2023-08-31-accounts

COMPANY REGISTRATION NUMBER: 02530127 CHARITY REGISTRATION NUMBER: 1000219

Bagri Foundation Company Limited by Guarantee Financial Statements 31 August 2023

FERGUSON MAIDMENT & CO. Chartered accountants & statutory auditor 167 Fleet Street London EC4A 2EA

Bagri Foundation

Company Limited by Guarantee

Financial Statements

Year ended 31 August 2023

	Pages
Trustees’ annual report (incorporating the director's report)	1to4
Trustees’ responsibilities statement	5
Independent auditor's report to the members	6 to9
Statement offinancial activities (including income and
expenditure account)	10
Statement offinancial position	11
Statement of cash flows	12
Notestothefinancialstatements	13to20

Bagri Foundation

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report)

Year ended 31 August 2023

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 August 2023.

Reference and administrative details

Registered charity name	Bagri Foundation
Charity registration number	1000219
Company registration number	02530127
Principal office and registered	25-27 Lorne Close
office	London NW8 7JJ
	United Kingdom
The trustees	The Hon. MrA Bagri
	The Lady Bagri
	The Hon Mrs. A Bagri
	MsAmisha Bagri
	Mrs Aditi Malhotra
Company secretary	Mr Jasvinder Singh Kalsi
Auditor	Ferguson Maidment & Co. Chartered accountants & statutory auditor
	167 Fleet Street
	London
	EC4A2EA

HS

a

Bagri Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2023

Structure, governance and management

a). Constitution

The Foundation is registered as a charitable company limited by guarantee and was set up by Memorandum and Articles of Association dated 13 August 1990.

b). Appointment of Trustees

The power of appointing new and additional trustees rests with the existing trustees.

c). Policies adopted for the induction and training trustees

Every Trustee is provided with relevant Charity Commission leaflets and literature. There is no formal induction process but a prospective trustee will be invited to attend a trustees meeting to discuss the nature of the Foundation and the responsibilities of Trustees.

d). Organisational structure and decision making

The Trustees meet regularly to manage the affairs of the Foundation. The day to day management is delegated to the Secretary.

e). Risk Management

The Trustees have assessed the major risks to which the Foundation is exposed and are satisfied that systems are in place to mitigate exposure to major risks.

Objectives and activities

In accordance with the Company's objects as set out in the Memorandum of Association dated 13th August 1990 the company is established to promote charitable purposes and to assist Charitable Institutions at the discretion of the trustees.

Strategic report

The following sections for achievements and performance, financial review and plans for future periods form the strategic report of the charity.

-2.-

Bagri Foundation

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2023

Achievements and performance

The policy is generally to make contributions to charitable causes from income and to retain the corpus for financing one or more major projects. The Foundation has continued with its commitment to contribute to educational institutes both in the UK and the Indian sub-continent. The arts and cultural activities and programmes were expanded through partnerships with various organisations as well as by promoting and hosting cultural events directly. Donations to medical institutes and other organisations continued to be made towards the advancement of health. Public Benefit As required by the Charity Commission, the Trustees have had due regard for the requirement that the Charity's aims should be for the public benefit as set out in the objectives and activities.

Financial review

The Foundation had incoming resources of £968,565) (2022: (£144,896)) with resources expended of £2,151,896 (2022: £475,633). The deficit of £1,183,331 (2022: £620,529)) was taken to the Accumulated Fund.

It is intended to continue making charitable contributions to individuals and institutions in accordance with the aims and objectives of the Foundation. As part of the Foundations strategic review during 2014, it acquired in October 2014 a property in Reading, Berkshire providing student accommodation for Reading University and local colleges.

The objective of this acquisition was solely to enhance yields that have suffered from very low interest rates available on bank deposits over recent years. The current yield from the student accommodation property has been around 6% compared to interest rates at less than 1% p.a. on bank deposits.

An adjacent commercial property was acquired in April 2015 with the intention of expanding the student accommodation further in due course, subject to obtaining the necessary planning consents.

Reserves and reserves policy

Reserves are funds freely available for use by the Foundation. The trustees have retained in reserves past accumulated net surpluses in order to continue making charitable donations and financing of the projects undertaken by the Foundation. For investment purposes surplus funds are held on deposit accounts at banks to ensure ready access. As at 31 August 2023 total funds were £14.3m (2022: £15.4m).

• 32

Bagri Foundation

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continuea)

a Year ended 31 August——— 2023 ———

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

• e so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and

e they have taken all steps that they ought to have taken asa trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

The trustees’ annual report and the strategic report were approved on 10 May 2024 and signed on behalf of the board of trustees by:

r Yasvinder Singh Kalsi Charity Secretary

—————————————————————————

ee

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Bagri Foundation

Company Limited by Guarantee

Trustees' Responsibilities Statement

Year ended 31 August 2023

a

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

• ® select suitable accounting policies and then apply them consistently;

• ° observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• 6 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 business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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.

Neeneee

«eG! x

Bagri Foundation

Company Limited by Guarantee

Independent Auditor's Report to the Members of Bagri Foundation

Year ended 31 August 2023

Opinion

We have audited the financial statements of Bagri Foundation (the 'charity') for the year ended 31 August 2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of 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 charity's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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

• ° 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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, 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 significant 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.

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Bagri Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of Bagri Foundation (continuea) Seeneeeee Year ended 31 August 2023

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. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 is consistent with the financial statements; and

• ® the trustees’ report has 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 charity and its environment obtained in the course of the audit, we have not identified material misstatements in 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:

• e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• e _ the financial statements are not in agreement with the accounting records and returns; or

• e 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.

oe

a

Bagri Foundation

Company Limited by Guarantee

Independent Auditor's Report to the Members of Bagri Foundation (continuea)

Year ended 31 August 2023

a

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors 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 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 charity 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 the 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:

• Enquiry of management and those charged with governance around actual and potential litigation and claims;

• Enquiry of Charity staff to identify any instances of noncompliance with laws and regulations;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and

• Reviewing financial statement disclosures and testing to supporting documentation fo assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

es

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Bagri Foundation

Company Limited by Guarantee

Independent Auditor's Report to the Members of Bagri Foundation (continue)

Year ended 31 August 2023 aee 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.

Use of our report

This report is made solely to the charity'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 charity'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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Vivek Kapoor (Senior Statutory Auditor)

167 Fleet Street London EC4A 2EA 10 May 2024

For and on behalf of Ferguson Maidment & Co. Chartered accountants & statutory auditor

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Bagri Foundation

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

——eeeYear ended 31 August 2023

		2023	2023	2022
		Unrestricted
		funds	Totalfunds	Total funds
	Note	£	£	£
Income and endowments
Investment income	5	968,565	968,565	(144,896)
Total income		968,565	968,565	(144,896)
Expenditure
Expenditure on raising funds: Costs ofgenerating income Expenditure on charitable activities	6,7	287,515 1,864,381	287,515 1,864,381	254,883 220,750
Total expenditure		2,151,896	2,151,896	475,633
Netexpenditure and netmovement infunds		(1,183,331)	(1,183,331)	(620,529)
Reconciliation offunds
Total funds broughtforward		15,493,946	15,493,946	16,114,475
Totalfundscarriedforward		14,310,615	14,310,615	15,493,946

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 13 to 20 form part of these financial statements.

• 10 -

Bagri Foundation

Company Limited by Guarantee

Statement of Financial Position

31 August 2023 eeee

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |Note|£|£|£| |Fixed|assets| |Investments|13|7,872,025|7,872,025| |Current|assets| |Debtors|14|22,195|32,273| |Cash|at|bank and|in|hand|6,521,320|7,696,893| |6,543,515|7,729,166| |Creditors:|amounts|falling|due within|one|year|15|104,925|107,245| |Net|current|assets|6,438,590|7,621,921| |Total|assets|less|current|liabilities|14,310,615|15,493,946| |Net|assets|14,310,615|15,493,946| |Funds|of the|charity| |Unrestricted|funds:| |Revaluation|reserve|34,686|34,686| |Other|unrestricted|income|funds|14,275,929|15,459,260| |Total|unrestricted|funds|14,310,615|15,493,946| |Total|charity funds|17|14,310,615|15,493,946|

----- End of picture text -----

These financial statements were approved by the board of trustees and authorised for issue on 10 May 2024, and are signed on behalf of the board by:

wy Oorivle. Berge The Hon Mrs. A Bagri Ms Amisha Bagri Trustee Trustee

ercleTheBe notes on pagesA a13 to 20 formle part of these financial statements.

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Bagri Foundation

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 August 2023

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Cash|flows|from|operating|activities| |Net|expenditure|(1,183,331)|(620,529)| |Adjustments|for:| |Dividends,|interest|and|rents|from|investments|(963,697)|151,303| |Other|interest|receivable|and|similar|income|(4,868)|(6,407)| |Accrued|expenses|18,858|444| |Changes|in:| |Trade|and|other|debtors|8,914|(14,125)| |Trade|and|other|creditors|(21,178)|(385,412)| |Cash|generated|from|operations|(2,145,302)|(874,726)| |Interest|received|6,032|7,250| |Net|cash|used|in|operating|activities|(2,139,270)|(867,476)| |Cash|flows|from|investing|activities| |Dividends,|interest and|rents|from|investments|963,697|(151,303)| |Purchases|of other|investments|-|(533,495)| |Net|cash|from/(used|in)|investing|activities|963,697|(684,798)| |Net|decrease|in|cash|and|cash|equivalents|(1,175,573)|(1,552,274)| |Cash|and|cash|equivalents|at|beginning|of year|7,696,893|9,249,167| |Cash|and|cash|equivalents|at end|of year|6,521,320|7,696,893|

----- End of picture text -----

The notes on pages 13 to 20 form part of these financial statements.

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Bagri Foundation

Company Limited by Guarantee

Notes to the Financial Statements

—— ——————————E————————Year ended 31 August 2023 Ss.

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 25-27 Lorne Close, London, NW8 7JJ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

1. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Given the Foundation's significant reserves, the Trustees do not consider that any material uncertainty exists about its future prospects and have therefore continued to prepare the accounts on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the objectives of the Foundation.

a

13 -

Bagri Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2023

3. Accounting policies (continued)

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• rental income is recognised in the period on an accruals basis.

• interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

Property costs include expenditure on the maintenance and running costs relating to the investment properties.

Support costs include general administration and management.

Governance costs include compliance with constitutional and statutory requirements.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value.

If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer not available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

• 14 -

Bagri Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continueg)

Year ended 31 August 2023

3. Accounting policies (continued)

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomesa party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Limited by guarantee

The company is constituted as a company limited by guarantee. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.

= 45 x

Bagri Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2023

Year endedended 31 August 2023	Year endedended 31 August 2023	Year endedended 31 August 2023	Year endedended 31 August 2023	Year endedended 31 August 2023	Year endedended 31 August 2023
SS
5.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Incomefrom UK investment properties Gains/ (losses) from investments Bank interest receivable	597,168 366,529 4,868	597,168 366,529 4,868	495,150 (646,453) 6,407	495,150 (646,453) 6,407
		968,565	968,565	(144,896)	(144,896)
6.	Expenditure on charitable activities by fund type
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	E	£	ff
	Charitable grants awarded Support costs	1,275,346 589,035	1,275,346 589,035	915,614 (694,864)	915,614 (694 864)
		1,864,381	1,864,381	220,750	220,750
7.	Expenditure on charitable activities	by activity type
		Grantfunding	Support	Totalfunds	Total fund
		of activities	costs	2023	2022
		£	£	£	£
	Charitable grants awarded Governance costs	1,275,346 _	581,175 7,860	1,856,521 7,860	212,350 8,400
		1,275,346	589,035	1,864,381	220,750
8.	Analysis ofsupport costs
			Analysis of
			support costs	Total2023	Total 2022
			£	£	£
	Staffcosts		85,725	85,725	100,452
	Communications and IT		3,502	3,502	5,974
	General office		23,005	23,005	18,307
	Governance costs		7,860	7,860	8,400
	Advertising and marketing (Gain)/ Loss onforeign exchange		37,606 431,337	37,606 431,337	28,448 (856,445)
			589,035	589,035	(694,864)

=

• 16 -

Bagri Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued

Year ended 31 August 2023

es

9. Analysis of grants

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Grants|to|institutions| |Culture|698,236|360,430| |Education|564,860|547,000| |Health|12,250|2,800| |1,275,346|910,230| |Grants|to|individuals| |Culture|-|5,384| |Total|grants|1,275,346|915,614| |Auditors|remuneration| |2023|2022| |£|£| |Fees|payable|for the|audit|of the financial|statements|6,650|6,300|

----- End of picture text -----

10. Auditors remuneration

11. Staff costs

----- Start of picture text -----
The average head count of employees during the year was 5 (2022: 4). The average number of
full-time equivalent employees during the year is analysed as follows: 2023 2022
No. No.
Number of administrative staff 5 4
----- End of picture text -----

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

12. Trustee remuneration and expenses

During the year, no remuneration or other benefits from employment with the charity or a related entity were received by the trustees (2022: ENil). No members of the Board of Trustees received reimbursement of expenses (2022: ENil).

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AZ -

Bagri Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continueq

Year ended 31 August 2023

13. Investments

	Investment
	properties
	£
Cost orvaluation
At 1 September 2022 and 31 August 2023	7,872,025
Impairment
At 1 September 2022 and 31 August 2023
Carrying amount
At 31 August 2023	7,872,025
At31August2022	7,872,025

All investments shown above are held at valuation.

Investment properties

The investment properties are valued on an open market basis as at 31 August 2023 by the directors. The properties were valued using the rental/yield method.

The key assumptions made in the valuation of properties are the future net rental income stream and an appropriate yield. There was no external independent valuation carried out for the properties.

Accordingly, in the directors’ opinion, the carrying values of the properties as at 31 August 2023 are not significantly different from the open market fair value of those properties as of that date.

14. Debtors

	2023	2022
	£	£
Trade debtors	307	76
Prepayments and accrued income	19,203	31,853
Other debtors	2,685	344
	22,195	32,273

15. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	18,073	32,533
Accruals and deferred income	85,269	66,411
Social security and other taxes	1,583	4,481
Other creditors	-	3,820
	104,925	107,245

• 18 -

Bagri Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continueg)

Year ended 31 August 2023

en

1. Creditors: amounts falling due within one year (continued)

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Deferred|Income| |2023|2022| |£|£| |As|at|1st|September|2022|2,160|2,010| |Amount|released|to|incoming|resources|(2,160)|(2,010)| |Amount|deferred|in|the|year|2,490|2,160| |As|at|31st August 2023|2,490|2,160|

----- End of picture text -----

Deferred income relates to rental income attributable to future accounting periods.

16. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,744 (2022: £3,698).

17. Analysis of charitable funds

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||||||| |---|---|---|---|---|---| |Unrestricted|funds| |At|At| |1|September|31|August| |2022|Income|Expenditure|2023| |£|£|£|£| |General|funds|15,459,260|968,565|(2,151,896)|14,275,929| |Revaluation|reserve|34,686|-|-|34,686| |15,493,946|968,565|(2,151,896)|14,310,615| |At|At| |1|September|31|August| |2021|Income|Expenditure|2022| |£|£|E,|£| |General|funds|16,079,789|(144,896)|(475,633)|15,459,260| |Revaluation|reserve|34,686|-|-|34,686| |16,114,475|(144,896)|(475,633)|15,493,946|

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e

Bagri Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2023

18. Analysis of net assets between funds

Analysis of net assets between funds
	Unrestricted	Total Funds
	Funds	2023
	£	£
Investments Current assets	7,872,025 6,543,516	7,872,025 6,543,516
Creditors less than 1 year	(104,926)	(104,926)
Net assets	14,310,615	14,310,615
	Unrestricted	Total Funds
	Funds	2022
	£	£
Investments	7,872,025	7,872,025
Current assets	7,729,165	7,729,165
Creditors less than 1 year	(107,244)	(107,244)
Netassets	15,493,946	15,493,946

19.	Analysis ofchanges in net debt
		At		At
		1 Sep 2022	Cashflows	31 Aug	2023
		£	£		£
	Cashatbankandinhand	7,696,893	(1,175,573)	6,521,320

20. Related party transactions

During the year there were no related party transactions (2022: E£Nil).

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