Caseware UK (AP4) 2023.0.135 2023.0.135 Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-3110172440198101724false2023-04-01No description of principal activity222024-03-31 02981339 2023-04-01 2024-03-31 02981339 2022-04-01 2023-03-31 02981339 2024-03-31 02981339 2023-03-31 02981339 2023-04-01 02981339 2022-04-01 02981339 c:CompanySecretary1 2023-04-01 2024-03-31 02981339 c:RegisteredOffice 2023-04-01 2024-03-31 02981339 d:FurnitureFittings 2023-04-01 2024-03-31 02981339 d:FurnitureFittings 2024-03-31 02981339 d:FurnitureFittings 2023-03-31 02981339 d:ComputerEquipment 2023-04-01 2024-03-31 02981339 d:ComputerEquipment 2024-03-31 02981339 d:ComputerEquipment 2023-03-31 02981339 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 02981339 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 02981339 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 02981339 d:CurrentFinancialInstruments 2024-03-31 02981339 d:CurrentFinancialInstruments 2023-03-31 02981339 d:Non-currentFinancialInstruments 2024-03-31 02981339 d:Non-currentFinancialInstruments 2023-03-31 02981339 d:Non-currentFinancialInstruments 1 2024-03-31 02981339 d:Non-currentFinancialInstruments 1 2023-03-31 02981339 c:FRS102 2023-04-01 2024-03-31 02981339 c:IndependentExaminationCharity 2023-04-01 2024-03-31 02981339 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02981339 b:Trustee2 2023-04-01 2024-03-31 02981339 b:Trustee3 2023-04-01 2024-03-31 02981339 b:Trustee4 2023-04-01 2024-03-31 02981339 b:UnrestrictedFundsGeneral 2023-04-01 2024-03-31 02981339 b:UnrestrictedFundsGeneral 2022-04-01 2023-03-31 02981339 b:UnrestrictedFundsGeneral 2024-03-31 02981339 b:UnrestrictedFundsGeneral 2023-03-31 02981339 d:ComputerSoftware 2023-04-01 2024-03-31 02981339 b:Activity1 2023-04-01 2024-03-31 02981339 b:Activity1 2022-04-01 2023-03-31 02981339 b:Activity1 b:TotalUnrestrictedFunds 2023-04-01 2024-03-31 02981339 b:TotalUnrestrictedFunds 2022-04-01 2023-03-31 02981339 b:TotalUnrestrictedFunds 2024-03-31 02981339 b:TotalUnrestrictedFunds 2023-03-31 02981339 c:FullAccounts 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 02981339
Charity number: 1139098










INSTITUTE OF ISLAMIC BANKING AND INSURANCE
(A company limited by guarantee)







UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)
 

CONTENTS



Page
Reference and administrative details of the Company, its Trustees and advisers
1
Trustees' report
2 - 6
Trustees' responsibilities statement
7
Independent examiner's report
8
Statement of financial activities
9
Balance sheet
10 - 11
Notes to the financial statements
12 - 21

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2024



Trustees
Farida Rahman
Mohammad Ali Qayyum
Asefa Qayyum


Company registered number
02981339

Charity registered number
1139098

Registered office
Viglen House Business Centre
Office # 120
Alperton Lane
Wembley
HA0 1HD

Company secretary
 Farida Rahman

Independent examiner
Daniel Walters FCA
Chartered Accountants
101 New Cavendish Street
1st Floor South
London
United Kingdom
W1W 6XH

Page 1

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the financial statements of the Company for the  1 April 2023 to 31 March 2024The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 
 

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

Objectives and activities
 

a. Policies and objectives
 

The Charity's objectives are:
a): To develop, organise and promote for the public benefit, programmes of education, training and research in Islamic finance, banking and insurance related financial systems.
b): To develop, organise and conduct examinations and award qualifications, certificates, diplomas and other forms of professional accreditations.
c): To advance education and knowledge on the subject of Islamic finance, banking and insurance and to promote research for the public benefit in all aspects of the subject 
d): To act as an authoritative body for the purpose of consultation and research in matters of education, training, professional development, industry practice and public interest concerning Islamic finance and insurance. 
A full description of the activities undertaken by the Charity can be found online at the Charity's website (www.islamicbanking.com).
 


 

Achievements and performance
 

a. Fundraising activities and income generation
 

There continued to be no expectation of generating significant income from courses offered by the Charity following the impact of the Covid 19 pandemic and the economic and social disruption around the world likely to follow on from Russia’s recent invasion of Ukraine.
During the year, the Charity major share of the total income was generated from voluntary donations. 
 

Page 2

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)
 
Financial review
 

a. Going concern
 

The emphasis of the Charity is on improving the quality of its learning and development programmes with emphasis on restoring the student numbers.  Reduced human activity during the year delayed the revision of the existing courses in Islamic banking, and the development of a new of course in Takaful an alternative to conventional insurance guided by Islamic principles. Subject to funding, the Charity has finally made a start in this area in late 2022 and now plan to compete the works by end of 2024.  
As a result of the above, the trustees consider it appropriate to prepare the financial statements on the going concern basis.
The Trustees have a reasonable expectation that the Charity has sufficient resources to continue in operational existence for the foreseeable future and believe that there are no material uncertainties that call into doubt the Charity's ability to carry on as a Going Concern.
 

b. Reserves policy
 

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level that the Trustee see fit.
 

Page 3

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)
 
Financial review (continued)

c. Financial review
 

The Charity generates its revenue primarily from fees charged for its charitable activities related to education in Islamic banking and insurance, as well as from donations.
Receipts from course fees decreased this year to £1,275 (2023: £1,995), reflecting a decline in income from the Charity's educational offerings. Total income, including donations, amounted to £56,275 (2023: £147,840). Total expenditure for the year was £87,038 (2023: £78,667). Of this, salary costs, IT consultancy fees, and casual labour amounted to £42,497 (2023: £42,665).
The closing unrestricted reserves at the year end was £20,099 (2023: £50,862).
In an effort to increase revenue, the Charity began developing two new introductory courses in 2022, leading to a Certificate in Islamic Banking and a Certificate in Takaful (Islamic Insurance). The certificate courses were launched in late April 2024 with a reduced fee of £99. These courses have generated significant interest, largely because they include a single assignment with multiple-choice questions, offering a more accessible entry point into Islamic finance education. Although the Charity does not anticipate these courses alone will generate sufficient revenue, it is hoped that they will encourage students to progress to more advanced offerings, such as the Diploma in Islamic Banking and the Postgraduate Diploma in Islamic Banking. These advanced courses are likely to appeal to Islamic bankers seeking to deepen their expertise and expand their knowledge in the rapidly growing Islamic financial services industry.
Work on updating the Charity’s Diploma and Postgraduate Diploma courses began in 2023, with the goal of launching both in late November 2024. Initially, the Diploma course fee will be set at £495, increasing to £720 from 1 July 2025. Similarly, the Postgraduate Diploma will be priced at £999, increasing to £1,440 from 1 July 2025.
The development of the certificate courses in 2024 incurred a cost of £6,100, while updating the Diploma and Postgraduate Diploma courses is projected to cost approximately £30,000. The Charity will be actively seeking contributions from previous donors and Islamic banks and financial institutions, inviting them to allocate a portion of their charitable donations towards supporting these educational initiatives.
The Charity has no plans to resume its other programmes until 2026.
The Charity continues to benefit from the support of unpaid volunteers, including its Trustees, the Director General, and a group of academics and practitioners who serve on the Charity's Advisory Groups. These individuals, who have long been involved with the Charity, generously offer their time and expertise without financial compensation.
All Trustees, the Director General, and volunteers have freely given their time, and none receive payment for their services or for their role in the Charity’s governance.
 

Page 4

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)
 
Structure, governance and management
 

a. Constitution
 

The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. The charitable company obtained its charitable status on 18 November 2010. 
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
Farida Rahman
Mohammad Ali Qayyum
Asefa Qayyum
None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
 

b. Methods of appointment or election of Trustees
 

There was no change in the names and composition of trustees. Existing trustees brief new trustees on the Charity's aims and objectives. They are given a copy of the Memorandum and Articles of Association along with the latest Financial Statements. They are also given literature about the Charity and directed towards the Charity's website. In addition they are sent a copy of the Charity Commission's guidelines for trustees which will help them to fulfil their role in line with charity and company law. The Board of the Institute is comprised wholly of non-executive trustees who are all considered to be independent, assisted by four informal Advisory Groups. Given the size of Institute of Islamic Banking and Insurance's (IIBI) present operations, the Board has delegated most of its powers to the Vice Chairman and Director General.
On 21 November 2012 the Board had approved a resolution resolving that the IIBI shall constitute a non-executive Advisory Board to replace the existing IIBI Advisory Groups. However, implementation has been deferred until the review and updating of IIBI courses has been completed. This work is expected to be done by end 2023. Meantime, the Advisory Groups continue  in furthering the objectives of the Company and also to assist the Charity in fundraising.
 

c. Financial risk management
 

The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
 

Objectives and Activities
 

The Trustees of Institute of Islamic Banking & Insurance shall hold the funds and its income upon trust to apply them for all charitable purposes allowed by law within England and Wales
 

Grant making policies
 

The Charity regularly reviews its education and training needs with its local partners. All new funding proposals are reviewed by the Trustees, who ensure that they are in accordance with the Charity's strategy and objectives
 
Page 5

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)
 
 

 

Approved by order of the members of the board of Trustees on 15 January 2025 and signed on their behalf by:
 




Mohammad Ali Qayyum
Trustee

Page 6

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)
 

STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2024

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial . Under company 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) 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 Company will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Approved by order of the members of the board of Trustees on 15 January 2025 and signed on its behalf by:



Mohammad Ali Qayyum
Trustee

Page 7

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Independent examiner's report to the Trustees of Institute of Islamic Banking and Insurance ('the Company')

 
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2024.


Responsibilities and basis of report


As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').


Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.


Independent examiner's statement


I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:


1.
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

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

3.
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

4.
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].



I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.







 
Daniel Walters FCA     

 
Harris & Trotter LLP
Chartered Accountants
101 New Cavendish Street
London 
W1W 6XH
Date: 15 January 2025
Page 8

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)

 
 
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024


Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
Note
        £
        £
        £

Income from:






Donations and legacies

2

55,000

55,000

145,845
 
Charitable activities

3

1,275

1,275

1,995
 
Total income
56,275
56,275
147,840
Expenditure on:






Charitable activities

5

4,962

4,962

3,060
 
Other expenditure

6

82,076

82,076

75,607
 
Total expenditure
87,038
87,038
78,667

Net movement in funds
  
(30,763)
(30,763)
69,173

Reconciliation of funds:

  




Total funds brought forward

  

50,862

50,862

(18,311)
 
Net movement in funds

  

(30,763)

(30,763)

69,173
 
Total funds carried forward
  
20,099
20,099
50,862

The notes on pages 12 to 21 form part of these financial statements.

Page 9

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)
REGISTERED NUMBER: 02981339

 
 
BALANCE SHEET
AS AT 31 MARCH 2024


2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
8,107
2,560

Tangible assets
 12 
4,077
5,437

  
12,184
7,997

Current assets
  

Debtors
 13 
1,300
2,972

Cash at bank and in hand
  
33,899
63,042

  
35,199
66,014

Creditors: amounts falling due within one year
 14 
(20,473)
(8,338)

Net current assets 
  
 
 
14,726
 
 
57,676

Total assets less current liabilities
  
26,910
65,673

Creditors: amounts falling due after more than one year
 15 
(6,811)
(14,811)

Net assets excluding pension asset 
  
20,099
50,862

Total net assets 
  
20,099
50,862


Charity funds
  

Unrestricted funds
 16 
20,099
50,862

Total funds
  
20,099
50,862

Page 10

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE
 
(A company limited by guarantee)
REGISTERED NUMBER: 02981339

 
 
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 15 January 2025 and signed on their behalf by:




................................................
Mohammad Ali Qayyum
Trustee

The notes on pages 12 to 21 form part of these financial statements.

Page 11

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies

  
1.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Institute of Islamic Banking and Insurance meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

  
1.2

Income

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

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured. 

Page 12

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

  
1.3

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

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

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

 
1.4

Intangible assets and amortisation

Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

 Amortisation is provided on the following basis:

Web Development
-
25%
straight line

 
1.5

Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

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

Page 13

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

1.5

Tangible fixed assets and depreciation (continued)

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

Depreciation is provided on the following bases:

Fixtures and fittings
-
5 years straight line
Computer and office equipment
-
5 years straight line

  
1.6

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

  
1.7

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.


1.8

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

  
1.9

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Page 14

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.

Income from donations and legacies




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £
 


 
Donations

55,000

55,000

145,845
 
Total 2023


145,845
145,845


3.

Income from charitable activities




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Education and Training

1,275

1,275

1,995
 
Total 2023


1,995
1,995


4.

Analysis of grants




Grants to Institutions
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Grants paid

-

-

230
 
Total 2023


230
230

Page 15

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.

Governance costs


Summary by fund type




Unrestricted funds
2024
Total
2024
Total
2023
        £
        £
        £




Independent examination fee

4,962

4,962

2,830
 
Grants paid

-

-

230
 


4,962
4,962
3,060
Total 2023


3,060
3,060


6.

Other expenditure




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Charitable activities

39,579

39,579

32,942
 
Salaries and labour costs

42,497

42,497

42,665
 


82,076
82,076
75,607
Total 2023


75,607
75,607

Page 16

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.

Charitable activities expenses




Unrestricted funds
2024
Total
funds
2024
Total funds
2023
        £
        £
        £


Consultancy

2,250

2,250

1,140
 
Premises rent and expenses

18,025

18,025

11,549
 
Other expenses

6,559

6,559

5,806
 
Insurance

462

462

195
 
Subscription fee

599

599

3,640
 
Computer and web hosting cost

3,903

3,903

3,814
 
Printing and stationery

2,406

2,406

1,339
 
Motor, travel and subsistence

5,375

5,375

5,459
 


39,579
39,579
32,942
Total 2023


32,942
32,942


8.

Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £4,962 (2023 - £2,830).

9.



Staff costs


2024
2023
£
£


Wages and salaries
42,497
42,665

42,497
42,665

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


2024
2023

No.
No.


Employees
2
2

No employee received remuneration amounting to more than £60,000 in either year.




Page 17

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, expenses totalling £2,295 were reimbursed to Trustees'.


11.


Intangible assets


Web Development

£



Cost


At 1 April 2023
6,400


Additions
8,250



At 31 March 2024

14,650



Amortisation


At 1 April 2023
3,840


Charge for the year
2,703



At 31 March 2024

6,543



Net book value



At 31 March 2024
8,107



At 31 March 2023
2,560

Page 18

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tangible fixed assets




Fixtures and fittings
Computer and office equipment
Total

£
£
£


Cost or valuation

At 1 April 2023
424
6,585
7,009


At 31 March 2024

424
6,585
7,009


Depreciation

At 1 April 2023
106
1,466
1,572

Charge for the year
80
1,280
1,360


At 31 March 2024

186
2,746
2,932


Net book value


At 31 March 2024
238
3,839
4,077


At 31 March 2023
318
5,119
5,437


13.



Debtors


2024
2023
£
£


Due within one year

Other debtors
1,300
1,300

Prepayments and accrued income
-
1,672

1,300
2,972

Page 19

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.



Creditors: Amounts falling due within one year


2024
2023
£
£


Trade creditors
5,340
1,740

Other creditors
13,683
5,148

Accruals and deferred income
1,450
1,450

20,473
8,338


15.



Creditors: Amounts falling due after more than one year


2024
2023
£
£


Other loans
6,811
14,811

Other loans is an interest free loan that is repayable in more than one year.


16.

Statement of funds


Statement of funds - current year

Balance at 1 April 2023
£
Income
£
Expenditure
£
Balance at 31 March 2024
£

Unrestricted funds





Reserves

50,862

56,275

(87,038)

20,099
 



Statement of funds - prior year

Balance at
1 April 2022
£
Income
£
Expenditure
£
Balance at
31 March 2023
£

Unrestricted funds





Reserves

(18,311)

147,840

(78,667)

50,862
 




Page 20

 
INSTITUTE OF ISLAMIC BANKING AND INSURANCE

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds
2024
Total
funds
2024
        £
        £


Tangible fixed assets

4,077

4,077

Intangible fixed assets

8,107

8,107

Current assets

35,199

35,199

Creditors due within one year

(20,473)

(20,473)

Creditors due in more than one year

(6,811)

(6,811)

Total 


20,099
20,099



Analysis of net assets between funds - prior period

Unrestricted funds
2023
Total
funds
2023
        £
        £


Tangible fixed assets

5,437

5,437

Intangible fixed assets

2,560

2,560

Current assets

66,014

66,014

Creditors due within one year

(8,338)

(8,338)

Creditors due in more than one year

(14,811)

(14,811)

Total 

50,862
50,862



18.


Related party transactions

Included within other creditors is an amount due to a trustee of £9,243 (2023: £5,148) which was paid after the year.

Page 21