Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
Company Registration No. 08747913 (England and Wales) Charity Registration No. 1156248
JW3 Development
Annual Report and Financial Statements for the Year Ended 31 December 2024
Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
JW3 Development
Legal and administrative information
| Trustees | Jonathan Barnett (resigned 15.5.25) |
|---|---|
| Amy Dorfman | |
| Graham Harris | |
| Denise Joseph (resigned 29.10.24) | |
| David Kershaw | |
| Charity Number | 1156248 |
| Company Number | 08747913 |
| Principal Address and Registered Office | 341-351 Finchley Road |
| London | |
| NW3 6ET | |
| Independent Auditor | Saffery LLP |
| 71 Queen Victoria Street | |
| London | |
| EC4V 4BE | |
| Bankers | Lloyds Bank plc |
| 39 Threadneedle Street | |
| London | |
| EC2R 8AU |
Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
JW3 Development
Contents
| Page | |
|---|---|
| Trustees’ Report | 1-8 |
| Independent Auditor’s Report | 9-12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Statement of Cash Flows | 15 |
| Notes to the Financial Statements | 16-22 |
Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
JW3 Development
Trustees’ Report For the year ended 31 December 2024
The trustees present their report and accounts for the period ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s Memorandum and Articles 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 applicable in the UK and Republic of Ireland (FRS 102).
AIMS AND OBJECTIVES OF THE CHARITY
The objectives of JW3 Development are to support the aims and objectives of JW3 Trust Ltd (Company Registration Number 5679146; Charity Registration Number 1117644), specifically to further those aims by raising funds in support of the work of JW3 Trust. JW3 Trust operates JW3, the Jewish Community 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 its charitable activities. JW3 Development’s charitable objects also permit the trustees to exercise absolute discretion to carry out other charitable purposes.
BACKGROUND TO JW3
JW3, Jewish Community Centre London, opened its doors to the public in October 2013. It is the UK’s flagship Jewish Community Centre, the only such public venue for Jewish arts, culture, learning and community of its kind in the country.
JW3’s Vision : A vibrant, diverse, unified Jewish community, engaged with Jewish life and actively contributing to wider society.
JW3’s Mission :
To create open and welcoming Jewish spaces that bring different people together, strengthen identities, and build community through arts, culture, education, and social action.
JW3 will achieve this by:
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Increasing the number and range of Jewish people engaged with positive Jewish experiences and expressions of Jewish life.
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Bringing greater numbers of Jews into positive contact with other types of Jewish people across divides, strengthening sense of community.
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Enabling more Jews to engage in meaningful social action and foster closer relationships with other communities.
JW3’s Key Strategic Aims:
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To deliver against its mission whilst achieving financial sustainability.
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To build the buzz in and around JW3 and develop a brand and reputation that makes JW3 the place for vibrant Jewish culture and community.
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To extend its reach and impact both within and beyond its walls, engaging more people in more places.
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To amplify the scale and influence of its social action programme, guided by JW3’s Core Values.
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JW3 Development
Trustees’ Report (continued) For the year ended 31 December 2024
JW3 Development’s core aim is to raise funds for JW3 Trust to help meet its objective of financial sustainability to underpin its other key strategic aims and all activity undertaken towards delivering its mission.
A full description of the activities undertaken by JW3 Trust to meet the strategic objectives in furtherance of its mission and vision are set out in the statutory Trustees’ Report for JW3 Trust which is publicly available.
I am proud to be a friend of JW3 and have paid numerous visits to this important centre over the years. I am always inspired by the dedication and commitment of the staff, volunteers, and members of the community in their efforts that make JW3 one of the most unique spaces we have, not just in London but in the country.
JW3 has spent the last 11 years making a notable contribution to London’s vibrant cultural and community sector, where the Jewish community – and those of other faiths or none – have been able to benefit from its rich programme of arts, culture, social action, educational programmes, and so much more. Sadiq Khan, Mayor of London , November 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The company was incorporated on 25 October 2013 and 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 law) have ultimate legal responsibility for JW3 Development and work to ensure good governance. They agree the overall strategic direction and work alongside 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 (resigned 15[th] May 2025) Amy Dorfman (Co-Chair, trustee of JW3 Trust) Denise Joseph (resigned 29 October 2024) Graham Harris David Kershaw (Co-Chair since 29 October 2024, trustee of JW3 Trust)
The Board of Trustees has the power to appoint additional trustees as it considers appropriate. Potential trustees are identified as part of an ongoing review by the Board and senior management of the charity’s needs, with particular reference to enriching skills and increasing representation from different sections of the Jewish community.
Trustees maintain a good working knowledge of charity and company law and best practice. New trustees are provided with full details of board minutes, financial reports and the charitable company’s
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JW3 Development
Trustees’ Report (continued) For the year ended 31 December 2024
Memorandum and Articles of Association, which are the company’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 addition to the trustees as at the date of this report:
Dan Sommer Joanna Riley Denise Joseph (a Trustee of JW3 Trust)
The day-to-day management of JW3 Development is delegated to a management team which comprises the Development Director, Gemma Kirk, who is employed by JW3 Development. Since giving notice to leave, a recruitment drive is underway to appoint a new Development Director. An Interim Fundraising Consultant commenced working with JW3 on 30[th] June 2025, to ensure a smooth handover. The Development Director is also supported by the following members of JW3’s Senior Leadership Team as at the date of this report:
Raymond Simonson Chief Executive Officer Tracy Cooper Chief Revenue Officer Fiona Bennett Director of Finance & Operations Eszter Bobvos Director of People & Culture Oliver Marcus Director of Marketing & Sales
CHALLENGES AND ACHIEVEMENTS IN 2024
As with the final quarter of 2023, 2024 was in many ways dominated by the impact of the horrific terrorist attacks in Israel on 7 October 2023, the ongoing war, and the rise in antisemitism in the UK. The continuing impact on the British-Jewish community was significant in a multitude of ways, and it affected JW3 as the major Jewish Community Centre and Jewish cultural venue in the UK. This backdrop has unquestionably created a more difficult fundraising environment for us, both within the Jewish community, and outside it. This adds to an already challenging fundraising environment in the UK due to increasing external economic pressures on organisations, like ours, working in the community and arts/cultural spaces. This has led to widely reported significant increases in funding requests to trusts, foundations and philanthropists, many of whom are reporting unprecedented levels of applications and approaches.
Despite these extra fundraising challenges, JW3 Development, led by its co-chairs, Amy Dorfman, Denise Joseph (until 29 October 2024) and David Kershaw (from 29 October 2024), met its fundraising targets for 2024. Highlights included:
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A successful online community fundraising campaign that raised £207,000 thanks largely to the efforts of over 60 volunteer JW3 Community Champions
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Our most successful ever Gala Fundraising Dinner, which raised a record £440,000. Starring a sidesplittingly funny in-conversation-with Anne Robinson and Lisa Armstrong OBE, guests were further entertained with live klezmer and a spectacular live performance from our 2024 pantomime, Goldifrocks and the Bearmitzvah.
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JW3 Development
Trustees’ Report (continued) For the year ended 31 December 2024
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In April, we were delighted to open The Dorfman Piazza, our new multi-purpose indoor/outdoor structure, very generously sponsored by The Dorfman Foundation, thanks to JW3 Honorary Vice President, Sir Lloyd Dorfman, CVO, CBE. With its fully retractable roof and sides, heating and lighting, it has already allowed us to host corporate receptions, conferences, our summer beach – both covered and uncovered – a range of pop-up food offerings, and multiple other events, including JW3 Development fundraising events
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In February 2024, we ran a hugely successful fundraising Business Breakfast entitled “The Business of Entertainment”. Chaired by presenter and journalist Samantha Simmonds, panellists included Neil Blair, Nica Burns, Michael Grade and Nicholas Hytner. The event received excellent feedback and raised £23,000.
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In September, we were proud to hold a fundraising lunch to honour long-term Head of Adult Education, Judy Trotter. Held in the newly opened Dorfman Piazza, the event raised £18,000, with Clive Lawton OBE as the keynote speaker.
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Also in September, we hosted our first Annual Property Breakfast for the London property market, entitled, ‘If you build it, they will come – or will they?’ Raising £38,000, our stellar panel featured Deborah Felix of BETA search, Gary Hersham of Beauchamp Estates, Robert Laurence of Resolution Property, Nick Leslau of Prestbury Estates and Jacob Loftus of General Projects.
FINANCIAL REVIEW
In the period under review a total of £2,422,289 (2023: £2,996,113) was raised, excluding free of charge services received from JW3 Trust group, of which £201,536 (2023: £760,608) was restricted income. The decrease in restricted income is largely due to the grant of £401,688 received in 2023 to finance the construction of the Dorfman Piazza 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 £2,188,298 (2023: £2,772,360) was made to JW3 Trust in the period to support its charitable activities carried out in the advancement of its mission. This grant included the restricted grants specified above.
RESERVES POLICY
Given that JW3 Development’s activities comprise only fundraising, so that the funds raised may be transferred to JW3 Trust, the trustees consider that reserves should be maintained at a level conducive to maintaining those fundraising activities. Accordingly, trustees aim to maintain unrestricted reserves 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 2024 amounted to £50,000 (2023: £50,000) in unrestricted funds. The trustees consider this to be an adequate level of reserves for this company.
FUTURE PLANS
In summer 2023, JW3 Trust approved a new, ambitious organisational strategic plan for 2023-2028, driven by three priority impact areas, and four key strategic aims:
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JW3 Development
Trustees’ Report (continued) For the year ended 31 December 2024
JW3 Development has a critical role in facilitating JW3 Trust to achieve the strategic aim of financial sustainability which underpins other elements of the strategy.
JW3 Development’s overall objective for 2025 is to increase the level of funds raised significantly from 2024. To achieve this JW3 Development plans to:
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Maintain/improve the high retention rate for all levels of individual donors and from trusts and foundations.
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Secure an increase in donations from new and previously lapsed donors.
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Develop and implement a stewardship programme including periodic personalised communication, so that donors can appreciate the impact of their funding, as well as making them feel valued and appreciated.
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Secure additional pledges of gifts under living legacies 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:
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Formal agendas for, and minutes of, JW3 Development Board meetings, which are held at least four times a year.
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Comprehensive budgeting, management accounts, cash flow projections and reforecasting processes.
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JW3 Development
Trustees’ Report (continued) For the year ended 31 December 2024
The principal risks have been identified as:
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The impact uncertain economic environment will have on future fundraising.
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Reputational risk caused by JW3 Development or JW3 Trust action that make it hard to fundraise.
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Inadequate cultivation/stewardship of key donors, resulting in the reduction in or cessation of ongoing funding.
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Staff turnover - both losing key staff and the challenge of recruiting excellent staff within this sector.
The trustees and the management team have established controls and measures to mitigate the impact of these risks. These include monthly income probability forecasting with upscaling of activities that are likely to generate the most income, a revised stewardship plan for key donors, and an increased focus on best practice communication with trustees and other key stakeholders.
Management time is devoted to supporting the trust, foundation, and “major donor” relationships, which have been developed over recent years, and to working closely with the JW3 Development Board and JW3 Development Committee 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 is undertaken by the JW3 CEO and Director of Finance & Operations, who operate and refine the risk management policy.
FUNDRAISING APPROACH AND STANDARDS
Fundraising approach
We rely on several different fundraising approaches in order to raise funds cost-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 fundraising through letters, emails and online; from legacies, events and community fundraising; from philanthropists, trusts and foundations.
Fundraising standards
We fundraise from our database of customers and only approach those who have consented to be contacted. Our database is refreshed on a continual basis, ensuring that only those who have engaged with JW3 and consented within the last 36 months will be contacted.
Monitoring of fundraising activities and protecting people in vulnerable circumstances
Our fundraising activities are overseen by the Board of Trustees and our fundraising team receive professional training and mentoring from industry specialists. JW3 Development does not work directly with commercial sponsors or engage external professional fundraisers. 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 activities in 2024 (2023: none).
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JW3 Development
Trustees’ Report (continued) For the year ended 31 December 2024
PUBLIC BENEFIT STATEMENT
The trustees have complied with their duty in section 17 of the Charities Act 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 Centre and, over the course of the year, thousands of visitors from the local community and beyond have enjoyed a range of both free and paid-for activities.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently
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observe the methods and principles in the Charities SORP (FRS 102)
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make judgements and estimates that are reasonable and prudent
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy 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 steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company’s auditor is unaware; and
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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 is aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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JW3 Development
Trustees’ Report (continued) For the year ended 31 December 2024
AUDITOR
The auditor, Saffery LLP, is deemed appointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The Trustees’ Report, which includes the Directors’ Report, was approved by the Board of Trustees on 5 September and is signed on its behalf by:
D Kershaw, Trustee
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JW3 Development
Independent Auditor’s report to the members of JW3 Development For the year ended 31 December 2024
Opinion
We have audited the financial statements of JW3 Development for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant 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 Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the charitable company’s state of affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance 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 going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Auditor’s report thereon. Our
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JW3 Development
Independent Auditor’s report to the members of JW3 Development For the year ended 31 December 2024
opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees’ Annual Report, which includes the Directors’ Report for the financial year for which the financial statements are prepared, is consistent with the financial statements; and
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the Trustees’ Annual Report, which includes the Directors’ Report, has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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 from the requirement to prepare a Strategic Report.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 7, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the
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JW3 Development
Independent Auditor’s report to the members of JW3 Development For the year ended 31 December 2024
preparation of the financial statements and for being satisfied 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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as Auditor under the Companies Act 2006 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected 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 engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with informed management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with informed management and updating our understanding of the sector in which the charitable company operates.
Laws and regulations of direct significance in the context of the charitable company include the Companies Act 2006, 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 audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We
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Independent Auditor’s report to the members of JW3 Development For the year ended 31 December 2024
discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions 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 management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/Auditorsresponsibilities. This description forms part of our Auditor’s report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
…………………………………..
Helen Wilkie (Senior Statutory Auditor) for and on behalf of Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE
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Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
JW3 Development
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 December 2024
| Note Income from: Donations and legacies 2 Other trading activities Investments – interest receivable Total income Expenditure on: Raising funds 3 Charitable activities 4 Total expenditure Net income for the year/net movement in funds Fund balances at 1 January Fund balances at 31 December |
Unrestricted Funds General £ 2,430,753 18,621 65,970 2,515,344 528,582 1,986,762 2,515,344 - 50,000 50,000 |
Restricted Funds £ 201,536 - - 201,536 - 201,536 201,536 - - - |
Total 2024 £ 2,632,289 18,621 65,970 2,716,880 528,582 2,188,298 2,716,880 - 50,000 50,000 |
Total 2023 £ 3,191,113 42,570 30,893 |
|---|---|---|---|---|
| 3,264,576 | ||||
| 478,216 2,772,360 |
||||
| 3,250,576 | ||||
| 14,000 36,000 |
||||
| 50,000 |
The notes on pages 16 to 22 form part of these financial statements.
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JW3 Development
Balance Sheet
For the year ended 31 December 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Current Assets | |||||
| Debtors | 8 | 60,815 | 65,800 | ||
| Investments – bank deposits | 1,261,980 | 503,452 | |||
| Cash at bank and in hand | 1,095,016 | 2,494,768 | |||
| 2,417,811 | 3,064,020 | ||||
| Creditors: amounts falling due | |||||
| within one year | 9 | (2,367,811) | (3,014,020) | ||
| Total assets less current liabilities | 50,000 | 50,000 | |||
| Unrestricted Funds | 11 | 50,000 | 50,000 | ||
| 50,000 | 50,000 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The notes on pages 16 to 22 form part of these financial statements.
The financial statements were approved by the Board of Trustees and authorised for issue on 5 September and are signed on its behalf by:
D Kershaw Trustee
Company Registration No. 08747913
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JW3 Development
Statement of Cash Flows For the year ended 31 December 2024
| Note Cash flows from operating activities 12 Cash (used in)/ provided by operating activities Cash flows from investing activities Interest received Bank deposits with greater than three months' maturity Net cash (used in) investing activities Net (decrease)/ increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 13 |
2024 £ £ (707,194) 69,422 (761,980) (692,558) (1,399,752) 2,494,768 1,095,016 |
2023 £ £ 1,248,411 27,441 (500,000) (472,559) 775,852 1,718,916 2,494,768 |
2023 £ £ 1,248,411 27,441 (500,000) (472,559) 775,852 1,718,916 2,494,768 |
|---|---|---|---|
| 775,852 1,718,916 |
|||
| 2,494,768 |
The notes on pages 16 to 22 form part of these financial statements.
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Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
JW3 Development
Notes to the financial statements For the year ended 31 December 2024
1 Accounting policies
Company information
JW3 Development is a company limited by guarantee incorporated in England and Wales. The registered office is 341-351 Finchley Road, London NW3 6ET.
1.1 Accounting convention
The financial statements have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), Accounting and Reporting by Charities, the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The charity meets the definition of a public benefit entity under FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
In addition to annual budgets, the trustees have reviewed a new multi-year strategy and associated financial roadmap through December 2028. The trustees scrutinised the key assumptions within the budgets and financial roadmap.
We continue to benefit from a significant multi-year pledge which has been extended through to 2031 and multi-year pledges from other donors.
Accordingly, at the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for at least 12 months from the date of approving these accounts and therefore continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated by the trustees for specific purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income, including government grant income, is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
JW3 Development
Notes to the financial statements (continued) For the year ended 31 December 2024
Services provided free of charge by JW3 Trust group staff are classified as income received from donations and as expenditure on raising funds at the estimated value to the charity of the services provided by those staff.
1.5 Expenditure
Direct charitable expenditure comprises all the expenditure relating to the activities carried out to achieve the objectives including any irrecoverable VAT.
Fundraising and publicity costs are costs directly relating to fundraising activity and events.
Support costs consist of governance costs relating to compliance with constitutional, regulatory and statutory requirements.
Staff and support costs are allocated to expenditure on raising funds. This is the key area of focus for the charity and the majority of staff time is spent supporting this area.
1.6 Cash and cash equivalents
- Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of 95 days or less, and bank overdrafts.
1.7
Investments – bank deposits
- Bank deposits with original maturities of greater than 95 days but less than one year are classified as current asset investments.
1.8 Financial instruments
- The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.9 Retirement benefits
- Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10 Short-term debtors and creditors
- Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities.
1.11 Critical accounting estimates and judgements
- In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the
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Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
Notes to the financial statements (continued) For the year ended 31 December 2024
JW3 Development
revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustees do not consider there to be any significant accounting estimates or areas of judgement in these financial statements.
2 Income from donations and legacies
| Donations Government grants Free of charge services received from JW3 Trust group staff |
2024 £ 2,392,595 29,694 210,000 2,632,289 |
2023 £ 2,884,027 112,086 195,000 |
|---|---|---|
| 3,191,113 |
Comparative figures were restated to include free of charge service received.
3 Expenditure on Raising Funds
4
5
| Direct costs of staging fundraising events Staff costs Other costs Support costs (note 5) Free of charge services received from JW3 Trust group staff Charitable Expenditure Grant payable to JW3 Trust Support costs Audit fees Accountancy Allocated to expenditure on raising funds |
2024 £ 91,532 199,682 13,921 13,447 210,000 528,582 2024 £ 2,188,298 2024 £ 11,790 1,657 13,447 |
2023 £ 72,633 176,696 19,103 14,784 195,000 |
|---|---|---|
| 478,216 | ||
| 2023 £ 2,772,360 |
||
| 2023 £ 11,040 3,744 |
||
| 14,784 |
Governance costs of £11,790 are included in the above (2023: £11,040).
6 Trustees
None of the trustees (nor any persons connected with them) received any remuneration, benefits or expenses from the charity during the year. Included in unrestricted funds are donations of £49,500 (2023: £80,000) made by JW3 Development trustees in the year.
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Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
JW3 Development
Notes to the financial statements (continued) For the year ended 31 December 2024
7 Employees
| Employees | ||
|---|---|---|
| Number of employees The average number of employees during the year was: - Fundraising Employment costs Wages and salaries Social security costs Other pension costs |
2024 Number 4 2024 £ 177,647 19,494 2,541 199,682 |
2023 Number 4 |
| 2023 £ 157,790 17,277 1,629 |
||
| 176,696 |
The charge to the statement of financial activities in respect of defined contribution schemes was £2,541 (2023: £1,629).
The Charity’s key management personnel comprises the Board of Trustees and the Development Director, who is employed by the Charity, together with the following who are employed by the JW3 Trust group: Chief Executive Officer, Chief Revenue Officer, Director of Finance & Operations, Marketing & Communications Director and Head of People & Culture.
Total remuneration and benefits (including employer’s national insurance contributions) of key management personnel employed by the Charity in the year amounted to £83,224 (2023: £81,392).
The trustees received no remuneration during the year (2023: £Nil).
One employee had total remuneration and benefits between £70,000 and £80,000 (2023: one employee between £70,000 and £80,000).
| 8 Debtors: amounts falling due within one year Trade debtors Prepayments and accrued income |
2024 £ 18,178 42,637 60,815 |
2023 £ 30,706 35,094 |
|---|---|---|
| 65,800 |
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Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
JW3 Development
Notes to the financial statements (continued) For the year ended 31 December 2024
9
| Creditors: amounts falling due within one year Other taxation and social security Trade creditors Other creditors Amounts due to connected parties Accruals and deferred income |
2024 £ 4,926 1,320 571 2,314,924 46,070 2,367,811 |
2023 £ 5,002 - 545 2,906,925 101,548 |
|---|---|---|
| 3,014,020 |
Deferred income relates to donations received in advance where the donor specifies the amount is for expenditure in the following year or where there are performance conditions that have not yet been met.
10 Restricted funds
The income funds of the charity include restricted funds comprising donations and grants held on trust for specific purposes:
| Programming and Activities Building and Operations Programming and Activities Building and Operations |
Balance at 1 Jan 2024 £ - - - Balance at 1 Jan 2023 £ - - - |
Movement in Incoming Resources £ 176,460 25,076 201,536 Movement in Incoming Resources £ 347,100 413,508 760,608 |
Funds – 2024 Resources Expended £ (176,460) (25,076) 201,536 Funds – 2023 Resources Expended £ (347,100) (413,508) (760,608) |
Balance at 31 Dec 2024 £ - - |
|---|---|---|---|---|
| - | ||||
| Balance at 31 Dec 2023 £ - - |
||||
| - |
Programming and Activities includes funds provided by various organisations and individuals to fund the food bank operated by JW3 Trust and to support specific areas of JW3 Trust’s programming. Included, for example, is funding to subsidise music programming and Yiddish theatre.
Building and Operations includes donations received for the construction of a pergola in the piazza.
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Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
JW3 Development
Notes to the financial statements (continued) For the year ended 31 December 2024
| 11 Analysis of net assets between funds Fund balances at 31 December 2024 are represented by: Current assets/(liabilities) Fund balances at 31 December 2023 are represented by: Current assets/(liabilities) 12 Cash generated from operations Net income for the year Adjustments for: Investment income Decrease in debtors (Decrease)/Increase in creditors Cash (used in)/provided by operating activities 13 Analysis of changes in cash balances At 1 Jan 2024 £ Cash and cash equivalents 2,494,768 |
Unrestricted funds £ 50,000 50,000 50,000 50,000 Cash flows £ (1,399,752) |
Restricted funds £ - - - - 2024 £ - (65,970) 4,985 (646,209) (707,194) Other - |
Total funds £ 50,000 |
|
|---|---|---|---|---|
| 50,000 | ||||
| 50,000 | ||||
| 50,000 | ||||
| 2023 £ 14,000 (30,893) 33,908 1,231,396 |
||||
| 1,248,411 | ||||
| At 31 Dec 2024 £ 1,095,016 |
The charity did not have any debt at 31 December 2024 (2023: none).
In addition to cash and cash equivalents as set out above, the charity had deposits classified as current asset investments of £1,261,980 as at 31 December 2024 (2023: £503,452).
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Docusign Envelope ID: 1646F09F-9E3C-4CDA-86D4-10BC7E844AED
Notes to the financial statements (continued) For the year ended 31 December 2024
JW3 Development
14 Transactions with Connected Parties
During the year JW3 Development made a grant of £2,188,298 (2023: £2,772,360) to JW3 Trust Limited (charity registration number 05679146), of which £1,986,762 (2023: £2,011,752) was unrestricted and £201,536 (2023: £760,608) was restricted.
At the year end, "amounts due to connected parties" contained amounts of £1,324,141 (2023: £2,246,191) due to JW3 Trust Ltd and £990,783 (2023: £660,734) due to JW3 Trading Ltd (a subsidiary of JW3 Trust), which are limited companies with some directors in common with the trustees of JW3 Development.
During the year services were provided free of charge by the JW3 Trust Group. The value of these services has been estimated and included in income and expenditure at £210,000 (2023: £195,000).
| 15 Comparative Period Statement of Financial Activities Unrestricted funds £ Income from: Donations and legacies 2,430,505 Other trading activities 42,570 Investments – interest receivable 30,893 Total 2,503,968 Expenditure on: Raising funds 478,216 Charitable activities 2,011,752 Total 2,489,968 Net income/(expenditure) for the year/net movement in funds 14,000 Funds balances at 1 January 2023 36,000 Fund balances at 31 December 2023 50,000 |
15 Comparative Period Statement of Financial Activities Unrestricted funds £ Income from: Donations and legacies 2,430,505 Other trading activities 42,570 Investments – interest receivable 30,893 Total 2,503,968 Expenditure on: Raising funds 478,216 Charitable activities 2,011,752 Total 2,489,968 Net income/(expenditure) for the year/net movement in funds 14,000 Funds balances at 1 January 2023 36,000 Fund balances at 31 December 2023 50,000 |
||
|---|---|---|---|
| Unrestricted funds £ 2,430,505 42,570 30,893 2,503,968 478,216 2,011,752 2,489,968 14,000 36,000 50,000 |
Restricted funds £ 760,608 - - 760,608 - 760,608 760,608 - - - |
Total 2023 £ 3,191,113 42,570 30,893 |
|
| 3,264,576 | |||
| 478,216 2,772,360 |
|||
| 3,250,576 | |||
| 14,000 36,000 |
|||
| 50,000 |
16 Legal status of the charity
The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.
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