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 hIg￿qUaIty
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 lik￿minded 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 Se￿ed 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 C￿tent
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 applI￿￿nS, 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 re￿1ve 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 FI￿Starter
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 drfIe￿nI 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 C￿creatIon.
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
ha￿eSt food, and how to increase biodiversity with wildllf￿fr1endIY gardening. Plus, the 3 green
sPa￿S will be integrated into a new flagship project= The Hackney Buzzline. The Buzzline will
create a pollinator corridor from ecoACTIVE's existing green spa￿S 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 der￿nStrateS 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 $ki115 and advice; be r( guidance on how to build organisational
capacity or in financial managemerrt. whe￿ appropriate, the Foundation's slaff members provide
a range of stralegic support and assistance for Ihe Foundation's granl holders. This approach has
received positive feedback from grant holders and the Foundats'on is encouraged tc continue
offering this manner of support in the future.
Investments
In May 2022, the Foundation purchased a building on Newman Street in London as a long-term
investment. The overarching aim of Ihe investment property is to generate a long-lerm, stable
income source for the Foundation whith will benefit the grassroots charities and social enterprises
it supports.
The Foundation continues to hold smaller, low risk investment portfolios with Credil Suisse UK and
Lombard Odier.
The Investment Commrttee meets periodically to review the perfomiance of these portfolios. They
continue lo be managed against conservative benchmarks.
The markel value of the Foundation's investment FQrtfoli05 which includes the investmenl property
as at 30 June 2024 is £33.220.131 as shown in Note 7 and 8 and on page5 27 and 28.
Reserves
The Trustees aim to establish a level of unrestricted funds, in real lerms, that ensures the
Foundation can continue to meet ils objectives and ensure long-tem financial stability for the next
20-30 years. It is enwsaged that the unrestricted reseNes as at 30 June 2024 of £33,807,266
would be financially adequate and flexible enough lo provide for the FOundat￿n'$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 reSe￿e 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 resoUr￿S {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, individUa￿Y 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 finan￿al year foT which the financial
statements are prepared is consistent with the financial statements,. and
the Trustees. report has been prepared in accordance with appIl￿ble 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 pr￿edureS 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 I￿egUlaritIeS..
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 CoMpan￿S 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 fo￿l9n cU￿eNcY
on r￿ed 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 seNi￿s 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 a￿1VitieS 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 fu￿11 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 finan￿aL
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 balan￿S 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 ac￿Unt
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 cOM￿n$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 all￿ation
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
H￿h 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
Depr￿lation 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
A￿rual$ 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 T￿e1Vable
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 0￿￿tIng 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 ex￿eding £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 re￿iVed 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
acC￿rtt 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 Se￿1￿ 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