IAJR
The A55ociatio
of Jewish RetLivee5
THE ASSOCIATION OF JEWISH REFUGEES (AJR)
FINANCIAL STATEMlli NTS
FOR THE YEAR ENDED 31 DE￿1 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 f￿ANCIAL 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 n￿naged 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 T￿￿teeS 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 COMI￿lttee 8.. MEmbei' of Next Generation CoInmittee
Trustees al'e appoitLted for a p￿10d 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 volunte￿3 (¢o~opted Inembers) to inanage
the affails ofthe ¢h¢irilabl¥ LDmpatty. These rel￿aIn 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 deliv￿ing 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 I￿ade 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 COn￿nItre¢ 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.
D￿rIng 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 fi￿ded 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 perpe￿ate 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 Se￿iCeS 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 a￿anged 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 Ger￿an
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 p￿ticUlai.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 p￿￿oSe 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'ial￿SaLIoIi. The charit&ble coinpany cmploys a Head ot Educatiunal Gi?nts and
Sp￿la1 Projects to provide a professional assessment of project appliLations, devise appn)priate educational and
Cominemoi'ative projects and genttr<illy to advise the Ti'LlStee5 in thc5c niattets.
ACHIEVEMEI NTS AND PERFORMANCE
The r]nancial statements for the year ended 31 Do¢einber 2020 show a net reduction in funds of £1,934k (2019.. reduction
£139k>.
Tlie operatEng deficiency befoJE inveslinent gains wos £2. ljn (2019.. £2.9in). This £800k reductioii in the deficit reflects
Ineasiires taken by thc Ti'ustees, to reverse the deterioration in defE¢its seen ill iEcent year.% and to rcspond to the adVe￿e
fiiianLidl efftLts of Covid-19, particularly with rega]'d to investment incoine and growth. The oveiall "imprnveinent" is
attributable to cost red￿CtIo71S of £639k in unTestricted activity and an additional coiilribution of £206k to cover operating
costs froni the Claims Conference. A reduction of £225k in inveslTn¢nt incoine was offt¢t by a c105ing dotjation of £213k
froin a trust established by two fortner refugees and now being wour]d down.
Covid-19 profciundly aff￿ted the manner in which the charitable coinpany delivered its Services during the year..
All Social work and administrative activity was delivei'ed reinotely..
Social work team$ maintained continuity of servi¢e thiDugh tslephonie and virtual Inethods.
Gai'den visits were carri¢d out during the tÈine window im which these were pennilled.
Region21 Grouploutreach programines previously arranged as physical meetings and events were replaced by
online ¢vents and actlVLtKes.
A weekly e-newslettei. was publish¢d which greatly strengthened the COTnmunication channel to inemberg and
suppoi'led participation in online activity.
Adininists'ative s¢rvices, incliiding the processing of all welfare payments, w¢re continued with minimal
inierniption via homeworking arrangements.
Additionallyy significant social and educational events planned for the year including the attnual tea and an educational
¢onfei'ence focusing on second generation had to be cancelled.
Cost coMtsDI Ineasures further reduced the potential short and longer tei'in adverse fin&n¢ial Tmpact of CoYid-19. Twelve
staff who could n(Trt perforin their fvtt¢tions were fi]rloughed and £68k was Teceiyed froin the UK Governinent job i'etention
scheme.

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 Ma￿er 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 gr￿lt$ 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 cor￿ltI0ns.
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 prog￿n￿eS administered by the CIaims Confervjce and the URO.
The maintenance and enhancement of its own welfare grant making progr￿￿ttle.
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 reCo￿lSe 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 f￿ancial statements. These fvnds are used to support
needy Jewish victEm5 of Nazi persecution W￿th the provision of carers to enable them to remain iii their own hon?es, and to
assist with medical, housing, transport 8nd tsther￿rgent 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 asSoc￿￿ted 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 Holocal￿t 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 SU￿iCient resei've5 to Ineet its ch8]'itable objectives foi. the foi'eseeable fvture.
Investment policy
The po1￿cY 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 (vIan￿erS,), 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)
InveStMe￿t 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 invest￿tryts 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 a￿ed 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 deter￿l￿e the nalw'e of its opei"Ations.
A third-party cons￿ltant 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 Estli￿3tes 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 f￿anCial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting 8tandards, including Financial
RepUrt￿n￿ 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 O￿a?￿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 Tn￿tees, 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 compan￿5 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 f￿nanCIal 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 reqU￿red 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 o￿T 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 eoirJpa￿Y 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 T￿￿te¢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 InV￿ting 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￿¢1￿1 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 adJi￿tinentS 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 li1￿lted 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 U￿￿ealiSed 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 d￿e.
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 {Co￿tinUed}
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 re￿ge¢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 gal￿S
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 fi￿dS
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 f￿ndS
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-