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2022-12-31-accounts

Charity Registration No. 1133578

Company Registration No. 07030491 (England and Wales)

THE NEW LONDON SYNAGOGUE

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

THE NEW LONDON SYNAGOGUE

LEGAL AND ADMINISTRATIVE INFORMATION

Council Members Robert Low Brian Linden Aviva Raichelson Judith Stone Abigail Levin Andrew Hirsch Joe Carlebach Richard Baron (Appointed 8 February 2023) Miriam Lennard (Appointed 8 February 2023) Michael Ottolenghi (Appointed 8 February 2023) Charity number 1133578 Company number 07030491 Principal address 33 Abbey Road London NW8 0AT United Kingdom Registered office 33 Abbey Road London NW8 0AT United Kingdom Auditors HW Fisher LLP Acre House 11-15 William Road London NW1 3ER United Kingdom Bankers National Westminster Bank plc 250 Bishopsgate London EC2M 4AA United Kingdom CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment advisors Ruffer LLP 80 Victoria Street London SW1E 5JL Troy Asset Management Limited 33 Davies Street London W1K 4BP

THE NEW LONDON SYNAGOGUE

CONTENTS

Page
Council Members' report 1 - 4
Statement of Council Members' responsibilites 5
Independent auditor's report 6 - 8
Statement of fnancial actvites 9 - 10
Balance sheet 11
Statement of cash fows 12
Notes to the fnancial statements 13 - 28

THE NEW LONDON SYNAGOGUE

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

The council members present their report and financial statements.

The financial statements have been prepared in accordance with the charity's Memorandum and Articles, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

The objectives of the Company are the continuance, support and maintenance of the Synagogue at Abbey Road, London and otherwise for the advancement and promotion of the practice and teaching of traditional Judaism.

The objectives of the company are achieved by the maintenance of the Synagogue and the provision of the religious and educational and other related activities including regular religious services held weekly and on all Jewish festivals and holy days; religion school on Sundays; life cycle support; weekday and evening educational and social programmes throughout the year.

Achievements and performance

The company continued to fulfil its function in accordance with the Memorandum and Articles of Association, by providing a full range of Jewish religious, social and educational services for our congregation and their families. During the 2021-2022 corporate year the Company has provided for and arranged over 350 prayer services and a full array of social and other communal programming including a on-line 'Salons' (remaining on Zoom), a communal Seder, regular Friday Night Dinner mixers.

Around one hundred lifecycle events including rituals around birth, coming of age, weddings and funerals.

The listed synagogue building and ancillary offices have been maintained; religious services are held regularly; the religion school has developed into a vibrant community and the adult education programme continues to run successful activities throughout the year including:

The council monitors achievement of objectives through reports from Council representatives on committees with specific responsibilities for services, education, community development and events, security and building maintenance. During this period an approach to inclusivity was established

To strengthen the operations of the synagogue we appointed a new finance manager and head of the religious school.

Organisational Structure

The New London Synagogue, 33 Abbey Road, London NW8 0AT is a company limited by guarantee registered in England and Wales and was incorporated on 25 September 2009 under number 07030491. It does not have share capital. The company is also registered under charity registration number 1133578. The charity is audited by HW Fisher LLP.

Council members are trustees for charity purposes and directors for company law and are hereinafter variously referred to as Council Members, directors or trustees.

They are elected for a period of 3 years at the Annual General Meeting. They are nominated and voted in by members of the New London Synagogue. The Treasurer and Synagogue Wardens are ex officio members of the Council.

The Council members, who are also the directors for the purpose of company law, and who served during the year and up to the approval of these financial statements:

THE NEW LONDON SYNAGOGUE

COUNCIL MEMBERS' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

Abigail Levin (appointed 7 September 2020) Andrew Hirsch (appointed 11 January 2021) Aviva Raichelson (appointed 7 July 2019) Brian Linden (appointed 2 July 2018) Joe Carlebach (appointed 7 September 2020) Jeremy Parlons (retired 8 February 2023) Judith Stone (appointed 7 September 2020) Rob Low (appointed 29 June 2015, stepped down then reappointed 26 July 2017) Julian Dawes (retired 8 February 2023) Michael Ottolenghi (appointed 8 February 2023) Miriam Lennard (appointed 8 February 2023)

Senior staff responsible for day-to-day management were:

Jeremy Gordon (Rabbi) Phil Ashleigh (Operations Manager)

None of the Council Members has any beneficial interest in the company. Each Council Member guarantees to contribute £1 in the event of a winding-up.

Related parties

No Council Members received any remuneration during the year.

Relationship between charity and related parties

Rabbi Jeremy Gordon is an ex officio non-voting member of the Council and is also an employee of the company. His salary is incorporated in the salary costs per note 8 and note 9.

Decision Making

Decision making is in accordance with and regulated by the Memorandum and Articles of Association. The Council has overall responsibility for the management of the Synagogue. Day to day management of the Synagogue is delegated to the Executive Committee of Council.

Recruitment and Appointment of Trustees

Council members are elected or appointed in accordance with the provisions of the Memorandum and Articles of Association. There is no formal training requirement. There is an induction on Company policy and responsibilities and expectations of being a Trustee when appointed and then informal training (through Masorti Judaism and alike) throughout the year.

Risk Management

The Council has assessed the risks to which the company is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The Synagogue maintains a risk register that is reviewed by the Executive Committee on a regular basis.

Principal risks, in addition to financial risks, include security, health and safety and child protection measures.

Financial risks are monitored by the Finance Committee and at monthly Executive Committee meetings.

There has been an increased security risk over the past few years. Our Head of Security has put in place additional security measures. New security gates for the entrance of the synagogue were fitted and finished in 25 September 2019.

Health and Safety policies are maintained and monitored by the Operations Manager. Child protection policies are in place and the Head of Youth is responsible for ensuring that these policies are adhered to at all times.

THE NEW LONDON SYNAGOGUE

COUNCIL MEMBERS' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

Pay Reviews

The trustees have a pay review policy that links salaries to inflationary indexes. This is reviewed by the Executive Committee at least annually.

Future Developments

New London Synagogue is facing the future with cautious optimism. The synagogue has shown resilience and adaptability post Covid. Services have returned to in building with streaming option available. Adult education opportunities will continue to be offered in a variety of modalities, aiming to make activities accessible to all.

There was a very successful fundraising appeal for the creation of illuminated artworks within the synagogue sanctuary. The unveiling of the completed windows was in April 23. The project started as a generous bequest from the estate of a founder member. Some of the fundraising money will go towards a large building maintenance project. The first of which is a heating system that will serve the building with a view to long term heating solutions.

Fund Raising

Fund raising is undertaken by senior staff and Council members. External fund raisers are not utilised. Focusing on community relationships helps to ensure that no individual is under pressure to donate, which in turn protects individuals that could be considered vulnerable.

No complaints have been received in relation to fund raising activities.

Public Benefit

The Council has complied with their duty in section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission.

Financial Review

For the 10 month period ended 31 December 2022 the company had total incoming resources of £690,081 (year ended 28/2/2022 : £620,092). As in the previous year, the major component of this total was voluntary income from membership fees £338,630 (year ended 28/2/2022: £357,832). Membership levels remain large stable.

Total resources expended amounted to £705,150 ( year ended 28/2/2022 £692,973)

Investment funds increased in value by £9,401 (year ended 28/02/2022: gain of £148,138). Excluding specific spend from designated fund and restricted funds, resources expended were £615,521 (year end 28/02/2022: £611,075).

The investment funds are managed roughly equally between Troy Asset Management Limited and Ruffer LLP which target longterm capital growth. The Investment Committee, which is sub-committee of the Finance Committee, monitors performance and meets the manager a minimum of once a year to review the performance of the investment managers.

At 31 December 2022, net assets amounted to £3,162,901 (year ended 28/02/2022: £3,168,569) of which unrestricted and undesignated funds amounted to £185,090 (year ended 28/02/2022: £210,407). Designated funds amounted to £2,710,446 (year ended 28/02/2022: £2,686,290) and restricted funds amounted to £267,365 (year ended 28/02/2022: £271,872).

The designated funds in the 31 December 2022 balance sheet comprise (i) the net book value £86,707 (28/02/2022: £86,707) of the Synagogue building carried forward; (ii)the net book value £926,539 (year ended 28/02/2022: £950,000) of the Synagogue's interest in 29 Goldhurst Terrace (see note 14); (iii) £1,584,186 (year ended 28/02/2022: £1,574,785) of investment funds managed by Troy Asset Management Limited and Ruffer LLP; and (iv) the net book value of the security gate of £50,283 (year ended 28/02/2022: £74,798).

The composition of the restricted fund is as shown in note 21.

Reserves Policy

The Trustees have a policy of having sufficient reserves to meet three months of expected liabilties as they fall due. At 31 December 2022 we maintained cash reserves of £457,229 (year ended 28/2/2022 : £478,894) and unrestricted reserves totalled £185,090 (year ended 28/02/2022 : £210,407.) The cash includes cash held for restricted funds. Excluding the cash held for restricted funds our available cash balance is in line with our minimum reserve policy.

THE NEW LONDON SYNAGOGUE

COUNCIL MEMBERS' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

Disclosure of information to auditor

Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor are aware of such information.

On behalf of the Directors/Trustees:

..............................

Abigail Levin

Council Member Dated: .........................13 Dec 2023

THE NEW LONDON SYNAGOGUE

STATEMENT OF COUNCIL MEMBERS' RESPONSIBILITIES

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

The Council Members, who are also the directors of The New London Synagogue for the purpose of company law, are responsible for preparing the Council Members' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Council Members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that 10 month period.

In preparing these financial statements, the Council Members are required to:

The Council Members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE NEW LONDON SYNAGOGUE

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE NEW LONDON SYNAGOGUE

Opinion

We have audited the financial statements of The New London Synagogue (the ‘charity’) for the 10 month period ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Council Members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Council Members' report.

THE NEW LONDON SYNAGOGUE

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF THE NEW LONDON SYNAGOGUE

Responsibilities of Council Members

As explained more fully in the statement of Council Members' responsibilities, the Council Members, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council Members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Council Members are responsible for assessing the charity’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 Council Members either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in 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.

As part of our planning process;

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

THE NEW LONDON SYNAGOGUE

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF THE NEW LONDON SYNAGOGUE

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the those charged with governance of the entity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Andrew Rich Andrew Rich (Senior Statutory Auditor) for and on behalf of HW Fisher LLP

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom

.........................13 Dec 2023

THE NEW LONDON SYNAGOGUE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

Current fnancial year
Unrestricted
Unrestricted
funds
funds
general
designated
10 months to
31 December
2022
10 months to
31 December
2022
10
31
Notes
£
£
Income and endowments from:
Voluntary income
3
431,765
-
Charitable actvites
4
63,219
-
Other trading actvites
5
2,560
-
Investments
6
4,652
-
Other income
7
6,739
-
Total income
508,935
-
Expenditure on:
Raising funds
8
30,780
-
Charitable actvites
Religious and Synagogue actvites
9
486,466
47,976
Educaton
9
98,275
-
Total charitable expenditure
584,741
47,976
Total resources expended
615,521
47,976
Net gains/(losses) on investments
13
-
9,401
Net (outgoing)/incoming resources before
transfers
(106,586)
(38,575)
Gross transfers between funds
89,310
54,690
Net movement in funds
(17,276)
16,115
Fund balances at 1 March 2022
210,407
2,686,290
Fund balances at 31 December 2022
193,131
2,702,405		 Restricted
funds
months to
December
2022
10
31
£
181,146
-
-
-
-
181,146
-
28,444
13,209
41,653
41,653
-
139,493
(144,000)
(4,507)
271,872
267,365		 Total
Total
months to
December
2022
Year to 28
February 2022
£
£
612,911
567,263
63,219
47,747
2,560
2,003
4,652
1,251
6,739
1,828
690,081
620,092
30,780
33,569
562,886
538,238
111,484
121,166
674,370
659,404
705,150
692,973
9,401
148,138
(5,668)
75,257
-
-
(5,668)
75,257
3,168,569
3,093,312
3,162,901
3,168,569		 Total
Total
months to
December
2022
Year to 28
February 2022
£
£
612,911
567,263
63,219
47,747
2,560
2,003
4,652
1,251
6,739
1,828
690,081
620,092
30,780
33,569
562,886
538,238
111,484
121,166
674,370
659,404
705,150
692,973
9,401
148,138
(5,668)
75,257
-
-
(5,668)
75,257
3,168,569
3,093,312
3,162,901
3,168,569
620,092
33,569
538,238
121,166
659,404
692,973
148,138
75,257
-
75,257
3,093,312
3,168,569

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE NEW LONDON SYNAGOGUE

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

Prior fnancial year
Unrestricted Unrestricted Restricted Total
funds funds funds
general designated
Year to 28 Year to 28 Year to 28 Year to 28
February 2022 February 2022 February 2022 February 2022
Notes £ £ £ £
Income and endowments from:
Voluntary income 3 529,961 - 37,302 567,263
Charitable actvites 4 47,747 - - 47,747
Other trading actvites 5 2,003 - - 2,003
Investments 6 1,251 - - 1,251
Other income 7 1,828 - - 1,828
Total income 582,790 - 37,302 620,092
Expenditure on:
Raising funds 8 33,569 - - 33,569
Charitable actvites
Religious and Synagogue actvites 9 456,340 53,030 28,868 538,238
Educaton 9 121,166 - - 121,166
Total charitable expenditure 577,506 53,030 28,868 659,404
Total resources expended 611,075 53,030 28,868 692,973
Net gains/(losses) on investments 13 - 148,138 - 148,138
Net (outgoing)/incoming resources before transfers (28,285) 95,108 8,434 75,257
Gross transfers between funds (19,431) 19,431 - -
Net movement in funds (47,716) 114,539 8,434 75,257
Fund balances at 1 March 2021 258,123 2,571,751 263,438 3,093,312
Fund balances at 28 February 2022 210,407 2,686,290 271,872 3,168,569

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE NEW LONDON SYNAGOGUE

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one year
19
Net current assets
Total assets less current liabilites
Income funds
Restricted funds
21
Unrestricted funds
Designated funds
22
General unrestricted funds
 10 months to 31
December 2022
Year to 28
February 2022
£
£
£
£
1
1
1,137,150
1,130,436
1,584,186
1,574,785
2,721,337
2,705,222
123,997
164,990
457,229
478,894
581,226
643,884
(139,662)
(180,537)
441,564
463,347
3,162,901
3,168,569
267,365
271,872
2,702,405
2,686,290
193,131
210,407
2,895,536
2,896,697
3,162,901
3,168,569

13 Dec 2023		 10 months to 31
December 2022
Year to 28
February 2022
£
£
£
£
1
1
1,137,150
1,130,436
1,584,186
1,574,785
2,721,337
2,705,222
123,997
164,990
457,229
478,894
581,226
643,884
(139,662)
(180,537)
441,564
463,347
3,162,901
3,168,569
267,365
271,872
2,702,405
2,686,290
193,131
210,407
2,895,536
2,896,697
3,162,901
3,168,569

13 Dec 2023
2,705,222
463,347
3,168,569
271,872
2,896,697
3,168,569

The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:

.............................. Abigail Levin

Trustee

Company Registration No. 07030491

THE NEW LONDON SYNAGOGUE

STATEMENT OF CASH FLOWS

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

Notes
Cash fows from operatng actvites
Cash generated from/(absorbed by) operatons
26
Investng actvites
Purchase of tangible fxed assets
Investment income received
Net cash used in investng actvites
Net cash used in fnancing actvites
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 March 2022
Cash and cash equivalents at 31 December 2022		 10 months to 31
December 2022
£
£
28,373
(54,690)
4,652
(50,038)
-
(21,665)
478,894
457,229		 Year to 28
February 2022
£
£
(71,836)
(6,365)
1,251
(5,114)
-
(76,950)
555,844
478,894

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

1 Accounting policies

Company information

The New London Synagogue is a private company limited by guarantee incorporated in England and Wales. The registered office is 33 Abbey Road, London, NW8 0AT, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The Charity’s income is stable. The charity has sufficient resources to absorb reasonably any losses while additional income is sought. The trustees have a reasonable expectation that the Synagogue will be able to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Council Members in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Council Members for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements (see Note 22).

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements (see Note 21).

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Resources expended

Income and expenses are included in the financial statements as they become receivable or due.

Expenses include VAT where applicable as the company cannot reclaim it.

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Company to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. VAT input tax that cannot be reclaimed is included in the cost to which it relates.

Support costs have been allocated between charitable activities. Costs common to more than one area have been split between the two activities based on the percentage of direct expenditure.

1.6 Intangible fixed assets

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold land & buildings - 29 Goldhurst Terrace 2% straight line per annum Freehold land & buildings - Synagogue 2% straight line per annum Fixtures, fittings & equipment 25% reducing balance per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Heritage assets have not been recognised in the financial statements, as significant costs are involved in the reconstruction or analysis of past accounting records, which are onerous compared with any additional benefit derived from recognising these items in the balance sheet.

Heritage assets are assets that are of historical, or religious importance that are held to further the preservation, conservation and educational objectives of the Synagogue and contribute to culture and education. These assets are integral to the activities of the Synagogue and are unique in terms of their religious and historic significance.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits.

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The charity contributes towards employees personal pension schemes.

2

Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the council members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the council members' opinion, there are no critical accounting estimates.

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

3 Voluntary income

Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
general
general
10 months to
31 December
2022
10 months to
31 December
2022
10 months to
31 December
2022
Year to 28
February 2022
Year to 28
February 2022
Year to 28
February 2022
£
£
£
£
£
£
Donatons and gifs
93,135
181,146
274,281
172,129
37,302
209,431
Membership fees
338,630
-
338,630
357,832
-
357,832
431,765
181,146
612,911
529,961
37,302
567,263
Charitable actvites
Religious and
Synagogue
actvites
Educaton
Total
10 months to 31
December 2022
Religious and
Synagogue
actvites
Educaton
Total
Year to 28
February 2022
10 months to 31
December 2022
10 months to 31
December 2022
Year to 28
February 2022
Year to 28
February 2022
£
£
£
£
£
£
Sales within charitable
actvites
35,780
27,439
63,219
12,563
35,184
47,747
Charitable trading income
Religious and Synagogue actvites include festval and high holy days income, wedding fees and kiddush donatons.		 Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
general
general
10 months to
31 December
2022
10 months to
31 December
2022
10 months to
31 December
2022
Year to 28
February 2022
Year to 28
February 2022
Year to 28
February 2022
£
£
£
£
£
£
Donatons and gifs
93,135
181,146
274,281
172,129
37,302
209,431
Membership fees
338,630
-
338,630
357,832
-
357,832
431,765
181,146
612,911
529,961
37,302
567,263
Charitable actvites
Religious and
Synagogue
actvites
Educaton
Total
10 months to 31
December 2022
Religious and
Synagogue
actvites
Educaton
Total
Year to 28
February 2022
10 months to 31
December 2022
10 months to 31
December 2022
Year to 28
February 2022
Year to 28
February 2022
£
£
£
£
£
£
Sales within charitable
actvites
35,780
27,439
63,219
12,563
35,184
47,747
Charitable trading income
Religious and Synagogue actvites include festval and high holy days income, wedding fees and kiddush donatons.
Educaton income includes adult educaton income, Cheder and conversion course fees.
Other trading actvites
Unrestricted
Unrestricted
funds
funds
general
general
10 months to
31 December
2022
Year to 28
February 2022
£
£
Non-charitable trading actvites
2,560
2,003

4 Charitable activities

5 Other trading activities

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

6
7
8		 Investments
10 months to
31 December
2022
Year to 28
February 2022
£
£
Income from investments
4,164
1,182
Interest receivable
488
69
4,652
1,251
Other income
Unrestricted
Unrestricted
funds
funds
general
general
10 months to
31 December
2022
Year to 28
February 2022
£
£
Other income
6,739
1,828		 Investments
10 months to
31 December
2022
Year to 28
February 2022
£
£
Income from investments
4,164
1,182
Interest receivable
488
69
4,652
1,251
Other income
Unrestricted
Unrestricted
funds
funds
general
general
10 months to
31 December
2022
Year to 28
February 2022
£
£
Other income
6,739
1,828		 Investments
10 months to
31 December
2022
Year to 28
February 2022
£
£
Income from investments
4,164
1,182
Interest receivable
488
69
4,652
1,251
Other income
Unrestricted
Unrestricted
funds
funds
general
general
10 months to
31 December
2022
Year to 28
February 2022
£
£
Other income
6,739
1,828
Other income relates to income from government grants and furlough.
Raising funds
Unrestricted
Unrestricted
funds
funds
general
general
10 months to
31 December
2022
Year to 28
February 2022
£
£
Fundraising
Other fundraising costs
1,513
106
Staf costs
29,267
33,463
Fundraising
30,780
33,569
30,780
33,569
33,569
33,569

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

9 Charitable activities

Religious and Educaton Total Religious and Educaton Total
Synagogue 10 months to
Synagogue		 Year to 28
actvites 31 December
actvites		 February 2022
2022
10 months to 10 months to Year to 28 Year to 28
31 December 31 December February 2022 February 2022
2022 2022
£ £ £ £ £ £
Staf costs 150,001 21,417 171,418 159,960 24,497 184,457
Depreciaton and impairment 47,976 - 47,976 53,030 - 53,030
Cheder expenses - 4,589 4,589 - 2,099 2,099
Other educatonal expenses - 917 917 - 160 160
Synagogue services 41,112 - 41,112 31,024 - 31,024
High holydays and festvals 5,665 - 5,665 3,105 - 3,105
Masort Judaism 27,720 - 27,720 (10,811) - (10,811)
L'Chaim expenses 1,285 17,001 18,286 - 25,699 25,699
273,759 43,924 317,683 236,308 52,455 288,763
Share of support costs (see
note 10) 189,957 46,463 236,420 212,641 44,976 257,617
Share of governance costs (see
note 10) 99,170 21,097 120,267 89,289 23,735 113,024
562,886 111,484 674,370 538,238 121,166 659,404
Analysis by fund
Unrestricted funds - general 486,466 98,275 584,741 456,340 121,166 577,506
Unrestricted funds - designated 47,976 - 47,976 53,030 - 53,030
Restricted funds 28,444 13,209 41,653 28,868 - 28,868
562,886 111,484 674,370 538,238 121,166 659,404

For analysis of staff costs, see Note 12.

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

10 Support costs
Support costs Governance 10 months to Support costs Governance Year to 28
costs 31 December costs February 2022
2022
£ £ £ £ £ £
Staf costs 128,757 14,307 143,064 118,200 14,550 132,750
Depreciaton - - - 4,945 - 4,945
Premises costs 52,681 - 52,681 86,199 - 86,199
Ofce and administratve
costs 43,333 - 43,333 25,650 - 25,650
Security and caretaking costs 11,649 - 11,649 22,623 - 22,623
Audit fees - 14,455 14,455 - 11,160 11,160
Accountancy - 9,513 9,513 - 3,295 3,295
Legal and professional - 81,992 81,992 - 84,019 84,019
236,420 120,267 356,687 257,617 113,024 370,641
Analysed between
Charitable actvites 236,420 120,267 356,687 257,617 113,024 370,641

Support costs have been apportioned between charitable activities in the same proportions as the direct costs were divided between these activities.

Governance costs includes payments to the auditors of £14,455 (Year to 28 February 2022: £11,160) for audit fees.

11 Council Members

No Council Members (or any persons connected with them) received any remuneration or benefits from the charity during the year.

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

12 Employees

Number of employees

The average monthly number of employees during the 10 month period was:

10 months to 31 Year to 28
December 2022 February 2022
Number Number
Religious 4 2
Admin 5 5
Educaton 3 3
12 10
Employment costs 10 months to 31 Year to 28
December 2022 February 2022
£ £
Wages and salaries 312,391 323,648
Social security costs 27,381 24,016
Other pension costs 3,977 3,006
343,749 350,670

Key management personnel include trustees and senior staff. Trustees receive no remuneration and no trustee expenses have been incurred. Senior staff comprised of the following: Rabbi, Executive Director and Finance Administrator. Their total employee benefits in the 10 month period to 31 December 2022 were £140,844 (Year to 28 February 2022: £167,800).

The number of employees whose annual remuneration was £60,000 or more were:

10 months to 31 Year to 28
December 2022 February 2022
Number Number
£90,001 - £100,000 1 1

None of the employees whose emoluments exceed £60,000 (Year to 28 February 2022: none) have retirement benefits accruing under defined benefit pension schemes.

13 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
designated designated
10 months to Year to 28
31 December February 2022
2022
£ £
Revaluaton of investments 9,401 148,138

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

14 Intangible fixed assets

Intangible fxed assets
Indefnite Access
£
Cost
At 1 March 2022 and 31 December 2022 5,000
Amortsaton and impairment
At 1 March 2022 and 31 December 2022 4,999
Carrying amount
At 31 December 2022 1
At 28 February 2022 1

This relates to open space that used to be held by New London Synagogue and was subsequently sold. An agreement was made that the area could be used for succah and therefore New London Synagogue has indefinite access to this area.

Freehold land &
buildings - 29
Goldhurst
Terrace
Freehold land &
buildings -
Synagogue
Fixtures, ftngs
& equipment
£
£
£
Cost
At 1 March 2022
1,250,000
154,841
394,572
Additons
-
54,690
-
At 31 December 2022
1,250,000
209,531
394,572
Depreciaton and impairment
At 1 March 2022
300,000
68,134
300,843
Depreciaton charged in the 10 month period
23,461
-
24,515
At 31 December 2022
323,461
68,134
325,358
Carrying amount
At 31 December 2022
926,539
141,397
69,214
At 28 February 2022
950,000
86,707
93,729		 Total
£
1,799,413
54,690
1,854,103
668,977
47,976
716,953
1,137,150
1,130,436

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

15 Tangible fixed assets

(Continued)

The Company is the beneficial owner of a 50.94% share of the freehold property situated at 29 Goldhurst Terrace, London NW6 3HB. The other 49.06% share of the freehold property is held by Rabbi Jeremy Gordon and Mrs Josephine Gordon.

The property is subject to a mortgage, the entire responsibility for which rests (as between the Company and Rabbi and Mrs Gordon) exclusively with Rabbi and Mrs Gordon, who have undertaken to keep the Company fully indemnified.

The title to the Synagogue building at 33 Abbey Road is held by Flanprop Co. Ltd, as a nominee on behalf of The New London Synagogue. This is a dormant company, of which Emily Landau and Stephen Rosefield are the sole directors and shareholders, as nominees for the Synagogue, and was set up specifically to hold the property on behalf of the Synagogue.

Heritage assets held by the charity include silver, Sifrei Torah and other assets of religious significance. These are not valued or included in the financial statements (see Note 1.7).

16 Fixed asset investments

16 Fixed asset investments
10 months to 31 Year to 28
December 2022 February 2022
£ £
Managed funds- unlisted 1,583,177 1,573,776
HM Treasury 1,009 1,009
1,584,186 1,574,785
Movements in fxed asset investments
**HM Treasury ** Managed Funds Total
£ £ £
Market value
At 28 February 2022 1,009 1,573,776 1,574,785
Valuaton changes - 9,401 9,401
At 31 December 2022 1,009 1,583,177 1,584,186
Carrying amount
At 31 December 2022 1,009 1,583,177 1,584,186
At 28 February 2022 1,009 1,573,776 1,574,785
17 Financial instruments 10 months to 31 Year to 28
December 2022 February 2022
£ £
Carrying amount of fnancial assets
Instruments measured at fair value through proft or loss 1,583,177 1,573,776

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

18 Debtors
10 months to 31 Year to 28
December 2022 February 2022
Amounts falling due within one year: £ £
Trade debtors 25,261 41,836
Other debtors 66,058 70,525
Prepayments and accrued income 32,678 52,629
123,997 164,990

19 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
10 months to 31 Year to 28
December 2022 February 2022
Notes £ £
Other taxaton and social security 7,948 -
Deferred income 20 34,598 65,745
Trade creditors 83,280 92,202
Other creditors 4,196 3,468
Accruals 9,640 19,122
139,662 180,537
Deferred income
10 months to 31 Year to 28
December 2022 February 2022
£ £
Deferred income 34,598 65,745

20 Deferred income

Deferred income brought forward was £65,745, which was mainly related to a £60,000 Asylum Grant. All but £5,000 was released within the year. The remaining amount relates to Cheder and L'Chaim fees paid in advance.

Balance at 31 December 2022 £ 97,272 756 - 5,319 6,100 157,918 - - 267,365
Transfers £ (143,000) - - - - - (975) (25) (144,000)
Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donatons and grants held on trust for specifc purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Balance at
Incoming
Resources		 1 March 2021
resources
expended
1 March 2022
resources
expended		 £
£
£
£
£
£		 Building
93,478
-
-
93,478
146,794
-		 Educaton
13,931
163
-
14,094
756
(14,094)		 Services
343
-
(343)
-
-
-		 Rabbi's Discretonary Fund
4,109
264
(904)
3,469
2,250
(400)		 Hardship Funds
5,900
-
-
5,900
200
-		 Refugee Drop In Asylum Centre
144,677
36,875
(27,621)
153,931
31,146
(27,159)		 Rabbi's Book Launch
975
-
-
975
-
-		 Chai Mitzvah
25
-
-
25
-
-		 263,438
37,302
(28,868)
271,872
181,146
(41,653)
21

Balance at 31 December 2022 £ 1,067,936 1,584,186 50,283 2,702,405
Investments gains/losses £ - 9,401 - 9,401
Designated funds The income funds of the charity include the following designated funds which have been set aside as part of unrestricted funds by the trustees for specifc purposes: Balance at
Resources
Transfers
Investments
Balance at
Resources
Transfers		 1 March 2021
expended
gains/losses
1 March 2022
expended		 £
£
£
£
£
£
£		 Buildings fund
1,064,804
(28,097)
-
-
1,036,707
(23,461)
54,690		 Investments fund
1,426,647
-
-
148,138
1,574,785
-
-		 Security gate fund
80,300
(24,933)
19,431
-
74,798
(24,515)
-		 2,571,751
(53,030)
19,431
148,138
2,686,290
(47,976)
54,690		 Buildings Fund These funds relate to the net book value of the Synagogue building and the property at 29 Goldhurst Terrace. Investments Fund These funds have been designated as investments of the Synagogue. Security Gate Fund These funds relate to the net book value of the work carried out on the security gates and walls of the Synagogue.
22

Total Year to 28 February 2022 £ 1 1,130,436 1,574,785 463,347 3,168,569
Restricted funds Year to 28 February 2022 £ - - - 271,872 271,872
Designated funds Year to 28 February 2022 £ - 1,111,505 1,574,785 - 2,686,290
Unrestricted income funds Year to 28 February 2022 £ 1 18,931 - 191,475 210,407
Total 10 months to 31 December 2022 £ 1 1,137,150 1,584,186 441,564 3,162,901
Restricted funds 10 months to 31 December 2022 £ - - - 267,365 267,365
Designated funds 10 months to 31 December 2022 £ - 1,063,529 1,584,186 54,690 2,702,405
Unrestricted income funds 10 months to 31 December 2022 £ 1 73,621 - 119,509 193,131
Analysis of net assets between funds Fund balances at 31 December 2022 are represented by: Intangible fxed assets Tangible assets Investments Current assets/(liabilites)
23

THE NEW LONDON SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022

24 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

10 months to 31 Year to 28
December 2022 February 2022
£ £
Within one year 20,835 22,501
Between two and fve years 12,018 2,543
32,853 25,044

25 Related party transactions

The trustees donated £49,404 in the current period (year end 2022: £41,220).

26 Cash generated from operatons 10 months to 31 Year to 28
December 2022 February 2022
£ £
(Defcit)/surpus for the 10 month period (5,668) 75,257
Adjustments for:
Investment income recognised in statement of fnancial actvites (4,652) (1,251)
Fair value gains and losses on investments (9,401) (148,138)
Depreciaton and impairment of tangible fxed assets 47,976 57,975
Movements in working capital:
Decrease/(increase) in debtors 40,993 (68,461)
(Decrease)/increase in creditors (9,728) 28,858
(Decrease) in deferred income (31,147) (16,076)
Cash generated from/(absorbed by) operatons 28,373 (71,836)

27 Analysis of changes in net funds The charity had no debt during the year.

Issuer

Issuer HW Fisher Document generated Wed, 13th Dec 2023 11:51:45 UTC Document fingerprint 1bcfe6cec0a1079cd91f5528c0f919e4

Parties involved with this document

Document processed

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Abigail Levin - Signer (40c6b268835af9257fc9d1820779a23a) Andrew Rich - Signer (bd8440002cf6e81cca4c8036c6cc48fd)

Audit history log

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Abigail Levin opened the document email. (140.248.40.24) Document emailed to abigailelevin@hotmail.com (18.169.162.53) Sent the envelope to Abigail Levin (abigailelevin@hotmail.com) for signing (185.105.75.178) Andrew Rich has been assigned to this envelope (185.105.75.177) Abigail Levin has been assigned to this envelope (185.105.75.177) Document generated with fingerprint 1bcfe6cec0a1079cd91f5528c0f919e4 (185.105.75.177) Document generated with fingerprint 394278e3732ba76ed2697d7c16c81262 (185.105.75.177) Document generated with fingerprint

Wed, 13th Dec 2023 12:58:00 UTC Wed, 13th Dec 2023 12:58:00 UTC Wed, 13th Dec 2023 12:56:48 UTC

Wed, 13th Dec 2023 12:56:48 UTC

Wed, 13th Dec 2023 12:56:48 UTC Document generated with fingerprint ae70c8a5475039d747140cd319f8e797 (185.105.75.177) Wed, 13th Dec 2023 11:51:45 UTC Envelope generated by Stephen Best (185.105.75.177)