COMPANY REGISTRATION NUMBER: 02530127 CHARITY REGISTRATION NUMBER: 1000219 Bagri Foundation Company Limited by Guarantee Financial Statements 31 August 2024 FERGUSON MAIDMENT & CO. Chartered accountants & statutory auditor 167 Fleet Street London EC4A 2EA
Bagri Foundation Company Limited by Guarantee Flnancial Ststemonts Year anded 31 August 2024 Pages Trustees, annual report (incorporating the directorfs report) Trustees, responsibilities statement 1to4 Independent auditOT'S report to the members statement of financial activities (including income and expenditure account) Statement of financial position 6t09 10 11 Statement of cash flows 12 Notes to the financial statements 13to20
Bagri Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 August 2024 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 2024. Reference and admlnlstratlve detalls Reglstered charlty name Bagri Foundation Charlty reglstratlon number 1000219 Company reglstration number 02530127 Prlncipal offlce and regist8rod 25-27 Lorne Close offlce London NW8 7JJ United Kingdom The trusts•s The Hon. Mr A Bagri The Lady Bagri The Hon Mrs. A Bagri Ms Amisha Bagri Mrs Aditi Malhotra Company secretary Mr Jasvinder Singh Kalsi Auditor Ferguson Maidment & Co. Chartered accountants & statutory auditor 167 Fleet street London EC4A 284
Bagri Foundation Company Limited by Guarantee Trustees. Annual Report Ilncorporating the Dlrector's Report> (conlinuedj Year ended 31 August 2024 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 trusteeG Every Trustee is provided with relevant Charity Commission18afiets and literature. There is no fomial induction process but a prospective truste8 will be invited to attend a trustees meeting to discuss the nature of the Foundation and the responsibilities of Trust8e8. d). Organisational ytructure and decision maklng The Trustees meet regularly to manage the affairs of the Foundation, Tha 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. Objectlves and actlvitles In accordance with the Company's objects as set out in the Memorandum of Associatlon dated 13th August 1990 the company is established to promote charitable purposes and to assist Charitable Institutions at the discretion of the trustees. Stratsgic report The following sections for achievements and performance. financial review and plans for future periods fom the strategic report of the charity.
Bagri Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢onllnu8d) Year ended 31 August 2024 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 wilh its commitment to contribute to educational institut8s 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 promokn'ng and hosting cultural events directty. Donations to medical institutes and other organisations continued to be made towards the advancement of health. Publlc 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. Financlal review The Foundation had incoming resources of £1,134,173) (2023: (£968,565)) with resources expended of £1,567,207 {2023.. £2,151,896>. The deficit of £433,034 (2023.. £1,183,331)) was taken to the Accumulated Fund. It is intended to continue making ¢harltable contributions to individuals and institutions In accordance with the aims and objectives of the Foundation. As part ofthe Foundations strategic review during 2014, it acquired in October 2014 a property in Reading, Berkshire providing student accommodation for Reading Universty 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 60/0 compared to interest rates at less than 40k p.a. on bank deposits. An adjacent Commercial property was acquired in April 2015 with the intention of expanding the student accommodation furthér In due course, subject to obtaining the necessary planning ¢onsents. Reserves and r•$•rves pollcy ReseNes 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 2024 total funds were £13.9m (2023: £14.3m).
Bagri Foundation Company Limited by Guarantee Trusteas. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 August 2024 Auditor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware. there is no relevant audit information of which the charty's auditor is unaware,. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charty'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 12 May 2025 and signed on beh81f of the board of trustees by., asvinder Singh Kalsi Charity Secrelary
Bagri Foundation Company Limited by Guarantee Trustees. Responsibilities Ststement Year èndad 31 August 2024 The trustees, who are also directors for th8 purposes of company law, are responsible for preparing the trustees, report and the financial ststements 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 financlal statements, the trustees are required to.. select suitsble ac¢ountlng policie$ and then apply them consistently., observe the methods and principles in the appllcable Charities SORP., make judgments and accountlng estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, Subject to any material departures disclosed and explained in the financi81 statement8', 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 discb8e 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 th8 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Bagri Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of Bagrl Foundation Year ended 31 August 2024 Opinion We have audited th8 financial statements of Bagri Foundation (the 'charity') for the year ended 31 August 2024 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 financi81 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 falr view of the state of the charity's affairs as at 31 August 2024 and of its Incoming resources and application of resources, Including its incom• and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have bean prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs 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 ba8is for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded thatthe trustees, use ofthe going concern basi8 of accounting in the preparatlon of the financial statements 18 appropriate. Based on the work we have perfomed, we have not identifi'ed any material uncertaintles 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 authori5ed for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Bagri Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of Bagri Foundation {contlnu8d) Year ended 31 August 2024 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible forthe 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 fom of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation 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 w• identify such material inconsistencies or apparent material misstatements, we are required to detennine 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 thatthere 1$ a material misstalement of thls other information, we are required to report that fact. We have nothing to report in this regard. Oplnions on othor matters prescrlbed by the Companles 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, r8POrt has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon 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 misslatements in the trustees, report. We have nothing to report In respect of the following matters in relation lo which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the financial statements ar• not in agreem•nt with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made., or we have not recelved all the information and explanatlon$ we require ft)r our audlt.
Bagri Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of Bagri Foundation (contlnued) Year ended 31 August 2024 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the director5 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 abilty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem 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. Audftorfs responsibllltles for the audlt of the financlal statements Our objectives are to obtain reasonable a88uranc• about whether the flnancial statements as a whole are fr88 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 aayS detect a material misslatement 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 misstatemants in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed b810w- 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, evalualing 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 to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk thal 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 refiected 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.
Bagri Foundation Company Limited by Guarantee Independent Auditorfs Report to the Members of Bagri Foundation (contlnued) Year ended 31 August 2024 A further description of our responsibilities for the audit of the financial statement5 15 located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms P8rt 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 lo them in an auditovs 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 worf(, for this report, Dr for the opinions we have fomi8d. Vlvek Kapoor {Senior Statutory Auditor) For and on behalf of Ferguson Maidment & Co. Chartered accountants & statutory auditor 167 Fleet Street London EC4A 2EA 12 May 2025
Bagri Foundation Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 August 2024 2024 Unrestricted funds Total funds Total funds 2023 Nots Income and endowments Investment income 1,134.173 1,134,173 1,134,173 968,585 Total income 1,134,173 968,565 Expendfture Expenditure on raising funds.. Costs of generating income Expenditure on charitable activities Total exp8ndlturo 355,966 6.7 1,211,241 1,567,207 366,966 1,211,241 287,515 1,864,381 2.151,896 1,567,207 N•t 0xndIture and net mov•ment In fund$ (433,034) (433,0341 (1,183,331) Reconclllation of funds Total funds brought forward Total funds carried fOard 14,310,615 14.310,616 15,493,946 13,877,581 13,877,581 14,310,615 The statement of financial activities includes 811 gain8 and losses recognised in the year. All income and exp8nditure derive from continuing activities. The notos on pages 13 to 20 forni part of these finan¢lal slatemonts. 10
Bagri Foundation Company Limited by Guarantee ststement of Flnancial Position 31 August 2024 2024 2023 Fixed assets Investments 13 7,917,980 7,872,025 Current assets Debtors Cash at bank and in hand 14 33,912 6,027,306 6,061,218 22,195 6,521,320 6,543,515 Credltors: amounts falllng due wlthin one year Net current assets 15 101,617 104,925 5,959,601 6,438,590 13,877,581 14,310,615 13.877.581 14,310,615 Totsl assets lass current Ilablliti88 Net assets Funds of the charlty Unrestricted funds: Revaluation reserve Other unrestricted income funds 34,686 14,275.929 13,877,581 Total unrestrlcted funds 13,877,581 14,310,615 13,877,581 14,310,615 Total charity funds 17 These financial statements were approved by the board of trustees and authorised for issue on 12 May 2025, and are signed on behalf of the board by.. The Hon Mrs. A Bagri Trustee Ms Amisha Bagri Trustee The notas on pages 13 to 20 form part of these flnanclal statsmfrnts. 11
Bagri Foundation Company Limited by Guarantee Statement of Cash Flows Year ended 31 August 2024 2024 2023 Cash flows from operatlng activitles Net expenditure (433,034) (1,183,331) Adjustments for Dividends, interest and rents from investments Other interest receivable and similar income Accrued expenses 11,071,382) {963,697) 162,791) {4,868) 1.193 18,858 Changes in.. Trade and other debtors Trade and other creditors 14,107) 8,914 (4,501) (21,178) (1,574,622) (2,145,302) Cash generated from operations Interest rtteived 56,181 8,032 {1,519,441) (2,139,270) Net cash used in operating activitie$ Cash flows from Investing actlvltles Dividends, interest and rents from investments Purchases of other investments 1,071,382 (45,955) 1,025,427 983,697 Net cash from investing activities 963,697 Net decrease in cash and cash equlvalents Cash and cash equlvalents at beglnnlng of year Cash and cash oqulvalents at end of year 1494,014) (1,175,573) 6,621,320 7,696,893 6,027,306 6,521,320 Th• nots$ on pages 13 to 20 form part of these Ilnancial stalèmonts. 12
Bagri Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 August 2024 General information The charity is a public benefrt entty 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. Statèment of complianc• These financial slatements have been pr•par•d in compliance with FRS 102, Th• Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicablè 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 10211 and the Companies Act 2006. Accountlng pollcles Basls of Pfeparatlon The financial statements have been prepared on the historical cost basis, a8 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. Golng concern Given the Foundation's significant reserves, the Trustees do not ¢onsid8r 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 estlmatlon uncertainty The preparation of the financial staternents requires management to make judgements, estimates and assumptions that affect the amounts reported. Th8se 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. Forelgn curr•ncl•s 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 liabilitie5 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 accountlng Unrestricted funds are available for use at the discretion of the trustees in furtherance of the objectives of the Foundation. 13
Bagri Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 Accountlng policios (¢ontlnu•d) 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 benefrts 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 d8POSit 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. Resour¢os 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 malntenance and running costs relating to the Investment properties. Support costs include general administration and management. Gov8mance 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 diredly to that activity. Shared costs are apportioned belmeen the activit188 they contribute to on a reasonable, lustifiable and consistent basis. Inv•strnents Unlisted equlty investments are initlally recorded at cost, and subsoquently measured at fairvalue. 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 profrt 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 Onoing basis. 14
Bagri Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 Accountlng policles (¢ontlnu•d) 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 e8ch reporting date. Flnanclal Instruments A financial asset or a financial liability is recognised only when the entity becomes a 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 activitie5 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 carryin9 amount would have been had the impairment not previously been recognisad, Defin•d contrlbutlon plans Contributions to defined contribution plan5 are recognised as an expense in the period in which the related service is provided. Prepaid contribLrtions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a Gash 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 seNice, 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. Llmlted 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. 15
Bagri Foundation Company Limited by Guarante8 Notes to the Financial Statements (continued) Year ended 31 August 2024 Investment income Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from UK investment properties Gainsl (losses) from investments Bank interest receivable 630,235 441,147 62,791 1,134,173 630,235 441,147 62,791 1.134,173 597,168 366,529 4,868 597,168 366,529 4,868 968,565 988,565 Expendlture on charltable activltles by fund type Unr8Stricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charitable grants awarded Support costs 896,760 314,481 896,760 314,481 1,211,241 1,275,346 589,035 1,275,346 589,035 1,211,241 1,864,381 1,864,381 Expenditure on charltable actlvltles by actlvity type Grant funding of activities Support Total funds costs 2024 Total fund 2023 Charitable grants awarded Governance costs 896,760 306,152 8,329 1,202,912 8,329 1,211,241 1,856,521 7,860 896,760 314,481 1,864,381 Analy81s of support costs Analysis of support costs Total 2024 Total 2023 Staff costs Communications and IT General office Governance costs Advertising and marketing {Gain)l Loss on foreign exchange 94,234 4,545 40,693 8,330 45,650 121,029 314,481 94,234 4,545 40,693 8,330 45,650 121,029 314,481 85,725 3,502 23.005 7,860 37,606 431,337 589,035 16
Bagri Foundation Company Limited by Guarantee Notes to the Financial Ststements (¢ontlnuad) Year ended 31 August 2024 Analysis of grants 2024 2023 Grants to Institutlons Culture Education Health 318,350 573,860 4,550 896,760 698,236 564,860 12,250 1,275,346 1,275.346 Total grants 896.760 10. Auditors remuneratlon 2024 2023 Fèes payable for the audit of th& Ilnancial statements 7,000 6,650 11. Staff costs The total staff costs and employee benefits for the reportlng period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans other employee benefits 161,999 11,707 3,621 238 159,403 11,320 3,744 177,565 174,651 The average head count of employees during the year was S (2023.. 5). The averag• number of full-time equivalent empl¢y•es durlng the year 18 analysed as foll¢S. 2024 2023 Number of administrative staff No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 12. Trustee remunoration and exponsos During the year, no remuneration or other benefts from employment with the charity or a related entity were received by the trustees (2023: £Nil). No members of the Board of Trustees reiVed reimbursement of expenses (2023: £Nil). 17
Bagri Foundation Company Llmlted by Guarantee Notes to the Financial Statements (continu8d) Year ended 31 August 2024 13. Investments Investment propertles Cost or valuation At 1 September 2023 Additions 7,872,026 45,955 At 31 August 2024 Impalrm8nt At 1 September 2023 and 31 August 2024 Carrying amount At 31 August 2024 At 31 August 2023 7,917,980 7,917,980 7,872,025 All Inv•stment8 shown above are held at valuation. Investment propertie$ The investment properties are valued on an open market basis as at 31 August 2024 by the directors. The properties were valued using the rentavyield 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 2024 are not significantly different from the open market fair value of those properties as of that date. 14. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 143 30,040 3,729 33,912 307 19,203 2,685 22,195 16. Credltors: amounts falllng due withln one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes 9,901 86,462 5,254 18,073 85,269 1,583 101.617 11M.925 18
Bagri Foundation Company Limited by Guarantee Notes to the Financial Statsments (¢ontlnuodJ Year ended 31 August 2024 16. Crèditors: amounts falling due wlthln one year (conllnu•d) Deferred Income 2024 2023 As at 1st September 2023 Amount released to incoming resources Amount deferred in the year As at 31st August 2024 2,490 (2,490) 2.370 2,160 (2.180) 2,490 2,370 2,490 Deferred income relates to rental income attributable to future accounting period8, 16. Penslons and other post retlrement benefits D•flned contribution plans The amount rocognised in incom* or expenditure as an expense in relatlon to defined contribLrtion plans was £3,621 (2023.. £3,744). 17. Analysis of charitable funds Unrestrlcted funds At 1 September 2023 At Income Expenditure Transfers 31 August 2024 General fund8 Revaluation reseNe 14,275,929 34,686 1,134,173 (1,567,207) 34,686 {34,686) 13,877,581 14,310,615 1,134,173 (1,567,207) 13,877,581 At 1 September 2022 At Income Expenditure Transfers 31 August 2023 General funds Revaluation resenle 15,459,260 34,686 968,565 (2,151,896) 14,275,929 34,686 15,493,946 968,565 {2,151,896) 14,310.615 19
Bagri Foundation Company Limited by Guarantse Notes to the Financial Statements (continued) Year ended 31 August 2024 18. Analysls of net assets between funds Unrestricted Total Funds Funds 2024 Investments Current assets Creditors less than 1 year Net a8s•ts 7,917,980 7,917,980 6,061,218 6.061.218 (101,617) 1101.617) 13,877,581 13,877,581 Unrestricted Total Funds Funds 2023 Investments Current a55et5 Creditor5 less than 1 year Not assets 7,872,025 7,872,025 6,543,516 6,543,516 {104,926} {104,926) 14,310,615 14,310,615 19. Analysis of changes in net debt At At 1 Sep 2023 Cash flovpd 31 Aug 2024 Cash at bank and in hand 6,521,320 {494,014) 6,027.306 20. Related party transactlons During the year there were no material related party transactions (2023: £Nil). 20