Docusign Envelope ID.. 3D49A61￿ADl 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 #10 DO￿51gn 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.. 3049AS1￿ADlE49C&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.. 3D49A6I￿ADl 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.1￿itI7.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 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.. 3D49A6l￿ADl 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 De￿rnber 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.. 3D49A6l￿ADl 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.. 3D49A6l￿AO1E4gC￿89O2-9D9AF6D643AD 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 En￿lOpe 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.. 3D49A61￿AD1E49CS-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 00￿SIgn 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.. 3D49Asl￿ADlE49C￿69O2-9DgAF6Ds13AD 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: 3D49A8l￿ADl 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