4 AJR...,,.,,,, THE ASSOCIATION OF JEWtSH REFUGEES (AJR) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Chydrity number: 1149882 Company Number: 08220991
THE ASSOCIATION OF JEWISH REFUGEES (AJR) FINANCIAL STATEMENTS r4 OR THI YEAR ETrIDED 31 DcErBER 2024 CONTENTS Page DETAILS AND ADVISORS TRUSTEES, REPORT 2-15 STATEMENT OF TRUSTEES, RESPONSIBILtTIES 16 INDEPENDENT AUDITOR'S RPoRT 17- 19 STATEMENT OF FANCIAL ACTIVITIES 20-21 BALANCE SHEET 22 CASH FLOW STATEMENT 23 NOTES TO THE FINANCIAL STATEMENTS 24-34 ACKNOWLEDGEMENT 35
THE ASSOCIATION OF JEWISH REFUGEES (AJR) DETAILS AND ADVISORS FOR THK YEAR ENDED 31 DECEMBER 2024 STATUS The Association of Jewish Refugees (AJR) is a registered charity and coinpany, limited by guarantee, and is registered in England and Wales {08220991). It was incorporated and sel up by a Meniorandum of Association on 19 September 2012 and amended by special resolution on 15 November 2012. Th¢ eliaritable company commenced activities on l January 2013. ORGANISATION The cliaritable company's strategy is set and managed by tlke Truste&%, who are also its directors for die pwposes of company l&w. The Trnslees who have served during 2024 are: Mrs E Angel MBE (relired I l December 2024) Mrs G Glassman (retired I l December 2024) Mr F A Harding MBE (retired I l December 2024) Mr A Hellman (appoinied I l Deceinber 2024) Mr J Hockman Mr D Kalman Mr M Karp OBE (Chair) Mr A C Kaulinan MBB (I'etti'ed I l December 2024) Mrs M Kingsley MrSKon Mrs J Lew (8ppointed I l December 2024) Mr J Marks Mr A Spii'o OBB (retired I l December 2024) Mrs P Sti'auss (retii'ed I l Deceinber 2024) Mr M J White REGISTERED Ofr'I,'ICL Winston House 2 Dollis Park London N3 IHF Charlty i'egistrAtion number- 1149882 CompAny reglstratlon number- 08220991 BANKERS CAF Bank Limited Kings Hill West Malling l£ent ME19 4TA INVESTfvIENT fvIANAGERS Raihbone Inveslinent Management Limited 30 Gresliam Street London EC2V 7QN Ruffer LLP 80 Victoria Street iA)ndon SWIE5JL AUDITORS Haysmac LLP 10 Queeo Street Place London EC4R IAG
THE ASSOCIATION OF JEsll REFUGEES (AJR) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Truslees present their report and the audited flliancial statements for the year ended 31 December 2024, whickn show the state of tbe cTrLariÈable company's affairs at that date and the incotne and expenditure for the year then ended. STRUCTURE, GOVERNANCE AND MANAGEMENT Trustees Tlie following served as Tnjstees of the charitable company during tbe year, and as menibers of tlie following subcommittees, and i'emain in office ur]l¢ss otherwise stated at the date this report was approved.. Mrs E Angel Mrs G Glassman Mr F A Hii'ding Mr A Hellinan Mr J Hockman Mr D Kalman Mr M Icaiv Mr A C l<aufman Mrs M Kingsley Mi. S Kon Mrs J Lew Mr J Mai'ks Mr A Spii'o Mrs P Sti'auss Mr M Wliite {4,5,6) {relired I l December 2024) (7) (retired I l Decembei 2024) (1,2,5,6) (retired I l December 2024) (2,3) (3,7) (5,6,7) (1,2,4,5,6,7.8) (4,5,6,8) (retired I l December 2024) (1,5) (2,4,5,7,8) (4,6) (1,5.8) {2,3,4,5,6) (Yelired I l December 2024) (2,3,5,6) (retired I l December 2024) (1,3,8) I: Member of Finance, Audit and Risk Coinmittee 2: Member of the Invesin)ent Coinmittee 3: Meinbei. of Self-Aid Committee 4: Meinber of Grants Coniinittee 5: Member of Strategy Cominitlee 6.. Membei. of Nominations Committee 7: Member of Next Generation Committee 8: Member of Legacy Committee TNylees are appointed for a period of four years, after which they are required to be re-elected by a vole of nieinbers at Ilie following Annual Eleclion Meeting should tliey wish to continue to serve. Twsiees can setwe a maximuin of thre¢ tenns, New Trustees al'e required lo undertake an induction programine r¢laling to Ilie aims and objectives of Ilie charitable cornpllny, the background of its beneficiaries and the systems in p18ce to deliver the services of the cliaritablc company, Eacl) Trustee will be i'equired to deinonstrale sut12ble knowledge of the role and of charAty Irusleeship by experience or by ti?ining prior lo. or shoi'tly after, appoinlm¢nt. Tiuste¢ training and developinent continues beyond induction and is ongoing Ilirougliout their trusleesbAPJ provided by internal alld external specialists . The strategy and policies of the charitable coinpany are decided by the Tnre¢s. Ibe i'espon5Lbility for tbe execution of those policies is delegated 10 the staff led by its key inanagement consisting of tlie Cliief Executive, Mr. M Newman OBE, supported by the Finance Director, Mr, A Danlels, wlio repor( regularly to the Trusteu. Tlie pay of the Chief Executive, the Finance Director and &ll staff is reviewed annu&lly and noi'mally increased in accordance with average earnings to reflect a cost-of-living adjuslm¢nt and to eiistll'e all einployees are remuThei'ated at not less than tlje national living wage and commensurate with the fflarkel rate for Ihell. respective roles. The charilable company takes suitable professional guidan¢¢ in the dermination of the remunei'ation of its key managenjenl. Tlie Tmslees consider the matter of Tn]slee succession and where possible co-opt volunLeers with suitable knowledge and experience to assist tliem as members of committees considering matters relevant to theii. skillset and qualifications as a precursoi. lo possible 11 Trustee board membetship. Since 2019 the Trnstees bave enhanced the governauce i'egime by cirating rther coinmittees of Trnstees and suitable volunteers (co-opted membeTS) to manage the affairs of the cbaritable company. These i'etnain in place and cover:
THE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEES, REPORT FOR THE YE.4R ETrIDED 31 DECEMBER 2024 (Continued) STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Finance, Audit and Risk Monitors financial perfomance, oversees budget and asset management, appoints exteinal auditoi., oversees audit process, oversees siatutory and r¢gulalory reports, monitors risk mlagement Oversees and approves grants made for educational puryoses Oversees and approves us¢ of company funds for chBritable grallts to individual b¢neficiartes Grants Self - Aid Strategy Nominations Directs long lem strategy of the ch&ritable company Approves the nomination of new Ttuste¢s and committee members Sets investment policy. appoints, directs, aud i)ionitors professional fund Jn8magei's lo manage Ilie market investinenls of the charilable company Investmeiit N¢xt Generation Devises tactics and plans events, activities, and projects lo engage witli descendants of Holocaust refugees and survivors Legacy Monitors the progress of legacies. devises legacy awairness cainpaigns Rigks And internAI controls Tlie Trustees are responsible for ensuring that effective and adequate risk Inanageinent and intei'nal conti'ol systems al'e in place to Inanage the major risks to which the charitable company is exposed. It carries this out by moniloi'ing tlie effectiveness of the risk manageinent fi'amework, Tlie framework is designed io suppoi'l infoi'iu¢d decision in8king i'egai'ding tlie risks that affect tlie Ability of the charitable company to acliieve its objeclives. The framework is designed lo maiiage, ratl)ei' tlian eliniinate, Ilie risks to Il)e cliarilable coinpany's objecliv¢s and lo provide reasonable, but nol absolute, assurance against n)alerial Inissialenient or loss. Within the framework, the principal risks and uncertainties whicli have been identified, together with the actions taken to mitigate them, are as follows: Action taken to mltl Ale the risk Rlsk identified Investment Investments inade by the charitable company are not effectively managcd or perfonn poorly whtch leads to a reduction in funding Ihat would be available lo support the objectives of the charitable company. Use of 8pproved investment counterparties within approved financial limits coupled with a clear investrnent polÈ¢y focused on delivering returns and funds foi. the charitable company's strategic obje¢tives. The Investment Cointnittee regularly reviews the investinent portfolio together with the investment manager5 and report5 regularly to the Trustees. Clalms Conference: Tlie cliaritable company suffers a i'eduction in funding from the Confeirnce on Jewisli Material Claims Agaillst Germany Inc. ("Claims Couference"), which leads to lower funding available to both the cljarilable company's beneficiaries and those of oiber agencies and charities williin the UK Umbrella Group ("A4enci¢s") wliich the charitable Companv leads. A constant and constructive dialogue is maintained with the Claims Confei'ence lo ensure that internal controls and coinpliance meet the conditions imposed, coupled with both statutory audit and Claims Conferenc¢ audits.
THE ASSOCIA TION OF JEWISH REFUGEES {AJR) TRUSTEES, REPORT FOR THE YE.4R ENDED 31 DECE.MBER 2024 (Continued) STRUCTURE, GOVERNANCE AND MANAGEfvIENT (eontlnued) Rlsl(s And internAI eonlrols (continued) Risk Identified Action taken to mili ate the risk The inability to recover grant ndIng rnade by tlie cliaiity to beneficiaries and to the Agencies, beneficiaries in advance of receipt of monies from the Claims Conference. Controls are in place {including regular liaison coupled with audit style reviews. over the Agencies, own beneficiary docuinentation to ensure IIIpAt Claiins Conference conditions are met. An indeinnity an7ngement is in place to piolect the chaiitable coinp&ny in the event that the Agencies do not Comply witli the relevant conditions. In February 2024, tli¢ bilateral agreements witii the Agencies were reviewed, updated, and ie-signed, and affoi'd the cliai'ilable company renewed protection from the risks in disbui'sillg Clainis Conference funds, Grants Tlie cliai'ilable conipany is unLble to support its objectives because of a failure properly to control gL'anls and awards made ft'om its own fijnds. Controls (bolh bud8elary and in terms of objective) are in place lo ensure propel. sciijliny of all applic&tions made lo tlie cliai'ithble company for suppoi't (togeihei. willi appropriale follow up post award), wliether Iliese are in respect of educational projects or financial awai'ds for beiieficiaries beyond that provided froin Claims Conf¢ience monies. Repulgtlon Events which niay adversely gffect the chAritabl¢ company's reputation and operations, These could include a serious data security breach from a cyber- attack oi. non-coinplianc¢ with data protection laws. 8 sei'ious fraud, an issue related ¢0 tlie cl)aritable company's human resource practices and behaviours, or a sigiiificanl liealili and safety or safeguarding incident. Otlier risks include the failure to attracL develop and retain talented staff and tbe inability to recruit sufficient numbers of volunteei's. Policies and practices are sel and monitored by senior management and the TNstees, including an oi'ganisalion wide risk Inanagement pi'ogranime, wliich iThcludes anti- fraud processes and Controls as well as compi'ehensive training and awareiiess programmes for all staff. This includcs data protection and safeguarding training and reininders. Infonnation security polieies and piocedures are in place which include security patching, vulnerability scanning, penetration testing and the use of anti.viius software, Dedicated specialist resoiiices &re used for safeguarding, data security, he81th, and safety. Talent management, volunteer acquisition and inanagement together with succession planning progratnnies are in place. Regular reviews are undertaken of i'eciuitment and resourcing processes, wiib benChkIll8 undertaken of compensation acr05s key disciplines.
THE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEI ES) REPORT (eontinued) FOR THE YEAR ENDED 31 DEcEI[BER 2024 STRLTCTLTRE, GOVERIYANCE .4.ND MLN.4GEME.NT (continued) Connected parties The cliaritable company h&5 strong Itnks with the following organisations with which working relationships have been established OL continued: Or Isation Work and Activllies Natui'e of relatlonshi Claims Conferenc¢ Negotiating on repardlions and social welfare support wilh Gennany and Austria on behalf of Holocaust survivor8 and I'efugees. The Chief ExetIVe sils on tlie Board of Directors. Wiener Holocaust Library One of the world's leading and most extensive archives on Ihe Holocaust and Nazi era. One Trustee is a m¢mbei' of the Endowment Trust (l Jan 2024- 11 De¢einber 2024), and one Truste¢ is Joint President ( l Jan 2024- 11 December 2024). Holocaust Educational Trust Works to ensure Ihac people froin every backgroiind are educaled about Ilie Holocaust. Tlie Cliair of TLust¢es is a Trustee of HET {HET) Details of transactions with these organisations are set out in the notes to tlie accounts, OBJECTIVES, ACTIVITIES AND PUBLIC BENEFIT Tlie Inain objectives of the Qhariiable company are to provide support lo its beneficiaries wlio al'e Jewisli survivors of, and i'efugees fA'OIll, Nazi oppressioii and Iheii. dependents experiencing illness and frailty, to relieve tlieir financial distres5. to oi'gani5e social activities and lo provide grants lo promote education about. and commemoiition of, the Holocaust and i'elaled matters. Dui'ing Ilie year the Trustees gave due I'egard to tlie guidance issued by the Charity Conunission on tlie subject of public benefit 8nd were satisfied IhpAt these requireinenls were fully met. Dui'ing tlie yeai., the cliarilable company provided and funded a range ofsetviees lo enhan¢e the welfare and iiiatnlain tlie cultui'al Ii'adilions and interests of former Jewish refijgees from Nazi oppression. In addition, it piDvided funds to Iliose former i'efuEees in need, nded fiirther recording of life histories of surviving refugees and inade educational grants in i'elation ¢0 Holocaust swdies and other grants to peftpeiuate awareness of ihe Holocaust and Il)e suffering it caused. The charitable company l)as increased its Commieftt to the running of confei'ences and seminars on mattel's relating to the Ineniorialisation of Ibe Holocausl. Tlie seivices provided included advi¢e and guidance on welfaTe benefits, foreign pension entitlements and reparations., voliinteers visited Il)ose wbo were housebound, providing companionship and to assist with practi¢al mallers,. and a social seivices depai'linenl provided conipr¢hensive welfare services and assessed members, needs in their Iionies. The cliaritable company conttnues lo assist ineinbers lo explore their elÉgibility to restore their fornier family citizenship. The charit&ble company serves as a lead charity in an Uinbrella Group of five UK cliarilie5 ('Agencies') which slipporl Holocaust siirvivors and refugees. In filling this role, it engages in discussions with Ihe Claims Conference conceming social welfare programmes. PTincipally Ihe provision of Hom¢care and other in-ILome seivices and emei'gency care funded by tlie Gei'inan and Austrian Governments. and is a conduii for the receip¢ and disDursal of funds lo Uinbi'ella Group Ag¢ncies and their beneficiari&8. The cliai'ilable company bas also administered a similar programme of management of EldIng provided by the URO to suppoi'l victitns of Nazi persecution who are of German origin with social and einergen¢y needs. Two represenlalives of the charitable company are members of tlie UK delegation to the International Holocaust Reniembrance Alliance, an intergovernmental organisatioll founded to unite goveminents and experts to strengthen, advance and promote Holocaust education, research and reme1nbllCe.
THE ASSOCIATION OF JEI WISH REFUGEES (AJR) TRUSTEI ES, REPORT (continued) FOR THE YEAR Ef4DED 31 DECELWBER 2024 OBJECTIVES, ACTIVITIES AND PUBLIC BENEfilT (continued) The ch.11able company uses volunteers to support its so¢ial and ouire&cli activities. voluntee visit and Call members to Iniligate isolation and lo assist in leaTning p&rricularly in relatron to the use of information technology. More than 250 volunteers pi'ovided approximately 15,000 bours of visit time, supplementing the social service team by Ilie equivalent of 13 full time and outreach staff. Volunteers also assisl with the delivery of social events and lielp out at head ofyice. GrAnt malilng policy The chai'itable coinpany disbursed social welfare grants to individual AJR members wliose requests were consid¢red on a case-by-case basis, subject to each grant being for a purpose in line witli the objectives of the charitable comparny. As the lead Rgency of the Umbrella Group, the AJR also disbui7¢d grants to Holocaust survivors and re8¢¢$, including those wlio wei'e not AJR members, froni the monie5 allocated to the UK from the Claims Conference, These awards were approved by an Advisory Conirnittee or as otherwise required undei. th¢ MIS of Ilie Claims Conference grants. It glso acted as paying agent for grarLls awarded by Che URO. Alongside Ilje gi'ants lo individuals for social welfare putyoses, a sub committee of Trustees and, for larger pi'ojecls, tlie full body of Tkuslees, considered proposals fi'oin individuals, local cominunily gr()ups and institutions for the suppoi'l of projects i'elating to Holo¢aiist education and memorialisalion. The charitsble coinpany employs a Head of Educalion and Hci'ilage lo provide a pi'ofessional assessment of project applicaiions, relatin8 to Holocaust education and coinmemoration and to genei'ally advise tlie Trustees on these Tnatters.
THE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEES? RLPORT (contlnlled) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE The fmancial statetnents for the year ended 31 December 2024 show 2 net reduction in funds of £1,244k (2023: 1'edu¢tion £1,576k). In 2024 tl)ere was significant incoine from legacies and the Charity benefitted from substantial gains on its fixed asset investsnenls. The operating deficiency before inyestment gains was £1.944k (2023.. £1,370k). Social work and administrative aeiivity were delivered both in-person and reinotely: The social work teatTL-mailliained Continuity of service througl) tn-person visits, telephonic and virtual methods, Region21 Grouplouts'each programmes were a mixture of in-person and VI81 ev¢nts A weekly ¢-newslelter was publisl)cd which greaily strengthened Ilie coinmunication channel to membei's and supported participation in online aetivity. The cliai'ilable company continued lo organise high-profile events, including lo mark the 85th 8nnivei.sary of tl)e KindertrattSPOrt. In April the eharilable conipany co-organised a reception at the Slovak embassy showcase Jonathan Freedland's book Tlie Escape Artist. The event 'ked the 8(Y 8nnivetsary of the escape from Auschwilz of two Holocaust survivoi's whose testimonies were sharcd. SLOVAI<IA EMBASSY . OF SLOVA.KIA N.LoNPQN ESCAPE
THE ASSOCIA TION OF JEWISH REFUGEES {AJR) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued) Ill May, WigrnoiE Hall hosted a concert to eommemorale the Kindertransport. Ibe event was compeTed by Tom Conti and formed part of the week_long visit lo London of Kinder descendants from the US,
THE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERfi ORMANCE (continued) In May, Kinder and their descelldants visited Harwich, the an'ival port for many of the Kindei'transports. Meiiibei's of all ages artended the annual *a held at Ihe Sione X stadium. First-genei'ation niembei's lit a in¢morAal candle mai'kiiig th¢ fii'sl annivei'saiy of the 7 October attacks its Israel.
THE ASSOCIATION OF JEWISH REFUGEFS (AJR) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DEC£MBER 2024 ACHIEVEMENTS AND PERORcE (continued) In July Kinder and their fallieS w¢re invited to Mansion House for an event hosted by the Lord Mayor of London, Holocaust survivor and AJR member Manfred Goldberg BEM sliared liis t&slimony at the AJR Kristallnaclil cominemorhtion in November 2024, io-
THE ASSOCIATION OF JEWISH REFUGEES {AJR) TRUSTEES> REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVCMENTS AND PERFORMANCE (continued) Six Trustees stood down at the end of the year. The AJR owe5 a huge debi of gratibjde for their many years of seivice. Their dedication, gLiidan¢e and stewardship bas been extraordinary and made a difference to Ilie lives of so niany. The trustees were presellted with personalised AJR Journal covers featuring highlights of their respectiv¢ t¢nures. Tlie Tiustees continue to monitor investment strategy through the Investin¢nl Coinmiltee and Ihrougli qualified independent advisors. £2.4m of the investment portfolio of tlie charitable coinpany is invesled in a lower risk absolute i'ettim fund and this, together witli ils cash reserves, provides liquidity 2nd fInancial proteccion in times of unstable inarket conditions. ImpAct The Trustees assess the success of Ilie chaiilable company's activity in temis of: The oveLall number of members that it supports and the number of Nazi victims within Ilie Umbrella Gi'oup who benefit froni the delivery of the welfare programmes nded by the Claims Conf¢ren¢e, die charitable company and Ilie URO. The maintenance and enliattcemenl of ils own welfare grant making prograinme. Attendances (both pl)ysically and vtrtually) at, and take up of, outreach and social programnies. The level and frequency of social work visits to, and a&sessments of, its members: and The rLatur¢ and quality of output of the instimtions wliose projects it funds for comin¢morative and educational pury)oses. Recoi'ds are maintained which report on the level of social service visits, welfare grants paid and numbei's of Nazi victiins assisted. Reports are regularly inade available to the Trnstees, the Claims Conference and key inembers of managctnent. Reports and updates are rcquesled from organisations wliose educational and commemoraiive projects the cliaritable
company ftdS to demonslrnte tliat grants given are used effectively for the PUlTK)se for which they were made. THE ASSOCIATION OF JEWISH RKFUGEES (AJR) TRUSTEES, REPORT (colltinued) FOR THE YEAR P4DED 31 DECEMBER 2024 ACHIEVEMLNTS AND PERFORMANCE {eontinued) Over the year, neinbership lias been maintained, with the decline in the first-generation memb¢rship offset by tlie growt in enrollment of futui'e generations. Tlie Trusle¢s recognisc tl)is continuing shift between genei'ations and will focus the chayity accordingly in tlie mon¢h$ and years ahead. Total members for the period 2013-2024 3,000 1st rjen . 2nd c.jen 3id 14th fipn Tot81 2,500 1.9411 2,000 1,833 1,500 -.. J il)J3 1,375 1.183 1.027 1,000 500 774 73() Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec.23 Dec-24 During the year, the chai'ilable coinpany's team of social ivorkers consisting of 13.1 11 tsine equivalent staff, Inade in excess of 4,000 contacts by way of visits or telephone calls to members needing suppori, In total, the cliarilable company received grants I'elating lo ils own membeiB froin Ihe Claiins Confercnce ainoiinling lo £6.9in (2023.. £6.5in) representing a continuing source of grant incoine for Specific social pKoj¢cls Iliat wei'e in line with Ilie activities of diose oi'8anisations as detailed below. £6.1 m (2023: £5.7m) was dislribuled directly to niembeL'S; the reinaindei. being a conlribiition towards Ilie charitable coinpany's costs of 8dmiiiislerin8 the Umbrella Gi'oup and disbw'sing welfai'e fuiids. A fiii'll)er £0.6m {2023.. £0.8in) was dislributcd to over 100 of tjie neediest rneinbeiE of the charitable coinpany as part of ils own welfai'e prograinme. Arising fi'om its Lelalionsliip with the Clainis Conference, a lotal of £15.Om {2023'. £13,5rn) ndIng was administered by Ili¢ cliaritable company on bel)alf of itself and ollier agencies in Ilie Uinbrella GIDup including the grants sliown as I'eslricted fiind income and expendittire in Ihcse financial slalements, Of ihe above £15.Oin, £6.9m relate5 dii'ectly to the ehariiable coinpany's meinbers and is reflected in the financial stateinents. These funds are used to siippoi't needy Jewish victims of Nazi pei'secution with die provision of carers to enable tliem to remain iii their own homes, and to assist with medical, liousing} transport and other urg¢nt needs. These prograi)Imes supported in exc¢ss of 400 vicliiiis of Nazi oppression dui'ing tlje year, The outt'ea¢li activity of the chai'itable cornpany included tbe holding of 272 meetings at wliich there were 3,726 individual attendances by members across Ibe cowitry. In 2024, 50,237 addition21 hours of care were funded over the previous year. In to181897,609 hours of care weit funded. Refugee Voices, the charitable company's archive of recorded and documented interviews witli refiigees, creatsd in 2003, continued to expattd, witli, lo date, 309 fLrst generLlion interviews having been completed. 12
THE ASSOCIA TION OF JEMqSH REFUGEES (AJR) TRUSTEIS% REPORT (eontinued) OR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued) Details of key grants made for educatiollal purposes during the ycar were as follows: Ainounl Pl)0$¢ of award gr8nl¢d £93k Teacher training cours¢ in Bei'lin £50k To support tlie costs of the Centre's learning progi'ainnie £50k Towards projects of particular interest ¢0 th¢ charitable company £20k Holocaust Memorial Day event £17k Theatre performances £82k Beneficiary UCL Centre for Holocaust Education Holocaust Centre North Wiener Holocaust Library Amelia Seott Voices of the Holocaust O¢liei' Tol&l £312k In total, £266k in grants were distributed in 2024 of which £136k were awarded prior lo 2024, Tlie Trustees are gi'aleful for the considerable efforts made by the cliaritable company's employees and nuinerous volunleei's lo deliver tlie multiple achieveinents described above. 13
THE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ri INANCIAL REVIEW sori A Total income foi. 2024 was 2/0 lower than that of 2023, there were movements in specific categories. Donations and legacies at £O.8m were down 41 % ag8inst 2023. We do not budget for l¢gacies due to dieii. unpi'ediclable natui'e. We ai'¢ exceptionally grateful to our menibers who reiiiembei. us iii Iheir Ivills. Tl)e grant we re¢eived froin tl)e Claims Confei'ence foi. our tnembers WAS £6.9m, 80/0 highei. than 2023. This enabled us to increase our social and welfai'e activities. in 2024 £9,5in was speii¢ on social and welfare activities, an increase of 40/0 against 2023. Oui investments made a gain of £700k in 2024 compared lo a loss of £206k in 2023. The incorne genei'ated by the inveslments in Ihe foi'in of iiilerest and dividends was £363k iti 2024 and £51 I k in 2023. .MarkelS perfonned better in 2024 than 2023 but tliei'e was also a stratcgic move lo i'educe the risk pi'ofile of the C]1&ble conipany's inveblinents which cominenced lat¢ 2021. Reserves At tlie balance sheet date, total r¢serves stood at £18.1 m (2023: £19.4m), all of whicli is unrestricted. The Truslees seek to ensure Il)at the level of reserves of tlie charitable coinpany are sufficient to fund Ihe provision of ils seivices foi. die foi-eseeable futui'e, independent of grant incoine whicl) is not guarant¢ed. Tl)e cliai'itable coinpany1i#s a strategy of not di'awing down on inv¢slnienl capital. Tlie costs of the charitable conipanyj Lncluding grants al'e fijnded by income and casli i'eseives. Following a sti'alegic review of ils activities and coinmitinents, the Trustees adopted a new sti'ategie plan in 2024, Considei'ation was given to tlie demographic profile of tl)e meinbei'sliip of the cliaritable coinpany and how that was likely to cliange ovei. Ilie next five years. Tl)e Tnislees considered tl)at Ilie charitable company had sU1¢ient reseives ¢0 Ineet its chaiitable objectives for the foreseeable future. Investmeiit policy Tlie policy of the charitable coinpany is lo retaili casl) balances sufTicient to 1118nage the day-lo-day woi'king capital of the entire Uinbrella Gt'oup witli respect lo Claims Confei'ence activlty as well as its own oulgoings. Cash balances above this level are placed willi die cliat'ilable coinpany's investment maiiagers. Rathbone Investnjent Manageinent Limited aiid Ruffer LLP ("Ilie Managers"), to whom the itivestment of the funds of the cl)arilable coinpany 18 delegated on a disci'elionBry basis. Tlie broad objectives in reialion to the investment of the assets were and wiLI reinakn tlie management of invesunents foi a balanced combination of income and gi'owtli, i'eviewed pei'iodically by tbe Investment Committee aiid its advisoiE, and, in Irjaking or varying the investinenls, ensuring that tlie managers li&ve reg.d to the following ci'iteria: the suitability of any particular investment proposed to be made or retained. the need for diversification of the investinents as far as is appi'opriale to the cll'cumstances of the cliaritable company. In i'elation to Ilie above criteria, the total valiie of (lie ne¢ assets of tlie charitable company ar the year-end was £18.1 m, of wliich the investment portfolio amounted to £15.1 m. Cash beld OD deposit increased to £3.7m. Tlie Tru5*es liave agreed perforniance benchmarks for the managers as detailed below.. R8lhbone'. PIMFA Balanced (Personal Inve5tin¢nt Management & Financial Advice Association) Riiffet.; An absolute retum approach witli the twin objectives of not losing value in any rolling twelve-month period while gl'owing funds at a bigher rate tban would be achieved by investing in casli. The cbaritable company does not generally acquire investtnents in markets wbere marketability is liniited. Tliere are no tax or legal constraints which affect tbe countries or jurisdictions in whxcli the investn)ents 8re held. 14
THE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEEI S, REPORT (eontinu¢d) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW (continued) Fundr&islng Tlie ch'itable company does not solicit funds via leleplione, email, direct mail or by using thii'd paty cominei'cial fundraisers and does not fundraise via a general call for support. Ttie cl)aritable company is coniinitlcd to being accountabl¢ and i'esponsible and, sliould its fundraising approach change in the fuwre, will register witli tl)e UK Fundraising Regulalor. The cli8ritable company i'eceiv¢d no complaints about fundraising activity during eitlier 2023 or 2024. FUTURE PLANS It is intended tl)at the charitable company will continue to support the needs of Jewish vicliins of Nazi oppi'ession witli a range of services and lo support appropriate educational and coinmeinorative iniiiatives re12ting lo the Holocausr. As an oi'ganisation we are in continuous dialogue with Il)c Claims Conference relating lo ongoing funding. An increase in global funds l)Ave alirady been negoliaied and agreed between the Claiins Conference and tlie Gei'inan Finance Minisliry for 2025 .and 2026. Global funds are anticipated lo start to rediice from 2027 onwards as first generation survivors 3nd refugees nuinb¢LE decline. Dui-ing 2024, tlie Trustees carried out a straregic review to delennine tl)e naThir¢ And dii'ection of its opei'ations ovei. Ilie next five years. Reflected in the updaied sti'ategic plan th¢ charitable company resolved thai it will continue lo.. Support Ilie first geiieralion of survivors and refugees Develop serviees and aclivilies for the second and subsequent generations Sponsor Holocaust cominemot'ation, leaching and learning. 15
THEI ASSOCIATION OF JEWISH REFUGEES (AJR) STATEMII NT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also tlie Directors of The Association of J¢wisb Refugees (AJR) for the purposes of coinpany Law) are responsible for preparints the TSleeS, re.port and the fmancial statements in aecordanee witli applicable law and UK accounting standards (United Kingdom Generally Accepted Accounting Practice). Charity law i'equires Ilie Trustees lo prepair financial statements for each financial year wllich give a and fatr view of Ilie state of affairs of Ibe charitable company and of the incoming resourees and Application of resources. including the incotne and expenditure, of the charitable company lor that period. bi preparing these financial statements, tbe Trustees are required 10: Select 5uilable accounting policies and tlien apply tliem consistently; Observ¢ Ilie nietliods and principles in the alaiilies SORP; Make judgments and estimates Iliat are reasonable and piudent. Siale whether applicable UK accounting slandards have been followed, subject to any material departuirs disclosed and explained in the financial statements, and Prepare the financi21 statemen¢S on th¢ going concern basis unless (i is inappiDpi'iate to presuine Iliat Ilie chai'itable coinpany will continue ill business. Tlje ¢hai'ilable company's investinenls and liquid r¢sources are sucli that at any time they Can be eonveyled into cash and Lhus enable it lo meet its liabilities and commitments as they fall due. The Trustees ale responsible for keeping adequate accounting records cliai al'e sufficient ¢0 show and expldin Ilie cliai'ilable company's transactions and disclose willi reasonable accurdcy al any time Ihe financial position of Il)e cliarilable coiiipany and enable them lo ensui'e Ilia¢ tlie financial slateinenls coinply with t5ie Coinpanies Act 2006. Tliey al'e also responsible for safeguaLding the assets of the chai'iiable coinpany and lience for taking reasonable steps for the prevention and detection of fi'aud and olljer ilTegularities. The Tivslees are responsible for the maintenance and integi-ity of the corporate and financial information included on the ch&rilable company's website. Legislation in Il)e Uniled Kingdotn governing tlie pi'epAration and disseiminalion of financial statements inay dÉffer from legislation in olh¢r jurisdictions. During the fLnancial year, the charity's audito clianged their name from Haysinacintyre LLP to HaysMa¢ LLP; thei'e lias been no ch<inge lo 11)eir appointment witli th¢ cliarity. Tlie Ti'uslees llave pei'inilted Ilie auditor to undeilake whatever inspections 1¢ consideiB lo be 8ppI'opriate for Ibe piirpose of en8bling Ilie aiidilor lo give its audit opinion. As far As eacli of the TrLiStees is aware at the time the report is approved: thei'e is rto i'elevant audit infomation of which the charitable coinpany's auditor is unaware; and the Trustees have tsken all steps that they ought to have taken to make theinselves awai-e of any relevant audit inforinalion and to establisli that Ilie auditors are aware of that infoi'mation. APPROVAL This report was approved by tbe Trustees oo behalf by: .and signed on their M [La OBE Chainnan 16-
IIYDEP£NDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ASSOCIATION or JEWISH REFUGEES (AJR) Opinion We have audited Ilie firAancial statements of the Association of Jewish Refvgees (AJR) for the year ended 31 December 2024, wliicl) bOÈIIPti?*e the State]nent of Financial Acasitics. Ihc Balance Slieet, Cas4 Flow Stutelnent, and r.otes to the financial slatetnents, including a surnmary of significant accounting policies. The finaiicial reporting framework tjiat has been applied in tlieir pr¢pai'ation is applicabl¢ law and United Kingdoin Accounting Standai'ds, including Financial Reporting Siandai-d I02 Tlie Finoncial Repoi'ling Siondardapplicable iu the UK diid Republic ofJieland (United Kingdom Generally Accepted Accounting Practice). In our optnion, the financial stsleinents., give a tnie and fair view of the state of the cbaritable conipany's affairs as at 31 December 2024 aThd of the charitable coinpany's net moveinen¢ in lld$. including tlie iiicotlle and expendiwi't, for the year then ended- have been propei-ly prepar¢d in accordance witli United Kingdoin Genelally Accepted Accounting Practice. and have been prepared in accordance with tlie requirements of the Companies Act 2006. Basls for opinion We condu¢t¢d oui- audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our i-espot)sibililies under Iliose standards are furtl)er described in tlie Auditor's responsibilities for the audit of the financial stateinents section of OUL. i'eport. We are independent of Ille cliaritable company in accordance witli die ethical requii'ements Iliat are relevant lo out. audit of the financial statements in die UK. including the FRC'S Ethical Standard, and we liave fulfilled our o¢hei' ethical i'esponsibilities in accordance with these requirements, We believe that the audit evidence we l)ave obtained is sufficient and appropriate to provide a ba8is for our opinion. Conclusions reluting to going coneern In auditing tlie financial staleinents, we have Concluded that the Trustees, use of tlie going concem basis of accounting in 11)e preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncci'iainties relating lo events or conditions Iliat, individually oi. collectively. may cast significanl doubt on tlie chaiiiable coinpany's ability lo continue 88 a going concei'n for a pei'iod of al least twelve months fi'om when tli¢ financial statenicnts are authorised for issue. Oiii, i'esponsibilities and Ilie responsibilities of the Trustees witli respect lo going concern are described in tlie i'elevant sections of tl)is report. Other inform&tion The Trustees are responsible for the other information. The otliei. infom]alion conipi'iscs tlie infoiination included in ¢lie Tnistees, Annual Report. Oui. opinion on the financial stateLnents does not cover die ollier infonnailon and, excep¢ to die extent otherwise explicitly stated in our report, we do not express any fonrl of assurance conclusion ther¢on, In cotmection with our audit of the financial statements, our responsibility is io read the other inforniation &nd, in doing so, consider whether tlie other informatioll is materially inconsistent wich the financial stateinenls, oi. our knowledge obtained in Ilie audit or otjienvise appears lo be tThat¢rially mis51aled. I f we identify such Inatei'ial inconsistencies or apparent Inaterial misstalemetlts, we are required to determine ivhetl)er d)ere is a macerial Inisslatcimcnl in Ihe financial staleinenls or a material Lnisstaiemenl of the other infoiniation. If, based on the work we have performed, we conclude that there is a matei'ial misstatement of this other information, we are required to report that fact. We have nodiing lo repoi't in this regard. 17
INDEPII NDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ASSOCIATION OF JEWISH RCI FUGEES (AJR) Oplnlons on other mAtters prescribed by the CompAnies Act 2006 In our opinion, based on the work undeitaken iu the course of the audit". Ihe informaiion given in the Tnjslccs ADllual R¢porL (wblcb itiLOA'porateb tlie ili"alegic report and d]e dir¢ctors' iepoi'l) foi. the fInallcial year for whtch the financial statements are piepared is conslstent with the fmancial slatemenls,. and the sli'ategic r¢port and the directors, report included witbill the Trustees. Annual Repoit has been prepaird Én accordance with applicable legal requirements. Responslbliities of Trustees for the financial statements As explained more fully in the Trustees, responsibilities statement set out on page 16, the Trustees (who are also the directoi's of the charÈtable conipany foi- Ilie purposes of company law) are respollsible for die preparation of the financial slaleinents and foi. being satisfled that they give a Iwe and fair view, and for sucli internal ¢onts-ol as the Trustees deiemiine is n¢c¢ssary lo enable the preparation of financial slal¢inents Ihai are free froiii material misstatemelll wheibei. due lo fi'aud oi. eii'or, In prepai'ing the financial slalemenls, the TNstees are responsible for assessing tlie chai'itable eompany's ability to continue as a going concern, disclosing, as applicable, MatrS related gotng concern and using the going con¢¢m basis of accounting unless the Trusiees either intend to liquidate the c11.11ab1e company or to c¢ase operations, or have no realistic alternative bul to do so. Auditor's i'esponsibfilities for the audit of the finaneiAI statements Our objeciives are lo obtain reasonable assiirance about wl)elliei' the financial stateinents as a whole are free froni malei'ial Inisstaleihent, wlieiher diie to fraud or error, and lo issue an aiiditoi s report tli81 ineliides our opinion. Reasonable assurance is a Iiigh level of assurance but is not a giiaranlee Iliat an audit conducted in accordance wirli ISAS (UK) will always detect a material misstatement wlien il exists. Misslateiiienls can aris¢ from fraud or error and are coiisideied iiia*i'ial if, individually oi. in die aggregate, they could reasonably be expected lo influence tlie econoinic decisions of usei's taken on the basis of these financial slatcmenls. Irregularities, including fraud, are instances ot. non-compliance with laws and I'egulations. We design pi'ocedures in line witli our responsibilities, outlined above, to detecl niaierial misstatenients in respect of ii'i'egularilies, including fiaud. Tlie extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our undei'standing of the cliaritable coinpany and the ¢nvironmeni in whicli it operates, we idcntified that the priiicipal i'isks of non-compliance with laws and regulations related lo ihe legal and regulatoiy iequii'eiiients pet'laining lo registered cliarities, aiid we con5ider¢d the extent to which non-compliance Inight have a inalerial effect on tlie financial staternenls. We also considei'ed tliose laws and I'egulations thai liave a dii'ect impact on Ilie PTepai'ation of t]ie financial stateinenls sucl) as tlie CoLiipani¢s Act 2006 and the Charities Act 201 I, and other factors sucb as income lax and payi'oll taxes, We evaluated InaL)ageiiient's incentives and opportunities for fraudulent manipulatioll of Ibe financial statements (including the i'isk of override of controls) and deteiinined that the principal risks were related manual accounting jouinals. Audi¢ procedur perfornied by the engagement team included: Inspecting correspondence with regulators and lax aiithorities. DiscuSSLOllS with management including consideration of known or suspected itistsnces of non-compliallce with laws and relIatoll and fraud. Evaluating managemettt's controls designed to prevent and detect Irregul1es. denlifying and testing journals, in p2rticul&r journal entries posied with unusual account combinations, postings . by unusual uset's or with unusual desci'iptions; and Challenging assumptions and judgemenls made by management in their critical accounting estiniate
INDEI PENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ASSOCIATION OF JEWISH REFUGEES (AJR) A further description of our responsibilities for the audit of the flnancial ststenients is located on the Financial Reporting CuullLil s Wrbblte at.. www.fic.OTg.uklauditorsresponsibilitieJ. This dcscription foiins part o. our auditor's report. Because of the inhei'ent limitations of an audAt, there is a risk that we will not detect all irregularities, including those leading to a material inisstatemenl in the fmancial ststenients or non-compliance with regulation. This risk inci'eases the mol'e that coinpliance with a law or regulation is relnoved from the events and transactions reflected in tlie financial staleincnts, as we will be less likely to becoine aware of instances of non-con)pliance. Th¢ risk is also greater regaiding inegulai'ities occui'ring due lo fraud i'atlier dian error, 8s fraud involves intentional concealment, foi'geiy, collusion, oinission or misiepresenlation. Use of our report This report is made solely lo the cliaritable companys members, as a body, in accordance witli Chapier 3 of Pait 16 of the Companies Act 2006. Oui. audit work h8s been undertaken so that we miglit staQ to th¢ eliaritable company's Inembers those matters we al'e i'equii'Ld lo stale lo tl)em in an Auditovs report and for llo oilier putyose. To Ilic full¢st exlenl permitted by law, Ive do not aceep¢ oi. assumc responsibility lo anyone other tban tlie charitable conipany 8J]d thc Lharitable COLnpany's Inenibers, as a body> for our audit woi-k, for this report, or for tlie opinions we liave forn)ed. Ad8111 Halsey (Senior Statutory Auditor) Foi. and on behalf of HaysMacLLP, Statutory Aiiditors 10 Queen Sts'eet Place London EC4R IAG 18/08/2025 19-
THE ASSOCIATION OF JEWISH RE¢ FUGELS (AJR) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total Funds 2023 'rotal Funds Unrestricted Funds Restricted Funds Notes Income fron); Donations and legacies 835,700 835,700 1,418,168 Cliaritable activities.. Grants for welfare work Social and welfe activities Otlier grant income 14 6,948,055 6.948,055 8,512 78,347 6,454,748 8,652 18,023 8,512 78,347 Subscriptions Investtnents 45,543 363,201 45,543 363,201 45,611 511,524 Total 1,331,303 6.948.055 8,279,358 8,456,726 I xpenditui'e on: Raising funds 71,528 71,528 62,242 Cliarilable aclivitie8'. Social welfare activities Ediicalional activities 3,457,996 61S,621 6,075,535 9,533,531 618,621 9,177,949 556,362 Sub totol 4,148.145 6,075,535 10,223,680 9,826,553 Claiins Conference overhead eontribution (872,519) 872,519 Total 3,275,626 6,948,054 10,223,680 9,826,553 Nel expendittire b¢fore gains I losses on investinenls (1.944,322) (1,944,322) (1,369,827) Net gains l (losses) on investments 699,990 699,990 (206,406) Net expenditure and net movement In funds {1,244,332) (1.244,332) (1,576,233) REI CONCILIATION OF FUNDS FUND BALANCES BROUGHT FORWARD L9,37L,221 19,371.221 20,947,454 FUND BALANCES CARRIED FORWARD 15 18,126,889 18,126,889 19,371,221 All gains and losses recognised in the year are included in Ibe Statement of Financial Activities. All transactiot)s al'e deiived from continuing activities. Tbe notes on pages 24 - 34 fomi part of these financial statements. -20-
THE ASSOCIATION OF JEWISH REFUGEES (AJR) STATEMENT OF FINANCIAL ACTIVITIES FOR T14E YEAR ENDED 31 DEcEIBER 2024 Compar#tive for the year ended 31 Deeernber 2023 2023 Unresti'icted Restrieted Funds Funds Total Funds Notes Income fi'on): Donations and legacies 1,418,168 1,418,168 Cliaritable aciivilies: Grants foi. welfare work Social and welfai'e activities Ollier gi'ant income 14 6.454,748 6,454,748 8.652 18,023 8.652 18,023 Subsoi'iptions 45.611 45,611 Inveslinenls 511.524 511,524 TotAI 2,001.978 6,454,748 8,456,726 Expendltui'e on.. Raising ndS 62,242 62,242 Charitable activities- Social and welfare activities Ediicational activities 3.496,046 586,362 5,681,903 9,177,949 586,362 Sub total 4,144,650 5.681,903 9,826,553 Claiins Confeirnce ovei'head contribution (772,845) 772,845 Total 3.371,805 6,454,748 9,826,553 Nel expenditure before gains on investtnents (1,369,827) (1,369,827) Nel gains l (losses) oft investments (206,406) (206,406) Net expenditui'e And net movement in funds (1,576,233) (R,576,233) RECONCILIATION OF FUNDS FUND BALANCKS BROUGHT FORWARD 20,947,454 20,947,454 FUF4D BALANCES CARRIED FORWARD 19,371.221 19,371,221 2l
THE ASSOCIAI'ION OF JEWISH REFUGEES {AJR) BALANCE SHEE'r AT 31 DECEM13ER 2024 ConLpAny Number: 08220991 2024 2023 Notes FIXED ASSETS Tangible assets Investinents 59,156 15,082,320 58,170 16,046,957 15.141,476 16.105,127 CURREI NT ASSETS Debtors Cash at bank and in hand io 2,506,718 3.656.732 4,211,797 1,820.244 6,163.450 6,032,04l CURRENT LIABILITIES: Creditoi'g.. amounts due within one year (3,178,038) (2,765,947) NE'f CURRENT ASSETS 2,985,412 3,266,094 NET ASSETS 18,126,888 19,371,221 FUNDS Um'esli'lcled 14 18,126,888 19,371,221 Restricted 14 18,126,888 19,371,221 Appi'oved and autlioi'ised for i&sue by the Trnstees on and signed on tlieiL behalf by., 2025 M KaL'P OBE Cl)ainnan The notes on pages 24 - 34 form part of these fmancial statemenL8. -22_
THE ASSOCIATION OF JEWISH FUGEES (AJR) CASH fiLOW ST A TEMLNT FOR THE YEAR ENDED 31 DEICEMBER 2024 2024 2023 Cash floivs from operating activities: Trlet cash (used in) operatlng gctivities (see beloiv) (161,219) (1.940,105) Cash flows fr<bm Investing activities Dividends and irlterest fi'oiii investments, rental income and otlier investment income Purclias¢ of pi'operty, plant and equipment Proceeds from sale of inveslliients Purchase of tnvestments Movement in cash aw&iling investment 363,201 (30,119) 32,892,856 {29,939.706) (1.288.525) 511,524 (9,746) 12,355,794 (13,719,797) .396,838 Net cash pi'ovided by investlng gCtivitle5 1,997,707 534,613 Change In cash Rnd cash equivalents in the year 1,836,488 (1,405,492) CA.$h and cash equivllents at the beginning of the year 1.820,244 3,225,736 CA$li And cosh equivalents a¢ ¢nd o( the yelr 3,656,732 1,820,244 2024 2023 Net expenditure for the year (per Statemejit of Fln&neiAI Actlvitie$) (1.244,332) (I,576,233) Adjustments foi.: Depreciation Disposal of tangible fixed assets Losse51{Gains) on inveslinenls Dividends and interest (Inci'ea5e)Ide¢i'ease in debtors Inci'ease in cL¢ditors 29,134 33,133 538 206,406 {511,524) (910,857) 818,432 (699,990) (363,201) 1,705,079 412,091 Net cash used In operating activitie5 (161,219) (1,940,105) Analysis of cash and cash equivAlents 2024 2023 C&sh Èn hand Notice deposits {less than 3 months) 2,656,732 1.000,000 820,244 1,000,000 3,656,732 1,820,244 Anulysis of ehanges in debt As at 01101124 Cg8hfloivs As at 31112124 Cash 1,820,244 1,836,488 3,656,732 Tlie notes on pages 24-34 fonn pai't of these financial statements. -23_
THE ASSOCIA TION OF JEWISH REFUGEES (AJR) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES The piincipal accouniing policies adopced, judg¢m¢nts and key sources of estitnation and uncertainty in tlie prepai'alion of the fmancial statetttenls are as follows= Basis of prepai'atlon Tlie financial statetnents have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo ch'IlleS preparing dieir accounts in accordance with tlie Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102)- Charities SOIIP (FRS 102), second edition- Octobei 2019, and the Companies Act 2006. The accounts al'e pres¢nted in UK pound sterling and are rounded to the nearest pound. Tlie Trustee5 have assessed the cl)arilable Company's requireinents foi. the near fijture and ale confident (hat sufficient funds will be avatlable to enable opcraiions 10 continue at a sustainable level foi. a pei'iod of al le8St 12 Inonllis froiii Ilie dale of approval of these financial stalemeTJlS. Tjie cliarilable company therefore continues to adopt Ilie going concern basis in preparing its finAn¢ial statements. Th¢ Tiuslees considei. tl)er¢ ai'¢ no material unceriainties about Ilie chai'ilable Company's ability to continue as a going concem. The finaiicial staleinenls do not include tlie 8djustments thal would result if the chai'itable coinpany wei'e iinable to continue as a going concern. Tlie 2025 biidgel from tlie Claims Confei'ence lias becn confirmed and cash flows produced lo the end of 2026. Publlc benefit entlty The Association of Jewisli Refugees (AJR) meels the defiryition of a public benefit entity under FRS 102. Legal status Tlie Association of Jewisli Refugees (AJR) is a conipany liinited by guarantee wiihout share capital. In the event of tlie charitable colnp)Y bein8 wound up, tlle liability in respect of the guarantee is lirniied to £ I per Inember of ¢li¢ cliai'ilable compaNy. Critical oecountlng judgements and estimAtes In prepai'ing these fmancial slalemenis, Ilie Ttustees liave made judgements, estiinales and assuinptions tliat affect the applica¢&on of Ilie charitable company's accouniin8 policies aiid tlie report¢d assets, liabilities, incoine, at]d expenditute and the disclosures made in Ilie financial statemenls. Esliinates and judgements ale continually evalualed and are based on liistorical expeiience and other factors, including expectations of fiiiui'e events that arc believed lo be reasonable undei. Ilie ¢ircuÈnslances. Tlie main critical accounting judgement and estiinale the cliarity has, is tlie recognition of legacies incoine. Inconie All incoming resources are included in the Stalenienc of Financial Activities wlieii tlie cliaritable coiTrpany has entitlement lo inconie, il is probable Ilial the inconje will be received, and tbe 8mount of income receivable can be measuied liablY. Donations are &ccounted for in the ye&r in wliich they are received. Lega¢ies are recogniscd whell the ci'iteria of entitlement and probability al'e mel, and tho l¢gacy can be quontified with reasonable accuracy. In deiennining the mOunts recognised aL the balance sheet date, the trustees liave regard to actual receipts subsequent to Il)¢ balance sheel date togeilier willi any othei. evidence supporting recognition. Grants are recognised in 11 in tlie stateinenl of financial activtties in the year in wliieh tlie charitable ompany bas enlitlemenl to the incoine, and when the amount of income receivable can bc measur¢d reliably and there is probability of receipt. Income due from legacie5 subject to life tenancies is considered on the Lermijiation of tliose life tenancies. Investment income is recognised on a receivable basis and when the ainounts carl be ineasured reliably. Dividends are recognised once the dividend has been declared and nolification has been received that the dividend is due. -24-
THE ASSOCIA TION OF JEWISH REFUGEtS (AJR) NOTES TO THE ACCOUNTS (eontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLtClES (Continued) Expenditure Liabilities, including irrecoverable VAT, are recognised as expenditure as soon as thei'e is 2 legal or coiistsiictive obligatioii committing tl)e charitable company to that expenditure and it is probable that settlein¢nt will be required, and the amount of obligation can be measured r¢liably. Raising funds comprises tlie costs associated with generating voluntary income and the investment manageinent fees. Chai'itable expenditure includa8 all dir¢ct expetsdlre, including staff cosrs which are directly attributable to activities, as well as grant expendIre. Support costs, wliich include governxnce costs. are apportioned to CltItable activities on 11)e basis of time allocation of sthff performing Support funcuons. A summary of support C051s is pi-ovided in note 6. Support costs have been allocated becween gov¢rnance costs and other supportcosts. Govern8nc¢ activities comprise organisalional adniinislralion and compliance witli constitutional and stattiiory requii'ements. Costs include dii'ect costs of external audit and pi'ofessional advice iiicluding legal fees. Gi'anls payable are cliarged lo the Statement of Financial Activilies in tlie yeai. in wllich the offers of su¢l) gi?nls are Inad¢, Employee bellefItg Short term benefits Slioi't term benefi15 including holiday pay are recognis¢d as an expense in the period in which the seivice is i'eceived, Employee tej'mination benefjts Terinination benefiis are accounted for on an accruals basis and in line witli FRS 102. Pens50Th scheme Tlie AJR opei?tes a defined contribution pension sclieme for the benefit of its einployees. Tlie assets of tlie scheme are held independently from those of Ilie eantable company in an administei'ed nd. The pension costs cli&rged in the financial stateinents represent tlie conti'ibutions payable during the yeai.. Forelgn currency translation Tile cl}ltable company's functional and preseniaiion currency is pounds stei'ling. Monetary assets and liabilities denominated in foreign CUiTencies are tianslated inlo sierling at (he rates of exchanEe ruling ai tlie b21ance sheet date. Ti'ansactions in foi'eign currencies are recorded at the E'ate ruling at the da* of tlie transaction. All differences are recognised in the Stotemenl of Financial Activities. Operating leases Operating lease rentals are charged to the Si8t¢ment of Financial Activities on a sts'aight-line basis over the teiin of the lease. Tangible fixed assets Tangible fixed assets are accounted for at historic cost less a provision for depitciation. Expenditure on equipment in excess of £500, witli a usable life of at least 4 years, is capitalised as tangible fixed assets. DepreciAtion Depreciation is calculated so as to write off the cost of tangible fixed assets as follows- _ Office equipinent Website L¢asehold improvements 250/0 straight line 250/0 Straight line Over life of tile lease -25-
THE ASSOCJATION OF JEWISH REFUGEES (AJR) NOTES TO THE ACCOUNTS (coutinued) FOR THE YEAR ENDEI D 31 DECEMBER 2024 ACCOUNTING POLICILS (continued) Investments Ittvestments are a form of basic financial instruments and ar¢ initially shown in the financi81 statements at niarket value. Movemenls in tlie market v8lu¢s of investments are shown as unrealised gains and losses in the Statement of Financial Activities. Profits and losses on the realisation of investments are shown as realised gains and losses in tbe StAtement of Fiiiancial Activiti. Realised gains and losses on inveslmenis reflect tlie difference between sales ptoceeds and Iheii. opening carrying value5 or their purchase value if acquired subsequent lo tlie first day of the financlal year. Uiireali¥ed gains and losses are calciilated as Ibe difference belween the fair v&lue at Ilie year end and their carying value. R¢alised and ui]reilised investsnent gains and losses are combit]c.d in the S(&iement of Fin&ncial Activitiu. i inanelal Instruments The cl)arilable conipany OTJIY has financial assets and financial liabilities of a kind Ih&l qualify as basi¢ financial insti'uinenis. Basic financial insli'uinenls. including trade and otlier debtoi's and creditors, are initially recognised al transaciion value, and subsequently ineasured at Iheir selllemellt value. Debtoi's Prepayments are valued at the amount prepaid net of any Irade discounts due. Accrued income is valued at the expected amount. Cash ot bank and in hand Cash al bank and cash in band includes cash and short lenn highly liquid investments. Ci'edltors and provisions Creditors and provisions are recognised where the chai'itable conipany bas a present obligalion I'esulting fi'oiii a past event that will pi'obably resiili in Ilie transfer of fvnds lo a Iliii-d paity and tlie amount due to Settle tl)e obligation Can be Ineasured oi. esliinated reli%bly. CrediLors and provisions are nonnally recognised at Ibeir settlenienl amount aftei. allowing for any trade discounts due. Taxation The Chat'ity is considered 10 pass the tests sec out in Paragrapli I Schedule 6 of the Finance Act 2010. aiid thei'efoi'e it meets the definition of a charitable coinp8ny for UK corporation tax purposes. Accoi'dingly, the Charity is potentially exempt from taxation in respect of income or capil41 gains received within categories covered by Chapter 3, Part I I, of tlie Corporation Tax Act 2010. or Section 256 of Ilie Taxation of Cliai'geable Gains Act 1992, to tlie extent tliat such incotn¢ or gains are applied exclusively to cl121ithble piirposes. Funds General funds are unreslricled funds wl)ich are available for use at tlie discretion of the Trustees in furilieranc¢ of the genei'al objectives of the cbarilable company and which bave not been designated for other Purposes. Resti'icted funds ate funds which are to be used in accordance with specific restrictions imposed by domoi's. -26-
THL ASSOCIATION OF JEWISH REfi UGEES (AJR) NOTES TO THE ACCOUNTS (continued) FOR TFIE YEAR ENDED 31 DECEMBER 2024 DONATIONS AND LEGACIES 2024 2023 Donations Legacies 38,535 797,165 40,628 1.377,540 835,700 1,4L8,168 All donations and leg8cies in current aDd prior years were unr¢stricied. SOCIAL AND WELFARE ACTIVITIES 2024 2023 Meals on Wlieels Events and outings AJR Journal (78) 4,430 4,160 177 3,22l 5,254 8,512 8,652 All social and welfare activity income in current and prior years was unr¢slri¢t¢d. ILYVESTMENT IIYCOTrIE 2024 2023 Inlei'est receivable Dividends 186,835 176,366 150,634 360,890 363,201 511,524 investinent income in cuntnt and prior years was unrestricted. -27-
THE ASSOCIA TION OF JEWISH REFUGEES {AJR) NOTES TO THE ACCOItNTS (continued) roR THE YEAR ENDED 3 I DECEMBER 2024 EXPENDITURE Other dlrect costs Suppoi't costs Direct staff Grants 2024 Social and welfare Day Cenli'e Meals on Wheels Outi'eacli gi'oiips AJR Journal 1,048,924 6,753,916 599,815 5,115 377 64,077 87,947 728,580 5,778 10,698 35,722 25,208 9,131,235 10.893 11.075 267,173 Il3,155 167,374 Beneficlary serviees 1,216,298 6,753,916 757,331 805,986 9,533,531 Educatlonal activlties 157,352 304,004 134.744 22,521 618,621 Cost of i'atsing lunds 62,921 8,607 71.528 1,373,650 7,057,920 954,996 837,114 10,223,680 ComparAtive Other dlrect cost$ Suppoi't costs Dlreet s¢*lf Grants 2023 Social and welfare Day Cenli'e Meals on Wheels Outs'each groups AJR JouL'nal 1,069,225 6,480,838 595,822 8,188 285 86,331 89,857 634,569 4,846 8,950 30,417 20,915 8,780,454 13,034 26,497 247,192 110,772 17,262 130,444 Benefielary servlces 1.216,931 6,480,838 780,483 699.697 9,177,949 Educatlonal Rctivities 200,136 300,372 66,321 19,533 586,362 Cost of ralsing funds 54,97 7,271 62,242 1,417,067 6,781,210 901,775 726,501 9,826,553 Welfare activities include direct paymenls to beneficiaries amounting to £6,717,716 (2023: £6,444,638) and a grant of £36,200 (2023.. £36,200) lo Belsize Square Synagogue 10 support its social work programme directed at Holocaust survivors and refuge. Direct costs on educational activities of £304,004 (2023: £300,372) include grants as explained in tlie Trustees, Report. Support costs include fees of £19,360 + VAT payable lo the auditt)rs for the statutory audit (2023.. £17,367 + VAT). -28-
THE ASSOCIATION OFI JEI WISH REFUGEFS (AJR) NOTES TO ACCOUNTS (eontinued) FOR THE YEAR ENDEI D 31 DECEMBER 2024 EXPETr4DITURE (Continued) ANALYSIS ofi GRANTS Grants to institutions Gi'ants to individuals 2024 Welfare pi'ogramtnes Ediicational activities 36,200 304,004 6,717,716 6,753,916 304,004 340,204 6,717,716 7,057,920 Comparative Grants to institulions Crants to Indlvlduals 2023 Welfare programines Educational activities 36,21M) 300,372 6,444,638 6,480,838 300,372 336,572 6,444,638 6,781,210 Fuitl)ei' information on grants lo institutions is sel out in the Trustee reporL (page 13). In 2024 there were 302 recipients of individual grants (2023: 288). SUPPORT COSTS Meats on Wheels Cost of raislng funds SociAI & Welfai'e Day Centre Out- reacli AJR Joui'nal Education 2024 PL'enii5es 46,254 229 2,564 993 2,825 204 53,069 ol¢e adminisli'alion Con)Inunicalions &PR Govei'nance 497,186 3,018 4,974 17,941 10,264 10,916 4,586 548,885 135,535 49,605 2,747 5,495 14,652 12 565 13,737 215 7,326 1,454 3,663 154 183,155 52,006 Total 728,580 5,777 10,699 35,722 25,209 22,521 8,607 837,115 Mejls on Wheels Cost of i-aislng fund5 CompRYgtlve Social & Wellare Day Centre Out- reach AJR Journal Education 2023 Preinises 45,076 223 2.499 967 2,753 198 51,716 Office administration Corninunications 452,516 2,747 4,527 16,329 9,342 9,935 4.174 499,570 &PR 102,610 34,368 2,080 4,160 11,093 19 40 496 10,400 206 5,546 1,298 2,773 126 138,662 36,553 Goven]ance Total 634,570 4,846 8,950 30,417 20,9I5 19,532 7,271 726,501 Support costs are allocated to charitable actÉvffities based on time allocation of staff perfonning support fictiOns. -29-
THE ASSOCIATION OF JENVISH REFUGEEI S (AJR) NOTES TO THE ACCOUINTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension costs 1,817,206 169,518 57,459 1,801,460 173,051 155,226 2,144,183 2,129,737 Avei'age numbei. of persons employed during the yeai was 49 50 2024 2023 Tlle nilinb of employees whose etnoluments in the year exceeded £60,000 were: £60,000 - £69,999 £70,000 - £80,000 £80,000 - £89,999 £90,000 - £99,999 £150,000 - £169,999 Pensioii contributions paid on behalf of these einployees nOunted to £52,952 (2023: £42,300). Tlie aggregate r¢muneration, including pension contributions and social security costs, of t]ie key personnel was £622,978 (2023., £482,148). The Tiuslees received no emoluments and £149 of reimbiirsed expenses was n18de to one trustee and I'elaled to ts'&vel lo a conference (2023.. £1,185 of i'eii]]biirsed expenses was inade in tol81 lo tl)ree (rustees for travel and 3ccomiiiodalion, wliere 11)ey represented die AJR al conferences). TANGIBLE filXED ASSETS Leasehold property Website 01¢¢ equipmeiit TotY41 Cost or valuatlon At l January 2024 Addtlions Disposals 100,805 21,670 27,000 104,118 3,119 (1.969) 226,593 30,119 (1,969) At 31 Deceinber 2024 100,805 48,670 105,268 254,743 Depreciation At l January 2024 Chai'ge for tlie year Disposals 72,706 10,081 21,670 2,438 74,047 16,615 (1,969) 168,423 29,134 (1,969) At 31 December 2024 82,787 24,108 88,693 195,588 Net book v#lue At 31 Deceiknber 2024 18.018 24,562 16,575 59,155 At 31 Deceinber 2023 28.098 30,072 58,170 30-
THE ASSOCIATION ofi JEWISH REFUGEES (AJR) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSET INVESTMENTS 2024 2023 Quoted investments Mai'kel value at l January 2024 Additions Disposals Investment gainsl(losses) 15,838,151 14,680,554 29,939,706 13.719,797 (32,892,856) ( R2,355,794) 699,990 (206,406) 13,584,991 I,497.329 15.838,151 208,806 Cash held with investment managers Kai'ket vglue at 31 December 2024 15,082,320 16,046,957 Historical cost at 31 December 2024 10,456,870 13,894.073 10. DEBTORS 2024 2023 Balanees due wlthin one year Prepayments A¢ci'ued legacies Acciijed incoine Othei. debtors 319,319 851,054 1,321,230 3,667 310,340 1,818,600 2,050,183 5,554 2,495,270 4,184,677 BalAnces due in more Ilian one year Chai'itable loans (see below) 11,448 27,120 2,506,718 4,211,797 Chai'itable lo&ns In limited circumstances, the chai'itable company advances sums co needy individuals, intei-est fl'ee, (subject to a foi'mal cliai'ge tn i'elation to larger loans) witb repayment on trn]s agreed in writing and appi'oved in advance in e8ch case by tlie TNstees.
THE ASSOCIATION OF JEWISH REFUGEES {AJR) NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR EI NDED 31 DE+CEMBER 2024 11. CREI DITORS 2024 2023 Amounts falling due withill one year Beneficiary granls Accruals Otlier taxes and 8ocial security Grants payable to institutions Deferred income (see below) 2,713,835 91,696 39,482 308,942 24,083 2,328,051 95,800 46,877 271,135 24,084 3,178,038 2,765,947 Deferi'ed income relates to subscripiion incoiiie received in advance. The airlounts defenrd each year 8re released to the Sialement of Financial Activities in the following year. 12. RELATED PARTY TRANSACTIONS Mr M Newinan OBE is a Director of the Conference on Jewish Material Claiins Against Gennany Inc. wbicl) grAnted £6,948,05S (2023.. £6,454,748) lo the c118riiable coinpany for pi'oviding supporl iii 81.ants lo its menib¢i's aiid as a conli'ibu¢(on to the ndIng of its welfare activities. Mr FA Harding MBE is a Tiuslee, Mi. A Spiro OBE is the President and Mr AC Kaufman MBE is a member of Ilie endowmeiit Iiust of Ilie Wiener 14olocausi Library, wliicli received a gi'ant of £50,000 wliicli was agreed in 2024 and treated as expendiMre irt Iliis year's accoiints. Mi. M Karp OBE is a Tiiislee of Holocaust Ediication Tnist, which wa5 awarded a tliree-yeai. gt'ant wortli £60,726 wliicli was agi'eed in 2022 and treated as expenditui'e in chat y¢ar's accounts. £40,484 l'eniains lo be disbursed {2023 £60,726) Mi. J Sli'auss, Ilie Iiusband of Mrs P Strauss, is a meinber of the Bo81'd of B¢lsiz¢ Square Synagogue, wl)icli has been. granted £36,200 (2023: £36.200) towards the cost of its social work. 13. OPERATING LEASE COMMITMENTS The cliarilablc company's tre rnininium operating lease paynients are as follows: Buildings 2024 Other 2024 Buildings 2023 Other 2023 Witliin one year Between two lo five years Over five years 108.924 37,831 1,902 7290 I05.752 146.756 1,902 7.607 1,585 146,755 9,192 252,503 11,094 -32-
THE ASSOCIATION OF JEIVISH REFUGEEt S (AJR) NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 DECEtIlBER 2024 14 STATEMENT OF FUNDS Balance I JAnuary Balance 31 December Income Expenditure G8insllosses on investments 2024 2024 Uiii'es¢i'iclÉdfiiiids Geneial funds 19,371,221 1,331,303 (3,275,626) 699,990 18,126,888 Réslvicledfiiijds ClaIn Confei'ence 6,948,055 (6.948,055) 6,948,055 (6,948,055) Comparatlve Baltsnce l Janu&ry Balance JI December Income Expendlture GalnsAosses on Investn)enls 2023 2023 Uiii'esli'ieledfiiiids General funds 20,947,454 2,001,978 (3,371,805) (206,406) 19,371,221 Reslriclerffiin(Is Claiins Conference 6,454,748 (6,454,748) 6,454,748 (6,454,748) Restricted funds Claim.f Conjei'ence the charitable company received or ¢reats as receivable grants fiDm and Iliiougli tlie Claims Conference during tlie yeai. ainounting to £6,948.055. -fhis represents a soui'ce of grant incoine wliich was distributed in accoi'dance witl) tlie leiins of Ilie grants lo qualifying needy individuals for specific social projects that are in line with th¢ activities of the cliaritable company. Tliey also assisi with the welfare pi'ogramnies run by the cliaritable Company directed tOW8rds qualifying beneficiaries and to contribute to tl)e costs of ninning those pi'ogrRnunes. 33-
THE ASSOCIATION OF JEWISH REFUGEES (AJR) NOTES I'O THE ACCOUNTS (continued) FOR THE YEAR ENDLD 31 DECEIWBER 2024 15. ANALYSIS OF NET ASSETS BETWEII N FUNDS Unrestricted funds Restricted funds Total funds 2024 Tangible fixed a&8ets Investments 59,156 l5,082,320 6,163,450 (3.178,038) 59,156 15,082,320 6,163,450 (3,178,038) Cui'rent assets Total liabilities Total net assets 18,126.888 18,126,888 CompAI'ative Unrestrlcted funds Restrlcted funds Total fund8 2023 Tangible fixed assets Inveslinenls CuiTent assets 58,170 16,046,957 6.032,041 (2,765,947) 58,170 16,046,957 6,032,041 (2,765,947) Total liabilities Total net assets 19,371,221 19,371,221 6. PEI NSION SCHEfvIE The charitable company contributes to rhe personal pension scl)emes of tlie employees. Conti'ibutioiis payable al'e cliarged lo Ilie Sialeinent of Finaiicial Activities. The total cost of pensions incurred by the cliai'ilable company was £157,459 (2023.. £155,226). No amounts were outstanding to be p8id as at tlie year-end {2023'. nil). -34-
THE ASSOCIATION OF JEWISH REFUGEES (AJR) ALKP4UWLLDGEMEN'I' Tlie Tiustees would like to acknowledge tl)aL' Social services for N021 Vlctims Iiave been supported by a grant from the Conference on Jewish M8terial Claiins Against GeiThany In¢. Claims Coiifereiice n)y)Jni ni)y) y The C.iiDference oil ILiYish Mthlerial cl.iims AgEkitisi Gernii111y 35-