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2023-12-31-accounts

Charity registration number 1098114

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

SRI LANKA ISLAMIC (UK) ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr M Malhar Mr A Wahab Mr G Hameed Mr A M Hilmy Mr M H Annis Mrs S Nalimdeen-Ryan

Charity number 1098114 Independent examiner Reddy Siddiqui LLP 183-189 The Vale Acton London United Kingdom W3 7RW

SRI LANKA ISLAMIC (UK) ASSOCIATION

CONTENTS

Page
Trustees report 1 - 4
Statement of trustees responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 17

SRI LANKA ISLAMIC (UK) ASSOCIATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

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 document, 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 was set up to promote, protect, preserve and enhance religious, charitable, social, cultural, sports and educational activities to the benefit of the community, in line with Islamic and Sri Lankan cultural values and in association and co-operation with other organisations where relevant.

The charity's objects are:

Public benefit

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. It is the trustee's opinion that the operation of the charity in its present form is for the public benefit under the principles set out in the Charity Commission guidance.

Public benefit

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

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

Activities

The charity has restricted funds of £20,027 made up of funds held for charitable projects:

Restricted Funds Balance at 31/12/
203
Milad Fund £179
Walk for Syria £921
School Building fund £18,927
Total restricted funds £20,027

The policies adopted in furtherance of these objects are to organise religious activities, talks and fundraising events to raise awareness of the religious practices of Muslims and their social responsibilities towards those less fortunate in the UK and abroad; and to receive micro-project proposal applications for funding from various non-profit organisations abroad to relieve poverty or provide humanitarian aid or uplift poor communities. The trustees review these micro-project proposals and ensure that they are in accordance with the Charity's objectives before approving them and there has been no change in these during the year.

Achievements and performance

Significant activities and achievements against objectives

Payments (not including bank charges) were made to the following 3 local non-profit partners in Sri Lanka to carry out the distributions:

Abu Huraira Arabic college £418

Lanka Unite Charity £2070

Qurbani £3640

In July 2023, the charity partnered with Al Ihsan Trust (a UK registered charity with operations in Sri Lanka) to provide members with a Qurbani service, which raised £3,640 to feed the poor and needy in Trincomalee /Putlam Colombo, as part of the religious festival of Hajj. The charity organised a virtual Eid ul Adha celebration on Zoom for members.

In October 2023, the charity conducted a Milad Nabi celebration at Clairmont school hall in Kenton, funded by members and sponsors.

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at £10,000 in line with previous years, a level equivalent to between three- and six-months’ expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The primary source of funding is from annual membership fees, donations from members and well-wishers participating at the various events. In 2023, the charity received £1,956 (2022: £3,066) in membership subscriptions.

The charity owns the freehold of a 4-floor commercial investment property on Hanwell, W7, that is mortgage-free. It receives £50 per year ground rent from the owners of the 1st floor split-level maisonette and £15,000 rental income for the year from the ground-floor and basement shop’s tenants. The charity receives by way of additional rent, the reimbursement of the annual building insurance premium split between the leasehold flat and the shop tenants. A new lease was signed with the tenants of the shop at the end of 2021 to replace the Tenancy at Will under which they were in occupation of the premises since 12th February 2020. A deposit of £7,500 is due to the shop tenant at the end of their tenancy. There were costs incurred for repairs and renewals to the shop of £16,008 during 2022.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The charity was formally established in March 1973 and registered as a charity with the Charity Commission with effect from 20 June 2003 with amendments made on 28th March 2004, 19th June 2004, 26th March 2006, 25th May 2019, 4th July 2021 and 27 March 2022.

The trustees are responsible for the administration and investment policy of the charity. Trustees are appointed and ratified by the members at the AGM and serve until the next AGM. During their term of office, the Board of Trustees can fill any vacant trustee positions and can remove Trustees, and consists of 6 Office Bearers and 5 Committee Members.

Induction training is given to the trustees on appointment. New trustee would also receive training from an existing trustee about the charity and their responsibilities as a trustee and would receive a copy of the Charity Commission's guide for new trustee. Ongoing training is provided as required.

Annual General Meetings are usually held in the months of March or April each year to receive the General Secretary's report, Treasurer's Annual Accounts and to elect Committee Members (Trustees) for the forthcoming year, who must be proposed and seconded by fully paid-up members of the Charity.

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

The trustees who served during the year and up to the date of signature of the financial statements were: Mr M Malhar

Mr A M Saleem (Resigned 12 March 2023) Mr A Wahab Mr G Hameed Mr A M Hilmy Mrs M Ossman (Resigned 12 March 2023) Mr M H Annis Ms A Ibrahim (Resigned 12 March 2023) Mrs F S Nizar (Resigned 12 March 2023) Mr R Sadiq (Resigned 12 March 2023) Mrs S Nalimdeen-Ryan

Recruitment and appointment of trustees Office Bearers:

Mr. G Hameed - President (Appointed 12 March.2023)

Mr. K Malhar - Secretary (Appointed 12 March 2023)

Mr. M. F. Mohideen – Treasurer (Appointed12 March 2023)

Mrs. S Nalimdeen – Assistant Treasurer (Appointed 12 March 2023)

Mr. H Ossman – Vice President (Appointed 12 March 2023)

Committe Members:

Mrs. A Hassen - Committee Member (Appointed 12 March 2023)

Mr. A. H. Wahab - Committee Member (Appointed 12 March 2023)

Mr. A Hilmy - Committee Member/ Building Chair (Appointed 12 March 2023)

Mr. N Annis - Committee Member/ Religious Chair (Appointed 12 March 2023)

The trustees report was approved by the Board of Trustees.

.............................. Mr G Hameed Trustee

Date: .............................................

SRI LANKA ISLAMIC (UK) ASSOCIATION

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees 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 Practice).

The law applicable to charities in England and Wales 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 the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SRI LANKA ISLAMIC (UK) ASSOCIATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SRI LANKA ISLAMIC (UK) ASSOCIATION

I report to the trustees on my examination of the financial statements of Sri Lanka Islamic (UK) Association (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

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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:

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.

Reddy Siddiqui LLP

183-189 The Vale Acton London W3 7RW United Kingdom

Dated: .........................

SRI LANKA ISLAMIC (UK) ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
5,619
4,322
Investments
4
15,671
-
Other income
5
-
-
Total income
21,290
4,322
Expenditure on:
Raising funds
6
372
-
Charitable activities
7
8,716
6,641
Other expenditure
11
57
-
Total expenditure
9,145
6,641
Net income/(expenditure)
12,145
(2,319)
Transfers between
funds
2,326
(2,326)
Net movement in
funds
8
14,471
(4,645)
Reconciliation of funds:
Fund balances at 1 January
2023
320,928
24,672
Fund balances at 31
December 2023
335,399
20,027		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
9,941
32,888
7,313
15,671
16,747
-
-
3,925
-
25,612
53,560
7,313
372
213
-
15,357
59,981
12,173
57
(543)
-
15,786
59,651
12,173
9,826
(6,091)
(4,860)
-
(2,776)
2,776
9,826
(8,867)
(2,084)
345,600
329,795
26,756
355,426
320,928
24,672		 Total
2022
£
40,201
16,747
3,925
60,873
213
72,154
(543)
71,824
(10,951)
-
(10,951)
356,551
345,600

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

SRI LANKA ISLAMIC (UK) ASSOCIATION

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
13
Investment property
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets excluding pension liability
Net assets
The funds of the charity
Restricted income funds
18
Unrestricted funds		 2023
£
442
139,152
139,594
(2,175)		 £
507
225,000
225,507
137,419
362,926
(7,500)
355,426
355,426
20,027
335,399
355,426		 2022
£
442
129,237
129,679
(2,175)		 £
596
225,000
225,596
127,504
353,100
(7,500)
345,600
345,600
24,672
320,928
345,600

The financial statements were approved by the trustees on .........................

.............................. Mr G Hameed Trustee

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

1 Accounting policies

Charity information

Sri Lanka Islamic (UK) Association is a Charity registered in England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity' Constitution, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 SORP for charities not to prepare a Statement of Cash Flows.

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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, 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 financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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.

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer 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 total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Development costs

Over 3 years on cost

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:

Fixtures and fittings 15% on reducing balance Books 15% on 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 the statement of financial activities.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

1 Accounting policies

(Continued)

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.

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.

1.11 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.

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 assets and liabilities that 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 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.

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
-
4,322
Events and Religious
celebrations
3,662
-
Membership fees
1,957
-
5,619
4,322
Donations and gifts
Qurbani
-
3,630
Merci Lanka
-
-
Sri Lanka Unites
-
-
Abu Hurrairah Arabic
College
-
-
Milad
-
692
Other
-
-
-
4,322		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
4,322
1,409
7,313
3,662
28,412
-
1,957
3,067
-
9,941
32,888
7,313
3,630
-
2,498
-
-
2,327
-
-
2,070
-
-
418
692
-
-
-
1,409
-
4,322
1,409
7,313		 Total
2022
£
8,722
28,412
3,067
40,201
2,498
2,327
2,070
418
-
1,409
8,722

4 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Rental income 15,000 15,000
Insurance and ground rent receivable 671 1,747
15,671 16,747

5 Other income

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Advertising income - 3,925

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

6 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Computer costs 372 213
7 Charitable activities
2023 2022
£ £
Depreciation and impairment 89 615
Qurbani
3,640 760
Merci Lanka - 5,000
Covid Relief
- 3,529
Education
- 4,573
Easter Sunday Fund - 4,189
Sri Lanka Unites
2,070 -
Abu Hurairah Arabic College 418 -
Milad 513 -
Events and Religious celebrations 5,926 27,215
Charitable donations - 15,392
12,656 52,144
Premises costs and bank charges 1,579 18,888
Accountancy and legal costs 1,122 1,122
15,357 72,154
Analysis by fund
Unrestricted funds 8,716 38,366
Restricted funds 6,641 -
15,357 72,154

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

8 Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets 89 105
Amortisation of intangible assets - 510

9 Trustees

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

10 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -
There were no employees whose annual remuneration was more than £60,000.

11 Other

Unrestricted Unrestricted
funds funds
2023 2022
Telephone
57 57
Financing costs - (600)
57 (543)

Costs of £600 for website development was accrued in 2019. This is no longer expected to be paid and the accrued expense was reversed during the previous year.

12 Taxation

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

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

13
Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 January 2023
6,195
At 31 December 2023
6,195
Depreciation and impairment
At 1 January 2023
5,612
Depreciation charged in the year
87
At 31 December 2023
5,699
Carrying amount
At 31 December 2023
496
At 31 December 2022
583
14
Investment property
Fair value
At 1 January 2023 and 31 December 2023
Freehold
15
Debtors
Amounts falling due within one year:
Other debtors
16
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 Books
£
1,036
1,036
1,023
2
1,025
11
13
2023
£
225,000
2023
£
442
2023
£
1,053
1,122
2,175		 Total
£
7,231
7,231
6,635
89
6,724
507
596
2023
£
225,000
2022
£
225,000
2022
£
442
2022
£
1,053
1,122
2,175

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

17 Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 7,500 7,500

Creditors due after one year relates to the deposit of £7,500 that is due to the shop tenant at the end of their tenancy.

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Previous year:
At 1		 January
2023
Incoming
resources
Resources
expended
Transfers
At 31
December
2023
£
£
£
£
£
24,672
4,322
(6,641)
(2,326)
20,027
January
2022
Incoming
resources
Resources
expended
Transfers
At 31
December
2022
£
£
£
£
£
26,756
7,313
(12,173)
2,776
24,672

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds		 January
2023
Incoming
resources
Resources
expended
Transfers
At 31
December
2023
£
£
£
£
£
320,928
21,290
(9,145)
2,326
335,399
January
2022
Incoming
resources
Resources
expended
Transfers
At 31
December
2022
£
£
£
£
£
329,795
53,560
(59,651)
(2,776)
320,928

SRI LANKA ISLAMIC (UK) ASSOCIATION

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

20 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 December 2023:
Tangible assets
507
-
Investment properties
225,000
-
Current assets/(liabilities)
117,392
20,027
Long term liabilities
(7,500)
-
335,399
20,027
Unrestricted
Restricted
funds
funds
2022
2022
£
£
At 31 December 2022:
Tangible assets
596
-
Investment properties
225,000
-
Current assets/(liabilities)
102,832
24,672
Long term liabilities
(7,500)
-
320,928
24,672		 Total
2023
£
507
225,000
137,419
(7,500)
355,426
Total
2022
£
596
225,000
127,504
(7,500)
345,600

21 Related party transactions

The Charity carries out some of its projects in Sri Lanka through collaboration with Laila Umma Deen Foundation And Al Ihsan Trust Sri Lanka. Mr Nissther Annis, a trustee of the Charity, is also a trustee in these charities.