2023-12-31-accounts

Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

Charity registration number 1007090

DAR ALHEKMA TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr S Shehabi Mr A Alomran Mr M Mohammad Charity number 1007090 Principal address 45 Chalton Street London NW1 1HY Independent examiner Mohamedkazim S Bhaloo, FCCA 3 Hobbs House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX Bankers The Royal Bank of Scotland Plc Paisley Chief Office 1 Moncrieff Street Paisley PA3 2AW

Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

CONTENTS

	Page
Trustees' report	1 - 3
Independent examiner's report	4
Statement of financial activities	5
Statement of financial position	6
Notes to the financial statements	7 - 16

Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and unaudited financial statements for the year ended 31 December 2023. The legal and administrative information accompanying these financial statements forms a part of this report.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objects are

1. The advancement of Islam in accordance with the tenets of the Muslim Shia Ithna-Ashari Faith.

2. The advancement of education, particularly but not exclusively in relation to Islam and the tenets of Muslim Shia Ithna-Asheri Faith.

3. The relief of poverty and sickness amongst adherents of the Muslim Shia Ithna-Asheri Faith.

4. To further or benefit the residents of London and the surrounding area, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the resident.

The Charity Commission was approached by a member of the press in relation to concerns raised over the application of charitable funds. In response to this, the Charity Commission opened a regulatory case on the matter, which had not yet been closed at the date of authorisation of the financial statements. However, the Charity Commission have communicated to the Trustees that no action is required by either the Charity or the Trustees at this stage. The Trustees consider that all activities undertaken by the Charity are for the purpose of contributing to the achievement of its stated aims and objectives and comply with charity law.

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

When planning the activities for the year, the trustees have considered the Charity Commission's general guidance on public benefit and, in particular, the supplementary guidance on the advancement of religion for the benefit of the public and on charities for the eradication of poverty.

Throughout the year the charity undertook to fulfil its aims through various activities, as follows:

1. Seminars on topical issues such as interfaith, religious and intellectual debates and current affairs. Weekly meetings were also held.

2. Commemoration of the martyrdom of Imam Hussein was held for 10 days in July 2023.

3. Managing the properties which yield the main income of the Trust. The charity has seen an increase in rental income this year.

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

The charity’s principal activity for generating funds continued to be the letting of property. Incoming resources from generated funds has increased on last year as a result of the rising rent trend in London. The charity was able to support many religious activities during the year under review. The trustees are pleased with the financial management and staff support during the year. The results of the charity’s operations are on page 5 to the financial statements.

The Statement of Financial Activities shows how the charity's funds have been applied during the year. The gross receipts of the charity were £123,083 (2022: £109,321). Income was fully expended on the expenditure during the year of £172,452 (2022: £159,969). Total funds carried forward amounted to £3,923,052 (2022 £3,972,421), comprising a general income fund for charitable activities amounting to £2,419,823 (2022: £2,439,266) and a land and buildings revaluation reserve. There was no change to the overall value of the charity's investment properties, which are valued externally on an annual basis. All funds are unrestricted funds.

The assets of the charity are held in the names of the holding trustees. The Trust Deed authorises the trustees to make capital investment in furtherance of the charity's objectives.

Reserves policy

The trustees consider that the charity's reserves are adequate to meet its day to day expenditure and in the event of a shortfall they have access to sufficient resources to meet any deficit. For this reason the trustees do not require a minimum level of reserves to be maintained. The adequacy of the reserves policy is reviewed on a monthly basis.

Investment policy

Under the constitution document, the charity has power to invest funds which are not immediately required for its purpose and which the managing trustees see fit in furtherance of the charity’s objectives.

Major risks

The Trustees recognise that effective risk management is essential in achieving the charity's objectives. Risk management is considered as an integral element of all decision making and identifying appropriate procedures to ensure that risk levels are acceptable in each case. The Trustees believe that it is important to develop and enhance the approach in risk management, to ensure it remains fit for purpose. The charity will formalise the risk management and create a risk register which will be reviewed on regular basis.

Plans for future periods

In addition to the objectives outlined above, the charity has additional objectives over the forthcoming 12 months period:

1. To improve the quality of the services offered to the community. Attendance of the youth is much needed in order to create responsible attitudes towards life and society, and resist extremism.

2. To empower women to enable them to take more interactive part in the Trust’s activities. Throughout the year some activities for women were held.

3. To enhance the management of the investment part of the Trust. To consider managing the properties ourselves in order to improve the yield.

4. To provide financial assistance towards the education and welfare of individuals in need, consistent with the objectives of the charity

Structure, governance and management

The charity is a an unincorporated charity formed under a constitution under a deed dated 26 November 1991 as amended on 15 October 2018 as amended by scheme dated 3 December 2019 as amended by resolution dated 24 January 2020. It has been registered with the Charity Commission under reference 1007090.

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DAR ALHEKMA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees who served during the year were:

Dr S Shehabi Mr A Alomran Mr M Mohammad

Recruitment and appointment of trustees

The process or recruiting a trustee is as follows:

1. The Trustees of the Trust shall number not more than seven and not less than three and unless any trustee ceases to be a Trustee under the provisions following, he shall hold the office of Trustee for his lifetime.

2. The power to appoint new Trustees who shall hold office for life as aforesaid shall be exercisable by the remaining Trustees.

The Trustees' report was approved by the Board of Trustees.

[ Dr S Shehabi Seze.EFASF67692C144F... by:

Trustee

30 October 2024

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DAR ALHEKMA TRUST

I report to the Trustees on my examination of the financial statements of Dar Alhekma Trust (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

• I have completed my examination. I confirm that no 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 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements 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 financial statements to be reached.

Mohamedkazim S Bhaloo, FCCA

3 Hobbs House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX

Dated: 30 October 2024

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

		Unrestricted Unrestricted	Unrestricted Unrestricted
		funds	funds
		2023	2022
	Notes	£	£
Income from:
Donations and legacies	3	12,945	755
Investments	4	110,138	108,566
Total income		123,083	109,321
Expenditure on:
Raising funds	5	37,177	38,813
Charitable activities	6	135,275	121,156
Total resources expended		172,452	159,969
Net gains and losses on investments	11	-	(598,000)
Net expenditure for the year/
Net movement in funds		(49,369)	(648,648)
Fund balances at 1 January 2023		3,972,421	4,621,069
Fund balances at 31 December 2023		3,923,052	3,972,421

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023

			2023			2022
	Notes	£		£	£		£
Fixed assets
Tangible assets	13			1,784,206			1,820,274
Investment properties	14			2,162,000			2,162,000
				3,946,206			3,982,274
Current assets
Debtors	15	7,268			5,150
Cash at bank and in hand		8,383			23,840
		15,651			28,990
Creditors: amounts falling due within
one year	16	(38,805)			(38,843)
Net current liabilities				(23,154)			(9,853)
Total assets less current liabilities				3,923,052			3,972,421
Income funds
Unrestricted funds
General unrestricted funds		2,419,823			2,439,266
Revaluation reserve		1,503,229			1,533,155
				3,923,052			3,972,421
				3,923,052			3,972,421

The financial statements were approved by the Trustees on 30 October 2024

Dr S Shehabi

Trustee

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Dar Alhekma Trust is a is an unincorporated charity registered in England and Wales governed by a trust deed. The Charity is a public benefit entity. The charity's address is 45 Chalton Street, London, NW1 1HY.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the Charities SORP (FRS102) (2019) not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the applicable edition of the Statement of Recommended Practice for charities rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees' continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the charity.

1.4 Income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in accordance with the Charities SORP (FRS102) (2019).

Income from investments is included in the year in which it is receivable.

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Raising funds comprises the costs associated with the management of the investment properties.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 50 years straight line Furniture and equipment 25% per annum reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

The element of depreciation charged on the revalued amount of an asset is transferred to the revaluation reserve at the end of each financial year.

1.7 Investment properties

Investment properties held as fixed assets are included at open market value as at the balance sheet date. Gains and losses on the annual revaluation are taken to the statement of financial activities.

1.8 Financial instruments

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of investment properties and other assets, which are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions about assets and liabilities are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Donations and gifts	12,945	755

Donated goods and services

A reliable estimate of the cost of the time and effort donated by volunteers in assisting the charity is not possible to quantify or value, so has not been included in these accounts.

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Income from investments

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Rental income	109,611	108,062
Other income from investment property	500	500
Interest receivable	27	4
	110,138	108,566

5 Raising funds

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Fundraising and publicity
Support costs	37,177	38,813
	37,177	38,813

Fundraising Support costs comprises those support costs relating to the Charity's investment properties.

6 Charitable activities

Religious and cultural activities Grants to support needy individuals Share of support costs (see note 10) Share of governance costs (see note 10)	2023 £ 33,849 - 98,186 3,240 135,275	2022 £ 22,250 550 95,236 3,120
		121,156

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DAR ALHEKMA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

7 Employees

The average monthly number of employees during the year was:

	The average monthly number of employees during the year was:
		2023	2022
		Number	Number
		2	2
	Employment costs	2023	2022
		£	£
	Wages and salaries	32,743	25,615
	Staff pension costs	540	394
		33,283	26,009
	There were no employees whose annual remuneration was £60,000 or more.
	There were no employees whose annual remuneration was more than £60,000.
8	Net movement in funds	2023	2022
		£	£
	The net movement in funds is stated after charging/(crediting):
	Depreciation of owned tangible fixed assets	36,068	36,093

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

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DAR ALHEKMA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

10 Support costs

Staff costs Depreciation Light & heat Cleaning IT expenses Repairs Insurance Rates Sundry expenses Telephone Professional fees Independent examination fee Analysed between Fundraising Charitable activities	Support costs Governance costs £ £ 33,283 - 36,068 - 27,537 - 7,200 - 772 - 8,649 - 2,812 - 15,621 - 1,869 - 1,552 - - - - 3,240 135,363 3,240 37,177 - 98,186 3,240 135,363 3,240	2023Support costs Governance costs £ £ £ 33,283 26,009 - 36,068 36,093 - 27,537 15,530 - 7,200 7,200 - 772 10,680 - 8,649 14,398 - 2,812 3,108 - 15,621 14,570 - 1,869 2,436 - 1,552 1,337 - - 2,688 - 3,240 - 3,120 138,603 134,049 3,120 37,177 38,813 - 101,426 95,236 3,120 138,603 134,049 3,120	2022 Basis of allocation £ 26,009 Directly attributable 36,093 Directly attributable 15,530 Directly attributable 7,200 Directly attributable 10,680 Directly attributable 14,398 Directly attributable 3,108 Directly attributable 14,570 Directly attributable 2,436 Directly attributable 1,337 Directly attributable 2,688 Directly attributable 3,120 Governance 137,169 38,813 98,356 137,169

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

11 Gains and losses on investments

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
Gains/(losses) arising on:	£	£
Revaluation of investment properties	-	(598,000)

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Cost or valuation At 1 January 2023 At 31 December 2023 Depreciation and impairment At 1 January 2023 Depreciation charged in the year At 31 December 2023 Carrying amount At 31 December 2023 At 31 December 2022	Land and buildings Furniture and equipment £ £ 2,000,000 33,243 2,000,000 33,243 180,000 32,969 36,000 68 216,000 33,037 1,784,000 206 1,820,000 274	Total £ 2,033,243
		2,033,243
		212,969 36,068
		249,037
		1,784,206
		1,820,274

Land and buildings with a depreciated historic cost of £337,462 were revalued on 25 June 2018 by SN Estates, independent valuers not connected with the charity on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

At 31 December 2023, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £280,771 (2022: £286,845). The revaluation surplus is disclosed in note 15 to the financial statements.

14 Investment property

Investment property
	2023
	£
Cost and fair value
At 1 January 2023 and 31 December 2023	2,162,000

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

14 Investment property

(Continued)

Investment property comprises 32 Bucklebury, Stanhope Street, London and 57 Chalton Street, London. The fair value of the investment property as at 31 December 2023 has been determined from an inspection and market appraisal made by an independent external valuer. The valuation was made on an open market value basis and was determined with reference to local housing market knowledge and property market sales prices.

15 Debtors Amounts falling due within one year: Prepayments and accrued income 16 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Other creditors Accruals and deferred income 17 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes	2023 £ 7,268 2023 £ 3,256 2,120 23,216 10,213 38,805 2023 £ 540	2022 £ 5,150
		2022 £ 3,614 - 22,496 12,733
		38,843
		2022 £ 394

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

18 Unrestricted funds

Balance at 1 January 2022 £ General fund 3,057,988 Land and buildings revaluation reserve 1,563,081 4,621,069	Incoming resources £ 109,321 - 109,321	Movement in funds Resources expended Transfers £ £ (159,969) 29,926 - (29,926) (159,969) -	Gains and losses Balance at 1 January 2023 £ £ (598,000) 2,439,266 - 1,533,155 (598,000) 3,972,421	Movement in funds Incoming resources Resources expended Transfers Balance at 31 December 2023 £ £ £ £ 123,083 (172,629) 29,926 2,419,646 - - (29,926) 1,503,229 123,083 (172,629) - 3,922,875	Movement in funds Incoming resources Resources expended Transfers Balance at 31 December 2023 £ £ £ £ 123,083 (172,629) 29,926 2,419,646 - - (29,926) 1,503,229 123,083 (172,629) - 3,922,875
					3,922,875

Purpose of unrestricted funds:

General funds are funds which can be used in accordance with the charitable objectives at the discretion of the trustees and management committee.

The land and buildings revaluation reserve is an unrestricted fund relating to the revaluation surplus on revaluation of property classified as tangible fixed assets. The element of depreciation charged each year on the revalued amount of an asset is transferred to the revaluation reserve at the end of the financial year.

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Docusign Envelope ID: C7A33676-31AC-443B-AB79-45050689C3AF

DAR ALHEKMA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Related party transactions

There were no related party transactions during the year (2022- none).

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