SHEIKH IIAZIM SUFI TRUST FINANCIAL sTATE￿￿lTrs YEAR ENDED 1ST JULY 2024 CHA￿Ty NO. I 417 Page I SHEIKH NAZIM SUFI TRUST REPORT OF ThE TRUSTEES YEAR ENDED 31ST JULY 2024 The trustees present thelr annual report together wlch che flnanclal statements of Shelkh Nazlm Suf L Trusc (the charlty) for the year ended 3L$¢ July 2024. The trustees conflrm that the annual report and flnanclal statements of the charlty compLy wlch the requlrements of the Charltles Act 2011. the charlty's trust deed and Aceounclng and Reportlng by Charltles: Statement of RecoTrmended Practlce appllcable co eharltles preparlng thelr accounts In accordance wlch the Financlal Reporclng Scandards appllcable In che Unlced Klngd<)]D and Republlc of Ireland (FRS 102) (effective l$t January 2015). ESTKBLISHb￿2Tr OF TRUST The Charlty was establlshed on 10th May• 1994. It Is governed by a Trust Deed and was reglstered as charlty number 1041754 on 18th October. 1994. THE OBJECTS The objects of the Charlty are as follows: (a) Promoting the advancement of Islamlc falth In partlcular Involvlng people of Brltlsh andlor European natlonal orlgln. (b) Provldln8 and malntalnlng a place of worshlp. {c) Provldlng servlces to relleve sufferlng• slckness and poverty aecordanee wlth the prlnclples and practlce of Islall. (d) Helpln8 to Improve the Ilvlngp Trental and moral standard of people. (e) Carryln8 Out rell8lou$ servlces such as counselllng. (f ) Assisting Islamlc tralnlng and educatlon. DEVELOPMENTS ACTIVITIES AND ACKIEVEMEETrs It was a successful year wlth the Trust continuln8 to satlsfactorily achleve Its stated objects and It Is Intended that thls wlll contlnue for future years. The maln achlevement of the Charity during the year was to provlde Ics sole propertyTr located at 277 St. Annls Road, London. N15 5RG as a place of worshlp and refuge to those of the Islamlc falttk. Monetary funds ralsed through rental Income arlslng from the property have been used In coverlng the operatin8 Costs of the subsldlary• Shelkh Nazlm Sufl Centre Llmlted. FINANCIAL REVIEW Nearly all trust flnancial actlvltles have been carrled on through the subsldlary* Shelkh Nazlm Sufl Centre Llmlted. The charity carried out major repalr works on the bulldlngs durlng che year. Page 2 SHEIKH NAZIM SUFI TRUST REPORT F TEE TRUSTEES YEAR EIIDED 31ST JULY 2024 CHARITY POLICIES The Trust does not currently engage In investrnent actlvlty and any such actlvlty would Involve the Seeklng of professlonal advlce before such actlvlty took place. The Trustees revlew thelr management pollcles on an annual basls. They are of the oplnlon that there are no major r£sks ro whlch the Charlty Is exposed and therefore, systems to mltl8ate rlsk are not consldered necessary. The Trustees have not set a level of Incorne reserves necessary to maintain the Charlty because It is not considered necessary. The Trustees select beneflclarles accordlng to che assessed needs of Indlvlduals and Instltutlons and In accordance wlth the stated objects of the Charlty. CHARITY TRUSTEES The Charlry crusrees who have served durlng the year were: Cuneyt Yumakcl Haj I Serkan Mwntaz Taf taf The Trnstees contlnue to provide their servlces free of charge to the Charlty. Page 3 SHEIKH NAZIM SUFI TRUST REPORT OF ThE TRUSTEES YEAR ENDED 31ST JULY 2024 RECISTERED OFFICE 277, Sr. Annls Road. London. N15 5RC. BANKERS Santander UK plc. 2 Trlton Square, Regent's Plaee. London. NWI 3AN. ACCOUNTANTS Newton & Garner Ltd, 47 Topsfleld Parade, Tottenham Lane, Hornseyi London. N8 8PT. SOLICITORS Bartletts. 38 WIIIou8hby Road, London. N8 OJQ. TRUSTEES • RESPONSIBILITIES Law appllcable to charltles In England & Wales requlres the trustees co prepare f Inanclal statements for each flnanclal year whlch glve a true and falr vLew of the charlry, s flnanclal actlvltles durlng the year and of its financial posltlon at the end of the year. In preparing flnanclal statements 8lvln8 a true and fair vlew, che trustees should follow best practlce and (i) Selecc sultable accountln8 pollcles and then apply them consistently. (li) Make judgernents and estuiates that are reasonable and prudent. (111) Prepare che flnanclal statements on the golng concern basis unless It Is Inapproprlate to presume that tbe charlry wlll contlnue In operarlon. The trusrees are responslble for keeplng accounrlng records whlch dlsclose wlth reasonabLe accuracy the flnanclal poslclon of the charity and whlch enable them to ensure chat the flnancial statements comply wlth the trust deed. They are also responslble for safeguarding the assets of the charlty and hence for taklng reasonable steps for the preventlon and deteetlon of fraud and other Irregularltles. New trustees may be appolnced by a majorlty of the trustees In meeting. roved b the Trustees 2025 and sl ed on thelr behalf TRUSTEE Page 4 SHEIKH NAZIH SUFI TRUST NO. OF CHARITY - 1041754 YEAR E24DED 31ST JULY 2024 INDEPENDEPIT EXAMIE4ERS REPORT TO THE TRUSTEES OF SEEIKH NAZIM SUFI TRUST I report on the accounts of the Trust for the year ended 31st July* 2024. wtklch are set out on pages 5 co 10. Res ectlve re8 nslbtlltles of trustee8 and examiner The charlry's trustees are responslble for the preparation of the accounts. The charlty, s trustees eonslder that an audlt Is not requlred for thls year under sectlon 144(2) of the Charltles Act 2011 Ithe 2011 Act) and that an ndependent examlnatlon Is needed. It is Try responslblllty to: (l) Examlne the accounts under sectlon 145 of the 2011 Acr. (2) To follow the procedures lald down In the General Dlrecc£ons glven by rhe CharLty Co]missioners under sectlon 14515) (b) of che 2011 Aet and 13) To state whether parclcular matters have come to my attentlon. Basls of Inde endent exam*ner' s re My examlnatlon was carrled out In accordance wlth the General Dlrecclons 8lven by the Charlty Commlssloners. An examlnatlon Includes a revlew of the accountlng records kept by the charlty and a comparlson of the accounts presented wlth those records. It also Includes conslderatlon of any unusual Items or dlsclosures In the accounts• and seeklng explanatlons from you as trustees concernlng any such macters. The procedures undertaken do noc provlde all the evldence that would be requlred In an audlt. and consequently I do not express an audlt oplnlon on the vlew glven by the accounts. Inde ndeut examlner s statement In connection with my examlnatlon. no Toarter has come to my attentlon: ( l) Whlch glves me reasonable cause to believe that In any materlal respect the requlrements . (l) To keep accountlng records In accordance wlth secrlon 130 of the 2011 Act and (il) To prepare accounts whlch accord wlth the aecountlng records and comply wlrh the accountlng requlrewents of che 2011 Act have noc been met• or 12) To whLch. In my oplnlon, attentlon should be drawn In order to enable a proper undersrandlng of the accounts to be reached. D. WAnS, F.C.A. IIEvfoN & GARNER 47 TOPSFIELD PARADE, T0￿EN￿AN LANE, LONDON. N PT. DA 2025 Page 5 SHEIKH NAZIH SUFI TRUST STATE14ENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST JULY 2024 Unrestrlcted funds General Funds Propercy Restrlcted Funds Funds Total 2024 Total 2023 Notes INCOMING RESOURCES Donatlons & glfts RentaL Ineome 46,908 46,908 46,528 TOTAL INCOMING RESOURCES £46,908 £46,908 £46,528 RESOURCES EXPEIIDED Dlrect charltable expendlture Management & adTrlnlstratlon costs Flnance charges 46,568 46,568 6,300 3.942 3,942 7,041 TOTAL RESOURCES EXPE2IDED £50,510 50,510 £13,341 NET INCOMING RESOURCES FOR THE YEAR Transf er between f unds 13.602) (3,602) 33,187 NET INCOMING RESOURCES FOR THE YEAR 13,6021 (3,602) 33,187 Balance at 1st August, 2023 4.823.912 4,823,912 4.790.725 BALANCE AT 1ST JULY 2 £4.820.310 £4,820,310 £4,823,912 Page 6 SHEIKH NAZIM SUFI TRUST BAIANCE SHEET AT 3 1ST JULY 2024 Note8 2024 2023 FIXED ASSETS Tanglble assets Invesrmenc properry InvestTrent 103 10,475,000 loo 123 10,475,000 loo 10,475,203 10,475,223 CURRENT ASSETS Debtors Cash at bank & In hand 15,353 15,021 5,888 5,888 30,374 CURRENT LIABILITIES Credltors 435,003 455.907 NET CURRENT LIABILITIES (429,115) (425,533) NET ASSETS £10,046,088 £10.049,690 UNRESTRICTED FUNDS General fund Revaluatlon reserve 9 & 10 9 & 10 4,820.310 5.225,778 4,823,912 5,225,778 £10.046.088 £10,049,690 roved b the Trustees on 025 and sl ned OD thelr behalf TRUSTEE Pa8e 7 SHEIKH NAZIM SUFI TRUST CASH FLOW STATEMEITr AT 31ST JULY 2024 2024 2023 NET INCOMING RESOURCES FOR THE Y&4R (3.602) 33,187 Depreclatlon ( Increase) IDecrease In debtors Decrease In credltors 20 15.353 (20,904) 20 34.004 154, 150) NET CASH OUTFLOW FROM ORDINARY ACTIVITIES (9,133) 13.061 Investment property addition Flxed asset addltlons Loans recelved Loans made NET CASH DECREASE INCREASE (£9,133) 13,061 ANALYSIS OF BALANCES OF CASH IN BALANCE SHEET Cash at bank At 1st August, 2023 Net cash (Decrease) IIncrease 15,021 (9,133) 1,960 13,061 AT 31ST JULY 2024 £5,888 £15,021 Pa8e 8 SEEIKH NAZIM SUFI TRUST 210TES TO THE AccouITrs YEAR E2IDED 31ST JULY 2024 I. ACCOUNTING POLICIES The finanelal statements have been prepared In accordanee wlth appllcable accountlng standards and The Statement of RecoTrrnended Pracrlce, MAccountlng by Charltles" The partlcular accounrthg pollcles adopted are detalled below. The flnanclal statements are prepared under the hlstorlcal cost convention. Donatlons are accounted for when received. Unexpended grancs In respect of uncompLeted speclal projects are carrled forward In a restrlcted fund account as approprlate. Flxed assets Flxed assets are stated at the IovAer of cost and net reallsabLe value. De reclatlon Depreclatlon Is calculated to wrlte off the cost of tanglble flxed assets over thelr estlmated useful Ilves on a straLght-Ilne basls as follows: Flxtures, f Ittlngs & equlpment 15% No depreclatlon Is provlded on InvesrThenr propertles. Rental Income The Trust has made the property known as the Sheikh Nazlm Sufl Centre avallable to serve as accommodatlon for otherwlse homeless refugees. The rental income has been received by the operatlng subsldlary• Shelkh Nazlm Sufl Centre Ltd. 2024 2023 2. DIRECT CHARITABLE EXPENDITURE Dlrecr expendlture Ln support of the Charlty's objectlves Donatlons Teachlng expenses 46,568 2.700 6,300 2,800 £49,268 £9,100 There were no slgniflcant beneflclarles of dlreet charltable expenditure In the year. Page 9 SHEIKH NAZIM SUFI TRUST NOTES TO THE ACCOUITfS YEAR EIIDED 31ST JULY 2024 2024 2023 3. MANAGEbfENT AND ADMINISTUTION Repalrs & malntenance Cleanlng & Tea boy & Ramadan shopplng Accountancy f ees Depreclatlon: Flxtures. f Ittings & equlpment 3,100 780 20 840 20 £860 £3,900 4. FIXED ASSETS COST 2023 Addlcions Dls osals 2024 Flxtures, f Ittlngs & equlpment £43, 085 £43,085 Depn. char DEPRECIATION 2023 osals 2024 Fixtures. f Ittln8s & equlpffjenc £42.962 £20 £42, 982 NET BOOK VALUE 2022 2023 Flxtures, f Ittlngs & equlpment £123 £103 2024 2023 5. INVESTMEVI IN SUBSIDIARY COMPANY 100 Ordlnary shares of £1 each In Shelkh Nazlm Sufl Centre Ltd. £100 £100 The subsldlary carrles out the operatlng actlvlcles of the trust In provldlng accommodaclon and related servlces. Its reserves were In deflclt by £85,711 at 31st July* 2024, the last accountlng date. It had Income of £204,820 and a surplus of £57,514 for the year then ended. Its results have not been consolldated Into these f Inanclal statements. Pa8e 10 SHEIKH NAZIM SUFI TRUST NOTES TO TEE ACCOUETrs YEAR ENDED 31ST JULY 2 24 2024 2023 6. INVESTNEwf PROPERTY Shelkh Nazlm Sufl Centre: At cost Ist August, 2023 Addltlon Unreallsed surplus or revaluatlon 5,249,222 5,249,222 5,225,778 5,225,778 At 31st Jul 2024 £10, 475,000 £10,475,000 The property was revalued In March 2008 by Barker & Assoclates, members of the Royal Institutlon of Chartered Surveyors. 7. DEB TORS Amount receivable f rom subsldlary £15,354 All debtors fall due wlthln one year 8. CREDITORS Bank Loan Loan Accruals 13.948 419.435 1,620 16.339 438.788 1,530 £436.003 456,657 9. UNRESTRICTED FUND Balance Movement In Resources 01.08.23 Ner Incomin Balance 31.07.24 Ceneral funds Revaluatlon reserve 4.823.912 5.225.778 (3,602) 4,820,310 5.225,778 £10,049,690 £(3.602) £10,046.088 EZE-- 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tanglble f ixed assets Intanglble f Ixed assets Net current Ilabllltles Total Unrestrieted funds General funds Revaluatlon reserve 4,823,912 5,225,778 loo (429,Il5) 4.394,897 5,225,778 £10,049.690 £100 £1429,115) £9.620,675