COMPANIES HOUSE A15
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DO51gn Envelope ID.. 3D49A619-AD1 E49C5-8902-9D9AF6D643AD JW3 Trust Limited Legal and admlnlstratlve Informatlon Trustees Jeremy Abram (appointed June 2024) Gloria Abramoff {appointed February 20251 Raf i Addlestone Neil Blair Joseph Cohen Amy Oorfman Tammy Einav Denise Joseph Clive Kahn (resigned April 2024) Cary Kochberg David Kershaw Marc Nohr {Chair} Katy Ostro Claudia Rosencrantz Jonathan Simmons Charity Number 1117644 Company Number 05679146 Principal Address and Reglstered Offlce 341-351 Finchley Road London NW3 6ET Chlef Executlve Offl¢er Raymond Simonson Independent Audltor Saffery LLP 71 Queen Victoria Street London EC4V 48E Bankers Lloyds Bank plc 39 Threadneedle Street London EC2R 8AU
Docusign Envelope ID.. 3049AS1ADlE49C&8gO2-9D9AFGD64JAD JW3 Trust Limited (Llmlted by Guarantee) Contents Page Trustees, Report 1-19 Independent Auditor's Report 20-23 Group Statement of Financial Activities (including Income and Expenditure Account) 24 Group and Charity Balance Sheets 25 Group Statement of Cash Flows 26 Notes to the Financial Statements 27-43
Docusign Envelope ID.. 3D49A619-AD1 E49C&8902-9D9AF60643AD JW3 Trust Limited (Limited by Euarantee) Trustees. Report For the year ended 31 December 2024 The trustees present their report and accounts for the year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and complv with the charity's Memorandum and Articles of Association (which is the charity's governing document), the Companies Act 2006, and the Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102). INTRODUCTION TO JW3 JW3 Trust I'the Charitrf'l is the governing charity that runs JW3- Jewlsh Commun5ty Centre London I'the Centre" or"JW3"1. JW3 is the UK'S flagship Jewish Community Centre, the only public venue of its kind in the UK for Jewish arts, culture, learning and community. Thls report covers the actlvltles of the Charity and the companies that are controlled by it (the "JW3 Group"). "Over the yeors, JW3 hos brought people together ocross different generotions, bockgrounds ond cultures tofind joy in, and new appreciation of, Jewish culture, Strengthening the bonds thot ore so important in our world todoy. In everything the centre does -from performances, to octivities ond sociol outreach - they emulote the hospitality of the Jewish community ond ore truly o beocon of pride, o place of hope, ond o community of welcome," Slr Kelr Starmer, Prlme Mlnlster, November 2024 AIMS. OBJEcfivES AND STIIATEGY: The legal objects of the charity are to benefit such charities and such charitable purposes in accordance with the law of England & Wales as the trustees may determine. In summer 2023, JW3's trustees signed off on a new ambitious 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:
Do¢usign Envelope ID.. 3D49A6IADl E49CS-6902-9D9AF6D643AD JW3 Trust Limited (Limited by guarantee) Trustees, Report (continued) For the year ended 31 December 2024 , IiISION. A.vibranl," diverse,'unified'jewish community, engage'd.1itI7.jeWl5ll life.a nd .3Ctively contri buting t'o wider. society. .To create. open and.welcomiiig Jewish Spaces that br.ing.different péoplè..: together, strengtheii identities, a nd build commun ity.tlirough arts, cultLire',' education, a nd social action MISSION Engage Unite Encounter Enable morejews 10 engage Iii_ meanin8lul 50rlal acliofi and losi[ closer rela(ion5hips iviih other commiJnitie5 Increlse the nuniber and fan8e ol Jewish people enB38ed with poslilve Jevjish experiences aDd expressions of Jewish lile ill8 greater numbeis of Jevis inro positive contacl wil.h OLher lypes ol Jewish people across divldes, 5trengtherting sense Df commus)ity IMPACT l. We will delivor 2. W¢ will build th¢ buLZ 3. We will extend our in 4 1round JW3 and 83inst our Mi5S¢011 reach ind impa<i both whi15t achicvinc develop a brand wiihin and beyond our rinancial susiaiiièbiliiy reputailon makinE IW3 walls. enBa81118 more the place for vibrant peoplc ITh more pl¥¢es lewi5h culturo + communitv 4. we will 4)mplily the scale and influence of our social aclion PfO4ramm¢, guided by our core Value5 KEY STRATEGIC AIM5 In 2024 this was further developed into a fuller Theory of Change, and an Impact Measurement process wa5 created. JW3's Th•ory of Chang• VISION A¥lbrnnK dlv•rs•, Unin•dJ1h cgmfflunlty. •#$•a wilh l•wl¥h Ilf••nd •rtl¥ely ¢ontrlbullnito wldw wrl•ty MISSION T• ¢rt• Open wdcofflln4 J•wlsh sp4cesthHt biln¢dMl•Mht p••pht•i•th•r. str•noth•n Identlll•B. and bulld Addresses Activities OLJlpuls Oulcomes Longer- Impècl l.knlnrvt4Mdnuffthrand virypllypEoCTrp6ed lertwii ¢tnnttrw4ththetrJrith 1110• AR75& CULTURE..Alm., Jvdthfile l.JvithFwlvd•¥dopbenerund¢rM•nth £th11r., Liler4ivrE,.CykL liv 2.Crft•¢ernuthrsof l• plea brwhtkntp (M¢•¢1¥th Qlhwtywsof FA441UfS& YOUNfjPE¢PLE..•Me& Po&1 Natsl,. TrAlthvG F1rnlprOv1rnrnirkn1I io raiiknl•nthenM j.tjr1$h wplE ire nyt4pkn ol Jkuie4 tsiths 4ndrtlMnt t STf14TEGIC AIMS l. wwir•blhv 2. we%111k1t lnanoirJndjwS1ddp1QP#&or 4.
Docusign Envelope ID.. 3D49A619-AD1E49CS-8902-909AF6D643AD JW3 Trust Llmited ILlmlted by guarantee) Trustees, Report (continued) For the year ended 31 December 2024 2024 ACHIEVEMENTS AND CHALLENGES 2024 In Numbers.. Over 51,000 tickets were booked for JW3 events online and in-person. We welcomed 141.450 vlslts to our building in person Our feedback survey showed 91% vlsltor satlsfaction 90% of our visitors said that their JW3 experience5 helped them feel more connectedto the UK Jewlsh communlty. 75% reported that JW3 enables them to P051tlvely engage wlth Jewlsh culture Our online video content was vlewed 23.060 times. The JW3 website received over 222,000 visits to our prograrnming and events web pages. Our soclal medla web content reached over 1.9 million vlews, We distributed approximately 110,000 mea15 Worth of food through the JW3 Food Bank, across 200 Food Bank sesslons 321 volunteers gave 9,789 hours ol volunteerlng time with JW3 375 people donated blo1 at JW31 Potentially saving up to 1,125 lives ' Source.. JW3 2024 Impact Meosurement Survey ond independent Impoct Report, conducted by external consultonts, Mobilisel Key Achlevements: Led by its co-chalrs, Amy Dorfman, Denlse Joseph (until 29 October 20241 and Davld Kershaw (from 29 October 20241, JW3 Development, a separate charity, Met its fundraising targets for 2024. Highlights included a successful online community fundraising campaign that raised £207,000 thanks largely to the efforts of over 60 volunteer JW3 Community Champions; and our most successful ever Gala Fundraising Dinner, at which we raised £440,000. In April, we were delighted to open The Dorfman Piazza, our new multi-purpose indoor/outdoor structure, very generou51y sponsored by The Dorfman Foundation. thanks to JW3 Honorary Vice President, Sir Lloyd Dorfman, CVO, CBE. With its fully retractable roof and sides, heatin8 and lighting, it has already allowed us to host corporate receptions, conferences, our summer beach- both covered and uncovered- a range of pop- up food offerings, and multiple other events. t j As with the final quarter of 2023, 2024 was in many ways dominated by the impact of the horrific terrorist attacks in Israel on 7 October 2023, the ongoing war. and the rise in antisemitism in the UK. The continuing impact on the British-jewish community was significant in a multitude of ways, and it affected JW3 as the major Jewish Community Centre and Jewish cultural venue in the UK.
Docusign Envelope ID.. 3D49A619-A01E49C5-8902-909AF6D643AD JW3 Trust Limited (Limited by guaranteel Trustees, Report Icontlnued) For the year ended 31 December 2024 Even before the start of 2024, it was clear to us that JW3's unique role had become more important than ever. As well as continuing to offer our wide range of programme and activities that thousands of people every week engage with lin person and/or online), the JW3 team of staff and volunteers swiftly responded to the evolving situation in a very'JW3ish' way. For example: Throughout the year we programmed and offered a range of extra educational talks, classes, and sessions, including a weekly free online briefing with a different expert speakin8 from Israel every week- in"person events. talk5 and discussions at JW3 with top journalists and educators; and special events with visiting experts f rom Israel representin8 diverse views, We hosted several events for Jewish people and others to come tO8ether across divides, to have time and space to reflect, mourn, share their concerns, and connect with others. Working with a small 8roup of volunteers, we created the Empty Seder Table installation in our Piazza building up to and during the festival of Pesach (Passoverl. The aim was to raise awareness of the humanitarian issue of thelsraeli hostages held in Gaza, gaining nationwide media coverage with hundreds of thousands of views of social media, videos, television news, mainstream national newspapers and radio. This installation gave people across London, Jewish and non- Jewish, a place to come to be part of a community, to learn about the plight of the hostages, and to engage in conversation5 about the ongoing situation in a safe space. We continued to offer support for British Jews working in the creative, arts and cultural Sector who found themselves facing unprecedented hostile environments and antisemitism within their professional organisations and groups. We created a Safe space where we facilitate critical conversations for this group who previously felt vulnerable and unsupported. A significant 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. In February 2024, we launched the Lovelock Hostage Bridge at the main entrance JW3, the brainchild ofJW3 member Marcel Knobil, who volunteered his tirne to lead on the project with JW3's CEO. At launch, the installation featured 136 padlocks displayin8 the names of the hostages kidnapped on October 7 2023, as well as padlocks from family of hostages and also high profile personalities. Once13unched, we issued an open, ongoing invitation to the wider public to show their support for this humanitarian issue by personalising and attaching a padlock. This Ilving installation continues to grow, now with over 4,500 padlocks added to date, displaying messages of love and support from members of the public from all backgrounds. In April 2024 we hosted The Yellow Plano: You Are Not Alone. Working closely wlth the London-based Israeli farn1 of 22 (now 24) year old hostage Alon Ohel- a talented pianist- we installed a yellow piano in our main lobby area. We issued an open invitation to all visitors to play the piano and read the accornpanying information about Alon, as a way to connect to him and the other hostages through the universal language of music. Over the course of the week dozens of professional and amateur musicians of all ages, Jewish and not, played the piano, and an estimated 3,OlJ)+ visitor5, saw, 11¥41
Docusign Envelope ID.. 3D49A61&AD1E49CS.8902-9D9AF6D643AD JW3 Trust Limited (Limited by guarantee) Trustees. Report Icontlnuedl For the year ended 31 December 2024 heard and engaged with this cultural expression of support and solidarity through the power of music. In October, we a new global Jewish initiative was launched at JW3 with a distinguished panel comprising Tzipi Livni, Sir Mick Davis, Gila Sacks, and Mike Prashker. The high-quality. profound discussion focused on the challenges facing Israel and the wider Jewish People and formed precursor to the establishment of The London Initiative, dedicated to addressing these issues. 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 impact on the work of JW3. This backdrop has unquestionably made ourjob more difficult, including creating a more challenging fundraising environment for us, both within the Jewish communitvi and outside it. "Over this past year, JW3 has proven to be much more than a cultural hub; it has become a powerful symbol of solidarity and resilience within our community. At a time when many have felt isolated. JW3 has created a space for reflection, support and shared purpose, and has given voice to our collective pain and reaffirmed our bonds with Israel and with one another." Chief Rabbi Sir Ephroim Mirvis K8E, November 2024 2024 Pro8ramme Hl8hll8hts: We delivered a successful year-round programme of events, performances, activities, festivals, courses, classe5, and bespoke community and cultural projetts, enjoyed by over 53,000 participants. We highlight below a selection of the diverse ran8e of programmin8 activities delivered during 2024 in pursuit of our charitable objectives and organisational mission. Programming Highllghts include: The JW3 Pantomlme: Goldlfrocks & the Bear Mltzvah. Following the success of 2023's Red Riding Hood & the Big Bad Pig, the same award-nominated creative team returned with a Jewish panto extravaganza, playing in JW3'5 Howard Hall to 5,766 people from all walks of life. The production was again nominated and shortlisted for a prestigious Offie Award for Best Production of the Year, and for a UK Panto Award for Best Performance. This unique project-the only professional Jewish pantomime in the world- brings together the very best British traditions of pantomime, with classic Jewish storytelling, trademark Jewish humour, and both modern and traditional Jewish music, to create something quintessentially JW3ish.
DosIgn Envelope ID.. 3D49A619-AD1e49C5-8902-909AF6D643AD JW3 Trust Limited ILimited by guarantee) Trustees. Report (continued) For the year ended 31 December 2024 We commissioned the London Jewish Mural depirting the colourful and animated history of the London Jewish community, splashed across a 9-storey mural for everyone to see. At 26 metres high by 14 metres wide, this is the UK'S largest ever public Jewish mural. The artwork, by Jewish artist Leon Fenster, captures the colourful and vibrant essence of London's Jewish community, its history and culture, and its contribution to wider British society. It features over 150 faces from historical figures to local legends, including scenes such as Queen Elizabeth l at the trial of her Jewish doctor, Nichola5 Winton and the Klndertransport, the Battle of Cable Street, and Jewish boxers, writers, politicians, rabbis and musicians across generations. The project was funded throu8h a grant from the Arts Council of England and has been seen by an estimated 42 million people over the past year as they pass it by on the Finchley Road. Durin8 a period where antisemitism in the UK has reached unprecedented levels, leaving many within the Jewish community to 'dial down, their Jewishness In public spaces, Ihe London Jewish Mural has become a beacon of pride, and reflects JW3'5 determination to 'dial the Jewish volume up" [*Sources.' TFL and Deportment for Tronsport fi'gures for vehicles ond pedestrions over 0 12 month period] A packed JW3 audience was fully engaged in a conversation between Raymond Simonson IJW3 CEO) and Or Jonathan Boyd (Director of the Institute for Jewish Policy Research-JPRI, discussing the newly published Jew5 in the UK Today, 2024 report. This report came out of the largest ever survey of Brit15h Jewry, and the event focused on key aspects of life for British Jews today. The event also saw the launch of a new JW3-JPR Podcast serlesjews l)0 Count, on matters affecting British Jews. Thls seven-part series delving into a wide range of key issues with a diverse selection of expert guests, quickly became the number one highest-ranked Jewish interest podcast listened to in the UK, further extending JW3's reach and impact. J. POOIASI Iré0.5(41I jpr
Docusign Envelope ID.. 3D49A619-AD1E49C&8902-909AF60643AD JW3 Trust Lirnited (Limited by guarantee) Trustees. Report (Contlnued) For the year ended 31 December 2024 We partnered with the London Jewish Forum to host a series of Breakfast Briefings with each of the main candidates for the London Mayoral elections, culminating in hosting the official Jewish Community Hustings event. A full capacity audience in JW3's Howard Hall - and many more watching live online-had the opportunity to hear from, and question the four leading candidates, including incumbent, Mayor Sadiq Khan. It was a great opportunity to ensure the wider Jewish community engaged in the wider democratic process. We hosted the UK'S largest conference on the situation in Israel and the Middle East region in partnership with other UK Jewish community charities a nd a high profile Israeli newspaper. This sold-out conference saw over 600 delegates attending and participating in a full day of discussions, panels, debates and talks from leading figures from the worlds of media, politics, journalism, grass-roots charities, academia, and community leadership. Participants engaged in multiple opportunities to deepen their understa nding of current events in the Middle East, and reflect OD their impact on British-jewish life Ellsha Wiesel is the only son of the late Nobel Pr12e Laureate, Elle Wlesel Z'I, and is the Chairperson of the Elle Wlesel Foundation for Humanlty. He spoke exclusively at JW3, sharing his reflections on the current challenges facing the Jewish People in the shadow of the largest sin8le massacre of Jews since the Shoah, which took place on October 7 2023 inlsrael, and the subsequent shocking rise in antisemitism in the UK and across the world. He was in conversation with Karen Pollock OBE (Chief Executive of the Holocaust Educational Trust). The theme of this year's Holocaust Memorial Day was The Fragilities of Freedom,. JW3 partnered with the Holocaust Educational Trust's Ambassador programme, empowering young people to facilitate, direct and organise part of the event, a nd highlighting the involvement of the next generatlons in ensuring the Holocaust will continue to be remembered for many years to come, We were honoured to welcorne guest speaker and Holocaust survivorjoan Salter, along wlth Chief Executive of the Holocaust Educational Trust, Karen Pollock CBE, and Holocaust educator, Hephzibah Rudotskv. In July 2024 we presented Jerusalem's leading children's theatre, The Train Theatre, with their award-winning farnilies show Once Upon A World. Despite the difficult challenges of cultural boycotts and partner venues pulling out, the reduced programme of performances was well received and the show was nominated for 2 Offie Awards, JW3 took Jewish arts out on tour, with our street arts show The Great Ylddlsh Parade performin8 at the renowned Stockton International Riverside Festival and at Certain Blacks Ensemble Festival in London's Royal Docks. It is estimated that over 53,000 people Icombinedl participated in these festivals, a significant number of whom rarely if ever engage with positive Jewish arts, culture and joyful Jewish stories. JW3 was awarded grants from the Without Walls Outdoor Arts Consortium to make this possible. Highlights in other programming areas include: Adult Education Over 22,000 people engaged with our weekly classes, courses and talk5 on a range of tQPiC5 covering globa5 politics, Jewish and world h istory, modern Jewish literature, current affairs, art classes and creative writing. Our language courses continued to thrive with a hugely successful Summer Ulpan intensive Hebrew programme, modern Hebrew taught at all levels, as well as Beginnerfs Arabic, and French.
Docusign Envelope ID.. 3D49A6IADl E49C&8902-9D9AF6D643AD JW3 Trust Limited (Limited by guarantee) Tiustees, Report (Continued) For the year ended 31 December 2024 Our integration of Adult Learnin8 and our cinema programme continued with lectures and film screenings of the work of Barbra Streisand and Goldie Hawn. Soclal Artlon JW3'5 Social Action pro8rammes continue to go from strength to strength. Our ongoing partnership with NHS Blood continued with much success, and 375 people donated blood at JW3 durin8 the year, saving up to 1,125 lives. Demands on our JW3 Food Bank have not receded- indeed the opposile. We continue to receive referrals from both Camden Council and others. We offer particular added value in that many of our Food Bank recipients suffer from mobility challenges or are otherwise unable to easily leave their homes, and our dedicated volunteer drivers are able to deliver food direct to their homes in the area. Almost all recipients are not Jewish. Alongside our other social action projects, our JW3 Food Bank continues to reflect our core community values. Our remarkable team of around fifty volunteers collect, sort, pack, cook and deliver the food. Across the whole of JW3. we are steadily growin8 our volunteer numbers and developing the quality of their experiences. Since April 2020, our staff and volunteers have: o Sourcedi packed, and distributed food parcels with over 475,000 meals worth of food. o Cooked over 26,991 fresh meals in our Demonstration Kitchen {plus meals cooked elsewherel which have been distributed to local people in need. We were delighted to again welcome Mitzvah Day la JW3 start-up), and volunteers were able to prepare the JW3 Food Bank for the winter, collect books for the Children's Book Project, support the Vaxi Taxi health project, and dlstribute gifts to our Food Bank recipients. All of our Social Action programmes are underpinned by an excellent Volunteers, Programme which. with the appointment of a new Volunteering Coordinator, has increased our volunteer numbers and brought in youn8er volunteers and family volunteering days during school holidays. Over the course of 2024, 321 volunteers gave 6,394 hours of volunteering time in a wide range of ways at JW3. Arts & Culture It has been a very successful year for JW3's arts and culture programme. As well as the high profile and critically acclaimed projects listed above, we have presented.. o An excellent weekly cinema programme now working with the Independent Cinema Office as programmers, as well as being the main venue for Seret Israeli Film and TV Festival and the UK Jewish Film Festival. o More wonderful families programming including Smoking Apples families show about the Kindertransport, KINDER o A collaboration between our Holocaust Learning Programmer, Good Chance Theatre and Gecko to create From Here On- a lar8e-scale street theatre production to commernorate the 85th anniversary of the Kindertransport, performed at the Greenwich and Docklands International Festival. o Famous Israeli singer-songwriter Danny Ba55an was due to perform in Ortober 2023 but was rescheduled to January 2024 due to the war. His rescheduled performance was packed out with Israelis a nd British Jews, deeply appreciative of this musical icon of contemporary Israeli music. It was an opportunity to bring together a large gathering of people eager for direct engagement with popular Israeli culture.
Docuslgn Envelope ID.. 3D49AS19-ADIE49C5gO2-9O9AF6o643AD JW3 Trust Limited (Limited by guarantee) Trustees, Report (continued) For the year ended 31 December 2024 o We presented a hugely successful second cl355ical music programme which included leading lights of the classical world performing to a packed Howard Hall. Artists included pianists Angela Hewitt and Steven Osborne, tenor lan Bostridge, and the Brodsky Quartet. New Generatlons We continued our programme of events for people in their 20s and 30$ New Generations via the Friday Night Dinners. New Generations has begun to create its own special events and become more integrated across the rest of JW3'5 extensive progr3mme. Talks and Book Events 2024 saw a busy programme of talks and book launches, This year there was particular focus on commun ity resilience in difficult tlmes for the Jewish community. Highlights included.. o Resilience, FGlth ond UnityAfter October 7th Ichief Rabbi Ephraim Mirvis in conversation with Jake Wallis Sirnons, Jewish Chronicle Editor) o Isroel ond Us.. Being Jewish in a Time of Crisi5 IHoward Jacobson, Jonathan Freedland, Tanya Gold, Melanie Phillips) o Isroeli Judiciol Reform Before and After 7th October (Adv. Dr. Eliad Shraga and Dr Ayala Proc3ccia, The Movement for Quality Government in Israel) o The noted television investigative journalist and author, John Ware. was in conversation wlth Richard Ferrer, Editor of the Jewish News, on.. A Brief History of Homas and the UK o The Genius of Isroel by Dan Senor was a book launch- in conversation with Havlv Retting Gur (Times of Israel journalist) o Ahmed FooudAI-Khotib, the Gaza born Palestinian peace actiVi5t and Hamas critic, in conversation with Josh Glancy of The Times, in an event co-hosted with the Jewish News, 2024 REVENUE GENERATING ACTIVITIES JW3 Trust seeks to supplement its income from grants and donations and tickets sales from programmin8 events and thereby facilitate the further activities in line with its charitable aims, through: Leasing of spaces wlthln the JW3 premises The third floor of JW3 is let to a nursery, which provides both an income to the charity and a strong connection to local families with young children, many of whom develop their relationship to JW3 through our programming provision. The agreement with the lessee provides for the nursery to operate in a manner consistent with JW3's ethos and values. Owin8 to their own falling income over 2023 and 2024 Bright Horizons gave notice to terminate the lease in early 2025. Since then, a lease has been signed with a new nursery provider, which took over the Space in July 2025. JW3 Trusl also lets commercial offices that it owns on the first floor of the residential tower block adjacent to JW3. During 2024, successful lets of the majority of the offices continued, although it remains challenging in the short term to meet the objective of letting all the office space at commercial rent levels.
DoDJsign Envelope ID.. 3D49A61ADlE49C5-B9D2-9DgAF6O643AD JW3 Trust Llmited (Limited by guarantee) Trustees, Report Icontinued) For the year ended 31 December 2024 Provision of a cafe facility A café, and occasional pop-up restaurant offer, is now operated directly by JW3, with food sourced from external kosher suppliers, Trustees consider that although running the café on a profitable basis is desirable, the necessity of food and beverage provision at JW3 to facilitate an enjoyable overall experience for visitors and customers at JW3 means that profitability is not the prime factor in the nece551ty of offering food and beverage services at JW3. Importantlyi the JW3 café is a safe, welcoming space for people of all ages and backgrounds to come together, meet new people, enjoy affordable kosher food and drink, and engage in conversation. Short term hlre of areas of the premlses JW3 lets areas of the building to external commercial and charitable customers, and to private individuals to hold celebratory life cycle and other events such as bar/bat mitzvahs, weddings, anniversaries and signif icant birthdays. The majority of this activity is very much aligned with JW3's ethos and values, and the core objectives are both to raise revenue to support our charitable activities, and to fulfil our mission and increase our impact on the community. Venue hire activity in 2024 increased further, helped by the opening of the Dorfman Piazza in April 2024 which provides a flexible space for customers to hold events outside despite the unpredictability of the British weather. As we reached the end of 2024, and eight months with The Dorfman Piazza open for event5, the new space has become a well-used, well appreciated and integrated part of our JW3 offer to audience5, Customers, venue hirers, community groups, volunteers and corporate organ isations. 2025 OBJEcfivES AND FUTURE PLANNING Organisational Objectives for 2025 were approved by the trustees in November 2024, along with detailed plan of key results and indicators of success for each objective. The Senior Leadership Team (SLTI measure and monitor these on an ongoing basis and report to the JW3 Board of Trustees monthly on their progress. These objectives, key results and indicators of success are all aligned to the organisational five- Year strategic plan. Key Objectives for 2025 include: To develop and launch a new Social Action I ncubator to increase the scale and impact of our social action work. To launch a new Impatt Measurement Framework and survey to monitor the success of our work in order lo both prove and improve the impact that we make. To grow the reputation and revenue from Venue Hire and achieve a 31% increase in year-on-year income. To increase visitor loyalty to an NPS Score of 70%, and visitor satisfaction to 90%. To raise an extra £IOO,000 in donations from new Major Donors. To improve energy eff iciency of the building, reducing consumption of energy and C02 emissions by at least 5% compared with 2024. io
Docusign Envelope ID.. 3D49A6lADlE49cs-B902-gDgAF6D643AD JW3 Trust Limited (Limited by guarantee) Trustees, Report {continued For the year ended 31 December 2024 STRUCTURE GOVERNANCE AND MANAGEMENT The trustees, who are also the directors of JW3 Trust Limited, who served during the year and following the year-end, were.. Jeremy Abram {appointed June 20241 Gloria Abramoff (appointed February 20251 Rafi Addlestone Neil Blair Joseph Cohen Amy Dorfman Tammy Einav Denise Joseph Clive Kahn (resigned April 2024) Cary Kochberg David Kershaw Marc Nohr {Chairl Katy OstTO Claudia Rosencrantz Jonathan Simmons The Board of Trustees has ultimate legal responsibility for JW3 Trust and works to ensure good governance, with the help of its sub-committees. The Board agrees the overall strategic direction and is the highest decision-making body. They work alongside the executive team, who are responsible for implementation of policy and for the mana8ement of the day-to-day running of the orEanisation. The Board of Trustees has the power to appoint additional trustees as it considers appropriate. Potential trustees are identified as part of an ongoing review by the Board and senior mana8ement in accordance with the charity's needs, Wlth particula r reference to enriching skills and increasing representation from different sections of the Jewish community. Trustees maintain a good working knowled8e of charity and company law and best practice. New trustees are provided wlth full details of Board minutes, f ina ncial reports and the charita ble company's Memorandum and Articles of Association. There are also informal procedures in place for their induction and training. JW3 Trust Limited is managed by a team of experienced profe55ionals, led by the Chief Executive Officer, who reports to the Board of Trustees. COMMIThEES OF THE CHARITY The JW3 Trust Board delegates some detailed work to committees. The main committees are: The Trading Board The remit of this committee is to provide detailed oversight over the commercial activities of the JW3 Group as well as its overall finances. It meets regularly throughout the year. Joseph Cohen and Denise li
Doeu5ign Envelope ID.. 3D49A61ADlE49cS-8902-9D9AF6D643AD JW3 Trust Limited (Limited by guarantee) Trustees. Report (continued) Forthe year ended 31 December 2024 Joseph communicate the views of the Trading Board to the other trustees. Members of the Trading Board. other than Marc Nohr, are directors of JW3 Trading Limited. The Remuneratlon & Nominations Commlttee As a subcommittee of the Trust Board, its remit is to review and ratify decisions on all aspects of executive remuneration and to recommend new trustee nominations to the Trust Board. It meets as required. The Audit and Risk Committee (ARC) As a committee reporting to the JW3 Trust Board, its remit is to review risks identified on the risk register and oversee the annual audit process. It works with the Senior Leadership Team and the auditor to ensure that any signlficant issues are properly addressed, It meets as required and meets with the audltor at least once a year. The Estates Committee As an advisory committee reporting to the JW3 Trading Board, Its remit Is to oversee building usage, health and safety, property risk ana lysis and facilitie5 management. Its chair, Alan Leibowitz, is a director of the Charity's subsidiary, Hamp5tead Slope Developments Limited. The People Committee As an advisory committee reporting to the Trust Board, its remlt Is to advise and support the Senior Leadership Team in People-related decisions and to make recommendations to the board of JW3 Trading, which employs the staff within the JW3 Trust group, This includes areas such as professional developrnent, compliance with employment law and best practice, recruitment and retention of staff, organisational design, volunteers, HR support. The People Committee discusse5 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 sector. Where relevant, it consults with senior recruitment professionals and with other leaders in the Jewish charity sector, and the London-wide arts and culture field. It is intended to appoint additional members of this committee with expertise and experience in recruitment, remuneration and professional training. The Programmlng Advlsory Group IPAG) 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 issues as required throughout the year. most often as smaller gatherings of the rnost relevant members. The PAG reports to trustees and the draft annual Programming budgets are reviewed by the Chair before consideration by the Trading Board and Trust Board. The Revenue Innovation Group (RIGI The RIG'S remit is to introduce new ideas which have the potential to drive new income streams, as well as guide, comment and advise on current commercial initiatives. Using knowledge of key areas of 12
DO$19n Envelope ID.. 3049A6lADlE49cBSO2-909AF8o643AD JW3 Trust Limited {Llmited by guarantee) Trustees, Report Icontlnued) For the year ended 31 December 2024 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. The members of the above committees are as follows: Trading Board Remuneration and Nomlnations Audlt and Risk Estates People Programmln8 Advisory Group Joseph Cohen Jane Conley Danlel Forman Denise Joseph Robert Laurence X Ichairl Raymond Simonson Marc Nohr Cary Kochberg Katy Ostro Joe Elllson X (chair X (chair) X Ichairl Simon Durkln Susan Nyman Alan Leibowitz Vincent Wang Nick Viner X (chairl Jeremy Abram Claudia Rosencrantz Jonny Persey Jonathan Simmons X {chalrl Neil Blair Caroline Marcus Michelle Langer Dani Neumann Jodi Myers 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 artivities and commercial activities. JW3 Trust finances 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 JW3 Trust. 13
Docusign Envelope ID.. 3D49A6lADl E49C5-8902-9D9AF6D643AD JW3 Trust Llmited (Limited by guaranteel Trustees, Report (continued) For the year ended 31 December 2024 CONNECTED CHARITY JW3 Development is a separate organisation (registered charity 1156248}, set up with the aim of supporting JW3 Trust by raising funds in support of its charitable objectives. Funds raised by JW3 Development are granted to JW3 Trust and it is this grant that enables JW3 Trust to undertake its charitable activities. The trustees of JW3 Trust a re Brateful to the management and non-executive leadership of JW3 Development for their successes in raising funds to help ensure that JW3 Trust was able to carry out its charitable objectives during 2023. Our thanks in particular go to all donors and 5UPPOrtin8 trusts a nd foundations for their vital support. JW3 Development has the following trustees in common with JW3 Trust.. Amy Dorfman Denise Joseph (resigned from JW3 Development 29 October 20241 David Kershaw The day-to-day management of JW3 Development is delegated to a management team which comprlses 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 (Trust, Trading and Hampstead Slope Developments) incoming resources totalled £4.2m 12023.. £4.4ml in the year. Some of the group's operations were commercial in nature, via the Trading company and Hampstead Slope Developments, and are undertaken to support the charitable activities. Overall income is derived from a wide range of activlties: Charitable grants and donations from JW3 Development. Ticket income from events, performances, screenings and course fees. Government grants - primarily relating to support for the costs of security, artlstic performances and social action. Rental income- from hiring JW3 space for third party events, leasing office space in the residential tower, and renting the top floor of JW3 to a third-party nursery provider. Café operations- café and caterin8 income from events at JW3'and a share of revenue from occasional pop-up food and beverage providers. Membership income- from individuals who support JW3's actlvlties and receive a small discount on tickets, course fees and café purchases, Interest on bank deposits. Donations in kind for goods donated to the Food Bank. The group's expenditure is made up of direct costs of our charitable activities and trading activities. support costs, governance costs and depreciation. The grou p's total expenditure exceeded its income in 2024, giving rise to an overall deficit of £427k12023,. £61k surplusl, which compared favourably with a budgeted deficit of £457k. The surplus in 2023 included a restricted grant of £402k to fund the building of the Dorfman Piazza. Excluding this restricted grant, the deficit in 2023 was £341k. 14
Docusign Envelope ID.. 3D49A61MD1E4&8go2-9D9AF6o643AD JW3 Trust Limited (Llmited by guarantee) Trustees. Report (contlnued) For the year ended 31 December 2024 In common with other charlties, JW3 continued to face upward pressure on its costs of running the building, procuring artistes, using contractors for core services such as housekeeping and security. The Senior Leadership Team sought to mitigate those costs by identifying additional sources of income within the categories set out above and by adopting a continued focus on reducing costs where possible. In addition, savings arose as a result of staff positions being vacant for periods of the year. The deficit for the year was considered to be notably offtrack when compared against the original surplus predicted according to the 5 year financial roadmap {2023-20281. As such, whilst cash and liquidity was not considered problernatic, at this point. the SLT agreed to undertake a refresh of the financial roadmap for the years 2026-2031. Plans for revenue generation have been amplified and cost reduction and containment are paramount to JW3 success in buildlng lon8 term financial resilience. Cash at bank balances decreased during the year by an amount significantly greater than the deficit for the year. This arose because it wa5 decided to continue the policy implemented in 2023 to lower funds that are advanced by the connected charity, JW3 Development, payin8 grant monies to JW3 Trust as and when they are required to meet JW3 Trust's commltments. This enables the optimization of deposits, which will benefit JW3 Trust. There is a corresponding increase in balances due from the connected charitv. At 31 December 2024 there were unrestrlcted funds of £33.71m12023: £34.IOm), the majority of which are classified as designated funds of £31.2012023'. £31.3 Im) felatlng to the f reehold land and buildings. Restricted funds amounted to £NIL (2023.. £0.04ml. Durin8 the year, the Charit)Is trustee5 and management considered the carrying value of its investment In, and balances due from its subsidiary. JW3 Trading Limited. In 2023, in view of JW3 Trading Limited's historic1055e5, a provision of £249,999 was made to reduce the carrying value of the investment to £1 and a provision was made to reduce the carrylng value of the amount receivable to its recoverable amount based on the balance sheet position ofJW3 Tradlng. In 2024 the provlslon to reduce the carrying value of the investment to £1 remained in place and the provision to reduce the carrying value of the amount receivable was £818.480. In considering those provisions, the Charity's management and trustees recogni5ed that JW3 Trading's activities were primarily undertaken to provide charitable services on behalf of the Charity and that to a considerable extent the small loss of £4.016 in 2024 {2023.' surplus £21,962) and prior years, historic losses arose due to a lack of grant income from the Charity to cover the cost of those artivities. Those provisions impact the Charity's accounts but have no impact on the group income and expenditure account or balance sheet. Whereas the budget process take5 a holistic view of all JW3 entities, consideration will be given to reduce or eliminate the loss for future years within JW3 Trading in 2025 and beyond. The corporate structure review project to be completed in 2026, will also review the financial position of JW3 Trading Limited alongside the other entities, with a view to rationalise and optimise financial reporting. RISK MANAGEMENT The trustees acknowledge their responsibility to manage the risks faced by the charity. The trustees are satisfied that the major risks to which the Charlty is exposed are reviewed and systems of internal control are being continually developed and refined to rnitigate those risks. Risks are contlnually identified, and their impact assessed, with plans established to mitigate them. 15
Docuslgn Envelope ID.. 3D49A819-A01E49C5-8902-9D9AF6D643AD JW3 Trust Limited (Limited by guarantee) Trustees, Report Icontinued) For the year ended 31 December 2024 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 seriously and have taken positive steps to address. The grant from JW3 Development to finance JW3 Trust's charitable activities relies on relationships with trusts, foundations, and "major donors" which have been developed over several years. Management time is devoted to working closely with the JW3 Development Board and the professional team supporting these relationships and to identify and maximise new sources of funding. As a high-profile Jewish organisation with a public facing communal building. JW3 takes seriously the potential security risks. The or8ani5ation works closely with releva nt expert professional agencies, including the Comrnunity Security Trust ICSTI, Metropolitan Police, and its security partner, SQR. Securitv needs are reviewed and evaluated on a daily and event-by-event basls and changes made as advised. Training briefings and exercises for staff are conducted in accordance with SQR and CST'S guidance. JW3 continues to invest a significant amount in its annual security contract to ensure appropriate risk mitigation as per CST'S advice and recommendations. Additional security provision has been made since October 7th in the light of the increased number of antisemitic incidents recorded in London and the need to reassure visitors and staff at the JW3 Centre. JW3 is grateful for the financial contribution towards securlty costs recelved from the Government via CST. The procedures to mitigate organisational risk are periodically revlewed 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. Comprehensive budgeting, management accounts, cash flow projections and reforecasting processes. JW3 Trading Board meeting on a regular basis, at which monthly management accounts and cash flow forecasts are scrutinised. The ongoing development of formal written policies. Cornprehensive Safeguarding Policies developed with and regularly reviewed by a senior safeguarding professional. RESERVES POLICY The trustees believe the charity should hold enough free reserves to cover around four months of its core running costs. This excludes variable costs such as programme delivery and marketing, which can be scaled back if income falls. This level of reserves gives the charity a financial buffer to continue operating and meet its obligations if income were to reduce unexpectedly. A5 of 31 December 2024, total reserves of the group were £33.71m12023: £34.14ml of which £NIL12023: £0.04ml was restricted to support specific strands of programming and building activity, £31.20m12023'. £31.31ml was a designated fixed asset fund equal to the net book value of land and buildings, and £2,52m 12023.. £2.80m) was a general unrestricted fund. 16
t)ocusign Envelope ID.. 3D49ASlADlE49e&6go2-9O9AF8O643AD JW3 Trust Limited {Limited by guarantee) Trustees, Report (continued) For the year ended 31 December 2024 At 31 December 2024, free reserves, which comprise the unrestricted reserves less the unrestricted fixed assets and commitments for fixed asset purchases were £2.52m {2023- £2.65ml. This equates to eight months of core operating costs. li.e. without above-mentioned variable costs), and therefore exceeds the target level specified in the reserves policy. Trustees consider that is reasonable as the financial roadmap accompanying the five-year strategic plan foresees a decline in reserves in the initial years 2026 through to 2027. In consideration of the combined restricted, unrestricted and free reserves, the trustees are confident that the overall level of reseTve5 are 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 2024 against the financial roadmap accompanying JW3's five-year strategy through to 2028, including consideration of fundraising by JW3 Development. The trustees consider that whilst there has been a departure from the original 5-year financial roadmap, the refreshed financial roadmap from 2026- 2031, with JW3's financial performance, reserves and liquidity is projected to be in surplus by 2028 and grow steadily thereafter year-on-year. The directors also reviewed the group management accounts for the perlod to 31 May 2025, and forecast income statements, balance sheets and cash flows for the year to December 2025. The directors scrutinised the key assumptions underlylng these forecasts, and the financlal roadmap for the period after December 2025. 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 8rant them to JW3 Trust to enable JW3 Trust to meet its charitable objectives. Confidence in JW3 Development's ability to support JW3 Trust is supported by a Significant multi-year pledge through to 2031 from a major donor and multi- year pledges from other donors. Accordingly, the trustees are satisfied that current cash reserves together with forecast cash flows are adequate to meet the group's obligations as they fall due so that it 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 Charities Act 2011 to have due regard to guidance on public benefit published by the Charity Commission. Although focused largely on Jewish arts, culture and community, 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. 17
Docusign Envelope ID.. 3D49A619-AD1 E49CS.8902-909AF60643AD JW3 Trust Limited (Limited by guarantee) Trustees, Report {¢ontinuedl For the year ended 31 December 2024 FUNDRAISING DISCLOSURE The trustees take their responsibilities under the Charities {Protettion and Social Investment) Act 2016 seriously and have considered the implications on their fundraising activities. The Tf Ust is supported by JW3 Development. The Trust doe5 not carry out any fundraising activity in order to raise funds from the general public. JW3 Trust does not work directly with commercial sponsors or engage external Pf ofessional fundraisers. There were no complaints made in respect of fundraising during the year. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustee5 (who a re also direttors of JW3 Trust Lirnited) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affair5 of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistentlyi observe the methods and principles in the Charitie5 SORP IFRS 1021. make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financia I statements on the going concern basis unless it is inappropriate to presume that the cha rity will continue in business. The truslees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial p051tion of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are 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. 18
Docusign Envelope10.' 3D49A619-A01 E49C5-8902-9D9AF6D643AD JW3 Trust Llmlted (Limited by guarantee) Trustees, Report (continued) For the year ended 31 December 2024 AUDITOR The auditor, Saffery LLP, has expressed its willingne55 to remain in office as auditor of the companv. The Trustees, Rpport, which incorporates the Strate8lc Report, was approved by the Board of Trustees on 5 September and is signed on its behalf by., DoEu8lHn•d by.. CBOC94Y80CA440... M Nohr JW3 Trust Chair 19
Docusign Envelope ID.. 3D49A6lAD1E49C&8902-9D9AF6D643AD JW3 Trust Limited (Limited by guarantee) Independent audltor's report to the members af JW3 Trust Limited For the year ended 31 De¢ember 2024 Opinion We have audited the financial statements of JW3 Trust Limited (the 'parent charitable company,) and its subsidiaries (the 'group'l for the year ended 31 December 2024 which comprise the group statement of financial activities, the group and charity bala nce sheets, the group statement of cash flows and notes to the fina ncia I statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and U nited Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financia l Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the affairs of the group and the parent charitable companv as at 31 December 2024 and of the group's incoming resources and application of resource5, including it5 income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditin8 IUKI {ISAs IUKII and applicable law. Our responsibilities Under those standards are further described in the Auditorfs responsibilities for the audit of the financial 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 financlal statements in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other eth ical responsibilities in accordance with these requlrements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to 80ing concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report, Other informatlon The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion ihereon.
Oocusign Envelope ID.. 3049A6lAD)E49C8902-SOgAF6O643AO JW3 Trust Llmlted (Limited by Buarantee) Independent auditorfs report to the member5 of JW3 Trust Llmlted Icontinued) For the year ended 31 December 2024 Ou r responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard, Other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, An nual Report which includes the Directors, Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statement5. and the Trustees, Annual Report which includes the Directors, Report and the Strategic Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understandin8 of the group and the parent charitable Company and thelr environment obtained in Ihe course of the audit, we have not identified material misstatements in the Trustees, Annual Report and Strategic Report. We have nothing io report in respect of the following matters where the Cornpanies Act 2006 require us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable cornpanyi or returns adequate for our audit have not been received from branches not visited by us. or the parent charitable company financial statements are not in agreernent with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audlt. Responsibilities of trustees As explained more fully in the Statement of Tru5tees' Responsibilities set out on page 18, the trustees (who are also the directors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and the pa rent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to 21
Docusign Envelope ID.. 3D49A619-A01 E49C5-8902-909AF6D643AD JW3 Trust Limited (Limited by guarantee) Independent auditor's report to the members of JW3 Trust Limited (continued) For the year ended 31 December 2024 liquidate the group or the parent charita ble company or to cease operations, or have no realistic alternative but to do so. Auditorfs responslbilities for the audlt of the financial statements We have been appointed as auditor under the Cornpanies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obta in 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 hi8h level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered materlal if, individually or in the aggre8ate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements, Irregularities, including fraud, are instances of non-compliance with laws and regulations. We deslgn procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedure5 for this engagement and the extent to which these are ca pable of detectin8 irregularities, Including fraud are detailed below, Identifying and assessing risks related to irregularities., We assessed the susceptibility of the group and parent charitable companvs financial statements to material misstatement and how fraud mi8ht occur, including through discussions with the trustees, discussions within our audit team planning meeting, updatlng our record of Internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportu nities for fraudulent manipu lation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with informed management and updating our understanding of the sector in which the group and parent charitable company operate. Laws and regulations of direct significa nce in the context of the group and parent charitable company include the Companies Act 2006 and guidance issued by the Charity Commission for England and Wales. Audit response to rlsks Identlfled: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financia I stalement disclosures. We reviewed Ihe parent charitable companvs records of breaches of law5 and regulation5, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable compa nrfs policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries a nd identifying any 22
Docuslgn Envelope10.. 3049A61AolE4sC8902-9D9AF8D843AD JW3 Trust Limited (Limited by guarantee) Independent auditor's report to the members of JW3 Trust Llmlted (continued) For the year ended 31 December 2024 significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting 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 and regulations and fraud. There are inherent limitations in the audit procedures described above and the further rernoved non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further descriptlon of ou r responsibilities Is available on the Flnancial Reporting Council's website at: www.frc.org.uk/Auditorsresponsibilities. This description forms part of our auditor's report. F8QAC8J¢6l9¢4F4... Helen Wilkie (Senior Statutory Auditor) for and on behalf of Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 48E Date.. 25 September 2025 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 23
Docusign Envelope ID.. 3D49A61ADIE45C89O2-909AF60S43AD JW3 Trust Limited (Limited by guarantee), Group Statement of Financial Actlvltles (Induding Income and Expenditure Account) At 31 December 2024 Unrestrlrted Funds DeslBnated Unresirlrted Note Funds General Restrlcted Funds Total 2024 Total 2023 Income Irom: Donations.. JW3 Oevelopment Grant Donated Goods 1,986,762 201.536 2,188,298 2,772.360 127,500 539,469 951,148 9,397 4,399,874 138,500 138,500 Trading activities Charitable activities 676,119 1,184,674 152 3,847,707 676,119 1,184,674 152 4,187,743 Investments Ibank interest? Total income 340,036 Expendltyre on: Trading activities Charitable activitles 437,360 437,360 324,167 3,660,217 4,097,577 175,994 175,994 341,085 341,085 4,177,296 4,614.656 4,014,741 4,338,908 Total expenditure Net lÈxpendliure)Ilncome belore transfers 1249,8701 1175,9941 11,0491 1426,9131 60,966 Gross transfers between funds Net lexpend1tufellloMe for ihe year and net movement In funds 13 128,4521 65,348 136,8961 1278,3221 2,798,039 1110,6461 31,306,314 137,9451 37,945 1426,9131 34,142,298 60,966 34 081.332 Fund balances at I january Fund balance$ at 31 December 2,519.717 31,195,668 33,715,385 34,142,298 The consolidated statement of financial activities includes all 8ains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes on pages 27 to 43 form part of these financial statements. 24
I)0SIgn Envelope ID: 3D49A619-AD1E49C5-8902-9D9AF6D643AD JW3 Trust Llmited (Limlted by guarantee) Group and Chafity Balance Sheets At 31 Dernber 2024 Group Charity 2024 2023 2024 2023 Note Fixed assets Tangible assets Investments 31,329,084 31.454,548 31,258,293 31,360,860 31,329,084 31.454.548 31,258,295 31,360,862 Current Assets Stock Debtors Cash at bank and in hand 3,525 2.691,154 199.641 2,894,320 2,400 3,167,105 248,043 3,417,S48 11 2,544,525 31,446 2,575,971 3,004,942 45,939 3.050.881 Credltors: amounts falllng due withln one year 12 1508,019) 1729,7981 1120,413> 1270,912) Net current assets Total assets less current Ilabllltles 2.386,301 2,687,750 2,455,558 2,779,969 33,715,385 34,142,298 33,713,853 34,140,831 Restrlrted Incorne Funds 13 37,945 37,945 Unrestrlrted Funds Desi8nated funds General unrestricted funds 14 15 31,195,668 2,S19,717 33,715,385 31.306,314 2,798,039 34,104,353 31,195,668 2,518,185 33,713,853 31.306,314 2.796,572 34,102,886 33,715.385 34,142.298 33,713,853 34,140,831 As permitted by section 408 of the Companies Act 2006, the charitable company has not presented its own profit and loss account and related notes. The cornpanls loss for the year was £426,97812023: loss of £1,025,632}. The notes on pages 27 to 43 form part of these financial statements. The financial statements were approved by the Board of Trustees and authorised for issue on 5 September and are signed on its behalf by: D•¢ySknnq• by.. Trustee Company Reglstratlon No. 05679146 25
Docusign Envelope ID.. 3D49A6lADl E49C5.8902-9D9AF6D643AD JW3 Trust Limited (Limited by guarantee Group Statement of Cash Flows For the year ended 31 December 2024 2024 2023 Note Cash flows from operatlng activities Cash provided by/ (used inl operations 18 76,246 {895,8301 Cash flows from Investing activities Purchase of tangible fixed assets Interest received 1124,8001 152 1489,6191 9,397 Net cash used in investin8 artlvltles {124,6481 {480,2221 Net decrease In cash and cash equlvalents 148,4021 11,376,052) Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 248,043 1,624,095 199,641 248,043 The notes on pages 27 to 43 form part of these flnanclal statements. 26
Docusign Envelope ID.. 3D49A619-ADIE49C>8902-9D9AF6D643AD JW3 Trust Limited (Limited by guarantee) Notes to the financial statements For the year ended 31 Dernber 2024 Accountlng pollcles Company information JW3 Trust Limiled is a private company limited by guarantee incorporated in England and Wales. The registered office is 341-351, Finchley Road. London NW3 6ET. Basis of preparatlon of financlal 5tatement$ These financial statements have been prepared in accordance with the second edition of FRS 102 'Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1, "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the cha rity. Monetary amount5 in these financial statements are rounded to the nearest £. The group financial statements reflect the results and combined financial position, consolidated on a line-by-line basis, of JW3 Trust Lirnited and it5 subsidiaries, JW3 Trading Limited and Hampstead Slope Developments Limited. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern The financial statements have been prepared on a going concern basls. The trustees reviewed financial performance in 2024 against the financial roadmap accompanying JW3's five-year strategy through to 2028, including consideration of fundraising by JW3 Development. The trustees consider that JW3 Trust's financial performance, reserves and liquidity are broadly in line with that roadmap. The direttors also reviewed the group management accounts for the period to 31 May 2025. and forecast income statements, balance sheets and cash flows for the year to December 2025. The directors scrutinised the key assumptions underlying these forecasts, and the financial roadma p for the period after December 2025. The financial forecasts and financial roadmap assume that JW3 Development, a separate charity that undertakes fundraising for JW3 Trust Limited, will continue to raise sufficient funds and grant them to JW3 Trust Limited to enable JW3 Trust Limited to meet its charitable objectives. Confidence in JW3 Development's ability to support JW3 Trust Limited is supported by a significant multi-year pledge through to 2031 from a major donor and multi-year pledges from other donors. Accordingly, the trustees are satisfied that current cash resenies together with forecast cash flows are adequate to meet the group's obligations as they fall due so that it can continue to operate for at least 12 months from the approval of these accounts. 27-
Docuslgn Envelop& ID.. 3D49A619-AD1 E49C5-8902-909AF60643AO JW3 Trust Limited (Limited by guarantee) Notes to the flnanclal statements Icontinued) For the year ended 31 December 2024 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Designated fu nds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the fina ncial statements. Restricted funds are subject to specific 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 f in3 ncial statements. 1.4 Income Income is recogni5ed when the charity is legally entitled to it after any performance conditions have been met, when the amounts can be measured reliably and when it is probable that income will be received. Government Grants received are recognised on an accruals basis. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation and there is a reasonable expectation of receipt, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Le8acies are recognised on receipt or earlier if 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 the amount cannot be reliably estimated or receipt is uncertain, the legacy is treated as a contingent asset. Donated goods and services are recognised in the financial staternents, within income and expenditure, at the estimated value to the charity of the goods or services received. Turnover from other trading activities is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. Expenditure Direct charitable expenditure comprises all the expenditure relating to the activities carried out to achieve the charity's objectives. Support costs consist of expenditure incurred in support of the charitable activities. This includes relevant proportions of provision of premises, staff costs, facilities and governance costs. Governance includes the costs of compliance with constitutional and statutory requirements. Expenditure 15 allocated directly to the expenditure headings as far as practically possible to reflert the activities of the charitv. Wages are allocated to d ifferent activities on the basis of time spent. 28
DovJsign Envelope ID.. 3D49A619-A01 E49C&8902.9D9AF6D643AD JW3 Trust Limited (Llmlted by guarantee) Notes to the financial statements (continued) For the year ended 31 December 2024 1.6 Tanglble flxed assets Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: Freehold buildings 2% strai8ht line180% residual value) Fixtures, fittings and equipment 33% straight line No depreclation is provided in respect of freehold land, 1.7 Impalrment of flxed a55ets At each reportin8 date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have Suffered an impairment loss. If any of such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the irnpairment loss lif any). 1.8 Stock Stock comprises bar stock and is stated at the lower of cost and estimated selling price. 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposlts held at call with banks, other short-term Ilquld investments with origina I maturities of 95 days or less, and bank overdrafts. 1.10 Investments- bank deposlts Bank deposit5 With ori8inal maturities of greater tha n 95 days but less than one year are classified as current asset investments. 1.11 Flnanclal Instrurnents The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instrument5155ues' of FRS 102 to all of its financial instruments. Financial instruments are reco8nised in the charitvs balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and Ilabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability slmuhaneously. l.11.1 Basic financlal assets Basic financial assets, which include debtors (excluding prepayments and any statutory or fiscal debtors) and cash and bank balances, are initially measured at transaction price including transaction costs. They are subsequently carried at amortised cost ijsing the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classif led as receivable within one year are not amortised. 1.11.2 8asic financial liabilitie5 Basic fina ncial liabilities, including creditors Other than tax balance5, are initially recognised at transattion price unle55 the arrangement constitutes a financing transartion, where the debt 29
Docusign Envelope10.. 3D49A619-A01 E49C&8902-9D9AF6D643AD JW3 Trust Limited (Limited by guarantee) Notes to the financial statements {continued) For the year ended 31 December 2024 instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial lia bilities classified as payable within one year are not amortised. 1.12 Employee beneflts The cost of any unused holiday entitlement is recognised in the period In which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employrnent of an employee or to provide termination benefits. 1.13 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Crltlcal accountln8 estlmates and lud8ements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience a nd other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Criticol judgements in applying the Group's accounting policie5.' The residual value of the freehold buildings has been estimated by the trustees to be 80% of the ori8inal 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 a pplied to recognise the nature of building, in that it is a well bullt, long life asset whose value will be retained via an ongoing maintenance programme to ensure the building is kept to a high standard. They considered it important to find a method that reco8nised the true usage of the building over the period a nd to bear in mind the building's position, profile, a nd the expectation of a rise in the property market over the next 50 years. They have committed to review their assumptions yearly. Income from Tradlng Artlvities Income from Trading Activities includes government grants received of £36,52112023.' £196,134) Expenditure on Tradlng Activitles 2024 2023 Trading cost of sales Staff costs Depreciation 289,777 135,469 12,114 437,360 209,960 103,950 10,257 324,167 30
Docusign Envelope ID.. 3D49A61&A01 E49C5.8902-9D9AF6D643A0 JW3 Trust Limited (Limited by guarantee) Notes to the financial statements Icontinued) For the year ended 31 December 2024 Charitable Activltles - 2024 Dlrert costs Support costs Governanc e costs 2024 Staff costs Depreciation General charitable expenditure Premises costs Distribution of donated goods Legali professional and audit fees 849,118 238,150 857,736 897,996 138,500 829,650 1,678,768 238,150 1,161,905 897,996 138,500 61,977 304,169 61,977 2,981,500 1, 133,819 61,977 4,177,296 Charitable Artlvltles - 2023 Dlrert costs Support costs Governanc e costs 2023 Staff costs Depreciation General charita ble 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 A reconfiguration of the department strurture was implemented in 2024, resulting in a revision of the allocation of staff costs between dlrect and support costs. 2024 number 2023 number Employees The average monthly number of employees durin8 the year was: Administration Cinerna Commercial Gateways Marketing Operations Programming and production Visitor Services Total 14 14 46 io 39 31
Docusign Envelope ID: 3D49A61&ADlE4&8go2_9DgAF60643A0 JW3 Trust Limited (Limited by guarantee) Notes to the financlal statements Icontlnued) For the year ended 31 December 2024 Employment Costs 2024 2023 Wages and salaries Social security costs Other pension costs 1,489,911 151,381 3 1.904 1,407,837 136.250 31,944 1,673,196 1,576,031 The Charity had no employees during the year. all staff are employed by JW3 Trading Limited. The charity's key management personnel at the year-end comprises the Board of Trustees, the Chief Executive Officer, the Chief Revenue Officer, the Dlrertor of Finance & Operations. the Programming Director. the Marketing & Communications Director, and the Head of People & Culture. None of the trustees Inor any persons connected with them) received any remuneration or expenses during the year12023.' nil). Total remuneration and benefits {includlng employer's national Insurance contributions) of mana8ement personnel amounted to £578,16912023: £528,636). Included in Wages and Salarles are payments In connectlon with termlnation of employment during the year of £nil12023: £54,304). The char8e to the Statement of Financial Actlvltles in respect of defined contribution penslon schemes was £31,90412023.' £31,944). The number of employees whose annual remuneration was £60,000 or more were: £60,000 - £69,999 £70,000- £79.999 £80,000 - £89,999 £90,000 - £99.999 £100,000 - £109,999 £110.000 - £119,999 2024 number 2023 number 32
Docusign Envelope ID.. 3D49A6lADl E49C&8902-9D9AF6D643AD JW3 Trust Limlted (Llmlted by guarantee) Notes to the financial statement5 {continuedl For the year ended 31 December 2024 Net (expenditurellincome: Net (expenditurellincome is stated after charging: 2024 2023 Auditor's remuneration., For the audit of the parent charity and group For the audit of the subsidiary entities Tax services Depreciation 16,925 24,875 3.000 250,264 13,500 21,750 2,913 248.314 8.1 Tan8lble Flxed Assets Group Freehold land and buildin85 Flxtures. flttlngs and equlpment Total Cost At l January 2024 Additions Disposals At 310ecember 2024 33,272,614 65,348 13,547 33,334,415 1,082,105 59,452 91,3881 1,050,169 34,354,719 124,800 194,935} 34.384,584 Depreclatlon and Impairment At l January 2024 Depreciation charged in the year Disposals At 31 December 2024 1,966,300 175,994 13,547> 2,138,747 933,871 74,270 (91,3881 916,753 2,900,171 250,264 {94,9351 3,055,500 Net book value At 31 December 2024 31,195,668 133,416 31,329,084 At 31 December 2023 31,306,314 148,234 31,454,548 33
Docusign Envelope ID.. 3D49A6lAO1E4gC89O2-9D9AF6D643AD JW3 Trust Limited (Limited by guarantee) Notes to the financial statements (contlnued) For the year ended 31 December 2024 8.2 Tanglble Fixed Assets Charlty Freehold land and bulldlngs Fixtures, fittings and equipment Total Cost At l January 2024 Additions Disposals At 31 December 2024 33,272,614 65,348 13,547) 33,334,415 616,926 21,778 {59,0041 579,700 33,889,540 87,126 162,5511 33,914,115 Depreciation and Impairment At l January 2024 Depreciation charged in the year Disposals At 31 December 2024 1,966,300 175,994 13,5471 2,138,747 562,380 13,699 159,004} 517,075 2,528,680 189,693 162,5511 2,655,822 Net book value At 31 December 2024 31,195,668 62,625 31,258,293 At 31 December 2023 31,306,314 54,546 31,360,860 Included in freehold land and buildings in 2023 was £437,907 relating to a55et5 in the course of construction. The construction was completed in 2024. Flxed Asset Investments 2024 2023 Charlty only Investments in subsidiaries The value of the investment in JW3 Trading Limited has been impaired from £500,000 to a carrying value of £1 in light of trading losses. JW3 Trust Limited acknowledges the value that JW3 Trading Limited continues to provide to the group in running its charitable programmes and the operation of the centre. 34
Dotyjsign EnlOpe ID: 3D49A619-A01E49C5-8902-9D9AF6D643AD JW3 Trust Limited ILlmlted by guarantee) Notes to the financial statements (continued) For the year ended 31 December 2024 10.1 Subsldlarles Details of the charity's 5ub5idiaries at 31 December 2024 are as follows: Country of Incorporation United Kingdom Class of share Ordinary % held directly loo Name of undertakln8 Hampstead Slope Developments Ltd Company No. 07686348 Nature of buslness Head lessee of residential flats JW3 Trading Ltd, Company No. 07686352 United Kingdom Operation ofJW3 Cornmunity Centre Ordinary loo 10.2 Income and expenditure of subsldlary companles tor the year ended 31 December 2024: JW3 Tradlng Ltd 2024 2023 HSD Ltd 2024 2023 Profit and loss account Turnover Expenditure ILoss)IProflt for the flnanclal year Shareholderfs funds at l January 4.579,112 14,583,128 14,0161 814,4641 4,353,496 4,331,534) 21,962 1836,426 4,989 4,922 67 4,966 14,7941 172 1,467 1,295 Shareholderfs funds at 31 December (818,4801 {814,4641 1,534 1,467 35
Docuslgn Envelope ID.. 3D49A61AD1E49CS-8902-gD9AF6D643AD JW3 Trust Llmlted (Llmited by guarantee) Notes to the financial statements {contlnuedl For the year ended 31 December 2024 li Debtors; amounts falling due within one year Group Charity 2024 2024 2023 2023 Trade debtors Amounts due from group undertakings Amounts due from connected charity Other debtors Prepayments and accrued income 74,669 102,567 49.771 1,170,613 1,324,141 49,851 683,435 2,246,191 25,465 2,314,924 229.156 72,405 2,906,925 64,673 92,940 2,691,154 3,167,105 2,544,525 3,004,942 12 Creditors: amounts falllng due within one year Group Charlty 2024 2023 2024 2023 Trade creditors Arnounts due to group undertaklngs Taxation and social security Other creditors Accruals Deferred income 105,542 215,604 9,659 18,054 71,244 15,000 6,456 8,739 57,441 97,667 138,124 109,245 34,580 181,060 109,489 189,065 166,064 13,500 82,609 508,019 729,798 120,413 270,912 Deferred income represents the total value of lease rental, ticket sales, membership and venue hire invoiced in advance as at the year end and realised within one year. 36
00SIgn Envelope ID.. 3D49A619-AD1E49C5-8902-gDgAF6D643AD JW3 Trust Limited (Llmlted by guarantee) Notes to the financlal statements Icontinuedl For the year ended 310ecember 2024 13 Restrirted Funds- Group and Charlty The income funds of the group and charity include restricted funds comprising the following unexpended balances of donation5 a nd grants held on trust for specific purposes: Movement In Funds 2024 Resources Transfers Expended Balance at l Jan 2024 Incoming Resources Balance at 31 Dec 2024 Programming and Activities Building and Operations Donated Goods 26,125 176,460 1202,585} 11,820 25,076 136,896) 138.500 1138,5001 37.945 340,036 1341,0851 136,896 Movement In Funds 2023 Resources Transfers Expended Balance at l Jan 2023 Incomlng Resources Balance at 31 Dec 2023 Progr3mmln8 and Activities Building and Operations Donated Goods 6,667 347,100 1327,6421 26,125 413,508 1401,6881 11,820 127,500 1127,5001 1455,1421 6,667 888,108 1401,688) 37,945 Programming and Activities includes funds provided by various organi5ations and individuals to fund the food bank and to support specific areas of programming. Included, for example, is funding to subsidise music programming and events for young adults. Building and Operations includes donations received for the construction of a pergola in the piazza. A transfer was made from Restricted to Designated Funds relating to these donations. Donated goods are items donated to the food bank and distributed to those in need. 37
Docusign Envelope ID.. 3D49AslADlE49C69O2-9DgAF6Ds13AD JW3 Trust Llmlted (Llmlted by guarantee) Notes to the financial statements (continued) For the year ended 31 December 2024 14 Deslgnated Funds- Group and Charlty 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.. Movernent in Funds- 2024 Balance at l Jan 2024 Incomlng Resources Resources Expended Balance at 31 Dec 2024 Transfers Fixed asset fund 31,306.314 1175,9941 65,348 31,195,668 Movement In Funds- 2023 Balance at l Jan 2023 Incomlng Resources Resources Expended Balance at 310ec 2023 Transfers Flxed assei fund 31,072,168 1172,5421 406,688 31,306,314 The value at the year-end Is equal to the net book va lue of land and buildln8S. IS.1 General Unrestricted Funds - Group The income funds of the group include the following general unrestricted funds.. Movement In Funds- 2024 Balance at l Jan 2024 Incoming Resources Resources Expended Transfers Balance at 31 Dec 2024 Funds 2,798,039 3,647,452 13,897,322) (28,452) 2,519,717 Movement in Funds- 2023 Balance at l Jan 2023 Incomln8 Resources Resources Expended Transfers Balance at 31 Oec 2023 Funds 3,002,497 3,511,766 13,711,2241 15,0001 2,798,039 38
tjocysign Envelope ID.. 3049A619-AD1 E49CM902-9D9AF6C643AD JW3 Trust Llmlted (Llmlted by guarantee) Notes to the financial statements Icontinuedl For the year ended 31 December 2024 15.2 General Unrestrlrted Funds- Charity The income funds of the charity include the following general unrestricted funds: Movement In Funds- 2024 Balance at I Jan 2024 Incomin8 Resources Resources Expended Transfers Balance at 31 Dec 2024 Funds 2,796,572 2,657,733 13,103,852) 2,350,453 Movement In Funds- 2023 Balance at I Jan 2023 Incomin8 Resources Resources Expended Transfers Balance at 31 Dec 2023 Funds 4,087,628 2,626,620 {3,912,6761 (5,0001 2,796,572 16 Analysis of net assets between funds Group General Unrestricted funds Designated funds Restrlcted funds Total Fund balances at 31 December 2024 are represented bv: Tangible assets Net current assets 133,416 2,386,301 31,195,668 31,329,084 2,386,301 33,715,385 2,519,717 31.195.668 Fund balances at 31 December 2023 are represented bv: 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 39
Docusign Envelope ID.. 3D49A61&A01 E49C&8902-9D9AF60643AD JW3 Trust Llmited (Limited by guaranteel Notes to the financial statements (continued) For the year ended 31 December 2024 Charity General Unrestrlrted funds Deslgnated funds Restricted funds Total Fund balances at 31 December 2024 are represented by.. Tangible assets Investments 62,625 31,195,668 31,258,293 Net current assets 2,455,558 2,518,185 2,455,558 33.713,853 31,195.668 Fund balances at 31 December 2023 are represented by.. Tangible assets Investments 54,546 31,306,314 31,360,860 Net current assets 2,742,024 2,796,572 37,945 37,945 2,779,969 34,140,831 31,306,314 17 Related party transactlons D Joseph, A Dorfman and D Kershaw were also trustees of a separate charity during the year, JW3 Development, which granted JW3 Trust Limited £2,188,29812023: £2,772,360). M Nohr is a Director of London Krav Maga Limited ILKM). LKM provide Krav Maga classes at JW3 and pay a rental based on a split of turnover less finance costs. During 2024, JW3 Trading Limited billed LKM £53,86112023: £39,424) excluding VAT. The aggregate arnount of donations made to JW3 Development by trustees of JW3 Trust Limited was £112,225 in 2024, all of which wa5 unrestricted12023- £175,815). At the year end, in the Charity accounts, there is an amount of £1,324,141 (2023.. £2,246.191) due from JW3 Development {which funds JW3 Trust Limited by way of a grant) within Amount5 Due from Connected Charity. At the year end, in the Group accounts, there is an amount of £2,314,92412023: £2,906,925) due from JW3 Development within Amounts Due from Connected Charitv. During the year, JW3 Trading Limited charged JW3 Trust Limited a £187,984 management charge12023: £170,837) and a £163,943 service charge (2022: £143,742). JW3 Trust Limited charged JW3 Trading 40
Docusign Envelope ID: 3D49A8lADl E49C&8902-9DgAF6D643AD JW3 Trust Limited (Limited by guarantee) Notes to the financial statements {contlnuedl For the year ended 31 December 2024 Limited rent of £325,00012023: £325,000) and paid a grant to JW3 Trading Limited of £2,717.20012023'. £2,838,738}. At the year end, in the JW3 Trust Limited charity accounts, there is an amount of £9,659 (2023.. £8,739) due to Hampstead Slope Developments Limited within creditors, A number of JW3 trustees are also directors or trustees of organisations that pay to use the facilities or are suppliers. Such transactions are in the course of normal business and are not at preferential rates. 18 Cash used in operatlng actlvltles 2024 2023 Net lexpenditurel/incorne 1426,913) 60,966 Adjustments for: Investment income included in profit or loss Depreciation and impairment of tangible fixed assets 11521 250,264 19,3971 248,314 Movements in working capital: Ilncreasel/Decrease in stock Decrease/{Increasel in debtors IDecreasel/lncrease in creditors Cash provlded by/lused) in operatlons (1,1251 475,951 {221,7791 76,246 3,000 11,248,294) 49,581 1895,8301 19 Analysis of chan8es In cash balances Atljan 2024 At 31 Dec 2024 Cash flows Cash at bank and in hand 248,043 {48,4021 199,641 The Group did not have any debt at 31 December 2024 (2023.. none). Net funds at 310ecember 2024 were £199,641 (2023: £248,043). 41
Docusign Envelope 10.. 3049A61MD1E49CS-8902-9D9AF6D643AD JW3 Trust Llmlted ILlmlted by guarantee) Notes to the financtal statements {continued) For the year ended 31 December 2024 20 Operating lease commitments At the reporting date the group had no outstanding commitments for future minimum lease payments under non-cancellable operating leases. JW3 Trust Limited also acts as a lessor in connection with operating leases and continues to recognise the assets subject to operating leases as assets on its balance sheet. The amounts due from lessees are recognised in the Statement of Financial Activities on a receivable basis. The leases relate to the rental of property. The future minimum receipts arising from operating leases, subject to certain lease terms, are shown below: 2024 2023 Within one year In the second to fifth years inclusive After five years 81,660 135,914 585,671 753,434 1,475,019 81.660 As at the date of signing, the tenant occupying the top floor of JW3 had given notice to lerminate the lease and was due to leave by 18 July 2025, As mentioned in the Trustees, Report, a new tenant was found to replace the previous tenant, with the new operation commencing 21, July 2025. The terms of the lease include annual rent of £150,000 lex VATI over 25 years, with a 10-year break. Whilst ensuring stable income for the long-term, the new provider is thought to be better aligned to JW3's strategic objectives and values. 21 Legal status of the charity The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up. 42
OorJJsign Envelope ID.. 3D49A619-AD1 E49C&8902-9D9AF6D643AD JW3 Trust Limited ILlmited by guarantee) Notes tothe financial statements {continued) For the year ended 31 December 2024 22 Comparative Statement of Financial Activltles Unrestrlrted Funds General Unrestrlcted Funds Designated Restricted Funds Total 2023 Incomé from: Donations.. JW3 Development Grant Donated Goods Trading activities Charitable activities Investments (bank interest) Total income 2,011,752 760,608 127,500 2,772,360 127,500 539,469 951,148 539,469 951,148 9,397 3,511,766 9,397 4,399,874 888.108 Expendlture on: Trading activities Charitable activities Total expenditure Net Incomel(expendlture) before transfers Gross transfers between funds Net (expenditure)/income for the year and net movement In funds Fund balances at I January Fund balances at 31 December 324,167 3,387,057 3,711,224 324,167 4,014,741 4,338,908 172,542 172,542 455,142 455,142 1199,458) {172,5421 432,966 60,966 15,0001 406,688 1401,6881 1204,4581 234,146 31,278 60,966 3,002,497 31,072,168 6,667 34,081,332 2,798,039 31,306,314 37,945 34,142,298 43