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2021-06-30-accounts

Islamic Education Research Academy

Annual Report and Financial Statement For the year ended 31 June 2021

CONTENTS

CONTENTS
Trustees Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6
Message From Our CEO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10
Objectives & Activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Public Beneft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
14
Our Vision and Strategy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
16
Achievements and Performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
20
Our Outreach Specialists. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
22
Education. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Dawah on Six Continents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
24
Online Dawah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
26
Dawah Materials, Books and Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
31
Media and Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
33
Financial Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
Independant Auditors Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I, a•W

Annual Report 2020-2021

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021

Trustees

Saqib J Sattar, Trustee Anthony W Green, Trustee Edward S Cracknell, Trustee Kamran I Hussain, Trustee

Registered Office

Suite 321 Crown House North Circular Road London NW10 7PN

06941044 Company Registered Number: 1134566 Charity Registered Number: Anthony W G Green Chief Executive Officer:

Independent Auditors

Amex Associates Limited 1st Floor, 144-146 East Barnet Road Barnet London EN4 8RD

Bankers

National Westminster Bank Plc 1 Abbey Rd Park Royal London NW10 7YQ

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Trustees

Report june 2021

The Trustees present their annual report together with the audited financial statements of the Charity from 1 July 2020 to 30 June 2021. The Trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP) 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) as amended by Update Bulletin 1 (effective 1 January 2015). Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 is not required.

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Outreach Specialists 61 to 192 grew from to 6,600 14,741 Shahadas grew from to 5,116 13,329 New Muslims Supported grew from Online[to] Chats[16,000] grew from 104,000

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Message From Our CEO

Who is better in speech than one who calls to God and does good, righteous deeds, and says: ‘Surely I am of the Muslims (wholly submitted to Him)?’

Anthony Green - Chairman and Acting CEO

This year has seen a continued series of challenges due to various actions taken by governments across the world in response to the pandemic. However, iERA continued to provide a sound education for all about Islam as a means for more people to explore and embrace the religion, as well as foster increased understanding and co-operation between all peoples. Continued lockdowns and restrictions of movement have, of course, affected our efforts since our outreach, dawah,

and new Muslim support work had previously been focused on face-to-face, frontline and street-level activities. These restrictions have also affected our media and fundraising teams, who have found it challenging to deliver the powerful content messaging of previous years. In line with our ‘never say die’ attitude, we have found workarounds and developed innovative approaches so that this noble work can not only continue but thrive.

Under the stewardship of the Senior Management Team acting collectively as the CEO, the results over the past year have improved exponentially:

A quick look at the numbers above also shows the great care and attention we continue to give to new Muslim retention and education, which is both time- and resource-intensive but essential to fulfilling the true spirit of our objectives and maximising the outcomes of the generous contributions of our donors. May Allah reward them all abundantly. The annual report gives a breakdown of some of the numbers above and provides a deeper insight into other dimensions of our work that are not always reflected in raw data.

We continue to grow and develop this noble effort, and we pray that this report inspires and motivates you and encourages others to lend their support to this work. Jazakhallah Khair.

May Allah reward you all with goodness!

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Objectives & Activities

The objectives of the Charity are set out in the Articles of Association and are summarised below:

Public Benefit

The trustees recognise their obligation under Section 4 of the Charities Act 2011 to follow the Charity Commission’s general and relevant sub-sector instructions on public benefit. Activi- All activities undertaken by the Charity are for the public benefit. With a focus on providing education, the Charity’s operation is geared to providing educational benefit for the wider Non-Muslim, Muslim and new Muslim communities as is highlighted by ties the activities reported herein.

The work of iERA is in accordance with our charitable objective of the advancement of the Islamic Religion. We have carried this out by empowering Muslims to feel confident in sharing the message of Islam, educating non-Muslims on the tenets of the Islamic faith and educating new Muslims about the teachings of Islam. This has led to many people pondering the true teachings and meaning of Islam or embracing Islam as a way of life which has led them to develop themselves, and their communities.

Furthermore, we have advanced the education of the public in the ways of Islam through various means including talks, lectures, workshops, exhibitions and outreach activities. This is a service for the wider community and it serves to educate, inform and empower the general public by giving them a better appreciation of Islam in various communities across the globe. This has helped reduce the alienation of people in many communities across the globe and led to increased community understanding.

With its new Muslim support iERA works to provide people with the opportunity for spiritual development and a well-grounded comprehension of the basics of Islam based on the authentic teachings and traditions. This provides a foundation for them to feel empowered to continue to learn and develop their understanding of the true Islam, without leaving them vulnerable to misinterpretations. The core of the educational philosophy is to share with new Muslims a sense of moral responsibility and ethical values as well as upright citizenship in wider society.

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‘Be a community that calls for what is good, urges what is right, and forbids what is wrong: those who do this are the successful ones.’ [The Qur’an, Chapter 3, Verse 104]

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Our Vision and Strategy

Our objectives are to invite those who are not yet Muslim to Islam with wisdom and beautiful admonition and to discuss our religion with people in the best way.

Our goal is to empower, develop and support individuals who share this vision. We also aim to build teams and develop organisations that will nurture positive and productive relationships within wider communities.

Our focus on individuals involves but is not limited to

Recruitment

Hiring outreach specialists who will compassionately and intelligently share Islam across the globe

Empowerment

Supporting Muslims to become more confident in sharing Islam by providing speakers, tools, publications and campaigns.

Education

Educating Muslims on how to convey and share Islam compassionately and intelligently.

Engagement

Rolling out campaigns, delivering lectures and directly engaging with the public.

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Achievements and Performance

Our 192 outreach specialists have shared Islam in 38 countries across six continents.

Our dawah trips include

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Our Outreach Specialists

Who is better in speech than one who calls to God and does good, righteous deeds, and says: ‘Surely I am of the Muslims (wholly submitted to Him)?’

A breakdown of the outreach specialist role includes the following:

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Education

A primary focus for the education department this year was to continue realigning all our work to direct Dawah.

COURSES

Dawah Training Course and New Muslim Mentoring Course Revision.

Our flagship course, Dawah Training and our New Muslim mentoring course were reviewed and updated. The courses were filmed with Shaykh Green and uploaded to our online education portal.

Over 4,500 people have registered and are completing the course Dawah Training, and just under 400 are taking the New Muslim mentoring course.

Step-by-Step Online Course

We completed a full update of our 13-week Step-by-Step course. The course is designed to provide new Muslims with the foundations of Islam.

Two versions of the course have been created: a mentor version for mentors to deliver in their locality and an online version recorded specifically for new Muslims to go through on their own. Over 1,100 people have registered and are completing the online course

Training and Development

We have updated our train-the-trainer courses for our outreach specialists. To ensure a high standard of delivery, we assess the outreach specialists on their knowledge of the course contents and their teaching abilities.

We have had 67 outreach specialists worldwide attending the dawah training train-the-trainer course, and 53 attended the New Muslim Mentorship Training course.

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Thursday Night LIVE with Shaykh Green

As iERA continues to grow across the world, each of our outreach specialists and teams brings with them a wealth of knowledge, experience and expertise. To make the most of this, we have begun holding a weekly online meeting with outreach specialists across the globe, where they can meet, learn and share best practice.

A specific theme is chosen for a month and discussed during the weekly sessions, such as ‘dawah publications’, ‘leadership’ and ‘being steadfast in dawah’. On average, over 90 outreach specialists attend our end of the month best practice meetings.

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Internal Feedback on One Reason Publications

Another way we are improving our outreach work with the help of our specialists is by asking for their feedback on our publications. We created a survey to assess whether our outreach specialists and dawah leaders feel our current publications are effective - both in the content and in the medium we should use for their particular context. The main findings of the survey had a positive response to the current publications and that we should also diversify how we convey our message through the use of TV, booklets and leaflets. We are now in the process of creating this type of content.

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DAWAH ON SIX CONTINENTS )r 19

Oceania

In Oceania, 279 people accepted Islam during 669 outdoor activities, and many more accepted Islam via our Oceania online dawah team.

In New Zealand, we increased the number of teams outside of Auckland, offering outreach support in other regions of the country as well as starting to share Islam with the native Maori groups. In Australia, we focused our efforts on offering dawah training to Muslim students both offline and online.

In Fiji and Papua New Guinea, we focused on sharing Islam within villages. We printed over 80,000 dawah materials to support the growth of volunteer teams.

Africa

Africa saw the most significant growth in activities. The number of outreach specialists in the continent grew by over 570% to 114. This enabled us to conduct 1,138 activities in which 5,999 people accepted Islam. Outreach specialists spent almost a month with 5,693 of them.

The new community received daily classes on the basics of our religion. Additionally, outreach specialists supplied Islamic clothing and shared meals with them. We also launched two online dawah teams in Africa, one in English and one in Swahili, and printed over 90,000 dawah materials.

In Uganda, we conducted a recruiting trip seeking outreach specialists to help kick start activities and outreach services there. In such a vast and diverse continent, we conducted various activities, from dawah training at universities to tour guide training, so that outreach specialists can share Islam intelligently and compassionately.

The most successful activities have been sharing Islam in villages and staying with new Muslims for a few weeks to help them develop as strong Muslims. In countries like South Africa, our outreach specialists have built a strong online presence and large proactive volunteer dawah teams who share Islam around the country.

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Asia

We held activities in Bahrain, Malaysia, Japan and the Philippines, where 5,246 people accepted Islam with us last year.

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Latin America

Latin American countries spent most of the time in lockdown last year. This opened the door to new online opportunities. Outreach specialists and volunteers from 12 countries in Latin America had over 22,000 online conversations in Spanish with non-Muslims, sharing the prophetic message and leading to 661 individuals accepting Islam via our chat service.

Dawah training was delivered online to over 3,000 Spanish speakers, and iERA Spanish social media grew quickly across the leading social media channels. We also designed new, high-quality dawah materials. We printed over 370,000 dawah materials, including the recently launched ‘iERA Spanish Quran’.

When lockdowns would briefly end, we took those opportunities to launch ‘The Quran’ campaign, printing tens of thousands of iERA translations in countries like Mexico and Bolivia. We also built a mosque for a new Muslim community in the Peruvian Amazon. We had 1,408 dawah activities in the region.

Finally, our teams in Mexico and other countries expanded new Muslim support. We started preparing the new Brazil dawah centre in São Paulo, opening in the second half of 2021. Over 1,000 people in Latin America accepted Islam, and we began supporting over 4,000 new Muslims during this period

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North America

In North America, 57 people accepted Islam with us. We launched an online One Reason Chat team during the lockdown and released a series of YouTube videos. There was also a significant effort to recruit volunteers. We trained over 100 people with the intention of launching outdoor dawah teams. This led to 22 volunteer dawah teams sharing the prophetic message in the region.

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Central Europe and Balkans

The EU team has two outreach specialists in Central Europe (Austria, Germany, Switzerland, the Netherlands, Czech Republic) and the Balkans (Slovenia, Croatia, Bosnia, Montenegro, Serbia) with dawah projects established and New Muslim support. The team held 74 talks, lectures and Dawah training sessions both online and offline. In the Balkans, most lectures and talks focused on Orthodox Christianity and atheism as motivation for giving dawah. There were also 129 live streams, videos and online dawah activities in the regions.

Between lockdowns and within government guidelines for each country, 69 outreach activities were conducted over the year. Nine translation projects were completed in the German, Czech and Bosnian languages. Our new Muslim support provides continuous support for new Muslims throughout the year by trained mentors. This gives new Muslims the tools to practice Islam autonomously and independently. In addition, the 8-week educational Step-by-Step webinar, which was offered once a year, is now offered every quarter. New Muslims can join and benefit at any time.

The EU team facilitated 363 new Muslim activities.

Shahadas

iERA’s activities in Central Europe and the Balkans inspired 120 shahadahs. The converts were subsequently integrated into the new Muslim mentoring programme and are being mentored with educational support.

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The UK and Ireland

The UK team currently comprises two outreach specialists and a One Reason Ireland team to work on projects throughout the UK and Ireland. The outreach specialists educate people about dawah and motivate and empower them to give dawah by delivering talks, seminars, lectures, workshops and exhibitions. In addition, they give training courses in the beginner level conversation framework, GORAP, which stands for God’s Existence, Oneness, Revelation, And Prophethood. We delivered 506 activities in the UK and Ireland over this financial period.

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online dawah

Our Online Dawah Project on One Reason chat was initiated in April 2020 due to the emergence of COVID-19. It has now grown and allowed iERA to share the beautiful message of Islam (online or through social media platforms including Facebook and

From July 2020 to June 2021, the following growth has taken place:

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1000 Online Sahada

100,000 Online Dawah Engagements

10 Chat Teams

100+ Chat Agents

6 Content Language Available

35 Countries Message of Islam spread

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Dawah Materials, Books and Distribution

We distributed over 420,000 of our dawah materials to over 40 countries worldwide. Our most popular booklet was ‘The Last Messenger’, of which we distributed almost 40,000 units. Last year our most popular book was ‘Making Sense of God’, of which we distributed over 47,000 across the globe.

All iERA materials were provided free of charge. Contributions from our donors paid for our materials and Sheikh Abdurraheem Green reviewed them free of charge. Anyone ordering our materials simply paid for postage and packaging. We have also collaborated with teams and organisations across the UK to advance the prophetic mission. We regularly check on progress with these teams to support the outreach work they are carrying out in their local community.

The materials we distribute were written and designed to promote a compassionate and intelligent case for Islam, in an approachable style using language that is easy to understand. This year, we focused on the following topics:

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Media and Marketing

In March 2021, we launched our second online learning platform ‘newmuslim. iera.org’ to complete the dawah lifecycle, an often forgotten and essential part of the dawah. We currently have our main step-by-step courses live on the site to teach reverts to Islam the basics of the Islamic faith. We currently have over 1,000 students enrolled.

During this financial year, our YouTube channel has gained just under 75,000 subscribers, who have watched over 1 million hours. This increased activity also translates into our supporters having the opportunity to help fund our work around the world. We raised just over £206,000 during 15 live appeals during Ramadan, which translated to the following:

Materials

New Muslim Support

Dawah Trips

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Covid impact on dawah

With the impact of COVID-19 being felt by all charities in the sector, iERA had to continue to adapt the way it operated. Many places went in and out of lockdown and restrictions often changed at short notice. Therefore, we had to be prepared to amend the activities at short notice too. iERA had to reduce activities in certain areas however, we increased our activities online which lead to over 1,000 people embracing Islam via online conversations, our online chat agents increased from 68 to over 100, our chat teams increased from 4 to 10 and our online efforts engaged people across 35 countries.

Financially, IERA was affected as our income levels decreased. We had to rethink our normal fundraising approach as our ability to be on the ground capturing the educational outreach activities was restricted. The team explored new ways to capture activities and tested local audiovisual services in various countries however this didn’t work out as well as we’d hoped. We weren’t able to produce video content on par with our previous campaigns. And this could be felt in the level of donations received. Furthermore, Fundraising was also impacted due to a number of other factors such as Brexit and uncertainty for our donor base. However, this was offset due to the reduced activities caused by restrictions, we had a surplus of funds building up due to a reduction in the number of face to face dawah activities such as talks, lectures, exhibitions and outreach stalls.

It has become important to learn from the developments during the pandemic and develop strategies to thrive during a time when the charity sector has been struggling and fundraising projections are expected to be uncertain. The trustees and the senior management worked closely to explore sustainability measures to ensure activities continue in the future. The team tested various investment options for unused surplus funds. This led to detailed and lengthy risk assessments and due diligence work which were manageable because the standard activity risk assessments were reduced. There was a risk of unspent donor funds collating within the iera account. Whilst being mindful of the uncertainty ahead, we wished to use these for outreach activities but were restricted by how many programmes could be initiated.

Going forward we anticipate there may be more local and international lockdowns and fundraising is likely to be affected further. We will continue to monitor the situation and consider other fundraising strategies to increase iERA’s brand awareness and generate new donation pathways.

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During this operational year, iERA’s materials distribution unit has experienced a significant reduction in the number of literature orders, and as a result, we didn’t place the previously expected number of print orders for our publications. We also faced supply issues with significant delays on the limited orders we did place. Going forward, we have learned lessons on how to adapt and improve our current structures. Post covid, we will be reviewing and developing our distribution model. This is with the aim of establishing logistics centres with localised distribution channels. This will hopefully aid us to avoid any potential bottlenecks or delays from the centralised UK distribution site, save costs with cheaper local print runs and lower postage and packaging costs.

In the UK, HQ staff were asked to work from home where possible with certain departments given the option to come into the office if their work required them to be office based. A few staff members had to be placed on furlough and some contractor services had to be terminated. The level of work was reduced so their services were no longer required. We made efforts to minimise regular overheads where possible.

Going forward, we are uncertain about the easing of restrictions but hope to be moving towards returning to the pre-covid ways of operating albeit with some major changes, such as procedures to manage changes in activities at short notice. The team has adapted their approach to budget setting factoring in financed projects which have not been executed. This has helped us to review our spend in real-time enabling us to be better prepared for changes. Organisation wide, we have had a rethink of how best to meet our charitable objectives whilst making efforts to keep costs as low as possible.

We anticipate that face to face level outreach activities will start to make a comeback. Therefore, staff may be required more regularly in the office. With online dawah growing from strength to strength, it will become a regular part of our long term strategy. This coming operational year we anticipate many more languages will be considered for the literature and the online dawah.

We will also be reviewing our current volunteer model, as we recognise that this needs much more focus in order to drive effective programmes and communitylevel engagement.

Overall whilst it’s been a challenging year for many of our teams, we’ve learnt valuable lessons and grown to adapt to circumstances. There have been many beneficial outcomes and the drive, passion and positivity of the team have continued to carry us forward.

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Financial Review

Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue operations for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Reserves Policy

The Trustees have set a reserves policy of £600,000, which covers 2 months’ commitments

Financial Deliverables

We opened the financial year on 1st July 2020 with £1,544,462 and closed the year with £2,429,362. This is a 57% increase versus the previous year. Total donations this financial year were £4,018,718.

Funds accumulated in iERA’s bank account due to our charitable activities being limited by COVID-19 restrictions on overseas travel, international lockdowns and some unfilled positions at Head Office.

Principal Funding Source

The overwhelming majority of funds are raised through individual public donations. This is facilitated through a range of activities, including community events, direct mail, emails and social media. The Trustees are satisfied that the fundraising objectives have been met, as highlighted in the achievements and performance section above.

Structure, Governance and Management

Constitution

The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 23/06/2009

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Trustees are appointed in the following way:

Method of Appointment or Election of Trustees

The management of the Charity is the responsibility of the Trustees, who are elected and co-opted under the terms of the Articles of Association.

Acceptance of trusteeship is only valid if:

iERA’s trustees are selected based on the following basis:

Organisation Structure

The Trustees have delegated the day-to-day management of the Charity to staff. There is a senior management team in place which consists of representatives from each key department and collectively they implement the strategy directed by the Board of Trustees

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iy

Risk Management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate our exposure to major risks on an ongoing basis. Our board of trustees is committed to effectively managing risk and understanding their statutory duties. We have complied with the Charity Commission’s guidance on risk management.

We identify and assess risks by following a well-defined process, which includes:

The areas of risk that we focus on include the Charity Commission’s recommendations:

The process of identifying risks involves understanding that risks are any event that can potentially harm the Charity and its objectives. The methodology we have adopted to identify risk is brainstorming, asking the right questions, consulting stakeholders, inter-charity information sharing, and creating a risk culture within the organisation by training and educating staff at our headquarters and worldwide on risk management. All staff, subcontractors and key volunteers are responsible for encouraging good risk management practice within their domains. This process is formalised through the Risk Management Group (RMG). We have a risk management policy and procedure, signed off by the board of trustees.

Part of the process is the regular use of our risk management register. All major risks are recorded and assessed in the register and discussed by the RMG, with high-level risks signed off and approved by the board of trustees.

From time to time, the use of external consultants will be necessary concerning a potential risk to iERA. All risks have associated mitigation actions that aim to lower the likelihood of occurrence and/or lower the impact if the risk were to materialise. Our personnel, the board of trustees and members of the RMG all have specific responsibilities in ensuring effective risk management.

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Fundraising

The Trustees have read the guidance by the Charities Commission on the use of fundraisers and comply with it.

AUDITORS

Disclosure of Information to Auditors

Each of the persons who are trustees at the time when this Trustees’ Report is approved has confirmed that:

Auditors

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ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Companies Act 2006. 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Amex Associates Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

26 April 2022

Approved by order of the members of the board of Trustees on ............................... and signed on their behalf by:

................................................

Anthony W G GREEN

(Trustee)

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ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA)

Opinion

We have audited the financial statements of Islamic Education & Research Academy (IERA) (the 'charitable company') for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

43

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

.................................................... B Alvi (Senior Statutory Auditor)

for and on behalf of Amex Associates Limited

Chartered Certified Accountants Statutory Auditors

1st Floor 144-146 East Barnet Road Barnet London EN4 8RD

Date: ................................................ 27 / 04 / 22

Amex Associates Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

44

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2021

Note
Income from:
Donations and legacies
2
Charitable activities
Total income
Expenditure on:
Raising funds
3
Charitable activities
4
Governance costs
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
4,018,718
7,551
4,026,269
373,759
2,551,572
216,038
3,141,369
884,900
1,544,462
884,900
2,429,362		 Total
funds
2021
£
4,018,718
7,551
4,026,269
373,759
2,551,572
216,038
3,141,369
884,900
1,544,462
884,900
2,429,362		 Total
funds
2020
£
3,563,339
-
3,563,339
585,364
2,114,793
104,072
2,804,229
759,110
785,352
759,110
1,544,462

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 24 to 38 form part of these financial statements.

45

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee) REGISTERED NUMBER: 06941044

BALANCE SHEET AS AT 30 JUNE 2021

Note
Fixed assets
Intangible assets
9
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Unrestricted funds
16
Total funds		 21,921
2,275,316
2,297,237
(35,587)		 2021
£
32,349
135,363
167,712
2,261,650
2,429,362
2,429,362
2,429,362
2,429,362
2,429,362		 4,490
1,555,481
1,559,971
(72,284)		 2020
£
36,970
19,805
56,775
1,487,687
1,544,462
1,544,462
1,544,462
1,544,462
1,544,462

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

26 April 2022

The financial statements were approved and authorised for issue by the Trustees on ...................................... and signed on their behalf by:

46

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee) REGISTERED NUMBER: 06941044

BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2021

................................................

Anthony W G GREEN (Trustee)

The notes on pages 24 to 38 form part of these financial statements.

47

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Islamic Education & Research Academy (IERA) 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.

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

1.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.3 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 allocated on the portion of the asset’s use.

48

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. Accounting policies (continued)

1.3 Expenditure (continued)

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.4 Intangible assets and amortisation

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

The estimated useful lives are as follows:

Amortisation is provided on the following basis:

Computer software - 10 years

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles - 20% on cost
Fixtures and fittings - 20% on cost
Office equipment - 20% on cost

1.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.7 Cash at bank and in hand

Cash at bank and 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.

49

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. Accounting policies (continued)

1.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.9 Financial 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 at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

50

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2. Income from donations and legacies

Unrestricted
funds
2021
£
Donations
3,973,974
Government grants
44,744
Total 2021
4,018,718
Unrestricted
funds
2020
£
Donations
3,557,270
Government grants
6,069
Total 2020
3,563,339		 Total
funds
2021
£
3,973,974
44,744
4,018,718
Total
funds
2020
£
3,557,270
6,069
3,563,339

Government grants receivable of £7,551 (2020 - £6,069) is in respect of furloughed staff during the coronavirus pandameic received under coronavirus job retention scheme

51

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

3. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2021
£
Marketing, design and advertising costs
121,748
Events and fundraising costs
237,328
Speakers fee
14,683
Total 2021
373,759
Unrestricted
funds
2020
£
Marketing, design and advertising costs
88,305
Events and fundraising costs
494,059
Speakers fee
3,000
Total 2020
585,364		 Total
funds
2021
£
121,748
237,328
14,683
373,759
Total
funds
2020
£
88,305
494,059
3,000
585,364

52

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

4. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2021
£
Outreach Materials & Distribution costs
205,550
Education & Training costs
1,430,459
New Muslims Support costs
182,516
Community Development Work costs
77,203
Other support costs
655,844
Total 2021
2,551,572
Unrestricted
funds
2020
£
Outreach Materials & Distribution costs
216,583
Education & Training costs
1,459,311
New Muslims Support costs
8,852
Community Development Work costs
5,007
Other support costs
425,040
Total 2020
2,114,793		 Total
funds
2021
£
205,550
1,430,459
182,516
77,203
655,844
2,551,572
Total
funds
2020
£
216,583
1,459,311
8,852
5,007
425,040
2,114,793

Attributable to activities undertaken directly and support costs (see note 5).

53

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

5. Analysis of expenditure by activities

Outreach Materials & Distribution costs
Education & Training costs
New Muslims Support costs
Community Development Work costs
Other support cots
Total 2021		 Activities
undertaken
directly
2021
£
139,194
1,222,609
39,592
77,203
-
1,478,598		 Support
costs
2021
£
66,356
207,850
142,924
-
655,844
1,072,974		 Total
funds
2021
£
205,550
1,430,459
182,516
77,203
655,844
2,551,572
Outreach Materials & Distribution costs
Education & Training costs
New Muslims Support costs
Community Development Work costs
Other support cots
Total 2020		 Activities
undertaken
directly
2020
£
169,677
828,035
1,851
5,007
-
1,004,570		 Support
costs
2020
£
46,906
631,276
7,001
-
425,040
1,110,223		 Total
funds
2020
£
216,583
1,459,311
8,852
5,007
425,040
2,114,793

54

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

5. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
IT and media costs
Travel, subsistence and motor
costs
Other professional and financial
costs
Printing, postage and stationery
Telephone
Hire of vehicles and equipment
Total 2021
Staff costs
IT and media costs
Travel, subsistence and motor
costs
Other professional and financial
costs
Printing, postage and stationery
Telephone
Hire of vehicles and equipment
Total 2020		 Outreach
Materials &
Distribution
2021
£
40,986
-
-
-
25,370
-
-
66,356
Outreach
Materials &
Distribution
2020
£
-
-
-
37,200
9,706
-
-
46,906		 Education &
Training
2021
New
Muslims
Support
2021
£
£
14,177
141,500
7,275
-
133,333
1,424
48,065
-
5,000
-
-
-
-
-
207,850
142,924
Education &
Training
2020
New Muslims
Support
2020
£
£
296,053
-
47,426
-
179,179
2,651
106,028
4,350
2,590
-
-
-
-
-
631,276
7,001		 Other
Support
Costs
2021
£
294,029
134,871
-
212,364
7,077
7,407
96
655,844
Other
Support
Costs
2020
£
192,392
80,999
151
126,518
15,700
8,811
469
425,040		 Total
funds
2021
£
490,692
142,146
134,757
260,429
37,447
7,407
96
1,072,974
Total
funds
2020
£
488,445
128,425
181,981
274,096
27,996
8,811
469
1,110,223

Other support costs include all expenditure that is neither related to raising funds for the charity nor part of its expenditure that is directly attributable between charitable activities.

55

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

6. Governance costs

Unrestricted
funds
2021
£
Accountancy fee
7,970
Auditor's remuneration
6,000
Auditor's fee - non-audit services
2,400
Rent and rates
127,852
Repairs and renewals
21,972
Sundry expenses
7,203
Trustees expenses reimbursed
527
Depreciation and amortisation
42,114
Total 2021
216,038
Unrestricted
funds
2020
£
Accountancy fee
1,901
Auditor's remuneration
6,000
Auditor's fee - non-audit services
2,400
Rent and rates
69,511
Repairs and renewals
2,764
Interest payable
70
Sundry expenses
7,736
Trustees expenses reimbursed
1,254
Depreciation and amortisation
12,436
Total 2020
104,072		 Total
funds
2021
£
7,970
6,000
2,400
127,852
21,972
7,203
527
42,114
216,038
Total
funds
2020
£
1,901
6,000
2,400
69,511
2,764
70
7,736
1,254
12,436
104,072

56

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

7. Staff costs

Wages and salaries
National insurance
Pension contributions		 2021
£
446,006
39,457
5,229
490,692		 2020
£
443,565
39,762
5,118
488,445

The average number of persons employed by the Charity during the year was as follows:

Management
Staff		 2021
No.
2
13
15		 2020
No.
2
13
15

Volunteers are essential part of the work of the organisation. Volunteers decrease the burden upon paid staff. They give up their free time, to reduce the costs for IERA and carry out project management, administrative and operational activities. The number of volunteer hours used by IERA amounted to 2,670 hours during the year ended 30 June 2021 (2020 - 2,225 hours).

No employee received remuneration amounting to more than £60,000 in either year.

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 30 June 2021, expenses totalling £ 527 were reimbursed or paid directly to the Trustee (2020 - £1,254 ).

57

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

9. Intangible assets

Cost
At 1 July 2020
At 30 June 2021
Amortisation
At 1 July 2020
Charge for the year
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020		 Computer
software
£
46,212
46,212
9,242
4,621
13,863
32,349
36,970

58

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

10. Tangible fixed assets

Cost or valuation
At 1 July 2020
Additions
At 30 June 2021
Depreciation
At 1 July 2020
Charge for the year
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020
Debtors
Due within one year
Prepayments and accrued income		 Motor
vehicles
£
-
100,924
100,924
-
20,185
20,185
80,739
-		 Fixtures and
fittings
£
6,948
740
7,688
3,861
1,320
5,181
2,507
3,087		 Office
equipment
£
49,443
51,387
100,830
32,725
15,988
48,713
52,117
16,718
2021
£
21,921
21,921		 Total
£
56,391
153,051
209,442
36,586
37,493
74,079
135,363
19,805
2020
£
4,490
4,490

11. Debtors

59

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

12. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Pension payable
Other creditors
Accruals and deferred income		 2021
£
(12,609)
10,340
1,381
28,075
8,400
35,587		 2020
£
49,396
11,150
3,338
-
8,400
72,284

13. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.

14. Related party transactions

During the year ended 30 June 2021, the charity paid fundraising and consultancy fees of £73,959 (2020 - £68,738) to Green's Secret Limited, a company related by virtue of common control by one of the trustees. There was no outstanding balance as at 30 June 2021 (2020 - £NIL). This is in accordance with Article 5.3 of the Charities Governing Document which permits payments for services to be made to a trustee/director, where they can be justified and are not available elsewhere. The Board detemined that there was no one else available, better suited to provide services and they represented value for money. The trustee's services have provided extraordinary value to the charity, not available through any other means.

Out of pocket travel expenses reimbursed to one of the trustees amounted to £527 (2020 - £1,254).

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard (FRS102).

60

ISLAMIC EDUCATION & RESEARCH ACADEMY (IERA) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

16.
Statement of funds
Statement of funds - current year
Unrestricted funds
General Funds - all funds
Statement of funds - prior year
Unrestricted funds
General Funds - all funds		 Balance at 1
July 2020
£
1,544,462
Balance at
1 July 2019
£
785,352		 Income
£
4,026,269
Income
£
3,563,339		 Expenditure
£
(3,141,369)
Expenditure
£
(2,804,229)		 Balance at
30 June
2021
£
2,429,362
Balance at
30 June
2020
£
1,544,462

61

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