The Beshvay Foundation ANNUAL REPORT AND FINANCIAL STATEMENTS For tlie ear elided 30 June 2023 Charity No. 297178
The Bestway Foundation CONTENTS Page Legal and adininistrative inforn)ation Trustee5' Report Independent AuditoK's Re)rt Statement of Financkal Activities Balance Sheet Statement of Cash Flows 10 Notes to the Fin2N¢iJl Stat¢ments
The Bestway Foundation LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES Sir Mohammed Aiiwar Pei've4 OBE H Pk (Chairinanl Loyd Zaineer Mohainmed Choudrey> CBE, Sl Pk Mohaiiiined Younus Slieikh Dawood Pervez, BA (Hons), FRSA, MA OXON, Solicitor Rizwan Perv¢4 ACA The Honourable Haider Zameei. Choudrey, MA{Hons) Cantab, ACA SECRETARY Mohan)Ined Younus Sheikh PRINCIPAL OFFICE Bestway Foundation Abbey Road Pai'k Royal London NWIO 7BW INDCI PF.NDEI NT AUDITOR Cooper Parry Group Limited Cubo Biiininghain OlCe 401, 3rd Flooi. Two Chaniberlain Square Birminghani B3 3AX BAf4KERS HSBC Bank plc Ap¢x House Reading RGI IAX HabEb Bank Zurich Habib Hous¢ 42 Moorgate Londor] EC2R 6JJ Pthge I
The Bestway Foundation TRUSTEES, REPORT for the year ended 30 June 2023 The TiStee$ of The Bestway Foundation pi'esent tiieir annual I'eport and financial statement5 foi. the year ended 30 June 2023 and confii'ni th&t they coinply with the requiieinents of the Chai'ities Act 2011, the charitable deed of royenant and the Charities Stateinent of Recommended Practice applicable to charities preparing theiro¢¢ounts in accordance with the Fti)ancial Repoitii)g Standai'd applicable in the UK and Republic of li'elaiid {FRS 102) {issued Odober 2019). ORGANISATION The chai'Ety is govemed by the charitable deed of covellaTkt dated 20 July 1987 and a supplemental deed and deed of vai'iation dated 30 June 1992. The charity is registei'ed in the Ul< and its registration No. is 297178. The ti'ustees of Bestway Foundation are listed on Page l. The trustees have over&ll iesponsibility for the day-to-day manageinent and control of the chai'ity. All th¢ trust¢¢S Ir directors and shareholdeys of Bestway Group Liinited. The power of appointing new and additional trustees and reappoinhnent of reinaining trustees is vested in Beslway Group Limaled. The ITUStees meet onLe every inonth to review the objectives and th¢ a¢tiYilies of the charity. RECRUITMENT AND INDUCTION OF TRUSTEES The Trust Deed provides for a mininiuin of 3 tt'ustees. to a maxiinuin of 9 tt'ustees. There were no changes in trusiees duTing the year ended 30 June 2023. TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS Th¢ ehariry trustees are responsible for preparing a trustees, annual Irport and financial stateinents in accordance with ¥pplicablE Idw and United Kingdoin Accountit)g standa1$ (United Kingdoni Generally Accepted Aceounting Practice). Law applicable to chai'ities in England & Wales requires the cliarity .Stee5 to prepair fancial stateinents foi. euch ytdr whiLh give a true and fail. view of the state of affaii's of the ¢liai'Éty and of the iDcomit)g iesources and applicaliun ufTe50urcrs, including the incoine ai)d expendituj'e. Iti prepai'iiig tlie financial stateinents, the ttwslees al'e required to.. select suitable accounting policies and then apply them consistently. obsei've the meth(Kls and principles in the Charities SORP 2019 (FRS102). Inak¢ judgements and ¢s(iinates that al'e iEasonable and prudent. slate whether applicable UK accounting standards have been followed, subject to any Inaterial departures disclosed and explaiiied in the f]n(Incial slatem¢nl5' pi'epare the fitEancial st&teJnents on the goit)g concein basis unless it is inappropi'iftte to presunie that the cliarity will coniinue in business. The trllste¢s are i'esponsible foi. keeping proper accouiiiing i'ecords that disclose with reasonable accuracy at any tiine the finathcial position of the chai'Éty and to enable thein to ensure that the financial stateinents Coinply with the Charities Act 201 I, the Ch8Yities {Account5 Reports) Regulatioii 2008 2nd the provisions of the deed of cov¢nant. Tliey are also responsible for safeguai'dii)g the asseis Lif the Chai'ity and hence taking ieasonable steps foi. the prevention and detectioi) of fraud and other iii'egularities. Tl)e trustees are IEsponsible for the mainten8rEce and integrity of tlie coipoixte and financial infoi'ination included on the charity's website. Legislation in the United Kingdoin governing the preparation and disse1]natIOn of fu]ancial statements niay diffei. fvoin legislation in other jurisdictions. Page 2
The Bestway Foundation TRUSTEES, REPORT for the ended 30 June 2023 OPERATtNG PRINCIPLES AND OBJECTIVES The charity operates for the public benefit tknugh the achievemeni of its objectives, being; l. The advancement of education for the public benefit in both the United Kingdom and oYeI5eas by providing agsist&nce by way of gi'&nts, elldowments. scholarships, loans or otherwise as the Trustees shall in thell. absolute discyetion decide, to schoolchildren and students, who are of ljidian, Pakistani, Bangladeshi, or Si'i Lankan origin. 2. The relief of sickiiess and the preservation and protection of health foy the benefit of the public in both the United Kingdom And ovei'seas with particular ieference to Indi&, Pakist&ii, Bangladesh 2nd Si'i Lanka by way of giants oi. endowments to existing l)ospitals, clinics oi. medical irseai'ch establishinenls, by building or endowiiig new hospitals or clini¢s or ill such othei. manner as the trustees shall In theii. discretion decide. The Trustees have taken account of the information ¢oniaÈned in the Charity Commission's general guidance on public bthefit when i'eviewing tlie objectives and in pl&m)ing the tUre aelivities of the chhrity. GRANTS POLICY The two majoi. recipients of ihe granrs are UK and Foreign Chai'ities, both i'egi$t¢red and non-iegistered. and aLademiL in&LiluiioTrs. Be5tWdy Fuundiilion awaixlb grants lu Ihus¢ rhai'itie5, which air en&Taged in activities tliat eiidorse ilie Foundalion's objectives. The majority of the grants al'e made on an annual basis. Donations on behalf of sdentS are usually Inade direct to academic institrjtions. The pa)4nenls made lo students al'e k¥epinsF in niind the individual's family cirLumsldnces and are in line with the obj¢ctives of the charity. In the year ended 30 June 2023. Besttvay Foundation awarded grants to a tolftl v8lu¢ of £430,501 {2022: £1,307,514}. Details of gi'aiits awaixled dui'ing ihe yeai. aye given in Note 5 to the fartLid1 5latemtnts. riNANCIAL REVIEW A]4D INVESTMENT POLICY The incomit]g iesoui'ces coinprises of incoine froin various invesknients and other donations. Duving tlie yeai., Bestway Foundation awarded 7 giants to institutions and 14 gjznls and dondlions to individuals. rund3 for the charity are held in a variety of investtnent instruinents, compiising of UK equities and red incoi*e secui'ities. The ts'ustee5 ¢onsideJ' the ineon)e requiirii)ents, the i'isk piDfile and the investmenl Inanagth's view of tlie Inarket prospects in the Inedium teiin. The sttategy is reviewed by the Trustees with the investment managers annually. RESERVES POLICY Beslway Foundation's funds of £4.447,368 al'e part unirstt'icted pail it5ti'icted. £4,015,157 represents tlie cha]'ity's fi'te ir5erve5, Witl) £432.21 l irpresenting the charity'5 rests'icted reserves. It TS envÉsaged by th¢ tsustees to build up suffiLIEnt 1'¢5erve5 by investing sold shares in fixed deposit 8ccounl, 50 that doi)a¢ions ar¢ Enade of the antjuities I'eceived froin the investtnent of the said resei'ves. The trustees i'egularly reviEW ttLe level of the 1'¢3¢Tves. Page 3
The Bestway Foundation TRUSTEES, REPORT foi. the yeai. end¢d 30 June 2023 RISK MANAGEMENT Th¢ ti'ustees of Bestway Foui)dation have given considevation to the major risks faced by the charity. Appropriate pi'ocedures are established in order to inanage and mitigate those i'isks. The major risks to the charity, including how they are mitigated, are: MismaTEaged finances- Managei))ent creates and simplifies )licY insttuctions, slating to whoin ihe charity has paid out lo duYirEg the yeai.. Resei'ves Policy - Trustees ensure that enough reserves are available to the charity for use in unforeseen cijcumstances. riu¢tuatioi)s in Investments- Trustees ensure an appix)priate investment policy is adopted to get a good iEturn r1'01n thc ii)vestments held. PERPORMANCE REVIEW AND OLfrLOOK Duying the pei'iod llndei'veview tl)e Bestway Foundation continved to provide assistsnce to local and iiilerTrational charities. Vai'ious students both froin die UK and abroad were pJDvided grantxlscholarshipslbutsaries to assist them with their education. The Bestway Foundation dot)atioTr incoine increased dui'ing the year due to funds collected ii) i'elatioi) to Pakistai) Flood Relief (PFR). In total £432,21 l tsf Irstt'icled funds wae collected to support and build new hoines for people effecied by the flood in Pakistan duriThg 2022. The Bestway Foundatioii in the future leeks to deepen its I'elationships with vai'ious UK based charities such as British Asiaii Ti'usl, Q'Éinestoppei's, Duke of Edinburgh's Awards etc. and British Universities such as Universities of Bradfoi'd. Oxford, Kent and Cainbi'idgt. FUNDRAISING Bestway Foundation does not undertake any fundraising activities directly. The Bestway Pakistan Flood Relief was a one-off event aimed at raising funds to 511PPOrt the Pakistan Flood Relief activities as det8iled above. The fllnds raised from tiiis event were pi'incipally i'eceived fiDin gi'a5Jt filnders, corpoi'ate partneithips, and suppliers and ihj'ough soine individual donors. No professional fundraisers oi. fundraising agencies weie used in relation to this event and no cojiiplaints have been received by the charity iii IElation to tl)is fundraising event. GOING CONCERN The Trustees have considejrd the residual iii)pact of Covid-19 outbreak &nd considei. that it does not have a material impact on the Foundation due to level of cash I'esei'ves and Ininimal annual fixed cost base. PUBLIC BENEFIT The TEWStees contiiiue to keep tl)¢ Charity Cointni&sion's guidance ot) public benefit uder review wlien ¢onsidei'ing its futuiE activities. B Y ORDER OF THE TRUSTEES Dawood Pervez Trustee Date.. 25th Api'il 2024 Page 4
AUDIT RF.PORT FOR THE TRUSTEES OF THE BESTWAY FOUNDATION Oplnion We haye aiidited the financial statements of The Bestway Foundation ("the charity") foi. the year ended 30 Julie 2023 which c4)niprise the slateinent of fiRanci&l activities, the balance slieet and notes to the financial stat¢ni¢nts, including a suniniary of significai)t accounting policies. The fiiian¢ial repoiting fraiiiewoi'k that has been applied in thei piepa¥ation is applicable law and United Kingdoin A¢¢ollnting Standards, including Financial Reporting Standai'd 102 'Nie Financial Reporting Staiid8rd applicable in the UK and Republic of lyeland, {United Kingdom Generally Accepted AccoLinting Practice). In our opinion, the finai)cial statemenis.. give a true and fail. view of the state of the ¢h)rity'S affairs as at 30 Jutie 2023 and of the eh8rity's incoming Irsouires. including its incoine and expenditvit foi. the year then ended. have been propei'ly piepared in a¢cordan¢e with United Kingdoin Generally Accepted Accounting PractÉce' and have been ppared in accottlance with the requirements of the Charitie5 Act 2011. Basis foi. opinion We condueted ouy audit in acCordace with Inteimational Stalldard$ Auditing {UK) (ISAS (UK)) ai?d applicable law. OUY responsibilities under those slat)daYds are fllrthei. described in the Auditor's respL)nsibilities foi. the audit of the financial statements section of ollr repoi't. We aiE independent of the Lh&i'iLy in accoi'dance with the ethical requiirments i"elevant to oui. audit of the financial statements in the UK, including the FRC'S Ethical St4Jdard, and c have fulfilled our other ethical Yesponsibiliiies iii accordance with these r¢quiremen¢s. We believe that the audit evideiice we have obtained is sufFicient and appropriate to PlDvide a basis for our opii)ion. Conclusions iylatcd to going eoiiecrn In audiiing the financial stateinents, we have concluded that the tt'uslees, use of the going concern basis of accoullting in the pieparatioi) of the financial statements is appropriate. Based on the work we have peifoiined, we have not idei)lified any matei'ial uiiceitaÉnties relating to events or ¢oMdi(i(ms that, individually oi. collective5y, moy cast 5ignific4nl doubt on the chai'ity's ability to continue as a going conc¢i'n for a period of at le&sl 12 nitrntiis firn when the financial staiements are auihorised foi. issue. Our responsibilities and tlie I'esponsibilkties of tlie trustees with respe¢t to going concem are described li) the itlevant sections of this I'epoit. Othei. Informatio The other infoi'inatioi) ¢oi)Iprises the infoiniation in¢lud¢d Èn the Trusle¢s' Repoi1, otliei. than the financial statements and oui. auditor's report thereott. The ttNstees are respviisibl¢ for the other infoi'mation ¢oiitained within the Trustees, Repoit. Our opinion on the financial statenients does not covei. the other infoi'inatioji ahd, except to the extent oti)ei'wise explicitly stated in oui. rep011, we do not expiESS any forin of assui'ance conclusioii thereon. Oui. i'esponsibility is to read tl)e other infoiinatior] and, in doing 50. CDnsidei' whether the olhei. ittforniation is materially inconsistent with tlie financial stateinents oi. oui. knowledge obtained in the cou¥5e of the audit oi. otlieywise ai)pears to be matei'ially Inisstated. If we identify such material inconsistencie5 or apparent matei'ial misstaten?ents, we 8Y¢ iPqUilEd to deterinin¢ whether this gives I'ise to a Inatei'ial mi5StalEment in Ihe financial statem¢nts theihselves. If, based on the work we have perfonned, we conclude that there is a nialerial tnis5tatement of this other infomiation, w¢ air IEquii'ed to IEPO)1 thai fact. We have noil)ing to report iii rf)is regard. Page 5
AUDIT REPORT FOR THE TRUSTEES OF THE BESTWAY fouNDATION Maft¢f8 on whlch lye are iyquired to report by exceptlon We have E)Othingto r¢poJt in respect of the following rnatters in I'elation to which the Chw'iliES {AccDunts and Repoits) Regulaiions 2008 require us to repoit to you if, IE) oui. opinion.. the infoniiation given in the tt'usiees, report is iE)coi)sistent in any matei'ial i'espect with the financial ateillents- or sufficient accounting I'ecoixis have not been kept. oi. the financial Statements air not in agreement with the accouniing recoi'ds; oy we have i)ot Jrceived all the information and explalatIOnS we i'equire Foi. oui. audit. Responsibilitiu of trustees As explained nioir fully in the St&tenient of TIust¢¢5' Ye5poiisibiliti¢s, the ts'ustees are respon5Éble for tlie pi'eparatiott of the financial statements and foi. being satisfied IhaÉ tliey give a ts'ue and fair view, and for such intei'nal control a5 tl)e trustees deterniine is necessary to enabl¢ ¢he pirparation of fmancial statements that al'e free fi'oin material misstateTneJit, whetlier due to fraud or en'or. In 'epar11]g the financial statem¢Dts, the trustees are responsible foy assessing the chai'lty's ability to continue as a going cot)cern, disclosing, a5 applicable, niattei's ielated to going concern and using the going concern basis of accouniing unle58 the tnJ5tee5 eithei. inteiid io liquidate the chai'ity or to cease operations, or have no IEalistic alteYi)ative but to do so. Auditor 5 1.esponsibililie5 for the audit of the financixl statements We have been appointed as auditor undel. section 144 of the Charities A¢t 201 l and Yepoit in accordance witli tlie Act and relevant regulataons inade oi. having effect thereund¢r. Oui. objective5 alt to obtain IEasonable assurnnc¢ about wheth¢r rhe financial stateinents as a whole air free froi matei'ial Inisslatein¢nt, whether due to fraud ni. cyi'oi., and tn issue at) auditor's vepoi1 that includes our opinion. Reasonable assui'ance is a hi level of assurance. but iq nnt a 8uBrantcc that an audit conducted in &ceoi'dance with ISAS (UK) will always delecl a matei'ial inisstateinent when it cxssLs. Misstatemettts can ai'ise from fi'aud or error and are Considered matei'ial if, individually or in the &ggicgatc, thcy could reasonably be expected to influence the economic decisions of useis taken on the basiq of tlicsc financial stateinents. lJYegularities, including fraud, aiE Enstances Of non-conipli&nce wilh law8 and regulations. We design pi'ocedures in line with our respon5ibilitie5, Outlined above, to detect Inatcrial tnisstatcnlents in I'espect of ll'l'egulai'ities, including fraud. l-he splfIE proccduYe5 foy this engagen)¢nt and the extent to which these are capable of detecting iiregulai'itie including fraud ar¢ delaÈled below.. Oui. &ssessmeE]t focussed on key laws &nd reglatiOnS the chai'ity has to comply with and areas of the financial statements we assessed as being niore susceptiblc to Inisstat¢ment. Tii¢$e key laws and i'egulations included but were i)ot liniil¢d to compliance with the Charities A¢t 2011, taxation legislation, data protection, anti-bribery and employnent l¢gislation. We al'e not i'esponsible for preventing iriegularities, including fi'aud. Oui. approaeh to detecting irregularilies. including fraud, included, but was not liniited to, the followillg., obtaining an understaiiding of the legal and iegulatory fiam¢work applictble to the cl)arity and how the chai'ity aiE cornplying with that fraiiiework. including agreement of financial statement disclosures to undei'lying documentation and otli¢i' evsdence., obtaining fin ut)dei'standing of the chw'ity'5 conti'ol environment and how the chai'ity have applied r¢l¢vant conh'ol procedures, thi'ough discussions witli nianagement and by performing walkthiDugh ¢estiRg ovei. key ar¢as; obtaintng an uiidetr%taEJding of d)e charity'5 risk a$se3$ment pi'ocess, including the risk of fyaud,. Irviewing n)eeting minutes ofthose cliarged with governance throughout the year. And perfoi'n)ing audit testing to address the risk of Imanagement ovei'j'ide of cothhbls, including Éesting joumal entries and otheradjusttnepts foi. appropTiatene55, evaluating the busiiiess i'ationale of 5ignifiLfit)t trftnsaetions outside ihe noi'mal coursc of busiTre55 and i'eviewing accoui)ting estiinates foi. bias. Pcige 6
AUDIT REPORT FOR THE TRUSTEES OF THE BESTWAY FOUNDATION Whilst considering how our audit woi'k 3ddressed the detection of in'egulai'ities. we also considETed the likelihood of detection of fi7ud based on our approach. Iri'egulaj'ities ai'iging froin fraud al'e inh&Eiitly Iiioi'e ditTicult to dfteet than those ai'ising fi'oin errol.. Because of tlie inhei'ent limitations of an audit, there is a risk that we will not detett all iNegularities, in¢luding those leading to a Inaterial 1lS5t4teinCt in the fjnancial 8tatements or iion-coinpliance with Irgulation. This risk inciyases the more thatcoipliance with a law oi. regulation is reinoved froiii the eyents and h'asjsaclions IEflected in the financial statements, os we will be les5 likely to becoEne aware of instances of non-cotnpliance. Theyisk is a150 gi'eaterregarding inegLtlai'ities OCCU2Ting due to fraud l'ather than error, as fraud involves intentional concealment, forgery. collusion, omission oi. misi'¢pre5entation. A fttrther description of our responsibilities for the audit of the finaneial statemei)ts is lo¢ated at the Financial Repoi'iing Council's {"FRC's") website at.. htlps'.Ilwww.fvc.org.uklauditoi'sresponsibilities. This description foms pait of oui auditor's report. Use ofoui. report This Irpoi't is made solely to the chavity's ts'ustees, as a body, in accoi'dai)ce with Pail 4 of the Charities (A¢counts and Repoits} Regulations 2008. Our 8udit work has been undeilaken so that we tnight st&te to the chai'ity's bwtees those iiiatlers we are Irquii'cd to state (o thein in an auditoi s repoit and for no oth¢i' pui'pvbe. To the fullest extent pern)iEted by law, wc do not accept oi. assume respoEJsibility to anyone other than tl)e charity and the charity's trn5tees, for oui. audit WOTk, for thÉs repoil, oi. for the opinions we have foimied. COOPF.R PARRY GROUP LIMITED Statutory Auditor Cubo Rii'minghain Office 401, 3 floor Two Chaii)b¢rlJin SquaiE Bii'mingham B3 3AX Date., 25 April 2024 C.oopei' Pa¥iy Giy)up Liinited is eligÉble for appointment a5 auditor Of ihe charity by viitlle of its eligibility for appoiiitm¢iit as auditoi. of a coiiipany undev section 1212 of the CoTnpanits Act 2006, Pt7ge 7
The Bestway Foundation STATEMENT OF FINANCIAL ACTIVITIES f01. the &qr eT)ded 30 June 2023 Restated 2022 2023 Unrestricted Restri¢ted Fmiids Fuiids Total Total Iiicome Aiid endoivments fi'om: Donations and legacies Inve5tn)ents 210,055 59,512 432,211 642.266 59.512 21,837 Total iiieome 269,567 432,211 701,778 21,837 I xp¢Adature on: CharitablE activitie5 438,488 438,488 1,311,244 Total expeiiditure 438 488 438 488 1311244 Net {expenditui'e)lin¢ome before net gainsl(losses} 011 inve51meRts (168,921) 432,211 263,290 (1,289,407) Transfers between ndS Nel expeMdltuYe and net movement in funds (168,921) 432,211 263,290 (1,289,407) Reconeili*tion of funds Total fuiids bi'ought foiivard 4,184,078 4,184,078 5,473,485 Total funds carried forward 10 4,U15,157 432,211 4,447,368 4,184,078 The statsment of fmancial actÉvities includes all gains and Iosges Yecognised in the year. All income and expenditure derive fix)In continuing a¢tivilies. The t)otes on pages I I to 16 forin part of these fii)an¢ial $18t¢ments. Page 8
The Bestway Foundation BALANCE SHEET as at 30 June 2023 Restated 2022 N(Jle 2023 Cuyrent a55et5 Debtors Cash at bank and in hand 19,554 4,465,614 7.192 4,210,006 Llabilitie$ Creditoi's falling due within one yeai. (37,800) (33,120) Net cui'i'eiit assets 4,447,368 4,184,078 Net assets 4,447,368 4,184,078 TOTAL FUNDS 4,447,368 4,184,078 AppiDved and authoiis¢d for issue by the Board of Tlustees on 25th April 2024 and signed on its behalf by Dawood Pervez Trustee The notes oil pages I I to 16 foi'm part of tliese fjaancial statements. Page g
The Bestivay Foundation STATEMENT OF CASHFLOWS as at 30 June 2023 Restated 2022 1023 CRsh floiv$ from operatiThg activltles Nel incomel(expenditure) foi. tlie y&gr 263.290 (1,289,407) Adjustment foi.: Decirase l (increase) in d¢btor5 Increase in creditoi's (12J62) 4,680 10,783 30,120 Nel cHsh pi'ovided/(expended) by opertIllg activitles 255,008 (1,248,504) Cliartge in cash eash equivaleThts in the yegr 255,608 11,248,504) Cash and cash equivalents brought forwaid 4,210,1)06 5,458,510 Cash and cash equivalents caiyied forwattj 4,465,614 4,210,006 The notes on pages I I to 16 forni part of these fiDan¢iJl statements. Page 10
The Bestway Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) foi ihe ear ended 30 June 2023 ACCOUNTING POLICIES GENERAL INFORMATION The Bestway Foundalion {"the chai'ity") is an unincoipoyated chai'ity established under a deed of covenant dated 20 July 1987 aiid a supplemental deed ayjd deed of variation dated 30 June 1992. The chai'ity is Irgisteied with the Chai'ity Commission for England and Wales, charity registration numbei. 297178. The addi'ess of the ¢hai'ity's principal place of busine is The Besiway Foundation, Abbey Road, London, NWIO 7BW. BASIS OF PREPALITION The financial stat¢in¢nts are prepared under the historical cost convention as Inodified by the inclusiotj of iiivestments at valuation and in a¢coi'danc¢ with applicable United KiE)gdom accounting standards. The financial stateinents have been pr¢pared in accoi'dance with the Statement of Recominended Pi&ctice'. Accountsng and Ilepoitingby Chai'itics pitpai'ing the accounts in accordance with the Financial Reporting Standard applitable the UK and R¢public of Ireland (FRS 102) (issued Octobei. 2019) and UK Generally Accepted Accounting Prnctice. The financial stateinents have been piEpaved to give a 'true and fail view and liave depavted froin the Charities {A¢counts and Reports) RegulatiOE)s 2008 only to the extent i'equii'ed to Pi'ovide a 'tn]e and fair view.. Thi8 dcpartuir has involved following the Accounting and Repoitiiig by Charities.. St4t¢nient of Recoininendcd Pi'actiee applicable to charities preparing their accounts in accordance with tlie Finyncial Reporting 8talldard applicable in the UK and Republic of Ireland issued in October 2019 ratli¢r than the Ac¢ountÉng and Rcporting by Chai'ities.. Stateinent of Reeoii)mended Practice effective fiill l April 2005 whicli ha% sincc been withdi'&wn. Bestway Foundation n)eets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at histoi'ical cost or transaction value unless otheiTrvise stated in the iEl¢vant accounting policy. These finai)cial statcinciits Èie pi'epared in stei'lingwhich is the fuijetional currency of the chai'ity. MoNetary ainounts in tl)csc finan¢i81 st8Éements are rounded to the nearest whole £1, except where oth¢rwss¢ indicated. GOJNG CONCERN No material uncertaintics that may cast any signifEcant doubl about the ability of the charity to Continue 29 a going concern liavc been identified by tlie b'ustees, theitfoit the financial stateillents have been PiEPIIIEd on a going coll¢em b8SiS. As of 30 June 2023, the ¢liarity has Thet curretit assets of £4,477,368 (2022.. £4,184,078), At Ehe time of appi'oving the fmancial stateinents and in consideration of the recent events surrounding Covid-19, the Trustees have a IE8SQrtable expectatlOD tliat th¢ Foundation has adequate resouires to ¢optinu¢ in ope¥ational existen¢e for at least twelve inot]ths from the date of the signing the audit i'eporl due to existing level of cash ieserves and the fact that ilie annual fixed eosts of the Foundation ale miThitnal. Thu5, 111¢ Trustees continue to adopi tkie going concern b&sis of accounting in prepai'ing the financial stateillellts. INCOMtNG RESOURCES Cash donaiions, gifts and leg&cies air included in 1] in the Stateinent of Fiiiancial Activities when il is receivable and are separately allocated between I'estt'icted and um'estt'icted fuiids whei'e appi'opi'iate. INVESTMENT INCOME Incoine fiDin inyeshhents is accounted for in tlie period in which the chai'ity is entitled to rer¢ipl. Page 11
The Bestway Foundation NOTES TO THE FtNANCIAL STATEMENTS (continued) foi- the eai. ended 30 June 2023 ACCOUNrtNG POLICIES (CONTINUED) RESOURCES EXPENDED Expenditu]E ig included on accruals basis. Support cosis coinprise cost& for ihe running of the charity itself as at) oi'ganisation. GRANTS PA YABLB Grants payable are charged in the yeav when the offei. is conveyed t(> the recipient except those cases whei'e the offei. is conditional, such grants being ircognised as expth)ditui'e when the conditions attacliit]g al'e fulfilled. Gi?iits offei'ed subject lo Conditions which h8v¢ thot been met ai the yeai'.end are noted a5 a cnin1tM¢nt, but not accrued as expenditure. GOVERNANCE COSTS Governance costs COEnprise all costs involving the public accountability of the cliai'ity and its con)plian¢e with regulalion and good practice. INVESTMENTS Fixed asset investnieJit8, i'epiE5entÈng quoted secui'ities held for Te5ale, are stated at closing mid-lllaiket value at the balance shcct date. Arty gkins or losses on IEvaluation ait taken lo the Stateinent of Financial Activities. REALISED AND UNREALISBD GAINS AND LOSSES All gaans and10sses alE taken to the Statenient of Financial ActiYSties a5 they ai'ise. Realised gains and I0e$ on investtnents aye calculatcd as the difference between sales proceeds and opening fail. value (pui'cl)a5¢ dale if later). Unrealiscd gairts and losses are calculated as the difference between the fair value at the yeaT end and Dpening fail. valuc {puicliase date if later). Realised and uniralised gait]s and losses al'e not separated in the Statenient of Financial Activities. F]NANCIAL INSTRUMENTS The chai-ity only has financial assets and fmancial liabilities of a kind that qualify as basic financial inslruinents. Basic fitiancial instruinents are initially I'ecognised at transaction value &nd subsequently nieasui'ed at theii, seltlenient value with the exception of listed Énvestments which alE subsequently nieasui'ed at fail. value. DEBTORS Trad¢ and other debioi's are recognised atthe s¢ttlement amount due. Pirpayinents are valtted atthe amount prepaid. CASH ATBANK Cash at bank includes cash and short leiii) higl)ly liquid investments with a short maturity of six moiiths oi. less froni tli¢ date of acquisition or opening of the deposit oi. similar account. CIiEDITORS CIEditors a]E recognised wheie the charity has a present obligation resulting fi'oEn a past evemt that will pi'obably itsult in the tt'ansfei. of funds to a thiixl paity and tlie ainount due to Settle the obligation can be Ineasur¢d oi. estimated ieliably. Cyeditoi's aye noi'mally Yecognised a¢ their settleinent amoui)i. Page 12
The Bestway Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) foi. the ear ended 30 June 2023 ACCOUNTING POLICIES (CONTINUED) FUND ACCOUNTING Funds held by the cl)8rity Al'e unrestricted gene121 funds- these are thnd& which Can be used accordance with the charitable objects at ihe discretion of the tt'ustees. Designated funds aiE donaiions which the donor has specified are to be solely us¢d for pai'liculai. areas of the chai'ity's WOTk oi. for specific projects being undeitaken by the Charity. PRIOR YEAR ADJUSTMENT AND RESTATEMENT The stalenient of financi81 activities and balance sheet for the year eE]ded 30 June 2022 have been restated to include a donation payable to Bestway Wholesale Liinited of £30.000 r¢lating to the year ended 30 June 2022. The r¢sta¢eii)eni l)as IEsulted in an increase ro expenditure on chai'itable activities of £10,000 and an increase in 8cc1.uals of £30,000 and a ieduction ill the overall net fi]Trds at 30 June 2022 of £30,000. INCOMB FROM DONATIONS 2023 2022 Donations ai)d legacies Incvme fi'oin donations was £642,266 (2022.. £Nil) of whÉch £210,055 (2022.. £Nil) wa5 uni'estt'icted and £432,211 (2022.. £Nil) was I'estricted. INVESTMENT INCOME 2023 2022 Intei'est- UK fix¢d ii)terest securities 59,512 21,837 Incoine fi.om investments was £59,512 (2022.. £21,837) all of which is uni'estritted. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Restat¢d 2022 2023 Grants payable (Note 5) Support costs Oqote 61 Bdiik thai'ges 430,501 7,800 1,307,514 3,120 610 ,311,244 438,488 Expenditure on chai'itsble activities was £438,488 (2022., £1,311244} all of whith was unrestricled. Puge 13
The Bestway Foundation NOTES TO THE FtNANCIAL STATEMENTS (continued) foi. the eai. ended 30 June 2023 GRANTS PAYABLE Restated 2022 2023 The amount payable in the year compi'ises.. RegisteiEd UK chai'ities Foirign chai'ities atkd individuèls 199,742 230,759 151,000 1,156,514 430,501 1,307,514 The Mumbei. of grants made to individuals was 14 (2021.. 22). GRANTS PAYABLE TO INSTITUTIONS Re8iated 2022 2023 BrilÉsli Asian TiiLSt Criinestoppers Dllke of Edinburgh Awards Queen Elizabeth's Foundation for Disabled people Tuykey Earthquake The Citizen Foundation UK The DTink Tiust Bai'nai'do's (The Royal Ascot Donation) DIL Trust Giocery Aid 45,000 4U,000 15,000 10.000 40,000 15,000 2U.OOU 22.742 1,000 I,uoo 100,000 1,000 10,000 199 742 151,000 The nuniber of giallls Inade to institutioi)s was 7 (2022.. 7 IEstated). ANALYSIS or SUPPORT COSTS 2023 2022 liidependent examination fee Audit fee 3,120 TRUSTEES EMOLUMENTS AND KEY MANAGEMENT PERSONNEL The charity coi)side1 it3 k¢y managetnent pei'sonnel to be ils ttusttes. No trustees irceiyed any eimolunients or reimbursement of expenses foi. th¢ yr ¢nded 30 June 2023 (2022.. Nil). During the yeai. the were no employees of the foulldation. In 2022 there wei'e TEO einploye¢g. Page J4
The Bestway Foundation NOTES TO THE FINANCIAL STATEMENTS (¢ontinu¢d) foi. Ihe eai- ended 30 June 2023 DEBTORS 2023 2022 Otlier debtoj's 19,554 7,192 CREDITORS- amounts falling due within one year Restated 2022 2023 AccYual$ 37,800 33,120 10 FUNDS Restated Balance at l July 2022 Balance at 30 June 2023 Iiicoming Expended Resources Resources Gains on TYansfeL% Investments UniT8ts'Écted Restyicted 4,184,078 269,567 (438,488) 432,211 4,015,157 432,211 4,184,078 701,778 (438,488) 4.447,368 FUNDS- PRJOR PERJOD Balance Restated Balance at 30 June 2022 Restated Ineoinitsg Expended Resoui'ces Resouyces l July 2021 Gains on Transfers InYeSttnetS Uniests'icted Restricted 5,473,485 21,837 (1,311,244) 4,184,078 5,473,485 21,837 (1,311,244) 4,184,078 Pagc 15
The Bestway Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) foi. the ear ended 30 June 2023 12 RELATED PARTY TRANSACTIONS The Foundation's Telaled paities, the nature of th¢ relationship and the amount of transactions with them during the year were as follows.. . REIL71¢dp&i'iy Relationship Amount In¢oTn¢ from A5COt Event £210,055 (2022.. £Nil) Bestway Wholesale Ltd Grants paid to ¢h¢ charity £40,000 (2022.. £40,000) Criinestoppei3 Ti'ust Giants paid lo the harity £Nil (2022.. £45,OOJ) British Asian Trust Income from Charitable Donation £25,000 (2021.. £Nil) Buybest Limited Incoine from Cliai'itable Don&tion £25,000 Q022.. £Nil) Sir Mohamn)ed Anwar Pervez Income from Charitable Donation £12,500 G022.' £Nil) Dawood PErvez Ineoine fi'om Charitable t)02iation £io,ooo Q022.. *JVrl) Lord Zaineer Mohainined Choudre Tolal otilsfandFng Iviih RelaledPai'lies as olyeai. End.. 2023 2022 Bestway Wholesale Lid 30,000 30,000 'Émestoppers Trust Bi'itish Asian Trust Noliiie ofrelolioiiships l All the trustees are dire¢iots and shareholders of Bestway Wholesale Limited. 2 Loi'd Zaineei. Mohamin¢d ChoudiEy is a Trustee of Crimestoppers Tiust and the Chair of the UK Advisoiy Council of British Asian Ti'ust. 3 SÉr Mohainmed Anwai. Pee& Lord Zaimeer Mohammed Choudrey, Dawood PeeZ and Rizwan Peyvez are Directoi's of Buyb¢st Liinited. 4 Ti'ustees of The Bestway Foundation. Page 16