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 D￿cEr￿BER 2024
CONTENTS
Page
DETAILS AND ADVISORS
TRUSTEES, REPORT
2-15
STATEMENT OF TRUSTEES, RESPONSIBILtTIES
16
INDEPENDENT AUDITOR'S R￿PoRT
17- 19
STATEMENT OF F￿ANCIAL 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 JE￿sll 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 Tn￿re¢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 de￿rmination 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 m￿lagement
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
polȢy 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 benCh￿￿kIll8 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 Exe￿tIVe 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 Commi￿eftt 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 El￿dIng 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 reme1nb￿llCe.

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 re￿8¢¢$, 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 VI￿81 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 PER￿OR￿cE (continued)
In July Kinder and their fa￿llieS 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 ft￿dS 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 sU￿1¢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 T￿SleeS, 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, Mat￿rS 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 re￿lIat￿oll and fraud.
Evaluating managemettt's controls designed to prevent and detect Irregul￿1￿es.
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 welf￿e 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 DEcEI￿BER 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 expetsdl￿re, including staff cosrs which are directly attributable to
activities, as well as grant expendI￿re. Support costs, wliich include governxnce costs. are apportioned to Cl￿tItable
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 e￿antable 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
o￿l¢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 fi￿ctiOns.
-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
0￿1¢¢
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 ￿t￿re 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-