BETH HAMEDRASH KNESSET YEHEZKEL
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
**BETH HAMEDRASH KNESSET YEHEZKEL**
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
|CONTENTS
Trust information
Trustees’ report
Independent Examiner’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements|Page
1
2 - 5
6
7
8
9
10 -16|
|---|---|
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **TRUST INFORMATION**
|Registered Charity Number|:|299763||
|---|---|---|---|
|Trustees|:|Dean Cohen|(resigned 28thFebruary 2022)|
|||Daniel Tamman|(resigned 28thFebruary 2022)|
|||Anthony Shasha|(resigned 28thFebruary 2022)|
|||Ruben Babaev|(appointed 28thFebruary 2022)|
|||Eliyahu Sellam|(appointed 28thFebruary 2022)|
|||David Tangi|(appointed 28thMarch 2022)|
|||Michael Yattah|(appointed 28thFebruary 2022)|
|Independent Examiner|:|Anthony Epton||
|||Goldwins Limited||
|||Chartered Accountants||
|||75 Maygrove Road||
|||West Hampstead||
|||London NW6 2EG||
|Principal Address|:|185-187 Golders Green|Road|
|||London NW11 9BY||
|Bankers|:|HSBC PLC||
|||897 Finchley Road||
|||London NW11 7NX||
1
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2022**
The trustees present their annual report together with the financial statements of Beth Hamedrash Knesset Yehezkel for the year ended 5 April 2022.
The financial statements have been prepared in accordance with 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 (FRS102- effective 1 January 2015)- (Charities SORP FRS 102) and the Charities Act 2011.
## **Structure, governance and management**
The Governing Document is a constitution dated 11 July 1988 as amended 25 June 2021. The trustees meet regularly to determine the general policy of the charity. The board is kept rather small to allow work being done efficiently.
The Trustees who served the charity during the period were as follows:
Dean Cohen (resigned 28[th] February 2022) Daniel Tamman (resigned 28[th] February 2022) Anthony Shasha (resigned 28[th] February 2022) Ruben Babaev (appointed 28[th] February 2022) Eliyahu Sellam (appointed 28[th] February 2022) David Tangi (appointed 28[th] March 2022) Michael Yattah (appointed 28[th] February 2022)
None of the trustees have any beneficial interest in the charity.
## **Objects and activities for public benefit**
The Beth Hamedrash Knesset Yehezkel is a charity whose purpose is to advance religion in accordance with the orthodox Jewish faith as practised by the Sephardi Jews as laid down in the Shulchan Aruch.
## **Risk Management**
The charity is aware of the major risks to which it is exposed and monitors them with the effect that all such risks are mitigated wherever possible. Such risks are subject to a regular monitoring and wherever possible mitigated. The trustees confirm that they are not aware of any significant factors which may have affected the achievement by the Charity of its objectives and activities
## **Reserves Policy**
The charity maintains a sufficient level of reserves to meet its day-to-day activities and also its expenditure plans for the next six months. As at 5 April 2022 free unrestricted reserves were £14,414 in surplus. There were however £5,782,486 of restricted reserves in relation to the building at 185-187 Golders Green Road, London NW11. Such position shall be reviewed annually.
2
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2022**
## **Cont....**
## **Achievement and performance**
Each year the trustees review the objectives and activities of the Charity to ensure they are consistent. In carrying out this review, the trustees have considered the Charity Commission’s general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for public benefit.
Beth Hamedrash Knesset Yehezkel has continued to offer a varied programme of activities and lectures throughout the year in addition to holding daily services
Our Rav, Rabbi Aaron Bassous has continued his involvement with the Charity and its members, offering tremendous support and guidance in spiritual matters to the community while at the same time ensuring the smooth running of the services and extensively teaching on various subjects such as Parashat haShavua, Mishna, Ein Yaakov, Halacha and Mussar.
Towards the end of the year, the internal dispute was finally resolved and new trustees were appointed.
## **Financial review**
During the year the charity made a net deficit of £136,775 (2021 net deficit of £64,439) resulting in net assets of £5,796,900 (2021 net assets £5,933,675). The principal funding sources of the Charity were voluntary donations and income derived from membership. The decrease income of the Charity for the year ended 5 April 2022 was due to a decrease in voluntary donations gifted towards the ongoing building works to rebuild the Charity’s premises at 185-187 Golders Green Road NW11. As a result of the ongoing internal dispute which was finally resolved towards the end of the year, income levels have also been adversely affected. The Treasurer together with fellow trustees of the Charity review the funding sources on a regular basis to ensure that they are sufficient to cover the running costs of the Charity and service the loan associated with the building works.
3
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2022**
**Cont....**
## **Public benefit**
The principal activities of the charity during the year continued to be to advance religion in accordance with the orthodox Jewish faith as practised by the Sephardi Jews as laid down in the Shulchan Aruch. The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 17 Charities Act 2011. The trustees believe that the charity achieves a public benefit by providing these services as detailed earlier in this report.
## **Investment policy and returns**
The Charity does not hold substantial amount of cash, therefore any excess of cash should, whenever relevant, be placed in interest bearing bank accounts. Should the Charity hold substantial amount of cash in the future, such policy will be reviewed and adapted by the trustees.
## **Plans for the future**
The internal dispute was finally resolved toward the end of the year, which will give the Charity stability which in turn should improve its financial position and enable the Charity to carry on fulfilling its objectives as has been the case for the past thirty five years, and further develop in the new enlarged building.
## **Statement of trustees’ responsibilities**
Charity law requires the Trustees 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 its financial activities for that year together with its assets and liabilities at the end of the year, and adequately distinguish any material special Trust or other restricted fund of the Charity. In preparing those financial statements the Trustees are required to:-
- (a) select suitable accounting policies and then apply them consistently;
- (b) make judgements and estimates that are reasonable and prudent;
- (c) state whether the policies adopted are in accordance with the appropriate SORP on Accounting and Reporting by Charities and the Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements; and
- (d) prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity, and enable them to ensure
4
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2022**
## **Cont....**
that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under the Charities Act. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
Approved by the Board of Trustees on 3[rd] February 2023. and signed on its behalf.
Eliyahu Sellam David Tangi Trustee Trustee
5
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF BETH HAMEDRASH**
## **KNESSET YEHEZKEL**
I report to the trustees on my examination of the accounts of the Beth Hamedrash Knesset Yehezkel for the year ended 5 April 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the Charity’s gross income exceeded £250,000, I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
**Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG**
**Date: 03/02/2023**
6
## **BETH HAMEDRASH KNESSET YEHEZKEL**
**STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## **FOR THE YEAR ENDED 5 APRIL 2022**
||||**Unrestricted**|**Restricted**|**Total**|Total|
|---|---|---|---|---|---|---|
||||**Funds**|**Funds**|**Funds**|Funds|
|||Notes|
**2022**|**2022**|**2022**|2021|
|**Income from:**|||**£**|**£**|**£**|£|
|Donations|||**210,530**|**164,121**|**374,651**|503,638|
||||_______|________|________|_______|
|**Total income**|||**210,530**|**164,121**|**374,651**|503,638|
||||======|=======|=======|=======|
|**Expenditure on:**|||||||
|**Charitable activities**|3||**310,519**|**200,907**|**511,426**|568,077|
||||_______|_______|_______|_______|
|**Total expenditure**|||**310,519**|**200,907**|**511,426**|568,077|
||||======|======|======|======|
|**Net (deficit) for the year**|||**(99,989)**|**(36,786 )**|**(136,775)**|(64,439)|
|Transfers between funds|||**119,389**|**(119,389)**|-|**-**|
||||_______|________|________|_______|
|**Net movement in funds**|||**19,400**|**(156,175)**|**(136,775)**|(64,439)|
|**Reconciliation of funds**|||||||
|Total funds brought forward|||**(4,986)**|**5,938,661**|**5,933,675**|5,998,114|
||||_______|________|________|_______|
|**Total funds carried forward**|11||**14,414**|**5,782,486**|**5,796,900**|5,933,675|
||||======|=======|=======|======|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
7
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **BALANCE SHEET AS AT 5 APRIL 2022**
|
|**2022**
2021
Note
**£**
**£**
£
£
FIXED ASSETS
Tangible assets
6
**8,849,865**
8,955,820
CURRENT ASSETS
Stock
8
**800**
800
Cash at bank and in hand
**74,672**
6,631
________
_______
**75,472**
7,431
CREDITORS:Amounts falling due
within one year
9
**(10,558)**
(10,021)
_______
_______
NET CURRENT ASSETS
**64,914**
(2,590)
________
________
TOTAL ASSETS LESS CURRENT LIABILITIES
**8,914,779**
8,953,330
CREDITORS:Amounts falling due
after one year
10
**(3,117,879)**
(3,019,555)
________
________
TOTAL NET ASSETS
**5,796,900**
5,933,675
=======
=======
FUNDS
Unrestricted
**14,414**
(4,986)
Restricted
11
**5,782,486**
5,938,661
________
________
TOTAL FUNDS
**5,796,900**
5,933,675
=======
=======|
|---|---|
Approved by the Board of Trustees on 3[rd] February 2023 and signed on its behalf by
Eliyahu Sellam David Tangi Trustee Trustee
8
|**BETH HAMEDRASH KNESSET YEHEZKEL**
**STATEMENT CASH FLOWS AS AT 5 APRIL 2022**
**Cash flows from operating activities:**
**Net cash provided by / (used in) operating activities**
**Cash flows from investing activities:**
Sale/ (purchase) of fixed assets
**-**
**Cash provided by / (used in) investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
**Reconciliation of net income /**
**(expenditure) to net cash flow from**
**operating activities**
**Net income / (expenditure) for the reporting period**
(as per the statement of financial activities)
Depreciation
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
**Net cash provided by / (used in) operating activities**
**Analysis of cash and cash equivalents**
**At 6th**
**April**
**2021**
**£**
Cash at bank and in hand
6,631
**Total cash and cash equivalents**
6,631|**2022**
**£**
**68,041**
**68,041**
**68,041**
**6,631**
**74,672**
**2022**
**£**
**(136,775)**
**105,955**
**-**
**98,861 **
**68,041**
**Cash flows**
**£**
**68,041**
**68,041**|(1,111,348)
**Other**
**change**
**s**
**£**
**-**
**-**|2021
£
496,146
(1,111,348)
**(615,202)**
**621,833**
**6,631**
2021
£
(64,439)
184,120
-
376,465
496,146
**At**
**5th April**
**2022**
**£**
**74,672**
**74,672**|
|---|---|---|---|
9
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2022**
The Beth Hamedrash Knesset Yehezkel is a registered Charity number 299763. The aims of the Charity and a description of how they are fulfilled during the year are detailed in other sections of this Annual Report.
## **1 Accounting policies**
## **a) Basis of preparation**
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and the Charities Act 2011.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
## **b) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
## **c) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## **d) Fund accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
10
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2022**
## **1 Accounting policies (continued)**
**e) Expenditure** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
## **f) Depreciation**
Fixtures and Fittings are depreciated at 20% on a straight-line basis and Motor Vehicle is depreciated at 25% on a straight-line basis, which are estimated to write off the assets over their estimated useful life. The freehold properties excluding land are depreciated over a period of 50 years.
## **g) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **h) Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2** . **DETAILED COMPARATIVES**
|
|Unrestricted Restricted
Total
Funds
Funds
Funds
2021
2021
2021
**Income from:**
£
£
£
Donations
305,771
197,867
503,638
Investment income
-
-
**-**
_______
_______
_______
**Total income**
305,771
197,867
503,638
======
======
======
**Expenditure on:**
Charitable activities
294,396
273,681
568,077
_______
_______
_______
**Total expenditure**
294,396
273,681
568,077
======
======
======
**Net income/(expenditure) in the year**
11,375 (75,814)
(64,439)
Transfers between funds
(32,451)
32,451
-
_______
_______
_______
Net movement in funds
(21,076)
(43,363)
(64,439)
**Reconciliation of funds**
Total funds brought forward
16,090 5,982,024
5,998,114
_______ ________
________
Total funds carried forward
(4,986) 5,938,661
5,933,675
====== ======= =======|
|---|---|
11
**BETH HAMEDRASH KNESSET YEHEZKEL**
**NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2022**
## **3 Analysis of expenditure**
|Charitable grants
Wages & pension
Catering costs
Lecturers
Depreciation
Telephone
Motor & travelling
Printing, postage & stationery
Repair & maintenance
Office, cleaning & sundry expenses
Rates & utilities
Bank charges & interest
Management costs
Independent Examiner’s fees
Accountancy fees
Legal & Professional fees
Support costs
Governance costs
**Total expenditure 2022**|**Charitable**
**activities**
**£**
**15,490**
**36,416**
**4,904**
**450**
**105,955**
**-**
**-**
**-**
**-**
**-**
**-**
**86,029**
**-**
**-**
**-**
**-**
**249,244**
**214,705**
**47,477**
**511,426**|**Support**
**costs**
**£**
**-**
**-**
**-**
**-**
**-**
**1,080**
**714**
**-**
**22,460**
**125,171**
**38,875**
-
**26,405**
**-**
**-**
**-**
**214,705**
**(214,705)**
**-**|**Governance**
**costs**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
-
-
**5,400**
**9,330**
**32,747**
**47,477**
**(47,477)**
**-**|**2022**
**£**
**15,490**
**36,416**
**4,904**
**450**
**105,955**
**1,080**
**714**
**-**
**22,460**
**125,171**
**38,875**
**86,029**
**26,405**
**5,400**
**9,330**
**32,747**
**511,426**
**-**
**-**
**511,426**|2021
£
59,168
36,777
2,599
10,262
184,120
1,083
5,631
180
15,249
80,730
33,601
89,561
24,954
11,400
10,170
2,592|
|---|---|---|---|---|---|
||||||568,077|
||||||568,077|
Of the total expenditure of £ 511,426, £310,519 (2021: £294,396) was unrestricted and £200,907 (depreciation, bank charges/interest & professional fees) was restricted (2021: £273,681).
12
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2022**
|
4.|**NET INCOME/(DEFICIT) FOR THE YEAR**|**2022**|2021|
|---|---|---|---|
||This is stated after charging:|£|£|
||Depreciation|**105,955**|184,120|
||Independent Examiner’s fees-|**4,500**|3,250|
|||=====|=====|
## 5. **TAXATION**
The Charity is not liable to tax on its income as it falls within the various exemptions available to registered charities.
## 6. **TANGIBLE ASSETS**
||||Fixtures,||
|---|---|---|---|---|
||Motor|Freehold|Fittings &||
||Vehicles|Property|Equipment|Total|
||£|£|
£|£|
|COST|||||
|At 6 April 2021|16,990|9,328,255|165,350|9,510,595|
|Additions|-|-|-|-|
|Disposal|-|-|-|-|
||_______|________|_______|________|
|At 5 April 2022|**16,990**|**9,328,255**|**165,350**|**9,510,595**|
||======|=======|======|=======|
|DEPRECIATION|||||
|At 6 April 2021|16,990|398,122|139,663|554,775|
|Charge for year|-|98,565|7,390|105,955|
|Disposal|-|-|-|-|
||________|_______|_______|_______|
|At 5 April 2022|**16,990**|**496,687**|**147,053**|**660,730**|
||=====|======|======|======|
|NET BOOK VALUE|||||
|At 5 April 2022|-|**8,831,568**|**18,297**|**8,849,865**|
||=====|========|======|========|
|At 5 April 2021|-|8,930,133|25,687|8,955,820|
||=====|========|======|========|
The value of land not depreciated, included in freehold properties, is £1.8m.
13
**BETH HAMEDRASH KNESSET YEHEZKEL**
**NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2022**
## 7 **. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL**
Staff costs were as follows:
|Salaries and wages
Pension
|**2022**
£
**34,530**
**1,886**
**36,416**|2021
£
35,054
2,598|
|---|---|---|
|||37,653|
One former trustee received remuneration during the year of £26,365 (2021: £26,384).
No employees earned more than £60,000 per annum.
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).
No trustees received any payment or reimbursement of travel and subsistence costs. The key management personnel are the trustees who were not remunerated.
The average number of employees (head count based on number of staff employed) during the year was as follows:
|8.**STOCK**
Picture for resale
=
Charitable activity
Support|**2022**
**2022**
£
**800**
====
**1**
**1**
**2**|2021
1
1|
|---|---|---|
|||2|
|||2021
£
800
====|
14
## **BETH HAMEDRASH KNESSET YEHEZKEL**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2022**
|9.|**CREDITORS: Amounts falling due within one year**|**2022**|2021|
|---|---|---|---|
|||£|£|
||Accruals|**8,240**|6,740|
||Net wages|**2,318**|2,821|
||Taxation and social security|**-**|460|
|||______|
______|
|||**10,558**|10,021|
|||=====|=====|
|10.|**CREDITORS: Amounts falling due after one year**|**2022**|2021|
|||£|£|
||Other Loans|**3,070,085**|2,969,555|
||Government Bounce Back Loan|**47,794**|50,000|
|||_______|
_______|
|||**3,117,879**|3,019,555|
|||=======|======|
Included in other loans is a £2,700,085 loan repayable in 2042 and interest is charged at an annual rate of 2.75% above Unity Trust Bank’s base rate. This loan is secured on 185-187 Golders Green Road, London NW11 9BY.
Included in other loans is an unsecured £250,000 loan repayable in 2025 and interest is charged at an annual rate of 3.75% above the average base lending rate of six high street banks.
## 11. **RESTRICTED FUNDS**
||Balance|||Balance|
|---|---|---|---|---|
||6 April|
||5 April|
||2021|Income Expenditure|Transfers|2022|
||£|£
£|£|
£|
|Building fund|**5,938,661**|**164,121 (200,907)**|**(119,389)**|**5,782,486**|
||=======|======== ======|======|========|
|RESTRICTED FUNDS -PRIOR YEAR|||||
||Balance|||Balance|
||6 April|
||5 April|
||2020|Income Expenditure|Transfers|2021|
||£|£
£|£|
£|
|Building fund|5,982,024|197,867 (273,681)|32,451|5,938,661|
||=======|======== ======|======|========|
The Building Fund is a restricted fund used for the purpose of developing the charity’s freehold property.
15
**BETH HAMEDRASH KNESSET YEHEZKEL**
**NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2022**
## 12. **ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||Unrestricted|Restricted||
|---|---|---|---|
||Funds|Funds|Total|
||£|£|£|
|Tangible assets|-|8,849,865|**8,849,865**|
|Current assets|24,972|50,500|**75,472**|
|Creditors|(10,558)|(3,117,879**)**|**(3,128,437)**|
||_______|________|_______|
||**14,414**|**5,782,486**|**5,796,900**|
||======|=======|=======|
ANALYSIS OF NET ASSETS BETWEEN FUNDS-PRIOR YEAR
||Unrestricted|Restricted||
|---|---|---|---|
||Funds|Funds|Total|
||£|£|£|
|Tangible assets|-|8,955,820|8,955,820|
|Current assets|5,035|2,396|7,431|
|Creditors|(10,021)|(3,019,555)|(3,029,576)|
||_______|________|_______|
||(4,986)|5,938,661|5,933,675|
||======|=======|======|
## 13. **RELATED PARTY TRANSACTIONS**
One of the loans is from a pension scheme where a former trustee is a connected party. The amount outstanding of such unsecured loan at the year end is £250,000.
During the year, the charity received a loan of £120,000 from a company in which one of the trustees is a director.
16