Charity registration number 1208047 IEngland and Wales) VARGA FAMILY FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
VARGA FAMILY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrzvarga MST Varga K Bojan Charty numbèr (England and Wales} 1208047 Reglstered offlce First and Second Floor 21 Bruton Street London W1J 6QD Auditor BKLAudit LLP 35 Ballards Lane London N3 1XW Bankers Barclays Bank PIC 1 Churchill Place London E14 5HP
VARGA FAMILY FOUNDATION CONTENTS Page Trustees, report Independent auditor's report statement of financial activities Balance sheet Notes lo the financial ststemenls 10-16
VARGA FAMILY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees present their annual report and financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP Accounting and Reporting by Charities". Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Policies and Objectives The objectives of the Charity as per ils governing document are.. For any purposes which are charitable in the law of England and Wales for the benefit of the public. The Charty uses ils income lo provide donations to charitable bodies at the discretion of the Trustees. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, induding the gUidan'pUblic benefit.. running a Charity IPB21' Strategles for achlevlng objectlvos The charity relies on investment income and donations lo fund the grant giving activities and as such the careful management of the investment portfolio is the main strategy to ensuring the achievement of the charitable obieclives. Actlvltles undertaken to a¢hl&ve oblectlves The charity makes grants to recognised charities in order lo achieve its objectives. Public benefit The trustees have paid due regard to guidan issued by the Charity Commission in deciding what activities the charity should undertake. Grant making policy The charity has no formal grant making policy, however the Trustees use their discretion lo award grants lo organisalions they feel appropriate. Monies are awarded directly lo charities as directed by the Trustees. Volunteers Other than the trustees, the charity does not use volunteers in its work. Achlgvemgnts and pgrfomiancg Maln achlevements ofth& Charlty During the year, the charity has made grants of £105,000 to 4 institutions12024'. £0). Key perforniance indicators The key performance indicators for the charity are the amount of grants given to the charity community and the investment performance and the returns that they give. The charity does not set any formal largels in this respect, aiming for a steady investment retum and lo distribute these monies.
VARGA FAMILY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Fundraising activities and income generation The Charity relies on income from investments lo fund its day lo day operations along with the kind charitable donations from entities related lo the Iruslees. There are no formal fundraising activities undertaken. Investment pollcy and performance The charity doesn't hold a fomial investment policy, however, the portfolio and performance are reported and reviewed on a monthly basis by the Trustees. The charity targets growth with a reasonable income. The Trustees are satisfied that the Charity remains in a strong financial position. The Charity maintains a healthy and well-diversified investment portfolio, which has performed in line with expectations throughout the year. Investment income has continued to provide a stable sOue of funding for grant-making a¢livilies, and the portfolio is managed in accordance wrth the Charity's investment policy lo ensure long-lerm sustainability and prudent financial stewardship. Flnanclal revlew Review of Financial Position The Charity continues to maintain a stable and resilient financial pos11ion. Al the year end, the Charity held unrestricted funds of £2,364,443 12024.. £2,427,886), which provide essential flexibility in supporting ongoing activities and meeting operation81 needs. The Charity also maintains an investment portfolio, which is managed in accordance with the investment policy. During the yèar, the charity received distributions tolalling £1,375,996 in respect of ils holding in Elli Finance IUKI plc, which was in administration al the balance sheet dale. No further distributions are expected and as such the investment is held al £nil value. The investment Portfolio has continued to generate a reliable source of income to support charitable expenditure. In addition, the Charity's bank and cash balances remain strong, ensuring sufficient liquidity to meet short-term commitments and to Support future grant-making plans. Overall, the Trustees consider the financial position to be healthy and aligned with the Charity's long-temi objectives. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial stslemenls. Further details regarding the adoption of the going concern basis Can be found in the accounting policies. Reserves pollcy The Trustees maintain sufficient funds in reserves lo meet existing grant commitsnents and the administrative costs of running the charity. The Trustees assess that there is no need to hold a formal level of free reserves as the grant making programme is carried out at the Iruslees, discretion and there are few overheads. The charity had reserves of £2,364,443 al year end. Investment policy The charity has material investments managed by the Trustees,. primarily Zollan Varga who is professional investor with 25+ years experience in investment management. The ¢harily does not hold a formal investment policy.
VARGA FAMILY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Major risks Prlnclpal rlsks and unGertalntles The main risks and uncertainty for the charity are similar lo the wider economy and mainly relate lo the investment portfolio. Financial risk management objectives and policies The charity uses high quality, professional investment brokers with significant experien working with charities. The investments purchased are not excessively risky, avoiding complex financial instruments and startups. Principal funding The Charty relies on investment income as it's principal source of income. It is also lucky enough to re1ve donations from entities related lo the Trustees. Plans for futu perlods The trustees intend to continue making charitable grants in accordance with the objects of the charity in the next financial year and lo continue lo do so in subsequent rinancial years. Structure, gov8rnanc8 and managgmant Constitution Varga Family Foundation is a registered Charty, number 1208047, and is ¢onsliluled under a Trust deed. The trustees who served during the year and up lo the dale of signature of the financial statements were.. Mrz Varga Ms Tvarga K Bojan Recruitment and appointment of trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Oryanlsatlonal structure and declslon - maklng pollcles Decisions of the charity are made by the Trustees, including daY-tdaY matters and management of investments. Given his experience, Zoltan Varga has primary responsibility for management and oversight of the Investment portfolio. Pollcles adopted for the Inductlon and tralnlng of Trustees When a new Trustee is appointed they will receive a copy of the most recent signed accounts of the charity in addition lo being signposted lo the Charity Commission guidance on being a Trustee. Other specific training is given to new Truslees based on the role that they hold on the Board of Trustees. Stslem&nt of truste&s' r&sponslblllll&s The trustees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Iruslees to prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
VARGA FAMILY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 In preparing these financial stslemenls, the trustees are required lo.. select suitable ac¢ounling policies and then apply them consistenuy., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalements,. and prepare the financial slalements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees. report was approved by the Board of Trustees. Mrz Varga Trustee Date.. 1710612026
VARGA FAMILY FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF VARGA FAMILY FOUNDATION Opinion We have audited the financial slalements of Varga Family Foundation (the 'charity'l for the year ended 31 December 2025 which comprise the statement of financial aclivilies, the balance sheet and notes lo 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 Fiipancial Reporting Standard applicable in the UK and RepublK of Ireland (United Kingdom GenerallyAccepled Accounting Practice). In our opinion, the financial slatemenls.. give a true fair view of the slate of the charity's affairs as 81 31 December 2025 and of its incoming resources and application of resources, for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther described in the Audilorts SponsIbl1rfAes for the audit of the finanoi81 statements sedion of our report. We are independent of the charity in accordance with the ethi¢al 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 ¥Mth these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the Iruslees, 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 casl significant doubt on Ihe charity's ability to continue as a going concern for a period of at least Melve rnonlhs from ¥Nhen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect lo going concern are described in the relevant sections of this report. other inforniation The other information comprises the information included in the annual report other than the financial $18lements and our audilorfs report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial stslemenls does not cover the other infomialion and we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our knoedge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstalemenl in the financial stslemenls themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on whl¢h we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the financial slalements is inconsislenl in any material respect with the Iruslees, report., or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
VARGA FAMILY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VARGA FAMILY FOUNDATION Re5ponsibilitie5 of trustees As explained more fully in the stslemenl of Iruslees, responsibilities, the trustees are responsible for the preparation of the financial stslemenls and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is ne$sary to enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going conr basis of accounting unless the trustees either intend lo cease operations, or have no realislie altemalive but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance wth the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial stslemenls as a wholè are free from material misslatemenl, 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 bul is not a guarantee that an audit conducted in accordance with ISAS IUKI 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.. Enquiring of management around actual and potential litigation and daims., Reviewng board meeting minutes of meetings of those charged with governance., Reviewng financial statement disclosures and testing lo supporting documentation lo assess compliancè with applicable laws and regulations", Performing audit Work over thè risk of management override of controls, including testing ol joumal entries and other adjuslmenls for appropriateness, evaluating the business rationale of significant transactions outside the normal Course of business and reviewing accounting estimates for bias. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https'.11 w.frc.org.UklaudIt0rsresponslbllitles. This description forms part of our auditor's report. other matters Your attention is drawn to the fact that the charity has prepared financial slalements in accordance with Accounting and Reporting by Charities". Slalemenl of Recommended Practice applicable lo charitiès preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in preference to the Ac¢ounling and Reporting by Charities. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations but has now been withdrawn. This has been done in order for the financial statements lo provide a true and fair view in accordance with current GenerallyAccepled Accounting Practice.
VARGA FAMILY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VARGA FAMILY FOUNDATION 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 Reportsl Regulations 2008. Our audit work has been undertaken so that we might slate 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 fomied. SEL Iwlit LLP BKL Audlt LLP Chartered Accounlanls 35 Ballards Lane London N3 1XW Date.. 1810612026 BKLAudit LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
VARGA FAMILY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrlcted Unrestrlcted funds funds 2025 2024 Notes Income from: Donations and legacies Investments 1,814,826 133,097 336,888 Totsl income 338,888 1,947,923 Expendlturg on: Charitable activities 125,980 13,730 Totsl expenditure 125,980 13,730 Net gainslllossesl on investments 10 1274,3511 493,693 Net incomellexpenditurel and movement in funds 163,4431 2,427,886 Reconciliation of funds- Fund balances at 1 January 2025 2,427,886 Fund balances at 31 December 2025 2,364,443 2,427,886 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
VARGA FAMILY FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Notes Fixed assets Investments 11 2,369,806 2,392,633 Current assets Debtors Cash at bank and in hand 12 121 5,076 45,453 5,197 45,453 Credltots: amounts falllng due wlthln one year 13 110,5801 110,2001 Net current Iliabilitiesllassets 15,3631 35,253 Totsl assets less current liabilities 2,364,443 2,427,886 The funds of the charity Unrestricted funds 14 2,384,443 2,427,886 2,364,443 2,427,886 The financial statements were approved by the Iruslees on . .1.71.0612026 Mrz Varga Tru$t99
VARGA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies Charity inforniation Varga Family Foundation is a charitsble trust established on 29 April 2024 by trust deed in England and Wales. 1.1 Basis of preparation of financial statements The financial statements have been prepared in 8cwrdan with the Charities SORP IFRS 102} - Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Varga Family Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The financial slalements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for Charities applying FRS 102 rather than the version of the Statement of Recommended Practi which is referred lo in the Regulations but which has since been withdrawn. The financial stslemenls are prepared in sleding, which is the functional currency of the charity. 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 the revaluation of certain financial instruments at fair value. The principal acwunting policies adopted are set out below. 1.2 Golng concern 1.3 Charitable funds General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Restricted funds are subject lo specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capitsl musl be maintained by the charity. 1.4 Incomè l income is recognised once the Charity has entillernenl to the income, il is probable that the income will bè received and the amount of income receivable can be measured reliably. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise rf the charity 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 conlingenl asset. 10-
VARGA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng pollcles Icontlnuedl 1.5 Expendltu Expenditure is recognised once there is a legal Dr constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in setuement and the amount of the obligation can be measured reliably. Expenditure is classified by activty. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allribulable to a single activity are allocated directly to that activity. Shared c0515 which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned between those a¢livilies on a basis consistent with the use of resour$. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the Portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. l expenditure is inclusive of irrecoverable VAT. Interest recelvable Interest on ftjnds held on deposit is included when receivable and the amount ¢an be measured reliably by the Charity,. this is normally Upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.6 Fixed asset investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial activities. Investments held as fixed assets are shown al cost less provision for Impaitment. 1.7 Cash and Gash &qulvalents Cash al bank and in hand indudes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.8 Financial instruments The Charity only has financial assets and financial Iiabililie5 of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their selllemenl value wrth the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 8aslc flnanclal Ilabllltles Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the setdemenl can be eslimaled reliably. Liabilities are recognised 81 the amount that the Charity anticipates it will pay lo settle the debt or the amount it has received as advanced payments for the goods or services il musl provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
VARGA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Critical accounting estimates and judgements In the application of the charity's accounting Policies, the Iruslees 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 eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales 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 ftjture periods where the revision affects both current and future periods. Kay sources of estimation uncertainty Distribution from fund in administration During the year, the charity received dislribulions tolalling £1,375,996 in respect of ils holding in Elli Finance IUKI plc. which was in administration al the balance sheet date. The distributions received have been analysed ben income linterest of £272,360) and capital (return of investment of £1,103,6361 based on the underfying capital structure of the investment and the estimated level of accrued interest at the dale of administration. Interest represented a minority of the total recoveries, with the majority of receipts relating lo repayment of capital. Accordingly, the trustees have treated the majority of receipts as capitsl in nature, reducing the carrying value of the investment, with the balance recognised as investment income in the Stslement of Financial Aclivilies. Subsequent lo the year end, the administration pr¢xess has concluded wvch no further dislribulions expected. The remaining carrying value of the investment has therefore been written down in ftjll, reflecting the amount considered recoverable at the balance sheet date. Incomo from donations and lagacias Unrestrlcted Unrestrlcted funds funds 2025 2024 Donations and grfts 1,814,826 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Income from investments Interest receivable 64,418 272,470 133.050 47 336,888 133,097 12-
VARGA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Expenditure on charitable activities Unrestricted Unrestricted funds funds 2025 2024 Direct Costs Grant ftjnding of activities (see note 61 105,000 Share of support and governance costs (see not& 7 Support 20,980 13,730 125,980 13,730 Analysls by fund Unrestricted funds- general 125,980 13,730 Grants payable UnstrIcted funds 2025 Grants to institutions14 grants).. Francis Holland School Jesuit Refugee SeNice. UK Room lo Read UK The Angus Lawson Memorial Trust 25,000 15,000 40,000 25,000 105,000 Support costs allocated to activities 2025 2024 Investment management fees Accountancy fees Reimbursement costs Foreign exchange Bank Charges Administrative Costs Governance costs 7,357 1,977 891 609 53 2,884 138 41 10,560 10,200 20,980 13,730 Analysed between: Unreslricled funds 20,980 13,730 13-
VARGA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Net movernent in funds 2025 2024 The net movement in funds is slated after chargingllcreditingl.. Fees payable for the audit of the charity's financial statements 10,560 10,200 Trustees None of the trustees {or any persons connected wth them) received any remuneration or benefits from the charity during the year. 10 Gains and losses on investments Unr9$tr1¢ted Unrg$trl¢tgd funds funds 2025 2024 Gainslllossesl arising on.. Revaluation of investments 1274,3511 493,693 11 Fixed asset investments Llsted Investments Cash In portfollo Total Cost or valuation Al 1 January 2025 Additions Valuation changes Disposals 2,093,155 1,624,550 1274,3511 11,159,397) 299,478 16,889 2,392,633 1,641,439 1274,3511 1230,5181 {1,389.9151 Al 31 December 2025 2,283,957 85,849 2,369,806 Carrying amount At 31 December 2025 2,283,957 85.849 2,369,806 Al 31 December 2024 2,093,155 299,478 2,392,633 12 Debtors 2025 2024 Amounts falllng due wlthln one year: Prepayments and accrued income 121 14-
VARGA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 13 Creditors: amounts falling due within one year 2025 2024 Accruals and deferred income 10,560 10,200 14 Unrestricted funds The unrestricted funds of the charty 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. At 1 January 2025 Incoming resources Resources expended Gains and losses At31 December 2025 General funds 2,427,886 336,888 1125,9801 1274,3511 2,364,443 Prevlous year: At 1 January 2024 Incomlng r&sourc&s Resources expended Galns and losses At31 D8c•mber 2024 General funds 1,947,923 113,7301 493,693 2,427,886 15 Analysis of net assets between funds Unrestricted funds 2025 At 31 Dgcembgr 2025: Investments Current assetsllliabililiesl 2,369,806 15,3631 2,364,443 Unrestricted funds 2024 At 31 December 2024: Investments Current assetsllliabililiesl 2,392,633 35,253 2,427,886 15-
VARGA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 16 Related party transactions There were no disclosable related paty transactions during the year {2024 - £1,707,273 worth of donations from a trustee.) 16-