OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

REGISTERED CHARITY NUMBER: 291922

Report of the Trustees and Financial Statements for the Year Ended 31 March 2023

for

The World Ahlul Bayt (AS) Islamic League (“WABIL”)

The World Ahlul Bayt (AS) Islamic League

Contents of the Financial Statements for the Year Ended 31 March 2023

Page
Report of the Trustees 2 to 3
Report of the Independent Auditors 4 to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11 to 20
Detailed Statement of Financial Activities 21 to 22

Page 1

The World Ahlul Bayt (AS) Islamic League

Report of the Trustees

for the Year Ended 31 March 2023

The trustees present their report and the financial statements of the charity for the year ended 31 March 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Organisational structure

WABIL has a Management Committee of 2 trustees who meet quarterly and are responsible for the strategic direction and policy of the charity.

The trustees have sought to comply with the Charity Commission’s Governance Code.

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.

The trustees have given due consideration to the Charity Commission’s guidance on the public benefit requirement under the Charities Act 2011 and are satisfied that the charity’s activities are carried out for the public benefit.

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.

Also, the charity purchased a warehouse in Holland to assist with its overseas activities.

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.

Future plans

The charity intends to continue and develop its activities in line with its objectives.

Risk management

The trustees have 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. Particular attention is paid to the safeguarding of vulnerable people benefitting from the charity’s activities,

Fundraising

The charity’s donations are from supporters of the charity and professional fundraisers are not used. The charity has not received any complaints about its fundraising activities during the year.

Reserves

The trustees believe that the charity should hold sufficient reserves to ensure it can continue to operate and meet its obligations and objectives in the event of unforeseen adverse financial circumstances.

Many of the charity’s funds are for restricted purposes. The property is held for investment purposes to generate income.

The trustees consider the current level of reserves to be appropriate to meet the charity’s objectives.

Page 2

The World Ahlul Bayt (AS) Islamic League

Report of the Trustees for the Year Ended 31 March 2023

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

291922

Principal address

19 Chelmsford Square London NW10 3AP

Trustees

S M Musawi E D Hilli

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 13 May 2024 and signed on its behalf by:

.......................................................................... S M Musawi - Trustee

Page 3

Report of the Independent Auditors to the Trustees of The World Ahlul Bayt (AS) Islamic League

Opinion

We have audited the financial statements of The World Ahlul Bayt (AS) Islamic League (the 'charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' 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 in the UK, including the FRC's Ethical 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 4

Report of the Independent Auditors to the Trustees of The World Ahlul Bayt (AS) Islamic League

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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, and to issue a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

We communicate with those charged with governance regarding. Among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 5

Report of the Independent Auditors to the Trustees of The World Ahlul Bayt (AS) Islamic League

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Primera Accountants Limited First Floor Spitalfields House Stirling Way Borehamwood Hertfordshire WD6 2FX

Date: 13 May 2024

Primera Accountants Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 6

The World Ahlul Bayt (AS) Islamic League

Statement of Financial Activities for the Year Ended 31 March 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Investment income
4
Other income
Total
EXPENDITURE ON
Support costs
5
Charitable activities
6
Fund Unrestricted
Fund Restricted
Total
Revaluation surplus
NET INCOME/(EXPENDITURE)
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
507,150
188,198
8,950
704,298
318,053
666,824
-
984,877
258,000
(22,579)
(22,579)
3,512,357
3,489,778		 Restricted
fund
£
2,951,060
-
2,951,060
-
-
3,404,580
3,404,580
-
(453,520)
(453,520)
736,111
282,591		 31.3.23
Total
funds
£
3,458,210
188,198
8,950
3,655,358
318,053
666,824
3,404,580
4,389,457
258,000
(476,099)
(476,099)
4,248,468
3,772,369		 31.3.22
Total
funds
£
3,354,229
62,353
-
3,416,582
265,940
706,141
1,883,081
2,855,162
62,972
624,392
624,392
3,624,076
4,248,468

The notes form part of these financial statements

Page 7

The World Ahlul Bayt (AS) Islamic League

Balance Sheet 31 March 2023

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS
Funds
Unrestricted funds
17
Restricted funds
17
TOTAL FUNDS		 Unrestricted
fund
£
5,663,243
316,079
87,569
403,648
(22,113)
381,535
6,044,778
(2,555,000)
3,489,778
3,489,778
-
3,489,778
Restricted
fund
£
-
-
282,591
282,591
-
282,591
282,591
-
282,591
-
282,591
282,591
 31.3.23

Total
funds
£
5,663,243
316,079
370,160
686,239
(22,113)
664,126
6,327,369
(2,555,000)
3,772,369
3,489,778
282,591
3,772,369
3,772,369		 31.3.22
Total
funds
£
5,405,243
342,503
1,065,397
1,407,900
(9,675)
1,398,225
6,803,468
(2,555,000)
4,248,468
3,512,357
736,111
4,248,468
4,248,468

The financial statements were approved by the Board of Trustees and authorised for issue on 13 May 2024 and were signed on its behalf by:

............................................. S M Musawi - Trustee

The notes form part of these financial statements

Page 8

The World Ahlul Bayt (AS) Islamic League

Cash Flow Statement
for the Year Ended 31 March 2023
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Tax paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 31.3.23
£
(562,953)
(132,544)
-
(695,497)
-
260
260
(695,237)
1,065,397
370,160		 31.3.22
£
630,036
(86,551)
1,034
544,519
(563,242)
6
(563,236)
(18,717)
1,084,114
1,065,397

The notes form part of these financial statements

Page 9

The World Ahlul Bayt (AS) Islamic League

Notes to the Cash Flow Statement

for the Year Ended 31 March 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.3.23 31.3.22
£ £
Net (deficit)/income for the reporting period (as per the Statement of
Financial Activities) (476,099) 624,392
Adjustments for:
Interest received (260) (6)
Revaluation income (258,000) (62,972)
Interest paid 132,544 86,551
Decrease/(increase) in debtors 26,424 (22,480)
(Decrease)/increase in creditors 12,438 4,551
Net cash provided by operations (562,953) 630,036

2. ANALYSIS OF CHANGES IN NET DEBT

Net cash
Cash at bank
Debt
Debts falling due after 1 year
Total		 At 1.4.22
£
1,065,397
1,065,397
(2,555,000)
(2,555,000)
(1,489,603)		 Cash flow
£
(695,237)
(695,237)
-
-
(695,237)		 At 31.3.23
£
370,160
370,160
(2,555,000)
(2,555,000)
(2,184,840)

The notes form part of these financial statements

Page 10

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements for the Year Ended 31 March 2023

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. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.

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 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

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

Expenditure are recognised on the accruals basis where there is a legal or constructive obligations to make payments to third parties, if it is probate that the settlement will be required and the amount of the obligation can be measured reliably.

Grants payable are accrued as soon as the recipient is notified of the grant and there are no unfulfilled conditions relating to the grant that are outside the control of the Charity.

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.

Page 11

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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:

Fixture, fittings & equipment

25% per annum on straight line basis

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 cashgenerating 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.

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.

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:

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

.

continued

Page 12

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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.

Taxation

The charity is exempt from tax on its charitable activities.

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.

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.

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.

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.

continued...

Page 13

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

Financial instruments – continued

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.

3. DONATIONS AND LEGACIES

Donations
Gift aid
Grants
Grants received, included in the above, are as follows:
Grant Unrestricted
4.
INVESTMENT INCOME
Rents received
Bank interest receivable
5.
SUPPORT COSTS
Support costs
Support costs (see note 8)		 31.3.23
£
3,376,310
81,900
-
3,458,210
31.3.23
£
-
-
31.3.23
£
187,938
260
188,198
31.3.23
£
318,053		 31.3.22
£
3,238,561
104,219
11,449
3,354,229
31.3.22
£
11,449
11,449
31.3.22
£
62,347
6
62,353
31.3.22
£
265,940

continued...

Page 14

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

6. CHARITABLE ACTIVITIES COSTS

Fund Unrestricted
Fund Restricted
7.
GRANTS PAYABLE
Fund Unrestricted
Fund Restricted
The total grants paid to institutions during the year was as follows:
Grant paid
8.
SUPPORT COSTS
Management
£
Support costs
173,425		 Finance
£
993		 Support
costs
(see note 8)
£
318,053
-
318,053
31.3.23
£
666,824
3,404,580
4,071,404
31.3.23
£
4,071,404
Governance
costs
£
143,635		 Grant
funding of
activities
(see note 7)
£
666,824
3,404,580
4,071,404
31.3.22
£
706,141
1,883,081
2,589,222
31.3.22
£
2,589,222
Totals
£
318,053

Governance costs include payments to the auditors of £9,000 (2022 - £9,000) for statutory audit fees.

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Page 15

continued...

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

10.
STAFF COSTS
Wages and salaries
The average monthly number of employees during the year was as follows:
Total
No employees received emoluments in excess of £60,000.
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
735,037
Investment income
62,353
Total
797,390
EXPENDITURE ON
Raising funds
265,940
Charitable activities
Fund Unrestricted
706,141
Fund Restricted
-
Total
972,081
Revaluation surplus
62,972
NET INCOME/(EXPENDITURE)
(111,719)
RECONCILIATION OF FUNDS
Total funds brought forward
3,624,076
TOTAL FUNDS CARRIED FORWARD
3,512,357		 31.3.23
£
38,858
38,858
31.3.23
3
Restricted
fund
£
2,619,192
-
2,619,192
-
-
1,883,081
1,883,081
-
736,111
-
736,111		 31.3.22
£
42,409
42,409
31.3.22
3
Total
funds
£
3,354,229
62,353
3,416,582
265,940
706,141
1,883,081
2,855,162
62,972
624,392
3,624,076
4,248,468

Page 16

continued...

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

12. TANGIBLE FIXED ASSETS

COST
At 1 April 2022
Revaluation
At 31 March 2023
DEPRECIATION
At 1 April 2022 and 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Freehold
property
£
3,913,242
(500,000)
3,413,242
-
3,413,242
3,913,242		 Long
leasehold
£
1,492,000
758,000
2,250,000
-
2,250,000
1,492,000		 Plant and
machinery
£
1,844
-
1,844
1,843
1
1		 Totals
£
5,407,086
258,000
5,665,086
1,843
5,663,243
5,405,243

The freehold and leasehold properties are revalued by Trustees as at 31 March 2023 on the basis for existing use. The historical costs of the properties included above valuation was £5,342,270.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
Deposits re properties
Prepayments and accrued income		 31.3.23
£
54,038
255,000
7,041
316,079		 31.3.22
£
65,023
255,000
22,480
342,503

There are legal proceedings to recover the deposits for properties and the Trustees expect this amount to be recoverable.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23 31.3.22
£ £
Taxation and social security 245 675
Other creditors 21,868 9,000
22,113 9,675

continued...

Page 17

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans (see note 16)
16.
LOANS
An analysis of the maturity of loans is given below:
Amounts fallings due within 5 years
17.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Restricted general fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
704,298
Restricted funds
Restricted general fund
2,951,060
TOTAL FUNDS
3,655,358		 At 1.4.22
£
3,512,357
736,111
4,248,468
Resources
expended
£
(984,877)
(3,404,580)
(4,389,457)		 31.3.23
£
2,555,000
31.3.23
£
2,555,000
Net
movement
in funds
£
(22,579)
(453,520)
(476,099)
Gains and
losses
£
258,000
-
258,000		 31.3.22
£
2,555,000
31.3.22
£
2,555,000
At
31.3.23
£
3,489,778
282,591
3,772,369
Movement
in funds
£
(22,579)
(453,520)
(476,099)

continued...

Page 18

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Restricted general fund
TOTAL FUNDS		 At 1.4.21
£
3,624,076
-
3,624,076		 Net
movement
in funds
£
(111,719)
736,111
624,392		 At
31.3.22
£
3,512,357
736,111
4,248,468

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted general fund
TOTAL FUNDS		 Incoming
resources
£
797,390
2,619,192
3,416,582		 Resources
expended
£
(972,081)
(1,883,081)
(2,855,162)		 Gains and
losses
£
62,972
-
62,972		 Movement
in funds
£
(111,719)
736,111
624,392

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Restricted general fund
TOTAL FUNDS		 At 1.4.21
£
3,624,076
-
3,624,076		 Net
movement
in funds
£
(134,298)
282,591
148,293		 At
31.3.23
£
3,489,778
282,591
3,772,369

continued...

Page 19

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

17. MOVEMENT IN FUNDS - continued

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
Restricted funds
Restricted general fund
TOTAL FUNDS		 Incoming
resources
£
1,501,688
5,570,252
7,071,940		 Resources
expended
£
(1,956,958)
(5,287,661)
(7,244,619)		 Gains and
losses
£
320,972
-
320,972		 Movement
in funds
£
(134,298)
282,591
148,293

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

Page 20

The World Ahlul Bayt (AS) Islamic League

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Grants
Investment income
Rents received
Bank interest receivable
Other income
Insurance claim
Total incoming resources
EXPENDITURE
Charitable activities
Grants to institutions
Support costs
Management
Wages
Rent rates and water
Insurance
Light and heat
Telephone
Other office costs
Repairs and maintenance
Rental property expenses
Motor and travel costs
Fund raising expenses		 31.3.23
£
3,376,310
81,900
-
3,458,210
187,938
260
188,198
8,950
3,655,358
4,071,404
4,071,404
38,858
42,461
1,050
23,223
9,866
7,192
-
32,532
1,850
16,393
173,425		 31.3.22
£
3,238,561
104,219
11,449
3,354,229
62,347
6
62,353
-
3,416,582
2,589,222
2,589,222
42,409
25,069
-
2,760
2,268
3,478
67,787
-
24,456
-
168,227

Page 21

The World Ahlul Bayt (AS) Islamic League

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

Finance
Bank charges
Governance costs
Auditors' remuneration
Accountancy fees
Legal and professional fees
Bank loan interest
Other interest - PAYE
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net (expenditure)/income		 31.3.23
£
993
993
9,000
1,356
735
132,541
3
143,635
4,389,457
(734,099)
258,000
(476,009)		 31.3.22
£
270
270
9,000
1,892
-
86,551
-
97,443
2,855,162
561,420
62,972
624,392

Page 22