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2024-12-31-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 2024

Jewish Joint Burial Society

Contents Pages
Reference and Administration Information 1 - 2
Report of the Trustees 3 - 9
Independent Auditor's Report 10 - 14
Statement of Financial Activities 15
Balance sheet 16
Statement of Cash Flows 17
Note to the Accounts 18 - 32

JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

Report of the Trustees - Year ended 31st December 2024

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 and Trustees The Members of the Society are 30 London Synagogues and 16 National Synagogues. The Trustees are the directors of the Company for the purposes of company law.

The Trustees listed below together with the Officers’ roles served throughout the year unless stated: Steven Wynne – Chair Cheryl Petar – Vice-Chair and acting Secretary Keith Feldman – Actuary Peter Vos – Treasurer Tony Bogod (retired 23[rd] September 2024) Jon Burden Maurice Gold (retired 3[rd] July 2024) Laurence Lichman Edwin Lucas (elected 3[rd] July 2024) Anne Luder Michael Salida Jocelyn Shepherd Martin Silverman Frank Godson remains as President but is not a Trustee.

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

Investment Managers

Rathbones Investment Managers acquired Investec Wealth & Investment in September 2023 and are referred to below as Rathbones. Their address is 30 Gresham Street, London EC2V 7QP.

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JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

Report of the Trustees - Year ended 31st December 2024

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. It is chaired by the Chair of Trustees.

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 2024. The 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 21st June 2021, governance of the Society is by the Board of Trustees. The Board meets at least five times a year but since Covid most of these meetings have been online 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.

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. 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 objects of the Charity as contained in the Articles are “Providing burial, cremation and funeral facilities and services and other associated facilities and services for Synagogues in the United Kingdom of Great Britain and Northern Ireland and for the people belonging to such Synagogues and their dependents and for such other charitable purposes which accord with the principles of Judaism as the directors may from time to time determine.”

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.

The Society also subsidises funerals or provides them free of charge for Jewish non-members of limited means, and the charges made in 2024 were reduced by £25,725 from the cost of the funerals provided. Loans are made available to communities to fund capital projects and there are currently three such loans outstanding to Wimbledon Reform Synagogue, Bromley and District Reform Synagogue and North West Surrey Synagogue, all of which are detailed in the Accounts.

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

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JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

Report of the Trustees - Year ended 31st December 2024

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. For London members, the Society provides a burial plot or a cremation and pays for the cost of a standard funeral. The main burial grounds are at Cheshunt. These members tend to be based within the M25. The Society subcontracts the undertaking service. The National members normally bury outside London and the funeral is organised by the local member synagogue and not by the Society. The Society contributes towards the total cost of the funeral up to pre-determined limits.

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 usually 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. 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.

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.

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 2024 was 329 plus 1 infant (2023 – 328 plus 2 infants). Of these 25% were for non-members (2023 - 21%). Of the funerals carried out, 28% (2023 - 31%) were cremations. In addition, there were 66 (2023 - 54) funeral expenses claims paid to members. The number of adults covered by the London scheme as at the end of December 2024 was 16,112 (2023– 16,045) and 2,141 (2023 - 2,244) by the National scheme. There were 87 (2023 - 88) burials in the Woodland cemetery, including infants. 281 people (2023 -257) from 28 (2023 -26) synagogues have signed up to become members of the Non-Jewish Subscriber scheme. There were 14 interments of cremated ashes at the columbarium (2023 -16). The Society also arranges stone settings and there were 62 (2023 - 64) in the Woodland Cemetery.

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JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

Report of the Trustees - Year ended 31st December 2024

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 stonesetting.

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 surplus shown in the Statement of Financial Affairs (SOFA) before investment movements during the year of £0.02m (2023 - £1.11m deficit). Total investment gains were £2.10m (2023 - £1.45m) of which £0.45m (2023 - £1k) was realised. The SOFA shows the position after transfers to deferred income detailed in the income and expenditure notes (notes 3 and 8). These transfers are caused by variation in the Late Entry Premiums paid in advance of funerals and by the impact of the actuarial valuation which this year has resulted in a £4.63m reduction in the surplus largely because of an updating of the cemeteries in use. We are now seeing in summary more burials compared to previous years in the Woodland and fewer in the Western, which accords with current preferences. This means that the SOFA showed a deficit this year after investment gains of £2.17m (2023 - £0.34m surplus) although the Income and Expenditure account shown in Note 28 has a deficit of £1.85m (2023- £0.66m surplus). The position of Reserves is detailed in the paragraph on “Reserves and Actuarial” below.

The Income and Expenditure account shows the main features of our operations during the year. The comparison with 2023 is complicated by the moratorium, but if member income is ignored (as detailed in Note 3) all other income was up by 25% and member late entry receipts were especially strong. Income from non-member funerals was also strongly up after a reversal from the reduction which was flagged as being probably temporary in last year’s report.

Total expenditure was up by 8.8%, and the non-staff costs were primarily from the Western, which carried out capital works on improving their roads, and charged us an increased percentage of their costs in line with our agreement as their own funeral numbers fell. Expenditure on staff increased by 18% largely as a result of the continuing high rate of inflation, which was reflected in salary increases, plus the full year costs of a new staff member employed at the end of 2023. Non-member funeral costs also rose in line with the increased funeral numbers.

Benefits for 2024 were increased to £3,000 for London members (2023- £2,950) and £4,250 for National members (2023 - £4,000). The larger increase in National benefits was again necessary to cover (or partially cover) rapidly increased charges from local authorities owned cemeteries.

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JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

Report of the Trustees - Year ended 31st December 2024

Investment Policy

At December 2024 the Society’s investments were invested as follows:

£ million
UK equities
Foreign equities & funds
UK fixed income
Property
Alternatives
Cash		 2024
2023
6.0
24.4%
6.1
27.6%
13.9
56.7%
11.7
52.9%
1.6
6.8%
1.5
6.8%
0.6
2.4%
0.8
3.6%
1.4
5.5%
1.3
5.9%
1.0
4.2%
0.7
3.2%
24.5
100%
22.1
100%

A further £0.16m (2023 -£0.15m) is held in current bank accounts. Equities amounted to 93% (2023 -92%) of the total managed investments excluding cash; property and alternative funds. These categories were 12% (2023 - 13%) and bonds 7% (2023 - 7%) of the total investments as shown in the table above. Other bank balances are held for cash flow and general expenditure.

Except for the cash in the bank accounts, funds are all managed by Rathbones. During the year we signed a new contract with Rathbones. Our cash balances and investments were moved to Rathbones Investment Management which is a bank. This has a number of legal and guarantee implication but after due consideration by the Investment Committee and the Board we consented to this change.

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 Board 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 1.6% (2023 2.7%) of our portfolio invested in environmentally specific funds and a further 1.2% (2023 1.5%) in renewable energy and energy efficiency funds. Analysis of our UK equities concluded that at the end of 2024 our Sustainalytics ESG score was 19.8 (2023 20.7), which meant there were less risks from an Environmental Social and Governance basis than the MSCI UK IMI average score of 20.9 (2023 22.1). Our CDP (formerly Carbon Disclosure Project) score for carbon was 6.7, 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 new standard criteria as risk level 5 (out of 6). This is described by Rathbones as “Relatively High Risk” and is equivalent to what was described as “Medium-high risk” under the Investec scale.

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JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

Report of the Trustees - Year ended 31st December 2024

The asset allocation range is as follows:

Asset class Allocation 2024 (2023) Range Benchmark
UK Equities 24% (2023 - 28%) FTSE All Share 25%
Foreign equities & funds 57% (2023 - 53%) 65%-90% FTSE World Index ex UK 50%
UK fixed income 7% (2023 - 7%) 5-25% FTA Govt All Stocks 8%
Property 2% (2023 - 4%) 0-10% IPD Monthly 7%
Alternatives 5% (2023 - 6%) 0-20% BoE Base +2%, 8%
Cash 4% (2023 - 2%) 0-15% BoE Base (-0.5%), 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 reports to the Chair and the Board.

Investment Performance

The total return of the Society’s professionally managed assets over the year was 11.7% (2023 -- 9.4%) gross of fees, equivalent to 11.3% (2023 – 9.0%) net of fees. The time weighted return over the last three years net of fees was 9.4% (2023- 11.6%). 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.

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 2024 were £11.3m (2023- £13.4m) including £8.0m (2023 -£7.5m) designated for future maintenance and administrative costs. The actuarially calculated deferred income provision for future funeral costs was £26.1m (2023- £20.7m). The actuarial valuation has again been prepared by commercial actuaries (Roth Consulting, Fellows of the Institute and Faculty of Actuaries). The assumptions on which the valuation is based have been updated but as this is the first year of a new three-year cycle of valuations, a full review of all the assumptions has taken place. 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

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JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

Report of the Trustees - Year ended 31st December 2024

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 to 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 £1.0m 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
Less: Tangible Fixed Assets
Free Reserves – (Deficit)/Surplus		 2024
11.3
(8.0)
3.3
(4.4)
(1.1)		 2023
13.4
(7.4)
6.0
(4.3)
1.7

The free reserves are now equal to the actuarially calculated excess reserves which were down by a further £2.8m this year to a £1.1m deficit (2023 - £0.3m reduction). The free reserves deficit represents the shortfall of reserves held at present value below the discounted value of future funeral and related costs. The main reason for the decrease in reserves was that the actuaries, on our advice, took a new approach to calculating baseline costs for London funerals, considering for the first time the move of many funerals from the Western to our own Woodland cemetery and other cemeteries, which reduced the surplus by £3.6m. In addition there were an increase in future funeral costs of £0.7m, but offsetting these decreases in excess reserves, there was an increase in the return on investments above expectations of £1.2m.

The actuarial valuation of liabilities has been included in the financial accounts and is set out in Note 19 showing £18.10m in deferred income (2023 - £13.34m) and in Note 21 showing £7.99m (2023 - £7.37m) 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

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JEWISH JOINT BURIAL SOCIETY (A Company Limited by Guarantee)

Report of the Trustees - Year ended 31st December 2024

deficit remains sensitive to falls in the investment markets and the returns they generate, and to other actuarial assumptions. That said, the £1.1m deficit is a shortfall against the actuarially calculated required level of reserves and so the shortfall is now 4.4% (2023 – 8.0% surplus) of the gross actuarial liability for future funeral costs. This is well below the unofficial margin of 10% acceptable deviation from the required actuarial surplus. The Trustees therefore do not see an imminent need to introduce a deficit remediation plan.

Grants Committee

Some of the financial surplus on non-member funerals is used to fund grants to a variety of Charities including 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 2024 was £70,650 (2023- £43,600). The policy of the Grants Committee has recently been reviewed and is available on request.

Woodland Committee

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 or wooden marker and can be 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.

Our Plans for 2024 were as follows and we comment on the achievements to date:

Our headline plans for 2025 are:

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JEWISH JOINT BURIAL SOCIETY (A Company Llmlted by Guarantee) Report of the Trustees - Year ended 31st December 2024 The Trustees (who are also th¢ 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 Kingdoin Generally Acceptable Accounting Praclice). Company law requires the Trustees lo prepare financial statements for each financial year. Under company law, the Truste¢s must not approve th¢ financial statements unless they are 8ati8fi¢d that th¢y 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. th¢ Trustees are required to- select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102). make judgements and accounling estimate that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departure disclosed and explained in the financial statements- prepare the financial statements on th¢ going concern basis unless it is inappropriafr to pr¢sume that the Company will continue in business. 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 ensure that the financial statements comply with the Company Act 2006. They are also responsible for safeguarding the assets of the Company and henc¢ for taking responsible steps for the prevention and detection of fraud and other irregularities. The Trustees are r¢sponsible for the maintenance and integrity of the harity and financial inforniation includ¢d on the charity's website. Disclosure of information to auditors The Trustees have taken all necessary steps to mak¢ themselves aware of any rel¢vant audit inforn]ation and to establish that the auditor5 are aware of that inforn]ation. As far as th¢ Trustees are awar¢, ther¢ is no relevant audit infonnation that the ¢harity'S auditors are unaware of. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the srnall companies. regime within Part 15 of the companies Act 2006 and with the Financial Reporting Standard 102 (effective January 2015). Approved by order of the members of the Board of TTUStees on and signed on its behalf by: S.H. Wynne Chair P{(. Treasurer 21 May 2025

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 2024 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:

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

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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

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.

Opinions 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 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 9, 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

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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

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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JEWISH JOINT BURIAL SOCIETY

(A Company Limited by Guarantee)

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.

24 May 2025

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

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Jewish Joint Burial Society

Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 December 2024

Unrestricted Total Total
Notes Funds 2024 2023
£ £ £
Income from:
Charitable activities 3 1,682,124 1,682,124 505,425
Investment income 4 498,167 498,167 417,140
Total income 2,180,291 2,180,291 922,565
Expenditure
Expenditure on raising funds
Expenditure on charitable activities		 5
6		 93,285
2,065,116		 93,285
2,065,116		 84,455
1,943,221
Total expenditure 2,158,401 2,158,401 2,027,676
Net income/(expenditure)
Gains on investments
Other gains and losses
Net movement in funds
Total funds at 1 January 2024		 21,890
2,104,165
(4,302,700)
(2,176,645)
13,439,626		 21,890
2,104,165
(4,302,700)
(2,176,645)
13,439,626		 (1,105,111)
1,448,757
-
343,646
13,095,980
Total funds at 31 December 2024 21 11,262,981 11,262,981 13,439,626

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

-15-

Jewish Joint Burial Society Balance Sheet as at 31 December 2024 Notes 2024 2023 Fixed assets Tangible assets Investments Social investments 13 14 15 4,385.042 24,460,904 369,413 29,215,359 4,335.513 22,105.009 332,825 26,773,347 Current assets Debtors Investments Cash and short term deposrts 16 17 24 201.515 113,818 46,204 361.537 156,807 121,553 27.850 306,210 Liabilities Creditors.. amounts falling due wthin one year 18 210.915 254,819 Net current assets 150,622 13.277 Total assets less current liabilities 29,365.981 26,786,624 Creditors.. amounts falling due after more than one year 19 118,103.000) 113.346,9981 Net Assets 11,262,981 13,439,626 Represented by: Unrestricled funds Designated funds General funds 21 21 8,030,653 3,232,328 7.452,046 5,987,580 Total funds 11.262,981 13,439,626 Approved by the Board of Trustees and aulhorised for issue on 21 May 2025 S Vlynne Chair P. B. Vos Treasurer Company Registration No. 937882 The accompanying noles fonm part of these finanaal slalemenls. -16-

Jewish Joint Burial Society

Statement of Cash Flows for year ended 31 December 2024

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/(decrease) 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		 £
£
£
£
(651,639)
(1,170,181)
498,167
417,140
(93,285)
(84,455)
(215,065)
(21,203)
-
1,027
3,187,180
4,254,874
(2,714,739)
(4,154,580)
662,258
412,803
10,619
(757,378)
149,403
906,781
160,022
149,403
2024
2023

-17-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024

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 £3m. There is also 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.

-18-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (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 Deferred income and actuarial assumptions

The creditor for future burials and cremation is a valuation calculated by an actuary and is based on multiple actuarial assumptions. The valuation is recognised in deferred income at the year end. The adjustment for future funeral payments (note

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 2025 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.

-19-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (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 Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. 1.17 Key estimates and judgements 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.

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.

-20-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (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 2024
All income in 2023 was unrestricted.
4
Investment income
Dividend and interest income
Bank interest
5
Investment management costs
Investment management fees		 2024
2024
2023
£
£
£
Unrestricted
Total
Total
642,140
642,140
6,705
225,379
225,379
95
145,392
145,392
-
219,796
219,796
147,394
412,279
412,279
354,072
132,460
132,460
101,250
107,935
107,935
89,014
130,028
130,028
96,876
17,829
17,829
22,743
129,809
129,809
102,229
2,163,047
2,163,047
920,378
(219,796)
(219,796)
(147,394)
(261,127)
(261,127)
(267,559)
1,682,124
1,682,124
505,425
2024
2023
£
£
495,014
409,455
3,153
7,685
498,167
417,140
2024
2023
£
£
93,285
84,455
93,285
84,455

-21-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

6
Charitable Activities
Note
Grants payable
7
Direct costs
8
Support costs
8
7
Grants and donations payable
Bereavement Care
EAJL
Gesher EU Support Network
Generation to Generation
Jewish Bereavement Counselling
Jewish Care
Kehillat Kernow
Kol Nefesh Masorti Syn
Leo Baeck College - Vocational Programme
Leo Baeck College -Other
LJY-Netzer
Meketa
Mosaic Megillah Restoration
Noam Masorti Youth
New North London Synagogue
Raphael Centre
Reform Judaism RSY UK
Reform Judaism Machzor
Reform Judaism SEND
The Brady Archives
The Together Plan
The Havurah Masorti
West Herts Hospital Charity
Donation to Eco-Judaism		 Total
2024
£
70,650
1,551,854
442,612
2,065,116
2024
£
4,000
3,500
3,500
3,150
4,000
2,000
-
3,500
30,000
3,000
3,000
-
-
2,500
-
2,000
-
-
-
2,000
2,000
-
2,000
500
70,650		 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

Leo Baeck college includes a £30,000 grant which was made in 2024 for the Vocational Programme. These funds are to support the Vocational Programme which covers all 5 years of the Rabbinic training.

-22-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

8 Analysis of expenditure by activities

Activities
Grant
undertaken
funding of
directly
activities
2024
2024
£
£
Charitable activities
1,706,266
70,650
Total 2023
1,574,876
43,600
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
2024
£
442,612
422,127		 Total
funds
2024
£
2,219,528
2,040,603
Total
funds
2024
£
377,600
344,325
196,661
262,746
38,097
1,227
278,481
531
142,756
63,842
1,706,266
(154,412)
1,551,854		 Total
funds
2023
£
2,040,603
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

-23-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

----- Start of picture text -----
Total Total
funds funds
2024 2023
£ £
Salaries 278,817 221,976
Telephone 11,243 7,719
Printing, postage & stationary 1,537 2,193
Bank charges 70 121
Travel expenses 232 404
Insurance 5,006 5,106
Sundry expenses 2,324 2,448
Accountancy and HR consultancy 9,874 22,691
-
Security costs 46,208
Depreciation 22,780 27,970
Information technology 38,360 23,571
Electricity 18,715 22,210
Office cleaning 1,603 1,471
Governance costs 37,000 38,039
-
Bad debt provision 15,051
442,612 422,127
----- End of picture text -----

9 Governance costs

Audit fees
Actuarial fees
Number of funerals
2024
2024
2024
Members
Non-
members
Total
Western
93
12
105
Woodland
57
30
87
Cremations
57
35
92
Non-Chesh't
40
5
45
FES Claims
66
-
66
313
82
395		 2024
£
17,480
19,520
37,000
2023
2023
Members
Non-
members
87
9
63
25
72
29
38
5
58
-
318
68		 2023
£
19,300
18,739
38,039
2023
Total
96
88
101
43
58
386

10 Number of funerals

-24-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

11 Staff costs

----- Start of picture text -----
2024 2023
£ £
Wages and Salaries 411,999 350,234
Social Security costs 35,205 29,616
Other pension costs 44,726 38,224
491,930 418,074
----- End of picture text -----

The average number of persons employed by the Company during the year was 14 (2023: 13).

One employee received remuneration between £60,000 - £70,000 (2023: none) in the year.

Amount paid to key management personnel during the year totalled £nil (2023: £nil).

12 Trustees' remuneration and expenses

During the year no Trustees received any remuneration or other benefits (2023: £nil). During the year ended 31 December 2024, £315 of Trustee expenses have been incurred (2023: £1,918).

13 Tangible fixed assets

Woodland
Cemetery
Western &
Other
Cemeteries
Prayer Hall &
Woodland
Office
Computers &
office
equipment
Prayer books
Cost
£
£
£
£
£
At 1 January 2024
1,951,004
546,497
3,042,382
42,513
16,822
Additions
154,260
47,353
7,802
5,650
-
Disposals
-
-
-
-
-
At 31 December 2024
2,105,264
593,850
3,050,184
48,163
16,822
Depreciation
At 1 January 2024
698,591
200,461
308,491
39,340
16,822
Charged in year
86,592
13,732
62,972
2,240
-
Eliminated on disposa
-
-
-
-
-
At 31 December 2024
785,183
214,193
371,463
41,580
16,822
Net Book Value
At 31 December 2024
1,320,081
379,657
2,678,721
6,583
-
At 1 January 2024
1,252,413
346,036
2,733,891
3,173
-		 Total
£
5,599,218
215,065
-
5,814,283
1,263,705
165,536
-
1,429,241
4,385,042
4,335,513

-25-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

14 Fixed asset investments

Disposals
Unrealised gains
Realised gains
Investment income reinvested
Cash input
Invested charges
Money market JP Morgan Liquidity fund
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
At 1 January 2024
Additions		 £
21,397,011
3,313,015
(3,173,768)
1,838,421
261,099
-
-
-
(200,000)
23,435,778
23,435,778
21,397,011
Listed
investments		 £
707,998
(3,313,015)
3,173,768
-
4,645
495,015
(150,000)
(93,285)
200,000
1,025,126
1,025,126
707,998
Cash		 £
22,105,009
-
-
1,838,421
265,744
495,015
(150,000)
(93,285)
-
24,460,904
24,460,904
22,105,009
Total

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		 2024
£
5,973,831
1,667,218
575,154
13,879,817
1,339,756
23,435,776		 2023
£
6,115,472
1,535,658
741,296
11,664,332
1,328,689
21,385,447

All fixed assets investments are held with Rathbones Investment.

Investments held which account for over 5% of the value of the portfolio include Legal and General UK index Trust at a value of £1,885,767 (2023: £1,285,655).

-26-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

15 Social investments

Additions
Repayments
At 31 December 2024
At 31 December 2023
Cost or valuation
At 1 January 2023		 £
332,825
50,000
(13,412)
369,413
332,825
Programme
related
investments		 £
332,825
50,000
(13,412)
369,413
332,825
Total

The programme related investments are made to the Wimbledon and District Synagogue, the Bromley District Synagogue and the North West Surrey Synagogue. All of the investments are interest free and repayable in irregular instalments as the Synagogues use the burial plots which were purchased through the granting of this investment.

16 Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2024
£
201,515
-
201,515		 2023
£
140,732
16,075
156,807

-27-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

17 Current asset investments

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |CAF bank Limited Gold Account|113,818|121,553| |113,818|121,553|

----- End of picture text -----

18 Creditors: Amounts falling due within one year

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Trade creditors|114,971|174,966| |Other taxation and social security|8,619|7,601| |Accruals and deferred income|87,325|110,366| |210,915|292,933|

----- End of picture text -----

19 Creditors: Amounts falling due after more than one year

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Accruals and deferred income|18,103,000|13,346,998|

----- End of picture text -----

Deferred income from late entry and funeral payments received

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Balance at 1|Balance at 31| |January|Income in the|Expenditure|Actuarial|December| |2024|year|in the year|adjustment|2024| |Late entry payments received|2,732,314|281,202|(154,412)|326,510|3,185,614| |-|-| |Funeral payments received|10,614,686|4,302,700|14,917,386| |Deferred creditor for future| |burials and cremations|13,347,000|281,202|(154,412)|4,629,210|18,103,000| |Total|13,347,000|281,202|(154,412)|4,629,210|18,103,000| |Actuarial derivation of the deferred creditor| |Actuarial reserve acquired for| |future funeral costs|20,719,000|5,371,000|-|-|26,090,000| |Admin and office| |-|-| |designated fund|(7,372,000)|(615,000)|(7,987,000)| |-| |Total|13,347,000|5,371,000|(615,000)|18,103,000|

----- End of picture text -----

-28-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (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		 2024
£
361,537
114,971		 2023
£
290,135
174,966

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 2024
30,046
50,000
7,372,000
7,452,046
5,987,580
13,439,626		 Income
64,257
-
-
64,257
284,145
348,402		 Expenditure
(70,650)
(30,000)
615,000
514,350
(5,143,562)
(4,629,212)		 Gains/ (losses)
-
-
-
-
2,104,165
2,104,165		 Balance at 31
December 2024
23,653
20,000
7,987,000
8,030,653
3,232,328
11,262,981

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		 2024
£
4,385,042
24,460,904
369,413
361,537
(210,915)
(18,103,000)
11,262,981		 2023
£
4,335,513
22,105,009
332,825
306,210
(292,933)
(13,346,998)
13,439,626

-29-

Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

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

Net income/expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charge
Realised gains on investments
Actuarial adjustment
Investment income reinvested
Dividends, interests and rents from investments
Investment management charges
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Increase in deferred income
Net cash provided by operating activities		 2024
£
21,890
165,536
(265,744)
(4,302,700)
(495,015)
(498,167)
93,285
(44,708)
(82,018)
4,756,002
(651,639)		 2023
£
(1,105,111)
169,071
-
-
(412,048)
(417,140)
84,455
18,480
38,114
453,998
(1,170,181)

24 Analysis of cash and cash equivalents

Cash in hand
Notice deposits (less than 3 months)		 2024
£
46,204
113,818
160,022		 2023
£
27,850
121,553
149,403

25 Analysis of movements in cash

Cash at bank and in hand
Liquid investments		 At 1 January
2024
27,850
121,553
149,403		 Cash flows
18,354
(7,735)
10,619		 At 31
December
2024
46,204
113,818
160,022

26 Pension commitments

The charitable 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 charitable company in an independently administered fund. The pension cost charge represents contributions payable by the charitable company to the fund and amounted to £44,726 (2023: £38,224). Contributions totalling £nil (2023: £nil) 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 2024 (cont)

27 Operating lease commitments

At 31 December 2024 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
Later than 5 years		 2024
£
3,930
16,377
-
20,307		 2023
£
5,385
19,652
328
25,365

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Jewish Joint Burial Society

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

28 Income and Expenditure account

----- Start of picture text -----
Unrestricted Total Total
Funds 2024 2023
£ £ £
Income from:
Charitable activities 2,163,047 2,163,047 920,378
Investment income 498,167 498,167 417,140
Total income 2,661,214 2,661,214 1,337,518
Expenditure
Expenditure on raising funds 93,285 93,285 84,455
Expenditure on charitable activities 2,219,528 2,219,528 2,040,603
Total expenditure 2,312,813 2,312,813 2,125,058
Income/(Expenditure) on Operations. 348,401 348,401 (787,540)
Net income/(expenditure) 348,401 348,401 (787,540)
Gains/(losses) on investments 2,104,165 2,104,165 1,448,757
-
Other gains and losses (4,302,700) (4,302,700)
Total gains and losses (2,198,535) (2,198,535) 1,448,757
Net movement in funds (1,850,134) (1,850,134) 661,217
Movement on Deferred creditor deriving from
(326,511) (326,511) (317,571)
Late Entry and actuarial adjustment
Total funds at 1 January 2024 13,439,626 13,439,626 13,095,980
Total funds at 31 December 2024 11,262,981 11,262,981 13,439,626
----- End of picture text -----

Deferred Creditor
Income (Note 3)
Expenditure (Note 8)		 (480,923)
154,412
(326,511)		 (480,923)
154,412
(326,511)		 (414,953)
97,382
(317,571)

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