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2025-03-31-accounts

Charity registration number 1166075 (England and Wales)

Company registration number 08002661

VEDDIS FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

VEDDIS FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr V Bhargava Mr M Zabeti Charity number (England and Wales) 1166075 Company number 08002661 Registered office Kemp House 160 City Road London EC1V 2NX Auditor Lopian Gross Barnett & Co 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS

VEDDIS FOUNDATION

CONTENTS

Page
Trustees' report 1 - 2
Statement of Trustees' responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 18

VEDDIS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)''. The charity is a Public Benefit Entity as defined by FRS102.

Objectives and activities

The main objective of the charity is to promote, encourage and support charities all over the world, with a focus on charities operating in developing countries. The charity is focused on maximising impact. Every pound of grant funds is meticulously invested in organisations with excellent teams that follow robust data-driven strategies. The charity prioritises rigorous evaluation and continuous improvement, ensuring that our investments generate the greatest possible good.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

All of the activities that are undertaken by the charity are for the advancement of the objectives that are outlined fully above.

With the exception of the time given by the trustees, the charity did not require the use of volunteers during the year.

Achievements and performance

The principal activity of the charity during the year was the provision of financial support to charitable organisations for work principally in India and the UK.

The charity made grants totalling £2,574,739 of which 64% were for direct support of work in developing countries.

Financial review

Funding for the trust was received principally from companies related to Mr V Bhargava, who is one of the trustees.

During the year, donation income in the year totalled £2,241,036. Total funds brought forward were £10,093,936. Total funds carried forward are £9,439,148 in an unrestricted fund to preserve the continuity of operations in the event of adverse circumstances.

There is no formal policy to maintain a set level of reserves. The trustees are continually looking for further funding to maintain a suitable level in which the charity can continue to operate.

The trustees continually assess the major strategic and operational risks which the charity faces and have confirmed that systems have been established to enable regular reports to be made so that necessary steps can be taken to lessen these risks. Regular meetings help to manage and mitigate the risks.

The principal risks facing the charity are that its funding dries up and that the projects it invests in do not achieve their aims. The principal risks facing the company's subsidiary is that its investments are not realised or do not produce a satisfactory return.

Plans for future periods

The charity’s aims and objectives for the future are to continue to identify and support high quality organisations to be able to achieve maximum impact with its grants.

VEDDIS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

The charitable company was incorporated on 22 March 2012 and registered as a charity on 15 March 2016.

The charity is a company having no share capital and is limited by guarantee. The governing document is the Memorandum and Articles of Association, as amended by special resolution on 10 October 2014.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr V Bhargava

Mr M Zabeti

The trustees may elect new members to the Board and renew membership on an annual basis. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The charity’s decisions are made by the trustees, no decisions are delegated to senior management.

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

Auditor

In accordance with the company's articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the company will be put at a General Meeting.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

.............................. Mr V Bhargava Trustee

22 Dec 2025 Date: .............................................

VEDDIS FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors of Veddis Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

VEDDIS FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF VEDDIS FOUNDATION

Opinion

We have audited the financial statements of Veddis Foundation (the ‘charitable company’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

VEDDIS FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VEDDIS FOUNDATION

Responsibilities of trustees

As explained more fully in the statement of Trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

VEDDIS FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VEDDIS FOUNDATION

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Nathaniel Davidson BA(Hons) ACA (Senior Statutory Auditor)

For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor Chartered Accountants 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS Date: .........................23/12/2025

Lopian Gross Barnett & Co is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

VEDDIS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 3 2,241,036 1,823,397
Investments 4 547,893 547,843
Total income 2,788,929 2,371,240
Expenditure on:
Charitable activities 5 2,593,725 2,341,251
Other expenditure 11 179,992 236,812
Total expenditure 2,773,717 2,578,063
Net gains/(losses) on investment property 12 (670,000) -
Net expenditure and movement in funds (654,788) (206,823)
Reconciliation of funds:
Fund balances at 1 April 2024 10,093,936 10,300,759
Fund balances at 31 March 2025 9,439,148 10,093,936

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

VEDDIS FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Investment property
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets/(liabilities)
Total assets less current liabilities
The funds of the charitable company
Unrestricted funds
19		 2025
£
£
9,430,000
100
9,430,100
39,670
127,983
167,653
(158,605)
9,048
9,439,148
9,439,148
9,439,148		 2024
£
£
10,100,000
100
10,100,100
40,900
77,424
118,324
(124,488)
(6,164)
10,093,936
10,093,936
10,093,936

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

Directors/Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

22 Dec 2025

The financial statements were approved by the trustees on .........................

.............................. Mr V Bhargava Trustee

Company registration number 08002661 (England and Wales)

VEDDIS FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
23
Investing activities
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
£
(497,334)
547,893
547,893
-
50,559
77,424
127,983		 2024
£
£
(608,707)
547,843
547,843
-
(60,864)
138,288
77,424

VEDDIS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Veddis Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Kemp House, 160 City Road, London, EC1V 2NX.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

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

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

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

Cost of generating funds comprise the costs associated with attracting voluntary income.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

1.6 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

VEDDIS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Investment property acquired by way of donation is initially recognised at fair value.

Subsequently, they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Property rented to a group entity is accounted for as tangible fixed assets.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

VEDDIS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Group accounts exemption

Group accounts have not been prepared since Kantor Limited, the only subsidiary of Veddis Foundation, is a dormant company.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 2,241,036 1,823,397
Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Rental income 545,416 543,529
Interest receivable 2,477 4,314
547,893 547,843

4 Income from investments

VEDDIS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

5 Expenditure on charitable activities

Other costs
2025
£
Direct costs
Grant funding of activities
(see note 6)
-
Share of support and governance costs
Governance
18,986
18,986
Analysis by fund
Unrestricted funds
18,986
6
Grants made		 Grant
funding
2025
£
2,574,739
(see note 7)
-
2,574,739
2,574,739		 Total
Other costs
2025
2024
£
£
2,574,739
-
18,986
21,405
2,593,725
21,405
2,593,725
21,405		 Grant
funding
2024
£
2,319,846
-
2,319,846
2,319,846		 Total
2024
£
2,319,846
21,405
2,341,251
2,341,251
Grants made
Grants to institutions:
IDinsight Inc
Centre for Effective Governance of Indian States
Sattava Media and Consulting Pvt
Founders for Good/Founders Pledge
Institute for Financial Management and Research
Bridgespan
Players Philanthropy
Rongmei Naga Baptist Association
E Governments Foundation
Veddis Foundation India
Society for Public Education Cultural Training and Rural Action
EKHO Foundation
Realm of Nature Based Actions
Tech 4 Development		 Grant
funding
2025
£
496,620
429,000
47,664
395,000
485,839
39,541
-
-
-
78,214
431,161
95,000
-
76,700
2,574,739		 Grant
funding
2024
£
348,063
143,000
-
391,000
825,000
39,735
19,523
32,000
47,500
51,000
307,775
47,500
67,750
-
2,319,846

VEDDIS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

7 Support costs allocated to activities

7
Support costs allocated to activities
Governance costs
Analysed between:
Other costs
Governance costs comprise:
Audit fees
Bank charges
Professional fees
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements		 2025
£
18,986
18,986
2025
£
11,100
2,889
4,997
18,986
2025
£
11,100		 2024
£
21,405
21,405
2024
£
11,100
1,956
8,349
21,405
2024
£
11,100

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or reimbursements of expenses from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total - -

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

VEDDIS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11 Other expenditure

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other expenditure 179,992 236,812

12 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investment properties (670,000) -

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Investment property

Investment property
Fair value
At 1 April 2024
Net gains or losses through fair value adjustments
At 31 March 2025		 2025
£
10,100,000
(670,000
9,430,000

Investment property comprises £9,430,000 of land and building (2024: £10,100,000) The fair value of the investment property has been arrived at on the basis of a valuation carried out within 12 months of the year end by Life Residential & Rose & Co, who are estate agents not connected with the charity. The Rose & Co valuation accounts for £3,430,000 of value whilst the remaining £6,000,000 valuation comes from Life Residential. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

VEDDIS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

15 Fixed asset investments

Cost or valuation
At 1 April 2024 & 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024
Other investments comprise:
Notes
Investments in subsidiaries
22
16
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
17
Creditors: amounts falling due within one year
Notes
Deferred income
18
Trade creditors
Other creditors
Accruals
18
Deferred income
Other deferred income		 Other
investments
£
100
100
100
2025
2024
£
£
100
100
2025
2024
£
£
470
3,376
5,781
5,780
33,419
31,744
39,670
40,900
2025
2024
£
£
109,136
99,567
20,462
151
13,357
13,357
15,650
11,413
158,605
124,488
2025
2024
£
£
109,136
99,567

VEDDIS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Deferred income

(Continued)

Deferred income is included in the financial statements as follows:

Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2024
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2025		 2025
£
109,136
99,567
(99,567)
109,136
109,136		 2024
£
99,567
81,163
(81,163)
99,567
99,567

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
Unrestricted Fund
General funds		 At 1 April
2024
£
10,093,936
At 1 April
2023
£
12,986,802
(2,686,043)
10,300,759		 Incoming
resources
£
2,788,929
Incoming
resources
£
-
2,371,240
2,371,240		 Resources
expended
£
(2,773,717)
Resources
expended
£
-
(2,578,063)
(2,578,063)		 Gains and
losses
At 31 March
2025
£
£
(670,000)
9,439,148
Gains and
losses
At 31 March
2024
£
£
-
12,986,802
-
(2,892,866)
-
10,093,936

20 Events after the reporting date

There were no post balance sheet events requiring disclosure.

VEDDIS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

21 Related party transactions

Transactions with related parties

During the year the charitable company entered into the following transactions with related parties:

Entities in which a trustee is also a trustee of a related party 2025
£
78,214
78,214		 2024
£
51,000
51,000

22 Subsidiaries

Details of the charitable company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held
Kantor Limited United Kingdom Investment company - Ordinary
100.00
Debt/Equity investments in real
shares
estate
23 Cash absorbed by operations 2025 2024
£ £
Deficit for the year (654,788) (206,823)
Adjustments for:
Investment income recognised in statement of financial activities (547,893) (547,843)
Fair value gains and losses on investment properties 670,000 -
Movements in working capital:
Decrease in debtors 1,230 124,304
Increase in creditors 24,548 3,251
Increase in deferred income 9,569 18,404
Cash absorbed by operations (497,334) (608,707)