Company regiStrat￿rn number 00894309 Chanty regislralion number." 252626 The Institute For Jewish Policy Research (A u)mpany I￿lled by guarantee) Annu81 Report and Financial Slatemerrts forlhe Year Ended 31 December 2023 ocm The Instituto For Jewish Pollcy Research Contsnts (continued) Reference and Admini$lrative Details CharrM￿'S StotÈmènl 2to3 TrustÈe5' Rewrt 4t018 Independent Auditors. Report 171919 Slalemenl of Finanrial Ael'vrtiÈ¥ 20 Balance Sheet 21 Slatement of Cash Flow8 Notes to the Finanu81 Slalements 231039 The Institute for Jewlsh Polity Researth IA Company Limited by Guarantee) Report of the Trustees For the Year Ended 31 December 2023 LEGALANDADMINISTRATIVE INFORIIATION Charity nun*er Company number 894309 Govèrning Docurnent Pr•#ld•nt LO￿ Leb* ofHuwkny Honorary Pr•51dent Loid Rot1*thI￿ OM Hontsrlry Wi¢0 Presldents Har￿ Pak%ner Sir Trevor Ch￿￿ C Ch•Smian Vl¢•.¢h*lrm*n Davbj EraKa Troasurèr Mithael OBE Executlve Olrector Dirg¢tor of Op•rallons *T Company S•crgtsry Ritharf Go%Yste Sonlor Re$ear¢h F•llows Di. DavKI Graharn Df. DanEI Staelsky Dr. Carfi Lessol Dr Keith Kahn-Har Dlr•¢torn and Board of Management SteF*en Moss CBE Mithael ￿3￿ OBE Elizaboih cr￿￿￿ Lord LBi9h of Hurley Rl¢h•rd Goklsl*n Miles Ktbber William Benjamin Hilda Woth FWes%or Jonalh3n Haskel CBE Math Beman Denise Joseph F¢li¢ia Epsi Dr David Erwra Efrat Sopher (apwinted M 07109r20101 {apwnted en 21101r2015 aTrJ teThinalod ￿ 25101120241 {appo￿ted ty) 2910W2015 and tem)inated ￿ 2810W20241 {appo￿ted en 29106r20151 lappointed on 05103r20201 (appointed on 17104r2020 and teminabj on 2810W20241 (appointed on tM)7120201 (app￿ted on IW07r2020 and term￿a￿tt on 20K12120231 lapponted on 28110120191 (appointed on 1W7120231 1*p￿nIe￿ 10107120231 lappontsd ￿ 2410412W231 lapponled ￿ 241r14f20231 lappoinled on 28101120241 Regi$ter•d •ffl¢• 6 G￿nknd PLqce Lty)don NWI OAP England Auditor ACmo￿LLp Stafft>rd House ackblook P8th Awt)ue Taunton. sOft￿rsel, TA12PX Bankers Bardays Bank pk 1 Churchll Plac* London E14 5HP Inve$tm•nt Managor* LGT WeaNh manag￿nI UK LLP 14Comh Lond EC3V3NR Pa9• 1 The Institute for Jewish Pollcy Research {A Company Llmlted by Guaranteel Report of the Trustees For the Year Ended 31 Oecember 2023 Chalm)an'8 $tstement Thè Institute lor Jewish Pe4￿Y Rasearch IJPRI had a ptoducbve year in 2023, marked by significanl athi•wom8nis. trxpand•d mach, 8nd incte8sed dunand for our serwKes. Vvorking in parlnershy wrth Ips05, we 8 grounth*reaking competiti￿ tendèr from lh• European Comrnlss￿)Th to conduct a ￿PrehenSIve survey of pubkc atliludes ltywarils Jews in all 27 EU Mernb8r Slate5, the lar9esl and most extensive fesearch pt4tct we have ever s8¢ured. TM$ proie¢t ￿￿sertts a major ¢ontribvticn to understandin9 antisemittsm in Eur¢pts. and sland5 as a fvndamenial componÈnl of the Eurwan Cotnmi5510ll'S ten-year slralegy in area. At the same time. we also ￿)ndUcted a key stLhty for the European Commi8*0n aD4y$ing Ihe exi$tiNJ research infrastr￿1￿￿ across Eumpe on antisemib5tn and contemporary Jewish life. The p￿leCt was designed to lay the groundwork for Ihe ConYnissh)n's rAan lo est*i$h a Q mil•)n research h￿1 lor ihese top>cs in 2025, whith wg expect lo t￿derfor to coordinat* and in 2025. We 8LBO tth significant 51riths forward in enhwryng our re5ear¢h capa1Ml￿e5 in the UL In wtKular, w8 made tonsiderab￿ prcgress d•veloping and ut11Br￿ our ￿n0Vat￿le Jewtsh pwulatiDn research panel. which Is desHJn8d to ènable u5 to collèd 4￿j anatyse datz on key Bsues faciw the tommunity mt¥e efftienlly arx1 cost-effec￿V•IY than ever before. This is one of the most impor18nt infr8structur81 projects t*iTvJ place in the Britk%h J•wish omrnunity today, aNI we are wothing hard to ensure that it attra¢ts the inb*$trnenl rt merrts. Wth the help of Ihe Roth$chikl FOU￿ation Eumpe. we ako lum8d our attenlion tc the cullwation olfuttjre research talenl for the Jewith corrwmJnrty. I￿r Sludenl Fdlowshps and Internship progiammes are creating epportunitie$ for young researchers lo wk as p*t of Ihe JPR team 3nd gain vauable professional sklls, •Xperier￿e that we hope will help to buibj a ppline ol research experbse Ihat will be[￿rit Jewk%h communities in tho years lo c¢￿. Overall, we prOdU￿d a record number of rese8rth outputs in 2023. covering a wid• raNJ• of i5$U8s affecting Jewish COMMUn￿e5. During a very thificLII y8ar for Jw everywhere foll¢win9 thé homfyin9 O¢tobor 7 attacks in Israel. we explored topics. r￿t least ihat assaLrft is affectiry Jaws in the UK and around the wortd. Yel we 31$) maintainemMe[*atio￿ are currenlty being used lo inform Iha cr6ation of a major É3milion tender Irom the European CorMits$N)n, wh￿h 1$ part ol the Htsriz¢n ELwope strategic plan lor 2025-27. JPR is now workiThJ to partner vhth ar three other research bod*s in Europo kn submit ajoint bid for Ihe proied in 2025. J•wi$h mlgratlon today.. What mlghl lime8n forEumpe? lJuty 2023) The $tudy. by our EuropeanJ8wish D•mography Unrt. looked 8t pattems ofJvM8h m￿318￿.0￿ from frfteen European ¢ountrie$. ￿presen￿"r￿4 94.6 of Jews living in Europe_ M corrwared data frcrn recenl years to previous pèriods over the last ￿TrIUry, focusing on the 5i9nals that CL¥rent Jewsh msgration levels from Europe send about how Jews are experiencing interpretr.ny lopical i55ues. It showed that no European Jewi8h p￿uLatiOnS show migfal*)n level$ at present that might t* charaCt￿lSed as critKal or even particularty concerning. however. the earty signs from Russia and Ukiaine in re$ponse to Ihe war there suggest that silu8tKtin couhy become acute Irb both places if migration leveb in 2922 and early 2023 for$everalye3rs. Palterns Of rn¥rat￿n are importantto monitor, not lea81 because they cèn reveal signs of extrerr* 8tress. whether cauwj by 8nb"5emitksm, conllKI or economic crises. Intorniarrlage of Jews andnon.Jews.' Ihe globalslluotlon •ndlts m•anlng (August 20231 Inlermarriagg haj long been 8 key ¢orKwn ofj￿1$h l&pthts and p&￿YMakerSW0rIthwde, wth many claimw that it leads to assimilation, thereby acling as a threat to Ihe eX￿ts￿e of Jewish o)mmunits"es acfoss the globe. This r•port. published by our European Jow5h DernograF*y Unil, InvesligalBd 9lobal Jewsh intprmarriage rates" it analys*d th8 drNin9 factots behind it, cornpared the prevalence of inlÈrmarria9e in countries covering tnoo than 95QA of the Jewish Popula￿0￿ today, and assessed h(yw svJnifi¢anl a threat inlennarriage is to th• sustainability of Jewsh ccmmunities acros5 Ihe globe by kcatiThJ iThtsrmaNi89e in the ¢onlext of J•wish f•rtility rates and tradition8lism. 1.3. COMMISSIONED STUDES FOR CLIEKrs Un(Jertaking commissioned fyse3rch for Je¥￿ Char￿eS and louThJalb￿s 8￿j governmentsl and non- goverMieTht41 bodie5 is an Impo￿tpart0lJPR'sW0th. Duriro 2023. our major research d*nts*trethe European Page 8 The Instltute for Jewlsh Polky Research IA Company Llmlted by Guarantsel Report of the Trustees For the Year Ended 31 Defember 2023 Commission and Joo￿e$ 4)tyJt 25% 01 all J•ws in th8 UK, due to its rapid growth rate, 1$ projected to leach about a third of the whole by 20dO. Re&9iousty ¢on5ervalNe and cauliou5 about inleraction wlh widei $oaety lit is th• J•wk%h group most likety to expene1￿ anti5eTnlisml. rt exists largely independentty from the Main$l￿arn ¢reaking initiative that has seen unprecedented ¢ocyeralion be¢ween JPR and haredi eeffjmunity beaders, and wll pmvKl& insvjhls about the community that have never prewously exi$te(I, on topics indudiryj educatioTh, hO￿sIng and security. JPR is Ihe only organls8tlon In the UK equlpped to do Ihl$ typ¢ ol work with credibility and $on$itlvl(y, as the gmwth ofthe haredl communlty ch¥ng¢$ the overall shw and nalure ol the UK Jwlsh populatlon. JPR Is leading the way In ensurfng that tomwunity leadws al￿praCtItiOnerS understsnd wh•1 thos• ¢hany$ for the tsturé Ofje￿￿ life In the ¢ounlry. Page 8 The Institute for Jewish Policy Research IA Company Llmited by Guaranteel Report of the Trustee5 For the Year Ended 31 December 2023 European Jewlsh R•8earch Archlve IEJRAI- maxknlslng act￿¥ to am rèsearch condu¢tsd abo￿ J•wi8h life in Europe Work progressed on JPR'S European Jewish Reseorth Ar¢hN• IEJRAI. a pthliety avalabl8 C￿line archive for research puNIC8￿.0ns OTh conlernporary European commutMtEs. e$laNFshed In 2014, the archwe indudes social r•$oarch ieports condLKtod about European j￿riSh commuAil*$ $irfe 1990_ A5 of 31 December2023, the arthivo ¢onlainéd 4.833 items in 31 Lgnguages coveriw S9 countries". arTrd broke the S.0￿ barrier In 2024. fhg Archive is designed to ensur• that all research on contemporary J•wlsh issu•s- whelher undertaken by JPR orbyartyotherinstiluee orindividual- isprornol8dandm8d¢ •voll•ble to Je¥￿sh eommuftltyl•ad•rs, praetititsners, governrn¢nt offi¢ial$N joumalists, iesearchers and students. In thls way. w• am wothltw to enh•n¢e thlnkiny, undersl•nalng mff•¢¢knn 4bout Je*tsh Ilf4 •nd Iwlldhw th• ff•ld ol ¢ont¢mponry Jewl$h rn8•ar¢h. F•llowshlps and Snt•m$hlps- ¢r••tkng lh• n•xt 98MMtion of resea￿￿Or8 ¥Mth th8 SiVPOrt of the Rothschikl Foundation Hanadrv Euro￿, we L3￿ched our new Student F811owship prcgramme In academic year 2022r23. prowdirKJ two QSeald￿r5 wrth 40 days of woth experienc8 wV(hin JPR, learning research skds through liaining (Mi reakhfe expe￿[￿e, and ¢onlllbuting io our research prograrnmè. Both had an extremely positive experience.. one has $thequentty gor* on to woth lor th• Board of D8pth*s of 8riiish Jews and the other, afterdeveloping a new melhoddpgy f¢xthe Study of the fi￿￿¢￿1 rnsources cf Jewk8h charitsas, has oone back to pursue more advanc*d acadern￿ qUalif￿ationS. In *Idit￿Tr. we successfully provided short internship opportuniti•$ lor three stud•nt5 from th8 UnNersity College London and the UThiversities of oxford and Bristol, each fundod by those universili•s. JPR Is cofflmitted to developtrng young rt$e•rrhers al￿p￿vAdIng (hem wlth opportunltses ¢0 b¢partofthe JPR tearn and studyaspects olcontempotrary Jewl$h Ilffe. We Ore fho onty oryénls*tstin In the LIK fo¢u$trd•n thA5 •gend4 whichpromises to soTh0 the ¢ommunlly v8ry w•ll In Iho der•des lo come. 2. PREsEF￿AT1oNS, OOWNLOADS AND AcTn￿ USE OF JPR RESEARCH DATA AND FINDINGS In 2023. JPR pr8senied its Wo￿ directty to an estmated 2,SIX) ￿0p￿. al over 30 evenls in thvteen cibe5 a￿und th• wortl. Among the vari8d events arKI presentatiorns were the fdlowing. Date lient 8nu8ry Bekdian kni8h communths nted fiThthng5 fworn the SOC￿eMograph1C tudy of Jews in Belgium at separat& events in russels and Aniw ￿ntat￿n on the lattst data about antisemitism Derby8hire Board of Eyut bal Haredi Research Group mpact of Covi&19 on Jewish lif8 sentatM)n on haredi popthlion grtr•th to new ntemation81 academic resear¢h group wothng on S5ues related to haredi tommun resentat￿n at e¥enl hehj at looking at the ssible implications of the Israeli judicial rev*w Jehwshlnon-Jvwp&h relabDns in the UK aior presentation to UK Jewish communty eaders on the state of the UK Jw$h coNmunity in February arth LCIBtsard ol t*puli05 Hou$• of Lords 023 EurO￿aft Conwnk%5•)n ented the findings from th? mapping wotk we nthrtook lor the European Commission at major rblerencè hosted the EC in Bw$sel$ oke at the 5 SuTTHnrt of European knish Jers in Berlin, a major Conferente with ovei 00 artic nls from acro$$ Ihe u)ntinenl. re$eniatK)n at a ¢onFerènco in V￿nna whère we hared and discu$$e(l fi￿lIng$ from thè JPR report n intermairia $cuss¥ig Jtswish demography and popuL8lion r•nds in tho har&di ctypmuni European Counul ofJewsh ornmunitws and JDC Rabbinical Centre of Europe e Ortknnorr¥cs p￿1¢8$1 Pag8 9 The Instbtute for Jewlsh Poll¢y Researth IA Cornpany Llmlted by Guarantee) Report of the Trustees For the Year Ended 31 De¢ember 2023 st Lond￿ Syn&J¢*Jue ke on antisemitism aNI anti-lsraèli5rn al West ndon Synagogue. as part of Ihe synagoguÈ's dull edwalion ramme iesented findin9s fr(*n JPR pa￿r on teM￿rriage at a ¢onferen¢e orgaThised by Ihe uro 88n Jewish Association in Porto eSentath￿ to JPPllJpru$alem and Israeli MiTrvstry For8 n Affai￿ 1$ antk4emib5m increasi esented trJ a group of EU￿pean Jewi8h ucators who were part of the Para(fi ramme resented rewt dats to surnrnrt herd in ar￿￿8￿5. urcpean Jewtsh A88wation Jthvtsh Péop￿ PolKy Insknrte Jppi Paid8ia- the Eurcpean I￿￿ti￿rte for ew5h slud￿ in Sweden ne nterp8rll￿nlary Task FoTce to mbat Online AThtisemiti*m European &*ial Researth ssociation uly resented a Confe￿n¢t p¥er al Ihe 10 nf8ience of Ihe Ewopeèn Social Research ssociation In Milan. Ital edure on antisemitism and anti-Z*Jnism lo ummer SchoDI Itic re to Derbyshirè County Council on Contem ora anfr"Sem￿Stn in Gre81 Britain. ared $ome of OUT &test 50C40dem￿r•)h1c earch aboLrt Jews in the UK and more pectfic4ly, Jews in Brighlgn. to trusle8S and staff rt of an intemal strate larnnin seminar resented our research WDtk on antisemitism a5 rt of a doctoral saminar organi$0d by Dr tha￿e Horowitt reSentat￿)n to annual COnfe￿nce on Israeli e￿h demography e¢ture on s0uodem￿raphi¢ ar￿1n$ of conflitl t**en Jews and Arabs in the Middle East iveted a presentation on key tionds in Ihe UK Wish corrfflunity to a group of European J•wish unity leaders visiting London for a four-day ead8rshi devel nt $erninar. poke abvJt the fubjre of the UK Jewr&h mmuni as art ol an adult edutAtion sèrres poke at the org8Thisation's annual Conference lor arKI ChrKslwn dergy, presenlin9'Wiat data m the Census of England and Wales tell us boulthe future of re ion in the coun ke aboul Ihè fLrturè of Jewish life in the UK at synwue's L•arning Centre in a session nt￿.En¥k$lonl in 204V tesenlatK)n of d3t• r•laliro to our wark ndertaken on behalf of the Manchester Jewish un olf Institute. Camtx*e rbyshire County Countil loom Folmdati lober ollabowalive lorwied stud￿ in ew15h Educations ICASJEI al eDr e Washi ton Ur#vers uropean AsSO￿a￿on of bra tudie5 rhe Prolessors, IYouTubel November Liberal Jewish Syn*303ue, London ouncil ol Chiistk*ns and Jews fosters United Syrwjogue December Irrynwj 3.COMMUNICATIONS After launching the and inproved JPR website in aulurnn 2022. o¢Jr fo¢w in 2023 was on startirKJ to maximise its pot•ntial- prOduC￿g regular new material in multi&4e r￿W fO￿￿ts Ishort reports. op. eds., animated videos, event bfoa(Jcasts, wdeasts, etc.). supporting staff tpam lo cmte and write svch malejial, enhancing our 50ckal media profde, and fvndamentally, working Its dwe more trafft to Ihe site. CollectNety, we incl?a￿ ¢ur research ouwuls by over 25% fr(xn 2022 k) 2023. as part ol ovr broader mmuni¢ation$ plan to ensure thal our data and insKJhts ¢oukl be more regularty. ¢reativ•ty and actively $har•d th comnunily ￿#derS, prxtilioners, govemment offtials. joumak.sts and academics. P&J• 10 The Institute tor Jewlsh Poliry Researth IA Company Llmited by Guarantee) Report of the Trustees For the Year Ended 31 December 2023 Mor8 specificaly, Ihe ￿b$It0 launch was ac¢Dnyanied by a m4or carnpaign on social rnedia usiThJ our newty $iablished pages on Faceboth a￿1 Instsgram. invthrn9 a sb3nifi¢ant UP9rade in Ihe prof￿$lana1isrn of our creativo and do&on work indudin9 newty produ¢•d abolrt JPR'S Wts￿. AS 8 ￿￿¥•&n th• ￿￿nCh of the Sit* in October 2022 and the end of 2023. ￿ saw.. Over 160.(X)O vBitors to our **4it0' Ovei 260.CX)O pages wewed., Nearly 9.000 li￿ downloads.. Nealty 3.$ million Thpresson5 on Goo* search" O¥er 120.(XKI dcks fr￿n Googlg sear¢h resuts. As part of Ihe 2022 Natlonal Jewish Identity Survey, w• des*3ned and 8xecut8d a digrtal marketing carryaign to attract ojrrent and new panelmernbe¥s to cry￿p￿te the survey, reSu￿ng ￿ ovew 4.71)O participants, ofwhom 1.300 registered durin9 the campaign. These indiwduaLs are part of OLK broader Carnpa￿n to develep our research panel, $0 oul work in 2023 was focused on C[￿lInU1￿j lo eTvJagE them in ryjr work, and retaining them to participate in fulurt surveys. Thi$ pr￿rity was also a key Iwu$ of our Antk*¢mrti$m in tho UK Suryoy in Apriway 2023. for which we lèsigne￿ and executed a digitsl martebng to attra¢t current and ne* panel membèrs lo cornpl*l• th* surv•y. As oftt)e enil of 2023. the panel hwj some 9.OW Bn￿$h Jewish •Julls signed up. In pffjp*alh)n for the launch of the National Je¥Mh hlenlity SuNey, we established a fruit￿1 wtnership with J London's j￿$h communty centre- to run our new podcast serle8. Jews Do Count. Produc&1 by Earshot Strategies and worTh)ied in collaboralion with the je1￿5￿ News. the p￿j￿r was conceived pL3llned in 2023. bef¢re being launched on all mw plalfonn5 in early 2024. During the Seven wmeks Ihe first Seri￿ ran, it featured as the lop British Jewish podcast reaching over S,￿)0 subscribe￿. Towards thtr tsf 2022, w• vnveled the firnl res￿18 the 2021 UK G•nsus. wo¥iding $om8 ol the mo$t fundarfienlal demographic d3ta $b￿t Jows in the UK. From ¥ c(xnmLmiCatiws p&rspectN$, pariof the goal was lo help positK)n JPR'S ￿port as the numter one G¢o9le ￿￿1t for sear¢hirg"Jews In the UK.. In 2￿23, the rgport, page wa$ th8 most pa9e on ourwebsite in 2tr23, with over 20.orA) vMvs. MO￿ ge￿rally. all JPR reports ar¢d events We￿ accompaThed by 8 press re￿ase sent to the relevanl oullets. JPFi'$ w￿k wa& directly fgalured in over 1Crf) times in major ne¥rJ outlels in 2023 and referenced dose to 1.000 me$ on other website$. In *Jdition to our reports and papéts. V•* ￿gart kn produco far rnortr articl8J *btsut our rtsgarch firtdino$ Ihan in previDUS years, mDStcomrnonly for the je￿$h press. to ma%irri$eaccessto ourworf( in a mLYe digestl>le fomiat. Analysis olourwebsile IlwonstralÈs that Ihese short'intyjhts. afft the rrKJSt popular lonnal atnong our users. Our small teaTh generated Iwenty such artic￿ over the tourse of 2023. on a range ol lopits in¢lLKling the impact of Ihe war in ukrai￿ on iPrtrainian Jews. how dernograph￿ charw in Isr*l arÈ aflecting its politics. patterns of Jewish migration and why more Israelis are yoiected to move tothe UK howthe COV1[￿19 pandenN¢ affected Jewish lrfe. These arts"de$ help rai$g aWar￿￿5S about JPR and its ￿rk and promote Ihe of dato in understanding communtty trend8 and issugs. PERFORMANCE JPR had a suctessful 2023. ￿ won Ihe largest mtsst extertsNe comFetiiNe r88eafth tender we hav• •v•r $ecured. partnering with Ipsos lo underlake a major rEw É1 million survey of public altibjdes to Jews in all 27 EU MeM￿r Slates for the European Commission. We published a gr0u￿jbreakin9 map and assessment of the f*ld$ of ¢ontempoiary Jewish stUd￿S and aThlisernitisrn to 5UPPOrt the European CorTvnis5ion's plan5 toeslablish an EU- wide research hub for these topics, a majoi É3 M￿l￿?n prqecl which we will to té￿￿er for in 2025. We made significant progress w.rth our UK Jewsh Popula￿0￿ research panel. enhancing our capacity to run survoys ¢)f Ihe UK Jewish population that￿￿ ènable us to rrw1rn￿ rt$ vJue to communty or9ani$ation$ in th¥ futurt. anij attract new sources of fundin9. We Produ￿ a rec￿￿ nLThL*r ol outy)uts. ¢overin9 a wth rarKJe of Issues Irom migrats'C￿. inlemarriage and contemporwy Jewish idenlrty tr) rn4or coTrtempoRry cha￿9e5 a5s0L?aled wth the October 7 ottack5 on Israel. the war in Gaza and an￿sem￿ls￿ in Briiain. We establL5hed our new studenl fellows and in18rnship progiarNnes, cr•atiNJ dynami¢ opp￿lUn￿leS for researchers to gau) professional skils and exp8rienc8, and working to sow the seeds ol feseard) expe)tse for Jewish ccmmunrties in the future. After launchin9 our new and irnpToved organisalional ￿￿$rte al end 012022. we made $vJnifi¢8nt Pro9￿$$ on our comfflunications work, stepping up efforts on socia media. twradirKJ our e-newslelter to reach more of our largel audienTr5, Pr¢￿￿ang wrK*re db3ests.kn￿ antl newsworthy and sharing them in new 8T￿ ¢feative ways through Online ovènts, $hort wdeos. podcasts arKI nteracli¥e materials. estabkshed a r*w inlern programme tc h81p cullivate young researthers forlhe Jewsh tt4rmtJnity whilst ako adding lo our capauty and oulputs. Page11 The Irthtitute for Jewlsh Poliry Researth IA Company Limited by Guaranleel Rèport of thè Trusiees For the Year Ended 31 Dethmber 2023 JPR'S services sre mcffje in demand than ever. As we have enhanced our commurl￿a￿arts wojk, we are being approac￿￿ by increasing nLvnbeTS of Drgar4sations reque$lirKJ watch support, 8nd our greatest ¢hallenge is that we sunpty do not have suffioent capacity Ig do everything we are asked. As we WO￿ to enh*n¢¢ and SI￿￿￿￿¢￿ our l•am, w• will activety 5e•k out supporters to help us to addTrss this challenge.. our $kHI$ ond experttse *r• ¢l•arfy v4lu•d andne•ded by leaders andpoli¢yrnakws worlring wlthln •nd b¢yond the je￿$h ¢ommunlty. butw• h•v• to ways to ¢ontinue Its la￿ld th• rnS•a￿h thfr8stru¢turn requlred to meel dwnatsd. FINANCIAL REVIEW FOR THE YEAR T1￿ results for the year are shown in the Ststwnent ol Finawl AebvitN8s on Pa￿ 20. JPR'$ in¢ome ¢ontWlUè5 10 com frt*m four main sour¢es.' 9ronts from foundat￿n5', ccmmis$ioned woth and donations. and tm MCA Endownont. In 2023, JPR securÈd a lotsl of E201.242 in unTestricled donalToThs I￿22 - £153.5241. In addihon, unrestrictsd income for researth proie¢ls report5 totalled £649,06612022- £699.4401. 2023 un￿s￿"Cted income indud8d the second yearof a major investsr*ntof £61X).I)C4) fram Ihè Rothchild Fc￿ndats￿n to be distri>uted ovew four yea￿, £105,000 from the Pears Foundalion anl £75.000 frLYTh the Maurice Wohl charitab￿ FOunda1￿n, as well a5 an increaspd donation of £S0.(KIO from ￿ Da¥wJ and Ruth L•wis Fwnty Charitable Trust. We ￿allY value Ihe con1inl￿ll support of ihese fOundatic￿$. ￿ We￿ also very 9ralelul for the sizabl& and repeated donab.ons fftyn Ihe Chades Woltson Charitable Twust. and the Uknm. Haskel Famity, Kirsch and Morris Leigh FoundalioTrs. Also, a on• off legaty donatiorb from the MaurKe Fre￿an Researth Twst W85 very much app￿￿ated. Income from ¢{￿mIsSIo￿l work brought in £229,194 in 21r2312022- t240.9461. The financial wospects for JPR in 2024 arE P￿lS1￿j. tK45tered by continued ¢ontributiorts frorn Ihe Rothschlld Foundation. our $teadfa$t mz4or d¢nots, arKI lh8 antwated revenue from IW EuTopean Commission lendew secured in mid-2023. We anticipate Ihalthe tXPan5ion OIJPR'S research programN* and the strenglhenI￿ of ouw communication capabilit￿$ S￿nifi￿nt￿ iwea56 both the vtstiility ol tt)e Inslrtute's initiative$ ènd thè financfjal ¢ontributions toward8 them. This strategi¢ enhancwnevt i* desvJned to e￿vate Ihe Instilule's profil• and attract additional r•sources to supwi its misS￿?n. The value of JPR'S endow￿Ent fwd was £2,734.248 at the end of2023. Thk% marks an increase frthr 1he stsrt of the yéar of 2.8%1£2.665,5301. inccffje attained from the fund'$ investrn•nt was £103,991. 11 1$ prudent to aL*nowladgo that Sevoral ol th8 Charity's M1￿year 9rnnts are apprDachirvJ their renwal phase in 2024. The Institute rèmains optimistK ab¢ul retar4ng the majority. if r￿¢ all. of tI￿se granls. whalh8r they continuè on a mulli-year tem) Qr tranSit￿n to an annual ¢yde. NL**Ihe￿Ss, there a￿ayS exists a rtsk of non-wnèwal- that is thè nature ofcharitatk worf(. The Charity 1$ ¢Yedicate¢J to maintainiTrJ transparent communtation with ils donors regaiding ongoing work and prospectivè ￿￿¢t￿eS, en5unrwJ ttwtthey arewell kr￿n and ury*rstood by all donors. The In5titule's fvndraisiThJ ellorts in 2023 were Chalwed by thè absence of a funthaiser. H(w4èver. the commitment tc donor reterlion wa5 urwa¥eriThJ. majorty ol oxisD"ng dtsntsrs conlirAJed their support. Atthough the pursuit of new lunding avenues was limikd. Ik*sear¢hftKa pewmanent qualth'ed fundraiser ￿ntinUed throughout thè yèar and inio 2024 unabaled, and was ahled by the appointtnent of a fvndraising ¢onsuhant on three.month. part.timè basis in •arfy 2024. As of the date cd this rep(irt. the ser￿ceS of a new and expgriencèd fvndraiser havfr b&en IoLwd ¥r¥J tho tsTrY￿￿ate willioin the team ￿ Seplember 2024. RESERVES POLICY JPR'S reserves policy is lo seek to hfjkl three to six months of expendiiure on overhe*ls. This would amount to beiween £252.406 aNI £504,812. As 0131 De¢ember 2023, Ihet8 were urbre8tr￿led funds of t357,762, whKh is in lin? with the laryet range as sel out abov•. Ottlw fijnds £3,320 were as Inlanglb￿ fixed assets, £80.112 as tangibb fixed a$sels and £69,646 a$ frxed asset inveslrnents ka￿ng fvee feswves of £204.684. JPR has adopted this prAicy to cover the rBkofany unlweseen Èr[wèn￿, as unexpected IT ¢osls or day- ttrd8y operational co$t$. such as enWoY￿Y t￿porary stsff to Cover 5id¢ness absence duriry major projects. The poIKy is designed to ded with flucauatK)ns in such a$ Late P8yrr*rts for commissioned work ow large grants ing delayed or not renewed. Th8 r￿r￿e5 wil &n$uw any expenditure ￿ covered Drn preparatory work on proJ•cts. a5 well as any necessary organi8ational devek¥KM)t C051s not covered by income. Thè policy ol hekling three io six months, reserves wril enab￿ JPR to dtvdop new sourc*s of finan(* or cut bad( on expenditure should 8Th emeryency ari8e. In Ihe meantiN*. such a prudènt poI￿Y pro¥id&s a stable base for JPR'5 research and the d￿SeMinall0n oftr* resultsto a$S￿Je￿ish ￿mMu¥￿t*S in iheUK and continental Europe. Pag8 12 The Instltute for Jewlsh Policy Research IA Company Limited by Guaranteel Report of the Trustees For the Year Ended 31 December 2023 PERMANENT ENDOWMENT INVESTED IN TOTAL RETURN BASIS The MCA Endo￿nI Fund is a Separate fund lor the purpose of prCMnotit￿ and assisliig Ihe preparation and prorsuction ef re5eaich iThtc* lh¢ stale of Ihe ¢ontemp¢rary Jewish communil*s in the UK élsewh*r• in Europe. tog8th8r with the promotion of oth8¥ Charitab￿ ains. (*ye¢ts and activths of the Chèrity as shall be condu¢we lo the impbgrnèntation of the saij puiposes. Further details Ihe hjrnl ￿ di$do$ed in nate 20 to the finanu81 ststem•nt$. DufiTry 2023. the fund invested in a discretrcfiary agreerrEntvrilh abdm Ifom*rfy Aberdeen Standard C¥sita4 with the airn of maxirnising l0ry4etm return whtst wo¥bJirvJ a good ￿Ve1 of income as agreed wrth the Board. The 8oard has adc*)i•d an •lhical policy for lh• inv•strMnt of th•sèftm(k. Th￿0￿, not lo iThvesl in any (xsmp8nie8 invdved in Ihe manufaetur• and ¢Wrd)ution of ioba¢£ts wd orany compan￿$ thatboycott IsraeL R15K ASSESSMENT Risk management is reviewèd re9uk8ty by slaff w)d a RL* Re9Fsler 15 sthnwtted to the Board for approval on aTh annual basis. The D1￿ctOrS have *lentif*d the main tsks lo whith charitable COTTyany is expDsed and have taken steps to mitigate them. LOO￿NG AHEAD JPR will be I(￿u$1n9 on a WKl• rnnge of propcts in 2024. int￿dIr1￿." A major new $bJdy ol attiknl•s towawds Jov*# all 27 EU M¢mber Ststs8, ¢n*l suThfey ¢)f JÈW¥ in the UK to •$$ess the Impact olth• O¢tober 7 atts¢k8 In l$rapl, th• YAr in Ga2a. and ris￿9 anti$¢mitism in the UK on Brttl$h Jèw$. Tht Octobor 7 atla¢k$ in l$rael are widety warded as a turThng wint for Jevo everywhefft, but JPFI 1$ tM only 0rggni$a￿¢n ¢onduding a ¢ompreheThswe survey io 8$sess thi% in ￿ a¢ademrally cred*le 8nd inpartial way_ Our sludy will l¢ok at how il has aff8Cted BrIt￿h Jews, viewsabout l$raefs pdrtwl and milrtary condu¢l the war, how il has impacted their sense of security in Brrtain, and how rfL ts affectiThJ thoir ￿velS of attachmentto Israel the UK J8wi5h corrffiunty. Completing our fvll soclodernographk Study ol Je¥Ash In the Neth•rf•nd$. Thi$ will be the third full country study we will have cunpleted under Ihe auwces of our European Jewish Demography Unit. Each one involves extensive data coled￿)n tremendous attention to detail, and becomes Ihe foundational refeien¢e wnl for communty p￿rIThng in each pla￿_ These types gf dem(4raphi¢ data are absolutely fvndamental to lh8 functioTh*ig of any community.. they explain the demtyraphi¢ size and shape of the crnunty, its prospects for growth, and the forces that wll aifect that o¥eT *"tne. Pag8 13 Thè Instltute for Jewlsh Pollry Research IA Campany Llmlted by Guarantee) Report of the Trustees For the Year Ended 31 December 2023 mo￿ generalty. we wll be.. worktng to ens￿* a smooth hando¥•Y olthe ¢h•imwnship of JPR, in pweparation forwhen Davld Ereita officially takes over Irom SteplEn Moss as Chair in January 2025." Integrabng new truslees into Ihe organi8atK>n. in￿d￿9 running a strategic ￿VIeW particuLgrty in ￿ght of the October 7 attacks in Israel a￿1 how they may iw¢t JPR'S wvtk,. recruiting a new fundraiser and upgradiry our fundraltsln9 8IAt*gy and approach," producin9 more newsworthy report$ 8￿j in$yhts lo help •nhan¢* tho publ1¢ profil• of the organisation, and developiThJ methods ol sharirvJ them.. working to upgrade the quality and depth ol rtt•arch on antls•mlUsm in the UK. i) ordw lo better uThYersland publi¢ bolh within the Je¥M$h ¢oNmunity and align UK international asso$$m•nlS. STRUCTURE. GOVERNANCE AND MANAGEMENT The Inslitute for Jewish Policy Re5eavch IJPRI Is a registered Charitab￿ c(Anpany and a company linited by guarantee. JPR is govemed by its ol Association a￿j by the re9￿8t1￿$ of the ChgThty Ctynmis$ion and company law. JPR'$ governance Structu￿ ¢on$i$l$ of ￿ Boaril ollir•d¢rn and a w0￿1ng group of Honorary Offic8rs (Chairand Trea8urerl, who ove￿ee management mattern. Mwnbfrrs of Ihe Board arè non*xecutN8 Diiedojs and Tru$t••s ol Ihe charilable ¢ompany They determine Ihe o¥eTall direction ol JPR. provpje leadership and fulfil their fKJuciary responsibilit￿s. Trustees are appointed lor reappoirrted. asthe case may bel for a three-yearterm offoffice the re¢ommendation of the Chaim8n and require approval ty the Bo8￿. Under usual cl￿￿M$18n¢e$. Trwlee$ serv• a maximum of three consecu￿Ve terms of offKe. An Thndment was added to Ihe Artdes of A$so¢ialp)n ￿ 2017. allowing f¢r tr)e possibility of furthtw extèn5i¢)ns In Spec￿ c4rcurnstsncè& This ￿endment was passed by acsopt.ng a Speaal Resolution at lh• G•n•ral Meoling of Ihe Cornpany on Octel>•r 23rd, 2017. It was determined that any further additional lerm or téms lof any swh length as $ d¢termn&d Lry thg TnLSteesl, would need to be approved at meeting ol the Twstees. The Trustees must appoint a Chairman from amig theAr number. An amendment was added to thè Art¢le$ of Association in 2021 to allryw the ch￿rn78n to seNe for ltrwee thieewear terms, instead of twtr, and Ihi5 may be extended by a $trrfJle year as an ￿ner￿ncY me8$ure. The Chaimian may only hold offi¢* for $uch Iwno a$ he or she is a Trustee. On acceptance to th8 Board. the Trustèe5 receive the JPR GoVerna￿e Handboc&. which oullir*s JPR. gtsvemance structur8 and the respMsibiSt*s of Board merthts. and up-to4ate documentatien on the Inslitute's aTns progTamrnES. Al all limes the￿ must be a P￿SIden1 ol the Charity. who * apptynted by thtr Trusteos. Tho PresTd?nt rnay al$0 be Tru$lee of the Chanty il ap￿InIed as $LKh by the Trustees. The pres￿$￿ hold$ officè for a thre&year t•m and may b* reappointed by th? Trlryteos for any number of f￿￿r threÈvyeartsmis as the Tfust••S S•8 fit. The Board appoint8 the Executive Director, who reports to the Board on Ihe substanltsve arèa$ of the Inslitute. management. The Board can appoint a Cowy Secreiary o¥ersees the worf( ￿ matlers of rorTwliance wlh company and charitable company law. ￿l￿day-l￿daY maliers aredekgatedlo the stalf. all ￿lb$￿ntIve deci&ions are referred lo the Board for 4)proval. Tht Board also appoints a Finance Commrttsè which meets regularty duriThJ the year to oversee the annual audit, Invtstment strategy and chargethout rnlo for coMmi%s￿rts and lo carry out an anNJal finanaal review.. a Fundraising Committ0• which $•ts oul and Supports the fundraiwr¥J $irawy and rnor¥tors its progr8ss during the ye3f. and a Nomination$ CNnrnrttee to t)versee $uccessK)n piannHw f(* the JPR Board and Corrwnitlees. ln additim. the Ch8imian and the Treasurew both $ts115alaiies each year and mu51 approve any changes. The Members ol Ihe Board of Dire¢tors who seThthY duriftg 2023 are." hen Mo$$ CBE Michael Ka OBE El￿abeth Crossick Lord Lei h of HuAe Richard Goldstein Miles WetA)er Chaimian reasurer ointed 07109r2010 oinled on 2110112015 and tem)inated on 2510112024 oinled on 291C612015 and terminated on 2810612024 ointed 291C612015 oinled 0510312020 inted on 1710412020 aThJ tem)iThaknl on 28106r2024 Preshlerrt Page 14 Thè Instltute for Jèwlsh Pollcy Researth IA Company Llrnlted by Guaranteel Report of the Trustees For the Year Ended 31 December 2023 William 8e Hilda Worth Jonathan Ha5kel CBE Mark 8•m)an Denise Jose Felicia E tein Dr David Ereir Efrat So he( amin inted 17104r202Q inled ￿m7r2029 aThJ lem)inat•d on 20102r2023 oinled 2811or2019 oinied 1010712023 oinléd 10107r2023 inled 24104r2023 inied 24104r2023 inted 26ffJ1r2024 Hilda Worth relired fram the Board In the e8rty part of the year to other commrtments, and we tharl( her for the many contribukneThs she made to JPR'S woth. Four new appoints￿t9 weve during the coursè of 2023. in the knowledge that several trustees were approachiry Ihe end of their Ihird term$. and a frfth. Efrat Soph•r, ioir*d in January 2024. These new appointrnents included Davkl Er¢ira. who was appo¥)*d wi￿.ChairMan in •arly 2024 8nd will be replacing St8phen Moss as Ch8wman frcm 1 January 2025. and Denise Joseph. wFio mplaced Mike Karp a5 Trea5UWtr in èarly 2024. JPR alsts has thre• Honorary Preshlenls. who holj 3 ￿n￿ra1 over5￿t role as required.. Lord Hask81, Harold P8isner and SirTrevw Chinn. The key management pernonnel ¢iman and T￿osUrer review the salaries of al anployees annu4ly. includirg the abtsvtsfftntioned tsvo k•y rnanag6menl personnel. wilh reference lo their d¥￿$ aTrJ responsibilit￿$. hawng r¥gard to th• rosourc&5 of JPR, chatity muneration ben¢hm?rk$ 3nd emph)ynknt kgi$Lqb.￿. Auditors In accold￿￿ with Sect40n 485 of the COrnpan￿5 Act ￿. a resduliorb pr￿oSir￿d that A C Mob LLP b8 veappointed as auditors ol the company be put to the Annual Ger￿r￿ Me&ting. STATEMENT OF TRUSTEES. RESPONSIBILITIES Th• trustee$ (who art a1$0 diretlors ol The In$titult FoiJ•wtsh R858arch lor thB purposes of company lawl ar• rtr$ponsible for preparing th8 Trvste¥s' Report I￿¢01pOrating t￿ dir￿tOrS, r8POrtI and the financk4 stalernent5 in ac￿r￿aTr¢e with ap￿1¢*1& law and united A¢cAJuntiig Stavdard5, iThcluding Financial Reporting Slandard 102.. Th8 Financial R8portw St8nd8rd apBkablg tn Iho UK aYKI Rep[￿1￿ of IRl6nd (United KingLk%n Generalty Accepted AccounlirKJ Practir*l. Company law req￿reS lh8 trustees to prepare finanual State￿nts for each financial year whth 9ive a true fair viow of the 51ate of affairs olthe chaiitat4B company land th8 groupl and of the in¢ome and expenditure, orth8 charitable company forthat period. In pr8parrtrg these fina￿81 8tstements. the trustees are required to". Suitabk a¢counth"ng pc4icies then appty tonsistenilr, oyjsefft the meth¢d$ and wincipks in the Chaiibe$ SORP. make judgments atKI ac¢wnting eslKnatÈs that are ￿ason￿ arKI wdent." $tatÈ whether applicable UK Accounting Standards have been lolowed. $ui*d to any materk4 departures disclosed and 8xplained in financial statements. prepare th8 financiaj stalements cffj the wing concem basi8 unkns rt is inappropriate to preswne th81 Ihe charitable company wim conthue in bussnes& Th8 Irustees are r8sponsbkn f£￿ maintsining proper accountiTrJ records which di￿10$& wilh rea$onab* a￿UraCY at any lima the fiThancFal position of the tharitablB ccfflpany aTrJ efi8b￿ themto ensure that the financial stalements comply with the Cornpan￿5 Act 2006. are also resFonsth for safeguarding the assets of the charitable company and hence for taking reasonable step5 for Ihe prevenkn arKI detection of fraud and olh8r irreg￿laritIes. In so lar zs Ihe ttustees are aware= thete 15 no relevant audit infeirnatK>n of whK* Ihe companys auditors are Unaw￿￿.. and the trustees have taken all sleps that tr￿Y ought to have taken to make themsefves aware of 8ny relEvant aLMJA infotrnation and to eS￿L￿h Ihal auditors are awate of that inf0M￿tiOn. P&Je 15 Thg InSU￿te torjewlsh Poll¢y Reseayth IA Company Llmltèd by Gwrantee) Report of the Trustees For thè Yèar Ended 31 DKembw I￿23 Thè trust•85 are resKM)nsiUe lortlE arnl Mlegty of #Nd fLnanco1 inforrnation induded on Ihg ¢h8rTiablo etynpwy5 web5rt& the U*knl K[￿d¢ffl g￿m￿YA the prtyat8tion and L8$eminatlM offMa￿￿1 siaiemnts may diffprfrcffl In oth&T jw*thCIh￿ The 1ruste￿, report wa5 awrov8d by the clTwuBtee6. 8tep Chalmian Pwje 18 The Institute for Jewlsh Pollty Research IA Company Limited by Guaranteel Independent Audltorfs Report to the Tntstees For the Year Ended al December 2023 IndeppndeDt auditoe$ report to tho Truste¢s of Th• In8tiEut• for Jewish Poll¢y R•uar¢h Opinlon We have audit￿ the finanoal $talement$ olThe In$thJleforJewsh Rese8r¢h {Yhe charitsbb ¢wpany'l for the year ended 31 December 2023 which comprise the statement of finaneial 3ctiv1l￿, the balaThce sheet, th8 ststement of cash fbws and note$ tg finw¢ial $tatoments. i￿l￿d1￿j signrficaTht accounting poliues. The financial reporting fr8meWO￿ that hos beell ap￿led in Iheir weparatiw 15 applKable law aThJ Unitsd Kingdcffl Accounting Standards ccmpri8irvJ Charits'e5 SORP - FRS 102 The Financial Reporting Standard 102.. The Finanaal StsTrJard apF4cable in the UK and Republc of Ireland (Unibl lfjngdcrtb Generally Aec8pi8d A¢countiny Practicel. In our0plnw￿, tl* fitwcial slaternent5- gNe 8 Irue and lair VIÈW of slate of the tharrtable affars 85 al 31 Decembgr 2023 and ol its income and expen(titure forthè year then en[￿.. have been properfy prepaw in acur¢ance wtth Unrted Kirwdom Gewrally Accepied Ac¢ounbThJ Practice, and have been Prepar￿ in acc(Kda￿t wilh the r¢¥4uiremenl$ of Ihe Charl￿$ Act 2011. Ba81s for oplnlon W• conduettrd s￿r auér( in ac0)rda￿e with IntèroatK￿aI Standards on IUKI IISA5 IUKII and applicable law. Our wsponsibilitie$ under those stsrHlaTds are further descthd in the Auditorfs responsibilities lorthe audil ol Ihe financial statements seL*"on of our repotl We are in*endent olthe chaiitabl& company in accordance with the ￿th￿al requiremenls thal are ￿levant10 our aLKIrt ofthe finarKwl siatemenls lh8 UK. ind￿lIng the FRC'S Ethical Standard. and we have I￿ri1￿ ouri)Ihef respDrtsibilifrèS ￿ accord8nee with Ihe$e requirements. We believe that the audit ewdence we have rt?twned is sufv•nt apprtpriate lo provide basis for our owion. ¢on¢lusl¢)ns r•kting to going ¢on¢•m In aud41ing th8 finan&al statements. w8 have CO￿ded thal the trus*•s' use of t￿ going COn￿M basis ol accounting in th8 weparation of Ihe finanaal stst¢m￿ls appropriate. Based on the work we have Ferfonnèd, have rnt hl8nl1f￿ any m*rio1 ￿certa￿lieS mlating 10 8v•nls or ¢onditiorns Ihal, individually or cc4k8ctivdy. may Cast SVJnrf￿anldoUbt on the charitabje company's ability locontinue a$ a going contem loi a p•¥iod of ai lèast 12 month5 from when the f￿ancial statements are authorised for issue. Our respon$ibilthes and the respons￿l￿t*S of the Intstees vrilh re5ped to goirvJ concern are des¢rthd in the relevanl sections of this tpporL Other Infonnatlon The other information ¢Lynp￿ Ihe infomwb.on w)¢hJdEd in thè annual reporL I￿lIr￿J the tru$tee$' wport, othgr than the finanrial $talements and tyjr aLKlitof$ report lhe￿On.The trLtste•sare responSib￿for Ihe olhÈr Intom)81ion contained within the 8nnu* report. Our the fmanual stalen￿Thts do•$ not COVW lh* other informatty)n and. oxcept to Ihe extsnt otherwise explKity slaled in ¢Jur reporL we do not •xpr•ss any lorm of 88SUTane ¢on¢lu$ion theregn. Our rè5pon$ibility is io read the Ol￿r in10m￿l￿)n and. in dc4r¥J so. conshler whether th& olheT information is materially inconsistènt with the financial $tst•rnents or our knoW￿e obtained In the course of the audit. or othetWi5e appears to be tnaterialy rnisstaled. Ir we ￿￿ntify such rnaterial inconstslen(#es or apparent material rni5Staternents. we are required to determine whether thi8 r￿8 lo a material mi$statement in tho finan¢ial statements thernsefves. If, ba58d on Ihe wuk we have p8rfonn8d. we w)dude that thoro is a materHI misstÈt•mtftt of this othèr infom1al￿n, w• are oquired to report that f8Ct. We havè nothing to r•port in this regard. Page 17 The Instltute for Jewish Policy Research IA Company Llmlted by Guarantee) Independent Audltorfs Report to the Trustees For the Year Ended 31 DKember 2023 Mattgrs on whfj¢h w• aro r•qvlred to report by •X¢èMion In the light of the knowledge and undwstanding of t￿ cThnpaThy and its enviionm8nt cbtsined in the course ofthe audit, we have [￿1 identifie u)mKlonc* wth laws and regulations t•sling th8 apwriaten8ss ofjournal gntsios arKI other •jI￿lmen1$ considering whether accountir￿ est'mates were Ind￿alIve of wlgntial tMa8 considoriNJ whether any Iransa¢tton5 ar05e out5vJe nornal course of bUs1r￿SS making enquiri•s of man8g8m8nt corroSy)rating our enquiries thi¢)ugh review of Board min￿•$ and ctsrresptsndofice. We aL50 ccffirnun￿at8d rekvant laws 8nd regul81ion$ arKI p)tenb"al ftaud rsks lo all engagement lean members and ferna￿ed alert to any indiestors olfr8Lhl wrfh laws and re9u1alK)￿ Ihrou9hout th• audrt. A furth8r description ol our ￿$￿)nSibil￿$ is aVwL8b￿ on Financial Roporb"ng Countil's Websi￿ at.. %Kw.frc.or .ukI￿dltorsf . Thk8 des¢WKJn tom￿ partol our aLKlitofs Mpo Us8 of our report Thi5 ￿Port 15 rnade SO￿lY to the charita￿8 company'¥ members. a$ a body, ￿ accordance wrth section 144 of Ihe charih.es Act 2011. Our audit work has b88n undertakeTh 50 thal we mbjht st*e tD the charitable ¢ompany'8 members those matttsfs w• ar• requirel to Stsie lo them in an auditor's report and lor no other purpose. To Ihe f￿lest extent pem)itled by law. w• do not accept or assume re5ponsthlity tD aThyone ot￿r than the charitsb company aThY the ¢haritthe ¢(mpary's tsu5tee5 as a body. forourauditwork, forthis r8POrt, or lorthe opinhJns we have fortv£d. A C MO￿ LLP is elbJitAe for aFpointm8rt as athlitor of the ttsnty by of ts el￿71)1￿tY for appointmtfit as guditor of a company under section 1212 oflhe C0ftyn￿ Act 2C•X. A C MO￿ LLP (Senior Statytory Auditor) Chartered Accountants 8nd Slatutory Auditor SlalFoid House Bla¢kbro¢th Park Avenue Taunt Somerset TA12PX Date.. 24" &ptthr 20 P•3e 19 Tho Inslltuto For Jewish Policy Research Statement of Financlal Actlvltles for the Year Ended 31 Dacamber 2023 (Including Income and Expenditure Account) Unrestrlct funds Rostrict lund$ Endowmènt funds Totsl 2023 Note Income Donations and legaues Charitable ¥tiviliB$ Investment income 201.242 419,872 1c￿.￿1 201,242 649.[￿6 los,￿1 229.194 Total income 727.115 229.194 956.309 Expendltur¢ RÈi$ing funds Charitable a¢tswli&s 134.451} 6D8.455 (22.522) 158.973) 952,652 344.19 Total expèr￿11Ure G3inslllosses) on investment 8ssÈIs 1842. 1344.19T) 122,522) 11.009,825} 85.387 8S,387 Net incomellexp¢nditvrg1 Transf¢rs bets￿en funds 84.209 94.949 1115.0031 94.949 62,865 32.071 Mèt movement in flnds 110.740) (20,0541 62,865 32,071 RKonclllatlon ol fund• Total funds brought forward Total fvnds carried forward 368.502 31.772 2,601,735 3,002.009 20 357.762 11.718 2.664.6C 3,034,080 Unr¢strlcted funds R•stri¢t¢d funds Endowment funds Totsl 2022 Note Income Donations and legacies Charitable a￿1v￿eS Inve$tmonl income 153.524 458.494 1(K).310 153,524 699,440 100,310 240,946 Total income 712,328 240.946 953,274 Expenditure Raising funds Charttable aciimies (53,427) 613.213 118,7771 172,2041 984,989 371.776 Total expendituro Gainslllosses) on investment assels {666,640) 1371.776) 118,7771 11.057,193) 237.764 237.764 Nel incomellexpendiiLtr•l Transfers between fund8 45.688 53,870 {130.8301 53.870 1256.541} 1341.683) NEI rnuvement in funds {8.182) (76.960) {256.5411 1341.683) ReconcIlla￿On of funds Tolal fvrKls brought foThMrd Total ￿ndS carried forward 376.684 108.732 2,858.276 3.343.692 20 368,502 31,772 2.601.735 3,Q02.009 The noleg on pages 2310 39 fO￿n an inlegral part ol these financi81 statements. Page 20 The Ingtituts For Jewlsh Policy Research (Reglstrauon number: 00894309) Balance Sheet as at 31 December 2023 2023 2022 Flxed a$8ets Intan9ib18 a8s•ts Tangibla Assets Inveslmgnts 14 15 16 3.320 80,112 4,150 88.622 2,865,530 2.817 678 2,758.302 Cwrent a$•ets Debtors Cash al bank and in hand 17 18 47.626 78.253 234.313 273.407 312,568 Cr•dlloYs'. Amounts faHlng duèwlthln orwy¢ar Net current assets 19 57.(K)5 ,85 218.402 243.707 N•t as8ets 3.￿2,¢￿)9 Funds of the ¢harlty: Unr¢strirted fund$ 357.7B2 Restrictèd fvnds 11,718 31.772 Endown)ent funds 2,W,8CQ 2.801,735 Total funds 3.034,OBO 3.002.009 Th8 finarriAJ Atat8ments on pages 20 to 39 were aPFWDv8d by the Iruste•s. and SuU￿ri#•d for issuè on .Ag.1.11.%* and 81gned on tr*ir behair ty.. stephen Chairm id M088 CBE n and truste• notss on pages 23 to 39 lorm an integral part ofth8se fi￿da1 slateTh*nts. Page 21 The Inslitute For Jewish Policy Research Statement of Cash Flows for the Year Ended 31 DeGember 2023 2023 2022 £ IAS restatedl Nol• Cash flow8 from op•rnting activltles Nel cash income/{expendiiure} 32,071 341.6831 Adjustments to cash flows from nonry¢¥sh item¥ Depreciation Amortisation Inveslrnenl income Loss on disposal cif inveslrnenls Rev81uakn'on of investments 15 14 13.204 830 {106,(X11) 10,257 195,844 13,178 830 1100,3101 22,282 215,482 (145.283) 1190,221) Worklng capital adjustments Decreasellincreasel in debtors {0gcrease}fincrease in creditors Nel c8$h flows from opernl'ng achWt￿$ 17 19 30,728 11,854 142,198) 7,095 126,409 225,324 CJ¥h fl¢)w4 from invesl•ng activltles Interest receiv8b￿ and simlar incom& Purchase of tangible fixed asset¥ Purchase of inve$lmenls Sale tsf investments 106.001 14,6941 1784,9781 739,7 1(K),310 15 16 (586.9561 570,022 Net Cash flows from investing activitigs 56,119 83,376 Net de￿ase in ¢a$h and ¢a¥h equN8lents Cash and e2sh equNaknts at 1 January Cash and cash equNaknls al 31 December 170,290} (141.9481 301.146 443,094 230.856 301,146 The noles ￿ pages 23 to 39 fom an int•gr81 part ol these ffinanual stalements. Page 22 The Institute For Jewish Pollcy Rasearch Notes to the Financial Statements for tho Yèar Endod 31 December 2023 I Charlty st4tu¥ The cbwity is limited by guarantee, incorporate(l in EryJland & Wales. and consequenily does rN)t have share capital. Each of the trustees is Iiat4e to contribute an amount not eX￿dIng £1 towards the assets of th8 diarity in the evenl of liquidation. The a(klres$ of ils Tegisleied oifirR is.. 6 Greenland P18ce London NW1 OAP 2 Aceountlng ptsllclés Summary of ￿gnIficant accounting policies and accourrtlng estimates The princ4pal accounting poliaes applied in the preparation of these finanrAa stslemenls are sel (>ul below. These policies have been consistenlly lo all years presented, unless othemse slatèd. Basis of preparation and slatement of compliance Th¢ finanual 5latem¢nls have bo¢n PTepared urKkr t1￿ hislcYKo1 ￿${ wNention with items recognised al co81 or transaction value un￿$ slated olherwi5e within Ihese noles. The finanual slalemenls have been prepared in aceordanee with Accoullling and Reporting by Charitiès.. Stslement of RÈcomrnended Practice lapplicatrAe lo chaiities prèparing thÈir aceounts in ar1tsrdar￿ **rith thè Financial Rèporiing Standard applicable in the UK and Republic ol Iieland {FRS 1021} li5sugd in Odober 2019)- IChaTrtigs SORP IFRS 1021}. the Fina￿181 Reporting Standard appli¢ablè in Ihe UK and R¢publiG of Ireland IFRS 1021 and the Companies Act 2006. The Instilule For Jewsh Policy Research meets th¢ definitic*n of8 pubk beneknl entity under FRS 102. The presenlatk)n currency of the financial statements ss the Pound Stsrffing {£1. Going concern The Iruslees wnsider Ihol there gr? no rnplerial urKertaintss about th? d)arills abdity to continue as a going c(￿c&M nor any $ignifi¢ant areas of urvrtainty that affect the r4rrJryng value of 8ssels hekl by the d￿rity. Income All income is re¢oynised once the tharity has tnlrttèment to the in¢omè, it 18 probable Ihal the income will be received and the amount ol the income receivable can be measvred rek'abty. Donatlon$ Donations are recognised when Ihe ctority has been nolffjed in writing of both the amount arKI sewernenl dale. In the event Ihat a donation is subject to condit￿$ that require a kvel of performance by the charity before the chaTily is entitled to the lunds. the Inco￿ is deferred and not re￿nised untsl eilher those conditions are lully met. or the lulhlmenl of t￿lse conditions is wholy wthin the conlrol of the tharity and tt is probable that these conditions wll be fulfilled in the reporting penod. 11 there is a Service Level Agreement or Contraci in place income from adminislration charges is taken into account in th& period to which it relates. For legaaes. enlitlement is the eadEr of Ihe tharity being notified of an impendiNJ dislribulion or the legacy being received. At this point income is reco9nised. On occasion kgaaes wil be notified lo th¢ charity however rt is not possible to Measu￿ the amount expeded to ￿ thstribuied. On these [￿casIONs. Ihe legacy IS treated as contingent assèt and (I'sclosed. Page 23 The Institute For Jewish Pollcy Research Notes to the Financial Statements for the Year Ended 31 December 2023 Icontlnuedl 2 A¢counting pollcles (conllnuedl Donated seThle•s and fa¢lli11oS In accord8n￿ wilh the Charilies SORP IFRS 102), any Lmpaid ger￿1 volunteer lime is not ro¢ognisests The aggfegale payrdl costs were as folryws.. 2023 2022 Wa￿5 and salaries Sori818ecurity costs Pension cosls 532.609 58,9fj1 34,423 546,530 60,313 34,959 625.993 41.802 The numbgr of ¥mF4oyees whose emoluwEn15 fdl within the fdh>Mng bands was.. 2023 No 2022 No £60.001- £70,000 £80.001- £90, £￿.001- £100.000 £110,001- £120.OOD £120,001 - £130.000 Tho key managemenl ￿mplis? the Exewlive Director and Ihe D1￿ctOr of Operations. The total emF4oyee beneffts ol the Executive Director and the Director of Operations were £232,70512022'. £205.1941. 2023 2022 Av•rag• number of empby•Ès 10 11 Audltors. r•mun•ratlon 2023 2022 Audit of the charitys annual accounts Other Servi￿S- prep8r8bon of the dwriV$ annual *xounts Other services- predecessor fi 10.8C 4.800 300 21,500 3,700 15,￿0 25,200 Page 30 The Institute For JewSsh Policy Resgarch Notes to the Financial Ststements for the Year Ended 31 December 2023 (continued) 12 Taxalon The charity is a registered charity arml is therefwe exempt frcrfn laxation to the extent Ihat such income or gain is aP￿led to charitable purpos•s. 13 P*Mlon ￿$ts The charitable company gpgratg5 a (x)nlrilxJlory pension scherne. It is a defin8d contribution scherne and contributions are charged in the $1olement of finanual actm1￿$ as they are paid. Thè d)arge for Ihe year was £34,42312022'. £34,959} and the liabilrfy (Mjtthdiro al Ihe year end was £1.70912022". £1.2041. 14 Intsngiblè fixèd assets Trademark Total Cost Al 1 January 2023 Al 31 December 2023 8,300 8,300 8.300 8.300 Amortl¥atlon At 1 J?nygry 2023 Charge the year 4,160 830 4.150 830 Al 31 DecemL*i 2023 4,980 4.980 Net book v•1 Al 31 DÈCÉM￿[ 2023 3,320 3.320 Al 31 December 2022 4,150 4.150 Page 31 The Institute For Jewish Policy Rosearch Notes to the Finan¢lal Statements forthe Year Ended 31 Docember 2023 (continued) 15 Tanglble flxed assets Improvement to I￿$¢hold buildlny Flxlurns and fittlnys Computgr *quipmtnt Totsl C08t Al 1 January 2023 Addit￿nI 101,3W2 14.847 4.694 125,834 Al 31 December 2023 101,392 9,595 19,541 130,528 D•prè¢iation At l January 2023 Charge for the year 19.198 1Q.139 3.407 1.919 14.607 1.146 37,212 13.204 At 31 Dècember 2023 29,337 5.326 1 5,753 50.416 Nel book value Al 31 December 2023 72.055 4.269 3,788 80,112 Al 31 December 2022 82,194 6.188 240 88,622 Page 32 Thè Instltute For Jewish Policy Research Notes to the Financial Statements for the Year Ended 31 Decomber 2023 (Continued) 16 Flxed asset Investm•nts 2022 £IA¥ re$tsled} 2023 LiBted Investments C08t or ValuatFon At 1 January 2023 Additions Disposals Rev8Juation 2.598.69S 784.978 1750,0461 2.819.527 588.956 1592,304) 215,482 Al 31 December 2023 2.729.272 2.598.697 Cash held wlhin invtStmen¢ mfolKJ Al 31 December 2023 4.974 2.734.246 2.665,530 17 Debtor 2023 2022 Prepaymants and aecwèd income Oiher debtors 23.032 24,493 53,999 24,254 47,525 78,253 18 Cash arKI cash equlvalents 2023 2022 Cash at bank Cash held within investment portfolio 225.882 4,974 234,313 66,833 230,856 301,146 19 Cr•dltors: amounts falllng TI￿thIn one year 2023 2022 Trade creditors Accruals Othèr erediltsr$ other taxes asyj social se¢vrity c081s 1.069 27,813 9.245 18,878 8.622 34.044 8.749 17,444 57,IX15 68,859 Pag• 33 (h r*) to 000 ooriopi uwwa? o <0 o 11) O O ro O ￿ fa Di O rr QWVO 2iiiiisil I I, The Institute For Jewish Policy Research Notes to the Frnancial Statements for the Year Ended 31 December 20231contlnued) 20 Funds Icontlnu•dl Ertdov￿ent lunds The MCA EndttwmÈnt FuThl is a separate lund for the purpose of promlit)g and 8SSiSting the organising and carrying out ol i¢$e8rch Into the stste of the eonlemporary Jewsh comnyJnitTr&s in thÈ UK and elsewhere in Europe together with the promotion of olh•r charitable aims. objects and ¥livi14e$ ol the Charity as sham be conducive to the implernenlation ol thesè rAJrposes. The income ol the Fund may be spent by the Charity on a year to yèar ba$1$ as long as the lotsl of Ihe income and gains spent in any one ye8f does not extètd 8% of the Original GrantI$5,OtX),O￿ converted lo £3.466.337 at dale transferred) as increased annualty by Ihe United Kingdom Retail Prices Index fRPI"). Thé origlnal gr8nl is a pemwenl endowmtnl, Ihe •tal ofwhth trwjsl be retsined. In order for th• re￿ISed 8nd unrealised gains lo be spent it is neceswyto S8ti$fy the following conditKJlls.' 111 The first Condition is Ihat the tot81 èmourtl of income and gwns spenl in any lull financaal year of the charity st not èxceed 8Vo of the Original Grant as irKreased by the percentage increase, if any li9noring any reduction) in RPI. from the 31sl Decemiw2020 to the beginning ofth& fmanu81 yèar. {21 The ¥econd condilion is that 30 days bèftsrè twstees iesofve to spend 1he capilal. the rna￿•1 v81ue of the capital ol Ihe Fund musl not be less Ih8n tho Onginal Grant (mcreased in h¢wrdance with RPII aft•r •xeluding the gains rèsofved to be 5penL It is possible lo carry forward any unspÈnt wt of the 8% and spend it in subs¥quent financial Yea￿ in addition lo Ihe 8Yo limit for each year. The Fund 1$ inv8sltrd on prOfesskin￿ a¢Jvite in older to obtain the maximum IDng-tÈrm return (net ol any lax) whith 1$ ieg8rded from lime lo tim• 8$ 8 pnthnl tsrgetfor the Fund. Page 36 The Institute For Jewlsh Pollcy Resèarch Notes to the Financial Statements for the Year Endod 31 December 2023 (continued) 20 Fund• {contrnuedl R•strlcted Funds The aim and use of each restricted lund 18 8$ fdl(A¥s: lal Proje¢X= European Jewish Dery[aph￿ Unil - Established in January 2019, JPR'S European Jewish Demography Unil is dedicated to generating dala aboul J￿￿$h populations in Europè tts help support community developrnenl acfoss the contin•nl. CurTenYy supported ty the Rothsthld Foundation Han8div Evrope. il is led by JPR Senior Research Felow, Dr Danid Stselsky. and chaired by Ihe wodds le8drng exFeri in Jewish demography, Professor Sergio Dema Pergolp. Ibl Project.. The European J￿1$h Research ￿th1¥e.. supported by Rolhschdd FoundalK)n Han8div Europe, this is a project lo build and maintain An online free to access archNe of research publi¢atiDns on contemporary European Jewish ojmmuniiies. The archive inthdes reports, ariides and olher ￿leVant materials that draw on, or discuss. soaal research on European Jewish wmmunitl8s since 1990. Ic) Commission.. Jewsh Blind and Disawed IJBDI this Slu￿ was desKJned lo look 81 thè socio-demographic characteristics and levels of disa￿1￿ amro i￿$ INing in Bamel. Hertsmere, Redbridg? and Essex. as part of JBtYs straleg￿ review. Id) Commission.. M3 Monitoring and Evaluation Prcye(a- Ihis annual St[￿ is aim¢d 81 helping JW8 lo monitor and evaluate the effectiveness ol Ihtir work. It ￿¥01veS hetrJing them to detemine what Ihey need to measure in view ol Iheir new strategic plan, 4dvi$ing them on hw best to gather the required data. and then working with them to determine how best to il IN their purposes. le) Commission.. Industrial Dw•llings Stitièly ODS} Ihis proiect mapped Ihe Jew5h pgpulalion and Jewish services (schools, SYnagogL￿. community organisaknns. shops. restaurants. etc.) in the immediate vicinity of specific siles to svpport IDS'S futUlQ F4anniny. If) Project.. Study of Antisemitic Attitudès - first run by JPR together with Ipsos MORI in 2017. this survey, monitoriny anti-Jewish and an￿lsrael attiiud•s ￿￿Ong the British population. was due to be ￿peated in 2020. However, due lo resliictions imposed by Co¥KI-19 panderNc, the ￿udY was postpu)ed. and is now expeded to take place in 2024125. {91 Project.. Communications - With thanks to support from Ihree key loundations. JPR ￿¢[urted rts fir51 Director of Communications in October 2021. Thè for the first year of the p0s￿On are lil to wrnrnunicate JPR'S rèsearch outpuls to the media and key largel audierKes". lill to redesign the JPR Web￿te., and liiil lo build JPR'$ $¢ty81 media presence. W￿k began on ail three of these areas in the lasl que4ter of 2021 thÈ nèw wèbsitè wa$13un¢hed in October 2022. Ihl Commission.. IDS 11- Industrial ¢hY¢llin9s soo•ty11- This w(¥eca rnapped the Jewish population and Jewish aÈrvieÈ$ Ischwls, synagogues, communty organisatW5. shops. Teslaurants. elc.) in th6 immèdiatè vieinily to $UPPC*rt IDS'S future planning for a Jewish housSng assiKialion workiThJ lo build SOO new affordabl& units in Jebwsh nelghbourhoods for Iowthineomè Jemsh f8rnlres and Jewi5Nnon-Jewsh professional$ working in Jewi$h ￿e￿Ice3. lil Commis%on.' EVENS a national survey designed lo gather infomialion about inequality among ￿hnle minorities. Our inpLrf is speufically designed to hdp them gather data on Jews and ad vice on how lo analyse it, atthou9h w• hw to from theii work to help oui owrh l(rture analysis ol Jemsh populations. (il Commission: European Jewsh Asswiabon - The European Jewsh A8$￿*al￿n commissionÈd JPR to create an index lo measur• how different Eutopean counthes are faring with regard to major Jw$h ¢oncems. Ikl Commis&on.' Censu$ 2021 The JLC provided a small grant lo support JPR'S ongoing anatysis of Jew5h population daia gathe￿d by the Office of NalK)nal Statisllcs in the 2021 Census ol England and Wales, and general research bdvice lo support the JLC'S wcik. grant induded f￿d$ for a pynt event to share the findings ol JPR'S first rep(*i on Ihe ￿ltIal release of census data. 111 Projed.. Europearb Commission Mapping- As part ol the EU strategy on combating 8nlisemitism and fostering je¥￿sh life. Ihe European Cornmission IECI has committèd to Ix•8tiNJ a European researGh hub on eontèmporary anlisemit15m ar￿ Jewish lrfe in Ihe luiure. Page 37 The Instltute For Jewish Policy Research Notes to the Flnanclal Statements for the Year Endèd 31 December 2023 (continued) 20 Fund$ {¢tsntinLwd} Im) Commission.. Manchest¢r-JRC & mo￿18e JPR and MobI￿se tolaboraled on a mapping &xerrAse cornmissioned by the Manchester Jwsh Representative Council. The purposè of the exercise wa$ to support 51rategic disojssions about seNiee provision in Ihe Greater Manchester area. JPR'S role was lo identify existing services in their main areas of Niter•st #uch as chiklren. young peopk and familes. The findings were prèsèntèd in September to communrty and govemmenl represenlatives in Manehestsr. All the fLmds repres8nt donAlions receNed arbd lake into accounl Ihe re$eard) eA$ls incJJrred during the yeor. 21 Analysls of Mt a8*•ts bètthwn fund8 Total funds at 31 D•¢gmb?r 2023 UDrestricl•d Rmtrlctsd funds Endowmenl fvnds Intangible fixed assets Tangible ffixed assets Fixed asset investments Current assets Cutrenl IF8bililies 3.320 80,112 69.646 261,689 57,CK)5 3,320 80.112 2,734,248 273,407 s7.(￿5 2,664.60CI 11.718 Tol81 nel a88els 357,762 11.718 2,664,600 3,034.080 Total funds at 31 D•¢ember 2022 Unr•slrict•d fund Restrict•d ful￿6 Endowmènt funds Inlongibl? ffixed as8ets Tangible fixed assets Fixed a$sel investments Curfenl assets Current liabilrt*s 4.150 88.622 63.795 280.814 68,859 4.150 88.622 2,665,530 312.586 68.859 2,601,735 31.772 Total nel assets 368,522 31,772 2.601,735 3,002.029 Page 38 The Instltute For Jewish Policy Research Notes to the Financlal Statements for the Year Ended 31 December 2023 (Continued) 22 R¢lat*d party transactlo During the year the iJ)arity made the following ￿lated party tr￿SactIc￿$. Ent1￿89 over whleh thè èntity has control. lolnt control or $ignlficant infiuence Al the balance sheet date the amount due from Enithes over whth Ihg entity has control. joint eonlrol or 3ignifi¢anl in11uence was £16.66712022- r16,667). During the pievious period E19,500 was transferred lo the Stilchling Institute for Je￿sh Policy Research, an entity registered in the Netherfands undèr thè control of the charity, for working capital purposes. This amount r•mains outslanding 8131 December 2023 and is liduded wthin olher debiors. is intere51 free and repayaL4$ on dsmand. 23 Op•ratlng l•ax• eommitrnents At Ihè yèar end Ihe tharity had annual commitm•nts under norpcancel￿b[e operating leases as follows 2023 2022 Within one year Behyeen and fN8 y•ars In over ffivé yèars 47,5￿1 163.057 99.645 45,520 155.239 14S,165 310.292 345.924 24 Prkor period adjustment Ouiing the year it was K1entifie(f that Ihe anatysis ol moven*nis vnlhin the ffixed asset investmants was not dis¢k)$ed in accordance with the Slalemenl ol Recommended Pr8thcÈ. Thè hsled investment anatysis h9$ been restaled lo reflect the correci disclosure5. the opening and dosing investmenl values remain unchanged. The resulting reanalysis has impactÈd figures within the Cash Flow Sl*ornenl. whith has therefore also been reslated. 25 Shar• ¢apital and controlling partl8s The Company is limited by guarantèe and has no share casNla. ￿ Ik4t4lity of its members is limited to £1 per member. Pa9e 39