**REGISTERED CHARITY NUMBER: 291922**
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2025
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 2025
|||Page||
|---|---|---|---|
|Report of the Trustees|1|to|3|
|Report of the Independent Auditors|4|to|7|
|Statement of Financial Activities||8||
|Balance Sheet||9||
|Cash Flow Statement||10||
|Notes to the Cash Flow Statement||11||
|Notes to the Financial Statements|12|to|20|
|Detailed Statement of Financial Activities||21||
The World Ahlul Bayt (AS) Islamic League
Report of the Trustees for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The trustees present their report and the financial statements of the charity for the year ended 31 March 2025.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
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.
## **Public benefit**
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.
## **Grantmaking**
The charity works with partner organisations for the advancement of educational programmes and orphans welfare across all the countries the charity operates.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities**
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.
## **Fundraising activities**
The charity's donations are from supporters of the charity and the professional fund raisers are not used. The charity has not received any complaints about fundraising activities during the year.
## **FINANCIAL REVIEW**
## **Financial position**
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.
## **Principal funding sources**
Principal funding sources are from the supporters of the charity.
## **Reserves policy**
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 charity's funds are for restricted purposes. The properties are held for investment purposes to generate income.
The trustees consider the current level of reserves to be appropriate to the charity's objectives.
## **Going concern**
The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The trustees regard the foreseeable future as no less than twelve months following the publication of the Charity’s annual financial statements. The trustees have considered the Charity’s balance sheet position and reserves as at the year end, the future plans for the Charity, taking account of reasonably possible changes in the income of the Charity and are satisfied that the Charity has sufficient resources to remain in operational existence. Accordingly, they have adopted the going concern basis in preparing these financial statements.
## **FUTURE PLANS**
The charity intends to continue and develop its activities in line with its objectives.
Page 1
The World Ahlul Bayt (AS) Islamic League
Report of the Trustees for the Year Ended 31 March 2025
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
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.
## **Key management remuneration**
The Trustees consider the board of trustees and the senior management team comprise the key personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. Details of trustees' and key management personnel remuneration and expenses are disclosed in note 8 to the financial statements. The remunerations of the senior staff are normally reviewed annually.
## **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.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
291922
## **Principal address**
19 Chelmsford Square London NW10 3AP
## **Trustees**
S M Musawi E D Hill
## **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 2
The World Ahlul Bayt (AS) Islamic League
Report of the Trustees for the Year Ended 31 March 2025
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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 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 and The Charity (Accounts and Reports) Regulations 2008. 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 2026 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 2025 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:
- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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 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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
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.
Page 5
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:
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Charities Act 2011) and the relevant tax compliance regulations in the UK;
- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
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 non-compliance 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.
Page 6
Report of the Independent Auditors to the Trustees of The World Ahlul Bayt (AS) Islamic League
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.
## **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 Statutory Auditor First Floor Spitalfields House Stirling Way Borehamwood Hertfordshire WD6 2FX
29 January 2026
Page 7
The World Ahlul Bayt (AS) Islamic League
## Statement of Financial Activities
## for the Year Ended 31 March 2025
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
Investment income
4
**Total**
**EXPENDITURE ON**
**Charitable activities**
5
Unrestricted fund
Restricted fund
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
433,921
268,899
702,820
393,866
-
393,866
(1,200,000)
(891,046)
3,701,626
2,810,580|Restricted
fund
£
2,682,572
-
2,682,572
-
2,576,809
2,576,809
-
105,763
-
105,763|31.3.25
Total
funds
£
3,116,493
268,899
3,385,392
393,866
2,576,809
2,970,675
(1,200,000)
(785,283)
3,701,626
2,916,343|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|
|---|---|---|---|---|
The notes form part of these financial statements
Page 8
The World Ahlul Bayt (AS) Islamic League
## Balance Sheet
## 31 March 2025
|Notes
**FIXED ASSETS**
Tangible assets
11
Investment property
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**
17
Unrestricted funds:
General fund
Restricted funds:
Restrcited general fund
**TOTAL FUNDS**|Unrestricted
fund
£
1
4,463,242
4,463,243
339,171
582,298
921,469
(19,132)
902,337
5,365,580
(2,555,000)
2,810,580|Restricted
fund
£
-
-
-
-
105,763
105,763
-
105,763
105,763
-
105,763|31.3.25
Total
funds
£
1
4,463,242
4,463,243
339,171
688,061
1,027,232
(19,132)
1,008,100
5,471,343
(2,555,000)
2,916,343
2,810,580
105,763
2,916,343|31.3.24
Total
funds
£
1
5,663,242
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|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 January 2026 and were signed on its behalf by:
S M Musawi - Trustee
The notes form part of these financial statements
Page 9
The World Ahlul Bayt (AS) Islamic League
## Cash Flow Statement
## for the Year Ended 31 March 2025
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash provided by/(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**|31.3.25
£
616,075
(212,384)
403,691
155
155
403,846
284,215
688,061|31.3.24
£
123,236
(209,191)
(85,955)
9
9
(85,946)
370,161
284,215|
|---|---|---|
The notes form part of these financial statements
Page 10
The World Ahlul Bayt (AS) Islamic League
Notes to the Cash Flow Statement for the Year Ended 31 March 2025
## **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 in debtors
Decrease in creditors
**Net cash provided by operations**|31.3.25
£
(785,283)
1,200,000
(155)
212,384
(8,448)
(2,423)
616,075|31.3.24
£
(70,744)
-
(9)
209,191
(14,644)
(558)
123,236|
|---|---|---|
## **2. ANALYSIS OF CHANGES IN NET DEBT**
|**Net cash**
Cash at bank
**Debt**
Debts falling due after 1 year
**Total**|At 1.4.24
£
284,215
284,215
(2,555,000)
(2,555,000)
(2,270,785)|Cash flow
£
403,846
403,846
-
-
403,846|At 31.3.25
£
688,061
688,061
(2,555,000)
(2,555,000)
(1,866,939)|
|---|---|---|---|
The notes form part of these financial statements
Page 11
The World Ahlul Bayt (AS) Islamic League
Notes to the Financial Statements for the Year Ended 31 March 2025
## **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.
continued...
Page 12
The World Ahlul Bayt (AS) Islamic League
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **2. ACCOUNTING POLICIES - continued**
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **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:
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 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:
- 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.
- legacy income is recognised when receipt is probable and entitlement is established.
- 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.
- 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.
## **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.
continued...
Page 13
The World Ahlul Bayt (AS) Islamic League
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **2. ACCOUNTING POLICIES - continued**
## **Continued..**
## **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.
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.
continued...
Page 14
The World Ahlul Bayt (AS) Islamic League
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **2. ACCOUNTING POLICIES - continued**
## **Financial instruments**
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**
|Unrestricted
Restricted
funds
funds
£
£
Donations
316,271
2,682,572
Gift aid
117,650
-
433,921
2,682,572
**4.**
**INVESTMENT INCOME**
Unrestricted
Restricted
funds
funds
£
£
Rents received
268,744
-
Bank interest receivable
155
-
268,899
-
**5.**
**CHARITABLE ACTIVITIES COSTS**
Grant
funding of
activities
(see note
6)
£
Unrestricted fund
-
Restricted fund
2,576,809
2,576,809
**6.**
**GRANTS PAYABLE**
Unrestricted fund
Restricted fund
The total grants paid to institutions during the year was as follows:
Grant paid|31.3.25
Total
funds
£
2,998,843
117,650
3,116,493
31.3.25
Total
funds
£
268,744
155
268,899
Support
costs (see
note 7)
£
393,866
-
393,866
31.3.25
£
-
2,576,809
2,576,809
31.3.25
£
2,576,809|31.3.24
Total
funds
£
3,992,685
86,219
4,078,904
31.3.24
Total
funds
£
281,054
9
281,063
Totals
£
393,866
2,576,809
2,970,675
31.3.24
£
544,352
3,459,718
4,004,070
31.3.24
£
4,004,070|
|---|---|---|
The grants payable mainly relate to the advancement of educational programmes and orphans welfare.
continued...
Page 15
The World Ahlul Bayt (AS) Islamic League
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **7. SUPPORT COSTS**
|**SUPPORT COSTS**|||||
|---|---|---|---|---|
||||Governance||
||Management|Finance|costs|Totals|
||£|£|£|£|
|Unrestricted fund|167,352|715|225,799|393,866|
Governance costs include payments to the auditors of £9,000 (2024 - £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 2025 nor for the year ended 31 March 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **9. STAFF COSTS**
## **10.**
|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.
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
901,777
Investment income
281,063
**Total**
1,182,840
**EXPENDITURE ON**
**Charitable activities**
Unrestricted fund
970,993
Restricted fund
-
**Total**
970,993
**NET INCOME/(EXPENDITURE)**
211,847
**RECONCILIATION OF FUNDS**
Total funds brought forward
3,489,779|31.3.25
£
2,298
2,298
31.3.25
1
Restricted
fund
£
3,177,127
-
3,177,127
-
3,459,718
3,459,718
(282,591)
282,591|31.3.24
£
19,505
19,505
31.3.24
3
Total
funds
£
4,078,904
281,063
4,359,967
970,993
3,459,718
4,430,711
(70,744)
3,772,370|
|---|---|---|
continued...
Page 16
The World Ahlul Bayt (AS) Islamic League
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
**----- Start of picture text -----**
|||||
|---|---|---|---|
|10.|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued|
|Unrestricted|Restricted|Total|
|fund|fund|funds|
|£|£|£|
|TOTAL FUNDS CARRIED FORWARD|3,701,626|-|3,701,626|
|11.|TANGIBLE FIXED ASSETS|
|Plant and|
|machinery|
|£|
|COST|
|At 1 April 2024 and 31 March 2025|1,844|
|DEPRECIATION|
|At 1 April 2024 and 31 March 2025|1,843|
|NET BOOK VALUE|
|At 31 March 2025|1|
|At 31 March 2024|1|
|12.|INVESTMENT PROPERTY|
|£|
|FAIR VALUE|
|At 1 April 2024|5,663,242|
|Revaluation|(1,200,000)|
|At 31 March 2025|4,463,242|
|NET BOOK VALUE|
|At 31 March 2025|4,463,242|
|At 31 March 2024|5,663,242|
**----- End of picture text -----**
The freehold and leasehold properties are revalued by Colliers International Property Consultants Limited as at 31 March 2025 on the basis for existing use. The historical costs of the properties included above valuation was £5,342,270
Fair value at 31 March 2025 is represented by:
**----- Start of picture text -----**
|||
|---|---|
|£|
|Valuation in 2025|4,463,242|
**----- End of picture text -----**
continued...
Page 17
The World Ahlul Bayt (AS) Islamic League
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other debtors
Deposits re properties
Prepayments and accrued income|31.3.25
£
53,242
255,000
30,929
339,171|31.3.24
£
47,865
255,000
27,858
330,723|
|---|---|---|
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**
31.3.25
£
Taxation and social security
126
Other creditors
19,006
19,132
**15.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
31.3.25
£
Bank loans (see note 16)
2,555,000
**16.**
**LOANS**
An analysis of the maturity of loans is given below:
31.3.25
£
Amounts falling due between two and five years:
Bank loans - 2-5 years
2,555,000
**17.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.4.24
in funds
£
£
**Unrestricted funds**
General fund
3,701,626
(891,046)
**Restricted funds**
Restrcited general fund
-
105,763
**TOTAL FUNDS**
3,701,626
(785,283)|31.3.24
£
126
21,429
21,555
31.3.24
£
2,555,000
31.3.24
£
2,555,000
At
31.3.25
£
2,810,580
105,763
2,916,343|
|---|---|
continued...
Page 18
The World Ahlul Bayt (AS) Islamic League
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **17. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
702,820
**Restricted funds**
Restrcited general fund
2,682,572
**TOTAL FUNDS**
3,385,392
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Restrcited general fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are as
**Unrestricted funds**
General fund
**Restricted funds**
Restrcited general fund
**TOTAL FUNDS**|Resources
expended
£
(393,866)
(2,576,809)
(2,970,675)
At 1.4.23
£
3,489,779
282,591
3,772,370
follows:
Incoming
resources
£
1,182,840
3,177,127
4,359,967|Gains and
losses
£
(1,200,000)
-
(1,200,000)
Net
movement
in funds
£
211,847
(282,591)
(70,744)
Resources
expended
£
(970,993)
(3,459,718)
(4,430,711)|Movement
in funds
£
(891,046)
105,763
(785,283)
At
31.3.24
£
3,701,626
-
3,701,626
Movement
in funds
£
211,847
(282,591)
(70,744)|
|---|---|---|---|
continued...
Page 19
The World Ahlul Bayt (AS) Islamic League
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **17. MOVEMENT IN FUNDS - continued**
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 1.4.23
£
3,489,779
282,591
3,772,370|Net
movement
in funds
£
(679,199)
(176,828)
(856,027)|At
31.3.25
£
2,810,580
105,763
2,916,343|
|---|---|---|---|
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
£
1,885,660
5,859,699
7,745,359|Resources
expended
£
(1,364,859)
(6,036,527)
(7,401,386)|Gains and
losses
£
(1,200,000)
-
(1,200,000)|Movement
in funds
£
(679,199)
(176,828)
(856,027)|
|---|---|---|---|---|
## **18. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2025.
Page 20
The World Ahlul Bayt (AS) Islamic League
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
**Investment income**
Rents received
Bank interest receivable
**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
Motor and travel costs
Rental property expenses
Fund raising expenses
**Finance**
Bank charges
**Governance costs**
Auditors' remuneration
Accountancy and legal fees
Bank loan interest
Total resources expended
**Net income/(expenditure)**|31.3.25
£
2,998,843
117,650
3,116,493
268,744
155
268,899
3,385,392
2,576,809
2,298
58,712
3,634
20,263
11,945
397
8,840
1,360
44,745
15,158
167,352
715
9,000
4,415
212,384
225,799
2,970,675
414,717|31.3.24
£
3,992,685
86,219
4,078,904
281,054
9
281,063
4,359,967
4,004,070
19,505
50,855
3,199
25,918
8,085
560
-
15,306
58,663
13,180
195,271
889
9,000
12,290
209,191
230,481
4,430,711
(70,744)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 21