RE615fERED IHARrrY NUMBER: 1156782 REPOftTOF THETRusfEES AND FOR THE YEAR ENDED 31 DECEMBER 2024 MAKfAB TAR16HAT OVEYSSI SHAHMAGHSOUDI MGR Weston Kay LLP ststutory Audltors 55 Loudoun Road Stjohn's Wood LorKlon NW8 ODL MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI CONTENTS OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Refereft￿ and Admlnlstratlve Detalls Report of theTrustees 2 to 3 Statement of Trustees. Re5ponslbllttles Report of the Independent Audltors Statement of Hnanclal Artlvltles Balance Sheet io Notes to the Flnanclal Ststements 11 to 20 MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI RÉFERENCE AND ADMINISTrATWE DEfAILS FOR THE YEAR ENDED 31 DECEMBER 2024 TRusfEES A Rezael E Arjmandl H Rahbari PRINQPAL ADDRESS 23 Edlson Road London N8 8AE REGisfERED CHARrrY NUMBER 1156782 AUDITORS MGR Weston Kay LLP Statutory Audltors 55 Loudoun Road Stjohn's Wood London NW8 ODL 8ANKERS Yorksh1￿ Bank 154 - 158 Kensington High Street London W8 7RL Co - Operative Bank 195 High Road Wood Green London N22 6DP soucrroRS Russell- Cooke Solicitors 8 8edford Row London WCIR 48X Page I MAKfAB TARIGHAT OVEYSSI SHAHMAGHSOUDI REPORT OFTHE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present thelr report wlth the flnanctal statements of the charlty for the year ended 31 Oecember 2024. The trustees have adopted the provlsions of Accountlng and Reportlng by Charltles: Ststernent of Recommended Practice appllcable to tharltles preparln8 thelr accounts In accordance with the Flnanclal Reportlng Stsndard applicable In the UK and Republlc of Ireland IFRS 102) (effective l January 2019). Name and Reglstered Office of the Charlty The full name of the Charlty Is Maktab Tari8hat Oveyssi Shahmaghsoudl Ischool of Islamlc Sufisml, Its registered office and prlncipal operating address Is 23 Edlson Road. Crouch End, London, N8 8AE. It is part of the global or8anlsation wlth the same name {the global organlsatlon herelnafter referred to as MTO). OBJECTIVES AND AcfiviTIES The objects are to establlsh the teachin& practice and advancement of the Islamlc ￿lIgIOn and educatlon In the United Kingdom and elsewhere around the world In accordance with the tenets and doctrlnes of Sufism as practiced by MTO. ACHIEVEMENTS AND PERFORMANCE The Charity was formed to take over the actlvitles of the registered Charltable Trust 1010542 whlth has the same objects and name as thls Charitab5e Incorporated Organisation. The transfer of operatlons whlch started at the end of 2014 has continued wlth only a few remalning vrrith the Trust. The ao is continulng the work of the Trust In promotln8 Sufism and educatlon as a part of MTO. This involves a programme of lectures and classes In the UK Includlng 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 contlnued to encourage the development of Suf￿rn at unlversitles and other educational instltutlons In the UK and to promote Inter-falth actl¥ltles and provide charltable donatlons or services and contrlbutlons In local communltles. Weekly lectures continued with In person sesslons at the London ontre with encouragement of attendees to follow all health and safety best practlce. The sesslons were also available online for the smaller UK centres. The Charity contlnued its efforts in Ilne wlth the wider MTO Global charitable endeavours. Thls Included the dlstrlbution of donatlons of non-perishable foods and dothing for the homeless or111 with V￿ltS to h05Pltals. The Charlty contlnued Its dlalo8ue and contrlbutions to Barnet Falth & Belief Forum and Haringevs Sustalnablllty projects In the year. The Charity contlnued its programmes of presentlng Sufl muslc, poetry, Zekr and Sama through varlous In person and onllne events induding performances in the UK and Canada. The Charity was also a small but slgnlficant contrlbutor to the efforts of the openlng of MACS MTO'S ftrst Museum dedicated to Sufism whlch opened In September 2024. As part of Its financlal and non-financial contrlbution, the Charity assisted in the contrartlng and procurlng of a speclallst and revolutionary holograrn comblnlng Al and hlstorlc footage of the Sufi Master. The tharity also provlded personnel for varlous actlvities at the Museum through the year. FINANCIAL REVIEW As detalled in the Statement of Finandal Activities, the Charlty'5 reserve5 at the year*nd amounted to £3,113,557 of unrestricted funds and £233,070 of restrlcted fiJnds. The ao wlll hold these reserves and further funds as they are recelved as a buffer for operating costs. In addition they are avallable to help support other ￿ntreS abroad or fund additlonal propertles In the UK for holdlng meetlnes and lectures as requlred. Page 2 MAKTA8 TARIGHAT OVEYS51 SHAHMAGHSOUDI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STrUCTURÉ. GOVERNANCE AND MANAGEMENT The Charity. a Charitable Incorporated OrKan15allon. was reelstered as a Charlty oft 28th April 2014. Re8iStration number: 1156782. The Constitutlon Is a CIO Foundatlon and was created by a Deed executed on the 27th F•brvary 2014. The trustees who served dvrin8 the year and up lo ihe date of *natuie of the flnan¢ial statement5 were.. A Rezaei E Arimandi H Rahbari None of the Trustees have been direct beneficlarbes of the Charlty durlng the year or the preced•ng year. No Trustees received any renumeration from the Charity durin8 the year12023- ÉNill. A Trustee is apF￿Inted by recornmendation ol the Trustees, or by proposal of a Trustee entltled to vote ai a meeting of the Charity. Indurtlon and tralnlni polldes for tr￿tee5 The Charlty follows the 8uldelines provlded by the Charity Commlsslon. Responslbllity of theTrustees The Trustees are responsible for the management of the Charity and fty the fvrtherance of the objects for whrch it is established. Trustees meet on a rwlar basls to dlscuss the affalrs of the Charlty Investment Powers The Trustees may invest the monies of the Charlty not irnmediately requlied for its purp05e5 in or upon such investrnents. Securities or property as may be thou8ht fiL Publlc Benefrt Requlrement The Trustee5 have due regard to the Butdance out under soction 17{5) of the Charltles Acr 2011. Or8ani5ation The day-to-day activities of the Charity are to be conducted from thelr premlses In London and Birtley and at rented premises in other Cities in the United Klngdom. Volunteers During the period variou5 indi¥iduols gave their time in suppothng the Charity's actfvities. The value of this SilPPOrt cannot be ￿adIlY quantified and has not been induded In the finanthl rtatements. Rtsk Management The Trusiee5 have assessed the major risks to whith the Chartty 15 exposed. in particular those related to the operation5 and finances of the Charlty, and are satisfted that systems are In place to mit¥ate ihe Charlty's exposure io the major risks. AUOITOAS The auditors, MGR Weston Kay LIP, will be proposed for re-appolnrment at the forrhcoming Annual General Meetin8. Approved by order of the board of trustees on 30 October 2025 and slgned on its behalf by. E Arimandi- Trustee Pa8e 3 MAKYAB TARIGHAT OVEYSSI SHAHPMGHSOUDI STATEMENT OF TRUSfEES' RESPONSIBILMES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are responsible for preparln8 the Report of the Trustees and the financlal statements In accordance with applicable law and Unlted Kln8dom Accountlng Standards (United Kin8dorn Generally Accepted Accountlng pract1￿). Charity law requlres the trustees to prepare flnandal statements for each finandal year. Under that law, the trustees have elected to prepare the finandal statements in accoldan￿ wlth Unlted Klngdom Generalty Accepted Accountlng Prartlce Iunlted Kingdom AccountlnB Standards and appllcable law). Under charlty law the trustees must not approve the flnandal statements unless they are sattsfied that they 8lve twe and falr vlew of the state of affalrs of the charity and of the Incomlng resources and appllcatlon of resources, Includln8 the Sncome and expendlture. of the charlty for that perlod. In preparlng those financlal statements, the trustees are requlred to select sultable accountlng pollcles and then apply them consistentty: observe the methods and prlnoples In the Charities SORP: make Judgements and estlrnates that are reasonable and prudent: prepare the finandal statements on the zolng concern basis unltss It Is Inappropriate to presurne that the charlty wlll contlnue In business. The trustees are responslble for keepln8 proper accountln8 records whkh dlsdose wlth reasonable accuracy at any tlme the finandal posltlon of the tharlty and to enable them to ensure that the ftnandal statements comply wlth the Charltles Art 2011 and The Charlty (Accounts and Reports) Regulatlons 2008. Thw are also responslble for safeguardlng the assets of the charlty and hence for takin8 reasonable steps for the preventlon and detection of fraud and other Irregularities. Page 4 REPORT OF THE INDEPENDENT AUDITORS TOTHE TRUSTEES OF MAKfAB TARIGHAT OVEYSSI sHAN￿GH$OU0I Oplnlon We have audlted the financial statements of Maktab TarlBhat O¥eyssl Shahmagh50udi (the 'charltrf} for the year ended 31 December 2024 whlch comprise the Statement of Financial Activities, the Balance Sheet and notes to the ftnandal statements. indudln8 a summary of si8nificant accounting policie5. The finandal reportlng framework that has been applled In their preparation is appllcable law and United Kingdom Accountlng Stsndards (Unlted Kingdom Genernlly A¢cepted Accounting Prartlo). The ¢omparatlve fi8ures have not been audited. In our oplnlon the finandal ststements: Blve a true and falr vlew of the state of the tharlVs affalrs as at 31 tlecember 2024 and of Its Incomlng resources and appllcatlon of resources. for the year then ended- have been properly prepared in accordance with Unlted ￿ngdoM Generalty Accepted Accountlng PnctI￿. and have been prepared In accordance wlth the requlrements of the Charltles Act 2011. Basls for oplnlon We conducted our audlt In accordance wlth Intematlonal Standards on Audltlng (UK) (ISAS IUKII and appllcable law. Our responslblllties under those stsndards are further described In the Audltors, re5ponslbllities for the audlt of the financlal statements sertlon of our report. We are Independent of the charlty In accordance wlth the ethlcal requlrements that are relevant to our audlt of the financlal ststernents In the UK In