1st Floor, 3 Hobbs House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

The Trustees present their annual report and the consolidated financial statements for the year ended 31 July 2025. 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).

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 are set to reflect our aims. Each year the trustees review our objectives and activities to ensure they continue to reflect our aims.

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.

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.

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.

The total net movement in funds for the year was an increase of £733,752 (2024: £1,756,838). Total funds at 31 July 2025 stand at £16,980,827 (2024: £16,247,075) of which £1,378,866 (2024: £947,652) are restricted funds and £15,601,961 (2024: £15,299,423) are unrestricted funds.  A breakdown of restricted funds is contained in the notes. The Trustees are pleased with the results for the year and consider the statement of position of the charity's affairs to be satisfactory.

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 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.

Currently the charity is undergoing a major capital build project, and all funds are raised towards the build. It is felt that there 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.

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.

A delay in finishing the construction of the Salaam centre.

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

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

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

Increase in cost of materials for construction.

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

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.

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:

Mr. M Versi

Mr. M Walji

Dr. N Merali (resigned 3 November 2025)

Mrs. M Manji(resigned 3 November 2025)

Dr. M Asaria (resigned 3 November 2025)

Mr. R Esmail (resigned 5 November 2024)

Dr. Z Sikafi (appointed 2 November 2025)

Mrs. M Asaria (appointed 2 November 2025)

Mr. M Manji (appointed 2 November 2025)

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.

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.

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

In addition to the aims and objectives above, the Charity has these activities planned over the forthcoming year:

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.

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.

In our opinion, the financial statements:

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give a true and fair view of the state of the group's and charity's affairs as at 31 July 2025 and of its incoming resources and application of resources, including income and expenditure, for the year then ended; and

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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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have been prepared in accordance with the requirements of the Companies Act 2006.

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.

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.

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 purpose of the company law, is consistent with the financial statements; and

the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirement.

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.

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.

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.

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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 17 May 2026 and were signed on its behalf by:

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).

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.

The consolidated group financial statements consist of the financial statements of the parent company together with all subsidiaries disclosed in the notes to the financial statements. All financial statements are for the same reporting period. All intra-group transactions, balances and all gains and losses on transactions between group companies are eliminated on consolidation.  A separate Statement of Financial Activities of the parent company is not presented. A summary of the results for the year of the Charity is disclosed in the notes to the financial statements.

The Trustees have assessed the charity's funding requirements for the foreseeable future and are confident that sufficient funds will be available to enable operations to continue at a sustainable level for a period of at least twelve months from the date of approval of these financial statements. The Charity continues to maintain its regular standing order receipt donations and other small donations for the day-to-day running of operations. No matters that might cause doubts relating to the charity's existence in perpetuity have been identified. There are no material uncertainties about the charity's ability to continue activities that forward the charitable objects. Accordingly, the Trustees continue to adopt the going concern basis in preparing the Charity's financial statements.

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 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. Judgements and assumptions regarding the ageing of concessionary loans reflect third-party intentions to present a true and fair view of the position at the reporting date and the timing of subsequent repayments may differ.

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 related donation to the extent that it is subsequently able to be recovered. Other donations are recognised once the Charity has been notified of the donation.

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.

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.

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).

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.

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.

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.

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, 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, 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 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 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. Where the period of a loan repayable within one year has subsequently been extended this is treated as an adjusting event for the purpose of ageing and the loan is classified as payable after more than one year. Concessionary loans repayable after more than one year are initially recognised and measured at the amount received and adjusted to reflect any loan repayments. Concessionary loans are assessed for objective evidence of impairment at the end of each reporting period.

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

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 and analysis of restricted funds is included in the notes to the financial statements.

The Foundation has a wholly owned trading subsidiary, BWF Development Company Limited, incorporated in the United Kingdom, company 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 2025 is shown below.

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 parent Charity alone during the year under review is set out below.

None of the Trustees (nor any persons connected with them) received any remuneration or benefits from the charity during the year (2024: None).

The average monthly number of employees during the year was:

There were no employees whose annual remuneration was £60,000 or more.

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

The fair value of the investment property has been determined based an external valuation prepared by an independent Chartered Surveyor on an open market value basis. The valuation date was 31 July 2025. 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 at the valuation date, the political and economic environment during the period, the property condition and comparable property sales in the area.

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.

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.

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.

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.

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.

Donations from the Trustees and their close family members to the Charity during the year amounted to £108,786 (2024: £151,442).

The Wolsey Trust, a UK registered charity in which a Trustee is also a trustee, made donations to BW Foundation of £nil (2024: £6,000) 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 £48,000 (2024: £351,500).

Included within debtors are loans to Salaam Health Ltd, a company in which a Trustee is a director, amounting to £76,865 (2024: £33,275).