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2023-07-31-accounts

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

Charity registration number 1121549 Company registration number 06324340 (England and Wales)

B W FOUNDATION

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

(A company limited by guarantee)

Charity Trustees Mr R Esmail Pharmacist
Dr N Merali Medical Practitioner
Mr M Versi Retired
Mrs M Manji Director
Dr M Asaria Medical Practitioner
Mr M Walji Accountant
Charity number 1121549
Company number 06324340
Principal address 336 Pinner Road
Harrow
Middlesex
HA1 4LB
Auditor Deitch Cooper LLP
1stFloor, 3 Hobbs House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX
Bankers Habib Bank Zurich PLC
377 Station Road
Harrow
Middlesex
HA1 3EX
Solicitors Blake Lapthorn Tarlo
Lyons Harbour Court
Compass Road
North Harbour
Portsmouth
PO6 4ST

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 7
Consolidated statement of financial activities 8
Consolidated statement of financial position 9
Company statement of financial position 10
Consolidated statement of cash flows 11
Notes to the financial statements 12 - 29

1

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their annual report and the consolidated financial statements for the year ended 31 July 2023. The legal and administrative information page forms a part of this report.

The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity's governing document, the Companies Act 2006, 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

Our aims

Our objectives Our objectives are set to reflect our aims. Each year the trustees review our objectives and activities to ensure they continue to reflect our aims.

The Trustees have paid due regard to public benefit guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Strategies

The charity assists others within the UK and worldwide for the relief of need and financial hardship and those who have insufficient resources to cover their basic needs for shelter, food, clothing or who are destitute with no means of support.

An important part of our strategy is community welfare and education. All our community facilities and activities are widely advertised, and we welcome the participation of all our local community. All activities are free to the users and are supported by donations.

How our activities deliver public benefits

The charity carries out a wide range of activities in pursuance of its charitable aims. The trustees consider that these activities, summarised below, provide benefit to the local community.

Achievements and Performance

In order to meet the objectives, the Trustees carried out several activities and are pleased to report the the following achievements:

The phase 2 construction of the Salaam centre has now commenced however additional funding is needed to complete this phase of the project.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

Financial Review

The Statement of Financial Activities shows net income for the year of £1,314,927 (2022: £1,231,820). This includes a fair value revaluation loss of £143,000 on revaluing the Group's investment property (2022: £91,380 gain). This movement was due to housing market fluctuations occurring around the year end date. The value is expected to rise in the foreseeable future. Total funds at 31 July 2023 stand at £14,490,237 (2022: £13,175,310) of which £2,195,635 (2022: 3,382,281) are restricted funds and £12,294,602 (2022: £9,793,029) are unrestricted funds. The Trustees consider the state of the charity's affairs to be satisfactory.

Grants Policy

We are committed to working in partnership with other UK Charities through a grant-making approach. Grants to partner organisations are made within our agreed strategies. Project proposals are subject to formal approval process before individual grants are approved. All projects are systematically monitored for the duration of their existence.

Fundraising

Fundraising by way of Standing Orders, one-off donations from within the community, UK and overseas Muslims and non-Muslims, as well as Organisations. The Foundation does raise funds publicly, through advertising and sponsoring events, utilising opportunities to promote The Salaam Centre where possible. There were no complaints in the year towards the fund raising strategies. The Foundation adheres to the fundraising regulatory codes.

All our fundraising is carried out by our trustees who have approached people in the community and known to them. Appeals are only made to known supporters and with the consent to keep the donors updated. Our services and other programmes are broadcast live, by video stream, to maintain the continuity and contact with the wider public.

Reserves policy

Currently the charity is undergoing a major capital build project, and all funds are raised towards the build.

Once completed, the trustees will aim to keep 12 months operational costs of this Centre in free reserves. The value of the free reserves over the next 12 months is expected to be £20,000 per month compared to operation cost of £15,000 per month over next 12 months.

Risk Management

The trustees have assessed the risk the charity faces and have drawn up a risk matrix which identifies the major risks by area of activity, the nature of those risks, the likelihood of the risks happening and the measures taken to manage them. The trustees review this risk matrix regularly at their meetings. The trustees are satisfied that systems are in place, or arrangements are in hand, to manage the risks that have been identified.

The key risks identified by the trustees are as follows:

Risk

Delay in the phase 2 construction of Salaam centre. The construction has restarted. Mitigation

The trustees constantly monitor finances to ensure that the charity does not over commit. Risk

Interest rate increase that may impact the charity in future borrowings. Mitigation

Constant monitor of cash flow projections with fixed interest borrowing to ensure all repayments are managed well. Risk

Increase in cost of materials for construction.

Mitigation

Fixed fee contracts are entered into at inception of each phase with known costs. Future plans

In addition to the aims and objectives above, the Charity has additional objectives over the forthcoming year: Building The Salaam Centre to accommodate the growing number of members who attend the community Centre.

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B W FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

BW Foundation is registered in England and Wales as a company limited by guarantee, number 06324340 and Registered charity number 1121549. It is governed by the Charity' s Memorandum and Articles of Association.

Organisation structure

We operate an incorporated charity ("BW Foundation") registered with the Charity Commission for England and Wales and with Companies House. The charity has one wholly owned subsidiary, BWF Development Company Limited, which carries out the development of the Salaam Centre. Three of the Trustees of the charity also serve as directors of BWF Development Co Limited. None of the Trustees or Directors or any related party receive any remuneration for the services provided.

The Trustees, who are also the directors for the purpose of company law, who served during the year and up to the date of signature of the financial statements were:

Mr. R Esmail Dr N Merali Mrs. M Manji Dr M Asaria Mr. M Versi (appointed 5 November 2023) Mr. M Walji (appointed 5 November 2023) Mr. K Versi (resigned 5 November 2023) Mr. M Versi (resigned 12 September 2022)

Recruitment and appointment of trustees

The trustees are elected in accordance with the Charity's Memorandum and Articles at the Annual General meeting of the Charity. At an Annual General Meeting the members accept the retirement of those trustees who wish to retire or who are retiring by rotation and elect trustees to fill the vacancies arising. The members of the charity are the existing trustees and the Councillors of the Shi’a Ithna Ashary Community of Middlesex.

The existing trustees are responsible for the recruitment of new trustees. In selecting new trustees, we seek to identify people who regularly attend events and functions organised by the Charity and are willing to volunteer to help in our broader community work. Potential trustees are invited to attend trustees' meetings as observers and are given more details of the charity's aims and activities and if all agree, they are then proposed as new trustees at the subsequent annual general meeting of the Charity. This process allows due consideration of the person's eligibility, personal competence, specialist knowledge and skills.

Induction and training of trustees

The trustees receive information about their role and responsibilities from a range of sources, including the Charity Commission and professional advisers to the Charity. Following appointment, new trustees are introduced to their new role and given copies of the constitution and a guide to policies and procedures adopted by our charity. A number of publications from the Charity Commission are also provided including the guidance on charities and public benefits and on advancement of religion for the public benefit. This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act. Initially, new trustees work with existing trustees assisting on particular activities and projects run by the charity. After satisfactory feedback from the existing trustees, they are then given the task of leading a particular activity or project, reporting progress at the trustees' meetings.

Volunteers

It has been an extraordinary year for volunteers. We have been heartened by the resilience of our volunteers, adapting to new challenges and embracing new ways of working to support our work. In response, we have provided regular guidance to enable safe volunteering, as well as resources and training.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

Statement of Trustees' responsibilities

The Trustees, who are also the directors of B W Foundation for the purpose of company law, are responsible for preparing the Trustees' report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law and the law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that year.

In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping adequate 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 Companies Act 2006. 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 financial and other 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.

Disclosure of information to auditor

Each of the charity Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken all the necessary steps they ought to have taken as charity Trustees in order to make themselves aware of all relevant audit information and to establish that the auditor is aware of that information.

The Trustees' annual report was approved and signed on behalf of the Board of Trustees.

Mr R Esmail Trustee 14 May 2024

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B W FOUNDATION

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF B W Foundation

Opinion

We have audited the financial statements of B W Foundation (the 'Charity') and its group for the year ended 31 July 2023 which comprise the consolidated statement of financial activities, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows, and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity and group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standards, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual Report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

INDEPENDENT AUDITOR’S REPORT (CONTINUED)

TO THE TRUSTEES OF B W Foundation

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and Charity and their environment obtained during the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. ln preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

INDEPENDENT AUDITOR’S REPORT (CONTINUED)

TO THE TRUSTEES OF B W Foundation

Auditor's responsibilities for the audit of the financial statements (continued)

To address the risk of fraud through management bias and override of controls we performed the following procedures:

In response to the risk of irregularities and non-compliance with laws and regulations we designed procedures which included, but were not limited to, agreeing financial statement disclosures to underlying supporting documentation and remaining alert for actual and potential litigation and claims during our other audit procedures. We did not identify any key audit matters relating to irregularities, including fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Deitch Cooper LLP 14 May 2024
Statutory Auditor 1stFloor, 3 Hobbs House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX

Deitch Cooper LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 12 of the Companies Act 2006.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2023

Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net gains/(losses) on
investments
Net income
Transfers between funds
Net movements in funds
Reconciliation of funds:
Fund balances at 1 August 2022
Fund balances at 31 July 2023		 Unrestricted
funds
2023
£
205,006
72,913
15,000
78,700
-
371,619
84,426
140,626
225,052
(143,000)
3,567
2,498,006
2,501,573
9,793,029
12,294,602		 Restricted
funds
2023
£
1,529,563
-
-
-
-
1,529,563
-
218,203
218,203
-
1,311,360
(2,498,006)
(1,186,646)
3,382,281
2,195,635		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
1,734,569
160,031
1,315,433
72,913
40,466
-
15,000
32,500
-
78,700
33,590
-
-
2,274
-
1,901,182
268,861
1,315,433
84,426
57,056
-
358,829
128,064
258,734
443,255
185,120
258,734
(143,000)
91,380
-
1,314,927
175,121
1,056,699
-
15,395
(15,395)
1,314,927
190,516
1,041,304
13,175,310
9,602,513
2,340,977
14,490,237
9,793,029
3,382,281		 Total
2022
£
1,475,464
40,466
32,500
33,590
2,274
1,584,294
57,056
386,798
443,854
91,380
1,231,820
-
1,231,820
11,943,490
13,175,310

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 15 12,486,898 9,994,957
Investment properties 16 530,000 673,000
Investments 17 10,000 10,000
13,026,898 10,677,957
Current assets
Debtors 18 94,298 5,707
Cash at bank and in hand 2,408,703 3,252,463
2,503,001 3,258,170
Creditors: amounts falling due
within one year 19 (290,676) (24,331)
Net current assets 2,212,325 3,233,839
Total assets less current liabilities 15,239,223 13,911,796
Creditors: amounts falling due
after more than one year 19.b (748,986) (736,486)
Net assets 14,490,237 13,175,310
Income funds
Restricted funds 20 2,195,635 3,382,281
Unrestricted funds
Total charity funds		 12,294,602
14,490,237		 9,793,029
13,175,310

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

These accounts were approved by the Board of Trustees on 14 May 2024 and were signed on its behalf by:

Dr N Merali Mr R Esmail Trustee Trustee

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 15 12,778,482 10,042,998
Investment property 16 530,000 673,000
Investments 17 10,100 10,100
13,318,582 10,726,098
Current assets
Debtors 18 145,579 101,510
Cash at bank and in hand 2,378,837 3,245,683
2,524,416 3,347,193
Creditors: amounts falling due
within one year 19 (319,324) (20,171)
Net current assets 2,205,092 3,327,022
Total assets less current liabilities 15,523,674 14,053,120
CREDITORS: amounts falling due
after more than one yar (748,986) (736,486)
NET ASSETS 14,774,688 13,316,634
Income funds
Restricted funds 1,871,287 3,302,242
Total charity funds
Unrestricted funds		 14,774,688
12,903,401		 13,316,634
10,014,392

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

These accounts were approved by the Board of Trustees on 14 May 2024 and were signed on its behalf by:

Dr N Merali Trustee

Mr R Esmail Trustee

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2023

2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 24, 25 1,294,644 1,119,080
Investing activities
Investment income received 78,700 33,590
Purchase of tangible fixed assets (2,229,604) (57,625)
Net cash generated from/ (used in) investing activities (2,150,904) (24,035)
Financing activities
Proceeds from borrowings 12,500 80,490
Net cash used in financing activities 12,500 80,490
Net (decrease)/increase in cash and cash equivalents (843,760) 1,175,535
Cash and cash equivalents at beginning of year 3,252,463 2,076,928
Cash and cash equivalents at end of year 2,408,703 3,252,463

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

1 ACCOUNTING POLICIES

Charity information

BW Foundation ("the Charity") is a private company limited by guarantee, incorporated in England and Wales (company number 063234340) and a charity registered in England and Wales (charity number 1121549).

The charity’s registered office address is: 336 Pinner Road, Harrow, Middlesex, HA1 4LB.

1.1 Accounting convention

These financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS102") and the Charities SORP "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). This a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the group.

Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value.

The principal accounting policies adopted are set out below.

1.2 Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company together with all entities controlled by the parent company (its subsidiaries). All financial statements are made up to 31 July 2023. All intra-group transactions, balances and unrealised gains and losses on transactions between group companies are eliminated on consolidation. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

1.3 Going concern

The trustees have assessed the charity's requirements for the foreseeable future, including the charity's contingency plans as a result of Covid 19 and are confident that sufficient funds will be available to enable operations to continue at a sustainable level for a period of at least 12 months from the date of approval of these financial statements. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. As there are no material uncertainties about the charity's ability to continue operations, the accounts have been prepared on a going concern basis. The Charity has maintained its regular standing order receipt donations and other small donations for the day-to-day running of operations.

1.4 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.

Significant judgements and key accounting estimates made by the Trustees include the fair value of investment property and the estimated useful economic life of tangible fixed assets, which is reflected in the depreciation rates applied.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

1 ACCOUNTING POLICIES (CONTINUED)

1.5 Income

Income is recognised when the Charity is legally entitled to after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received.

Cash donations are recognised on receipt. Gift Aid recoverable is recognised at the time of the donation. Other donations are recognised once the Charity has been notified of the donation.

1.6 Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Governance costs are included within support cots and include costs relating to strategic planning for its future development, auditors' remuneration, certain legal costs and all costs of complying with constitutional and statutory requirements, such as costs of Board meetings and of preparing the statutory accounts.

Where support costs cannot be directly attributable to specific charitable activities they have been allocated between charitable activities in line with the total direct expenditure on each activity.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 property Straight line over 25 years Plant and equipment 25% straight line

Freehold land and assets in the course of construction are not depreciated. Assets in the course of construction are not depreciated until the work is fully completed.

The gain or loss arising on the disposal of an asset is the difference between the sale proceeds and the carrying value of the asset and is recognised in the Statement of Financial Activities.

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of tangible assets, including Burial land, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any).

1.8 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value as at the reporting end date. The net gain or loss on revaluation is recognised in net income/(expenditure) for the year.

1.9 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

1.10 Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

1 ACCOUNTING POLICIES (CONTINUED)

1.1 1 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS102 to all of its financial instruments.

Financial instruments are recognised in the charity’s statement of financial position when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.

Concessionary loans

Concessionary loans are those loans made or received by a charity to further its purposes and any interest charged is below the prevailing market rate. Concessionary loans are not made solely to achieve a financial return and therefore are not discounted at a market rate of interest.

Concessionary loans repayable on demand or within one year are measured at the carrying amount of the loan. Concessionary loans repayable in more than one year are initially recognised and measured at the amount received or paid. In subsequent years the carrying amount is adjusted to reflect repayments and any

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for specific purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

2 SUBSIDARY COMPANY

The Foundation has a wholly owned trading subsidiary, BWF Development Company Limited, incorporated in the United Kingdom, number 06287768, the principal activity of which is the development of building projects. A summary of the trading results of the subsidiary for the year ended 31 July 2023 is shown below.

Turnover
Cost of Sales
Gross Profit
Administrative expenses
Operating profit
Interest payable and similar charges
Profit/(loss) before tax
Tax on profit/(loss)
Profit/(loss) for the financial year
The net assets of the subsidiary were:
Assets
Liabilities
Funds (Including 100 ordinary shares of £1 each)		 2023
£
2,742,315
2,497,969
244,346
(143,128)
101,218
-
101,218
(1,370)
99,848
337,186
(330,558)
6,628		 2022
£
29,083
25,626
3,457
(3,286)
171
(1,571)
(1,400)
-
(1,400)
7,367
(100,587)
(93,220)

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

3 FINANCIAL PERFORMANCE OF THE CHARITY

The financial activities showing the consolidated financial statements include those of the Charity's subsidiary. A summary income and expenditure account showing the financial activities undertaken by the charity alone during the period is set out below.

Total income
Total expenditure
Net gains and losses on revaluation of investment properties
Net income for the year/Net movement in funds
Total funds brought forward
Total funds carried forward		 2023
2022
£
£
2,041,182
1,585,865
(440,128)
(440,569)
(143,000)
91,380
1,458,054
1,236,676
13,316,634
12,079,958
14,774,688
13,316,634

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

Unrestricted Restricted
funds
funds
2023
2023
£
£
4 DONATIONS AND LEGACIES
Salaam Centre donations
-
1,268,055
Other general donations
25,932
261,508
Tax relief on donations
179,074
-
205,006
1,529,563
5 INCOME FROM CHARITABLE ACTIVITIES
Conferences and Seminars
65,058
-
Hall Hire
7,855
-
72,913
6 INCOME FROM OTHER TRADING ACTIVITIES
Rental Income
15,000
-
Insurance claim
-
-
15,000
-
7 INVESTMENT INCOME
Dividends from investments
30,000
-
Interest received on bank deposits
48,700
-
78,700
-
8 OTHER INCOME
Coronavirus support grant
-
-
-
-		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
1,268,055
-
1,040,931
287,440
26,874
274,502
179,074
133,157
-
1,734,569
160,031
1,315,433
65,058
36,493
-
7,855
3,973
-
72,913
40,466
-
15,000
15,000
-
-
17,500
-
15,000
32,500
-
30,000
30,000
-
48,700
3,590
-
78,700
33,590
-
-
2,274
-
-
2,274
-		 Total
2022
£
1,040,931
301,376
133,157
1,475,464
36,493
3,973
40,466
15,000
17,500
32,500
30,00
3,590
33,590
2,274
2,274

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

9 EXPENDITURE ON RAISING FUNDS

Advertising and sponsorship
Staff costs
Share of support costs
Share of governance costs
Other fundraising costs
Total fundraising and publicity		 Unrestricted
funds
2023
£
19,600
10,828
7,082
3,950
42,966
84,426		 Unrestricted
funds
2022
£
31,000
16,152
5,828
4,076
-
57,056

10 EXPENDITURE ON CHARITABLE ACTIVITIES

Conference
Education
Grants
Burial
&
Services
Seminars
£
£
£
£
Religious activities
88,055
-
-
-
Education
-
17,558
-
-
Grants
-
-
68,596
-
Burial charges
-
-
-
136,049
88,055
17,558
68,596
136,049
Share of support costs
18,954
6,589
12,029
-
Share of governance costs
5,559
1,109
4,331
-
112,568
25,256
84,956
136,049
Analysis by Fund
Unrestricted funds
112,568
7,698
20,360
-
Restricted funds
-
17,558
64,596
136,049
112,568
25,256
84,956
136,049		 Total
2023
£
88,055
17,558
68,596
136,049
310,258
37,572
10,999
358,829
140,626
218,203
358,829		 Total
2022
£
48,906
20,514
93,795
148,453
311,668
53,670
21,460
386,798
128,064
258,734
386,798

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

10 EXPENDITURE ON CHARITABLE ACTIVITIES (continued)

For the year ended 31 July 2022
Religious activities
Education
Grants
Burial charges
Share of support costs
Share of governance costs
Analysis Fund
Unrestricted funds
Restricted funds		 Conference Education
Grants
Burial
Total
&
Services
2022
Seminars
£
£
£
£
£
48,906
-
-
-
48,906
-
20,514
-
-
20,514
-
-
93,795
-
93,795
-
-
-
148,453
148,453
48,906
20,514
93,795
148,453
311,668
17,451
9,302
26,917
-
53,670
6,431
2,697
12,332
-
21,460
72,788
32,513
133,044
148,453
386,798
72,788
11,999
43,277
-
128,064
-
20,514
89,767
148,453
258,734
72,788
32,513
133,044
148,453
386,798		 Conference Education
Grants
Burial
Total
&
Services
2022
Seminars
£
£
£
£
£
48,906
-
-
-
48,906
-
20,514
-
-
20,514
-
-
93,795
-
93,795
-
-
-
148,453
148,453
48,906
20,514
93,795
148,453
311,668
17,451
9,302
26,917
-
53,670
6,431
2,697
12,332
-
21,460
72,788
32,513
133,044
148,453
386,798
72,788
11,999
43,277
-
128,064
-
20,514
89,767
148,453
258,734
72,788
32,513
133,044
148,453
386,798
311,668
53,670
21,460
386,798
128,064
258,734
386,798

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

11 SUPPORT COSTS

Staff costs
Depreciation
Premises costs
Office costs
Bank charges
Development company costs
Governance Costs
Audit fees
Legal and professional fees
Accountancy fees		 Support
costs
2023
£
10,828
7,023
16,550
1,186
6,130
2,936
7,500
2,230
5,220
59,603		 Total
2023
£
10,828
7,023
16,550
1,186
6,130
2,936
7,500
2,230
5,220
59,603		 Support
costs
2022
£
16,152
6,831
24,948
2,585
5,696
3,286
7,000
8,746
9,790
85,034		 Total
Basis of
allocation
2022
£
16,152
Usage
6,831
Directly attributable
24,948
Directly attributable
2,585
Directly attributable
5,696
Directly attributable
3,286
Directly attributable
7,000 Governance
8,746 Governance
9,790 Governance
85,034

12 TRUSTEES

None of the Trustees (nor any persons connected with them) received any remuneration or benefits from the charity during the year (2022: £nil).

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

12 EMPLOYEES

Number of employees

The average monthly number of employees during the year was:

Total
Employment costs
Wages and salaries
Staff pension costs		 2023
Number
2
2023
£
21,185
471
21,656		 2022
Number
2
2022
£
31,727
577
32,304

There were no employees whose annual remuneration was £60,000 or more.

13 RETIREMENT BENEFIT SCHEME

The Foundation operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administrated fund.

14 GAINS AND LOSSES ON INVESTMENTS

Gains/(losses) arising on:
Revaluation of investment properties		 2023
2022
£
£
(143,000)
91,380

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

15 TANGIBLE FIXED ASSETS

THE GROUP
Cost
At 1 August 2022
Additions
At 31 July 2023
Depreciation
At 1 August 2022
Charge for the year
At 31 July 2023
Net Book Value
At 31 July 2023
At 31 July 2022
THE FOUNDATION
Cost
At 1 August 2022
Additions
At 31 July 2023
Depreciation
At 1 August 2022
Charge for the year
At 31 July 2023
Net Book Value
At 31 July 2023
At 31 July 2022		 Freehold
Assets under
Plant &
Total
Land and
construction
machinery
buildings
£
£
£
£
401,558
9,600,230
7,202
10,008,990
-
2,498,006
958
2,498,964
401,558
12,098,236
8,165
12,507,959
6,831
-
7,202
14,033
6,831
-
192
7,023
13,662
-
7,399
21,061
387,896
12,098,236
766
12,486,898
394,727
9,600,230
-
9,994,957
401,558
9,648,271
-
10,049.829
-
2,742,315
-
2,742,315
401,558
12,390,586
-
12,792,144
6,831
-
-
6,831
6,381
-
-
6,831
13,662
-
-
13,662
387,896
12,390,586
-
12,778,482
394,727
9,648,271
-
10,042,998

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

16 INVESTMENT PROPERTY
THE GROUP AND THE FOUNDATION
Fair value
At 1 August 2022
Net gains and losses through fair value adjustments
At 31 July 2023
At 31 July 2022		 Total
£
673,000
(143,000)
530,000
673,000

Investment property comprises property held for capital appreciation and rental income purposes.

The fair value of the investment property has been valued by the Trustees on an open market value basis. Open market value has been determined by reference to a thorough assessment of various factors including market trends, prevailing interest rates and future interest rate expectations on 31 July 2023, the political and economic environment during the period, the property condition and comparable property sales in the area.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

17
FIXED ASSET INVESTMENTS
THE GROUP
Cost
At 1 August 2022 & 31 July 2023
Carrying amount
At 31 July 2023
At 31 July 2022
THE FOUNDATION
Cost
At 1 August 2022 & 31 July 2023
Carrying amount
At 31 July 2023
At 31 July 2022		 Unlisted
Total
£
£
10,000
10,000
10,000
10,000
10,000
10,000
10,100
10,100
10,100
10,100
10,100
10,100

Fixed asset investments amounting to £10,000 represent non-controlling participating interests.

18
DEBTORS – THE GROUP
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
18.a DEBTORS – THE FOUNDATION
Amounts falling due within one year:
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income		 2023
2022
£
£
91,082
2,515
3,216
3,192
94,298
5,707
2023
2022
£
£
-
96,426
142,363
1,892
3,216
3,192
145,579 101,510

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

19 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR – THE GROUP

Amounts falling due within one year:
Trade creditors
Accrued expenses
Other creditors		 2023
2022
£
£
271,033
1,200
19,543
21,689
100
1,442
290,676
24,331

The bank loans are secured by way of charges over certain investment properties owned by the group.

19.a CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - THE FOUNDATION

Amounts falling due within one year:
Trade creditors
Amounts owed to subsidiary undertakings
Accrued expenses
Other creditors		 2023
2022
£
£
-
-
305,340
-
13,884
18,729
100
1,442
319,324
20,171

19.b CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR – THE GROUP

Loans for Salaam Centre project – payable after one year 2023
2022
£
£
748,986
736,486

19.c CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR – THE FOUNDATION

Loans for Salaam Centre project – payable after one year 2023
2022
£
£
748,986
736,486

Loans for the Salaam Centre project represent interest-free concessionary loans received from members made wholly to advance charitable purposes, for the benefit of the Charity's beneficiaries, and achieve no financial return.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

20 RESTRICTED FUNDS

The income funds of the group include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Funds for interment in plot J
Advance for Headstone
commissioning
Funds to purchase graves in plot J
Salaam Centre project funds
Zakat
Sadqa/IZ/India for poor and needy
Husseiny Madrassa for Education
Restricted Funds 2 for poor and needy
Fidia – Food Distribution to poor
Fitra – Distributed to poor at end of
Ramadhan
Radde Mazaalim
Khums – Saheme Sadat
Khums – Saheme Imam
LFT Charity donation
Restricted funds 1 mainly for education
Fundraising for Salaam Centre
Education UK & Overseas
WIPAHS- Kibaha
Imam Hussein Foundation
Sufra Fund Food distribution in UK
Wafa Orphans – Iraq
Hujjat-Harefiel Project
Empowered Women Network Event
Kaffara
Pakistan Flood Victims
Care 4 Calais		 Balance at
1 Aug 2022
£
113,031
68,896
35,181
3,029,704
-
5,208
1,070
26,016
658
1,516
-
7,583
-
3,620
21,921
4,830
50,425
772
350
1500
10,000
-
-
-
-
-
3,382,281		 Income
Expenses
Transfers
Balance at
31 July 2023
£
£
£
£
115,299
(120,097)
-
148,233
21,320
(15,952)
-
74,264
750
-
-
35,931
1,268,055
-
(2,498,006)
1,799,753
-
-
-
-
4,473
(7,408)
-
2,273
21,303
(17,308)
-
5,065
1,200
(4,300)
-
22,916
220
(878)
-
-
4,767
(3,320)
-
2,963
-
-
-
-
17,003
(13,919)
-
10,667
2,750
(2,750)
-
-
4,754
(7,217)
-
1,157
20,630
(15,859)
-
26,692
-
-
-
4,830
50
-
-
50,475
674
(1,100)
-
346
-
(350)
-
-
500
(2,000)
-
-
-
-
-
10,000
250
(250)
-
-
300
(300)
-
-
40
-
-
40
550
(550)
-
-
4,674
(4,644)
-
30
1,529,562
(218,202)
(2,498,006)
2,195,635		 Income
Expenses
Transfers
Balance at
31 July 2023
£
£
£
£
115,299
(120,097)
-
148,233
21,320
(15,952)
-
74,264
750
-
-
35,931
1,268,055
-
(2,498,006)
1,799,753
-
-
-
-
4,473
(7,408)
-
2,273
21,303
(17,308)
-
5,065
1,200
(4,300)
-
22,916
220
(878)
-
-
4,767
(3,320)
-
2,963
-
-
-
-
17,003
(13,919)
-
10,667
2,750
(2,750)
-
-
4,754
(7,217)
-
1,157
20,630
(15,859)
-
26,692
-
-
-
4,830
50
-
-
50,475
674
(1,100)
-
346
-
(350)
-
-
500
(2,000)
-
-
-
-
-
10,000
250
(250)
-
-
300
(300)
-
-
40
-
-
40
550
(550)
-
-
4,674
(4,644)
-
30
1,529,562
(218,202)
(2,498,006)
2,195,635
2,195,635

Transfers:

Salaam Centre Project fund transfers - the value of assets under construction purchased during the year has been transferred from the restricted fund to unrestricted funds since the asset has been purchased from restricted donations but the asset does not have a restricted purpose.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

20 RESTRICTED FUNDS (CONTINUED)

For the year end 31 July 2022

Funds for interment in plot J
Advance for Headstone
commissioning
Funds to purchase graves in plot J
Salaam Centre project funds
Zakat
Sadqa/IZ/India for poor and needy
Husseiny Madrassa for Education
Restricted Funds 2 for poor and needy
Fidia – Food Distribution to poor
Fitra – Distributed to poor at end of
Ramadhan
Radde Mazaalim
Funds for poor General
Khums – Saheme Sadat
LFT Charity donation
Restricted funds 1 mainly for education
Fundraising for Salaam Centre
Education UK & Overseas
WIPAHS- Kibaha
Imam Hussein Foundation
Sufra Fund Food distribution in UK
Wafa Orphans – Iraq		 Balance at
Income
Expenses
Transfers
Balance at
1 Aug 2021
31 July 2022
£
£
£
£
£
106,331
142,750
(136,050)
-
113,031
52,529
28,770
(12,403)
-
68,896
34,356
825
-
-
35,181
2,014,398
1,040,931
-
(25,625)
3,029,704
-
167
(167)
-
-
994
4,214
-
-
5,208
1,551
8,303
(19,014)
10,230
1,070
31,816
-
(5,800)
-
26,016
120
538
-
-
658
944
3,572
(3,000)
-
1,516
-
255
(255)
-
-
1,306
194
(1,500)
-
7,583
7,427
13,201
(13,045)
-
-
1,180
7,520
(5,083)
-
3,620
22,530
58,050
(58,659)
-
21,921
4,948
-
(118)
-
4,830
50,325
1,600
(1,500)
-
50,425
122
650
-
-
772
100
250
-
-
350
-
3,640
(2,140)
-
1,500
10,000
-
-
-
10,000
-
2,340,977
1,315,433
(258,734)
(15,395)
3,382,281		 Balance at
Income
Expenses
Transfers
Balance at
1 Aug 2021
31 July 2022
£
£
£
£
£
106,331
142,750
(136,050)
-
113,031
52,529
28,770
(12,403)
-
68,896
34,356
825
-
-
35,181
2,014,398
1,040,931
-
(25,625)
3,029,704
-
167
(167)
-
-
994
4,214
-
-
5,208
1,551
8,303
(19,014)
10,230
1,070
31,816
-
(5,800)
-
26,016
120
538
-
-
658
944
3,572
(3,000)
-
1,516
-
255
(255)
-
-
1,306
194
(1,500)
-
7,583
7,427
13,201
(13,045)
-
-
1,180
7,520
(5,083)
-
3,620
22,530
58,050
(58,659)
-
21,921
4,948
-
(118)
-
4,830
50,325
1,600
(1,500)
-
50,425
122
650
-
-
772
100
250
-
-
350
-
3,640
(2,140)
-
1,500
10,000
-
-
-
10,000
-
2,340,977
1,315,433
(258,734)
(15,395)
3,382,281
3,382,281

Transfers

Salaam Centre Project fund transfers - the value of assets under construction purchased during the year has been transferred from the restricted fund to unrestricted funds since the asset has been purchased from restricted donations but the asset does not have a restricted purpose.

Husseiny Madrassa for Education transfers - a transfer has been made from unrestricted funds to cover a deficit.

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

21 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Fund balances at 31 July 2023
are represented by:
Tangible assets
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities		 Unrestricted
Restricted
funds
funds
2023
2023
£
£
12,486,898
-
530,000
-
10,000
-
16,690
2,195,635
(748,986)
-
12,294,602
2,195,635		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
12,486,898
9,843,308
151,649
530,000
673,000
-
10,000
10,000
-
2,212,325
3,207
3,230,632
(748,986)
(736,486)
-
14,490,237
9,793,029
3,382,281		 Total
2022
£
9,994,957
673,000
10,000
3,233,839
(736,486)
13,175,310

22 CAPITAL COMMITMENTS

At the year-end works relating to the development of The Salaam Centre, Harrow had been contracted for but not provided in the financial statements as they had not yet been carried out totalling £3,561,957. Additional costs are expected to arise in the future.

23 RELATED PARTY TRANSACTIONS

Donations from the Trustees and close family members to the Charity during the year amounted to £130,546 (2022: £34,383).

The Wolsey Trust, a UK registered charity in which a Trustee is also a trustee, made donations to BW Foundation of £5,500 (2022: £600,850) during the year, as part of its charitable activities.

Related party donations to the Charity during the year from entities in which trustees are directors totaled £171,000 (2022: £31,350).

DocuSign Envelope ID: E5095132-30B7-4603-8A99-46D52E1E7D6A

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

24 CASH GENERATED FROM OPERATIONS

Surplus for the year
Adjustments for:
Investment income recognised in Statement of Financial Activities
Fair value gains and losses on investment properties
Depreciation and impairment of tangible assets
Movements in working capital:
(Increase)/decrease in debtors
(Decrease) in creditors
Cash generated from operations		 2023
£
1,314,927
(78,700)
143,000
7,023
(88,591)
(3,015)
1,294,644		 2022
£
1,231,820
(33,590)
(91,380)
6,831
17,490
(12,091)
1,119,080

25 ANALYSIS OF CHANGES IN NET FUNDS

Cash at bank and in hand
Loans due after more than one year		 At 1 August
2022
£
3,252,463
(736,486)
2,515,977		 Cashflows
Acquisitions
and Disposals
£
£
(843,760)
-
-
(12,500)
(843,760)
(12,500)		 At 31 July
2023
£
2,408,703
(748,986)
1,659,717