IAJR The Association of Jewish RefLigees THE ASSOCIATION OF JEWISH REFUGEES (AJR) FINANCIAL STATEMCINTS FOR THE YEIAR EINDED 31 DECEMBER 2022 Charity number.. 1149882 Ctsmpany Number.. 08220991
THE ASSOCJATION OF JEI WISH REFUGEES {AJR) FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DEICEMBE6R2022 CONTENTS P#ge DETAILS AND ADVISORS TRUSTEES, REPORT 2- 16 STATEMENT OF TRUSTEES, KESPONSIBILRTJES 17 INDEPENDENT AUDITOR'S REPORT 18-20 STATEMÈN'f OF FINANCIAL ACTIVITIES BALANCE SHEET 23 CASH FLOW STATEMENT 24 NOTES TO THE FINANCIAL STATEMENTS 25-35 ACKNOWLEDGEMENT 36
THE ASSOCIATION OF JE4 WISH REFUGEES (AJRI DETAILS AND ADVISORS FOR THE YEAR IINDED 31 DECEMBER2022 STATUS Tlie Association of Jewish Refugees {AJR) is a registered charity and Companyi limited by guai'antee, and is registei'ed in England and Wales (082209911. 11 was iiicorpoi'aled aiid Set up by a Meilloranduiii of Association on 19 Sepiember 2012 atsd amended by special I'esolution on 15 Noveinber 2012. The ch8rilable company conimenced &ctivities on l January 2013. ORGANISATION The charitable company's st¥ategy is set and inanaged by the Twstees. who are also its directois for the purposes of ompany law. The Ti'ustees at the date of this report are.. Mi's E Angel Mrs G Glasstnan Mr F A Hai"ding Mi. J Hockinan (appointed 14 March 2023) Mr D ICalm8n Mr M Karp OBE (Chair) Mr A C Kaufinan MBE Mi'5 M Kingsley Mr S Koii Mr J Marks {appointcd 14 March 2023) Mi. A Spiro OBE Mrs P Strauss Mr M J White REI GISTII RED OFFICE Winston House 2 Dollis Park Loiidon b13 IHF Charity regislratioD number- 1149882 Company registration number- 08220991 BANK£I RS CAF Bank Liniit¢d Kings Hill W¢st Malling Kent ME194TA ITrIVESTMENT MANAGERS Rathbone Investinent Manageinen¢ Liinited 8 Finsbury Circus London EC2M 7AZ Ruffei. LLP 80 Victoria Street London SWIE5JL AUDITORS HaysinaLintyi'e LLP 10 Qiieen Streei Place London EC4R IAG
THE ASSOCIATION OF JEWISH REftUGEEÉ S (AJR) TRUSTEES, REPORT FOR THE YEIAR ENDED 31 DECEMBlIR2022 The Trustee5 present fheir report and the audited financal 5tateinents for the year endcd 31 December 2022, which show the st&te of tlie chai'itable company's affairs at that date and th¢ incom¢ and expeiiditure foi. the yeai. theii ended. STRUCTURE, GOVERNANCE AND MANACKMENT Tru5tee5 The followÉng served as Ti'uslees of the charitable ¢oinpaiiy during the year and reinain in office unles5 otherwise slated as at the dale this repoi't was approved= Mrs E Angel Mrs G Glassman MrF A Harding Mr D Kaljnan Mr M Karp Mr A C KhUfian Mi's M Kingsley Mi. S Kon MJ" A Spiro Mrs P StTauss Mr M Wiite 15,6,7) (8) (1,2.3,6,7) (7,8) (5,6,7) 15,6.7) (5,6,8) 12,4,5,6,7) (2,4,6,71 (1,4} I: Meinber of Audit and tosk comlttee 2.. Meimbei. of the Investment Cominittee 3.. Meinber of Finance Cominittee 4: Meinber of Self-Aid Cominittee 5.. Meirb¢r of Gi?nig foininittee O.. Member of Stiategy Committee 7- Meinber of Noininatiolls Coimmittee 8: Meinber of Next Generatiot) Loimmittee Trustees are appointed foi. a pei'iod of four yeai"s, after which they &te IEquiied to be re-elected by a vote of membci"s a( the following Annual Election Mteting should they wish to continue to sei'vc. Tmstees c2ft sei've 8 Inaxiinuin of three t¢rms. New Trustees are required to undei'take an induction pr0gi.amle relating to the aiims and objectives of thc cl)aritable company, the background of its beneliciaries and tlie systems in place to deliver the seivices of the charitable coinpany. Each Trustee will be required to demonsirate siiiiable knowledge of the role and of charity (rusteeship by experience oi. by training pi'ior to, tsi. shortly aftei.. appoinknnent. The stiategy and policies of the chai'ilable coinpany air decided by the Tru5tets' tlie i'e5ponsibility for the ex¢¢ution of those policies 15 delegated to the staff led by it5 key illanageinellt conslsting of the Chief Executive, Mr. M Newmall OBE, supported by the Finance DiTectoi', Mr. A DaniEls, who repoit i'egularly to the Ti'uslees. The pay of the Chief Execlltive, the Finance Director and all staff i5 reviewed annually and noi'mally increased in accordance with average earnings to J'tflect a cost of living adjustinent and to ensure all employees are ren)llnerated at not less than Ilie national living wage and coinmensurate with tl)e market rate for theii. respective roles. The chai'itable coinpany takes suitable pi'ofessioDal guidance ill die detciinination of the re1unCl7lIon of its key inwiageTnent. The Trustees give active coiisidei'ation to the inattEr of TIu5tee succession atkd where w)55ible co~opl volunteei's with suitable knowledge and expeyience to assist thein as membeis of coinmittees considering inatters relevant to their skillset and qualifJcatlOIls as a preEuisor to P055iblE full Trustee board IneEnbership. Since 2019 the TTl15teEs have enhanced the governance regime by creatii)g fui'iher coinmittees of Trustees and suitable volunteers {co-opted meiiibei's) io manage the affairs of the charitable coinpaiiy. These I'einain in place and cover..
THE ASSOCIATION OF JEWISH REFUGECIS IAJR) TRUSTEES, REPORT FOII THE YErAR ENDE031 DC4CF.MBER 2022 (Continued) STRUCTURF., GOVERNANCE AND MANAGfM£I P4T leontinued) Audit and Risk Appoints external auditor, oVeee$ audit pi'ocess, oversees statutory and I'egulalory reports, mollitors risk m&nagement Monitors financial performance. oversees budget and asset manageinent Oversee5 and approves grant5 made foi. cducational purposes Ovei'sees 8nd approves llse of coinpany ndS foi. cliatitable grants to individal beneficiaries rÉnan¢e Grants Self . Aid Stixtegy Nomillations Dii'ects long teiin strategy ofthe charitable company Approves the noinination of new Trustees and coininittee Ineinbers Sets investment poli¢y' appoints. diiects and monilDf5 PTofe5sional fund managers to tnanage the Inarket investments of the charitable company Investmeni Next G¢nerdtion Devi5e5 tactics and plans events, activities and projects to engage with descendants of l.lolocaust refugees and survivors. Risl(s and internal colltrols The TTUStees are responsible for ensuring that effective and adequate risk inanagetnent and intemal conti'ol systems are in place to Inanage the majoi. I'isks to which tlie chai'itablt coinpany is exposed. It caleS this out by monitoi'ing the effectiveness of the risk manageinent frainework. The frainewoi'k is designed to 511PPOrt informed decision inaking I'egai'ding the risks that affect the abilirj. of rhe chai'itable company to achieve its objectives. The fi'ainework is designed to manage, rarhei. Ihan eliminate, the Tisk5 to the charitable coinpany's objective5 and to pi'ovide r¢asoTrable, but nDt absolute, as5U18nee against Inaterial iiiis-statement or loss. Wiihin the fiamework, the principal risks and uncertainties which have been identified. together with the action5 taken to mitig&te thein, Èle as follows= Ris1( adtntified Action taken to miti ate the i'i5k Investment Investii)ents made by the charitable coinpany are not properly managed or pei'forin pooi'ly which leads to & reduction in fundiiig that would bc available to suppoit the obje¢tives of the charitablc company. Use of approved investtnctjt counteTparties within approved fin<iii¢ial liinits coupled with a cleai. iuvestinent policy focused delivering i'etui'ns and funds for the charitable coinpany'5 strategic objeetives. Tlie Investment Committee regularly reviews tlie investtn¢nt portfolio together with the investment managers and reports regulayly to the Trustees. Claims Coiiferellc¢: The charitable company s(iffers a reduction in funding fi'oin th¢ Confeirnce oil Jewish Material Clain)s Against Geriiiany Inc. ("Claiiiis Confei'ence"). which leads to lowei. nding available io both the ¢hai'itable cojnpany's beneficiaries and those of otlier agencies and chaj'ities within the UK Utnbrella Group ("A£ellcies") which the charitable coinyany leads. A constant and constructive dialogue is maintained with the clai1S Confei'ence to ensure that intej'nal controls and compliance meet the conditions imposed, COpIed with Iioth statutory audit and Claiins ConfeJEnce audits.
THE ASSOCIATION OF JEWISH REFUGF.FS (AJRI TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECE4 MBER 2022 (Continued) STRUCTUIIE, GOVERNANCE AIYD MANAGEMENT (eontinutd) Risks intti'nal eontro15 {continlledl Risk identified Action takcn to IriÈti ate the risk The inability to recover grant funding made by the Charity to beneficiai'ies and to the Agencies, beneficiaries in advance of receipt of Inonies from the Claiins Conference. Conts'ols are in place (including regulai. liaison}, coupled with auditstyle I'eviews, over Ilie Agencies, own beneficiary docuinentation to ensure that Claiins Conference conditions ale in¢t. Ali indeinnily (IrrangtmEnt is in place lo protect tlie chai'ilable COEnpany itL the event ihat the Agencies do not comply witli the relevant conditions. In March 2022 tlie bilateial agreements Wlth the Agencies were reviewed, pdated and ie-5igntd and afford the charitable coinpany greater protection fi-oin the risks in disbuiEiiig Claims Ccpnference Fund5. Gi?ntS The charitable company is IEnable to siipport its objectives because of a failure properly to control giants and awards Imadc frosn its own fi]nds. Controls (botli budgetary and IN terms of objective) are in place tD ensuir proper scrutiny of all applications made to Ihe charitable colpallY for support (togethei. with appropriate follow up post award), wheihei. these are in respect of Educatiotlal projects or financial awards fol beneficIareS beyond that provided from Claiins Conference monics. R¢put4lion E,vents which may adversely alyect Lhe charitable coinpany's reputation and operations. These could ill¢lude a serious data security breach from a cybei'_ attack or non-coinpliance with data pi'otectiot) laws, a serious fraud, an isSe related io Ihe chaiit(ible company's hiimai) I'esoui'ce pi'actices and behaviokirs, oi" a significant health and sgtfety or safrguardtng incident. Other risks incliide ihe failure to attyact, develop and retain talented staff and the inability to recruit sufficient numbei's of voluntee1¥. Policies and practices are set and tnonitored by senior Inanageinenl and the T2'ustees, iCludillg an organisation wide risk Jna]i&geinent progyainme, whicli includes anti- fraud processes and controls as well as coinpreliensive ti'aining and awarei)ess prograinines for all staff. This includes data proteetion and safegLiardin8 training and reini]]der5. Inforniation security policies and procediires are in pl&ce which include security patching, vulnerabiliry scannin peneti'ation testing and the use of anti-viru5 50ftware. Dedicated specialist iesources are iised for safeguai'ding, data seciirity, he81th and safety. Talent management, volunteer acquisition and management together with succession planiiiiig progi?minEs are in place. Regular reviews al'e undertaken OF reci'uitment and resourcing processes with bcnchmai'king undertaken of eompensatioii across kcy disciplines,
THE ASSOCIATIO.Y OF JEWISH REFUGEES (AJR) TRUSTEES, REPORT {contiiiucd) FOR THI YEAR ENDED 31 DECEMBER 2022 STRUCTURE, GOVERNAIYCE AND MAIYAGEMINT (continutd) Connected parties The chai'itable company has strong links with the following organisations with which working relationships have been established or continued- iiisation Work hnd a¢liviti¢5 Nature of relatiot]5hi Claims Conference Negotiating with Germany and AL15tria ot behalf of Holocaust sllrviYor5 and refugees. The Chief Executive sit5 on the Board of Direcioi%. United Restilution Organisation Provision of funds to UK ItidCt victi111S of Nazi oppression of Gennan origin. Strong ongotng rtlalion5hip (URO) Wiener Holocaust Libiary One of tlie world's leading and IT]ost extensive ai'chives on the Flolocaust and N8zi era. One Trustee is a member of the Board of Trustees, one Trustee is a imetnber of the Endowment Ti"ust and one Ti'iistee is Joint PresideTrt. Holocaiist Educaiitsnal Trust Works to ensiire that people froin every backEround ale educated about the Holocausi. The Chaii. of Trustees is a Triistee of HET IHETI Details of ti'ansactions with these organisations ale set out in the notes to the accounts. OBJEcfivES, ACTIVITIES AND PUBLIC BENEFIT The main objectiyes of the charitablE company are lo provide support to its beneficiaries who aTe Jewish survivoi's of, and refiigees froin, Nazi oppression and thell. dependent5 experiemcing illness an(f frailty. to relieve theii. fin&ncial distress. to oi'ganise social activities and to provide grants to promote educatEon about, at]d Coinineinoration of, the Holocaust and related Inatters. Diii"ing the year the TT115tee5 gave due regard lo the guidance issued by the Charity col11$$10n on the subject of public benefIt and were salisfied that these requirements wei'e fvlly met. During the year, the charilable coinpany provided and funded a l.ange of servsces to enhance the w'elfaie aiid tnaÉnlait] the cultural iraditions and interests of forjner Jeivish Jefugees froin Nazi oppression, In (Iddition, it pi'ovided fuiids to those fonner refti8Ee5 in need, funded furthei. recording of life hisiories of surviving refugees and inade educational grants in relatioii to Holocaust stiidies and other 'an(S io perpetiIate awarelless Df the Holocaust and the sufferi]]g il caus. The chai'itable coiiipaiiy lias inLr¢dsed ils commitment to the running of conferences and seininars on matters relating to the Ineinorialisation of the Holocaust. The seJ'vi¢e5 provided included advice and guidau¢e on welfare benefits, foTEign pension entEtlem¢nt5 and reparations. volunleei's vi51ttd th95E who were housebound. providing companionship and to assist with practical Inatters and a social seivices depaeTht pi'ovided comprehensive welfare sei'vite5 and assessed members, needs in their liomes. Tli¢ charitable company continiie5 to a5SlSt meinbei'5 and their descendants to explore their eligibility to i'estore theij. fonner citizenship. At the end of 2022, the weekly seYvi¢e to deliver kosher Ineals.on.wheels was ended with arrangein¢n15 Wlth P"ter oi'ganisalions put in place to re-provide for melbe[S. The charitable coinpany serves as & lead chariry iii an Uinbi'ella Group of five UK charities whicli support Holocaust sllryivors and refugees. Iii filling this role, it trn¥dges in discussions with the Claiins Confeience concerning social welfaiE progi?Inines, PTincipally the provision of Homecare and other in-hoine seivices ftnd einei'gency care funded by the GerEna and Austrian GovertJinent% tjnd is a conduit for the receipt and disbursal of fttnds to Uinbrclla Group agencies and theii. betTreficiaries. The ch&ritable cotnpany has also adtninistered a similar prograinme of ijianageineiit of funding provided by the URO to suppoil victims of Nail persecution who are of Gerinan origiTr with social and eme¥gency needs. Two repi'es¢nttStive5 of the charitable coinpany are Ineinbers of the UK delcgation to the International Holocaust Reinembr&nce Alliance, an intergoveixmenlal organi5alion founded to unite govei'nillents and experts. to strengthen, advatice and proinote Flolocaust education, research &nd Teineinbiance.
THE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEES, REPORT {contÈnued) FOR THE YEAR ENDED 31 DECEMBER 2022 OBJECTIVES. ACTIVITIEI S AND PUBLIC BENEFIT (continued) The chai'itable company uses volunteers to suppoil its social and outreach activities. Volunteers visit and cg11 membeiB to mitigate isolaiion and to assist in leaining particularly in relation to the use of inforination technology. More than 300 volllnteer% piM)vidcd approxiinately 20,000 hoiirs of visit time, siipplcinenting tlie social service team by the equivalent of 13 full time and outreach staff. Volunteers also assist with the delivery of social events and help out at head office. The picture below was taken at an event in July 2022 to celebrate and recognise volunteers for their contributions. IK. 0ty4Tii
THE ASSOCIATION OF JEWISH REFUGEES IAJR) TRUSTEES. REPORT {continued) FOR THE YEAR ENDED 31 DECEMBII R 2022 ACHIEVEMENTS AND PERFORMANCE (eolltinued) Grant making poliey The chai'itable company disbui'scd social welfaie grants to individiial AJR meinbers whose reqiiests wei'e considered on a case by case basis, subject to each grant being for a purpose in line with the objectives of the charitable coinpany. As the lead agency of the Umbrella Group, the AJR also disbursed grants to Holocaust survivors and IEfllgees, including those who weie not AJR Ineinbers, froin the Inonies allocated to the UK froin the Clauns Conference. These awards were approvcd by an Advisoiy Coininittee or as otherwise I'equii'ed under the terjns of the Claims Confeicnce grants. It also acted as payiiig agent foi. grants awarded by the URO. Alongside the grants to individuals for social welfare purposes, a sub- coinmittee of Trustee5 and, for larger PTojects, the full body of Trustecs, considcrcd pi'oposals frotn individuals, local community groups and institution5 for thc siippoit of projects relating to Holocaust education and memorialisation. The charitable coinpany employs a Head of Education and Hci'itage to Provide a professional assessment of project applications, to devise appj'opriate educational and coinmemorative projects and to genei?Ily advise the Trustees in these matters. ACHIEVEI MENTS AND PERFORMANCE The financial slateinents for the year ended 31 December 2022 show a net ieduction in funds of £2.75 Ik (2021.. reduction £169kl. In 2022 investments Inade a significant loss, which was partially offset by income from legacie5. In 2021 the invcstinents had made a significant gain. The operating deficiency before investinent losses was £0.5m (2021.. £2.4m). Social work and administrative actlvlty were delivered both in-person and remotely.. The social woi'k teain maintained continuity of service through in-pei'son visits, telephonic and virtual methods. Regional Grouploutreach programmes were a Inixture of in-person and virtual events A weekly e-newsletter wa5 piiblished which giEatly strengthened the coininunication channel to members and suppoiled paiticipation in online activity. Ainong the notable and high-pi'ofIlc cvcnts the charitable ¢oinpany organised was the installation ol'a plaque at the port o the Isle of Man to coniinemorate both the Jewish refugees interned there and those who supported thcin while inteined.
THE ASSOCIATION OF JEWISH REFUGEES {AJR) TRUSTEES, REPORT (contiiiued) FOR THE YEAR ENDED 31 DECEMBER 2022 ACHIEVEMENTS AND PERFORMANCE (continued} The charity continued to grow its next generation activities. including organising a visit to Vienna for children of former regeeS fi'oin Austria. The coinprehensive programme included a iEception given by the Federal Pi'esident of Austria, Alexander Van den Bellen. TT." The full return to in-person events included the annual tea in October and the annual event to cojnmemorate Kristallnacht. .'{ ¥-?
THE ASSOCIATION OFJEWISH REI FUGEES (AJR) TRUSTEES, REI PORT (eontin¥Jed) FOR THE YEAR ENDED 3] DECEIVIBER2022 ACHIEVEMENTS AND PERFORI¥IANCE (continued) The Trustees continueto inonitor investment strategy through the Investment Coinmittee and through qualified indep¢ndent advisors. £4.Om of thE Iiivestment portfolio of the chai'itable con)pany is iiive5ted a lower risk absolute i'ehjrn fiind and this. together with its cash reserves, provides liquidity and flliaiicial protection in times of unstable Inai'ket conditlOllS. Impact The TnI5tees assess the 5UCCE5s of the charilablt coJnpany'5 activity in leinis of.. TILe overall nUEnbcr of men3bers that it support5 and the numbeT of Nazi victims wtthin the Ujnbjella Group who benefit frDJn the delivery of the welfare prograiiimes funded by the Claiims Conference, charitable company and the URO. The IMaintenance and enhanceinent of its own welfare grant Inaking programme. Attendances (both pl)ysically and virtually) at, and take up of, OLltre&ch and social prograllnes. The level and regularity of social work visits to, and assessinents of. its meinbers. The natiire and quality of output of ihe instiiutiolls wliose projects it funds foi. coinimeinorntive and educational purpose5. Recoi'ds are Inftintained which report on the level of st)cial service vistts, welfaiE granL% paid and numbers of Nazi victims as5isled. Repojts arE available to the Trustees, the Claims Conference and key members of manaEement. Reports and updates. are requested fiDin organisations whose educational and coinmemorative projects the Charitable cott]pany funds to deinonstrate that grants given are Iised effectively foi. the pui'pose for whEch they were ttjade.
THE ASSOCIATION OFJEWISH REFUGEES {AJRI TRUSTEES, REPORT {¢ontinued) FOR TFIE YEAR ENDED 31 DECEMBER2022 ACHIEVEMENTS AND PERFORMANCE (continued) Overall, membership over the year reinained Telatively stable. the decline in the first generation Ineinbershlp largely being offset by the growth in fiilurc gcneration Inembei'ship. The Ti'ustccs iecognise this continuing shift between geneiations and will Focus the charity accordingly in the months and years ahead. AJR Membership from 31.12.18 to 31.12.22 311J112018 1010912019 2811112019 2610612010 09112/2020 3110S120) 2211J/2021 0110612022 3111212021 .3RtsGEII TOTAI 10
THE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEES, REPORT {continuedl FOR THE YEIAR ENDED 31 DECEMBER 2022 ACHIEIVEMENTS AND PCI RfiORMANCE (conttnu¢d) Work with and focus on future generations continued to oxpand in the year. Two AJR representatives attended the annual confei'ence of the World federation of Holocaust survivors and descendant5, which took place in the United States. Dui'ing the year the charitable company's teain of social workers con5l5ting of 13.3 full time equivalent staff, made in excess of 4,000 contacts by way of vislts OT telephone calls to Jnejnbers needing support. In total, the charitable coinpany received grants relating to its own membei's fi'om the Claims Conference amounting to £6.Oin12021.' £4.4m) representing a continuEng source of grant income for specific social projects that weiE in line with the activities of thosc oi'gani.%atii)ns as detailed below. £5. Im (2021.. £3.7in) was distribiited dircctly to members, the reinainder being a contribution towards the charitable coinpany'5 Costs of administering the Umbrella Group and disbui'sing welfai'e funds. A fiiiihei. £0.7m {2021.. £0.7in} was distributed to over 100 of the neediest inembeis of the charitable company as part of its own welfare prograinme. Arising froin its iclationship with the CallS Conference. a total of £1 0.5m (2021-. £9.5m) of Claims Coiiference funding was adininistered by the charitable compaiiy on behalf of itself and other agencies in the Umbrella Group including the grants shown as iests'icted fund income and expenditure in these financial 5tateinent5. Of the above £1 0.5m, £6.Om relates directly to the charitable COlDpany's members and is reflected in the financial stateinents. These fvnds are used to support needy Jcwish victims of Na7.2 persecution with the provision of carers to enable thein to reinain in their own homes, and to assist with medical, housing, transport and other urgent needs. These prograinmes have supported in excess of 400 victuns of Nazi oppression dui'ing the year. The outreach activity of the charitable company included the holding of 272 meetings at which there were 4,468 individual attendances by Inembeis across the country. In 2022, 151,000 additional hours of care were funded over 2021. In tot81795,000 hours of care were funded.
THE ASSOCIATION OF JEWISH REFUGEES (AJR)
TRUSTEES, REPORT (continued)
FOR THE YEAR F.IYDED 31 DECEMBER 2022
ACHIEVEMENTS AND PERFORi¥L4NCE (eontinued)
AJR continued to celebi'ate its 80th anniversary with a series of events, completing it5 '80 '] rees for 80 Yeai's Pi'ojeci"
planting native species of trees, mostly oaks, at 80 diffeiEnt locations thi'oughout the UK to inai'k places that were
significant to the Jewish refvgees. AJR Ineinbers were invited to sponsor a tree honour of a loved one. The tIEe planting
cei'einonies were attended by a ¢oinbined physical aiidience of approximately 1,500 people, including eight Lord
Lieutenants, 50 Mayors and 15 MPS. Below is an extract from the AJR Journal.
80 Trees for 80 Years
Feature for AJRJOURNAL, March 2022
One
Tree-mendous
Week
4AJR_
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und Il UK Cho lo maik Ihlj
y•JJ's Holocau51 Diy
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& Kurt Synonand le0thtibyi1ws
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THE ASSOCIATION OF JEWISH REFUGEES {AJR) TRUSTEES, REPORT (eontinued) FOR THE YEAR ENDEID31 DECEMBER2022 ACHIEVEMENTS AND PERfiORMANCE {eontinlled) In De¢einber 2021. also as part of its 80 anniversary activities, the charitable company launched The UK Holocaust Map, in pannei'ship with the Depaitincnt for Levelling Up, Housing and Coinmunities. This online platform highlights sites of meinoiy aci'oss the UK rclated to Britain's IEsponses to Nazism and the Holocallst. As well as the trees, the Inap feature5 layers of information drawn fi'om nuiner0115 50urce5, including froin partner organisations and the charitablc company's own resoui'ces sucli as Its Regee Voices archive. Throughout 2022, the chai'itablc company added content to the map such that it now contains over 600 records relating to the British cont]ection to the Holocaust. Tlie UK HolocJLl%t F4a5) Qo. fj'ii Refugee Voices, tlie charitable coinpany's ai'chive of recorded and documented interviews with refugees, created in 2003, Continues to expand, with to date 272 first genei'ation inlervicws having been Completed. /AJR 13
THE ASSOCIATION OF JEWISH REI FUCEES (AJRI TRUSTEES, REPORT {eontinued) FOR THE YEAR ENDED31 DECEMBER 2022 ACHIEVEMENTS AND PERFORMANCE {continlled) Tlie Trustees are grateful for the considerable efforts made by the charitable company's employees and numerous volunteers to delivei. the Iniiltiple achievcinents described above. Details of grant5 made foT educational purposes during the year were are as follows.. Beneficiary Ainount Purpose of award granted £15k Creatin¥ Flolocaust resources for Wc15h schools £31 k To support the costs of outi'each educatoi's £20k Support the travelling production of "Kindness" £61 k Fund annual four-day irsidential course each year for 3 years £1 Ook Towards projects of particular inieiest to the chai'itable cojnpany £IOk Support Maccabi's annual candle project £8k A memorial in honour of Trevoi. Chadwick Aberystwyth University National Ilolocaust Centre Voices of thc Holocaust Holocaust Fducational Trust Wiener Holocaiist Libi'ary Maccabi Candle Project Swanage Memorial Other £32k Total £277k In total, £302k in grants were distributed in 2022 of which £148k were awaTded pj'ioi. to 2022. Thc AJR was heavily repiesented at the inauguration of the Kinderti'ansport memorial at Harwich in September 2022, a Inonument to which it pledged sponsorship in 2021. 14
THE ASSOCIATION OFJEWISH REFUGEES (AJR) TRUSTEES, REPORT (eontinued) FOR THE YEAR ENDED 31 DEICIIMBER 2022 FINANCIAL REVIEW Reserves At the balatsce Sheet date, total reserves stood at £20,9in {2021.. £23.7ml, all of whicli is uniEStricied. The Triistees seek to ¢n5llre that the level of i'e5erves of the charitable company are sufficient to fund the provision of its services for tlie Foi'eseeable Cuture indepcnd¢Rt of grant Encoine which is not guaranteed. Following a strategic ieview of Tts activities and coininiiments, the Trustees adopted a strattgic plan in 2019. Consideration was giyeii to the deinogTaphic profile of tlie Ineinbership of the chArirable coinpany and how that was likely to change over the next ten years. 'I'lie 'I'rustees considered that the charitable con)pai)y had siiflicient reserves to meet its charitable objectives for th¢ foies¢eable futlllE. Investment policy The policy of tlie chai'itable company is to retain cash balances sufficient to manage the day-to-day working capital of the entire Uinbi'ella Group witli iespect to Claiins Conference activity a5 well as its outgoings. Cash balaiice5 above this level &re placed with the chErilable coinpany's investinent Inanagers. Rathbone Invesiinent Manageii)ent Limitcd and Riiffer LLP ("Uie Managers"). to whoin the investment of the fund5 of the chai'itable coillpany is delegated on a disci'¢tionary basis. 'rhe bi'oad objective5 in relation to ihe investinent of the assets were and will I'einain the manageinent of investinents for a balanced coinbination of incoine and growth, reviewed periodically by the InvesThnent Committee and its advisors, and, in tnaking or varyiiig the investments, ensui'tng that the managers have regard to the following criieria.. the suitability of any particular investinent proposed to be Made or rEtaitJed the n¢ed for divei'sifI¢atioii of the investents $0 far as is appJx)pi'iate lo the eircuinstances of the charitable company. In relation to the above ci'iteria, the total value olthe net assets of the chai'itable compaiiy at the yeai'_end was £20.9in. of which the inves(mcnt portfolio amounted to £16.3Jn. Cash held on deposit reduced to £3.2m. The Trustees have agreed pei'fonnance benchiiiaTks foi. the inanagers as detEiled below- Ralhbone.. PIMfA Balaiiced (PeTsonal Investiment Management & Financial Advice A5s0¢iation) Ruffei.: An Élbsolute reilirn approach with the twin objectives of not losing v&lue in any rolling twelve-monih period while gi'owing fund5 at g highei. rate than would b¢ achi¢ved by investing in Cash. The chai'itable coinpany does not generally acquiiE iiivestinents in Inarkets where marketability is limited. There are no rax or legal constraints which affect the countries oi. jurisdictions in whieh the investments air held. Fundraising The charitable coinpany does not solicit funds via telephone. einail, direct Inail or by using third party colnmeIal fundraisers and does not lid[al$t via a general call for 5UPPOI't. The charitable coimpaiiy is coinmitted to beiiig accoLintable and responsible and, should its fundiaising appi'oa¢h Change in the future, will register with th£ UK fundraising Regulator. The charitable company received no complaints about nd1"aiSIng activity during eiiher 2021 or 2022. 15
THC ASSOCIATION OF JEWISH REIFUGEES (AJR) TRUSTEFS, REPORT (continued) FOR THE YE4AR ENDED 31 DECEMBER 2022 FINANCIAL REVIEW (eontinued) FUTURE PLANS It is intended tliat tlie chaTilable cojnpany WEII conlinue to siippoil the needs of Jewish victims of Nazi oppression with a range of services and lo Sup[1 appropriate educalional and ¢oiMinemoi'ative initiatives relating lo the Holocaiist. Dui'ing 2018, Ilie Ttiislces decided to carly out a fiill long.term strdtegic rcview to deterinine the nature of its operations. A third-pai'ty consultant was appointed to facilitate this i'eview and work coiminenced during that yeai. which concluded dui'ing 2019. 1.he strategic review has been refreshed (and was again i'eviewed in both 2022 and early 2023) and Et was agi'eed that thc shategic fo¢u5 of the charitable coinpany will continue to be.. Suppurtiiig the Fii'5t Generation of survivors and refugees Developillg sei'vices and activities for Ihe SecoTid Genefation Sponsoi'ing 14olwaust comimeinoralion, teaching and leaming 16
THE ASSOCIATION OF JEWISH REFUGII ES {AJR) STATEMENT OFTRUSTEES, RESPONSIBILITIES The Ti'ustccs (who arc also tlie Director5 of The Association of Jewish Refugees (AJRI for the puryoses of coinpany law) aTe respoiisible foi. prcparing the Trustees, report and the financial slateinenls in accordance with applicable law and UK accounting standaixls (United Kingdoin Generally Accepted Accounting Practice). Charity law requires the Trustees to prepare financial statements for each financial year which give a ti'ue and fair view of the state of affairs of the charitable coinpany and of the incoming resoiii.ces and application of JEsoiiires, including the incoine and expenditure. of the charitable coinpany for that pei'iod. In pi'epaiing these fjnancial statcments, the .1 i'ust¢CS are required to.. Select suitable accounting policies and then apply thein consistently., Observe the inethods and principles in the Charities SORP,. Make judginents and estiinates that are reasonable and pi-iidenl; State whetherapplicable UK accounting standaixls have been followed, subject to any Inaterial departures disclosed and explained in the financial stateinent5' and Prepare the financial stateinents on the going concern basES unless it is inappropriate to presume that the charitable coinpany will continue in busiiic.%s. The charitable coinpany'5 investments and liquid resources are such that at any tiine they can be converted tnto cash and thu5 enable it to inect its liabilitEes and cominitinents as they fall due. The Trustee5 are iE5ponsible for keeping adequate accounting records that are sufficient to show and explain the charitable coinpany's transactions (Ind disclose with ieasonable accuracy at any tiine tlie financial position of the charitable company and enable thein to ensure that the financial statements coinply with tlie Compaiiies Act 2006. They air also responsible for.%afeguarding the assets of the charitable company and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the Inainienance and integrity of the corporate and fIiiancial inforination included on the charitable coinpany's website. Legislation in the United Kingdoin governing thc preparation aud disseinination of financial stateinenls may ditTer from legislation in olherjurisdictions. The Trustees have pemiitted the auditor to undei'lake whatever insp¢ctioiis it Considers to be appropriate for the purpose of enabling the auditor to give its audit opinion. So far as each of the Trustees i5 aware at the time the report is approved.. there is no relevant audit inforjnation of which the ¢harilable coinpany's auditor is unawai'e., and tlie Triistees have tsken all steps that they ought to have taken to Inake themselves aware of any relevant audit information and to establish that the auditors are aware of that information. APPROVAL This report was approved by the Trustees on behalf by.. .and signed on their M Karp OBE Chairman 17
INDEPEIYDCINT AUDITOR'S REPORT TO THE TRUSTEE4S OF THE ASSOCIATION OFJEWISH REf4UCE4 ES (AJRI Oplnion We have audited the financial statemenii of the Asso¢i&tioii of Jewish Rege¢S (AJR) for the ye31. ended 31 D¢cetnber 2022, wliich coIt)pi'ise tli¢ Stattinent tsf Finan¢ial Activitie5, the Balance Sheet, Cash flow Ststemeiit and notes to the financial staktnenls. including a sum]naiy of significant accounting PDli¢ies. The financial repoiting fi'amework that h2S bEen iipplied in theii. prepaiBlion Es applic&ble law and Unit¢d ICingdoTll Ac¢ounting Standards, Encluding financial Rcportlll&T Standard 102 The Fin(7ncial Repoi'liNg Siandai'dopplicable ihe UK llndRepiiblic oflreloNd(Uiiiled Kingdoin Generally Accepted Accounting Practice). In oiii. opinion, the financial statements: give a true and fai¥ view of the slate of th¢ chariiable company's affairs a% ai 31 December 2022 and of the charitable company's net Inoveinent in fiinds, including the iftcojne and expenditui'e, for the yeai. then ended. have been properly prepaird accoi'dance with United Kingdom Generally Accepted Accounting Pi'acttce; and have been pi'epared in accordance with the requireinents of the Companies Ac¢ 2006. B25is for opiRioii We conducted our audit in accordance with IIitei'national Standards on AudilEng (IJK) {ISAs (UK)) and applicable law. Our responsibilitie5 undei. those standards are furtherdescribed in thc Auditoi s responsibilities for the audit ofthe financial Statetnents sectiot] of our irport. We arc indcpendent of the chai'itable coinpany in accordance with the ethical requirements that are iElevaiit to our audEt of the financial statemenls in the UK, including tlie FRC'S Ethical Standard. and we have fiilfilled oui. othei. ethical iesponsibilities in accordaiice with tliese reqiiiiyinents. We believe that Ilie aiidit evidence we have obtained is sufficient and appropriate to provide a basis for oiir opinion. Conclusions relating lo going concern In auditing the financial statements. we have concluded that the Trustees. use of the going concern basis of accounting in the prepai?tion of the financial slatements is appropi'iate. Based on the work we have perforined, we liave not identified any material un¢erlaiRties relating to eveiits oi. conditions that, individiially or collectively. Iiiay cast significaiit doubt oil the chai'itable COllLpaiky's ability to continue as a going concerii for a period of at least twelve Inonths from when the financial stateinents are authoi'ised for issue. Our responsibilities and the responsibilities of the Trustees with respect 10 going coi)cei"n al'e desci'ibed in the relevant sections of this report. Otlier infornjatio The Trustees al'e i'esponsible For the other inforniatEon. Tile other infonnation co&nprises the information included in tlie TrustEe5' AnJ]ual Report. Oui" opillion the f15]aiicial statement5 does not covei" the olhei. inforination and, except to the extet]l Dtherwise explicitly Staled in our report, we do not expiEs5 any forin Df assurance conclusion thereon. In CDiin¢cliOlI With our aLidit of the financial stateEnent5, our i.espon5ibility is to read the other infortnation and, in doing SD. CDll5ideJ' whether the othei inforination is materially inconsistent with the finaTrcial statement5 or our knowledge obtained in the aiidit or otherwLSt appeatE tD be niaterially Jni5Stated. If we identify SEich matei'ial inconsistencies or appai'eiit tnaterial mi5StatEinents, we are i'equired to detennine whether there 15 a material tnis5tatEment in the financial statenienls or a material inLSStateinent Df ihe othei. infollnalion. If, based on ihe work we have perfom]ed, we con¢liide that Ihci'e is a nialei'ial mi5Stateinent of thi5 Other infoi'matiotl, Ive are Jequired to i'epoi'l that fact. Wt have nothEng to report in thi5 regard. 18
INDlkPENDENT AUDITOR'S REIPORT TO THE TRUSTEES OFTHE ASSOCIATION OFJEWISH REFUGECS (AJR) Opinions on other rnatters prescribed by the Companies Act 2006 In our opinion, based on the work uiidci'taken the COUTse octhe aiidit.. ¢he information given in ihe Trnstees. Annual Report (which incorporates the sti'ategi¢ report and the dire¢tOTS' reporil foi. the flnancial year for which the financial stateinents ale piepared is consistent with the financial st8tcnicnt.8', aiid the strategic i'eport and Ihe directors, repon included wiihin the TrLlStees' Anniial Report has been prepared in acco¥danee with applicable legal requiremenrs. Responsibilities of Trustees foi. the finajieial statements As explained more fully in the TrLtstees' iesponsibilities stateinent Set out on Page 16, the Trustees (who air also the diiectors of the charitable coinp<iny for the piirposes of coinpany law) are responsible for the pj'epajition of the financial stateinents and foj. being s&tisficd that they give a tru£ and fair view, 8nd for sucli internal cnntrol as the Trustees dettijiiine Is nc¢c5saiy to ¢nabl¢ th¢ pr¢paiation of financial statcimcllls that arc fT¢C fro1 Inatcrial Inis5tatcm¢nt, whctlici. duc to fraud oi. error. In prepai'ing the financial stateinents, the Triist¢¢5 air responsible for assessing the charitable coinpany's ability to continue s a going ¢on¢ei'n, disclosing, as applicable, i)iattei'5 related to going concei'n and using the going conceill basis of accounting unle55 the Trustees either intend to liquidate the chai'itable company or to cease operations, oi. have no realislic alternative but lo do 50. Auditor's responsibilities for the oudit of tlie fTnan¢ial 5tateinents Oui. objectives are to obtain Irasonable assui'Ance about whether ihe finai)cial stateinents as a whole are free fi'om Imaterial Inisslatement, whether due to fraud or eri'or, and to issue an auditor's report that includes our opinioll. Reasonable assuixnce is a high level of assurance but is not a guaiantee that an audii conducied in accordance with ISAS (UK) will always detect a material illisstatement when it exists. Misstatements can arise fiDm fi'aud oi. enDr aiid ale considered material if, individually or in the aggregate, they CL)uld IEasonably be expected to influence the ecoiiomic decisions of usei's taken on the basis of these financial statelentS. Irregularities, IncldIng fi'aud, are instances of non-compliance with laws and r¢gulations. Wc design pmcedui'es in line with oui. I'esponsibilities, outlined above. to detect material Inisstateinents in respect of irregulai'ities. including fi'aud. The extent to which our procedures al'e capable of detecting ureglilarities, ii)cluding fraud is d¢taile(I below.. Based on oui. understanding of the chai'itable coinpany and the enviroiiinei)t in which it operates, we identified that the pi-incipal risks of i)on.compliance witli laws and I'egulations relaled to ihe legal aiid iegulatory rcquirementg pertaining to regisiei'cd charities, and we considered ihe extent to which noii-compliance Inight have a Inaterial cffcct on the financial siatements. We also consideiEd Ehose laws and regulations that have a direci impact on Ihe preparation of the financial sratements such as the Coinpanies Aci 2006 and the Charities Act 2011, and oiher faciors such as incoine rax and payroll xes. We evaluated manageinent's incentives and opportunities for fi'audiilent manipulation of the fillancial statements (includino the risk of overiide of controls) and ddeiini11¢d that the principal ri$k5 were related Inanual accounting journal5. Audit p1CedU1$ perforitted by the engagement ieain included.. Insp¢tting COTrespondence with rcgulators and tax allthoi'itics., Dsscus5itsns with Inanageintsnt including considei'ation of known or 511spected instanees of tton-complian¢e with laws and regulation and fi'aLId', Eviiludtin¥ inanllgemenl's conlrDls designed to prevent atLd detect iri'egulariiies., Identifyin&r ad testing jOUTnalg, in particularjournal ents'ies posted with unusual account con)binations, postings by unusual u5ei's or with unusual dESLI'ipliuns' and Cl)allenging assuixplions and judgeTllents It)ade by manageinent itt theii. CTltical accounting esti1tt2te 19
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTII ES OF THF. ASSOCIATION OFJEWISH REFUGEES (AJR) A further descripiion of our responsibilities for the audit of ihe financial statements is located the Financial Reporting Council's website at.. wTrvw.frc.oi'g.uLlaudirorsresponsibiliiies. This description fortns part of our auditor's i'eport. Bcfr3use of the iDheTent liinitations of an audit. there is a risk thai we will not detect all Ei'reEularities, including those leading to a material misstatement in the financial stateinents or non-compliance with regiilation. Thig I'i5k increages the mol'e that coinpliance with a law or regulation is I'einoved froin the events aTid transactioiis reflected iii tlie financial 5tatetnents, as we will be less likely to becoine aware of insrances of non-cojnpliance. The rEsk i5 also greattr i'ega2'dit]g irregularities occurring due ID fraud Ixther than eNor, as fraud involves intentional concealment, forgery, colliisioji, oinission or misrepresentation. Use of our report -rhis repori is made solely to the chai'itable company's members, as a body, in ac¢oTdance with Chapter 3 of Part 16 of the Compai)ies Act 2006. Our audit work has bccn undcrtak¢n 50 that we iiiight qtat¢ to th¢ Charitable coinpany's Ineimbers those Inatters we al'e required to siare to them in an Auditows report and for no othei. purp8¢. To the fullest extent pcnnitted by law, we do not accept or assume I'esponsibility to aIiyone other than the charitable ¢oinpany and the Chai'itable coinpany's meinbers, as a b(x]y, for our aiidit work, for this ieport, or for the opinions we have forined Adain Halscy (senior Statutory Auditor) FOT and on behalf of14aysmacintyre LLP, Statutory Auditors 10 Queen Street Placc London ECAIR IAG 0710712023 20-
THE ASSOCIATION OFJEIWISH REIFUGEEIS (AJR) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEID 31 DECEMBIIR 2022 2022 Total Funds 2021 Total Fuiid5 Unrestricted Funds Restricted Fund5 Notes Ineom¢ from.. Donations and lega¢ies 1,966,227 1,966,227 183.929 Chai'itable activities.. Grants for welfare woi'k Social and welfare activities Othei. grant income 14 5,992,331 5,992,331 11,042 4,432,229 12,231 1.042 Subscriptions 42.617 42,617 43,356 Iiivestments 497.684 497,684 386,072 Total 2,517,570 5,992,331 8,509,901 5,057,8 17 [1 xpenditure on: Raising funds 65,696 65,696 82,986 Charitable a¢tivitits'. Social and welflli'e activities Educational activities 3,264,061 525,315 5,149,900 8,413,961 525,315 6,802,715 548,955 Sub total 3,855,072 5,149,900 9,004,972 7,435,656 Claiins Conf¢iEnce overhead contributio 1842,4311 842,431 Total 3,012,641 5,992,331 9,004,972 7,435,656 Nei expenditure before gains I losses on investsllents (495,0711 (495,071) (2,377,839) Net gains / {10sse5) on investinent5 (2,256,325) (2,256,325} 2,208,708 Net expenditure and rtet movement in funds 12,751,396) (2,75 1,396) {169,131) RECONCILIATION or FUNDS IUND BALAiycfs BROUGHT FORWARD 23.698,850 23,698,850 23,867,981 FUND BALANcs CAIiRIED VORWARD 15 20,947,454 20,947,454 23,698,850 All gains and losses recognised itt the yeai. al'e inCldEd in the Stattinenl of Financial Activities. All transactions are derived from continiiints &ctivities. The notes on pages 25 35 form part of rhese financial 8taten)ents.
THE ASSOCIATION OFJEWISH REf4UGEES (AJR) STATEIVIENT OF fiNANCIAL ACTIVITIES FOR THF. YEAR ENDEI D 31 DECEMBF.R 2022 Cotmparative, (or the year ended 31 December 2021 2021 Unrestrieted Funds Resti'icted Funds Tolol Funds Notes Income from- Donations and legacies 183,929 183,929 Chai'itable activitEcs-. Gi'ants foi. welfare work Social alld welfare activities Other grant iiicoin¢ 14 4,432,229 4,432,229 12.231 12,231 Subscriptions 43,356 43,356 Ittvestments 386,072 386,072 Total 625,588 4,432,229 5,057,817 Expenditure on: Raising funds 83,986 83,986 Chaj'itable activities: Social and welfare activiiies Educational activities 3,126,364 548,955 3,676,351 6,802,715 548,955 Sub total 3,759,305 3,676,351 7,435,656 Claijns Conference overhead coniributiort (755,878} 755,878 TolJ)I 3,003,427 4,432,229 7,435,656 Net expenditUTe before galns on iiive5tments (2,377,839) (2,377,839) Net gains on inve51mentS 2,208,708 2,208,708 Nel expenditure and net movement i funds (169,131) (169,131) RECONCILIATION OF FUNDS FUND BALANCES BROUCHT FORWARD 23,867.981 23,867,981 FUND BALANCES CARRIBD FORWARD 23,698,850 23,698,850 22-
THE ASSOCIATION OFJEWISH RF.FUGEES (AJR) BALANCE SHEET AT 31 DECEMBER 2022 Cofflpany Number: 08220991 2022 2021 Notes Tangiblc asscts Investment5 82,095 16,286,199 105,059 20,488,196 16,368,294 20,593,255 CURRENT ASSETS DcbtQls.' due within one year Debtors.. due after one year Cash at bank and in hand 10 10 3,274,060 26,879 3,225,736 1,037,771 27,029 3,791,795 6,526,675 4,856,595 CURRF.IYT LIABILITIES: Creditors.. amounts due wiihin one year (1,947,515) (1,751,000) NET CURRENT ASSETS 4,579,160 3,105,595 NET ASSETS 20,947,454 23,698,850 FUNDS Unrestricted 14 20,947,454 23,698,850 Restricted 14 20.947.454 23,698,850 Approved and authorised for issue by the Trustees on and signed on their behalf by.. JLY 2023 M Kaip OBE Chainnan 23-
THE ASSOCIATION OF JEWISH REFUGEES (AJR)
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| Cash flows from operating activities: | ||||||
| Net cash (used in) operating activities (see | ||||||
| below) | (1,783,343) | (1,809,382) | ||||
| Cash flows from investing activities | ||||||
| Dividends and interest from investments, rental | ||||||
| income and other investment income | 497,685 | 386,072 | ||||
| Purchase of property, plant and equipment | (12,022) | (42,294) | ||||
| Proceeds from sale of investments | 7,223,607 | 3,251,529 | ||||
| Purchase of investments | (4,165,852) | (2,243,492) | ||||
| Movement in cash awaiting investment | (12,082) | 1,468,762 | ||||
| --------------------- | --------------------- | |||||
| Net cash provided by investing activities | 3,531,336 | 2,820,577 | ||||
| --------------------- | --------------------- | |||||
| Change in cash and cash equivalents in the year | 1,747,993 | 1,011,195 | ||||
| Cash and cash equivalents at the beginning of | ||||||
| the year | 3,791,795 | 2,780,600 | ||||
| --------------------- | --------------------- | |||||
| Cash and cash equivalents at end of the year | 5,539,788 | 3,791,795 | ||||
| ========== | ========== | |||||
| 2022 | 2021 | |||||
| £ | £ | |||||
| Net expenditure for the year | ||||||
| (per Statement of Financial Activities) | (2,751,396) | (169,131) | ||||
| Adjustments for: | ||||||
| Depreciation | 33,274 | 37,362 | ||||
| Disposal of tangible fixed assets | - | (1) | ||||
| Losses/(Gains) on investments | 2,256,325 | (2,208,708) | ||||
| Dividends and interest | (497,685) | (386,072) | ||||
| (Increase)/decrease in debtors | (1,020,377) | 759,846 | ||||
| Increase/(decrease) in creditors | 196,516 | 157,322 | ||||
| --------------------- | --------------------- | |||||
| Net cash used in operating activities | (1,783,343) | (1,809,382) | ||||
| ========== | ========== | |||||
| Analysis of cash and cash equivalents | 2021 | 2021 | ||||
| £ | £ | |||||
| Cash in hand | 2,225,736 | 2,791,795 | ||||
| Notice deposits (less than 3 months) | 1,000,000 | 1,000,000 | ||||
| --------------------- | --------------------- | |||||
| 3,225,736 | 3,791,795 | |||||
| ========== | ========== |
The notes on pages 25-35 form part of these financial statements
- 24 -
THE ASSOCIATION OF JEWISH REI FUGEF.S (AJR) NOTES TO THE ACCOUNTS FOR THE YEAR EIYDED 31 DE4CE4 MBER 2022 ACCOUNTING POLICIES Tlie principal accaunting policies adopted, jiidgcinents and key sources of estin)ation and unccitaimty in the preparatign of the financial stateinents are as follows.. Basi5 of preparation The FIn1ClaI statements haye been prepared in accordance with Accounting and Reporting by Chaiities.. Stateinent of Recoininended Pi'actice applicable io cliai'ities prepai'ing theii- accoiinrs in accordance with the Financial Reporting Standards applicable in the UK and Republic of Irelaiid (FRS 102)- Chai"ities SORP {FRS 102), second edition- O¢tob¢r 2019, and the CoJnpanEes Act 2006. The Trustets have assessed the charitable coinpany's requirements foi. the foiw5eeable fvture, and are confident that sufficietit funds will be availdble lo en(Ibl¢ OP¢T(ttion5 to continue at a sustainable level for a period of at least 12 months frolll the date of approval of these fanCIal statejnents. The charitable conipaiiy theirfore continues to adopt the going concti'n basis in pi'eparing ils financial sl&teinenls. The Trustees consider thei'e al'e no Inatei'ial uncerlaintie5 about the chai'itable coiMp8n} s ability to ¢ontiniie a5 a goins conceTn. The fEnanci315tateinents do not include the adjiistments thatwould iesult ifthe ¢harilable Company were unable lo continue as a going concern. The 2023 budget froin the Claims Conferen¢e has been confirmed and cash flows pi'oduced to tlie end of 2024. Publi¢ bEnefit cntity The Associatioii of Jewish Refugees (AJR) Ineets the definition of a public benefit entity under FRS 102. Legal status The Association of Jewish Refugees (AJR) is a company limited by guaTantee without share capital. In the event of the chai'itable coEnpany being wouad up, (he liability in ir5pect of the guaralltee is limited to £ I per me]ber of the charitable toinpany. Critical aeeounting judgements 2nd est]iateS In pieparing tliese fjnallcial stateIneTrts, the TISteeS have made judgeinents, estiir]ates and assumptions that affect the application of the chaiitable company's accounting policies and the reported assets. liabilities, income and expcnditurc and the disclosures Inade in the financial siatemenls. Estiinates and judgements are con(iniially evaliiatcd aiid arc bascd on histoi'ickl experieftce and othei. factoi's, including expectations of fiiture events that are believed io be reasonable under tlie circumstance5. Income All incoming resoui'ces are included in tlie Stateinent of Financial Activities when the charitable company ha5 entitlement to income, it is pi'obable thot ihe income will be received and the amount of incr)Ine receivable can be measured i'eliably. Donètlolis are accollnted for in the ye&r iii which they are received. Legacies are Ircogntsed when tlie cJ"ittria of cntitlemcnt and pi'obability ale Inet. and the legacy can be qiiantified with reasonable accuracy. In detenniTking the amounts recognised al ihe balance sheet date, the trustees have Jegard lo actual IEceipts subseqiient to the balance sheet date Eogethei. with any other evidence supporting recognition. Gi'ants al'e recogiiised in full iii tlie stateinent of financial activities the year in which the charitable ¢oinpany has entitleineni to the incotne, and when the ainoLtnt of incoine receivable can be Mea5uI'ed reliably and there is pi'obability of ieceipt. Income diie fJx)m legacies 8iibject to life tenancies is taken into account on the temiinatiort of tlios¢ lfe tenat]cÉes. Inveslmeni incoine is recognised on a receivable basis and when the amounts can be measured reliably. Dividenos air iecognised once the dividend has been declared and notification has been received that the dividend is due. 25-
THE ASSOCIATION OFJEIWISH REI FUGEE.S {AJR) NOTL4 S TO THE ACCOUIYTS (coRtinued) FOR THE YF.AR ENDED 31 DECEMBER2022 ACCOUNTING POLICIES {continued) Expenditure Liftbilities, iiicluding in'ecovei'abl£ VAT, are iEcognised as expendittire as soon as tliere is a legal or construetive obligation eoinit)itting the charitable cojllpany to that expenditure and it is probable tho1 seuleinent will be required and the ainount of obli(Tation can be measured reliably. Raising funds coimprises the costs associated with generating voluntai'y iiicoime and the investment management fees. Chai'itable expenditure includes all direct expenditui'e, including staff costs which are directly attributable to activities, as wcll as grant cxpcndityre. 8uppDrt costs, which incliide govern8nce costs, ale apportioned to charirable
ctivities on the basis of time allocation of stsff peifoin)ing suppoi't Ciinctions. A suininary Df siipport costs is
provÈded in note 6. Siipporl Costs have been allocated between govemance Costs and other siipport costs. GovEmance activitle5 CDtnprise organisational adininistration and coinpliancc with constitiitional and statiilojy ieqllii.emen15. Costs include direct 051s of exteriial audit and professional advice including legal fees. Grnnts payable ol'e chai'ged to the Statement of Financial Activities in the year in which the offers of such antS are Inade. mployee benefits Short t¢i'm benefits Short tertn benefits including holiday pay are recogrsised as an expense in the period in which the serv%ce is re¢eived. mployee tei'mination benefits Teiinination benefits are accouiited for on an accrua15 basis and in lille with FRS 102. Pen510n 5chenie Thc AJR operates a defined conti'ibution pension scheiiie for the beiiefit of its employees. The assets of the schenie aiE held independently fi'oin those of ihc cliai'itable company in an adininistered fund. The pension Cosls charged in the financi815tat¢inents represent the ¢ontributions payable during the year. r4oreign Currency *raJJslation The charitable company's functional and pi'esentation cuirency is pounds sterling. Monetaiy assets and liabilities denoininated in foreign currencses are translated into sterling at the rates of exchange Mling at Ihe bal£lnLE &li¢¢t date. Transactions in foreign currencies al'e recorded at the i?te I'uling at the date oftlie transaclion. All diffciences are i'ecognised tn the Sta¢eineJit of Financial Activities. Operating lease5 Opei'ating lease iental& are chai'g¢d to the Statement of Fipanrial Activities a Straight-le basis over the terin of the lease. Taligible fixed a55ets Tangible fixed a55e15 are accounted for at historic cos( less a provisign for depreciation. Expenditure on equipment excess of £300, with a usable life of at least 4 yeai's, is cqpilalised as tangible fixed assets. Depreciation Depreciation is calculated so as to write off the cost of tallgible fixed assets as follows-. Office equipinent Website Leasehold iinprove]nents 250/0 stsaight line 250/0 stsaight line Over life of the lease 26-
THE ASSOCIATION OF JEWISH REFUGEES (AJRI NOTII S TO THI ACCOUNTS (coTrtinued) FOR THE YEAR EINDED 31 DECEMBER2022 ACCOUNTIIYG POLICIES Icontinuedl Investments InVeStientS al'e a form of basic fiii&ncial instruments and are initia15y shown in the financidl statements at Ial.ket valiie. Movements in the inaFket values of inve5tinents are shown as unrealised gains and losses in the Statenient of Financial Activities. Profits and 105ses on the realisation of investtnenis #it shown as i'eali5ed Bains and losses in the Siateit)eni of Financial Activities. Realised gains and losses on investinents i'eflect the difference between sales procced$ and Iheii. opening carrying values or their pujchase value if acqllired subsequent to the fwst day of the financial ye8r. Unrealised gains and losses al'c calLulated as the difference botween the fair value dl tILE year end and theii. carjying value. Realised aiid unrcalised investnient oains and losses at'e ¢oinbin¥d in the S1411tInent of Financial Activities. Finaneial instruments The chai'ilable coinpaRy only has financial assets and financial liabilities of a kind thdt qiialify as basic financial insti'uin¢nls. Basic fiiiancÉal i115truments, including trade and other debioi's and creditvr5, are initi&lly recognised at transaction value ai)d siibsequently measuiEd at their settlement v&lue. Debtor5 Pi'epayinents al'e valued at the amDLint prepaid net of any trade discounts due. Acc¥ued income is valued at the expected amount. Cash at bank and in hand Cash ai bank and cash in hand includes cash and short teiyn highly liquid investments. Creditors and provi5jO]15 Ci'editors aiid PiDvisions are recognised where ihe chaTltabl¢ company has a pirseni obligation re5111ting fTom a past event that will pi'obal)Iy IEsiIIt iii the transfer offunds to a third party and the ainount due to settle the obliLF3tion caE] be Jneasuj'ed orestiinated reliably. Crediiors and provisions are norinally recognised at their settleinent atnoiint after 311owing for any trade discoLints due. Funds Genejal funds are iinrestricted fiinds which are availablc foi. 118c at thc di8erctinn af the Ti'ustees in furtherance of tILe general objectives of the cliai'itable company and which have not b¢cn dc5ignatcd for other pui'p05e5. RestrictEd funds are ftinds which are to be used in accordance with specific resti'ictions iinposed by donors. 27-
THE ASSOCIATION OF JEWISH REFUGEES (AJR) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR INDED 31 DIICEMBER 2022 DONATIONS AND LEGACIES 2022 2021 Doiiations Legacies 185,532 1,780,695 113,433 70,496 1,966,227 183,929 All donations and legacies in currenl and prior years was unir5tricted SOCIAL AND WELFARE AcfiviTIES 2022 2021 Meals Wheels EyenÉs and oytings AJR Joui'nal 6,638 2.514 1,890 7,682 ,535 3,014 11,042 12,231 All social and welfare activity incoine in ¢iivent and prior years was unrestricted INVEI STMEIYT INCOME 2022 202J Interest IEceivable Dividends 64,816 432,868 34.446 351.626 497,684 386,072 All investment incoine in CUlTent and prior years was iinrestri¢ted 28.
THE ASSOCIATION OF JEWISH REFUGEES (AJR)
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
5 EXPENDITURE
| EXPENDITURE | |||||
|---|---|---|---|---|---|
| Other direct | Support | ||||
| Direct staff | Grants | costs | costs | 2022 | |
| £ | £ | £ | £ | £ | |
| Social and welfare | 1,027,374 | 5,894,947 | 591,045 | 559,098 | 8,072,464 |
| Day Centre | - | 14,825 | 3,565 | 18,390 | |
| Meals on Wheels | 25,535 | 10,101 | 7,434 | 43,070 | |
| Outreach groups | 109,826 | 46,034 | 22,935 | 178,795 | |
| AJR Journal | - | 86,349 | 14,894 | 101,243 | |
| --------------------- | --------------------- | -------------------- | -------------------- | ------------------ | |
| Beneficiary services | 1,162,735 | 5,894,947 | 748,354 | 607,926 | 8,413,962 |
| Educational activities | 185,392 | 277,163 | 45,330 | 17,429 | 525,314 |
| Cost of raising funds | - | - | 60,168 | 5,528 | 65,696 |
| ------------------ | -------------------- | ------------------ | ------------------ | ----------------- | |
| 1,348,127 | 6,172,110 | 853,852 | 630,883 | 9,004,972 | |
| ========= | ========== | ========= | ========== | ========== | |
| Comparative | Other direct | Support | |||
| Direct staff | Grants | costs | costs | 2021 | |
| £ | £ | £ | £ | £ | |
| Social and welfare | 970,214 | 4,397,573 | 571,401 | 595,327 | 6,534,515 |
| Day Centre | - | 8,806 | 3,731 | 12,537 | |
| Meals on Wheels | 25,365 | 12,067 | 7,555 | 44,987 | |
| Outreach groups | 83,144 | 7,636 | 23,595 | 114,375 | |
| AJR Journal | - | 81,070 | 15,231 | 96,301 | |
| --------------------- | --------------------- | -------------------- | -------------------- | ------------------ | |
| Beneficiary services | 1,078,723 | 4,397,573 | 680,980 | 645,439 | 6,802,715 |
| Educational activities | 194,553 | 307,913 | 28,710 | 17,779 | 548,955 |
| Cost of raising funds | - | - | 78,261 | 5,726 | 83,987 |
| ------------------ | -------------------- | ------------------ | ------------------ | ----------------- | |
| 1,273,276 | 4,705,486 | 787,951 | 668,944 | 7,435,657 | |
| ========= | ========== | ========= | ========== | ========== |
Welfare activities include direct payments to beneficiaries amounting to £5,858,747 (2021: £4,363,369) and a grant of £36,200 (2021: £35,600) to Belsize Square Synagogue to support its social work programme directed at Holocaust survivors and refugees.
Direct costs on educational activities of £277,163 (2021: £307,913) include grants as explained in the Trustees’ Report.
Support costs include fees of £15,350 +VAT payable to the auditors for the statutory audit (2021: £12,450 + VAT).
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THE ASSOCIATION OF JEWISH REFUGfES (AJR) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DEI CEMBER 2022 CXPE4 NDITURE (Continutd) ANALYSIS OF GRANTS Gr2nts to institutions Grants to individua15 2022 WElfaTe progi'&inmES Educational actsvitie5 36.200 277,163 5.858.747 5.894.947 277.163 313,363 5.858.747 6.172.110 Cornparative Grants to instllutiuns Crants to Individuxls 2021 Welfare prograrnmes Educational activities 35.600 307.913 4,361,973 4,397,573 307,913 343.513 4.361,973 4,705,486 Fui'thei. infoi'inatlg11 on grants to institutions is set out in the Tnistee report (page 131. In 2022 there were 306 recipiertts of indEvidual giamts (285 2021) SUPPORT COSTS Meals Cost of raising runds Social & Welfare Day Centi'¢ Out- reacli AJR Journal Ci ducation Wheels 2022 2021 Preinises 42.850 1,145 2.349 967 4,493 182 51,986 46,460 0{Ce adiiiinistratton Coininunica¢ions & public relations Governance 422,136 2,478 4,103 14,624 8,469 9,010 3,809 464,629 516,183 51,979 42,133 1,054 33 2,107 78 5,619 343 5,268 190 2,810 1,405 132 70,242 44,026 64,914 41,386 Total 559,098 3,565 7,433 22,935 14,894 17,430 5,528 630,883 668,943 Meals Cost DI r2ising runds Comparxtive Soeial & Wtlfxi'e Day Centre Out- AJR Jouriial Education Wheels 2021 Preini5es 38,296 1.040 2.003 878 4.078 165 46,460 Office adininislrdlion Coinmunic&tions & public relations Governance 469,650 2,736 4,476 16,174 9.2S5 9.793 4.069 516,183 48,036 39,345 97gi 22 1,947 92 5,193 224 4.869 200 2,597 1.298 193 64,914 41,386 Total 595,327 3,732 7.555 23.594 15.232 17.778 5.725 668,943 Suppoi'l costs are allocaled to charilable activities based on tijne allocation of staff pei'forining support functions. 30-
THE ASSOCIATION OF JEWISH REFUGEES (AJR)
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
| 7. | STAFF COSTS | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Wages and salaries | 1,720,003 | 1,736,194 | |
| Social security costs | 183,899 | 173,564 | |
| Pension costs | 139,683 | 137,104 | |
| ------------------- | ------------------- | ||
| 2,043,585 | 2,046,862 | ||
| ========= | ========= | ||
| Average number of persons employed during the | |||
| year was | 50 | 51 | |
| ======== | ======== | ||
| 2022 | 2021 | ||
| The number of employees whose emoluments in the year exceeded £60,000 was: | |||
| £60,000 - £69,999 | 1 | 2 | |
| £70,000 - £80,000 | 1 | - | |
| £80,000 - £89,999 | 1 | - | |
| £120,000 -£129,999 | - | - | |
| £130,000 - £139,999 | - | 1 | |
| £140,000 - £149,999 | 1 |
- |
Pension contributions paid on behalf of these employees amounted to £27,482 (2021: £20,604).
The aggregate remuneration, including pension contributions and social security costs, of the key personnel was £400,304 (2021: £298,631).
The Trustees received no emoluments during the year nor any reimbursed expenses (2021: nil).
8. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Leasehold | Website | Office | ||
| property | equipment | Total | ||
| £ | £ | £ | £ | |
| Cost or valuation | ||||
| At 1 January 2022 | 100,805 | 21,670 | 85,668 | 208,143 |
| Additions | - | - | 10,313 | 10,313 |
| Disposals | - | - | (774) | (774) |
| ----------------- | ----------------- | ---------------- | ------------------ | |
| At 31 December 2022 | 100,805 | 21,670 | 95,207 | 217,682 |
| ----------------- | ----------------- | ---------------- | ------------------ | |
| Depreciation | ||||
| At 1 January 2022 | 52,546 | 20,382 | 30,158 | 103,086 |
| Charge for the year | 10,081 | 946 | 22,216 | 33,243 |
| Disposals | - | - | (742) | (742) |
| ----------------- | ----------------- | ---------------- | ------------------ | |
| At 31 December 2022 | 62,627 | 21,328 | 51,632 | 135,587 |
| ----------------- | ----------------- | ---------------- | ------------------ | |
| Net book value | ||||
| At 31 December 2022 | 38,178 | 342 | 43,575 | 82,095 |
| ======== | ======== | ======= | ======== | |
| At 31 December 2021 | 48,261 | 1,288 | 55,510 | 105,059 |
| ======== | ======== | ======= | ======== |
- 31 -
THE ASSOCIATION OF JEWISH REI fi UGEES {AJR) NOTF.S TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DfiCEMBER 2022 FIXED ASSET INVCSTMC4 NTS 2022 2021 Quoted investinents Market value at l January 2022 Additions Disp(Isals Investment gainsl{losses) 19,994,633 4.165,852 (7,223,607) (2.256.325) 18,793,962 2,243,492 (3,251,529) 2,208,108 Sub.total.' quoted investments Cash held ivith investrnent managers 14,680,553 1,605,646 19,994,633 493,563 Mai'litt value at 31 December 2022 16,286,199 20,488,196 14istorical cost at 21 Decetnber 2022 13,945,242 14,287,338 DEIJTORS 2022 2021 Balances dwc within oiie year PIEpayinents A¢criied legacies Accrued in¢oine Otlier debtors 51.751 1,177,998 2,042,307 2.004 87,269 120,235 826,545 3.722 3,274,060 1,037,771 Balances dut iii more than one year Charitable loans {see below) 26,879 27,029 3,300,939 1,064,500 Charitable loaiis In limited circutnstances, the charitable coinpany advances suins to needy indÈviduals, inteitst fiee, (subject to a fomial chai'8c in ielation to lai'gei. loans) willi repaytnent oji tenns agreed in wi'lting and approved in advance in each casc by the TIWSes. 32-
THE ASSOCIATION OF JEWISH Rfi FUGEES (AJRI NOTES TO THC ACCOUNTS (tontinucd) FOR THE YEAR ENDED31 DECE4 MBlrR 2022 CREDITORS 2022 2021 Amouiits falling due ivithin one year BeTrefIciary grants Acctuals Other taxes and social security Grants payable to instituiions Deferiyd incoine (see beow) 1,523,232 125,259 46,794 228,146 24,084 1,250,030 174,077 49,685 253,125 24,083 1,947,515 1,751,000 Deferred income relates to subscription in¢oine and giant income received it] advance. The aiiiouuts deferred each yeai. are released to the Slateiknertt of Financial Activities in ihe followiiig yeai.. 12. RELATED PARTY TRANSACTIONS Mr. J Strauss, the husbartd of Mrs P Strauss, is a Inember of the Boai'd of Be15ize Square Synagogue, which has been gi'anied £36,200 (2021.. £35,600) towaiQs ihe cost of it5 social woi'k, Mr M Newman OBE is a Director of the Confeience on Jewish Matetial Claims Against Germany Inc. which granted £5,992,331 12021.. £4,432,229) to ihe charitable coinpany for providing support in grants to its mtn)bei's and as contribution to the funding of its welfare activities. Mr FA FlaTding is a Trustee, Mr A Spiro is the President and Mr AC Kaufinan is a Ineinber of the endowit)ent trust of the Wiener Holocaust Library, which received a grant of£lOO,000 whicli was agre¢d in 2022 and treated as expenditui'e iti this year's accounts. Mr M Karp OBE is a Trusiee of IIET, which was awarded a three yeai. grant woiih £60,726 which was agreed in 2022 and ti'eated as expenditiire in this year's accoui)ts. 13. OPEIRATING LEASE COMMITMENTS The charitable cojllpany's fiiture miniinuin operating lease payments ale as follow5.. Buildings 2022 Other 2022 Buildings 2021 Other 2021 Within one year Between two to five yea13 Over five years 102,672 252,508 ,334 2,335 99,681 J55.180 1.334 3,669 355,180 3,669 454,861 5,003 33
THE ASSOCIATION OF JEWISH REFUGEES (AJR) NOTES TO THE ACCOUNTS {continlled) FOR THE YEAR EIYDED 31 DECEMJIER 2022 14 STATEMENT OF FUNDS Balance l January Jlalance 31 December Incom¢ Expenditure GRiMsllosses on investments 2022 2022 Uiireslrlcleilfiiiids Gen¢r21 fiinds 23,698,850 2,517,570 13,012,641) (2,256,325) 20,947.454 Re.wlricledfiiiids Claims Confeience URO 5,992,331 (5,992.331) 5.992.331 {5,992.331) Compkrative Balancc l Janiiary Balanee 31 Decemiber Income Expenditure Gain51105se5 on investments 2021 202] Uiireslricleilfuiirfs GeneTxI funds 23,867,982 625,588 13,003,428) 2,208.708 23,698,850 * Resiricledfitiirfs Claiins Conference URO 4,434,543 (2,314) (4,434,543) 2.314 4,432,229 14,432,229} Included within general Thnds al'e revaluation of reseives of £2.3in {2022) and £6.2in12021) from historical inarket value Restrleted fuiids ClaFlPlS Con/&J.ÈC the eliaritable company received or titats as IE¢eivable gi'ants from and tlu'ough the Claiins confernCe dui'ing the year amounting lo £5,992,331. This Irpresents a soiirte of gTant income which was disti'ibiiled in accordance with the terins of the grants to qualifying needy individuals for specifie social pi'ojects Ilial [£ in line with the activities of the charitable coi?Ipany. They also assist with the welfaie progiamines run by the ch8ritable company directed towards qU¢ilifyin¥ beTref]ciareS and to conts'ibute to the costs of I'uniiing those prograiniiies. URO - the charitable company received or treats as receivable grants from URO dui'ing the year to dish'ibute to qualifying nccdy individiials io meet needs oulsidc of the scope of Claims Confeience grants, and its siipport for specific social projects of the chai'itable coinpaiiy. 34
THE ASSOCIATION OF JEWISH REFUGEES (AJR)
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
| 15. | ANALYSIS OF NET ASSETS | Unrestricted | Restricted | Total funds |
|---|---|---|---|---|
| BETWEEN FUNDS | funds | funds | 2022 | |
| £ | £ | £ | ||
| Tangible fixed assets | 82,095 | - | 82,095 | |
| Investments | 16,286,199 | - | 16,286,199 | |
| Current assets | 6,526,675 | - | 6,526,675 | |
| Total liabilities | (1,947,515) | - | (1,947,515) | |
| ------------------------ | ------------------- | ------------------------ | ||
| Total net assets | 20,947,454 | - | 20,947,454 | |
| =========== | ========= | =========== | ||
| Comparative | Unrestricted | Restricted | Total funds | |
| funds | funds | 2021 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 105,059 | - | 105,059 | |
| Investments | 20,488,196 | - | 20,488,196 | |
| Current assets | 4,856,595 | - | 4,856,595 | |
| Total liabilities | (1,751,000) | - | (1,751,000) | |
| ------------------------ | ------------------- | ------------------------ | ||
| Total net assets | 23,698,850 | - | 23,698,850 | |
| =========== | ========= | =========== |
16. PENSION SCHEME
The charitable company contributes to the personal pension schemes of the employees. Contributions payable are charged to the Statement of Financial Activities. The total cost of pensions incurred by the charitable company was £139,683 (2021: £137,104). No amounts were outstanding to be paid as at the year end (2021: nil).
- 35 -
THE ASSOCIATION OF JLI WISH REI FUGEES {AJR) ACKNOWLEI DGEMENT The Tnjstees would like io acknowledge that.. Social 5eTvices for Nazi victiins have been SUPPDrted by a grant fiY)m the Conference on Jewish Material Claims Aoainsi Gerjnany Inc. Y v Claiiiis CoiifereIice iy)Jni n1?yl 36-