INTERNATIONAL ACADEMY OF SUFI SCHOLARS ## **INTERNATIONAL ACADEMY OF SUFI SCHOLARS** # **Charity number: 1171458** ## **FINANCIAL STATEMENTS** **YEAR ENDING: 16th of Jan 2020** INTERNATIONAL ACADEMY OF SUFI SCHOLARS CHARITY REGISTRATION NO. 1171458 INTERNATIONAL ACADEMY OF SUFI SCHOLARS ## CONTENTS ASSOCIATION INFORMATION ........................................................................................................................................... 3 MANAGEMENT COMMITTEE REPORT .............................................................................................................................. 4 ACCOUNTING POLICIES ..................................................................................................................................................... 5 STATEMENT OF FINANCIAL ACTIVITIES ............................................................................................................................. 6 BALANCE SHEET ................................................................................................................................................................ 7 CHARITABLE ACTIVITIES .................................................................................................................................................... 8 TANGIBLE ASSETS .............................................................................................................................................................. 9 INTERNATIONAL ACADEMY OF SUFI SCHOLARS CHARITY REGISTRATION NO. 1171458 INTERNATIONAL ACADEMY OF SUFI SCHOLARS ## **ASSOCIATION INFORMATION** |**Name**|**Role**|**Date of appointment**| |---|---|---| |Dr MASOOD AHMED RAZA|Chair|03 February2017| |DrQARBULLAHI NASIR KABARA|Trustee|03 February2017| |MUHAMMAD HANIF RAZA|Trustee|03 February2017| |DrQASER SHAHZAD CHAISHTY|Trustee|03 February2017| |DR AFTAB PARWAZ|Trustee|04January2017| |MUHAMMAD MASOODUR REHMAN|Trustee|03 February2017| INTERNATIONAL ACADEMY OF SUFI SCHOLARS CHARITY REGISTRATION NO. 1171458 INTERNATIONAL ACADEMY OF SUFI SCHOLARS ## **MANAGEMENT COMMITTEE REPORT** The Trustees present their report and financial statements for the year ended 16th of Jan 2020 ## **Formation Status and Principal Activities** International Academy of Sufi Scholars is registered with the Charity Commission (No.1171458) and is constituted under a CIO - Foundation Registered since 03 Feb 2017. The Charity is administered by a ‘Trust Committee’ (Members called Trustees) detail of which are given in the attached schedule. The principal object of the Charity is to advance the Islamic faith for the benefit of the public in accordance within Sunni Islam in particular but not exclusively by promoting teachings of Islam, the Qur’an and sunnah and planning and developing post-doctoral research with the assistance of internationally renowned scholars. ## **Trustees Responsibilities** The Trustees are required to prepare financial statements for each financial year as required by the Charity Commission rules and regulations. The Trustees are responsible for keeping proper accounting records which disclose; with reasonable accuracy, the financial position of the Charity and to ensure that the Financial Statements comply with the Charity Commission rules. 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. ## **FOR AND ON BEHALF OF THE TRUSTEES** ## _Dr MASOOD AHMED RAZA_ ## Dr MASOOD AHMED RAZA ## **Chairperson** **Dated** 16/01/2020 INTERNATIONAL ACADEMY OF SUFI SCHOLARS CHARITY REGISTRATION NO. 1171458 INTERNATIONAL ACADEMY OF SUFI SCHOLARS ## **ACCOUNTING POLICIES** ## **1. ACCOUNTING POLICIES** ## **(a) Convention** The accounts have been prepared in accordance with the historical cost convention and in accordance with applicable accounting standards and the statement of Recommended Practice on Accounting by Charities (2005). ## **(b) Depreciation** Depreciation is provided on tangible fixed assets in order to write off those assets over their anticipated useful lives. The bases and rates used are as follows: Freehold Property - 2% per annum on net book value Fixtures, Fittings and Equipment - 15% per annum on net book value ## **(c) Income** Income is included in the income and expenditure account at their due date. ## **BANK INTEREST** ## **2.** Bank interest is included in the income and expenditure account on receipt, at its gross amount. INTERNATIONAL ACADEMY OF SUFI SCHOLARS CHARITY REGISTRATION NO. 1171458 INTERNATIONAL ACADEMY OF SUFI SCHOLARS ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **STATEMENT OF FINANCIAL ACTIVITIES** Year Ending 15 JAN 2020 |||**Notes**|**2020**|**2019**| |---|---|---|---|---| ||||**Unrestricted**|**Unrestricted**| ||||**Funds**|**Funds**| ||||**£**|**£**| |**INCOMEAND EXPENDITURE**||||| |Incoming Resources from Generated funds||||| |(Donations and Legacies)|||4,320.00|3,250.00| |Donations in kind|||1,200.00|1,000.00| |**TOTAL INCOMING**||||| |**RESOURCES**|||**4,320.00**|**3,250.00**| |**RESOURCES**||||| |**EXPENDED**||||| |Governance Costs||4|**2,869.00**|**2,324.00**| |(Charitable Activities)||||| |**TOTAL RESOURCES**||||| |**EXPANDED**|||**2,869.00**|**2,324.00**| |**NET INCOME /**||||| |**(EXPENDITURE)**|||251.00|-74.00| |**FUNDS BALANCES**||||| |**B/F**|15.01.|2019|0.00|-200.00| |**FUNDS BALANCES**||||| |**C/F**|14.01.|2020|**200.00**|**-200.00**| INTERNATIONAL ACADEMY OF SUFI SCHOLARS CHARITY REGISTRATION NO. 1171458 INTERNATIONAL ACADEMY OF SUFI SCHOLARS ## **BALANCE SHEET** |**BALANCE SHEET**
Year Ending 15 JAN 2020
**NOTES**
**FIXED ASSETS**
Tangible Assets
3
**CURRENT ASSETS**
Cash at Bank
Cash in Hand
Debtors and
Prepayments
**CREDITORS:**
Due within one year
Creditors and Accruals
5
**NET CURRENT ASSETS**
**TOTAL ASSETS**
**FUNDS**
Unrestricted|**2020**
**Unrestricted**
**Unrestricted**
**£**
200.00
200.00
0.00|**Funds**
**Funds**
**£**|**Unrestricted Funds**
**2019**
**Unrestricted Funds**
**Unrestricted Funds**
**£**
**£**
**0.00**
-200
0
0
**-200.00**
**50.00**
**-250.00**
**-250.00**
**-250.00**|**Unrestricted Funds**
**2019**
**Unrestricted Funds**
**Unrestricted Funds**
**£**
**£**
**0.00**
-200
0
0
**-200.00**
**50.00**
**-250.00**
**-250.00**
**-250.00**| |---|---|---|---|---| |||**0.00**||**0.00**| |||||| |||**400.00**||**-200.00**| |||**350.00**||**-250.00**| ||**50.00**||**50.00**|| |||||| |||**350.00**||**-250.00**| |||||| |||**350.00**||**-250.00**| INTERNATIONAL ACADEMY OF SUFI SCHOLARS CHARITY REGISTRATION NO. 1171458 INTERNATIONAL ACADEMY OF SUFI SCHOLARS ## **CHARITABLE ACTIVITIES** |**NOTES**
**NOTES**
4
**GOVERNANCE COSTS**
Charitable Activities
Wages and NIC
Electricity
Gas
Water
Rates
Insurance
Travel
rent
Stationery
Telephone Internet Service
and Postage
Bank Charges & Interest
Sundry Expenses
**Depreciation**
5
**CREDITORS AND**
**ACCURALS**
Bookkeeping &
Accountancy
Utilities|**2020**
**£**
**Unrestricted**
**Funds**
1,700.00
0.00
120.00
0.00
0.00
0.00
0.00
350.00
0.00
149.00
350.00
0.00
200.00
**0.00**
0
50|**2019**
**£**
**Unrestricted**
**Funds**
1,600.00
100.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
74.00
350.00
0.00
200.00
**0.00**| |---|---|---| |||| |||0
50| INTERNATIONAL ACADEMY OF SUFI SCHOLARS CHARITY REGISTRATION NO. 1171458 INTERNATIONAL ACADEMY OF SUFI SCHOLARS ## **TANGIBLE ASSETS** ## **TANGIBLE ASSETS** |Year Ending 31 of
March 2020
**NOTES**
3
**COST**
at 01 April 2019
Addition
at 31 March 2020
**DEPRECIATION**
at 01 April 2019
charges for year
at 31 March 2020
**NET BOOK VALUE**
at 31 March 2020
at 01 April 2019|**Fixed**
**Property**
**£**
-
-
-
-
-
-
-|**Fixtures, Fitting**
**& Equipment**
**£**
-
-|
**TOTALS**
**£**
-
-| |---|---|---|---| |||**-**|**-**| |||-|-| |||**-**|**-**| ||||| |||**-**|**-**| ||||| |||-|**-**| INTERNATIONAL ACADEMY OF SUFI SCHOLARS CHARITY REGISTRATION NO. 1171458 INTERNATIONAL ACADEMY OF SUFI SCHOLARS ## **INTERNATIONAL ACADEMY OF SUFI SCHOLARS** ## **FINANCIAL STATEMENTS** **Charity Registration No. 1171458** INTERNATIONAL ACADEMY OF SUFI SCHOLARS CHARITY REGISTRATION NO. 1171458