Charity re8iStratlon number 1094668 Company registration number 4493731 {England and Wales) THE NEW NORTH LONDON SYNAGOGUE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 THE NEW NORTH LONDON SYNAGOGUE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Debbie Bloom Nicholas Brill Ruth Bross Lisa Caplan Ruth Clifton Victoria Fox Shlrll Gllbert Ayala Gottlieb Alter Joshua Irish Roger Levltt Martln Otvos B wce Rlgal Martin Ross Sophie Ross Nigel Roth Joel Steinhart Julia Wagner Daniel Wllkins Nadine Young (Appointed 27 June 2024) (Appointed 27 June 2024) (Appointed 27 June 2024) (Retired 27 June 2024) (Retired 27 June 2024) (Retired 27 June 2024) {Retired 27 June 20241 Charfty number 1094668 Company number 4493731 Re8lstered offlce The Manor House 80 East End Road Finchley London N3 2SY Audltors Haysmac LLP 10 Queen Street Place London EC4R 1AG Webslte .mynnls.org.uk THE NEW NORTH LONDON SYNAGOGUE CONTEKrs Page Trustees, report 1-17 Independent auditor's report 18- 20 Statement of financial activitles 21 Balance sheet 22 Statement of cash flows 23 Notes to the accounts 24-36 THE NORTH LOIYDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSI'EES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees present their report including Directors, report and accounts for the year ended 31 October 2024. The New North London Synagogue (NNLS) Is a company limlted by guarantee, whlch Is also a charlty registered with the Charity Commission under registration number 1094668. The accounts have been prepared in accordance with accounting policies set out In note I to the accounts and comply with the charlty's Memorandum and Articles of Associatlon, the Cornpanies Act 2006 and the Statement of Recommended Practice for Charities {SORP 20151 (Second Editlon, effective 1 January 2019). STRUCTURE, GOVERNANCE, AND MANAGEMENT All members of the Synagogue Council, which is elected by the Membershlpj are Directors of the Company and Trustees of the Charity. Election to the Councll Is for a two.year period which can be renewed once only, The Councll Is responslble for the strategy and general conduct and mana8ement of the Syna808ue's buslness. Some Council members have portfollos to indicate a speclal Interest In particular areas of synagogue operatlons, e.8. security, young adults, young famllies. There are several standing committees: Finance, Premises, Tzedakah (overseeing the charitable appeals the communlty runs) and Services. Each commlttee Includes at least one Trustee representatlve. and some have a non-Trustee chalr. The committees report to Councll. The dele8atlon scheme is published on the members, portal of the website (in MyNNLS.com) to which all members have access. Joint Chairs are elected so that thelr term5 overlap. The Treasurer is elected In even-numbered years. The Senior Rabbl and Chief Executive Officers are entitled to attend all meetings of the Council and of all committees. Trustees must be members of the Synagogue and will typically have had a leadership role in another aspect of the Synagogue's activities or the Masortl movement, prior to election. In addltlon, the institution of Joint Chairs means that the continuing Chair assists an Incomlng Chair. There is an Informal mentoring System whereby the outgoing Treasurer assists the incoming Treasurer to understand the financial systems and processes as well as the wider responsibilities of the role of Trustee. An induction session is held for all Council members at the flr5t Council meeting following the Annual General Meeting and individual mentoring and contlnued trainlng is offered to all Trustees throughout their term of office. Salary for the Chlef Executive Offlcers Is set within a reasonable salary range for personnel of this seniority and is comparable to others in similar roles in other Jewlsh organisations. The Chief Executive Officers are accountable to the Chalrs, and Ilne manage other employees and dlrect day-to-day decisions as appropriate. None of the Trustees have any beneficial interest in the company. All the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. THE NEW NORTH LONDON SYNAGOGUE (A COMPANY LIMfTED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The following Honorary Officers and Council Members have been in post since June 2024: Honorary Offlcers Joint Chair Joint Chair Treasurer Victoria Fox Bruce Rigal Nigel Roth Councll Members: Debble Bloom Nicholas Brill Ruth Bross Lisa Caplan Ruth Cllfton Ayala Gottlleb Alter Joshua Irlsh Sophie R05S Joel Steinhart Julia Wagner Daniel Wilkins Nadine Youn8 The following Councll Members were In post from November 2023 untll June 2024 (unless otherwise stated when they stood down f rom these positions): Councll Members: Shirli Gilbert Roger Levltt Martin Otvos Martin Ross THE NEW NORTH LOtYDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 OBJECTIVES AND ACTIVITIES Who we are New North London Synagogue (NNLS) is a thriving Masortl community in North London wlth a membership having grown to over 3,700. NNLS is the largest Masorti Synagogue In the UK, and one of the leading congregations of any denomination of Judalsm in the country. Based at its purpose-built premises fn Finchley, N3, NNLS slts at the cutting edge of contemporary Jewfish Ilfe, constantly striving to develop and enhance Judaism for its members and sharfng Its values and ideas with wider society. The charity was establlshed by a charltsble trust deed on 10 November 1974. A new trust deed was approved on 9 June 1998. By Special Resolutions in October 2013, the dual structure of NNLS being both an Unincorporated Assoclation and a Company was changed into a unltary structure with new Articles of Association ("the Articles"). These Articles are subject to Intermittent minor changes (most recently in June 2023) and remaln the Articles of Association currently in effect. The charlty's objects are to further the objectlves and to conduct the activities of NNLS under the direction of its Councll, What we do The Synagogue Is actlve in sUPPOrt of its cont1nulng objectlves, in the areas of religion, young famlly engagementi youth and adult education, welfare, culture, charity, soclal actlon and Interfaith initiatives. We aim to facllltate and deepen our engagement wlth each member of our community and to also ensage with communities and the soclety around us. It is our responsibility to do our best ￿ that no one Is left to feel lonely or Ignored, and we work hard to ensure that there are plenty of opportunities to connect with the community elther by volunteerlngi attending programmfng and events or at a geographical or interest level. We want to celebrate life together and to be present for one another in quiet solidarity in times of sorrow. At the same tlme, we have responslbilities to the wlder Jewlsh community in this country and beyond. Soclal action initiated by our communlty expresses our involvement in the key Issues whlch confront both Jewish and wider society in areas covering poverty, lonellne55, social injustice, the environment, and refugees. Year-round, we offer: Shabbat and festlval servlces wlthin a tradltlonal, open-mfndedi plurallst envlronrnent; a pre-school nursery.1 In 2023-24, 16 chlldren were enrolled" excellent formal and Informal Jewlsh learnlng opportunltles for our young people and thelr famllles, and numerous leadershlp opportunities for our teens; an extensive range of adult learnln8 courses and soclal and cultural events; pastoral care provision for members in need from the Pastoral Care Coordinator, the Rabbinic Team and a wider group of experfenced and compassionate volunteers; volunteerlng opportunities for members across our full range of synagogue activities. opportunities for members to engage in many different outwards faclng projects, seeking to make a difference to various local. national and intemational causes; rated"Good" upon re-inspection in 2019 THE NEW NORTH LONDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 mernber led interest 'Circle' groups providing a range of opportunities to connect over interests or simflar Ilfe Stages or experiences. Here are some of the achievements during the year: Membershfjp Growth: Membership has grown 3% from 1,475 to 1, 519 households thls year. Shabbat Servlces: Shabbat sephce attendance across the minyanim {the different style 5ervlces that NNLS runs) remains healthy, and streamed services ensure that those unable to attend in person f￿l part of the communlty. o We have continued to run our full menu of Famllyi Explanatory and Chlldren's Services. New Innovations such as Sing In Shabbat services for young families and Contemplative 5errfices have become permanent fixtures. Hl8h Holydays: We held a large varlety of High Holyday services for over 2,Om members, Including a number of children and family services, en8a8ln8 hl8h numbers of volunteers across every aspect of our Hl8h Holyday provlslon. 'nel Mltzvah: We celebrated 80 8'nei Mitzvah. We contlnued to Ilmlt the number of B'nei Mitzvah we can dellver In any glven year-group to 80 due to capacity issues (no more than 2 B'nel Mltzvah per week and leaving some shabbatot f ree for cornmunity events and chag8lm} arKI waiting lists for certaln cohorts remained active. Communlty Engagement: The Clrcle Groups project was created, encouraglng members to build small cornmunltles based on shared interests (e.8. backgammon, running) and pastoral needs (e.g. bereavement, slngle parents). o Successful specTal Shabbatot allowed the community to mark Important occasions, show appreclatlon to our members and allow people to connect and build relationshlps, e.8. Label Shabbat, Baby Shabbat, Volunteer Shabbat and Pride Shabbat. o A School leavers, Frlday n1ght dlnner marked an fmportant mflestone In the Ilves of our young adults and slgnaled to them that we want NNLS to be part of thelr future. Hand delivery of pots of honey and the Hlgh Holyday magazine to each rnember'5 home before R05h Hashanah created hundreds of individual touchpolnts on the doorstep between volunteers and other members. o Our Challah Project marked both simchas and challenging tirne5 In our members, lives with hand delivery of homemade challot. Fundralsln8: We raised £142,891 acros5 the Pe5ach and High Holyday Appeals. Tlkkun 01am. We contlnued worklng weekly with FEAST Wlth Us, cooking 40 meals out of the NNLS kitchen for a horneless shelter in East Flnchley. Worklng wlth Homeless Actfon Bamet, we partlclpated In the W7nter night shelter and were able to host guests again at NNLS for 7 Monday nights in January and February. Envlronmental Actlvftles: Through our work wtth our Green Team, we were very proud to retaln our EcoJudaism Gold status. Programmlng: We continued to offer a full and diverse calendar of pro8rarnmln8 wfth panel discussions, film screenlngs, book launches, classlcal musfc concerts and lectures from eminent speakers. THE NEW NORTH LONDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES? REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 What were our goals for the year. and how did these play out against our strategic plan7 The year ending 31st October 2024 was a challenging one. The events of 7th October 2023 and their aftermath had a profound irnpact on Anglo Jewry and on our community. A public statement on actlons of the Israeli Government by one of our Rabbinlc team in a non-NNLS sponsored channel elicited strong and diverse responses from members, resulting in an internal dlsdplinary process and some communal divlsion. We retalned independent external legal counsel with employrnent expertlse glven the potential financial and reputational Io55es from any wrongful dismlssal clalrns or other reputational risks. We self-reported this Incident to the Charity Commlsslon, who responded that our Trustee5 acted appropriately. Our CEO of 16 years stepped down and our Senior Rabbi of 40 years worked towards a retlrement announcement which came just after the end of this reporting period in early November 2024. These challenges meant that we revlewed our goals before year end to ref lect the changing needs of our community. We entered the year maintaining the goals from the previous year namely: Organlsatlonal Reslllence: Our goal was to distribute knowledge amongst staff and promote collaboratlve workin8, to continue to improve governance and management structures and provlde a robust financlal model to ensure we could resource the grovrth in the size of the community. Developlng a Strong Rabblnlc Team: In September 2023 we recrulted two recently ordained Rabbls to Joln our team, Rabbi Lara Haft Yom-Tov and Rabbi Yael Jaffe. We were very excited to bring two energetic, learned, Innovative individuals to join our team of established Rabbis. Our goal was to embed them within the community through a process of careful rnanagement, mentoring and Incremental workload to enable them to bulld relationships in the community, understand the breadth of their remlts and to discover thelr own partlcular areas of interest. Fosterln8 Cornmunlty En8a8ement: Our goal was to enable each member to feel connected to and Insplred by our vision and values. Key to that was the acknowledgment that we are a community of builders, each responsible for crafting the communlty we wfsh to belong to. We endeavoured to re-energise our volunteer culture and create new opportunltles to engage and meet fellow members. However, the impact of October 7, community divisions and of the impending announcernent of Rabbl Jonathan's retlrement, prompted a review and reset of the goals in Au8USt 2024. These updated goals were articulated as follows: Repalr: Bringing the community together after months of dlvlsion post October 7th where the collective trauma of that event played out In dlvlslon, fear, heartache and uncertalnty. The goal was to bring back a both sense of stabllity and the potential for change and creativity. Belonglng: To brins the community back into deep connectlon with the actlvities, values and vlslon of NNLS. The goal was to find out what mattered to each member, what connects them to NNLS and to find ways to celebrate being part of the community. Readiness: Readying ourselves for Rabbi Jonathan's expected retirement with the goal to cover both the practical planning and the psychological resilience of the community. THE NEW NORTh LONDON SYNACOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 ocfoBER 2024 In the table below, we have rnapped these goals across each of the core focus areas developed in our strategic plan of 2018-22. Thls plan remalned In place during 2023124 and will not be revlewed untll the work to repair and ready the community is complete, and a new senior rabbi is in place to lead that slgnlflcant plece of work wfth us. Core Focus Areas as outllned In our Strategy 2018-22 Strenqthenln8 our Rabblnl¢ tearn We wfll contlnue to be led by an Insplratlonal Rabblnlc Team In all areas of our communal life, and VR wlll Increase the capaclty of thls team to at least the equlvalent of three full tlme RabbSs. To facllltate the goal of readlness, much work has been done to induct ond embed the two new Rabbls (Rabbl Laro Hoft Yom-Tov and Robbl Yael Joffe) who Jolned the team In September 2023. Robbl Jonathon provided mentorshlp to them and Robbl Zahavlt formal line monasement. The expanded team have developed new stratesles for sharins work by colloborotlns ond supportlng each other. Much needed capaclty ha5 been added, and the new Rabb15 I￿ve Integrated Into the community exceedlnyly well In o short space of tlme. Robbl Jonathan and Robbl Zohovlt hove contlnued to serve the communlty wlth the wlsdom, compasslon and dedication for whlch they ore renowned, arKI Rabbls Lora and Yael have demonstrated an Innovative, enersetlc ond refreshlns approach to thelr new roles. An advlsory group to the Jolnt Chalrs consldered the I￿￿t of Rabbl JonathGn's Impendlns retirement, explorlns models of rabblnlc leodershlp, researchlns the role of Emerltus Rabbl, scannlny the job market and actlny as o trusted soundirs boord os plannlns beson in eGrnest for o Ilkely retlrement announcement. Operatlon5 We wlll Increase the effectiveness of how we manage our dally operations, giving It the rlght amount of resource and attentlon so that the smooth runnlng of our shul supports our staff and everyone In the communlty. A new Senlor Leadershlp Team (SL T) structure was introduced wlth the aim of dellverlns Improved knowledse sharlny, expGnded capoclty, more reslllence to stoffins chanse and Improved communlcctlon between teoms. The SLT wos supported by a buslness coach (pro bono) who IntrodiKed and helped embed G new operotins model for the team. We replaced our Chlef Operatlns Offlcer wlth an Operations Dlrector. Operational improvements contlnued to be made, exempllfied by a revlew Into Human Resources (HR) thot is still onsoins and a complete Governance review which was storted the previou5 year. A new modelling tool for 5-year forecasts was rolled out ond wfll now form part of the Stondard operating procedures for pre5entins the budset to Council. THE IYEW NORTH LONDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR EIYDED 31 OCTOBER 2024 Servlces & Splrltuality We will fcKus on how we manage organlc change in our seThlces whlle preserving the plurallst nature of our community and tolerance. We wlll continue creatlng and developing the vlbrancy of all serylces, so that our members will want to come together In prayer nkire often. A kry focus hos been the management of servlces to enable them to run smoothly ond sUStoinobly Into the future. Services are run by a dedicoted group of volunteer5 and the rabbinlcGI and the office teams WI￿ operate tosether through resular meetlnss of the Servlces Commlttee. The Committee hos reviewed its Terms of Reference and has become more strateslc In ft5 Outlook. Examples of the stroteglc issues oddressed are revitalislng Frlday Nlsht Services, options to make the Iltursicol lansuase more egalltarlan, Gnd successlon plonning for leodershlp In the servlces. Careful project planning of the Hlsh Holydays enobled the executlon of a complex project plon wlth nearly 20 servlces belns offered over thot perlod across rnultiple sites. Ensasement opportunities for famllle5 at services has olso been a kry prlorlty. A regular schedule of famlly and explanotory servlces Is ochievlny record attendance. Neshama, o new muslc and medltation servlce estab115hed In early 2023, doubled Its membership over the course of the year, and is expandlns its reoch beyond Shabbat mornlns. Streamed servlces contlnue to reach those who are unoble to make It to synosogue. Althoush streamlng Is used by o small number of people eoch week, we know that It Is deeply opprecloted as a touchstone of 5pfrituGI Ilfe for those unable to come to synogosue In person. Llfelon8 L•arnln8 We wlll continue to encourage everyone to deepen thelr Jewlsh learnlng, reco8nislng that NNLS leamlng exists alongside many other sources of Jewlsh learnlng. We wfll nurture grass roots initlatlves and support our memters to come together proactively in groups to create thelr own learnlng opportunltle5. To nurture Ilfelony learniny for members we have continued to craft a prosromme of events, lecture5 and educatlonol opportunltles. We have contlnued to run our annuGI Hebrew readlny crosh course which is taken by o comblnatlon of existlny members ond converslon students. Core Jewlsh Ilteracy Is 0150 belng developed throush o ranse of Fomlly and Explanotory servlces which have been expanded since Robbi Lara and Robbi Yael Jolned. We offered a year-long Ulpan (modern Hebrew) course. Rabbi Jonathan has contlnued to run weekly closses on the Talmud. the P5alm5 and Ha5idut (Hosldic phi1050phy). Forum, a member-led lecture proyramme. brousht us prominent 5peokers across a wlde ronse of cultural ond Scientific disclpllne5 and in the some vefn our almost monthly series of classlcal muslc concerts hove continued to drow slzeable crowds. THE NEW NORTH LOIYDON SYNAGOGUE {A COMPANY LIMfrED BY GUARANTEE) TRUSTEES? REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The Israeli Film Club contlnues it5 popular prosrcmme, curated and run by a team of volunteers. We held one-off lectures Gnd book launches. speakers Included Danlel Flnke15teln and Forelsn Secretary Davld Lammy. Post October 7, many speakers have been Invlted Into the Synasosue to reflect and Inform on events In Israel ond the wider resion. Pastoral Care We wlll wlden pastoral care In the communlty and ralse awareness of what we offer. We will strengthen our professlonal team wlth an addltlonal staff member to bring skills, experlence, capacity and co- ordlnatlon, and to support and train further groups of volunteers. This was achieved In 2019 wlth the employment of a Pastoral Care Co.Ordlnator. Thls year saw several Inltiatlves to Intesrote postorol core flrrnly wlthln all oreas of synasosue Ilfe. Rabblnlclpostoral team.. Regular pastoral supervlsion5 wlth both Rabbl Laro ond Rabbl Yael to support thelr pastorGI development now take place olong wlth the Introduction of a pastorol trolnlns programme. The Postoral Care CoordlnGtor (PCC), tosether wlth the Rabbls, contlnued to support Indivldual rnembers. The PCC also coordlnates and manayes a SMGII sroup of volunteers who act as 'befrlenders'. Proyrammlny.. We hosted on educatlonal theatre company, whose play, Flshtlns for Life, explored the challenses of navisotlns the UK'5 heolth and soclol care system. An expert panel provided proctlcal help for members who shared the concerns expressed In the ploy. Post October Trh, In conjunctlon wlth M050rtl Judolsm, we facllltoted The Woll workshopj addressins the silence and hostlllty felt by many members In thelr workplaces ond frlendshlp yroups, Facllltated the lsroel 'Llstenlng' yroup5, run to help members understand each others strony vlews on Israel. C¢Thmunlty engagement.. Followins on from the much-apprecloted Shloshlm pocks dellvered to mourners after 30 doys of mournlngp launched a 'new porentlng pack,. Supported the Hosts of several life staye clrcle groups, e.s. single parents ond bereavement. Incluslon: The work that started around researching the needs of an oseins demosraphic has become woven fnto a larser piece of work coverins all aspects of inclu51on and belonsins within the communlty. Tlkkun 01am We wlll build on the strong Inte￿st and volunteering Pa55i0n for Tikkun 01am amongst many in the communlty. We will help people work together and share information on ro ects and flnd wa for Our e5tobli5hed project5 continued successfully In the areas of ollevioting food poverty. (through FEAST With Us and our nelshbourhood-bGsed foodbank collectlon work) and with homelessness (through Homeless Action in Barnet). THE NEW NORTH LONDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 these projects to int￿rate wlth other facets of shul life. The Green Teom continued their sustolnoblllty work maintaining the EcoJuda15m Gold status, achieved in July 2023. We contlnue to bGke challahs for community members to mark special or dlfflcult OCCaslon5, glve teddies to new babies and glve care packs to members taklng A-levels Comrnunltles wlthln communfty We will bulld on the pilot scheme of nelghbourhood champions* growlng the number of nel8hbouthoods Included and the infrastructure and networks at the local communlty level. We want this to extend to all areas of communal Ilfe, includlnq volunteerfng, care of the elderlyi carlngi hospltallty, Ilfelong Learning. Technology wlll help better, more tallored communicatlon wlth all our members. In a year of divislon and uncertainty, we17ave focused on the themes of 'repoir ond belonslns, to enable our communlty to better understond each other. heal rifts and re-estoblish the value5 that bind us. A serles of communlty conversations hove been key to storting that process ol repolr and belonslns. Workshops on the art of listenins have encourdsed members to heor diverse volces. Bulldins communities, whether throush nelshl)ourhood champlons, Ilfe stase cohort5 or shored Interest, remoins core to our creatlng connectlons and belns a welcomins cohesive communlty, whlch Is a chollense slven our slze. Nefshbourhood Champlons remaln embedded In our communlty structure, enablins support to members wlthln local reglonal grouplnss. WhatsApp communltles have been a tool for disitol connection partlcularly omonsst teens and youns fomllles. Clrcle Groups, launched In the summer of 2023, are member led sroupsi l)ased on shored Interests. These now include a book sroup, cake and comfort (for bereoved individudls), rycllns, knlttlny and stltchlns and slnsle parents. Led by member5 but Supported by staff, these are Gn fnnovGtlve way to bulld community connectlons vio small, sross roots networks. Our prosramme of recreatlonal communlty octlvities contlnues wlth our regular programme of classes e.s. the Bly Ideos Book Group. Israell Fllm Club, Pllates and Table Tennls. Volunteerln8 We will make a step change In the ethos of volunteerlng, bulldlng more opportunlties to volunteer wlthln our community, and welcomlng all members to deepen thelr involvement with the shul. We will have a clearer set of commlttees to organi5e our v￿rk, reach out to all members and grow our future senior Lay leaders. We hove o very strons volunteer culture with lorse numbers of members engaged ocross synGsosue Ilfe from Jolnlns Councll, runnlns weekly and festlvol services, to organislns soclol clubs ond octivitles. Some volunteer role5 operate on an 'opt-out' rotG bosls - e.s. Securlty. ensurlns we have enoush volunteers for thls kej function. Many volunteers are supported by the new Community Enyogement Co-ordinotor, exponding our professional resource to serve our strong volunteer culture. THE NEW NORTH LONDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEESY REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 Youn8 adults (18-30) We wlll encourage young adults to feel shared ownershlp In our community by building a much more deliberate approach to Includlng and welcoming them - In our services. our committees. and also supportln8 and facllltatlng speciflc spaces and events targeted at and caterlng for young adults. The new lower fees chorsins structure for 21-30 year olds ha5 contlnued to encourose new membershlp numbers in thls cohort. At Councll, thls cohort Is represented by o Youns Adult Trustee ensurlng thelr perspectlves are heard and promoted. The new Robbls In our team are in thls cohort and have bullt strong relotion5hipS1 hostlng meols, offlclatins at Ilfecycle events, teoching and ensagins one-to-one. Continued colloborotlon 7With the Young Adult professionals at Mosortl Judalsm has enabled onsoins approprlate sharlng of Informatlon and cross-promotlon of events, ond avoldance of dupllcated work. School A8e Learnln8 We wlll contlnue to strengthen our engagement opportunltles we provide for the children and youn8 people of our communlty. We VAII employ a youth worker to enhance our teenage provlslon; we wlll revlew our tefiliah provlslon. and we wlll explore new ways to Involve young people In these developments. A huge range of chlldren, teen and famlly engosements hove been key to developlng a sense of communlty ond belonglns. Alary chlldren progress throuyh our ase speciflc programmes and develop a 5trons 5en5e of Jewlsh Identlty as they enter adulthood. One of the most meanlngful event5 we facllltate 15 a sraduatlon dlnner for those flnlshlns year 13, before mony of them leave home for travel or further educotlon. For the fGmllles involved this Is the culmlnatlon of o Journ that often began wlth our baby playsroup or toddler serv7ces, and It is an emotionol andJoyful event. Examples of the ediKatlon touchpoint5 tI￿t chlldren ensoged wlth ot NNL5 this past year Include ore.. Resldentlols.. The Educotlon team ran the annual February holf term resldentlal wlth 33 chlldren attendlnsi led by Madrichlm for 3 nights and 4 days. We olso ran 4 Shabbatonlm, for Years 4, 5 and O in December 2023 and Januory 2024. Comps: Summer scheme ron successfully In July 2024, with 82 children over a week wlth three teams of Modrichlm each headed by a Rosh. B'nel Mltzvah.. We welcomed 80 new partlclwnts to our B'nel Mltzvoh programme, hostlns on Erev Gll)ush Introductory evenlny for them and their fomllies. We hosted a new Parent Infom)otion Evenlns at the start of the academlc year for Years 7 and 8 ond continued our Evenlns of Creatlvlty for Year 6 and 7 B'nel Mltzvoh fomllles. Termly Dvor Torah workshops contlnue. Kehflatalnu: Kehllotalnu has contlnued this year wlth 115 children, 6 externol teacher5 and over 20 Madrichlm. Famlly Belt Mldrosh mornlnss hove ensaged porent5 and Kehilatainu Family se￿iCe5 hove seen over 150 ottendees. Hoderech: Haderech ha5 continued for over 220 chlldren, 15 Modrichim and 40 Mentors. The timlngs hove been extended to allow the Year 8 cohort o new evenins prosramme of uest s eakers ond R¢7bbi led dlscusslon. 10 THE NEW NORTH LONDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 Trolning.. Over 30 Year 8 teens porticipated in Mentor Training and over 20 Yeor 9 and 10 teens took port In Hadrocha (leadership) troininy. An odditional 15 Yeor 8 and 95 took p(Jrt In Junior Service Leadership trainins. Children's Service5.' Weekly Shabbat morning chlldren'5 Services for Toddlers, Infants and Junlors continue, wlth Fomily and Explanotory Service5 Scheduled every 6-8 weeks. A new addition, Ployshul (a weekly baby and toddler zone before servlces) attracts on overose 10 to 20 children each week. Monthly Toroh Breakfasts for Years 5 and 6 ottrocts on Gverage of 20 children a month. Shobbot Events.. Frldoy Nlsht dinners have been run for each year group, attrocting on average 25 chlldren. Our Leavers Friday Nlght dlnner saw over 00 children and parents dttend. Chosglm: Hish Holy Day prosrommlns for chlldren and youth sow over 30 dlfferent events scheduled ond Hlsh Holy Oay Fomlly 5ervlces Gttracted more than 150 people. Chasslm partle5 have attracted more thon chlldren per event, Pesach saw o new 'Famlly Seder, for Years 6 and obove whlch was attended by over 70 people. Exchanges.. In March, 12 Year I l ond 12 students vlslted the NNLS from o communlty In Barcelona, l)ulldlny on a strons reciprocal relatlon5hlp. Noam.. CollGboratlon with Ncom hos contlnued with Movement workers jolning NNLS for Haderech. teachins Hebrew, study Groups Gnd supportlns Hodracho, They hove olso Jolned us for Shabbatonlm, re51dentlals, festlvals and Frlday Nisht Dlnners. 11 THE NEW NORTH LONDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR EIYDED 31 OCTOBER 2024 What are our goals for the comlng year? We will continue to pursue: Repair There remaln some dlvlslons vAthln parts of the communlty, and we wlll contlnue to establlsh forums for diverse view5 to be expressed in a supportive framework and create opportunities vthere our common value5 can be celebrated. Belonglng Crafting channel5 for the leadership to connect with the communlty to dlscover what matters to each member. Honourln8 our 50th year wfll be a key vehlcle for the membership to celebrate thelr connectlon with NNLS. There will be a renewed focus on the NNLS vision of 'We are our communlty, J l.e. volunteerlng and community-building at the core of members, en8agernent. Readlness Ensurfng the communlty Is psycholosfcally and practically ready for Rabbi Jonathan's retlrement. Planning for the operatlonal changes thls wlll affect. Long-temi thinking to begin on mana8fng the 8rowth of the communlty and the development of a su5talnable and robust financial model. PUBLIC BENEFIT Trustees have a duty to report on the public benefit provlded by thelr charlty. The sectlon above entltled 'ObJectlves and Actlvltfes. sets out the Synagogue's objectlves and reports on activity and successes in the financial year, as well as explalnlng the plans for the current financlal year. The Synagogue's work beneflts in the first instance person5 of the Jewlsh falth who wlsh to be actfvely Involved in Synagogue activities, but through its sponsorshlp of Involvement in charltable siving and social actlon by Its members, and through its interfaith and other outreach activltyi it also beneflts many other classes of people including individuals In need. The Trustees, having glven careful consideration to the Charlty Comm1551on's general guidance on public beneflt and In partlcular to Its supplementary guidance on the advancement of rellglon for the public beneflt, have concluded: That the aims of the Synagogue continue to be charltable and that there Is a moral and ethical framework whlch Is promoted by the rell8lous work of the organisation. That the alms and the work done in pursuance of them glve clearly Identlf1able beneflts to the public includin81 both Indirectly and dlrectlyj to Indlvlduals in need; That the benefits are for the publlc, and are not unreasonably re5trlcted In any way (Including not by ablllty to pay). and, That there is no signlflcant detriment or harm arising from the alms or actlvlt1e5. We were carefully monltorlng the decllning numbers in Gan Alon and whether thls would have long term financlal Impllcatfons. Subsequent to the year-end, a decision was rnade to close Gan Alon and it appears the financial ramifications of the c105ure will be small. 12 THE NEW NORTH LONDOIY SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 FINANCIAL PERFORMANCE The charity's prlnclpal source of funds is from membership subscriptions and educatlon charges, which enable it to meet its main objectlves of provSding the various activit7es supported by the NNLS. In addition, the charlty receives substantial donations from time to time, much of whlch is for specific Restricted Fund activity. We keep close financlal contro15, whlch involves budgeting carefully at the start of the year and revlewing meticulously any unexpected costs that may arlse during the course of the year. Activitles are budgeted as far as fs posslble and a principal aim for us is to try to recover any Incremental costs ar15ing frorn any Initiative. As w511 be outllned below, the Synagogue experienced more flnandal challen8e5 than usual during the course of the year. We made a decision to increase the membershlp fee rates by 5% for the 2023-2024 membership year. We were also able to generate greater Income than expected from hall hire, weddings, conversion courses and guest tickets for High Holydays. In addition, we took advantage of the hlgher interest rates now available for deposit holdings in banks and our Interest Income on our surplus funds has therefore Increased over the year. Furthermore, the membershlp of the Syna808ue has contlnued to grow, and we have been extremely successful In recoverlng unpald membership fees, Nevertheless, during the year, the Synagogue was faced wlth additional and unantlcipated expendfture. Some of thls was attrlbutable to the increases in security Costs followlng the devastatin8 events In Israel of 7 October 2023 as well as ref lectlng the very slgniflcant inflationary increases experlenced In recent years. Thls has manlfested itself In several ways Includin8: various aspects of facilities management (Includln8 cleanlng, maintenance contracts and repalrs), the servlce charge5 paid to Manor House Trust, an increase in the levy pa1d to Masortl Judaism, and various professional fees, includlng an exceptional le8al fee. This legal fee of £65,728 related to an Incident reported earlier on page 5 within the Annual Report and Flnancial Statements and was incurred In retalnlng an employment lawyer to ensure that we were compliant with our Artlcles of Association and Employee Handbook, given the severlty of the sltuation. As reported in the two last years, we engaged In an organisational restructurfng exerclse Involvlng some staff changes followlng recommendations made f rom an earller consultancy exercise. Almost all of these changes in personnel are now in place, resulting in an increase in payroll costs. It should also be noted that our former CEO resigned durln8 the course of the year and was replaced by two co-CEO's who fulfil the role on a shared basis (but at a higher overall costl. The impact on the Synagogue of these expendlture headwinds has therefore been dlfflcult. We have managed the various challenges carefully, on both the Income and expenditure sides, but, despite our best efforts, we have seen the Synagogue navigate to a financial deficit for the 2023 - 2024 membership year for the first time in several years. The Audited Report and Accounts for the year ended 31 October 2024, which are to be put to Members at the AGM on 26 June 2025, resulted in a net deficit of -£62,074 before transfers and before the exceptional legal fee in relation to the unrestricted income funds and -£127,802 after the exceptional item, on unrestricted Income of £2,038,876. Restricted fund movements In the year have resulted in a deficit of £32, 573, and at the year end the Synagogue held funds for specific restricted fund purposes of £102,970. Unrestricted Funds are in the main those received from membership subscriptions, education charges. social functions, and donatlons for the running of the Synagogue itself. Restricted Fund5 are those received arKI utili5ed only in accordance with the donors. wishes, for specific purposes such as the Ecclesiastical Salarles fund. the Tikkun 01am fund; the Synagogue Artwork fund: the Klbbutz Tree fund. the Winter Night Shelter fund. and the Rabbis, Discretlonary Funds. 13 THE NEW NORTH LOIYDON SYNAGOGUE (A COMPANY LIMrrED BY GUA114NTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The Fixed A55ets Fund, Building Sinking Fund, Audio Visual {AVI EquTpment Fund, Envlronmental Enhancement Fund and Steinway Piano Fund are run a5 separate Designated Funds. The Fixed A55et5 Fund has been managed separately, agaln under close financial control. The Buildlng Slnking Fund represents amounts set aside for cyclical repairs, maintenance and refurbishrnent to the Synagogue's building and its plant and machlnery over the coming years. The AV Equipment Fund Is sum5 set aside for equipping the Synagogue with streaming equipment to enable streamed servlces and other activities for the community. The Environmental Enhancement Fund Is an amount set aside for improvlng the Synagogue's green credentials. The Steinway Piano fund Is an amount set aslde for the purchase, insuring and maintaining of the plano. At the date of thls report, 7 full-tlme and 17 part-tlme (combined equatlng to nearly 13 full-time equlvalents) professionals support the pastoral, welfare, cultural and admlnfstratlon needs of the Synagogue and the comrnunity. In addltlon, Gan Alon and the Education Department programmes have 20 staff and teachers and a further 34 teenagers who act as asslstant teachers. We are extremely grateful for the contribution of all the staff to the Synagogue. The high level of activity within the Synagogue every day has been maintalned by a large majority of our member5 paylng full fees and vla Glft Ald along wlth other generous donations from some Members, often marking Ilfe-cycle events. The majority of our rnembers pay thelr subscriptlons by direct debit, which aids our financial managernent. We carefully monltor the number of Members who cannot pay the full fees, slnce thls Is a key element of the overall balance of our income and expendlture, Due to the financ7al impact of the cost-of-Ilvln8 cr1515 on a number of our members, we have again, where necessary, a8reed subscrfptlon breaks and reductions and flexible payment terms. We continue to review late payment of fees and ot￿r Iterns owlng and have robust controls and procedures In place to manage any potentlal Impact. 14 THE NEW NORTH LONDON SYNAGOGUE (A COMPANY LJlWtTED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR EI¥DED 31 OCTOBER 2024 FUNDRAISING The charity undertakes fundralsfng activity to our members vla dlrect mall, email and dlrect contact at events. We are committed to ensuring that we are completely open and transparent about our f undraising, the causes that we support, and allocation of the funds raised. The charity's ma1n fundraising activlties focus on the two key appeals at the High Holydays and at Passover, when appeals are made for members to support a number of external charitable causes. A Tzedakah (Charities) Committee Is In place, with a volunteer member Chalr and up to five other volunteer members. Prior to each appeal, the Commlttee puts a call out to NNLS members to nomlnate charities they would like the community to support; nominations are considered by the Committee, and as part of this process, the financlal accounts of the nominated causes are scrutinised. The Tzedakah Committee then puts forward its recommendatlons to Council, who formally approve the chosen causes for each appeal. Once decided, details of the chosen charities are published to the community and Members can choose whether or not to donate to one or more of the appeal causes. Funds raised wlll be passed on to the chosen charities wlth G1ft Aid relief claimed by NNLS on thelr behalf where posslble. Care is taken throughout the process to ensure the fundraising is not done Is an Intrusive manner. Members who wlsh not to be contacted are clearly Indicated on our database, and member5, data is not passed on to the chosen charities unless permission is expressly given by each individual member. Other smaller scale fundraising campaigns are done durln8 the year le.g. at some of the other JevAsh festivals), as well as some direct requests of members for speclflc donatlons to NNLS itself, such as to mark a life.cycle event; It Is always made clear that this is voluntary. The charity Is committed to hlgh standards in fundraising, and to belng: clear, honest and open respectf ul fair and reasonable accountable and responslble, and, to conforming wth recognised fundralsln8 Standards Withln the last 12 months, we did not recelve any complalnts about our fundraising activlties, nor dld we work with professional fundralsers. 15 THE NEW NORTH LONDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 RESERVES POLICY It is the policy of the charity that Unrestricted Funds which have not been designated for a speclflc purpose ("the free reserves") should be preferably rnaintained at a level equivalent to between two and six months of Unrestricted Funds Expenditure (UFE) amounting thls flnanclal year to between £375,070 and £1,125,214. The unrestrlcted general funds at 31 October 2024 amount to £919,390 whlch Is wfthln the required level. The f ree reserves may from time to time fall below this level, but the Trustees were cofflfortable provided that unrestricted cash resources were at least equal to three months of UFE. The position is also regularly reviewed, and plans are put In place to use the reserves to best service the communlty. FINANCE AND RISK The Trustee5 have a55essed the r15ks to whlch the charlty Is exposed and are satlsfled that systems are In place to mltlgate exposure to the major rlsks. Examples of rlsks Identlfled (but for whlch a number of approprlate prevention measures have been noted and/or ifflplemented), include: Securfty - terrorlsm threat: steps taken to mltlgate agalnst thls rlsk Include ongolng interaction vlith the 5ternber8 Centre site professional securfty team (and continual revlew of levels of professional guarding requlredl, who in turn are In contlnuous Ilalson wlth the Communlty Security Trust (CSTI and the local police; supplementing of professional security guarding with regular volunteer securlty rotas. followlng through wlth varlous recommendatlons made by the CST vls.a-vis the site's perirneter walls and appropriate equipment; policies in place for emergency evacuation and Invacuatlon (lock- Ins), wlth drllls and tralnlng as approprlate; a full 'Securlty' Rlsk Re815ter is malntained and revlewed on an ongoing basls, Safeguardlng R15ks: Steps taken to mltlgate agalnst these rlsks Include safeguarding pollcies in place both for Gan Alon Pre-school and the Synagogue at large; Designated Senfor Leads undergo ref resher safeguarding training; and the Synagogue has a deslgnated Safeguardlng Trustee on an ongoing ba51s. Health & Safety Rlsks: actions taken to mitlgate against these risks Include systematic building Inspectlons bullt Into a planned annual malntenance programme, whlch is reviewed annually; blennlal independent fire risk assessment. employer'si public and product liablllty Insurance cover Is in place wlth PIB. We also look to have a PPM undertaken In the early part of the next financial year. Flnanclal Rlsks: the Finance Commlttee meets quarterly; one of the Commlttee's purpose5 Is to oversee flnancial risk of the Synagogue Other Rlsks: a Rlsk Reglster detailln8 Other potentfal rlsks to NNLS Is maintained and reviewed on an ongoing basfs. Tntstees continued to monitor these risks on an ongoing basis during this past flnancial year, our detalled rlsk assessment5 were kept updated and a revlew of the rlsk reglster and how we manage risk was started. 16 THE NEW IYORTH LONDON SYNAGOGUE (A COMPANY LIMtTED BY GUARAIYTEE) TRUSTEES, REPORT FOR THE YEAR EPIDED 31 OCTOBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also Directors of The New North London Synagogue 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 Accountlng Standard5 (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare ffnancial statements for each financlal year whlch give a true and fair vlew of the state of affairs of the charitable company and of the net movement in funds, includlng the Incorne and expenditure, of the charftable company for that period. In preparing these financial statements, the Trustee5 are required to: Select suitable accounting policies and then apply them consistently; Observe the rnethods and prlnciples in the Statement of Recommended Practice for Charities ("SORP"); Make Judgements and estirnates that are reasonable and prudent. State vthether applicable UK Accounting standards have been followed, subject to any materfal departures d1sclosed and explained in the financial statements. Prepare the financial statements on the going concern basls unless It Is inappropriate to presume that the charitable company will contlnue in business. The Trustees are responsible for keeping proper accountlng records that 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. They are also responsible for safeguardlng the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other Irre8ularities, In so far as we are aware: there Is no relevant audlt Informatlon of which the charftable companls audltor Is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit informatlon arKI to e5tabllsh that the auditor Is aware of that information. AUDITORS On 18 November 2024 the cornpany's auditor changed its name from Haysmacintyre LLP to Haysmac LLP. A resolution proposlng that Haysmac LLP be reappolnted as audltors of the company will be put to the members. On behalf of the board of Trustees e/0 Nlgel Roth Trustee Vlctorla Fox Trustee Dated: 15 May 2025 Dated: 15 May 2025 17 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NEW NORTH LOI¥4DOF4 SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 OCTOBER 2024 We have audited the fllwicial statements of Tbc New North ￿ndon Syllagogue for the year ended 31 October 2023 which cornprise tbe Statement of Financial Artivities, Bal￿¢ SheeL Statement of Cash Flows and notes to the fmancial ststements, including a surnmary of significant accounting policies. The f]nancial reporting framework that has beell applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Ftnartcial Reporting Stundard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢cepted A¢oounting Prnctice). ]n our opinion, the financial statements.. giv¢ a true and fair view of the slate of the charitable company's affairs as of 31 October 2023 and of the charitable company'5 net movement in fill)ds, including the income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basl8 for oplnlon We conducted our audit in accordance with Intemational Standa￿$ on Auditing (UK) {TSAs (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 r¢port. We are independent of the Charity in accordance with the ethical requirements that are relevant to OUT audit of ihe financial statements in the UK, including the FRC'S Ethical Standard, and we have Ifill¢d our oth¢r ethical r¢sponsibilities in accordance with these requir¢tncnts. We belicv¢ that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclu51ons relltlng to golng concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where: the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate. or the Trustees have not disclosed in the fmancial statements any identified material uncertainties thal may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of a¢eounting for a period of at least twelve months from the date when the financial 8tatements are authorised for issue. Other finforD)atlon The Trustees are responsible for the other inforniation. 'fhe other infonnation comprises the infornation included in the Trnstees, Annual Report. Ow opinion on the f￿an(la] statements does not covcr the other inforn]ation and, except to the extent otherwise expliritly stated in our report, we do not express any fonn of assurance Conclusion thereon, In connection with our audit of the fllW]cial statements, our responsibility is to read the other infom]ation and, in doing 80, consider whether the other information is rnaterially inconsistent with the financial ststements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistenciet4 or apparent material misstatements, we are required to deterniine whether there is a material tnisstatement in the fmancial statements or a material misstatenLent of the other infonnation. If, based on the work we have performed, we conclude that there 18 a material misstatement of this other inforn￿tiOll, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the inforniation given in the Trustees, Annual Report (which includes the strategic report and the directors, report prepared for the purposes of conjpany law) foi the fillanGial year for which the fmancial statements are prepared is consistent with the fllwicial statements. and the strategic report and the directors, report included within the Trustees. Annual Report have been pr¢par¢d in arrordance with applicable legal TequiTemeDts. 18 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NEW NORTH LONDON SYNAGOGUE (A COMPANY LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 OCTOBER 2024 Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environmellt obtained in the course of the audit, we have not identified material MI￿late]llents in th¢ T￿steeS, Annual Report (which incorporates the strategic report and the directors, report). We have nothing to report in respect of the following n￿tterS in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the clwitable company. or the charitsble company fmancial slatements are not in agreement with the accounting records and rettuns. or certain disclosures of Trnstees, remuneration spccified by law are not made. or we havc not received all the infonnation and explanations we require for our audit. or the Trustees were Dot entitled to prepaTC ihe financial statements in accordance with the gmall companies, regime and take advantage of the smdll companies, exemptions in preparing the Trustees, report and from the rcquiremeni to prepare a strategic report. Re8ponsibUfilles of I'rustees for the flnanelal statements As explained more fully in the Trnstees, responsibililies statement set out on page 12, the Trust￿$ (who are also the direciors of the chariiable company for the purposes of company law) are responsibl¢ for the preparation of Ihe fmancial statements. and for being satisfied ihat they giv¢ a trne and fair view, and for such intemal ¢ontrol ats the Trustees deterniine is necessary to enable the preparation of fllwicial statements that are free from material misstatement, whether due to fraud or error. In pryarin8 the f]nancial ststements, the Trut>tec8 are responsible for assessing the charitable company's ability to continue a8 a 80ing concern, disclosingg as applicable, matters related to going concern and usin&> the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operaiions, or have no realistic alternative but to do so. Audilor's responsibilities for the audit of the finineial statements Our objectives are 10 obtain reasonable assurance aboul whether the fmancial statemenLs whole are free from material misstaiemenl, whether due to fraud or ¢m)r, and to issue an audiior's report that includes our opinion. Reasonable akyurance is a high level of assurance, but it is not a guarantee thal an audit conducted in accordance with ISAS (UK) will alway8 detect a maierial misststement when it exists. Missthtements can arise from fraud or error and are considered malerial if, itidividually or in the aggregate. they could reasonably be expected to infiuence the eoonomic d￿lSIOnS of users tsken on the basis of these fmancial ¥tatemenlS. Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We desi8n proG¢dures in line with our responsibilities, outlined above, to d¢tect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is delaxled below: Based on our understanding of the charity and the environmenl in wbich it operates, we identified that the principal risks of non-complianrK with laws and regulations relaied to compliance with Company law, employment law and health and safety regulations and we considered the extent to which non-compliance might have a nmterial effect on the financial statements. We also considered those laws and Tegulations that have a direct impact on the preparation of the fu￿nCIal statements such as Company Law, the Charities Act 2011, The Statement of Recommended Practice for Charities (SORP 2019), FRS102 and payroll tsxes. We evaluated management's incentives and opportUDjties for fraudulent manipulation of the fmancial statements (including the risk of oveTrith of controls) and deterniined that the principal risks wcre related to recognition of income and management bias in certain ￿Counting estimates. Audit pro¢edures perfornied by the engagement team included: Inspecting T￿￿tee5, minutes Ins￿tIng Gorrespond¢n¢e with TegulatOT8 and tsx authorities. Discussions with mat]agement in¢luthng consideration of known or suspected instan¢es of non-compliance with laws and regulation and fraud. 19 INDEPENDENT AUDITORYS REPORT TO THE TRUSTEES OF ThE NEW NORTh LONDON SYNACOCUE (A COMPALI'Y LIMtTED BYGUARANTEL) FOR THE YEAR ENDED 31 OCTOBER 2024 Evatuating management's ¢ontro15 des)￿Kd to prevent and detect irregulaTiti¢s; Id￿tsfy1ll8 and t¢siing Joun￿lS, in partioular journal entries post￿1 at the yw.end or those with unusual descriptions. and Cballen8ill8 a6$umption8 alld judgpAnents made bymanagement in t&¢ir critical accountillg cstimates. Because of the inherent limitations of an audiL tPker¢ 18 & risk that we will not det¢Gt a]1 itrcBul8rities. includin8 tlki8e leading to a material misstatement iti the ststements or non-compliance with regu￿10n. This risk in¢r¢ase8 th¢ more that ¢omplian¢e with a law or regulation is removed from the events Bnd transactions Tefiected in the fmancial statetnents, 88 we will Ix less likely to become aware of instsn￿$ of non.comp]iance. The risk is also greater regarding irregularities occurring due to fraud rather than error. a8 fraud involves intentional coneeajrnenl for%￿j collu8iO omission or misrepres¢ntstion. A ￿rthel de8csipilon of our r￿ponSIbIlItIe8 for the audit of the fjnanclal 8tatements is locat￿ on th¢ Financial Reporting Councll's website ftt: www.frc.oru.yWauditorntJes ￿nsibIlities. Thi8 deBcrAPtion fonn5 part of our auditor's report. Ule of our report Th18 r¢port 18 made 801¢ly to the charitable company's manbers. as a body. in accordaDrA with Chapter 3 of Part 16 of the Cornpeni￿ Act 2006, Ouraudit woth has been undertaken so that we might 8tsk to the charitable company'8 members those matters we ore required to 8tate to them in an AuditoI8 report aod for no other putpose. To tbe fidle8t cxtent perthltt¢d by law, we do not accept or assumc responsibility to anyone other thon the charitable company and the chwilable coJllpany'8 members as a body, for our audit worK for thi8 repor4 or for the opinions we hav¢ fomyd. AdaTn Ha18ey (Setiior Statutory Auditor) For and on behalf of Haysmac LLP. St4tutory AuditoTs 10 Queen Street Place Lolldon EC4R IAG 17 June 2025 20 THE NEW NORTH LONDON SYNAGOGUE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITt]RE ACCOUNT) FOR THE YEAR EIYDED 31 OCTOBER 2024 Unrestr1¢t￿ Unre$trieted Fund6 Funds Restrlcted Genernl D￿lIDated Fvndi Tot 2024 Total 2023 Nots8 In¢om¢ fro￿. Donations and legacies: Donations Government grants Charitable a¢tivitic8 Investments 11,120 67.370 1.897,858 62,528 35.352 45,596 92.068 67,370 1,897,858 62,528 148,329 107.885 1,783,182 38.008 Totxl Ineome 2,038,876 35,352 45,596 2,119,824 2,077.404 Expendlture on: Charliable Aetlvlde• 2,] 66,678 82.473 78,169 2,327.320 2.152.495 Net (expendlture) before Irfihife Transfers between Funds {127,802) (47.121) (32,573) (207.496) (75.091) Nel movement In fund (127,802) (47,121) (32,573) (207,496) (75,091) Reconciliation of fpnd# Fund balances at I Novcmbcr 2023 1,047,192 6232,755 135,543 7,415,490 7,490,581 Fund balances at 31 October 2024 919390 6,185.634 102,970 7,207,994 7,415,490 The ststem¢ll¢ of fin8n¢ial 4etivitie$ Ancludes all 84ins and losses reco8ni8ed in th¢ year. AJI inconw and vApellditure derive from CODtinuin8 activitiu. The ststement of fu￿]ela1 activitie8 8180 cornplies with the rewirem¢nts for an income and eXp￿di￿re aGwun¢ und the Compani¢8 Act 2006. 21 THE NEWNORTH LONDON SYNAGOGUE BALANCE SHEET AS AT 31 OCTOBER 2024 2024 2023 Notes Fixed assets Tangible assets 6,003,566 6,096,641 Current assets Debtors Investsnents Cash at bank and in hand 327,282 1,898 1,426,079 220,576 1,898 1,469,519 10 1,755,259 1,691,993 Credltors: amounts fallfing due wlthln one year (550,831) (371,977) Net eurrent 218et8 1,204,428 1,320,016 Total aileti les5 current ll2bllltleJ 7,207,994 7,416,657 Credfitor8: amount$ falllng due after more than one year 12 (1,167) Total net ai8et$ 7,207,994 7,415,490 FUNDS: Restricted funds 14 102,970 135,543 Unrestrlcted fullds Designated funds General funds 15 6,185,634 919,390 6,232,755 1,047,192 7,105,024 7,279,947 7,207,994 7,415,490 These accounts were approved by the Trustees on 15 May 2025 fyL•- Igel Roth Trustee Vletorla Fox Trustee Company regislration number 4493731 22 THE NEW NORTH LONDOIY SYNAGOGUE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2024 2024 2023 Cashtlows from operAting aetivltles: Net cash (used in)Iprovided by operating activities (see note 19) (105,967) 30,591 Cash flows from Investing activitles: PUrc1￿e of tangible fixed assets Interest from inveslments (80,661) 38,008 62,528 Net cash (used In) Investlng actlvltles (62,528) (42,653) Change in cash and CAsh eqlllvalents In the reporting perlod (43,439) {12,062) Cash and cash equivalents at the beginning of the reporting period 1,469,519 ,481,581 Cash and cash equIV￿ent8 at the end of the reportlnE pcrlod 1,426,080 1,469,519 AIYALYSIS OF CHANGES IN NET DEBT Balanee at l Noven)ber 2023 Balance at 31 Oetober 2024 Cash flows Other non-¢a$h changes Cash and bank Loans 1,469,519 (43,439) 1,426,080 1,469,519 (43,439} 1,426,080 23 THE NEW NORTH LONDON SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policles The principal accounting po]ici¢s adopted. judgements and key sources of estimation uncertainty in the preparation of fuwicial statements are as follows: Ba8is of Accounllng The flllancial statements have been prepared in accordance with the Statement of Rerommended Practice for Clwities (SORP 2015) (Second Edition, effective l January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The New North London Synagogue meets the defmition of a public benefit entity under FRS 102. Assets and liabilitie8 are initially recognised at historical cost or transaction value unless otherwi8¢ stated in the relevant accounting policy notes(s). Preparatlon of the aceounts on a golng eoneern basls Having considered budgets and cash flows, the Trustees confum that they have no material uncertainti about the entity's ability to continue as a going concern for the foreseeable future. Flxed a$￿ts Expenditure on f￿ed assets is capitalised where the cost (or the value if donated) is in excess of £1,000; otherwise it is written off through the Statement of Fin8ncia] A¢tiviti&%. Tangible r￿ed assets are depreciated at rates calculated to write off the cost, less estimatcd residual value of each asset evenly over its expected life, as follows.. Long leagehold premises - lQ/o straight line Furniture, fittings and equipment - I￿200/0 straight line (computer equipment included in this category it* depreciated at 33.330/0) IDve8tments Current assets are 8t&ted at fair value less impairnient. Funds The different funds are defjned as follows: Restricted funds are those funds which are to be used in accordallGc with specific instrnctions imposed by the donor. DesI￿ted funds are those fi￿dS desisnated by the Trnstees for specific purposes. Unrestricted funds are those fvnds available to the charity for its general pury)oses. It is the policy of the Trn8tees to retsin unrestricted fmds, amounts in which in their judgement, can help to mitigate the short-terni effeLt of income volatility, and retain funds to generate sufficient income to meet urrent and future operational activities of the charity. Ineome reeogllltloll Thi8 comprises fees receivable from the various activities and investment income. All income is recognised once the charity has ¢ntitlement to th¢ inwme, it is probable that the income will be received, and the amount of income can be n]ea5ured reliably. 24 THE NEW NORTH LONDON SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Income recognltlon (eonthiued) Donations are recognised when the charity has been notified in writing of both the amount and 8ettlement datc. tn the event that a donation ib subject to ¢onditions that require a level of perfom]an¢e before the charity IS entitled to the funds, the income is d¢f¢rr¢d and not recognised until those conditions are fvlly met. or the fulfilment of those conditions is wholly within the control of the charity and it it> probable that those conditioTh$ will bc fulfilled in the reporting period. Legacies are recognised on a case-by-cabe ba818 following the grani of probate when the administrdtorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gifi is in the forn) of an asset other than cash or a f￿￿]CIal asset traded on a recogni8ed stock cxchangc, recognition i subject to the valuc of the gift being reliably measurable with a degree of reasonable accuracy with the title of the asset havitig been transferred to the charity. Membership income is recognised upon receipt. Investment income is credited to income when it is receivable, and the amount can be measured reliably by the charity. this is nonnally upon notifiLation of the inlerest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Government grant income represenls the totsl amount claimed from HM Revenue & Customs under the Coronavirus Job Retention Scheme (CJRS). The income is accounted for in the period in which the a8$ocia*d salary payments are made to furloughed staff. Expendfiture Liabilities are recognised as expenditure as soon ab there is legal or construclive obligation committing ihe charity to that expendityre, it is probable that settlement will be rcquired, 8nd the amount of obligation can be measured reliably. Expendithre is recognised on an a¢¢n￿lS basis as a liability is incurred, inclusive of VAT, whi¢h cannot be recovered. Charitsble activi¢ies comprise mainly of the provision of religious activities including wclfare and catering> premitsets and administrative costs. Support costs have been allocated to ¢haritsble activities. Governance activities comprise organisational administration and compliance with constitutional and statutory requirements. Costs include direct costs of external audit, legal fees and other professional advice. Debtors Trade and other debtors are recognised at the settlement amount due after any trade digcount offered. Prepayments are valued at the arnount prepaid net of any tfdde discounts due. Cash at bank and In hand Cash at bank and in hand includes bank account4 cash and short tern] highly liquid inveslments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounL Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resuliing from a past event that will probably resuli in the transfer of funds to a third paty and the amount due to qettle the obligation can be mc&8ured or estimated reliably. Creditors and provisions are norn]ally recognised at their settlement amount after allowing for any trade discounts due. 25 THE NEW NORTH LONDON SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 OCTOBER 2024 PellSIOD Scbeme The charity makes Contributions into a defined contribution scheme on behalf of all employees vtho have enrolled in the scheme. The assets of the scheme are held seFarately from those of the charity in independenily administered funds. Th¢ amount charged to the statement of fmancial ￿tiVitI¢$ in r¢spe¢t of pellsion costs 18 the total contribution payable for the year. Estlmatlon uncertalnty In the view of the Tru8tees in applying the accounting policies adopted, no judgements were required that have a sxgnificant effect on the amounts recogtiised in the f￿ancIal statements nor do any estimates or aswmptions made cany a significant risk of material adjusiment in the next fmancial year. Flnaneial In8trument8 The charity onlyhas fmancial assets and fllwi¢ial liabilities of a kind that qualify as basic fmancial instnllnents. Ba818 financial instrnments are initially recognis¢d at transaction value and subsequently measured at their settlement value. Critieal accoundng estlmates and Judgements In the application of the charity's accounting policies, the Tn)stees are required to make jud8emenls, estimatct> and assumptions about the carying amount of asset8 and liabilities that are not readily apparent from other 8ources. The e8timatCS and associaied assumptions are based on historical experience and other factoTh that are considered to bc relevant. Actual reyults may differ from these estimates. Crltlcal Judgements- depreeladon of tanglble flxed assets The charity's pollcy for depreciation of fixcd assets 18 d¢signed to all￿￿te the assets, depreciable amounts on a systsmalic basis over their use￿1 lives. The application of this policy involves estimates of the assets, residual values and useful lives and judgement over th¢ charity's pattern of Consumption of the assets, economic benefiL In each reporting period the TTUStees review for indicators of change in any of the8e factors and, if necessary, adjust their estimates accordingly. 26 THE NEW NORTH LONDON SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Income from charitable actlvfitles Total 2024 Tolal 2023 Religious Educatlonal Community serviccs provided 1,674,954 222,904 1,897,858 1,783.182 IDvestments Total 2024 Total 2023 Bank interest receivable 62,528 38,008 Charltable actlvltles Charltable acllvlttes- 2024 Total 2024 Total 2023 Rellglous Edueatlonal Staff costs I)epr¢ciation Subscriptions for Ma%orti Judaism Loss on disp04al of fixed assets Other religiou8 expenses Other educational expenses 431,740 93,075 169,854 335,397 767,137 93,075 169,854 682,572 85,584 153,295 54,255 238,528 66,535 212.485 212,485 64,914 64,914 907,154 400,311 1.307,465 1,280,769 Share of support costs (note 6) Share of govemance costs (note 6} 560,995 12,973 435,808 10,079 996,803 23,052 856,486 15,240 1,481,122 846.198 2,327,320 2,152,495 AnY41y$is by fund Unrestricled funds - general Unreslricted funds - designated Re8tricted funds 1,320,480 82,473 78,169 846,198 2,166,678 82,473 78,169 1,892,443 135,100 124,952 1,481,122 846,198 2,327,320 2,152,495 27 THE NEW NORTH LONDON SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Charltable aedvltle& {¢ontinued) Total 2023 Religlous Educvdtlonal Charitable activities - 2023 Staff costs Depreciation and impairtnent Subscriptions for Masorti Judaism Loss on disposal of fixed assels Other religiou8 expense8 Other educational expenses 319,466 85,584 153,295 54,255 238.528 363,106 682,572 85.584 153.295 54,255 238,528 66,535 66,535 851,128 400,863 7,133 429,641 455.623 8,107 1,280,769 856,486 15,240 Share of support costs (note 6) Share of governance cosls (note 6) ,259.124 893,371 2,152,495 Anilysfis by fund Unrejitricted fundy- general Unrestrictcd funds- designated Restrictrd fimds 999,072 135,100 124,952 893,371 1,892,443 135.100 124,952 1,259.124 893,371 2,152,495 Support costs- 2024 Totaj 2024 Tothl 2023 Support Governanee Staff costs Other support costs Legal fees re HR matter Audit and accountan¢y fees 517,987 413,088 65.728 517,987 413,088 65,728 23,052 479,658 376,828 23,052 15,240 996,803 23,052 1,019,855 871,726 An&lysed as follows: Religious Educational 560,995 435,808 12,974 10,078 573,969 445,886 407,996 463,730 996,803 23,052 1,019,855 871,726 Support costs -- 2023 Support Goverllanee 2023 Staff costs Other support costs Audit and accountancy fees 479,658 376,828 479,658 376,828 15,240 15,240 856.486 15,240 871,726 Analysed as follows: Religious Educational 400,863 455,623 7.133 8,107 407,996 463,730 856,486 15240 871,726 28 THE NEW NORTH LONDON SYNAGOGUE OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Support costs- 2023 (eontinued) Governance costs include payments to the auditors of £18,000 (2023: £14,400) for audit fees and £1,452 (2023: £1,800) for other servic¢s. Employees 2024 Number 2023 umber Number of employees The average rnonthly nurnber of employees during the year was: Education Religious Administration 54 81 17 17 78 103 Full time equivalenl employee numbers include: Education Religiou¥ Administration 13 26 27 The number of cmployees whose annual remuneration wa8 £60,WO or more was: £60,(J)0-£70,000 £70,LKJO-£80,000 £ioo,000-£i 10,000 £I10,000-£120,000 Staff eo8tJ Total 2024 Total 2023 Wages and salaries Social security costs Other pension costs 1,129,840 109,035 46,249 999,010 96,748 32,236 1,285,124 1,128,994 29 THE NEW NORTH LONDON SYNAGOGUE NOTES TO THE FllYANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Tanglble fixed assets Long Leasehold Premises Fixtures Fillings & Equipment Total Cost At l November 2023 Additions Dw)osals 6,733,123 459.421 7,192,544 At 31 October 2024 6,733,123 459,421 7,191544 DepreelAtlon At l November 2023 Depreciation Charged in the year 837,084 67,331 258,819 25,744 1,095,903 93,075 At 31 October 2024 904,415 284,563 1,188,978 Net book value At 31 October 2024 5,828,708 174,858 6,003,566 At 31 October 2023 5,896,039 200,602 6,096,641 Debtors Total 2024 Total 2023 Othcr debtor8 Prepayments and accrued income 8,863 318,419 15,069 205,507 327,282 220,576 10. Current asset Investments Total 2024 Total 2023 Unlisted investments 1,898 1,898 30 THE NEW NORTH LOM)ON SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 11. Creditors: amounts falllng due within one year Total 2024 Totfdl 2023 Other taxation and social security Deferred income (Note 13) Other creditors Accrnals 27,386 32,421 423,298 67,726 31.167 24,473 238,465 77,872 550,831 371,977 12. Credltors: amounts ffdlllng due after more than one year Total 2024 Total 2023 Other Creditors (provision for repayment of CST grant over 3 years) 1,167 13. Deferred fjncome Total 2024 Total 2023 Balance at I Iyovember 2023 24,473 32,289 knounts released relating 10: Education tees paid in advance Function hire deposits. Salaries reclaim {14.527) (9.946) (23,071) (8,074) (1,144) Amounts aCc￿ed relating io: Education fees paid in advance Function hire depu8its Salarles reclaim Wedding deposits 14178 12,036 5,007 1,200 14,527 9,946 Balance at 31 October 2024 32,421 24,473 Income received in advance has been deferred as above. 31 THE NEW NORTH LONDON SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 14. Restricted Funds- 2023124 Within the financial year 2023124, the income ￿ndS of the charity include restricted funds compjising the following unexpended balances of donations and grants held on trust for specific pu￿￿Ses. Balanee at l November 2023 Balance at 31 October 2024 Income Expenditure Ecclesiastical Salaries Fund Tikkun 01am Fund Synagogue Artwork and Statned Glass Window Fund Kibbutz fund Night Shel*r Rabbis, Discretionary Funds 3,679 12.356 23.996 (23,821) 3,854 12,356 5,507 265 830 112,906 5,507 502 1,494 79,257 1,521 5,367 14,712 (1,284) (4,703) (48,361) 135,543 45,596 (78,169) 102,970 Restrleted fund•- 2022123 By way of comparison, the 2022123 restricted funds comprising the following unexpended balances of donations and grants held on tn￿t for specific pury)oses were: Balance at l November 2022 Balance at 31 October 2023 Ineome Expendlture Ecclesiastical Salaries Fund Tikkun 01am Fund Synagogue Artwork and Stsined GI￿ Window Fund Eco SyDagogu¢ Fund Kibbutz Tree Fund 3,537 12,356 25,238 (25,096) 3,679 12,356 5.507 2,580 1,522 6,011 1,789 136,932 5,507 37,582 2,542 9,843 447 14.609 {40,162) {3,799) (15,854) (1,406) (38,635) 265 Nighi Shelter Rabbis, Discretionary Fund8 830 112,906 170234 90261 (124,952) 135,543 32 THE NEW NORTH LONDON SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EPIDED 31 OCTOBER 2024 14. Restricted Funds (continued) Detalls of 2023124 Restrlcted Funds The Ecclesiastical Salaries fund relate8 to contributions received towards salary costs of various employees. The Tikkun Olarn Fund relates to an original £15,IM)O sum that was set aside from the 211/. fund of the n¢w Synagogu¢ buildinE that was allocated foT small Tikkun 01am seed fund projects to which members and non- members have applied for fimding. The pU￿￿e ofTikkun 01am is to promote social action within and beyond the NNLS communily. 'I'he Synagogue Artwork and Stained-Glass Fund relates to sums specifically donated towards enhancing the ae8thelics of the Synagogue building generally. Remaining sums in this fund will be applied to fiffthcr aesthetic enhancements. to the building in due course. EcoJudaistn (forn]erly Ecosynagogue) is an environmental project run by a collective of a number of different Syna8ogues' NNLS agreed with the other Synagogues that it would continue to hold all funds in respect of this project. Eco Judaism has been incoryorated as an independent charity on 28th November 2022 and all funds will be IJ￿$te[Tcd as soon as their bank account has been set up. The Kibbutz Tree Fund is a project whereby donors contribute donations for planting trees in Israel, often as part of their Bar and Bal Mitzvah charitable giving. J1 ree is an enviromnental project run a8 part of E¢oJudaism to enable the planting and protection of forests. in the UK and beyond. NNLS has agreed with the organisers of JTree, that that, being a project of Ecojudaism it would in turn hold all funds in respect of this project until Ecojudaism has its own bank account. The Night Shelter 18 a ¢ommunity-Nn project led by a team of NNLS volunteers and supported by the NNLS Communiiy Engagement Director. the project is run in partnership with Togyether in BarneVHomeless Action Barnet. Through this project, over the winter period during which NNLS offer meals and sheller to homeless guests. The Rabbis, Discretionary Funds are fund for the Rabbis in their discretion to apply to a) assist individuals (whether or not members of NNLS) experiencing fmancial hardship, (b) make donations to external charitable causes, and c) apply to NNLS proj¢cts to which h¢ is particularly conllnitted which otherwise may not b¢ budgeted for within core ￿nding. 33 THE NEW NORTH LONDON SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 IS. Deslgnated funds The income funds of the charity include the following designated fi]nds which have been set aside out of unrestricted funds by the Trustees for a specific PUTPOSe. Balvdnee at I November 2023 Balance at 31 October 2024 Desfignated funds- 2024 Ineome Expendfitllre Tran8fers Fixed A8se18 Fund Building Sinking Fund AV Equipment Fund Environment Enhancement Steinway Piano 5,985,692 142,133 {75,397) (5,858) 5.910,295 171,627 Al411 35,352 1426 fj119 1426 95.141 6,232,755 35,352 (82,473) 6,185,634 Balance at I ovember 2022 (as r￿tated) Balance at 31 October 2023 Income Expendlture Transfers Dejlgnated fllnd8- 2023 Fixed Assets Fund Building Sinking Fund AV Equipment Fund Environment Enhancement Steinway Piano 6,027,192 191,524 {122.161) (4,082) (428 80,661 (80,661) 5,985,692 142,133 35,352 9&113 119 6,332.503 35,352 (135,100) 6,232.755 Flxed Assets Fund The Fixed Assets Fund represents the Det b(M)k value in the balance sheet of principally the Synagogue building and integral features, plus related debtors and creditors. Buildlng Slllking Fund This fund represents amounts set aside for repairs and maintenance to the building. AV Eqlllpment Fund This fLmd represents amounts set aside for streaming equipment. Environmental Enhaneement Fund This fL￿d represents amounts set aside for enhancing the enVirot￿n¢nt, Stelnway Plano Fund This fund represents amounts set aside for Steinway piano. 34 THE NEW NORTH LONDON SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 16. Anvdlysis of nel 4s8ets between funds Unrestricted gelleral funds Designated funds Restrlcted fund5 2024 Total Fund balances at 31 October 2024 are represented by: Tangible assets Net assets (1,870) 921260 6,005,436 180,198 6,003,566 1,204,428 102,970 919.390 6,185,634 102,970 7,207,994 2023 Fund balances at 31 October 2023 are represented by: Tangible assets Nei Current assetsl 14,831 1,032,361 6,081,811 150,944 6,096,642 1,318,848 135,543 1,047,192 6,232,755 135,543 7,415.490 17. Operating lease ¢ommltment$ At the reportin8 end date, the charity had outstanding commitm¢nts for future minimum lease payments under non-cancellable operating leases, which fall due as follow8: TotAI 2024 Total 2023 Within one year Between Iwo and five years 1,167 8,167 1,167 8.167 18. Trujtees and related party tran8actlons Trustee, Ayala Gottlieb Alter received £2,271 remuneration as B'nei Mitzvah Coordinator (2023 £9,849). In 2023 she also received a grant of £750 from L£81ie Lyndon Memorial Scholarship towards her music contribution to European Academy for Jewish Liturgy. (TnL8tee, Ruth Clifton, a Green Energy consultant, received £2.573 in 2023 for her services Tendered to NNLS). No amounts were owing or owed to them at the year end. Remuneration paid to key management personnel in the year amounted to £396,286 (2023 - £315,982). There were no other related party transactions in either the CUTrent or previous years. 35 THE NEW NORTH LONDON s￿ AGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 19. Reeoneillatfion of net ineojne to net cash flow from operating activitie8 Tolal 2024 Total 2023 Net (expenditure) for the reporting period (as per the Statement of Financial activities) (207,496) (75,091) Adj￿$(ment for: InleTest from investments Depreciation charges Lobb on disposa] of r￿ed assets (62,528} 93,075 (38,(K18) 85.584 54,263 (Decrease)linerease in debtors tncrease/(decre&se) in creditors (106,706) 177,688 53.041 (49,198) Net cash (used In)/provided by operathig aedvAlle8 (105,967) 30.591 20. Compfdrativ¢ slatemellt of fmanelal activitiei - 2023 Unrestrlcted Fund8- General UDre8tri¢ted Funds- De8lgnAted Re&tricted Fund8 Totgl 2022 Income from., Donations and lega¢ie8 Government grpnts Charitable activities Investments 22,716 107,885 1,783,182 38,008 35,352 90,261 148,329 107,885 1,783,182 38,008 Total Income 1,951,791 35,352 90,261 2,077,404 Expenditure on: Charitable activities 1,892,443 135,100 124,952 2,152,495 Net Incomelexpendlture before tran8ferg 59,348 (99,748) (34,691) (75,091) Transfers between funds Net movement In fuDd 59,348 (99,748) (34,691) (75,091) ReconcAliation of funds Fund balances at l November 2022 987,844 6,332,503 170,234 7,490,581 Fund balances at 31 October 2023 1,047,192 6,232,755 135,543 7,418490 36