Charity registration number 1121549
Company registration number 06324340 (England and Wales)
B W FOUNDATION
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
B W FOUNDATION
(A company limited by guarantee)
Charity Trustees
Dr M Asaria
Medical Practitioner
Dr N Merali
Medical Practitioner
Mr M Versi
Retired
Mrs M Manji
Director
Mr M Walji
Accountant
Charity number
1121549
Company number
06324340
Principal address
336 Pinner Road
Harrow
Middlesex
HA1 4LB
Auditor
Deitch Cooper LLP
1st Floor, 3 Hobbs House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX
Bankers
Habib Bank Zurich PLC
377 Station Road
Harrow
Middlesex
HA1 3EX
Solicitors
Blake Lapthorn Tarlo
Lyons Harbour Court
Compass Road
North Harbour
Portsmouth
PO6 4ST
B W FOUNDATION
CONTENTS
Page
Trustees' report
1 - 4
Independent auditor's report
5 - 7
Consolidated statement of financial activities
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of cash flows
11
Notes to the financial statements
12 - 29
B W FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JULY 2024
The Trustees present their annual report and the consolidated financial statements for the year ended 31 July 2024. The legal and administrative information page forms a part of this report.
The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity's governing document, the Companies Act 2006, and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
- 1 -
B W FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JULY 2024
OBJECTIVES AND ACTIVITIES
Our aims
The aims of the charity are set out in the charity's Memorandum and Articles of Association and are summarised:
-
Relief of poverty and famine, the safeguarding of health and for the advancement of education.
-
Furtherance of religion and other purposes anywhere in the world which are charitable according to the laws of England and Wales.
Our objectives
Our objectives are set to reflect our aims. Each year the trustees review our objectives and activities to ensure they continue to reflect our aims.
The Trustees have paid due regard to public benefit guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Strategies
The charity assists others within the UK and worldwide for the relief of need and financial hardship and those who have insufficient resources to cover their basic needs for shelter, food, clothing or who are destitute with no means of support.
An important part of our strategy is community welfare and education. All our community facilities and activities are widely advertised, and we welcome the participation of all our local community. All activities are free to the users and are supported by donations.
How our activities deliver public benefits
The charity carries out a wide range of activities in pursuance of its charitable aims. The trustees consider that these activities, summarised below, provide benefit to the local community.
Achievements and Performance
The Trustees carried out several activities and are pleased to report the
the following achievements:
Regular faith-based occasions on a weekly and seasonal basis at the Centre
Interfaith sessions to discuss various faith and ideological issues.
The phase 2 construction of the Salaam centre is ongoing however additional funding is needed to complete the project.
- 1 -
B W FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JULY 2024
Financial Review
The Statement of Financial Activities and related notes show the sources of income and how the income has been applied. The net movement in funds for the year was an increase of £1,756,838 (2023: £1,314,927). Total funds at 31 July 2024 stand at £16,247,075 (2023: £14,490,237) of which £947,652 (2023: £2,195,635) are restricted funds and £15,299,423 (2023: £12,294,602) are unrestricted funds. The majority of unrestricted funds is tied up in fixed assets. A breakdown of restricted funds is contained in the notes. 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 existence.
Fundraising
Fundraising by way of Standing Orders, one-off donations from within the community and other supporters continue, as well as Organisations. The Foundation also raises funds publicly, through our website and sponsoring events, utilising opportunities to promote The Salaam Centre where possible. There were no complaints in the year towards the fundraising strategies. The Foundation adheres to the fundraising regulatory codes.
All our fundraising is carried out by our trustees who have approached people in the community and known to them. Appeals are only made to known supporters and with the consent to keep the donors updated. Our services and other programmes are broadcast live, by video stream, to maintain the continuity and contact with the wider public.
Reserves policy
Currently the charity is undergoing a major capital build project, and all funds are raised towards the build. It is felt that the4re is no reason to maintain any free reserves especially as the standing order donations cover any costs that are not related to the construction – the current free reserves are negligible.
Once the construction is completed, the trustees will aim to keep 12 months operational costs of this Centre in free reserves. The value of the free reserves over the next 12 months is expected to be £20,000 per month compared to operational costs of £15,000 per month over next 12 months.
Risk Management
The trustees have assessed the risk the charity faces and have drawn up a risk matrix which identifies the major risks by area of activity, the nature of those risks, the likelihood of the risks happening, and the measures taken to manage them. The trustees review this risk matrix regularly at their meetings. The trustees are satisfied that systems are in place, or arrangements are in hand, to manage the risks that have been identified.
The key risks identified by the trustees are as follows:
Risk
A delay in finishing the construction of the Salaam centre.
Mitigation
The trustees constantly monitor finances to ensure that the charity does not over commit.
Risk
Interest rate increase that may impact the charity in 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:
Continuing the construction of the Salaam Centre to accommodate the growing number of participants who attend the community centre.
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B W FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JULY 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
BW Foundation is registered in England and Wales as a company limited by guarantee, number 06324340 and Registered charity number 1121549. It is governed by the Charity' s Memorandum and Articles of Association.
Organisation structure
We operate an incorporated charity ("BW Foundation") registered with the Charity Commission for England and Wales and with Companies House. The charity has one wholly owned subsidiary, BWF Development Company Limited, which carries out the development of the Salaam Centre. Three of the Trustees of the charity also serve as directors of BWF Development Co Limited.
None of the Trustees or Directors or any related party receive any remuneration for the services provided.
The Trustees, who are also the directors for the purpose of company law, who served during the year and up to the date of signature of the financial statements were:
Dr. N Merali
Mrs. M Manji
Dr. M Asaria
Mr. M Versi (appointed 5 November 2023)
Mr. M Walji (appointed 5 November 2023)
Mr. R Esmail (resigned 5 November 2024)
Recruitment and appointment of trustees
The trustees are elected in accordance with the Charity's Memorandum and Articles at the Annual General meeting of the Charity. At an Annual General Meeting the members accept the retirement of those trustees who wish to retire or who are retiring by rotation and elect trustees to fill the vacancies arising. The members of the charity are the existing trustees and the Councillors of the Shi'a Ithna Ashary Community of Middlesex.
The existing trustees are responsible for the recruitment of new trustees. In selecting new trustees, we seek to identify people who regularly attend events and functions organised by the Charity and are willing to volunteer to help in our broader community work. Potential trustees are invited to attend trustees' meetings as observers and are given more details of the charity's aims and activities and if all agree, they are then proposed as new trustees at the subsequent annual general meeting of the Charity. This process allows due consideration of the person's eligibility, personal competence, specialist knowledge and skills.
Induction and training of trustees
The trustees receive information about their role and responsibilities from a range of sources, including the Charity Commission and professional advisers to the Charity. Following appointment, new trustees are introduced to their new role and given copies of the constitution and a guide to policies and procedures adopted by our charity. A number of publications from the Charity Commission are also provided including the guidance on charities and public benefits and on advancement of religion for the public benefit. This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act. Initially, new trustees work with existing trustees assisting on particular activities and projects run by the charity. After satisfactory feedback from the existing trustees, they are then given the task of leading a particular activity or project, reporting progress at the trustees' meetings.
Volunteers
It has been 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.
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B W FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JULY 2024
Statement of Trustees' responsibilities
The Trustees, who are also the directors of B W Foundation for the purpose of company law, are responsible for preparing the Trustees' report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law and the law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that year.
In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principle in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the financial and other information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditor
Each of the charity Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken all the necessary steps they ought to have taken as charity Trustees in order to make themselves aware of all relevant audit information and to establish that the auditor is aware of that information.
The Trustees' annual report was approved and signed on behalf of the Board of Trustees.
Mr M Walji
Trustee
29 April 2025
2025-04-29
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B W FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES 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 2024 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 2024 and of its incoming resources and application of resources, including income and expenditure, for the year then ended; and
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity and group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standards, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual Report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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B W FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF B W Foundation
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and Charity and their environment obtained during the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' 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.
Responsibilities of Trustees
As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. ln preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
we identified the laws and regulations applicable to the charity and the group through discussions with management and from our knowledge and experience of the sector and activities of the charity; and
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities (Accounts and Reports) Regulations 2008 and the Charities Act 2011; and
we assessed the extent of compliance with the laws and regulations identified through making enquiries of management and inspecting documentation; and
we identified laws and regulations which were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the financial statements to material misstatements including obtaining an understanding of how fraud might occur by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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B W FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF B W Foundation
Auditor's responsibilities for the audit of the financial statements (continued)
To address the risk of fraud through management bias and override of controls we performed the following procedures:
we performed analytical procedures to identify any unusual or unexpected relationships; and
we assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
we investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations we designed procedures which included, but were not limited to, agreeing financial statement disclosures to underlying supporting documentation and remaining alert for actual and potential litigation and claims during our other audit procedures. We did not identify any key audit matters relating to irregularities, including fraud.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in audit procedures performed and the further removed 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's 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.
Deitch Cooper LLP
29 April 2025
2025-04-29
Statutory Auditor
1st Floor, 3 Hobbs House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX
Deitch Cooper LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 12 of the Companies Act 2006.
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B W FOUNDATION
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Income from:
Donations and legacies
199,337
2,020,667
2,220,004
205,006
1,529,563
1,734,569
Charitable activities
70,354
-
70,354
72,913
-
72,913
Other trading activities
21,350
-
21,350
15,000
-
15,000
Investments
73,351
-
73,351
78,700
-
78,700
Total income
364,392
2,020,667
2,385,059
371,619
1,529,563
1,901,182
Expenditure on:
Raising funds
162,998
-
162,998
84,426
-
84,426
Charitable activities
180,414
294,809
475,223
140,626
218,203
358,829
Total expenditure
343,412
294,809
640,121
225,052
218,203
443,255
Net gains/(losses) on
investments
10,000
-
10,000
(143,000)
-
(143,000)
Net income
30,980
1,725,858
1,756,838
3,567
1,311,360
1,314,927
Transfers between funds
2,973,841
(2,973,841)
-
2,498,006
(2,498,006)
-
Net movements in funds
3,004,821
(1,247,983)
1,756,838
2,501,573
(1,186,646)
1,314,927
Reconciliation of funds:
Fund balances at 1 August 2023
12,294,602
2,195,635
14,490,237
9,793,029
3,382,281
13,175,310
Fund balances at 31 July 2024
15,299,423
947,652
16,247,075
12,294,602
2,195,635
14,490,237
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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B W FOUNDATION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
15,453,716
12,486,898
Investment properties
16
540,000
530,000
Investments
17
10,000
10,000
16,003,716
13,026,898
Current assets
Debtors
18
135,609
94,298
Cash at bank and in hand
833,882
2,408,703
969,491
2,503,001
Creditors: amounts falling due within one year
19
(42,196)
(290,676)
Net current assets
927,295
2,212,325
Total assets less current liabilities
16,931,011
15,239,223
Creditors: amounts falling due after more than one year
19.b
(683,936)
(748,986)
Net assets
16,247,075
14,490,237
Income funds
Restricted funds
20
947,652
2,195,635
Unrestricted funds
15,299,423
12,294,602
Total charity funds
16,247,075
14,490,237
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These accounts were approved by the Board of Trustees on 29 April 2025 and were signed on its behalf by:
Mr M Walji
Mr M Versi
Trustee
Trustee
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B W FOUNDATION
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2024
31 July 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
15,982,931
12,778,482
Investment property
16
540,000
530,000
Investments
17
10,100
10,100
10,100
16,533,031
13,318,582
Current assets
Debtors
18
584,275
145,579
Cash at bank and in hand
812,619
2,378,837
1,396,894
2,524,416
Creditors: amounts falling due within one year
19
(488,720)
(319,324)
Net current assets
908,174
2,205,092
Total assets less current liabilities
17,441,205
15,523,674
CREDITORS: amounts falling due
after more than one yar
(683,936)
(748,986)
NET ASSETS
16,757,269
14,774,688
Income funds
Restricted funds
605,864
1,871,287
Unrestricted funds
16,151,4056
12,903,401
Total charity funds
16,757,269
14,774,688
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These accounts were approved by the Board of Trustees on
29 April 2025
29 April 2025
and were signed on its behalf by:
Mr M Walji
Mr M Versi
Trustee
Trustee
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B W FOUNDATION
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities Cash generated from operations
24, 25
1,390,719
1,294,644
Investing activities
Investment income received
73,351
78,700
Purchase of tangible fixed assets
(2,973,841)
(2,229,604)
Net cash generated from/ (used in) investing activities
(2,900,490)
(2,150,904)
Financing activities
Proceeds from borrowings
180,450
12,500
Repayment of borrowings
(245,500)
-
Net cash (used in)/generated from financing activities
(65,050)
12,500
Net (decrease)/increase in cash and cash equivalents
(1,574,821)
(843,760)
Cash and cash equivalents at beginning of year
2,408,703
3,252,463
Cash and cash equivalents at end of year
833,882
2,408,703
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B W FOUNDATION
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
1
ACCOUNTING POLICIES
Charity information
BW Foundation ("the Charity") is a private company limited by guarantee, incorporated in England and Wales (company number 063234340) and a charity registered in England and Wales (charity number 1121549).
The charity's registered office address is: 336 Pinner Road, Harrow, Middlesex, HA1 4LB.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS102") and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). This a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the group.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value.
The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company together with all entities controlled by the parent company (its subsidiaries). All financial statements are made up to 31 July 2024. 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.
1.3
Going concern
The trustees have assessed the charity's requirements for the foreseeable future, including the 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.
1.4
Critical accounting estimates and judgements
In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Significant judgements and key accounting estimates made by the Trustees include the fair value of investment property and the estimated useful economic life of tangible fixed assets, which is reflected in the depreciation rates applied.
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B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
ACCOUNTING POLICIES (CONTINUED)
1.5
Income
Income is recognised when the Charity is legally entitled to after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received.
Cash donations are recognised on receipt. Gift Aid recoverable is recognised at the time of the donation. Other donations are recognised once the Charity has been notified of the donation.
1.6
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
Governance costs are included within support cots and include costs relating to strategic planning for its future development, auditors' remuneration, certain legal costs and all costs of complying with constitutional and statutory requirements, such as costs of Board meetings and of preparing the statutory accounts.
Where support costs cannot be directly attributable to specific charitable activities they have been allocated between charitable activities in line with the total direct expenditure on each activity.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
Straight line over 25 years
Plant and equipment
25% straight line
Freehold land and assets in the course of construction are not depreciated.
Assets in the course of construction are not depreciated until the work is fully completed.
The gain or loss arising on the disposal of an asset is the difference between the sale proceeds and the carrying value of the asset and is recognised in the Statement of Financial Activities.
Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of tangible assets, including Burial land, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any).
1.8
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value as at the reporting end date. The net gain or loss on revaluation is recognised in net income/(expenditure) for the year.
1.9
Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. The tax payable by subsidiaries of the charity is recognised as part of the support costs of the group for the year.
1.10
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.  Bank overdrafts are shown within borrowings in current liabilities.
- 13 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
ACCOUNTING POLICIES (CONTINUED)
1.11
Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the charity's statement of financial position when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic Financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.
Concessionary loans
Concessionary loans are those loans made or received by a charity to further its purposes and any interest charged is below the prevailing market rate. Concessionary loans are not made 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for specific purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
- 14 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2   SUBSIDARY 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 2024 is shown below.
2024
2023
£
£
Turnover
3,211,282
2,742,315
Cost of Sales
(2,973,841)
(2,497,969)
Gross Profit
237,441
244,346
Administrative expenses
(233,620)
(143,128)
Operating profit
3,821
101,218
Interest payable and similar charges
-
-
Profit/(loss) before tax
3,821
101,218
Tax on profit/(loss)
(753)
(1,370)
Profit/(loss) for the financial year
3,068
99,848
The net assets of the subsidiary were:
Total Assets
483,452
337,186
Total Liabilities
(473,756)
(330,558)
Total Equity (Including 100 ordinary shares of £1 each)
9,696
6,628
- 15 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3    FINANCIAL PERFORMANCE OF THE CHARITY
The financial activities showing the consolidated financial statements include those of the Charity's subsidiary. A summary income and expenditure account showing the financial activities undertaken by the charity alone during the period is set out below.
2024
2023
£
£
Total income
2,615,059
2,041,182
Total expenditure
(632,478)
(440,128)
Net gains and losses on revaluation of investment properties
10,000
(143,000)
Net income for the year/Net movement in funds
1,992,581
1,458,054
Total funds brought forward
14,774,688
13,316,634
Total funds carried forward
16,767,269
14,774,688
- 16 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
4
DONATIONS AND LEGACIES
Salaam Centre donations
-
1,696,519
1,696,519
-
1,268,055
1,268,055
Other general donations
74,851
324,148
398,999
25,932
261,508
287,440
Tax relief on donations
124,486
-
124,486
179,074
-
179,074
199,337
2,020,667
2,220,004
205,006
1,529,563
1,734,569
5
INCOME FROM CHARITABLE ACTIVITIES
Conferences and Seminars
62,549
-
62,549
65,058
-
65,058
Hall Hire
7,805
-
7,805
7,855
-
7,855
70,354
-
70,354
72,913
-
72,913
6
INCOME FROM OTHER TRADING ACTIVITIES
Rental Income
21,350
-
21,350
15,000
-
15,000
Other trading activities
-
-
-
-
-
-
21,350
-
21,350
15,000
-
15,000
7
INVESTMENT INCOME
Dividends from investments
30,000
-
30,000
30,000
-
30,000
Interest received on bank deposits
43,351
-
43,351
48,700
-
48,700
73,351
-
73,351
78,700
-
78,700
- 17 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
8
EXPENDITURE ON RAISING FUNDS
Unrestricted
Unrestricted
funds
2024
funds
2023
£
£
Advertising and sponsorship
12,000
19,600
Staff costs
14,050
10,828
Share of support costs
16,381
7,082
Share of governance costs
5,730
3,950
Other fundraising costs
114,837
42,966
Total fundraising and publicity
162,998
84,426
9   EXPENDITURE ON CHARITABLE ACTIVITIES
Conferences
Education
Grants
Burial
Total
Total
& Seminars
Services
2024
2023
£
£
£
£
£
£
Religious activities
106,479
-
-
-
106,479
88,055
Education
-
47,166
-
-
47,166
17,558
Grants
-
-
104,254
-
104,254
68,596
Burial charges
-
-
-
145,739
145,739
136,049
106,479
47,166
104,254
145,739
403,638
310,258
Share of support costs
28,712
12,077
19,145
-
59,934
37,572
Share of governance costs
4,810
2,131
4,710
-
11,651
10,999
140,001
61,374
128,109
145,739
475,223
358,829
Analysis by Fund
Unrestricted funds
140,001
14,208
26,205
-
180,414
140,626
Restricted funds
-
47,166
101,904
145,739
294,809
218,203
140,001
61,374
128,109
145,739
475,223
358,829
- 18 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)
For the year ended 31 July 2023
Conference
Education
Grants
Burial
Total
& Seminars
Services
2023
£
£
£
£
£
Religious activities
88,055
-
-
-
88,055
Education
-
17,558
-
-
17,558
Grants
-
-
68,596
-
68,596
Burial charges
-
-
-
136,049
136,049
88,055
17,558
68,596
136,049
310,258
Share of support costs
18,954
6,589
12,029
-
37,572
Share of governance costs
5,559
1,109
4,331
-
10,999
112,568
25,256
84,956
136,049
358,829
Analysis Fund
Unrestricted funds
112,568
7,698
20,360
-
140,626
Restricted funds
-
17,558
64,596
136,049
218,203
112,568
25,256
84,956
136,049
358,829
- 19 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
SUPPORT COSTS
Support costs
Total
Support costs
Total
Basis of
allocation
2024
2024
2023
2023
£
£
£
£
Staff costs
14,051
14,051
10,828
10,828
  Usage
Depreciation
7,023
7,023
7,023
7,023
  Directly attributable
Premises costs
17,742
17,742
16,550
16,550
  Directly attributable
Office costs
25,761
25,761
1,186
1,186
  Directly attributable
Bank charges
6,187
6,187
6,130
6,130
  Directly attributable
Development company costs
5,551
5,551
2,936
2,936
  Directly attributable
Governance Costs
17,381
17,381
14,950
14,950
  Governance
93,696
93,696
59,603
59,603
Governance Costs
Audit fees
11,000
11,000
7,500
7,500
Legal and professional fees
1,861
1,861
2,230
2,230
Accountancy fees
4,520
4,520
5,220
5,220
17,381
17,381
14,950
14,950
11
TRUSTEES
None of the Trustees (nor any persons connected with them) received any remuneration or benefits from the charity during the year (2023: None).
- 20 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
12
EMPLOYEES
Number of employees
The average monthly number of employees during the year was:
   2024
     2023
Number
Number
Total excluding Trustees
2
2
Employment costs
2024
    2023
£
      £
Wages and salaries
  27,601
21,185
Staff pension costs
       500
471
28,101
21,656
There were no employees whose annual remuneration was £60,000 or more.
13
RETIREMENT BENEFIT SCHEME
The Foundation operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administrated fund.
14
GAINS AND LOSSES ON INVESTMENTS
2024
2023
£
£
Gains/(losses) arising on:
Revaluation of investment properties
10,000
(143,000)
- 21 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
15  TANGIBLE FIXED ASSETS
Freehold
Assets under
Plant &
Total
Land and
construction
equipment
buildings
£
£
£
£
THE GROUP
Cost
At 1 August 2023
401,558
12,098,236
8,165
12,507,959
Additions
-
2,973,841
-
2,973,841
At 31 July 2024
401,558
15,072,077
8,165
15,481,800
Depreciation
At 1 August 2023
13,662
-
7,399
21,061
Charge for the year
6,831
-
192
7,023
At 31 July 2024
20,493
-
7,591
28,084
Net Book Value
At 31 July 2024
381,065
15,072,077
574
15,453,716
At 31 July 2023
387,896
12,098,236
766
12,486,898
THE FOUNDATION
Cost
At 1 August 2023
401,558
12,390,585
-
12,792,143
Additions
-
3,211,281
-
3,211,281
At 31 July 2024
401,558
15,601,866
-
16,003,424
Depreciation
At 1 August 2023
13,662
-
-
13,662
Charge for the year
6,831
-
-
6,831
At 31 July 2024
20,493
-
-
20,493
Net Book Value
At 31 July 2024
381,065
15,601,866
-
15,982,931
At 31 July 2023
387,896
12,390,586
-
12,778,482
- 22 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
  16  INVESTMENT PROPERTY
Total
£
THE GROUP AND THE FOUNDATION
Fair value
At 1 August 2023
530,000
Net gains and losses through fair value adjustments
10,000
At 31 July 2024
540,000
At 31 July 2023
530,000
Investment property comprises property held for capital appreciation and rental income purposes.
The fair value of the investment property has been valued by the Trustees on an open market value basis.  Open market value has been determined by reference to a thorough assessment of various factors including market trends, prevailing interest rates and future interest rate expectations on 31 July 2024, the political and economic environment during the period, the property condition and comparable property sales in the area.
- 23 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
17
FIXED ASSET INVESTMENTS
Unlisted
Total
£
£
THE GROUP
Cost
At 1 August 2023 & 31 July 2024
10,000
10,000
Carrying amount
At 31 July 2024
10,000
10,000
At 31 July 2023
10,000
10,000
THE FOUNDATION
Cost
At 1 August 2023 & 31 July 2024
10,100
10,100
Carrying amount
At 31 July 2024
10,100
1
10,100
At 31 July 2023
10,100
10,100
Fixed asset investments amounting to £10,000 represent non-controlling participating interests.
18
DEBTORS – THE GROUP
2024
2023
£
£
Amounts falling due within one year:
Other debtors
130,980
91,082
Prepayments and accrued income
4,629
3,216
135,609
94,298
18.a
DEBTORS – THE FOUNDATION
2024
2023
£
£
Amounts falling due within one year:
Amounts owed by subsidiary undertakings
458,666
-
Other debtors
130,980
142,363
Prepayments and accrued income
4,629
3,216
594,275
145,579
- 24 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
19
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR – THE GROUP
2024
2023
£
£
Amounts falling due within one year:
Taxation and social security
9,533
-
Trade creditors
9,968
271,033
Accrued expenses
22,585
19,543
Other creditors
110
100
42,196
290,676
The bank loans are secured by way of charges over certain investment properties owned by the group.
19.a
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - THE FOUNDATION
2024
2023
£
£
Amounts falling due within one year:
Taxation and social security
8,121
-
Amounts owed to subsidiary undertakings
-
305,340
Accrued expenses
480,489
13,884
Other creditors
110
100
488,720
319,324
19.b
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR – THE GROUP
2024
2023
£
£
Loans for Salaam Centre project – payable after one year
683,936
748,986
19.c
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR – THE FOUNDATION
2024
2023
£
£
Loans for Salaam Centre project – payable after one year
683,936
748,986
Loans for the Salaam Centre project represent interest-free concessionary loans received from members made wholly to advance charitable purposes, for the benefit of the Charity's beneficiaries, and achieve no financial return.
- 25 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
20
RESTRICTED FUNDS
The income funds of the group include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Balance at
Income
Expenses
Transfers
Balance at
1 Aug 2023
31 July 2024
£
£
£
£
£
Funds for interment in plot J
148,233
142,131
(127,663)
-
162,701
Advance for Headstone
commissioning
74,264
29,635
(18,076)
-
85,823
Funds to purchase graves in plot J
35,931
775
-
-
36,706
Salaam Centre project funds
1,799,753
1,696,519
-
(2,973,841)
522,431
Zakat
-
24,424
(11,500)
-
12,924
Sadqa/IZ/India for poor and needy
2,273
3,936
-
-
6,209
Husseiny Madrassa for Education
5,065
29,742
(28,854)
-
5,953
Restricted Funds 2 for poor and needy
22,916
-
(5,550)
-
17,366
Fidia – Food Distribution to poor
-
540
-
-
540
Fitra – Distributed to poor at end of Ramadhan
2,963
6,518
(6,000)
-
3,481
Khums – Saheme Sadat
10,667
36,964
(47,631)
-
-
Khums – Saheme Imam
-
-
-
-
-
LFT Charity donation
1,157
1,500
-
-
2,657
Restricted funds 1 mainly for education
26,692
19,000
(18,312)
-
27,380
Fundraising for Salaam Centre
4,830
313
(5,143)
-
-
Education UK & Overseas
50,475
350
-
-
50,825
WIPAHS- Kibaha
346
920
-
-
1,266
Imam Hussein Foundation
-
500
-
-
500
Sufra Fund Food distribution in UK
-
250
-
-
250
Master Foundation
-
1,000
(1,000)
-
-
Wafa Orphans – Iraq
10,000
-
-
-
10,000
Kaffara
40
-
-
-
40
Pakistan Flood Victims
-
-
-
-
-
Care 4 Calais
30
-
-
-
30
Gaza
-
650
(80)
-
570
Muslim Community of Great Britain
-
25,000
(25,000)
-
-
2,195,635
2,020,667
(294,809)
(2,973,841)
947,652
Transfers:
Salaam Centre Project fund transfers - the value of assets under construction purchased during the year has been transferred from the restricted fund to unrestricted funds since the asset has been purchased from restricted donations but the asset does not have a restricted purpose.
20  RESTRICTED FUNDS (CONTINUED)
For the year ended 31 July 2023
Balance at
Income
Expenses
Transfers
Balance at
1 Aug 2022
31 July 2023
£
£
£
£
£
Funds for interment in plot J
113,031
115,299
(120,097)
-
148,233
Advance for Headstone
commissioning
68,896
21,320
(15,952)
-
74,264
Funds to purchase graves in plot J
35,181
750
-
-
35,931
Salaam Centre project funds
3,029,704
1,268,055
-
(2,498,006)
1,799,753
Zakat
-
-
-
-
-
Sadqa/IZ/India for poor and needy
5,208
4,473
(7,408)
-
2,273
- 27 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
Husseiny Madrassa for Education
1,070
21,303
(17,308)
-
5,065
Restricted Funds 2 for poor and needy
26,016
1,200
(4,300)
-
22,916
Fidia – Food Distribution to poor
658
220
(878)
-
-
Fitra – Distributed to poor at end of Ramadhan
1,516
4,767
(3,320)
-
2,963
Khums – Saheme Sadat
7,583
17,003
(13,919)
-
10,667
Khums – Saheme Imam
-
2,750
(2,750)
-
-
LFT Charity donation
3,620
4,754
(7,217)
-
1,157
Restricted funds 1 mainly for education
21,921
20,630
(15,859)
-
26,692
Fundraising for Salaam Centre
4,830
-
-
-
4,830
Education UK & Overseas
50,425
50
-
-
50,475
WIPAHS- Kibaha
772
674
(1,100)
-
346
Imam Hussein Foundation
350
-
(350)
-
-
Sufra Fund Food distribution in UK
1500
500
(2,000)
-
-
Wafa Orphans – Iraq
10,000
-
-
-
10,000
Hujjat-Harefiel Project
-
250
(250)
-
-
Empowered Women Network Event
-
300
(300)
-
-
Kaffara
-
40
-
-
40
Pakistan Flood Victims
-
550
(550)
-
-
Care 4 Calais
-
4,674
(4,644)
-
30
3,382,281
1,529,562
(218,202)
(2,498,006)
2,195,635
Transfers:
Salaam Centre Project fund transfers - the value of assets under construction purchased during the year has been transferred from the restricted fund to unrestricted funds since the asset has been purchased from restricted donations but the asset does not have a restricted purpose.
- 27 -
B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
21
ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fund balances at 31 July 2024 are represented by:
Tangible assets
15,453,716
-
15,453,716
12,486,898
-
12,486,898
Investment properties
540,000
-
540,000
530,000
-
530,000
Investments
10,000
-
10,000
10,000
-
10,000
Current assets/(liabilities)
(20,357)
947,652
927,295
16,690
2,195,635
2,212,325
Long term liabilities
(683,936)
-
(683,936)
(748,986)
-
(748,986)
15,299,423
947,652
16,247,075
12,294,602
2,195,635
14,490,237
22
CAPITAL COMMITMENTS
The company has contractual commitments in respect of the development of The Salaam Centre, Harrow and associated professional fees. Future costs of the project have not been recognised in these financial statements, except to the extent that the work has been carried out by the reporting end date.
23
RELATED PARTY TRANSACTIONS
Donations from the Trustees and their close family members to the Charity during the year amounted to £151,442 (2023: £130,546).
The Wolsey Trust, a UK registered charity in which a Trustee is also a trustee, made donations to BW Foundation of £6,000 (2023: £5,500) during the year, as part of its charitable activities.
Related party donations to the Charity during the year from entities in which trustees are directors amounted to £351,500 (2023: £171,000).
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B W FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
24
CASH GENERATED FROM OPERATIONS
2024
2023
£
£
Surplus for the year
1,756,838
1,314,927
Adjustments for:
Investment income recognised in Statement of Financial Activities
(73,351)
(78,700)
Fair value gains and losses on investment properties
(10,000)
143,000
Depreciation and impairment of tangible assets
7,023
7,023
Movements in working capital:
(Increase)/decrease in debtors
(41,311)
(88,591)
(Decrease) in creditors
(248,480)
(3,015)
Cash generated from operations
1,390,719
1,294,644
25   ANALYSIS OF CHANGES IN NET FUNDS
At 1 August 2023
Cashflows
Acquisitions
and Disposals
At 31 July 2024
£
£
£
£
Cash at bank and in hand
2,408,703
(1,574,821)
-
833,882
Loans due after more than one year
(748,986)
245,500
(180,450)
(683,936)
1,659,717
(1,329,321)
(180,450)
149,946
- 29 -
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