**Charity Registration No. 1156782**
## **Maktab Tarighat Oveyssi Shahmaghsoudi (School Of Islamic Sufism) Annual report and unaudited financial statements**
**For the year ended 31 December 2021**
**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
**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 - 16|
## **MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
The trustees present their annual report and financial statements for the year ended 31 December 2021.
## **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**
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 trust deed, 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 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 interfaith activities in local communities.
Following approval from the local council, lectures in the London centre resumed in person with limited numbers, social distancing and mask wearing as of October 2021.
Following the required underpinning works for the building in London, works were completed in November 2020. Level monitoring of the cracks and building levels, which had taken place prior to the works, were recommenced and will need to continue each year over the next few years to determine the stability of the walls and foundations, or show areas of concern. Due to lockdowns and restrictions, two readings were taken in 2020 and two further readings in 2021.
The Charity continued its efforts 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 also continued its efforts with the Caring for our Caregivers initiative and donated tablets preloaded with Tamarkoz® meditation exercises to hospitals to provide stress relief. The Charity was recognised for its Covid 19 efforts by the Faith and Belief forum in November 2021.
The Charity managed and launched the Zendeh Delan music project for 2021; ‘Melodies of Unity’. The 16 unique music tracks for the CD and Vinyl were created entirely remotely and representing various modern renditions of Sufi music.
The Charity launched its Sustainability branch of activities in February 2021 as part of the wider global MTO Sustainability initiative. The Charity is committed to four key sustainability goals by the year 2030.
- 1 -
**MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)**
## **TRUSTEES' REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Financial review**
As detailed in the Statement of Financial Activities on page 6, the Charity’s reserves at the year-end amounted to £ 2, 7 65 ,825 of unrestricted funds and £183, 58 2 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)
None of the Trustees have been direct beneficiaries of the Charity during the year or the preceding year. No Trustees received any remuneration from the Charity during the year _(2020 – £Nil)._
A Trustee is appointed by recommendation of the Trustees, or by 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 day-to-day activities of the Charity are to be conducted from their premises in London and 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.
## **Independent examiner**
A resolution proposing that Nigel Walfisz be reappointed as Independent Examiner will be proposed at the next Annual General Meeting.
- 2 -
MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
TRUSTEES. REPORT (CONllNUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
EArlmandl
31 Oclober2022
## **MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
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 to the trustees on my examination of the financial statements of Maktab Tarighat Oveyssi Shahmaghsoudi (School of Islamic Sufism) (the charity) for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no 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 charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements to be reached.
## **Nigel Walfisz FCA**
## **MGR Weston Kay LLP**
55 Loudoun Road St John's Wood London NW8 0DL
Dated: 31 October 2022
- 5 -
## **MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Unrestricted**
**funds**
**2021**
**Notes**
**£**
**Income and endowments from:**
Donations and legacies
**3**
138,170
Charitable activities
**4**
13,266
Investments
**5**
62,581
Other incom ing resources
**6**
8,587
**Total income**
222,604
**Expenditure on:**
Cost of raising funds
**7**
18,078
Charitable activities
**8**
82,577
**Total expenditure**
100,655
Net gains/(losses) on
investments
**12**
15,000
**Net income for the year/**
**Net movement in funds**
136,949
Fund balances at 1 January 2021
2,628,876
**Fund balances at 31 December**
**2021**
2,765,825|**Restricted**
**funds**
**2021**
**£**
13,729
-
-
-
13,729
-
-
-
-
13,729
169,853
183,582|**Total Unrestricted**
**funds**
**2021**
**2020**
**£**
**£**
151,899
195,162
13,266
24,873
62,581
68,976
8,587
18,980
236,333
307,991
18,078
13,207
82,577
137,323
100,655
150,530
15,000
(76,628)
150,678
80,833
2,798,729
2,548,043
2,949,407
2,628,876|**Restricted**
**funds**
**2020**
**£**
10,004
-
-
-
10,004
-
-
-
-
10,004
159,849
169,853|**Total**
**2020**
**£**
205,166
24,873
68,976
18,980
317,995
13,207
137,323
150,530
(76,628)
90,837
2,707,892
2,798,729|
|---|---|---|---|---|
All income and expenditure derive from continuing activities.
The notes on pages 8 to 16 form part of these financial statements.
- 6 -
MAicfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)
LANCE SHEEr
AS AT 31 DECEMBER 2021
TaNdlble a55ets
Het•s* assets
862.751
21.824
I,IKXJ.aM)
833.579
21.824
9t5,1
L8US75
1,840,403
l)ebtor5
Cash at and in hand
27.979
23.053
985,4n
I.1.9
1,(Th,525
17
166.297)
150,1991
958.326
1949,407
1798,729
Incam• funds
Restrkted fvnds
Unrestrkted fur
169AS3
2,628B76
I7655
2.949.417
2,798.r29
The notes on pages 8 to 16 forni bmrtofthese fir(#1 statem
The finandal Statements* app1vd lry theTru51ee5 OD 31 Oc¢ober 2022
E Arjmandl
**MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **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 2021**
## **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 2021**
## **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 1 5 to the financial statements, investment properties are stated at fair value. The trustees used observable market prices.
## **3 Donations and legacies**
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||**funds**|**funds**||funds|funds||
||**2021**|**2021**|**2021**|2020|2020|2020|
||**£**|**£**|**£**|£|£|£|
|Donations|138,170|13,729|151,899|195,162|10,004|205,166|
- 10 -
## **MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**4**|**Charitable activities**|||
|---|---|---|---|
|||**2021**|**2020**|
|||**£**|**£**|
||Books and publications|13,266|3,623|
||Merchandise|-|21,250|
|||13,266|24,873|
|**5**|**Investments**|||
|||**Unrestricted**|Unrestricted|
|||**funds**|funds|
|||**2021**|2020|
|||**£**|£|
||Rental income|61,824|67,120|
||Interest receivable|757|1,856|
|||62,581|68,976|
|**6**|**Other incom ing resources**|||
|||**Unrestricted**|Unrestricted|
|||**funds**|funds|
|||**2021**|2020|
|||**£**|£|
||Gift aid|8,587|18,980|
- 11 -
## **MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **7 Cost of raising funds**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Investment property costs|18,078|13,207|
||18,078|13,207|
## **8 Charitable activities**
|Insurance
Bank service charge
Advertising
Rent
Mail, postage and stationery
Legal and professional fees
Repairs and maintenance
General expenses
Depreciation
Telephone and internet
Utilities
Security
Grants payable
Share of governance costs (see note 9)
**Analysis by fund**
Unrestricted funds|**2021**
**£**
6,210
-
240
13,998
3,623
16,651
244
3,851
17,027
5,103
5,222
2,408
3,930
78,507
4,200
82,577
82,577
82,577|**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|
- 12 -
**MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9 Support costs**
|**Support costs**
**Governance**
**costs**
**£**
**£**
Independent examiner
fees
-
4,200
-
4,200
Analysed between
Charitable activities
-
4,200|**2021**Support costs
Governance
costs
**£**
£
£
4,200
-
4,200
4,200
-
4,200
4,200
-
4,200|2020
£
4,200
4,200
4,200|
|---|---|---|
Governance costs represents the support costs incurred in administering, the management of charity affairs and complying with its statutory and constitutional obligations.
## **10 Trustees**
The average number of trustees during the year was 3 (2020: 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.
## **11 Employees**
There were no employees during the year.
## **12 Net gains/(losses) on investments**
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Revaluation of investment properties|15,000|(76,628)|
- 13 -
## **MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**13**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**£**
**Cost**
At 1 January 2021
882,540
Additions
45,772
At 31 December 2021
928,312
**Depreciation and impairment**
At 1 January 2021
58,800
Depreciation charged in the year
14,566
At 31 December 2021
73,366
**Carrying amount**
At 31 December 2021
854,946
At 31 December 2020
823,740
**14**
**Heritage assets**
**At 1 January 2021 and at 31 December 2021**
**15**
**Investment property**
**Fair value**
At 1 January 2021
Net gains or losses through fair value adjustments
At 31 December 2021|**Plant and**
**equipment**
**Fixtures and**
**fittings**
**£**
**£**
15,765
34,307
-
426
15,765
34,733
12,962
27,271
701
1,759
13,663
29,030
2,102
5,703
2,803
7,036|**Total**
**£**
932,612
46,198|
|---|---|---|
|||978,810|
|||99,033
17,026|
|||116,059|
|||862,751|
|||833,579|
|||**Artwork**
**£**
21,824|
|||**2021**
**£**
985,000
15,000|
|||1,000,000|
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 2021**
## **16 Debtors**
|**Debtors**|||
|---|---|---|
|**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2021**
**£**
161
14,636
13,182
27,979|**2020**
**£**
161
9,736
13,156|
|||23,053|
## **17 Creditors: amounts falling due within one year**
|Trade creditors
Other creditors
Accruals and deferred income|**2021**
**£**
11,689
19,611
34,997
66,297|**2020**
**£**
4,707
19,611
25,881|
|---|---|---|
|||50,199|
## **18 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**||**Movement in**||
|---|---|---|---|---|---|---|
||||**funds**||**funds**||
|||**Balance at**|
**Incoming**|
**Balance at**|
**Incoming**|**Balance at**|
||**1**|**January 2020**|
**resources**|
**1 January 2021**|
**resources**|**31 December**|
|||||||**2021**|
|||**£**|
**£**|
**£**|
**£**|**£**|
|Sadagheh||159,849|
10,004|
169,853|
13,729|183,582|
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.
- 15 -
## **MAKTAB TARIGHAT OVEYSSI SHAHMAGHSOUDI (SCHOOL OF ISLAMIC SUFISM)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**19**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**2021**
**£**
Fund balances at 31
December 2021 are
represented by:
Tangible assets
862,751
Heritage assets
21,824
Investment properties
1,000,000
Current assets/(liabilities)
881,250
2,765,825|**Restricted**
**funds**
**2021**
**£**
-
-
-
183,582
183,582|**Total**Unrestricted
funds
**2021**
2020
**£**
£
862,751
833,579
21,824
21,824
1,000,000
985,000
1,064,832
788,473
2,949,407
2,628,876|Restricted
funds
2020
£
-
-
-
169,853
169,853|Total
2020
£
833,579
21,824
985,000
958,326|
|---|---|---|---|---|
|||||2,798,729|
## **20 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:
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Within one year|-|25,133|
Lease payments of £13,998 (2020: £ 32,981) have been recognised as an expense in the year.
## **21 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:
Creditors includes £19,611 (2020 - £19,611) being the Sterling Equivalent of Euro Loans due to/ from MTO Germany.
Charitable activities costs includes £19,600 (2020 - £19,600) being the UK share of the cost of providing the global website supplied by MTO Germany, a related party charity.
Rental income includes £27,500 (2020 - £20,000) of rent received from MTO College.
## **22 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 £.
- 16 -