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← New Israel Fund

2024-12-31-accounts

Iiwinil Il1717 New Israel Fund Audited accounts and annual report 2024

2024 proved to be an exceptionally challenging year for the communities we support, and for the broader context in which we operate.

The ongoing trauma following the atrocities of 7 October and the subsequent Israel–Hamas war, meant that our commitment to supporting communities remained as urgent as ever. We continued to provide vital assistance to. towns, kibbutzim and Bedouin villages in the south of Israel, the families of the hostages, and Palestinians in the West Bank and Gaza.

Thanks to the generosity of our many supporters, the New Israel Fund has shown that it is possible to stand with Israelis while also extending compassion to all people – to both peoples – living between the Jordan River and the Mediterranean Sea.

On pages 4 and 5 of this report, we provide information on the three core strands of our current work:

Our full 2024 annual review can be read here.

In a year marked by profound trauma in Israel and immense loss of life in Gaza, the New Israel Fund together with our supporters continue to play a critical role. We are leading the struggle for equality , strengthening democratic resilience and nurturing new generations of leaders working towards lasting security – and, ultimately, a just and enduring peace .

must learn to live together. In the end, peace is inevitable. Ultimately, the only solution is a diplomatic one. must stop this cycle of death. We must invest all of our power and energy in the end game: how to build a peaceful and secure future for all who live in this place. Il AVI DABUSH 7 OCTOBER SURVIVOR YN ZIV STAHL 7 OCTOBER SURVIVOR Nw• Israel Fu ur two nations are multitudes who wish to end this cycle of blood. We cannot allow the forces of death and destruction to win. only way to create a future for the three children I have left in this country is to ensure that the Palestinian people have a dignified and decent life too. SULTAN ABU-OBAID BEDOUIN ACTIVIST ELANA KAMINKA MOTHER OF SOLDIER KILLED ON 7 OCTOBER Ipy QJa1

NEW ISRAEL FUND

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Registered Company Number: 03296825 (England and Wales) Registered Charity Number: 1060081

NEW ISRAEL FUND

FOR THE YEAR ENDED 31 DECEMBER 2024

Contents Pages
Trustees’ report 2 - 11
Independent auditor’s report 12 – 15
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18– 19
Notes to the financial statements 20 - 32
Reference and administrative information 33

NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees’ report

PRINCIPAL GOALS AND ACTIVITIES OF THE NEW ISRAEL FUND

The New Israel Fund stands for a just, safe and equal Israel.

We partner with and fund Israeli organisations strengthening democracy to deliver a fairer society.

Through our work, we:

The New Israel Fund is an independent charity registered in England and Wales, working in coordination with New Israel Funds based in Israel, the USA, Canda, Australia, Germany and Switzerland. We raise funds to make grants to Israeli civil society, and we educate people in the UK about our work and vision.

The NIF is more than a funder. It has created, developed and nurtured hundreds of impactful organisations in Israel. Our action arm, Shatil, provides thousands of hours of training and support to hundreds of organisations each year.

We engage a growing community of supporters in the UK with our work, shared vision and values. We offer much-needed space for passionate yet respectful discussion of the challenges affecting Israelis and Palestinians. Through our funding of dozens of grantees, development of hundreds of leaders and engagement of thousands of supporters, the NIF directly works with more than 20,000 people in the UK and Israel. Working through our partners in Israel, our crisis-response work in the aftermath of 7 October assisted tens of thousands of displaced and injured residents from towns, kibbutzim and Bedouin villages across the south of Israel. Throughout 2024 longer-term investments were made to rebuild communities in the south and across the country that have been most adversely impacted by the ongoing war. The work we fund impacts on and improves the lives of hundreds of thousands of Israelis and Palestinians.

Public benefit

In setting the New Israel Fund’s objectives, the trustees have paid due regard to the public-benefit guidance published by the Charity Commission, including the public benefit requirement (PB1), public benefit: running a charity (PB2), and public benefit: reporting (PB3).

In the UK, our charitable activity is primarily the advancement of community education and social cohesion. In Israel, the work we support is wide ranging and mainly concerned with the advancement of citizenship or community development, the advancement of human rights, conflict resolution or reconciliation, and the promotion of religious and racial harmony or equality and diversity.

Further information on the public benefit delivered during the year is included on pages 3 to 6, covering our work and impact in the UK and Israel.

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NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees’ report

Aims and objectives

Our current strategic objectives are:

  1. Income : Increase, broaden and diversify our income

  2. Engagement : Deepen engagement with our supporters and reach new audiences

  3. Compelling communications : Become a storytelling organisation, maximising digital tools and content.

Since the NIF was established in the UK in 1996, we have provided £48m to hundreds of inspiring and innovative organisations in Israel. We support NIF Israel’s capacity-building programme, Shatil, to increase the impact of organisations and leaders building a just, democratic and shared society. Shatil provides consultancy and training, builds coalitions and networks, and advocates for policy change.

NIF’s work and impact in 2024

2024 followed the traumatic close of 2023, a period that saw unprecedented support for our work, particularly our crisis response efforts aiding communities across the south of Israel. We are grateful to have retained the majority of that generous support, enabling us to continue providing aid to Israelis and Palestinians affected by the ongoing conflict, while also making longer-term strategic investments in education, community building and leadership development, all aimed at fostering a better and shared future for everyone living in Israel-Palestine.

In 2024, we allocated £2.65 million to support our Israeli partners in their vital and inspiring work. For a breakdown of the areas supported, please see note 6 on page 25. Details of the New Israel Fund’s programmes and partners that received grants from funds raised in the UK can be found in page 31.

As the only UK based charity supporting communities attacked by Hamas, the families of the hostages, Palestinians in the West Bank and raising funds for those delivering humanitarian aid to the people in Gaza, we demonstrated both leadership and compassion during a time of marked by polarised responses to the Israel-Hamas war. Our programming and educational activity in the UK reflected this range of work supported in Israel-Palestine, offering receptive audiences the opportunity to hear from Israelis and Palestinians – despite tremendous loss – still determined to work together and for a safer shared future.

3

NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees’ report

NIF’s work and impact in Israel in 2024

4

NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees’ report

5

NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees’ report

NIF’s work and impact in the UK in 2024

We continue to grow our reach across various parts of the UK Jewish community, inspiring thoughtful conversations about Israel through engagement with the impressive people and projects we support. Our work engaged people with compassionate and complex responses to the Israel-Hamas war and offered them opportunities to hear from and support Israelis and Palestinians who continue to work together for a better, safer and shared future.

Our UK programming included:

6

NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees’ report

NIF’s performance and financial outcome in 2024

Fundraising

2024 was a remarkably successful year. We continued to receive substantial support from the new and generous donors who made 2023 an outstanding year. Our income generated from fundraising (donations and legacies) was £3.4 million (compared with £4.06 million in 2023).

Of that £3.4 million, £1.9 million was for our core NIF work and NIF programmes in Israel[1] , the second highest in our history. £1.9 million in 2024 compares strongly to £2.1 million received during 2023 and is a significant increase to the average of £1.3 million raised for core NIF work each year between 2019 and 2022. Our average annual fundraising of £3.6 million over the period 2022-2024 shows strong growth compared to average annual fundraising over the period 2019-2021 of £2.7 million.

Our successful fundraising during politically and economically challenging times allowed us to make grants totalling £2.65 million (compared with £3.32 million in 2023) to projects in Israel.

The New Israel Fund does not use any external or third-party fundraisers. No complaints were received about our fundraising activities.

Leadership and strategy

2024 saw the continuation of our strategy to grow our team, enabling us to broaden our reach to supporters and generate funds for our vital work. We have recruited a Fundraising Manager and a Community Engagement manager enabling us to offer more events across the year, complementing our annual awards event in November.

In 2024, we revised the format and focus of our annual awards event, adopting a more informal approach, and recognising Rising Stars amongst our grantees. In doing so, we wanted to balance our recognition of those who have made major contributions over their careers with some of the exciting next generation of innovators. The board intends to maintain this approach, alternating annually between our Human Rights Awards event and a Rising Stars event. In response to feedback from our supporters, we will continue to present this in a lively and engaging way, while keeping formality to a minimum.

Our expanded team and refined focus have enabled us to experiment with wider variety of activities and forms of community engagement over the past year. We have seen particular success in programme delivery through collaborations with well-matched partners. Deepening these partnerships and exploring new opportunities has helped us engage more consistently with dedicated donors and reach new audiences more regularly. As we continue to grow, innovate and adapt, we aim to evaluate and learn from our short-term achievements, making greater use of evidence and data analysis to support long-term growth in both reach and income.

1 £1.9m is a rounded figure for £1,922,799 (£1,382,848 unrestricted donations and £539,951 special projects donations within the £2,015,298 restricted income as per the SOFA on page 16). Special projects income includes donations at our annual fundraiser. Specifically in 2024 it also included the Gaza Appeal and our Nasij and Peace and Security Programmes. While referred to as “special projects,” this income supports NIF’s core activities and specific initiatives each year. It is distinct from donor-advised income, which is restricted by donors for distribution to particular organisations.

7

NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees’ report

Some notable measured successes over the past two to three years include:

At the end of 2024, as four trustees completed their terms, we recruited four new trustees, who were formally appointed at the start of 2025 (see page 9).

Finances

Our total income in 2024 was £3.47 million, with total expenditure amounting to £3.57 million. The excess expenditure this year was due to £409,000 that were allocated and transferred to Israeli organisations in early 2024, using funds received at the end of 2023. When adjusted for this amount (which contributed to the surplus in 2023), the underlying surplus of income over expenditure for2024 was £309,000.

Charitable expenditure was £3.31 million (compared with £3.8 million in 2023). This included our grants expenditure of £2.65 million (compared with £3.32 million in 2023) enabling us to support more than 100 grantees and programmes in Israel. The cost of raising funds was £261,000 (compared with£228,000 in 2023). This increase in costs reflects the strategic investment in expanding our team and organisation during 2024.

Reserves policy

The board’s reserves policy, reviewed annually, is to maintain a minimum level of six months fixed operating costs. The minimum unrestricted reserve goal for 2024 was set at £426,350.

At the end of 2024, total unrestricted funds stood at £963,723. This figure includes £353,107 in debtors, primarily consisting of multiyear pledges recognised in the current or previous year’s accounts. Unrestricted cash funds totalled £675,430, providing sufficient liquidity to meet our reserves target.

Future plans

In Spring 2025 we completed the growth in our team as part of our strategy to have distinct teams addressing communications and programming, fundraising and operations. This increased capacity is to enable the organisation to grow our reach and income sustainably and strategically.

2025 will be the final year of implementing the strategy developed in 2022. During the last three years the organisation has evolved and grown significantly. Throughout 2025 the team and trustees, informed by feedback from our supporters and stakeholders, are developing a strategic plan for the organisation to be implemented from 2026 through to 2030.

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NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees’ report

Board of trustees

The board of trustees (whose appointees are also individual members of the company) is required to conduct the affairs and the general business of the New Israel Fund, and it meets regularly. Persons being appointed or reappointed must be recommended to the board or proposed by a company member not fewer than 14 or more than 35 days before the date of the AGM, together with a notice of willingness to be appointed or reappointed, signed by the proposed trustee.

During this year, the board comprised:

Noeleen Cohen (Chair) Alex Marcuson Paul Amit Edward Millett Paul Burger OBE (retired 10 February 2025) Martin Paisner CBE Jane Grabiner (retired 10 February 2025) Sarah Peters (retired 10 February 2025) Elizabeth Harris-Sawczenko OBE (appointed 10 Anna Roiser February 2025) Suzanne Jacobs Joel Rosen (appointed 10 February 2025) Karen Kaufman (appointed 10 February 2025) Dana Segal Darren Lewis (appointed 10 February 2025) Dr Juliet Stevens (retired 10 February 2025) Andrew Leek

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustee recruitment, induction and training

New board members are appointed by trustees through an open recruitment process, to maintain or augment the range of skills and experience appropriate to the needs and activities of the charity. They are subsequently proposed for election by existing members at the AGM or quarterly board meetings.

On appointment, new trustees undertake an induction process. They receive Charity Commission guides, a copy of the Memorandum and Articles of Association, the charity’s policies, including the trustee terms of reference, the current strategic plan, the latest statutory accounts and an outline of their duties and responsibilities. New trustees meet with the chair and chief executive, and where possible chairs of subcommittees, to undertake the induction process.

Organisation

The board delegates responsibility for the day-to-day management of the charity to the chief executive and the professional team, who report back to the board on the charity’s performance. Trustees review financial and operational trends measured against the annually approved budget. Key performance indicators and work plans have been developed to assist with this process, and the board has an active committee structure to ensure full oversight of all areas of operation.

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NEW ISRAEL FUND FOR THE YEAR ENDED31 DECEMBER 2024

Trustees’ report

Remuneration of key management personnel

The pay and remuneration of the charity’s chief executive and senior directors is reviewed annually as part of the budget-planning process, alongside changes to overall salaries. Specific changes to the remuneration for key management personnel are discussed between the chair and select committee chairs concurrently with the full budget being reviewed by the finance committee and then recommended to and approved by the board of trustees.

Principal risks and uncertainties

The traumatic and tumultuous events of 2023 and 2024 highlight risks related to the context of our work. These have been compounded by the global political and economic uncertainty at the start of 2025.

Risks have been identified in four key areas: finance, leadership, reputation, and IT security. Risks are assessed and managed through a risk register, which was reviewed by the finance committee and board in tandem with our audit. Sample information from the more comprehensive risk register:

Risk Mitigation
Failure to meet NIF income
targets by 25% or more, with
some
specific
concerns
around the global political
and economic uncertainty.
.		 Quarterly review
More regular communication with and engagement of mid and major
donors
Expanded fundraising capacity and greater efforts on recruiting new
donors and uplifting existing donors
Mid-year reforecast
Strongreserves
System or human error, or
fraud, with banking
and finances		 Banking and system controls including various two-step
approvals/authorisation
Reconciliation of accounting, database and banking
Reporting of any control deficiencies or actual/suspected fraud during
annual external audit
Adverse events in Israel,
including
threats
to
the
activity of our partners		 Positioning and messaging frameworks
Updates and support from Israeli and global colleagues
Contingency planning to ensure we can continue to support our partners
Breach of IT systems or data
protection		 IT security and staff training
Working closely with external providers and reviewing their performance
Reviewing and monitoring implementation of GDPR policy
Data backupchecks

Across all areas of risk management and mitigation, we have invested more time in planning, processes, training and, where needed, specific additional resources, such as enhanced IT security, to better protect the organisation against identified risks. The steps we have taken to increase the capacity of the team are central to our being better resourced and better prepared to meet challenges.

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NEW ISRAEL FUND FOR THE YEAR ENDED31 DECEMBER 2024

Trustees’ report

We continue to have frequent detailed fundraising and financial reporting to allow for better monitoring of our income and expenditure against our budget. The board regularly reviews areas of risk across the range of the charity’s activities. The annual budget and business-planning processes include reviews and assessment of the possible risks to the charity and the consequences of those risks, as well as plans to mitigate their effects on the delivery of charitable services. This framework of risk is then monitored across the organisation. The board is notified of any significant changes in the risks to the organisation.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also the directors of the New Israel Fund for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

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 charitable company and of the incoming resources and the application of resources, including the income and expenditure of the company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records, which are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and for ensuring their proper application under charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RELEVANT AUDIT INFORMATION

Insofar as we are aware:

This report was approved by the board of trustees on 17 July 2025, and signed on its behalf by:

Noeleen Cohen, Chair

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NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE NEW ISRAEL FUND

Opinion

We have audited the financial statements of the New Israel Fund for the year ended 31 December 2024, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financialreporting framework that has been applied in their preparation is applicable under law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report, on page 21. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going-concern basis of accounting in 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 12 months from the date that 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.

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NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Independent auditor’s report cont.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether the other information is materially inconsistent with the financial statements, or whether our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement in the other information. If, based on the work we have performed, we conclude that there is a material misstatement in 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report (which incorporates the directors’ report).

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

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NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Independent auditor’s report cont.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 11, 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 provide a true and fair view. They are also responsible for implementing the internal control they consider necessary to ensure the financial statements 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 intend either 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 owing to fraud or to error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Companies Act and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls. Audit procedures performed by the engagement team included:

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NEW ISRAEL FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Independent auditor’s report cont.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements, or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring owing to fraud rather than to error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements can be found on the Financial Reporting Council’s website, at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of audit report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report or for the opinions we have formed.

: Adam Halsey (Senior Statutory Auditor), For and on behalf of HaysMac LLP, Statutory Auditors, 10 Queen Street Place, London EC4R 1AG

Date: 26 August 2025

HaysMac LLP is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

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NEW ISRAEL FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

INCOME AND EXPENDITURE

INCOME AND EXPENDITURE
Unrestricted Restricted Total funds, Total funds,
funds funds 2024 2023
Notes £ £ £ £
Income from:
Donations and legacies 2 1,382,843
2,015,298
3,398,141		 4,060,682
Investments 4 11,812
-		 11,812 9,854
Other sources 5 53,613
-		 53,613 17,244
----------------- ------------------- ------------------- -------------------
Total income 1,448,268
2,015,298
3,463,566		 4,087,780
----------------- ------------------- ------------------- -------------------
Expenditure on:
Raising funds 7 (261,435)
-		 (261,435) (228,331)
Charitable activities:
- Israel projects 6, 7, 13 (130,372)
(2,654,124) *
(2,784,496)		 (3,405,803)
- UK programme 7 (522,598)
-		 (522,598) (420,675)
------------------ ------------------- --------------------- ---------------------
(652,970)
(2,654,124)
(3,307,094)		 (3,826,478)
----------------- ----------------- --------------------- ---------------------
Total expenditure (914,405)
(2,654,124)
(3,568,529)		 (4,054,809)
----------------- -------------------- --------------------- ---------------------
*Of this amount £891,546 were funds raised by the NIF mainly as general support, which are then
allocated by the board to projects and grantees. In total, over £1m of the funds raised by the NIF were
spent on Israel projects. £1.6m further from donor advised funds were sent to designated organisations.
Net income/(expenditure) 533,863
(638,826)
(104,963)		 32,971
Transfer between funds 13 (351,595)
351,595
-		 -
Net movement in funds 182,268
(287,231)
(104,963)		 32,971
Fund balances brought forward 781,455
530,853
1,312,308		 1,279,337
at 1 January 2024
------------------ ------------------- ------------------- -------------------
Fund balances carried forward at 963,723 243,622 1,207,345 1,312,308
31 December 2024 ======== ========= ========= =========

All the results above were derived from continuing activities. The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

The accompanying notes form part of these financial statements.

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COMPANY NUMBER: 03296825

NEW ISRAEL FUND

BALANCE SHEET

AS AT 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 2,062 1,694
CURRENT ASSETS
Debtors 10 353,107 329,933
Cash at bank and in hand 919,052 1,035,174
----------------- ----------------- -----------------
12 1,272,159 1,365,107
CREDITORS:amounts falling due
within one year 11 (66,876) (54,493)
------------------ ------------------ ------------------
NET CURRENT ASSETS 1,205,283 1,310,614
----------------- -----------------
NET ASSETS 1,207,345 1,312,308
======== ========
Unrestricted funds 12 963,723 963,723 781,455
Restricted funds 13 243,622 530,853
------------------ ------------------
12 1,207,345 1,312,308
========= =========

The financial statements were approved and authorised for issue by the trustees on 17 July 2025 and signed on their behalf by:

Noeleen Cohen Chair

The accompanying notes on pages 20 to 32 form part of these financial statements.

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NEW ISRAEL FUND

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023 2023
£ £ £ £
Cash flows from operating activities:
Net cash (used in)/provided by operating activities (125,707) 142,186
Cash flows from investing activities:
Bank interest received 11,812 9,854
Purchase of property, plant and equipment (2,227) (1,731)
----------------- -----------------
Net cash provided by investing activities 9,585 8,123
---------------- ----------------
Change in cash and cash equivalents in the
reporting period
(116,122) 150,308
Cash and cash equivalents at the beginning of the
reporting period 1,035,174 884,866
---------------- ----------------
Cash and cash equivalents at the end of the
reporting period
919,052 1,035,174
======== ========
Reconciliation of net (expenditure)/income to net cash flow from operating activities
2024 2023
£ £
Net(expenditure)/income for the reporting period
(as per the statement of financial activities) (104,963) 32,971
Adjustments for:
Depreciation charges 1,859 8,803
Interest from investments (11,812) (9,854)
(Increase)/decrease in debtors (23,174) 90,013
Decrease in creditors 12,383 20,253
----------------- -----------------
Net cash (used in)/provided by operating activities (125,707) 142,186
======== ========

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NEW ISRAEL FUND

STATEMENT OF CASH FLOWS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Analysis of cash and cash equivalents 2024 2023
£ £
Cash in hand 919,052* 1,035,174*
----------------- -----------------
Total cash and cash equivalents 919,052 1,035,174
======== ========
Movement in net debt:
2023 Cashflows 2024
Cash at bank 1,035,174 (116,122) 919,052*

*This £919,052 includes £243,622 restricted funds. The unrestricted cash opening balance for 2025 is £675,430. NB: £426,350 is the minimum level of reserves required to meet six months fixed operating costs.

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NEW ISRAEL FUND NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

The principle accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

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) (second edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity 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 note(s).

Going concern

The accounts have been prepared on the assumption that the charity is able to carry on its activities as a going concern and that there are no material uncertainties regarding the going-concern assumption. In assessing the charity’s ability to continue as a going concern, the trustees have considered the charity’s liquidity position and reviewed cashflow forecasts for the foreseeable future. In addition to its cash reserves, it has no external debt or security.

For this reason, the trustees continue to adopt the going-concern basis in preparing the accounts.

Incoming resources

Donations and legacies are recognised when the charity is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. The date of entitlement is either when the charity is notified of an impending distribution or when the legacy is received – whichever is earlier. Where donors impose conditions that have to be fulfilled before the charity becomes entitled to such income, the income is deferred and is not included in incoming resources until the preconditions for use have been met.

Charitable income is recognised on an accruals basis. Investment income is recognised on a receivable basis.

20

NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Resources expended

Expenditure is charged to the statement of financial activities on an accruals basis and has been classified under headings that aggregate costs related to each particular charitable activity. Grants are included in the financial statements when approved by the trustees and notified to recipients. The value of committed grants unpaid at the year-end is accrued. Support costs that relate to the delivery of our charitable activities, including IT, payroll, administration, health and safety, human resources, print, communications and management, have been allocated to activities on a basis consistent with the use of the resources.

Pension costs

The charity operates a defined contribution pension scheme into which staff are automatically enrolled once they have completed three months of employment. These costs are accounted for on an accruals basis.

Funds

Restricted funds: Where a donor has specified a particular purpose for a donation, the income is recognised in the statement of financial activities, and it is held in a separate restricted fund, which can only be used for the purposes originally specified by the donor.

Unrestricted funds: These are funds available for use at the discretion of the trustees in furtherance of the objectives of the charity.

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NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (continued)

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the date on the balance sheet. All differences are taken to the statement of financial activities.

Tangible fixed assets

Depreciation is calculated by the straight-line method to write off the cost/value, less anticipated residual value, over the expected useful lives of assets as follows:

Debtors

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

Cash at bank and in hand

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

Creditors and provisions

Creditors and provisions 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 where the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

22

NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, which are described below, trustees are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period and future periods if the revision affects the current and future periods.

The key sources of estimation uncertainty that have a significant effect on the accounts recognised in the financial statements are summarised below:

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NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

2. DONATIONS AND LEGACIES 2024 2023
£ £
Individual donors 987,741 1,382,273
Trusts and corporate donors 2,410,400 2,678,409
------------------- -----------------
3,398,141 4,060,682
========== =========
3. NET INCOME FOR THE YEAR 2024 2023
£ £
The net income for the year is stated after charging:
Depreciation 1,859 8,803
Auditor’s remuneration:
- Audit 17,640 15,500
- Other - 2,500
- Operating lease per-annum charge 20,400 20,400
======= =======
4. INCOME FROM INVESTMENTS 2024 2023
£ £
Bank interest receivable 11,812 9,854
====== =======
5. OTHER SOURCES 2024 2023
£ £
Rental income 16,971 17,244
Donor advised funds administration fees 36,642* -
------------------- -----------------
53,613 17,244
========== =========

24

NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

6. ISRAEL PROJECTS EXPENDITURE 2024 2023
£ £
Advancing Arab-Jewish partnership 1,091,977 676,314
Defending democracy and human rights 728,410 1,167,026
Empowering minorities and marginalised groups 674,263 966,738
Grants as part of our post-7 October crisis response 159,474 511,654
Total grants payable 2,654,124 3,321,732
Grant support costs 130,372 84,071
-------------------- --------------------
2,784,496 3,405,803
============= ==========

In late 2023 and early 2024 we raised significant funds, and allocated corresponding grants, as part of our post 7 October crisis response. In 2024, our support shifted to longer-term core projects described on pages 4 and 5.

The significant increases in grants allocated to Advancing Arab-Jewish partnership from 2023 to 2024 arose from:

Many of the organisations working on Arab-Jewish partnership are also working to defend democracy and empower minorities, and some of the fluctuations above reflect the areas of their work supported each year.

25

NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

7. TOTAL EXPENDITURE: 2024

----- Start of picture text -----
||||| |---|---|---|---| |Direct|Support|Total, 2024| |costs|costs| |£|£|£| |Raising funds|51,758|209,677|261,435| |Charitable activities:| |Israel projects|2,654,124|130,372|2,784,496| |UK programme|320,560|202,038|522,598| |--------------------|-----------------|---------------------| |3,026,442|542,087|3,568,529| |=========|=========|==========| |TOTAL EXPENDITURE: 2023| |Direct|Support|Total, 2023| |costs|costs| |£|£|£| |Raising funds|54,255|174,076|228,331| |Charitable activities:| |Israel projects|3,321,732|84,071|3,405,803| |UK programme|230,062|190,613|420,675| |--------------------|-----------------|---------------------| |3,606,049|448,760|4,054,809| |=========|========= ==========|

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

Total governance costs were £17,310 (compared with £18,246 in 2023).

Support costs are allocated across activities based on the proportion of staff time spent on each.

----- Start of picture text -----
|||| |---|---|---| |SUPPORT COSTS|2024|2023| |£|£| |Office costs|5,781|3,931| |IT costs|21,543|21,326| |Insurance|11,651|8,973| |Support staff costs|431,949|348,059| |Staff welfare and recruitment|7,119|8,383| |Professional and legal costs|29,765|31,923| |Depreciation|1,859|8,803| |Governance costs|17,310|18,246| |Other support costs|15,110|17,116| |-----------------|-----------------| |542,087|448,760| |========|========|

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

26

NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

8. STAFF COSTS 2024 2023
£ £
Wages and salaries 382,637 311,529
Social-security costs 37,122 29,242
Pension costs 12,190 7,289
----------------- -----------------
431,949 348,059
======== ========

Staff costs are divided as follows: £103,884 (compared with £65,206 in 2023) are charged to projects in Israel. £160,989 (compared with £147,840 in 2023) are charged to the UK programme; and £167,076 (compared with £135,014 in 2023) are charged to costs of generating funds.

On average, there were eight employees engaged in the activities of the charity during the year (compared with seven in 2023). One employee received emoluments (including benefits in kind) between £70,000 and £80,000 and one employee received emoluments between £120,000 and £130,000 (compared with one between £60,000 and £70,000 and one between £100,000 and £110,000 in 2023).

9. TANGIBLE FIXED Computers Fixtures and
ASSETS and Total
equipment fittings
£ £ £
Cost
At 1 January 2024 33,059 15,896 48,955
Additions 2,227 - 2,227
Disposals (27,133) - (27,133)
---------------- ---------------- ----------------
At 31 December 2024 8,153 15,896 24,049
---------------- ---------------- ----------------
Depreciation
At 1 January 2024 31,365 15,896 47,261
Charge for the year 1,859 - 1,859
Charge on disposals (27,133) - (27,133)
--------------- --------------- ---------------
At 31 December 2024 6,091 15,896 21,987
---------------- ---------------- ----------------
Net book value
At 31 December 2024 2,062 - 2,062
======== ======== ========
At 31 December 2023 1,694 - 1,694

27

========

========

========

NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

10. DEBTORS 2024 2023
£ £
Accrued income 324,250 314,579
Other debtors and prepayments 28,857 15,354
------------------- -------------------
353,107 329,933
======== ========
11. CREDITORS: amounts falling due 2024 2023
within one year £ £
Trade creditors 5,275 10,791
Other creditors 4,633 10,929
Other taxes and social security 11,686 7,631
Accruals 45,282 25,142
---------------- ----------------
66,876 54,493
======== ========
12. NET ASSETS BY FUNDS: 2024
Unrestricted Restricted 2024
£ £ £
Balance at 1 January 2024 781,455 530,853 1,312,308
Net movement in funds 182,268 (287,231) (104,963)
---------------- ----------------- -----------------
Balance at 31 December 2024 963,723 243,622 1,207,345
---------------- ----------------- -----------------
Represented by:
Tangible fixed assets 2,062 - 2,062
Debtors 353,107 - 353,107
Cash 675,430 243,622 919,052
Creditors (66,876) - (66,876)
------------------ ---------------- ------------------
Total funds 963,723 243,622 1,207,345
========= ========= =========

28

NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

NET ASSETS BY FUNDS: 2023
Unrestricted Restricted 2023
£ £ £
Balance at 1 January 2023 863,165 416,171 1,279,337
Net movement in funds (81,711) 114,682 32,971
---------------- ----------------- -----------------
Balance at 31 December 2023 781,455 530,853 1,312,308
---------------- ----------------- -----------------
Represented by:
Tangible fixed assets 1,694 - 1,694
Debtors 329,933 - 329,933
Cash 504,321 530,853 1,035,174
Creditors (54,493) - (54,493)
------------------ ---------------- ----------------
Total funds 781,455 530,853 1,312,308
========= ========= =========
13.
TOTAL FUNDS: 2024		 As at As at
1 January 31 December
2024 Income Expenditure
Transfers		 2024
£ £ £ £ £
Unrestricted
General 781,455 1,448,267 (914,404) (351,595) 963,723
----------------- ------------------- ----------------- ----------------- -----------------
Balance at 31 December 2024 781,455 1,448,267 (914,404)
(351,595)		 963,723
======== ========= ======== ======== ========
Restricted
Donor-advised grants fund 530,853 1,475,347 (1,762,578)
-		 243,622
Special-projects fund - 539,951 (891,546)
351,595		 -
----------------- ------------------- ----------------- ----------------- -----------------
Balance at 31 December 2024 530,853 2,015,298 (2,654,124)
351,595		 243,622
======== ========= ======== ======== ========

The donor-advised grants funds are for projects stipulated by the donor as to which the monies should be applied in Israel (see page 32). The special-projects fund comprises donations received to implement specific one-off projects – in 2024 this included Nasij, work promoting peace, and funds to provide humanitarian aid to people in Gaza. We receive general support funds that are transferred to support these projects and specific NIF Israel work once reviewed and approved by our board, reflected above by the transfer between funds of £351,595.

29

NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

TOTAL FUNDS: 2023 As at As at
1 January 31 December
2023 Income Expenditure Transfers 2023
£ £ £ £ £
Unrestricted
General 863,166 920,596 (733,077) (269,230) 781,455
----------------- ------------------- ----------------- ----------------- -----------------
Balance at 31 December 2023 863,166 920,596 (733,077) (269,230) 781,455
======== ========= ======== ======== ========
Restricted
Donor-advised grants fund 416,171 1,958,325 (1,843,643) - 530,853
Special-projects fund - 1,208,859 (1,478,089) 269,230 -
----------------- ------------------- ----------------- ----------------- -----------------
Balance at 31 December 2023 416,171 3,167,184 (3,321,732) 269,230 530,853
======== ========= ======== ======== ========

14. STATUS

The New Israel Fund is a registered charity constituted as a company limited by guarantee and does not have a share capital. The liability of each member is limited to £1.

15. OPERATING LEASES

A five-year operating lease in respect of land and buildings was entered into during November 2020. At the end of the year, total commitments payable were:

2024 2023
Amounts due: £ £
Within one year 15,300 20,400
Between two and five years - 15,300
-------------- --------------
15,300 35,700
======== ========

30

NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

16. RELATED PARTIES

Total remuneration of key management personnel for the year was £120,733 (2023: £105,890).

None of the trustees received any emoluments during the year (2023: none).

No expenses were reimbursed to trustees while on the charity’s business during the year (2023: none).

Trustee indemnity insurance paid in the year was £2,021 (2023: £2,652).

Total donations received from trustees and other persons considered to have significant influence, including those trusts and foundations where the trustees and key management personnel can be considered to have significant influence on the donations, was £82,005 (2023: £111,516).

Additionally, we received donations from trusts and foundations where our trustees are also persons who have significant influence on donations, as below:

There were no other related party transactions requiring disclosure in the year.

17. GRANTS

Grants totalling £891,546 (2023: £1,328,794) were made to the New Israel Fund Israel to contribute to its activities, including its grants to Israeli not-for profit organisations in furtherance of its mission and to the work and projects of its action arm, Shatil. This is the work reported in the trustees’ report above.

The grant to NIF Israel included support for two strategic and collaborative programmes working with several core grantees:

And these core grantees:

Association of Civil Rights in Israel (ACRI) Israel Religious Action Centre (IRAC) Ajeec-Nisped Kick It Out Israel Alef-Ba Sheli Fund The Faithful Left Standing Together The Forum for Regional Thinking Women Against Violence (WAV)

31

NEW ISRAEL FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

In addition, in 2024, 71 organisations were funded through our donor-advised initiative.

The following (in alphabetical order) received grants of more than £25,000:

Alliance for Middle East Peace (ALLMEP)

Association for the Improvement of the Status of Women in Lagiya Breaking the Silence B'Tselem: Israel Information Center for Human Rights Clore Community Center Givat Haviva Jewish-Arab Center for Peace Have You Seen the Horizon Lately Hostage and Missing Families Forum Jerusalem Business Development Center: MATI Jerusalem Interest-free Micro-Finance - Direct Neve Shalom/Wahat al-Salam NFCT (New Fund for Cinema and Television) Shared Future SHEKEL - Inclusion for People with Disabilities Standing Together 15 Minutes – Public Transportation Alliance

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NEW ISRAEL FUND

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

Registered office Third Floor
Star House
104-108 Grafton Road
London
NW5 4BA
Registered charity number 1060081
Company registration number 03296825
Bankers Coutts & Co
440 Strand
London
WC2R OQS
Auditor HaysMac LLP
10 Queen Street Place
London
EC4R 1AG
Solicitors BCLP
Adelaide House
London Bridge
London
EC4R 9HA

33