IKK N IM FINANCIAL STATEMENTS YEAR ENDED 1ST JULY 2 CIIARITY NO. I041754
Page 1
SHEIKH NAZIM SUFI TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31ST JULY, 2023
The trustees present their annual report together with the financial statements of
Sheikh Nazim Sufi Trust (the charity) for the year ended 31[st] July 2023. The trustees
confirm that the annual report and financial statements of the charity comply with the
requirements of the Charities Act 2011, the charity’s trust deed and Accounting and
Reporting by Charities: Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standards
applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1[st]
January 2015).
ESTABLISHMENT OF TRUST
The Charity was established on 10th May, 1994, it is governed by a Trust Deed
and was registered as charity number 1041754 on 18th October, 1994.
THE OBJECTS
The objects of the Charity are as follows:
-
(a) Promoting the advancement of Islamic faith in particular involving people of British and/or European national origin. -
(b) Providing and maintaining a place of worship. -
(c) Providing services to relieve suffering, sickness and poverty in accordance with the principles and practice of Islam. -
(d) Helping to improve the living, mental and moral standard of people. -
(e) Carrying out religious services such as counselling. -
(f) Assisting Islamic training and education.
DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS
It was a successful year with the Trust continuing to satisfactorily achieve its
stated objects and it is intended that this will continue for future years.
The main achievement of the Charity during the year was to provide its sole
property, located at 277 St. Ann's Road, London. N15 5RG as a place of worship
and refuge to those of the Islamic faith.
Monetary funds raised through rental income arising from the property have been
used in covering the operating costs of the subsidiary, Sheikh Nazim Sufi Centre
Limited.
FINANCIAL REVIEW
Nearly all trust financial activities have been carried on through the subsidiary,
Sheikh Nazim Sufi Centre Limited.
The charity carried out major repair works on the buildings during the year.
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SHEIKH NAZIM SUFI TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31ST JULY, 2023
CHARITY POLICIES
The Trust does not currently engage in investment activity and any such activity
would involve the seeking of professional advice before such activity took place.
The Trustees review their management policies on an annual basis. They are of
the opinion that there are no major risks to which the Charity is exposed and
therefore, systems to mitigate risk are not considered necessary.
The Trustees have not set a level of income reserves necessary to maintain the
Charity because it is not considered necessary.
The Trustees select beneficiaries according to the assessed needs of individuals
and institutions and in accordance with the stated objects of the Charity.
CHARITY TRUSTEES
The Charity trustees who have served during the year were: -
Cuneyt Yumakci
Haji Serkan
Mumtaz Taftaf
The Trustees continue to provide their services free of charge to the Charity.
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SHEIKH NAZIM SUFI TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31ST JULY, 2023
REGISTERED OFFICE
277, St. Ann's Road, London. N15 5RG.
BANKERS
Santander UK plc, 2 Triton Square, Regent’s Place, London. NW1 3AN.
ACCOUNTANTS
Newton & Garner Ltd, 47 Topsfield Parade, Tottenham Lane, Hornsey, London. N8 8PT.
SOLICITORS
Bartletts, 38 Willoughby Road, London. N8 OJQ.
TRUSTEES' RESPONSIBILITIES
Law applicable to charities in England & Wales requires the trustees to prepare
financial statements for each financial year which give a true and fair view of
the charity's financial activities during the year and of its financial position
at the end of the year. In preparing financial statements giving a true and fair
view, the trustees should follow best practice and
-
(i) Select suitable accounting policies and then apply them consistently. -
(ii) Make judgements and estimates that are reasonable and prudent. -
(iii) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with
reasonable accuracy the financial position of the charity and which enable them
to ensure that the financial statements comply with the trust deed. They are
also responsible for safeguarding the assets of the charity and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
New trustees may be appointed by a majority of the trustees in meeting.
Approved by the Trustees 22[nd] July 2024 and signed on their behalf
H Serkan - TRUSTEE
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SHEIKH NAZIM SUFI TRUST
NO. OF CHARITY - 1041754
YEAR ENDED 31ST JULY, 2023
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF SHEIKH NAZIM SUFI TRUST
I report on the accounts of the Trust for the year ended 31st July, 2023,
which are set out on pages 5 to 10.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts.
The charity's trustees consider that an audit is not required for this year
under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an
independent examination is needed.
It is my responsibility to: -
-
(1) Examine the accounts under section 145 of the 2011 Act. -
(2) To follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act and -
(3) To state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given
by the Charity Commissioners. An examination includes a review of the accounting
records kept by the charity and a comparison of the accounts presented with those
records. It also includes consideration of any unusual items or disclosures in
the accounts, and seeking explanations from you as trustees concerning any such
matters. The procedures undertaken do not provide all the evidence that would
be required in an audit, and consequently I do not express an audit opinion on
the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention: -
-
(1) Which gives me reasonable cause to believe that in any material respect the requirements: - -
(i) To keep accounting records in accordance with section 130 of the 2011 Act and -
(ii) To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D. WATTS, F.C.A.
NEWTON & GARNER
47 TOPSFIELD PARADE,
TOTTENHAM LANE,
LONDON. N8 8PT. DATE: 22[nd] July 2024
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SHEIKH NAZIM SUFI TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31ST JULY, 2023
Unrestricted funds
General Property Restricted Total Total
Notes Funds Funds Funds 2023 2022
INCOMING RESOURCES
Donations & gifts 46,528 - - 46,528 9,970
Rental Income 1 - - - - -
----- ----- ----- ------ ------
TOTAL INCOMING RESOURCES £46,528 £46,528 £9,970
===== ===== ===== ====== ======
RESOURCES EXPENDED
Direct charitable
expenditure 2 6,300 - - 6,300 3,000
Management &
administration costs 3 7,041 - - 7,041 7,458
Finance charges - - - - -
------ ----- ----- ------ ------
TOTAL RESOURCES EXPENDED £13,341 13,341 £10,458
====== ===== ===== ====== ======
NET INCOMING
RESOURCES FOR THE YEAR 33,187 - 33,187 (1,139)
Transfer between funds - - - - -
----- ----- ----- ----- -----
NET INCOMING
RESOURCES FOR THE YEAR 33,187 - 33,187 (1,139)
Balance at 1st August, 2022 4,790,725 - 4,790,725 4,791,863
--------- ----- ----- --------- ---------
BALANCE AT 31ST JULY, 2023 £4,823,912 - £4,823,912 £4,790,725
========= ===== ===== ========= =========
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SHEIKH NAZIM SUFI TRUST
BALANCE SHEET
AT 31ST JULY, 2023
Notes20232023
FIXED ASSETS
Tangible assets 4 123 143
Investment property 6 10,475,000 10,475,000
Investment 5 100 100
--------- ---------
10,475,223 10,475,243
CURRENT ASSETS
Debtors 7 15,353 49,357
Cash at bank & in hand 15,021 1,960
------ ------
30,374 51,317
CURRENT LIABILITIES
Creditors 8 455,907 510,057
------- -------
NET CURRENT LIABILITIES (425,533) (458,740)
---------- ----------
NET ASSETS £10,049,690 £10,016,503
========== ==========
UNRESTRICTED FUNDS
General fund 9 & 10 4,823,912 4,790,725
Revaluation reserve 9 & 10 5,225,778 5,225,778
---------- ----------
£10,049,690 £10,016,503
========== ==========
Approved by the Trustees on 22[nd] July 2024 and signed on their behalf
H Serkan- TRUSTEE
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SHEIKH NAZIM SUFI TRUST
CASH FLOW STATEMENT
AT 31ST JULY, 2023
20232022
NET INCOMING
RESOURCES FOR THE YEAR 33,187 (1,139)
Depreciation 20 20
Decrease in debtors 34,004 64,525
Decrease in creditors (54,150) (82,615)
----- ---
NET CASH OUTFLOW
FROM ORDINARY ACTIVITIES 13,061 19,209
Investment property addition - -
Fixed asset additions - -
Loans received - -
Loans made - - - -
----- ----- ----- -----
NET CASH INCREASE£13,061 19,209
===== =====
ANALYSIS OF BALANCES OF CASH IN BALANCE SHEET
Cash at bank
At 1st August, 2022 1,960 21,169
Net cash Increase 13,061 (19,209)
----- -----
AT 31ST JULY, 2023 £15,021 £1,960
===== =====
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SHEIKH NAZIM SUFI TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST JULY, 2023
1. ACCOUNTING POLICIES
The financial statements have been prepared in accordance with applicable
accounting standards and The Statement of Recommended Practice, “Accounting
by Charities”. The particular accounting policies adopted are detailed below.
The financial statements are prepared under the historical cost convention.
Donations are accounted for when received.
Unexpended grants in respect of uncompleted special projects are carried
forward in a restricted fund account as appropriate.
Fixed assets
Fixed assets are stated at the lower of cost and net realisable value.
Depreciation
Depreciation is calculated to write off the cost of tangible fixed assets over
their estimated useful lives on a straight-line basis as follows: -
Fixtures, fittings & equipment - 15%
No depreciation is provided on investment properties.
Rental income
The Trust has made the property known as the Sheikh Nazim Sufi Centre available
to serve as accommodation for otherwise homeless refugees. The rental income
has been received by the operating subsidiary, Sheikh Nazim Sufi Centre Ltd.
2. |
2023 2022DIRECT CHARITABLE EXPENDITUREDirect expenditure in supportof the Charity's objectivesDonations6,3003,000Teaching expenses 2,800 2,400------------£9,100£5,400====== ====== |
|---|---|
There were no significant beneficiaries of
direct charitable expenditure in the year.
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SHEIKH NAZIM SUFI TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST JULY, 2023
----- Start of picture text -----
2023 2022
3. MANAGEMENT AND ADMINISTRATION
Repairs & maintenance - -
Cleaning & Tea boy & Ramadan shopping 3,000 3,100
Accountancy fees 780 738
Depreciation: Fixtures, fittings & equipment 20 20
------- -----
£3,800 £3,858
======= =====
4. FIXED ASSETS
COST 2022 Additions Disposals 2023
Fixtures, fittings & equipment £43,085 - - £43,085
====== ===== ======= ======
Depn.
DEPRECIATION 2022 charge Disposals 2023
Fixtures, fittings & equipment £42,942 £20 - £42,962
====== ==== ======= ======
NET BOOK VALUE 2022 2023
Fixtures, fittings & equipment £163 £143
===== =====
2023 2022
5. INVESTMENT IN SUBSIDIARY COMPANY
100 Ordinary shares of £1 each
in Sheikh Nazim Sufi Centre Ltd. £100 £100
==== ====
----- End of picture text -----
The subsidiary carries out the operating activities of the trust in providing
accommodation and related services. Its reserves were in deficit by £85,711
at 31st July, 2023, the last accounting date. It had income of £224,849
and a surplus of £23,219 for the year then ended. Its results have not been
consolidated into these financial statements.
SHEIKH NAZIM SUFI TRUST
Page 10
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST JULY, 2023
20232022
6.INVESTMENT PROPERTY
Sheikh Nazim Sufi Centre: At cost 1st August, 2022 5,249,222 5,249,222
Addition - -
Unrealised surplus or revaluation 5,225,778 5,225,778
---------- ----------
At 31st July, 2023 £10,475,000 £10,475,000
========== ==========
The property was revalued in March 2008 by Barker & Associates,
members of the Royal Institution of Chartered Surveyors.
7.DEBTORS
Amount receivable from subsidiary £15,354 £49,357
======= =======
All debtors fall due within one year
8.CREDITORS
Bank Loan 16,339 19,167
Loan 438,788 489,360
Accruals 780 1,530
------- -------
£455,907 £510,057
======= =======
9.UNRESTRICTED FUNDS
Balance Movement in Resources Balance
01.08.22 Net Incoming Outgoing 31.07.23
General funds 4,790,725 33,187 - 4,823,912
Revaluation reserve 5,225,778 - - 5,225,778
---------- -------- ----- ----------
£10,016,503 £33,187 - £10,049,690
========== ======== ===== ==========
10.ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible Intangible Net
fixed fixed current
assets assets liabilities Total
Unrestricted funds
General funds 5,249,345 100 (425,533) 4,823,912
Revaluation reserve 5,225,778 - - 5,225,778
---------- --- -------- ----------
£10,475,123 £100 £(425,533) £10,049,690
========== === ======= ==========