The founder of the National Jewish Assembly has insisted the body is financially sustainable despite recording a deficit of more than £93,000 in its first year of operation.

Former Board of Deputies senior vice-president Gary Mond (inset) launched the NJA last year with the stated aims of advocating for Israel, fighting antisemitism and defending Jewish life in the UK.

In its first year, the company made a loss of £93,251, according to its accounts. Mond, its sole director, said the NJA was “perfectly solvent” and “has the finances to continue for the foreseeable future”.

“Our monies are spent purely on staff salaries and event organisation,” Mond said. “I always knew that if it was going to work, it would take money.”

Mond established the NJA after quitting the Board of Deputies when it announced an investigation into historic comments he had posted about Islam on social media.

At the time, he accused the Board of “cancelling” his views. The Board’s president Marie van der Zyl said officers “greatly regret the circumstances which have led to Gary’s resignation”.