Charity Registration No. 1156782
Maktab Tarighat Oveyssi Shahmaghsoudi (School Of Islamic Sufism) Annual report and unaudited financial statements
For the year ended 31 December 2020
55 L oudoun Road St J ohn's Wood Lon don NW8 0DL
MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees A Rezaei E Arjmandi H Rahbari Charity number 1156782 Independent examiner MGR Weston Kay LLP 55 Loudoun Road St John's Wood London NW8 0DL Bankers Yorkshire Bank 154 - 158 Kensington High Street London W8 7RL Co - Operative Bank 195 High Road Wood Green London N22 6DP Solicitors Russell - Cooke Solictors 8 Bedford Row London WC1R 4BX Cree Godfrey and Wood Solicitors 28 High Road East Finchley London N2 9PJ
MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 17 |
MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and accounts for the year ended 31 December 2020.
Name and Registered Office of the Charity
The full name of the Charity is Maktab Tarighat Oveyssi Shahmaghsoudi (School of Islamic Sufism), its registered office and principal operating address is 23 Edison Road, Crouch End, London, N8 8AE. It is part of the global organisation with the same name (the global organisation hereinafter referred to as MTO).
Charity Financial Statements
In preparing the financial statements for the Charity, the Trustees have adopted the disclosures required by the "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)". The financial statements comply with the trust deeds and the Charities Act 2011.
Objectives and activities
The objects are to establish the teaching, practice and advancement of the Islamic religion and education in the United Kingdom and elsewhere around the world in accordance with the tenets and doctrines of Sufism as practiced by MTO.
Achievements and performance
The Charity was formed to take over the activities of the registered Charitable Trust 1010542 which has the same objects and name as this Charitable Incorporated Organisation. The transfer of operations which started at the end of 2014 has continued with only a few remaining with the Trust.
The CIO is continuing the work of the Trust in promoting Sufism and education as a part of MTO. This involves a programme of lectures and classes in the UK including the ability to host webcasts from London to students throughout the world. These compliment the broadcasts of related MTO centres elsewhere in Europe and from the United States. The Charity will encourage the development of Sufism at Universities and other educational institutions in the UK and to promote inter-faith activities in local communities.
Weekly lectures were cancelled in February 2020 ahead of national lockdowns and in preparation for underpinning works. Following approval from the local council, lectures in the London centre have resumed in person with limited numbers, social distancing and mask wearing as of October 2021.
Following the ground movement monitoring of the building in London, a project management firm was appointed to oversee the necessary remedial works. Tender documents were prepared based on design drawings and 3 contactors were sent an invitation to Tender. With further mid and post tender meetings held with the project manager, construction company, structural engineers and Trustees. Following the various preparatory work, building repairs commenced on 18th May 2020 and were completed in November 2020.
The Charity took part in several charitable projects in line with the wider MTO Global covid-19 response. This included the making and distribution of PPEs to hospitals, care homes and schools in the UK as well as donations of non perishable foods and clothing. The Charity was also involved with the Caring for our Caregivers initiative and donated tablets preloaded with Tamarkoz® meditation exercises to hospitals to provide stress relief.
The Charity managed and launched the Zendeh Delan music project for 2020, producing a CD box set and vinyl with 63 tracks to accompany the practice of Tamarkoz® and Movazeneh®.
As part of a volume of books on the chronology of the MTO Sufi Masters (Aghtab) The Charity facilitated the publication and distribution of Aghtab 12 (on the life of Hazrat Shahmaghsoud).
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Financial review
As detailed in the Statement of Financial Activities on page 6 , the Charity’s reserves at the year-end amounted to £ 2,628,876 of unrestricted funds and £169,853 of restricted funds. The CIO will hold these reserves and further funds as they are received as a buffer for operating costs. In addition they are available to help support other centres abroad or fund additional properties in the UK for holding meetings and lectures as required.
Structure, governance and management
The Charity, a Charitable Incorporated Organisation, was registered as a Charity on 28th April 2014. Registration number: 1156782. The Constitution is a CIO Foundation and was created by a Deed executed on the 27 th February 2014.
The trustees who served during the year and up to the date of signature of the financial statements were:
E B Darban (Resigned 5 January 2021) A Rezaei E Arjmandi H Rahbari (Appointed 5 January 2021)
A trustee is appointed by recommendation of the Trustees, or by a proposal of a Trustee entitled to vote at a meeting of the Charity.
Induction and training policies for trustees
The Charity follows the guidelines provided by the Charity Commission.
Responsibility of the Trustees
The Trustees are responsible for the management of the Charity and for the furtherance of the objects for which it is established. Trustees meet on a regular basis to discuss the affairs of the Charity. The statement of Trustees’ responsibilities is on page 4.
Investment Powers
The Trustees may invest the monies of the Charity not immediately required for its purposes in or upon such investments, securities or property as may be thought fit.
Public Benefit Requirement
The Trustees have due regard to the guidance set out under section 17(5) of the Charities Act 2011.
Organisation
The objects are to establish the teaching, practice and advancement of the Islamic religion and education in the United Kingdom and elsewhere around the world in accordance with the tenets and doctrines of Sufism as practiced by MTO.
The day-to-day activities of the Charity are to be conducted from their premises in London & Birtley and at rented premises in other cities in the United Kingdom.
Volunteers
During the period various individuals gave their time in supporting the Charity’s activities. The value of this support cannot be readily quantified and has not been included in the financial statements.
Risk Management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems are in place to mitigate the Charity’s exposure to the major risks.
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MAKTAB TARIGHAT OVEY551 SHAHMAGHSOUDI ISCHOOL OF ISLAMIC SUFISM) TRusfEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Independent examlnEr A reSolU0Th to rè.appoint Nel Walfiu as Indepenthnt Exarninerwll be woposed at the nextAr¥MIGeneTrl Meeting. The tru%tees' report was •ppThed the Board ofTnfjes. E Plmandl Tf115tee Dated.. 29 OrtobEr 2021
MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees are responsible for preparing the Trustees' Report 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 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 of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of 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.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
I report on the financial statements of the charity for the year ended 31 December 2020, which are set out on pages 6 to 17.
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 Charities Act), and that an independent examination is needed . The charity's gross income exceeded £250,000 and I am qualified to underake the examniation by being a qualified member of the Institute of Chartered Accountants in England and Wales .
Having satisfied myself that the charity is not subject to audit under the Charities Act and is eligible for independent examination, it 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
In connection with my examination, no matter 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 financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
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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.
Nigel Walfisz FCA
55 Loudoun Road St John's Wood London NW8 0DL
Dated: 29 October 2021
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted funds 2020 Notes £ Income and endowments from: Donations and legacies 3 195,162 Charitable activities 4 24,873 Investments 5 68,976 Other incom ing resources 6 18,980 Total income 307,991 Expenditure on: Cost of raising funds 7 13,207 Charitable activities 8 137,323 Total resources expended 150,530 Net gains/(losses) on investments 13 (76,628) Net income/(expenditure) for the year/ Net movement in funds 80,833 Fund balances at 1 January 2020 2,548,043 Fund balances at 31 December 2020 2,628,876 |
Restricted funds 2020 £ 10,004 - - - 10,004 - - - - 10,004 159,849 169,853 |
TotalUnrestricted funds 2020 2019 £ £ 205,166 357,274 24,873 1,902 68,976 44,485 18,980 31,734 317,995 435,395 13,207 4,836 137,323 456,776 150,530 461,612 (76,628) (25,000) 90,837 (51,217) 2,707,892 2,599,260 2,798,729 2,548,043 |
Restricted funds 2019 £ 13,632 - - - 13,632 - - - - 13,632 146,217 159,849 |
Total 2019 £ 370,906 1,902 44,485 31,734 449,027 4,836 456,776 461,612 (25,000) (37,585) 2,745,477 2,707,892 |
|---|---|---|---|---|
All activities relate to continuing operations.
There is no difference between the income / (expenditure) on ordinary activities for the year stated above and its historical cost equivalent.
Investment income is all from cash, investment and commercial property and arises in the United Kingdom.
The notes on pages 8 to 1 7 form part of these financial statements.
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM) BALANCE SHEEr AS AT 31 DECEMBER 2020 2019 Amed assets Tar¥alble aets Herltage asse Inve5tmersi propertfei 833.579 21.824 985.( 581,271 21,824 1.061,628 16 1.840.403 1,664,723 Currort •ssets Dèbtors Cash at bank and In hand 23.053 985.472 13.339 1,070.672 IAK45Z5 1.084.011 Credh•rs: amounts fallnz due withln one 150.1991 140,8421 Net currnni ass*ts 958.326 1.043.169 Total assets less current HabtHtie5 2.798,72g 2,?0792 Incomt fld$ RÈs¢rf¢ted lund5 Unrestricted funds 169.853 2.628.876 159,849 2,548,043 2.798.729 2.707.892 The account5 We oppffjved by theTTu5EEes on 29 OLtober 2021 E Arlmandl Thè noies on page$ 8 to l? form ofthe5e financ1
MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
1.1 Accounting convention
The accounts have been prepared in accordance with applicable accounting standards, "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)" and the Charities Act 2011. The charity is a Public Benefit Entity defined by FRS 102.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, 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 financial statements.
1.3 Charitable funds
General unrestricted funds represent unrestricted income which is expendable at the discretion of the Trustees in furtherance of the objects of the charity. Such funds may be held in order to finance working capital.
Restricted funds represent income received which are allocated by the donor for specific purposes which are therefore not available for other purposes.
1.4 Incoming resources
Donations are accounted for on a cash receivable basis.
Gifts in kind are accounted for in accordance with the contract.
Rent receivable is accrued for on a day to day basis.
Income from listed investments is accounted for at the date it is declared.
Interest income is accounted for on an accruals basis .
Income from charitable activities is recognised when conditions of receipt have been met and there is reasonable assurance of receipt.
Other incoming resources are accounted for when conditions for receipt have been met and there is reasonable assurance of receipt.
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities.
Governance costs are those cost incurred in the management of the charity's assets, organisational administration, and compliance with constitutional and statutory requirements.
Charitable activities include costs of services and support costs and depreciation on related assets.
Costs of raising funds are those associated with rental and investment income.
1.6 Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 2% straight line Plant and equipment 25% reducing balance Fixtures and fittings 25% reducing balance Land Held at cost
1.7 Investment properties
Investment properties , which are properties held to earn rentals and/or for capital appreciation, are measured using the fair value model and stated at their estimated fair value s as the reporting end date as determined by the Trustees . There is no depreciation charged on investment properties. The surplus or deficit on revaluation is recognised in the statement of financial activities.
1.8 Heritage assets
The nature of heritage assets held by the charity are artwork and statues. Heritage assets are measured initially at either their cost or valuation if the heritage asset has been donated unless this information is not available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts. Heritage assets are not revalued.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.11 Taxation
The charity is exempt from tax on income and gains falling within the Taxes Act 1988, s. 505 or the Taxation of Chargeable Gains Act 1992, s. 252 to the extent that these are applied to its charitable objectives.
The charity is not VAT registered. As such the expenditure is shown inclusive of VAT.
1.12 Foreign exchange
Transactions denominated in foreign currencies are recorded at the rate ruling at the date of transaction.
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.
Valuation of investment properties
As described in note 17 to the financial statements, investment properties are stated at fair value. The trustees used observable market prices.
3 Donations and legacies
| Unrestricted Restricted funds funds £ £ Donations 195,162 10,004 For the year ended 31 December 2019 357,274 13,632 |
Total 2020 £ 205,166 |
Total 2019 £ 370,906 |
|---|---|---|
| 370,906 |
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
| 4 | Charitable activities | ||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Books and publications | 3,623 | 1,902 | |
| Merchandise | 21,250 | - | |
| 24,873 | 1,902 | ||
| 5 | Investments | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Rental income | 67,120 | 37,900 | |
| Income from listed investments | - | 1,007 | |
| Interest receivable | 1,856 | 5,578 | |
| 68,976 | 44,485 | ||
| 6 | Other incom ing resources | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Gift aid | 18,980 | 31,734 | |
| 7 | Cost of raising funds | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Investment Property costs | 13,207 | 4,836 | |
| 13,207 | 4,836 |
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
8 Charitable activities
| Insurance Bank service charge Advertising Rent Food, services and flowers Mail, postage and stationery Legal and professional fees Repairs and maintenance General expenses Depreciation Telephone and internet Utilities Travel and accomodation Security Museum project costs Exchange gains Share of governance costs (see note 9) Analysis by fund Unrestricted funds For the year ended 31 December 2019 Unrestricted funds |
2020 £ 6,096 50 819 32,981 - 21,165 8,648 6,840 2,821 16,824 24,631 5,906 - 2,412 3,930 - 133,123 4,200 137,323 137,323 137,323 |
2019 £ 7,572 132 544 34,638 1,275 304 10,208 908 3,461 12,200 18,761 6,371 2,283 869 154,405 (15,289) 238,642 4,200 456,776 456,776 456,776 |
|---|---|---|
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
9 Support costs
| Support costs Governance costs £ £ Independent examiner fees - 4,200 - 4,200 |
2020 £ 4,200 4,200 |
2019 £ 4,200 4,200 |
|---|---|---|
10 Independent examiner fee
The analysis of independent examiner remuneration is as follows:
| Independent examination Non-audit services All other non- independent examination services |
£ 4,200 - |
£ 4,200 594 |
|---|---|---|
11 Trustees
The average number of trustees during the year was 3 (2019: 3).
No Trustee, or person related or connected by business to them, received any remuneration or benefits in kind from the Charity during the year.
The Trustees & Speakers costs of (a) travelling to and from the meetings and teachings held at various locations on a weekly basis and any overnight accommodation and (b) ancillary costs such as mobile telephone charges that are necessary for the Charity are met by the Charity.
12 Employees
There were no employees during the year.
13 Net gains/(losses) on investments
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Revaluation of investment properties | (76,628) | (25,000) |
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
14 Tangible fixed assets
| Freehold land and buildings £ Cost At 1 January 2020 614,806 Additions 267,734 At 31 December 2020 882,540 Depreciation and impairment At 1 January 2020 45,149 Depreciation charged in the year 13,651 At 31 December 2020 58,800 Carrying amount At 31 December 2020 823,740 At 31 December 2019 569,657 |
Plant and equipment Fixtures and fittings £ £ 15,765 32,909 - 1,398 15,765 34,307 12,027 25,033 935 2,238 12,962 27,271 2,803 7,036 3,738 7,876 |
Total £ 663,480 269,132 932,612 82,209 16,824 99,033 833,579 581,271 |
|---|---|---|
15 Heritage assets
| At 1 January 2020 and at 31 December 2020 16 Investment property Fair value At 1 January 2020 Net gains or losses through fair value adjustments At 31 December 2020 |
Artwork £ 21,824 2020 £ 1,061,628 (76,628) 985,000 |
|---|---|
The investment property are stated in the accounts at the Trustees' estimate of market value at the balance sheet date. There has been no valuation by an independent party.
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
17 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income |
2020 £ 161 9,736 13,156 23,053 |
2019 £ 284 5,773 7,282 |
| 13,339 |
18 Creditors: amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2020 £ 4,707 19,611 25,881 50,199 |
2019 £ 16,744 19,611 4,487 |
|---|---|---|
| 40,842 |
19 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | |||
|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Balance at 31 |
|
| January 2020 | resources | expended | December 2020 |
|
| £ | £ | £ | £ |
|
| Sadagheh | 159,849 | 10,004 | - | 169,853 |
Sufficient funds are held in an appropriate form to enable each fund to be applied in accordance with the restrictions imposed. The restricted funds were established as the result of directions given by donors which specified that the money was to be used for a specific purpose.
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
| 20 Analysis of net assets between funds Unrestricted funds 2020 £ Fund balances at 31 December 2020 are represented by: Tangible assets 833,579 Heritage assets 21,824 Investment properties 985,000 Current assets/(liabilities) 788,473 2,628,876 |
Restricted funds 2020 £ - - - 169,853 169,853 |
Total 2020 £ 833,579 21,824 985,000 958,326 |
|---|---|---|
| 2,798,729 |
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MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
21 Operating lease commitments
At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Within one year | 25,133 | 29,012 |
Lease payments of £ 3 2,981 (2019: £ 34,638) have been recognised as an expense in the year.
22 Related party transactions
The charity made donations or loans, shared costs with or received income from other charities which form part of the global organisation using the name MTO:
Incoming resources includes £Nil (2019 - £51,753) Gifts in Kind from MTO Trust, a related party charity.
Charitable activities includes £Nil (2019 - £368,339) of support costs for the Museum project.
Creditors includes £19,611 (2019 - £19,611) being the Sterling Equivalent of Euro Loans due to/ from MTO Germany.
Charitable activities costs includes £19,600 (2019 - £14,725) being the UK share of the cost of providing the global website supplied by MTO Germany, a related party charity.
Rental income includes £20,000 (2019 - £20,000) of rent received from MTO College. Last year, MTO College, had the use of part of the premises in London and was in addition included on the insurance policies.
23 Charity information
Maktab Tarighat Oveyssi Shahmaghsoudi (School of Islamic Sufism) is a charitable incorporated organisation incorporated in England and Wales. The principal place of business is 23 Edison Road, Crouch End, London, N8 8AE.
The accounts are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
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