B_W_FOUNDATION - Accounts

BW FOUNDATION - Company Information

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REGISTERED COMPANY NUMBER : 06324340 (England and Wales)

REGISTERED CHARITY NUMBER: 1121549

B W FOUNDATION

Annual Report and Financial Statements For the Year Ended 31 July 2022

B W FOUNDATION

Contents of the Financial Statements for the Year Ended 31 July 2022

Pages

Trustees' Report

1 to 5

Auditor's report

6 to 8

Notes to the Financial Statements

13 to 25

B W FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2022

The Trustees present their report and accounts for the year ended 31 July 2022. The legal and administrative information 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).

LEGAL AND ADMINISTRATIVE INFORMATION

Registered Company number

06324340 (England and Wales)

Registered Charity number

1121549

Registered office 336 Pinner Road Harrow

Middlesex HA1 4LB

Trustees

Mr R Esmail

Pharmacist

Dr N Merali

Medical Practitioner

Dr K Versi

Medical Practitioner

Mrs M Manji

Director

Dr M Asaria

Medical Practitioner

Solicitors

Blake Lap thorn Tarlo Lyons Harbour Court Compass Road

North Harbour Portsmouth PO6 4ST

Bankers

Habib Bank Zurich PLC 377 Station Road, Harrow Middlesex HA1 2AW

Auditors

Deitch Cooper LLP 3 Hobbs House

Harrovian Business Village Bessborough Road Harrow HA1 3EX

B W FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

OBJECTIVES AND ACTIVITIES

Our aims

The aims of the charity are set out in the Charity's Articles and Memorandum 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 complied with their duty in section 17 of the Charities Act 2011 to have due regad to public benefit guidance issued by the Charity Commission. The Trustees have considered the general guidance on public benefit issued by the Charity Commission.

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.

ACTIVITIES AND ACHIEVEMENTS

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

In order to meet the objectives, 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.

Financial Review

The Statement of Financial Activities shows net income for the year of £1,231,820 (2021: £1,076,493). This includes a revaluation gain of £91,380 on revaluing the Group's investment property to fair value.

Total funds at 31st July 2022 stand at £13,175,310 (2021: £11,943,490) of which £3,382,281 (2021: 2,340,977) are restricted funds and £9,793,029 (2021: £9,602,513) are unrestricted funds. The Trustees consider the state of the charity's affairs to be satisfactory.

Grants Policy

We are committed to working in partnership with other UK Charities through a grant-making approach. Grants to partner organisations are made within our agreed strategies. Project proposals are subject to formal approval process before individual grants are approved. All projects are systematically monitored for the duration of their existance.

B W FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

Fundraising

Fundraising by way of Standing Orders, one-off donations from within the community, UK and overseas Muslims and Non-Muslims, as well as Organisations.

The Foundation does raise funds publicly, through advertising and sponsoring events, utilising opportunities to promote The Salaam Centre where possible. There were no complaints in the year towards the fund raising 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. Once completed, the trustees will aim to keep 12 months operational costs of the 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 operation cost 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

Delay in the phase 2 construction of Salaam centre. The construction has restarted

Mitigation

The trustees constantly monitor finances to ensure that the charity does not over commit.

Risk

Interest rate increase that may impact the charity in future borrowings.

Mitigation

Constant monitor of cash flow projections with fixed interest borrowing to ensure all repayments are managed well

Risk

Increase in cost of materials for construction.

Mitigation

Fixed fee contracts are entered into at inception of each phase with known costs.

Future plans

In addition to the aims and objectives above, the Charity has additional objectives over the forthcoming year:

Building The Salaam Centre to accommodate the growing number of members who attend the community Centre. Planning permission to build The Salaam Centre was obtained in January 2011.

The phase 2 construction of the Salaam centre, will commence once sufficient funding has been raised.

B W FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

BW Foundation is registered in England and Wales as a company limited by guarantee, number 06324340. 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.

Two 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 R Esmail Dr N Merali Dr K Versi Mrs M Manji

Dr M Asaria

(appointed 12 September 2022)

Mr M Versi

(resigned 12 September 2022)

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.

The trustees receive information about their role and responsibilities from a range of sources, including the Charity Commission and professional advisers to the Charity.

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

Following appointment, new trustees are introduced to their new role and given copies of the constitution and a guide to policies and procedures adopted by our charity. A number of publications from the Charity Commission are also provided including the guidance on charities and public benefits and on advancement of religion for the public benefit. This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act. Initially, new trustees work with existing trustees assisting on particular activities and projects run by the charity. After satisfactory feedback from the existing trustees, they are then given the task of leading a particular activity or project, reporting progress at the trustees' meetings.

Volunteers

It has been an extraordinary year for volunteers. We have been heartened by the resilience of our volunteers, adapting to new challenges and embracing new ways of working to support our work. In response, we have provided regular guidance to enable safe volunteering, as well as resources and training.

B W FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

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 statement in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 (FRS102):

make judgements and estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 auditors

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' report was approved and signed on behalf of the Board of Trustees.

Mr R Esmail

Trustee

25 July 2023

B W FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF B W FOUNDATION

Opinion

We have audited the financial statements of B W Foundation (the 'Charity') and its group for the year ended 31 July 2022 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 2022 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 futher 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 assurnace 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 the 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 purposes of company law, is consistent with the financial statements; and

•

the directors' report included within the Trustees' report have been prepared in accordance with applicable legal requirements.

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' report.

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.

B W FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF B W FOUNDATION

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purposes of company law, 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. In preparing the financial statements, the Trustees are responsible for assessing the Charity's and group'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 liquidate the charitable company or 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 missatement in respect of irregularities was as follows:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may 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. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this, we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included analytical procedures and the review and testing of transactions and journals from throughout the period.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates including those that relate generally to the operating aspects of the business. There are many laws and regulations, relating principally to the operating aspects of the company, that typically do not affect the financial statements and as such are not captured by the entity's information systems relevant to financial reporting. It is the responsibility of management to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations. The auditor is not responsible for preventing non-compliance and we cannot be expected to detect non-compliance with all laws and regulations. Representations were obtained from the Trustees that there is no identified or suspected non-compliance with any laws and regulations.

Our audit procedures focused on laws and regulations that are generally recognised to have a material effect on the financial statements or a direct effect on the determination of material amounts and disclosures, including the Charities (Accounts and Reports) Regulations 2008 and the Charities Act 2011. We considered the risk of acts by the company that may be contrary to these laws and regulations, including fraud. We assessed the extent of compliance with the laws and regulations identified through making enquiries of management and inspecting documentation and the audit team remained alert to instances of non-compliance with laws and regulations throughout the audit. Any unusual findings were investigated.

As in all of our audits, we also addressed the risk of management override of internal controls including testing and evaluation of whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud. 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.

•

we completed a review of transactions and journals

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 my involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

B W FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF B W FOUNDATION

Use of our report

This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has bee undertaken so that we might state to the 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 company and the 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

25 July 2023

Statutory Auditor

3 Hobbs house

Harrovian Business Village Bessborough Road Harrow

Middlesex HA1 3EX

B W FOUNDATION

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2022

INCOMEFROM

Notes

Unrestricted

Funds2022

Restricted

Funds2022

Total

2022

Unrestricted

Funds2021

Restricted

Funds2021

Total

(as restated)

2021

Donationsandlegacies

160,031

1,315,433

1,475,464

70,606

1,350,330

1,420,936

Charitableactivities

40,466

4,684

Othertradingactivities

32,500

12,000

Investments

33,590

35,000

Other

2,274

12,818

Total income

268,861

1,315,433

1,584,294

135,108

1,350,330

1,485,438

EXPENDITUREON:

Raisingfunds

57,056

60,669

CharitableActivities

128,064

258,734

386,798

111,254

237,022

348,276

Total expenditure

185,120

258,734

443,854

171,923

237,022

408,945

Netgainsoninvestments

91,380

Netincomebeforetransfers

175,121

1,056,699

1,231,820

(36,815)

1,113,308

1,076,493

Transfersbetweenfunds

15,395

(15,395)

28,354

(28,354)

Netmovementsinfunds

190,516

1,041,304

1,231,820

(8,461)

1,084,954

1,076,493

Fundbalancesbroughtforward: As originally reported

9,691,675

2,296,396

11,988,071

9,683,044

1,219,988

10,903,032

Prioryearadjustment

(89,162)

44,581

(44,581)

(72,070)

36,035

(36,035)

Asrestated

9,602,513

2,340,977

11,943,490

9,610,974

1,256,023

10,866,997

Fundbalancesat31July2022

9,793,029

3,382,281

13,175,310

9,602,513

2,340,977

11,943,490

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above.

The notes on pages 13 to 25 form pat of these financial statements.

B W FOUNDATION

Company Number: 06324340

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT

31 JULY 2022

Notes

2022

2021

(asrestated)

FIXEDASSETS

Tangibleassets

9,994,957

9,976,165

Investmentproperty

673,000

581,620

Investments

10,000

10,677,957

10,567,785

CURRENTASSETS

Debtors

5,707

23,197

Cashatbankandinhand

3,252,463

2,076,928

3,258,170

2,100,125

CREDITORS:amountsfallingdue

withinoneyear

19.a

(24,331)

(68,424)

NETCURRENTASSETS

3,233,839

2,031,701

TOTALASSETSLESSCURRENTLIABILITIES

13,911,796

12,599,486

CREDITORS:amountsfallingdueafter

morethanoneyear

19.b

(736,486)

(655,996)

NETASSETS

13,175,310

11,943,490

INCOMEFUNDS

Unrestrictedfunds

9,793,029

9,602,513

Restrictedfunds

3,382,281

2,340,977

TOTALFUNDS

13,175,310

11,943,490

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on

25 July 2023

and signed on its behalf by:

Dr N Merali

Mr R Esmail

Trustee

The notes on pages 13 to 25 form part of these financial statements.

B W FOUNDATION

Company Number: 06324340

(A company limited by guarantee)

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT

31 JULY 2022

Notes

2022

2021

FIXEDASSETS

Tangibleassets

10,042,998

10,020,746

Investmentproperty

673,000

581,620

Investments

10,100

10,726,098

10,612,466

CURRENTASSETS

Debtors

101,510

76,929

Cashatbankandinhand

3,245,683

2,069,908

3,347,193

2,146,837

CREDITORS:amounts falling due

withinoneyear

19.a

(20,171)

(23,349)

NETCURRENTASSETS

3,327,022

2,123,488

TOTALASSETSLESSCURRENTLIABILITIES

14,053,120

12,735,954

CREDITORS:amounts falling due

aftermorethanoneyear

19.b

(736,486)

(655,996)

NETASSETS

13,316,634

12,079,958

INCOME FUNDS

Unrestrictedfunds

10,014,392

9,783,562

Restrictedfunds

3,302,242

2,296,396

TOTALFUNDS

13,316,634

12,079,958

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on

25 July 2023

and signed on its behalf by:

Dr N Merali

Mr R Esmail

Trustee

The notes on pages 13 to 25 form part of these financial statements.

BWFOUNDATION

(Acompanylimitedbyguarantee)

CONSOLIDATEDSTATEMENTOFCASHFLOWS

ASAT31JULY2022

Note

2022

2021

(asrestated)

Cashflowsfromoperatingactivities:

Netcashprovidedbyoperatingactivities

1,119,080

1,124,108

Investingactivities:

Dividendsandinterestfrominvestments

33,590

35,000

Purchaseoftangiblefixedassets

(57,625)

(28,354)

Netcash(usedin)/generatedbyinvestingactivities

(24,035)

6,646

Financing activities: Proceedsfromborrowings

80,490

Repaymentofborrowings

(39,500)

Netcashgeneratedfrom/(usedin)financingactivities

80,490

(39,500)

Netincreaseincashandcashequivalents

1,175,535

1,091,254

Cashandcashequivalentsatthebeginningofthe year

2,076,928

985,674

Cashandcashequivalentsattheendoftheyear

3,252,463

2,076,928

B W FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

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.

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 currnecy of the group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statemnets have been prepared under the historical cost convention, modified to include investment properties at fair value.

The principal accounting policies are set out below.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company together with all entities controlled by the parent company (its subsidiaries). All financial statements are made up to 31 July 2022. All intra-group transactions, balances and unrealised gains and losses on transactions between group companies are eliminated on consolidation. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

Going concern

The trustees have assessed the charity's requirements for the foreseeable future, including charity's contingency plans as a result of Covid 19 and are confident that sufficient funds will be available to enable operations to continue at a sustainable level for a period of at least 12 months from the date of approval of these financial statements. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. As there are no material uncertainties about the charity's ability to continue operations, the accounts have been prepared on a going concern basis. The Charity has maintained its regular standing order receipt donations and other small donations for the day to day running of operations.

Significant judgment and sources estimation uncertainty

In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

The only significant judgements and estimates made by the Trustees are deemed to be the fair value of investment property and the estimated useful economic life of tangible fixed assets, which is reflected in the depreciation rates applied and are discussed in the accounting policies below.

B W FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

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 donation. Other donations are recognised once the Charity has been notified of the donation.

Expenditure

Expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation committing the Trustees to the expenditure. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

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.

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 50 years

Plant and equipment

- 10% on cost

Freehold land is 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.

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 at the reporting end date. The net gain or loss on revaluation is recognised in net income for the year.

Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs. Listed investments are subequently measured at fair value at each reporting date. Unlisted investments are valued at cost and subsequently reviewed for impairment at each reporting date. Transaction costs are expensed as incurred.

Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of tangible assets 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 loss (if any).

B W FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

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, short-term liquid investments and bank overdrafts. Bank overdrafts are current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the charity becomes party to the contractual provisions of the instrument.

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, which include creditors and bank loans, are initially measured 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. Financial assets classified as payable within one year are not amortised.

Concessionary loans

Concessionary loans are those loans made or received by a charity to further its purposes and any interest charged is below the prevailing market rate. Concessionary loans are not made solely to achieve a financial return and therefore are not discounted at a market rate of interest.

Concessionary loans repayable on demand or within one year are measured at the carrying amount of the loan. Concessionary loans repayable in more than one year are initially recognised and measured at the amount received or paid. In subsequent years the carrying amount is adjusted to reflect repayments and any accrued interest. Concessionary loans are assessed for objective evidence of impairment at the end of each reporting period.

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.

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 particular restricted purpose within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Prior period adjustment

A prior period adjustment has been made in the current and prior year in respect of construction costs recharged between group members that were not previously eliminated on consolidation. The effect of the adjustment is to retrospectively increase restricted funds and decrease tangible assets. This is a consolidation adjustment and has no effect on the Charity's individual assets or funds.

B W FOUNDATION

( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

SUBSIDIARY COMPANY

The Foundation has a wholly owned trading subsidiary, BWF Development Company Limited, incorporated in the United Kingdom, number 06287768, the principal activity of which is the development of building projects. A summary of the trading results of the subsidiary for the year ended 31 July 2022 is shown below.

2022

2021

Turnover

29,083

36,900

CostofSales

25,625

28,354

3,458

8,546

Administrativeexpenses

(3,286)

(2,788)

Operating(loss)/profit

172

5,758

Interestpayableandsimilarcharges

(1,571)

(13,482)

(Loss)/profitbeforetax

(1,399)

(7,724)

(Loss)/profitaftertax

(1,399)

(7,724)

The net assets of the subsidiary were:Assets

13,567

7,194

Liabilities

(106,786)

(99,014)

Funds(Including100ordinarysharesof£1each)

(93,219)

(91,820)

FINANCIAL PERFORMANCE OF THE CHARITY

The financial activiites showin the consolidated financial statements include those of the Charity's subsidiary. A summary income and expenditure account showing the financial activities undertaken by the charity alone during the period is set out below.

2022

2021

Totalincome

1,585,865

1,498,921

Totalexpenditure

(440,569)

(406,157)

Netgainsonrevaluationofinvestmentproperties

91,380

Netincomefortheyear/Netmovementinfunds

1,236,676

1,092,764

Totalfundsbroughtforward

12,079,958

10,987,194

Totalfundscarriedforward

13,316,634

12,079,958

B W FOUNDATION

( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

Unrestricted

funds

Restricted

funds

Total

Unrestricted

funds

Restricted

funds

Total

2022

2021

DONATIONSANDLEGACIES

SalaamCentredonations

1,040,931

1,094,758

Other general donations

26,874

274,502

301,376

27,772

255,572

283,344

Taxreliefon donations

133,157

42,834

160,031

1,315,433

1,475,464

70,606

1,350,330

1,420,936

INCOMEFROMCHARITABLEACTIVITIES

Conferencesand Seminars

36,493

4,664

HallHire

3,973

40,466

4,684

INCOMEFROMOTHERTRADINGACTIVITIES

RentalIncome

15,000

12,000

Insuranceclaim

17,500

32,500

12,000

INVESTMENTINCOME

Dividendsfromunlistedinvestments

30,000

35,000

Interest receivedonbank deposits

3,590

33,590

35,000

OTHERINCOME

GrantFromHMRCforCJRS

2,274

12,818

2,274

12,818

B W FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

EXPENDITUREONRAISINGFUNDS

Unrestricted

funds

2022

funds

2021

Advertisingandsponsorship

31,000

15,000

Staffcosts

16,152

15,839

Shareofsupportcosts

5,828

27,533

Shareofgovernancecosts

4,076

2,297

Totalfundraisingandpublicity

57,056

60,669

EXPENDITUREONCHARITABLEACTIVITIES

Conference

Education

Grants

Burial

Total

&seminars

services

2022

2021

Religiousactivities

48,906

44,652

Education

20,514

1,870

Grants

93,795

88,997

Burialcharges

148,453

148,313

48,906

20,514

93,795

148,453

311,668

283,832

Shareofsupportcosts

17,451

9,302

26,917

53,670

43,695

Shareofgovernancecosts

6,431

2,697

12,332

21,460

20,749

72,788

32,513

133,044

148,453

386,798

348,276

Analysisbyfund

Unrestrictedfunds

72,788

11,999

43,277

128,064

111,254

Restrictedfunds

20,514

89,767

148,453

258,734

237,022

72,788

32,513

133,044

148,453

386,798

348,276

Fortheyearended 31July2021

Conference

Education

Grants

Burial

Total

&seminars

services

2021

Religiousactivities

44,652

Education

1,870

Grants

88,997

Burialcharges

148,313

44,652

1,870

88,997

148,313

283,832

Shareofsupportcosts

14,397

603

28,695

43,695

Shareofgovernancecosts

6,837

286

13,626

20,749

65,886

2,759

131,318

148,313

348,276

Analysisbyfund

Unrestrictedfunds

65,886

889

44,479

111,254

Restrictedfunds

1,870

86,839

148,313

237,022

65,886

2,759

131,318

148,313

348,276

B W FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

SUPPORT COSTS

Support

Governance

Total

Support

Governance

Total

costs

2022

costs

2021

Staff costs

16,152

15,838

Depreciation

6,831

150

Premises costs

24,948

22,164

Office costs

2,585

2,427

Bank charges

5,696

3,711

Development company costs

3,286

2,638

2,638 Loss on disposal of fixed assets

24,300

Audit fees

7,000

11,950

Legal and professional fees

8,746

8,398

Accountancy fees

9,790

2,698

59,498

25,536

85,034

71,228

23,046

94,274

Analysed between

Fundraising

5,828

4,076

9,904

27,533

2,297

29,830

Charitable activities

53,670

21,460

75,130

43,695

20,749

64,444

59,498

25,536

85,034

71,228

23,046

94,274

STAFF COSTS

The average number of employees during the year was 2 (2021: 2).

Staff costs were as follows:

2022

2021

Wages and Salaries

31,727

31,677

Pension costs

577

32,304

31,677

No employees received remuneration of more than 60,000 in either year.

RETIREMENT BENEFIT SCHEME

The Charity 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.

NET GAINS/(LOSSES) ON INVESTMENTS

2022

2021

Revaluation of investment properties

91,380

B W FOUNDATION

( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

TANGIBLEFIXEDASSETS

TheGroup

Freeholdland

Assetsunder

Plant&

Total

andbuildings

Construction

machinery

Cost

At1August2021

401,558

9,574,605

7,202

9,983,365

Additions

25,625

At31July2022

401,558

9,600,230

7,202

10,008,990

Depreciation

At1August2021

7,202

Chargefortheyear

6,831

At31July2022

6,831

7,202

14,033

NetBookValue

At31July2022

394,727

9,600,230

9,994,957

At31July2021

401,558

9,574,605

9,976,163

TheFoundation

Freeholdland

Assetsunder

Plant&

Total

andbuildings

Construction

machinery

Cost

At1August2021

401,558

9,619,188

10,020,746

Additions

29,083

At31July2022

401,558

9,648,271

10,049,829

Depreciation

At1August2021

Chargefortheyear

6,831

At31July2022

6,831

NetBookValue

At31July2022

394,727

9,648,271

10,042,998

At31July2021

401,558

9,619,188

10,020,746

B W FOUNDATION

( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

INVESTMENT PROPERTY

Fair value

Group

Foundation

Total

At 1 August 2021

581,620

Net gains and losses through fair value adjustments

91,380

91,380 At 31 July 2022

673,000

At 31 July 2021

581,620

Investment property comprises property held for capital appreciation or rental income purposes.

The fair value of the investment property has been valued by the Trustees on an open market value basis by reference to market evidence and transaction prices for similar properties.

FIXED ASSET INVESTMENTS

Cost or valuation

Unlisted

Group

Unlisted

Foundation

Investments

Total

Investments

Total

At 1 August 2021 & 31 July 2022

10,000

10,100

Carrying amount

At 31 July 2022

10,000

10,100

AT 31 July 2021

10,000

10,100

DEBTORS

Group

Foundation

2022

2021

2022

2021

Amountsowedbygroupundertakings

96,426

53,938

Otherdebtors

2,515

16,988

1,892

16,782

Prepayments

3,192

6,209

3,192

6,209

5,707

23,197

101,510

76,929

B W FOUNDATION

( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

CREDITORS

Group

Foundation

19.a

Amounts falling due within one year:

2022

2021

2022

2021

Tradecreditors

1,200

42,115

Othertaxationandsocialsecurity

471

Accruedexpenses

21,689

24,238

18,729

21,278

Othercreditors

1,442

1600

1,442

1600

24,331

68,424

20,171

23,349

19.bAmountsfallingdueaftermorethanoneyear:

LoansforSalaamCentre project-payable afteroneyear

736,486

655,996

736,486

655,996

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.

20RESTRICTED FUNDS

2021

2022

B/F

Income

Expenses

Transfers

C/F

FundsforintermentinPlotJ

106,331

142,750

(136,050)

113,031

AdvanceForHeadstonecommissioning

52,529

28,770

(12,403)

68,896

FundstopurchasegravesinPlotJ

34,356

825

35,181

SalaamCentre ProjectFunds

2,014,398

1,040,931

(25,625)

3,029,704

Zakat

167

(167)

Sadqa/IZ/Indiaforpoorandneedy

994

4,214

5,208

HusseinyMadressa forEducation

1551

8,303

(19,014)

10,230

1,070

RestrictedFunds2forpoor andneedy

31,816

(5,800)

26,016

Fidia-Fooddistributionto poor

120

538

658

Fitra-distributedtopooratendofRamadhan

944

3,572

(3,000)

1,516

RaddeMazaalim

255

(255)

FundsforPoorGeneral

1306

194

(1,500)

Khums-SahemeSadat

7,427

13,201

(13,045)

7,583

LFTCharity donation

1180

7,523

(5,083)

3620

RestrictedFunds1mainlyforeducation

22,530

58,050

(58,659)

21,921

FundraisingforSalaam Centre

4,948

(118)

4,830

EducationUk&Overseas

50,325

1,600

(1,500)

50,425

WIPAHS-Kibaha

122

650

772

ImamHussein Foundation

100

250

350

SufraFundFoodDistributioninUK

3,640

(2,140)

1,500

WafaOrphans-Iraq

10,000

2,340,977

1,315,433

(258,734)

(15,395)

3,382,281

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.

Husseiny Madressa for Education transfers - a transfer has been made from unrestricted funds to cover a deficit.

B W FOUNDATION

( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

RESTRICTEDFUNDS (continued)

Fortheyearended31July2021

2020

2021

B/F

Income

Expenses

Transfers

C/F

FundsforintermentinPlotJ

93,457

151,287

(138,413)

106,331

AdvanceForHeadstonecommissioning

35,254

27,175

(9,900)

52,529

FundstopurchasegravesinPlotJ

33,386

970

34,356

SalaamCentre ProjectFunds

947,994

1,094,758

(28,354)

2,014,398

Sadqa/IZ/Indiaforpoorandneedy

1,530

3,240

(3,776)

994

HusseinyMadressa forEducation

2,727

694

(1,870)

1,551

RestrictedFunds2forpoor andneedy

26,116

14,000

(8,300)

31,816

Fidya-Fooddistributiontopoor

120

Fitra-distributedtopooratendofRamadhan

2,944

(2,000)

944

RaddeMazaalim

170

(170)

FundsforPoorGeneral

1,306

Khums-SahmeSadaat

18,540

(11,113)

7,427

LFTCharity donation

2,000

1,180

(2,000)

1,180

RestrictedFunds1mainlyforEducation

46,730

34,000

(58,200)

22,530

FundraisingforSalaam Centre

4,948

EducationUK&Overseas

50,475

(150)

50,325

WIPAHS-Kibaha

222

(100)

122

ImamHussein Foundation

100

SufraFund-FooddistributioninUK

1,030

(1,030)

WafaOrphans-Iraq

10,000

1,256,023

1,350,330

(237,022)

(28,354)

2,340,977

Transfers

Husseiny Madressa for Education transfers - a transfer has been made from unrestricted funds to cover a deficit.

Description of restricted funds

Burial Funds-Three River District Council charges the Charity for interment at Woodcock Hill Cemetery. The bereaved families reimburse the Charity.

Bereaved families have to pay in advance for the headstones. Funds are utilised when memorials are erected. Advances for interment were received from the larger community.

During the year these were utilised to pay the Council for interments.

Salaam Centre funds- these are raised during the year and utilised for the development of the Centre and other services provided.

Sadqa, Fitra, funds for poor, sufra-these are all religious dues that are utilised to feed poor in UK and overseas.

Restricted funds 1 & 2 are mainly used for Education, assisting poor, medical assistance and as per the needs that arise either in UK or Overseas and approved by Trustees.

Education funds used strictly for Education purpose in UK & Overseas as the need arises and approved by Trustees.

B W FOUNDATION

( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted

Restricted

Total

Fund

Funds

Tangible assets

9,843,308

151,649

9,994,957

Investment properties

673,000

Investments

10,000

Current assets/(liabilities)

3,207

3,230,632

3,233,839

Non current liabilities

(736,486)

9,793,029 3,382,281 13,175,310

For the year ended 31 July 2021

Unrestricted

Restricted

Total

Fund

Funds

Tangible assets

9,666,889

271,394

9,938,283

Investment properties

581,620

Investments

10,000

Current assets/(liabilities)

(37,882)

2,069,583

2,031,701

Non current liabilities

(655,996)

9,564,631 2,340,977 11,905,608

RELATED PARTY TRANSACTIONS

The trustees are considered to be Key Management Personnel. No trustees, nor person connected with them received any remuneration or other benefits from the B W Foundation or any connected organisation (2021: £Nil).

There were no expenses incurred by any Trustee during the year on behalf of the Charity. Expenses totalling £118 were reimbursed to Trustees during 2021.

Donations from the Trustees and from their close family members to the Charity during the year totalled £34,383 (2021: £40,000).

The Wolsey Trust, a UK registered charity in which a Trustee is also a trustee, made a donation to BW Foundation of £600,850 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 totalled £31,350 (2021: £30,000).

B W FOUNDATION

( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

CASHGENERATEDFROMOPERATIONS

2022

2021

Surplusfortheyear

1,231,820

1,076,493

Adjustments for:

Investment incomerecognisedin SOFA

(33,590)

(35,000)

Fairvalue gainsoninvestment properties

(91,380)

Lossondisposaloftangiblefixed assets

24,300

Depreciation

6,831

150

Movementsinworkingcapital:Decrease/(increase)indebtors

17,490

56,994

(Decrease)/increasein creditors

(12,091)

1,171

Cashgeneratedbyoperations

1,119,080

1,124,108

ANALYSISOFCHANGESINNETFUNDS

At1August2021

Cashflows

At31July2022

Cashatbankandin hand

2,076,928

1,175,535

3,252,463

Loansfalling dueaftermorethanoneyear

(655,996)

(80,490)

(736,486)

1,420,932

1,095,045

2,515,977