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2024-03-31-accounts

REGISTERED CHARITY NUMBER: 291922

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2024

for The World Ahlul Bayt (AS) Islamic League

TC Group Statutory Auditor First Floor Spitalfields House Stirling Way Borehamwood Hertfordshire WD6 2FX

The World Ahlul Bayt (AS) Islamic League

Contents of the Financial Statements for the Year Ended 31 March 2024

Page
Report of the Trustees 1 to 2
Report of the Independent Auditors 3 to 5
Statement of Financial Activities 6
Balance Sheet 7
Cash Flow Statement 8
Notes to the Cash Flow Statement 9
Notes to the Financial Statements 10 to 17
Detailed Statement of Financial Activities 18

The World Ahlul Bayt (AS) Islamic League

Report of the Trustees

for the Year Ended 31 March 2024

The trustees present their report and the financial statements of the charity for the year ended 31 March 2024.

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.

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.

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.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

291922

Principal address 19 Chelmsford Square London NW10 3AP

Trustees S M Musawi E D Hilli

Auditors TC Group Statutory Auditor First Floor Spitalfields House Stirling Way Borehamwood Hertfordshire WD6 2FX

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).

Page 1

The World Ahlul Bayt (AS) Islamic League

Report of the Trustees

for the Year Ended 31 March 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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 29 January 2025 and signed on its behalf by:

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

Page 2

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 2024 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).

In our opinion the financial statements:

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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:

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.

Page 3

Report of the Independent Auditors to the Trustees of

The World Ahlul Bayt (AS) Islamic League

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 4

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.

TC Group

TC Group Statutory Auditor First Floor Spitalfields House Stirling Way Borehamwood Hertfordshire WD6 2FX

Date: 29 January 2025

Page 5

The World Ahlul Bayt (AS) Islamic League

Statement of Financial Activities for the Year Ended 31 March 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Investment income
4
Other income
Total
EXPENDITURE ON
Charitable activities
5
Fund Unrestricted
Fund Restricted
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
901,777
281,063
-
1,182,840
970,993
-
970,993
-
211,847
3,489,779
3,701,626		 Restricted
fund
£
3,177,127
-
-
3,177,127
-
3,459,718
3,459,718
-
(282,591)
282,591
-		 31.3.24
Total
funds
£
4,078,904
281,063
-
4,359,967
970,993
3,459,718
4,430,711
-
(70,744)
3,772,370
3,701,626		 31.3.23
Total
funds
£
3,458,209
188,198
8,950
3,655,357
263,193
4,126,263
4,389,456
258,000
(476,099)
4,248,469
3,772,370

The notes form part of these financial statements

Page 6

The World Ahlul Bayt (AS) Islamic League

Balance Sheet

31 March 2024

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
14
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS		 Unrestricted
fund
£
5,663,243
330,723
284,215
614,938
(21,555)
593,383
6,256,626
(2,555,000)
3,701,626
Restricted
fund
£
-
-
-
-
-
-
-
-
-		 31.3.24

Total
funds
£
5,663,243
330,723
284,215
614,938
(21,555)
593,383
6,256,626
(2,555,000)
3,701,626
3,701,626
3,701,626		 31.3.23
Total
funds
£
5,663,243
316,079
370,161
686,240
(22,113)
664,127
6,327,370
(2,555,000)
3,772,370
3,772,370
3,772,370

The financial statements were approved by the Board of Trustees and authorised for issue on 29 January 2025 and were signed on its behalf by:

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

The notes form part of these financial statements

Page 7

The World Ahlul Bayt (AS) Islamic League

Cash Flow Statement

for the Year Ended 31 March 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash used in operating activities
Cash flows from investing activities
Interest received
Net cash 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		 31.3.24
£
123,236
(209,191)
(85,955)
9
9
(85,946)
370,161
284,215		 31.3.23
£
(562,953)
(132,544)
(695,497)
260
260
(695,237)
1,065,397
370,1610

The notes form part of these financial statements

Page 8

The World Ahlul Bayt (AS) Islamic League

Notes to the Cash Flow Statement

for the Year Ended 31 March 2024

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Losses on investments
Interest received
Interest paid
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operations		 31.3.24
£
(70,744)
-
(9)
209,191
(14,644)
(558)
123,236		 31.3.23
£
(476,099)
(258,000)
(260)
132,544
26,424
12,438
(562,953)

2. ANALYSIS OF CHANGES IN NET DEBT

Net cash
Cash at bank
Debt
Debts falling due after 1 year
Total		 At 1.4.23
£
370,160
370,160
(2,555,000)
(2,555,000)
(2,184,840)		 Cash flow
£
(85,946)
(85,946)
-
-
(85,946)		 At 31.3.24
£
284,215
284,215
(2,555,000)
(2,555,000)
(2,270,785)

The notes form part of these financial statements

Page 9

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements

for the Year Ended 31 March 2024

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, as modified by the revaluation of certain assets.

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.

Grant 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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

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.

continued...

Page 10

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Depreciation

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.

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.

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.

continued...

Page 11

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

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

4.

DONATIONS AND LEGACIES
Donations
Gift aid
INVESTMENT INCOME
Rents received
Bank interest receivable		 31.3.24
£
3,992,685
86,219
4,078,904
31.3.24
£
281,054
9
281,063		 31.3.23
£
3,376,309
81,900
3,458,209
31.3.23
£
187,938
260
188,198

continued...

Page 12

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

5. CHARITABLE ACTIVITIES COSTS

Fund Unrestricted
Fund Restricted
6.
GRANTS PAYABLE
Fund Unrestricted
Fund Restricted
The total grants paid to institutions during the year was as follows:
Grant paid
7.
SUPPORT COSTS
Management
£
Fund Unrestricted
195,271		 Grant
funding of
activities
(see note
6)
£
544,352
3,459,718
4,004,070
Finance
£
889		 Support
costs (see
note 7)
£
426,641
-
426,641
31.3.24
£
544,352
3,459,718
4,004,070
31.3.24
£
4,004,070
Governance
costs
£
230,481		 Totals
£
970,993
3,459,718		 Totals
£
970,993
3,459,718
4,430,711
31.3.23
£
666,824
3,404,580
4,071,404
31.3.23
£
4,071,404
Totals
£
426,641

Governance costs include payments to the auditors of £9,000 (2023 - £9,000) for statutory audit fees.

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

9. STAFF COSTS

STAFF COSTS
31.3.24 31.3.23
£ £
Wages and salaries 19,505 38,858
19,505 38,858
The average monthly number of employees during the year was as follows:
31.3.24 31.3.23
Total 3 3

No employees received emoluments in excess of £60,000.

continued...

Page 13

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
Fund Unrestricted
Fund Restricted
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
11.
TANGIBLE FIXED ASSETS
COST
At 1 April 2023 and 31 March 2024
DEPRECIATION
At 1 April 2023 and 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Freehold
property
£
3,413,242
-
3,413,242
3,413,242		 Unrestricted
fund
£
507,150
188,198
8,950
704,298
984,877
-
984,877
258,000
(22,579)
3,512,357
3,489,778
Long
leasehold
£
2,250,000
-
2,250,000
2,250,000		 Restricted
fund
£
2,951,060
-
-
2,951,060
-
3,404,580
3,404,580
-
(453,520)
736,111
282,591
Plant and
machinery
£
1,844
1,843
1
1		 Total
funds
£
3,458,210
188,198
8,950
3,655,358
984,877
3,404,580
4,389,457
258,000
(476,099)
4,248,468
3,772,369
Totals
£
5,665,086
1,843
5,663,243
5,663,243

The freehold and leasehold properties are revalued by Trustees as at 31 March 2024 on the basis for existing use. The historical costs of the properties included above valuation was £5,342,270

continued...

Page 14

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Deposits re properties
Prepayments and accrued income		 31.3.24
£
47,865
255,000
27,858
330,723		 31.3.23
£
54,038
255,000
7,041
316,079

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Taxation and social security
Other creditors
14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 15)
15.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due between two and five years:
Bank loans - 2-5 years
16.
MOVEMENT IN FUNDS
At 1.4.23
£
Unrestricted funds
General fund
3,489,779
Restricted funds
Restrcited general fund
282,591
TOTAL FUNDS
3,772,370		 31.3.24
£
126
21,429
21,555
31.3.24
£
2,555,000
31.3.24
£
2,555,000
Net
movement
in funds
£
211,847
(282,591)
(70,744)		 31.3.23
£
245
21,868
22,113
31.3.23
£
2,555,000
31.3.23
£
2,555,000
At
31.3.24
£
3,701,626
-
3,701,626

continued...

Page 15

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restrcited general fund
TOTAL FUNDS		 Incoming
resources
£
1,182,840
3,177,127
4,359,967		 Resources
expended
£
(970,993)
(3,459,718)
(4,430,711)		 Movement
in funds
£
211,847
(282,591)
(70,744)

Comparatives for movement in funds

At 1.4.22
£
Unrestricted funds
General fund
3,512,358
Restricted funds
Restrcited general fund
736,111
TOTAL FUNDS
4,248,469
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
704,297
(702,285)
Restricted funds
Restrcited general fund
2,951,060
(3,687,171)
TOTAL FUNDS
3,655,357
(4,389,456)		 Net
movement
in funds
£
260,012
(736,111)
(476,099)
Gains and
losses
£
258,000
-
258,000		 At
31.3.23
£
3,772,370
-
3,772,370
Movement
in funds
£
260,012
(736,111)
(476,099)

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

Unrestricted funds
General fund
Restricted funds
Restrcited general fund
TOTAL FUNDS		 At 1.4.22
£
3,512,358
736,111
4,248,469		 Net
movement
in funds
£
471,859
(1,018,702)
(546,843)		 At
31.3.24
£
3,984,217
(282,591)
3,701,626

continued...

Page 16

The World Ahlul Bayt (AS) Islamic League

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

16. 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
Restrcited general fund
TOTAL FUNDS		 Incoming
resources
£
1,887,137
6,128,187
8,015,324		 Resources
expended
£
(1,673,278)
(7,146,889)
(8,820,167)		 Gains and
losses
£
258,000
-
258,000		 Movement
in funds
£
471,859
(1,018,702)
(546,843)

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.