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 sOu￿e 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 re￿1ve
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-t￿daY 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 kno￿edge 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 con￿r￿ 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 be￿￿n 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
Un￿strIcted
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-