**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).
- 1 -
**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.
- 2 -
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 N*el Walfiu as Indepenthnt Exarninerwll be woposed at the nextAr¥M*IGeneTrl Meeting.
The tru%tees' report was •ppThed the Board ofTnfj*es.
E P*lmandl
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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.
- 4 -
## **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:
- (i) examine the financial statements under section 145 of the 2011 Act;
- (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
- (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:
- (a) 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 financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
- have not been met or
- (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
- 5 -
## **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|**Total**Unrestricted
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.
- 6 -
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.
- 8 -
**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.
- 9 -
**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|
- 10 -
## **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|
- 11 -
**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|
|---|---|---|
- 12 -
## **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)|
- 13 -
**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.
- 14 -
**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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