IAJR The Agsocialion ol jewlsh RefLigee5 THE ASSOCIATION OF JEWJSH REI FUGEEI S {AJR) FINANcI￿L STATEMXNTS FOR THE YEAR ENDED 31 DECLI MBER 2025 Chai'ity number: 1149882 Company Number: 08220991 THE ASSOCIA TION OF JEWISII REFUGKLI S (AJR) FINANCIAL STATEMENTS FOII THE YEAR ENDED 31 Dri CEMBEI R 2025 CONTENTS rage DETAILS AND ADVISORS TIiUSTEES' REPORT 2-15 STATEMENT OF TRUSTEES, RESPONSIBILITIFS 16 NDEPENDENT AUDITOR'S REPORT 17-19 STATEMENT OF FtNANCIAL ACTIVITIES 20-21 BALANCE SHEET 22 CASH FLOW STATEMENT 23 NOTES TO THE FINANCIAL STATEMENTS 24-34 ACKNOWLEDGEMENT 35 THE ASSOCIATJON OF JEWISH REI FUGEES IAJR) DETAILS AND ADVISORS FOR THE YEAR ENDED 31 DECEMBKR 102S STATUS The Association of Jewisli Refiig¢es (AJR) is a regisieied charity and coiiipany, liinited by guaralltee, and is i'egisteild in England and Wales108220991). It was itioorponaied and set up by a Menio￿anduM of Association on 19 Sepleillber 2012 and ainended by special iEsoliition on 15 Noveinber 2012. The cliai'itable eoinpany cotnmeiiced activities on l January 2013. ORGANISATION Tlie chaiilable company's strategy is sel 2nd managed by tli¢ Trustees, who are also its direct017 foi. tlie purwses of coinp&ny law. Tbe Tiustees who havc served durii)g 2025 are.. Mi. A Hellinan Mi. J Ilockma Mi. D Kalwan Mi. M Icarp OBE {Cl)aii') I's M Kingsley Mi-.% Kon Mrs J Lew Mr J Mai'ks Mr J Selman (elected 9 De¢eniber 20251 Mr M S Wlikle RFC.I,STEI REI D OFFIC Win8toii Flouse 2 Park Loiidon N3 IHF Charity reglstratlon llumbei'_ 1 149882 Comp&ny reglstratloD number- 08220991 BANKEI RS CAF B1& nk Liinited KÉngs Hill West Malling Keiit ME194TA INVEI STMF.NT MANACEI RS Ratliboii¢ It]vestnienl Managemei)t Limited 30 Gresham Street London EC2V 7QN Ruffer LLP 80 Victoi'iu Stieet Loi)don SWIE5JL AUDITORS Haysmac LLP 10 Queen Street Place Londot) EC4R IAG T&tE ASSOCIATION OF JEWISH REFUGEES (AJR) TRUSTEES, REPORT FOR THE YfAR NDEI D 31 DECEMBER 2025 The TLU&tces pres#iil IhLtl fLPC)rt ilie audited fiiiaiicial stateiiieiits foi" the yeai. ei)dcd 31 Ikceillber 2025, whicts show the stat¢ of ¢1)¢ ¢liai'itable company's affaii's at that dtlte and die income aiid expendituiE for the year then ended. SIRUCTURE, GOVERNANCE AND MANAGEMENT Trustees The following seived as Trustees of tl)e cliariiable eompany during the year, and as menibers of the following siilxoillinittees, and remain in office iittl¢ss otliawise stated at tlie dale tliis report was approved.. Mr A Hellinan Mr J Eloekinan Mr D KaliD41ri Mrm Kaip Mrs M Kingsley Mr S K.01) Mrs J Lew Mr J Mai'ks Mi. J Selman Mr M White (2,3) {J,7) 14,5,6,7) (1,2,4,5,6,7,81 {2,4,5,7,8) (4,6) (1,5) (5) (elected 9 DecembEI' 2025) {1,3,8) l.. Meiiiber of Finance, Audil and Risk Coininitiee 2.. Member of tlie Investment Conimitt¢e 3.. Menibei. of Self-Aid Cotntnitt¢c 4.. Mcmhcr af Gj'anls Coinmittce 5.. Meinbei. of Strategy Cominittee 6.. Meniber of Nominations Committee 7., Meittbey of Next Generation Committee 8.. Membei. ofLegacy Coniniittee Tiustees al'e appoint¢d foi a period of foul. years, after which they aT¢ I'equired to be ￿-elected by a vote of meinbers at tl)e fDllowing Aimual El¢ction Meeting sknoi￿d tliey wish to continue to s¢rYe. Tiwtees can seive a maximitm of three tei'ms, New Trllsiees al'e i'eqllired to iinda'take an kndiiction progranim¢ r¢laling to Ilie aims and objectftves of Ilie cliai'itable company, tlie baeksyruund of li&. bYneficiai'i¢s a￿d dje systejns in place to deliyer the seivices ot. the ebaiitable company. Each TI￿St¢¢ will be required to demonsti'ate &iitabl¢ knowledsye of the i'ole and of charity tivsieeship by expei'ienc¢ oi. by training prioi" to, oi'shoi'tly after, appoiiithient. TI￿stee ti'aEninE and dtvelopmeni continuesbeyond indiiction andis ongoing Ihroughoiit tlieir truStCC81ii11,1)I￿VIded by intemal and exteinal specia15Sts. The stialegy and policies of tlie charitable eompany are dectded by th¢ Tivstees. the respnnsibility foi. tlie execiition of tliose policies is delegat¢d to the slaff led by ils key Inanag¢m¢nt coi)sisting of t]ie Cliief Executive, Mr. M Newn)ai) OBE, suppoiled by tlie Finallce Directoi., Mr. A Daniels, who Tepoit irgulai'ly to the Trust￿. Tli¢ pay of the Chiel Executive, tlie Finance DiiEctoi' and all st8ff is r¢viewed annually and rLoimally &ncrea5ed in accoj'dance with avei'age eai'nings to i'eflect a cost-of-living adjustnient and to ensure all employees aiE retnutiei'ated al not less tlian tli¢ natiotial Iivllig wagc andcommensurate with tl)e Inarketi'ate for tlieir i'espective i'oles. Tlie cliaiilable cotnpaiiy takes suitsble pi'ofessional guidatjce the detei'mination of the remunei'3tioll of its key tnanagetnellt. ie Tyustees consider the n)atte¥ of Ti￿stee successioii alld wh¢iE possible co-opt volut)lee￿ with suitable knowledge and exp￿.]enCe to &ssist tlieiii as Ineinbei3 of coininittees consideriiig tnatlers itlevant to tEieir skillset and qualifications as a precursoi. to possible fvll Tiiistee boai'd ineinbei'ship. Tlie Ti'ustees eottlinuously give i'egard to tlie governance regiine by reviewing the reillil, strnctui'e and ￿Mposill0￿ of Ilie committees of Ti'iislees and suitable volwiteers (co-opted nieinbers) to manage tlie affaii's of tlie cl)ariiable company. These remain in place and covei.: THE ASSOCIATION ofi JEWISH REFUGEES (AJR) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 {Contliiued) STRUCTURE, GOV£1 RNANCE IIND MANAGEMENT (continued) Finance, Audit and Risk onitoi% financial pei'foi'n)anee, ovei.sees budget and ass¢1 Inanagement, appoints extei'nal auditors, oversees aiidit pi'ocess, ovetBEes stathtoiy aiid regulatoi'y I'eports, Inonitors i'isk ii)all&geinent GIBnls OveiBees and approves gi'allt$ made foi. edueational pui'pos¢s Oversecs and approves iise of coinpany funds for cl)aritable grants to individual beneficiaries Self - Aid Sti2tegy NomiNation8 Directs long term stratgy of tlie chawitable compally Appi'oves tlie nomination of new TÈwtees and Committee in￿llberS Sets investinent policy,. appoillts, dii'ects, and monitoi's pi'ofessional fL￿d inanagers to lll&nage Ilie Inark¢t invcslmcnts of tlie eliaiitable coinpany Inyestinent Next Genei'&tion Devises ta¢tics alld plans evtnis. activities, and projects to ¢ngag¢ wÉth desceTLdants of Holocaust i'¢fugees alld sutvivors Legacy Monitors tli¢ piDgi'ess of legacies,. devises legacy awairness cainpaigns Risks Internol comtl'ols Tlie Tiustees air responsible for ensuiing tl)at effective and &de4uate Tisk malla8ement and intei'nal control syst¢Jn8 aT¢ jlt place to mallage tlie major risks t(} wliteli thc cliaritable company is exposed, Tiustees cany out this Yesponsibility by Jnonitoring tli¢ ¢ffectiveness of tli¢ I'isk manageinelli frainewoi'k. The framew(Jrk 15 design¢d to support infoi'illed dccision making i"ebFarding th¢ risks tliat affect the ability of the cl)8i'itabl¢ ¢onipany to 3chEeve its objectives. Tlic fi?Incwoi'k is design¢d to n￿￿age, raiher than eliininatc, tlie risks to tlitt eli￿.1tab1e coiiipany's objectives and to provide reasonable, but not absolute, assurallce against material Illissrateinent or loss. Witl)in the fi'amewoi'k, Ilie prin¢ipal J'isks and uncerlaiiitits wkich bave been identified, together witli tlie actions taken to mitigate thein, are as follows.. Rlsk identified Aetlon 14liell to miti ate the i'i5k Investment Investinents made by the charitabl6 eompany ￿'e not effectively managed or perforin poorly which leads to a reduction in fiiiiding tliat would be available to suppoil the objectives of the charitable ¢ampally. Use of appiDved iiiyestinent couiiteipaities within approved fJnan¢ial liinits coupled with a elear investment policy focused on delivering I'etui'ns ond fllnds for the ¢hfii'itable coinpany's strategic objectives. The Jnvestment CoTlllliittee reguldrly reviews tlie investmeiit poilfoli together with the invesknnent inanagers and repoits i'egularly to the Trustees. Claims Conference: The ¢lJ2ritable coillpany suffers ali unpla￿ll¢d i'edLic¢ion in funding fi'oin tlie Conference on Jewisli Material ClaÈiiis Against GeiThany Inc. I"ClaiJns Confei'ence'l. wliich leads to lower fiinding &vailable io botli tlit cliai'itable company's belleficiayies and thost of otliei. &g￿1cleS and cl)arilies witllin tlie UK Utnbi'clla Gi'oup I"Agencies") whicli tlie cliuritable company leads. A constont and constiuctive ditilogue is maintained with thc Claiins Confei'¢iice to eiisurc tliat internal conti'ols atid coinplian¢e nieet tlie conditiotts itnposed, Coupled witli botli staiutory audit ond Claims Confei'ettee audits. THE ASSOCIATION OF JEWISH RKFUGEI LS (AJR} TRUSI'EES, REPORY FOR THC YEAR ENDLD 31 DEI CE[￿1￿4 R 2025 (Contlnued) STRUCTURE, GOVERNANCE AND fvLINAGEMENT (continued) Rislcs and Intei'thttl controls (continued) Rlsk identified Action taken to miti ate the i'isk The inability to I'ecover grant fi￿dIng made by the eliai'ity lo beneficiaries and to the Agencies, beneficiaries in advance of i'px¢ipt of monies froiii tlie Claiins Collferenet. Controls are in place {iD¢liiding regulai. liaison), Coupled witl) audit stylc i'eviews, ovei. tlie Agenoies, oivn beneficiary ducuinenttttion to ensure conipliallce witb Clattlls Conference grant conditiviis An it)demnity ai'i?ngeillent is in place lo protect tlie charitabl¢ cotnpany in tlie event tbal tlie Agencie5 do not comply witli tlie relevattt conditions. bi Februaiy 2025, tlie bilateiBI agreeinet)Is witli tl)e Agencies weie reviewed, iipdaled, i'e-signed, and afford th¢ chai'itable coiTrpally renewed pi'olecii02i from the I'isks disbursing C.'laiiiis Confei'ence ￿nds. Gi'gnt$ Tlie clwi'itable conipaiiy is unable to support its objcctivc8 because of a failure PLbP¢I'ly io conti'ol grants ai)d aw￿"dS i))ade froi)i its own funds. Controls Ibotli budgetaTy ttttd in tei'ms of objectivel al'e in place to ellsui'e propeJ' scrutilly of all applicaliot)s made to tl)e cliAI'itable coinpally for suppoj't {toEetliei" with appi'opriate follow up POSL award), wlittl1￿. tliese are in respeci of educational pTojeets or financial awtsi'ds foI belleficiaries beyond tl¥dt provided froiii Claims Confeience moiJies. ReputAtlon Evellts wlJich may advei'sely &ffect the charitrabl¢ Comparty's I'epulation and opeizlions. These could include a sei'ious dats seciii'ity breach Ci'oill a cyb¢r- atla¢k oi noii-coiiipliance witli data pi'otection laws, a serious fi'aud, an issue ielated to tlie cliarilabl¢ coinp3ny's bui)ian resourcE piaelices and belisviour5, or a significai)t liealtlj and safety ol safeguai'ding incidet)L. Otl)er risks it)cliide the failure ts) atlra¢l, dev¢lop and i'etaiii talented staff and tli¢ illability to I'ecivit $ufficÉent nuinbei's of voluiiteers. Policies and practices are set and monito1￿ by seNior illanagement and the Trusiees, including an orR8nisation wide risk managell)ent progIThmtnt, wliicli incliides allti- fraud proeesses aiid contsu15 as well as comprehensive ti'aining and awaren¢ss progFruinnies for all staff. This incliides daia pi'otection and safeguai'ding ti'aitting and remindei's. Infoi'mation security polkcies and pi'ocedures are in place whicli include seciirity palcliing, vulnerability seanlling, penetiation testing and tlie use of aiiti-viius softwaiE. Dedicated specialist resources ai'£ iised fot- safegiiai'ding> data seeiii"ily, healtli, and safety- Talent Iiianageinettt,vQlv￿1eer acquisition and inallagement togeihei. witli succession pla￿lIng pi'OBI'ainmes al'e li) pLwe. Regular reviews al'e UL]derl&ken of reeiuitinent and resourcillg processes, with benchniaiking unda"iaken of compensation across key disriplittes. TJIE ASSOCJATION OF JEWISH REFUGEI Ei S (AJR) TRUSTEI ES, REPORT (continued) FOR THL YEAR ENDED 31 DECEI MBER 2025 STRUCTURE,, GOV£RNANcf AND MALYAGEMENT (contlnued) Connected pArtie5 Th¢ chai'itable company has sirong links witli the following organisatiotts with which woi'kiiig i'el8tions]iips I￿ve been established oi. contirjued.. anlsation Worlc and actlvltle$ Natui'e of relation$hl Claims Confei'ence Negotiatillg alld allocating r¢parations and social welfai'e siipport witli Gei'inany and Austs'ia oh belialfot'Holocaust survjvoi'5 and i'tfiigees. The CEkief Executive siÉs on the Board of Diiyctoi's. Holocaust Educatio]￿1 Trust (HET) Woi'ks io ensure tliat people from all ba¢kgi￿￿nds are edueated about tbe Holocaust. The Cliaii. of Trustees is a Tiustee of HEr Details of transactions witli tl)ese oi'ganisations are set out in tl)e notes to tlie accounts, OBJECTIV£L S, ACTIVITLES AND PUBLIC BENEFIT Tlie inaill objttciives of tlje cliai'itable eompany are to provide supi)ort to its beneficiaries wlio are Jewish survivoi% of, and refug¢es fi'om, Na7.1 (&ppir*%ioii Ejnd theii. d¢pendents expei'iencing illness and frailLy, to relieve their financial distress; to organise social activities and to piY>vide grants to pi'omote education abollt, and commemoixtioth of, tbe Holocaust. Diiring the year tlie Trustees gave due regai'd to tlie guidance issued by Ilie Cliai'ity Cominission on ti)e subject of public b¢nefit and were s&tisfied tliat tbes¢ TequIi'eiiiet)ts were fully inel. DwYiiE the ycai., thc charitaljle company pmvided and fi￿ded a i'allge of s¢ivices to enhttnee the welfare alld maintAllI the cultur21 ts'aditions and inteiESts uf lurn)¢r Jewisli i'efugees from Nazi oppie55ion. In &ddition, it provided fiinds to those rurnjei. le￿￿teS in need, fvDded fui'llieri'ecoi'ding testimonies of suiviving iefugees and made educational ￿.￿nts in i'elation to Ilolocaiist 8tudics and other grants to pdpetuale awai'¢ness of the Holocaust and tlie suffei'ing it caused. The Chaiitshlc company has inci'eased its commitinent to tlie deliveiy of confei'¢t]ces relating to tli¢ Inemorialisation of tl1¢ HolocausL Tlie seivices pi'ovided included advice aiid guidance on we5fai'e betlefils, foreign pettsion entitlements repai'aiions- volu1ite￿'S visited tliose wlio wei'e hoLisebound, providing con)paniot]shEp and to as8i.%t willi i)rAeiical mattel's,. and a social St￿1¢¢$ dep8itiiieftt pi'ovided ¢oniprelienssve wclfare services and as%ssed tneinbei¥' needs in dieii.liomes. The ¢ha¥itable company continues to ass&st memb¢iB to explore their eligibility lo resioi'e LheiK former famÉly citizenship. Tlie cliaritsble company serve8 as & lead Cliai'ity in ali Un]brella Gi'oup of five UK cl)arities wliicli suppoj'l Holocaust swvivoi's and irfiJgee%. In filling this role, it engages in dis¢ussion5 with tl)e Clainis Coi)ferenee concerning social welfair progi'ainmes, principally tlie pi'ovisiot] of Hoinecare and otlJa' iii-hoinc $￿V￿CeS Hnd emcTgency care ftinded by the Gei'iiian and Austrian Govei'iimeftts, and is a condiiit ftsi. tlie i'eceipt and disbursal of funds to Umbi'ella Gi'oup Agencie& and Éli¢ir beiieficiaries. Two ernployets of tlie cliaritable coinpany al'e Ineinbeis of the UK delegation to tlie Intcinational Holocaust Reniembrance Allianee, ai) intei'governnicntal oi'ganisatioii foiinded fo Ulllte goveiDniei)15 and expeits ta 8trengthell, adv&n¢¢ and pl￿mote Holocaust education, Ieseai'cli and vemtinbrance. THE ASSOCIA TION OF JEWISH kri VUGEKS (AJR) TRUSTEF.S' REPORT Icontiiiued) FOR THE YEAR ENDED 31 DECEMBER 2025 OBJEcrtVES, ACTtVITIES AND PUBLIC BENEFIIT {eontinued) Tlie cliai'itable conipaiiy iises volutLteers to support its social and outs'each activitie5. Voluiiteeis visit aiid call nietnbers to I￿ltigate isolalioii and to assist its learniiig paitieul&rly i'tlatioii to tlje use of information teclinology. Mol'e tliatj 250 voliinteei% provid¢d appi'oxiinately 15,000 lioui's of visit time, suppl¢inen¢ing tlie social seivi¢¢ lcam by tlie cquival¢nt of 13 fiill tiiiie attd outreach staff. Volunteei's also assist witli tlie deliveiy of social event5 aiid help out at liead office. Grinl n]gking policy Tl)e cliai'it2ble cojnpany disblli'sed social welfare giants to individual AJR Jnenibei's whose i'equesls wei'e coi)sideird oll 8 case-by-case basis, subject lo ea¢li gi'ant b¢Èng for a pui'pos¢ in line with tl)e objectives of the charitable coinpany. As the leod agcncy of di¢ UK Uinbr¢lla Group, tbc AJR also disbiii'sed gr&llts to Holocaust survivors and i'efugees, including tl)ose wlio wei'e not AJR meinbers, from tlie Jnoiiies allocated lo tlie UK fi'otti tlie Claiiijs Confei'ellce. Tliese awards were appi'oved by all Advisory Coniinittee or as otheTWiS¢ reqllii'¢d und¢T th¢ terins of th¢ Claims Confei'¢nce gi'&nts. Alongside the grants to individuals foi. social w¢lf&iE puiposes, a sub-comEnitle¢ of Tiiistees and, for lai'Bei' piDj¢cls, the full body of Ti'ustees, consideird pE'oposals fi'oin individuals, local eonijnunity gi'ovps and institutio1￿ foi. tlie support of pi'ojects ielaiing to Holo¢aiisi cducati(¥n and inciiioJ'ialis%tion. Tlic chai'itahlc cojnpany cInpl￿ys a Hcad of En) the Claims ConfeIYnce al￿Oi}ntIng to £7.8Jn (2024.. £6.9in). £6.9ni 12024.. £6.Im) was distributed directly 10 in￿1]bet3., the i'emainder beiiig a conts'ibulion towards tlie cljaritable coiiipany's cosLs of administering tlie Uinbitlla Gi'oup and disbursingwelfai'e funds. A furtJier£O.6in 12024.. £0.6m) Ivas disti'ibuted to over 100 of the n¢tdi¢st In¢in￿r$ of ¢li¢ cllaritablc rojnpaiiy as part of its Owt) welfaie pix)gi?Jnme. A total of £18.4111 (2024.. £15.2in) funding was administered by the cliai'itable company on behalf of itself and other agencies in tlie Umbi'ella GIDup illcluding tlie grants shown as I'estricied fi]nd income and expenditure iu th￿£ financial $tateJnenls. Tlie benefiLiar1￿ of Claims Collference niorties are dstailcd in note 17, Tliege funds are used to suppoi'l eligible Jewish victlllls of Nazi persecution with the pi'ovision of corel's to enablc them to remain in iheir own Iiomes, and lo assist widi iiiedical, lioiising, transpotl other iii'gellt lleeds. These programin¢s siippoi'Le(1 sn excess of 400 victims of Nazi oppi'ession duriiig tl)e year, In 2025, 66,870 ￿ditIonal liours of care were fvnded over ilie pi'evious year. Iii total 964,984 liours of C*ki'¢ Wti'e funded. Tlie outre2¢1i activity Df the charitable ¢ompaiiy included tlie liolding of 222 mcetings atwliich tbere wei'e 3,531 individual attendances by illen)b¢LS across tbe county. Refugee Voices, tlie chai'itable company's arcl)iv¢ of rccoi'ded and docuineiited interview& witli Holocaust refugees and suNivors, establislied IN 200_3, ¢olltiniied to expand, with, tcj date, 12A fii'.8t gcnci2tian intcrvicw8 liaving becn coinpleted. Duiing tli¢ yeai., the charitable company appoinied a Kinderlrattsport scliolar-in-residence on a two-yeai. contract. Tl)e scholai s pi'imary objectivcs al'e lo gatliei., disseiminate if nd pr¢sciil 1'cc￿l.dS i)ci'taining to thc joui'ncyg t(> Britain of the foiynei. ehild iefugees and to build a cotnpreliellsive database enablii)E a¢ee&%ibility to aicliival information and testimoni of the Kinder. Details of key grartts illAde foi" ediicatiODal purposes durillg the yeai. W￿.£ a5 follows., Beneficiary Amouiit Purpose of award gi'&nÉed £50k To support tlie costs of tS?e Miiseun)'$ learning pmgramnie £50k To suppoi't the Costs of tl)c C.cnti'e's leai'ning progi'an?iiic £50k Tow8ixis projects of particula¥ inteiest to tl)e charitable company £J I k Tea¢lJei- training pi'oject £30k Yom HaSI)081) Candle Project £30k Yoi]] Haslioal) events £58k National Holocaust trfuseum Holocaust Centi'e Noith Wiener Hi)locaust Libtaiy Holoc8llSt Educatioi)al Tiust Mt&ccrtbi GB Yom Haslioali UK Otlier Tot&1 £299k In total, £370k in gixnts were distribLlted 2025 of wliioli £176k were awarded prior lo 2025. Tlie Trnstees al'e gi'ateful foi. tlie ¢Ollsideizble effoi'ts made by the ¢liaiirable coinpany'5 employees and nuinei'ous volunteers to deliver the Iniiltiple achieveinents desci'ibed abovt. 13 THE ASSOCIATION OF JEWISH RKFUGEES (AJR) TRUSTEES* REPORT {eontlnued) FOR THEI YEAR ENDED 31 DECEMBER 2025 FINANCIAL REVIEW SOFA Owillg to njovenients it] specific categories. toral income foi. 2025 was 4°/0 higliei. that) tliat of 2024. Donatiotts and legacies, at £0.5in, wer¢ down 44% against 2024. We da not budget for legacies due lo dJ¢ir iinpi'edictable nature. We are exceptioi)ally grateful to ouy in¢mb¢iB who reinefftber us in their wills. Tlie giant we ieceived fmm the C14iins Coiiference foi. our iiienibeiE was £7.8ih, I l / higher than 2024. Tliis enabled us to increase our social a#d w¢lfai'e activities. li) 2025 £10.2m was spent on goei&l and welfare activities, inci.ease of 71/0 fiDm 2024. Oui. investments made a gain of £1,179k ill 2025 (£700k 20241. T]Je incoyne generated by Ilie inve5tinertts in tlie fonii of interest and dividends was £308k in 2025 {2024.. £363k). Maykets perfo1.￿ed better in 2025 tlian 2024 but, stai'ting in IttE¢ 2023, tliei'e was 8180 a Sts'ategic inove to reduc¢ tljt i'isk pJDfilc of the eharitable company's invesljnents.. Reserves Ai tlie balance slieet date, total reserves stood at £17.0rn12024.. £18.Ini), all of wlii¢li is uni'estricted. Tlie Trustees se¢k to ensure tliat tlie level of reseives of the diaritable conipany is suffi¢i¢nl lo fund the pi'ovision of ils seivices foi. tli¢ fvr¢bee(ible futui'e, indepeiidenl of gi'ant incoin¢ which is not guarallteed. Tl)¢ costs of tli¢ diai'itable eonipattyi including 81'atsls, are lunded by incoiiie atLd cash reseives. Following a strategsc irview of its actAvities gnd COlliLllltnienl&, Ihe Ti'ustees adopted a new sti'ategic plan in 2024. CuJ)9ideraLion was given to th¢ deniogi'apliic profEle of Ilie llienibersliip of dic cliai'itablc cojiipany a￿d how thai w&s likely tv challge over the llext tive years. Tlie-l nwl¢es cDnsidei' Ilie level of cun'cnt rcscives to be sutTEcienr to fund the re4UlI'tnients (Jf die fii'st-gencrntion nieinbers OV¢T the inediuin tern). Ag oiii. dem￿g￿p11Y cvolvcs, we will give eottsideralion to the level of suppoi'l to be I￿ade avaslable to tlie next generalions, alongside our otli¢r prioiities. Investment pollcy Tlie policy of tl)e charitable company is to retain cash balances siifficielll to Enanage tl)e day-to-day woi'kihg capital of the entire Uinbi'ellJ Gro￿1) witli i"espebi ￿ Clainis Conference aLtivity as well as its own outgo1￿gs. Cash balances abovc this level zi'e placed witb d)e ch81'ifable eoinpally's invtstmcnt iiianagcrs, Ratliborte Inveslment Manageinent LÉmited and Riiffer LLP ("tlie Monagers"), to wlioll) the iuvestinent of the fimds of tlie cliaiitable coinpany is dele8ated on a dis¢ictioJ]ary basis. The bi'oad objectives in ielalion to tlie investinent of tlie assets. wetr and will reniaiti tEie iiianagement of investsneDts for a balan¢¢d combinatioi) of ineome ai)d gi'owtli, i'eviewed periodically by tlie InvestmeAt Coinmiltee and ils advisors, aThd, niakiijg oi. varying tlie investinenls, ensuring tliat the managers have i'egai'd lo tlie following ei'iteria.. tlie siiitability of any pai'lieular it)v¢slii)ellt p¥opoged to be made oi. ietained. the need for diversification of the invesln?ents as far as is appi'opriate to the circuinstances of the cl)atLlable eoinpany. In i'elatioll to tlie above ci'itci'ia, the total value of ihe net gssels of tlie eliai'itable coinpany at tlie yeai'_end was £17.Om, of whieh the investinent porlfolio aTnoiinted to £16.Iin. Cash lield on deposit reduced to £2.Oill. Tlie Trllslees wei'e satisfied witli tlie perfom)ance of the portfolio in tlie year. Tl)e Tiustees have Agi'eed pei'foi'iiiallce ben¢liiii8¥ks for tlie Jiianagei% as detailed below.. Ratlibone.. PIMFA Balaneed IPei%onal Inv¢stynent Manageinetit & Financial Adviee Associalioji) Riiffei.: An absolute retiirn approaeli witli tlie twin objeeiives of not losing value iii any I￿1[lI)E twelve-n)onth period whsle gl'owing fuiids at a highei. l'ate tlian would be acliieved by investitig in easli. 14 THE ASSOCIA TEON OF JEWISH REfuGEJ£S (AJR) TRUSTEEI S, REPORT {contlnued) FOR THK YEAR ENDED 31 DCI CEMBEI R 2025 FINANCIAL REI VtEW {eontinued} Jnvestmeiit policy (eontanuedl The eliaritable conipany does not genei7lly acquii'e illvesimellls in tnarkets where markctability ig Iktiiited. Thei'e al'e no tax or legal cottstlBinls wliich affect tlie ¢oiintri¢¥ oi. jurisdiciions ill whicli the llLveslments are held. Dui'ing 2025 the Riiffer fiittd was liquidated, and tl)ese funds wei'e passed to Ratlibones to Jmanage. Fundr4ising Tlie cliarivdble coillpany does not solictt funds via t¢lq>l)one, einail, dll'ect Inail oi by iisiiig thii.d party commei'cial fundraiseiE and does not fumdraise via a general call forsuppui'l. The eliai'iEable con)pany is committed io being %¢countabl¢ aiid Jesponsible and, sliould lis fund12ising appi'oacli change in the fiitur¢, will r¢gi8ter witli tlie UK Fiindi2isingRegulator. Tlie cliai'itsble conipany itceived cottiplaftnts aboui funthaising aetivity dilri1￿ eitlier 2024 or 2025. FUTURE PLANS It is intended tliat the eharit&ble eoinpany will Continue lo support the needs of Jewisli victims of Nazi oppi'ession witli a rangc of seiwices at)d to support appropriate edu¢ational and comintnioi'ative tnitiatives i'elating to the Holocaust. Thc hai'itable company is continuous dialogue with tlie Claiins Confei'eDce relating to oDgoillg fulldillg, An ittcrease in global fi]nds h8s alirady been negotiated and Agi'eed between the Claims Confeience alld tlie Gerllian Fillance Nlinislry for 2026. Global funds are anlicipated to start to i'edu¢¢ froin 2027 ollwaixis as the nuiiibei. of first Eenei'ation sllrvivors and rcfugee decline. Dui'ing 2024, the Trust¢e6 c8l7.ltd oul a strategie i'eview to detevinine tlie nataj'e aiid direction of its operations ovei. tlie next five ye￿￿. Reflected ID Ili¢ updated sti"MlesTiC plaR) tkne clydi'ilable coinpany resolved tiiat IL will conttnu¢ to.. Sllpport tlte fu%t geneiation of swvivors and I.e￿geeS Develop seivices attd activities ftri. tlie second and subs¢qiient genei'ations Sponsor Holocaust eoi)Iinemoi'ation, teacl)ing and lean)ing, including tlie deploY￿ent of the chai'it8ble coinpany's own educational resources. 15 THE ASSOCIATtON OF JEWISH REFUGEES (AJR) STATEI MENT OF TRUSTkES' RESPONSIBILITIES Tlit Tr￿Ste£S (who al'e also the Dii'ect013 of The Association of Jewisli Rethgees (AJR) for tlie purposes of coinpally law) air responsible foi. pi'ep&i'ii)g tlie Tiiistees, report and tli¢ financial slat¢m¢nts accoixiance willk applicable law and UK accounting standai'ds (United Kingdojll Generally Accepted Accounting Practice). Charity law Jrquiirs tlie Tiustees co prepare finailcial statejnents for ¢ach fInancial year wthich give a knle and fair View of tlie stat¢ of affai13 of the cl)aiitable company and of the in¢oJiiinB )'¢soiiires and application of i'esouyces, including tlie in¢oikne and cxpellditure, of Ilic charitable coIiipany for tliat period, In pi'eparillg these financial slateinci)Is, tl)c Tnistees al'e required to.. Select suitable aceounlÉllg policies and tl)en apply tl)¢tJi consistently. Observe the niethods and prillciples iii tlie Cliai'ities SORP; Make judgi￿entS aiid estiniates that are i'easonable and pwdeni., State wl?etliei' applicable UKaceoutLung slandai'ds have followed, subjectto anyinalerial departures disclosed and explained in the finaticial statetn¢llts,' at]d Prep&re tlie financial statemenls on the going conethn basis unless it is inappi'opriate to prcsume th2t the cliaritable company will continue ik business. Tlle cl)&ritabl¢ conipany's inve8tmen18 and liquid resoui'ces ai'E Such that at any tiine tl)ey can be converted Knto casl) and tlius enable it to Ineet its liabilities and coniinitmcnts as tliey fall due. Tl)e Trustees are responsible for keeping adeqllate accouiiting records that are su¥fi¢ient to sliow and explaÈn the cliarilable company's trnnsactlons and disclose witli reasonable ac¢ui'&cy at any tiine tlie financial posilion of the cliai'itablt coinpany and enable Ili&n to ensui'e tliat tlie financial slaleinents Comply willi tlie Companicg Act 2006. TEiey are also I'esponsible for saftguardiiig the assets of the eharitable coinpany and lience foL lakÉngreasonable steps for tile pi'eventioi) aiid detection of fraud alld otlier irregularities. Tlie Tnistees are i'¢sponsible for tlie maintenance and Inte￿.ity of the corporate f￿anCIal informaliun iiiLluded on th¢ chai'itable company's website. Legislation in the United Kingdom goveA'ning th¢ pi'eparation and dE&Sein￿￿t10n of financial statejnents Inay diffcr fi'oni legislatioii ift other jurisdicttons. The Tiustees l)ave peiinitled the auditor to undertake whaiever inspections it consideiE to be appropi'iate for tbe puipose of enabting tl)e auditoi. to give its aiidit opinion. As far as each of tli¢ TJNstees is aware 8t tlie tsnie ilie report is approved.. there is no ielevant audit infomiation of wliicl) the eharitable company's aEidi¢oi is unawai'e. and tlie Trustees have taken all steps that they ought to have taken to make tliemselves aware of any Irlevaiit audit infortnation Ind to establidi tliat tl)e auditors are aware of that infoniiation. APPROVAL This iepoi't was appiY>vcd by Ihe Trustees on belialf by.. .and signed on theii. M Kaiy OBE ChaiJ'in&n 16 tNDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ASSOCIATION OF JEWISH iIEf4 UCEES (AJR) Opinlon We hav¢ audited tlie financial stateinents of tlie Association of Jewisli Refmgces {AJRI for the year ended 31 Decelliber 2025, whicli coinprisc die StatetnenÉ of Finaticial ActEvitics, the Balance Sliect, Casli Flow Stateine￿I, and n()tes t<} die financial stitetLients, including a suiwnary of sigtkific2nt accounting poli¢ies. The finallcAal r¢poi'ting fTaittewoi'k that l)as been applied in tlTreii" pi"eparation is applicable law and United Icingdoitt AccoiintiMg Stalldards, ineliiding Finaneial Repoi'tiiig Standai'd 102 TIIE FiiiaiieialRepoi'lEngSiaiidL71.dapplic&ble ifvi ilie UK andRepiibli¢ ofJJéland{United Kingdom Generally Accepted AccouE)ling PIBcti¢e). In 0￿. opinion, the f*nane&al stateinents.. give & t￿¢ and fair view of tlie slate of the cliai'itable conipany's affai13 as at 31 Decembei. 2025 and ol the ¢liarilable ¢ompaiiy's i)et Inoveinent li) funds, ineludiiig tbe iiicoine arld expenditure, for tlie year then ¢￿ded., liav¢ been propei'ly pi'epared in accordance with United Kingdoin Generally Accepted Accounting Pixcti¢c', and IIAve been prepared iti accordance with tlie i'equirements of the Coillpanies Act 2006. Basis for opiiiion W¢ ¢onduckd our audit in accoixlallce witli Tntei"national Standards oll Auditing (UK) {ISAs (UK)) and applie&ble law. Oui. i'¢sponsibilities urtdei- tliose standards aye ￿l*hel. descj'ibed ii? tlie Auditor's responbibiliti¢s for the &uditof the financial stateinents section of our i'ep)rt. We ar¢ independent of tlie cl)8rilable con)pally in UCLordaii¢e witli the ethical iwuii'emenls tEiat are rel¢vallE to oui. audit of tbe finaDeial stateinents in tlie UK, including the FRC'S Etliical Staiidsrd, Ind we liave fulfilled oilr otliei. etliical irsponsibilities accordaiice witli tl)ese requirenieiits. We believe tl)at tlie aiidit evideAce we k&ve obtained is sufficient and appropi'iate to provide a basis foi. oui. opinion.. Conclusions i.el￿ting to golng concer In auditing tli¢ flnancial staiemellts, we l)av¢ eoncluded tltht tl)e Trustees, use of the going conceiTh basis of aceounting in the preparation (Jf tlic finaneial stateinents 18 appi'opriate. Based on tl)c work wc liave performed, we liave not identifLed any material unce¥tainties I'elating to events oi. coThdÈtioi that, i1]dividually or collectively. may cast significant doubt on the cl)arilable cump¢iny's tibil￿ty to continue as a goiiig eonceim for a pei'iod of at least twelve months from when tbe finaDcial stat¢mettts are authoi'ised fr)i' isslle. Oui. responsibilities and the responsibilities of the Tiustees with i'espect to going eolleern are d¢seribed in the relevant sections of tliis Yepoi't. Othei. irtformatio I'lie TIuste¢s al'e ii%pansible foi. the other inforinaliott. Tlie otlier infoiniation conipi'ises tlie inforinatioii included in tbe 1'rustees' Annual Rcpni't. Our opinion on Ilie finaiici31 statements does not ¢ovei' tlie otliet iE)forina¢ion and, except to the Cxte￿l otlienvisc explicitly stated in our repoi'l, we do llot expiess atty foi'iii of 2sSULance concliision tIl￿'e01j. Ill COTITLe¢tion willi oui. audit of the fitsan¢ial stateinei)ts, oui. responsibility Is to l'ead the otlier infoiination aE)d, in doing so, consider whetlier tlie othei. inlomialion is Iiiatei'ially ineonsistent with the finallci&l stateineiils, oi. our knowledge obtained IN tlie aiidit or odieiwise appears to b¢ inaterially misstaied. If we identify sucli maiei'ial inconsisteiicies or appat'eni matei'ial Inisstatein¢nts, we are required to detei'inine whetliei. tl)ere is a inalei'ial tnisstat¢ment in the financEAI statements or a iiiatei'ial *nisstateinent of the othei. ￿rOMIation. If, based on tlje woi'k we have performed, we concknde that there is a matei'ial Inisstatejnent of this ot]iei' illfoi'iiiEtion, we al'e i'equii'ed to i'epoii that fact. W¢ I￿ve nothEng to poll in tliis regai'd. INDEI PCI NDII NT AiIDITOR'S REPORT TO TEtE TRUSTEr ES ofi THE ASSOCIATION OF JEWISH REFUGEES (AJR) Opinions on othei. matt¢rs prescrlbed by the Comp&nie$ Act 2000 In our opinion, based on the woi'k U￿del￿aken kn tl)e ¢oui'st of the audit: the infoiination given in tlie TLUStces' Annual Report {whicli incorporates tlie sliEtegic report aud tkne éirectois, repoitl foi. tlie financial year foi wliicli tlie financial stolen)¢ntS Are pi"epared is consistent witli tlie financial stalemeots. and the sti'ategic repoi* atjd tli¢ diirctoi's, report included witl)in tlie Truste¢s' Aniiual Repoit lias been prepared in accordallce witli applicable legal requii'eniertts. Responsibilitle5 of Trustees for the finRnci&l gt*tements As explained mol'e fiilly in the Trugtees, responsibilities s￿lement set oiit on page 16, tlie Trustees {wlio 8IE also tl)e directoi's of the Charitable cotnpany for the puJ'pose8 of coiknpally lawl are respotisible foi. t]ie prepEI'ation of the financial stalements and foi. being satlsfied tliat Iliey give a trne and fail. view, and for sucli internal Contt'ol as the Trustecs deteiTrine is neeessary to enable tlie preparation of financial stateinejits tliat are fl'ee from material misstatement, wlietlicA' due lo fraud or ei'inr. In preparillg tl)e financial statements, tlie Tiust¢es al'e r&8ponsible for assessing the cliaritable cojnpany's ability to continue as a going concern, disclosing, as applicable, mattel's irlaied to going eoncei'n and using tlie going eollceim basis of accouniing uttless the Trustees eitliei. intend to liquidat¢ th¢ chai'ktable Col￿partY OK to c¢as¢ operations, 01'11ave no i'ealistic alterntsiive but to do so. Audltor's I'esponsibilities fol. the Audit of the financilll statements Ollr objeetives are to obtain i'easollable a5SLii2ncc ahaut whctlici. the finartcial statements as a wl)ole are free from material misstatement, whethei. du¢ to fi'aud orerror, and to is%ue an auditoi S Tepoi't tliat includes oui. opillio￿. Reasonable assurAnce is a Iiig]i level of assurance but is nol a guarantee that an audit conducted ill accordance wit]1 ISAS (UK) will always deteci a matei'ial misstatem¢nt when it exists. Missiatcmcnts can a¥ise froill fraud or eri'or and are considered material if, individu811y oi. iii the 8g￿.cgate, diey could i'easonahly be expected to influence Ilie economic decisions of useis taken oi) the basis of these financial state1￿¢￿t&. Irregiilai'ities, including fraud, sre llistallces of i)on-coinpliance witli laws and i'egulatioi)s. We desig￿ pioceduLes in line with oui. i'eswnsibiliti¢s, outlined above. to detect n)atcrial InisstateiJettts in i'espect of iri'egulai'itses, illcluding fi'aud. The extent to which oui. p￿￿ed[li'e5 are capable of dcteeling iiycgularilies, iacluding fi'aud is detailed below: Based on oui. underslanding of the cliai'iteble coi)IPAny and tlie envirottnieE]t in wl)ich it opei2tes, we identified tliat tlie pi'iiicipal i'isks of non-coniplian¢e with laws attd i'egiilations related to the legal &lld i'egulatoi'y i'equsi'eniellts pei'tainirtg to regislei'ed cliÉll'ities, aiid we Considei'ed tlie extent to wliidi noii-eonipliance iniglit liave a inat¢iial effect tlie financi*l stateincnts. We also consid¢i'ed tliose laws and ¥egulatioiis that have & diLtCL llnpacl on ihc pi'eparaiion of the financial statements such as tlie Coiiipai]ies Act 2006 and tl)e Ch8rities A¢t 2011, and other factoiE siicli as iiicome tax and payi'oll taxes. We evaluated Inanagement's in¢¢nlives and oppoilunities foi'fi'audulent manipulaiion of tlie financial statei)ieiits lii)cluding th¢ i'isk of ovei'i'idt ofcontrols) ai)d detcrmined that tli¢ pi'incipal rislis weiE iclatcd manual accounting joui'iials. Audit procedllres pei'foinied by tlie engagetnent team Incl￿ded.. Inspecting Co￿espondelI¢Q with iEgulatoi% and tax autlioi'iti¢s', Diseussiolls Witl) iiiaiiag¢ment illeliiding ctsnsideration of known oi. suspected instances of llon-compli8nce witli laws and regiilgtion and fraiid., Evaluating iDanag¢tnent's collts'o15 designed to piEveni 2nd deieet ilTegulai'ities; Identifying and testiog joui'nals, in pai'li¢ulai' jouriial ¢nlries posted witli wiusual account coiiibinations, postings by uniisuAI usei's or witl) unusual des¢i'iptions' and Cliallenging assuinptions alld judgements iiiade by nianageELient in tlieir eritical a¢countillg esliniate 18 INDEI Pfi NDJ£LYT AUDITOR'S REPORT TO THE TRUSTEES OF'fHE ASSOCIATION or JEWISH REFUGfES (AJR) A fiirtli¢i' desei'iption of allr resporksibilities for tlie audit of the f￿anCial statenients is locgt¢d on tlle FiEiallcial Reporting Council's website at.. www.flr.org.uklauditor￿.esp0nSibI11ties. This desci'iplion fonns part of our auditor's report. Because of tlie ii)liei'etit limitations of all audit, Ihere is a rislc that we will not detect all iiYegiilaTilies, ittcluding tliose leading to a matei'ial i)iisstateinent Ilie financial statenients or non-compl10￿¢t witli irgulatioll. Tliis risk illereases tlie iiioir tliat coinplianee with a law or i'egulalion is reinoved fioin the events and ts'ansactions reflected in tlie financial statements, as we will be less likely to become awai'e of insrallees of non-compliance. Tile rssk Es also greater regardiiig iYregulaJiti¢s occuri'iKg dlle to fraud rathei. tl)an errol., as fi.aud involves it)tentional concealnienll roi.ge￿y, collusion, omission oi. misrepresentation. Use of our i'eport This report is made solely to the chai'itable eompany's Eneinbers, as a body, in accoi'dance witli Chapt¢i' 3 of Part 16 of tlie Companies Act 2006. OUT audit work lias been iinderiaken so that we miglit stale to the ¢hai'itabl¢ coiiipany's inenibers those matteiE we are requii'ed to state to tl)em in an Auditovs i'eport ai)d foi. no otlierpuipose. To tlie fvllest extent pei'mitted by law, we do not accept oj'assuine responsibility 10 anyoneotiier tlian the ch￿'Itable ¢onipally and tlie Ch￿'Itable coillpall￿S members, as a body, foi. our audit work, foi. tliis repoi'l, or for die opxnions we bave foiJned. Adaill Ilalsey (Senioi Sialutaiy Auditor) For and on behalf of H2ysMacLLP, Statutory Auditoi's 10 Queen Sti'¢el place Londo EC4R IAG 2310612026 19 THI ASSOCIATION ort JEWISH REFUGEEI S (AJR) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YKAR NDED 31 DEI CEMBEIR 2025 2025 Total Funds 2024 Total Funds Uni'estrieted Fund5 RestrActed Funds Notes Income from: Donations alld legacies 467,112 467,112 835,700 Charitable aetivities.. Grants for welfai'e work Socilll and welfai'e activities Othei grallt incoliie 14 7,758,987 7,758,987 9,579 44,745 6,948,055 8,512 78,347 9,579 44,745 Subsci'iplions lllvestinents 47,614 307,814 47,614 307,814 45,543 363,201 Total 876,864 7,758,987 8,625,851 8,279,358 xpenditui'e on: R&isiTLg funds 74,406 74,406 71.528 Cliaritable activities.. Social and welfare activities Education81 activities 2,483,055 579,069 7,758,987 10,242,042 579,069 9.533,531 618,621 TotAI 3,136,530 7,758,987 10,895,517 10,223,680 N¢t expenditui'e befoie gains i illv¢stments (2,259,666) (2,259,666) {1,944,3221 Net gaills on illvestiiients 1,178,962 1,178,962 699,990 Net e%penditui'e and net movement In funds {1,080,704) {1,080,704) (1244,3321 RECONCILIATION OF FUNDS FUND BALANCKS IIROUGHT ATORWARD 18,126,889 18,126,889 19,371,221 FUND BALANCES CARRIED FORWARD 17,046,185 17,046,185 18,126,889 All gains and losses tecognised ifL tlie yeav ai¢ included irt tlie Stal¢in¢nt of Financial Activities. All tt'aThsactions are detived froni continuing aclivities. The note8 on pages 24- 34 foi*i part of these fil￿ncIal statements. -20- THE ASSOCIATION ofi JEI WISH REFUGEES {AJR) STATEI MENT OF FINANCIAL ACTIVITIL8 FOR THE YEAR ￿NDED 31 DECEMBEII 2025 Comparative 2024 Totol Fund5 U￿1'estriCted Restrlcted Funds Funds Notes Ineome fi'om: Donaiions and legaeies 835,700 815,700 Charitable activities: Gi'ants foi. welfai'e work Social and welfai'e activities Otlia. ￿￿ttt ineome 14 6,948,055 6,948,055 8,512 78,347 8,512 78,347 Subscriptions 45,543 45,543 InvestmcELts 363,201 363,201 TotAI 1,331,303 6,948,055 8,279,J58 E%pellditut'e on: Raising fund$ 71,528 71,528 Charitabl¢ 8ctivitie$: 8ncial and welfair activitie$ Edu¢atsonal activities 2,585,476 618,621 6,948.055 9.533,531 618,621 Totkl 3,275.625 6,948,055 10,223,680 Net expendilui'e before gaills on tnvestments {1,944,322) 11,944,322) Net gains I Ilossesl 011 illvestinents 699,990 699,990 Net expendlture net movement iii funds {1,244,332) 11,244,332) ii&CONCILIATION OF FUNDS FUND BALANCES BROUGHT iroRWARD 19,371,221 19,371,221 IruND BALANCfiS CARRIED FORWARD 15 18,126,889 18,126,889 THE ASSOCIATION OF JEWISH REFUGEES (AJR) BALANCE SHEET AT 31 DEC£MBER 2025 Company Numbtr: 08220991 2025 2024 Notes FIXED ASSETS Tangible assets Investsrtents 34,526 16,070.117 59,155 15,OS2,320 16,104,643 15,141,475 CURRENT ASSETS Debtors Casli &t barLk aiid in l)3nd 1,956,381 2,025,891 2,506,719 3,656,732 3,982,272 6,163,451 CURRENT LIABILITIES., Cr¢ditoYs'. attjoiillts due within Qll¢ yeai 13,040,730) (3,178,038) NET CURRENT ASSETS 941,542 2,985,413 NEIT ASSETS 17,046,185 18,126,8S8 FUNDS Um'¢stricted 14 17,046,185 18,126,888 Resti'i¢led 14 17,046,185 18,126,888 AppToved and auiliorised for issue by tl)e Tiuste¢s o aiid signed on tlieir bel)alf by.. 2026 M Kai'p OBE Chaii'mat The notes on pages 24- 34 form part of these ftiianci&l staienienis, 22- THE ASSOCJATION ofi JEWISH RCI FUGEEI S {AJR) CASH FLOW STATEMEI NT FOR THE YEAR ENDED 31 DEI CEMBEI R 2025 2025 2024 Cash flows from opei'Ating Ictivltles: Net cash (used in) opeJ'&tsng aetivities {see beloiv) 12,131,127) (161,219) Casli flows from investing &ctivities Dividcnds and itsiei'esl fi'oin investments, rentAI incoine and otlier investment incoine Ji'cliase of propeKty, plaut al￿ quipmeiit Proceeds fi'oin sale of invest￿entS Purcli&se of iAvestii)enls Movernent in cash awaiting illv¢stmellt 307,814 363,201 (30,119) 32,892,856 {29,939,706) 11,288,525) 38,778,433 (39,952,071) 1,366,110 Net C4slI proylded by investing activities 500,286 1,997,707 Change irt e#sh And eash equivgleTrts in the year (1,630.841) 1,836,488 C4sli and cash eq￿1valentS al the beginnkng of t]ie yegr 3,656,732 1,820,244 artd cash equlYaleDts at end of the year 2,025,891 3,656,732 2025 2024 Nel expenditut'e foi. the yefti. (per StAtemenÉ of Fiinanelal Actavities) {1,080,704) (1,244,332) Adlustments for: Dcpirciation Disposal af tanRible fixed assets Lossesl{Gains) on invesunents Dividends and Interest (ttkcrease)Ideci'ease in debiors Increase in creditors 23,951 1628) 11,178,961) 1307.814) 550,337 (137,308) 29,134 1699,990) 1363,201) 1,705,079 412,(Vg1 Net cash used itt operatlng activities {2,131,1271 (161,219) Analysis of c&8h Rrtd eash equlvalents 2025 2024 Casli iri liaijd NDti¢¢ deposits Ilesg than 3 mondi8} 1,025,891 I,(￿0,000 2,656,732 1,000,000 2,025,297 3,656,732 ADglysis of chaiiEes in debt AsatOIIOlllS Ca5htlows As at 31112125 Cash 3,656,732 {1,631,435) 2,025,297 ie notes on pages 24-34 foin) parl of tl)ese fijaneial si&ten?ents. 23- THE ASSOCIA TION OF JEWISH REFUGEES (AJR) NOTEI S TO THE ACCOULNTS FOR THE YCI AR ENDEI D 31 DEI CEMBKR 2025 ACCOUNTING POLICIEI S Tlie pi'iiicipal accountiE]g ptrlicies adopted, judgeinents and key sources of estitnation and unceilainty in the preparation of tlie flliancial 8lateiiients ai'c as follows.. B&sls of pi'eparlltion Tlie fInancial st&teiiients liave been pi'epared in accordance wich Accounting athd Repoi'ling by Cliai'ities.. Stateinent of Recoinniended Pi'acÉice applicable to cliai'ities pi'eparing Ilieir aecout)Is in aeeoi'dance witl) the Finat)cial Repoi'ling Standards applicable in tlie UK and Republic of li'eland IFRS 1021- Cbarities SORP {FRS 102), seeot)dedition- Oetober 2019, and tl)e Coinpanies ACE 2006. Tlie aeeouttts are pi'esenied in UK pound sterling attd are rounded to ihe neai.est pouttd. Golng Concern Thc Tyuslccs liave assessed the charitable company's requiiEinents for tlie near future and are confident tliat sufficiejjt fiinds will bt available ta enable opei'&tions to eorttinue at a susla1t￿ble level foi. a pei'iod of al leasi 12 months finin tlie date of approval of tlicse flnancial 8tatements. Tlic cliai'itable cotnpany tliei'efoi'e coiitiniies to adopt the going concem basis in pi'epai'ing its financial %tatcincnts. Tiie Trustees cohsider Ihei'c al'e no matcrial uttccitsinties about Ilie chai'itable company's ability to cOntin￿e as a goijig colleei'rt. The f￿811¢181 8￿teMentS do lloi inelude Liie adjustiknents thai would I'esult if Ilit cliat'itable coinpany were uiiable to eonLinue as a goitJg eoncern. The 2026 budgei froni the Claims Confei'Ln¢e lias bccn coiifii'ined Aiid casli flows prodiiced to tl)e end of 2027. Publie benefit entlty The Associ&lion of Jewisli Refugees {AJR) In¢etS tlie d¢finitiot] of a public benefit ¢ntity uiid¢i' FRS 102. Legal status The Associalion of Jewish Rcfugccs (AJR) i8 a conipai)y limited by guaiantce witliout shar¢ capitAI. In tlie event of the charitable company being wound up, the liability iii r¢$pecl of the guarantee is liinitgd to £1 pa. *ll￿nber of th¢ cliai'itable company. Ci'Ftico1 xccountlng Jiidgements ￿tIMAte$ lil prepariiig tl)ese fin%ncial 8lateincnL%, tlic Tiustees have made judg¢ni¢nts, ¢stimatcs and assuinptlQll$ tl)at affect tl)e application of the ¢haritable £oniDany's accou￿ting policics and tlic rcported assets, liabilities, income, and expcnditutc and tlie discfiosui'es inad¢ in Llic financial statcincnts. E8liiiiatcs aiid judge1￿Cl11S ale collttni￿I1y evaluated and al'e bascd Oll hislorical expegience and other fact013, including exiicctalion8 of fvttiir cvenls tl)at ￿'e beli¢ved to be Yeasi)Jiable linder tlie ¢irciilnsian￿. Tlie niain ¢i'iti¢al aecoiinting judgeincnt aiid estimate ilie cliai'ity lias 18 ll)e rc¢og￿it1on of legacies income. Income All incoining i'esoiiyces aye included in tlie Statenient of Financial Activities when tlie ¢hai'it&bl¢ ¢on)pany lias ¢ntitlement to inconit, it is pi'obable that tli¢ incoiiie will be received, and tl)¢ amount of income iEGeivable Can be 1Th￿Sured i'eliably. Donalions al'e aceoiinted foi. in tlie yeai, ill whieli they are Irceived. LegacEes are iEcogDised when die ci'itei'ia of entitlement and probability al'e mel, and the legaoy can be qiiantEfied witl) J'easonable accui'acy. In delei'niinittg Ilie amounts I'ecognised at tlie balance sljeet date, tlie ti￿stetS have regai'd to ac&ial receipts subsequertt to tlie balartee slieet dale togetliei. with any otliei. tvidenee siipporting recognitiort. Grai)ts are I'eeognised in full in the statement of financial actLVlties tlie y¢ai' in wliich tlie cliaritable coinpany l)as entitlement to the income, aiid when tlie anioiiiit of ii)¢ome ieceivabl¢ can be nieasllred I'eliably and tlieie is probability of receipt. Nvheie tlie cliai'ilable company a¢ts as ali agent, that elenient of the grant is not recognised. See note 17, In¢oine due fi'oin legacies siibject lo life iei)ancies is considered oll Ihe tei'mination of those life teiiancies, Investment income is recognised on a receivable basis and wlien the ainoiints cai) be ineasured Irliably. Dividends are iecogi)ised once the diyidend h85 beeli declared and iiotification lias been Irceived that the dividend is due 24- THE ASSOCIATION OF IVISH REFUGEES {AJR) NOTES TO THE ACCOUNTS Icontlnued) FOR THE YEAR NDXD 31 DECEMBEI R 2025 ACCOUNTING POLICIES (continued) Expendltui'e Liabilitics, incl￿ding iri'ecovei'able VAT, are recognised as expenditui'¢ as sooii as theie is o l¢g81 oi. constriictive obligatioii comiiiiitiiig tl)e charitable compatky to Iljat expenditui'e and it is probable tltht settleillent will be iequired, and tlie an)ount of obligation can b¢ mea5uYed r¢liably. RaÉsing ￿lldS compi'ises tlie costs associated witl) g¢rLeratittg volui)taiy inconie and the investment Inanagemenl fees. Cl)artlable expendittii'e includes all direct expendiiuir, illcluding staff costs wliich are dii'ectly attributable to activities, as well as g¥ant expendityre. Support costs, whiel) include gov¢rllance costs, 8Lf apportiolled to charitable kctivsties tlie basis of time allocation of staff P¢Tfoiining suppoit functiolls. A suii)niary of suppoi't ¢osis is provided in note 6. Supporteosts liave been allocated be¢ween governance costs and othersiipportcosts. Goveinance activities coniprise oi'ganisational adJiiilli5tratiOJL and coinpliance witli Consti￿tiOnal and stattitory i'eqiiirements. Costs include direct costs of external aiidit and pi'ofessional advice including Icgal fees. Gi'ants payabl¢ al'e cliai¥ed to tlie Stat¢rllent of Financial Activities in the yeai. in which the offer5 of siieb grants are made. E￿ployee beneflt5 Shoi't-tevm beneflts Sliort tej.1￿ benefits including holiday pay al'e J'ecognised as an expense iti the pei'iod ill whicli the s￿VICe is IEceived. I mployee termlmation benefits Tetininatioll knefiis al'e account￿ fol. on an acciuajs basis 2nd in line witl) FRS 102. Pension seheme Tlie AJR operates a defined Lonti'ibutiot) pettsiott scl)eiMe foi. tlie benefit of its cmi?loyees. The ass¢ls of the sclieitte al'e keld indepelldelltly fi'om tl)ose of Ilie charitable conipatLy in an adinii)istered fund. The pension costs cliai'ged iii tl)c fuiaiicial stat¢iiieiits I'epi-esent tlie coNtL'*iJutlOllS payable dui-iiig tlie yea¥. Foreign curi'ency trAn8lation The oliai'itLble company's ￿nCtIonal and pi'esenlation Cuirency is pouiids stei'ling. Moi)etary assets &nd liabilities denoniiiiated in foi'eign cw'rencies aye traiislated into 5teA'ling at tile rates of excliang¢ ￿ul[lig at the balattce sheet date. Transactions in fo¥eign currcncies are i¢corded at the l'ate iulsng at ll)e date of tlJ¢ ti'ansaclion. All diffei'¢nc¢$ are ircogniscd in tlie Statejnellt of Financial ActiYiiie&. Oper&tiRg leases Opei'aLiDg lease rentals air eli￿.ged to tlie Statement of Financial Activities on a sts'aight-line basis ovei. Ilie terD] Df the lease. T&ngible fixed fi5sets Tangible fixed assets al'e a￿Oi1￿ted foi. at Iiistoric cost, less & provision for depj'eciation. Expellditui'e on eq￿ipment in ¢xcess of £2,5(K), is eLpicalised as a taiigible r￿ed assets. Depreciation Depirciation is calculatd so as lo write off the cost of tangible fixed assets as follows.. - Office equipinent Website Leaseliold iiiiprovernents 25•/0 8tiaEglit line 25è/0 StiasgEit line Over life of tlie lease 25 THE ASSOCIATION OF JEWISH REfi UGKIS (AJR) NOTES TO THE ACCOUNTS {eontinued) FOR TFIE YEAR EINDED 31 DEICEMBER 2025 ACCOUNTING POLICIES {eontlnued) Investments Inv¢stineiits are a form of basic financial in5tiuinents and ale inttially shown in the financial statem¢nls al Diarket value. Mov¢inet]t8 in tlie mai'ket values of investtnents are shown as uni'ealised gains and losses in the Slaterlle￿ of Fiiiat)cial ActivitL¢$. Profits atid 105ses Oti the realisation of investments are shown as realised gains and losses in the Stateintnt of FirnallcKal Activities. Realised gains and losses on investst)ents reflect ttse differen¢¢ b¢tween sales pitsceeds and theii. opening carrying values or tlieir purcliase value if acqiiired subsequent to tl)e first day of tlie financial year. Unre81is¢d gaitis alld losses tre calculated as the diffeien¢¢ between tlie fair value attheyeai. ¢nd alld Iheii. caTryillg value. Realised and unkealised iiivestinent gaiiis and losses are combiiied the Staieniei)t of Finattcial Activities. Financial instruments Tlie cliai'itable conipaiiy only has finaiicial assets aiid fi￿81]cial liabilities of a kind that qualify as basic financial instruinei)ts. Basic fittanetal instsiiments, in¢ludillg trade attd othei debtOLt and cj'editoi's, are initially ireogllised at Iraiisaction valiie, and subsequently Ineasured al theiL seltlenient value. Debtoi's Prepayinents al'e valued at the &mouut pi'epaid ￿et of any tr8de dI￿Ounts due. Accrned in¢onie 1$ valued at the expected an)ount. Casli at bank irt liaAd Casl) al batth and casli Ln liand includ¢s ca811 2nd short term Iiiglily liquid inYesttntDts. Credltoi's and provislons Ci'editors and provisions air Ircogniscd wliere the cha¥itable company l)as a pK5ent obligation I'esulting fiDlll a paslevent tliatwill pi'ahably result in tl)e transfei. of funds to a thii'd pai'tyaiid tl)e amout)t due to settle the obligation call beinexsiii'edoi. estiiiiatcd itliably. Creditors and provisiotis are nOin￿llY i'ecognised at tlieii'settleillentainount fter allowing for any ti2de discoullts due. Taxation Tbe Cliarity is ¢onsidered to pass the tcsts set out in Paragi?ph I Scl)edule 6 of the Firtence A¢t 2010, ai)d therefoie it nieets tli¢ defInition of a cliaritable eoinpany for UK Coi'poratioll lax purposes. Ac¢oi'dinglyJ the Chority 1.5 potentially exeinpt froin taxation iii respect of in¢oine or capital g&ins i'eceived within categoi'ies ¢oveiEd by Cliaptei. 3, Part I I, of tlie Coi'poration Tax Act 2010, oi. Section 256 of tkne Taxation of Cl)&iEeable Goins A¢¢ 1992, to tlie exlent tliat sucli kucotne tsi. gains are applied exclusively to cliai'ilable PULyoses. F￿ndS Gen6ral funds are uni'estrict¢d funds whicli are available foi-use &t tlie discretion of tlie TIMstees in fui'therance of the gene121 objective8 of the cl)ai'itable company and wliich liave not betii desigiiated for otliei. purposes, Restricted funds al'e funds wlii¢h ai'¢ to be used ii) a¢cordanct wtLli specifIc Irstrictions imposed by donors. -26- THE ASSOCLITION OF JEWISH REFUGEES IAJR) NOTES TO THE ACCOUNTS leontinued) FOR THE YEAR ENDED 31 DEcE￿￿R 2025 DONATIONS AND LEGACIEI S 2025 2024 Donations Legaeies 56,368 410,744 38,535 797,165 467,112 835,700 All donatioi)s and Icgacies in current and prioL' yeaiE were uttrestrict¢d. SOCIAL AND WELFARE ACTIVITIES 2025 2024 Meals on Whee16 Events and outings AJR Joumal 170 3,226 6,183 178) 4,430 4,160 9,579 8,512 All social at)d welfare activity llieoine in aii'i'ent and prior years was uni'¢slTLcled. INV&STMENT INCOME 2025 2024 Illterest L'eceivable Dividends 159,027 148,787 1 $6,835 176,366 307,814 363,201 All Investi￿C11t incoine in curirnt afid priol. yca¥s wa& ￿￿teStriCted. 27- THE ASSOCJATION OF JEWISH Rti f%UGEES (AJR) NOTES TO THE ACCOUNTS (conlinu¢d) IOR THE YE4 AR ]CNDED JI DKCEL MBER 2025 EXPENDITURE otliev dii'eet COSt$ Suppoi't Costs Dll'ect stAff Grants 2025 Social artd welfa¥e Day Centre Meals on Wieels Outreacli gTOUPS AJR Journal 1,006,256 7,492,640 618,430 8,188 266 63,659 91,883 716,070 5,722 5,807 37,078 25,034 9,833,396 13,910 6,073 271,746 116,917 171,009 Beiiefici*ry servlces 1,177,265 7,492,640 782,426 789,711 10,242,042 £1 du¢Atiortal aetivltles 200,419 299,453 55,806 23,391 579,069 C05t of i'thising funds 66,133 8,273 74,406 1,377,684 7,792,093 904,365 821,375 10,895,517 Compai'ative Othei- direet CO8t5 Suppoi't costs Direet staff Grants 2Q24 Socisl and welfare Day C¢lltir Meals on Wheels Outrea¢li ￿DUpE AJK 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 11,075 267,173 113,155 167,374 Benefici￿1'Y serviees 1,216,298 6,753,916 757,331 805,986 9,533,531 £ducational octiwities 157,352 304,004 134,744 22,521 618,621 Cost of rALsing funds 62,921 8,607 71,528 1,373,650 7,057,920 954,996 837,114 10,223,680 Welfare activities include dii.ecr payill¢iits to beneficiai'ies &inounting to £7,462,640 (2024.. £6,717,716) and a gi'ant of £30,(K)0 {2024.. £36,200) lo Belsize Squai'e Synagogue to suppoit its social work prograi))me direc(ed at Flolocaust survivoi's and i'efijgees. Dii'ect costs on e(hRcational activitics of £299,453 {2024.. £304,{￿4) include grartts as explained ill tlie TrL]Stees' Report. Siippoit costs include fees of£19.250+ VAT payable to the auditois foi. the statutoiy audit {2024'. £19,360 4 VATI. 28- THE ASSOCJATION ofi JEWISH REI FUGEES {AJR) NOTES TO THE ACCOUNTS (corttinued) FORIIIE YEAR ENDED 31 DECEIMBER 2025 EXPENDITURE {CDntlnued) ANALYSIS OF GRANTS Gi'ants to institutions Gi'snts to individuols 2025 Welfare progl'ani￿CS Educational activities 30,000 299,453 7,462,640 7,492,640 299,453 329,453 7,462,640 7,792,093 Con)pai'ative Gi'ants to institutions Grants to IndiYidu815 2024 Welfai'e progiamrnes Educaiionol activities 36,200 304,(K)4 6,717,716 6,753,916 304,004 340,204 6,717,716 7,057,920 FiiitheL' information oil ￿ZntS 10 ll1sti￿tiOns is set out itt tlie Trnstee repoit (page 13). 1112025 Uiei'e were 349 reeipiei)ts of individual grants (2024.. 302). SUPPORT COSTS Meals on Wheels Co$t of raising funds Social & Welfkj'e Day Centre Out- reaeh AJR Journ41 Education 202S Preiiiises 43,565 4,323 744 3,848 34 52,514 Offic¢ admÉnisti'ation Cominiinications 452,520 2,792 16,511 9,478 9,997 4,154 495,453 &PR 143,210 76,775 2,902 27 5,806 15,482 762 14,515 298 7,741 1,805 3,871 216 193,527 79,884 Govy) 35-