OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

COMPANY NUMBER: 937882

REGISTERED CHARITY NUMBER: 257345

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

Report and Financial Statements Year Ended 31st December 2020

CONTENTS PAGE
Reference and Administrative Information 3 - 4
Trustees Report 5 - 12
Independent Auditors Report 13 - 16
Statement of Financial Activities 17
Statement of Financial Position 18 - 19
Statement of Cash Flows 20
Notes to the Accounts 21-43

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2020

Constitution

The Jewish Joint Burial Society, (JJBS), is a company limited by guarantee governed by its Memorandum and Articles of Association; company number 937882. It was incorporated on 27 August 1968. It is also a registered charity number 257345. The original Articles of Association of 1968 were amended in June 2005, June 2011 and April 2021.

Directors, Governors, Members, Council and Trustees

The Members of the Society are 29 London Synagogues and 14 National Synagogues including New London Synagogue which joined in April 2021. Each Synagogue may appoint one voting Governor and an alternate. The Board consists of these nominated Governors and not more than eight elected Governors who are elected by the other Governors. Elections are held annually with four elected Governors retiring and eligible for re-election.

The Governors are the Trustees for the purpose of charity law and throughout this report are referred to as the Trustees. They are also the directors of the Company for the purposes of company law.

The Trustees serving during the year and since the year end were as follows:-

President and Elected Trustee Frank Godson

Elected Trustees David Leibling - Chair Mike Frankl Keith Feldman - Hon. Actuary Maurice Gold - Resigned June 2020 - Jocelyn Shepherd Hon. Secretary Steve Wynne - Vice-Chair

Member Trustees appointed by Synagogues David Alfert Graham Berkman Michael Berkson Stephen Bilmen Eleanor Bloom - Resigned 31 July 2020 Tony Bogod Jon Burden Ian Cave Louis Feldman Stephen Fidler Jonathan Freedman Lee Goldsmith - Appointed 1 December 2020 David Jacobs Stuart Jacobs - Appointed 30 April 2020 Edward Kafka Stan Keller Josie Knox - Resigned 30 April 2020 Sara Myers Janet Posner Keith Price Reza Razavi - Resigned 30 June 2020 Hilary Roer Jon Sable Martin Silverman

-3-

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2020

Philip Silverton Naomi Simmonds Ian Sugarman Peter Vos - Hon. Treasurer Paula Wood

Sextons Mitzi Kalinsky Ian Jacobs Andrew Lewis

Registered Office and Principal Address

JJBS Woodland Cemetery Bulls Cross Ride, Cheshunt EN7 5PF

Auditors

Nyman Libson Paul Chartered Accountants Regina House 124 Finchley Road London NW3 5JS

Bankers

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

National Westminster Bank Plc 104 Tottenham Court Road London W1A 3AQ

Investment Managers

Investec Wealth and Investment Limited 30 Gresham Street, London EC2V 7QP

-4-

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2020

The Trustees (also known as Governors), who are also directors of the Company, present their report together with the financial statements of the Charity for the year ended 31 December 2020.

Legal and reference information set out on pages 3 and 4 forms part of this report.

Structure, governance and management

The Society was set up in 1968 as a company limited by Guarantee. Governance of the Society is by the Board of Governors, each member synagogue being entitled to appoint one Governor and an alternate. There are also eight elected Governors, elected by the other Governors. The Governors meet about four times a year but since 2020 these meetings have been on-line using Zoom. Three senior trustees manage the staff who are organised in three departments under the Senior Sexton (Mitzi Kalinsky), the Cemetery Superintendent (Adam Cutler) and the Head of Finance and Administration (Susannah Finch). A new sub-committee comprising the five Honorary Officers and Jon Burden, appointed by the Governors to ensure good governance, meets monthly to review operating and risk matters. This has replaced the former Investment and Risk Committee. All major decisions are ratified by the Board of Governors. The Society also has a Grants Committee.

The Trustees consider the principal risks and uncertainties annually and compile a risk register in which each risk is evaluated on a scale for probability and severity of impact. This has been entirely reconsidered this year and the top three risks, before the mitigating actions we have implemented, are management issues relating to staff or loss of those key staff; cyber risk resulting from hacking of database or website; and pandemic/epidemic risk resulting in staff overload due to increased number of funerals and application of onerous government control measures. There are regular meetings, virtually or in person, of the Honorary Officers with staff to ensure management is coordinated with the decisions of the Trustees. There is an induction pack for training of new Trustees.

Trustees give of their time freely and receive no remuneration or expenses in the year.

A new Health and Safety Policy was approved in June 2019. This included consideration of safety of staff and visitors on the site, lone working and manual handling. There was also a full risk assessment performed and adjustments made where necessary.

The pay of the staff is reviewed annually and normally increased in accordance with average earnings with particular reference to the pay reviews undertaken by the Movement for Reform Judaism. Further increases in pay are given where extra responsibility has been given.

Objects and activities of the Society

The objects of the Charity as contained in the Memorandum are the provision of burial and cremation facilities and services for members of Synagogues and their dependents in the United Kingdom of Great Britain and Northern Ireland and for such other charitable purposes which accord with the principles of Judaism as the Governors may from time to time determine.

The Trustees regularly review the Society’s objects and values to ensure they continue to reflect their aims. In carrying out this review the Trustees have considered the Charity Commission’s guidance on public benefit. The Society provides opportunity for non-Jewish partners to be buried alongside their Jewish family on the same terms as the Jewish members. Smaller Jewish communities who find that burial costs are increasingly high are encouraged to join the scheme. The Society will provide funerals for same sex couples and transgender individuals.

-5-

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2020

On 21[st] April 2021 an Extraordinary General Meeting resolved to adopt new Articles for the Society, modernising its governance and bringing it much more closely in line with the Governance Code for larger charities which is endorsed by the Charity Commission. The most significant change will be to form a new Board of 12 Trustees to replace the Council of Governors which had become cumbersome. The Trustees will be directly elected by member Synagogues and will include the five honorary officers – Chair, Vice Chair, Treasurer, Secretary and Actuary. A new Member Synagogues Representative Committee will be set up to enable all synagogues to advise trustees on their opinions and concerns.

The surplus on non-member funerals is used for charitable purposes. It subsidises the funerals of Jewish people for those of little means and those killed due to war or terrorism. The subsidy was £52,000 (2019 £33,000). The non-member surplus is also used to provide grants to projects contributing to any Jewish community for bereaved, communal or educational projects or for projects of benefit to the Jewish community. In 2020 grants of £37,263 (2019 £45,100) were made.

In addition to the regular grants noted above, it was agreed in October 2017, to make a grant of £150,000 to the Leo Baeck College in 5 tranches of £30,000 annually, starting in 2017. The final instalment will be paid in 2021 although the entire grant was charged to the 2017 accounts. This grant is to help fund a 5-year vocational programme for rabbinic students. It aims to teach the students the skills they will need to become outstanding rabbis for our communities.

Loans are made available to communities to fund capital projects and there are currently three such loans outstanding. The mixed motive loan to St Albans Masorti Synagogue was granted in 2012 for up to £100,000 bearing an interest rate of 1.5% over base rate. There is also a programme related loan originally of £108,750 in 2007 given to Wimbledon Reform Synagogue to purchase local land for burial at Randalls Park which does not bear interest and is repaid as the plots are used. On 27th July 2020 the Society granted Bromley and District Reform Synagogue a new loan of £108,570 to purchase a lease on 30 grave spaces at Green Acres Kemnal Park Cemetery, Chislehurst, Kent. This loan is also interest free but £32,000 was repaid on reservation of 9 spaces in October 2020.

The charity is committed to best practice, as outlined by the Fundraising Regulator, in its approach to fundraising and closely monitors its activities in this area, ensuring that vulnerable members are protected. The charity does not engage in direct fundraising from the general public. No professional fundraisers are used by the charity.

Membership of the Society is of two types - London or National. All London members have appointed Governors but only two National members have done so as yet.

The Society charges the London Synagogues, who are its members, an annual fee based on their declared full membership numbers. The amount per-capita is set each year by the Governors, and it covers the cost of a funeral in the Society’s main cemeteries and permanent maintenance of the cemetery. National members pay a separate annual per capita sum towards the cost of burials in local cemeteries. It is the Society’s objective to keep the costs as low as possible consistent with the

-6-

(A Company Limited by Guarantee)

JEWISH JOINT BURIAL SOCIETY

Report of the Trustees - Year ended 31[st] December 2020

Honorary Actuary’s recommendations. Funerals are also arranged for Jewish people who are not members of a synagogue for which a full charge is made.

The Society offers non-Jewish partners of member synagogue members the opportunity to become Burial Subscribers and on payment of the same annual fee as synagogue members the same rights of burial or cremation. Each member synagogue can decide whether to offer this facility irrespective of how they recognise non-Jewish partners in their congregation. Non-Jewish partners of members who are not themselves subscribers may have a non-member funeral at a discounted non-member rate.

The Society purchased the right to bury in a number of plots at the Western Cemetery, Bulls Cross Ride, Cheshunt, from the Western Charitable Foundation which provides maintenance of the site and prepares the graves, for which the society pays a quarterly charge. Regular liaison meetings take place with the Western Charitable Foundation. In 2011 the Society purchased extra freehold land adjoining the original land at Cheshunt to enable it to undertake woodland burials and burials of nonJewish partners. This land came into use in 2013.

The Society acquired burial plots at New Southgate Cemetery when Hendon Reform Synagogue became part of Edgware and Hendon Reform Synagogue and also has limited burial arrangements at Edgwarebury Cemetery through West London Synagogue

Achievements and performance

The number of funerals carried out during 2020 was 382 (2019 - 283). Of these 24% were for nonmembers (2019 - 23%). Of the funerals carried out 31% (2019 - 31%) were cremations. In addition, there were 80 (2019 - 65) funeral expenses claims paid to members. The number of adults covered by the London scheme as at the end of December 2020 was 15,274 (2019 – 15,109) and 2,383 (2019 - 2,403) by the National scheme.

There were 66 burials in the Woodland Cemetery (2019 - 51). Of these 27 (2019 - 19) were in the mixed faith areas. 180 people (2019 - 123) from 18 (2019 -18) synagogues have signed up to become members of the Non-Jewish Subscriber scheme. There were 6 interments of cremated ashes at the columbarium (2019 - 11). The Society also arranges stone settings and there were 17 (2019 - 36) in the Woodland Cemetery. The use of the Woodland and Lawn Burial site is exceeding the original projections.

Synagogue members who have taken advantage of the late entry buy-out facility whereby they can pay the liability in advance at current rates rather than on death numbered 2,181 at December 2020 which was 53% of current relevant members (2019 – 2,137, 52%).

The Society has continued to make good progress with landscaping the Woodland cemetery by planting trees and woodland flowers and has created separate areas in the Woodland cemetery with distinct Lawn and Woodland sections. Landscaping is continuing and most of this work should be completed in 2021. In the woodland garden area graves are delineated and can be planted with woodland flowers which will naturalise over future years. In the woodland meadow area graves are left unmarked. In the lawn section the graves are marked by a simple vertical headstone and laid to grass. Members choose to be buried in their preferred section. There is a list of permitted native plants and a charge is made for planting. In both sections there is provision for double depth burial of members and their non-Jewish partners.

Work on the Woodland Hall was completed in Autumn 2020 despite delays caused by lockdown restrictions with a final expected cost, including an extension specified since last year end, of

-7-

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2020

£1.62m from the main contractors. The hall has been built to the highest environmental standards with solar powered electricity, ground source heating and a sedum covered roof. It will be used as soon as permitted for mourners to provide refreshments to small parties of up to about 50 people after a funeral or stonesetting. In addition, there are purpose-built offices for the JJBS office staff who have now relocated. The Columbarium has been extended to give capacity for years to come.

The number of funerals increased by between 90 and 95 between March and May 2020 due to the Covid-19 pandemic, although it has not always been clear whether a funeral is a Covid related one or not. There did not appear to be a second peak in winter 2020-21. Due to the social distancing guidance and risks of infection to the rabbis and staff, no relatives were present at the funerals held from 23 March 2020 to 21 May 2020. Most relatives have been able to watch the service conducted by a rabbi using remote viewing programmes however the Society is keen to enable all mourners to attend services at the cemetery as soon as possible. In addition, there have been many stone settings delayed in 2020 and these are now being rescheduled. All services will continue to be organised within the government’s guidelines.

The Society are very grateful to the staff for coping with the stresses of this exceptional year and especially to Senior Sexton, Mitzi Kalinsky, and Sextons Ian Jacobs and Andrew Lewis. Despite the additional pressures they have continued to deal empathetically with the bereaved relatives and have effectively managed the impacts of Covid-19 this year. Each department has faced considerable challenges whilst the office has been closed and attendance at funerals restricted. The trustees also express thanks to all of the staff for their work during the year.

Financial Review

Financial Position

There was a net deficit before investment movements during the year of £1.24m (2019 - £0.73m). Total investment gains were £0.55m (2019 - £2.28m) of which gains of £0.19m (2019 - £0.14m) were realised. The Statement of Financial Affairs (SOFA) shows this deficit because of a set of actuarial adjustment which have resulted in £1.62m of the surplus generated during the year being moved out of the SOFA and into the deferred creditor on the balance sheet, to be released in future years.

The operating surplus before investment gains was £0.37m (2019 - £0.64m). This is the total of the amount on the SOFA and the equivalent amount booked to the deferred creditor. The reduction of £0.27m, 42%, in the operating surplus is the result of the additional costs incurred on member funerals, which were substantially increased in number because of Covid, but were partially offset by increased income from more non-member funerals. Investment income, dividends and interest, was down £0.17m, 33%, representing the impact of Covid on UK investment returns.

The actuarially calculated level of reserves required was up by £0.8m, 4.5%, largely because we have re-evaluated the way future administrative costs are calculated. The introduction of new procedures and costs to handle a larger operational load reduce the element of costs which are funeral related. These lower funeral-related administrative costs and higher non-funeral administrative costs each increase the reserves. The higher non-funeral costs are deducted from future subscriptions from the individual Synagogue members and the lower future funeral administration costs are deducted from gross future funeral costs.

The result of the change is an increase in deferred creditors, which is effectively deferred income for release when burials take place and increases from £11.1m to £12.9m, as can be seen on the Balance Sheet.

-8-

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2020

During the year, fees per capita for members of London synagogues were £50 unchanged from 2019. The per capita fee for members of National synagogues was £64 for a benefit of £3,500, also unchanged for 2020.

Investment Policy

As at December 2020, the Society’s investments of £19.4m were invested as follows:

Equities £16.3m (2019 -£15.1m) Bonds £0.8m (2019 -£1.8m) Charity property funds and alternatives £1.6m (2019 -£1.4m) Cash £0.7m (2019 -£0.3m)

A further £0.85m (2019 -£2.0m) is held in current bank accounts.

Equities amounted to 84% (2019 - 81%) of the total managed investments, property and alternative funds 8% (2019 - 8%) and bonds and cash 8% (2019 - 11%).

Except for the cash in the bank accounts, funds are all managed by Investec. Other bank balances are held for cash flow and general expenditure and future capital investment including the current commitment for the Woodland gathering hall.

The investment objective set for the fund managers is based on consultation with the investment managers and on actuarial input and is reviewed each May or when appropriate. The investment policy and fund performance are considered by the Honorary Officers. The Vice-Chair maintains regular contact with Investec and there is an annual review meeting with the full committee. All policy recommendations are presented to the Governors for approval. The Trustees consider that both investment performance and the implementation of its ethical and religious beliefs are key to the success of the Society and therefore Investec has been requested in early 2021 to slant the portfolio somewhat to improve its Environmental, Social and Governance indexation scores.

Investec manage the Society’s investments with the objective of achieving a return of RPI + 3% p.a. over a rolling 5-year period and generating a ‘Balanced’ return between income and capital. Investec have defined this aim within their standard criteria as medium-high risk. The asset allocation was tilted this year towards overseas equities and away from UK equities and bonds:

Asset class Allocation Range Benchmark
Bonds 7% (2019 - 10%) 0-25% FTSE Govt All Stocks
Cash 4% (2019 - 1%) 0-15% Base
Alternatives 5% (2019 - 3%) 0-10% Base +2%
Property 4% (2019 - 5%) 0-10% IPD Monthly
UK Equities 39% (2019 - 48%) 30%-55% FTSE All Share
Overseas equities 41% (2019 - 33%) 20%-45% World Index ex UK

At least 25% of the UK Equities benchmark weighting and 25% of the Overseas Equities benchmark weighting are held in tracker funds and rebalanced quarterly, if necessary, to within 0.5%. This is intended to reduce risk and to provide an additional performance benchmark.

Investec produce a quarterly summary of the holdings within the portfolio, transactions undertaken and total return performance data for each asset class against the appropriate benchmark, as well as the performance of the overall portfolio against its bespoke benchmark. Investec manage the investments on a discretionary basis, so the Society’s involvement is limited to agreeing the asset sector allocation ranges shown above and Investec selects the individual investments.

-9-

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2020

Investment Performance

The total return of the Society’s professionally managed assets was 3.0% (2019 -17.4%) gross of fees, equivalent to 2.6% net of fees. The policy of having a balanced portfolio, invested on a longterm view, producing income and growth and a high level of diversification remains in place and there are no plans to alter this policy. Since the year end, equity markets have continued to gain although bond markets have been weak. At 31[st] March 2021 the value of the portfolio had increased to £19.69m, up 1.6% on the value in these accounts at 31[st] December.

Reserves and Actuarial

The closing reserves in any year depends on both the actuarial figures and the investment returns which change from year to year. The Trustees aim to maintain an adequate level of reserves by considering the position over a 5-year period to enable them to smooth any changes required to the subscription rates.

The unrestricted reserves at December 2020 were £12.1m including £4.9m designated for future maintenance and administrative costs (2019 £12.8m, £6.0m). The deferred income provision for future funeral costs was £12m (2019 £10.8m).

The actuarial valuations, which are performed by the Honorary Actuary who is an Elected Governor and a Fellow of the Institute and Faculty of Actuaries, are based on the 2000 Series tables issued by the Continuous Mortality Investigation Board of the Actuarial Profession. There is a small adjustment to reflect the lower mortality experienced by the Society but no allowance for future improvements in mortality.

The actuarial review, performed this year in March 2021, is used to calculate the reserves needed for the future cost of funerals and future costs of burial administration after allowing for future income from membership fees. An external independent consultant has reviewed the actuarial valuations this year for the first time. The review is also used to inform the fees and charges for the coming year. The fees are set to cover current costs and to build up reserves to cover the future costs of funerals for existing synagogue members and cemetery maintenance. The Society aims to maintain reserves adequate to fund fully the funeral commitments to existing members and future administrative costs. The commitment is to existing members only and does not include any assumptions regarding contributions from possible future members.

In 2016 the Society changed its reserves policy to incorporate the annual actuarial valuations within the published financial statements. The reserves are split into the three constituent parts: the first actuarially calculated element is for future funeral costs, including those funded by late entry receipts, and is on the balance sheet as a deferred creditor. Each year, only the actual cost of funerals, cremations and related costs incurred during the year is charged to the Statement of Financial Activities. The second element of reserves is the amount, also actuarially calculated, required for future funeral and burial administration costs (but not other future administrative activity) and this is held as a designated fund. The third element will remain in general reserves and is the amount available to fund current expenditure. This includes any surplus or shortfall on “free reserves”.

The aim of this policy is to enable assessment of the funding requirements over the longer term and better inform the Trustees in making decisions regarding required future subscription rates and

-10-

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2020

investment returns. The inclusion in the reporting of the actuarial valuations of reserves required is critical because of the very long-term nature of the Scheme.

The policy of the Trustees is to maintain reserves that will provide a stable base from which to fund the charity's future activities whilst ensuring that excessive funds are not accumulated. They consider that the lesser of six months of total expenses or £500k is the minimum which should be kept as free reserves although the investments and cash would be available for short term funding if necessary.

The free reserves are calculated as follows:

£ million
Unrestricted reserves
Less: unrestricted designated funds
Reserves in the general fund
Less fixed assets
Free Reserves		 2020
2019
12.1
12.8
(5.0)
(6.1)
7.1
6.7
(4.6)
2.5
(3.5)
3.2

The fall in Free Reserves this year of £0.7m comprises several elements - the additional £0.7m reserves and deferred creditors required by our actuarial valuation and the further investment we made in the Woodland Hall of £1.1m reduce free reserves and these are netted against the gain in investments £0.6m and the operating surplus £0.4m.

Plans for 2021:

-11-

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees (who are also the directors of the Company for the purposes of company law) 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 . Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 23 June 2021 and signed on its behalf by:

D Leibling Chair

P. B. Vos Treasurer

Page 12

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JEWISH JOINT BURIAL SOCIETY

Opinion

We have audited the financial statements of Jewish Joint Burial Society (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of 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:

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Page 13

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JEWISH JOINT BURIAL SOCIETY (CONTINUED)

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 Auditors' Report thereon. Our 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our 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' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 14

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JEWISH JOINT BURIAL SOCIETY (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the 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 but to do so.

Auditors' responsibilities for the audit of the financial statements

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 auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Page 15

(A Company Limited by Guarantee)

JEWISH JOINT BURIAL SOCIETY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JEWISH JOINT BURIAL SOCIETY (CONTINUED)

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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jennifer Pope (Senior Statutory Auditor)

for and on behalf of

Nyman Libson Paul LLP Chartered Accountants Statutory Auditors 124 Finchley Road London NW3 5JS

23 June 2021

Page 16

(A Company Limited by Guarantee)

JEWISH JOINT BURIAL SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Charitable activities
3
Investments
4
Other income
Total income
Expenditure on:
Raising funds
5
Charitable activities
Total expenditure
Realised gains on investments
Net movement before other recognised gains and
losses
Other recognised gains:
Unrealised gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
1,015,592
336,197
717
1,352,506
54,372
2,532,996
2,587,368
185,198
(1,049,664)
362,913
(686,751)
12,825,292
(686,751)
12,138,541		 Total
funds
2020
£
1,015,592
336,197
717
1,352,506
54,372
2,532,996
2,587,368
185,198
(1,049,664)
362,913
(686,751)
12,825,292
(686,751)
12,138,541		 Total
funds
2019
£
735,406
505,001
572
1,240,979
80,067
1,887,339
1,967,406
138,811
(587,616)
2,137,305
1,549,689
11,275,603
1,549,689
12,825,292

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 21 to 43 form part of these financial statements.

Page 17

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 00937882

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
13
Investments
14
Social investments
15
Current assets
Debtors
16
Investments
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Total net assets
Charity funds
21
Unrestricted funds
21
Total funds		 356,647
642,989
223,859
1,223,495
(337,360)		 2020
£
4,639,792
19,382,246
158,838
24,180,876
886,135
25,067,011
(12,928,470)
12,138,541
-
12,138,541
12,138,541		 266,339
1,447,083
525,085
2,238,507
(464,497)		 2019
£
3,492,443
18,556,905
95,619
22,144,967
1,774,010
23,918,977
(11,093,685)
12,825,292
-
12,825,292
12,825,292

Page 18

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 00937882

STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2020

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 23 June 2021 and signed on their behalf by:

D Leibling Chair

P. B. Vos Treasurer

The notes on pages 21 to 43 form part of these financial statements.

Page 19

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Investment charges
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2020
£
234,757
336,197
(54,372)
(1,283,103)
3,555,247
(3,894,046)
(1,340,077)
(1,105,320)
1,961,949
856,629		 2019
£
478,034
479,339
(72,407)
(678,938)
1,822,585
(2,205,136)
(654,557)
(176,523)
2,138,472
1,961,949

Page 20

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. General information

Jewish Joint Burial Society is a private company limited by guarantee, incorporated in England and Wales. The address of its registered office and place of business is Jewish Joint Burial Society, Bulls Cross Ride, Waltham Cross, EN7 5PF. The principal activity is the provision of burial and cremation facilities and services for members of Synagogues and their dependents.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Jewish Joint Burial Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Company status

The company is a private company limited by guarantee and has no share capital. The members of the company are the Trustees (also known as governors), named on pages 3 - 4. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

2.3 Going concern

The Trustees have reviewed the company’s forecasts, budgets and actuarial projections and have considered the circumstances of the Charity to determine whether it is appropriate to prepare these financial statements using the assumption that it will continue as a going concern for the next year.

The Scheme is long term by its nature and uses actuarial calculations to account for its commitment to provide for future funerals for current members. The Charity faces ongoing risks due to the Covid-19 pandemic; these are the significant loss in value of the Charity's investment portfolio and the accelerated costs of providing for funerals earlier than previously would have been actuarially expected. However these risks are not a threat in the short term to the going concern assumption.

Although the potential effects of the pandemic can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.

The Charity has general reserves of over £7m. There is also an actuarial surplus and a surplus of free reserves as disclosed in the Trustees' Report. These reserves are sufficient to fund the charity's activities for a number of years. Therefore the trustees consider it appropriate to continue to adopt the going concern basis in preparing its financial statements.

Page 21

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.4 Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the use of judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Deferred income, which is a key item in the accounts, is based on an actuarial valuation which contains a number of assumptions regarding future income and expenditure including funeral costs,interest rates, investment income and mortality factors.

The very long term nature of the business means that there are significant uncertainties in each of these assumptions. These are reviewed by the trustees annually and over future periods there will be further actuarial reviews which may result in material adjustments to the carrying value of the deferred income.

2.5 Actuarial Assumptions

The target rate of return on the Society’s investment assets (net of investment management expenses) is inflation as measured by CPI + 3%. The last actuarial valuation was in March 2021 and this assumes that investments will provide average long-term returns of 1% per annum greater than the escalation rate of the costs of The Society’s funeral claims.

2.6 Income

All income, whether current or deferred, is recognised only when the amount received can be measured reliably.

That part of subscription income which relates to the performance of future funerals is treated as deferred income on the balance sheet. This provision is credited to income on the death of the individual which is at an unknown future date. The balance held is actuarially revalued regularly in line with the age of the member, the scale rate for a funeral and the mortality factor. The changes in the actuarial valuation are taken annually to the Statement of Financial Activities.

The late entry payments (previously known as age-related adjustments) are from individual members who joined the scheme over the age of 50 and therefore incurred an additional liability which is due on death. The member may buy out their liability which is calculated as a percentage based on the age at joining and the scale rate which applied at that date. The buy outs are deferred income and form part of the creditors falling due after more than 1 year. They are credited to income on the death of the member.

The extra charges made for a woodland funeral and those paid by non Jewish partners are repayable at the request of the individual. These are held in creditors falling due after more than one year and credited to income on the death of the individual.

Page 22

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.7 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. The designated fund for future administrative costs is actuarially calculated and is monies set aside from current subscription income which will be credited to general reserves on the future death of the individual.

2.8 Interest and dividends receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

Dividends are recognised once the share price has been adjusted to allow for the forthcoming payment. The actual payment is credited to the capital account at the end of the month in which it is received.

2.9 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis. Support costs are allocated to charitable costs in total as no meaningful allocation can be made to constituent charitable costs. Irrecoverable VAT is included with the expense item to which it relates.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

Grants are paid out of the surplus arising from non member funerals. Grants payable are charged in the year when agreed by the trustees. The provision for a multi year grant where there are no unfulfilled performance conditions is accrued once agreed by the trustees.

Governance costs are the costs of providing information to and attendance at trustees' meetings.

2.10 Tangible fixed assets and depreciation

Amortisation is calculated to write off the cost of the burial grounds in proportion to the numbers of graves used in the year.

Individual or groups of fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Page 23

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.10 Tangible fixed assets and depreciation (continued)

2.11 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The profit and loss account recognises the realised gains on investment.

Current asset investments are a form of financial instrument and are initially recognised at their their transaction value. The current asset investments are subsequently measured at their transaction value plus an accrual for interest receivable on maturity of the investment. Interest receivable is recognised in the statement of financial activities. Current asset investments are a high rate deposit account.

2.12 Social investments

Social investments are held to further the charitable purpose of the charity, consisting of programme related and mixed motive investments, both of which comprise public benefit concessionary loans.

Public benefit concessionary loans are arrangements entered into at below the prevailing rate of interest for the purposes of furthering the objectives of the charity. The loans are held at cost plus accrued interest, less repayments and impairment. Loans not due to be repaid until after one year are included in fixed assets and those due to be repaid within one year are included in current asset investments.

2.13 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.14 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.15 Liabilities and provisions

Creditors are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Page 24

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.16 Financial instruments

The company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.17 Pensions

The charity makes contributions into a money purchase pension scheme for qualifying staff and costs are charged to the Statement of Financial Activities as they are incurred.

2.18 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

3. Income from charitable activities

London member funeral income
London member maintenance income
National member funeral income
Woodland surcharge on funeral
Non-member cremations
Stonesetting fees
Non-member burials
Funeral extras
Other income
Future Funerals
Late entry
Total 2020		 Unrestricted
funds
2020
£
599,351
203,707
151,716
255,449
121,704
82,151
154,156
17,275
23,243
(49,176)
(543,984)
1,015,592		 Total
funds
2020
£
599,351
203,707
151,716
255,449
121,704
82,151
154,156
17,275
23,243
(49,176)
(543,984)
1,015,592

Page 25

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Income from charitable activities (continued)

London member funeral income
London member maintenance income
National member funeral income
Woodland surcharge on funeral
Non-member cremations
Stonesetting fees
Non-member burials
National member receipts to income
Funeral extras
Other income
Future funerals
Late entry
Total 2019		 Unrestricted
funds
2019
£
556,541
201,823
153,364
143,520
119,478
81,998
78,000
38,903
13,519
18,369
(48,189)
(621,920)
735,406		 Total
funds
2019
£
556,541
201,823
153,364
143,520
119,478
81,998
78,000
38,903
13,519
18,369
(48,189)
(621,920)
735,406

4. Investment income

Dividends received from equity shares
Bank interest
Loan interest
Interest received on the investment portfolio		 Unrestricted
funds
2020
£
252,732
4,226
370
78,869
336,197		 Total
funds
2020
£
252,732
4,226
370
78,869
336,197

Page 26

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. Investment income (continued)

Dividends received from equity shares
Bank interest
Loan interest
Interest received on the investment portfolio		 Unrestricted
funds
2019
£
412,812
14,036
632
77,521
505,001		 Total
funds
2019
£
412,812
14,036
632
77,521
505,001

Page 27

(A Company Limited by Guarantee)

JEWISH JOINT BURIAL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Investment management costs

Investment management fees
Investment management fees
Resources expended - charitable activities
Grants payable (note 7)
Direct costs (note 8)
Support costs (note 8)		 Unrestricted
funds
2020
£
54,372
Unrestricted
funds
2019
£
80,067
2020
£
37,263
2,208,612
262,791
2,508,666		 Total
funds
2020
£
54,372
Total
funds
2019
£
80,067
2019
£
45,100
1,642,585
199,654
1,887,339

6. Resources expended - charitable activities

Page 28

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Grants payable

Bradford Cemetery
Bradford Synagogue
British Lung Foundation
Clore Tikvah School
Edgware & Hendon Reform
Foundation for Jewish Heritage
Finchley Reform
Gesher EU Support Network
Harrow Bereavement
Ieshereu Support Network
Jewish Association for Mental Illness
Jewish Bereavement Counselling
Kehillat Kernow
Leo Baeck College
Moishe House
Paperweight Trust
Raphael Centre
Movement for Reform Judaism
RJ Bereavement
Jewish Care
The Together Plan
UJIA
West London Synagogue		 2020
£
1,023
2,240
-
2,000
-
2,000
1,500
-
2,000
3,000
1,500
2,750
-
7,000
-
2,500
2,000
1,000
2,250
3,000
-
1,500
-
37,263		 2019
£
-
-
100
2,000
1,200
2,400
-
3,000
2,500
-
-
2,500
2,250
11,500
2,500
2,500
2,000
6,600
-
-
2,000
-
2,050
45,100

In December 2017 it was agreed to make a special grant of £150,000 to the Leo Baeck College paid in five tranches. The final payment of £30,000 is due in September 2021. These funds are to support the Vocational Programme which covers all 5 years of the Rabbinic training.

Page 29

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Analysis of expenditure by activities

Charitable activities
Charitable activities		 Activities
undertaken
directly
2020
£
2,232,942
Activities
undertaken
directly
2019
£
1,642,585		 Grant
funding of
activities
2020
£
37,263
Grant
funding of
activities
2019
£
45,100		 Support
costs
2020
£
262,791
Support
costs
2019
£
199,654		 Total
funds
2020
£
2,532,996
Total
funds
2019
£
1,887,339

Analysis of direct costs

Maintenance of grounds
Burials
Cremations
National funeral expense claims
Tahara
Bank charges
Woodland gardening and maintenance
Columbarium
Depreciation of grounds and improvements
Bad debts
Expenditure movement on deferred creditor		 Total
funds
2020
£
205,714
348,035
229,868
151,555
26,730
1,409
133,350
517
108,632
-
1,027,132
2,232,942		 Total
funds
2019
£
224,793
219,325
160,759
199,069
27,561
2,214
128,202
1,993
104,986
33,000
540,683
1,642,585

Page 30

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Analysis of expenditure by activities (continued)

(��6�����,9���--,���:,���

Salaries
Rent
Telephone
Printing, postage & stationery
Bank charges
Travel expenses
Sundry expenses
Insurance
Office cleaning
Accountancy and HR consultancy
Legal fees
Depreciation
Information technology
Governance costs
Governance costs
Audit fees
Costs relating to funerals		 Total
funds
2020
£
147,940
10,586
4,661
2,327
106
17,098
1,489
923
558
13,628
3,467
25,472
21,325
13,211
262,791
2020
£
13,164
47
13,211		 Total
funds
2019
£
133,189
6,910
5,403
3,457
173
1,680
775
1,129
540
19,795
-
2,589
12,361
11,653
199,654
2019
£
10,850
803
11,653

9. Governance costs

Page 31

(A Company Limited by Guarantee)

JEWISH JOINT BURIAL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Number of funerals

2020 2019
Members Non-Members Total Members Non-Members Total
Burial 146 26 172 113 9 122
Woodland 37 29 66 33 16 49
Cremations 81 39 120 52 36 88
Non-Chesh't 24 0 24 21 1 22
FES 110 0 110 59 0 59
398 94 492 278 62 340

11. Staff costs

Wages and salaries
Social security costs
Other pension costs		 2020
£
254,006
20,387
27,653
302,046		 2019
£
192,277
15,846
21,820
229,943

The average number of persons employed by the Company during the year was as follows:

Office
Cemetery		 2020
No.
4
3
7		 2019
No.
5
3
8

No employee received remuneration amounting to more than £60,000 in either year.

Amount paid to key management personnel during the year totalled £nil (2019: £nil).

Page 32

(A Company Limited by Guarantee)

JEWISH JOINT BURIAL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL) .

13. Tangible fixed assets

Cost or valuation
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Woodland
Cemetery
£
1,688,890
91,737
-
1,780,627
356,250
90,666
446,916
1,333,711
1,332,640		 Western &
other
cemeteries
Prayer Hall
& Woodland
Office
£
£
545,765
1,838,217
732
1,177,488
-
(1,650)
546,497
3,014,055
128,758
99,045
17,966
21,700
146,724
120,745
399,773
2,893,310
417,007
1,739,172		 Computers
& office
equipment
£
10,207
13,146
-
23,353
7,481
2,874
10,355
12,998
2,726		 Prayer
books
£
14,673
-
-
14,673
13,775
898
14,673
-
898		 Total
£
4,097,752
1,283,103
(1,650)
5,379,205
605,309
134,104
739,413
4,639,792
3,492,443

Page 33

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Fixed asset investments

Cost or valuation
At 1 January 2020
Additions
Disposals
Unrealised gains
Realised gains
Investment income reinvested
Investment charges
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
Listed investments at market value comprised
Debenture and unsecured stocks
UK equities and unit trusts
UK Fixed interest securities
Charity property funds
Foreign equities and unit trusts		 Listed
investments
£
18,298,682
3,360,784
(3,509,526)
362,913
185,198
(3,269)
-
18,694,782
18,694,782
18,298,682		 Cash
£
258,223
(3,360,784)
3,509,526
-
-
334,870
(54,371)
687,464
687,464
258,223
2020
£
-
7,634,726
1,451,529
1,598,414
8,010,113		 Total
£
18,556,905
-
-
362,913
185,198
331,601
(54,371)
19,382,246
19,382,246
18,556,905
2019
£
1,179,691
8,967,310
591,802
1,459,725
6,100,154
18,694,782 18,298,682

All fixed asset investments are held with Investec Wealth & Investment.

Page 34

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Social investments

Cost or valuation
At 1 January 2020
Additions
Repayments
At 31 December 2020
At 31 December 2019		 Programme
related
investments
£
78,750
108,570
(35,071)
152,249
78,750		 Mixed
motive
investments
£
16,869
370
(10,650)
6,589
16,869		 Total
£
95,619
108,940
(45,721)
158,838
95,619

The programme related loan is made to both the Wimbledon and District Synagogue and the Bromley District Synagogue. Both of the loans are interest free and repayable in irregular instalments as the Synagogues use the burial plots which were purchased through the granting of this loan.

The mixed motive loan is made to St Albans Masorti Synagogue. It is repayable by quarterly installments; interest is charged at 2.25% per annum. The amounts received within 12 months are disclosed within current assets investments (note 17).

16. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2020
£
341,047
2,644
12,956
356,647		 2019
£
240,349
-
25,990
266,339

Page 35

(A Company Limited by Guarantee)

JEWISH JOINT BURIAL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Current asset investments

Mixed motive investments - St Albans Masorti Synagogue
Investec bank 75 day notice
CAF bank Limited Gold Account		 2020
£
10,219
-
632,770
642,989		 2019
£
10,219
1,261,555
175,309
1,447,083

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2020
£
148,973
11,931
-
176,456
337,360		 2019
£
311,907
7,045
59,500
86,045
464,497

Page 36

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19. Creditors: Amounts falling due after more than one year

( a) Deferred Income and Accruals

Other creditors - Grant to Leo Baeck
Accruals and deferred income		 2020
£
-
12,928,470
12,928,470		 2019
£
30,000
11,063,685
11,093,685

b) Deferred income from late entry and funeral payments received

Balance at 1 Income in Expenditure Transfer Balance at 31
January 2020 the year in the year December 2020
Late entry payments received 2,506,139 164,373 (321,400) 2,349,112
8,557,546 602,782 1,419,030 10,579,358
Funeral payments received
Deferred creditor for future
burials and cremations		 11,063,685 767,155 1,097,630 - 12,928,470
Grant to Leo Baeck 30,000 (30,000) -
Total 11,093,685 767,155 1,097,630 (30,000) 12,928,470
c) Actuarial derivation of the deferred creditor
Actuarial reserve acquired for
future funeral costs		 17,039,340 482,971 17,522,311
Admin and office designated
fund (5,975,655) 1,097,630 (4,878,025)
Woodland buyout 284,184 284,184
Deferred creditor for future
burials and cremations		 11,063,685 767,155 1,097,630 0 12,928,470
Grant to Leo Baeck 30,000 (30,000) -
Total 11,093,685 767,155 1,097,630 (30,000) 12,928,470

Page 37

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

20. Financial instruments

Financial assets
Financial assets measured at fair value through income and expenditure
Financial liabilities
Financial liabilities measured at fair value through income and expenditure		 2020
£
1,197,676
2020
£
148,973		 2019
£
2,202,298
2019
£
311,907

Financial assets measured at fair value through income and expenditure comprise cash and trade receivables.

Financial liabilities measured at fair value through income and expenditure comprise trade payables.

Page 38

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Grants
Garden area
Future office & admin cost
General funds
General Funds
Total Unrestricted funds		 Balance at 1
January
2020
£
15,791
84,907
5,975,655
6,076,353
6,748,939
12,825,292		 Income
£
139,385
-
-
139,385
1,213,121
1,352,506		 Expenditure
£
(37,263)
(34,907)
(1,097,630)
(1,169,800)
(1,417,568)
(2,587,368)		 Gains/
(Losses)
£
-
-
-
-
548,111
548,111		 Balance at
31
December
2020
£
117,913
50,000
4,878,025
5,045,938
7,092,603
12,138,541

Page 39

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Future office & admin cost
Grants
Garden area
General funds
General Funds
Total Unrestricted funds		 Balance at
1 January
2019
£
6,020,550
64,882
157,187
6,242,619
5,032,984
11,275,603		 Income
£
-
315,548
-
315,548
925,431
1,240,979		 Expenditure
£
(44,896)
(364,639)
(72,280)
(481,815)
(1,485,591)
(1,967,406)		 Gains/
(Losses)
£
-
-
-
-
2,276,116
2,276,116		 Balance at
31
December
2019
£
5,975,654
15,791
84,907
6,076,352
6,748,940
12,825,292

22. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Social investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Designated
funds
2020
£
-
4,878,025
-
167,913
-
-
5,045,938		 Unrestricted
funds
2020
£
4,639,792
14,504,221
158,838
1,055,582
(337,360)
(12,928,470)
7,092,603		 Total
funds
2020
£
4,639,792
19,382,246
158,838
1,223,495
(337,360)
(12,928,470)
12,138,541

Page 40

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period
Designated
funds
2019
Unrestricted
funds
2019
£
£
Tangible fixed assets
-
3,492,443
Fixed asset investments
5,975,654
12,581,251
Social investments
-
95,619
Current assets
100,698
2,137,809
Creditors due within one year
-
(464,497)
Creditors due in more than one year
-
(11,093,685)
Total
6,076,352
6,748,940
23.
Reconciliation of net movement in funds to net cash flow from operating activities
2020
£
Net expenditure for the period (as per Statement of Financial Activities)
(1,049,664)
Adjustments for:
Depreciation charges
134,104
Realised gains on investments
(185,198)
Dividends, interests and rents from investments
(336,197)
Investment management charges
54,372
(Increase)/decrease in debtors
(90,308)
Increase/(decrease) in creditors
(127,137)
Increase in deferred income
1,834,785
Net cash provided by operating activities
234,757		 Total
funds
2019
£
3,492,443
18,556,905
95,619
2,238,507
(464,497)
(11,093,685)
12,825,292
2019
£
(587,616)
107,575
(138,811)
(504,581)
72,407
(32,573)
169,938
1,391,695
478,034

Page 41

(A Company Limited by Guarantee)

JEWISH JOINT BURIAL SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

24. Analysis of cash and cash equivalents

Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 2020
£
223,859
632,770
856,629		 2019
£
525,085
1,436,864
1,961,949

25. Analysis of movement in cash

Cash at bank and in hand
Liquid investments		 At 1 January
2020
£
525,085
1,436,864
1,961,949		 Cash flows
£
(301,226)
(804,094)
(1,105,320)		 At 31
December
2020
£
223,859
632,770
856,629

26. Capital commitments

2020 2019
£ £
Contracted for but not provided in these financial statements
Acquisition of tangible fixed assets - 919,983

Woodland Gathering Hall

On the 4th July 2019, the charity entered into a contract with Borras Construction Limited for construction of a Woodland Gathering Hall and office. At year end the charity considered the works essentially complete with all final costs provided for in the financial statements. The capital expenditure qualifies as freehold property, and therefore from 1 January 2021, an annual 2% depreciation charge will be applied. This is in line with the charity's existing depreciation policy for buildings.

27. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £27,693 (2019 - £21,820). Contributions totalling £6,950 (2019 - £5,903) were payable to the fund at the balance sheet date and are included in creditors.

Page 42

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

28. Operating lease commitments

At 31 December 2020 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2020
£
2,493
6,856
9,349		 2019
£
2,493
9,350
11,843

Page 43