THE VARDY FOUNDATION
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
England and Wales Charity Number- 328415
Scottish Charity Number- SC051152

THE VARDY FOUNDATION
CONTENTS
Reference and Administrative Details
Chairman's Review
Trustees, Report
Independent Auditor's Report
14
Statement of Financial Activities
18
Balance Sheet
19
Statement of Cashflows
20
Notes to the Financial Statements
21

THE VARDY FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
Sir Peter Vardy, Chairman
Lady Margaret Vardy
Richard A R Vardv
Peter D D Vardy
Victoria H Vardy
Reglster Charlty numbers
England and Wales: 32841S
Scotland: SC051152
Prlnclpal offlce
110 George Street
Edinburgh
EH2 4LH
Independent audltor
MHA
6 St Colme Street
Edinburgh
EH3 6AD
Bankers
Barclays Bank PIC
5 St Ann's Street
Newcastle Upon Tyne
NEI 3DX
Investment managers
Rathbone5 Investment Management
10 George Street
Edinburgh
EH2 2PF
Barclays Wealth
Level 15
I Churchill Place
London
E14 5HP
Investment advisor
Isio
Garment Factory
10 Montrose Street
Glasgow
GI IRE
Legal advisors
BTO Solicitors LLP
48 St Vincent Street
Glasgow
G2 5HS
Square One Law LLP
Anson House
Fleming Business Centre
Burden Terrace
Newcastle Upon Tyne
NE32 3AE

THE VARDY FOUNDATION
TRUSTEES, REPORT
FOR THE YEAR ENDED 5 APRIL 2024
CHAIRMAN'S REVIEW
Welcome to the Vardy Foundation's annual report for 2023/24.
l am pleased to be reporting on another successful year in which we have donated £1.6m in grants to 98
outstanding charities or individuals in the UK and internationally which are making very significant
changes to the lives of families and children. This year, we continued to focus our grant-making on those
charities and individuals which help to alleviate the suffering for the growing number people who are
marginalised in our society. In addition, we have also supported some of our long-standing charitable
partners especially those in poorer, developing countries, and in this report, we highlight some of these
life-savin8 projects.
A continuing focus for the Charity over the last year has been our work to improve the lives of care
experienced young people. Partnering with Local Authorities, we have developed an approach that will
provide practical support, love and encouragement to help them develop into successful young adults
and reach their full potential. Our work centres on bringing home young people, who are looked after out
of area, into accommodation that wlll better sult thelr needs and allow improved support to be built
around them In thelr local community. The Inltiative wlll also ensure that there is suitable moving on
accommodation as they take theirfirst steps away from the care system. And perhaps the most important
aspect of ourwork is that, along with our Local Authority partners, we are looking to develop an improved
support system around young people and their families to help reduce the number of young people going
Into care in the first place. Our ambition is to roll this work out across the country and make a significant
impact on the life chances of care experienced young people. This report outlines the progress made on
this exciting Care Project.
The Foundation continues to be an efficiently run, family foundation, able to move quickly and adapt to
new opportunities. We work with both local and central governments to share best practice and support
them in their ever-increasing social needs. We also believe that by working alongside charities, proactivelv
and collaboratively, we can maximise the impact of our funding.
The Foundatlon's team has enjoyed another busy year In our George Street offices, and it continues to
ensure that the Charity's re50urces are helping those whom we fund achieve their purpose, to the best
effect. I would like to thank the whole Foundation team- Graeme, Armorel and Alison for their invaluable
help and support to the Trustee5 to ensure that the Charity runs smoothly and meets all its obligations.
I look ahead and continue to focus our attention on working again with the charities we support as well
as looking for new opportunities to engage with sirnilar charities in our principal interest areas.
Sir Peter Vardy
Chairman
3 October 2024

THE VARDY FOUNDATION
TRUSTEES, REPORT
FOR THE YEAR ENDED 5 APRIL 2024
Introduction
The Trustees have pleasure in presenting their annual report and financial statements for the Charity for
the year ended 5 April 2024. The financial statements have been prepared in accordance with the
accounting policies set out in note I to the financial statements and comply with the Charitws trust deed,
the Charities Act 2011, the Charities and Trustee (Investment) Scotland Act 2005 and Accounting and
Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their
financial statements in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland.
The Vardy Foundation has complied with the duty in Section 4 of the Charities Act 2011 to have due regard
to public benefit guidance published by the Charity Commission in England Wales ("the Charity
Commission) and the Office of Scottish Charity Regulator {"OSCR").
The Charity is constituted under Trust Deed dated 25 September 1989 and is registered as a Charity with
the Charity Commission and with OSCR. Other reference and administrative details are set out in the
previous section.
Objectlves and performance
The objectives of the Vardy Foundation are to support initiatives and programmes in social action and
faith-based projects, predominantly focused on early intervention programmes committed to
strengthening families and the relief of poverty. The Charity also seeks to support ex-offenders and those
in prisons, addiction, rehabilitation, the homeless and the unemployed.
The Vardy Foundation was, for some time, committed to supporting work in the North East of England as
well as making grants to other parts of the UK and the rest of the world, Since moving its operations to
Edinburgh, the Charity has increased its grant-giving to Scottish-based charities. The Peter Vardy
Foundation and the Jigsaw Foundation are two designated funds within the Charity, managed respectively
by Mr Peter Vardy and Mr Richard Vardy, and are primarily focussed on charitable activities in Scotland.
The Trustees confirm that they have referred to both the Charity Regulators, guidance on public benefit
when reviewing the Charit(s aims and objectives, in planning activities and setting the grant making
policy for the year. The Charity furthers its charitable purposes for the public benefit through its grant-
making policy which aims to support a range of programmes In education, the arts, skills enhancement,
mentoring and leadership development.
The Charity makes donations, grants and loans to a range of institutions and individuals at the discretion
of the Trustees. It does this mainly by way of direct payments to the beneficiaries, but also through the
payment of other expenses to third parties.
The Trustees meet every three months to review the performance of the Charity and develop plans for
the achievement of its objectives. This includes the impact and outcome of previous awards, as well as
the consideration of new applications.

THE VARDY FOUNOATION
TRUSTEE5' REPORT IcontSnued)
FOR THE YEAR ENDED 5 APRIL 2024
Structure. governance and management
The Vardy Foundation was established by Sir Peter Vardy to make grants and provide support to a range
of charitable causes. The Trustees seek to continue this charitable work through the careful stewardship
of its existing resources and by seeking new sources of funding.
The governance of the Charity is the responsibility of the Trustees, and the Charity adopts the appropriate
principles and recommended practice of the Governance Codes of both the Charity Regulators. The
governing body of the Charity is the Board of Trustees which currently comprises five members. The
Trustees who acted during the year and up to the date of this report are shown on page one. There have
not been any changes in Trustees during the year. Trustees holding title to Charity property on behalf of
the Charity are Sir Peter Vardy, Lady Margaret Vardy, Richard A R Vardy and Peter D D Vardy.
The Trustees are responsible for setting general policy and for the day-to-day management and decision
making of the Charity. At the quarterly Trustees, meetings, the Trustees agree the broad strategy and
areas of activity for the Foundation, including consideration of grant making, investment, reserves and
risk management policies and performance. In their exercise of governance, the Trustees seek regular
professlonal Input and advice and meet with the Foundation's investment manager at least four times a
year.
Key management personnel remuneratlon
The day-to-day management and operational running of the Foundation is managed by Sir Peter Vardy,
Mr Richard Vardy, the Finance Director, the Foundation Director and the Charity Administrator. None of
these individuals receive any remuneration through the Foundation. All Trustees give their time freely
and no remuneration nor expenses were paid to them in the year. Details of related party transactions
are disclosed in note 22 to the financial statements.
Trustees are required to disclose all relevant interests and register them with the Charity Administrator
and in accordance with the Foundation's policy withdraw from decisions where a conflict of interest
arises. No Trustee has a beneficial interest in any of the charities supported.
Achlevements and performance
Once again, the Trustees are pleased to report on another successful year of grant-making for The Vardy
Foundation. We have been delighted to support so many outstanding charities that have delivered life-
changing outcomes for many people. To this end, we have awarded donations of £1,6m to 98 charities or
individuals. The total of £1.6m is down from the previous yearfs £2.8m grant total for the following three
reasons:
i} In 2022123, there were three large multi-year grants committed for a total of £1.4m;
Tri) In 2023124, one grant for £320k was written back;
iii)In 2023124, the Trustees committed £186k for the purchase of a residential flat in Edinburgh for
homeless accommodation. This purchase utilised the Charity's cash available for Charitable Activities.

THE VARDY FOUNDATION
TRUSTEES, REPORT {contlnuedl
FOR THE YEAR ENDED 5 APRIL 2024
Achlevements and performance (contlnued)
During this financial year, some significant grants have been made which are outlined below:
care (or Children
The Foundation awarded £268k to support Care for Children in the
expansion of their family care strategy for orphans and vulnerable
children across the globe.
There are an estimated 8 million children living in institutional care
worldwide, although it is likely this figure is significantly
understated. The United Nations General Assembly has called for
action in its members states to protect the human rights of children
without parental care, focusing on the need for there to be a
significant improvement in long-term alternative options.
Care for Children has worked tirelessly since 1998 to empower
countries to transition from institutional care to family-based care
for orphans and vulnerable children. In 2018, the Chinese
government confirmed that from 1998, when Care for Children
commenced their project In China, over l rnillion care children
were living with families. Care for Children has since expanded its
initiatives to Thailand, Vietnam and Cambodia and is rolling out a
new three year'my Famil¢, strategy which will see its reach in the
UK and across the globe to ensure that children in care have the
opportunity of growing up in local, loving families.
A donation of £IOOk, as a double match-fund, was awarded to the
Scottish charity, Columba 1400.
The core purpose of Columba 1400 is to work alongside individuals,
communities and organisations to transform and empower young
people from the toughest backgrounds, such as those living in care
or in areas of high deprivation, to realise that they have it within
them to lead lives of purpose, meaning and contribution.
Columba
1400
Since it5 inception in 20(K), more than 16,000 young people and key
adults have taken part in Columba 1400's values-based leadership
academies which have regularly proved to be an important turning
point in their lives.
The Foundation's support has allowed Columba 1400 to continue
these experiences both through the residential programmes at
their Centre in Staffin on the Isle of Skye and locally in communities
across Scotland. In the latter case, they work with partners to
deliver these programmes to parents, carers, guardians and young
people in the community as well as front line support teams and
leadership teams in the local authority.

THE VARDY FOUNDATION
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 5 APRIL 2024
Achlevements and performance (continued)
During the year, the Trustees awarded £250k to support the charity,
Kids Operating Room {"KidsOR"), a global health charity dedicated
to ensuring every child has access to safe and timely surgerv.
Kids
In 2020, KidsOR launched its Africa 2030 strategy, a transformative
initiative aiming to deliver 120 paediatric operating rooms and train
100 paediatric surgeons bythe end of the decade. This strategy sets
out to provide 750,000 children with access to critical surgical care
and prevent over 14 million years of disability.
The Vardy Foundation is a key contributorto a wider match-funding
project across four African nations. In Zambia, the Foundation's
donation is helping to establish two state-of-the-art paediatric
operating rooms at Chipata and Livingstone Hospitals where the
need for child-specific surgical care is acute. In Zambia, where
nearly half of the 19 million population is under the age of 15, 5 %
of children do not survive to their fifth birthday and over I million
live with disabilities.
Each KidsOR operatlng room Is equlpped wlth over 3,000 pieces of
specialised, paediatric surgical equipment. Before installation, all
equipment 15 thoroughly tested at KidsOR's Global Operations
Centre in Scotland. Each operating room is uniquely designed by
KidsOR's architects and engineers to fit the specific needs and
available space within each partner hospital.
KidsOR also works closely with local hospital teams to provide vital
training and this is provided both remotely and through local
biomedical experts, equipping hospital staff with the skills needed
to maintain the equipment effectively. Through this collaborative
approach, the Foundation's support is helpin8 to revolutionalise
paediatric surgical care across Africa, giving thousands of children
the opportunity for a healthier future.
A donation of £90k over three years was made to the UK charity,
L'Arche.
Established in 1974, L'Arche is a community movement made up of
people with and without learning disability, on a mission to build a
world where everyone belongs. It aims to be a beacon of excellent
care and life-giving community, with a commitment to life-sharing,
spirituality, activism and friendship. In 60 houses, in their 11 UK
Communities, some 130 skilled leaders make L'Arche's vision real.
There are over 165,000 vacancies in social care due to a societal
decline in personal vocations so L'Arche has set up a Future
Leadership Programme, which the Foundation's funding will help
deliver, to grow a new generation of leaders who will be in the
frontline helping those with learning disabilities. This bespoke
recruitment campaign will be promoted to purpose-led and faith-
led future leaders in the UK, especially in the mid-20s and mid-
career choice points.
LARC
In the UK

THE VARDY FOUNDATION
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 5 APRIL 2024
Achlevements and performance {contlnued)
The Foundation donated, as a match-fund, £IOOk to The North
Music Trust, whose operational name is The Glasshouse
International Centre for Music (formerly Sage Gateshead}. For
20 years, this Gateshead-based charity has been bringing music
into the lives of young people in the North East.
The Glasshouse
International
Centrefor Music
As was the case for all cultural charities, the pandemic severely
affected The Glasshouse as the building was closed to the public
for 18 months which left them facing a very significant financial
deficit. They have been able to pull through this with
government and philanthropic support, including that of the
Vardy Foundation.
The funding was directed to the Glasshouse's "Make
Music:Youn8 People" programme which is the only music
programme of its kind in the North East. Thelr 25-room Make
Music Centre is the heart of music educatlon In the region and
hosts hundreds of children each week, many of whom come
from challenging backgrounds. The Glasshouse offers free
Starter level classes and means-tested bursaries to families who
are struggling financially. Music helps these young people
through difficult times, to fulfil their potential and offers them
a brighter and happier future.
The Trustees awarded £IOOk to another Scottish charity, The
Haven Kilmacolm.
The Haven Kilmacolm has for over 30 years provided support
and accommodation for men from age 17 with drug and alcohol
abuse issues to help them become free from their addiction.
the
Haven
The Haven Kilmacolm's residential programme, for up to 26
men at a time, runs for 40 weeks and is a needs-led service that
is tailored to the specific requirements of each young man. The
programme consists of a teaching curriculum (using biblical
principles), life skills courses, support sessions, personal health,
recreation and education.
The main objectives are for all the residents to be 100% drug
and alcohol free within 4 weeks of admission. This then leads to
improved family relationships and better life outcomes.
The funding from the Vardy Foundation was directed at funding
core costs primarily for staff who support their service users at
each stage of their rehabilitation.

THE VARDY FOUNDATION
TRUSTEES, REPORT Icontlnued)
FOR THE YEAR ENDED 5 APRIL 2024
Achlevements and performance (continued)
A full list of donations to institutions can be seen in Note 7 on page 26. There has also been a large number
of smaller donations that have amounted to over £491k. The total number of grants made in 2023/24
was 98 which is comparable to the previous yearfs figure of 100.
Many of these grants are set up on a match-funding basis which is proving to be very successful for a
number of charities, particularly smaller ones. This method of grant making works on the basis that the
Foundation contributes a certain percentage of a fund-raising goal on the condition that the respective
charitable organisation then raises the balance. This gives additional comfort to the Trustees that others
believe in and support the charity's work as well as increasing the potential funds raised for the donee.
The Care Project
The Foundation is a charity that supports young and vulnerable people across the UK and is committed to
preventin8 children enterin8 the care system and maximising opportunities for people leaving it.
The urgent case for change
In 2021, the Scottish Government published.the Promise. which outlined what Scotland must do to make
sure its most vulnerable children have the chlldhood they desepled. The following Statistics were
identified as part of The Promise and highlight the need for urgent change:
Care experienced children are 2.5 times more likely to be excluded from school at 16
Care experienced adults are twice as likely to have no educational qualifications and twice as likely
to have poor health
Care experienced people earn incomes which are 27% lower on average than their non-care
experienced peers
A quarter of prisoners were care experienced In 2019
Care experienced adults are 1.5 times more likely to experience multiple disadvantages such as
substance use, mental health difficulties or being in conflict with the law
Care experienced adults are twice as likely to have suffered from homelessness, usually before their
30" blrthday.
Key Scottish Government statistics taken in 2021/22, show that there were 12,600 children in care in
Scotland with an annual social care cost of £680m.
Project Overview
The Foundation has identified an opportunity to tackle systemic problems with care provision in Scotland
and the wider UK. Across the country, local authorities are facing both soaring costs for children's social
care and significant pressure on sustaining positive outcomes for children in care. In 2023, following an
invitation from the Chair of the Promise, the Foundation commenced working with a number of Local
Authorities to develop an innovative care model to be developed on a pilot basis in partnership with
Clackmannanshire Council {"The Clackmannanshire Project").
The pilot programme will address the challenges outlined above and achieve the following benefits:
Clackmannanshire Council will have local, fit for purpose accommodation and wraparound services
The children will be able to stay in the local area
Improved outcome5 for children in care in both the long and short term
The financial savings will be directed to early inteNention services and the development of multi-
disciplinary therapeutic support and training.

THE VARDY FOUNDATION
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 5 APRIL 2024
Achievements and perfOrnian￿ (continued)
Bullding the new accommodation
The first phase of the Clackmannanshire Project will see a four-bed residential unit and six-bed moving on
accommodation built in Alloa on Council-owned land. The drawings below show the design and layout of
the units which have been driven by local care experienced young people, with the input and support of
the Care Inspectorate.
Both blocks have been designed to offer optimal space, inside and out, to provide a nurturing environment
for the young people and to support the delivery of the wraparound care. Formal planning consent was
received for the project on 29 August 2024.
Fundlng the model
The buildin8 project will be funded by investment from Local Government Pension Schemes via a
dedicated fund created and managed by a private fund manager. The fund will exist solely to support
building projects across the country to re-home care experienced young people in their local area. The
model's strength comes from the fact that Local Government Pension Scheme funds are invested back
into, and benefit, the very local communities where their members live. The savings generated from
reducing the fees paid to external providers will be used to fund the lease costs of the new
accommodation, provide an improved wraparound care service for the young people returning to the
local area, and invest in preventative schemes that help keep families together.
Social Investments
The Charity continues its social investment programme through its charitable loans to a number of
charities. The outstanding loans totalled £403k at 5 April 2024.

THE VARDY FOUNDATION
TRUSTEES. REPORT (continued)
FOR THE YEAR ENDED 5 APRIL 2024
Financial review
Income
Income for the Foundation this year increased by 24% to £1.82m {2023: £1.46m). The principal reason for
this increase in income was that income from investments rose to £1,393k12023: £918kl, reflecting both
the improvement in the earnings of companies and the significantly higher rates of interest earned on
bank deposits.
Donations were made up principally of donated investments of £314k (2023: £350k). Please refer to Note5
2to3.
Expenditure
Expenditure decreased to £1.79m12023.. £2.90ml. Grants awarded of £1.6rn (2023: £2.8m) continue to
make up the largest proportion of expenditure (96%, 2023: 96%) and investment management costs
decreased to £56k (2023: £96k} following the Trustees, decision to dlvest a lar8e proportion of the equity
Investments and place the cash in to fixed term deposits.
There wasan Increase In supportcostsfrom £6.3kto£136.8k. The prSnclpal drivers of thls slgnlflcant Increase
were a foreign exchange loss of £12k12023.' gain of £65kl and an increase in professional fees.
Net reali5ed and unreali5ed losses/(gains) on investments
Oue to more favourable global markets duringthe financial year, the Foundation's shares values increased
by £358k at 5April 2024 compared to the previous year when there were unrealised losses of £2.2m. The
Trustees however continue to monitor closely the Charity's investments and recognise that markets are
still very volatile due to the pressures on global economies.
8alonce Sheet
The level of cash held has decreased from £7.4m to £498k in the year followin8 the repayment of the £7m
loan.
Reserve5 Pollcy
The Trustees accept that the Charity must maintain a significant level of reserves, and that a level of free
reserves should be retained to enable larger one-off donations to be made without the need for
drawdown from capital investments.
Total funds at the end of the financial period were £32.5m12023: £32.Im), of which £718k12023: £1.Oml
are designated and the remaining £31.8m {2023: £31.Iml are unrestricted general funds.
Designated funds consist of The Peter Vardy Foundation and the Jigsaw Foundation. Decisions affecting
these funds are set out in the section, Plans for the Future, below.
Within unrestricted general funds there are social investments of £5.3m, fixed assets of £250k and
investments of £26.8m held to generate future income. Investments may be utilised by the Trustees for
charitable purposes at their discretion but are not considered to be part of free reserves.
10

THE VARDY FOUNDATION
TRUSTEES, REPORT (contlnued)
FOR THE YEAR ENDED 5 APRIL 2024
Reserves Policy {continued)
Free reserves have increased this yearto {£0.52m} from {£1.4m}. This is because the Foundation has given
out grants totalling £1.6m, due to the on-going need for assistance from our charities and has thus
depleted its cash resources. However, the Charity continues to hold its assets in the form of investments
to maximise income generating potential and these can be realised when needed to provide additional
cash.
The Trustees consider that the current level of free reserves is appropriate to provide sufficient funds to
respond to application for grants and ensure their support and to cover the Foundation's governance
costs.
Rlsk Management
The Trustees have assessed the risks to which the Charity is exposed, in particular those related to the
operations and finances ofthe Foundation and are satisfied that systems are in place to mitigate exposure
to risks. The Trustees consider variability of investment returns as one of the major risks and therefore
the Charity used the services of Rathbone Investment Management Ltd as their principal Investment
Manager. The Trustees have adopted an investment policy under which the financial objective of the
Foundation is to at least maintain the real value of the Charity's assets while generating a stable and
sustainable return to fund annual grant making. During the year, the Trustees also carried out a review of
the Foundation's Risk Register.
Flnanclal Markets
In the last quarter of the financial year, global resilience continued with the US economy growing faster
than expected which contributed to a rally in risk assets and high yield bonds. Market expectations around
the pathway for interest cuts were heavily revised as markets priced in fewer expected rate cuts for 2024
due to resilient growth, sticky inflation and low unemployment figures.
Equities benefitted from strong earnings and economic data, hitting new highs in the US with the
"Magnificent 7" stocks continuing to drive the S&P 500. The UK equity market lagged its global
counterparts due to its value-orientated bias, lack of exposure to technology stocks and the
underperformance of the UK economy.
In terms of sectortrends, energy companies benefitted from rising commodity prices, driven by increased
geopolitical tensions and supply/demand imbalances. The financial sector also performed well due to
banks benefitting from the higher interest rates and the technology sector from Al-related themes.
Emerging markets lagged their developed counterparts, impacted by the economic deceleration of China
and the strengthening of the US dollar.
Investment Pollcv
The Investment Policy takes into account the risk tolerance acceptable to the Foundation as decided by
the Trustees and has the objective of a blend of income and capital appreciation. Investments generated
£1,393k (2023: £918k) of income during the year, representing an increased return of 5.2% on average
investment value {2023: 3.4%). This reflects the quadrupling of income from bank deposits to £818k due
to the rise in interest rates and the interest earned on a loan of £7m.
li

THE VARDY FOUNDATION
TRUSTEES, REPORT (contlnued)
FOR THE YEAR ENDED 5 APRIL 2024
Investment Pollcy (continued)
The Trustees monitor the performance of the Charity's Investment portfolio and formally review
performance with its principal investment manager on a regular basis. The Trustees are satisfied that the
performance of The Vardy Foundation's investments is in line with overall market performance.
Plans for the Future
The Vardy Foundation will continue to work in areas of early intervention and seeks to support individuals
and families before crisis develops. A home, a family, a community to belong to and meaningful work are
of paramount importance. We continue to work with charities, such as Safe Families for Children, who
strive to strengthen the family around the children so that they avoid going into care. Their invaluable
support and help result in them leading more fulfilling lives.
The Vardy Foundation is in its fourth decade of charitable giving for the public benefit and, although the
Trustees continue to focus on supporting a wide ran8e of early inteplention, social actlon, education and
tralning prograrnmes both in the UK and across the world, they are keen to speclfically develop a vision
and strategy for the next ten years, focussing on projects closer to home.
Looking forward to the year ahead, the Trustees will continue to work closely with Local Authorities and
Central Government to accelerate the national rollout of the Care Project. The model will then be rolled
out across the UK starting with those local authorities involved in the design stage. The pilot is
underpinned by an infrastructure financing model delivering purpose built, cost-effective accommodation
for vulnerable children.
Our model will enlist the goodwill of an army of volunteers that will provide support to both young people
and their families. This type of community-based support can be very effective in addressing the needs
of families whose children are on the edges of the care system and by preventing young people from
entering and moving through the care system itself. In this way, the Trustees expect that this work will
have a significant impact on the unacceptably high numbers of young people that are in the current care
System. The Trustees hope that by this time next year, the pilot project will be well underway, and that
work will have begun in an increasing number of Local Authorities in the UK. The need for this type of
support is vital if the future lives of the young in care are to change. Their plight has never been of their
own doing, and it is the Foundation's ambition to create a better future for them.
The Foundation is based in its principal office in Central Edinburgh which provides a larger base for the
Trustees and staff to further its charitable work and for them to linkwith othergrant-making organisations
to progress its aims and objectives more efficiently.
Sir Peter and Lady Vardy continue to encourage the active involvement of their children, Richard, Peter
and Victoria, all of whom are Trustees and donate to the Foundation, in seeking out their own initiatives.
The Charity is always working with its grant holders and the wider third sector to ensure the development
of its strategy reflects real world experience and that its support (financial and non-financial) is as effective
as it can be.
12

THE VARDY FOUNDATION
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 5 APRII 2024
Statement of Trustees. Responsibilities
The Trustees are responsible for preparing the Trustees, Report and the financlal statements In
accordance with applicable law and Accounting Standards {Unlted Kingdom Generally Accepted
Accounting Practlcel.
The law applicable to charities In Scotland and In England and Wales requlres the Trustees to prepare
financial statements for each flnancial year that glve a true and fair view of the state of affalrs of the
Charity and of the Sncoming resources and application of re50urce5 of the Charity for that period.
In preparing these flnanclal statements, the Trustees are requlred to:
Select sultable accountlng policles and then apply them consistentlv;
Observe the methods and principles of the Charities SORP 2019 IFRS 1021;
Makejudgements and estlmate that are reasonable and prudent:
State whether applicable accounting standards have been followed, subject to any material
departures dlsclosed and explalned In the flnanclal statements;
Prepare the tlnanclal statements on the going concern basis unless it Is appropriate to presume
that the Charlty wlll contlnue In operation.
The Trustees are responslble for keeping proper accounting records that disclose wlth reasonable
accuracy at any tlme the flnanclal posltion of the Charlty and enable them to ensure that the fSnanclal
statements company with the Charltles and Trustee Investment {Scotland} Act 2005, the Charltles
Accounts (Scotlandl Regulatlons 2004 las amended), the Charities Act 2011, the Charitie5 (Accounts and
Reports) RegulatSons 2008 and the provlsions of the Trust Deed. They are also responslble for
safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and
detection of fraud and other Irregularltles.
Approval
The report was approved by the Trustees on 3 October 2024 and was slgned on their behalf by:
Slr Peter Vardy
Chairman
13

THE VARDY FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE VARDY FOUNDATION
Opinlon
We have audited the financial statement of the Vardy Foundation ("the Charitf I for the year ended S
April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of
Cashflows 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:
Give a true and fair view of the state of the Charity's affairs as at 5 April 2024, and of its incoming
resources and application of resources, including its income and expenditure, for the year then
Have been property prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
Have been prepared in accordance with the requirements of the Charities and Trustee Investment
(Scotland) Act 2005, regulation 8 of the Charities Accounts (Scotland) Regulations 2006 and the
Charltles Act 2011.
Ba$15 Of oplnlon
We conducted our audit in accordance with International Standards on Audltlng IUKI {ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditorfs
responsibilities for the audit of the financial statements section of our report. We are independent of the
Charity 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.
Concluslons relating to golng concern
In auditing the financial statements, we have concluded that the Trustees, use of the golng concern basis
of accounting in the preparation of the financial statements 15 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 Charity'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 relevarit sections of this report.
Other Infomiatlon
The other information comprises the information included in theTrustees' report, otherthan the financial
statements and our auditor's report thereon.The Trustees are responsible for the other
information contained within the Trustees, Report. Our opinion on the financial statements does not
coverthe other information and. except to the extent otherwise explicitly stated in our report, we do not
express any form of assurance conclusion thereon.
14

THE VARDY FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE VARDY FOUNDATION (continued)
Other informatlon (contlnued)
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 rnisstated. 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 whlch we are requlred to report by eXCePt￿n
We have nothing to report in respect of the following matters in relation to which the Charities Accounts
IScotland} Regulations 2006 and the Charities (Accounts and Reports) Regulations 2008 require us to
report to you if, in our opinion:
the information given in the financial statements is Inconsistent In any material respect with the
Trustees, report; or
the Charity has not kept adequate accounting records; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
Responslbllltles of Trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees 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 preparin8 the financlal statements, the Trustees are responsible for assessing the Charity's ability to
continue as a going concern, dlsclosin& as applicable, matters related to going concern and using the
goin8 concern basis of accounting unless the Trustees elther Intend to liquidate the Charity or to cease
operations, or have no realistic alternatlve but to do so.
Audltorfs responslbllltles for the audlt of the flnanclal statements
We have been appointed as auditor under section 44{1}Icl of the Charities and Trustee Investment
{Scotlandl Act 2005 and section 144 of the Charities Act 2011 and report in accordance with regulations
made under those Acts.
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 IUKI wi51 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 infSuence the economic decisions of users taken on the
basis of these financial statements.
15

THE VARDY FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE VARDY FOUNDATION (contlnued)
Auditorfs responsibilities for the audit of the financial statements (continued)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect
of irregularities, including fraud. The specific procedures for this engagement and the extent to which
these are capable of detecting irregularities, including fraud 15 detailed below:
Enquiry of management and those charged with governance around actual and potential
litigation and claims.
Enquiry of charity management and those charged with governance to identify any instances of
non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including the testing of
journal entries and other adjustments for appropriateness, evaluating the rationale of significant
transactions outside the normal course of the CharIt￿S activities and reviewing accounting
estimates for bias;
Reviewing minutes of meetings of those charged with governance;
Revlewln8 flnanclal statement dlsclosures and testing to supportin8 documentation to assess
compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities,
including those leading to a material misstatement in the financial statements or non-compliance with
regulation. This risk increases the more that compliance with a law or regulation is removed from the
events and transactions reflected in the financial statements, as we will be less likely to become aware of
instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather
than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council's webslte at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
16

THE VARDY FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE VARDY FOUNDATION (contlnued)
Use of our report
This report is made solely to the Charity's Trustees, as a body. in accordance with Regulation 10 of the
Charities Accounts (Scotland) Regulation5 2006 and Part 4 of the Charities (Accounts and Reports)
Regulations 2008. Our audit work has been undertaken so that we might state to the Charit(s Trustees
those matters we are required to state to them in an auditorfs 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
Charlty and the Charity's Trustees as a bodyi for our audit work, for thls report, or for the opinions we
have formed.
H14
3 October 2024
MHA
Statutory Auditor
6 St Colme Street
Edinburgh
EH3 6A0
MHA15 the tradln8 name of Maclntyre Hudson LLP, a Ilmlted liablllty partnershlp In England and Wales
(registered number OC 312313}.
MHA is eliglble to oct os an ouditor In terms of section 1212 of the Companies Act 2006.
17

THE VARDY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2024
Unrestricted
Funds
2024
Designated
Funds
2024
Total
Funds
2024
Total
Funds
2023
Notes
Income from:
Donations and legacies
Charitable income
Investments
423,336
2,000
1,393,112
423,336
2,000
1,393,112
538,230
917,883
Total income
1,818,448
1,818,448
1,456,113
Expendlture on:
Raising funds
Charitable activities
55,666
1,454,962
55,666
1,739,869
96,084
2,807,002
284,907
Total expendlture
1,510,628
284,907
1,795,535
2,903,086
Net Sncome/(expendlture) before
galn511105ses) on Investments
307,820
(284,907
22,913
(1,446,973)
Net gains/{losses} on
investments
12
358,255
358,255
(2,245,877)
Net Income/lexpenditure) and
net movement In funds
666,075
(284,9071
381,168
(3,692,850)
Reconclllatlon of funds:
Funds brought forward
18,19
31,117,413
1,003,415
32,120,828
35,813,678
Funds carried forward
18.19
31,783,488
718,508
32,501,996
32,120,828
The Statement of Financial Activities includes all gains and105ses recognised in the year.
All activities are classed as continuing.
18

THE VARDY FOUNDATION
BALANCE SHEEr
YEAR ENDED 5 APRIL 2024
Notes
2024
2023
Flxed assets
Investments
Social investments
Tangible flxed assets
12
13
14
26,795,310 27,192,624
5,262,351
5,322,151
249,985
1,184
32,307,646 32,515,959
Current assets
Debtors
Cash at bank and In hand
15
138,559
497,730
325,304
7,444,903
636,289
7,770,207
Credltors: amounts fallln8 due wlthln one year
16
1363,6051 {7,895,754}
Net (urrent asset5llllabllltle5)
272,684
{125,547}
Total assets less current Ilabllltles
32,580,330 32,390,412
Credltors: amounts falllng due In more than one year
17
178,3341 {269,5841
Net assets
32,501,996 32,120,828
Funds
Unrestricted funds
Deslgnated funds
18,19
18,19
31,783,488 31,117,413
718,508
I,IX13,415
32,501,996 32,120,828
The flnancial statements were approved and authorised for Issue by the Trustees on 3 October 2024 and
sl8ned on thelr behalf by:
Slr Peter Vardy
Chairman
19

THE VARDY FOUNDATION
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED S APRIL 2024
Notes
2024
2023
Cash flows from operatlng activities
Net cash used in operating activities
20
{2,209,4321 (1,653,297)
Cash flows from Investlng actlvltles
Investment income
Payments to acquire fixed assets
Proceeds from the sale of investments
Purchase of investments
Movement in cash held in the portfolios
Con¢essionary loans repaid
1,393,112
917,883
(260,511)
11,578)
14,395,752
5,335,661
(12,445,931) {3,982,555)
{879,963)
1369,641)
59,800
79,800
Net cash provlded by Investlng actlvltles
2,262,259
1,979,570
Cash flows from financln8 artlvltles
Loans repaid
New loans
(7,400,000)
400,IYJO
7,000,000
Net cash used 5n/provlded by flnancln8 actlvltles
{7,000,0001
7,000,000
Change In cash and cash equlvalents In the year
21
{6,947,173}
7,326,273
Cash and cash equivalents at the beginning of the year
21
7,444,903
118,630
Cash and cash equlvalents at the end of the year
21
497,730
7,444,903
20

THE VAROY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
Accountlng pollcles
The significant accounting policies applied in the preparation of these financial statements
are set out below. These policies have been consistently applied to all years presented
unless otherwise Stated.
(a) General Information and basls of preparation
The Vardy Foundation is an unincorporated charitable trust, registered in England and
Wales, Charity number 328415. The addres5 of the registered office is 110 George Street,
Edinburgh, EH2 4LH.
The Charity was established by Sir Peter Vardy to make grants and provide support to a
range of charitable causes.
The financial statements are prepared on a going concern basis under the historical cost
convention, modified to include certain items at fair value. The financial statements are
presented in sterling which is the functional currency of the Charity and rounded to the
nearest £.
The Vardy Foundation meets the definition of a public benefit entity under FRS 102.
The financial statements have been prepared in accordance with Accounting and Reporting
by Charities: Statement of Recommended Practice applicable to charities preparing their
financial statements in accordance with the Financial Reporting Standard applicable in the
UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011,
the Charities (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment
(Scotland) Act 2005, The Charities Accounts (Scotlandl Regulations 2006 and UK Generally
Accepted Accounting Practice.
The financial statements have been prepared to give a true and fair view and have departed
from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to
provide a true and fair view. Thi5 departure has involved following the Accounting and
Reporting by Charities: Statement of Recommended Practice applicable to charities
preparing their financial statements in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland issued in October 2019 rather than the
Accounting and Reporting by Charities: Statement of Recommended Practice effective from
l April 2005 which has since been withdrawn.
(b) Going concern
The financial statements have been prepared on a going concern basis as the Trustees
believe that no material uncertainties exist. The Trustees have considered the level of funds
held and the expected level of income and expenditure for 12 months from authorisinE
these financial statements. The expected income and expenditure is sufficient with the level
of resenies for the Charity to be able to continue as a going concern.
21

THE VARDY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2024
Accounting policies {contlnued)
Income
All income is recognised once the Charity has entitlement to the income, it is probable that
the income will be received and the amount of income can be measured reliably.
Donations, legacies and similar incoming resources are included in the year in which they
are receivable, which is when the Charity becomes entitled to the resoLtrce.
Income from grants is recognised when the Charity has entitlement to the funds, any
performance conditions attached to the grants have been met, it is probable that the income
will be received and the amount can be measured reliably and is not deferred.
Income from investments Is included in the year in which it Is receivable and when the
amount can be measured reliably. Interest on funds held on deposit is included when
receivable. this is normally upon notificatlon of the interest paid or payable by the Bank.
Dividends are recognised once the dlvldends have been declared and notification has been
received of the dividend due.
Income from charltable activities relates to rental income from beneficiaries, which Is
recognised in the Statement of Financial Activities in the period to which the rental income
relates.
(d) Expendlture
Expenditure is recognised once there is a legal or constructlve obligatlon commltting the
Charity to that expenditure, it is probable that settlement will be required and the amount
of obligation can be measured reliably. Expenditure is accounted for on an accruals basis
and has been classified under headings that a8gre8ate all cost related to the category.
Expenditure on raisin8 funds Includes costs associated wlth generating income from the
Charity through its investment portfolios.
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its
grant making activities. It includes both costs which can be allocated directly to such
activities and those costs of an indirect nature necessary to SUPPOrt them.
Expenditure on grants is recorded once the Charity has made an unconditional commitment
to pay the grant and this is communicated to the beneficiary or the grant has been paid,
whichever is the earlier.
Support costs are allocated between governance costs and other support costs. Governance
costs include these costs associated with meeting the constitutional and statutory
requirements of the Charity and include the statutory audit fees and costs linked to strategic
management of the Charity. Other support Costs relate to the administrative costs of
running the Charity.
22

THE VARDY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2024
Accounting policies (continued)
{e) Investments
Investments are a form of basic financial instrument and are initially recognised at their
transaction value and subsequently measured at theirfairvalue as at the balance sheet date
using the closing quoted market price. The Statement of Financial Activities includes the net
gains and losses arising on revaluation and disposals throughout the year.
Realised gains and losses on investments are calculated as the difference between sales
proceeds and their opening carrying value or their purchase value if acquired subsequent to
the first day of the financial year. Unrealised gains and losses are calculated as the
difference between the fair value at the year end and their carrying value. Realised and
unrealised investment gains and losses are combined in the Statement of Financial
Activities.
The main form of financial risk faced by the Charity is that of volatility in equity markets and
Investment markets due to wider econornic conditions, the attitude of investors to
Investment risk, and changes in sentiment concerning equities and within particular sectors
or sub sectors.
Social investments include programrne related investments which are held in the
furtherance of the Charity's objectives. Programme related investments include property
and loans, which are recognised at cost less impairment.
(f) Tanglble flxed assets
Tangible fixed assets costing more than £250 are capitalised at cost and depreciated overtheir
useful economic lives at the following rates:
Property
Computer equipment
Fixtures and fittings
2% stralght line
33% straight line
10% straight line
(g) Debtors
Debtors are measured at their recoverable amount and included when reasonable certainty
exists over their receipt. Prepayments are valued at the amount prepaid.
(h) Cash at bank and in hand
Cash at bank and in hand includes cash and highly liquid short-term investments with a
maturity of three months or less from the date of acquisition or opening of the deposit or
similar account.
(5)
Credltors and provlslons
Creditors and provisions are recognised where the Charity has a present obligation resulting
from a past event that will probably result in a transfer of funds to a third party and the
amount due to settle the obligation can be measured or estimated reliably. Creditors and
provisions are normally recognised at their settlement amount due.
23

THE VARDY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (contlnued)
YEAR ENDED 5 APRIL 2024
(j) Concessionary loans
Concessionary loans include those made by the Charity to third parties, which are interest
free or below market interest rates and which are made to advance charitable purposes.
These loans are recognised at the amount loaned less provision for irrecoverable amounts, in
accordance with the special concessionary loan treatment available to public benefit entities
within section 34 of FRS 102.
(k) Financlal Instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic
financial instruments. Basic financial instruments are initially recognised at transaction value
and subsequently measure at that settlement value.
Fund accountlng
Unrestricted funds are those funds that can used in accordance with the objectives of the
Charity at the discretion of Trustees.
Designated funds are those unrestricted funds set aside by the Trustees for specific future
purposes or projects.
(m) Judgements In applylng key sources of estlmatlon uncertalnty
In the application of the Charity's accounting policies, the Trustees are required to make
judgements, estimates and assumptions about the carrying amounts 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.
In preparlng these financial statements, the Trustees have made the following judgements:
Tangible fixed assets are depreciated over a period to reflect their useful economic lives.
The applicability of the assumed lives is reviewed annually, taking into account factors
such as physical condition, maintenance and obsolescence.
Flxed assets are assessed to determine whether there are indicators of impairment. This
asse55ment involves consideration of the economic viability of the purpose for which
the a55et is used.
Donatlons
Unrestricted Unrestricted
2024
2023
Donated investments
Peter Vardy Holdings Limited
Vardy Property Aberdeen Limited
Elim Trust Corporation
314,289
349,998
163,381
24,851
33,561
75,486
423,336
538,230
24

THE VARDY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (contlnued)
YEAR ENDED 5 APRIL 2024
Charltable Income
Unrestricted Unrestricted
2024
2023
Property rental income
2,000
Investment income
Unrestricted Unrestricted
2024
2023
Income from listed investments
Income from bank deposits
575,035
818,077
722,849
195,034
1,393,112
917,883
5 Cost of ralslng funds
Unrestricted
2024
Designated
2024
Total
2024
Total
2023
Investment managees fees
55,666
55,666
96,084
Charltable actlvltles
Unrestricted
2024
Designated
2024
Total
2024
Total
2023
Grants to:
Institutlons (note 7}
Individuals (19112023: 14)
1,131,249
156,025
279,884
5,000
1,411,133
161,025
2,775,690
36,890
Total grants
1,287,274
284,884
1,572,158
2,800,690
Other dlrect costs:
Clackmannanshire Project
30,874
30,874
Support costs (note 9)
136,814
23
136,837
6,312
1,454,962
284,907
1,739,869
2,807,002
25

THE VARDY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2024
7 Grants to institutions
Unrestricted Designated
2024
2024
Total Unrestricted
2024
2023
Aberlour Child Care Trust
Aid and Abet
Alpha Global
Anchor House-The Neuk
Biblica Europe
Big Church Festival
Cairn Movement
Care for Children
Columba 1400
Cranmer Hall
Elim Foursquare Gospel Alliance
Evangelical Alliance
Gol Youth Trust
Good Shepherd Foundatlon UK
Hexham Community Church
Isaiah 61 Movement
Junction 42
Keyfund Federation
Kids Operating Rooms
L'Arche UK
North Music Trust
Philo Trust
Re: Hope Next Generatlon
Revelation Trust
SAT-7 UK Trust Llmlted
Slmon Communlty Trust
Steiger International
The Cyrenians {Changing Lives)
The Haven Kilmalcolm
The Social Bite Fund
West of Ireland Evangelical Trust
Other awards < £25,000
Grants returned/written back
101,502
25,000
25,000
3CMJ,000
30,000
435,538
25,000
25,000
268,066
100,000
25,000
25,000
268,066
loo,000
41,400
100,000
45,000
45,000
50,000
656,437
30,000
25,000
102,000
40,000
250,000
90,000
100,000
250,000
90,000
loo,000
42,500
109,000
30,000
97,188
30,000
97,188
30,000
50,000
50,000
45,000
35,000
35,000
50,000
100,000
100,000
50,000
45,011
107,685
45,011
491,381
(320,5131
383,696
1320,513)
447,313
1,131,249
279,884
1,411,133
2,775,690
26

THE VARDY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2024
Analysis of grants
2024
No.
2024
2023
No.
2023
DCMS
Relief
Education
Religion
Welfare
16
137,685
45,011
71,481
396,696
921,285
80
1,532,315
1,000
125,390
444,153
697,832
21
27
33
16
98
1,572,158
loo
2,800,690
Support costs
Unrestricted Designated
2024
2024
Total Unrestricted
2024
2023
FOREX10ss1(gain)
Oepreciation
Travel & accornmodatlon
Insurance
Heat and light
Off ice costs
Computer costs
Property costs
8ank charges
Accountancy
Professional fees
Marketin8
Rent
Governance costs
12,322
11,710
10,001
2,408
159
3,606
94
4,659
481
9,306
34,730
4,820
33,560
8,958
12,322
11,710
10,001
2,408
159
3,606
94
4,659
504
9,306
34,730
4,820
33,560
8,958
164,853)
394
4,379
5,738
235
3,220
222
10,654
1,027
8,400
3,708
851
24,477
7,860
23
136,814
23
136,837
6,312
10 Salary costs
The Charity has no employees. The Charity is managed by its Trustees and three other individuals
not employed by the Charity.
11 Trustees, remuneratlon and expenses
No Trustee received any remuneration or reimbursement of expenses in eitherthe current or prior
year.
27

THE VARDY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2024
12
Investments
Total
2024
Total
2023
At 6 April
Gifted shares
Purchases at cost
Disposal proceeds
Movement in cash held in the portfolios
(Losses)/gains on revaluation
27,192,624
30,434,678
314,289
349,998
12,445,931
3,619,845
(14,395,752) 15,335,661)
879,963
369,641
358,255
12,245,877)
At 5 April
26,795,310
27,192,624
Historic cost at 5 April
23,523,749
24,421,173
13 Soclal Investments
Charitable
loans
Charitable
Total
property investments
Cost
At 6 April
Repayments
463,196
{59,8001
4,858,955
5,322,151
159,8001
At 5 April
403,396
4,858,955
5,262,351
Charitable loans comprlse:
2024
2023
North East Autism Society
Re: Hope Church Glasgow
Jason Mayhall, Pastor of the Bethany Christlan Centre
22,917
157,500
222,979
47,917
187,500
227,779
403,396
463,196
Charitable loans are made at interest rates and terms significantly lower than those that the
recipient charity could obtain commercially. No interest is payable on any loan outstanding at
the year end. No security is held in respect of any loan.
28

THE VARDY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2024
14 Tangible fixed assets
Fixtures and
fittings
Computer
equipment
Property
Total
Cost
At 6 April 2023
Additions
1,578
1,578
260,511
185,850
74,661
At 5 April 2024
185,850
74,661
1,578
262,089
Depreclatlon
At 6 April 2023
Charge for the year
394
527
394
11,710
3,717
7,466
At 5 April 2024
3,717
7,466
921
12,104
Net book value
At 5 April 2024
182,133
67,195
657
249,985
At 5 April 2023
1,184
1,184
15
Debtors
2024
2023
Other debtors
Donations receivable
Prepayments and accrued income
250
163,381
161,923
138,309
138,559
325,304
16 Credltors: amounts falling due withln one year
2024
2023
Grant creditors
Accruals and deferred income
Other creditors
326,249
29,202
8,154
860,937
34,728
7,000.089
363,605
7,895,754
17 Creditors.. amounts falllng due In more than one year
2024
2023
Grant creditors
78,334
269,584
29

THE VARDY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS Icontlnued)
YEAR ENDED 5 APRIL 2024
18 Movement In funds
At 6 April
2023
Gainsl
Ilossesl
At 5 April
2024
2023124
Income Expenditure
Unrestricted
31,117,413 1,818,448 11,510,628)
358,255 31,783,488
Designoted
Matched Funding
Peter Vardy Foundation
Jigsaw Foundation
137,685
864,962
768
(137,685)
(147,222)
717,740
768
1,003,415
(284,907)
718,508
Total
32,120,828 1,818,448 11,795,535)
358,255 32,501,969
At 6 April
2022
Gains/
(losses)
At 5 April
2023
2022123
Income Expenditure
Unrestricted
33,167,948 1,456,113 11,260,771) 12,245,877} 31,117,413
Designated
Matched Funding
Peter Vardy Foundation
Jigsaw Foundation
1,670,000
974,962
768
11,532,315)
1110,000)
137,685
864,962
768
2,645,730
{1,642,315}
1,003,415
Total
35,813,678 1,456,113 {2,903,086} {2,245,8771 32,120,828
Purposes of funds:
Designated funds
The Matched Funding designated fund is an unrestricted fund set aside by the Trustee5 to
demonstrate the Charity's contribution to the DCMS community match funded project. The
terms of the DCMS project required the Vardy Foundation to disburse their matched funded £2m
grant by 31 March 2023. During 2022-23, the Charity made matched funding of £1,862,315 in
grants to charities that meet the DCMS objectives. The balance of £137,685 was made during
2023-24.
The Peter Vardy Foundation designated fund is an unrestricted fund set up by the Trustees with
a focus on charitable activities in Scotland.
The Jigsaw Foundation designated fund is an unrestricted fund set up bythe Trustees with a focus
on charitable activities in Scotland,
30

THE VAROY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED S APRIL 2024
19 AnalysSs of net assets between funds
Unrestricted Designated
Total
2023124
Investments
Social investments
Tangible fixed assets
Net current assets/{liabilities1
Non-current liabilities
26,795,310
5,262,351
249,985
{445,824)
(78,334)
26.795,310
5,262,351
249,985
272,684
{78,334)
718,508
31,783,488
718,508
32,501,996
Unrestricted Designated
Total
2022123
Investments
Social investments
Tangible flxed assets
Net current assetsl{liabilities)
Non-current Ilabilities
27,192,624
5,322,151
1,184
{1,128,9621
(269,5841
27,192,624
5,322,151
1,184
1125,547)
{269,5841
1,003,415
31,117,413
1,003,415
32,120,828
20 Reconclllatlon of net movements In funds to cashflows from operatlng actlvltles
2024
2023
Net income/lexpenditure)
Donated shares
(Gains)/losses on investments
Investment income
Depreciation
Oecrease/{increase> in debtors
Decrease/{increase} in creditors
381,168
{314,289)
(358,255)
{1,393,112)
11,710
186,745
(723,399)
13,692,850)
{349,998)
2,245,877
{917,883)
394
76,214
984,949
Net cash {used in) operating activities
{2,209,432) 11,653,297)
21 Analysls of net funds
At 6 April
2023
At 5 April
2024
Cashflow
Cash at bank and in hand
Borrowings
444,903
52,827
7,000,000 {7,000,000)
497,730
Net funds
7,444,903 (6,947,173)
497,730
31

THE VARDY FOUNDATION
NOTES TO THE FINANCIAL STATEMEiwfs (continued)
YEAR ENDED 5 APRIL 2024
22
Related party transactions
During the year, a donation was made to l (2023: 2} charity of which one or more Trustees of
the Vardy Foundation are also Trustees:
Organisation
Common Trustees
Value of donation
Junction 42 Foundation
Richard A R Vardy luntil 24 July 2023) £4,000
The Charity received a donation of shares amounting to £314,289 {2023: £349,998) from one
Trustee (2023: 1) during the year. The Charity also made a donation of £97,188 (2023:
£109,000) to Re: Hope Next Generation, a charity in which the wife of Trustee, Peter D D
Vardy, is a trustee.
An unsecured, interest-free loan from Trustee, Sir Peter Vardy, of £7,000,000 was received in
the prior year with a further £400,000 received during the year. £7,400,000 of this was repaid
during the year and there was £nil {2023: £7,000,000) outstanding at the year end.
During the year, costs of £250 were paid on behalf of Trustee Sir Peter Vardy. The full £250
was outstanding at the year end and is included within debtors. This has been fully repaid
since.
23
Post balance sheet event
On 23 September 2024, the Vardy Foundation purchased a residential dwelling in Hexham for
£17S,000. The property will be used to support vulnerable adults.
32