Company Registrat•on No. 08747913 (England and Wales} Charity Reglstration No. 1156248 JW3 Development Annual Report and Financial Statements for the Year Ended 31 December 2023 •ADBY7DL4* 1910912024 cO￿ANIEs HOLISE A25 #282 JW3 Development Legal and adminlstrative inforniatlon Trurtees Amy Dorfman Oenise Joseph Graham Harris Jonathan Barnett David Kershaw Charlty Number 1156248 Company Number 08747913 Prinfipal Address and Registered Office 341-351 Finch￿ Road London NW3 6ET Independent Audltor Saffery LLP 71 Queen Victoria Street London EC4V 4BE Bankers Lloyds Bank plc 39 Threadneedle st￿et London EC2R 8AU JW3 Development Contents Page Trustees, Report Independent Auditorfs Report 9-12 Statement of Financial Activities Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Stètements 16-24 JW3 Development Trnstees, Report For the year ended 31 December 2023 The trustees present their report and accounts for the period ended 31 December 2023. The accounts have been prepared in accordance with the accounting policie5 set out in note I to the financial statements and comply with the charl￿$ Mernorandum and Artbcles of Association. the Companies Act 2006, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applbcable in the UK and Republic of Ireland IFRS 1021. AIMS AND OBJEcfivES OF THE CHARITY The objectives of Jw3 Development are to support the aims and objectives of JW3 Trust Ltd (Companv Re8lStration Number 5679146- Charity Registration Number 11176441. specrfically to further those aims by raising funds in support of the work of Jw3 Trust. JW3 Trust operates JW3. the Jewish Communitv Centre London, based on Finchley Road in northwest London. Funds raised by JW3 Development are granted to JW3 Trust and it is through this grant making that JW3 Development undertakes it5 charitable activilies. IW3 Development's charitable objects also perniit the trustees to exercise absolute discretion to carry out other charitable purposes. BACKGROUNO TO JW3 JW3. Jewish Community Centre London, opened its doofs to the public in October 2013. It is the UK'5 flagship Jewish Community Centre. the only such public venue for Jewish arts, cultule. learning and community of it5 kind in the country. JW3'5 Vision-. A vibrant, diverse. unified Jewsh community. engaged with Jewish life and actively ontributlng to wider s¢xiety. JW3's Mission- To create open and welcoming jewish spaces that bring diffe￿nt people together. strengthen identities, and build community through arts. culture, education, and socral action. IW3 will achieve this by: Increasing the number and range of Jewish people engaged with positive Jewish experiences and expressions of jewish lrfe. Bringing greater numbers of Jews into Positive contact with other typÈ5 of Jewish people across divides, strengthening sense of community. .Enablin8 more Jews to engage in meaningful social action and foster closer relationships with other communities. Key JW3 Or8anisaitonal Str•te8ic Aims: We will deliver against our mission whilst achieving financial sustainabilitv. We will butld the buzz in and around JW3 and develop a brand and reputation that makes JW3 th place for vibrant Jewish culture and community. We will extend our reach and impact both within and beyond our walls, engaging more people in more places. We will amplrfy the scale and influertce of our social action programme. guided by our Values. JW3 Development Tru5teeg Report Icontinuedl For the year ended 31 December 2023 JW3 Development raises funds forJW3 Trust to help meel the objective of financial sustainability which underpins the other strale8ic aims and all activity undertaken towards delivering its mission. A fvll description of the activities undertaken by JW3 Trust to meet the strategic objeciives in furtherance of its mi55i0n and vision are set out in the statutory Truste￿, Report for JW3 Trust which is publicly available. STRucfuRE, GOVERNANCE ANO MANAGEMENT The company was incorporated on 25 October 2013 al￿ was registered as a charity with the Charity Commission on 18 March 2014. The trustees (who are also directors of JW3 Development for the purposes of company lawl have ultimate legal responsibilrty for JW3 Development and work to ensure 8OOtI governance. They agree the overall strategic dirertion and work alon8side the executive leadership team, who are responsible for implementation of policy and for the management of the day-to-day running of the organisation. The trustees who served during the period. and following the period-end. were.. Jonathan Barnett Amy Dorfman Denise Joseph Graham Harris David Kershaw Co-chair, trustee of JW3 Trust) l&>Chair, tfustee of JW3 Trusi) (trustee of JW3 Trust) The Board of Trustees has the power to appoint additional trustees a5 it considers appropriate. Potential trustees are identified as part of an ongoing review by the Board and senior management of the charit(s needs, with particular reference to enriching skills and increasing representation frorn different section5 of the Jewish comrnunitv. Trustees maintain a good workin8 knowledge of charity and company law and best practice. New trustees are provided with fvll details of board minutes. financial reports and the charitable company's Memorandum and Articles of Association, which are the CoMpan￿S governing documents. There are also informal procedures in place for their induction and training. The trustees are supported by an advisory Development Committee which comprises the following members in addr(ion to the trurtees as at the date of this ￿port-. Dan Sommer Joanna Rilev The d3V-to-day management of JW3 Development is delegated to a management team which comprises the Development Direttor. Gemma Kirk, who is employed by JW3 Development, together with the support of the following members of JW3's Senior Leadership Team as at the date of this report- Raymond Simonson Trary Cooper Chief Executive Officer Chief Revenue Officer JW3 Development Trustee< Report {contlnuedl For the year ended 31 December 2023 Neil Harrhs Oliver Marcus Eszter Bobvos Director of Finance & Operations Marketing & Communications Director Head of People & Culture CHALLENGES AND ACHIEVEMErirs IN 2023 Led by its co-chairs. Amy Dorfman and Denise Joseph. JW3 Development met its fundraising ta￿et$ for 2023 with signrficantly lower than budgeted costs, and therefore surpassed the budget for support to IW3 Trust. In order to support JW3 Trust's new five-year strategic plan and financial roadmap, the JW3 Development Board worked with the professional fundraising team to develop a new fundrai5in8 Strategy covering the period through 2028. The events of 7 OctobeT left the Jewish community shocked and stunned, leaving JW3 Trust and JW3 Development to tonsider 5eriousty the 10 anniversary gala scheduled for 12 October, the first major in- person fundraising event since November 2019, (lue to the Covid pandemic. The decision to proceed wf(h a more subdued programme than originalty planned was well-received and ￿flected in it exceeding our intome projertions. with £407.OCK) raised against a targei of £350,￿). Furthermore. three weeks later, our online community fundraising campaign "YoLtr Community, Your Home" raised £212,000 against budgeted target of £2(￿1.000. Over 60 volunteer JW3 Community Champions helped raise Thanks to you. more people can come together. £112,(KXJ of this from the wider community. strengthen their identities against a match-funding pot of £IOJ.OCrfJ whbth and build community at JW3. was donated by a generous supporter. Th•nk You . Please . donate. Youv Community Your HLimÈ During the year, the JW3 Development team focused on securing new mvlti-year grants and uplifting renewals of existing grants to enable JW3 to expand its activities despite facing rising costs In a higher inflationary environment. Progress was also made on formulating a plan for securing donations and grants from ultra-high-net-worth individuals, trusts and foundations as part of the new rive-year strategy. The professional team was augmented with the recruitment of Helen Gelbier as Development Coordinator. and Nick Pelmont as Legacy Fundraising Manager. All donatlon5 doubled V 21-22 No¥*rnbÈr 2023 In May 2023, we ran a successful fundraising Business Breakfast entitled Yhe Business of Sport.. Chaired by television sports presenter Gabby Logan, panellists included Clare William5 Iwilliams Fl). jonathan Barnett Ilnterstellar Agency), Alex Green (Amazon Prime Sports) and Richard Thompson IEngland and Wales Cricket Boardl- The event received excellent feedback and raised £33,000. We are grateful to the'individual and family donors. and the trust5 and foundations that have 8enero(tsly donated to JW3 Development to enable us to support JW3's ongoing successes in delivering innovative, engagin& wide-ranging. inclusive programming to ten5 of thousands of people of all ages, from all backgrounds. We also appreciate the generous grants and donations received to support JW3 Trust's inspiring work responding to the dire effects of food poverty around the London Borough of Camden. JW3 Development Trustees, Report Icontinuedl For the year ended 31 December 2023 The trvstees of JW3 Development particularty acknowledge the supp)rt of key benefartors during 2023, including.. Dame Vivien Duffield and the clo￿ Duffield Foundation1Clo￿ lsfael. Sir Lloyd Dorfman and the Dorfman Foundation. Sir Trevor Pears and the Pears family. through Pears Foundation. and Tony & Linda Bloom throuEh The Bloom Foundation. A specific donation from the Dorfman Foundatroft has enabled JW3 to construct the Dorfman Piazza which opened in April 2024. The Dorfman Piazza provides a flexible space with è ￿trattable roof and sides for JW3 to hold events outside despite the Unpred￿ablIrtY of the 8ritish weather. FINANCIAL REVIEW In ihe period under review a total of £2.996.11312022- £2,407.6881 was raised. excluding free of charge services received from JW3 Trust group. of which £760.60812022: £265.9191 was restricted income. The increase in restricted income reflect5 grants received to finance construrtion of the Dorfman Piazia by JW3 Trust. The trustees consider this to be a satisfactory level of performance and thank all the staff for their hard work during the year. A grant of £2,772,36012022- £2,197,976) was made to JW3 Trust in the period to support its charitable a¢tivitie5 carried out in the advancement of Its mission. This grant included the restricted 8rants specified above. RESERVES POLICY Given that JW3 Developmenys attNlties only comprise fvndraising in order to transferfunds raised to JW3 Trust, the trustees consider that reserves should be maintakned at a level conducive to maintaining those fundraising artivities. Accordingly, trustees aim to maintain unrestricted resetves of around three months.of salary costs and associated on-COSts for the fundraising team employed by JW3 Development. The reserves of the charitable company as at 31 December 2023 amounted to £50.00012022.. £36,000) in unrestricted funds. The trustees consider this to be an adequate level of reserves for this company. FUTURE PLANS Irb summer 2023, IW3 Trust approved a new, ambtlious or8anisatK)nal strategic plan for 2023-2028, driven by three priority impact areas, and four key Strategic èirns- JW3 Developmenl Truste￿ Report (con￿nued) For the year ended 31 December 2023 JW3 Strategy 2023 ~ 2028 vis10 vitsont. di¥Ef5e. ￿n￿r1edj￿*5h cofflmunliy, eveed %Ylth Jewish lile and aciwely Contritr￿l1nB to wider society lo [￿a￿e open and ¥velctstninE Jewis4 sp3ces th31 brbng divieient peogl oÈether strenyhets idenitlies. bnd build comm￿liVihr￿eh ans. culiure. edi&caiiOil. and sof.i3i Xtlian MISSION Engage Unite Efi¢ounter IMPAcr typÈs¢f an•-•hA h)# Jti&ish *Je<..vkn fpte irt• arnur• Jw)￿ *o•th•ndifftwI sralc aDdiDHL4COEC DI KEY STRATEGI AIMS hd5t JW3 Development has a critical role in facilitating JW3 Trust to achieve the strategit aim of financial Sustainability which underpins other elements of the strategy. JW3 Development's overall objective for 2024 is to increase the level of funds raised significantly from the 2023 total excluding specific restriaed grants for the t)orfman Piazza. To achieve this JW3 Development plans to: Maintainlimprove the high retention rate for all levels of individual donors and from trusts and foundations. Secure an increase in donations from new and previously lapsed donors. Further professionalise existing systems to ensure that all grant applications and report5 are submitted ahead of the deadline and that all funders and donors receive appropriate timely thanks. Develop and implement a stewardship programme including periodic personalised communication, so that donors can apprecwte the impart of their fundin& as well as makinB them leel valued and appreciated. Secured additional pledges of gifts under living legacie5 or wills. RISK FACTORS The trustees acknowledge their responsibility to manage the risks faced by the charity as a prime responsibility. The trustees have procedures in place to manage risk. These procedures are periodically reviewed to ensure they continue to meet the needs of the charity. Key controls include: Forrnèl agendas for, and minutes of, JW3 Development Board meetings. which are held at least four times a year. Comprehensive budgetin& management accounts. cash flow projections and reforecasting processes. JW3 Development Trustees. fteport Icontinuedl For ihe year ended 31 Decernber 2023 The principal risks have been identrfied as= The impact uncertain economic environment will have on future fundraising. Reputational risk caused byJW3 Development orJW3 Trust action that make it hard to fundraise. Inadequate cultivationl5tewardship of key donors. resulting in the redurtion in or cessatlon of ongoing funding. Staff turnovef - both losing key staff and the challenge of recruitingexcellent staff within this 5ertor. The trustees and the management team have established controls and measu￿5 lo mitigate the impact of these risks. These include monthly income probability forecasting wf(h upscaling of actNlties that are likely to generate the m05t income, a revised stewardship plan for key donors. the creation of a new Head of People and Culture role ènd an increased focus on best practice communication with truslees and other key stakeholders. Management time is devoted to supporting the trust. foundation. and "major donort relationships, which have been developed over recent years, and io working closety with the JW3 Development Board and JW3 Development Commtttee to identify and maximise new sources of funding. The charity has reviewed and refined its fundraising strategy to ensure the fundraising base is as diversified as possible. Detailed consideration of risks ￿ undertaken by the JW3 CEO and Oirector of Finance & Operations, who operate and refine the risk management policy. FUNDRAISING APPROACH AND sfANDARDS FUThdra￿1ng approach We rely on several different fundraising approaches in orderto raise funds tost-effectively from a range of sources, raising awareness of our work and allowing supporters to contribute in ways that are most appropriate for them. This includes fundraisin8 through letters. ematls and online,. from legacies, event5 and community fundraisin& from philanthropists. trusts and foundations. Fundraising standards We fundraise from our database of customers and only approath those who have tonsented to be contacted. Our database is ￿freshe￿ on a continual basis, ensuring that only those who have engaged with JW3 an(J consente(I within the last 36 months will be contacted. Monitoring ol lundraisin8 arti¥ilies and protectin8 people In ¥ulnerable drcumstances Our fundraising activities are overseen by the Board of Trustees and our fundraisin8 team receive professional trainin8 and mentoring from industry specialists. IW3 Development does not work directly with commercial sponsors or engage extemal professional fundrat5ers. It is registered with the Fundraising Regulator and operates in compliance with their current Code of Fundraising Practice. Complaints We did not receive any complaints in relation to our fundraising atti¥ities in 202312022- none). JW3 Development Trustee￿ Report (continued) For the year ended 31 Oecember 2023 PUBUC 8ENEFIT STATEMENT The trustees have complied with their duty in section 17 of the Charities Att 2011 to have due regard to guidance on public benefit published by the Charity Commission. Although focused largely on Jewish arts, culture and community, the Centre is open to all who wish to visit. There is no admission charge to enter the cent￿ and, over the course of the year, thousand5 of visitors from the local community and beyond have enjoyed a range of both free and paid-for actNities. STATEMENT OF TRUSTEES. RESPONSIBIUnES The trustees are responsible for preparing the Trustees. Report and the financial statements in accordante with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generallv Accepted Accounting Practicel. Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the tharitable company and of the intoming resources and application of resources, including the income and expenditLtre. of the charitable company for that period. In preparing these financial statements. the trustees are required to- select 5Uitable accounting policies and then apply them consistently: observe the meihods and principles in the Charities SORP IFRS 1021. make judgements and estimates ihat are reasonable and prudent.. state whether applicable accounting standards have been lollowed. subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basts unless Tt is inappropriate to presume that the charity will continue in business. The trnstees are responSi￿e for keeping proper accounting records that disclose with reasonable accuraLry at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. In 50 far as the trustee5 are aware- there is no relevant audtt information of which the charitable COmpan￿S auditor is unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor ￿ aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information . included on the charitable compan￿5 website. Legislation in the United King(lom governing the preparation and dissemination of financial staiements may differ from legislation in other jurisdiciions. AUDITOR The auditor. Saffery LLP, is deemed appointed under section 487121 of the Companies Act 2006. JW3 Development Trustees. Report (continued) For the year ended 31 December 2023 This report has been prepared in accordance with the provisions applicab￿ to COTnpanies subject to the small companies, regime. On behalf of the Board of Tru5tees= D Joseph, Tr Dated: JW3 Development Independent Auditorfs report to the rnernbe￿ ofJW3 Development For the year ended 31 Oecember 2023 Oplnlon We have audited the financial statements of JW3 Development for the year ended 31 December 2023 which cornprise the statement of financial activities, the balance sheet. the statement of cash flow5 and notes to the financial statements. including signtficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdorn Generalty Accepted Accounting Practicel. In our opinion the financial staternents: give a true and fair view of the charitable compan(s stste of affairs as at 31 December 2023 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally AC￿pted Accounting Practice- and have been prepared in actordance wtih the Companies Act 2006. Basis for oplnlon We conducted our audfc in accordance with Intemational Standards on Auditing IUKI11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to OLJr audit of the financial statements in the UK. including the FRCS Ethical Standard. and we have fuifilletl our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to goin8 concern In auditing the financial statements, we have concluded that the trustees, use of the 80in8 concern basis of accountin8 in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identrfied any material uncertainties relating to events or conditions that, individualty or collectNety. may cast signrficant doubt on the charitable company's ability to continue as a 8oin8 concern for a period of at least tsvelve months from when the financial statements are authorised for i$5ue. Our responsibilities and the fesponsibilriies of the trustees with respect to going concern are described in the relevant sections of this report. Other inlormation The trustees are responsible for the other information. The other information comprises the information Include(l in the annual report. other than the financial statements and our Auditorfs report thereon. Our JW3 Development Independent Audito¢s report to the fflembers ofJW3 Development For the year ended 31 Decernber 2023 opinion on the financial statements does not cover the other information and, except to the extent othe￿1$e explicitly stated in our report, we do not express any form of assurance eontlusion thereon. Our responsibility 15 to read the other information and, in doing 50. consider whether the other information is materially inconS￿tent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misslated. If we identify such material incon5iStencies or apparent material misstatements, we are ￿QuIred to determine whether this gives rise to a material misstatement in the financial statement5 themselves. If. based on the work we have performed, we conclude that there is a material m￿Statemertt of this other informalion we are required to report that fact. We have nothing to report in this regard. Opinions on other matters presuibed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit-. the information given in the Trustees. Annual Report, which includes the Oirectors. Report for the financial year for which the financial statements are prepared. ￿ con5i5tent with the financial statements- and the Trustees. Annual Report. which includes the Directors. Report. has been prepared in accordance with applicable le801 requirements. Matters on which we are required to report by exception In the light of ihe knowledge and understanding of the charitable company and its enwronment obtained in the course of the audit, we have not identrfied material mi55tatements in the Trustees. Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2LX16 requires us to report to you if. in our opinion: adequate accounting records have nol been kepL or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the acc¢JJnting records and ￿tUrn5- or certain disclosures of trustees, remuneration specified by law are not made. or we have not reteived all the information and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemptions in preparing the Trustees, Annual Report and the Strategic Report. Responslbillties of trustees As explained more fulty in the TrLtstees' Responsibilities Statement set out on page 7, the trustees (who are also d1￿ctorS of the charitsble company for the purposes of company lawl are responsible for the io- JW3 De¥elopment Independent Audiiorfs report to the mernbers of JW3 Development For the year ended 31 De¢ember 2023 preparation of the financial statements and for being satisf￿d that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable compan(s ability to continue as a going concern. disclosin& as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charttable company or to cease operations. or have no ￿alistiC alternative to do so. Auditorf5 responsibilities for the audit of the finanaal statements We have been appointed as Auditor under the CornpanÉe5 Act 2(K16 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assvrance about whether the finaftcial statements as a WI￿le are free from material misstatement. whether due to fraud or error, and to issue an Auditorfs report that includes our opinion. Reasonable assurance is a hEh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, Trndividually or in the aggregate. they could reasonably be expetted to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this en8a8ement and the extent to which these are capable of detecting irregularrties, including fraud are detailed below. Identfying and assessing risks related to irregularities- We assessed the SUS￿ptibilTrty of the charitable compan￿5 financial statements to material Misstatement and how fraud might occur. including through discussions with informed management, discussions within our audit team planning meetin& updating our record of internal controls and ensuring these controls operètetl as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of signrficance in the context of the charitable company by discussions with informed rnènagement and updatin8 our understanding of the sector in which the charitable company operates. Laws and ￿gUlationS of direct significance in the context of the charitable company include the Companies Act 2CQ6. and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audil procedure5 on the related financial statement item5 including a review of financial statement disclosures. We reviewed the charitable compan¢s records of b￿acheS of laws and regulations, minutes of meetings and correspondence with relevant authorities to identrfy potential material misstatements arising. We li- JW3 Development Independent Auditorfs report to the members ofJW3 De￿0PMent For the year ended 31 December 2023 discussed the charitable compan¢s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. Ouring ihe planning meeting with the audit team. the engagement partner drew attention to the kev areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instance5 of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through managernent override of controls by testing the appropriatene55 of journal entries and identifying any significant transartions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of rnanagement bias. At the Completion stage of the audtt. the engagement partnerfs review included ensuring that the team had approached their work with appropriate profess￿nal scepticism and thus the capacity to identify non