Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
**Charity registration number 1121549 Company registration number 06324340 (England and Wales)**
## **B W FOUNDATION**
**CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **(A company limited by guarantee)**
|**Charity Trustees**|Mr M Versi|
|---|---|
||Mr M Walji|
||Dr Z Sikafi|
||Mrs M Asaria|
||Mr M Manji|
|**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: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **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 - 31|
1
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
The Trustees present their annual report and the consolidated financial statements for the year ended 31 July 2025. 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**
The aims of the charity are set out in the charity's Memorandum and Articles of Association and are summarised:
- Relief of poverty and famine, the safeguarding of health and for the advancement of education.
- Furtherance of religion and other purposes anywhere in the world which are charitable according to the laws of England and Wales.
**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:
- Regular faith-based occasions on a weekly and seasonal basis at the Centre
- **-** Interfaith sessions to discuss various faith and ideological issues.
The phase 2 construction of the Salaam centre is ongoing however additional funding is needed to complete the project.
- 1 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **Financial Review**
The Statement of Financial Activities, Cash flow Statement and related notes show the sources of income and how the income has been applied during the year. Donations relating to the Salaam Centre project have fallen compared to 2024, leading to an overall fall in donations and fall in overall net income on last year. Restricted funds have seen an overall increase due to Salaam Centre donations during the year exceeding the related restricted expenditure during the year. The balance of restricted funds at the end of the year will be expended in a future year in accordance with the various wishes of the donors. As last year, there was a small increase in the value of the investment property held by the Charity.
The total net movement in funds for the year was an increase of £733,752 (2024: £1,756,838). Total funds at 31 July 2025 stand at £16,980,827 (2024: £16,247,075) of which £1,378,866 (2024: £947,652) are restricted funds and £15,601,961 (2024: £15,299,423) are unrestricted funds. A breakdown of restricted funds is contained in the notes. The Trustees are pleased with the results for the year and consider the statement of position 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 there 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 the future.
## **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.
- 2 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **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. M Versi Mr. M Walji Dr. N Merali (resigned 3 November 2025) Mrs. M Manji(resigned 3 November 2025) Dr. M Asaria (resigned 3 November 2025) Mr. R Esmail (resigned 5 November 2024) Dr. Z Sikafi (appointed 2 November 2025) Mrs. M Asaria (appointed 2 November 2025) Mr. M Manji (appointed 2 November 2025)
## **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 another extraordinary year for volunteers. We continue to be heartened by the resilience of our volunteers, adapting to new challenges and embracing new ways of working to support our work. In response, we provide regular guidance to enable safe volunteering, as well as resources and training.
## **Future plans**
In addition to the aims and objectives above, the Charity has these activities planned over the forthcoming year:
Continuing the construction of the Salaam Centre to accommodate the growing number of participants who attend the community centre.
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Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principle in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping 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**
17 May 2026
- 4 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **INDEPENDENT AUDITOR’S REPORT**
## **TO THE TRUSTEES OF B W Foundation**
## **Opinion**
We have audited the financial statements of BW Foundation (the 'Charity') and its group for the year ended 31 July 2025 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:
- give a true and fair view of the state of the group's and charity's affairs as at 31 July 2025 and of its incoming resources and application of resources, including income and expenditure, for the year then ended; and
- - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- - have been prepared in accordance with the requirements of the Companies Act 2006.
## **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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the Trustees’ report for the financial year for which the financial statements are prepared, which includes the directors’ report prepared for the purpose of the company law, is consistent with the financial statements; and
- the directors’ report included within the Trustees’ report has been prepared in accordance with applicable legal requirement.
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Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **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;
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Trustees' report and from the requirement to prepare a strategic report.
## **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 identified the laws and regulations applicable to the charity and the group through discussions with management and from our knowledge and experience of the sector and activities of the charity; and
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities (Accounts and Reports) Regulations 2008 and the Charities Act 2011; and
- we assessed the extent of compliance with the laws and regulations identified through making enquiries of management and inspecting documentation; and
- we identified laws and regulations which were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.
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.
- 6 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **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:
- we performed analytical procedures to identify any unusual or unexpected relationships; and
- we assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- we investigated the rationale behind significant or unusual transactions.
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 charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Mohamedkazim Bhaloo (Senior Statutory Auditor)**
For and on behalf of Deitch Cooper LLP, Statutory Auditor
Accountants 3 Hobbs House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX United Kingdom
17 May 2026
- 7 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
|**Income from:**
Donations and legacies
Charitable activities
Other trading activities
Investments
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
Net gains on
investments
**Net income**
Transfers between funds
**Net movements in funds**
**Reconciliation of funds:**
Fund balances at 1 August 2024
**Fund balances at 31 July 2025**|**Unrestricted **
**funds**
**2025**
**£**
145,368
46,977
24,000
49,069
265,414
49,871
157,548
207,419
5,000
62,995
239,543
302,538
15,299,423
15,601,961|**Restricted**
**funds**
**2025**
**£**
892,965
-
-
-
892,965
-
222,208
222,208
-
670,757
(239,543)
431,214
947,652
1,378,866|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
1,038,333
199,337
2,020,667
46,977
70,354
-
24,000
21,350
-
49,069
73,351
-
1,158,379
364,392
2,020,667
49,871
162,998
-
379,756
180,414
294,809
429,627
343,412
294,809
5,000
10,000
-
733,752
30,980
1,725,858
-
2,973,841 (2,973,841)
733,752
3,004,821 (1,247,983)
16,247,075
12,294,602
2,195,635
16,980,827
15,299,423
947,652|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
1,038,333
199,337
2,020,667
46,977
70,354
-
24,000
21,350
-
49,069
73,351
-
1,158,379
364,392
2,020,667
49,871
162,998
-
379,756
180,414
294,809
429,627
343,412
294,809
5,000
10,000
-
733,752
30,980
1,725,858
-
2,973,841 (2,973,841)
733,752
3,004,821 (1,247,983)
16,247,075
12,294,602
2,195,635
16,980,827
15,299,423
947,652|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
1,038,333
199,337
2,020,667
46,977
70,354
-
24,000
21,350
-
49,069
73,351
-
1,158,379
364,392
2,020,667
49,871
162,998
-
379,756
180,414
294,809
429,627
343,412
294,809
5,000
10,000
-
733,752
30,980
1,725,858
-
2,973,841 (2,973,841)
733,752
3,004,821 (1,247,983)
16,247,075
12,294,602
2,195,635
16,980,827
15,299,423
947,652|**Total**
**2024**
**£**
2,220,004
70,354
21,350
73,351|
|---|---|---|---|---|---|---|
|||||364,392
2,020,667||2,385,059|
|||||162,998
-
180,414
294,809||162,998
475,223|
|||||343,412
294,809||638,121|
|||||10,000
-||10,000|
|||||30,980
1,725,858
2,973,841 (2,973,841)||1,756,828
-|
|||||3,004,821 (1,247,983)
12,294,602
2,195,635||1,756,838
14,490,237|
||||||||
|||||15,299,423
947,652||16,247,075|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 8 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 JULY 2025**_
||||**2025**||**2024**|
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|**15**||15,686,236||15,453,716|
|Investment properties|**16**||545,000||540,000|
|Investments|**17**||10,250||10,000|
||||16,241,486||16,003,716|
|**Current assets**||||||
|Debtors|**18**|162,434||135,609||
|Cash at bank and in hand||1,373,121||833,882||
|||1,535,555||969,491||
|**Creditors: amounts falling due**||||||
|**within one year**|**19**|(222,978)||(42,196)||
|**Net current assets**|||1,312,577||927,295|
|**Total assets less current liabilities**|||17,554,063||16,931,011|
|**Creditors: amounts falling due**||||||
|**after more than one year**|**19.b**||(573,236)||(683,936)|
|**Net assets**|||16,980,827||16,247,075|
|**Income funds**||||||
|Restricted funds|**20**||1,378,866||947,652|
|Unrestricted funds
**Total charity funds**|||15,601,961
16,980,827||15,299,423
16,247,075|
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 17 May 2026 and were signed on its behalf by:
Mr M Walji Mr M Versi **Trustee Trustee**
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Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **COMPANY STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 JULY 2025**_
||||**2025**||**2024**|
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|**15**||16,224,827||15,982,931|
|Investment property|**16**||545,000||540,000|
|Investments|**17**||10,350||10,100|
||||16,780,177||16,533,031|
|**Current assets**||||||
|Debtors|**18**|133,026||594,275||
|Cash at bank and in hand||1,365,422||812,619||
|||1,498,448||1,406,894||
|**Creditors: amounts falling due**||||||
|**within one year**|**19**|(195,238)||(488,720)||
|**Net current assets**|||1,303,210||918,174|
|**Total assets less current liabilities**|||18,083,387||17,451,205|
|**Creditors: amounts falling due**||||||
|**after more than one yar**|||(573,236)||(683,936)|
|**NET ASSETS**|||17,510,151||16,767,269|
|**Income funds**||||||
|Restricted funds|||1,037,894||615,864|
|**Total charity funds**
Unrestricted funds|||17,510,151
16,472,257||16,767,269
16,151,405|
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 17 May 2026 and were signed on its behalf by:
Mr M Walji Mr M Versi **Trustee Trustee**
- 10 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **CONSOLIDATED STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
||||**2025**||**2024**|
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Cash flows from operating activities**||||||
|Cash generated from operations|**24, 25**||761,213||1,390,719|
|**Investing activities**||||||
|Investment income received||49,069||73,351||
|Purchase of tangible fixed assets||(239,543)||(2,973,841)||
|Purchase of investments||(250)|||-|
|**Net cash used in investing activities**|||(190,724)||(2,900,490)|
|**Financing activities**||||||
|Proceeds from borrowings|||-|180,450||
|Repayment of borrowings||(31,250)||(245,500)||
|**Net cash used in financing activities**|||(31,250)||(65,050)|
|**Net increase/(decrease) in cash and cash equivalents**|||539,239||(1,574,821)|
|Cash and cash equivalents at beginning of year|||833,882||2,408,703|
|**Cash and cash equivalents at end of year**|||1,373,121||833,882|
- 11 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **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 subsidiaries disclosed in the notes to the financial statements. All financial statements are for the same reporting period. All intra-group transactions, balances and all gains and losses on transactions between group companies are eliminated on consolidation. A separate Statement of Financial Activities of the parent company is not presented. A summary of the results for the year of the Charity is disclosed in the notes to the financial statements.
## **1.3 Going concern**
The Trustees have assessed the charity's funding requirements for the foreseeable future and are confident that sufficient funds will be available to enable operations to continue at a sustainable level for a period of at least twelve months from the date of approval of these financial statements. The Charity continues to maintain its regular standing order receipt donations and other small donations for the day-to-day running of operations. No matters that might cause doubts relating to the charity’s existence in perpetuity have been identified. There are no material uncertainties about the charity's ability to continue activities that forward the charitable objects. Accordingly, the Trustees continue to adopt the going concern basis in preparing the Charity’s financial statements.
## **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 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. Judgements and assumptions regarding the ageing of concessionary loans reflect third-party intentions to present a true and fair view of the position at the reporting date and the timing of subsequent repayments may differ.
- 12 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **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 related donation to the extent that it is subsequently able to be recovered. 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. 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.
- 13 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **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 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. Where the period of a loan repayable within one year has subsequently been extended this is treated as an adjusting event for the purpose of ageing and the loan is classified as payable after more than one year. Concessionary loans repayable after more than one year are initially recognised and measured at the amount received and adjusted to reflect any loan repayments.
## _**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 and analysis of restricted funds is included in the notes to the financial statements.
- 14 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **2 SUBSIDARY COMPANY**
The Foundation has a wholly owned trading subsidiary, BWF Development Company Limited, incorporated in the United Kingdom, company 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 2025 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)|**2025**
**£**
248,727
(239,543)
9,184
(9,125)
59
-
59
(6)
53
114,973
(105,224)
9,749|**2024**
**£**
3,211,282
(2,973,841)|
|---|---|---|
|||237,441
(233,620)|
|||3,821
-|
|||3,821
(753)|
|||3,068|
|||483,452
(473,756)|
|||9,696|
- 15 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **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 parent Charity alone during the year under review 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|**2025**
**2024**
**£**
**£**
1,165,179
2,615,059
(427,297)
(632,478)
5,000
10,000
742,882
1,992,581
16,767,269
14,774,688
17,510,151
16,767,269|
|---|---|
- 16 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
|**Unrestricted Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**4 DONATIONS AND LEGACIES**
Salaam Centre donations
-
641,225
Funds for cemetery and burials
153,929
Other general donations
61,452
97,811
Tax relief on donations
83,916
-
145,368
892,965
**5 INCOME FROM CHARITABLE ACTIVITIES**
Conferences and Seminars
41,977
-
Hall Hire
5,000
-
46,977
-
**6 INCOME FROM OTHER TRADING ACTIVITIES**
Rental Income
24,000
-
Other trading activities
-
-
24,000
-
**7 INVESTMENT INCOME**
Dividends from investments
30,000
-
Interest received on bank deposits
19,069
-
49,069
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
641,225
-
1,696,519
153,929
172,541
159,263
74,851
151,607
83,916
124,486
-
1,038,333
199,337
2,020,667
41,977
62,549
-
5,000
7,805
-
46,000
70,354
-
24,000
21,350
-
-
-
-
24,000
21,350
-
30,000
30,000
-
19,069
43,351
-
49,069
73,351
-|**Total**
**2024**
**£**
1,696,519
172,541
398,999
124,486|
|---|---|---|
|||2,220,004|
|||62,549
7,805|
|||70,354|
|||21,350
-|
|||21,350|
|||30,000
43,351|
|||73,351|
- 17 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **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**
**2025**
**£**
12,000
18,458
7,566
4,658
7,189
49,871|**Unrestricted**
**funds**
**2024**
**£**
12,000
14,050
16,381
5,730
114,837
162,998|
|---|---|---|
## **9 EXPENDITURE ON CHARITABLE ACTIVITIES**
|**Conferences**
**Education**
**& Seminars**
**£**
**£**
Religious activities
96,094
-
Education
-
31,157
Grants
-
-
Burial charges
-
-
96,094
31,157
Share of support costs
18,362
12,128
Share of governance costs
5,589
4,658
120,045
47,943
Analysis by Fund
Unrestricted funds
120,045
16,786
Restricted funds
-
31,157
120,045
47,943|**Grants**
**£**
-
-
56,999
-
56,999
16,991
3,726
77,716
20,717
56,999
77,716|**Burial**
**Services**
**£**
-
-
-
134,052
134,052
-
-
134,052
-
134,052
134,052|**Total**
**2025**
**£**
96,094
31,157
56,999
134,052
318,052
47,481
13,973
379,756
157,548
222,208
379,756|**Total**
**2024**
**£**
106,479
47,166
104,254
145,739|
|---|---|---|---|---|
|||||403,638|
|||||59,934
11,651|
|||||475,223|
|||||180,414
294,809|
|||||475,223|
- 18 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **9 EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)**
|**For the year ended 31 July 2024**
Religious activities
Education
Grants
Burial charges
Share of support costs
Share of governance costs
Analysis by Fund
Unrestricted funds
Restricted funds|**Conference**
**Education**
**& Seminars**
**£**
**£**
106,479
-
-
47,166
-
-
-
-
106,479
47,166
28,712
12,077
4,810
2,131
140,001
61,374
140,001
14,208
-
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|
- 19 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **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**
**2025**
**£**
15,621
7,023
20,539
8,916
809
2,139
18,631
73,678
11,000
6,031
1,600
18,631|**Total**
**2025**
**£**
15,621
7,023
20,539
8,916
809
2,139
18,631
73,678
11,000
6,031
1,600
18,631|**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**
**Basis of**
**allocation**
**2024**
**£**
14,051
Usage
7,023
Directly attributable
17,742
Directly attributable
25,761
Directly attributable
6,187
Directly attributable
5,551
Directly attributable
17,381 Governance
93,696
11,000
1,861
4,520
17,381|
|---|---|---|---|---|
## **11 TRUSTEES**
None of the Trustees (nor any persons connected with them) received any remuneration or benefits from the charity during the year (2024: None).
- 20 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **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|**2025**
**2024**
**Number**
**Number**
2
2
**2025**
**2024**
**£**
**£**
33,455
27,601
624
500
34,079
28,101|**2025**
**2024**
**Number**
**Number**
2
2
**2025**
**2024**
**£**
**£**
33,455
27,601
624
500
34,079
28,101|
|---|---|---|
|||28,101|
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**
|Net gains/(losses) arising on:
Revaluation of investment properties|**2025**
**2024**
**£**
**£**
5,000
10,000|
|---|---|
- 21 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
|**15 TANGIBLE FIXED ASSETS**
**THE GROUP**
**Cost**
At 1 August 2024
Additions
At 31 July 2025
**Depreciation**
At 1 August 2024
Charge for the year
At 31 July 2025
**Net Book Value**
At 31 July 2025
At 31 July 2024
**THE FOUNDATION**
**Cost**
At 1 August 2024
Additions
At 31 July 2025
**Depreciation**
At 1 August 2024
Charge for the year
At 31 July 2025
**Net Book Value**
At 31 July 2025
At 31 July 2024|**Freehold**
**Assets under**
**Plant &**
**Land and**
**construction**
**equipment**
**buildings**
**£**
**£**
**£**
401,558
15,072,077
8,165
-
239,543
-
401,558
15,311,620
8,165
20,493
-
7,591
6,831
-
192
27,324
-
7,783
374,234
15,311,620
382
381,065
15,072,077
574
401,558
15,601,866
-
-
248,727
-
401,558
15,850,593
-
20,493
-
-
6,831
-
-
27,324
-
-
374,234
15,850,593
-
381,065
15,601,866
-|**Total**
**£**
15,481,800
239,543|
|---|---|---|
|||15,721,343|
|||28,084
7,023|
|||35,107|
|||15,686,236|
|||15,453,716|
|||16,003,424
248,727|
|||16,252,151|
|||20,493
6,831|
|||27,324|
|||16,224,827
15,982,931|
- 22 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **16 INVESTMENT PROPERTY**
|**16 INVESTMENT PROPERTY**||
|---|---|
|**THE GROUP AND THE FOUNDATION**
**Fair value**
At 1 August 2024
Net gains and losses through fair value adjustments
At 31 July 2025
At 31 July 2024|**Total**
**£**
540,000
5,000|
||545,000|
||540,000|
Investment property comprises property held for capital appreciation and rental income purposes.
The fair value of the investment property has been determined based an external valuation prepared by an independent Chartered Surveyor on an open market value basis. The valuation date was 31 July 2025. 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 at the valuation date, the political and economic environment during the period, the property condition and comparable property sales in the area.
- 23 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
|**17**
**FIXED ASSET INVESTMENTS**
**THE GROUP**
**Cost**
At 1 August 2024 & 31 July 2025
Additions
**Carrying amount**
At 31 July 2025
At 31 July 2024
**THE FOUNDATION**
**Cost**
At 1 August 2024 & 31 July 2025
Additions
**Carrying amount**
At 31 July 2025
At 31 July 2024|**Unlisted**
**Total**
**£**
**£**
10,000
10,000
250
250|
|---|---|
||10,250
10,250|
||10,250
10,000|
||10,000
10,000|
||10,100
10,100
250
250|
||10,350
10,350|
||10,3501
10,350|
||10,100
10,100|
Fixed asset investments amounting to £10,250 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|**2025**
**2024**
**£**
**£**
156,855 130,980
5,579
4,629|
|---|---|
||162,434 135,609|
||**2025**
**2024**
**£**
**£**
- 458,666
127,447 130,980
5,579
4,629|
||133,026 594,275|
- 24 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
|**19**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR – THE GROUP**
**Amounts falling due within one year:**
Loans for Salaam Centre project - payable within one year
Corporation tax payable
Taxation and social security
Trade creditors
Other creditors
Accrued expenses|**2025**
**2024**
**£**
**£**
79,450
-
6
2,123
526
7,410
102,170
9,968
22,798
110
18,028
22,585|
|---|---|
||222,978
42,196|
## **19.a CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - THE FOUNDATION**
|**Amounts falling due within one year:**
Loans for Salaam Centre project - payable within one year
Taxation and social security
Amounts owed to subsidiary undertakings
Other creditors
Accrued expenses
**19.b CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
**THE GROUP AND THE FOUNDATION**
Loans for Salaam Centre project – payable after one year
**19.c LOANS AND OVERDRAFTS**
**THE GROUP AND THE FOUNDATION**
Total loans for Salaam Centre project|**2025**
**2024**
**£**
**£**
79,450
-
526
8,121
51,307
-
22,798
110
41,157
480,489|
|---|---|
||195,238
488,720|
||**2025**
**2024**
**£**
**£**
573,236
683,936|
||**2025**
**2024**
**£**
**£**
652,686
683,936|
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.
- 25 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **20 RESTRICTED FUNDS – THE GROUP**
The income funds of the group include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|Cemetery and burial fund
Advance for Headstone
commissioning
Salaam Centre project funds
Marketing – Salaam Centre
Zakat
Sadqa/IZ/India for poor and needy
Radde Mazaalim
Husayni Madrasah for Education
Restricted Funds 2 for poor and needy
Fidia – Food Distribution to poor
Fitra – Distributed to poor at end of
Ramadhan
Saadaat
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
Orphans – Iraq
Kaffara
Pakistan Flood Victims
Care 4 Calais
Gaza
Lebanon
Oasis
Qurbani|**Balance at**
**1 Aug 2024**
**£**
199,407
85,823
522,431
-
12,924
6,210
-
5,953
17,366
540
3,481
-
-
-
2,657
27,380
-
50,825
1,266
500
250
-
10,000
40
-
30
570
-
-
-
947,652|**Income**
**Expenses**
**Transfers**
**Balance at**
**31 July 2025**
**£**
**£**
**£**
**£**
134,229
(108,427)
-
225,209
19,700
(25,625)
-
79,898
641,225
-
(239,543)
924,113
22,700
(19,421)
-
3,279
200
(200)
-
12,924
7,013
(2,157)
-
11,065
100
-
-
100
25,632
(31,157)
-
428
5,950
(2,050)
-
21,266
306
(540)
-
306
4,302
(5,000)
-
2,783
74
-
-
74
14,748
(14,184)
-
564
-
-
-
-
560
(1,560)
70
1,727
10,000
(3,600)
-
33,780
-
-
-
-
301
-
-
51,126
175
(1,417)
-
24
250
(750)
-
-
100
(250)
-
100
-
-
-
-
-
-
-
10,000
-
(40)
-
-
-
-
-
-
-
(30)
-
-
-
(500)
(70)
-
300
(300)
-
-
5,000
(5,000)
-
-
100
-
-
-
892,965
(222,208)
(239,543)
1,378,866|**Income**
**Expenses**
**Transfers**
**Balance at**
**31 July 2025**
**£**
**£**
**£**
**£**
134,229
(108,427)
-
225,209
19,700
(25,625)
-
79,898
641,225
-
(239,543)
924,113
22,700
(19,421)
-
3,279
200
(200)
-
12,924
7,013
(2,157)
-
11,065
100
-
-
100
25,632
(31,157)
-
428
5,950
(2,050)
-
21,266
306
(540)
-
306
4,302
(5,000)
-
2,783
74
-
-
74
14,748
(14,184)
-
564
-
-
-
-
560
(1,560)
70
1,727
10,000
(3,600)
-
33,780
-
-
-
-
301
-
-
51,126
175
(1,417)
-
24
250
(750)
-
-
100
(250)
-
100
-
-
-
-
-
-
-
10,000
-
(40)
-
-
-
-
-
-
-
(30)
-
-
-
(500)
(70)
-
300
(300)
-
-
5,000
(5,000)
-
-
100
-
-
-
892,965
(222,208)
(239,543)
1,378,866|
|---|---|---|---|
||||1,378,866|
## 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.
- 26 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **20 RESTRICTED FUNDS - THE GROUP (CONTINUED)**
|**For the year ended 31 July 2024**
Cemetery and burial fund
Advance for Headstone
commissioning
Salaam Centre project funds
Zakat
Sadqa/IZ/India for poor and needy
Husayni Madrasah 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
Orphans – Iraq
Kaffara
Pakistan Flood Victims
Care 4 Calais
Gaza
Muslim Community of Great Britain|**Balance at**
**1 Aug 2023**
**£**
184,164
74,264
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**
**£**
**£**
**£**
**£**
142,906
(127,663)
-
199,407
29,635
(18,076)
-
85,823
1,696,519
-
(2,973,841)
522,431
24,424
(11,500)
-
12,924
3,936
-
-
6,209
29,743
(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**
**£**
**£**
**£**
**£**
142,906
(127,663)
-
199,407
29,635
(18,076)
-
85,823
1,696,519
-
(2,973,841)
522,431
24,424
(11,500)
-
12,924
3,936
-
-
6,209
29,743
(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.
- 27 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **20 RESTRICTED FUNDS – THE FOUNDATION**
The income funds of the Charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|Cemetery and burial funds
Advance for Headstone
commissioning
Salaam Centre project funds
Marketing – Salaam Centre
Zakat
Sadqa/IZ/India for poor and needy
Radde Mazaalim
Husayni Madrasah for Education
Restricted Funds 2 for poor and needy
Fidia – Food Distribution to poor
Fitra – Distributed to poor at end of
Ramadhan
Saadaat
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
Orphans – Iraq
Kaffara
Care 4 Calais
Gaza
Lebanon
Oasis
Qurbani|**Balance at**
**1 Aug 2024**
**£**
199,407
85,823
190,643
-
12,924
6,210
-
5,953
17,366
540
3,481
-
-
-
2,657
27,380
-
50,825
1,266
500
250
-
10,000
40
30
570
-
-
-
615,864|**Income**
**Expenses**
**Transfers**
**Balance at**
**31 July 2025**
**£**
**£**
**£**
**£**
134,229
(108,427)
-
225,209
19,700
(25,625)
-
79,898
641,225
-
(248,727)
583,141
22,700
(19,421)
-
3,279
200
(200)
-
12,924
7,013
(2,157)
-
11,065
100
-
-
100
25,632
(31,157)
-
428
5,950
(2,050)
-
21,266
306
(540)
-
306
4,302
(5,000)
-
2,783
74
-
-
74
14,748
(14,184)
-
564
-
-
-
-
560
(1,560)
70
1,727
10,000
(3,600)
-
33,780
-
-
-
-
301
-
-
51,126
175
(1,417)
-
24
250
(750)
-
-
100
(250)
-
100
-
-
-
-
-
-
-
10,000
-
(40)
-
-
-
(30)
-
-
-
(500)
(70)
-
300
(300)
-
-
5,000
(5,000)
-
-
100
-
-
100
892,965
(222,208)
(248,727)
1,037,894|**Income**
**Expenses**
**Transfers**
**Balance at**
**31 July 2025**
**£**
**£**
**£**
**£**
134,229
(108,427)
-
225,209
19,700
(25,625)
-
79,898
641,225
-
(248,727)
583,141
22,700
(19,421)
-
3,279
200
(200)
-
12,924
7,013
(2,157)
-
11,065
100
-
-
100
25,632
(31,157)
-
428
5,950
(2,050)
-
21,266
306
(540)
-
306
4,302
(5,000)
-
2,783
74
-
-
74
14,748
(14,184)
-
564
-
-
-
-
560
(1,560)
70
1,727
10,000
(3,600)
-
33,780
-
-
-
-
301
-
-
51,126
175
(1,417)
-
24
250
(750)
-
-
100
(250)
-
100
-
-
-
-
-
-
-
10,000
-
(40)
-
-
-
(30)
-
-
-
(500)
(70)
-
300
(300)
-
-
5,000
(5,000)
-
-
100
-
-
100
892,965
(222,208)
(248,727)
1,037,894|
|---|---|---|---|
||||1,037,894|
## 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.
- 28 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **20 RESTRICTED FUNDS – THE FOUNDATION (CONTINUED)**
|**For the year ended 31 July 2024**
Cemetery and burial funds
Advance for Headstone
commissioning
Salaam Centre project funds
Zakat
Sadqa/IZ/India for poor and needy
Husayni Madrasah 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
Orphans – Iraq
Kaffara
Pakistan Flood Victims
Care 4 Calais
Gaza
Muslim Community of Great Britain|**Balance at**
**1 Aug 2023**
**£**
184,164
74,264
1,475,405
-
2,273
5,065
22,916
-
2,963
10,667
-
1,157
26,692
4,830
50,475
346
-
-
-
10,000
40
-
30
-
-
1,871,287|**Income**
**Expenses**
**Transfers**
**Balance at**
**31 July 2024**
**£**
**£**
**£**
**£**
142,906
(127,663)
-
199,407
29,635
(18,076)
-
85,823
1,926,519
-
(3,211,281)
190,643
24,424
(11,500)
-
12,924
3,936
-
-
6,209
29,743
(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)
-
-
2,250,668
(294,809)
(3,211,281)
615,864|**Income**
**Expenses**
**Transfers**
**Balance at**
**31 July 2024**
**£**
**£**
**£**
**£**
142,906
(127,663)
-
199,407
29,635
(18,076)
-
85,823
1,926,519
-
(3,211,281)
190,643
24,424
(11,500)
-
12,924
3,936
-
-
6,209
29,743
(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)
-
-
2,250,668
(294,809)
(3,211,281)
615,864|
|---|---|---|---|
||||615,864|
## 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.
- 29 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **B W FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
## **21 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS**
|Fund balances at the reporting
date are represented by:
Tangible assets
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
15,686,236
-
545,000
-
10,250
-
(66,289)
1,378,866
(573,236)
-
15,601,961
1,378,866|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
15,686,236
15,453,716
-
545,000
540,000
-
10,250
10,000
-
1,138,577
(20,357)
947,652
(573,236)
(683,936)
-
16,980,827
15,299,423
947,652|**Total**
**2024**
**£**
15,453,716
540,000
10,000
927,295
(683,936)|
|---|---|---|---|
||||16,247,075|
## **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 £108,786 (2024: £151,442).
The Wolsey Trust, a UK registered charity in which a Trustee is also a trustee, made donations to BW Foundation of £nil (2024: £6,000) 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 £48,000 (2024: £351,500).
Included within debtors are loans to Salaam Health Ltd, a company in which a Trustee is a director, amounting to £76,865 (2024: £33,275).
- 30 -
Docusign Envelope ID: 9C5D02EA-0E1B-8043-8349-73D525EF7339
## **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**|**2025**
**£**
733,752
(49,069)
(5,000)
7,023
(26,825)
101,332
761,213|**2024**
**£**
1,756,838
(73,351)
(10,000)
7,023
(41,311)
(248,480)|
|---|---|---|
|||1,390,719|
## **25 ANALYSIS OF CHANGES IN NET FUNDS**
|Cash at bank and in hand
Loans due within one year
Loans due after more than one year|**At 1 August**
**2024**
**£**
833,882
-
(683,936)
149,946|**Cashflows**
**Non-**
**Cashflows**
**£**
**£**
539,239
-
-
(79,450)
31,250
79,450
570,489
-|**At 31 July**
**2025**
**£**
1,373,121
(79,450)
(573,236)
720,425|
|---|---|---|---|
All loans represent concessionary loans from third-parties other than financial institutions – see note 19.
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