**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: 

- around 100 adult education classes 

- over 150 hours of youth education classes 

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: 

- 1 - 



## **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. 

- 2 - 



## **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. 

- 3 - 



## **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 

- 4 - 



## **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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

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. 

- 5 - 



## **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). 

- In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its application of resources, including its income and expenditure, for the 10 month period then ended; 

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

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

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the 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: 

- the information given in the Council Members' report, which includes the directors' report prepared for the purposes of company law, for the financial 10 month period for which the financial statements are prepared is consistent with the financial statements; and 

- the directors' report included within the Council Members' report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the 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. 

- 6 - 



## **THE NEW LONDON SYNAGOGUE** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)** 

## **TO THE MEMBERS OF THE NEW LONDON SYNAGOGUE** 

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the Council Members were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption from the requirement to prepare a strategic report. 

## **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; 

- We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud. 

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011, Companies Act 2006. 

- We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. 

- Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. 

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

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. 

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. 

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates. 

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations. 

- Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted, designated and restricted funds. 

- Performing a physical verification of key assets. 

- Obtaining third-party confirmation of material bank balances. 

- Documenting and verifying all significant related party balances and transactions. 

- Reviewing documentation such as the charity board minutes for discussions of irregularities including fraud. 

- 7 - 



## **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 

- 8 - 



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

- 9 - 



## **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. 

- 10 - 



## **THE NEW LONDON SYNAGOGUE** 

## **BALANCE SHEET** 

## _**AS AT 31 DECEMBER 2022**_ 

|**Notes**<br>**Fixed assets**<br>Intangible assets<br>**14**<br>Tangible assets<br>**15**<br>Investments<br>**16**<br>**Current assets**<br>Debtors<br>**18**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within one year**<br>**19**<br>Net current assets<br>**Total assets less current liabilites**<br>**Income funds**<br>Restricted funds<br>**21**<br>Unrestricted funds<br>Designated funds<br>**22**<br>General unrestricted funds<br>|**10 months to 31**<br>**December 2022**<br>**Year to 28**<br>**February 2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>1<br>1<br>1,137,150<br>1,130,436<br>1,584,186<br>1,574,785<br>2,721,337<br>2,705,222<br>123,997<br>164,990<br>457,229<br>478,894<br>581,226<br>643,884<br>(139,662)<br>(180,537)<br>441,564<br>463,347<br>3,162,901<br>3,168,569<br>267,365<br>271,872<br>2,702,405<br>2,686,290<br>193,131<br>210,407<br>2,895,536<br>2,896,697<br>3,162,901<br>3,168,569<br> <br>13 Dec 2023|**10 months to 31**<br>**December 2022**<br>**Year to 28**<br>**February 2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>1<br>1<br>1,137,150<br>1,130,436<br>1,584,186<br>1,574,785<br>2,721,337<br>2,705,222<br>123,997<br>164,990<br>457,229<br>478,894<br>581,226<br>643,884<br>(139,662)<br>(180,537)<br>441,564<br>463,347<br>3,162,901<br>3,168,569<br>267,365<br>271,872<br>2,702,405<br>2,686,290<br>193,131<br>210,407<br>2,895,536<br>2,896,697<br>3,162,901<br>3,168,569<br> <br>13 Dec 2023|
|---|---|---|
|||2,705,222<br>463,347|
|||3,168,569|
|||271,872<br>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** 

- 11 - 



## **THE NEW LONDON SYNAGOGUE** 

## **STATEMENT OF CASH FLOWS** 

## _**FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022**_ 

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



- 12 - 



## **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. 

- 13 - 



## **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. 

- 14 - 



## **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. 

- 15 - 



## **THE NEW LONDON SYNAGOGUE** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE 10 MONTH PERIOD ENDED 31 DECEMBER 2022**_ 

## **3 Voluntary income** 

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



## **4 Charitable activities** 

## **5 Other trading activities** 

- 16 - 



## **THE NEW LONDON SYNAGOGUE** 

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

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



- 17 - 



## **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**|<br>**Synagogue**||**Year to 28**|
||**actvites**||**31 December**|<br>**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. 

- 18 - 



## **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. 

- 19 - 



## **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|



- 20 - 



## **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. 

- **15 Tangible fixed assets** 

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



- 21 - 



## **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|



- 22 - 



## **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. 

- 23 - 



## 

## 

||||**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**<br>**Movement in funds**|**Balance at**<br>**Incoming**<br>**Resources**<br>**Balance at**<br>**Incoming**<br>**Resources**|**1 March 2021**<br>**resources**<br>**expended**<br>**1 March 2022**<br>**resources**<br>**expended**||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|Building<br>93,478<br>-<br>-<br>93,478<br>146,794<br>-|Educaton<br>13,931<br>163<br>-<br>14,094<br>756<br>(14,094)|Services<br>343<br>-<br>(343)<br>-<br>-<br>-|Rabbi's Discretonary Fund<br>4,109<br>264<br>(904)<br>3,469<br>2,250<br>(400)|Hardship Funds<br>5,900<br>-<br>-<br>5,900<br>200<br>-|Refugee Drop In Asylum Centre<br>144,677<br>36,875<br>(27,621)<br>153,931<br>31,146<br>(27,159)|Rabbi's Book Launch<br>975<br>-<br>-<br>975<br>-<br>-|Chai Mitzvah<br>25<br>-<br>-<br>25<br>-<br>-|263,438<br>37,302<br>(28,868)<br>271,872<br>181,146<br>(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**<br>**Resources**<br>**Transfers**<br>**Investments**<br>**Balance at**<br>**Resources**<br>**Transfers**|**1 March 2021**<br>**expended**<br>**gains/losses**<br>**1 March 2022**<br>**expended**||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|Buildings fund<br>1,064,804<br>(28,097)<br>-<br>-<br>1,036,707<br>(23,461)<br>54,690|Investments fund<br>1,426,647<br>-<br>-<br>148,138<br>1,574,785<br>-<br>-|Security gate fund<br>80,300<br>(24,933)<br>19,431<br>-<br>74,798<br>(24,515)<br>-|2,571,751<br>(53,030)<br>19,431<br>148,138<br>2,686,290<br>(47,976)<br>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. 

- 28 - 




## **Issuer** 

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

## **Parties involved with this document** 

## **Document processed** 

## **Party + Fingerprint** 

Wed, 13th Dec 2023 14:59:52 UTC Wed, 13th Dec 2023 15:39:35 UTC 

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

## **Audit history log** 

## **Date** 

## **Action** 

Wed, 13th Dec 2023 15:39:35 UTC Wed, 13th Dec 2023 15:39:35 UTC Wed, 13th Dec 2023 15:39:35 UTC Wed, 13th Dec 2023 15:39:18 UTC Wed, 13th Dec 2023 15:39:03 UTC Wed, 13th Dec 2023 15:39:03 UTC Wed, 13th Dec 2023 15:06:45 UTC Wed, 13th Dec 2023 15:06:45 UTC 

Wed, 13th Dec 2023 15:06:44 UTC Wed, 13th Dec 2023 15:05:04 UTC 

Wed, 13th Dec 2023 14:59:53 UTC Wed, 13th Dec 2023 14:59:52 UTC Wed, 13th Dec 2023 14:59:52 UTC 

Wed, 13th Dec 2023 14:59:52 UTC Wed, 13th Dec 2023 14:55:22 UTC Wed, 13th Dec 2023 14:55:15 UTC 

Andrew Rich viewed the envelope (217.207.100.70) This envelope has been signed by all parties (217.207.100.70) Andrew Rich signed the envelope (217.207.100.70) Andrew Rich viewed the envelope (217.207.100.70) Andrew Rich opened the document email. (89.150.28.98) Andrew Rich opened the document email. (89.150.28.98) Document emailed to arich@hwfisher.co.uk (13.42.42.198) Stephen Best has changed the party Andrew Rich's email to arich@hwfisher.co.uk (185.105.75.178) Sent the envelope to Andrew Rich (arich@hwfisher.co.uk) for signing (185.105.75.178) Party email (arich@hwfisher.c.o.uk) has bounced back. The reason given is: error dialing remote address: dial tcp 198.21.5.83:0->185.151.30.166:25: connect: connection refused (167.89.119.23) Abigail Levin viewed the envelope (86.159.135.63) Document emailed to arich@hwfisher.c.o.uk (35.176.69.84) Sent the envelope to Andrew Rich (arich@hwfisher.c.o.uk) for signing (86.159.135.63) Abigail Levin signed the envelope (86.159.135.63) Abigail Levin viewed the envelope (86.159.135.63) Abigail Levin opened the document email. (86.159.135.63) 



Wed, 13th Dec 2023 13:32:12 UTC Wed, 13th Dec 2023 13:05:43 UTC Wed, 13th Dec 2023 13:05:43 UTC 

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)