## The Shi‘ah Institute Trustees Annual Report for the period of 1 May 2020 – 30 April 2021 1 CHARITY NAME The Shi‘ah Institute REGISTERED CHARITY NUMBER 1153889 COMPANY REGISTRATION 08476719 (England and Wales) NUMBER REGISTERED OFFICE Bloomsbury House 26 Bloomsbury Street London WC1B 3QJ TRUSTEES MR RAZA HASSAN (chair) MR SAMI SAYED RIZVI MR MUNAWER HUSSAIN SHAH 2 ## **Structure, governance and management** The charity operates under a trust deed. The declaration of trust was made on the nineteenth day of September 2013.The current trustees appointed for The Shi‘ah Institute were MR RAZA HASSAN (Chair) MR SAMI SAYED RIZVI MR MUNAWER HUSSAIN SHAH The above trustees are appointed on varying periods to ensure that not all trustees reappointment occurs at the same time. Thereafter every trustee must be appointed for a term of five years by a resolution of the trustees passed at a special meeting. The decision-making process is by voting with the chair having the casting vote. A company by the name of The Shi‘ah Institute was registered on the eighth day of April 2013. This company is owned by the Charity. ## **Financial review** Due to an ongoing financial challenging environment, the institute finds itself again with a net deficit of £65,899. With the COVID pandemic still impacting our fund raising. Since the beginning of March 2020, the institute has had to put its staff on furlough. ## **Public benefit statement** Due to the COVID pandemic, the Institute has remained closed during this reporting period to ensure the safe wellbeing of our staff. The trustees confirm that they have compiled with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers and duties. Raza Hassan Chair of the Board of Trustees 3 **REGISTERED COMPANY NUMBER: 08476719 (England and Wales) REGISTERED CHARITY NUMBER: 1153889** ## **TRUSTEES' REPORT AND** ## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021** ## **FOR** ## **THE SHI`AH INSTITUTE** Ali Kazimi 16 Western Avenue Golders Green London NW11 9HH **THE SHI`AH INSTITUTE** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021** ||**Page**| |---|---| |**Trustees' Report**|1 to 2| |**Independent Examiner's Report**|3| |**Statement of Financial Activities**|4| |**Balance Sheet**|5 to 6| |**Notes to the Financial Statements**|7 to 12| |**Detailed Statement of Financial Activities**|13 to 14| **THE SHI`AH INSTITUTE** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2021** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2021. 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** 1). The advancement of the religion of Islam in accordance with the principles and tenets of the Shi`ah Ithna`Ashari Muslim faith, in particular but not exclusively by facilitating and promoting scholarship on Shi`ah Ithna `Ashari Islam and funding, carrying out and organising research, lectures and conferences and to publicly disseminate the useful results of such research. 2). The advancement of education for the public benefit about Shi`ah Ithna `Ashari Islam, its heritage and peoples through media such as publications, the internet, university lectures. seminars, conferences and lectures.' ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The charity through the staff employed are conducting ongoing research on the Shi`ah Ithna `Ashari Muslim faith, this will result at a future period in publications for the wider public to consume. The key achievement has been the acquisition of lease to an office and the employment of key individuals who are high performing individuals who will assist in furthering the charity objects. ## **FINANCIAL REVIEW** The results for the year are shown in the profit and loss account on page 5. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 08476719 (England and Wales) ## **Registered Charity number** 1153889 ## **Registered office** Bloomsbury House 26 Bloomsbury Street London WC1B 3QJ ## **Trustees** R Hassan S S Rizvi M H Shah Page 1 ## **THE SHI`AH INSTITUTE** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2021** ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Company Secretary** Dr A Shah ## **Independent Examiner** Ali Kazimi 16 Western Avenue Golders Green London NW11 9HH Approved by order of the board of trustees on .18 February 2022.. and signed on its behalf by: .................................................................................. R Hassan - Trustee Page 2 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF** ## **THE SHI`AH INSTITUTE** I report on the accounts for the year ended 30 April 2021 set out on pages five to fifteen. ## **Respective responsibilities of trustees and examiner** The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - examine the accounts under Section 145 of the 2011 Act - to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and - to state whether particular matters have come to my attention. ## **Basis of the independent examiner's report** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the 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 2015) have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Ali Kazimi 16 Western Avenue Golders Green London NW11 9HH 18 Feb 2022 Date: ............................................. Page 3 ## **THE SHI`AH INSTITUTE** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2021** |||30.4.21|30.4.20| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Donations and legacies||79,150|77,633| |Government grants||71,737|-| |**EXPENDITURE ON**|||| |Raising funds||-|-| |Other||137,060|169,029| |**Total**||137,060|169,029| |**NET INCOME/(EXPENDITURE)**||13,827|(91,396)| |**RECONCILIATION OF FUNDS**|||| |**Total funds brought forward**||(79,726)|11,670| |**TOTAL FUNDS CARRIED FORWARD**||(65,899)|(79,726)| The notes form part of these financial statements Page 4 ## **THE SHI`AH INSTITUTE** ## **BALANCE SHEET 30 APRIL 2021** |30.4.21
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
5
5,261
**CURRENT ASSETS**
Stocks
6
12,154
Debtors
7
16,749
Cash at bank
5,478
34,381
**CREDITORS**
Amounts falling due within one year
8
(105,541)
**NET CURRENT ASSETS/(LIABILITIES)**
(71,160)
**TOTAL ASSETS LESS CURRENT LIABILITIES**
(65,899)
**NET ASSETS**
(65,899)
**FUNDS**
9
Unrestricted funds
(65,899)
**TOTAL FUNDS**
(65,899)|30.4.20
Total
funds
£
7,014
12,154
6,700
97
18,951
(105,690)
(86,740)
(79,726)
(79,726)
(79,726)
(79,726)| |---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 5 continued... **BALANCE SHEET - continued 30 APRIL 2021** ## **THE SHI`AH INSTITUTE** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on .18 February 2022. and were signed on its behalf by: ............................................. R Hassan - Trustee The notes form part of these financial statements Page 6 **THE SHI`AH INSTITUTE** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021** ## **1. ACCOUNTING POLICIES** ## **BASIS OF PREPARING THE FINANCIAL STATEMENTS** The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **INCOME** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **EXPENDITURE** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **TANGIBLE FIXED ASSETS** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. ## **STOCKS** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **TAXATION** The charity is exempt from corporation tax on its charitable activities. ## **FUND ACCOUNTING** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only 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 restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **HIRE PURCHASE AND LEASING COMMITMENTS** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. ## **PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. continued... Page 7 **THE SHI`AH INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021** ## **2. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||30.4.21|30.4.20| |---|---|---| ||£|£| |Depreciation - owned assets|1,753|2,338| |Other operating leases|24,904|30,662| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020. ## **TRUSTEES' EXPENSES** There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020. ## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and legacies|77,633| |**EXPENDITURE ON**|| |Raising funds|-| |Other|169,029| |**Total**|169,029| |**NET INCOME/(EXPENDITURE)**|(91,396)| |**RECONCILIATION OF FUNDS**|| |**Total funds brought forward**|11,670| |**TOTAL FUNDS CARRIED FORWARD**|(79,726)| continued... Page 8 **THE SHI`AH INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021** ## **5. TANGIBLE FIXED ASSETS** ## **6.** **7.** |**TANGIBLE FIXED ASSETS**|||| |---|---|---|---| ||Fixtures||| ||and|Computer|| ||fittings|equipment|Totals| ||£|£|£| |**COST**|||| |At 1 May 2020 and 30 April 2021|25,943|10,524|36,467| |**DEPRECIATION**|||| |At 1 May 2020|21,246|8,207|29,453| |Charge for year|1,174|579|1,753| |At 30 April 2021|22,420|8,786|31,206| |**NET BOOK VALUE**|||| |At 30 April 2021|3,523|1,738|5,261| |At 30 April 2020|4,697|2,317|7,014| |**STOCKS**|||| |||30.4.21|30.4.20| |||£|£| |Stocks||12,154|12,154| |**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| |||30.4.21|30.4.20| |||£|£| |Other debtors||16,749|6,700| continued... Page 9 **THE SHI`AH INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021** ## **8.** ## **CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Social security and other taxes
Other creditors
Pension Payable
Net wages|30.4.21
£
32,038
32,710
5,304
35,489
105,541|30.4.20
£
31,757
32,710
5,729
35,495
105,691| |---|---|---| ## **9.** ## **MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
movement
At
At 1.5.20
in funds
30.4.21
£
£
£
(79,726)
13,827
(65,899)
(79,726)
(13,827)
(65,899)
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
150,887
(137,060)
13,827
150,887
(137,060)
13,827| |---|---| ## **Comparatives for movement in funds** |||Net|| |---|---|---|---| |||movement|At| ||At 1.5.19|in funds|30.4.20| ||£|£|£| |**Unrestricted funds**|||| |General fund|11,670|(91,396)|(79,726)| |**TOTAL FUNDS**|11,670|(91,396)|(79,726)| continued... Page 10 **THE SHI`AH INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021** ## **9. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
77,633
(169,029)
(91,396)
77,633
(169,029)
(91,396)| |---|---| A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1.5.19|in funds|30.4.21| ||£|£|£| |**Unrestricted funds**|||| |General fund|11,670|(77,569)|(65,899)| |**TOTAL FUNDS**|11,670|(77,569)|(65,899)| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
228,520
(306,089)
(77,569)
228,520
(306,089)
(77,569)| |---|---| continued... Page 11 ## **THE SHI`AH INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021** ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 April 20 Page 12 **REGISTERED COMPANY NUMBER: 08476719 (England and Wales) REGISTERED CHARITY NUMBER: 1153889** ## **TRUSTEES' REPORT AND** ## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021** ## **FOR** ## **THE SHI`AH INSTITUTE** Ali Kazimi 16 Western Avenue Golders Green London NW11 9HH **THE SHI`AH INSTITUTE** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021** ||**Page**| |---|---| |**Trustees' Report**|1 to 2| |**Independent Examiner's Report**|3| |**Statement of Financial Activities**|4| |**Balance Sheet**|5 to 6| |**Notes to the Financial Statements**|7 to 12| |**Detailed Statement of Financial Activities**|13 to 14| **THE SHI`AH INSTITUTE** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2021** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2021. 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** 1). The advancement of the religion of Islam in accordance with the principles and tenets of the Shi`ah Ithna`Ashari Muslim faith, in particular but not exclusively by facilitating and promoting scholarship on Shi`ah Ithna `Ashari Islam and funding, carrying out and organising research, lectures and conferences and to publicly disseminate the useful results of such research. 2). The advancement of education for the public benefit about Shi`ah Ithna `Ashari Islam, its heritage and peoples through media such as publications, the internet, university lectures. seminars, conferences and lectures.' ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The charity through the staff employed are conducting ongoing research on the Shi`ah Ithna `Ashari Muslim faith, this will result at a future period in publications for the wider public to consume. The key achievement has been the acquisition of lease to an office and the employment of key individuals who are high performing individuals who will assist in furthering the charity objects. ## **FINANCIAL REVIEW** The results for the year are shown in the profit and loss account on page 5. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 08476719 (England and Wales) ## **Registered Charity number** 1153889 ## **Registered office** Bloomsbury House 26 Bloomsbury Street London WC1B 3QJ ## **Trustees** R Hassan S S Rizvi M H Shah Page 1 ## **THE SHI`AH INSTITUTE** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2021** ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Company Secretary** Dr A Shah ## **Independent Examiner** Ali Kazimi 16 Western Avenue Golders Green London NW11 9HH Approved by order of the board of trustees on .18 February 2022.. and signed on its behalf by: .................................................................................. R Hassan - Trustee Page 2 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF** ## **THE SHI`AH INSTITUTE** I report on the accounts for the year ended 30 April 2021 set out on pages five to fifteen. ## **Respective responsibilities of trustees and examiner** The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - examine the accounts under Section 145 of the 2011 Act - to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and - to state whether particular matters have come to my attention. ## **Basis of the independent examiner's report** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the 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 2015) have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Ali Kazimi 16 Western Avenue Golders Green London NW11 9HH 18 Feb 2022 Date: ............................................. Page 3 ## **THE SHI`AH INSTITUTE** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2021** |||30.4.21|30.4.20| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Donations and legacies||79,150|77,633| |Government grants||71,737|-| |**EXPENDITURE ON**|||| |Raising funds||-|-| |Other||137,060|169,029| |**Total**||137,060|169,029| |**NET INCOME/(EXPENDITURE)**||13,827|(91,396)| |**RECONCILIATION OF FUNDS**|||| |**Total funds brought forward**||(79,726)|11,670| |**TOTAL FUNDS CARRIED FORWARD**||(65,899)|(79,726)| The notes form part of these financial statements Page 4 ## **THE SHI`AH INSTITUTE** ## **BALANCE SHEET 30 APRIL 2021** |30.4.21
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
5
5,261
**CURRENT ASSETS**
Stocks
6
12,154
Debtors
7
16,749
Cash at bank
5,478
34,381
**CREDITORS**
Amounts falling due within one year
8
(105,541)
**NET CURRENT ASSETS/(LIABILITIES)**
(71,160)
**TOTAL ASSETS LESS CURRENT LIABILITIES**
(65,899)
**NET ASSETS**
(65,899)
**FUNDS**
9
Unrestricted funds
(65,899)
**TOTAL FUNDS**
(65,899)|30.4.20
Total
funds
£
7,014
12,154
6,700
97
18,951
(105,690)
(86,740)
(79,726)
(79,726)
(79,726)
(79,726)| |---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 5 continued... **BALANCE SHEET - continued 30 APRIL 2021** ## **THE SHI`AH INSTITUTE** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on .18 February 2022. and were signed on its behalf by: ............................................. R Hassan - Trustee The notes form part of these financial statements Page 6 **THE SHI`AH INSTITUTE** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021** ## **1. ACCOUNTING POLICIES** ## **BASIS OF PREPARING THE FINANCIAL STATEMENTS** The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **INCOME** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **EXPENDITURE** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **TANGIBLE FIXED ASSETS** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. ## **STOCKS** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **TAXATION** The charity is exempt from corporation tax on its charitable activities. ## **FUND ACCOUNTING** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only 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 restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **HIRE PURCHASE AND LEASING COMMITMENTS** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. ## **PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. continued... Page 7 **THE SHI`AH INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021** ## **2. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||30.4.21|30.4.20| |---|---|---| ||£|£| |Depreciation - owned assets|1,753|2,338| |Other operating leases|24,904|30,662| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020. ## **TRUSTEES' EXPENSES** There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020. ## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and legacies|77,633| |**EXPENDITURE ON**|| |Raising funds|-| |Other|169,029| |**Total**|169,029| |**NET INCOME/(EXPENDITURE)**|(91,396)| |**RECONCILIATION OF FUNDS**|| |**Total funds brought forward**|11,670| |**TOTAL FUNDS CARRIED FORWARD**|(79,726)| continued... Page 8 **THE SHI`AH INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021** ## **5. TANGIBLE FIXED ASSETS** ## **6.** **7.** |**TANGIBLE FIXED ASSETS**|||| |---|---|---|---| ||Fixtures||| ||and|Computer|| ||fittings|equipment|Totals| ||£|£|£| |**COST**|||| |At 1 May 2020 and 30 April 2021|25,943|10,524|36,467| |**DEPRECIATION**|||| |At 1 May 2020|21,246|8,207|29,453| |Charge for year|1,174|579|1,753| |At 30 April 2021|22,420|8,786|31,206| |**NET BOOK VALUE**|||| |At 30 April 2021|3,523|1,738|5,261| |At 30 April 2020|4,697|2,317|7,014| |**STOCKS**|||| |||30.4.21|30.4.20| |||£|£| |Stocks||12,154|12,154| |**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| |||30.4.21|30.4.20| |||£|£| |Other debtors||16,749|6,700| continued... Page 9 **THE SHI`AH INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021** ## **8.** ## **CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Social security and other taxes
Other creditors
Pension Payable
Net wages|30.4.21
£
32,038
32,710
5,304
35,489
105,541|30.4.20
£
31,757
32,710
5,729
35,495
105,691| |---|---|---| ## **9.** ## **MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
movement
At
At 1.5.20
in funds
30.4.21
£
£
£
(79,726)
13,827
(65,899)
(79,726)
(13,827)
(65,899)
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
150,887
(137,060)
13,827
150,887
(137,060)
13,827| |---|---| ## **Comparatives for movement in funds** |||Net|| |---|---|---|---| |||movement|At| ||At 1.5.19|in funds|30.4.20| ||£|£|£| |**Unrestricted funds**|||| |General fund|11,670|(91,396)|(79,726)| |**TOTAL FUNDS**|11,670|(91,396)|(79,726)| continued... Page 10 **THE SHI`AH INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021** ## **9. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
77,633
(169,029)
(91,396)
77,633
(169,029)
(91,396)| |---|---| A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1.5.19|in funds|30.4.21| ||£|£|£| |**Unrestricted funds**|||| |General fund|11,670|(77,569)|(65,899)| |**TOTAL FUNDS**|11,670|(77,569)|(65,899)| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
228,520
(306,089)
(77,569)
228,520
(306,089)
(77,569)| |---|---| continued... Page 11 ## **THE SHI`AH INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021** ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 April 20 Page 12