Charity Registration No. 1104066
MOP FOUNDATION
TRUSTEES REPORT AND UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
MOP FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs V Soleymani |
|---|---|
| Mrs S Elghanyan | |
| Ms S Elghanian-Krayem | |
| Mrs S Khodadoost | |
| Mrs S Amanullah Ameri | |
| Mrs S Oyvessi | |
| Mrs N Ansary | |
| Charity number | 1104066 |
| Principal address | 328A Kings Road |
| London | |
| United Kingdom | |
| SW3 5UH | |
| Independent examiner | Azets |
| Column House | |
| London Road | |
| Shrewsbury | |
| Shropshire | |
| SY2 6NN | |
| Bankers | Natwest Bank |
| PO Box 6037 | |
| 186 Brompton Road | |
| Knightsbridge | |
| London | |
| United Kingdom | |
| SW3 1HQ | |
| Solicitors | Portrait |
| 1 Chancery Lane | |
| London | |
| United Kingdom | |
| WC2A 1LF |
MOP FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
MOP FOUNDATION
TRUSTEES REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are:
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To advance the education of the public in the knowledge and understanding of Persian culture and:
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For the benefit of such other charitable purposes or charitable institutions in any part of the world.
The policy of the charity continues to be to seek finance and support to continue its operation for the public benefit and there has been no change in these during the year.
The trustees have paid due regard to the public benefit guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Throughout 2020, the charity has organised a number of cultural events, art residencies and scholarships. This will continue in the future as the trustees continue to explore and cultivate other artistic disciplines.
Achievements and performance
The trustees consider that the performance of the charity this year has been satisfactory and continue to seek financial support to enable it to continue its operation.
The majority of income for the charity in this year was generated through art sales and donations of artwork generously donated by established and emerging Iranian and international artists.
Financial review
The net income for the year under review was £17,018 ( 2019: Net expenditure of £61,611). At 31 December 2020, the total funds held were £44,947 ( 2019: £27,929), all unrestricted funds.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. At the end of 2019, the charity's own reserves were not sufficient to meet this policy. However financial support was provided by The Friends of MOP Foundation in 2020 as required.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Controls, financial and non-financial, have been implemented to ensure compliance at all levels. The trustees believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.
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MOP FOUNDATION
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Plans for the future
Major risks have been reviewed, and procedures are in place to manage these risks.
The emergence of Covid-19 has been a risk that presents concern for the economy as a whole. The directions have considered the ongoing Covid-19 scenario which has had an impact on the 2020 financial year. The directors continue to monitor the situation and follow directives bound by the Government. The directors have made use of the Government support schemes, and bounce-back loan provision as appropriate.
The charity plans to continue to promote and advance the education of the public in the knowledge and understanding of Persian culture.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust dated 17th May 2004 and constitutes an unincorporated charity.
The trustees who served during the year were: Mrs V Soleymani Mrs S Elghanyan Ms S Elghanian-Krayem Mrs S Khodadoost Mrs S Amanullah Ameri Mrs S Oyvessi Mrs N Ansary
Appointment of trustees is governed by the trust deed of charity. The board of trustees is authorised to appoint new trustees to fill any vacancies arising through resignation or death of an existing trustee. Procedures are in place for the induction and training of new trustees.
The charity is governed by a board of trustees who meet twice a year. The charity also has a committee which meets at least every two months to manage its affairs, Ms S Elghanian-Krayem is the trustee who manages the day to day administration of the charity.
The trustees r eport was approved by the Board of Trustees.
Ms S Elghanian-Krayem
Trustee Dated: 25 March 2022
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MOP FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MOP FOUNDATION
I report on the financial statements of the charity for the year ended 31 December 2020, which are set out on pages 4 to 13.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The 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.
I t is my responsibility to:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) 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 Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has no w been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act ; and
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(ii) to prepare accounts which accord with the accounting records, comply with the accounting requirements and to comply with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Helen Tinsley FCCA
Column House London road Shrewsbury Shropshire SY2 6NN
Dated: 25 March 2022
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MOP FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted Income from: Donations and legacies 3 Charitable activities 4 Total income Unrestricted Expenditure on: Raising funds 5 Increasing awareness of Persian culture 6 Total resources expended Net income/(expenditure) for the year/ Net movement in funds Fund balances at 1 January 2020 Fund balances at 31 December 2020 |
2020 £ 123,339 44,956 168,295 110,442 40,835 151,277 17,018 27,929 44,947 |
2019 £ 54,597 77,900 132,497 137,157 56,951 194,108 (61,611) 89,540 27,929 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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MOP FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Fixed assets Tangible assets 11 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Net assets Income funds Unrestricted funds Total funds |
2020 £ £ 4 - 99,095 99,095 (4,152) 94,943 94,947 (50,000) 44,947 44,947 44,947 |
2019 £ 5,287 27,340 32,627 (5,091) |
£ 393 27,536 27,929 - 27,929 27,929 27,929 |
|---|---|---|---|
The accounts were approved by the Trustees on 25 March 2022
Ms S Elghanian-Krayem Trustee
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MOP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
MOP Foundation is a registered charity and is a public benefit entity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. The charity has the continued financial support provided by The Friends of MOP Foundation.
The emergence of Covid-19 has been a risk that presents concern for the economy as a whole. The directions have considered the ongoing Covid-19 scenario, which has had an impact on the 2020 financial year. The directors will continue to monitor the situation and follow directives bound by the Government. The directors have made use of the Government support schemes and bounce back loan availability as required.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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MOP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Resources expended
Expenditure is accounted for on an accruals basis and has been classed under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end are noted as a commitment but not accrued as expenditure.
1.6 Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Office equipment
25% on straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8 Foreign exchange
Transactions denominated in foreign currencies are recorded at the average rate of exchange for the period .
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in net outgoing resources.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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MOP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
3 Donations and legacies
| Donations and gifts Charitable activities Income from charitable activities Raising funds Travelling, fares and entertaining Event costs |
Events Income Other - Bank interest 2020 2020 £ £ 44,952 4 |
2020 £ 123,339 Total 2020 £ 44,956 2020 £ 2,508 107,934 110,442 |
2019 £ 54,597 Total 2019 £ 77,900 2019 £ 7,340 129,817 137,157 |
|---|---|---|---|
4 Charitable activities
5 Raising funds
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MOP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
6 Increasing awareness of Persian culture
| Staff costs Depreciation Donations made Sundry expenses Bank charges Computer and telephone costs Foreign exchange movements Grant funding of activities (see note 8) Share of governance costs (see note 7) Analysis by fund Unrestricted funds Total 7 Support costs Support costs Governance costs £ £ Legal and professional - 529 Accountancy - independent examination - 2,400 - 2,929 Analysed between Charitable activities - 2,929 |
2020 £ 11,849 390 8,266 4,599 535 2,830 (1,063) 27,406 10,500 2,929 40,835 40,835 40,835 2020 Support costs Governance costs £ £ £ 529 - 372 2,400 - 2,340 2,929 - 2,712 2,929 - 2,712 |
2019 £ 11,752 460 19,247 3,587 698 2,775 2,774 41,293 12,946 2,712 56,951 56,951 56,951 2019 £ 372 2,340 2,712 2,712 |
|---|---|---|
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MOP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
8 Grants payable
| Grants to institutions: Goldsmith College University of Groningen Wysing Art Charity Kristin Hjellegjerde Gallery Other Grants |
2020 £ 10,500 - - - - 10,500 |
2019 £ - 2,474 500 8,400 1,572 12,946 |
|---|---|---|
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year . There were no expenses paid to trustees for the years ended 31 December 2020 or 31 December 2019.
10 Employees
Number of employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Management and administration | 1 | 1 |
| Employment costs | 2020 | 2019 |
| £ | £ | |
| Wages and salaries | 11,631 | 11,506 |
| Other pension costs | 218 | 246 |
| 11,849 | 11,752 |
There were no employees whose annual remuneration was £60,000 or more.
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MOP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
11 Tangible fixed assets
| Cost At 1 January 2020 At 31 December 2020 Depreciation and impairment At 1 January 2020 Depreciation charged in the year At 31 December 2020 Carrying amount At 31 December 2020 At 31 December 2019 12 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Carrying amount of financial liabilities Measured at amortised cost Financial assets measured at amortised cost consists of cash in hand and at bank. Financial liabilities measured at amortised cost consists of other creditors. 13 Debtors Amounts falling due within one year: Trade debtors |
Office equipment £ 5,955 5,955 5,561 390 5,951 4 393 2020 2019 £ £ 99,095 27,340 54,153 5,091 2020 2019 £ £ - 5,287 |
|---|---|
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MOP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 14 Loans and overdrafts Bank loans Payable after one year 15 Creditors: amounts falling due within one year Other taxation and social security Other creditors 16 Creditors: amounts falling due after more than one year Notes Bank loans 14 17 Analysis of net assets between funds Unrestricted Funds 2020 £ Fund balances at 31 December 2020 are represented by: Tangible assets 4 Current assets/(liabilities) 94,943 Long term liabilities (50,000) 44,947 |
2020 £ 50,000 50,000 2020 £ 1,753 2,399 4,152 2020 £ 50,000 Total 2020 £ 4 94,943 (50,000) 44,947 |
2019 £ - - 2019 £ 411 4,680 5,091 2019 £ - Total 2019 £ 393 27,536 - 27,929 |
|---|---|---|
The general fund is retained funds for the on-going existence of the charity, on which there are no restrictions beyond the objects of the charity.
18 Related party transactions
No remuneration was paid to key management personnel in the 2020 and 2019 financial years.
Donations of £114,922 ( 2019: £Nil) were received from The Friends of MOP Foundation during the period under review.
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MOP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
19 Ultimate controlling party
The charity is controlled by the board of trustees.
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