## **Report of the Trustees and** 

**Unaudited Financial Statements for the Year Ended 31 December 2022** 

## **for** 

## **MOP FOUNDATION** 

**REGISTERED CHARITY NUMBER: 1104066** 

K J Pittalis and Partners LLP Chartered Certified Accountants Global House 303 Ballards Lane London N12 8NP 





**MOP FOUNDATION** 

## **Contents of the Financial Statements for the year ended 31 DECEMBER 2022** 

||**Page**||
|---|---|---|
|**Report of the Trustees**|1 to|3|
|**Independent Examiner's Report**|4||
|**Statement of Financial Activities**|5||
|**Statement of Financial Position**|6||
|**Notes to the Financial Statements**|7 to|12|
|**Detailed Statement of Financial Activities**|13||





## **MOP FOUNDATION** 

## **Report of the Trustees for the year ended 31 DECEMBER 2022** 

The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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** 

## **Objectives and aims** 

The charity's objects are: 

- To advance the education of the public in the knowledge and understanding of Persian culture and: 

- 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. 

## **ACHIEVEMENT AND PERFORMANCE** 

Reflecting on the year following the challenges posed by the COVID-19 pandemic, the charity's trustees are proud to report a notable achievement in maintaining and even strengthening their operations. In the wake of the pandemic, charity faced unprecedented hurdles, but its resilience and determination prevailed. Despite the uncertainties, the charity is pleased to announce that the charity's performance remained commendable throughout the year. 

A substantial portion of the income in this post-COVID year was derived from donation and art sales, contributed by both esteemed and emerging Iranian and international artists. Their continued support has been instrumental in sustaining our operations and advancing the charity mission. As the charity moves forward, we remain steadfast in its commitment to securing financial support, which is vital for the sustained operation of the charity and the fulfilment of its objectives. The dedication of our artists, donors, and the entire team has proven instrumental in overcoming challenges and achieving significant progress in this post-COVID era. 

## **FINANCIAL REVIEW** 

## **Financial position** 

The net expenditure for the year under review was £16,503 (2021: £48,050). 

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. 

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. 

## **FUTURE PLANS** 

Looking ahead, the organisation is committed to maintaining its robust risk management procedures. In the post-Covid era of 2022, the charity will continue to adapt to the evolving landscape, building on the resilience that characterized its response to the pandemic's enduring effects. 

With a strategic emphasis on recovery and growth, we will steadfastly pursue our mission of promoting and advancing public education in Persian culture. We remain dedicated to navigating the persistent challenges of the pandemic, ensuring the safety and well-being of all stakeholders as a top priority. Despite the uncertainties that lie ahead, our unwavering commitment to our cultural mission will continue to drive our efforts and guide us toward a future of continued progress and impact. 

Page 1 



**MOP FOUNDATION** 

## **Report of the Trustees for the year ended 31 DECEMBER 2022** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The charity is controlled by its governing document, a deed of trust dated 17th May 2004 and constitutes an unincorporated charity. 

## **Recruitment and appointment of new trustees** 

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. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 

1104066 

## **Principal address** 

328A Kings Road London SW3 5UH 

## **Trustees** 

Ms S Elghanian-Krayem Mrs V Soleymani Mrs S Elghanyan Mrs S Khodadoost (resigned 10.2.23) Mrs S Amanullah Ameri (resigned 10.2.23) Mrs S Oyvessi Mrs N Ansary 

## **Independent Examiner** 

K J Pittalis and Partners LLP Chartered Certified Accountants Global House 303 Ballards Lane London N12 8NP 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

Page 2 



MOP FOUNDATION
Report of the Trustees
lorlhe y￿r ended 31 DECEMBER 2022
STATEMENT OF TRUSTEES, RESPONSIBILITIES- contlnued
The Iruslees are resFonsible for keeping proper accounting records which disclose with reasonable accuracy
al any time the financial FX)silion of the charity and lo enable them to ensure that the financial statements
comply with the Charities Act 2011, the Charity IAccounls and Reportsl Regulations 2008 and the Provis￿jnS
of the trust deed. They are also reswnsible for safeguarding the assets of the tharity and hen￿ for tsknng
reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the tx)ard of trustees on 10 0th)ber 2023 and gigned on its behalf by:
Ms S Elghanian-Krayem - Trustee
Page 3

## **Independent Examiner's Report to the Trustees of MOP Foundation** 

## **Independent examiner's report to the trustees of MOP Foundation** 

I report to the charity trustees on my examination of the accounts of MOP Foundation (the Trust) for the year ended 31 December 2022. 

## **Responsibilities and basis of report** 

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). 

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


Mr John Kyriacos Pittalis 

K J Pittalis and Partners LLP Chartered Certified Accountants Global House 303 Ballards Lane London N12 8NP 

10 October 2023 

Page 4 



## **MOP FOUNDATION** 

## **Statement of Financial Activities for the year ended 31 DECEMBER 2022** 

||||||**31/12/22**|31/12/21|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted||**Total**|Total|
|||funds|fund||**funds**|funds|
||Notes|£|£||**£**|£|
|**INCOME AND ENDOWMENTS FROM**|||||||
|Donations and legacies|3|**2,638**|**26,880**||**29,518**|4,299|
|**Charitable activities**|||||||
|Other - Bank interest||**40**||**-**|**40**|5|
|Charitable activities||**32,371**||**-**|**32,371**|45,332|
|Other income||**-**||**-**|**-**|1,250|
|**Total**||**35,049**|**26,880**||**61,929**|50,886|
|**EXPENDITURE ON**|||||||
|Raising funds||**31,543**||**-**|**31,543**|31,465|
|**Charitable activities**|4||||||
|Charitable activities||**940**||**-**|**940**|3,340|
|Increasing awareness of Persian culture||**19,069**|**26,880**||**45,949**|64,131|
|**Total**||**51,552**|**26,880**||**78,432**|98,936|
|**NET INCOME/(EXPENDITURE)**||**(16,503)**||**-**|**(16,503)**|(48,050)|
|**RECONCILIATION OF FUNDS**|||||||
|Total funds brought forward||**(3,103)**||**-**|**(3,103)**|44,947|
|**TOTAL FUNDS CARRIED FORWARD**||**(19,606)**||**-**|**(19,606)**|(3,103)|



The notes form part of these financial statements 

Page 5 



MOP FOUNDATION
Statement of Financial Positlon
31 DECEMBER 2022
31112r22
Tot81
funds
31112121
Totsl
funds
Unrestricted
funds
Restrict&J
fund
Notes
CURRENT ASSErs
Debtr)rs
Cash at bank and in hand
10
10,025
14,032
(&195)
6,1
20,227
52.090
24,057
52.090
CREDITORS
Amounts falliThJ due wthin one year
11
(11,658)
111,658
(1,853)
NET CURRENT ASSETS
12,399
12,399
50,237
TOTAL ASSETS LESS CURRENT
LIABIL￿lEs
12,399
12,399
50,237
CREDITORS
Amounts falliry due after m¢xe than one year 12
(31,305)
131,305
i￿,000)
ACCRUALS AND DEFERRED INCOME
14
1700)
(3,340)
NEf ASSErs
(19.606)
(19.606)
(3.103)
FUNDS
Unrestricted fvnds
15
(19.606)
13,1031
TOTAL FUNDS
(19.606)
13,1031
The financial statements were approv&d by the Board of Trustees and authorised for issue on
10 October 2023 and were signed on its behalf by..
S Elghanian-Krayem- Tru
The notes fom part of these finanaal statements
Page 6

**MOP FOUNDATION** 

## **Notes to the Financial Statements for the year ended 31 DECEMBER 2022** 

## **1. CHARITY INFORMATION** 

MOP Foundation is a registered charity and is a public benefit entity. 

## **2. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified 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. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Fixtures and fittings - 25% on cost 

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses 

Assets held under finance leases are depreciated in the same way as owned assets. 

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

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. 

Page 7 

continued... 



**MOP FOUNDATION** 

## **Notes to the Financial Statements - continued for the year ended 31 DECEMBER 2022** 

## **2. ACCOUNTING POLICIES - continued** 

## **Foreign currencies** 

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. 

## **Pension costs and other post-retirement benefits** 

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the  Statement of Financial Activities in the period to which they relate. 

## **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 trustees will continue to monitor the situation and follow directives bound by the Government. The trustee have made use of the Government support schemes and bounce back loan availability as required. 

## **3. DONATIONS AND LEGACIES** 

||**31/12/22**|31/12/21|
|---|---|---|
||**£**|£|
|Donations and gifts|**29,518**|4,299|



## **4. CHARITABLE ACTIVITIES COSTS** 

|**CHARITABLE ACTIVITIES COSTS**||
|---|---|
||Support|
||costs (see|
||note 5)|
||£|
|Charitable activities|**940**|
|**SUPPORT COSTS**||
||Governance|
||costs|
||£|
|Charitable activities|**940**|



## **5. SUPPORT COSTS** 

## **6. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. 

Page 8 

continued... 



## **MOP FOUNDATION** 

## **Notes to the Financial Statements - continued for the year ended 31 DECEMBER 2022** 

## **7. STAFF COSTS** 

|**7.**|**STAFF COSTS**|||||
|---|---|---|---|---|---|
||||**31/12/22**||31/12/21|
||||**£**||£|
||Wages and salaries||**-**||3,609|
||Other pension costs||**-**||48|
||||**-**||3,657|
||The average monthly number of employees during the year was as follows:|||||
||||**31/12/22**||31/12/21|
||Management and administration||**1**||1|
||No employees received emoluments in excess of £60,000.|||||
|**8.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|||||
|||Unrestricted|Restricted||Total|
|||funds|fund||funds|
|||£|£||£|
||**INCOME AND ENDOWMENTS FROM**|||||
||Donations and legacies|4,299||-|4,299|
||**Charitable activities**|||||
||Other - Bank interest|5||-|5|
||Charitable activities|45,332||-|45,332|
||Other income|1,250||-|1,250|
||**Total**|50,886||-|50,886|
||**EXPENDITURE ON**|||||
||Raising funds|31,465||-|31,465|
||**Charitable activities**|||||
||Charitable activities|3,340||-|3,340|
||Increasing awareness of Persian culture|64,131||-|64,131|
||**Total**|98,936||-|98,936|
||**NET INCOME/(EXPENDITURE)**|(48,050)||-|(48,050)|
||**RECONCILIATION OF FUNDS**|||||
||Total funds brought forward|44,947||-|44,947|
||**TOTAL FUNDS CARRIED FORWARD**|(3,103)||-|(3,103)|



Page 9 

continued... 



## **MOP FOUNDATION** 

## **Notes to the Financial Statements - continued for the year ended 31 DECEMBER 2022** 

## **9. TANGIBLE FIXED ASSETS** 

|**9.**|**TANGIBLE FIXED ASSETS**|||
|---|---|---|---|
||||Fixtures|
||||and|
||||fittings|
||||£|
||**COST**|||
||At 1 January 2022 and|||
||31 December 2022||**5,955**|
||**DEPRECIATION**|||
||At 1 January 2022 and|||
||31 December 2022||**5,955**|
||**NET BOOK VALUE**|||
||At 31 December 2022||**-**|
||At 31 December 2021||-|
|**10.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||**31/12/22**|31/12/21|
|||**£**|£|
||Other debtors|**3,830**|-|
|**11.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||**31/12/22**|31/12/21|
|||**£**|£|
||Other creditors|**11,658**|1,853|
|**12.**|**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**|||
|||**31/12/22**|31/12/21|
|||**£**|£|
||Bank loans (see note 13)|**31,305**|50,000|
|**13.**|**LOANS**|||
||An analysis of the maturity of loans is given below:|||
|||**31/12/22**|31/12/21|
|||**£**|£|
||Amounts falling between one and two years:|||
||Bank loans - 1-2 years|**20,487**|-|
||Amounts falling due in more than five years:|||
||Repayable by instalments:|||
||Bank loans more 5 yr by instal|**10,818**|50,000|



Page 10 

continued... 



## **MOP FOUNDATION** 

## **Notes to the Financial Statements - continued for the year ended 31 DECEMBER 2022** 

## **14. ACCRUALS AND DEFERRED INCOME** 

|**14.**|**ACCRUALS AND DEFERRED INCOME**||||
|---|---|---|---|---|
||||**31/12/22**|31/12/21|
||||**£**|£|
||Accruals||**700**|3,340|
|**15.**|**MOVEMENT IN FUNDS**||||
||||Net||
||||movement|At|
|||At 1.1.22|in funds|31.12.22|
|||£|£|£|
||**Unrestricted funds**||||
||UF Donations and gifts|**(3,103)**|**(16,503)**|**(19,606)**|
||**TOTAL FUNDS**|**(3,103)**|**(16,503)**|**(19,606)**|
||Net movement in funds, included in the above are as follows:||||
|||Incoming|Resources|Movement|
|||resources|expended|in funds|
|||£|£|£|
||**Unrestricted funds**||||
||UF Donations and gifts|**35,049**|**(51,552)**|**(16,503)**|
||**Restricted funds**||||
||Women life freedom campaign|**26,880**|**(26,880)**|**-**|
||**TOTAL FUNDS**|**61,929**|**(78,432)**|**(16,503)**|
||**Comparatives for movement in funds**||||
||||Net||
||||movement|At|
|||At 1.1.21|in funds|31.12.21|
|||£|£|£|
||**Unrestricted funds**||||
||UF Donations and gifts|44,947|(48,050)|(3,103)|
||**TOTAL FUNDS**|44,947|(48,050)|(3,103)|
||Comparative net movement in funds, included in the above are|as follows:|||
|||Incoming|Resources|Movement|
|||resources|expended|in funds|
|||£|£|£|
||**Unrestricted funds**||||
||UF Donations and gifts|50,886|(98,936)|(48,050)|
||**TOTAL FUNDS**|50,886|(98,936)|(48,050)|



Page 11 

continued... 



## **MOP FOUNDATION** 

## **Notes to the Financial Statements - continued for the year ended 31 DECEMBER 2022** 

## **15. MOVEMENT IN FUNDS - continued** 

A current year 12 months and prior year 12 months combined position is as follows: 

|**Unrestricted funds**<br>UF Donations and gifts<br>**TOTAL FUNDS**|Net<br>movement<br>At<br>At 1.1.21<br>in funds<br>31.12.22<br>£<br>£<br>£<br>44,947<br>(64,553)<br>(19,606)<br>44,947<br>(64,553)<br>(19,606)|
|---|---|



A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 

||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|UF Donations and gifts|85,935|(150,488)|(64,553)|
|**Restricted funds**||||
|Women life freedom campaign|26,880|(26,880)|-|
|**TOTAL FUNDS**|112,815|(177,368)|(64,553)|



## **16. RELATED PARTY DISCLOSURES** 

No remuneration was paid to key management personnel in the 2021 and 2020 financial years. 

Donations of Nil (2021: £4,300) were received from The Friends of MOP Foundation during the period under review. 

## **17. ULTIMATE CONTROLLING PARTY** 

The charity is controlled by the board of trustees. 

Page 12 



## **MOP FOUNDATION** 

## **Detailed Statement of Financial Activities for the year ended 31 DECEMBER 2022** 

||31/12/22|31/12/21|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations and gifts|**29,518**|4,299|
|**Charitable activities**|||
|Auction and artwork income|**32,371**|45,332|
|Other - Bank interest|**40**|5|
||**32,411**|45,337|
|**Other income**|||
|Government grant|**-**|1,250|
|**Total incoming resources**|**61,929**|50,886|
|**EXPENDITURE**|||
|**Raising donations and legacies**|||
|Travelling, fares and entertaining|**442**|651|
|Event costs|**31,101**|30,814|
||**31,543**|31,465|
|**Increasing awareness of Persian culture**|||
|Wages|**-**|3,609|
|Pensions|**-**|48|
|Donations made|**29,213**|49,960|
|Advertising and PR|**1,047**|1,022|
|Exchange differences & charges|**(190)**|72|
|Bank charges|**545**|437|
|Computer and telephone costs|**3,268**|3,438|
|Sundry expenses|**6,142**|4,291|
|Freelance cost|**4,870**|-|
|Fixtures and fittings|**-**|4|
|Bank loan interest|**1,054**|1,250|
||**45,949**|64,131|
|**Support costs**|||
|**Governance costs**|||
|Legal and professional|**240**|-|
|Accountancy and legal fees|**700**|3,340|
||**940**|3,340|
|Total resources expended|**78,432**|98,936|
|**Net expenditure**|**(16,503)**|(48,050)|



This page does not form part of the statutory financial statements 

Page 13