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
O￿lCe 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 Ti￿Stee$ 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 f￿ancial 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 tkn￿ugh 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 s￿dentS 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 f￿artLid1 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 r￿ed 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 u￿der 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 p￿pared in accottlance with the requirements of the Charitie5 Act 2011.
Basis foi. opinion
We condueted ouy audit in acCorda￿ce 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 fi￿rn 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 expla￿latIOnS 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 sp￿lfIE 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 reg￿latiOnS 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 1￿lS5t4teinC￿t in the fjnancial 8tatements or iion-coinpliance with Irgulation. This risk inciyases
the more thatcoi￿pliance 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 oper￿tIllg 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 fi￿ill 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
c￿nin1tM¢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
I0￿e$ 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¢ y￿r ¢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 InYeSttne￿tS
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. Pe￿e& Lord Zaimeer Mohammed Choudrey, Dawood Pe￿eZ and Rizwan Peyvez
are Directoi's of Buyb¢st Liinited.
4 Ti'ustees of The Bestway Foundation.
Page 16