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2023-12-31-accounts

JEWISH JOINT BURIAL SOCIETY

(A Company limited by guarantee)

Registered Charity number 257345 Company number 937882

Annual report and Audited accounts

For the year ended 31 December 2023

Jewish Joint Burial Society

Contents Pages
Reference and Administration Information 1 - 2
Trustees Report 3 - 9
Independent Auditors Report 11 - 13
Statement of Financial Activities 14
Statement of Financial Position 15
Statement of Cash Flows 16
Note to the Accounts 17 - 31

JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2023

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 new Articles were adopted in April 2021.

Directors, Members, Council and Trustees

The Members of the Society are 28 London Synagogues and 16 National Synagogues.

The Trustees are the directors of the Company for the purposes of company law.

The Trustees listed below were elected under the New Articles which were adopted on 21[st] April 2021 and have all served since their election at the Annual General Meeting on 21[st] June 2021 except Maurice Gold who was elected in 2023. They are as follows – the Officers’ roles are shown:

Steven Wynne – Chair Cheryl Petar – Vice-Chair and acting Secretary Keith Feldman – Actuary Peter Vos – Treasurer Tony Bogod Jon Burden Maurice Gold (elected 3[rd] September 2023) Laurence Lichman Anne Luder Michael Salida Jocelyn Shepherd Martin Silverman

Frank Godson remains as President but is not a Trustee.

Senior Sexton

Mitzi Kalinsky

Registered Office and Principal Address

JJBS Woodland Cemetery Bulls Cross Ride, Cheshunt EN7 5PF

Auditors

Moore Kingston Smith LLP 9 Appold Street London, EC2A 2AP

Bankers

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

Actuaries

Roth Consulting

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2023

27 Mortimer Street London W1T 3BL

Investment Managers

Rathbones incorporating Investec Wealth & Investment, (referred to below as Rathbones), 30 Gresham Street, London EC2V 7QP

Prior to the AGM in June 2021 Governors of the JJBS consisted of representatives of each of the member synagogues. Following that AGM, the number of trustees was reduced and member synagogues formed the Members’ Committee which meets a minimum of twice a year to discuss the accounts and other matters. Whilst the committee does not generally vote, the Trustees do take its deliberations into account. Certain Officers attend the Members’ Committee by invitation.

The Trustees, who are also directors of the Company, present their report together with the financial statements of the Charity for the year ended 31 December 2023.

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 1969 as a company limited by Guarantee. Since the new Articles were adopted on 21[st] June 2021, governance of the Society is by the Board of Trustees. The Board meets at least five times a year but since 2020 most of these meetings have been on-line using Teams. 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 Witriol). The Officers meet monthly to review operating and risk matters and to ensure good governance. The Board ratifies all major decisions. The Society also has a number of sub-committees which report to the Chair and the Board of Trustees.

The Trustees acting through their Finance and Risk committee appointed Crowe, a firm of accountants with a substantial advisory practice in risk management for charities, to advise on the reformulation of their approach to risk. Crowe’s work is substantially complete, but the committee is currently working on expanding and reviewing the register with a view to gaining Board approval for the revised approach in Summer 2024.

There are regular meetings of the Officers, usually on-line, with staff where appropriate, to ensure management is coordinated with the decisions of the Trustees. A staff appraisal scheme has been implemented and staff are reviewed by their line managers. Staff pay is reviewed annually using a variety of factors in making decisions on any rises. Trustees give of their time freely and received no remuneration in the year.

The Health and Safety Policy was revised and approved in 2023. This includes full consideration of the safety of our staff and visitors on the sites, lone working, and manual handling.

Objects and activities of the Society

The objects of the Charity as contained in the Articles 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 Trustees may from time to time determine.

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2023

The Board through its Governance Committee regularly reviews the Society’s Objects to ensure they continue to reflect their aims. In conducting 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. The Society can provide funerals for same sex couples and transgender individuals.

Some of the financial surplus on non-member funerals is used to fund grants to the Leo Baeck College for the training of Rabbis. Grants are made to any Jewish community for bereaved, communal, or educational projects or for projects of benefit to the community. The total cost of grants in 2023 was £43,600 (2022 -£85,585), reduced because although £30,000 was paid to Leo Baeck, it was charged in a previous year. The policy of the Grants Committee has been reviewed and is available on request.

The Society also subsidises funerals or provides them free of charge for Jewish non-members of limited means, and the charges made in 2023 were reduced by £83,450 from the published tariff for charitable reasons. We also perform burials for those killed whilst on active service when requested by the relevant government department.

Loans are made available to communities to fund capital projects and there are currently two such loans outstanding. There is a programme related loan originally of £108,750 in 2007 given to Wimbledon Reform Synagogue to purchase local land for burial at Randall’s Park which does not bear interest and is repaid as the plots are used – the current balance is £76,250. On 27th July 2020, the Society granted Bromley and District Reform Synagogue an interest-free loan of £108,570 to purchase a lease on 30 grave spaces at Green Acres Kemnal Park Cemetery, Chislehurst, Kent, to be repaid as the grave-spaces are used. On 10th August 2022 the loan was increased to £264,987 in order to purchase a lease on similar terms on a further 50 grave spaces in the Kemnal Park Cemetery. The current balance is £256,575.

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 and National.

The Society charges member Synagogues an annual subscription fee based on their quarterly returns of membership numbers. The amount per-capita is set each year by the Board, and, for London members it covers the cost of a funeral in the Society’s main cemeteries and permanent maintenance of the cemetery. The subscription for National members funds a financial contribution towards the cost of burials in local cemeteries. However, in 2023 the subscription fees for both categories were not charged – we termed this “the moratorium”. The moratorium was designed to reduce the Society’s excess surplus of reserves and this has been achieved (see the paragraph on “Reserves and Actuarial” below). Normal subscription fee charges were resumed at the start of 2024. It is the Society’s objective to keep the costs for members as low as possible consistent with the advice from our trustee Actuary following review by our Actuarial Consultants.

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2023

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

The Society purchased the right many years ago to bury in a number of plots at the Western Cemetery, Bulls Cross Ride, Cheshunt. They provide maintenance of the site and prepare 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 additional freehold land adjoining the original land at Cheshunt to enable it to undertake woodland burials and burials of non-Jewish partners in what is now the Woodland cemetery.

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 for the use of former Hendon members only.

Achievements and performance

The number of funerals conducted during 2023 was 330 (2022 - 339), including babies. Of these 21% were for non-members (2022 - 23%). Of the funerals carried out, 31% (2022 - 32%) were cremations. In addition, there were 58 (2022 - 74) funeral expenses claims paid to members. The number of adults covered by the London scheme as at the end of December 2023 was 16,045 (2022 – 15,790) and 2,244 (2022 - 2,326) by the National scheme.

There were 90 (2022 - 62) burials in the Woodland cemetery including babies. 257 people (2022 - 234) from 26 (2022 -24) synagogues have signed up to become members of the Non-Jewish Subscriber scheme. There were 16 interments of cremated ashes at the columbarium (2022 - 15). The Society also arranges stone settings and there were 62 (2022 - 64) in the Woodland Cemetery. The use of the Woodland and Lawn Burial site is still exceeding the original projections.

The Society owns & manages the Woodland cemetery. Landscaping is ongoing as more areas are opened up for burials. Currently, the Cemetery has distinct Lawn and Woodland sections which have been created using specific native trees, shrubs and plants suitable for each area. In the Lawn section the graves are delineated by an upright stone and planted with grass. In the Woodland area graves have a small stone and can planted with native flowers and bulbs which will naturalise over future years or left unmarked and covered with turf and a small selection of native flowers so that visitors realise it is a grave. Both sections include trees, Lawn - formal, Woodland - informal. Members choose to be buried in their preferred section. There is a list of permitted plants. In both sections there is provision for the double-depth burial of members and their non-Jewish partners.

The Woodland Hall has been built to the highest environmental standards with solar powered electricity, ground source heating and a sedum covered roof. It accommodates the Society’s offices and a small meeting room for families to discuss arrangements. The large hall meets the considerable demand from families for the catering which is now available after a funeral or stone setting.

The distribution of funerals across the four quarters of 2023 returned to the normal seasonal pattern with fewer funerals in the Summer, following an unusually flat distribution in 2022. We discontinued the use of remote viewing for funerals except when numbers attending are too great or to enable attendees overseas.

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2023

The Society are grateful to the staff for coping with the continuing stresses of their roles and especially to Senior Sexton, Mitzi Kalinsky, and Sextons Ian Jacobs, Menachem Goldsobel and Andrew Lewis. The Chair receives many emails of gratitude for the work that is done by all our staff. They continue to deal empathetically with bereaved relatives and 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 shown in the Statement of Financial Affairs (SOFA) before investment movements during the year of £1.11m (2022 - £0.16m surplus). Total investment gains were £1.45m (2022 - £2.51m losses) of which £1k (2022 - £0.85m) was realised. The SOFA shows the position after transfers to deferred income detailed in the income and expenditure notes (notes 3 and 7). These transfers are caused by variation in the Late Entry Premiums paid in advance of funerals and by the impact of the actuarial valuation. This means that the SOFA showed a surplus this year after investment gains of £0.34m (2022 - £2.35m deficit) although the Income and Expenditure account shown in Note 28 has a surplus of £0.66m (2022- £2.29m deficit). The position of Reserves is detailed the paragraph on “Reserves and Actuarial” below.

The Income and Expenditure account shows the main features of our operations during the year. The reduction in income caused by the moratorium (first three lines of Note 3) totalled £0.96m. Other income was up by 5% and late entry receipts were especially strong, as we have improved our accounting to include these gross, before deducting payments for late entry made in advance. Income from non-member funerals was reduced as the numbers were down for reasons which are probably temporary as there has been a recovery in early 2024. Expenditure on staff was increased by 15% largely as a result of the high rate of inflation, which was reflected in salary increases, plus a new staff member for database maintenance. Other costs rose only modestly but there were substantial security costs incurred after the Gaza war commenced (Note 8).

Benefits for 2023 were increased to £2,900 for London members (2022- £2,800) and £4,000 for National members (2022 - £3,600). The larger increase in National benefits was necessary to cover (or partially cover) rapidly increased charges from local authorities owned cemeteries.

Investment Policy

At December 2023 the Society’s investments were invested as follows:

£ million
UK equities
Foreign equities & funds
UK fixed income
Property
Alternatives
Cash		 2023
2022
6.1
27.6%
7.3
35.8%
11.7
52.9%
9.5
46.7%
1.5
6.8%
0.8
4.0%
0.8
3.6%
0.7
3.6%
1.3
5.9%
1.7
8.2%
0.7
3.2%
0.3
1.6%
22.1
100%
20.3
100%

A further £0.15m (2022 -£0.91m) is held in current bank accounts. Equities amounted to 92% (2022 - 95%) of the total managed investments excluding cash; property and alternative funds. These categories were 13% (2022 - 13%) and bonds 7% (2022 - 4%) of the total investments as shown in the table above. Except for the cash in the bank accounts, funds are all managed by Rathbones. Other bank balances are held for cash flow and general expenditure.

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2023

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 Officers consider the investment policy and fund performance at each meeting and the Chair of the Investment Committee, together with the Chair of the Society, maintains regular contact with Rathbones and there is an annual review meeting with the full committee. All policy recommendations are presented to the Board 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 Rathbones has slanted the portfolio to improve its Environmental, Social and Governance (ESG) indexation scores. We now have 2.7% of our portfolio invested in environmentally specific funds and a further 1.5% in renewable energy and energy efficiency funds. Analysis of our UK equities concluded that at the end of 2023 our Sustainalytics ESG score was 20.7, which meant there were less risks from an Environmental Social and Governance basis than the MSCI UK IMI average score of 22.1. Our CDP (formerly Carbon Disclosure Project) score for carbon was 6.6, at the better end of the 0-8 scale for greenhouse gas intensity.

Rathbones manage the Society’s investments with the objective of achieving a return of CPI + 3.5% p.a. over a rolling 5-year period and generating a ‘balanced’ return between income and capital. Rathbones have defined this aim within their standard criteria as medium-high risk. The asset allocation range is as follows:

Asset class Allocation 2023 (2022) Range Benchmark
UK Equities 28% (2022 - 36%) 30%-45% FTSE All Share 45%
Foreign equities & funds 53% (2022 - 47%) 20%-55% World Index ex UK 35%
UK fixed income 7% (2022 - 4%) 0-25% FTA Govt All Stocks 10%
Property 4% (2022 - 4%) 0-10% IPD Monthly 4%
Alternatives 6% (2022 - 8%) 0-10% BoE Base +2%, 4%
Cash 2% (2022 - 2%) 0-15% BoE Base 2%

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. 25% of the holdings in Bonds are to be in Government Bonds.

Rathbones 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. Rathbones manage the investments on a discretionary basis, so that the Society’s involvement is limited to agreeing the asset sector allocation ranges shown above and Rathbones selects the individual investments.

Rathbones report to the Chair of the Investment Committee, who report to the Chair and the Board.

Investment Performance

The total return of the Society’s professionally managed assets over the year was 9.4% (2022 - -9.4%) gross of fees, equivalent to 8.9% (2021 - minus 9.8%) net of fees. The time weighted return over the last three years net of fees was 11.6% (2022- 6.9%). The policy of having a balanced portfolio, invested on a long-term view, producing income and growth and a high level of diversification remains in place and there are no plans to alter this policy.

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2023

Reserves and Actuarial

The closing reserves in any year depends on both the actuarial valuation of liabilities 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 2023 were £13.4m (2022- £13.1m) including £7.5m (2022 - £5.6m) designated for future maintenance and administrative costs. The actuarially calculated deferred income provision for future funeral costs was £20.7m (2022- £18.4m).

The actuarial valuation has again been prepared by commercial actuaries (Roth Consulting, Fellows of the Institute and Faculty of Actuaries) following the retirement of our trustee Actuary, who continues as a trustee. The assumptions on which the valuation is based have been updated but as this is the third year of our three-year cycle of valuations, a full review of all the assumptions will take place next year.

The actuarial review is used both to provide the liability valuation for the accounts as well as 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.

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 current expenditure. 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 remains 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 subscriptions and other charges and in setting target 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. The Trustees consider that the lesser of six months of total expenses or £0.9m is the minimum which should be kept as free reserves although the investments and cash could 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		 2023
13.4
(7.4)
6.0		 2022
13.1
(5.6)
7.5

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

Report of the Trustees - Year ended 31[st] December 2023

Cost of 2023 Moratorium on fees
Less: Tangible Fixed Assets
Free Reserves		 (4.3)
1.7		 (1.0)
(4.5)
2.0

The free reserves are now equal to the actuarially calculated excess reserves which were down by a further £0.3m this year to £1.7m (2022 - £4.4m reduction, which included the £1.0m impact of the oneyear moratorium). These represent the excess of reserves held at present value above the discounted value of future funeral and related costs. The main reasons for the decrease in reserves were an increase in future funeral costs of £1.1m, a change in the value of liabilities arising from adverse changes on longevity costing £0.4m and, offsetting these decreases in excess reserves, an increase in the value of investments of £1.1m. The actuarial valuation of liabilities has been included in the financial accounts and is set out in Note 19 showing £13.34m in deferred income (2022 - £12.89m) and in Note 21 showing £7.37m (2022 - £5.47m) as designated funds for future office and administrative costs. The increase in deferred creditors which is effectively deferred income for release when burials take place can also be seen on the Balance Sheet.

The Trustees recognise that the actuarial valuation has been prepared on an intentionally conservative basis, but the surplus remains sensitive to falls in the investment markets and the returns they generate, and to assumptions on the number of leavers from the Scheme. That said, the £1.7m excess is now only 8.0% (2022 – 10.9%) of the gross actuarial liability for future funeral costs, which is below our unofficial 10% target maximum surplus. The Trustees therefore do not see an imminent need to extend the moratorium on subscription fees.

Our Plans for 2023 were as follows and we comment on the achievements to date:

Our headline plans for 2024 are:

Planning and completion of Memorial Garden: It is hoped that once works have either been completed or found to not be required, plans for this will continue.

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

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 statement in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acceptable Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. 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 that the financial statements comply with the Company Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking responsible steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website.

Disclosure of information to auditors

The Trustees have taken all necessary steps to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

As far as the Trustees are aware, there is no relevant audit information that the charity’s auditors are unaware of.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the companies Act 2006 and with the Financial Reporting Standard 102 (effective January 2015).

Approve by order of the members of the board of Trustees on and signed on its behalf by: 10 April 2024

S Wynne Chair

P.B. Vos Treasurer

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S 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 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

give a true and fair view of the state of the charitable company’s affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF JEWISH JOINT BURIAL SOCIETY

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the trustees’ annual report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, 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.

Auditor’s 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF JEWISH JOINT BURIAL SOCIETY

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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(A Company Limited by Guarantee)

JEWISH JOINT BURIAL SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF JEWISH JOINT BURIAL SOCIETY

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

29 April 2024

James Saunders (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street 6[th] Floor London EC2A 2AP

-13-

Jewish Joint Burial Society

Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 December 2023

Unrestricted Total Total
Notes Funds 2023 2022
£ £ £
Income from:
Charitable activities 3 505,425 505,425 730,929
Investment income 4 417,140 417,140 392,977
Total income 922,565 922,565 1,123,906
Expenditure
Expenditure on raising funds
Expenditure on charitable activities		 5
6		 84,455
1,943,221		 84,455
1,943,221		 83,365
882,772
Total expenditure 2,027,676 2,027,676 966,137
Income less expenditure
Net gains/(losses) on investments
Net income/(expenditure)
(Losses)/gains on investments
Net movement in funds
Total funds at 1 January 2023		 (1,105,111)
-
(1,105,111)
1,448,757
343,646
13,095,980		 (1,105,111)
-
(1,105,111)
1,448,757
343,646
13,095,980		 157,769
854,399
1,012,168
(3,366,482)
(2,354,314)
15,450,294
Total funds at 31 December 2023 21 13,439,626 13,439,626 13,095,980

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

-14-

Jewish Joint Burial Society

Balance Sheet as at 31 December 2023

Notes 2023 2023 2022 2022
£ £ £ £
Fixed assets
Tangible assets 13 4,335,513 4,484,408
Investments 14 22,105,009 20,331,253
Social investments 15 332,825 344,855
Current assets
Debtors
Investments
Cash and short term deposits		 16
17
24		 156,807
121,553
27,850		 26,773,347 175,287
875,612
32,384		 25,160,516
Liabilities
Creditors: amounts falling due within one
year		 18 306,210
(292,933)		 1,083,283
(254,819)
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year		 19 13,277
26,786,624
(13,346,998)		 828,464
25,988,980
(12,893,000)
Net Assets
Represented by:
Unrestricted funds
Designated funds
General funds		 21
21		 13,439,626
7,452,046
5,987,580		 13,095,980
5,633,745
7,462,235
Total funds 13,439,626 13,095,980

Approved by the Board of Trustees and authorised for issue on .10th April 2024.

S Wynne P. B. Vos Chair Treasurer

Company Registration No. 937882

The accompanying notes form part of these financial statements.

-15-

Jewish Joint Burial Society

Statement of Cash Flows for year ended 31 December 2023

Notes
Cash flows from operating activities
Cash flows (used in)/provided by operating
activities
23
Cash flows from investing activities
Dividends, interest and rent from investments
Investment charges
Purchase of tangible fixed assets
Disposal of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Net increase in cash and cash
equivalents in the financial year
Cash and cash equivalents at the beginning
of the financial year
Cash and cash equivalents at the end of the
financial year		 £
£
£
£
(1,170,181)
(273,411)
417,140
392,977
(84,455)
(84,365)
(21,203)
(106,115)
1,027
-
4,254,874
3,928,003
(4,154,580)
(4,040,063)
412,803
90,437
(757,378)
(182,974)
906,781
1,089,755
149,403
906,781
2023
2022

-16-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023

1 Accounting policies

Company information

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

1.1 Basis of accounting

The financial statements have been prepared in accordance with 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 (Charities SORP (FRS 102) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2016.

The financial statements are prepared in sterling which is the functional currency of the Charity, and rounded to the nearest pound.

The Charitable company 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 notes.

1.2 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 conclusion 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 potential risk the charity faces is a 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 basis.

The Charity has general reserves of over £5.9m. There is also an actuarial surplus and a surplus of free reserve 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.

1.3 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. 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 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 pay off their liability which is calculated as a percentage based on the age at joining and the scale rate which applies at the date of payment. The buy outs are deferred income and form part of the creditors falling due after more than 1 year. They are credited to income when received.

The extra charges made for a woodland funeral and those paid by non Jewish partners are repayable at the request of the individual.

-17-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (Cont)

1 Accounting policies (continued)

1.4 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.

1.5 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 allocations can be made to constituent charitable costs. Irrecoverable VAT is included with the expenses item to which it relates.

Grants are paid out of the surplus arising from non member funerals. Grants payable are charged in the year when agreed by the trustees.

1.6 Interest and dividends receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; 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.

1.7 Tangible fixed assets

Amortisation is calculated to write off the costs 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:

Cemetery improvements 20 years
Cemetery equipment 5 - 30 years
Prayer and Woodland halls 50 years
Prayer books 5 years
Office equipment and furniture 3 - 10 years

1.8 Actuarial Assumptions

The investment objective is to achieve an investment return of 3.5% p.a. in excess of the Consumer Price Index (CPI) over rolling 5 year periods, before the application of fees. The last actuarial valuation was in February 2024 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.

-18-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

1 Accounting policies (continued)

1.9 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.

Current asset investments are a form of financial instrument and are initially recognised at 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 high rate deposit accounts.

1.10 Social investments

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

Public benefit concessionary loans are arrangements entered into at or 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 instruments.

1.11 Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

1.12 Cash

Cash 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 accounts.

1.13 Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. 1.14 Financial instruments The charity only has financial assets and 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.

1.15 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.

1.16 Operating leases

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 Company status

The charity is a private company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

-19-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

3
Income from charitable activities
London member funeral income
London member maintenance income
National member funeral income
Member late entry receipts
Woodland surcharge on funerals
Non-member cremations
Stonesetting fees
Non-member burials
Funeral extras
Other income
Less movements within deferred creditor:
Future funerals
Income movement on Deferred Creditor
Total 2023
4
Investment income
Dividend and interest income
Bank interest
5
Investment management costs
Investment management fees		 2023
2023
2022
£
£
£
Unrestricted
Total
Total
6,705
6,705
591,514
95
95
217,620
-
-
153,159
147,394
147,394
67,929
354,072
354,072
312,958
101,250
101,250
142,222
89,014
89,014
97,063
96,876
96,876
144,141
22,743
22,743
15,724
102,229
102,229
97,586
920,378
920,378
1,839,916
(147,394)
(147,394)
(67,929)
(267,559)
(267,559)
(1,041,058)
505,425
505,425
730,929
2023
2022
£
£
409,455
389,546
7,685
3,431
417,140
392,977
2023
2022
£
£
84,455
83,365
84,455
83,365

-20-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

6
Charitable Activities
Note
Grants payable
7
Direct costs
8
Support costs
8
7
Grants payable
Bereavement Care
Brady Photographic Archive
EAJL
Foundation for Jewish Heritages
Gesher EU Support Network
Generation to Generation
Insiders/Outsiders Arts
Jewish Bereavement Counselling
Jewish Care
Kehillat Kernow
Kol Nefesh Masorti Syn
Leo Baeck College
Meketa
Mosaic Megillah Restoration
Noam Masorti Youth
New North London Synagogue
Raphael Centre
Reform Judaism RSY UK
Reform Judaism Machzor
Reform Judaism SEND
RSY Netzer
The Together Plan
The Havurah Masorti
Wellspring
World Jewish Relief donation for Ukraine		 Total
2023
£
43,600
1,477,494
422,127
1,943,221
2023
£
4,000
-
4,000
-
3,500
2,000
-
4,000
2,000
2,000
2,500
-
1,900
200
2,500
2,500
3,000
-
3,000
2,000
-
2,000
2,500
-
-
43,600		 Total
2022
£
85,585
465,033
332,154
882,772
2022
£
4,000
1,000
2,375
2,000
3,000
2,500
1,000
3,500
4,000
3,000
-
37,250
1,500
-
2,000
-
2,000
3,250
-
-
3,210
2,500
-
2,500
5,000
85,585

Leo Baeck college includes a £30,000 grant which was made in 2022 for the Vocational Programme in 2023. These funds are to support the Vocational Programme which covers all 5 years of the Rabbinic training.

-21-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

8 Analysis of expenditure by activities

Activities
Grant
undertaken
funding of
directly
activities
2023
2023
£
£
Charitable activities
1,574,876
43,600
Total 2022
465,033
85,585
Analysis of direct costs
Maintenance of grounds
Burials
Cremations
FES claims
Tahara
Bank charges
Woodland gardening and maintenance
Columbarium
Depreciation of grounds and improvements
Other
Expenditure movement on deferred creditor		 Support
costs
2023
£
422,127
332,154		 Total
funds
2023
£
2,040,603
882,772
Total
funds
2023
£
286,601
309,528
228,119
234,792
41,952
2,354
279,486
681
141,101
50,262
1,574,876
(97,382)
1,477,494		 Total
funds
2022
£
882,772
Total
funds
2022
£
342,485
314,943
213,174
204,526
40,700
2,677
198,089
500
139,748
52,191
1,509,033
(1,044,000)
465,033

-22-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

8 Analysis of expenditure by activities (continued)

----- Start of picture text -----
Total Total
funds funds
2023 2022
£ £
Salaries 221,976 184,188
Telephone 7,719 4,148
Printing, postage & stationary 2,193 2,715
Bank charges 121 101
Travel expenses 404 746
Insurance 5,106 4,325
Sundry expenses 2,448 1,954
Accountancy and HR consultancy 22,691 14,211
Security costs 46,208 703
Depreciation 27,970 35,559
Information technology 23,571 26,794
Electricity 22,210 21,831
Office cleaning 1,471 821
Governance costs 38,039 34,058
422,127 332,154
----- End of picture text -----

9 Governance costs

Audit fees
Actuarial fees
Number of funerals
2023
2023
2023
Members
Non-
members
Total
Western
87
9
96
Woodland
63
25
88
Cremations
72
29
101
Non-Chesh't
38
5
43
FES Claims
58
-
58
318
68
386		 2023
£
19,300
18,739
38,039
2022
2022
Members
Non-
members
107
19
44
16
67
42
41
1
79
-
338
78		 2022
£
19,300
14,758
34,058
2022
Total
126
60
109
42
79
416

10 Number of funerals

-23-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

11 Staff costs

----- Start of picture text -----
2023 2022
£ £
Wages and Salaries 350,234 275,856
-
Personnel payment 33,646
Social Security costs 29,616 22,510
Other pension costs 38,224 30,271
418,074 362,283
----- End of picture text -----

The average number of persons employed by the Company during the year was 13 (2022: 11).

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

Amount paid to key management personnel during the year totalled £nil (2022: £nil).

12 Trustees' remuneration and expenses

During the year no Trustees received any remuneration or other benefits (2022: £nil). During the year ended 31 December 2023, £1,918 of Trustee expenses have been incurred (2022: £183).

13 Tangible fixed assets

Woodland
Cemetery
Western &
Other
Cemeteries
Prayer Hall &
Woodland
Office
Computers &
office
equipment
Prayer books
Cost
£
£
£
£
£
At 1 January 2023
1,931,035
546,497
3,043,409
41,279
16,822
Additions
19,969
-
-
1,234
-
Disposals
-
-
(1,027)
-
-
At 31 December 2023
1,951,004
546,497
3,042,382
42,513
16,822
Depreciation
At 1 January 2023
614,646
185,738
245,517
31,911
16,822
Charged in year
83,945
14,723
62,974
7,429
-
Eliminated on disposa
-
-
-
-
-
At 31 December 2023
698,591
200,461
308,491
39,340
16,822
Net Book Value
At 31 December 2023
1,252,413
346,036
2,733,891
3,173
-
At 1 January 2023
1,316,389
360,759
2,797,892
9,368
-		 Total
£
5,579,042
21,203
(1,027)
5,599,218
1,094,634
169,071
-
1,263,705
4,335,513
4,484,408

-24-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

14 Fixed asset investments

Disposals
Unrealised gains
Realised gains
Investment income reinvested
Invested charges
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Listed investments at market value comprised
UK equities and unit trusts
UK Fixed interest securities
Charity property funds
Foreign equities and unit trusts
Alternative assets
Additions
At 1 January 2023		 £
20,014,789
4,180,124
(4,242,844)
1,446,163
(1,221)
-
-
21,397,011
21,397,011
20,014,789
Listed
investments		 £
316,464
(4,180,124)
4,242,844
-
1,221
412,048
(84,455)
707,998
707,998
316,464
2023
£
6,115,472
1,535,658
741,296
11,664,332
1,328,689
21,385,447
Cash		 £
20,331,253
-
-
1,446,163
-
412,048
(84,455)
22,105,009
22,105,009
20,331,253
2022
£
7,284,720
818,378
737,888
9,504,635
1,669,168
20,014,789

Total

All fixed assets investments are held with Rathbones Investment.

-25-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

15 Social investments

Additions
Repayments
At 31 December 2023
At 31 December 2022
Cost or valuation
At 1 January 2023		 £
344,855
-
(12,030)
332,825
344,855
Programme
related
investments		 £
344,855
-
(12,030)
332,825
344,855


Total

The programme related loans are 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.

16 Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2023
£
140,732
16,075
156,807		 2022
£
154,630
20,657
175,287

-26-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

17 Current asset investments

Mixed motive investments - St Albans Masorti Synagogue
CAF bank Limited Gold Account
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Creditors: Amounts falling due after more than one year
Accruals and deferred income
Deferred income from late entry and funeral payments received
Balance at 1
January 2023
Income in the
year
Expenditure
in the year
Late entry payments received
2,522,914
233,808
(97,382)
Funeral payments received
10,370,086
-
12,893,000
233,808
(97,382)
Total
12,893,000
233,808
(97,382)
Actuarial derivation of the deferred creditor
18,359,000
2,360,000
-
(5,466,000)
-
(1,906,000)
Total
12,893,000
2,360,000
(1,906,000)
Admin and office
designated fund
Deferred creditor for future
burials and cremations
Actuarial reserve acquired for
future funeral costs		 2023
£
-
121,553
121,553
2023
£
174,966
7,601
-
110,366
292,933
2023
£
13,346,998
Actuarial
adjustment
72,974
244,600
317,574
317,574
-
-
-		 2022
£
1,215
874,397
875,612
2022
£
185,610
8,089
1,500
59,620
254,819
2022
£
12,893,000

Balance at 31
December
2023
2,732,314
10,614,686
13,347,000
13,347,000
20,719,000
(7,372,000)
13,347,000

18 Creditors: Amounts falling due within one year

19 Creditors: Amounts falling due after more than one year

-27-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

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		 2023
£
290,135
174,966		 2022
£
1,061,411
185,610

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.

21 Statement of funds

Unrestricted funds
Designated funds
Grants
Garden area
Future office & admin cost
General funds
General funds
Total unrestricted funds		 Balance at 1
January 2023
117,745
50,000
5,466,000
5,633,745
7,462,235
13,095,980		 Income
(44,099)
-
(44,099)
-
(44,099)
Expenditure
(43,600)
-
1,906,000
1,862,400
(2,923,412)
(1,061,012)		 Gains/ (losses)
-
-
-
-
1,448,757
1,448,757
Balance at 31
December 2023
30,046
50,000
7,372,000
7,452,046
5,987,580
13,439,626

22 Analysis of net assets between funds

Unrestricted funds
Tangible fixed assets
Fixed asset investments
Social investments
Current assets
Creditors due within one year
Creditors due in more than one year		 2023
£
4,335,513
22,105,009
332,825
306,210
(292,933)
(13,346,998)
13,439,626		 2022
£
4,484,408
20,331,253
344,855
1,083,283
(254,819)
(12,893,000)
13,095,980

-28-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

23 Reconciliation of net movement in funds to net cash flow from operating activities

2023
£
Net income/expenditure for the year (as per Statement of Financial Activities)
(1,105,111)
Adjustments for:
Depreciation charge
169,071
Realised gains on investments
-
Investment income reinvested
(412,048)
Dividends, interests and rents from investments
(417,140)
Investment management charges
84,455
(Increase)/decrease in debtors
18,480
Increase/(decrease) in creditors
38,114
Increase/(decrease) in deferred income
453,998
Net cash provided by operating activities
(1,170,181)		 2022
£
1,012,168
175,306
(1,242,243)
-
(392,977)
83,365
(55,652)
(58,378)
205,000
(273,411)

24 Analysis of cash and cash equivalents

Cash in hand
Notice deposits (less than 3 months)		 2023
£
27,850
121,553
149,403		 2022
£
32,384
874,397
906,781

25 Analysis of movements in cash

Cash at bank and in hand
Liquid investments		 At 1 January
2023
32,384
874,397
906,781

Cash flows
(4,534)
(752,844)
(757,378)
At 31
December
2023
27,850
121,553
149,403

26 Pension commitments

The company participates in a pooled defined contribution pension scheme for eligible employees with Legal and General. 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 £38,224 (2022: £30,271). Contributions totalling £nil (2022: £2,720) were payable to the fund at the balance sheet date and are included in creditors.

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Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

27 Operating lease commitments

At 31 December 2023 the company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2023
£
5,385
19,652
328
25,365		 2022
£
2,493
1,870
-
4,363

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Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2023 (cont)

28 Income and Expenditure account

----- Start of picture text -----
Unrestricted Total Total
Funds 2023 2022
£ £ £
Income from:
Charitable activities 920,378 920,378 1,839,916
Investment income 417,140 417,140 392,977
Total income 1,337,518 1,337,518 2,232,893
Expenditure
Expenditure on raising funds 84,455 84,455 83,365
Expenditure on charitable activities 2,040,603 2,040,603 1,926,772
Total expenditure 2,125,058 2,125,058 2,010,137
Income/(Expenditure) on Operations. (787,540) (787,540) 222,756
- -
Net gains/(losses) on investments 854,399
Net income/(expenditure) (787,540) (787,540) 1,077,155
Gains/(losses) on investments 1,448,757 1,448,757 (3,366,482)
Net movement in funds 661,217 661,217 (2,289,327)
Movement on Deferred creditor deriving from
(317,571) (317,571) (64,987)
Late Entry and actuarial adjustment
Total funds at 1 January 2023 13,095,980 13,095,980 15,450,294
Total funds at 31 December 2023 13,439,626 13,439,626 13,095,980
----- End of picture text -----

Deferred Creditor
Income (Note 3)
Expenditure (Note 8)		 (414,953)
97,382
(317,571)		 (414,953)
97,382
(317,571)		 (1,108,987)
1,044,000
(64,987)

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