Registered company number 07657300 Registered charily number 7 142413 BADUR FOUNDATION THE BADUR FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS 30 JUNE 2024
THE BADUR FOUNDATION I CONTENTS Page Legal and administrats've infomialion Report of the Trustees 5-13 Independent auditors, report to the Trustees 14-17 Statement of financial acts'vities 18 Balance sheet 19 Cashflow statement 20 Notes to the financial statements 21-32 Page 2 of 32
THE BADUR FOUNDATION I LEGAL AND ADMINISTRATIVE INFORMATION Trustees Csaba Barta Judil Durst Zsombor Barta Tehseen Overy Company Secretary Erni Bell Registered Office Badur House 4044 Newman Street London W1T 1QD Auditors Macalvins Limited 7 St. John's Road Harrow Middlesex HA1 2EY Solicitors Charles Douglas Solicitors LLP 32 Old Burlington Street Mayfair, London W1S3AT Bankers C Hoare & Co. 37 Fleet Street London EC4P 4DQ Page 3 of 32
THE BADUR FOUNDATION I LEGAL AND ADMINISTRATIVE INFORMATION (CONTINUED) Investment Managers Credit Suisse {UK) Limited Five Cabot Square London E14 4QR Bank Lombard Odier & Co Ltd Rue de la Corralerie 11 1204 Geneva Switzerland Page 4 of 32
THE BADUR FOUNDATION I REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 The Trustees are pleas&1 to present their report together with Ihe charity's financial statements for the year ended 30 June 2024. The report has also been prepared to meet the requirements for 2 directors, report and accounts for the purposes of the Companies, Act. It complies with the Charities Act 2011. the Companies Act 2006. the Mernorandum and Articles of Associalion. and Accounling and Reporting by Charrties.. Statement of Recommended Practi applicable to charitses preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The directors of the charitable company Ithe"Found8tion°l are its Iruslees for the purpose of charty law and throughout this report are Collective referred to as the Trustees. Objectlves and activities The Foundation has wide objectives and can SUPF¥)rt any charitable illstilution or charitable purpose. Its primary aim is to lack poverty and inequality, along with addressing enwronmental challenges for a fairer and more sustainable future. It supports grassrools organisations that help those who are marginalised or disadvantaged in society to improve their future prospects and those of their communities. The Foundation works with non-profil teams, charities and social enterprises trying to overcome social exclusion in some of the mosl deprived areas of the UK, Hungary and Laos. It has recentty extended its support lo include grassroots ¢xganisalions operating in Mats. The Foundation has considered where its support can make the most drfference and it prioritises initiatives aimed at increasing education and improving prospects. It believes hIgqUaIty education can have a transformative impact on life chances and opportunrties, as well as being a catawst for betterjob opportunities and higher wages. The Foundation also places a high value on initiatives that challenge societal attitudes towards social exclusion, and those striving to improve the inclusion of marginalised groups or individuals. It actively looks foi likminded organisations as well as intermediaries. delivery partners and Covfunders with whom it can work closely and where possible, for the long term. Another core objective of the Foundation is to address some of the pervasive environmental challenges that are irreversibly changing OUT planet. 11 aims to drive positive local change by supporting organisations Ihal are tackling environmenlal issues on a community level. Wilhin its objectives, a central fctus for the Foundation is organisational development. It aims lo nurture organi5alions, giving them access to the SL¢PPOrt they need to reach the next stage of their development. This might include diversrfying income streams, through to increased social impact or adaptation in other geographical areas. Page 5 of 32
THE BADUR FOUNDATION I REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Strncture, Governance and Management Govemanco The Foundation is a company limited ty guaranlee govemed by its Memorandum and Articles of Association. It is registered as a charity wth the Charity Commission. There are currenlty 3 members (2023: 31, each of whom agrees to contribute £1 in the event of the charity winding up. Appolntment of trustees The Trustees named on page 3 have all Seed throughout the year. The power to appoint new trusteés is vesled in the member5 of the Foundation. In ¢onsideTing the recruitment of a new Iruslee, the mernbers would look lo individuals with experience, empathy and knowledge of the Foundation's work. Twslee induction and training New trustees undergo an orientation to brief them on: Iheir legal obligatsons under charity and company law, the Charity Commission guidance on public benefit, and inform them of the Ctent of the Memorandum and Artides of AssoThation. the committee and decision-making processes, the aims of the Foundation and recent financial performance of the Foundation. During the induction period. they would meet key employees and other trustee5. Continuing training for Trnstees is undertaken through regular meetings, attending relevant seminars. specrfic discussions with individuals and organisations and briefing paper5 in the areas supported by the Foundation. Oryanisation Trustees meet every three to four months to consider granl applInS, recéive progress rep)rts on ongoing projects and to review Ferfoimance of the investment portfolio. They also consider strategic matters conceming their grant-making policy. Currenlly, the Foundation has six members of staff. They manage Ihe day-tfrday operations under delegated authority of the Trustees for matters concerning grant monitoring and impact evaluation. The Truslees confim that they have had regard to the Charity Commission's general guidan on public benefrt when reviewing the Foundation'5 aims and objectives and in planning future actNities. setting grant-making policy and in making grants. Related partles and ¢Owoperafvon with other organlsations None of the TTuslees re1ve remuneration or other benefit from their work with the Foundati)n. Any connection between a trustee and a beneficiary organisation is disclosed to the full board of trustees in the same manner as any other contractual relationship wrth a related party. In the current year those of a contractual nature are shown in Note 18 of the financial statements. Page 6 of 32
THE BADUR FOUNDATION I REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Subsidiary During Ihe year, the Foundalion incorporated a vA)olly owned subsidiary company, Badur Services Limited. Badur Sewi$ Limited is a property managemenl company which has been incorporated primarity for the management of the investment propety held by the Foundalion. Badur Services Limited commenced trading on 10 April 2024. Overvlew of actlvltles During the year, the Foundation made grants lotalling £281,739. It also continued lo monitor and evaluate its muMFyear, cngoing grants. Grants made during the year are listed in Note 4 on Pages 24 to 26. The UK In the UK. the Foundation actively looks for initiatives that approach social and environmental problems in an inclusive way.11 is particularly interested in organisations that address the needs of Under-preSen1ed and disadvantaged communities or individuals. The Foundation Works closety with a small number of organisations and it aims to develop meaningful, k)ng-term partnerships. In 2023 the Foundation supported Projecl$4Change (P4C), a growing youth and community charity that works predominantly with young people in the Cowgate area of Newcastle upon Tyne. Many of the young people are living in poverty and are facing significanl barriers lo a happy and slable lrfe. At the heart of whal P4C does is relationship building and alongside its founding model of detached youthwork, P4C offers a regular programme of activities- from open-access and targeted youth sessions, to facilitated off-site experiences. A new Spa will be built al P4C's main site in Order lo significantly increase its service capacty. In ajdition to ongoing advice, the Foundatlon provided a grant t¢Jwards staff salary costs to support this key time of ITansition and growth. The Foundation conlinued its mulli-year funding to Well Grounded (WGI, an award-winning srxial enterprise supporting unemployed people in London with the skills and opportunities to thrive in the coffee industry. WG'S programmes aim lo empower individuals wtth the skills to ftourish in life, covering technical coffee and hospitality qualifications, employabilty skills and access to suslainable job opportunities. In order to meet the increasing needs of trainees, the Foundation provided a 3-year grant towards hiring an Engagement and Progression Coath. This individual (now in their second yearl works in the community, engaging with partners and potential trainees, alongside supporting trainees inlo successful job outcomes whilst offering menlorship and pastoral care. Page 7 of 32
THE BADUR FOUNDATION I REPORT OF THE TRUSTEES (CONTINUED} FOR THE YEAR ENDED 30 JUNE 2024 A grant was also awarded to SURT (Stopping Unsafe Relationships Togelherl, towards the development, pilol and implementation of a Vdunteer Framework. SURT offers a speaalist relationship abuse service for children and young people living in SoLrth Tyneside who are at risk of or affeded by relationship abuse. The Volunteer Framework aims to increase service capactty to be able lo respond to growing local need, whilst providing inclusive volunteering opportuntties for community members- particularty lfvose who have some lived experience of relalionship abuse, and those whose experiences have impacted upon their sem-confidence. The support promded aims lo cteate personal and social development opportunities and based on the success of the pllol, SURT aims lo expand thi5 offer inlo an ongoing programme of support. Hungary The Foundation's grant making activities in Hungary are well-established bmth a team of three in place. Based on a needs assessment, the Foundation is channelling addib'onal capacty into its organisalional development programmes and below highlights some of the initiatives delivered and supported by the Foundation in Hungary. The Foundation continued tls Resilience Programme to further enhance the support prowded to current and former partners. The aim of the Resilience Programme is to provide tailoréd organisational development for NGOS working with marginalised communities in the fields of education and development, to improve the quality of lrfe of their beneficiwies. The overall aim of the programme is to make organisations more resilient to exlernal factors so they ¢an optimise their ways of working and effectively achieve long-term social impacl. During the capacity building phase of the programme. the Foundation reaffirmed support to 4 organisations including FIStarter Association, an NGO helplng families where one or both parents have grown up in state care, Wonderworkshop Association, whose rnission is to empower disadvantaged children through education. The Foundation also supported The Associalion of Roma Minorty Representats"ves and Spokespeople of Nograd County to offer Lego Robotics workshops to disadvantaged young people. Operating three After-school programrnes. the A550ciation's missiC is to promole the educational advancement of vulnerable young people and thereby increase their chances of a better lrfe. As its newest innovation. weekly Lego Robotlcs Workshops will be delivered by trained IT mentors on each of its siles. Working with Lego Robots offers a way to foster ueativity and develop a diverse skillset {basic programming skills, along wilh logical thinking. maths and PToblenFsolving skills). This project aims lo ensure that access to cutting-edge educational methodology is not onty limited to the privileged, but is also accessible lo disadvantaged communities. Page 8 of 32
THE BADUR FOUNDATION I REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 In 2024. the Foundatlon's Innovative 'lncubation Programme, entered its second year.11 aims to provide individualised organisalK)nal development using group training workshops, individual analysis. expert consultation, mentoring, peer leaming and financial support for NGOS. The goa15 of the first year were 11 to support organisations to create a holistic diagnosis and a detailed developmenl plan, and 2) to help organisalions to introduce sinalkscale organisalional development aclivitie5. The team evaluated the first year of the programme. assessing the programme structure, content, outcomes. and resour$, including managernent. The programme has been received very positively and the evaluation has been useful to demonstrate areas for improvemenl. 7 organisations started to implement their development plans and 5 participated in an exlra workshop series called the 'Fundraising Academy., to develop their individual fundraising strategies. "We had experience with smaller-scalo support programs. They ww8 good, but they didny delve deep and couldnypmvide personalised assistance. Well. thats where Badursteppéd in. Badur understands who we andprovidespersonalisedhelp.-_ Programme Participant Laos The Foundation continued rts support for community. educatlon and environmental projects in the Luang Prabang Region of Laos. Here the Foundation works in partnership wrth the Buddhist Heritage Project I-BHP"), a trusted delivery partner that is embedded in the local cornmunty. K8y areas of BHP'S work include establishing an innovative Vocational School of Arts. dedicated to Iraining students in traditional artisan skills whilst preparing them for employmenl on graduation. Building on this, the team provides a creative workshop space in order to maximise employment opportunities for graduating students and other local artisans. whilst running a social enterprise retail shop in the heart of Ihe town. In addition. the Foundation provided a grant lo ihe Buddhist Archlves of Luang Prabang towards launching a Community Museum of Buddhist Art. The Buddhist Archives has a long history of delivering conservation and research projects in the field of Buddhist Heritage. Wrth support from the Foundation, the German Government and the local Buddhisl Sangha, this new partnership project will study, preseNe and present an importanl part of the Buddhist heritage of Northern Laos. The Museum will play a central role in informing local cornrnunities. helping them lo mainlain their conneclion lo and knowledge about this heritage. It aims to ensure the future preservation and safeguarding of carefully selected art objects and the wider traditions they signfy- Malta The Foundation has exlended its support to indude grassro(rts organisations operaling in Malla. Its initial focus will be on strengthening local conservation inits'atives due to the acut8 issues facing Malta'5 already fragile environment. The Foundation awarded a grant to ACT Malta, an NGO founded to rehabilitate Malta's unique landscapes through growing and protecting nalive plant and tree species. The team have sucLessfulty propagated more than 55 drfIenI species of ltscal trees. shrubs, flowers, succulents and plants. managing to consenie endangered native flora species that were at risk of extinction. Page 9 of 32
THE BADUR FOUNDATION I REPORT OF THE TRUSTEES {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 ACT'S activities are mainty implemented through the sheer dedication of volunleers. To bolster the organisation's slability and growth, the Foundation supported ACT wilh a grant towards rent and staff costs. Wtth this backing. ACT aims to increase Ihe number of native trees, seeds and cuttings, as well as activety invofving local communities and NGOS. The Foundation also assisted the launch of Malta Environmenl Foundation (MEFI. taking a place on its steering committee. MEF aims lo support local environmental iniliatives and nurture a sustainable, resilient future for Matta's wildlrfe and community. It does this by channelling new sources of funding, directing resources to existing environmental initiatwes. and foslering a supportive cornmunrty within Malta's environmenlal sector, promoting intersectionality, collaboration, and CcreatIon. Enwmnmental The Foundation continue5 to develop its environmental portfolio, seeking to drr¥e positive change al the grassroots. In order lo maximise its impact and resources, it will focus on Ihe following themes.. access to nature, sustainable food syslems and rewilding (including education to improve environmental awareness and stewardship). The Foundation supported Edible Landscapes IEL), a forest gardening and community education project in Finsbury Park. London. Led by a team of permacultuiisls. it strives to educate visitors and volunteers on the broad - and often unknown range of edible plants, fruits, herbs and vegetables that can be grown in the capital. EL identffied a gap in services for school year's 7-9 and wth support from the Foundation, wll create the 'Nature Proleclors. after-school club. Having previousty worked with numerous school groups, the team saw that outd( learning can engage students in a different way to the fixed school curriculum. Young people will benefrt from practical and creative learning, which can help to improve self-esteem. emotional regulation and reduce anxiety. Another grantee in London was ecoACTIVE. an environmenlal education charty with a repulalion for using practical approaches to explore complex issues of sustainability. With support from the Foundation, ecoACTIVE will restore 3 small green sites in Ihe area of Clapton Park Estate. Its experienced gardeners will Irain young people and adults on the estate how to grow, Cultivate and haeSt food, and how to increase biodiversity with wildllffr1endIY gardening. Plus, the 3 green sPaS will be integrated into a new flagship project= The Hackney Buzzline. The Buzzline will create a pollinator corridor from ecoACTIVE's existing green spaS as well as 18 new ones, connecting them across four kilometres throu9h Hackn8y. Under the theme of 'access to nature,. the Foundation awarded a grant to Tanga Club (TC), a charity based in Northumberland that provides a network forfamilies who have children with special educational needs and disabilities (SEND). The grant will enable TC to run its Forest School. neslled deep within the wood it offers a secluded space for young people to make friends, play, and connect to nature, as well as a chance for parentslcarers to come together. F¢y8st School offers an opportunity that unfortunately many children with disabililies miss out on, and TC'S families had previously struggled to find ones where their children thrive. Page 10of32
THE BADUR FOUNDATION I REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Self-guided and experiential learning is the main goal of ihis wo. giving young people a chance lo fulty immerse in nature. The above dernStrateS a selection of projects and organisati(Ms funded by the Foundatlon. Further inform8tiDn can be found on the Foundation's websf(e www.badurfoundation.or Futurp activities The Trustees intend lo continue wth their current strategy where tackling povety and inequality remain the key pillaTS of Iheir granl-making, along wlth grants supporting environmental initialives. Thè Foundalion seeks to be a proactive. relationshipbased funder, offering nol onty grants but support in the form of relevant $ki115 and advice; be r( guidance on how to build organisational capacity or in financial managemerrt. whe appropriate, the Foundation's slaff members provide a range of stralegic support and assistance for Ihe Foundation's granl holders. This approach has received positive feedback from grant holders and the Foundats'on is encouraged tc continue offering this manner of support in the future. Investments In May 2022, the Foundation purchased a building on Newman Street in London as a long-term investment. The overarching aim of Ihe investment property is to generate a long-lerm, stable income source for the Foundation whith will benefit the grassroots charities and social enterprises it supports. The Foundation continues to hold smaller, low risk investment portfolios with Credil Suisse UK and Lombard Odier. The Investment Commrttee meets periodically to review the perfomiance of these portfolios. They continue lo be managed against conservative benchmarks. The markel value of the Foundation's investment FQrtfoli05 which includes the investmenl property as at 30 June 2024 is £33.220.131 as shown in Note 7 and 8 and on page5 27 and 28. Reserves The Trustees aim to establish a level of unrestricted funds, in real lerms, that ensures the Foundation can continue to meet ils objectives and ensure long-tem financial stability for the next 20-30 years. It is enwsaged that the unrestricted reseNes as at 30 June 2024 of £33,807,266 would be financially adequate and flexible enough lo provide for the FOundatn'$futUre objectives. The Capital Fund is held as an unreslricled fund representing tangible fixed assets and investmènt propety and portfolios managed under discretionary mandales. 11 is intended that the nel rental income from the inve5tmenl propety will be Lrtilised to meet future grant commitrnents. Free reserves, defined as cash at bank and in hand less creditors, amount to £47,237 a5 at 30 June 2024. The Trustee5 review the reserves requirement annually, to ensure that they accuralety reflect the Foundation's overall reSee policy and lo meet its objectives in the short, medium and long term. Page 11 of32
THE BADUR FOUNDATION I REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Risk management The Trustees are responsible for establishing and monitoring intemal ntrol systems within the Foundation. The major risks which may impact the activities of the Foundation have been reviewed during the year and the TTuslees are satisfied that the system of internal controls currenlty in pla is adequate, whilst recognising that they are designed to manage ralher than eliminate risk. Internal controls are reviewed on an ongoing basis as part of the day-lo4ay risk management process within the Foundation. The risk within the thanty lies with its grant giving and its associated reputational risk. The Trustees have established a comprehensive monitoring prrtess to manage this risk. Statement of trustees, responsibilities The Tru51ees (who are also direcloTS of the Badur Foundation Limited for the purposes of company law} are responsible for preparing the Trustees, Report and the financial statements in accordance N¥ith applicable law and United Kingdom Accounting Standards (United Kingdom GeneralP Accepted Accounting Practice). Company law requires the TTuslees to prepare financial statements fcf each financSal period which give a true and fair view of the state of affaiTS of Ihe charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable cofflpany for that period. In preparing these financial statements, Ihe trustees are required to.. select suitable accounting policies and then apply them consistenlly. observe the methods and principles in the Charities SORP.. make judgements and estimales Ihal are reasonable and Prudent., state whether applicable accotjnting standards have been followed, subject to any material departures disdosed and explained in the finanual statements- and prepare the financial slalements on the going concem basis unless it Is inappropriate lo presume that the charty will continue in business. The Trustees are resp)S1b1e for keeping proper accounting records that disclose wtlh reasonable accuracy at any time the financial position of the charrtable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The TTUStees are responsible for the maintenance and integrty of the corporate and financial informatK)n included on the company's websrte. The Trustees are also responsible for safeguarding the assets of the charitable company and hen fortsking reasonable steps forthe Prevention and detection of fraud and other irregularities. In so far as the Trustees ale aware.. there is no relevant audit information of which the charitable company's auditor is unaware- and the Trustees have taken all slep5 Ihat they ought to have taken to make themselves aware of any Televant audit infonnalion and to establish that the auditor is aware of that infomiation. Page 12 of 32
THE BADUR FOUNDATION I REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Auditors Macalvins Limlted was re-appointed as the Foundation's auditors and has expressed their willingness to continue in Ihat capacity. Approved by the Board on 2/ 1% 2025 and signed on its behalf by.. Csaba Barta Trustee Page 13of32
THE BADUR FOUNDATION I INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Oplnion We have audited the financial statements of The Badur Foundation {the 'company') for the year ended 30 June 2024 which comprise of Slalement of Financial Activities, Balan Sheet. Cashflow slalemenl and notes to the financial statements, including a summary of signrficanl accounting policies. The finanual reporting framework that ha5 been 8pplied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard 8pplicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair vlew of the state of the company's affairs as at 30 June 2024 and of its incoming resources and applicalion of resoUrS {induding its incorne and expenditure) for the year then ended.. have been properly prepared in acc(danCe with United lfjngdom Generalty Accepted Accounting Practice,. have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing {UK) IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilrties for the audrt of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhical Stsndard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ewdence we have obtained is sufficient and appropriale lo pr¢)vlde a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have conduded Ihat 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 idenlrfied any matèrial uncertainties relating lo events or condrtions that, individUaY or collectivety, may cast significanl doubl on the company's ability to continue as a going concern for a period of at least twelve months from when the financial stalemenls ale authorised for issue. Our responsibiltties and the responsibilities of the truslees with respect to going concern are described in the relevant sections of this report. Other infowmatlon The trustees are responsible for the olher informalion. The other infom)ation comprises the infomiation included in the annual repo¢ other than the financial statements and ovr auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicit stated in our reF*Jtt, we do not express any fom of assurance conclusion thereon. Page 14of32
THE BADUR FOUNDATION I INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 In connection with our audit of the financial statements, our responsibility is to read the other inforrnation and, in doing so. consider whether the other informalion is materialty inconsistent with the financial statements OT our knowledge obtained in the audrf( or otherwise appears to be materialty misslaled. If we Identrfy such material inconsistencies or apparent material misslatemenls, we are required to delermine whether there is a material misslalemenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we condude that there is a material misstatement of this olher infomiation, we are Tequired to report that fact. We have nothing lo report in this regard. Oplnlons on other mattevs prescribed by the Companles Act 2006 In our opinion. based on the WQTk undertaken in the course of the audit.. the information given in the Trusteés, report for the finanal year foT which the financial statements are prepared is consistent with the financial statements,. and the Trustees. report has been prepared in accordance with appIlble legal requirements. Matters on whlch we are required to report by ex¢eptlon In the lighl of the knowledge and understsnding of the company and its environment obtained in Ihe course of the audil, we have not identified malerial misstatements in the Trustee5' report. We have nothing to report in resped of the followng matters in relation to which the Companies Acl 2006 requires us to report to Y( rf, in our opinion.. adequate aGwunting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- or the finanaal statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received 811 the information and explanations we requlre for our audit. Responsibilities of Trustees As explained more fulty in the Trustees, responsibilities statement set out on page 10 the trustees are responsible for the preparation of the financial statements and for being satisfied that Ihey give true and fair view, and for such inlemal control as the Trustees, delemiine is necessary to enable the preparation of financial slalements that are free from malerial misslatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the companWs ability to continue as a going concem, disc105ing, as applicable, matters related to going concern and using the going concem basis of accounling unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Page 15of32
THE BADUR FOUNDATION I INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Audltors. responsibilities for the audit of the financlal ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenl, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a hiuh level of assurance, but is not a guarantee that an audil conducted in accordance wrth ISAS (UK) will aKvays detect a material misstatement when it exists. Misstatements can arise from fraud c* error and are considered material rf, individualty or in the aggregate, they could reasonably be expected to Influen Ihe economic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud, are instance5 of noniompliance wtth laws and regulations. We design procedures in line with our responsibiltlies, outlined above, to detect material rnisstalemenls in respèct of irregularrties, includin9 fraud. The extent to which our predureS are capable of deteding irregularities, induding fraud is detailed below.. In idenlrfying and assessing risks of material mi551alement in respect of irregularttses, including fraud and non-compliance wth laws and regulations. we considered the following.. the nature ofthe company and sector in which il operates, control environrnenl and financial performance including Ihe design of the company'5 remuneration policies, key drivers for staff remuneration, bonus levels and perfomance targets., the results of our enquiries of Ihe trustees about their own identification and assessment of Ihe risks of IegUlaritIeS.. the process for identrfying, evaluating and complying with laws and regulati)ns and wheth Ihe Iruslees were aware of any inslances of non-compliance., the proces5 for detecting and responding to the risks of fraud and whether the trustees have knowledge of any actual. suspecled or alleged fraud,. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. These matters were discussed among the audit engagement team regarding how and vthere fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentwes that may exist within the organisation for fraud. In common with all audits under ISAS {UKI. we ale also required lo perform specific procedures lo respond to the risk of management override. We also obtained an underslaTrding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of malerial amounts and disclosures in the financial statements. The key laws and regulations we considered in this context induded Uniled Kingdom company law and local lax legislation. Afurther description of our responsibilities for the audll of Ihe financial statements is located on the Financial Reporting Council's website at wMv.frc.ory.uklauditorsresponsibilities. This description forms part of our Auditors. Rewrt. Page 16 of32
THE BADUR FOUNDATION I INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Use of our report This report is made solety to the CoMpanS rnembers, as a bc*Jy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the company's members those matters we are required to stale to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accepl or assume responsibility lo anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinion5 we have formed. Colin D. Ford (Senior Statut(ry Auditor) for and on behalf of Macalvlns Llmlted Chartered Accounlanls and Slalutory Au¢Jilors 7 St John's Road HarTOW Middlesex HA12EY zs" . 2025 Page17of32
THE BADUR FOUNDATION I STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 30 JUNE 2024 Note Unrg$trfcted Unre8trlctgd Income Capital Fund Fund 2024 2024 Total Funds Totsl Funds 2024 2023 Income from: Oonalions and legacies In¢tsme from investments.. InveslTnent income 1.681,092 1.681,092 798,888 1,486,094 1,486,094 752,580 Total income 3.167,186 3.167,186 1.551,448 Expendilurg on: Costs of raising funds 16.300 16.300 33,149 Expenditure on charitable acthvthes 873.300 Total FJxpondltuf• Ngt incorne for the yeav b&fore galns and 1088e8 Realised inveslmenl gains11105ses}-. on fol9n cUeNcY on red a55et invEsiments 801.608 IB,142 819.750 906,449 2 365 $78 644,999 165.141) 165,1411 150,311 122.2321 39,252 65.141 50,311 61.484 Unrealised investrnent gainslllossesl- on foreign currency on fi¥ed asset investments on investment property 856 856 205,753 2,482 699 1104,6651 25,246 1.320.353 205,703 856 2 276 090 1.399 772 Net galnglllossesl on Inv•stm•nts 2,327 2S7 2.391.542 1481258 N•t Income 2.301,293 12,345,399> 144.1061 {816,2571 Transfer befv4een funds 3,143,059 3.143,059 Ngt movement In funds 41,766 797,660 ,106 16.257 Reconclllatlon of fund¥ Balance brought forw8rd at 1 July 2023 Balancg corrlèd forward at 30 June 2024 1425718 32 425 654 33 851 372 34.667.629 13 S83,952 33,223,314 33.807.266 33.851.372 The notes on pages 21 to 32 fomi part of these financial Statements. The statement of financial activities includes all gains and losses recDJnised in the year. All activities are dassed a5 Continuing. Page 18 of32
THE BADUR FOUNDATION I BALANCE SHEET- 30 JUNE 2024 Note 2024 2023 Flx•d a$s•ts Investment Portfolios Investment property Investment in Subsidiary Tangible assets 7.395,704 25.824,427 100 4,938.481 27.484,228 2,945 32,425,654 33,223,314 Current asyets Cash al bank and in hand Debtors 996,980 S36 715 1,533.695 2,009,477 372.844 2,382,321 10 Currnnt Ilabilltlos Creditors.. amounts falling due wlhln one year- unrestricted 11 (423,938) 1447,6511 Net current a$$ets 1,109.757 1,934,670 Totsl assots I$ Current liabilities 34.333.071 34,360,324 CTrdltorn: amounts falllng dug after more than one Year- unrnstricted 12 525 805 508,952 Nét a$8•ts 33.807,266 33,851.372 Fund5 Unrestricted capital fund Unrestricted income fijnd 33,223,314 583,952 32,425,654 1,425.718 Totsl unr86tri¢ted funds 13 33 807 266 33,851 372 The financial statements were approved by the Board of Ihe Badur Foundation on 21 /212025 and signed on their behalf by.. Csaba Barta Trustee The notes on pages 21 to 32 form part of these financial statemerrts. Company number 07657300 Page 19 of32
THE BADUR FOUNDATION I CASHFLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 2024 2024 2023 2023 Net ¢a5h Inllow from oporating activities (Nots 15) 692.451 (149,5861 Returns on Inv8stmèntand seNicing of ffinancg Diwdends received Intere¥l received Rent received Other compensation income 38.804 183.269 1.036.521 227.500 48.863 30,859 672,858 1.486,094 752.580 Capital exp¢nditur• and financial Inva$tment Proceeds from Sale of investments Purchase of invegtmenl property Purchase of fixed assets Purchase of investments 3A18,3S9 1822.898) 11,980) 15,490.2621 2,864,336 {1,475,8901 12,440 {209,607) 12.896.781) 1,17S,399 Effect of currency translatlon on and cash equlvalents Net decrease in cash {14.707) 1732,943) {37.174) 1,742,219 Analysls of net funds Net balanu at 1 July 2023 Cash Net balance Incrèase al 30 Junè Ild&¢rease) 2024 in the y¢ar Cash al bank Investment cash Isge nole lOw) 2,009.477 2,536.773 11,012,497) 279,554 996.980 2,816,327 4,546.250 1732,943) 3.813.307 Nole Incr845&YDecrease) in cash awailing invpslment (note 71 Unreal&d gains on c8sh held lorinweslmenl 229.878 49, 676 279,554 The notes on pages 21 to 32 fonn part of these finanaal statements. Page 20 of32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 1. Accounting policles al Basis of flnancial statements The financial statements have been prepared under the historical cost convention as modrfied by the policies on investment revaluations and in accordance wtth 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 IFRS 1021- (Charities SORP IFRS 102)), the Finanual Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Aci 2006. The Foundation meets the definib'on of a public benefit enlty under FRS 102. The Foundation established a Subsidiary company, Badur Services Limrted on 10 April 2024. Badur seNis LiTnited was established with the intention of managing the Foundation's investment pioperty- The financial statements contain information about the Foundation as an individual company and chanty and do not contain consolidated financial information a5 the parent of group. The Foundation has n¢X prepared consolidated financial statemenls on the basis thal the a1VitieS of the subsidiary are not material to the group. b) Income Donations are recognised in the period in which the Foundation is entitled to receipt and the amount can be measured with reasonable certainty. Income is only deferred when the charity has to fu11 conditions befo becoming entitled to it orwhere the donor has specified that the income is to be expended in a future period. Grft aid is added to the value of the donation lo which it Telates. Investment inc(xne is accounted for on 8 receivable ba515. Rental incx)me is received quartedy in advance, bLrt reccgnised in Ihe statement of finanaL aclivity on a straight line basis over the term of the lease. Donated 5eTvices are recognised on the basis of Ihe value of the grft to the charity as determined bythe donor where such a cost is quantifiable and measurable; a corresponding amount is then recognised in expenditu in the period of receipl. No income is Tecognised where there is no financial cost incurred by the third party. c) Expendlture Expenditure is induded on an accrual's basis. Costs of generaling funds rxjmprise those costs directly attribLrtable to managing the investment portfolio and raising investment income. Page 21 of32
THE BADUR FOUNDATION INOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ExpenditUTe continued: Grants payable are charged in the year where the offer 15 conveyed lo the recipient except in those cases where the offer is conditional. such granls being recognised as expenditure when the conditions attaching are fulfilled or al the point when Ihe fulfilment of the condttions are no longer seen to be within the control of the Trustees. Grants offered Subject lo condrtions which have not been mel at the year-end are noted as a commitment, but not accrued as expenditure. d) Service charges, property operating expenses In the case of service contracts wth third parties. service charges are TecoveTed from tenants. Service charges in respect of vacant property are expensed. These mainly relate to gas, water, electricty, cleaning and Security. Property operating expenses comprise those costs thal are diredy attn'butable to the operation of properties, net of cosls charged lo tenants. These mainly relate lo tax, insurance, leasehcld. maintenance and professional fees. These are expensed as incurred. Administrative expenses are expenses that are not direct attributable lo the operation of properties {including charged management cost5 not direct related to properties. ¢)ffiGe overheads, advi, valuation and audit fees, listing costs and marketing and prornotion costs). e) Support costs Support costs are allocated lo Ihe charitatle activlty as Incurred. f) Govemance costs Governance costs comprise of all costs involving the public accountability of the charity and costs related to statutory requirements. g) Investments Investments. listed and quoted. are included at market value. The valuation is provided by a third-party fund manager. Unquoted investments are carried at the Trustees, valualion. h) Taxation The Foundation is a registered charity and is not liable lo United Kingdom inwme tax or corporation lax on charitable activities. Page 22 of32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 11 Flxed assets depreciation pollcy Tangible fixed assets are stated at cost less depreciation. Depreciation is provided al rates calculated to wrile off st of fixed assets, less their eth'maled residual value, over thwr expected useful lives on the following basis.. Furniture, fillings and equipment Website development and design 3 years 3 years Jl Forolgn ¢urrencies Assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the balance sheet. All differen$ are taken to the Statement of Financial Activities. k) Going concern Where totsl liabilrties exceed current assets, the Trustees consider the ability of the Foundats'on to continue to meel these obligations (as and when they f811 duel from liquid asset5, and also the continuing support they receive from their doncrs and creditors. If the Trustees are satisfied Ihal the Foundation can meet [15 obligations, then financial statements are prepared on a going concern basis. The Trustees are of the view Ihat the Foundation has sufficienl cash balanS to meet its grant cemmitments, pOrting a net current assel balance at 30 June 2024 of £1,109,757 and on this basis it is a going concem. l) Investment Property Investment propety is measured initially at its cost, including related transaclion costs such as advisory C¥Jsts, notary costs, transfer taxes and borrowing costs. After initial recognition, investment property is staled at fair value. Fair value is based on active market pricks, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. The Trustees revalue the investment propety annually as at the financial position date and where necessary seek advice from professional valualion experts who hold recognised an relevant professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for Ihe carrying amounts in the financial statements. The fair value of investmenl propety reflects, among other things. rental income from current leases and assumptions about rental income from future leases in the light of currenl market conditions. including vacancy and renlal incentives. The fair value also reflects, on a simiL3r bas. any cash OLrtnows Ihal could be expected in respect of the propety. Page 23 of 32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Investment Property continued: Subsequerrt expendllure is capilalised to the asset's carrying amount only when it is probable that future economic benerrts associated with the expenditure will flow to the Fund and the cost of the ilem can be measured reliabty. All other repairs and maintenance costs are expensed when incurred. When part of an investment propw is replaced. Ihe carrying amount of the replaced part is derecognised. The fair value of investment property does not refiect future capital expenditure that will improve or enhance Ihe propety and does not refiect the related future benefrts from this future expenditure other than those a ration81 market participant would take into acUnt when determining ihe value of the property. Gains and losses arising from changes in fair values are dUded in the statement of financial actwrty in the year in which Ihey arise. 2. Income from donations and legacles 2024 2023 Donations- unrestricted Value of services received treate(l as a donallon- unrestricted 1.676.092 S,DOO 788,868 10,000 1,681,092 798,868 3. Investment Income 2024 2023 Interest earned Dividend income Rental income- Newman Street Other cOMn$atiOn income 183,269 38.804 1,036.521 227,500 30,417 48.863 672.858 442 1A86,094 752,580 Page 24 of 32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 4. Expenditure on charttable activities 2014 2023 Granl-making (see below) Charitable progmmmes Support costs Govemance costs Property expendllure- Newman Street 393,272 10.502 268,178 15,000 116.498 436,786 9,278 242,291 11,287 173,858 803.450 873,300 The Foundation concentrates its efforts on its grant making activities and hence no allation ol support costs by activty has been undertaken. Governan cost5 comprise legal fees (£Nil) and audit fres (£15.000). A portion of support costs have been classrfied as grant-making to tter reflect the allocation of the Foundations resour$ towards providing advisory services lo the organisationsthatthey support. Support costs classified as grant-making is £111,533 in {2023-. £110,027). Trustee5 received no remuneration but were reimbursed for OLrt-of-pocket expenses of £243 in 2024 {2023.' £NiD. Page 25 of 32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Expenditure on charitable actlvltles continued: The following grants were made during the year. 2024 2023 ACT Malts Anonymous Ways Foundation Barefoot Krtchen Bike Slop Budapest Hydrolherapeuiic Rehabilitstion Gymnasb'eg Foundation Buddhist Archives of Luang Prabang Buddhist Heritage Project Conservation Coltective Cornerstone Benwell Creative Space (Egyesek YoLrth Association) Deerwood Trust Denton Youth and Community Project Devon Environment Foundation Devon Wildlife Trnsl Diversty Foundation E¢oACTIVE Edible L8nds¢apes London CIC Firestarter Association Foundation Futures Green Schools Project Hh Trees Community Development Tnjst InDaHouse Jai Bhim (Ambedkarl Kompania Foundation Malta Ranger Unit Oswin Pr£¥ect Plastic Free North Devon Projects 4 Change Rom8 Mlliority Repre$entstives Shelter Foundation SIMPACT Smile For Life Children's Charity ISFL) stone Soup Acadèmy SURT- Slopping Unsafe Relationships Together CIC Tandem Theatre Tanga Club UCCU Roma Infomial Educab"on Foundation Well Grounded Wilder City Woodshed Workshop CIC Youth Realiti'es Zibel Tt)tal of grants awarded 8.582 9,419 5,050 117.342) 12,594 32.6BO 16,030 8,358 17.218 13,850 10.9 12.237 20,000 5.000 15,000 7,038 4,000 11.430 16.070 26,0(Xl 34,300 10.000 10,000 834 8.850 22.130 4,291 223 14,000 12.000 15.OIXI 943 5.821 10.353 11,1801 19,141 10.000 60,432 22.655 430 6.500 7,686 45,OCtO 2,880 32,000 13,200 2.100 4.795 281,739 326,759 Page 26 of 32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Expenditure on charitable activitles contlnued: Support costs classified as grant making 111.533 110.027 Total granl-making 393.272 436,786 6. Employees The average number of employees during the year was 6 (2023.. 6). The number of employees who received remuneralion and benefrts amounting to more than £60,000 in either year is nil. 2024 2023 Salaries Social Security Costs Pension Costs 196.326 27,236 6,880 230,442 170,702 16,411 4,919 192,032 The trustees are considered to be the key management thin the Foundation. 6. Nel Incoming resources 2024 2023 This is stated after charging.. Auditors, rernuneration- audit of accounts Auditors, rernuneraticn- other seTvices Depreciation 15.000 1.248 9,744 1.988 Net incoming Tesources are shown after any fo[gn exchange movement. 7. Investments 2024 2023 Market value at 1 July 2023 Purchases made during the year Sales proceeds received InGreasellDeGreasel in ¢8$h awaiting investment Gains and Ilossesl on investrnents for the year Reali5ed Unrealised 4,938.481 S,490.262 {3,418,3S91 229.878 5,525.442 209,607 12,864,336) 2.081.774 {50,311) 205,753 {39.2521 25,246 Markèt Valu? at 30 June 2024 7.395.704 4,938,481 Page 27 of 32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Inveslments contlnued Analysis of market value at 30 June 2024 2024 2023 EqUit1- listed on a recognised Stock Exchange Bonds Absclule relum funds Cash awarting investrnent 609,534 1,050,676 741,496 2,536,773 4,579,377 2,816,327 Iljarket valuè at 30 June 2024 7.395,704 4,938.481 8. Investment property 2024 2023 Fair Value at 1 July 2023 Additions Revaluation 27.484.228 822.898 12,482,699) 27,328,692 1,475,889 (1,320,353) Fair value at 30 Jun• 2024 25 824 427 27,484,228 At 30 June 2024 the investment property is stated at fair value. The Trustees undertook a valualion of the investment property with advice from professional valualion experts. The fair value reflects rental income from current leases and assumptions about rental inccffle from fvture leases, as well consideration to active markel prices adjusted for location, condib'on and nature of the propety. Page 28 of 32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Tangible fixed assets Fumiture. fittinys and aquipment Website dèsign and development Total Cost At 1 July 2023 Additions during the year Disposals At 30 June 2024 26,307 1,980 5,956 32,263 1,9BO 1,273 32,970 27,014 Depre¢l¥tlon At 1 July 2023 Charge lor the year Deprlation on disposal At 30 June 2024 23,362 1,842 1,273 23,931 5.956 29.318 1.842 1.273 5.956 Net l)ook value At 30 June 2024 At 30 June 2023 10. Debtor5 2024 2023 Prepayments other debtors 25.374 511341 34,115 338,729 536715 372.844 11. Creditors - Amounts falling due within one year 2024 2023 Trade ¢reditor$ Grant commitments Arual$ and deferred income Other Creditors 5.073 138.244 279.514 3.107 45,011 94,901 252,606 55.133 423 938 447.651 Pag8 29 of 32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 12. Creditors-Amounts falling due after more than one year 2024 2023 Grant commitments Rent deposits 30,458 495 347 20,000 488,952 S2S 805 508 952 13. Analysis of net assets between funds Unr•strict•d income fund Unrestrl¢l•d capltal fund 2024 2023 T¢tsl Total Tangible fix?d ag$ets Investments (including propetyl Net current a55ets Creditors due after one year 3.083 33,220.231 3,083 33.220,231 1.109,757 525 805 2,945 32,422,709 1.934,670 508 952 1,109,757 525.805 Net surplus 583 952 33 223 314 33 807 266 33 851,372 14. Movement In funds Unrestricted income fund Unrestrlcted eapltal fund 2024 2023 Total Total Balance at 1 Juty 2023 Incoming resources Resources expended Rea115èdllunrealisedl gains and losses Transfer between funds 1,425,718 3.167,186 1801,6081 32,425,654 33.8S1,372 3,167,186 1819,7501 34.667.629 1,551.448 1906,4491 118.1421 164.2851 ,143 059 12,327.2571 3,143,059 12,391.5421 (1.461,2561 Balanc• at 30 June 2024 583,952 33,223.314 33.851,372 Page 30 of 32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 15. Reconclllation of net incoming resources to operating activities 2024 2023 Net Ideficitlfincorne for the year before Ilossesllgain Depreciation charges Dividend5, Illteiesl and rent Te1Vable Increaselldecreasel in deferred rentsl income {Increaselldecrea$e in debl¢rs Increasel{decrea5el in Greditors Increaselldecreasel in grant commitments 1347N36 1.842 (1,486.0941 115,2041 1163,8711 143,4591 44,999 1,326 1752,5811 156,144 1262,1781 76,428 13,724 Nwt ¢a$h inflow from 0tIng aetlvltiès 692,451 149,586 16. Company status The Foundation is a company limited by the guarantee of its members and incorporated in England &Wales. In the evenl ofawinding up, each memberguaranteesto pay an amount not exeding £1. At 30 June 2024, the total of such guarantees was £3. 17. Related party transactions The Foundation received unrestricted donations from TTUStee5 during the year totalling £1,339,250 (2023.. £630,345) net of grft aid. During the year, the Foundation was invoiced for disbursements totalling £46,29012023'. £49,778) by HGT Management LLP of which a Trustee is a Partner. These items were re- charged lo the Foundalion at cost plus VAT. The Foundalion also reiVed bookkeeping, accountancy and administralive services from HGT Management LLP without charge. These donated serntices have been valued at £5,000 for the year (2023.. £10,000). As at 30 June 2024, the amount owed by the Foundation to HGT Management LLP was £3,436 {2023.' £20,986). During the year. the Foundation was invoiced by BXR Advisory Partners LLP. of which a fomier Trustee is a Partner, but BXR Advisory Pattners LLP remains a related party on acCrtt of BXR Advisory Partners LLP and HGT Management LLP having a common partner, for a license fee associated with 4044 Newman Street of£60,000 {2023.' £11,200). As at 30 June 2024. the amount owed by the Foundation to BXR Advisory Partners LLP was £Nil (2023.. £15,000). During the year. the Foundation was charged Tent of £23,747 {2023-. £26,044) by BXR Partners Kft. Hungary, an entity over which a former Trustee exercisesj¢int control. Page 31 of 32
THE BADUR FOUNDATION I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Related party tran$aGtion5 continued: As at 30 June 2024, the amounl owed by the Foundation lo BXR Partners Kft was £Nil 12023: £N). The Foundation owns 100YD of the shares in Badur Servrces Limited, a trading subsidiary of the Foundation that was incorporated on 10 April 2024. As at the 30 June 2024, the Foundation had made a loan to Badur Se1 for £406,345. This108n comprises captial works to Newman Street funded by the Foundation on beha of the service charge account within Badur Services, net operational c051s incurred in relation to the service charge account wthin Badur Services before the incorporation of the subsidiary, in addition to a cash injection on incorwration of Badur Services. Page 32 of 32