Chaiity number: 1188960 MAKOR HAYIM UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MAKOR HAYIM CONTENTS Page Refgfgncg and administrative delalls of the charlty, Its Trustees and advisers Trusle•s' report Trust•ès' responsibilitles statement Indgpgndent examinerfs rèport Statement ol financlal 4ctlvltle• BalAn¢tr shoet Notes to the financlal 8tatèments 10-17
MAKOR HAYIM REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 310ECEMBER 2024 Trustees Martin Dives. Chair Iresign8d 1 January 20251 Natalie Clingman, Chair (appointed 8 September 20241 Rachel Di8mond-Hunter Samuel Glalman (resigned 25 April 20241 Dr Sta¢y Lee Hackner lappoinled 8 September 2024) Daniel Mackintosh (resigned 7 March 20251 Neil Benjamin Nerva (appointed 13 February 20241 Marco Schneebalg Daniel Wemberg lappoinled 8 September 20241 Charity rogistered numbar 1188960 Prlnclpal office 56 Milverton Road London NW6 7AP A¢countants Nyman Lib50n Paul LLP Chartered Accovniant5 124 Finchley Road London NW3 5JS Page I
MAKOR HAYIM TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial statements of Makor Hawm for the year ended 31 DecembeT 2024, the new year end we have chosen to align with our fees annual calendar. As described in last year's reFK)rt, we continued with the transfer of the aclivibes from Shir Haw'm lo Makor Hawm. Objectlves and activities a. Pollclos and objectives Advancement of Judaism in the north west London area by the provi&on and malntenance of facilities for publlc worship and the provision of classes in Hebr8w and religion. To advance such other charitable purposes as the trusl6es may delemiine and a5 are recognised by the laws of England and Wales. In setting objectives and planning for aclivilies, the Trustees have given due consideration to general guidan¢e published by the Charity Commission relating to public benefit. including the guidance 'Public benefit-. running a charity IPB21 Achlev8ments and pèrformancg Review of actlvltlè• 2024 has been a transitional year in the history of Makor Hayim with significant changes lo our membership, rabbinical team and board of Iruslees. As of 31 D8cembgr 2024, we had a total 01 149 builders and allies 12023: 1651- We continue to be a proudly inlergeneralional synagogue with 41 of OUT builders being under the age of elghl. In thè year we welcomed S new households into the community and celebrated the birth of 8 babies. 19 builders and allies left the community- primarily due to moving out of North Wesl London - and we are sory to see them leave. In 2024, Makor Hawm continued to OTganise prayer services, leaming sessions and olhor events. We hosted In- person hr1d seNices twice a month, and online So1GeS every week. Our monthly intergenerational service has been a gieal success wilh ¢ommunily members of all ages, with small children welcomed and included i ritual life, Our founding rabbi, Daniel Lichman, left the community Sn June to undertakg a pilgrim8ge and pursue a PhD. We were joined by Student Rabbi Yael Tischler in Seplembar who look up a placement al Makor Hayim as part of her fourth year of rabbinical training at Leo Baeck College. She providgs service leadership. guidance on lyadilions, and play3 an active role in our comm*Jnity, including incorporating more intergeneralional ideas and work on disability #CsS and inclvsion, and continues Rabbi Daniol's Work of compassionate and inclusive interp¥etalions of our liturgy. The che5ed Ikindnessl team continue¢J to Teach out to members with regular phone calls of support and visits in person. Our tsedek (i'usticel team continued to seek opportunities for fighting for social justice in our local community. We participated in many local Inlerfailh inilialives through the Bfenl Interfaith Forum, hosted interfaith festivals (Mimovna and Hanukah). and attended a local intertaith Ramadan dinner. In accordance with Charity Commission Trquiremenls and guidelines and our own seleclion criteria, we chose a charity to support in our annual appeals. We are proud to support Sufra, a charity in North West London that prevents hunger. fights poverty, and builds community. We continue lo pay tribute to the founders of Shlr Hayirn more than 30 years ago. These include Mich8el and Gay Teper, Lois George, and the long-serving Rabbi Larry Tabick. all of whom are Builders of Makor Hawm,. and lo the late Pal Foti and the late Roger Robinson, who passed away in 2024. Their vision, hard work, generosity and unwavering commitment lo Community building have left a wonderfu5 legacy that the Builders of Makor Hawm, the successor organisation. continue to appr8ciale and lo build on. Page 2
MAKOR HAYIM TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Al the end of December 2024. our long serving chair, hnartin Dives, stepped down from the board of Makor Hayim. He was a devoted leader of our community with unfailing generosity, commitment and care. His cornmitmenls lo truth, justice. and peace conlinue lo be a source of guidance to the board and the aclivilie5 of the community. We thank Martin and Lorella Dives for their years of service and everything they continue to do for the comm4Jnity. Other ¢h8nges to the b03rd include the appointment of four new Trustees (Daniel Wemberg. Neil Nerva, Stacy Hackner, and Natalie Clingmanl and the resignation of one in the year Isam Glalman) and one in 2025 (Daniel Mackintoshl. The board continues to place a focus on growing Ihe buildership of the community and we have embarked on a largeled growth strategy lo promote our vibrant and diverse services to Ihe wider community. This has included an overhaul of our communications and a new visual idenlily. We are launching an exciting children's educational programme, with community challah baking and childien's services. We are updating our policies. lo rnent our beliefs 8boul access and inclusion in ways that meet the needs of our Progressive, forward- thinking. and radically relation81 community. Flnanclal rgvlew a. Golng concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they ¢ontinue to adopt the goin9 concern basis in preparing the financial slatemenls. b. Reserveg pollcy The charity are seeking to ensure thal going fOard reserves held are equivalent lo al least 8 months operating expenses lo ensure that in the event of any unforeseen circumstances, il has sufficient financial resources lo ontinue. ReseNes held a131 December 2024 were £36,35812023'. £50,143). c. Prlnclpal fundlng Principal 50ur¢es of funds are membeTS fees and donations. d. Rgaults for the year The charity genèrated incoming resources of £100,836 12023= £56,290) and expenses of £114,621 12023.. £15,380) re5ulling in a nel loss of £13,78512023'. nel surplus of £40.9101 for the year. As al the balancè sheèt dalg, the charity held tr)lal unrestricted funds of £36,358 12023.. £50,143). Page 3
MAKOR HAYIM TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 StruGturei governance and management a. Constitutlon Makor Hayim is a charity. consliluted as a Charitable Incorporated Organisation {CIOI, charity number 1188960. b. Mèthods of appolntment or electlon of Trustees The management of the charity is the responsibility of the Trustees who are elected 81 the annual general meeting of members and by appointment by the Injstees during the year. Approved by order of the members of the board of Tru51ees on 21 October 2025 and signed on their behalf by.. Natalio Cllngman (Trusleel Page 4
MAKOR HAYIM STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The TTUSlees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees to prepare financial slalemenls for each financial which give a true and fair view of the stale of affairs of the charity and of ils incoming resources and application of resources, including ils income and expenditure. for that period. In preparing thes6 financial slalemenls, the Tfuslees are required lo: select suitable accounting policies and then apply them consislentty.. observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting estimates thèl are asOnable and prudent: slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial s18lemenls", prepare the financial statements on the going ¢oncem basis unless il is inappropriate lo presume that the charity will conlinuè in business. The Trustees are responsible for keeping adequate Jccounting record5 that are sufficient lo show and explain the charitys Iransactions and disclose with reasonable accuracy at any time the financial position of the chaTIIy and enable them lo ensure that the finanual statements comply wllh the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the Trust deed, They are also responsible for Safeguarding the assets of the charity and hence for takin9 reasonable steps lor the prevention and detection of fraud and other irregularities. Approved by order of the members of the board ol Ttustees on 21 October 2025 and signed on its behalf by-. Natalle Cllngman (Trusleel Page 5
MAKOR HAYIM INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Indepgndent Exarninovs Report to the Trustees of Makor Hayim {Ihe charit) report lo the charity Trustees on My examination of the accounts of the charity for the year ended 31 December 2024. Responsibllities and Basis of Report As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Acl 2011 Ilhe 2011 Acl'l. I report in respèct of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145151{bl of the 2011 Act. Ind8p8ndont Exarnlnèr'i Statement Your attention is drawn to the fact that the charity has prepared the accDunts in accordance with Accounting and Reporting by Chaiilies.. Stslemenl of Recommended Practice applicable lo ch8rilies preparing Ihoir accounts in accordance with the Financial Reports'ng Standard applicable in the UK and Republic ol Ireland IFRS 102} in preference to the Accounting and Reportin9 by Charities.. Sialemenl ol Recommended Practice issued on 1 April 2005 which is relerred lo irs the extant regulatson5 bul has been withdrawn. l understand thal this has been don8 in order for th8 accounts to provide a ITU8 and fair viow in aceordanea with the G8nerally Accepted Accounting Practice effectivo for reporting poriod5 beginning on or after 1 January 2015. I have completed my examination. I confirm Ihal no matters have come lo my attention in conngclion with tha examination giving me cause lo believe that in 8ny material respecl.. accounting recoTd5 werg not kgpl in respect of the charity as required by section 130 of the 2011 Act., or Ihe ac¢ounts do not accord with those records., or the accounls do not comply wih the applicable rèquirements conceming the form and conlent of accounts set out in Ihe Charities IAccounls and Reports) Regulations 2008 olher than any requirgment that the accounts give a 'lrue and lair, view which is not a matter considered as part of an independonl examination. I h8ve no concems and have come across no other mattets in connection with the examination lo which allenlion should bo drawn in this report in order lo enable a proper understsnding of the accounts lo be reached. Page 6
MAKORHAYIM
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed:[� ]
Dated: 28 October 2025
Andrew Thomas (ACA)
Nyman Libson Paul LLP Chartered Accountants 124 Finchley Road London NW3 5JS
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MAKOR HAYIM STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENOED 31 DECEMBER 2024 Total funds 9 months ended 31 Decembei 31 December 31 December 2024 2024 2023 Unrestricted funds Total fvnds Note Income from.. Donations anf1 legacies Investments 100,359 477 100,359 477 56,290 Total Income 100,836 100,836 56,290 Expenditure on.. Charitable activities 114.621 114.821 15.380 Total expendlture 114,621 114,621 15,380 Net movement In funds 113,7851 113,7851 40,910 Reconciliation of funds.. Total funds brought fofward Nel movement in funds 50,143 113,7851 50,143 113,7851 9,233 40.910 Total funds ¢arrlgd forward 36.358 36,358 50.143 The Statement of Financial Activities includes all gain5 and losses recognised in tho y8ar. The notes on pages 10 to 17 lorm part of these financial slalements. Page 8
MAKOR HAYIM BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Currant assets Debtors Cash 81 bank and in hand 3,093 50,011 37,471 19,292 53.104 56,763 Creditors.. amounts falling due wilh5n one year 10 116,746) 16,6201 Ngt curront a$soty 36,358 50,143 Total net assets 36,358 50,143 Charlty fund8 Reslricled funds Unrestricled lunds 11 36.358 50,143 Total funds 36,358 50,143 Tho finan¢lal statements were approved and aulhorised for issue by the Trustees on 21 October 2025 and signed on their behalf by.. Natallg Cllngman (Trusleel Thg note5 on pages 10 10 17 form part of these finanaal statements. Page 9
MAKOR HAYIM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information Makor Hawm is an unincorporated charity registered in England and Wales. The registered office is 56 Milverton Road. London, NW6 7AP. Ac¢ounting policlèa 2.1 Bas18 of preparatlon of Ilnanclal statements The financial statements have been prepared in accordance with the Charrties SORP IFRS 102} - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to ch8rilie$ preparing Iheir accounts in accordance with the Flnancial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial 51alements have been prepared lo give a Irue and fair, view and have departed frorn the Charities IAccoun15 and Reports) Regulations 2008 only lo the extent required to provide a Xrue and fairt view, This departure has involved following the Chariiles SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Stalement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. akor Hayim meets the definition of a public benefll entity Ltnder FRS 102. Ass8ls and Ilabililies are inllially recognised at historical c051 or Ifansaclion value unless otherwise staled In the relevant accounting policy. 2.2 Income All income is re¢ognised once the charity has enlillement to the income. il is probable Ihal the in¢ome will be received and the amount of income re¢elvable Gan be measured reliably. Grants are in¢ludod in the slatemenl of financial activities on a receivable basls. The balance of income received for specific purposes but not expended dvring the period is shown in Ihg relevant Iunds on the balance sheet. Where income is received in advance ol enlillernenl of rec8lPt, its recognition is deferred and included in creditors as deferred inme. Wh8r¢ enlitlgmenl occurs belore income is received, the income is accrue(J. Income tax recoverable in Telalion to donations received under Gift Aid or deeds of covenant is recognised at ttte lime of the donation. 2.3 Expendlture Expenditure is fecognised once there is a legal or conslruclive obligation to transfer economic benefit lo a thlrd p8ty, it is probable that 8 Iransfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lotsl of dired costs 8nd shared costs, ineluding SL5PPOrt costs involved in undertaking each activity. Expenditure on charitable activities is incurred on directly undertaking the activities which fltrther the charills objectives. as well as any associated support Costs. Page 10
MAKOR HAYIM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnued) 2.4 Interg$t recelvable Interest on funds held on deposll is included when receivable and the amount can be measured reliably by the charity., thi5 is normally upon nolificalion of the interest paid or paydble by the inslilution wth whom the funds are deposited. 2.5 Debtors Trade and other debtors are recogni$ed at the settlement amount after any trade discount offered. Prepayments are valued at the amounl prep8id net of any Ir8de discounts due. 2.6 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of a¢quis11ion or opening of the deposit or similar account. 2.7 Llabilitles and PTovl$lon8 Liabilities are recognised when there is an obligation at the balance sheet dale 85 a result ol a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement Gan be estimated reliably. Liabilities are recognised al the amount that the charity anlicipales it will pay lo sollle the debt or th8 amount it has receiveLI as advanced payrnenls for the goods or seNices il musl provide. 2.8 Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised 8t ITansaelion value and subsoquently measured al their settlement value with the exception of bank loan$ which are subsoquently measured at amortised cost using the effectNe interest molhtyj. 2.9 P8nslon8 The charity operal&s a defined contribution pensior¢ scheme and the pension charye represents the amounts payable by the charity to the fund in respect of the year. 2.10 Fund accounting General funds are unrestiicted funds whith are available for use al the discretion of the Tnjslees in futherance of the general objectives of the charity 8nd whith have nol been designated for other purposes. Designated funds comprise unreslricled funds that have been sel aside by the Trvstees for parbcular purposes. The aim and use tsf each designated fund is sel ovl in the notes lo the financial statements. Investment income, g8ins and losses are allocated to the appropriate fund. Page11
MAKOR HAYIM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income Irom donations and legacies Total funds g months ended 31 December 2023 Unreslricled fund$ Total fttnds 31 31 December 2024 December 2024 Donations Grants Other incoming resources 84,814 15,277 268 84,814 15,277 268 46,710 8.830 750 100,359 100.359 56.290 Totsl 2023 56,290 56,290 Invèstmont In¢om• Total funds 9 months ended 31 December 2023 Unrestricted funds Total funds 31 December 2024 31 December 2024 Interest income 477 477 Page 12
MAKOR HAYIM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of èxpenditure by actlvltles Activities undertaken diredly Total funds 9 months ended 31 December 2023 Support ¢osl$ Tota funds 31 December 2024 31 December 2024 31 December 2024 Synagogue operations 88.351 26,270 114,621 15,380 Total 2023 9,352 6,028 15.380 Analys1$ of dlreet costs Activities undertaken directly Total funds 9 months ended 31 December 2023 Total funds 31 December 2024 31 December 2024 Staff costs MRJ Assessment 51,745 2.149 4,433 2,408 4.737 5,859 51,745 2.149 4,433 2,408 4,737 5.8S9 2,343 1.863 226 149 High Holy Day Rabbi expenses General expenses JJBS fees Office equipment expense Staff expenses Rent 491 3,500 13.520 3,500 13.520 380 3,900 88,351 88.351 9.352 Total 2023 9,352 9,352 Page 13
MAKOR HAYIM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expendlture by activities Icontinuedl Analysis of support costs Activities undertaken directly Total funds 9 months ended 31 Decembèr 2023 Total funds 31 December 2024 31 December 2024 Pension provider costs Depreciation Payrnenl provider fees Office & Admin Expenses Beacon fees Insurance Advertising & M8rketing Subscriptions IT Soltware Expenses Audit & A¢¢ounling fees Bank charges Charitable donations 294 100 1.380 7,037 5.278 1.028 294 100 1.380 7,037 5,278 1,028 764 594 437 965 246 267 1.603 8,550 1.603 8.550 1,073 1.680 1,000 1,000 26,270 26,270 6,028 Total 2023 6,028 6,028 Independènt examlnerfj remuneratlon The independent eXamineS remuneration amounts to an independent examiner fee of £1.450 12023 - £1,400). Page 14
MAKOR HAYIM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Staff costs 9 months ended 31 December 2023 31 December 2024 Wages and salaries Social security cost3 Conlrsbulion lo defined contfibulion pension schemes 44,512 1.138 6.389 52,039 The average numb8r of persons employed by the charity during the year was as follow$.' 9 months ended 31 December 2023 No. 31 December 2024 No. Employees No employoe rec6iv•d rgmuneralion amounting to more than £60,000 in either year. Trustees. remtjneratlon and expenses During the year. no Trustees received any r8mvn8r8tion or other benefits12023 - £NILI. During the year ended 31 December 2024, no Trustee expenses havè been incurred (2023 - £NIL). Dobtors 2024 2023 Dug Withln one yoar Amounts owed by group undertakings Prepayments and accnied income 28.641 8,830 3.093 3,093 37,471 Page 15
MAKOR HAYIM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Creditors: Amounts falllng due wlthln one year 2024 2023 Trade creditors Other laxalion and social se¢urity Pensions payable Other creditors Accruals and deferred incom8 1.456 1.306 384 2.130 11.470 77 6,543 16,746 6,620 11. Statement of funds Statement of funds - Currènt year Balance al 31 December 2024 Balance al 1 January 2024 Income Expenditure Unr8Mtrlct8d fund# General Funds - all funds 50,143 100,836 1114,621 } 36,358 ststement of funds . prior year Balance at 31 Docember 2023 B818nce at 1 April 2023 Income Expenditure Unrestrlcted funds General Funds - all funds 9,233 56,290 11 S,380} 50,143 Page 16
MAKOR HAYIM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Analysls of net assets between funds Analysls of net assets between fund$ - current perlod Unrestricted funds 2024 Totsl funds 2024 CurTrnl assets Creditors due within one year 53,104 (16.7461 53.104 116,7461 Total 36,358 36,358 Analysls of nel assBts bgtw•on fund$ . prfor perlod Unreslricled lund5 2023 Total funds 2023 CUrn1 assets Creditors due wilhin one year 56.763 16,620} 56,763 16,6201 Total 50.143 50,143 13. Penslon commltments The charity operates a defined contribution pension seheme. The assets of the scheme are held separately from those of the charity in an independently administered hjnd. The pension cost charge reprèsents contributions payable by the charity lo the fund and amounted to £6.389 12023.. £Nill. £384 12023= £Nill was payable to the fL¢nd at the balance sheet date and has b8en induded in erediloT5. 14. Related party transactions During the year, unrestricted donations of £12,450 12023: £7301 in aggregate were received from the Iruslees. In additson, a donalion of £Nil12023.' £10,000) was received from a close family member of one of the TYuste85. Page 17