REGISTERED COMPANY NLIMBER: 07030491 (England and Wales) REGISTERED CHARITY NUMBER: 1133578 th Na8ler Simmons Chartered Accountants and Statutory Auditors S Beaumont Gate Shenley Hill Radlett WD7 7AR AECEIR68 0311012025 COMPANIES HOUSE
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ENEW OND Contents of the Flnan FOR THE YEAR OED Sal Stai DE mÈnts ER2 Page Report of the TNstees Report of the Independent Audltor5 Statement of Financlal Artlvsties 10 to 11 8alance Sheet 12 to 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes tr* the Finan¢lal Statèments 17 to 34
RE Re ort of theTfU YEAR E FO The trustee5 who are also directors of the charity for the purposes of the Companies Att 2006, present thpir report wlth the h'nanclal staternents of the charity for the year ended 31 December 2024. The trustee5 have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to charities preparlng thelr accounts In accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJEcfivES AND AcnviTIES Objerti¥es and •ctlv•ties The objectives of the company are the contlnuance, support and maintenance of the synago8ue at Abbey Road, London and otherwise for the advancement and promotion of the practice of teachin8 traditional Judaism. The objectives of the company are achieved by the maintenance of the 5yna8ogue and the provlsion of the feli8ious and educatlonal and other related activities Includin8 regular services held weekly and on all Jewish festivals and holy days; religion School on Sundays,. life cycle support,. weekday and evening educational and social programme5 throughout the year. Achievements and performance During the 2024 corporate year the company continued to fulfil its function in accordance with the Mernorandum and Arti¢le5 of Association. by providing a full range of Jewish religious, social and educatlonal services for our congregation and their families. Despite the difficult external circumstances, the past year has been one of growth and resilience for our companv, Whether through our growing semces, our thriving youth provision, many cultural event5, or soclal action projects, our community has demonstrated a powerful commitment to living out the values of modern Judaism. In addition to providing over 3SO prayer services, we have performed 15 weddings and 24 comin8 of age ceremonie5. We have upgraded our heating sV5tem and replaced our boilers. The Council monitors progress and achSevement5 through regular reports from key staff and Council representatives who have specific responsibilities. Publlc benefit The council has complied with their duty In sertion 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. STRATEGIC REPORT Achlevements and performance Fund Ralslng Fund raising 15 undertaken by Senior staff and council members. External fund raisers are not utilised. Focusing on community relationships help5 to ensure tliat no Individual is under pressure to donate, whlch in turn protects individuals that could be consldered vulnerable. No complaints have been received in relatIc to fund raisin8 activities. Financial wiew Pay reviews The trustees have a pay review pollcy that links salaries to inflationary indexes. This is reviewed by the executive committee at least annually. Pa8e I
THE LONDON AGOGUE GISTERED NUMBER: 070 91 ftheTr ENDED OR THE YE ECEMBE 2024 STRATEGIC REPORT Financlal re¥lew Financlal posltlon For the year ended 31 December 2024 the company had total incoming resources of £948,816 12023.. £1,043,131). Total resources expended amounted to £989,728 12023.. £928,436). Excludin8 specific spend from designated and restriaed funds, resources expended were £904,19112023.' E834,2471. The company's inteiest in 29 Goldhurst Terrace, with a net book value of E924,397 {2023.' £925.4681, 15 held within a designated. unrestricted fund. Investment pollcy and oblectlves Investment fund5 totalled El,565,377 12023.. £1,534,5731. Investment funds gained in value by £17,944 12023.. reduced by £59,880). The investment funds are mana8ed roughly equally between Waystone Financial Investments Limited ond Ruffer LLP which target long term capltal 810h. The investment committee, which is a 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 mana8ers. ReseNes poII¢y At 31st December 2024 we maintained unrestflcted cash reserves of £226,839 12023 £314,788) which is in line with our reserve policy of havin8 sufficient cash revenues to meet three months of expected liabilities as they fa11 due. Net assets amounted to £3.194.748 12023.. E3,217,7161 of which reserves totalled El,620.368 12023.. £1,811.3871. Future developments Looking ahead and in a challenging wodd. the New London Synago8ue remains committed to ensurin8 that it remains a space where everyone feels welcome. There are scheduled works to upgrade our toilets and to undertake building maintenance. We will continue to fundraise so that we can ensure adequate security provision. STRucfuRE. GOVERNANCE AND MANAGEMENT Governing document The charitv 15 controlled by it5 governin8 document, a deed of trust, and constitute5 a limited company. limited by guarantee. as defined by the Companies Act 2006. Orlanlsatlonal struciure Council members are trustees for charity purposes and director5 for company law and are hereinafter variously referred to as Council Members. director5 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. Page 2
THE NEW LONDO SYNAGOGUE STERED NUMBER: 07030491 uste FO THÉY ED31 BER STRUCTURE, GOVERNANCE AND MANAGEMENT Decislon maklng Decision making 15 in accordance with ènd regulated by the Memorandum and Articles of A550ciation. The Councll has overall responsibility for the management of the Syna808ue. Day to day management of the Synagogue is delegated to the Executive Committee of Council. Recruitmenl and appolntment of trustees Councll members are elected or appointed In accordance with the provi51on5 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 tTainin8 (through Ma50rti Judaism and alike) throughout the year. Related parties No council members received any remuneration during the year. Relatlonship between charity and related parties Rabbi Jeremy Gordon Is an ex officio non.votin8 member of the council and is also an employee of the company. His salary is incorporated in the staff costs of note 11, Rlsk management The council has addre55ed the risks to which the company is exposed and is satlsfied that systems are in place to mitl8ate exposure to the major risks. The company maintains a rlsk re8lSter that is reviewed by the executive committee on a regular basis. Principal risks. in addition to financial risk5. include security 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 gate5 for the entrance of the synagogue were fitted and finished in 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 time5. Senior staff responsible for day-to-day management were: Jeremy Gordon (Rabbi) Phil Ashleigh Ioperations manager) None of the council members ha5 any beneficial interest in the company. Each council member guarantees to contribute £1 in the event of a winding up. Page 3
ThENEWL N SYNA EGI TER UMB 030491 RTHEY REFERENCE ANO ADMINISTrATIVE DETAILS Regist•red Company number 07030491 IEn8land and Wales) Reglrtered Chaflty number 1133578 e8iStered office 33 Abbey Rood London NW8 OAT Trust•05 The trustees serving during the year were as follow5.. Executlve Officers Mlriam Lennard Abigail Levin Brian Linden Chalr Chair Treasurer (Appolnted 11 November 20241 (Resigned 11 November 20241 Secretary Phil Ashlei8h 8oard Andrew Hirsch Joe Carlebach Michael Ottolen8hl Richard Baron Anthony Norton Rachel K05min David Futerman Emilie Szasz-Frank Judith Stone Robert Low Aviva Raichelson IAppointed 5 February 20241 (Appointed 5 February 20241 (Appointed 5 February 20241 (Appointed 11 November 20241 {Resigned 05/021241 IResigned OS1021241 (Resigned 051021241 (Resigned 18 July 20241 Auditors Naglersimmons Chartered Accountants and Statutory Auditors S Beaurnont Gate Shenley Hill Radlett WD7 7AR Page 4
THE NEW LONOON SYNAGOG REGIST RED NUMBER: 07030491 fth ND D31 ustee FOR TH BER STATEMENT OF TRUSTEES, RE5PON51BIIITIES The tfustees Iwho are also the dlrectors of The New London Synagogue for ili¥ purposes of company lawl are responsible for preparing the Report of the Trustees and the financlal Statements in accordance with applicable law and Unlted Kin8dom Accountin8 Standards (United Kin8dom Generally Accepted Accounting Practlce). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair vlew of the state of affairs of the charitable company and of the Incoming resources and appllcation of resources, including the income and expenditure, of the charitable company for that period. In preparing those flnancial statements, the trustees are required to select suitable accounting policies and then apply them consistently; observe the methods and principles in thè Charity SORP.. make jud8ement5 and estimates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to pSUme that the charitable company will continue in busines5. The trustees are responsible for keeping proper accountin8 records which disc105e with reasonable accuracy at any time the financial position of the charltable company and to enoble them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitles. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware: and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit informatlon and to establish that the auditors are aware of that information. AUDITORS The auditors. Na8ler Simmons, will be proposed for re.appointment at the forthcoming Annual General Meeting. Report of the trustee5, incorFMJrating a stralegic report, approved by order of the board of trustees. as the company directors, on 22 September 202S and signed on the board's behalf bv.. Mrs M Lennaid- Trustee Page S
Re ort nden to the T tees of na Oplnlon We have audited the financial statements of The New London Synagogue (the 'charitable company'l for the yp.ar pnded 31 December 2024 which comprlse the Statement of Financial Artivitie5, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of slgnificant accountinB policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin8 Standards (United Kin8dom Generally Accepted A¢¢ountin8 Practlcel, In Our opinion the financial statements.. give a true and fair view of the state of the charitable company's affair5 as at 31 December 2024 and of its incoming resources and application of resource5, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and applicable law. Our responsibilitie5 under those Standards are further described in the Auditors, responsibilities for the audit of the financial statements section of OUT report. We are independent of the charitable company in accordance with the ethical requlrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fvlfilled 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 basls for our opinS0n. Cancluslons relatlng to golni concern In auditing the financial statement5. we have concluded ihat the trustee5' use of the going concern basis of accounting in the preparatlon of the financial statements Is appropriate. Based on the work we have performed, we have not Identified any materlal uncertainties relatln8 to events or condition5 that, individually or collectively, may cast significant doubt on the charitable company's abillty to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue, Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of thls report. Page 6
Ae ortofth In ndent Audlt to the Tntst Th New London S ue Other informatlon The trustees are responsible for the other information. The other information comprises the information included In the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial ststements does not cover the other information and, except to the extent otherwlse explicitly stated In our report. we do not express any form of assurance conclusion thereon. In connectlon with our audit of the financial statements, our responsibility 15 to lead 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 audit or otherwise appears to be materially mi55tated. 11 we Identify such material inconsistencies cr apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the flnancial statements themselves. If, based on the work we have performed, we conclude that there 45 a material mi55tatement of this Other information, we are required to report that fact. We have nothing to report In this regard. Matters on whlch we are iequlred to report by exceptlon We have nothing to report in respect of the following matters whefe the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements,. or the charitable company has not kept adequate accounting records,. or the financial statements are not in agreement with the accounting records and return5; or we have not received all the informotion and explanations we require for our audit. Re5ponslbllities of trustees As explained more fully in the Statement of Tru5tees' Re5ponsibilitie5. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for beln8 satisfied that they give a true and fair view. and for such internal control as the trustee5 determine is necessary to enable the preparation of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparin8 the flnancial statements, the trustees are responsible for a55es5in8 the choritable company's ability to continue as a going concern. disclosin& as applicable, matters related to going concern and using the 80in8 concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternatlve but to do so. Page 7
Re ort of h Inde endent Auditors to th Truste Lond Our responslbllitie5 for the audlt ol the IlnaKlal siatements We have been dppointed as auditor5 undp.r Sertion 144 of the Charitles Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectlves are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Audltors that includes our opinion. Reasonable assurance 15 a hi8h level of a55urance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI woll 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 experted to influence the economic decision5 of u5er5 token on the basis of these financlal statements. 8ecau5e of the inherent limitations of an audit, there 15 a risk that we will not detert all irregularlties, Includin8 those leading to a material mlsstaternent In the financial statements or non<ompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we wlll be less likely to become aware of the instances of non.complian¢e, The risk is also greater re8ardin8 irregularities regarding fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Irregularitles, Includlng fraud, are instances of non-complSance wlth laws and re8ulatlons. We desi8n proceduTes in line with our responsibilities. outlined above, to detect material misstatements in respect of irregulartties, including fraud. The extent to which our procedures are capable of detecting irregularitie5, includin8 fraud is detailed below. We gained an understanding of the legal and regulatory framework applicable to the charitable company and the Industry In which it operates and consldered the Tisk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recogni5ing that the risk of not detecting a material mi5Statement due to fraud 15 higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example, for8ery or intentlonal misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a materlal mlsstatement in the flnancial statements. Our tests included agreeing the financial statement disclosures to underlySng supportlng documentation and enquiries wlth management. There are Inherent limltations In the audlt procedures described èbove and, the further removed non-compliance with laws and regulations 15 from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We dld not identify any key audit matters relating to irregularities, including fraud. As in all our audits. we also addressed the risk of management override of intemal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represeiited a risk of material misstatement due to fraud. We performed analytical procedures to identify any unusual or unexpected relationships. We also communicated relevant identified laws and regulation5 and potential fraud risks to all engagement team members and remalned alert to any Indications of fraud or non-compliance with law5 and regulations throughout the audit. A further description of our responsibilities for the avdit of the financial statements is located on the Financial Reporting Council's website at www.fr¢.org.uk/auditorsresponsibillties. Thls description forms part of our Report of the Independent Auditor5. Page 8
Re the Inde udito rus on Use of our report This report is made solely tn the charitable company's trustees, as a body, in accordance wlth Part 4 of the Charities (Accounts and Reports) Re8ulations 28. Our audit work has been undertaken so that we might statp. to the charitable company's trustees 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 responslbllity to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work. for this report, or for the opinions we have formed. for and on behalf of Magler Simmons Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Settion 1212 of the Companies Art 2006 5 Beaumont Gate Shenley Hill Radlett WD7 7AR Date.. 29 September 2025 Page 9
THE NEW LOND N SYNAG tofFln or in dEx endltuie Account FOR THE YEAR ENDED 31 DECEMBER 2024 ncome 31.12.24 Total funds 31.12.23 Total funds Unrestrlrted funds Restricted funds Endowment fund Ne$ INCOME AND ENDOWMENTS FROM Donations and le8acies 666,419 91,753 758,172 876.528 Charitsble activities Synagogue operations Educ3tion 77.906 66,298 77,906 66,298 92,013 47,878 Other trading activities Investment income 16.950 29.489 16,950 29,489 10,592 16.120 Total 857.062 91,753 948,815 1,043,131 EXPENDITURE ON Raising funds 49,021 49,021 51,270 Charltable actlvltles Synagogue operations Education 792.576 39,051 84,324 876,900 39,051 797,154 74AII Other 24.756 24,756 5,201 Total 905,404 84,324 989,728 928.436 Net 8ains/llo5sesl on Investments 17.944 17,944 159,8801 NET INCOME/(EXPENDITURE) Trnnsfer5 between funds 130,3981 (1,2461 7,429 961 122,9691 54,815 19 285 Net movemtm In lunds 131,6441 8,390 285 122,9691 54,815 RECONCILIATION OF FUNDS Total funds brought forward 2,814.126 119,123 284,467 3.217,716 3,162,901 The notes form part of these financial statements Pa8e 10
THE NEW N SYNA oratln an Incomt and Ex FOR THE YEAR END 0310E Thditure A EMBE 2024 31.12.24 Total funds 31.12.23 Total funds Unrestrlcted funds RestrScted funds Endowment fvnd Noles TOTAL FUNDS CARRIED FORWARD 2.782,482 127.513 284,752 3.194.747 3,217,716 The notes form part of these financial statements Page 11
ENEWL ND GOGUE RÉ 7030491 8alan 31 DECEMBER 2024 31.12.24 Total funds 31.12.23 Total funds Unrestrlrted funds R¢strlrted funds Endowment fund Noles FIXED ASSErs Intangible assets Tangible assets Investments 14 15 16 1.114.614 1,565.377 284.752 1.399,366 1,565,377 1,287.205 1,534.573 2,679,992 284.752 2,964.744 2.821.779 CURRENT ASSETS Debtor5 Cash at bank and in hand 17 113.916 253,363 113,916 380,876 100.498 433,911 127,513 367,279 127,513 494,792 534.409 CREDITORS Amounts fallin8 due within one year 18 1264,7891 1264,789) 1138,4721 NET CURRENT ASSETS 102.490 127,513 230,003 395.937 TOTAL ASSETS LESS CURRENT LIABILITIES 2,782,482 127,513 284,752 3,194,747 3,217.716 NET ASSETS 2,782,482 127,513 284,752 3,194,747 3,217,716 The notes form part of these financial statements Page 12 contlnued...
THEN NDON S GOGUE TERED NU BER: 0703 91 Balanc h et- cantln CEMBE 31.12.24 Total funds 31.IZ.23 Total funds Unrestricted funds Restrirted funds Endowment fund Notes 19 FUNDS Unrestricted funds.. General fund Buildings fund Investments fund 292.708 924,397 I,S65,377 354,085 925,468 1,534.573 2,782,482 2.814,126 Restrlcted funds.. Rabbl's dicretlonary fund Refugee drop in asylum centre Education Hardship funds Kibbutz Nir Oz Boiler fund Security fund 12,534 $4,843 7.186 6.100 12,197 96.116 2.106 6,IIXJ 46,000 850 127,513 119,123 Endowment fund5'. Building fund - Endowment 284.752 284,467 TOTAL FUNDS 3,194,747 3.217,716 The charitable company 15 entitled to exemption from audit under Sertion 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not dep051ted notice. pursuant to Section 476 of the Companles Act 2006 requiring an dlt of these flnancial statements. The trustees acknowledge their responsibilities for {al ensurinR that the charitable company keeps accounting records that comply with Sections 386 and 387 ofthe Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affair5 of the charitable company as at the end of each financial year and of Its surplus or deficlt for each financlal year in accordance with the requirements of Sections 394 and 395 and which otherwise comply wlth the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable companv. Ib} These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. The note5 form part of these financial Statements Page 13 contlnued...
HEN N SYNA REGI TE 8alance Sheet- I DECEMB inued 2024 The financial statements were approved by the Board of Trustees and authorised for issue on 22 September 2025 and were signed on its behalf by.. M Lennard- Trustee B A Linden - Trustee The notes form part of these financial statements Pa8e 14
NEWL NDON GOGUE shF State D31D EMBER 202 31.12.24 31.12.23 Notes Cash Ilows from operatlng activities Cash generated from operations 67.253 {1,8231 Net cash provlded byllused in) operatin8 activities 67,253 11.8231 Cash flows from Investlng activitles Purchase of tangible fixed asset5 Purchase of flxed asset investments Sale of tangible fixed assets Interest received Dividends received 1136,9171 112.8601 1154,3301 110,2671 19271 3.791 12,329 6,241 23,248 Net cash used in investin8 activities 1120.2881 1149,404) Cash flows from flnanclng artlvltles Income attributable to endowment 127,907 Net cash provided by financlng activities 127,907 Change In cash and tash equlvalents In the reporting period Cash and Cash equlvalents at the beginning of the ieporting period 153,0351 123,3201 433.911 457,231 Cash and cash equlvalents al the end of the reportlnt perlod 380.876 433,911 The note5 form part of these financial statements Page 15
LOND NA Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET {EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING AcfiviTIES 31.12.24 31.12.23 Net lexpendlture)lin¢ome for the reportln8 period (as per the Statement ot Flnantlal Artlvltles) Adjustments lor. Depreciation charges IGainl1losses on investments Interest received Dividends received Income attributable to endowment Ilncreaselldecrease in debtors Increase/ldecfeasel in cieditors 122,9691 54,815 24.756 117,9441 16,2411 123,2481 5.202 59,880 13.7911 112,3291 1127,9071 23,499 11.1921 113,4181 126.317 Net ¢ash provlded byllused In) operation5 67,253 11,8231 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash Ilow At 31.12.24 Net ¢ash Cash at bank and in hand 433,911 153.0351 380,876 433,911 153,035 } 380,876 Total 433.911 153.0351 380,876 The notes form part of these finoncSal statements Page 16
LONDON AGOGLI Notes to the Fln ENDE nclal Stat ECEMB 24 ACCOUNTING POLICIES 8asls of preparlng the flnanclal statement5 The financial staternents of the charitable company. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accountin8 and Reporting by Charities: Statement of Recommended Praciice applicable to charities preparin8 their accounts in accordance wlth the Financlal Fleporting Standard appllcable in the UK and Republlc of Ireland IFRS 1021 leffective I January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the hlstorical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The trustees have assessed whether the use of the 8oin8 concern basis is appropriate, and have consldered posslble events or condltions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made thls assessment for a period of at least one year from the date of the approval of these financial statements, and have concluded that there is rea50n3ble expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore adopts the going concern basls In preparln8 Its financlal statements, The financial statements are prepared in sterlin& which is the functional currency of the charity. Monetary amounts in these financial Statements are rounded to the nearest £. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fund5, it Is probable that the income wlll be received and the amount can be measured reliably. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to thot expenditure, it is probable that a transfer of economic benefits ¥vill be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headin85 they have been allacated to activities on a basls Consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Intangible fixed a55ets Intangible asset5 are recognised at cost and are subsequently measured at C05t and have 5ub5equentlv been fully amortised. leavin8 a notional value of £1 on the balance sheet. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Pa8e 17 continued...
GO nls- inued EY ACCOUNllNG POLICIES- contlnued Tanglble flxed assets Tan8ible fixed assets for use by the charity are stated at cost less depreciation. Individual fixed assets costing le55 than £2.000 are not capitalised. Freehold buildings Straight line over 100 years Fixtures, fittin8s and equlpment 25% reducin8 balance No depreciation is provided on scrolls and silverware. which, in the opinion of the trustees have a residual value not less than their c05t. Depreciation has previously been provided on freehold land. The trustees have ¢han8ed the accounting policy this year to exclude depreciation on Its freehold land held at 29 Goldhurst Terrate, London, NW6 3HB which recognises that this wlll not wear out and its residual valuation is likely to be at least equal io its cost. The Charity's synagogue building at 33 Abbey Road, London, NW8 OAT is now consldered to be fullv depreciated, and no further depreciation charge is being made in respect of this. No depreciation is provided on the buildin8'5 Stained Blass windows as they are not considered likely to wear out. As allowed by the Charitie5 SORP, heritage 35set5 have not been recognised in the financial statements, as significant CQ5t5 are involved in the reconstruction or analysis of past accounting records, which are onerou5 compared with any additional benefit derived from reco8ni5ing these a55ets on the balance sheet. Herltage assets are assets that are of hlstorical or reli8iou5 Smportance 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 temis of their rell8lous and cultural sl8niflcance. Taxation The charity is exempt from corporation tax on its charltable actlvlties. Fund 3ccountlnE Unrestricted funds can be used in accordance with the ¢harStable objectives at the dlscretion of the trustees. Re5trlcted fvnds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statement5. Page 18 continued...
ENE SYNA UE Fln In FOR THEYEAR ENDED 31 DECEMBER 2 ACCOUNTING POIICIES- contlnued Hlre purchase and leaslng commltments Rentals paid under operating leases are char8ed to the Statement of Financial ActNlties on a straight Ilne basis over the perlod of the lease. Pension eosts and other post-retirement benef The charitable company operates a defined contributlon penslon scheme. Contributlons payable to the charitable company'5 pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Flxed asset Investments The charitable company only ha5 financial assets and financial liabilities of a kind that qualify as basic financial instruments. 8asi¢ financial instruments are initially recognised at transaction value and subsequently measured at their market value throu8h income and expenditure. DONATIONS AND LEGACIES 31.12.24 31.12.23 Membership donations Donation5 Gift Aid 478,297 223,742 56,133 419,951 379,260 77,317 758,172 876,528 OTHER TrADING ACTIVITIES 31.12.24 31.12.23 Hall hire Event income 5,018 11,932 7,126 3,466 16,950 10,592 Page 19 continued...
THE ND sy GOGUE N tes to the Flnanclal Sta OR THE YEAR ENOED 31 ments- ECEMB tln 20 INVESTMENT INCOME 31.IZ.Z4 31.12.21 Olvidends received Deposlt account interest Loan interest receivable 23.248 S.741 500 12,329 3,791 29,489 16.120 INCOME FROM CHARITAOLE AcfiviTIES 31.12.24 Total adlvltles 31.12.23 Total artlvltles Synagogue op¢railons Educatlon Grants Syna808ue operations 8,340 69,566 8,340 135,864 27,424 112,467 66,298 77,906 66,298 144,204 139,891 Grants received, included in the above, are as follows.. 31.12.24 31.12.23 CST grant Listed Place of Worship 8.340 5,975 21,449 8.340 27,424 Page 20 continued...
THE NEW LONDON lestothe Fln FOR THE Y tatemen contlnued ED 31 DECEMBER 2024 RAISING FUNDS RaSsln8 donations and legacies 31.12.24 31.12.23 Staff costs Other fundrèisin8 COSt5 40.748 8.273 37,166 14,104 49,021 51,270 CHARITABLE AcfiviTIES COSTS Grant lundlng of artivities (see nole Support costs (see note 91 Dlrect Costs 8) Totals Synagogue operations Education 493,309 39,051 9,989 373,602 876,900 39,051 532,360 9,989 373,602 915,951 Dliert costs 31.12.24 31.12.23 Staff costs Burial fund Asylum Seekers expense5 Masorti Judaism subscription L'chaim and events expenses Other expenditttre 238.661 76,967 73,013 43,565 77,344 22,810 235.680 25,216 70,5S7 ,40,823 34,718 49,111 532.360 456,105 Page 21 continued...
THEN LONDON SYNAGOGUE clal R ENDED ent ECEMB Inued 024 GRANTS PAYABLE 31.12.24 31.12.23 Synago8ue operations 9,989 22,332 The total grants paid to institutions during the year was as follows.. 31.12.24 31.12.23 Kibbutz Nlr Oz UJIA 3,601 6,388 22,332 9,989 22,332 SUPPORT COSTS support costs Go¥emance costs Support Govern•n¢e costs 2024 2023 Staff costs Postage and stationery Advertising Security C05t5 Premises costs Administrative expenses Profe55ional fees Audit fees 179,265 19,919 199.184 163,507 18,168 181.675 5,463 11,061 23.515 78,335 5,463 11,061 23,515 78,335 7,687 IS,801 13,797 85,422 7,687 15,801 13,797 85,422 30,747 2,151 10,546 12,600 32,898 10,546 12,600 21,000 1,997 24,980 41,170 22,997 24,980 41,170 328.386 45,216 373.602 307,214 86,315 393,529 Page 22 continued...
NÉW LONDON SYNA GU S to the Fln R ThE YEAR aternen 310E tinued BER2 io. t4Ef INCOMEI(EXPENDITURE) Net Incomellexpenditurel Is stated after char8lng/lcredltln81', 31.12.24 31.12.23 Audltors. remuneration Oepreciation - owned a55ets Other operating leases 12,600 24,756 4,726 41,170 5,202 3.143 ii. TRUSTEES. REMUNERATION AND 8ENEFITS There were no trustee5' remuneratlon or other benefits for the year ended 31 December 2024 nor for the ye•r ended 31 December 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. 12. STAFF COSTS 31.12.24 31.12.23 Wa8es ènd salaries Social security costs Other pension costs 436,187 33,724 8,682 415,771 32,592 6.157 478,593 454,520 The avera8e monthly number of employees during the year was as follows: 31.11.24 31.12.23 Religious Admin Education 13 12 Page 23 continued...
Fln ntin R T 12. STAFF COSTS- contlnued The number of employees whose employee benefits lexcludln8 employer penslon ¢05t51 exceeded £60,000 was.. 31.12.24 31.12.23 £100,0- £iio,o None of the employees whose emoluments exceed £60,J0 have retirement benefits accruing under defined benefit pension schemes. Key mana8ement personnel The key management personnel of the trust comprise the trustees, Rabbi Gordon and operational manager. The total amount of of employee benefits (including ernployer pension contributions) recelved by key management personnel for their services to the trust was £192,544 12023: £185,052). 13. COMPAIIATIVES FOR THE STATEMENT OF FINANCIAI AcfiviTIES Unrestrlcted funds Restrfrted funds Endowment fvnd Total lunds INCOME AND ENDOWMENTS FROM Donation5 and legacie5 705,402 43.219 127,907 876,528 Charltable artlvities Synago8ue operation5 Education 92,013 47,878 92,013 47,878 Other trèding activbtles Investment income 10.592 16,120 10,592 16.120 Total 872,005 43.219 127,907 1,043,131 EXPENDITURE ON Raising fund5 51,270 51,270 Charltable •ctlvitles Synagogue operations Education 702,965 74,811 94,189 797,154 74,811 Other 5,201 5,201 Total 834,247 94,189 928,436 Page 24 continued...
THEN ONDON No o the Fln THE YEA al Stat enls- continued NDED 31 DECEMBER 2 24 13. COMPARAnvES FOR THE STATEMENT OF FINANCIAL AcllviTIES- contlnued Unrestrirted Restrirted funds funds Endowment fund Total funds Net gainslllossesl on investments {59,8801 159,8801 NET INCOMEIIEXPENDITUREI Translers between funds 122,1221 159,2881 150,9701 197,2721 127,907 IS6,560 54,815 Net movement In funds 181,4101 (148,2421 284,467 54,815 RECONCILIATION OF FUNDS Total funds brought forward 2,895,536 267,365 3,162,901 TOTAL FUNDS CARRIED FORWARD 2,814,126 119,123 284,467 3,217,716 14. INTANGIBLE FIXED ASSETS Indeflnite acce COST At I january 2024 and 31 December 2024 5,000 AMORTISATION At I january 2024 and 31 December 2024 4,999 NEf BOOK VALUE At 31 December 2024 At 31 December 2023 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 indefinlte access to this area. Page 25 continued...
LONO UE Notes to the Flnandal Statements- contlnu R ThE YEAR ENDED ECEM8ER 2024 IS. TANGIBLE FIXED ASSETS Fixtures. fftiings and equlpments Freehold property Totals COST At l January 2024 Additions 1,603,065 282 169,505 .136,635 1,772,570 136,917 At 310ecember 2024 1,603,347 306,140 1,909.487 DEPRECIATION At l January 2024 Charge for year 393,130 1,072 92,235 23,684 485,365 24,756 At 31 December 2024 394,202 115,919 510.121 NEf BOOK VALUE At 31 December 2024 1,209,145 190,221 1.399,366 At 31 December 2023 1.209,935 77,270 1,287,ZOS 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 property15 5ublert to a mortgage, the entire responsibility for which rest5 las 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 buildin8 at 33 Abbey Road Ss held by Flanprop Co. Ltd, as a nomlnee on behalf of The New London Synagogue. This is a dormant company. set up specifically to hold the property on behalf of the Syna808ue. Heritage a$5et5 held by the charity include silver. Sifrel Torah and other assets of reli8lOUS $18nificance. These are not valued or included in the financial statements. Page 26 continued...
THEN N SYNA otes to the Flnanclal Statements- contlnued FOR ThEYEAR ENOED 310ECEM8ER 2024 16, FIXED ASSET INVESTMENTS Ljnllsted Investments MARKET VALUE At l January 2024 Additions Revaluations 1,534.573 12,860 17.944 At 31 December 2024 1,565,377 NEf 800K VALUE At 310ecember 2024 1,565,377 At 31 December 2023 1,534.573 There were no Investment assets outside the UK. Cost or valuation at 31 December 2024 is represented by.. Unllsted Investments Valuation in 2024 Cost 147.496 1,417,881 I,S65,377 If flxed a55et investments had not been revalued they would have been Included at the followlng hlstorlcal cost.. 31.12.24 31.12.23 Cost 1.417.881 1,406,030 Fixed asset investment5 were valued on an open market basis on 31 December 2024 by the trustees. Page 27 continued...
THE NEW L NO AG UE Notes to the Fln R ThE YEAR ENO tatements- con I DECEMBER 2 in 17. DEBTORS 31.12.24 31.12.23 Amounts fallin8 due within one year.. Other debtors Prepayments and accrued income 55,551 37,390 65.838 34.660 92.941 100,498 Amounts falling due after more than one year.. Other debtors 20,975 A8gre8aie amounts 113,916 100.498 18. CREDITORS., AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade creditors Social security and other taxes Other creditors Accruals and deferred Income 150,697 19) 51,097 63,004 52,801 18,469 10,278 56,924 264,789 138,472 DEFERRED INCOME 31,12.24 31.12.23 Deferred income at l January Resources defeTred in the period Amount released from previous periods 34,507 30,804 134,5071 34.598 34.507 134.5981 Deferred income at 31 December 30,804 34.507 Oeferred income comprises the followlng.. L'chaim and Cheder 30,804 34,507 30,804 34.507 Page 28 continued...
THE NEW L N SYNA otes FOR T Inan tlnu AR ENDED 31 DECEMBER 2024 em 19. MOVEMENT IN FUNDS Net movement In lunds Tr•nsfers between fvnds At 31.12.24 At 1.1.24 Unrestrlcted lunds General fund Buildin8s fund Investments fund 354,085 925,468 1,534,573 160,1311 11,0711 30,804 {1,2461 292.708 924,397 1,565,377 2,814,126 130,3981 11,2461 2,782,482 Restrlrted funds Rabbi's dicretionary fund Refugee drop in asylum centre Education Hardship funds Kibbutz Nir Oz Boiler fund Security fund 12,197 96,116 2,106 6,100 2,604 337 141,2731 5,080 12,534 54,843 7,186 6,100 13,5651 46,000 850 961 46,0 850 119,123 7,429 961 127.513 Endowment funds Buildin8 fund . Endowment 284,467 285 284.752 TOTAL FUNDS 3,217,716 122,9691 3,194,747 Page 29 continued...
ThE NEW LOND N SYNA tes to OR THÉ nanclal ENDE ements- ntlnued I DECEMBER 2024 19. MOVEMENTIN FUNDS-contlnued Net movement in funds. included in the above are as follows: In¢omln8 resources Resources expended Galns and . 1055es Movement in funds Unre5trlrted fvnds General fund Buildings fund Investments fund 844,202 {904,333) 11,0711 (60,1311 {1,0711 30,804 12,860 17,944 857,062 1905,4041 17,944 130,3981 Restrlcted funds Rabbi's dicretionary fund Refugee drop in asylum centre Education Klbbutz Nlr Oz UJIA Boiler fund Security fund 3.239 31,373 5,080 36 5.175 46,000 850 12,9021 172,6461 337 141,2731 S,080 13,56S I 13,6011 IS,1751 46,0 850 91,753 184,3241 7,429 TOTAL FUNDS 948,815 1989,7281 17,944 122.9691 Page 30 continued..-
TH OND YNA to ncial ernents. ntinued 19. MOVEMENT IN FUNDS- contlnued Comparailves for movement Sn funds Net rnovernent in funds Transfer5 between funds At 31.12.23 At 1.1.23 Unre5tr1rted fvnds General fund uiSdin8s fund Investments fund Security fund 193,131 1.067,936 1,584,186 50,283 28,562 11.071) 149,6131 132,392 1141.3971 354.085 925,468 1,534,573 150,2831 2,895,536 (22,1221 159,2881 2,814.126 Restrlrted funds Rabbi's dicretionary fund Refugee drop In asylum centre Buildin8 Educatlor* Hard5hlp funds Kibbutz Nir Oz 5,319 157,918 97,272 756 6,100 6.878 161,8021 12,197 96.116 197,2721 1,350 2,106 6.100 2,604 2,604 267,365 150.9701 197,2721 119,123 Endowment lunds uildin8 fund . Endowment 127,907 156,560 284,467 TOTAL FUNDS 3,162,901 54,815 3,217,716 Page 31 continued..-
NEW LOND GOG Notes to the Flnanclal Statements- EYEAR ENOEO 31 DECEMBER 2 on In 24 19. MOVEMENT IN FUNDS- contlnued Comparative ner movement in funds, included In the above are as follows-. Incornln8 resources Resources expended Galns and losses Movement in funds Unrestrlrted fvnd5 General fund Buildings fund Investments fund 861,738 {833,1761 11,0711 28,562 {1,0711 149,6131 10,267 159.880) 872,005 {834,247) 159,8801 {22.1221 Restrlrted fvnds Rabbi's dicretionary fund Refugee drop in asylum centre Education Kibbutz Nir Oz 8.178 8,755 1,350 24,936 11,3001 170,5571 6.878 161.8021 1.350 2,604 122.3321 43.219 194,1891 {50,9701 Endowment funds Building fund . Endowment 127,907 127.907 TOTAL FUNDS 1.043,131 1928,4361 159,8801 54,815 20. RELATED PARTY DISCLOSURES Flanprop Co. Limited is a company in which a trustee has significant influence. This company is the reÉistered owner of the synagogue and holds the title deed5 as nominee. The entire beneficial interest in the property remains with the charity. Ouring the previous year, Flanprop Co. Limited was inadvertently dissolved and as a consequence. legal title to the property is currently vested in the Crown as bona vacantia. An application for the restoration of Flanprop Co. Limited is due to be made. It is anticipated that restoration will be granted, at which point the company will be treated as if it had never been di5501ved and legal title will revert to Flanprop Co. Limited as nomlnee for the charity, The charity a150 jointly own5 a $0.94% share of the property which is used as Rabbi Gordon's residence {with the remaining 49.06% held by Rabbi Gordon and his family interest). This proportion is deemed proportionate to the property's Use for charitable purpose5 and will be the proportion of the sale price of the property recouped at the point Rabbi Gordon ceases hi5 employment or if the property IS otherwise sold. The original cost of the charity's share of the property, included in the accounts in 2010, was £1,250.IXIO. Page 32 continued...
THE NEW LONDON SYNA OGUE Flnan in THEY 031DE 2024 20. RELATED PARTY DISCLOSURES- contlnued Durlng the year a mortga8e loan secured on the above property was advanced to Rabbl Gordon, 3 member of key man3Eement personnel. These funds, amountin8 to £32.tXIO and subject to interest at S% per annum (being the avera8e rate offered in the market). were used to repay the existlng mortgage, no third party mortgage being available due to the joint ownershlp structure. The mort8a8e Is being repaid over a four year period. At the year end, the outstanding balance was £29,300, of which £8.325 is due within one year. Interest of £SCQ was earned during the year. There were no other related party dlsclosures for the year ended 31 December 2024 nor for the year ended 31 December2023. 21. OEfAILS OF RESTRICTED FUNDS Education Fund to provide education for the whole community. includin8 Cheder, L'chaim conversion course5 and adult education. Refugee Drop in Asylum Centre - funds to support the running of a monthly drop-in for destitute asylum seekers. Rabbls, Discretlonary Fund - donated to the Synagogue for the rabbis to disburse at thelr dlscretion. Boiler Fund - donations to provide installation of a new boiler for the syna808ue Security Fund - donations to support work to be carried out on the synagogue's securlty. Hardship Fund- donations to assist those in need. Klbbutz Nir Oz Fund- donations to support the victims of Kibbutz Nir Oz. 22. DEfAIiS OF UNRE5YRICTEO DESIGNATED FUNOS Investment Fund - designated as investments of the synagogue. Buildin8 Fund- the nét book vèlue of the property at 29 Goldhurst Terrace. Page 33 continued...
NEWL NDON YNAG the Fln E YEAR nts- CEMB tinued 2024 ED 23. PERMANENT BUILDING FUND IPERMANENT ENDOWMENn The Permanent Endowment Fund relates to the purchase of the orl8inal synagogue land and bulldin8S and stained glass windows. Pège 34