CHARITY REGISTRATION NUMBER: 291922
WABIL
Financial Statements
31 March 2021
FAIRMAN DAVIS
Chartered accountants & statutory auditor 6 Exhibition House Addison Bridge Place London W14 8XP
WABIL
Financial Statements
Year ended 31 March 2021
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent auditor's report to the members | 4 |
| Statement of financial activities | 8 |
| Statement of financial position | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 |
WABIL
Trustees' Annual Report
Year ended 31 March 2021
The trustees present their report and the financial statements of the charity for the year ended 31 March 2021.
Reference and administrative details
Registered charity name
WABIL
Charity registration number
Charity registration number 291922 Principal office 19 Chelmsford Square London NW10 3AP
The trustees
Mr Sayyed Mohammed Musawi Mr Emad Dean Hilli Dr Gulam Hadi Kadiwal
Company secretary
Auditor
Mr Sayyed Mohammed Musawi
Fairman Davis
Chartered accountants & statutory auditor 6 Exhibition House Addison Bridge Place London W14 8XP
Structure, governance and management
Governing Documents
The organisation was registered as charity on 12th June 1985 and is governed by its constitution dated 10th April 1985.
Organisation Structure
WABIL has a Management Committee of 3 trustees who meet quarterly and are responsible for the strategic direction and policy of the charity.
Risk Management
The Management Committee has conducted a review of the major risks to which the charity is exposed to and continues to monitor this on an ongoing basis. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety off volunteers, clients and visitors to the centre. The procedures are periodically reviewed to ensure that they continue to meet the needs of the charity
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WABIL
Trustees' Annual Report (continued)
Year ended 31 March 2021
Objectives and activities
WABIL is a registered charity working primarily for the advancement of Islamic Shi'a religion and for the advancement of education and relief of poverty amongst those of the Islamic Shi'a religion.
Achievements and performance
During the year the charity was able to promote the Ahlul Bayt school of thought by the organisation of lectures and educational classes. The charity also supported numerous welfare causes around the world, providing shelter and housing, assisting displaced persons, supporting the set up of schools and hospitals and generally helping to alleviate poverty.
Financial review
The charity has continued to plan and develop its services, with the aid of sound financial management and the support of both its staff and volunteers, has achieved a satisfactory outcome for the year, with sufficient resources to continue its normal activities in the forthcoming years.
Trustees' responsibilities statement
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 and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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WABIL Trustses, Annual Report (wnthu•d) Year ended 31 March 2021 The trustees, annual report was approved on 13 January 2022 and slgned on b8half of the b)8rd of trustees by.. Mr Sayyed Mohammed Musawl Trustee
WABIL
Independent Auditor's Report to the Members of WABIL
Year ended 31 March 2021
Opinion
We have audited the financial statements of WABIL (the 'charity') for the year ended 31 March 2021 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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WABIL
Independent Auditor's Report to the Members of WABIL (continued)
Year ended 31 March 2021
Other information
The other information comprises the information included in the annual report, other than the financial statements and our trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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WABIL
Independent Auditor's Report to the Members of WABIL (continued)
Year ended 31 March 2021
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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WABIL Independent Auditor's Report to the Members of WABIL Iconithtsed) Year ended 31 March 2021 We communicate with those charged wf(h govemance regarding, among other matters, the planned scope and liming of the audit and significant audit findings. including any significant deficiencies in internal control that we identify Quring our audit, Use of our report This report is made solely lo the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might $lale lo the ¢harily's members those matters we are requir¢d to sl819 10 them in an audilorfs report and for no other purpose. To the fullest exienl permitted by law, we do not accèpt or assume responsibility lo anyone other than the charity and the charity's members as a body, for our audit work, for this re ort, or for the opinions we have lomied. Fairman Davis Chartered aceounlanls & slalulory auditor 6 Exhibition House Addison Bridge Pla¢• London W14 8XP 13 January 2022
WABIL
Statement of Financial Activities
Year ended 31 March 2021
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | |||||
| funds | funds | Total funds | Total funds | |||
| Note | £ | £ | £ | £ | ||
| Income and endowments | ||||||
| Donations and legacies | 4 | 2,562,609 | 442,140 | 3,004,749 | 2,362,157 | |
| Investment income | 5 | 176,347 | 176,347 | 165,749 | ||
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | |||
| Total income | 2,738,956 | 442,140 | 3,181,096 | 2,527,906 | ||
| ========================================= | ================================ | ========================================= | ========================================= | |||
| Expenditure | ||||||
| Expenditure on charitable activities | 6,7 | 1,803,715 | 873,140 | 2,676,855 | 2,384,738 | |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | |||
| Total expenditure | 1,803,715 | 873,140 | 2,676,855 | 2,384,738 | ||
| ========================================= | ================================ | ========================================= | ========================================= | |||
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | |||
| Net income and net movement in | funds | 935,241 | (431,000) | 504,241 | 143,168 | |
| ========================================= | ================================ | ========================================= | ========================================= | |||
| Reconciliation of funds | ||||||
| Total funds brought forward | 2,688,835 | 431,000 | 3,119,835 | 2,976,666 | ||
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | |||
| Total funds carried forward | 3,624,076 | 3,624,076 | 3,119,834 | |||
| ========================================= | ================================ | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 11 to 19 form part of these financial statements.
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WABIL Statement of Flnanclal Posltlon 31 March 2021 2021 2020 Flxed assets Tanglbl8 fixed assets 13 4,779,029 4,779,029 Curr•nt ass•ts Detrtors Cash at bank aThl in hand 14 321,058 1.084,114 1.406,172 298,128 624,887 920,815 Cr•dltors: amounts falllng due wlthln on• year N•t current assets 15 5,125 25,010 1.400.047 6,179,076 895,805 5,674,834 Totsl assets less currnnt Ilabillties Credltors: amounts lalling due aftermorn than one year N•t assets 16 2,666,000 3,624,076 2.555,000 3.119,834 Funds of th• charlty Restricted funds Unrestdcted funds 430,999 2,688,835 3,624,076 3,624,076 Total charity fvnds 18 3,119.834 Tho$8 fin8naal statements were approved by the board of trustees and authorlsed for Issuè on 13 January 2022. and are signed on beh81f ofthe board by.. Mr Sayyed Mohammed Musawb Tru5tse Th• nots• ¢)n Pa 11 to 19 forni part of thes• tlnanclol statements.
WABIL
Statement of Cash Flows
Year ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 504,241 | 143,168 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 125 | |
| Government grant income | (20,502) | |
| Dividends, interest and rents from investments | (176,322) | (165,360) |
| Other interest receivable and similar income | (25) | (389) |
| Interest payable and similar charges | 89,453 | 106,136 |
| Accrued income | (5,040) | |
| Changes in: | ||
| Trade and other debtors | (24,930) | 1,239 |
| Trade and other creditors | (14,845) | (19,860) |
| -------------------------------- | -------------------------------- | |
| Cash generated from operations | 352,030 | 65,059 |
| Interest paid | (89,453) | (106,136) |
| Interest received | 25 | 389 |
| -------------------------------- | -------------------------------- | |
| Net cash from/(used in) operating activities | 262,602 | (40,688) |
| ================================ | ================================ | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 176,322 | 165,360 |
| -------------------------------- | -------------------------------- | |
| Net cash from investing activities | 176,322 | 165,360 |
| ================================ | ================================ | |
| Cash flows from financing activities | ||
| Government grant income | 20,502 | |
| -------------------------------- | -------------------------------- | |
| Net cash from financing activities | 20,502 | |
| ================================ | ================================ | |
| Net increase in cash and cash equivalents | 459,426 | 124,672 |
| Cash and cash equivalents at beginning of year | 624,687 | 500,015 |
| ----------------------------------------- | -------------------------------- | |
| Cash and cash equivalents at end of year | 1,084,113 | 624,687 |
| ========================================= | ================================ |
The notes on pages 11 to 19 form part of these financial statements.
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WABIL
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 19 Chelmsford Square, London, NW10 3AP.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Restricted funds
Restricted funds are funds which have restrictions imposed by the donors. These can only be utilised in accordance with the donors' wishes and are not available for any other use. Restricted funds also include amounts collected as agents and are shown separately in the financial statements
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Donations
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable and the amount can be quantified with reasonable accuracy.
Going concern
There are no material uncertainties about the charity's ability to continue.
Liabilities
Liabilities are recognised on the accruals basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance given in the Statement of Recommended Practice and Reporting (effective March 2005) issued by the Charity Commission.
VAT
As the charity is not registered for VAT, all costs shown are inclusive of VAT. No provision has been made for corporation tax as WABIL is a registered charity and exempt from tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
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WABIL
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It included both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the charity's constitutional and statutory requirements as well as costs linked to the strategic management of the charity.
Support cost
These are costs incurred to facilitate activities and include the central office functions such as general management, payroll administration, budgeting and accounting, information technology, human resources and finance.
Tangible assets
All fixed assets are initially recorded at cost.
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WABIL
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
- 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
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WABIL
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | |||
| General donations received | 2,446,210 | 2,446,210 | |
| Restricted donations | 442,140 | 442,140 | |
| Gift aid | 95,897 | 95,897 | |
| Grants | |||
| Government grant income | 20,502 | 20,502 | |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| 2,562,609 | 442,140 | 3,004,749 | |
| ========================================= | ================================ | ========================================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Donations | |||
| General donations received | 2,154,522 | 2,154,522 | |
| Restricted donations | 167,044 | 167,044 | |
| Gift aid | 40,591 | 40,591 |
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WABIL
Notes to the Financial Statements (continued)
Year ended 31 March 2021
4. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Grants | |||||
| Government grant income | |||||
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |||
| 2,195,113 | 167,044 | 2,362,157 | |||
| ========================================= | ================================ | ========================================= | |||
| nvestment income | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 176,322 | 176,322 | 165,360 | 165,360 | |
| Bank interest receivable | 25 | 25 | 389 | 389 | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| 176,347 | 176,347 | 165,749 | 165,749 | ||
| ================================ | ================================ | ================================ | ================================ |
| 5. I |
Grants Government grant income nvestment income |
|---|---|
6. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Charitable activity | 1,606,212 | 873,140 | 2,479,352 | |
| Support costs | 197,503 | 197,503 | ||
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ||
| 1,803,715 | 873,140 | 2,676,855 | ||
| ========================================= | ================================ | ========================================= | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Charitable activity | 2,149,407 | 2,149,407 | ||
| Support costs | 235,331 | 235,331 | ||
| ----------------------------------------- | -------------- | ----------------------------------------- | ||
| 2,384,738 | 2,384,738 | |||
| ========================================= | ============== | ========================================= | ||
| Expenditure on charitable activities by activity type | ||||
| Activities | ||||
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Charitable activity | 2,479,352 | 191,621 | 2,670,973 | 2,379,565 |
| Governance costs | 5,882 | 5,882 | 5,173 | |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| 2,479,352 | 197,503 | 2,676,855 | 2,384,738 | |
| ========================================= | ================================ | ========================================= | ========================================= |
7. Expenditure on charitable activities by activity type
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WABIL
Notes to the Financial Statements (continued)
Year ended 31 March 2021
8. Analysis of support costs
| Analysis of | |||||
|---|---|---|---|---|---|
| support costs | |||||
| activity 1 | Total 2021 | Total 2020 | |||
| £ | £ | £ | |||
| Staff costs | 34,329 | 34,329 | 33,920 | ||
| Premises | 58,289 | 58,289 | 79,913 | ||
| Communications and IT | 3,067 | 3,067 | 2,487 | ||
| General office | 3,480 | 3,480 | 4,783 | ||
| Finance costs | 82,502 | 82,502 | 100,499 | ||
| Governance costs | 8,974 | 8,974 | 6,875 | ||
| Fundraising costs | 562 | 562 | 2,139 | ||
| Legal & Professional | 6,300 | 6,300 | 4,716 | ||
| -------------------------------- | -------------------------------- | -------------------------------- | |||
| 197,503 | 197,503 | 235,332 | |||
| ================================ | ================================ | ================================ | |||
| 9. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 125 | ||||
| Foreign exchange differences | (6,952) | (5,637) | |||
| ======================= | ======================= | ||||
| 10. | Auditors remuneration | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable for the audit of the financial statements | 5,040 | 5,040 | |||
| ======================= | ======================= | ||||
| 11. | Staff costs | ||||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Wages and salaries | 34,329 | 33,920 | |||
| ============================ | ============================ | ||||
| The average head count of employees during the year | was 3 (2020: 3). |
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
12. Trustee remuneration and expenses
The trustees received no remuneration for services provided to WABIL (2020: None). No trustees received reimbursement for costs for attending meetings or travelling costs in the year (2020: None).
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WABIL
Notes to the Financial Statements (continued)
Year ended 31 March 2021
| 13. | Tangible fixed assets | |||||
|---|---|---|---|---|---|---|
| Land and | ||||||
| buildings | Equipment | Total | ||||
| £ | £ | £ | ||||
| Cost | ||||||
| At 1 April 2020 and 31 March 2021 | 4,779,028 | 1,844 | 4,780,872 | |||
| ========================================= | ======================= | ========================================= | ||||
| Depreciation | ||||||
| At 1 April 2020 and 31 March 2021 | 1,843 | 1,843 | ||||
| ========================================= | ======================= | ========================================= | ||||
| Carrying amount | ||||||
| At 31 March 2021 | 4,779,028 | 1 | 4,779,029 | |||
| ========================================= | ======================= | ========================================= | ||||
| At 31 March 2020 | 4,779,028 | 1 | 4,779,029 | |||
| ========================================= | ======================= | ========================================= | ||||
| 14. | Debtors | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Deposits for properties | 255,000 | 255,000 | ||||
| Other debtors | 66,058 | 41,128 | ||||
| -------------------------------- | -------------------------------- | |||||
| 321,058 | 296,128 | |||||
| ================================ | ================================ | |||||
| 15. | Creditors: amounts falling due within one year | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Accruals and deferred income | 5,040 | 10,080 | ||||
| Social security and other taxes | 85 | 85 | ||||
| Other creditors | 14,845 | |||||
| ----------------------- | ---------------------------- | |||||
| 5,125 | 25,010 | |||||
| ======================= | ============================ | |||||
| 16. | Creditors: amounts falling due after more than one year | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Bank loans and overdrafts | 2,555,000 | 2,555,000 | ||||
| ========================================= | ========================================= | |||||
| 17. | Government grants | |||||
| The amounts recognised in the financial statements for government | grants are as follows: | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Recognised in income from donations and legacies: | ||||||
| Government grants income | 20,502 | |||||
| ============================ | ============== |
- 17 -
WABIL
Notes to the Financial Statements (continued)
Year ended 31 March 2021
18. Analysis of charitable funds
Unrestricted funds
| At | ||||||
|---|---|---|---|---|---|---|
| At | 31 March 20 | |||||
| 1 April 2020 | Income | Expenditure | 21 | |||
| £ | £ | £ | £ | |||
| Unrestricted Fund | 2,688,835 | 2,738,956 | (1,803,715) | 3,624,076 | ||
| ========================================= | ========================================= | ========================================= | ========================================= | |||
| At | ||||||
| At | 31 March 20 | |||||
| 1 April 2019 | Income | Expenditure | 20 | |||
| £ | £ | £ | £ | |||
| Unrestricted Fund | 2,712,711 | 2,360,862 | (2,384,738) | 2,688,835 | ||
| ========================================= | ========================================= | ========================================= | ========================================= | |||
| Restricted funds | ||||||
| At | ||||||
| At | 31 March 20 | |||||
| 1 April 2020 | Income | Expenditure | 21 | |||
| £ | £ | £ | £ | |||
| Restricted Fund | 431,000 | 442,140 | (873,140) | |||
| ================================ | ================================ | ================================ | ============== | |||
| At | ||||||
| At | 31 March 20 | |||||
| 1 April 2019 | Income | Expenditure | 20 | |||
| £ | £ | £ | £ | |||
| Restricted Fund | 263,955 | 167,044 | 430,999 | |||
| ================================ | ================================ | ============== | ================================ | |||
| 19. | Analysis of net assets between funds | |||||
| Unrestricted | Total Funds | |||||
| Funds | 2021 | |||||
| £ | £ | |||||
| Tangible fixed assets | 4,779,029 | 4,779,029 | ||||
| Current assets | 1,405,172 | 1,405,172 | ||||
| Creditors less than 1 year | (5,125) | (5,125) | ||||
| Creditors greater than 1 year | (2,555,000) | (2,555,000) | ||||
| ----------------------------------------- | ----------------------------------------- | |||||
| Net assets | 3,624,076 | 3,624,076 | ||||
| ========================================= | ========================================= | |||||
| Unrestricted | Total Funds | |||||
| Funds | 2020 | |||||
| £ | £ | |||||
| Tangible fixed assets | 4,779,029 | 4,779,029 | ||||
| Current assets | 920,815 | 920,815 | ||||
| Creditors less than 1 year | (25,010) | (25,010) | ||||
| Creditors greater than 1 year | (2,555,000) | (2,555,000) | ||||
| ----------------------------------------- | ----------------------------------------- | |||||
| Net assets | 3,119,834 | 3,119,834 | ||||
| ========================================= | ========================================= |
- 18 -
WABIL
Notes to the Financial Statements (continued)
Year ended 31 March 2021
20. Analysis of changes in net debt
| At | ||||
|---|---|---|---|---|
| At 1 Apr 2020 | Cash flows | 31 Mar 2021 | ||
| £ | £ | £ | ||
| Cash | at bank and in hand | 624,687 | 459,427 | 1,084,114 |
| Debt | due after one year | (2,555,000) | (2,555,000) | |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ||
| (1,930,313) | 459,427 | (1,470,886) | ||
| ========================================= | ================================ | ========================================= |
21. Related parties
The trustees received no remuneration for services provided to WABIL (2020: None) No trustees received reimbursement for costs for attending meetings or travelling costs in the year (2020: None).
- 19 -