REGisfERED CIIARITY NUMBER: 1010542 TRUSTEES, REPORT AMD FINANaAL sfATEMENTS FOII THE YEAR ENDED 31 DECEM8ER 2024 MAKTA8 TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) MGR Weston Kay LLP Chartered Accountants S5 Loudoun Road St John's Wood London NW8 ODL
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) CONTENTS OF THE ANANaAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and Admlnlstratl¥e Detalls Trustees, Report 2 to 4 Statemqnt of Truste¢s' Responslbllltl•s Independent Examlner's Report ststement of Flnandal Actl¥ltles Balanc• Sheet Notes to the Flnanclal Statements 9 to 15
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI {5CHOOL OF ISLAMIC SUFISM> REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEE5 H Rahbari E B Darban A Rezaei PRINCIPAL ADDRESS 23 Edison Road London N8 8AE REGISTERED CHARITY NUMBER 1010542 INDEPENDENT EXAMINER MGR Weston Kay LLP Chartered Accountants 55 Loudoun Road St John's Wood London NW8 ODL BANKERS Metro Bank I Southampton Row London WCIB SHA sOUcoR5 Stephen Fidler & Co St Andrews House, 66 Shoe Lane London EC4A 3BQ Page I
MAKfAB TARIGHAT OVEYSSI SHAHWGHSOUDI (SCHOOL OF ISLAMIC SUFISM) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report wlth the financlal statements of the charSty for the year ended 31 December 2024. The trustees have adopted the provlslons of Accounting and Reportln8 by Charlties.. Statement of Recommended Practlce appllcable to charltles preparln8 thelr accounts In accordance with the FInCIal Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 1021 leffertSve l January 20191. 08JEcnvES AND ACTIVITIES The objects are to establlsh the teachln8 and advancement of rellglon and educatlon In the Unlted Klngdom and elsewhere around the world in acrdanCe with the tenets and doctrlnes of Sufism as practlced by MTO. Durlng the year the Charity contlnued to promote Suflsm and educatlon as a part of MTO. Its program of lectures and classes In the UK Included webcasts from London to students throughout the world. These complSment the broadcasts of related MTO centres elsewhere In Europe and from the Unlted State5. The Charlty contlnued to encoura8e the development of Sufism at univer51tle5 and other educatlonal Institutlons In the UK and to promote inter-falth actlvltles and provlde charltable donatlon5 Qr servlces and contrlbutlons In local communltSes. ACHIEVEMENTS AND PERFORMANCE The Charlty Is progressln8 wlth the transfer of Its assets and operatlon5 to the Charltable Incorporated OrganlsatSon I'CIO,), reglstered charlty 1156782 wlth the same name and objerts as the Charlty. Any on-8oln8 donatlons or recelpts re vested to the CIO accounts as part of the transfer pollcy. The maln remalnlni assets of the Charity are the ¢ommer¢Sal premlses near the London Centre bought In October 2012, They were leased for 5 years from 20 March 2015 to a nursery. Followln8 approval from the freeholders, In 2020 new lease was s18ned by the subtenants and trustees. The Trustees contlnued to progress wlth requlred varlatlons of the Headlease. After contlnued ne8Otlatlons over perlod of tlme, deeds of variations wlth a new Freeholder were satlsfactorlly concluded whlch resulted In the removal of ground rent provlslons and a long term extenslon of the Headlease. FINANCIAL REVIEW As detailed In the Statement of Flnancial Actlvltles, the Charty's reserves at the year*nd amounted to £749,071 of unrestrlcted funds. The Trust will hold these reserves and further funds as they are recelved a5 a buffer for operatlng costs, In addltion they are available to help support other centres ¥broad or fund addltlonal propertles In the UK for holdlng meetlngs and lectures as required. Page 2
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) TRUSTEES. REPORT FOR THE YEAR ENDED 31 OECEMBER 2024 STrUCTURE, GOVERNANCE AND MANAGEMENT Maktab Tarighat Oveyssi Shahmaghsoudi {School of Islamic Sufism), a CharFtable Trust, was reglstered as a Charity on 14th April 1992. Registration number: 1010542. The governing document is the Deed of Trust dated 18 Ortober 1991 as amended by supplemental deeds dated 9 March 2IJ06, 15 June 2006, 2 January 2009 and 9 April 2009. The prlndpal place of business is 23 Edison Road, Couch End, London, N8 8AE. The trustees who served during the year and up to the date of slgnature of the financlal ststements were: H Rahbari E B Darban A Rezaei None of the trustees have been direct beneficiaries of the Charlty durln8 the year or the precedlng year. No trustees recelved any remuneration from the Charity durlng the year12023- £Nill . A trustee 15 appointed by recommendatlon of the trustees, or by proposal of a trustee entitled to vote at a meetlng of the Charity. Indurtlon and tralnlng pollcles for trustees The Charlty follows the 8uidellnes provided by the Charlty Commisslon. Responslblllty of the trnstees The trustees are responsible for the management of the a)arity and for the furtherance of the objects for which It Is establlshed. Trustees meet on a regular basls to dlscuss the affairs of the Charity. Investment powers The trustees may invest the monies of the Charity not immedlately required for its purposes In or upon such investments, securities or property as may be thought fft. Publk Benefft requlrement The trustees have due regard to the guidance set out under section 17(5) of the Charltles Act 2011. Or8anlsatEon The day-to4ay actlvltles of the Charity continue to be tondurted from premises in London and Blrtley and at rented premises In other cities in the United Kingdom. Volunteers Durlng the year various indlvlduals gave thelr tlme In supportln8 the Charitys actlvlties. The value of thls substantial support cannot be readily quantlfied and has not been Included in the financial statements. Rlsk management The trustees have assessed the major risks to whi¢h the Charlty is exposed, in particular those related to the operatlons and finances of the Charity, and are satlsfied that systems are In place to mitigate the Charlvs exposure to the major risks. Independent examlner A resolutlon proposlng that Nigel Walfisz be reappoSnted as Independent Examiner will be proposed at the next Annual General Meetlng. EVENTS SINCE THE END OF THE YEAR Informatlon relating to events slnce the end of the year Ss glven In the notes to the financial statements. Page 3
MAKTA8TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) TRUSTEES, RepoRT FOR THE YEAR ENDED 31 DECEMBER 2024 Approved by order of the board ot tnlstees on 30 October 2025 and sl8ned on its behalf by: H Rahbarl- Trustee Paae 4
MAKfA8 TARIGHAT OVEY551 SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) STATEMENT OF TRU5fEES' RESPONS181UTIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are responslble for preparing the Trustees, Report and the financkl ststements in accordance with appllcable law and Unlted Kln8dom Accountin8 Standards (Unlted Klngdom Generally Accepted Accounting Practicel. Charfty law requlres the tnjstees to prepare financial statements for each financlal year. Under that law, the trustees have elected to prepare the flnancial statements in accordance with United Kingdom Generally Accepted Accounting Practlce Iunlted Kingdom Accounting Standards and applicable lawl. Under charity law the trustees must not approve the finan¢lal statements unless they are satlsfied that they glve true and falr vlew of the state of affairs of the charity and of the incomin8 resources and applicatlon of resources, Indudin8 the Income and expenditu, of the charity for that period. In preparing those flnancial statements, the trustees are required to selert sultable accountlng policies and then apply them conslstentty: obser4e the methods and prlnclples in the Charltles SORP; make judgements and estlmates that are reasonable and prudent; prepare the flnanclal statements on the 80in8 concern basls unless It Is Inapproprlate to presume that the charlty wlll continue In buslne55. The trustees are responslble for keepln8 proper accountln8 records which disdose with reasonable accuracy at any tlme the ftnanclal posltlon of the charlty and to enable them to ensure that the financlal statements comply with the Charltles Act 2011 and The Charlty (Accounts and Reports) Regulations 2008. They are also responslble for safe8uardln8 the a55ets of the charity and hence lor tsking reasonable steps for the prevention and detection of fraud and other Irre8ularltles. Page 5
INDEPENDENT EXAMINERS REPORTTO THE TRusfEES OF MAKTAB TARIGHAT OVEYSSI SHAHMAGH50UDI (SCHOOL OF ISLAMIC SUFISM) Independent examiner's report to the trustees of Maktab Tari8hat Oveyssl Shahmaghsoudl (School of Islamlc Sufism) I report to the charity trustees on my examination Of the actounts of Maktsb Tarighat Oveyssi Shahmaghsoudi (School of Islamic Sufism) (the Trust) for the year ended 31 December 2024. Responsibilities and basis of report A5 the charity trustees of the Trust you are responsible for the preparatlon of the accounts in attordance with the requirements of the Charities Act 2011 {*he Act'l. I report in respert of my examination of the Trust's accounts carried out under Section 145 of the Act and in caryin8 out my examination I have followed all applicable Directions given by the Charity Commission under Section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connertion with the examination giving me cause to belie4e that in any material respert". accountlng records were not kept in respect of the Trust as required by Section 130 of the Act: or the accounts do not accord wlth those records; or the accounts do not comply with the appllcable requlrements concerning the form and content of accounts set out In the Charltles IAccounts and Reports) Regulatlons 2008 other than any requlrement that the accounts gbve a true and fair vlew whith15 not a matter consldered as part of an independent examlnatlon. I have no concems and have come across no other matters in connectlon wlth the eamination to which attentlon should be drawn in this report in order to enable a proper understandln8 of the accounts to be reached. Nigel Walfisz FCA MGR Weston Kay LLP Chartered Accountants 55 Loudoun Road St John's Wood London NW8 ODL 31 October 2025 Page 6
MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI {SCHOOL OF ISLAMIC SUFISM) STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 Unrestrirted fund 31.12.Z3 Total funds as restated Notes INCOME AND ENDOWMENTS FROM Investment Sncome 60,083 67,138 EXPENDITURE ON Raising funds 20,922 20,948 Charltable actlvltles Share of governance costs 4,530 3,690 Total 2S,452 24,638 NEf INCOME 34,631 42,500 RECONaLNTION OF FUNDS Total funds brought forward 714,440 671,940 TOTAL FUNDS CARRIED FORWARD 749,071 714,440 The notes form part of these financial statements Page 7
MAKfA8 TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) BALANCE SHEET JI DECEM8ER 2024 31.12.24 Uniestrlcted fund 31.12.23 Total funds as restated Notes FIXED ASS Investment property 780,tXIO 780,000 CURRENT ASSErs Debtors Cash at bank io 17.373 329,193 7.156 286,Y3 346566 293.699 CREDITORS Amounts fallln8 due wthln one year li (27,483) 125.IS31 NET CURRENT ASSEts 319.083 268.546 TOTALASSEfs LESS CURRENT UABILMES 1,099,083 1.048,S46 CREDITORS Amounts fallin8 due after more than one year 12 1350,012) 1334,1061 749,071 714,440 FUNOS Unrestrlcted funds 14 749.071 714,440 TOTAL FUNDS 749,071 714,440 The flnanclal statements were approved by the Board of Trustees and authorlsed for Issue on 30 October 2025 and were slgned on its behalf by: H Rahbarl- Trustee The notes lorffl part of these flnanclal statements Pa8e 8
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES 8asls of preparln8 the flnanclal statements The financial statements of the charity, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charitles SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standord applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financlal Reportlng Standard 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland, and the Charitles Act 2011. The financial ststements have been prepared under the historical cost conventlon. as modlfied by the revaluation of certain assets. The charlty has taken advantage of the following disclosure exemption in preparinB these financial statements, 5 permitted by FRS 102 The Financlal Reporting Standard applicable In the UK and Republic of Ireland,: the requirements of Sectlon 7 Statement of Cash Flows. Golng Mncern At the time of approving the financial statements, the trustees have a reasonable expectation that the charlty has adequate resource5 to continue in operatlon31 existence for the foreseeable future. Thu5 the trustees continue to adopt the 8oin8 concern basis of accountin8 in preparing the finanaal statements. Incomlng resources Rent receivable Is accrued on a day to day basis. Resources expended All expenditure Is accounted for on an accruals basls and has been included under expense categories that aggregate all costs for allocation to activities. Charltable artivitie5 include costs of services and support costs. Governance costs are those costs incurred in the management of the charity's assets, organlsatlonal administration, and compliance with constitutional and statutory requirements. Cost of raising funds are those associated with rental and investment income. Imiestment property Investment properties are included in the balance sheet at their open market value as estimated by the trustees. Taxatlon The charlty is exempt from tax on income and galns falllng wlthln the Taxe5 Art 1988, s. 505 or the Taxation of Chargeable Galns Art 1992, s. 252 to the extent that these are applied to its charltable objectives. The charlty Is not VAT reBlstered. As such, expenditure Is shown Incluslve of VAT. Charltable funds General unrestricted funds represent unrestricted income whlth is expendable at the discretlon of the Trustees In the furtherance of the objects of the charity. Such funds may be held in order to finance working capital. Restritted funds represent income recelved whlch are allocated by the donor for speclfic purposes which are therefore not available for other purposes. Page 9 contlnued...
MAKTAB TARIGHAT OVEYSSI SIIAHMAGHSOUDI ISCHOOL OF ISLAMIC SUFISM) NOTES TO THE FINANCIAL sfATEMENTS- eontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES- Contlnued Leases Leases are classified as flnance leases whenever the terms of the lease transfer substantially all the rSsks and lewards of ownershSp to the lessees. All other leases are classifled as operating leases. Assets held under finance leases are reco8nlsed as assets at the lower of the assets falr value at the date of inception and the present value of the minlmum lease payments. The related liability is Included In the balance sheet as a flnance lease obllgatlon. Lease payments are treated as conslstlng of capltal and Interest elements. The Interest Is recognlsed In the Statement of Financial Activities so as to produce a constant periodic rate of Interest on the remalning balance of the IlabllSty. Rental Income arislng from the lettlng of the charltvs Investment propertles under operatlng leases, Includlng any lease Incentlves granted, is recognlsed on a stralght line basss over the term of the relevant lease except where another systematlc basls Is more representatlve of the tlme pattern In whlch economlc beneflts from the leased asset are dlmlnlshed. Cash and cash equlvalents Cash and cash equlvalents Indude cash In hand, deposlts held at call th banks and bank overdrafts. Bank overdrafts are shown wlthln borrowln8s In cuirent Ilabllltles. Credltors Credltor5 are recognlsed where the tharty has a present obll8atlon resultln8 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 measured or estlmated rellably. Credltors are normally reco8nlsed at thelr settlement amount. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURces OF ESTIMATION UNCERTAINTY In the appllcatlon of the charity's accountlng pollcles, the trustees are requlred to make lud8ements, estlmates and assumptions about the carrying amount of assets and Ilabilities that are not readily apparent from other sources. The estSmates and assoclated assumptlons are based on hlstorlcal experlence and other factors that are consldered to be relevant. Actual results may dlffer from these estimates. The estlmates and underlylng assumptlons are reviewed on an on8oln8 basls. Revlslons to accountln8 estimates are recognlsed in the perlod in whlch the estlmate Is revlsed where the revlsion affects only that period, or in the perlod of the revlslon and future periods where the revlslon affects both current and future perlods. Valuatlon of Investment propertles Investment propertles are stated at falr value. The trustees based thls on observable market prlces. PaBe 10 continued...
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME 31.12.24 31.12.23 as restated Rental Income 60,083 67,138 RAISING FUNDS Investment mana8ement costs 31.12.24 31.12.23 as reststed Investment property costs Interest payable and simllar charges 4,217 16,705 5,000 15.948 20.922 20.948 SUPPORT COSTS Governance ¢osts Share of governance costs 4,530 Governance costs represents the support costs incurred In administerin& the management of charlty affalrs and complying wlth its statutory and constitutional oblSgations. Support costs, included in the above, are as follows: Governan costs 31.12.24 31.12.23 as restated Share of governance costs Total artlvltles Independent examiner fees 4,530 3,690 Page 11 contlnued...
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REMUNERATION AND BENEFITS The were no trustees. remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, eMpense5 There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees The average number of Trustees during the year was 3 (2023: 3). The Trustees are named as Additional Assureds under the liability insurances of the aiarlty at no additional cost. EMPLOYEES There were no employees in the rrent and preceding year. PRIIX YEAR ADJusfMENr During the year. the charity reviewed the accounting treatment of its investment properties and determined the arrangement meets the definition of a finance lease. The prior year financial statements have been restated to recognise the finance lease liability of £334.906. The effect of the adjustment was to: Increase expendlture on raisin8 funds by £15,148. - Increase creditors by £334,906 with £800 recognised as falllng due within one year and £334,106 recognised as falling due after more than oneyear. - Decrease unrestrlcted funds at l January 2023 by £319,758. INVEsfMENT PROPERTY FAIR VALUE At l January 2024 and 31 December 2024 780,(XiO NET BOOK VAWE At 31 December 2024 780,000 At 31 December 2023 780,000 The Investment properties are ststed in the accounts at the Trustees, estlmate of market value at the balance sheet date. There has been no valuation by an independent party. The net book value of investment property Indudes £780,OIXI (2023- £780,(MJO) In respect of assets held under finance leases. Page 12 continued...
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI {SCHOOL OF ISLAMIC SLFISM) NOTES TO ThE FINANCIAL 5fATEMEKfs. wntknued FOR THE YEAR ENDED 310ECEMBER 2024 io. DEBTORS: AMOUNT5 FALLING DUE wrrHIN ONE YEAR 31.12.24 31.12.23 as restated Trade debtors 17,373 7,156 IL CREDrroRS: AMOUNTS FALUNG DUE WIThIN ONE YEAR 3L1124 31.1123 as restated Finance leases (see note 13) Trade creditors Other creditors 313 26,370 313 24,040 27.483 25,153 12. CREDrroRS: AMouKf5 FALUNG DUE AFTER MORE ThAN ONE YEAR 31.1124 31.12.23 as restated FInan leases (see note 13) 350,012 334,106 LEASING AGREEMENTS Minimum lease payments fall due as follows". Hnance leases 31.1124 31.1223 as reststed Net obligations repayable: Within one year Between one and five years In more than five years 800 3.200 346.812 800 3,200 330.906 350,812 334,906 Flnance lease payments represent ground rent payable by the tharity for its investment propertles. The average lease terni is 125 years. No arrangements have been entered Into for contln8ent rental payments. Included wbthln expendlture on raislng funds is finan lease Interest of £16.70512023: £15,948). The investment propertles have been sublet under operatlng leases with lease tenYJs up to 15 years. Page 13 contlnued...
MAKfA8 TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) NOTES TO THE FINANaAL sfATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 13. LEASING AGREEMEKf5- tYed NonnCelIable operatln8 leases 3L12.24 31.12.23 as restated Within one year Between one and five years In more than five years 48,(KK) 192,OLKI 251,836 48,000 192,000 299,836 491,836 539,836 14. MOVEMENf IN FUNDS movement In funds At 31.12.14 At 1.1.24 Unrestrl¢tod funds General fund 714,440 34,631 749,071 TOTAL FUNDS 714,440 34,631 749,071 Net movement In funds, Induded In the above are as follows: In¢omln8 Resources resources expendqd Movement In funds Unrestrfrted lunds General fund 60,083 125,452) 34.631 TOTAL FUNDS 12S,4521 34,631 Comparatlves lor movement In funds Net movement In fvnds At 31.12.23 At Ll23 Unrestrlrted funds General fund 671,940 42,SOO 714,440 TOTAL FUNDS 671.940 42,500 714,440 Pa8e 14 continued...
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) NOTES TO THE FINANCIAL STATEMENTS - ntInUed FOR THE YEAR ENDED 31 DECEMBER 2024 14. MOVEMENT IN FUNDS- cofitlnued Comparatlve net movement In funds, included In the above are as follows: Infomlng resources Resources expended Movement In funds Unrestrlrted funds General fund 67,138 (24,6381 42,500 TOTAL FUNDS 67,138 124,638) 42,500 The unrestrlcted funds of the charlty comprlse the unexpended balances of donatSons and 8rants whlch are not sublert to speclflc condltlons by donors and grantors as to how they may be used. These Include desl8nated funds whlch have been Set a51de out of unrestrlcted funds by the trustee5 for speclfic purposes. Is. RELATED PARTY DISCLOSURES The charlty Made donatlons or loans, shared costs wlth or received Income from other charltles whl¢h form part of the global organlsatlon using the name MTO. Credltors Include £313 {2023: £3131 due to MTO USA. Accruals Include £25,53412023: £18,970) due to MTO CIO for expenses whlch have not been relmbursed. 16. POST BALANCE SHEEf EVENTS On 4 Aprll 202S, the charlty entered Into Deeds of Varatlon whSch removed the ground rent provlsk)n and extended the lease term to 999 years. The total cost of the varatlons was £15,387. As a result of these changes, the lease no longer meets the definltlon of a flnance lease. The effect of the varlatlon wlll be to elimlnate the charivs finance lease Ilablllty currently recognised in the flnancial statements. The Impact of the varlatlon wlll be reflected In the flnancial statements for the year ended 31 December 2025. 17. CHARITY INFORMATION Maktab Tarighat Oveyssi Shahmaghsoudi Ischool of Islamic Sufism} Is a charlty Incorporated In En8land and Wale5. The principal place of buslness is 23 Edison Road, Couch End, London, N8 8AE. The accounts are prepared In sterling, whlch Ss the functlonal currency of the charlty. Monetary amounts In these financial Statements are rounded to the nearest £. Page 15