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2025-03-31-accounts

Docusign Envelope ID: 33989D57-4E18-4542-97D5-3890CE2A67D3

Charity number: 283832

ISLAMIC TEXTS SOCIETY

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Docusign Envelope ID: 33989D57-4E18-4542-97D5-3890CE2A67D3

ISLAMIC TEXTS SOCIETY

CONTENTS

Page
Reference and administrative details of the Society, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 21

Docusign Envelope ID: 33989D57-4E18-4542-97D5-3890CE2A67D3

ISLAMIC TEXTS SOCIETY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees HRH Prince Amr al-Faisal
Dr Khaled Azzam
Mrs Laila Azzam
Dr Abdul Rahman Azzam
Mrs Nagla Azzam
Charity registered
number
283832
Principal office
Millers House
Kings Mill Lane
Great Shelford
Cambridge
CB22 5EN
Secretary
Miss Fatima Azzam
Accountants
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers
Barclays Bank
9-11 St Andrew's Street
Cambridge
CB2 3AA

Page 1

Docusign Envelope ID: 33989D57-4E18-4542-97D5-3890CE2A67D3

ISLAMIC TEXTS SOCIETY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees submit their annual report and the unaudited financial statements of Islamic Texts Society (ITS) for the year ended 31 March 2025. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Policies and objectives

ITS aims to further knowledge about the heritage of Islam. It aims to build a library in the English language of translations of classic works from the Islamic culture and thus to make available, sometimes for the first time ever, works on theology, law, philosophy, mysticism, the sciences, etc. By so doing, it aims to contribute to the knowledge of academics, students, and all those interested in Islam. ITS also aims at publishing works of general interest about Islam and its relation to other religions. The objective here is to contribute to the ongoing inter-faith debate.

Public benefit

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. The Society is a registered charity whose primary charitable purpose defined by the Charities Act 2011 is to advance the education of the public in Islamic and the Muslim religion and culture by means of the publication and sale of books from the Islamic heritage or by such other means as the trustees shall determine from time to time. The charity provides public benefit by making such texts available to a wide audience.

ACHIEVEMENTS AND PERFORMANCE

The aim of the Trust is to bring out new titles each year, as well as maintaining its backlist in stock.

We continue to liaise with authors and translators regarding commissioned manuscripts in the process of completion and to accept completed manuscripts that fit in with our aims and objectives. Our main focus continues to be the translations of titles from the Islamic heritage; monographs in English will be accepted only if exceptional and highly recommended.

The objective of the trust for the year 2025-26 is to publish six new titles:

The manuscripts of the above six new titles are in the process of being translated, edited, typeset, etc.

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ISLAMIC TEXTS SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Regarding the backlist, a number of out-of-stock titles will be reprinted. The ITS reviews the average annual sales of every title and divides the list into best-sellers (to be printed litho in quantities of 500 and above) and titles that sell less than 500 copies per year (to be printed Print on Demand/PoD in quantities dependent on average annual sales). This ensures that all titles remain permanently in stock which is essential for sales as most customers now cancel orders if the books are not in stock. We will continue to monitor sales of individual titles and adjust averages and print quantities accordingly.

Sales representation is still being managed in-house. We continue to expand the means of targeting our trade and individual clients.

During the year 2024-25, sales of the ITS titles at our new UK distributor BookSource have been lower than the previous year. Having contacted our distributors BookSource, our wholesalers Gardners and others in the trade, we were informed that this seems to be the case for all publishers in the UK. It is hoped that the situation will soon stabilise and that the new titles will increase the overall turnover. The ITS has suspended looking for a new distributor in North America for the time being.

No new titles were published in the year (see Review of Activities below).

Review of Activities

The year 2024-25 was mostly taken up with consolidating our position at our new distributor in the UK and rebuilding our relations with our existing customers after all the disruption with our former distributor Orca Book Services in the UK and the termination of our agreement with our North American distributor IPG. The ITS has also been finalising six new titles and commissioning a number of other forthcoming titles.

Our production programmes were reviewed, as were all titles in progress. A number of contracts for titles that have not been submitted were cancelled and the authors/translators of all remaining titles on our books chased and submission dates revised.

At present, the funds of the ITS are sufficient to cover its running costs and production costs and there is no need for the trustees and the management committee to raise funds for the charity. If in the year 2025-26 major new projects are taken on, then the trustees and the management committee will resume the fundraising to cover the costs of the new projects. No material expenditure for future income generation is expected.

PLANS FOR FUTURE PERIODS

The trust plans to continue to pursue its activities through the publication of new titles and through maintaining its backlist in stock.

In the year 2025-26, the ITS will be focusing more proactively on its marketing through the attendance at major international book fairs such as: the Sharjah Book Fair, the Kuala Lumpur Book Fair, etc.

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ISLAMIC TEXTS SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

Reserves Policy

The Trust is funded from the sale proceeds of its publications and from its fundraising activities. It is therefore the policy of the Trust to maintain unrestricted funds (excluding fixed assets), which are the free reserves of the Society, at a level which equates to approximately three months unrestricted expenditure (£65,145) in order to provide sufficient funds to cover the management and administration and support costs should there be a fall in income. Current unrestricted free reserves amounted to £161,436 (2024: £195,808), which is in excess of the policy.

Financial Review

The results for the year are set out in the attached financial statements. Sales of publications decreased during the year to £220,604 (2024: £226,763) and total expenditure amounted to £265,015 (2024: £254,991). At the end of the year the Society had net assets of £183,166 (2024: £221,972) although it is noted that the resale value of publications in stock significantly exceeds their book value.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The principal object of the Society is to further knowledge about the vast heritage of Islam by building a library in the English language of classic works from the Islamic culture. The Society is governed by a Trust Deed dated 4 November 1981 as amended on 16 November 2018.

Method of appointment or election of Trustees

The management of the Society is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed by resolution at a meeting of the Trustees.

Organisational structure and decision making

The Trustees are responsible for establishing the overall policy of the Society and meet periodically to review progress in meeting the Society's objectives. The day-to-day execution of that policy is delegated to the Management Committee.

General risk management

The Trustees have examined the major strategic, business and operational risks which the ITS faces, in particular those related to the operations and finances of the ITS. Systems and procedures have been established to mitigate exposure to the major risks.

It has been recognised that the major strategic, business and operational risks are related to:

Page 4

Docusign Envelope ID: 33989D57-4E18-4542-97D5-3890CE2A67D3

ISLAMIC TEXTS SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Society's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Society 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 and signed on their behalf by:

................................................ Dr Abdul Rahman Azzam Trustee

Date: 15 July 2025

Page 5

Docusign Envelope ID: 33989D57-4E18-4542-97D5-3890CE2A67D3

ISLAMIC TEXTS SOCIETY

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ISLAMIC TEXTS SOCIETY ('the Society')

I report to the charity Trustees on my examination of the accounts of the Society for the year ended 31 March 2025.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the Society you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Society's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

Your attention is drawn to the fact that the Society has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

  1. accounting records were not kept in respect of the Society as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) 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 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.

This report is made solely to the Society's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Society's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Society and the Society's Trustees as a body, for my work or for this report.

Signed: Dated: 15 July 2025 Mr M Hewett FCA DChA

PETERS ELWORTHY & MOORE Chartered Accountants Cambridge

Page 6

Docusign Envelope ID: 33989D57-4E18-4542-97D5-3890CE2A67D3

ISLAMIC TEXTS SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Note
INCOME FROM:
Donations
2
Charitable activities
3
Investments
4
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
5
TOTAL EXPENDITURE
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
11
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2025
£
4,326
220,604
1,279
226,209
260,581
260,581
(34,372)
195,808
(34,372)
161,436		 Restricted
funds
2025
£
-
-
-
-
4,434
4,434
(4,434)
26,164
(4,434)
21,730		 Total
funds
2025
£
4,326
220,604
1,279
226,209
265,015
265,015
(38,806)
221,972
(38,806)
183,166		 Total
funds
2024
£
12,223
226,763
1,026
240,012
254,991
254,991
(14,979)
236,951
(14,979)
221,972

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 9 to 21 form part of these financial statements.

Page 7

Docusign Envelope ID: 33989D57-4E18-4542-97D5-3890CE2A67D3

ISLAMIC TEXTS SOCIETY

BALANCE SHEET AS AT 31 MARCH 2025

Note
FIXED ASSETS
Tangible assets
7
CURRENT ASSETS
Stocks
8
Debtors
9
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due within one
year
10
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Restricted funds
11
Unrestricted funds
11
TOTAL FUNDS		 67,208
46,272
267,179
380,659
(199,172)		 2025
£
1,679
1,679
181,487
183,166
21,730
161,436
183,166		 82,839
58,069
281,719
422,627
(202,128)		 2024
£
1,473
1,473
220,499
221,972
26,164
195,808
221,972

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

Dr Abdul Rahman Azzam

Trustee Date: 15 July 2025

The notes on pages 9 to 21 form part of these financial statements.

Page 8

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ISLAMIC TEXTS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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) (second edition of the Charities SORP October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 (and subsequently updated) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Islamic Texts Society meets the definition of a public benefit entity as defined by FRS 102.

No significant estimates or judgements have been made by management in preparing these financial statements.

1.2 GOING CONCERN

The Trustees have reviewed the financial position of the Society and have reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on a going concern basis.

1.3 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 Society and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Society for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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ISLAMIC TEXTS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (CONTINUED)

1.4 INCOME

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

Publication income is recognised at the later of the publication date or receipt of a sales order.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Society; this is normally upon notification of the interest paid or payable by the Bank.

Donations, are recognised when the Society has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfillment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

1.5 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.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Support costs have been allocated between governance costs and other support costs. Support costs are those costs incurred directly in support of expenditure on the objects of the Society. Governance costs are those incurred in connection with administration of the Society and compliance with constitutional and statutory requirements.

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

1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

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

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

Depreciation is provided on the following basis:

Office equipment - 10% straight line
Computer equipment - 20% straight line
Other fixed assets - 20% straight line

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ISLAMIC TEXTS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (CONTINUED)

1.7 OPERATING LEASES

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.8 STOCKS AND WORK IN PROGRESS

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.9 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.

1.10 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.

1.11 CREDITORS AND PROVISIONS

Creditors and provisions are recognised where the Society has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12 FINANCIAL INSTRUMENTS

The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the statement of financial activities.

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ISLAMIC TEXTS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. INCOME FROM DONATIONS

Donations
TOTAL 2025
TOTAL 2024		 Unrestricted
funds
2025
£
4,326
4,326
2,173		 Restricted
funds
2025
£
-
-
10,050		 Total
funds
2025
£
4,326
4,326
12,223		 Total
funds
2024
£
12,223
12,223

3. INCOME FROM CHARITABLE ACTIVITIES

Publishing
Copyright income
TOTAL 2025
TOTAL 2024		 Unrestricted
funds
2025
£
217,186
3,418
220,604
226,763		 Total
funds
2025
£
217,186
3,418
220,604
226,763		 Total
funds
2024
£
225,476
1,287
226,763

In 2024, all income from charitable activities was unrestricted.

4. INVESTMENT INCOME

Interest receivable
TOTAL 2025
TOTAL 2024		 Unrestricted
funds
2025
£
1,279
1,279
1,026		 Total
funds
2025
£
1,279
1,279
1,026		 Total
funds
2024
£
1,026
1,026

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ISLAMIC TEXTS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Publishing
TOTAL 2025
TOTAL 2024		 Activities
undertaken
directly
2025
£
135,151
135,151
134,813		 Support and
governance
costs
2025
£
129,864
129,864
120,178		 Total
funds
2025
£
265,015
265,015
254,991		 Total
funds
2024
£
254,991
254,991

In 2024, of the total expenditure, £16,471 was attributable to expenditure from restricted funds and £238,520 was expenditure attributable to unrestricted funds.

ANALYSIS OF DIRECT COSTS

Staff commissions
Costs of producing publications
Packing, distribution and commission
Royalties payable
TOTAL 2024		 Publishing
2025
£
32,142
69,536
24,484
8,989
135,151
134,813		 Total
funds
2025
£
32,142
69,536
24,484
8,989
135,151
134,813		 Total
funds
2024
£
26,965
62,726
30,171
14,951
134,813

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ISLAMIC TEXTS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Staff costs
Depreciation
Consultancy
Printing and stationery
Telephone and internet
Rent and rates
Insurance
Repairs and renewals
Computer expenses
Bank interest and charges
Entertainment
Subscriptions
Bad debt
Marketing and fundraising expenses
Legal and professional fees
Bookkeeping fees
Independent examination and accountancy fees (governance)
TOTAL 2024		 Publishing
2025
£
85,651
611
1,000
974
426
18,096
643
17
1,201
483
48
1,020
-
1,883
3,800
9,663
4,348
129,864
120,178		 Total
funds
2025
£
85,651
611
1,000
974
426
18,096
643
17
1,201
483
48
1,020
-
1,883
3,800
9,663
4,348
129,864
120,178		 Total
funds
2024
£
78,330
669
250
545
490
17,217
411
60
885
514
-
1,331
39
890
4,630
9,657
4,260
120,178

STAFF COSTS, KEY MANAGEMENT PERSONNEL AND TRUSTEES' REMUNERATION AND 6. EXPENSES

Wages and salaries
Social security costs		 2025
£
110,108
7,685
117,793		 2024
£
99,127
6,168
105,295

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ISLAMIC TEXTS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. STAFF COSTS, KEY MANAGEMENT PERSONNEL AND TRUSTEES' REMUNERATION AND EXPENSES (CONTINUED)

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

2025 2024
No. No.
Publishing 2 2

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £60,001 - £70,000 1 -

The key management personnel of the charity comprises the Trustees and the Secretary. The Trustees all give their time and expertise without any kind of remuneration or other benefit in kind (2024: £Nil). The total employment benefits, including employer's national insurance, of key management personnel were £52,571 (2024: £49,562).

No trustees received reimbursed travel expenses during the year (2024: £Nil).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. TANGIBLE FIXED ASSETS

COST
At 1 April 2024
Additions
Disposals
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
8.
STOCKS
Work in progress
Stocks of published books		 Office
equipment
£
1,107
-
-
1,107
1,107
-
-
1,107
-
-		 Computer
equipment
£
8,986
829
(6,070)
3,745
7,513
611
(6,058)
2,066
1,679
1,473		 Other fixed
assets
£
1,863
-
-
1,863
1,863
-
-
1,863
-
-
2025
£
12,852
54,356
67,208		 Total
£
11,956
829
(6,070)
6,715
10,483
611
(6,058)
5,036
1,679
1,473
2024
£
4,982
77,857
82,839

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ISLAMIC TEXTS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments		 2025
£
43,491
1,689
1,092
46,272		 2024
£
55,405
1,555
1,109
58,069

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security
Other creditors
Accruals		 2025
£
5,238
2,466
185,120
6,348
199,172		 2024
£
9,575
2,564
184,104
5,885
202,128

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS
General Funds
RESTRICTED FUNDS
Royalties
Razi Volume 2
Al Ghazali
TOTAL OF FUNDS		 Balance at 1
April 2024
£
195,808
4,434
20,050
1,680
26,164
221,972		 Income
£
226,209
-
-
-
-
226,209		 Expenditure
£
(260,581)
(4,434)
-
-
(4,434)
(265,015)		 Balance at
31 March
2025
£
161,436
-
20,050
1,680
21,730
183,166

Purpose of Funds

The General Fund represents unrestricted funds available to support the Society's charitable objectives.

The Royalties restricted fund represents funding towards helping the charity pay off its liabilities for royalties and foreign language rights. These liabilities are included within ‘Other Creditors’ in the accounts.

As the remaining titles are yet to be published, the funds have been carried forward at the year end.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED FUNDS
General Funds
RESTRICTED FUNDS
Royalties
Razi Volume 2
Kazaruni Volume 1 & 2
Al Ghazali
TOTAL OF FUNDS		 Balance at
1 April 2023
£
204,366
5,905
10,000
15,000
1,680
32,585
236,951		 Income
£
229,962
-
10,050
-
-
10,050
240,012		 Expenditure
£
(238,520)
(1,471)
-
(15,000)
-
(16,471)
(254,991)		 Balance at
31 March
2024
£
195,808
4,434
20,050
-
1,680
26,164
221,972

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ISLAMIC TEXTS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted Restricted Total
funds funds funds
2025 2025 2025
£ £ £
Tangible fixed assets 1,679 - 1,679
Current assets 358,929 21,730 380,659
Creditors due within one year (199,172) - (199,172)
TOTAL 161,436 21,730 183,166
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
Tangible fixed assets 1,473 - 1,473
Current assets 396,463 26,164 422,627
Creditors due within one year (202,128) - (202,128)
TOTAL 195,808 26,164 221,972

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ISLAMIC TEXTS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. OPERATING LEASE COMMITMENTS

At 31 March 2025 the Society had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2025
£
2,500
-
2,500		 2024
£
15,000
2,500
17,500

Following the year end, a new lease for Miller's House was signed on 1 June 2025. The updated annual rental cost is £18,000 per annum.

14. RELATED PARTY TRANSACTIONS

During the year, the Society continued to rent the Miller's House, which is part of The King's Mill in Great Shelford, a property in which the Society's Trustees have an interest.

The Society has rented its offices at this property from the King's Mill Trust since 1 June 2010 at an annual rent of £15,000 per annum. The annual rent payable was calculated on the square footage prices of office spaces in the Great Shelford area. The rent paid in the year to 31 March 2025 amounted to £15,000 (2024: £15,000).

During the year, no trustees made a personal donation to the charity (2024: £0).

Mrs N Azzam (Trustee) and Miss F Azzam (Secretary) are trustees of the King's Mill Trust and Dr K Azzam, Mrs L Azzam, Dr A R Azzam, Mrs N Azzam and Miss F Azzam are beneficiaries of the King's Mill Trust.

Dr A R Azzam, a trustee of the Charity, is also an author, and produces texts on behalf of the Charity. As with all authors who collaborate with the Charity, Dr A R Azzam receives a 10% royalty on all sales. Through this arm's length transaction, Dr A R Azzam received £1,232 during the year (2024: £Nil).

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