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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 2025
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 2025
Trustees | Asefa Qayyum (Resigned 19 February 2025)
Trustees | Farida Rahman
| Mohammad Ali 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 2025 The Trustees present their annual report together with the financial statements of the Company for the 1 April 2024 to 31 March 2025. The 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 2025. 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 increased this year to £7,142 (2024: £1,275), reflecting a incline in income from the Charity's educational offerings. Total income, including donations, amounted to £38,983 (2024: £56,275). Total expenditure for the year was £44,503 (2024: £87,038). Of this, salary costs, IT consultancy fees, and casual labour amounted to £17,100 (2024: £44,747). The closing unrestricted reserves at the year end was £14,579 (2024: £20,099). 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 2027. 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 (Resigned 19 February 2025) 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 Mrs Asefa Qayyum resigned as a trustee in the current year. 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 20 March 2026 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 2025 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 20 March 2026 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 2025
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 2025.
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: 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 2025
|  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
| Note | £ | £ | £
Income from: |  |  |  |
Donations and legacies | 2 | 24,211 | 24,211 | 55,000
Charitable activities | 3 | 7,142 | 7,142 | 1,275
Other income | 4 | 7,630 | 7,630 | -
Total income |  | 38,983 | 38,983 | 56,275
Expenditure on: |  |  |  |
Charitable activities | 5 | 2,772 | 2,772 | 4,962
Other expenditure | 6 | 41,731 | 41,731 | 82,076
Total expenditure |  | 44,503 | 44,503 | 87,038
Net movement in funds |  | (5,520) | (5,520) | (30,763)
Reconciliation of funds: |  |  |  |
Total funds brought forward |  | 20,099 | 20,099 | 50,862
Net movement in funds |  | (5,520) | (5,520) | (30,763)
Total funds carried forward |  | 14,579 | 14,579 | 20,099
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 2025
|  |  | 2025 |  | 2024
| Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 6,080 |  | 8,107
Tangible assets | 12 |  | 3,057 |  | 4,077
|  |  | 9,137 |  | 12,184
Current assets |  |  |  |  |
Debtors | 13 | 1,300 |  | 1,300 |
Cash at bank and in hand |  | 6,482 |  | 33,899 |
|  | 7,782 |  | 35,199 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 14 | (2,340) |  | (20,473) |
Net current assets |  |  | 5,442 |  | 14,726
Total assets less current liabilities |  |  | 14,579 |  | 26,910
Creditors: amounts falling due after more than one year | 15 |  | - |  | (6,811)
Net assets excluding pension asset |  |  | 14,579 |  | 20,099
Total net assets |  |  | 14,579 |  | 20,099
Charity funds |  |  |  |  |
Unrestricted funds | 16 |  | 14,579 |  | 20,099
Total funds |  |  | 14,579 |  | 20,099
Page 10
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee) REGISTERED NUMBER: 02981339 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 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 20 March 2026 and signed on their behalf by:
................................................ Farida Rahman 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 2025 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 2025 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. 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. 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
Page 13
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.Accounting policies (continued)
| 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 2025
| 2. | Income from donations and legacies
|  |  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £
| Donations | 24,211 | 24,211 | 55,000
| Total 2024 | 55,000 | 55,000 |
| 3. | Income from charitable activities
|  |  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £
| Education and Training | 7,142 | 7,142 | 1,275
| Total 2024 | 1,275 | 1,275 |
| 4. | Other incoming resources
|  |  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £
| Other incoming resources 1 | 7,630 | 7,630 | -
Page 15
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 5. | Governance costs
|  | Summary by fund type
|  |  | Unrestricted funds 2025 | Total 2025 | Total 2024
|  |  | £ | £ | £
| Independent examination fee | 2,772 | 2,772 | 4,962
| Total 2024 | 4,962 | 4,962 |
| 6. | Other expenditure
|  |  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £
| Other resources expended 1 | 27,331 | 27,331 | 39,579
| Other resources expended - wages and salaries | 14,400 | 14,400 | 42,497
|  | 41,731 | 41,731 | 82,076
| Total 2024 | 82,076 | 82,076 |
Page 16
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 7. | Charitable activities expenses
|  |  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £
| Consultancy | 2,700 | 2,700 | 2,250
| Premises rent and expenses | 11,630 | 11,630 | 18,025
| Other expenses | 4,033 | 4,033 | 6,559
| Insurance | - | - | 462
| Subscription fee | 1,428 | 1,428 | 599
| Computer and web hosting cost | 3,783 | 3,783 | 3,903
| Printing and stationery | 441 | 441 | 2,406
| Motor, travel and subsistence | - | - | 5,375
|  | 24,015 | 24,015 | 39,579
| Total 2024 | 39,579 | 39,579 |
8. | Independent examiner's remuneration
| The independent examiner's remuneration amounts to an independent examiner fee of £2,772 (2024 - £4,962).
9. | Staff costs
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 14,400 | 42,497
|  | 14,400 | 42,497
| The average number of persons employed by the Company during the year was as follows:
|  | 2025 | 2024
|  | 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 2025
10. | Trustees' remuneration and expenses
| During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
| During the year ended 31 March 2025, expenses totalling £NIL were reimbursed to Trustees'.
11. | Intangible assets
|  | Web Development
|  | £
| Cost |
| At 1 April 2024 | 14,650
| At 31 March 2025 | 14,650
| Amortisation |
| At 1 April 2024 | 6,543
| Charge for the year | 2,027
| At 31 March 2025 | 8,570
| Net book value |
| At 31 March 2025 | 6,080
| At 31 March 2024 | 8,107
Page 18
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Tangible fixed assets
|  | Fixtures and fittings | Computer and office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 424 | 6,585 | 7,009
| At 31 March 2025 | 424 | 6,585 | 7,009
| Depreciation |  |  |
| At 1 April 2024 | 186 | 2,746 | 2,932
| Charge for the year | 60 | 960 | 1,020
| At 31 March 2025 | 246 | 3,706 | 3,952
| Net book value |  |  |
| At 31 March 2025 | 178 | 2,879 | 3,057
| At 31 March 2024 | 238 | 3,839 | 4,077
13. | Debtors
|  | 2025 | 2024
|  | £ | £
| Due within one year |  |
| Other debtors | 1,300 | 1,300
|  | 1,300 | 1,300
Page 19
INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Creditors: Amounts falling due within one year
|  | 2025 | 2024
|  | £ | £
| Trade creditors | - | 5,340
| Other creditors | - | 13,683
| Accruals and deferred income | 2,340 | 1,450
|  | 2,340 | 20,473
15. | Creditors: Amounts falling due after more than one year
|  | 2025 | 2024
|  | £ | £
| Other loans | - | 6,811
| 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 2024 £ | Income £ | Expenditure £ | Balance at 31 March 2025 £
|  | Unrestricted funds |  |  |  |
| Reserves | 20,099 | 38,983 | (44,503) | 14,579
|  | Statement of funds - prior year
|  |  | Balance at 1 April 2023 £ | Income £ | Expenditure £ | Balance at 31 March 2024 £
|  | Unrestricted funds |  |  |  |
| General Funds - all funds | 50,862 | 56,275 | (87,038) | 20,099
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INSTITUTE OF ISLAMIC BANKING AND INSURANCE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 17. | Analysis of net assets between funds
|  | Analysis of net assets between funds - current year
|  |  | Unrestricted funds 2025 | Total funds 2025
|  |  | £ | £
| Tangible fixed assets | 3,057 | 3,057
| Intangible fixed assets | 6,080 | 6,080
| Current assets | 7,782 | 7,782
| Creditors due within one year | (2,340) | (2,340)
| Total | 14,579 | 14,579
|  | Analysis of net assets between funds - prior year
|  |  | 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
18. | Related party transactions
| Included within other creditors is an amount due to a trustee of £NIL (2024: £9,243) which was paid after the year.
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