Charlty Registratlon No. 1010542 Maktab Tarighat Oveyssi Shahmaghsoudi (School Of Islamic Sufism) Annual report and unaudited financial statements For the year ended 31 December 2023 mgr GLOBAL 55 loudoun Road St John's Wood london NW8 ODL
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) LEGAL AND ADMINisfRATIVE INFORMATION H Rahbarl EBDarban A Rezael Charlty number 1010542 Independent examlner MGR Weston Kay LLP 55 Loudoun Road Stjohn's Wood London NW8 ODL Bankers Metro Bank I Southampton Row London WCI8 SHA Solldtors Stephen Fldler & Co St Andrews House, 66 Shoe Lane London EC4A 3BQ
MAicfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI {SCHOOL OF ISLAMIC SUFISM) coKrENrs Trustees, report Independent •xaml*s report Statement of fln•nclal actmtles Balance sheet Notes to the flMnel•l stateffrtnts 7-11
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present thelrannual feport and financlal siatenxnts forthe year ended 31 Oecember 2023. Name and Re8tstered Office the Ch•rlty The full name of the Charfty Is Maktab Tariehat (hpyssl Shahma8hsoudi lhool of Islamlc Sufisrnl, its rewtered office is PO Box 33805, London. N8 8ZW and Its prSndpal operatlrng address b 23 Edlson Road, Crouch End, Lon(h)n, N8 8AE. It Is part of the global organlsatlon wlth the same name {the global orzanlsatlon hereinafter referred to as'MTO'I. ChaTIty Flnandal Ststements The flnanclal statements have tjeen prepared In aCcnCe wlth the account1 pollcles set In note i to the ftnanclal statements and comply wlth the charws trust deed. the Charttles Act 2011 and 'Ac¢ountln8 and Reportln8 by Charltles: Statement of Recommended Practlce applkable to charltles WerIng thelr aeeourts In accordance wfth the Flnanclal Reportln8 Stsndard applkable In the UK and Republlc of Ireland {FRS 102)" (effect{ l January 2019). Objtttlves and aCtIleS The objects are to establlsh th• tsachln8 and athJnCent of rell•n and educatlon In the Unlted Klngdom and elsewhere around the Y>rld In accordance wlth the tenets and doctrlnes of Sufism as wactlced Iw MTO. Ourlng the ar the Chartty contlnwl to promote Sufism •nd edtKatlon •$ • part of wro. its pro8Trm of and classes In the LIK Included webcasts from London to students throughrt the YKkl. These compllment the broadcasts of relatsd MTO centres elsewhere In Europe and from the Unlted States. The Charlty contlnwl to encoura8e the de¥lopment of Sufism at unl¥eItte$ and othereducatIol Instftutlons In th• UK and to promot• Intér-falth actlv5tles In local eommunltles. . Athlé¥em•nts and porfomw The Charlty Is progresslng wlth the trnnsfer of Its assèts and operntkms to the Charltable Ineorporat•d Orr4nlsatTon I'a(yi. re8lrtered tharlty 1156782 wth the same name and objects as the Charlty. Ary on•)In8 donatlofis or recelpts are vested to the ao accounts as part of the transfer pdl The maln remalnlng assets of the Charlty are the commerdal prernlses near the London Centre bwht In Cktober 2012. Thry were leased for 5 ar5 from 2 Marth 2015 tc a nUery. FolkyA approval from the freehold5, In 2020 a new lease was $18ned by the subtenants and Trustee Followlng se¥erdl rounds of leoal athiice relatsd to the commefclal premlses, Inltlally In May 2021 to July 2022, and delayed court hearfngs and negotlatlons wEth the other partles and the court. the Tnths agreed to settle the clalm and d15contlnue wlth the partles sollcltors s18nlng a Tomlln order on 31yb June 2023 wtth confidentlal terms and no Orde on costs. Nnon¢thl re¥lew As detsSled In the Statement of Flnanclal PKtMtles on page 5, the Chartvs resenles at the arnd amounted to £1,049,346 of unre5trfcted funds. The Tn wlll hold these reseNes and fvrther funds as they are reeeld as ¥ buffer for operntlng costs. In addbtlon they are avaSlable to help support other centres al)road or fund add5tknal propertles In the UK for holdlng meetln8s and lecturu as wulred. strUCty govern?e and manaBei The Charlty, a Chafltable Trust, Wa5 reglstered as a Charlty cn 14th Awll 1992. Re8lstratlon number. 1010542. The 8(wernl document Is the Deed of Trust dated 18 October 1991 as amended sUPprnental deeds dated 9 March 2006, 15 June 2006. 2 January 21X)9 and 9 Aprfl 2009. The trustees who served durln8 the par and up to the dats of of the ftnanclal statements Thwe: H Rahbarl E 8 Darban A Rezael
MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 None of the Trustee5 have been direct beneflclarles of the Charlty durlnK the year or the preceding year. No Trustees fecelved any remuneration from the Charity durin8 the year12022~ENilJ. A Trustee is appointed by recommendatlon of the Trustees. or by proposal of a Trustee entitled to w)te •t a meei4n8 of the Charity. Indurtlon and trnlnlng pollcles far tfujtees The Charity follows the guldellnes provided by the Ch•rfty Commlsslon. ResPonbIlIty of the Trustees The Trustees are respon51ble f¢r the management of the Charity and for the furtherance of the objects for which St is established. Trusiees meet on a regular basls to dlscuss the affalrs of the Charlty. The Statement of Tru5tees' Responslbilities is on Page 4. Investment Powers The Trustees may Invest the monles of the Charlty not Immedbately requlred for Its purposes In or upon such Investments, securtties or propertyas may be thou8ht ftt. Publ1¢ Benefit Requlvement The Trustees have due re8ard to the 8uldance set out under sectlon 17(5) of the Charltles Ad 2011. Or8•ntsatloft The day-to-day activltles of ihe Charlty wntlnue to be conducted from premlses In London and 81rt1ey and at rented prernlses In other ¢ltles In the Unlted Kln8dom. Volunteers Dbrln8 the year varlous Indlvlduals 84ve thelr tlme In supportlng the CharlS artlvltles. The vJlue of thls sub5tantlal 5UPPQrt annot be readlly quantFfted and has not been Included In the financlal staternents. Rlsk Management The Trustees have assessed the m•lor rlsks to whlch the Charlty Is exposed, In partleulaf those related to the operatlons and flnances of the Charlty. and are sat15ned that syslems are sn place to mlti8ate the Charity's exposure to the major risks. Independent exoffllner A resolutlon proposln8 that Nl8el W41flsz be reappolnted as Independent Examlner wlll be proposed ai the next Annual General Meetlne, The trustees, report was approved by the Board ofTrustees. H Rahbarl Date: .... 3...1..t....i.o./...2....4,.
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) srATEMENT OF TRusfEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees are responslble for preparlng the Trustees, Report and the ftnanclal statements In accordan with applicable law and Untted Klnsdom Accountlng Stsndards Iunlted Klngdom Generalty Accepted Accounting Prartl1. The law appllcable to charltles Sn England and Wales requlres the trustees to prepare flnanclal ststements for each financial year whlch give a true and falr view of the state of affalrs of the tharlty and of the Incomtng resouKes and application of sourw ofthe charlty for that year. In pPanE these finanaal ststements, the trustees are requId to: - select sultable accountlng polldes and then applythem conslstently; - observe the methods and prlnclples In the Charltles RP. - make Judgements and e#lmates that are reasonable and prudenL' - State whether appllcable attountlng stsndards have been followed, subject to any material departures dlsclosed and explalned In the financlal statements; ènd prepare the finandal ststements on the golng concern bas15 unless It Is Inapproprlats to presume that the tharlty wlll contlnue In operdtlon. The trustees are responslble for keeplng sufficlent accountlng records that disclose wlth asOnable accurncy at any tlme the flnancial posltlon of the charlty and enable them to ensure that the flnanclal ststements comply wlth the Charltles Art 2011, the Charlty (Acmunts and Reports) Regulatlons 21)08 and the provlslons of the trust deed. They are also responsible for safeguardlng the assets of the charlty and hence for tsklng reasonable steps for the preVen0Th and detectlon of fraud and other Irregularltles. The trustees are responslble forthe malntenance and Integrlty of the charfty and financlal Inforn)ation included on the charfty's webslte. Leglslatlon In the Unlted Klngdom govemlng the preparatlon and dlssemlnatlon of flnanclal statements may dlfferfrom leglslatlon in otherjurlsdlctlons.
MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI ISCHOOL OF ISLAMIC SUFISM) INDEPENDEKf EXAMINER'S REpoKr TO THE TRUSTEES OF MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) I report to the trustees on ry examinatbjn of the fInCIal ststemerts of Mèktab Tarwwt CW Shahrnaghsoudl (School of Islamic Sufism) {the charltyl forthe year ended 31 DeCeMr 2023. Respon$lbllltles and basts d report As the trustees of the charity YOU a re9nSl le for the bYepard¢ of the financial ststements in accordance wlth the requlrements of the Charities kt 2011 (the 2011 Act). I report In ftspect of my examlnalion the charftrfs ftnandal ststsments carrled out under sectknn 14S of the 2011 Art. In carrying out my examlnatlon I hkne folknwed au the applkab DirnCtIo gkni ty the Charity Cornm15s1on under secuon 14515llbl ofthe 2011 kL Indewdent examIn$ slatemert I have compteted my examlnatlon. I that no matters come to my attentlon in connection wlth the examlnlon £Ing me cause to belle¥e that In ary materkl resptt accountlng records were not kept in Tespert of the charfty as requlred tysectlon 130 of the 2011 Ac¢ or the flnanclal ststements do not accord wth those records; or the fknanclal ststements do not COM with the applicable wulrements concerning the fom) and contsnt of accounts set out In the Charltles Ikcounts and Rew)rtsl Re8ulations 21x18 other than any requirew*nt that the accounts 8l¥e true and falrvlew whlth b not a rnthr Cons as part of an Independent exaffdnatlon. I have no conoms and have acros no rther matters In connectkn with the examination to which attentlon should be drawn In tNs oport In order to enable a woper underStsnd1 Oft flnandal siatementsto be reached. Walfisz 55 Loudoun Road Stjohn's Wcrfxl London NW8 ODL Dated: 31 Ottober 2024
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) srATEMEKf OF FINANaAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted lunds 2023 Unrestrfd funds 2022 Income from: Investments 67,137 52.868 Totsl Incorne 67,137 52,868 Expondlture on: Ralsln8 funds Charbtable artlvStles 5,800 3,690 4,771 8,790 Totsl expendlturè 9,490 13,561 Net 8alnsll1055esl on Investrrnnts Net InMme •nd movwnwrt In funds 57.647 79,307 Recon¢lll•tlon olfund&' Fund balances at l January 2023 991,699 912,392 Fund balant•s •t 31 De¢4mber 2023 1,049,346 991,699 The ststement of flnan¢lal actfvltles Indudes all 8alns and losses recognlsed In the year. ASI Income and empendlture derlve from contlnuln8 actl¥ltles. The notes on pa8es 7 to li form part ofthese flnanckl statements.
MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Axed assets Investment propenv io 780.OIXI 780.C(XJ Current assels Oebtor5 li 7,156 286.543 4,157 238,276 Cash at bank and in hand 293,699 124.353) 242.433 130.7341 Cfedltors: amounts falllft8 due wlthln one year Net current assets 269.346 211,699 Total assets less rrent Ilabllltles 1,049,3416 991.699 The funds of the tharlty Unrestri¢ted funds 1.049,346 991.699 1.049.346 991.699 The noteson pa8es 7 to li form part of ihese flnanclal statements. The finartci41 staiements were appfoved by tr* trustees on 31.Q.olcber..2olLfr IJ. AhHI2A
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) NOTES TO THE FINANCIALsfATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 ACcntIng pollcles 1.1 At¢ountlng tonventlon The accounts have been ppared in accordance w5th applteable accountln8 Standards, 'AccounUng and Rewrtln8 by Char5tles: Statement of Recommended Practlce appllcable to charltles preparSng theSr accounts in accordance wlth the Flnandal Reportlng Stsndard applicable In the UK and Republk of Ireland (FR5 1021" and the Charities Act 2011. The charlty Is a Publlc Benefit Entlty defined by FRS 102. The charlty has tsken advantsge of the pmvlslons In the SORP for charftles applylng Flis 102 Update Bulletin I not to prepare a Ststement of Cash Flows. The ftnanclal ststements have been pPared under the hlstorlcal cost convention. The prfncipal accounting pollcies adopted are set out below. 1.2 Golng ncern At the tlme of approvlng the flnanclal ststements, the trustees have a reasonable expectation that the charty has adequate resources to contlnue in operatlonal extstence for the foreseeable future. Thus the trurtees contlnue to adopt the golng concem basls of a¢countin8 in preparlng the financlal statements. 13 Charltsble funds Generdl unfestrlrted funds represent unrestricted Income whlch Is expendable at the dlscretlon of the Trustees in the furtheran of the objects of the charlty. Such funds may be held In ordertoflnance %vorkln8 capital. Restrlcted funds represent Income recelved whSch are allocated by the donor for specffic purposes whlth are thefOre not alIable for other purposes. 1.4 Intomlng resources Rent re[vable ts accrued on a dayto day basl L5 Resources expended All expendSture Is accounted for on an accruals basls and has been Included under expense categorles that aggrepts all costs for allocatlon to activities. Charltsble actlvltles Include costs of services and support Cost Governan costs are those costs Incurred In the manageffont of the Charlty's assets Oan1$atIonal admlnlstrdtlon, and compllance vAth constitutlonal and ststutory requirements. Cost of rdlsln8 funds are those associated w5th rental and Investment Income. 1.6 Investment propertles Flxed asset Investments are Included at market value at the balance sheet date. Reallsed galns and losses on Investments are calculated as the dlfference between sales proceeds and thelr market value at the stsrt of the year, or thelr subsequent cost. and are charged or credlted to the ststsment of flnanclal actfvltles In the year of dlsposal. unall$ed galns and losses represent the movement In market values durSn8 the year and are uedlted or charged to th? ststement of flnanclal actlvltles based on the marketvalue at the year end. Investment propertles are Included In the balance sheet at thelr open market value as estlmated ty the tntstees. Depreclatlon Is provlded only on those Investment propertles whleh are leasehold and where the unexplred lease ten Is less than 20 years.
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 A¢CountI polldes (Contlnued) 1.7 Cash and c•sh equlvalents Cash and cash equlvalents Include cash Sn hand. deposlts held at call wlth banks and bank overdraftk Bank ¢werdrafts re shovm wlthln bmwln8s In current Ilabllltles. IA Crndftors Credltors •re reco8nlsed where the ch8rfty has a present obllgatlon resultlng from a past event that wlll probably result In the transfer of funds to a thlrd party and the amount due to settle the obllgatlon can be MeasUd or estlrnatsd rellably. Credltors are normally rem8ntsed at thelr settlement amount. 1.9 Forelen ttchanoe Transactlons denomlnated In forel8n currencles are recorded at the rate rulln8 at the date of transactlon. Monetary assets ond Ilabllltles denomlnated In forel8n currencles a translated Into sterlln8 at the rnt¢s of exthan8• njllng at the balance sheet date. All dSfferen¢es are Included In net oirtgolng R$Our$. 1.10 Taxatlon The eharlty Is exempt from tsx on Income and 8alns fallln8 wlthln the Taxes Act 1988, s. 505 or the Taxatlon of Charyeable Galns Act 1992, 5. 252 to the extent that these are applled to Its charitsble obSectlves. The charSty Is not VAT reglstered. As such, expendlture Is shown Incluslve of VAT. Crftlc•l accouftiln8 ullmatss and Jud8wnonts In the lppllcatton of the ¢h•rlt¢s accountlng polldes, the trurtees are requlred to mak* Judgements, estlmates and assumptlons about the carryln8 amount of assets and Ilabllltles that are not readlty apparent from other urCes. The estlmatss and as%)clated as$umptlon$ are based on hlstorlcal expertence and other factors that are consldered to be relevant. Actual results may dSffer from these estlmates. The estlmates and underlyln8 assumptlons are revlewed on an ongolng basls. Revlslons to accountlng estlmates are recognlsed Sn the perlod In whlch the estlrnate Is revlsed where the revlslon affects only that perlod. or In the peAod of the revlslon and future perfods where the revlslon affects both current and future perlods. Valuatlon of Investnwnt propertles As descrfbed In note 10 to the flnanclal 5tatementy Investment propertles are stated at falr value. The trustees based thls on observable market prlces. In¢omofrom 1nwstMts funds 2023 funds 2022 ftentsl Incorne 67.137 52,868
MAicfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ra151Tr4 funds Unrestrfcted Unre5tr1cted fund5 2023 1nvestrrnt wopertycosts SAOO 4,771 2021 Share of governan costs (see 61 Support tosts Costs Independent ey2mlnerfees Legal and professional 3,690 5,ILK) 5,1 Analysed between Charftsble attlvltles G(yrnan costs represents the support costs inCUrd in adffllntsterln& the fflanagernt of charfty affairs and comptylng wlth Its 5trtutory and C(X)sOal oblwi The avernee numberof Trustees the yearwds 312022: 3). No Trustee or pers connected ty buneSS to recel¥d any reneAtIon or beneffts In klnd from the rfty durlng the year (2022- £NII}. TheTrustees are named asAddfttonal Assureds Thder Ilablly In%nncesof the Charity at no additlonal cost. Durlngthe year nOTteeS {2022: none) recel¥ed 1mbsent0f trn, and othereXpendltU.
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) NOTESTO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Emplo¢5 There vrnre rK• employees dun8 the year. charlty Is exempt frorn taxatlon on Its actlvllles l)ecause all Its Income Is applied tharftsble purposes. Falr VI• At l January 2023 and 311)ecernber 2023 780,000 The In¥estment pmpertles are stated In the accounts at the Tte. estlmats of market value at the bahnce sheet date. There has been no Valuatlon by an Independent party. li Debto 2023 2022 Amauntshlllnl du• wlthln one year. Trade debtors 7,156 4,157 12 Credltorn amounts falllry r*fthln on• 2023 Trdd• credltors AC(nlS and deferred Inc¢)n 313 24,040 5,383 25.351 24,353 30,734 Unrestrlrted funds The unrestrfcted funds of the charlty comprtse tsnexpended balarKe$ of donatbnsand Ernftts whlth afe not sublert to specffic condltk)ns by donors and grantors as to they may be used. These include designated funds which have At l J•nu•ry InMmlr¢ Resour¢esG•lns and losses A 31 December 2023 2023 Genernl funds 991.699 67.137 {9.490) 1.049.346 10-
MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) NOTES TO THE FINANaAL sfATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlrted funds Icontlnuedl Prevlous year. At l January 2022 Inmmln£ ResourcesGalns and losses At 31 December eXPded 2022 General funds 912.392 52.868 (13,561) 991,699 AlYsIS of net assets between funds Unrestrlcted funds 2023 At 31 December 2023: Investment propertles Current assetsllllabllltlesl 780,0(M) 269,346 1,049,346 Unrestrfcted funds 2022 At 31 December 2022: Investment propertles Current assets/lllabSlltlesl 780,000 211,699 991,699 Related party transactlons The charlty made donatlons or loans, shared costs wlth or recelved Incorne from other charltles whlth form part of the lobal Owdnlsatlon usln8the name pJro. Credltors Include £313 (2022: £313) due to MTO U& Accruals Include £18.97012022: £15.070) due to MTO CIO for expen whlch have not been 5mbr5ed. Durfn8 the year, expenses of £3,9(10 {2022: £8,790) was pald forbythe ao. 16 Charlty lftfornwlon Maktsb Tarf8hat I1 Shahma8hsoudl (School of Islamlc Sufisml b a charlty Incorpordted In En8land and Wales. The prnclpal place of buslftess ts 23 Edlson Road, Crouch End. London, N8 8AE. The accounts are prePad in ster15n& whlch Is the funrtlonal currency of the charlty. Monetsry amounts In these flnanckl ststements are rounded to the nearest £. 11