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. ``` ``` Page 2 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. ``` ``` Page 3 ``` ``` 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 ``` ``` Page 4 ``` ``` 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 ``` ``` Page 5 ``` ## **`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 ========= ===== ===== ========= ========= ``` ``` Page 6 ``` ## **`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 ``` ``` Page 7 ``` ## **`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 ===== ===== ``` ``` Page 8 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`** **`2022`**
**`DIRECT CHARITABLE EXPENDITURE`**
`Direct expenditure in support`
`of the Charity's objectives`
`Donations`
`6,300`
`3,000`
`Teaching expenses 2,800 2,400`
`------`
`------`
`£9,100`
`£5,400`
`====== ======`| |---|---| ``` There were no significant beneficiaries of direct charitable expenditure in the year. ``` ``` Page 9 ``` ## **`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 ========== === ======= ========== ```