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 2023
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 |
| Trustees' responsibilities statement | 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 - 11 |
| Notes to the financial statements | 12 - 22 |
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 2023
Trustees Sohail Rahman (resigned 25 May 2022) Farida Rahman Mohammad Ali Qayyum Asefa Qayyum (appointed 27 May 2022) Company registered number 02981339 Charity registered number 1139098 Registered office Viglen House Business Centre Office # 120 Alperton Lane Wembley HA0 1HD Company secretary Farida Rahman Independent examiner Daniel Walters FCA Chartered Accountants 101 New Cavendish Street 1st Floor South London United Kingdom W1W 6XH
Page 1
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the financial statements of the Company for the 1 April 2022 to 31 March 2023. 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
There continued to be no expectation of generating significant income from courses offered by the Charity following the impact of the Covid 19 pandemic and the economic and social disruption around the world likely to follow on from Russia’s recent invasion of Ukraine.
During the year, the Charity 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 2023
Financial review
a. Going concern
The emphasis of the Charity is on improving the quality of its learning and development programmes with emphasis on restoring the student numbers. Reduced human activity during the year delayed the revision of the existing courses in Islamic banking, and the development of a new of course in Takaful an alternative to conventional insurance guided by Islamic principles. Subject to funding, the Charity has finally made a start in this area in late 2022 and now plan to compete the works by end of 2024.
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.
Page 3
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
c. Financial review
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 reduced to £1,995 (2022: £2,455). Total donations received amounted to £145,845 (2022: £63,372). Total income including donations received was £147,480 (2022: £65,827).
Total expenditure was £78,667 (2022: £68,690). Salary costs, IT consultancy fee, and casual labour costs amounted to £42,665 (2022: £45,215).
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 made efforts to increase the uptake of student registrations and will be looking at further reducing the course fees for its Diploma and Post Graduate Diploma. IIBI is also in discussion with the content developer of these courses to validate the content to incorporate important developments in products and services offered by modern Islamic banks. This work is likely to take until end 2024 to complete. The Bangladesh Institute of Islamic Thought in Dhaka, Bangladesh has contacted IIBI to explore delivery of IIBI’s Diploma and Post Graduate Diploma. Furthermore, IIBI has embarked on developing two Certificate courses, one in Islamic Banking and one in Islamic Insurance known as Takaful with Multiple Choice Questions (MCQs) to maintain the certificate course fees at a low level and attract more interest.
The total cost for updating of the courses and development of the two new certificate courses is estimated to be £25,000 for which IIBI will approach separate donors for additional funding.
IIBI is also in discussion with members of its Advisory Groups to resume its lecture series from 2024 and holding at least one annual conference to raise additional funds.
The Charity continues to have the benefit of the services of unpaid volunteers, by virtue of the time given by its Trustees, and Director General, and by academics, researchers and practitioners on various Advisory Groups who have been involved with IIBI since the 1990s.
All Trustees, Director General, and volunteers have given their time freely and are not paid for their trusteeship or services rendered.
Page 4
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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:
Ahmed Sohail Fasihur Rahman Farida Rahman Mohammad Ali Qayyum Asefa 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 2023. 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
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
Page 5
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Approved by order of the members of the board of Trustees on 18 December 2023 and signed on their behalf by:
Mohammad Ali Qayyum
Page 6
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023
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 18 December 2023 and signed on its behalf by:
Mohammad Ali Qayyum
Page 7
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
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 2023.
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 101 New Cavendish Street London W1W 6XH Date: 18 December 2023
Page 8
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 2023
| Note Income from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 5 Other expenditure 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 145,845 1,995 147,840 3,060 75,607 78,667 69,173 (18,311) 69,173 50,862 |
Total funds 2023 £ 145,845 1,995 147,840 3,060 75,607 78,667 69,173 (18,311) 69,173 50,862 |
Total funds 2022 £ 63,372 2,455 65,827 5,014 63,676 68,690 (2,863) (15,448) (2,863) (18,311) |
|---|---|---|---|
The notes on pages 12 to 22 form part of these financial statements.
Page 9
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee) REGISTERED NUMBER: 02981339
BALANCE SHEET AS AT 31 MARCH 2023
| Note Fixed assets Intangible assets 10 Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets / liabilites Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets / liabilites excluding pension asset Total net assets Charity funds Unrestricted funds 15 Total funds |
2,972 63,042 66,014 (8,338) |
2023 £ 2,560 5,437 7,997 57,676 65,673 (14,811) 50,862 50,862 50,862 50,862 |
3,637 13,603 17,240 (18,058) |
2022 £ 3,840 3,078 6,918 (818) 6,100 (24,411) (18,311) (18,311) (18,311) (18,311) |
|---|---|---|---|---|
Page 10
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee) REGISTERED NUMBER: 02981339
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023
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.
The financial statements were approved and authorised for issue by the Trustees on 18 December 2023 and signed on their behalf by:
................................................
Mohammad Ali Qayyum (Trustee)
The notes on pages 12 to 22 form part of these financial statements.
Page 11
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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 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 12
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies (continued)
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.
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.
1.4 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.
Amortisation is provided on the following basis:
Web Development - 25 % straight line
1.5 Tangible fixed assets and depreciation
Tangible fixed 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.
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.
Page 13
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies (continued)
1.5 Tangible fixed assets and depreciation (continued)
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 bases:
- Fixtures and fittings 5 years straight line - Computer and office equipment 5 years 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.
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.
Page 14
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 145,845 Total 2022 63,372 |
Total funds 2023 £ 145,845 63,372 |
Total funds 2022 £ 63,372 |
|---|---|---|
3. Income from charitable activities
| Unrestricted funds 2023 £ Education and Training 1,995 Total 2022 2,455 |
Total funds 2023 £ 1,995 2,455 |
Total funds 2022 £ 2,455 |
|---|---|---|
4. Analysis of grants
| Grants to | Total | Total | |
|---|---|---|---|
| Institutions | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Grants paid | 230 | 230 | - |
Page 15
(A company limited by guarantee)
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. Governance costs
Summary by fund type
| Unrestricted funds 2023 £ Accountancy fee 2,830 Bank charges - Grants paid 230 3,060 Total 2022 5,014 Other expenditure Unrestricted funds 2023 £ Charitable activities 32,942 Salaries and labour costs 42,665 75,607 Total 2022 63,676 |
Total 2023 £ 2,830 - 230 3,060 5,014 Total funds 2023 £ 32,942 42,665 75,607 63,676 |
Total 2022 £ 4,805 209 - |
|---|---|---|
| 5,014 | ||
| Total funds 2022 £ 21,161 42,515 |
||
| 63,676 | ||
6. Other expenditure
Page 16
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Charitable activities expenses
| Unrestricted funds 2023 £ Consultancy 1,140 Premises rent and expenses 11,549 Other expenses 5,806 Insurance 195 Subscription fee 3,640 Computer and web hosting cost 3,814 Printing and stationery 1,339 Motor, travel and subsistence 5,459 32,942 Total 2022 21,161 8. Staff costs Wages and salaries |
Total funds 2023 £ 1,140 11,549 5,806 195 3,640 3,814 1,339 5,459 32,942 21,161 2023 £ 42,665 42,665 |
Total funds 2022 £ 2,700 6,592 2,885 - 810 - 5,313 2,861 |
|---|---|---|
| 21,161 | ||
| 2022 £ 42,515 |
||
| 42,515 |
The average number of persons employed by the Company during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
Page 17
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
9. Trustees' remuneration and expenses (continued)
During the year ended 31 March 2023, expenses totalling £ NIL were reimbursed to Trustees'.
10. Intangible assets
| Cost At 1 April 2022 At 31 March 2023 Amortisation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Web Developmen t £ 6,400 6,400 2,560 1,280 3,840 2,560 3,840 |
|---|---|
Page 18
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
11. Tangible fixed assets
| Cost or valuation At 1 April 2022 Additions At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 Debtors Due within one year Other debtors Prepayments and accrued income |
Fixtures and fittings £ - 424 424 - 106 106 318 - |
Computer and office equipment £ 3,561 3,024 6,585 483 983 1,466 5,119 3,078 2023 £ 1,300 1,672 2,972 |
Total £ 3,561 3,448 |
|
|---|---|---|---|---|
| 7,009 | ||||
| 483 1,089 |
||||
| 1,572 | ||||
| 5,437 | ||||
| 3,078 | ||||
| 2022 £ 2,000 1,637 3,637 |
12. Debtors
Page 19
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2023 £ 1,740 - 5,148 1,450 8,338 |
2022 £ 2,910 1,839 12,409 900 |
|---|---|---|
| 18,058 |
14. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other loans | 14,811 | 24,411 |
Other loans is an interest free loan that is repayable in more than one year.
Page 20
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 15. Statement of funds Statement of funds - current year Balance at 1 April 2022 £ Unrestricted funds Reserves (18,311) Statement of funds - prior year Balance at 1 April 2021 £ Unrestricted funds Reserves (15,448) 16. Analysis of net assets between funds Analysis of net assets between funds - current year Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Income £ Expenditure £ 147,840 (78,667) Income £ Expenditure £ 65,827 (68,690) Unrestricted funds 2023 £ 5,437 2,560 66,014 (8,338) (14,811) 50,862 |
Balance at 31 March 2023 £ 50,862 Balance at 31 March 2022 £ (18,311) Total funds 2023 £ 5,437 2,560 66,014 (8,338) (14,811) 50,862 |
|---|---|---|
Page 21
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
16. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2022 £ 3,078 3,840 17,240 (18,058) (24,411) (18,311) |
Total funds 2022 £ 3,078 3,840 17,240 (18,058) (24,411) (18,311) |
|---|---|---|
17. Related party transactions
Included within other creditors is an amount due to a trustee of £5,148 (2022: £1,581) which was paid after the year.
Included within donations received was £140,000 (2022: £nil) was received from a trustee.
Page 22