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← Bw Foundation

2024-07-31-accounts

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

B W FOUNDATION

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

B W FOUNDATION

(A company limited by guarantee)

Charity Trustees Dr M Asaria Medical Practitioner
Dr N Merali Medical Practitioner
Mr M Versi Retired
Mrs M Manji Director
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

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

B W FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

The Trustees present their annual report and the consolidated financial statements for the year ended 31 July 2024. 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

The Trustees carried out several activities and are pleased to report the the following achievements:

The phase 2 construction of the Salaam centre is ongoing however additional funding is needed to complete the project.

B W FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

Financial Review

The Statement of Financial Activities and related notes show the sources of income and how the income has been applied. The net movement in funds for the year was an increase of £1,756,838 (2023: £1,314,927). Total funds at 31 July 2024 stand at £16,247,075 (2023: £14,490,237) of which £947,652 (2023: £2,195,635) are restricted funds and £15,299,423 (2023: £12,294,602) are unrestricted funds. The majority of unrestricted funds is tied up in fixed assets. A breakdown of restricted funds is contained in the notes. 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 and other supporters continue, as well as Organisations. The Foundation also raises funds publicly, through our website and sponsoring events, utilising opportunities to promote The Salaam Centre where possible. There were no complaints in the year towards the fundraising 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. It is felt that the4re is no reason to maintain any free reserves especially as the standing order donations cover any costs that are not related to the construction – the current free reserves are negligible.

Once the construction is 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 operational costs 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

A delay in finishing the construction of the Salaam centre. 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: Continuing the construction of the Salaam Centre to accommodate the growing number of participants who attend the community centre.

B W FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

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:

Dr. N Merali Mrs. M Manji Dr. M Asaria Mr. M Versi (appointed 5 November 2023) Mr. M Walji (appointed 5 November 2023) Mr. R Esmail (resigned 5 November 2024)

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.

B W FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

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 M Walji Trustee

29 April 2025

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 2024 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.

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:

We assessed the susceptibility of the financial statements to material misstatements including obtaining an understanding of how fraud might occur by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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 29 April 2025

Statutory Auditor 1[st] Floor, 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.

B W FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2024

Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
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 2023
Fund balances at 31 July 2024		 Unrestricted
funds
2024
£
199,337
70,354
21,350
73,351
364,392
162,998
180,414
343,412
10,000
30,980
2,973,841
3,004,821
12,294,602
15,299,423		 Restricted
funds
2024
£
2,020,667
-
-
-
2,020,667
-
294,809
294,809
-
1,725,858
(2,973,841)
(1,247,983)
2,195,635
947,652		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
2,220,004
205,006
1,529,563
70,354
72,913
-
21,350
15,000
-
73,351
78,700
-
2,385,059
371,619
1,529,563
162,998
84,426
-
475,223
140,626
218,203
640,121
225,052
218,203
10,000
(143,000)
-
1,756,838
3,567
1,311,360
-
2,498,006 (2,498,006)
1,756,838
2,501,573 (1,186,646)
14,490,237
9,793,029
3,382,281
16,247,075
12,294,602
2,195,635		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
2,220,004
205,006
1,529,563
70,354
72,913
-
21,350
15,000
-
73,351
78,700
-
2,385,059
371,619
1,529,563
162,998
84,426
-
475,223
140,626
218,203
640,121
225,052
218,203
10,000
(143,000)
-
1,756,838
3,567
1,311,360
-
2,498,006 (2,498,006)
1,756,838
2,501,573 (1,186,646)
14,490,237
9,793,029
3,382,281
16,247,075
12,294,602
2,195,635		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
2,220,004
205,006
1,529,563
70,354
72,913
-
21,350
15,000
-
73,351
78,700
-
2,385,059
371,619
1,529,563
162,998
84,426
-
475,223
140,626
218,203
640,121
225,052
218,203
10,000
(143,000)
-
1,756,838
3,567
1,311,360
-
2,498,006 (2,498,006)
1,756,838
2,501,573 (1,186,646)
14,490,237
9,793,029
3,382,281
16,247,075
12,294,602
2,195,635		 Total
2023
£
1,734,569
72,913
15,000
78,700
371,619
1,529,563		 1,901,182
84,426
-
140,626
218,203		 84,426
358,829
225,052
218,203		 443,255
(143,000)
-		 (143,000)
3,567
1,311,360
2,498,006 (2,498,006)		 1,314,927
-
2,501,573 (1,186,646)
9,793,029
3,382,281		 1,314,927
13,175,310
12,294,602
2,195,635		 14,490,237

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

All income and expenditure derive from continuing activities.

B W FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 15 15,453,716 12,486,898
Investment properties 16 540,000 530,000
Investments 17 10,000 10,000
16,003,716 13,026,898
Current assets
Debtors 18 135,609 94,298
Cash at bank and in hand 833,882 2,408,703
969,491 2,503,001
Creditors: amounts falling due
within one year 19 (42,196) (290,676)
Net current assets 927,295 2,212,325
Total assets less current liabilities 16,931,011 15,239,223
Creditors: amounts falling due
after more than one year 19.b (683,936) (748,986)
Net assets 16,247,075 14,490,237
Income funds
Restricted funds 20 947,652 2,195,635
Unrestricted funds
Total charity funds		 15,299,423
16,247,075		 12,294,602
14,490,237

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 29 April 2025 and were signed on its behalf by:

Mr M Walji Mr M Versi Trustee Trustee

B W FOUNDATION

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 15 15,982,931 12,778,482
Investment property 16 540,000 530,000
Investments 17 10,100 10,100
16,533,031 13,318,582
Current assets
Debtors 18 584,275 145,579
Cash at bank and in hand 812,619 2,378,837
1,396,894 2,524,416
Creditors: amounts falling due
within one year 19 (488,720) (319,324)
Net current assets 908,174 2,205,092
Total assets less current liabilities 17,441,205 15,523,674
CREDITORS: amounts falling due
after more than one yar (683,936) (748,986)
NET ASSETS 16,757,269 14,774,688
Income funds
Restricted funds 605,864 1,871,287
Total charity funds
Unrestricted funds		 16,757,269
16,151,405		 14,774,688
12,903,401

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 29 April 2025 and were signed on its behalf by:

Mr M Walji Trustee

Mr M Versi Trustee

B W FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 24, 25 1,390,719 1,294,644
Investing activities
Investment income received 73,351 78,700
Purchase of tangible fixed assets (2,973,841) (2,229,604)
Net cash generated from/ (used in) investing activities (2,900,490) (2,150,904)
Financing activities
Proceeds from borrowings 180,450 12,500
Repayment of borrowings (245,500) -
Net cash (used in)/generated from
financing activities (65,050) 12,500
Net (decrease)/increase in cash and cash equivalents (1,574,821) (843,760)
Cash and cash equivalents at beginning of year 2,408,703 3,252,463
Cash and cash equivalents at end of year 833,882 2,408,703

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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 2024. 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.

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES (CONTINUED)

1.5 Income

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. The tax payable by subsidiaries of the charity is recognised as part of the support costs of the group for the year.

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.

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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.

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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 2024 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:
Total Assets
Total Liabilities
Total Equity (Including 100 ordinary shares of £1 each)		 2024
£
3,211,282
(2,973,841)
237,441
(233,620)
3,821
-
3,821
(753)
3,068
483,452
(473,756)
9,696		 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

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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		 2024
2023
£
£
2,615,059
2,041,182
(632,478)
(440,128)
10,000
(143,000)
1,992,581
1,458,054
14,774,688
13,316,634
16,767,269
14,774,688

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

Unrestricted Restricted
funds
funds
2024
2024
£
£
4 DONATIONS AND LEGACIES
Salaam Centre donations
-
1,696,519
Other general donations
74,851
324,148
Tax relief on donations
124,486
-
199,337
2,020,667
5 INCOME FROM CHARITABLE ACTIVITIES
Conferences and Seminars
62,549
-
Hall Hire
7,805
-
70,354
-
6 INCOME FROM OTHER TRADING ACTIVITIES
Rental Income
21,350
-
Other trading activities
-
-
21,350
-
7 INVESTMENT INCOME
Dividends from investments
30,000
-
Interest received on bank deposits
43,351
-
73,351
-		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
1,696,519
-
1,268,055
398,999
25,932
261,508
124,486
179,074
-
2,220,004
205,006
1,529,563
62,549
65,058
-
7,805
7,855
-
70,354
72,913
-
21,350
15,000
-
-
-
-
21,350
15,000
-
30,000
30,000
-
43,351
48,700
-
73,351
78,700
-		 Total
2023
£
1,268,055
287,440
179,074
1,734,569
65,058
7,855
72,913
15,000
-
15,000
30,000
48,700
78,700

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

8 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
2024
£
12,000
14,050
16,381
5,730
114,837
162,998		 Unrestricted
funds
2023
£
19,600
10,828
7,082
3,950
42,966
84,426

9 EXPENDITURE ON CHARITABLE ACTIVITIES

Conferences
Education
& Seminars
£
£
Religious activities
106,479
-
Education
-
47,166
Grants
-
-
Burial charges
-
-
106,479
47,166
Share of support costs
28,712
12,077
Share of governance costs
4,810
2,131
140,001
61,374
Analysis by Fund
Unrestricted funds
140,001
14,208
Restricted funds
-
47,166
140,001
61,374		 Grants
£
-
-
104,254
-
104,254
19,145
4,710
128,109
26,205
101,904
128,109		 Burial
Services
£
-
-
-
145,739
145,739
-
-
145,739
-
145,739
145,739		 Total
2024
£
106,479
47,166
104,254
145,739
403,638
59,934
11,651
475,223
180,414
294,809
475,223		 Total
2023
£
88,055
17,558
68,596
136,049
310,258
37,572
10,999
358,829
140,626
218,203
358,829

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

9 EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)

For the year ended 31 July 2023
Religious activities
Education
Grants
Burial charges
Share of support costs
Share of governance costs
Analysis Fund
Unrestricted funds
Restricted funds		 Conference
Education
& Seminars
£
£
88,055
-
-
17,558
-
-
-
-
88,055
17,558
18,954
6,589
5,559
1,109
112,568
25,256
112,568
7,698
-
17,558
112,568
25,256		 Grants
£
-
-
68,596
-
68,596
12,029
4,331
84,956
20,360
64,596
84,956		 Burial
Services
£
-
-
-
136,049
136,049
-
-
136,049
-
136,049
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

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

10 SUPPORT COSTS

Staff costs
Depreciation
Premises costs
Office costs
Bank charges
Development company costs
Governance Costs
Governance Costs
Audit fees
Legal and professional fees
Accountancy fees		 Support
costs
2024
£
14,051
7,023
17,742
25,761
6,187
5,551
17,381
93,696
11,000
1,861
4,520
17,381		 Total
2024
£
14,051
7,023
17,742
25,761
6,187
5,551
17,381
93,696
11,000
1,861
4,520
17,381		 Support
costs
2023
£
10,828
7,023
16,550
1,186
6,130
2,936
14,950
59,603
7,500
2,230
5,220
14,950		 Total
Basis of
allocation
2023
£
10,828
Usage
7,023
Directly attributable
16,550
Directly attributable
1,186
Directly attributable
6,130
Directly attributable
2,936
Directly attributable
14,950 Governance
59,603
7,500
2,230
5,220
14,950

11 TRUSTEES

None of the Trustees (nor any persons connected with them) received any remuneration or benefits from the charity during the year (2023: None).

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

12 EMPLOYEES

Number of employees

The average monthly number of employees during the year was:

Total excluding Trustees
Employment costs
Wages and salaries
Staff pension costs		 2024
2023
Number
Number
2
2
2024
2023
£
£
27,601
21,185
500
471
28,101
21,656		 2024
2023
Number
Number
2
2
2024
2023
£
£
27,601
21,185
500
471
28,101
21,656
21,656

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		 2024
2023
£
£
10,000
(143,000)

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

15 TANGIBLE FIXED ASSETS

THE GROUP
Cost
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net Book Value
At 31 July 2024
At 31 July 2023
THE FOUNDATION
Cost
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net Book Value
At 31 July 2024
At 31 July 2023		 Freehold
Assets under
Plant &
Total
Land and
construction
equipment
buildings
£
£
£
£
401,558
12,098,236
8,165
12,507,959
-
2,973,841
-
2,973,841
401,558
15,072,077
8,165
15,481,800
13,662
-
7,399
21,061
6,831
-
192
7,023
20,493
-
7,591
28,084
381,065
15,072,077
574
15,453,716
387,896
12,098,236
766
12,486,898
401,558
12,390,585
-
12,792,143
-
3,211,281
-
3,211,281
401,558
15,601,866
-
16,003,424
13,662
-
-
13,662
6,831
-
-
6,831
20,493
-
-
20,493
381,065
15,601,866
-
15,982,931
387,896
12,390,586
-
12,778,482

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

16 INVESTMENT PROPERTY
THE GROUP AND THE FOUNDATION
Fair value
At 1 August 2023
Net gains and losses through fair value adjustments
At 31 July 2024
At 31 July 2023		 Total
£
530,000
10,000
540,000
530,000

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 2024, the political and economic environment during the period, the property condition and comparable property sales in the area.

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

17
FIXED ASSET INVESTMENTS
THE GROUP
Cost
At 1 August 2023 & 31 July 2024
Carrying amount
At 31 July 2024
At 31 July 2023
THE FOUNDATION
Cost
At 1 August 2023 & 31 July 2024
Carrying amount
At 31 July 2024
At 31 July 2023		 Unlisted
Total
£
£
10,000
10,000
10,000
10,000
10,000
10,000
10,100
10,100
10,1001
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		 2024
2023
£
£
130,980
91,082
4,629
3,216
135,609
94,298
2024
2023
£
£
458,666
-
130,980 142,363
4,629
3,216
594,275 145,579

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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

Amounts falling due within one year:
Taxation and social security
Trade creditors
Accrued expenses
Other creditors		 2024
2023
£
£
9,533
-
9,968
271,033
22,585
19,543
110
100
42,196
290,676

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:
Taxation and social security
Amounts owed to subsidiary undertakings
Accrued expenses
Other creditors		 2024
2023
£
£
8,121
-
- 305,340
480,489
13,884
110
100
488,720
319,324

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

Loans for Salaam Centre project – payable after one year 2024
2023
£
£
683,936
748,986

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

Loans for Salaam Centre project – payable after one year 2024
2023
£
£
683,936
748,986

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.

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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
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
Master Foundation
Wafa Orphans – Iraq
Kaffara
Pakistan Flood Victims
Care 4 Calais
Gaza
Muslim Community of Great Britain		 Balance at
1 Aug 2023
£
148,233
74,264
35,931
1,799,753
-
2,273
5,065
22,916
-
2,963
10,667
-
1,157
26,692
4,830
50,475
346
-
-
-
10,000
40
-
30
-
-
2,195,635		 Income
Expenses
Transfers
Balance at
31 July 2024
£
£
£
£
142,131
(127,663)
-
162,701
29,635
(18,076)
-
85,823
775
-
-
36,706
1,696,519
-
(2,973,841)
522,431
24,424
(11,500)
-
12,924
3,936
-
-
6,209
29,742
(28,854)
-
5,953
-
(5,550)
-
17,366
540
-
-
540
6,518
(6,000)
-
3,481
36,964
(47,631)
-
-
-
-
-
-
1,500
-
-
2,657
19,000
(18,312)
-
27,380
313
(5,143)
-
-
350
-
-
50,825
920
-
-
1,266
500
-
-
500
250
-
-
250
1,000
(1,000)
-
-
-
-
-
10,000
-
-
-
40
-
-
-
-
-
-
-
30
650
(80)
-
570
25,000
(25,000)
-
-
2,020,667
(294,809)
(2,973,841)
947,652		 Income
Expenses
Transfers
Balance at
31 July 2024
£
£
£
£
142,131
(127,663)
-
162,701
29,635
(18,076)
-
85,823
775
-
-
36,706
1,696,519
-
(2,973,841)
522,431
24,424
(11,500)
-
12,924
3,936
-
-
6,209
29,742
(28,854)
-
5,953
-
(5,550)
-
17,366
540
-
-
540
6,518
(6,000)
-
3,481
36,964
(47,631)
-
-
-
-
-
-
1,500
-
-
2,657
19,000
(18,312)
-
27,380
313
(5,143)
-
-
350
-
-
50,825
920
-
-
1,266
500
-
-
500
250
-
-
250
1,000
(1,000)
-
-
-
-
-
10,000
-
-
-
40
-
-
-
-
-
-
-
30
650
(80)
-
570
25,000
(25,000)
-
-
2,020,667
(294,809)
(2,973,841)
947,652
947,652

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.

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

20 RESTRICTED FUNDS (CONTINUED)

For the year ended 31 July 2023
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
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.

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

21 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Fund balances at 31 July 2024
are represented by:
Tangible assets
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities		 Unrestricted
Restricted
funds
funds
2024
2024
£
£
15,453,716
-
540,000
-
10,000
-
(20,357)
947,652
(683,936)
-
15,299,423
947,652		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
15,453,716
12,486,898
-
540,000
530,000
-
10,000
10,000
-
927,295
16,690
2,195,635
(683,936)
(748,986)
-
16,247,075
12,294,602
2,195,635		 Total
2023
£
12,486,898
530,000
10,000
2,212,325
(748,986)
14,490,237

22 CAPITAL COMMITMENTS

The company has contractual commitments in respect of the development of The Salaam Centre, Harrow and associated professional fees. Future costs of the project have not been recognised in these financial statements, except to the extent that the work has been carried out by the reporting end date.

23 RELATED PARTY TRANSACTIONS

Donations from the Trustees and their close family members to the Charity during the year amounted to £151,442 (2023: £130,546).

The Wolsey Trust, a UK registered charity in which a Trustee is also a trustee, made donations to BW Foundation of £6,000 (2023: £5,500) 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 amounted to £351,500 (2023: £171,000).

B W FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

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		 2024
£
1,756,838
(73,351)
(10,000)
7,023
(41,311)
(248,480)
1,390,719		 2023
£
1,314,927
(78,700)
143,000
7,023
(88,591)
(3,015)
1,294,644

25 ANALYSIS OF CHANGES IN NET FUNDS

Cash at bank and in hand
Loans due after more than one year		 At 1 August
2023
£
2,408,703
(748,986)
1,659,717		 Cashflows
Acquisitions
and Disposals
£
£
(1,574,821)
-
245,500
(180,450)
(1,329,321)
(180,450)		 At 31 July
2024
£
833,882
(683,936)
149,946