The Bestway Foundulion ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS Foi. Ihe eai, ended30 June 2021 Charity No. 297178
The Bestway Foundation CONTENTS PAg Lcga] aiid adiiiilliStr&tive infoiillation Trustee5' RepoTt Repoit of the It)dependent Bxamioer Slateinetit of Fillancial Aclivities B&laiice Sheet Noles to lh¢ Accouiils 8-13
The Bestway Foundation LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES Sir Mohamnjed Ajiwai. Peive4 OBE HPk {Chnirmaii} Lord Zaineer Mohaimmed Choudrey, CBE, Sl Pk Mohammcd Younus Sheikh Dawood I,e¢z. BA (Honsl. FRSA. MA OXON, Soltcitor Rizwan Peiwez, ACA Th¢ Hoi)ouiable Haider Zaineer Cliou(STty. MA{Hons} Cathtab, ACA (app)inted 29 June 20211 SECRE'fARY Mohammed Youllus Shcilth PRINCIPAL OFFICE Bestw&y Foundation Abbey Road Park Royal London NWIO 7BW INDEPENDENT £XAMINER Nicola Wakefield MazaiE LLP Tower Brldge House St Kailiariiie's Wgly London, LIW IDD United Kingdgl BANKKRS HSBC Bank plc Apex IioLise Reading RGI IAX SOLICITORS Kermat] & Co LLP 7 Savoy Court Strand London W(2R OER Page I
The Bestway Foundation TRUS'I'EES, RF.PORT for the year ended 30 Julie 2021 The Tiustees of The Bestway Foiindatiott pitsenl their anniial repait aiid accouiils for the yeai. cnded 30 Julie 2021 aiid confirm Ilial they cojnply with the i'e4uiiEments of the Charities Acl 2011, the charitable dced of coven&nt and tlie ChllTlties StateTnent of Re¢oinmended Pt'actEcc applicable to charities pyepai'iiig Ilieir accouiits in awordaiicc with ilie FiiianGial Reporting Standaid Ipplicable iii tlie UK and Republsc of IIEland {FRS 102) (BffBCtive l Januaiy 2019). ORGANISATION The cljai'ity is goveimed by the cl)Rl'itable deed of ¢ov¢iiant dated 20 July 1987 and a siipplEIMental deed and deed of V¢ll'iatioii dated 30 June 1992. Tbe charity IS TEgistered in th¢ UK and ils registi?tion No. is 297178. The truste oF13estway Foundatioii are listed on Page l. The Ii'i15t¢65 li&ve overall respcTrllsibility foi. the day-to-day illanagem¢nl attd contiyjl of ihe cli&i'ily. All IhE tteS ale dircctoi's alld shai'ehold¢rs of Beslway Group Limited, the parent cotnpany of Bestway Cash & Cai'ry Liiniled. Tl)e powerof appoinliiig iiew and additional tSt¢C$ and r¢appointment of i.etna1n8 ti'uslees isV¢5ted iii Bestway Group I,imited. The trustees meet OJlC¢ eV¢Ty month to VieW the obj¢ctivts and th¢ activitbes of thc cli"itY. RECRUITMENT AND INDUCTION OF TrUSTEES ?e'l'rllst Deed provides for a minimuin of 3 trustees, to a maxiJniiiK of 9 trustees. TRUSTEES. RESPONSIBILITros rN RELATION TO THE fTNANCIAL STATEMENTS The chaiily trustees Irsponsible for preparing a trustees, annual rcport and financial stat¢ments ill accordanee willi applicable law and UtLit¢d Icingdom A¢coui)tlll8 Standards (United Klngdom Generdlly Accepted Accountin8 Practice). Law applicable to chaifties ill Engla2id & Wales reqiiTIE% the charity Iru8tcc% to prcparc financial stateineiils foi. eaGli yeai. which give a aiid fair vicw of thc st&lc of affairs of the charity atad of die illcoinillg resource5 and application of ITsources, includin¥ the ineotne and expejidiTe. En piepli'ing tlie fiiiancial statements, the trustees are i'equsred to.. s¢le¢t suitable accoulltillk policie5 and tlieii apply IhetS] LOliSlStcntly', obsetve the methods pi'inciples in the ChaTitie5 SORP. make judgeinents and estiTnates that are reasunublc and piudent., state whetbei. applicable UK accounting5tandairfs have beeii followed, subjectto any material deparreS disclosed aiid explained in the fillaDcial 5tateTnenl5', prepare the finan¢ial statements 011 the goin8 conee17% basis uiiless it S iiiappiopriate to presume that the Gbarity will fDnlinue in business. The Irustecs are respoiisible for kecping propcr aG¢ounting Ircords that disclose with reasonabl¢ acciiracy at auy tim¢ th¢ financial positioti of the Chty and to eIiabl¢ th¢m to ensure tbat the fsJ]ancial stateiiient5 coniply with the Cliarities Act 2011. They are also responsible for safeguaidittg the assets of the chai'ity and heiire takiTh8 reasonable steps for the piyventioii and detection of fiBud and other irregulai'ilias. The ti'ustees &iE IY5ponsibl¢ for th¢ maint¢nan¢e and integrity of tlie coipoiatt and finan¢ial infoiThation included on tIe charity's website. Legislation in the United Kingdom 8overJiing the prepaifjlioii and dissenjination of rinancial stateiijellts may differ from legislation in otlier jurisdidÉoiis. Poge 2
The Bestway Foundation TRUSTEE8' REPORT fot. tlie yeai. ended 30 Jui)c 2021 OPERATING PRtNCtPLES AND OBIECTtVES The cliarity oper&tes for tlie pEiblic benefit througli Ilie achievemejil of ils objectives, being; l. The advaiiceinenl of education foi. the public btiiefit iIi both the UnÉtEd Kingdoni and overseas by providiiig assistance by iyay ofgvanls, endowmeiits. s¢holaiships. loans oi'oiherwise asthe Trustees sliall in their ab501iit6 disci'etioil d¢Gid¢, to s¢hoolchildTen and students, who air of Indian, Pakistani, Bai)8ladeslii, or Si'i Lankan origin. 2. Tlie relief of sickn$ Aiid the PlTservatioii Alld PTK)te¢lion of h¢#lth foj. th¢ bcllefit of the public in botli the Uiiited Kingdnm and tvei'seas witl) particular refereiic¢ to India Pakistan, Ilangladesh aiid STI Lanka by way of gi'ants or endowineiits to existÈIig hosPItals. clinics or rnedical research establishnients, by building oi. eiidowing new hospitals oi. clinics oi. iti siicli ofher tnatJJ]er as the triistees shall IEI tlieir discretion decide, The Tru.%tees have taken accoiint of the iiiforinalion coiilaiiied in the Charily Comillission's genei?I guÈdaiice on piiblic b¢ii¢f2t when r¢viewEng tlic objcctivcs and in plannsng thc future activEties of the cliarity. GRANTS POLICY The two Inajoi. recipiettts of the grai)ts are UK Jnd Foi'eign Charities. both Kgistered and non-lrgistcjrd. and aradernic instibJtion5. H¢5tway I'oundatioi) aWAS glltS lo those Ghayities, which aTe engaged in activEties that endoise tbe FouttdatKon's objectives. The majority of the 8rants are made on an aiinual basis. DOatIonS on behalf of stvdeiits are iisually Enade dire¢t to academi¢ institutioiis. The payments made to studellls are made keq)ing in Jnind Ilie iijdividual's fajnily circumslantes and are in line with the obj¢¢tive$ of the Charity. In the y¢ar ¢nded 30 June 2021. 14estway foiinrfatioii awailled grai)15 to a total value of £351,315 (2020- £401.985). Details of gi'ants a1]ed during the yEar are given iEJ Notc 5 to the accounts. FINANCIAL REVtBW AND TNVESTMEbrr POLICY The incoming resourccs comprise income fiDJn various ii)Yestments and oth¢r donations. During the year, Beslway Foiindation awarded 6 gr&nÉs to instiÉutiOllS and 21 grant5 aAd doiiatioThs to iTrdividu&ls. Funds for the chaTlty aTe held in a variety of iThvcstmellt instrnments, con)prÈsin8 UK equities and fjxed ineome s¢curitics. Thc Ii'ustees consider the incoine reqiiiirment5, the risk pix>fIle and the investmtiit manager's view of the maTket prospects in the medium teTtll. The strate8y is iEviewed by the Trustees with the investment managers aiinually. RESERVES POLICY Bestway Fouttd#tion's fiJnd5 of £5,473.485 Hre all unr6strEcted aTrd thcrefore yeprentthc charity's fir6 reseives. It is etlVisag¢d by the Irustecs lo build up siiffEcienl reserves by investing sold shaiEs in fixed deposit accoullt, so that donations are made of tlie annuities received fyon) the investmejit of tJi¢ said Yeserve5. Mie tiiist£*s irgul2¥ly revÉew the level of the reserve8. Poge 3
The Bestway Foundation TRIJSTEE8' REPORT for the year ended 30 Juiic 2021 RISK MANAGEMENT The tiStee$ of Bestway Foundalion have given the ¢oiisideration lo the major iisks. AppiDpriate procedui'es al'e ¢stablished in Oler to manage and mitigate those risks. PERFORMANCE REVIEW & OUFLOOK Dllring the period under I'eview the Bestway Foundation continued to pixTrvide assistance to loc&1 atEd intemation&l cliai'ities. Various sttidents both froin the UK and abroad were provided gJ2ntslscholarshipslbursaries to assistance thtm with tlieii. education. The Beslway Fouikdation iii the futuiy seeks to deepen its relatioiisliips with various UK based chai'ities sucli a5 Bi'iti%h Asian Tiust. CriTnesloppers, Duke of Edinburgh's Awards etc. a]id BTltish Univei'sities such as UniveJ3ities of Bradford, Oxfoi'd. and Kellt. GOING CONCERN The Ti'ustees l)ave consideird tbe iinpact of Covid-19 outbreak and considerth&t it does not have a inaterial impact on the Fouiidatioll due to level of Cash reserves i*inimal annual fixed cost base. PUBLIC BENEFIT The Trustees Contiiiue to keep the Charity Cotnmission's gllidance on public benefit undei. Yeview when oonsidering its futui'e actEviti6S. tNDEPENDENT EXAMINE,R'S A resolution to appoint Mazars LLP will be put to the trustees at the artnual general TneetitLg. BY ORDER OF TI.IE TRUSTEES Rizwan Pei'vez Tn]st6e Poge 4
Nicola Wakefield (Mar 28, 2022 12:18 GMT+1)
Mar 28, 2022
The Bestway Foundation STATEMBN'I. OF fiNANCIAL ACTIVITIES foi. tlie eai ended 30 Jiine 2Q21 2021 Unyestrteted Desigrtatrd Fund$ Fuiids 2020 Total Total Income and endowments from: DoJ)atios)s and legacies Inveslmeiils 5,110 44,053 5,000 44,1153 lfilJ,504 77,598 Tolnl iiicon]e 49,053 49,0 238,102 xpcnditui'e on; Chaiilable a¢liviti¢s 353,935 353,935 412,417 Total experjditure 3S3.935 353,93S 412,417 Net (oxpenditiii'eyit]rotne befoi'e net g#insl(losses) inv¢stmeDts (304182) {304,882) (174JI8) Transfei's between funds Net expenditslie %nd net movement in fund5 1304,882) (304082) (174.315) Reconciliation of fund$ Total funds brought foiward 5.778,367 5,778,367 5,952,682 Total funds ¢aiTied forwaix4 JJ 5,473,485 S,473.485 4,778,367 Th6 stat¢mrnt of finanoial activities includes all gains and losses recognised iti the ye&i'. All inrofflc and ¢xp¢nditui'e deTive fi1 contintjing actiVElies. Page 6
The Bestway Foundation BALANCE SHEET as at 30 Jiine 2021 Note 2021 2020 Cui'rent ass¢tS D6btoi's Cas]1 at baDk hand 17,975 5,458,510 39,039 5,749,328 Liabilities CIEditors falling due within one year (3,000) (10,000) Nct ciirreEIt as$ets 5,473.485 5,778,367 Net assets 5,473,485 5,778,367 TOT AL FUNDS JJ 5,473,485 5,778,367 Approved and authoi'ised foj. by the Board of Trustees or% zfmarch 2022 and signied on its behalf by Rizwan Pervez Trustee Tlie tLOtes on pages 8 to 13 fo)In pait of these ac¢oui)ts. Puge 7
The Bestway Foundation NOTES TO TFiE ACCOUNTS for tlie ear ended 30 Julie 2021 ACCOUNTING POI.ICIES GENERAL INFORMATION The addiESS of the cliarity's pi'inGipal place of b115iness is The Bcslway Foundatioii, Abbey Road, London, NW107BW. BASIS OF PREPARATION Tlie fiiian¢ial statements arc pfepaiEd under ihe l)islorical cost convejitloll 115 niodified by tlie inclusion of investments at valuation and in aecordancc with applicable United Kingdoin a¢¢ounting stand8rds. Thc financial statements have been prepared in accordatttt iviili tlie Statem¢t of R¢¢ominended Pi?clice'. ALcoiinliii£ and Repoiiing tiy CliarÉtie5 prcpaNng their accoullts iii accordaiice with tlie finaiicial Rcpoiting StandL'd applicable in the UK and Repiiblic of Irelaiid (fRS 102) effective l January 2019. Bcstway Foiirtdation ineels the definition of a public benefst ¢ntity uiider FRS 102. As5et5 and liabilities air iiiitially Ircognised at hi5toii¢al tost or ti'ansaction value unless otlierwise stated in th¢ ieleyaiit accounting policy. Thesc fJnwi¢ial stateinenls arE pirpared ill sterling whicli isth¢ fuii¢tional currency of15ie charity. Monelary amoiints in thES¢ finaiicial statemeiits are iDunded to the nearest whole £1, except wIie otherwise GOTNG CONCERN No material uiicertainties that may cast sigtjificant doubt about tlie ability of the ¢J]&i'Lty lo continuc as a going concein liave beeli ideiitified by the trus¢ees', thcrefoYE the a¢counts have beet] prepared on a going Concern basis. As of 30 June 2021 the charity lias nel crrent asscts of £5,473,485 (2020.. £5.778.3671. At tht tiffte of appiDving tlie fJnanLidl stateinents und in considtratioii of thc r¢c¢nt evetiÉ8 sui'rouTiding Covid-19, the Ti'ustees liave a reasoiiable ¢xpeGlation that tlic Foiindation has adequate resuiircpts lo coi)tinii¢ in operdtional existcnce for at Icasl twclve inoÈJtlis the IEate of the ssgFiiin¥ Ilit audit report due to existing l¢vel of ca511 tE4Ci'VL3 and th¢ fact that Ilie annual fixed cosls of (he Foiind#tion are minimal. Thus, the TrustCCS COlltinu¢ lo adopt the going concern babi5 uf accounting iii prepariii£ the fiai)cial Statements. INCONrfING RESOURCFS C%bh donations, gifts and legacies aTE incliided in full in the Siatetn¢nt of Fin&J¢ial Activitjcs when it is receivabl¢ and air 56patxt¢ly allocated betweej) JEstriGted and unreslYi¢ted funds where appropriate. tNVESTfvIBNT INCOME lii¢ome from inv¢slmeiits is accounted fo&. in the period in whith the ¢liai'ity is entiiled to receipt. RESOURCES EXPENDED Expenditute is included 011 an accruals basis. Support costs compri56 COSt$ for the of the charity itself as an oi'ganisation. GRANTS PA YABLE G13nls payable are ¢hargcd in th¢ y¢aT whell the offer is conveyed to the recipient cxcept in those case5 wkn¢re tlie offer 15 Condition, siich gl'aiits being r6eognised as expenditilre wlien the ¢onditions atta¢hirg air fulfilled. GTants offeiEd subject to ¢onditiolls whÉch have not b¢eiJ met at the year-end are tioted as a coinmilmetjt, but 0t a¢¥rved as expenditure. GOVERNANCE COSTS GoYernathc¢ Costs comprise all ¢0sts involvsiig the public aG¢oiii)tabilÈty of the chaiity aiid ils ¢ornpliance with regul&tion and good practice. These cost5 air made of statutory audit and iiidepclldent cxamination only. VESTMBNTS rixed asset investments, i'epK5ellting quoted se¢iirilies held for Irsale, air stated al closing mid-market value at the balance sheet date. Any gaitEs or105ses on revalualson arc taken to th¢ Statement of Financial Page 8
The Bestway Foundation NOTES TO TFIE ACCOUNTS foi. the eai. ended 30 Jun¢ 2021 Activities. REALISED AND UNRBALISED GAINS AND LOSSES All ga1115 and losses #ie lakeii to the Statemeat of fiiiaticial Activities as they arise. Rcalised Bains and losses 01 investments are ¢al¢iElatcd as t$¢ diffeiriice betweei) SHles pioceeds and opeiiing fail. value {puirhase date if latei'l. Unreèlised 8&jlls and losses ait le[lIated as ihe ditferenG¢ betwe1 the fair value al the yeai. elld and opeiiisig fau. value IpuT¢has¢ date if later). Realised and uni'ealised gaitis and losses arc iiol separated iii tlie Statement of Finaiicial Aciivitics. rtNANCIAL INSTRUMEWFS The Chai'ity ortly hL2S financial asscts and finaftcial liabilifics of R kind that iiialify a5 ba51¢ financÈal iiistriiineiits. Basi¢ f*nallcial instriijneiits ai'¢ initsally recognised at ti'ansaction va141e and siibsequciitly tnea5ured at tlieir SBttleinent value wiih the ¢x¢eptioti of listed inveglments whiGh ar¢ subse9iiently ¢a5urea #t fair value. DEBTORS TrAde and otherdebtols atr Te¢ognised at the srttl¢iiient amount due. Pr¢paentS are valued atth¢ amount prepaid. CASH AT BANK c.ash at ballk iii¢ludes ca511 and short teTm hi%lJly liquid investtnents with a short n)aturity of six months oi. less tlie date of a¢9lS711uA or openiiig of the deposit oi. siiiiilai- accouiil. CREDJTORS CIEditt>is are recogni5Ed wli¢iE thB charity tias a present obligation resulting fvom a past Bv¢iit that will prob&bly result ill Ilic traiisfer of fund5 tt> a thii'd PLtrly dnd the aÈnount dÈie to Settle Ihc obligation Ca be measured or estiinated Irliably. Credhtor5 aT¥ iJoJ'ill1y iycognised at th¢ir scttlcment ainount. FUND ACCOUrnG Funds. held by tb¢ ¢l)arity are unrestricted gaieral funds-these are fiiiids wljich can be us¢d I acGordance with the chartable obj¢¢ts 8t tlie dis¢retiot] of tlic ti'ustees. D¢signated funds &ir donations which th¢ doiioi. has specified are to be solely used for particulai. aiEas of the charity's work or for specific projects being und¢rtak¢n by the ¢harity. Page g
The Bestway Foundation NOTES 1.0 TI-IE ACCOUNTS (coiitinucd) foi- th eai. ¢iided 30 June 2021 INCOML FROM DONATIONS 2021 2020 Donatioiis aiid legacies 160504 IllconiE froin donations was £5,00012020.. £160,504) of which £5.00012020.. £26,000) wa5 unrestricte(5 aiid £Nil12020.. £134,504) was desigjiated. INVESTMENT INCOME 2021 2020 teKtst- UK fixed iiilEIEsI secui'ities 44,053 77,598 44,053 77,598 Ill1e from Ènv¢stmenÉs wa5 £44,053 (2020.. £77,598) all of which is unrestricted. ANALYSJS OF &XPENDITURB ON CHARITABLE ACTIVIT£ 2021 2020 Grants payabl¢ (Note S) SuppDI1 COSt8 (Note 6) Bank charges 351,315 2,600 20 351.935 401,985 10.432 412,417 ExpendituiE oll ¢havitable activities was £353,935 (2020.. £412,417). Poge 10
The Bestway Foundation NOTF.S TO THE ACCOUNTS (continued) foi. tlie eai. ended 30 June 2021 GRANfs PAYABLE 2021 2020 The amoiint payable in tlie year CDmpi'ises'. Registered UK clJai'iti¢s Forcigtk charities alld iiidividuals 82,000 269.315 217.569 184,416 355,315 401,985 The nuinber of Inade to individllals was 21 (2020.. 29). GRANTS PAY ABLE TO tNSTITUTIONS 2021 2020 Brit15h Asian Trusl Ci'imestopper5 DukB tsf Edinbiirgh Awards lliames Flospice Savc the Children-Royal Ascot Ch&rÈty Doi?casts1' Flood Goods Doiiatioii Si¢kle CEII suoicty QueL"ll Elizab¢lh's Foundation for Disabled people Dream Chassiig-%aliite the NHS Silver 8tai' Diabetes Ella Foundation The Driiik Trust Conccrn foi. Mcdical Health 30,000 40.000 15,000 20,000 100,ouo 7,069 500 500 2,000 2,500 40.000 15.000 20,000 2,000 1,000 4,000 S2,000 217,569 The nuInb. of grants made to instilutions was 6 (2020.. 10). ANALYSIS OF SUPPORT COSTS 2021 2020 IndepIdeNt exatninatioii fee Audit lee 2.600 10,432 TRUSTEES EMOLUMENTS AND KEY NfANAGEMENT PERSONNEL The Gliari(y consid¢i's sts key m&nagem¢nt pei'sonncl to be its tiijstees. No iriislees IrEeived emoluments or reitnbursetnent of expenses for the year ended 30 June 2021 (2020.. Nil). DuYin8 the year theJE were ix) employees of the founiEatson. In 2020 there were no employees. Page 11
The Bestway Foundation NO'fES TO THE ACCOUNTS (contllllied) Foi. the eai. ended 30 Jliiie 2021 DEBTORS 2021 2020 Other debtors 17,975 39,039 CRBDITORS- aniounis fallin8 due withiji onc year 2021 2020 Ac¢Tuals 3,000 i 0,000 10 FINANCIAL INSTRUMBNTS 2021 2020 ptNANCJAL ASSErs'. In5ti'uineiits tnEasuird ai fair value IhrougS1 piDfit or loss Debt iETrStruit1llS iiieasuyed at ainort15ed cost 17,975 39,039 Total 17,975 39,039 PNANCIAL LIABILITIES.. Measui'ed at aJnort15ed cost 3.000 10,000 FUNDS Balance Balance at 30 Julle 2021 l July 2020 Incoming Expetkded Resources Resourc¢s Gains on I rallsfers 1vestme1}IS Uiiresti'icted Desigllat¢d 5,778,367 49,053 1353,9351 5,473.485 5,778.367 49,053 (353.9351 5.473,485 Page J2
The Bestway Foundation NOTES TO TFIE ACCOUNTS (continiied) foi- tlie eai. cnded 30 June 2021 12 RELATED PARTY TRANSAcfIoNS I'h¢ Foiindatloll's IElated parties, tlic iialure of the relationship and tlie amouiit of tipnsactioiis with thein diii'llig t¢ year wei'e as follows.. RelotedpaF'ty RelatlOll5hip Nature of irnnsaction Amount Bestway GIDup Limtted Cliai'itable donatiotl to the Foiiiidation £5,000 (2020- £26.0001 B¢slw*y Gr0p Limited In¢oiiie from Ascot Ev¢nt SNil {2a20'. £134.504) Crime51opp¢rs Trust Graiits paid lo tlie charity £40,IK>O (2020.. £40.000) British Asian I'rust Gi?nts paid to the cha¥ity £Nil {2020-. £30,000) Tolol ozilJlaHding iviih RelalÉd Pui'rfies as afyeui. end.. 2021 2020 Beshv2y Group Lilted 26,000 Crim¢stoppers Trust Bri115h Asian Trust NoiiiJE ofiel&ÉEOltship l All the ti'usiees ai'c directors and shareholdetE of Bestway GIUp Litnited. 2 Lord Zameer Mohammed Choiidrey is a T¥iistee of Criniestoppers TTilSt and ¢he Cl)air of tbE UK Advisory CouTi¢iI of Brilish Asian Ti'iist. Page 13