IAJR The A55ociatio of Jewish RetLivee5 THE ASSOCIATION OF JEWISH REFUGEES (AJR) FINANCIAL STATEMlli NTS FOR THE YEAR ENDED 31 DE1 MBER 2020 Charity number: 1149882 Company Number: 08220991
THE ASSOCIATION OF JEWISH REFUGEES (AJR) FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 2020 CONTENTS Page DETAILS AND ADVISORS TRUSTEES, REPORT STATEME,NT OF TRUSTEES, RESPONSIBILITIES 10 INDEPBNDBNT AUDITOR'S REPORT STATEMENT OF FtNANCIAL ACTIVITIES 14- 15 BALANCE SHEET 16 CASH FLOW STATEMENT 17 NOTES TO THE fANCIAL STATEMENTS 18-28 ACKNOWLEDGEMENT 29
THE ASSOCIATION OF JEWISH REFUGEES (AJR) DETAILS AND ADVISORS FOR THE YEAR ENDED 31 DECEMBER 2020 STATUS The Association of Jewish Refugee5 (AJR) is a registered charity and ¢ompaDy, limÉted by guarantee and is registered in England and Wales (08220991). It was incoryxjrated and set up by 4 Memorandum of Association on 19 September 2012 as amended by spccial resolulion on 15 Novgmber 2012. The charitable company commen¢¢d activities on l January 2013. ORGIINISATION Thc oharilable company's strategy is set and nnaged by the Trnstees, who are aIso its directors for the purposes of conTrpany law. The Trustees are: Mrs E Angel Mrs G Glassman fr F A Haiding Mr D Kalman Mr M Kaip Mr A C Kaufinan MBE Mrs M KEngsley MrSKon Mr W D Rothenlxrg ' A Spiro Mr8 P Strauss Mr M J White (from 0910712020) (fron) 1010612021) (from 0910712020) (to 0610512020) REI GISTERED OFFICE Winston House 2 Dollis Park London N3 IHF Charity registratlon number- 1149882 Company registration number- 08220991 BANKERS CAF Bank Limtted Kings Hill West Malling Kent ME19 4TA tNVEI STMEf4T MANAC.F.RS Rathbone Inveslment Management Lilliited I Curzon Stre¢t London WIJ 5FB Ruffer LLP 80 Victoria Street London SWIE 5JL AUDITORS Haysmacintyr¢ LLP 10 Queen Street Place London EC4R IAG
THE ASSOCIATION OF JEWISH RC4 FUGEES {AJR) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Ti'uslees present their report and the audited financial stalements for the year ended 31 Deceinber 2020, which show the Stat¢ of the charitable company's affairs at that date and the income and expenditure for the year then ended. STRUCTURE, GOVERNANCE AND MANAGKMEf4T Trustees The followillg served as TteeS of the charitable company during the year and remain in office utÈless otherwise stated as at the date this i'epoTt was approved-. Mrs E Angel Mrs G Glassman Mr l.. A Harding {1,2,3.6.7) Mr D Kalman (7,8) Mr A C Kaufman MBE {5,6,7) Mrs M Kingsley {1,3} MrSKon (5,6,8) Mr W D Rothenb¢rg (1,2,3,4) Mr A Spiro Q,4,5,6,7) "s P Strauss (2,,4,6,7) Mi. M White (1,4) (5,6,7) (Resigned 0610512020) l.. Member of Audit alld Risk Committee 2.. Membci. f)f the Investment Committee 3: Meinber of Finattce Committee 4.. Meiiibei. of Self-Aid CumEnitte¢ 5.. Member of Gr&nts Coinmittee 6.. Mcinber of Strategy Coinmittee 7.- Memb¢r of Nominations COMIlttee 8.. MEmbei' of Next Generation CoInmittee Trustees al'e appoitLted for a p10d of four yeaiE, after which they ar¢ required to be re-elected by a vote ormembers at the Annual Election Meeting should they wish to conlinue to sei've. Periods ofsei.vice are stiuctured such that Trustees ai appointed for a Inaxiinum of thi'e¢ lernis. When the charitable compaiiy was forn]ed with nine Trustees, a structU]E Was Put in place ¥equii'ing thiEe Trustees to stand for re-election every yeai. in Order to Inaintain both continvity and rotation. On the fourth year of that cycle, no Trnstees stood for i¢-elertion. With the retirement of three of the original Trustees and the appointihcnt of ncw Tn]stees, the Tn]stees have developed a schedule for when each serving Trustee is duc foi. re-eleclÈon. In 2020, Mr A Spiro and fvlrs P StfdUSS stood aiid wei'e duly re-elected to serve their third 8nd final four-year tei'in. No Trustees are due for re-election in 2021. Foul. Trustees have been appoinled in the nine yeays of the charitable coinpany operating as a Gompany up io the date of tliese accounts. One Trustee resigned during 2020 and up to the date of these accounts. Any new Tiustee will be required to undertake an induction progi'ainme relating to the aims and objectives of the charitsble company, tlie background of its beneficiaries and tlie systelns in place to delaver the seTVE¢eS of the charitable company. Bach Trustee will be requii'ed to deman.%trate suitable knowledge of the IDle and of charity trusteeship by ¢xperience or by tTaining pi'itsi. to, or shortly after, appoinhnent. The 5trat¢gy and policies of the charitable company are decided by the Trust¢es- the responsibility for the execution of those policies 15 delegated to the staff led by ils key manageinent coiisisting of the Chief Executive, Mr M Newinatt, suppoiled by the Finance DiiECtor, Mr A Daniels, who report regUl'1y to the Trustees. Mr A Daiiiels succeeded Mr D Kaye who retired in April 2021 after alinost ten years with the charitable company,. the Ti'uste¢5 n)uch appreciated his service. The pay of the Chief Executive, the Fin&nce Director and all stsff is i'eviewed annually and norinally increased in accoi'dance with average eainings to rcfltct a ci)st of living gdjustment and to ensure all einployees are remunen2tcd at not less than the iiatioiial living wage. The ¢haritable coinpany has tsket) suitable proEessional guidance in the det¢iinination of the Irinuneration of its key manageinent. The Trustee5 give active consideration tt> the matter of TnJstee succession and where possible co-opt volunteei's with suitable knowledge and experience to as51St theill as Inembers of ¢oininittees considerEllg Inatt relevant to their experience as a PTecuTSQI' to possible fi]11 Trustee board membership. Since 2019 the Trustees IiavE enhanced the governance i'egiine by eieating further cominillees of Ti'u5tees and pi'ofessional volunte3 (¢o~opted Inembers) to inanage the affails ofthe ¢h¢irilabl¥ LDmpatty. These relaIn in place and cover..
THE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEES* REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (Contlnued) STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Audit and Risk Appofftnts external auditor, oversees audit process, oversees statutory and regulatory reports, monitor5 risk management Monitors financial performance. oversee5 budget and asset management Oversees and approves gratLts made for educational purposes Oversees and approves use of company funds for charitable giants to individuat ben¢fIciaries Finance Grants Self - Aid Sttmtegy Nominations Directs long term strategy of the charitable eompauy Approves the nomination of new Trustees and committee members Sets investmentpolicy> appoints, directs and moniton proftssional fund managers to Inanage the market investments of the clE8ritable company Investment Risks and internal eontrols The Board is responsible forensuringthat effective and adequate risk rnanagement and intemal control systems are inplace to rnaoage the major r15ks lo which the charitable coinpany is exposed. It carrits this out by monitoritig the effeetiveness of the risk mauageniEllt framework. Tlie framework is designed to suppoit informed decision making regarding the risks thatafftctthe ability of the charFtable company lo achieve its objeLtiYes. The framework is designed to niaoage, r2ther than eliminate, the risks to the charitable cojnpany's objeciivcs and to provide It£Onable, but not absolut¢, assllrance dgainst material misststement or logs. Within the fratnework, the principal risks and uncertainties whith have been identified, together with the actions taken to mitigate them, are as follows: Risk identified Aetlon taken to miti ale the risk Investment Investments made by the charitable coinpany &re not properly managcd or perfoi'jn poorly which lead to a Irduetiom irt fvnding that would be available to support th¥ nbjcctives of the chai'itable company. Use of approved investment counterparties within appi'oved fjnaneial limits coupled with a clear investment policy focused on deliving retui'ns ndS for the charitable company's strategic objectives. The Jiivestment Coinmittee regulai'ly reviews the investment poitfolio with the investtnent managers ldrepOrtS regularly to the Board. C12irns Conferenee: Th¢ charitable company sllffers a reduction in funding from the Claims Conference, whiLh leads to lower ding available to both the chdritable company's beneficiai'ies and th(>se of other agenLi¢S and charities within the UK Umbrella Group C'Ag¢ncies") which the charitable eompany leads. A conslaEJt and eon5tructive dialogue is maintained with the Claim5 Conterence to ensure that intcmal controls and Compliance meet the conditions imposcd, coupled with both statutory audit and Claiins Conference audits. Contro15 are Én place (including regular liaison), coupled with audit styleiEviews, overthe Agencies, own beneficiary documentation lo ensure that Claims Conference conditions ale inet. An indemnity arrangement is iu plaee to PlDteGtthe chaTitsble company in the event that the Agenci¢s do not comply with the irlcvanl conditions. In March 2021 the bilat¢ral agreements with th¢ Agencies were reviewed, upddted and re-signed and Bfford the charitable company greater pTotection from the risks in disbursing Claims Confei'ence fitnds. The inabÉlity to recover grdnt funding made by the charity to beneficiaries and to the Agencie$, benEficEari¢5 in advance of receÈpt of monies from the Clai]w Conference.
THE ASSOCIATJON OF JEWISH REFUGEES {AJR) TRUSTEES, REPORT FOR THE YEAR NDED 31 DF.CEMBER 2020 {ContiJtlled) STRUCTURE, GOVERNANCE AND MANAGEMENT {continued) Risks alld internal eontrols (continued) Risk identified Aetion taken to miti ate tlie risk Grants The charitable company És llnable tr> SiEPPQrt its objectives because of a failure to control properly grants and awards Iade froin its own funds. ContsDls (both budgetary and t¢rin5 of objective) aie in place to ensure proper sci'utiny of all applications made to th¢ charit2bl¢ company for support (together with appropriate follow up post award), wheiheT these are in IEyp¢ct of ediicational proje¢ts or financiat support for beneficiaries beyond that provided froin Claims Conference monies. Reputatlo Events which Inay adversely affect the charitable company's reputdlion and operations. These could include a sei'ious data security bl'each from a cybei. attack or non-compliance with data proiection laws, a serious fi?ud, issue related to the ¢harilable company's human re50urce practices and behaviours. or a significant health and safely or safeguarding incident. Othei. i-isks incliide the failure to attiatt, develop and retain talented staff 2)nd the inability lo recruit sufficient t]umbers of volunteers. Policies and practices are set and monÉtored by senioi. manageineiit and the Board, including an organisation wide I'isk Indnageinent programme (wliich includes anti-fraud processe5 and contro15) as well as coinprehensive training and awarcness pi'ograinines for all st&ff (whicl) includes data pi'otection training). Infoiination security policies and pi'o¢edures are in place whi¢h include seellrity patchiii& vulnerability scanning, pcnetration testing and the use of anti-ytrus software. rJedi¢ated specialist resouTces are used for safeguai'ding, data security. health and Sltfety. Talent manageinent, volunteer acquisition and management together with succession plaiining prograinTnes are in place. Regular reviews air undertaken of recruitment and resoiii'cing processes, with benchmarking undertaken of compensation aci'oss key disciplines. An li)vestinent COnnItre¢ is plso in place to rnonitor the perfoi'mance of the fi]nd managers and their herellce to the agreed inveshhent strategy. The steps taken to modify the operatiiig methods of the charitable company to mitigate risks arising froin the Covid-19 pand¢inic have ensured continuity of service aiid helped pi'otect clients and staff. These will reinain in place for as long as the Trustees consider necessary.
THE ASSOCIATION OF JEWISH REFUCEES (AJR) TRUSTEEI S, REPOR'I. (eonttnued) FOR THE YEI AR ENDCI D 31 DECEMBEI R 2020 STRUCTURf, GOVERNANCE AND MANAGEMENT (continued) Reloted organisations The charitable company has strong links with the following organisations with which working relationships have been estsblished or continued.. anisation Work and actlvities ature of relallonshi Conferen¢e on Jewish MateTial Claims Against GenrLany Inc. C'claims ConferEnc¢") Negotiating with the Federal Republic of The Chlef Executive sits the Board Gennany on belmlf of Holo¢aust slli'vivors of Trustees. and refugees and acting as the successor of heii'less propety in that ¢ot]ntry. United Restitlltion Organisatiott Provtsion Df funds to UK resident victims of Nazi oppressiori. (URO) One Trustet was formerly a member of the Buard of Trustees. Wiener Holocaust Library One of the world'g leading and ffjost extensive archives on the Holocaust and Nazl era. One Trllstee is a men2ber of thE Board of Ti'ustees, one Trustee is a member of the Endowment Tiust and one Ti'ustee is Joint President.. Details of tr4N5actlOliS WRth thcse OTganisation$ are set out in the notes to the aceounts. ORIECTIVES, ACTIVITIES AND PUBLIC BENEFIT The main objectives of the charitabl¥ company are to provide sUPPOrt to it8 beneficiaries who are Jewish survivors of, and refugees from, Nazi oppression and their dependent8 experiellcing illness and frailty, to relEeve their fmancial distress and to provide grants to promote education about. and commemoration of, the Holocaust and related matters. DrIng tle year the Trustees gave due r¢gard to the guidanc¢ issued by the Charity Commissioo on the subject of public benefit and were satisfied that these requwem¢nts were fully met. Durin¥ the year, tli¢ charit2ble company providcd and fided a rdnge Of Services to enhance the welfare and maintain the cultur&l traditions and inteTesls of lormer Jewish refugees from Nazi oppression. In addition, it provided funds to those fornier refygees in nccd, fiTnded fiuiher recording of life hEstoiies of surviving refugees and made educational grants in relation to Holocaiist studies, and other grants to perpeate awareness of the Holocaust and the suffering it caused. The haritable company has increased its commitment to the running of ¢onferen¢es aTTrd seminars on matters relating to the memorialisation Df the HolooausL although the ability to exeeute su¢h activity was constrained by Covid-19 related restrictions. The SeiCeS provided included advice and guidance on welfare benefits, foreigll pension entitlements and reparations,. a social serviees departmenl provided comprehensKve welf&rc 8ervites. assessed fflembers, needs in their homes and helped with benefits,. arrange2neiits with the charity Jewish Care provided a day centre facilEty,' kosher Rneals-on-wheels wei'e delivpA'ed weekly,. regional outr¢ach groups met to share their common heritage to reach ollt to unaffiliated survivors knd rcfugees. concert5, holidays, outings and eiitei1aininent were aanged when perniitted within Covid-19 constraint5. volunteers visited those wbo were housebound, providing companionship and to assist with pr&cti¢al matters. The charitable cornpany continues to assist member5 and their descendants explore their eligibility to restoi'e their formei. citizenship. The charitable company serves as a lead ch81.ity in an Uinbrella Group of five UK charities which suppoit Holocaust survivors and refugee5. filling thts role, it engages in discu55EOllS Wlth the Claims Confeirace concerning social welfar¢ programmes, principally the '0vision of Homecare and othei. in home services and cinergency cal'e funded by the Geran and Austt'ian Governmtnts, aud is a conduit for the i'eceipt and dtsbursal of thnds to thos¢ agencies and their benefi¢iaries. The charitable mpally has 8150 adMI]stered a siinilar prograuam¢ ot managein¢nt of funding provi(ted by the United Restitution Organis4lion (URO) to support victims of Nazi persecution who are of Gernian origin WEth social and emergency needs. The charAtable company a¢tively participates in deltveTing the mission of the tnternational Holooaust Reinembrance Alliance, an intEmational organis2tion whose objectives are to raise awareness of and appi'oprEately memoi'ialise the Holoeaust
THE ASSOCIATION OF JEWISH Rli fi UGEES (AJII)
TRUSTII ES, REPORT (¢ontinued)
FOR THE YEAR ENDED 31 DECEMBER 2020
OBJECTIVES, ACTIVITIES AND PUBLIC BENEFIT (continued)
Among its related activities, th¢ charitable coihpatiy lias participated in the UK Goveinment's coThsultatio]]s to ci'eate a
national Holocaust memorial and leai'ning centre adjacent to Parliaihcnt in Westininster.
The charitable company uses vglunteers to support its social and outreftch activity. Volunteers visit it)embers in tlieirhomes
to Initigate isolation and to assist in learning activity pticUlai.1Y in relation to the use of infoi'jnation technology. Moi
than 350 volunteers provided approximately 25,000 houi'5 of visit time, suppletn¢nting thE socÈal service tea]n by the
equivalent of 15 fiill time and outreach staff, Calling on members and helping oiit at event5.
Grant making polity
The AJR disbursed social welfare grants to individual AJR meinbers whose requests were considered on a case by case
basis, subject to each grant being foi. a poSe in line wEth the objectives of thc ehai'itable company.
As the lead agency of the Umbrella Group, tli¢ AJR also disbiirsed grants to HDlo¢aust survivors and refugee5, including
those who were not AJR meinbe13, froin the monies allocated to the UK froin the Claims Conference. These awards were
approved by an Advi50ry Coinmittee oi. as otherwise required undeT the terjns of the Claims Conference grants. It (ilso
aoted as paying agetrt for graiits awai'ded by the URO.
Alongside the gi.ants to illdividuals for social welfare pury>oses, a sub - cominittee of Ti"ustees and, for lai'ger pi'ojects. the
11 Boai'd. considered proposals from individuals, local coininunity gi'oup5 and instirutions for th¢ support of pi'ojects
rclating to Ilolocaust tducation and ineinol'ialSaLIoIi. The charit&ble coinpany cmploys a Head ot Educatiunal Gi?nts and
Spla1 Projects to provide a professional assessment of project appliLations, devise appn)priate educational and
Cominemoi'ative projects and genttr
THE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEES, REPORT (eontillued) FOR THE YEAR KNDED 31 DJQCEMBER 2020 ACHIEI VEMENTS AND PERFORMANCE (eontinued) Following thrther ¢onyideration of the Maer in which services were delivered iry this environment and mindful of the nE¢d to reverse the increBse in operating d¢fiLlts, the Trustees undertook measures to Tationalise and prioritise activities. As a result. the"My Story" testimony progratnme was wound down and Regional Group staffing was reduccd. This will produce long term cost savings of ai'ound £130k. Educational grlt$ were also significantly reduced iti the year. TheTruste¢$ continue to monitorinveslmentstrategy through the InvestEnent Committee and through qualified independent advisors. £3.4m of the investrllent portfolio of the charitable company is invested in a lower i'isk absoluLt rettin] fund and this, together with its Cash r¢serve6. provides liquidity and financial protection iti limes of uiistable market corltI0ns. Imp2Ct The Trllstees assess the success of the charitable company's activity in teims of.. The overall number of meTnbers that it supports and ihe numbei. of Nazi victims within the Umbrella Group for which it facilitated delivery of the welfare progneS administered by the CIaims Confervjce and the URO. The maintenance and enhancement of its own welfare grant making progrttle. Attendances aL and take up of, outreach and social progr&miR]es. The level and re8lllarity of social work visits to, and assessmellts of, it5 members. Reviewing the nature trtd quality of outpllt of the inslitutions whos¢ projects it fiwds for coIninemorative and educational purposes. Records are maintained which report Dn the level of social service visits, welfare grant5 paid and numbers of Nazi victims assisted. Reports are available to the Trustee4 tbe Claims Conference, and key menkbeTS of management. Reports and updates are requested from organi5ations whose educational and commemoi'atiye projects the chai'itable company fund5 to demonstrate that grants given are used effectively for the purpose for which they were made. Overall Inembership over the yearremained stable ending 2020 at 1,833. 158 new members joilled, offsetting276 IcaveTS, of which 178 sadlypassed away. 72 /oofjoincrs were second generation, which ts indicative of the attraction ofmembership to descettdajits of ourprimary membei's. This is a matter the Trustees reColSe and will focus on in the months and years 8hcad. During tlie year the charitabl¢ company's team of social workei's consisting of 13.5 fv11 time equivalent Staff, made close to 6,000 contacts by way of visits or telephone calls to members needing supporL In total, the charitable company received grants relating to its own members frorn and through the Claims Conferenc¢ and URO amounting to £3.5m (2019.. £2.8m) representing a continuing source of grant income for specific SOLial pi'ojects that weTe in liiie with die activities of those organisations as detailed below. £2.8in 12019.. £2.2m) was dish'ibuted directly to members. A furth¢r £U.9in12019: £0.9m) was distributed to over 120 of the ne¢thest members of the charitable company as parl of its own welfai'e programme. The outreach activity of the Charitable company included the holding of161 meetings (which were migrated tts an online service) across the county at which there were 4,745 diVidu attendances. Arising from its relattonship with the Claims Conference Rnd URO, a total of £8.6m (2019: £7.Im) of Claims Conferellce fi]nding was administered by the charitable company on behalfof itself and other agencies in iheuillbrella Group including the grants shown as restricted fund income and expendittire in these fancial statements. These fvnds are used to support needy Jewish victEm5 of Nazi persecution Wth the provision of carers to enable them to remain iii their own hon?es, and to assist with medical, housing, transport 8nd tstherrgent needs. These progranune5 have supported in excess of 490 victims of Nazi oppres510n. Growth in sei'vice pi'ovision and its nding dllring 2020 was restricted by the impact of Covid-19. The number of Clients receiving Homecare funding during 2020 dtclined i]ll'ough mortality or an inabÈlity to secure carers in the home. The p8ndeinic limited the ability of agencies to offer day care facility and travel was much restri¢ted resulting in the ll5e of fewer fi]nds for these seTvices. Nevertheless, the peak levels of Hoinecare funding reached by the end of 2019 after the continuous growEh of that year were sustained go that, by way of comparison in 2020, 75,000 c1dditional hours of care wei'e
THE ASSOCIATJON OFJEWISH REFUGEES (AJR) TRUSTEES, REPORT (eontinued) FOR THE YEAR ENDED 31 DECEMBER 2020 ACHlfr VEMENTS AND PERfiORMANCE (Continued) funded over 2019. In total 602,000 hours of care were funded. Refugee Voices. the chai'ilable company's archive of iEcoided and documented interviews with refugees, originally cyeated In 2003, was expanded with a further ten interviews and asSocted records. My Story, involving the production of hardbk)ck testi2nony books, which record Èn their own words the stories of rehgees, cominenced in 2017 and has now been brought to a ¢1tsse. In its final year seven book5 were pi'oduced which biDught the total produced to twetjty-six. D¢lails of institutional grallts Jnade for educational purposes are as follows= Amount granted Institutional beneficiary Purpo% of award University of Sussex Jewish Nluseuin of London University of the West of Scotland Univerbity ufwinchESt¢r Four Corners Other £30,000 £15,000 £12,000 £ 8,659 £7,000 £ 19,587 Holocaust Ediication PIDgramine Holocaust Edu¢atioE] Workshops Vision .8chools Programme EducatiDnal REsovrce Photographic Exhibition Total £92,246 £449k in grants were distribuled in 2020 of which £425k w¢re awai'ded prior to 2020. These included £IOOk io the Wiener Holocaust Library (to assist Ivith general operAtions}, £149k to Manchcstei'jewish Museum (to ci'eate a Hvlocaustgallery), £50,000 to Sludder5field University {in support of its Holocaus1 Education Programine) and £25k to the National Holocaust Centre (to support the creauon of its flagshÈp programine "The Journey" on portable vii'tual Inedia). Other educatEonal eyents planned foi. 2020 incliidEng a seminar focusing on the iinpact of the Holocalt on the Second Genei'ation, could not take place due to Covid-19 related rc5triclions. VINANCIAL REVIEW Reserves At the balance sheet date. total reserves stood at £23.9in {2019.. £25.8ml, all of which is unrestricted. The Trllsi¢es seek to ensure that the level of I'eserves of the charitabl¢ company are sufficient to fund the provision of its serviccs for the foreseeable fi]ture independenr of grant income which is nDt guai'anteed. Tlie Covid-19 pandeinic initially signifi¢aiitly and adversely affected finan¢ial Inarkels and the Truste¢s reAli5ed invsstsnents to provide 5uffi¢ient Inedium-term liquÈdity as a defensive measui'e against ongoing it)stability. Market iecovery over 2020 has restored investinent valuations and thei'e was no overall negative iinpact on i'eserves by the elld of the year. The Trustees csrried out a strategic review of it5 activities knd cominittnents. Consideration was given to the deimographic pi"ofile ofthe meiiibei'ship of tlie chGirilable compaiiy and how thatwas likely to change ovei'the next ten years. The Trustees eonsideied thkt the cl)aritable Colllpitny had SUiCient resei've5 to Ineet its ch8]'itable objectives foi. the foi'eseeable fvture. Investment policy The po1cY of the chaTltable company is to retain cash balances sufficient to manage the day-to-day working capital of the eiitEr¢ UmbiElla Group with respect to Claims Conference activity as well as its owi) outgoings. Cash balÉ*nces above thi5 level are placcd with the charitable coinpany's iE]vestment manageiB. Rathbone Inve5tJnent Managemellt Liinited and Ruffei. LLP ("rhe (vIanerS,), to wliom the investment of the of the chaj'itable coimpaiiy is delegated on a discretionary basis.
THE ASSOCIATION OV JEWISH REFUGEI ES (AJR) TRUSTEES, REPORT (continued) FOR THE YEAH IYDED 31 DECEI IWBER 2020 FINANCIAL REVIEW (continued) InveStMet policy (continued) The broad objectives irA relation to the investsnent of the assets were and w&ll reRnain.the management of investments for a balanced combi]iation of income and growth, reviewed pcriodi¢ally by the Investment Committee and its advisors, and, in maktng or vaTying the investment5, to ensure that the Managers have regard to the following criteria.. the suitability of any particular investment PToposed to be made or retained th¢ need for diyersification of the investtryts so f8r as is appropriate to the circumstances of the charitable Company ltt relation to the above criteria, Ltshould be noted that the total value of the net assets ofthe charitsble company at the ye&r end was £23.9 million, of which the investment portfolio amounted to £20.8m. Cash held on deposit reduced to £2.8m. The Tntstees have aed pei'fomiance benchETrarks for the Managers as detailed below.. Rathbone.. Ruffcr.. PIMFA B81onced (Personal Jnvesttnent Man8gement & Financial Advice Association) An absolute retuin approach with the twin objectives of not losing value in any rolling twelve-month period while g'owing fund5 at a Iiigher l'ate thAn would be achiev¢d by investing in cash. The oharitsble company does not generally 2cquire investments in markets wh¢re marketability is limited. There are no tax or legal constraints which affect the countries or juiisdi¢tion$ in which th¢ investments are held. FUNDRAISING The charitable company does not solicit fi]nds via phone, email, directmail or by using third party commercial fi]ndraisers and does not fundraise via a general call for support. The charitable company is Committed to being accountable and responsible and, should its fundiaising approach change in the future, the charitable company will register with the UK Fundraising Regulator. The charitable company did not re¢¢ive any complaint5 about fundrttisinE activity during either 2019 or 2020. FUTURE PLANS It is intended that the ¢harilabl¢ Company will continue to support the needs of Jewish victims of Nazi oppression with a range of services and to support appropi'iate educational and comu]emordtive initiatives relating to the Holocaust. During 2018, the TFust¢es decided to carry out a full long.terin strategic review to deterle the nalw'e of its opei"Ations. A third-party consltant was appointed to facilitate this review (tnd work commcnced during that yeai. which eoncluded during 2019. The strategic review has been refreshed (and was again reviewed itt 2020) and it was agreed that the Strategic focus of the charitable company will continue to be.. Supporttng the First Generation of survivors and iefugees Developing services and activities for Ihe Second Generation SpoDsorit]g Holocaust commemoration. teaching 8nd learning
THE ASSOCIATIONOFJEWISH RCIFUGEES {AJR) STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also the DirectOl% Df The Association of Jewish Refugees (AJR) foi. the pui'poses of ¢oinpany law) are responsible for prepai'ing the Trustees, repoit and the financial statemtnts in accordance witli applicable law and UK accounting standard5 (United Kingdom Generally AEcepted Accoiinting Practice). Charity law i'equire5 the Tiijstees to prepare fu]&ncial stateinents foi. each fillancial year whEch give a Irll¢ and fair view of the state of affaii's of the chai'itable coinpany and of the incoihing Tesouree5 and application of resources, including the in¢oine and expenditure, of the charitable coinpaiiy for that period. In prcparing these tinancial siatements, the Trustees re required to-. Select suitable a¢¢ounting policies aTEd ihen apply them consistently. Observe the methods and pi'inciples in the Charities SORP; Make judgment5 and Estli3tes that are reasoiiable and pi'ud¢nt- State whetherapplicable UK accountittgstsndards have b¢en followed, subject to any Inaterial departures disclosed and explained in th¢ fiiianLidl ststemenls,. and Pi'cpair the financial statements Ot] the going concorll basis unless It is inappiopriale to ptesume that the charitable company will continue in business. The charitable ¢ompany's investinents and liquid resouires al'e such that at any tÉme they eatt be converted into Cash and thu5 enable it to meet its liabilities and commitments as they fall due. The Ti'ustees are I'e5ponsible foi. keeping adequat¢ accounting records that are sufficient to show and explain the charitable ¢oinpany's transactions and disclose with I'easonablc accui?cy at time the financial position of the charitable cojnpany and enoble theiii to tliat the financial statement5 coillply with thc Campanies Act 2006. They ar¢ also r¢spunsible for safeguarding the assets of'the charitable company and h¢nce fortaking reasonable steps foi. the prevention and deieciio of fraud and othci. irregularities. The Triistees are iEsponsible for the Jnaintsiiance and integrity of the corporate and financial inforInation included on the charitable compgjny's website. Legislation in the United Kingdoin goveri)ing the preparation and disseinination of financial st&teinents Inay differ from legislation in other jurisdictions. The Trustees have permitted the auditor to undertake whatever inspections it consider5 to be appTopriate foi. the PUTpose of enabling the auditor to give its audit opinion. So fai. as each of the Trustees is aware at the tiine th¢ report IS &PPToved., there is no relevant audit inforination of wliich the charitable coinpat]y's auditor ig unaware.. aThd the fj'ustees have taken 011 steps that they ougl)t to have taken to inake theinsElv¢s aware of any I'elevant alldit information and to establish that the auditors are aware of that information, APPROVAL Thi5 report wa5 approved by the Trustees on behalf by: -and signed on their A C Kaufman MB Chairinan 10-
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ASSOCIATIOIY OF JEWISH REFUGEES {AJR) Oplnlon We have audited the financial statements of the Assoctation of Jewish Refvgees (AJR) for the year ended 31 DecembeT 2020, which comprise the Stateinent of Financiol Activities, the B&la&ice Sheet, Cash Flow Statemellt aod not¢5 to the fillancRal staten)ents, including a Slltnma]y of significant accounting policies. The fanCial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting 8tandards, including Financial RepUrtn Standard 102 The Fip7ancialReporiiJ7gSiuNdai.dapplicabl¥ in (he UKandRepublic oflrelcthd(United Kingdom Generally A¢¢epted Accounting Practice). Jm our opinion, tbe financial statements.. gtve a truB and fair view of the state of the charitable company's affain as at 3 1 Decefflber 2020 and of the charitable company's net moveinent in fvnds, including the income and expenditure, foi. the year then ended. have been properly piepared in ttccordance with United Kingdom Geoerally Accepted Accountitig Practice.. and have be¢n prepared Jn accordat)ce with the requirtrnents of the Coinpanies Act 2006. Basis for opinion We conducted our audit in accoTdallce with Jntemitional Standards on Auditing (UK) (ISAS (IJK)) aud applicable law. Our responsibilitl¢S Ullder IIL03e stsndards are fiJrtherdescrEbed IA the Auditor's r¢sponsibilities forthe audit ofthe financial statements section of ourreport. We are independ¢nt of th¢ charitable company in accordaiice with the ethie21 requirements that are relevant to our audit of the finttncial statements in the UK, including the FRC'S Ethical Standard, and we have Ifilled our other ethical responsibilities in accordan¢e with these requirements. We believe that the audit evidence we have Oa?ed is sufficient and appropriate to provide a basÉs for our opinion. Conclusions relating to going concern In auditing tlie financial statements, we Iiave concluded that the Tntees, use of the going concern basi5 of a¢counting in the preparation of the tinancial statejnenls 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 charitable compan5 ability to continue as a going concem for a period of at least twelve months from when the f(nancial statements are authorised for issue. Our responsibilities and the responsibilities of the TTUStees with respect to going concern are described in th¢ relevant sections of this report. Otlier informxtio Thc Trustees are iEsponsiblt for the other information. The other inforniation comprises the information ill¢luded in the Trustees, Annual Report. Our opinion on the fnanCIal ststements does not cover the other information and, except to the extent othen¥&se explicitly stated in our repDQ we do not express any forni of assurance eonclusion thereon. In connectiotk wEth our audit of the fts)ancial statements, our respollsibility is to read the other information and, in doing so. consfftder whethei. the other infomation is inaterially inconsistent with the fitjancial stat£inents or our knowledge obtained iti the audit oi. otherwise appe2rs to be materially mi5Stated. If we identify such Inaterial inconsistencics or apparenlmaterial misstatements. we are reqUred to delennine whether there is a material rnisstatement ill the finallcial statsmellts or a material Inisstatement of the other information. If. based on the work we have pcrformed, we conLlude that there is a n]aterial misstatement ofthis ()thcr information, w¢ are required tsTrTeportthat fact. Wchave nothing to report in this regard.
INDEPEI NDCI NT AItDITOR'S REPORT TO THE TRUSTEES OF THE ASSOCIATJON ofi JEWISH REFUGCI ES (AJR) Opinions 011 other matters prescribed by the CoEnpanies Att 2006 In oT opanion, based on the work undertaken in the COUTse of the audit.. the infoi'mation given in the Trustees, Aniiual RepoJ"l (wliich incojpordtes ihe strategic report and the dErectors' r¢poit) for the financial year for which the financial 51ateinents are prepared is consistent with the ftn8ncial stateinents,. and the strategic i'¢poit and the directors, report included within the Trustees, Annual Report has been prepared in accordance with applicable legal requirements. Responsibilities of Trustees for the financial statements As explained more fully in the Triistees, responsibilities stateinent set out on page 10. th¢ Trustees (who are also the directors of the charitable company for the purposes of eoirJpaY law} are responsible for the preparation of ihe financial statements and for being satisfied that they give a true Alld fair view, and for sueh Enternal conti'ol as the Tte¢S delci'inine is neLess8ry io enable the preparation of finaiicial stateitTrcnt% that are fiEe from inaterial mi&5tateiMent, wh¢thei' due to fraud oi. errol.. In PFepai'ing the financial statements, th¢ Trustees are responsible for assessingthe charitable ¢ompany's ability to continue a5 a going concern, disclosiiig, as applicable. Inattei'$ related to going concein and using the going concetij basis of accounting unless the Trustee5 either intend to liquidate the Charitable coinpany oi. to cease operations, oi. have no realistic alt¢l'Dative but to do so. Auditor's responsibilities for Ihe audit of th¢ financiAI statements Our objectives are to obtain reasonable assurance about whetlier the financial 8tatements as a whole are free from Inv&terial misstateinent. whether due to fraud or erFOi', and to 15sue an auditor's i'epori that include5 our opinion. Reasoiidble assurance is a high level of assui'ance but is nol a guai"anlee that an audit conducted in accordance with ISAS {UK) will always detect a tnaterial misstatement when it exists. Misstatements can arise froin fraud or error and are conside¥ed mRtei'ial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on tho basis of these financial statements. IrregularEties, including fraud, air instances of noll-coinpliance with laws and regulatlolls. We design procedures in line with our responsibilities, olltlincd above, to detect rnatei'ial misstateinenls in r¢spect of irregularities, including fraud. The Extent to wliich our pi'ocediir¢s are capable of detecting irregularities, including fraud 15 d¢tailed below.. Based on our understanding of the charitable company and the envimninent in which it operates, w¢ identified thal the pi'incipal i'isks of non-coinpliance with laws and regulations related to the legal and regulatory i'equirements pertaining to IEgistered charities, and we consideiEd the extent to which non-eoinplEance might have a Inaterial effect on the financial stateinents. We also considered those laws and i'egulations that have a direct iinpact on the preparation of the financial stateinents such as the Companies Act 2006 and the Charities Act 2011, and other f8Ctors such as incoine thx and payroll taxes. We evalLiated Imanagernent's incentives and opportunities foi. fraudulent manipulatioii ofthe fanan¢ial statements (Rncluding the risk uf (Trv¢i'i'ide of controls) and detei'mined thal the principal risks were iElated manual dLcounting journals. AudÉt procedure5 performed by the engageinent t¢ain included.. Inspecting correspondence with i'egiilaloi's and lax authoi'ities,. Discussions with Inanagement including considei'8tion of known or suspected instances of non-compliance with laws and regulation and fi'aud- Evaluating manageinent's controls designed to prevent and detect irregulariiie.%- Identifying and testing journals, in particulai. journal entries Posied with uniisual aceount oon)binations. postings by unusual users or with unusual desci'iptions,. and Challenging assu5nptions and judgeinents made by management in their critical ac¢ountÉng estimate A fuithei. description of our Tesponsibilities for the at]dit of tho financial gtateinents is located on the financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilitie5. This description forins pai1 of our auditor's I'eport. 12
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ASSOCIATJON OF JEWISH REFLC.EE.S (A.IR) Use of our report This report is made Eolely to the charitable company's members, as a body, in aceordan¢e wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been und¢rtaken so that we might state to the chkritable companys members those matters we are required to state to them in an Auditor's reportand for no otherpwpose. To the fvllest extent pern]itted by law, we do not accept or assuine responsibility to anyone other than Èh¢ charitable wmpany and the charitablecompany's memb¢rs. as a body, for our alldil work, for thi5 IErrf)rt, or for thc opinions we have formed Adam Halsey (Senior StatutDry Auditor) For and on behalf of Haysmacintyre LLP, Ststutory Auditors 10 Queen Street Place London EC4R IAG 26 luly 2021 13
THE ASSOCIA TION OF JEWISH REFUGEES (AJR) STATEMENT oft FINANCIAL ACTIVITIES FOR THE YEAR C4NDED 31 DCICEMBER 2020 2020 Total Funds 2019 Total Funds Unrestricted Fund5 Restrict¢d Funds Notes Income fro]n: Donations and legacies 399,651 399,651 280,012 Charitable activities.. Grants for welfare work Social and welfai'e ttctivities Other grant incoine 16 3,486,014 3,486,014 17,835 68,496 2,754,804 29,389 17,835 68,496 Other trading activities 58,410 S8,410 44,150 Investtnents 355,659 355,659 580,830 Tot¥Jl 900,051 3,486,014 4,386,065 3,689,185 Expenditur¢ ON.. Raising funds 76,907 76,907 97,042 Chai-itable activitie5'. Social and welfar¢ activities 3,286,117 2,757,633 6.043,750 5,817.375 Educational activiiies 381,039 381,039 702,341 Sub Total 3,744,063 2,757,633 6.501,696 6,616.758 Allocated to restii¢ted fundiiig (728,381) 728,381 Total 3,015,682 3,486,014 6,501,696 6,616.758 Net ¢xp¢nditiire before gain on investments (2,115,631) (2,115,631) {2,927.573) N¢t gains investments 181,557 181,557 2.788,984 Net expenditui'e and net 0Ve]ent in funds (1,934,074) 11,934,074) (138,589) RECONCILIATION OF FUNDS FUIYD IIALANCES BROUG14T FORWARD 25,802,056 25.802,056 25,940,645 FUND BALANCES CARRIED FORWARD 17 23,867,982 23,867,982 25,802,056 All gains and losses recognÉ5ed in the year ar¢ included in the Statement of Financial Activities. All ti'ansactions are derived fi'oin continuing activities. The notes on pages 18 - 28 form part of these fInancial statemeiits. 14
THII ASSOCIATION OF JEWISH REFUGEES (AJR) STATEMENT OF FINANCIAL ACTtVlTIES FOR THE YEAR END]4D 31 DECEMBER 2020 CompAraliYe, for the year ended 31 December 2019 2019 Unrestricted Funds Restricted Funds Total Funds Notes Income from: Donations and legacies 280,012 280,012 Charitable aetivkties: Grants for welfare work Social and welfare activities Other grant incorn¢ 16 2,754,804 2.754,804 29,389 29.389 Other trading activities 44,150 44,150 Investments 580,830 580,830 Total 934,381 2,754,804 3,689,185 I xpenditui'e on.. Raising funds 97,042 97,042 Charitable activities.. Social alld welfare activities 3,584,600 2,232,775 5,817,375 Educ&tional activities 702,341 702,341 Sub Total 4,383,983 2.232,775 6,616.758 Allocated to restricted funding (521029) 522,029 Total Expenditure 3,861,954 2,754,804 6,616,758 Net expenditure before gain on investments 12,927,573) (2,927,573) Net {lossesygains on investments 2,788,984 2.788,984 Net expeRditure and net moveJAent in funds (138,589) (138,589) RECONCILIATION OF FUNDS FUND BALANCES BROUGHT IPORWARD 25,940,645 25,940,645 FUIYD BALANCES CARRIED FORWARD 17 25,802,056 25,802,056 15
THE ASSOCIATION OF JEWISH REFUGEES {AJR) BALANCE SHEET AT 31 DECEMBER 2020 Company Iyumber: 08220991 2020 2019 Notes FIXED ASSETS Tangible assets Inv¢51inents 10 100.127 20,756,288 103,364 22,650,303 20,856,415 22,753,667 CURRENT ASSETS Debtors.. due within one year Debtors.. due after one year Cash at bank and in hand 12 12 1,780,238 44,407 2,780,600 1,726,343 48,391 3,840,799 4,605,245 5,615,533 CURRENT LIABILITIES: Creditors: ainounts due within one year 13 (1,593,678) 12,567,144) NET CURRENT ASSETS 3,011,567 3,048,389 TOTAL ASSETS LESS CURRENT LIABILITIES 23.867,982 25.802,056 NET ASSETS 23,867,982 25.802,056 FUNDS UFll'estri¢¢ed 16 23.867,982 25,802,056 Restricted 16 23,867,982 25,802.056 Approved aE]d authori5ed for issue by the Tn]stees on . and signed on thei be If by-. 2021 A C Kaufman MBE Chairman 16-
THE ASSOCIATION OF JEI WISH RKFUCEES (AJR) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECLI MBER 2020 2020 2019 Cash llows from operating activities: Net cash (llsed in) operating activities {see below) (3,463,274) Q,490,251) C25h fiow5 fro]n InVting Aetlvities Dividends and interest from investments, rental income and other iovestment income Purchase of property, plant and equipmenl Proceeds from sale of investments Purchase of investtnents Movement in cash awaiting investsnent 355,659 (28,155) 5.471,577 (2,352,100) (1,043,906) 580,830 {12,854) 2,255,700 {1,854,052) {311,697) Net cash provided by investiDg activities 2,403,075 657,927 Change casli 2nd eash equivalents In the year (1,060,199) (1,832.324) Cash and cash equlvaltnts at the beginning of the year 3,840,799 5,673,123 Cash aRd cash eqwivalernts at end of the year 2,780,600 3,840,799 2020 2019 Net expenditure for the year {per Statement of Fina¢11 Actlvlt1¢5) (1,934,074) (138.589) Adjustments for: Depi'eciation Losses/{gains) on it)vestments Dividends and interest DeeTeasel(increase) in debtors (Dccrease)lincr¢ase in creditors 31,392 (181,557) (355,659) (49.911) (973,465) 38,085 (2,788,984) (580,830) 4(kO,332 579,735 Net cash ll5ed operating aetxvlties (3.463,274) (2,490,251) Analysi5 of cash and cash equivalents 2020 2019 Cash in hand Notice deposits (less thon 3 months) 1,780,600 1,000,000 2,840,799 1,000,000 2,780,600 3,840,799 The notes on peges 18-28 forni part of these financial statements 17-
THE ASSOCIATION OF JEWISH REFUGEES (AJR) NOTES TO THE ACCOUNTS FOR THE YEAR EJ¥DED 31 DECEMBER 2020 ACCOUNTING POLICJES The princEpal accounting poli¢ies adLipted, judg¢iMents and key SDLEr¢es of estimation and uncert&inty in the preparation of the financial stateinenls dre as follows.. Basis of preparation The fInancial stateintnt5 have been prepared ill accordan¢e with Accounting and ReportÈng by Charities.. Stateinent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable itk the UK and Republic of Ireland (FRS 102}- Charities SORP (FRS 102), second edition- Octobey 2019, atEd the Coinpanies Act 2006. The Trust¢cs have a5sess¢d the charitable company's requirements for the foreseeable future, including th¢ charitable ci)mpany's ability to operate due to Covid-19. dnd are confident that sufficient fvllds will be availabl¢ to enable aperations to continue at a susiainable level for a PeTiod of at least 12 inonths froin the date of approval uf these financial statements. The charitable company therefore CCTr]]tinues to adopt tlie going concern basis in preparing it5 financial stateiiients. The Trustee5 consider there are no maierial uncertainties about the charitable company's ability to continue as a going concern. The financial stateinents do a]ot include the adJitinentS that would IEsuIt if the ¢harilable coinpany were unable to continue as a going concei'n. Publie benefit entity The Association of Jewish Refugee5 (AJR) meets th¢ definitiot] of a publie benefit entÉty under fRS 102. Legal status The Association of Jewish Refugees IAJR) is a coinpany li1lted by guaraiitee without share capital. In th¢ event of the charitable company being wound up, the liability in respect of the guarantse is liitjited to £1 per meinber ofthe cliaritable company. Critical ac¢ounling Judg¢menls and ostitnat¢$ In pieparing these finaiicial stat¢iKents, the TrLlSte¢s have m&de judgements, estim&tes aiid assuinpiions that affect the application of the Charitable Lompany's accounting policies and the reported assets, liabiliticg, incoine and expettditllre and the disclosuies inade in the financial statements. EstiinatC8 and judgements arE continually evalL]ated and are based on liislorieal experience and oth¢r factors, including expectations of tUre events that are believed to be reasonable under the circumstances. Income All it)coming i'esource5 al'e iD¢luded in the Statement of Financial Activities when the chai'itable company has entitlement to incoine, it is pi'obable that the incotne will be ieceived and the amount of income receivable can be In¢asured reliably. Donations are accounted for in the year in which they air received. Legacies are recognised as in¢on]e when notifjed of the elltitlement prior to ils f]naTh¢ial year end and the ainount of the legacy Can be quantified wEth reasonable acciiracy. Entitl¢ment is taken at the eai'liEr of the date on which either the Gharitable cotnpany 15 aware that pi'obate is granted, or wheJE the estate has been finalised and notification has been inade by the executors lo the estate that a distribution will be made. oi. when a di5tributÉon is inad¢ froim the estate. Grants are i'ecognised in full in the slateitteTJt of financial activities in the yeai. in which the charltable ¢oinpany has ¢nlitlement to the incoille, and when the ainount of irÈ¢ome receivable can b¢ fflea5vred reliably and there is probability of receipt. Income due froin legacies subject to life t¢tTrancies is taken into account on the teiJniTratioll of those if¢ tenan¢iES. Inve5ti]]ent incoint is reeognised on a receivable basis and when the amounts can be nieasured i'eliably. Dividends are recognised once the divide]Ed has been declared and notiFicatiDn has been received that the dividend is due. 18
THE ASSOCIATION OV JEI WISH REFUGEES (AJR) F40TES TO THE ACCOUNTS (eontlnued) FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTJNG POLICIES (continued) I xpenditure Liabilitics, including irrecoverable VAT, ar6 recognised as expendtture as soon as there is a legal or constructive obligation committing the charitable company to that expenditure altd it is probable that settlement will be required and the ainount of obligation can be measured reliably. Raising fimds comprises the costs associated with generating voluntary ineonie and the investment management fees. Chai'ilable expenditure includes all direct expcnditure, including staff costs, which are du'ectly attributable to activities as well as granl expenditure. Support co.8ts, which include governance cu51s, are appoitioned to charilahle activities on the basis of tiine allocation of staly perfornting support fijnclions. A summary of support costs is provided in note 7. Support¢osl$ have been allo¢atedbetween govei'nance costs attdothersupporl costs. Governance a¢tivities comprise orgallisational administration and compliance with constitutional and 5tststory reqlllrements. Costs incllldc direct costs of external audit and piofessional advice including legal fees. Grants payable are charged to the Statement of Financial A¢tivities ÉIL¢ year in which the offers of such graTkts are made. Employee benefits Short terffl benefits Short term benefits including holiday pay are recogt)ised as au expense in the period ill which the service is received. I mployee terminallon benefits Terknillation benefits are accounted for on &n accruals basis and in line wryth FRS 102. Pension scheme The AJR operates a defined contribution pension scheine for the benefit of its employees. The assets of the scheille are held independenily from those of the ¢haritable company in an indepeThdently 2dininistered futtd. The pen5i0n costs Charged in the fiDancial statements represent the contributions payable dui'ing the year. Foreign currency translation The charitable company's functional and presentation Currency is pouads ster]ing. MorAetary assets and liabilities denorninated in foreign currencies are translated iThto sterlillg at the rates of exchange ruling at the balance sheet date. Transactions in foi'eign cutTencÉeg are iEcoi'ded at the rate rulillg at the date of the fransaction. All differences are reKognised ill the Statement of Financial Activities. Operatillg leases Operating lease retjtals ore chyrged to the Statement of Financial Activities on a straight-line basis over the terni of the lease. Tangible fixed gS5ets Tangible fixed assets ar¢ ac¢tsunted for at histoiic Cost less a provision for depreciation. Expendityre on equipment in excess of £300, with a usable life of at least 4 years, is capiÉaliscd as tangEble fixed assets. Depreeiation Depi'eciation is calculated so as to wi'ate off the cost of tangible fixed assets as follows.. - Office equipment Website Leasehold improveinents 250/0 straight line 250/0 straight line OV. life of the lease 19-
THE ASSOCIATIOIY OF JEWISH REFUGEES (AJR) NOTES TO THK Accouf4TS {coDtÉnued) FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLJCILS (Continued) IrtV¢5tinents Investtnent5 are a foi'in of basic financial instruinents and al'e ii)iti£tlly shown in the finaEJctal slaleTnents at Inai'ket vallie. Moven)enls in the Inarket values of investments are shown as unrealised gains and Ios5e5 in th¢ Statement of Financial Activities. Profits and losse5 on the i"ealisation of investinents &Te shown as i'ealised gains and losses in tlie Stateill¢nt of Fii)an¢ial Activities. Realised gain5 and losses on invesbnents refleet the difference between sales proceeds and theii. opening carrying values or their purchase value if acquired subscquent to the first day of the financial year. Uni'ealised gains dt]d105se5 ar¢ ¢al¢ulated as the diffei'ence between the fail. value at the year end and th¢iJ' cari'ying value. Realised (ind UealiSed investment gains and losses are coinbincd in the Stat¢inent of Financial Activilies. Fiiiaiicial instruments The charitable coinpany only has finen¢Èal assets and financial liabilit1¢5 of a kind that qualify a5 basic financial instruments. Basic financial instrlliiients, including trade and other debtors and cieditoi's, are itEitially iEcognised at transaction value and subsequently measui'ed at tlieir settleiiient value. Debtors Trade and oth. debtoi's are Teeog1115ed at the settleinent ainount due after any trade diseount offered. Prepayments are valued at tlie amount prepaid net of any trade discounts due. C95h at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid ipvestments. Creditors and provisions Cr¢ditors and PlDvisions are recogni52d where the charitable coinpany has a present obligation resultrng from a past ¢ventthatwill probably result in the transfer of funds to a thii'd paty and the a]nount due to settle the obligation an be Ineasured oi. esliinated I'eliably. Creditors and provisions are normally r¢¢ognised kt theEf5ettlement ainount 8fter allowing for any trade distounts de. Funds Cicncral fund8 al unrestricted fiJnd5 whsch are available for use at tli¢ discretion of the Trustees in fiJi"thciMn¢e of Ihc gcncral abjcctiv&% the charitable company and which have not betn d¢signated for othei. purposes. Restricted funds are funds which are to be used in accordance with specEfic restrictions iinposed by donors. 20-
THE ASSOCIATION OF JEWISH REFUGKES (AJR) NOTES TO THE ACCOUNTS {CotinUed} FOR THE YEAR ENDED 31 DECEMBEI R 2020 DONATIONS AND LEGACIES 2020 2019 Donations Legacies 238,511 161.140 69,422 210,590 399,651 280,012 OTHER TRADING INCOME 2020 2019 Subscriptions 58,410 44.150 SOCIAL AIYD WELFARE AufiviTIKS 2020 2019 Mea15 on Wheels Events and outings AJR Joumal 14,509 9,948 17,324 2,117 3,326 17,835 29,389 INVESTMENT INCOM 2020 2019 rnterestrecetvable Dividends 38.738 316,921 47,069 533,761 355,659 580,830 OTHER GRANT INCOME 2020 2019 UK GoveT]UtTr¢n¢ Job Retention Scheme 68,496 68,496 21
THE ASSOCIATION OF JEWISH REfiUGEI ES (AJR) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020 EXPENDITURE Other direct costs Support Costs Direct staff Grants 2020 Social and welfare Day Centre Meals on Wheels Outre8ch gTOIIPS AJR Jollrnal 939,073 3,675,427 522,594 17,389 24,972 13,577 63,868 577,057 4,396 8,395 25,645 17,331 5,714,151 21,785 59,168 143,447 105,199 25,801 104,225 24,000 Benefielary serviee5 1,093,099 3,675,427 642,400 632,824 6.043,750 Educational activities 213,888 92.246 54,552 20,353 381,039 Cost of ralsing funds 70,713 6,194 76,907 ,306,987 3,767.673 767,665 659,371 6,501,696 CompArative Oiher direet costs Support eosts Direct Staff Crants 20]9 Social and welfare Day Centie Meals Wheels Oulieach groups AJR Journal 954.508 2,369 25,623 161,833 24,000 3,176,285 601,920 75,014 19,800 84,764 66,175 566,596 12,071 8,045 23,594 14,778 5,299,307 89,453 53,468 270.191 104,953 Beneficiary Services 1,168,333 3,170,285 847,673 625,084 5,817,375 Educational activities 196,075 414,361 65,253 26,652 702.341 Cost of ralslng funds 90,520 6,522 97,042 1,364,408 3.590,646 1,003,444 658,258 6.616.758 Welfare activities include direct payinents to beneficiaries amounting to £3,464,109 (2019.. £3.145,085) and a gi'ant of £35,000 (2019= £31,200) to Belsize Square Synagogue to 5UPPOrt its social work programme directed at Holocaust survivors and rege¢s. Direct Costs on educational activities of £92,246 (2019.. £414,361) include grants to 1115tittJtions as explailled in the Trustee5' Report. Support Costs include fees of £11,800 +VAT pay2blE to the auditors for the statutory audit (2019.. £10,450 + VATI. 22-
THE ASSOCIATION OF JEWtSH REFUGEES (AJR) NOTES TO THE ACCOUNTS (eonliMued} FOR THE YEAR ENDED 31 DECLI MBER 21120 EXPENDITURE (Continued) AF4ALYSIS OF GRANTS Grants to institutions Grants to Andividu4Is 2020 Welfare programmes Educational activities 35,000 92,246 3,640,427 3.675,427 92,246 127,246 3.640.427 3,767,673 Comparative Grants to institution5 Grants to indÉviduals 2019 Welfare prograllllnes Educational UGliviti¢s 31,200 414,361 1,145,085 3,176,285 414,361 445,561 3,145,085 3,590,646 SUPPORT COSTS Meals on Whee15 Cosl or J'aising funds Soc141 & Jyelfare Day Centre Out- reach AJR Journal EducatioJ] 2020 2019 Premises 31,357 327 1,237 2241 1,510 6,034 199 42,905 43,759 Office dtnini5tr9tion Cominunications & public relations Governance 442,546 2,818 4,611 16,663 9,565 10,089 4,192 490,484 499,246 59,261 43.895 1.201 49 2,402 144 6,407 335 6,006 250 3,203 1,026 1,602 201 80,082 45,900 79,226 36,307 Total 577,059 4,395 8,394 25,646 17,331 20,352 6,194 659,371 658,538 Meals OR Whee15 C05t of raising funds Comparative Soeial & Welfare Day Centre Out- reaeh AJR Journal Edueatlo 2019 Premise5 J2.639 511 1,179 2,217 1,430 5,600 183 43,759 OffIee adrninisti'&tioTh Conununications & public relations Goveman¢e 447,650 8,815 4.534 15,732 9,031 9,526 3,958 499,246 52,905 33,403 2,562 2,404 183 108 5.062 584 4,201 214 9,926 1,601 2,166 214 79,226 36.307 Total 566,597 12,071 8,225 23,595 14,876 26,653 6,521 658,538 Support costs are ailocat¢d tts charitable activitie5 based on time allocation of staff perfonning support functions. -23
THE ASSOCIATION OF JEWISH REI FUGEI ES (AJR) NOTES TO THE ACCOUNTS (eontinued) FOR THE YEAR EF*lDED 31 DECEMBER 2020 STAFF COSTS 2020 2019 Wages and salaries Social secui'ity costs Pension costs 1.725 J73 174.539 136,437 1,674,459 167,500 130,271 2,036,349 1.972,230 The averag¢ nuinber of persons employed during the year wa5 as follows 52 53 2020 2019 The nuinber of employees whose einoluments in the year exceeded £60,000 was.. £60,000 - £69,999 £100,000 £109,999 £120,000 -£129,000 Pension contributioJ)s paid on behalf of these employees amounted to £23,532 {2019.. £22,053). The aggregate re¥nun¢ration, including pension contributioi)s and social security costs, of the key personnel was £267,494 (2019.. £261,431). Th¢ Trusle¢s rec¢ived no ¢moluinents during the year nor any reimbursed expenses (2019.. nil). 10. TANCIBLE FIXED ASSETS Short leasehold property Website Otfiee equipment Total C05t or valuation At l January 2020 Additions Dispo$81s AOO,807 21,670 115,421 28,155 (40,978} 237,898 28,155 (40,978) At 31 Dec¢mber 2020 100.807 21,670 102,598 225,075 Depreciation At l Janiiary 2020 Chaige for the year Disp05als 32,384 10,081 9.548 5,416 92,602 15,895 (40,978) 134,534 31,392 (40.978) At 31 December 2020 42,465 14,964 67,519 124,948 Net book value At 31 Deceinber 2020 58,342 6,706 35,079 100,127 At 31 December 2019 68,423 12,122 22,819 103,364 -24-
THE ASSOCIATION OF JEWISH REFUGEES {AJR) NOTES TO THE ACCOUNTS (eontiiiued) FOR THE YEAR ENDED 31 DECEMBER 2020 I I. FIXED ASSET INVESTMENTS 2020 2019 Quoted iDve5tments Market value al l January 2020 Additions Disposa15 Invesbneot galS 21.731,884 2,352,100 (5,471,578) 181,557 19,344,548 1,854,052 (2,255,700) 2,788,984 Sub-total: quoted investments Cash held with investment managers 18,793,963 1,962,325 21,731,8114 918,419 Market value at 31 Deceinber 2020 20,756,288 22,650,303 Historical cost at 31 December 2020 15.455,286 15,129,727 12. DEBTORS 2020 2019 BalaJ]ce5 due ivilhin one yeAr Pi'epayments Accrued legacies Accrued income Other debtors 69,552 110,735 1,593.641 6,310 137,947 478,204 1,103,792 6.400 Balances due in more than one year Charitable loans (sce bclow) 1,780,238 1.726,343 44,407 48.391 1,824,645 1,774,734 Legaey not recognised as aeerued income The charitable company been notifi¢d that it has an interest in a legacy 5ubjeci to the constTuctioll of a trust rangement to be allocated to tlll'ee beueficiary Drgftnisalions. Whil¥ tkne value of fund$ is ¢5timated at £lm, the 5p]it of these bellcfit5, the construction of the trust and the mallner and tsming ot'theii. distributions are not known at the date of these financial statements. Accordingly, no income or asset has beenre¢ognised in these financial statements. Charitable loans In limited circumstances, the charitable company advances sums to needy individuals, interest fi'ee. (subject to a formal charge in Telation to larger loans) with r¢paymeTrt on lern)s agreed in writing and approved in advance in each case by the Trustees. -25-
THE ASSOCIATION OF JEWISH REFUGEEI S (AJR) NOTES TO THE ACCOUIYTS (eonti]Jued) FOR THE YEAR ENDED 31 Dfr CEMBER 2020 13. CREDITORS 2020 2019 Aanounts falling dlle within one year Ti?de creditors Accruals oihei. taxes and social secui'ity Grants payable Deferred incom¢ (see below) 845,279 346.638 50,059 327,619 24,083 1,457,819 332,498 54,190 685,298 37,339 1,593,678 2,567,144 Deferred in¢01¢ r¢lates to subscription income and grallt income receiyed in advance. The amounts defei'jrd each year are released to the Statement of Finoncial Activities in the following year. 14. RELATED PAR TY TRANSAcfioNS Mr J Strauss, the husballd of Mrs P Straus5, És a meinber of the Board of Belsize Square Synagogue, which has been granted £35,000 {2019: £31,200) toward5 the cost of its social work. Mr M Newman is a Director of the Conference OT) Jewish Material Claims Against Germany, Inc which granted £3,481,115 (2019.. £2,744,396) to the charEtable con)pany for pi'ovidTng support in grants to it5 meinbers and 8$ a contribution to the fLJnding of its welfare activities. Mr FA Harding is a Trustee of the Wiener Holocaust Library, which received a distribulion of £IOO.000 which was agreed in 2019 and treated as expenditure in tliat year's a¢¢ount5. No similar grant was approv¢d in 2020. 15. OPERATING LEASE COMMITMENTS The chai'iiable company'5 tUre Jninimum operating lease payments are BS follows.. Buildimgs 2020 Otlier 2020 Bttildings 2019 Other 2019 Within one year Betiveen two to five years Over five years 93,498 385,449 32,978 1,127 4,246 87,922 351,691 118,032 1,128 4,510 875 511,925 5,384 557,645 6,514 26-
THE, ASSOCIATION OF JEWISH REFUGEES (AJR) NOTES YO THE ACCOUNTS (continued) FOR THE YEAR ENDED 3] DECEMBER 2020 16 STATEMENT OF FUNDS Balanee l January Balaiice 31 Deecmber Income Expenditure GainsAosses 2020 investments 2020 Unreslrletgdfunrfs General fidS 25,802,056 900,051 (3,Ol5,682) 181,557 23,867,982 ReslrlelÉdfuuds Claims Collferenee URO 3,481,115 4,899 {3,481.115) (4,899) 3,486,014 (3,486,014) Con]parative Balance l January BAlan¢e 31 December Ineome Expeuditure Gainslloss¢s on investments 2019 2019 UnreslrleledfuAds Gen¢ral ndS 25.940,645 934,381 (3,861,954) 2,788,984 25.802,056 Reslrictedfvndf Claims Conference URO 2,744,397 10,407 (2,744,397) (10,407) 2.754,804 (2,754,804) Restricted fndS Cloims CoJ7ftrence - the charitable company received or treats as receivable grants from arjd through the Claims Conference during the year amounting to £3,481,115. This represents a source of grant income which was distributed in accordance with the term5 of the grallts to qualifying needy individuals for specific social projects that are in line with the activities of the charitable company. They also assist with the welfare programtnes by the chai'ilable company directed towards qualifyillg beneficiaries and to contribute to the costs of running those pmgrammes. URO - the charitable company i'eceived or treats as receivable grants from URO during the year to distribute to qllalifying needy individua15 to meet needs outside of the scope of Claims Conference grants, and its support fo¥ specific social projects of the charitable company. -27-
THE ASSOCIATION OF JF.WISH REFUGEES (AJR) NOTES TO THE ACCOUNTS {eontinued) FOR THE YEAR ENDED 31 DECEMBER 2020 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unreslrieted runds Restricted funds Total fi]nds 2020 Tangible fixed assets IDvestsnents Current assets 100,127 20,756,288 4,605,245 (1,593,678) 100,127 20,756,288 4,605,245 {1,593,678} Total Ilabilities Totsl net 8SS¢ts 23,867,982 23,867,982 Comparative Unrestricted rut]d5 Restricted funds Totgl funds 2019 Tangible fixed assets nvestments 103,364 22,650,303 5,615,533 (2,567,144) 103,364 22,650,303 5,615,533 (2.567,144) Cuireni assets Totsl liabilities Total net asset5 25,802.056 25.802,056 18. PENSION SCHEME The charitable company COTitributes to the personal pension SLhemes of tlie eInployees. Contributions payable are charged to the Statement of Financial Activities. The total cost of pensions inouTred by the charitable company was £136,437 (2019.. £130,271). No amounts were outstaiiding to be paid as at the year et)d12019.' nil). 28-
THE ASSOCIATION OF JEWJSH REFUGEES (AJR) ACKNOWLEDCEMENT The Trustees would lik¢ ¢0 acknowledge that.. Social services for Nazi victiins have been suppoit¢d by a gi'ant from the Conference on Jewish Material Claims Against GeriTr]any. v Claiins Coiiference n)y)Iy)If Thl)yl 29-