REGISTERED CHARITY NUMBER: 1141791 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 FOR MADRASAH BAYfuL ILM Walergales Ltd 109 Coleman Road Leicester LE5 4LE
MADRASAH BAYTUL ILM COENTs OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 Pago Truslees. Roport Independent Examlnorf$ R•port Statement of Financial Aclivltles Statement of Finanelal PositloTh Not•s to the Financial Statements 10 to 16 Detallod Statement of FinancSal Activitles 17 to 18
IAADRASAH 8AYTUL ILM TRUSTEES. REPORT FOR THE YEAR ENDED 31ST AUGUST 2025 The trustees present their report with the financial ststements of the charity for the year ended 31st August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repo.ng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTMnES Obj•dives and aims Madrasah Bayiul 'llm objectives primarily focus on fulfilling the spiritual and religious need of the Muslim community in Leicester together wf(h serving humanity in general. The Local community of Leicester is the primary benefactor together the wider society in the UK and abroad also benefit from oyr services. The oblectives of MBI are summarised belovi. To advance the edy¢ation of Ihe public and young people by providlng lan9uage dasses and reGreational aclivrties lo develop their capabilib"e5 that they may grow to become good cilEens; To le financial hardship, distress and suffering among poor people, orphans, vi¢tr'ms of natural disasters and other people in need by making grants for water, clothing, medi1 tre81menl, rehabilitalion and a0Mmoda"0n.
MADRASAH BAYfuL ILM TRUSTEES. REPORT FOR THE YEAR ENDED 31ST AUGUST 2025 OBJECTIVES AND ACTMTIES Significant activitigs Prayers in Congregation Madra$ah Baytul 'llm provides facilities for 5 times daity saiah Icongregational prayers) for the local and wider community. Main Saiatul Jumu'ah and Late Saiaiul Jumu'ah Friday Congregatson prayers are held just after high noon and a later congre9ab.onal prayer is available in Summer lime for those who are ynable to attend the earlier congregatign due lo work or olh8r Gornmiknents. Nikah A service for couples who wish to perform Nikah Ithe151amic MaL8ge ceremonyl is also provided. 9 NikahNarriage ceremonies were performed during the current financhal year. Dars Programmes {DaY Formal & Informal Discourses) Daity programmes tske place of Darse Qurfan, Oarse Hadeeth and Taleem Ifomal & informal} in both Urdu and English Language lo cater for the community. Members of the local and wider community attend these programmes on a re9ular basis and benefit from these spiritual tslks. Educab"on Madrasah ActNitie$ & Servi¢8$ MBI Provides Islamic education for boys and girls. At present, we cater for 505 students divided into 36 classes. The syllabus caters for students from age 4 to 16 and above. The provision also includes male and female adult classes, revision Glasses, and special needs classes. Weekty Assembty Each week on Fridays an as$embly takes pla¢¢ in which a memkr ot staff diU$Se5ladVIceS on a topic which is benelicial for advancing in their studies. Student monthly Perf0Mian Award Every mnth at the Madra$ah, each class teacher selects 2 student from their ¢la55 for an award for al Student ol the month. bl Most improved Student of the month. These students are selected who have worked hard during the month and are aw?rded a certificate and a prtia. As a result of this award, students receive a boost in their confidence. and they work harder to perfomi better in their studies. The names of all students receiving this award is published monthly on the Madrasah website. Youth programrné every month This Programme is held on the last Saturday of each month. Many from the local community benefit fro)m this programme which includes re¢italions of the Glorious Qura'n and NaatslAnaasheed perfomed by students as well as informative lectures delNered by respected speakers. The speakers generauy cover areas under the headings of belief, worship, social interaction, dealings, morals and values ah)ng with the need for spiritual rectification to enable people to become praGti5ing Muslims and also better citizens of this ¢ounlry.
MADRASAH BAYTUL ILM TRusfEES' REPORT FOR THE YEAR ENDED 31ST AUGUST 2025 OBJECTIVES AND ACTIVlnES The programme concludes with a prvze giving quiz for children aged betsyeen 8 and 11 years whilst the remaining ¢ongregation benefit from a concluding short lesson regarding the sunan {practices) of our beloved Prophgt Muhammad Isallaliahu alayhi wa sallaml connected to day-lo-day life. After the programme refreshments are seNed to all attendees. MBI Website The site aims to provide education through comprehensive inf0m1atn on various top* of the failh, which rAn enable the young and old lo benefrt and enhance thgir knowledge and practical day to day lrfe. There is inforniative and inspirational matsrial available through the MBI webslte. The web51te also provides the opportunity for the visitor to gNe feedback which is valued and enables MBI to review its seNices and improve rt further. Adult IMalelFemale) SeNices MBI offers telephone support for adults by offering responses to questions related to Islamic practices {rulingsl. During the year we were able to wovide emotional and practical support to the local rA)mmunrty and signpost to the relevant services. One area which was covered was palliative support and beTeav&ment supporL Many of our local attendee51th)se loved ones and we were able to provide them with valuable assistance at this difficult and crid¢al time. Publications & Resources We aim to publish infomiatwe and inspirational maleriol to distribute and to educate the public from lime to b'me. This is in the fomi of leaflets which cover a theme of the month or special dates in the Islamic calendar. The purpose of this is to enhance the Islamic Knowledge of the public through this literature benefit them spiritually. We have shared 27 leaflets via email in this financi81 year. We distributed 8 leaflets in this financial year to the public who attend our services. Events - Mid-year examinations ceremony for the academic year 2024125 was on 2nd February 2025 - End of Year examination ceremony for the academic year 2024125 was on 31st July 2025.
MADRASAH BAYTUL ILM TRUSTEES. REPORT FOR THE YEAR ENDED 31ST AUGUST 2025 ACHIEVEMENTS AND PERFORMANCE Charitablo activities Each year, MBI admits a number of students for the Introductory Class lage 41 and these students progress through the years leaming beginning from the Arabic language in order to leam lo recite the Holy Qura'an. For the Academic year 202412Q25, the intake for the Inlroduclory Class was S8. Memorisation Course of The Holy Quran Since the Inception of MBI, the number of students who have completed memorising the entire Quran has reached a total of 83. Non Memorisation Course of The Holy Quran 324 students have successfully completed the recitation of the Holy Quran from the beginning to the end logether with other core subjects of the curriculum. Challtable ActNities Through UK based Charity Organisations, we Contributed through OUT Zakat Funds to relEve financial hardship, distress and suffering among poor people, orphans, victims of natural disasters and other people in need by making grants available for water, clothing, medical treatment, rehabilitats)n and accommodatson. Madrasah Baybjl Ilm strives lo Support relief projects for the purpose and benefit Of the communities. We reco9nise that il is imperative on every indiwdual to assist and support those who are less fortunate regardless of their colour or faith. During thi5 financial year, we have collected and used our fvnds lo provide emergency aid in afflictgd ttiuntries, also we have been working with charities who transfom lives in impoverished communities by empowering thgm and SUprt sglf4ustainat4e projects and other necessities to those most in need. Investmènt performan¢& MBI has purchased a propety for investrnent purFKsses. The future rentsl income received will fund the rent paid for the other buildings. FINANCIAL REVIEW Financlal positlon The rgsults for the year are sel out in the attached accounts. Incoming resources amounted lo £399,003 {2024.' £331,82018nd resources expended amounted to £344,762 {2024.' £313,221). This has resulted in a surplus of £54,241 {2024.' £18.599 surplus). During the year the charity raised £146,519 (2024.. £109.1941 in donations from general publi¢ as well as generaling investrnent income of £9,268. In addition lo this. the ¢harity also generated a fee incomo in the sum £238,732 {2024." £210,0161 from 11$ ¢lasses.
MADRASAH BAuL ILM TRUSTEES, REPORT FOR THE YEAR ENDED 31ST AUGUST 2025 FINANCIAL REVIEW Reserves policy The lotd reserves hekl by the charity as al 31 August 2025 amounted to £837,45512024.' £783,214). This consists of unrestricted funds of £837,21312024.' £780,147) and restricted funds in the sum of £242 12024.. £3,L%7}. The trustees consider it prudent that unrestricted reserves should be sufficient lor the charity's use. The trustees have decided that there is a need lo maintsin UnStricted reseryes for the followng reasons.. lal To provide funds which can t£ designated to specffic projects to enable these projeGts to be undertaken at short notice and Ibl To cover administration and support costs without which the charTty could not function. The Board of Trkjstees are satisfied that the charity is in a position lo meet all its commitments out of the income generated and that its reserves are sufficient for its purposes al the present lime. FUTURE PLANS As the Charity is Currently producing a surplu5. we aim to Initial set aside funds to cover future anticipated overheads and commitments i.e. Renovations and extensions to the main buiiding. Improving the facilitses at Madrasah Baylul Ilm is a key priority for us in our future plans. We aim to create more improved facdities for our students and congregation. In order to do this, we aim to sel aside lunds to complete the above projects. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Madias8h Baytul 'llm {MBI} was established on 3 December 2003 to meet the need for providing ? quality educab.onal provision for the local community. Madrasah Bayiul Ilm operated as an unregistered voluntary organisalion. 11 constituted a trust deed on 0110412010 in view of registering wrth the Charity Commissioner& On 0910S12011 Madrasah Baytul Ilm was grantad ragistration as an unincorporated eharity Icharity Number 11417911. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 1141791 Princlpal addrg$s Spinney Hill Road Leicester LE5 3GH Trustees Shaykh Ismail Dhorat Trustse Mr Siraz Daud Adam Trustee Mr Mohammed Dawood Tnjstee Ind•pondent Examiner Nazir Malida FCCA Watergates Ltd 109 Coleman Road Le1$ter LE5 4LE
MADRASAH BAYTUL ILM TRUSTEES. REPORT FOR THE YEAR ENDED 31ST AUGUST 2025 Approved by order of the board of trustees on 29th May 2026 and signed on its behdf by.. Mr Siraz Daud Adam- Trustee
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MADRASAH BAYTUL ILM Indèpondent examlno¢$ roport to tho tru$to8s of Madrasah Baytul Ilm I report lo the charity trustees on my examinats'on of the accounts of Madrasah Baylul Ilm {the Trustl for the year ended 31st August 2025. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparatv)n of the a¢¢ounts in accordance wth the requirements of the charib.es Act 2011 Ilhe Acri. I report in respect of my examination of the Trusys accounts rrIed out under Section 145 of the Act and in cairying out my examination I have followed all applicable Directions grven by the Charity Commk8$ion under SeclK)n 1451Sllbl of the Act Independent txamlnofs statement Since your charty's gross income exceeded £250,000 your examiner must be a member of a listed bJy. l ¢an confim that l am qualified to undertake the examination because l am a member of the Association of Chartered Cer"fd Accountants, which is one of the listed bodies. I have Completed my examination. I confim that no matsrial matters have come to my attention in connection with the examination giving me cause to believe that in any material respect accounting records were not kept in respect of the Trust as required by Section 130 of the Act.. or the aco)unts do not accord with those records., or the accounts do not compty wf(h the applicable requiremer)Is concerning the fomi and content of accounts set out in the Charities (Accounts and R8portsl Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wth the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Nazir Malida FCCA Watergatgs Ltd 109 Coleman Road Leicester LE5 4LE 29th May 2026
MADRASAH BAYTUL ILM STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 202S 3118125 Total funds 3118124 Unrestricted fund Restri¢t¢d fund fund¥ INCOME AND ENDOWMENTS FROM Donations and legacies 133.386 13,134 146,519 109,194 Charltablo actlvltlos Teaching and prayer facilrth?s 238,732 238,732 210,016 Other trading activ¢knes Investment income 4,484 9,268 4884 9.268 3,798 8,812 Total 385.869 13,134 399,003 331,820 EXPENDITURE ON Raising funds 2.849 2,849 Charltable aetlvllles Teaching and prayer facilities Donations given- Zakat 325.844 32S,844 15.959 274.401 38,660 15.959 Other 110 160 Total 328,803 15.959 344.762 313.221 NET INCOMEI{EXPENDrruRE) 57,066 12,8251 54,241 18,599 RECONCILIATION OF FUNDS Totsl funds br04Jght forward 780.147 3.067 n3214 764,61S TOTAL FUNDS CARRIED FORWARD 837,213 242 837.45S 783,214 The notes on page O forrn part of these finaneial stalemenl¥
IMDRASAH BAYTUL ILM STATEMENT OF FINANCIAL posmoN 31ST AUGUST 202S 3118125 3118124 Total funds Unrostricted fund Restrl¢ted fund Total fund¥ Notes FIXED ASSETS Tangible £ssets Investment property 430.787 159,495 430.787 159,495 441.855 159,495 590,282 590,282 601,350 CURRENT ASSETS Dobtors Cash at bank and in hand 10 4,742 278,317 4,742 278,559 4,742 216,523 242 283.059 242 283,301 221,265 CREDrroRS Amounts falling due within one year 11 136,128> 136,1281 139.4011 CURRENT ASSETS 246,931 247.173 181,864 TOTAL ASSETS LESS CURRENT LIA81LITIES 837,213 242 837.455 783.214 NET ASSETS 837,213 242 837.456 783.214 FUNDS Unrestricted funds Restricted funds 13 837,213 242 780,147 3,067 TOTAL FUNDS 837.455 783,214 The financial statements were approved by the Board of Trustees and authorised for issue on 29th May 2026 and were signed on its behalf by.. Mr Siraz Daud Adam - Tnjstee The note8 on page O fom) part of these financi81 sloternenls
MADRASAH 8AYWL ILM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial ststemenls of the charity, which is a public benefrt entity under FRS 102, have been prepared in accordance with the Charrties SORP IFRS 102} 'Accounling and Reporbng by Charities. Statement of Recommended Practice applicable to charities prepanng their accounts In accordance with the Finanual Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021 leffectr.ve 1 January 20191., Financial Reporb'ng Standard 1 D2 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charib'es Aet 2011. The financial statements have been prepared under the historical cost convention. INCOME All InMe is recognised in Ihe Statement of Financial A¢b"vities once the charity has entitlement to the Jnds, it is probable that the income will be received and the amount can be measured reliably. EXPENDITURE Liabilities are recognised a5 expendire as scKsn as there is a legal or constructive Oblation mmittsng the charity to that axpenditure, it is probable that a transfer of econorni¢ benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an arual$ basis and has been dassified under headings that aggregate all cost related to the category. Where costs cannot be dire¢lly attributed lo paru'cular headings they have been allocated to activities on a basis con51slenl wrth the use of resour$. Grants offered sublect to condrlions which have not been met al the year end date are noted as commitment bul not accrued as eXpendre. TANGIBLE FIXED ASSETS Depreaalion is provided at the following annual rates in ordei to writs off each asset over its estimated useful lrfe. Freeho propety Fixtures and fitb'ngs 2% on cost 25•fi on cost INVESTMENT PROPERTY Investment propety is shown al most recent valuation. Any aggate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. TAXATION The charity is exempt from tsx on ils chantable aclivrties. FUND ACCOVKnNG Unrestricted funds can k used in accordance with the charitable obj'ectives at the discretion of the trustees. Reslricled funds can onty be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular reslricled purposes. Further explanatlon of the nature and purpose of each fund Is induded in the notes to the flnanclal stslernents. HIRE PURCHASE AND LEASING COMMITMENTS Rentals paid under operating lease$ are charged lo thg Statement of Financial Activities on a straight line basis over the period of the leas&.
MADRASAH BAYTUL ILM NOTES TO THE FINANCIAL STATEMENTS th conn FOR THE YEAR ENDED 31ST AUGUST 2025 ACCOUNTING POLICIES - continued PENSION COSTS AND OTHER POST4IETIREMENT BENEFrrs The charity operates a defined contn"bulion pension scheme. Contributions payable to Ihg charty's pension scheme are charged to the Statement of Financial Acts"vilies in the period to which they relate. OTHER TRADING ACTIVITIES 3118125 3118124 Shop income 3.798 INVESTMENT INCOME 3118125 3118124 Rents received 9,268 8.812 RAISING FUNDS RAISING DONATIONS AND LEGACIES 3118125 3118124 Support ¢osts TRUSTEES. REMUNERATION AND BENEFITS Mr l Dhoral is a trustee of the charty he was paid £12,240 {2024.- £6.0021 for his teachir)g duties. TRUSTEES. EXPENSES There were no trustees, exp8n$&s paid for the yoar ended 31st August 2025 nor for the year end8d 31st August 2024. STAFF COSTS The average monthly number of employees during the year was as follow$.' 311812S 3118124 28 Tea¢hing staff No employees received emoluments in eX$S of £60,000.
MAOIiASAH BAYTUL ILM NOTES TO THE FINANCIAL STATEMENTS- contlnutd FOR THE YEAR ENDED 31ST AUGUST 2025 COMPARATJVES FOR THE STATEMENT OF FINANCIAL ACTMTIES unstrIcts lund Regtrfi¢t•d lund Total funds INCOME AND ENDOYIMENTS FROM Donatsons and legacies 75,583 33,611 109,194 Charitable activities Teaching and prayer facilitie$ 210,016 210,016 Other trading activities Investment income 3,798 8,812 3,798 8,812 Total 298,209 33.611 331,820 EXPENDITURE ON Charitsbl• a¢tlvities Teaching and prayer facilities Donations given - Zakat 274,401 274,401 38,660 38,660 Other 160 160 Total 274,561 38,660 313,221 NET INCOMEI{EXPENDrruRE) 23,648 15,0491 18.599 RECONcILnON OF FUNDS Total funds brought forwatd 756,499 8.116 764.615 TOTAL FUNDS CARRIED FORWARD 780.147 3,067 783,214 -12-
MADRASAH BAYTUL ILM NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31ST AUGUST 2025 TANGIBLE FIXED ASSETS Fixture• and fftdn96 Freehold propgrty Totals COST Al 1st September 2024 Addib'ons 595,886 20A28 1.181 616,214 1,181 Al 31st August 2025 595,886 2109 617.395 DEPRECIATION At 1st September 2024 Chargo for year 154.506 11.918 19,853 331 174,359 12.249 At 31st August 2025 166A24 20.184 186,608 NET BOOK VALUE At 3151 August 2025 429A62 1,325 430,787 At 3181 August 2024 441,380 475 441,855 INVESTMENT PROPERTY FAIR VALUE At 1st September 2024 and 31st August 2025 159A95 NET BOOK VALUE At 31$1 August 2025 159.495 At 31$t August 2024 159.495 10. DEBTORS.. AMOUNTS FALLING DUE wrrHIN ONE YEAR 3118125 3118124 Other debtors Prepayments and accrued income 542 4.200 542 4.200 4.742 4.742
MADRASAH BAYTUL ILM IKITES TO THE FINANCIAL STATEMENTS. ¢ontinued FOR THE YEAR ENDED 31ST AUGUST 2025 11. CREDtroRS: AMOUNTS FALLING DUE wrfHIN ONE YEAR 3118125 3118124 Taxation and social secunty other credilors {1NOSI 37,534 1,330 38.071 36,128 39.401 12. LOANS An anatysis of the maturity of loans is given below. 3118125 3118124 Amounts falling due within one year on demand.. Other loans 34.020 34.020 13. MOVEMENT IN FUNDS Net movement in funds Al 31.8.25 At 1.9.24 Unre8tri¢ted fvnds General lund 780,147 57,066 837,213 Re$tri¢ted funds Donations- Zakat 3,067 {28251 TOTAL FUNDS 783,214 S4.241 837.455 Net movement in fvnds. included in the above are as follows-. In¢omino r850urco¥ Re8our¢es expended Movement In funds Unrestricted funds General fund 385,869 328.8031 S7,066 Restrlcted funds Donations- Zakat 13,134 115,9591 12,825) TOTAL FUNDS 399,003 1344.762 54.241 -14-
MADRASAH BAYTUL ILM MOTES TO THE FINANCIAL STATEMENTS * contjnugd FOR THE YEAR ENDED 31ST AUGUST 2025 13. MOVEMENT IN FUNDS- conllnu•d Comparativos for movement in funds mov•m•nt in funds At 31.8.24 At 1.9.23 UnroStrf¢t•d funds General fund 756,499 23,648 780,147 Re8trieted funds Donations- Zakat 8,116 15,049} 3,L7 TOTAL FUNDS 764,815 18,599 783.214 Comparative nel movement in fvnds, included in the above are as follows.. Incoming r9$ou•S Resources Oxpondgd m0Ment In funds Unrestrict•d fvnds General fund 298.209 {274.5611 23,648 Restricted funds Donations- Zakat 33,611 138,6601 {5.049) TOTAL FUNDS 331,820 {313.2211 18,599 A Current year 12 months and prior year 12 months wmbined position is as follows.- movemèrtt in fund¥ At 1.9.23 31.8.25 Vnrestrlcted fund$ Gener fund 756.499 80.714 837.213 Restri¢tod funds Donations- Zakat 8,116 7,8741 242 TOTAL FUNDS 764,615 72.840 837.455 -1
MADRASAH BAYTUL ILM NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31ST AUGUST 2025 13. MOVEMENT IN FUNOS - ¢ontlnu•d A current year 12 months and prior year 12 months eombined net movement in funds. induded in the above are as follows.. InMrnlng rosour¢es Resourees •xpended Mov•ment in funds Unrestrided lunds General fund 684,078 {603,3641 80,714 Restrlctod funds Donations- Zakal 46.745 154.6191 7,874} TOTAL FUNDS 730.823 1657,9831 72,840 1& RELATED PARfi DISCLOSURES There were no related paty Iransa¢tions for the year ended 31st August 2025.
MAORASAH 8AYfuL ILM DETLED STATEMENT OF FINANCIAL AcTIVlEs FOR THE YEAR ENDED 31ST AUGUST 2025 3118125 3118124 INCOME AND ENDOWMENrs Donations and legaclgs Donats'ons 146.519 109,194 Othgr trading activities Shop income 3,798 Inv•stment income Rents received 9,268 8.812 Charitab19 a¢tivlties Fees 238,732 210.016 Total Ineoming resources 399.003 331,820 EXPENDrruRE Charitablo actlvi11os Wages Rent Rates and water Insurance Light and heal Telephone Postage and ststs'onery Books, resource5 and prizes Repairs and maintenance Cleaning Staff training and welfare Subseripb'on B¢xJk-keeping Depreciation of tangible fixed assets Donab"ons to other charities 238.010 16.800 3,765 1.833 7.905 1.621 2.030 10.902 29.365 270 360 314 120 12.249 16.959 216,356 16,800 3,347 1,741 6.379 1.790 1,876 8,233 2,389 299 250 305 480 12,076 38,660 341.503 310,961 Other PensKJns 110 160 Support costs Governance costs Accountancy and legal fees 3.149 2,100 This pog• does not fomi p*t of the statutory financial statements -17-
MADRASAH 8AYTUL ILM DETAILED STAfEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31ST AUGUST 2025 3118125 3118124 Total resources expended 344.762 313,221 Net Incomg 54,241 18,599 This page does Mt forni part of Iha statutory ffinan¢ial statement$ -18-