Registered number: 02981339 Charity number: 1139098
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 - 10 |
| Notes to the financial statements | 11 - 19 |
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | Sohail Rahman |
|---|---|
| Farida Rahman | |
| Mohammad Ali Qayyum | |
| Company registered number 02981339 Charity registered number 1139098 Registered office Vanguard Business Centre Unit 4 Alperton Lane Greenford UB6 8AA Company secretary Farida Rahman Independent examiner Daniel Walters FCA c/o Harris & Trotter LLP 64 New Cavendish Street London W1G 8TB |
Page 1
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the Company for the 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable 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 (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Charity's objectives are:
a): To develop, organise and promote for the public benefit, programmes of education, training and research in Islamic finance, banking and insurance related financial systems
b): To develop, organise and conduct examinations and award qualifications, certificates, diplomas and other forms of professional accreditations
c): To advance education and knowledge on the subject of Islamic finance, banking and insurance and to promote research for the public benefit in all aspects of the subject
d): To act as an authoritative body for the purpose of consultation and research in matters of education, training, professional development, industry practice and public interest concerning Islamic finance and insurance
A full description of the activities undertaken by the Charity can be found online at the Charity's website (www.islamicbanking.com).
Achievements and performance
a. Fundraising activities and income generation
During the year, the Charity didn't carry out any fundraising activities and the major share of the total income was generated from voluntary donations .
Page 2
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Financial review
a. Going concern
The Charity are able to manage the business and economic risks it faces. The trustees are aware that, at the balance sheet date, the charitable company is showing a net liability of £15,448 (2020 - £23,110) which is primarily due to an interest free loan of £47,638 from a major donor, who has given written assurances that they will continue to support the charity for at least 12 months from the date of approval of these financial statements.
As a result of the above, the trustees consider it appropriate to prepare the financial statements on the going concern basis.
The Trustees have a reasonable expectation that the Charity has sufficient resources to continue in operational existence for the foreseeable future and believe that there are no material uncertainties that call into doubt the Charity's ability to carry on as a Going Concern
b. Reserves policy
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level that the Trustee see fit
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INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
c. Financial review
In 2020 there was a slowing down in the growth of the global Islamic finance industry and this has continued into 2021 because of the impact on economies by the prolonged COVID pandemic. S&P Global Ratings in its had report indicated that the industry would grow by 10%-12% in 2021-2022 (excluding Iran), it said in its report, “Islamic Finance 2021-2022: Toward Sustainable Growth.”
In the 2020 ranking published by the influential The Banker magazine, the overall number of financial institutions reporting Shari’ah-compliant assets increased marginally from 395 to 402, with the majority of those (284) being standalone Islamic financial institutions. At the same time, the number of conventional financial institutions with Shari’ah-compliant banking windows on the list fell to 118, down two from 2019.
For the reasons stated, there was no improvement in the number of students enrolled during the year on to the Institute’s courses in Islamic banking and insurance. This appears to be part of a larger global trend, particularly with Islamic banks able to rely on their inhouse training catering to their own requirements. A few Universities and a Business School in the United Kingdom had to discontinue their Master’s programme in Islamic finance because of insufficient student enrolment.
The Charity relies for its revenue from fees charged in relation to its charitable activities such as education, individual membership, and workshops to advance professional development.
Receipts from course fees for the year was significantly reduced to £4,939 (2020: £21,175). Total income including donations received was £71,939 (2020: £153,900). Total donations received amounted to £67,000 (2020: £132,725).
Total expenditure was £64,277 (2020: £64,552). The increase is due to charges incurred for website development, office rent and storage. The Charity’s other activities such as membership, advanced professional development and conferences have not been generating interest and these will be discontinued by IIBI from 2022. Salary costs, IT consultancy fee, and casual labour costs amounted to £44,924 (2020: £33,530).
The Charity achieved a small net surplus of £7,662 for the year ending 31 March 2021.
IIBI has started work on the development of a new website in September 2021 that will focus in future on new courses, online lectures, seminars, publications. The work will include archiving the historical documents of IIBI as a pioneering Institute to make these widely available to the public, students and researchers.
Work on updating IIBI’s existing courses and new courses by distance learning commenced in August 2021 and will be limited to the following Islamic finance qualifications offered by IIBI:
-
Post Graduate Diploma in Islamic Banking
-
Diploma in Islamic Banking
-
Certificate in Islamic Banking
-
Certificate in Takaful
The Charity is making every effort to increase its revenue streams. IIBI is in discussion with few local providers to explore opportunities to deliver IIBI courses. IIBI will also be approaching other donors to try to build unrestricted funds which will not be designated for a specific use 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 actions are taken on ways to raise additional funds, in particular from Islamic financial institutions and investment funds who require to disburse income from Shari’ah non-compliant assets for charitable causes.
The Charity has the benefit of the services of unpaid volunteers, by virtue of the time given by its Trustees, the Vice Chairman and Director General, and also by academics, researchers and practitioners who serve on various Advisory Groups who have been involved with IIBI since the 1990s.
Page 4
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
All Trustees, the Vice Chairman, Director General, and volunteers have given their time freely and are not paid for their trusteeship or services rendered.
Structure, governance and management
a. Constitution
The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. The charitable company obtained its charitable status on 18 November 2010.
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
Sohail Rahman Farida Rahman Mohammad Ali Qayyum
None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
b. Methods of appointment or election of Trustees
There was no change in the names and composition of trustees. Existing trustees brief new trustees on the Charity's aims and objectives. They are given a copy of the Memorandum and Articles of Association along with the latest Financial Statements. They are also given literature about the Charity and directed towards the Charity's website. In addition they are sent a copy of the Charity Commission's guidelines for trustees which will help them to fulfil their role in line with charity and company law. The Board of the Institute is comprised wholly of non-executive trustees who are all considered to be independent, assisted by four informal Advisory Groups. Given the size of Institute of Islamic Banking and Insurance's (IIBI) present operations, the Board has delegated most of its powers to the Vice Chairman and Director General.
On 21 November 2012 the Board had approved a resolution resolving that the IIBI shall constitute a nonexecutive Advisory Board to replace the existing IIBI Advisory Groups. However, implementation has been deferred until the review and updating of IIBI courses has been completed. This work is expected to be done by end 2021. Meantime, the Advisory Groups continue in furthering the objectives of the Company and also to assist the Charity in fundraising.
c. Financial risk management
The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Objectives and Activities
The Trustees of Institute of Islamic Banking & Insurance shall hold the funds and its income upon trust to apply them for all charitable purposes allowed by law within England and Wales
Page 5
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Grant making policies
The Charity regularly reviews its education and training needs with its local partners. All new funding proposals are reviewed by the Trustees, who ensure that they are in accordance with the Charity's strategy and objectives
COVID-19
The charitable company is continuing to monitor developments of the COVID-19 virus and the associated nearterm uncertainty on the global economic outlook. The company is assessing the potential future operational and financial impact of the coronavirus and is seeking to take mitigating actions, such as a reduction on all nonessential operating expenditure, utilisation of government aid where required and negotiating terms on office rent with the landlord. Management continue to monitor the situation and has further plans that can be implemented as they assess the COVID-19 impact.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company 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 . 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 Company 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 22 March 2022 and signed on their behalf by:
................................................ Mohammad Ali Qayyum
Page 6
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
Independent examiner's report to the Trustees of Institute of Islamic Banking and Insurance ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Daniel Walters FCA
Harris & Trotter LLP Chartered Accountants 64 New Cavendish Street London W1G 8TB Date: 22 March 2022
Page 7
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities: Donations paid 4 Accountancy fee Other expenditure 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 67,000 4,939 71,939 670 774 62,833 64,277 7,662 (23,110) 7,662 (15,448) |
Total funds 2021 £ 67,000 4,939 71,939 670 774 62,833 64,277 7,662 (23,110) 7,662 (15,448) |
Total funds 2020 £ 132,725 21,175 153,900 - 2,468 60,084 62,552 91,348 (114,458) 91,348 (23,110) |
|---|---|---|---|
The notes on pages 11 to 19 form part of these financial statements.
Page 8
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee) REGISTERED NUMBER: 02981339
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Intangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Net liabilities excluding pension asset Total net assets Charity funds Unrestricted funds 13 Total funds |
37,775 2,077 39,852 (12,782) |
2021 £ 5,120 5,120 27,070 32,190 (47,638) (15,448) (15,448) (15,448) (15,448) |
- 113,582 113,582 (11,908) |
2020 £ - - 101,674 101,674 (124,784) (23,110) (23,110) (23,110) (23,110) |
|---|---|---|---|---|
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
Page 9
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee) REGISTERED NUMBER: 02981339
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021
The financial statements were approved and authorised for issue by the Trustees on 22 March 2022 and signed on their behalf by:
................................................ Mohammad Ali Qayyum
The notes on pages 11 to 19 form part of these financial statements.
Page 10
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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.
Institute of Islamic Banking and Insurance 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.
1.2 Going concern
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The Charity has cash resources and has no requirement for external funding.
The charity is dependent upon the continued support from a major benefactor who has indicated to the trustees that this support will continue.
The trustees are aware that, at the balance sheet date, the charitable company is showing a net liability of £15,448.
This is primarily due to an interest free loan of £47,638 from a major donor, who has given written assurances that he will continue to support the charity for at least 12 months from the date of approval of these financial statements.
Potential sources of uncertainty noted by the trustees include the COVID-19 pandemic. However, at the date of this report it is not possible to reliably determine the effects that this will have on the company.
As a result of the above, the trustees consider it appropriate to prepare the financial statements on the going concern basis.
1.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Page 11
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies (continued)
1.4 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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.5 Intangible assets and amortisation
Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
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:
Web Development
% 25% straight line
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.
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INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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 Company 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 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 Company and which have not been designated for other purposes.
2. Income from donations and legacies
| Unrestricted funds 2021 £ Donations 67,000 Total 2020 132,725 |
Total funds 2021 £ 67,000 132,725 |
Total funds 2020 £ 132,725 |
|---|---|---|
3. Income from charitable activities
| Unrestricted funds 2021 £ Education and Training 4,939 Total 2020 21,175 |
Total funds 2021 £ 4,939 21,175 |
Total funds 2020 £ 21,175 |
|---|---|---|
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INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
4. Analysis of grants
| Grants to Institutions 2021 £ Grants paid 670 Other expenditure Unrestricted funds 2021 £ Charitable activities 20,229 Salaries and labour costs 42,604 62,833 Total 2020 60,084 |
Total funds 2021 £ 670 Total funds 2021 £ 20,229 42,604 62,833 60,084 |
Total funds 2020 £ - |
|---|---|---|
| Total funds 2020 £ 28,004 32,080 |
||
| 60,084 | ||
5. Other expenditure
Charitable activities expenses
| Unrestricted funds 2021 £ Consultancy 2,320 Premises rent and expenses 18,309 Other expenses 8,600 Accruals b/fwd written off (9,000) 20,229 Total 2020 28,004 |
Total funds 2021 Audited Total funds 2020 £ £ 2,320 1,450 18,309 16,042 8,600 10,512 (9,000) - 20,229 28,004 28,004 |
Total funds 2021 Audited Total funds 2020 £ £ 2,320 1,450 18,309 16,042 8,600 10,512 (9,000) - 20,229 28,004 28,004 |
|---|---|---|
| 28,004 | ||
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INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
7. Staff costs
| 2021 £ Wages and salaries 42,604 42,604 The average number of persons employed by the Company during the year was as follows: 2021 No. Employees 2 |
2020 £ 32,080 |
|---|---|
| 32,080 | |
| 2020 No. 2 |
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 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .
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INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
Web Developmen t £ 6,400 6,400 1,280 1,280 5,120 6,400 2020 £ - - |
|
|---|---|---|
| 9. Intangible assets Cost At 1 April 2020 At 31 March 2021 Amortisation Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 10. Debtors Due within one year Other debtors |
2021 £ 37,775 37,775 |
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INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
11. Creditors: Amounts falling due within one year
| Other taxation and social security Pension fund loan payable Other creditors Accruals and deferred income Creditors: Amounts falling due after more than one year Other loans |
2021 £ 1,844 - 10,938 - 12,782 2021 £ 47,638 |
2020 £ 828 165 1,915 9,000 |
|---|---|---|
| 11,908 | ||
| 2020 £ 124,784 |
12. Creditors: Amounts falling due after more than one year
Other loans is an interest free loan that is repayable in more than one year
Page 17
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 13. Statement of funds Statement of funds - current year Balance at 1 April 2020 £ Unrestricted funds Reserves (23,110) Statement of funds - prior year Balance at 1 April 2019 £ Unrestricted funds Reserves (114,458) 14. Analysis of net assets between funds Analysis of net assets between funds - current year Intangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Income £ Expenditure £ 71,939 (64,277) Income £ Expenditure £ 153,900 (62,552) Unrestricted funds 2021 £ 5,120 39,852 (12,782) (47,638) (15,448) |
Balance at 31 March 2021 £ (15,448) Balance at 31 March 2020 £ (23,110) Total funds 2021 £ 5,120 39,852 (12,782) (47,638) (15,448) |
|---|---|---|
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INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
14. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2020 £ 113,582 (11,908) (124,784) (23,110) |
Total funds 2020 £ 113,582 (11,908) (124,784) (23,110) |
|---|---|---|
15. Related party transactions
Included within other debtors is an amount due froma trustee of £12,775 (2020: £nil) which was repaid durign the year.
Included within donations and legacies is an amount of £40,000 (2020: £120,000) donated from a trustee.
Page 19