REGISTERF.D COMPANY NUIVIB£I R: 081541 J9 (Eiigland Aiid Wale5)
REI GISTEI RED CHikTIITY NUMBER: 1148431
Croup Sti'ategic Report, Report of the Ti'u5tees and
Audited Consolidated Finaneial Statements
For the year ended 31" December 2022
for
NILKANTH ESTATES

Nilkanth Est1ffj tes
Conteiits of tlie Cojisolidattd financlal Stateinents
ior the year ended 31st December 2022
Pages
Rcporl of the Twstccs (including Group Stiatcgic Rcport)
Repoil of tlie Indepeiideiit Auditors
10
Coiisolidated aiid Charity Siatem¢iil of Fiiiaiicial Activities
14
Coi)solidat¢d and Charity Balai)cc Sheets
15
Collsolidated aiid Chai'ity Cash Flow Statement
16
Notes to the Consolidated financial stateinenls
17-27

Nilkaiith Li states
Report of the Triistees (including Group Strategic Report)
rior the year elided 31. Deeember 2022
The Tjiislees (wlio dre also diyecloi's of thc Charity for the puiposcs of the Companies Acl} pi'esenl tl)eii' Annual
Repoitt, Stratcgic Report and tlie audited financial statements of Nilkanih Estal¢s (tlie'charity, oi Coinp8ny') and
thc gi'oup foi. Ihc year ended 31st December 2022.
Nilkanth Bslaleb (company niimbcr 08154119, incotpoizled in England on 24 July 2012) and 115 wholly-controllcd
.qiibsidiary, Brandoi) Hoiise Limilcd (coinpany niimbei. 10612051, incoivoi'ated iii England on 9 February 2017),
ai'¢ boili Lhii'itablc organisalions established aq eompaiiies limited by guarantee. The Cliai'ity is based in tlie UK
and l)as its head officc iii Ncasden, Londoii.
OBJECTIVES AND ACTIVITIES
Thc groiip's piirposes, as sel out iii Il)e Obje¢ls ¢laus¢ contained iii the Chaiity's and it8 subsidiary's Memorandum
of AssocialLOII I'C..
lo advaiice the Aks1]￿ Purusl)ottam Swainiiiai'ayan denominalioii of th¢ Fliiidii i'cligioii based iiBN)ii the
leachiiigs aiidprinciples of Bhagwai) Swamii)arayan,' kuid to fosterthe practice aiid worship of the Akshai.
Puiiishottam Sw#ii)iiiarayaii delloinin8tioii of the Hii)du religion as revcaled by Bhagwan
swaiii1i￿rayall.
pres¢rye ￿ld saf¢gi￿rd the health of all persons a]Id in parttcular of young pe130ns who are iii daiigei. of
becomiiig addicted lo or dq)eiideiit iipon illegal diugs of any descriptioiTr. alcohol, solvents oi. othei.
addictive subslallces- advance education for the public Ixiiefit.
pi'oinote ¢ommuiiity participation in healthy Yecrealion so a5 to devclop pailicipants, physical, meiital
and spirithal capacitie5' and
foi. those pury)oses without PTejudic¢ lo the 8enei'ality of the foregoing, to allow oilier charities having
similar objects to occupy any of its premises al nil or nominMI relit.
Our aims fully reflect the purposes that the group was set up to further.
I nsuring our Ivork delivers our #ims
The liustees review the aims, objectives and activities of the Charity each year. This review looks al what the
Charity has achieved aiid the outcome8 of ils work in the previoiis 12 moiiths. The review look8 at tlie success of
each key activity aiid thc bcncfils they have brought ts> tliose groups of people we are sel Up lo hvlp. The review
albv hclps us ensure our aim, objectives and a¢tiviti¢s i'emain focused on OiiT Stated purposes. Wc hav¢ refen'ed to
the guidaii¢¢ coiilained in the Charity Commission's general guidance oil public b¢n¢fit when reviewing our aim
aiid objectives and iii plaillliiig our fviure activities. Ii) parti¢ular, the tNslee8 consider Iiow planned activities will
ntribute to the aim5 and obje¢tiv¢s th¢y have set.
Volunteers
The Chai'ity is by its trustees and other volunteers who give their lime fr¢ely in thc day-to-day management of
the Charity.
Page 1

Nilliantli Ei states
Repoi't of tlie Trustees
For tlie ye&ir ended 31$t December 2022
GROUP STRATEGIC REPORT
AehievemeIit and perforniance
Nilkantli Estates own and manage a debt-free diverse pKopeity portfolio willi a c￿ryIng value of £96.74 million, or
whicli propcrti&8 wilh a iiel book valu¢ of £53.5 million us¢d foi. charilablc purpose8 spcGifi¢glly for use by
Bochasaiiwasi Shi'i Akshar Pui'sholtam Sanstha 'BAPS' in tlic advanccmcnl of our cominon objcrlivcs. Properties
valiied at £43.24 millioii are held foi. investment piirposcs. thii. cxpeiidittii'e objective is two-fold..
iiicrease iiivestmeiit iiicoine by iiici'easing our property portfolio In oi'd¢i' to support the operating costs
whci'c reqiiiiEd by BAPS aiid oihei. chatitics whieli sh81"e the coinmnii objeclivc of advancemriil of the
Aksh<ir PLirusholtam Swamiiiarayaii deiiomiiiatioii of the l-liiidu faith.
to fuiid the hcquisitioii and development of properties for use by BAPS aiid other chai'ities which share the
cointnon objective of advancement of the Alcshai. Pul7￿hOltaM sw￿ll1nardYan denomination of the Hindu
faith.
Th¢ prop¢rlies lield for iiiveslin¢iit purposes ai'¢ predoinitiaiitly re8idei)lial properties and a property wliich was us¢d
as a private Hii)du faith-based school has ceased its activitie5. This pi'operty thei'efoi'e has nowbeen i¢¢las8ified froin
investmettt property to a freehold property. The Tiustees are considcring altciiialive use of this propcrty.
The propeities held as tangible fixed assets are those provided by the Chai'ity lo BAPS foi. use acr05S the counliy
as Icmplcs, ass¢mbly halls and ancillary puiyoses. In addition, there arc a huinbcr of residential properties which
are held lo provide accoinmodalion for tull-time voliii)teers, priest5 and overseas visitors.
Two iiiveslmenl properties wei'e damaged by fire duriiig the yeai.. Due to significant damage majoi. ￿St01'alI0n
works are being eatried out 011 these properties.
Chi)ritable actI￿tIeS
Duriiig Ihb ycar, the Group a¢hieved ils aims and objectives by providiiig properties with a carrying value of £53.5
millton renl-free to BAPS andThe Sarjudas Fouiidalion (and its wholly-owned siib5idiari¢s aiid groiip undertakings).
Both these charities have the same aims aiid objectives as Nilkanth Estates.
The properties provided by the Group to BAPS includ¢ Mandirs situated in:
Neasden, London
Leeds
Manchester
South London
Coventry
Leicester
Binningham
Wellingborough
Chigwell, London
Loughboroii
Pi'eslon
Havant
Lulon
Southend-on-sea
Th¢ activities undertaken at the above pi'operties fuitheT the Charity's common ain)s and objectives for the public
benefit and include a variety of weekly activities, spiritual forums for childi-en and adults, courses in ethni¢
language. music, Imd dance, and events which cultivate personal talenls and interpersonal skills and proinote
the stren8thening of relationships within communities and families.
Financial r¢vie]Y
The GroLiP is fuuded by the following main activities:
(i)
(li)
Rental inconie
Donations received
Treasury management.
Page 2

Nilkallth li state5
Report of the TI￿SteeS
For the year ended 31. December 2022
The Group ￿ndS ils cxi)cndiluiE fl'om I'enlal incoine derived froin ils investmcnt pi'opcrty poi'tfolio and has tlie
freedom to spend both income and capildl. The Group holds cash balances to manage flucttiatioi)s in cosh flow.
In 2022, thc Group reccived donations of £7.2n) fiDm Sarjudas Fotiiidalioii, a i'egistei'ed Charity willi siinilar aims
and obje¢livc5 as Ihc Charity (2021 -£Nil) aiid aftcT n¢t iiivttslmei)l income of £1.461m {2021 £1.321m),
depr¢ciation costs on ils fixcd asscl properties aiid govcriiaiice costs of £1.214m (2021- £1.080m), and net gains on
Ihe revaluation of fixed a%8els of £3.8in (2021- £540,000), the Group's relained iict inconie foi. year was £12.15m
{2021- £1.246m) and occumulaled resc￿¢$ at the year-end were £100.368m (2021- £88.217m).
Duri2)g 2022, the Group spetita total of approxin]at#ly £l.867m (2021-£1.25 Im) 011 operating costs. Four properties
wei'¢ acqiiired duTiiig the year.
Fundraislng actlvlties
Neither the Group iior the Cliarity utiderlake aiiy piiblic ￿l]dI.81$111g activities.
Investment perfortnance
111 2022, the Gi'oup's property iiiveslineiit poi'ifolio valu¢d al £24.896in (¢ost- £19.687in) generated a total irtt]iii of
c.4/D 01) value which the li￿9¢ee8 consider is reasonable foi. ils pi'operty portfolio aiid broadly ai'oui)d Inai'ket
expcclalioi)s'.
Lfiability Insurance
The Group purchases ￿lStee liability insui'ance on behalf of the trustces to protect them against claims that may arise
from the peifomiance of their charitable duties.
Reserve Policy
The Trusle¢s Irview i'¢s¢rves ai)nually. Their policy is to hold enoiigli cash reserves to meet the op¢raÉiiig cost5
of Ilie Ciroiip for at least one year. Surplus funds from donations and rental income are accumulated and used to
build new temples or maintain existing ones.
In establishing this policy> the Board of Tnjstees coxducls ali annual review of the level of unrestricted reseives
in the general fund by consid¢i'ing risks asso¢iat¢d with tlie various income streams, expenditure plans and balance
sheel items. This enables an estimate to be made of the level of reseives that are sufificient:
to allow lime for i'e-organisation in the event of a downturn ill income or asset values.
to protect on-going woi'k programme. and
to allow the Group to meet its objectives
Risks and i￿ueS consideTed by the Board of TTUStces in making this judgem¢nt on the Icvel of unrestricted A'eserves
include..
likelihood of a dow11tL￿n in income stream8.
period of time required lo re-establish income streams.
pcriod of time required to downsi7£ the Cii'oilp operations.
whethei. theie is adequate control over bud¥els
potential deciEase in the value of the investment poitfolio- and
reqiiirements foi. a Yeasonable level of working capital.
Page 3

Nilkanth Li states
Report of the Trustees
ior the year ended 31%1 Deeember 2022
The ThDUP'8 opcraliThg expciidittii'e does not iiormally exceed £400,000 per a])num. The Trustees arc of the vicw
that inaiiilaiiiing frce rcservcs, whicli aLC considered total illuestticled fuiids less t1105c funds rcpreseiited by
operational and invesliiieiit fixed assets, of at Ica5t thr¢c tiines tliis Ellnoimt, i.e. £1.2in, will provide sufficieiit
rcsourccs in Ilie event of adverse coiiditions. As at 31 Dcccmber 2022, the Group's free reserv&8 amounted to
£2.68m. The Cliai'ity holds SiTrpliis reseives to fund Ilic fiituyc purchabe of additional pi'operties for iise iThfiii'ÉheA'aiice
of ils charitsble objectives.
The T211Stces liave confii'med Iliat, aftei. careful i'cvicw of the r¢scives policy, as at 31 Deccrnbci-2022, Ilie Groiip's
free i'eseives wei'e iii ¢xc¢ss of ils r¢sei'ves policy. Iii c0115ideriiig the adequacy of the i'e5eLVCS, the Tnislees hav¢
takeii into accoui)t the lai'gely discretioftary iiature of its expendittirc aiid the amowit of cash held #lid iiiveslment
iiicome derived.
Principal risl<s and uncertainties
The maiti risks for the Group al'e-.
gei)eralion of rei)lal income fi'om its iiivestineiit propa'lics to fund its owi opeE7ting costs and support th¢
opei'atioiis of other charities with coiniiioii objects aiid activities. Iiicome froin lettiiig ils iiiveslmeiit properties
is depeiident an the eeoiiomic cyel&s, incllldiiig their impact oll tenant eoveiiaiil quality, inleresl i"ates, iiiflation,
property values aiid enviroiimental and health and safety measure5 and ils compliancc. Thc CTI'OUP typically
acquiirs propeilies iii areas which its Irustees believe can be i'eudily lel al re￿OI￿bI¢ ii)come levels and with
little risk of void periods. The trustees i'egulai'ly caiiy oiit In￿Entertance of its pi'op¢rlies lo comply with health
and safety obligations and lo ensLire that its piDpeities do not fall iiito a slate of disrepair.
- The GIDup relies on don8tion8 from Satiiidas Foundation to supplement ils rcnlal income surpluses in order to
be able to finance the avquisitioii of bot]i investment properties and properlics acquired by the Chaiity and made
avail&ible for usc by BAPS and other chaiities with simiL4r aims and objectives. Sarjiidas Poiiiidation is an
eslabh'slied Charity the trustees see no reason why donalioiis from that Charity may cease, howevei, the
Group has an unencumbei'cd inveslinent property portfolio with a valuc of £31.8m and coiild c88ily gear up
with debi to finance further property acquisitions should donations from Sajiudas Foundation ease.
Finan¢ial and rlsk Inanagement objectives and policie$
The Trustees aTe responsible foi. ensuring effective risk management. and that inlemal ¢ontrols are in place lo
appropriately manage ihe risk cxposure of the ￿'0￿p. In doing so, the Boai'd has considered the major risks to which
the Gi'oup is exposcd, the pulenlial impa¢l and probability associated witli each risK k￿d the mitigating actions
needed to reduce each risk to a level that the Trustees considers to be acc¢ptable.
The major financial risks are each siibject to ongoirAg monitoi'ing and management. Lncome and cost coiitt'ol are
subject to ongoing review on at least a quartei'ly basis wkth prior approval of the Board n¢¢ded loi. significant ¢ost
activities.
The following sections plovide details ￿gardIng the Group's exposur¢ to the above-mentioned financial Tisks and
the objcctives, policies and processes for the management of tliese risks.
(a) Credit risk
Credit i'isk ts the risk of loss that may arise on outstsnding financial instnunents should a coiinteryaTty default on its
obligations. Such ci'edit i'isk would alis¢ PLIM￿.11Y from ti'ade and othei. receivables. The Group's trade deblors are
minimal and other debtors relate to paymcnls on account of constniction work on ceilain of 115 existing propertics.
col￿eqUentIy, the Group considei's its credit i'isk to be mininial. For cash aiid bank balaiices, Ihe Group minimises
credit risk by dealing exclusively with hi￿ CiEdil rating fsnaiicial institutions.
Page 4

Nillcanth li states
Report of the Trllstees
For the year ended 31%1 Deeembe?. 2022
(b) J,iqiiidily risk
Liqiiidily iisk is Ihc I'isk that the ￿'Ol1p will encoiintci- ditTLailty in ii)eeling finaiicial obligali0115 due to shortagc of
fi￿d5. Th¢ Gi'oup ha.% no debt or other signifi¢ant fiiiancial obligatioi)s aiid matnlains siifficient IiqLiid ¢ash resoui'ces
lo mccl ils operating cash flows.
(c) Inlcrcsl i'ale risk
Inlei'est 18te risk is tlic risk that Ihc fdif VdliTC oi. future ¢asl) flows of the Group's fEnancial insttuincnts will fliichiate
because of chaiiges in mai'kel iiiterest i'ales. The Groiip has iio iiitei'est-bearing boi'i'owiiigs and as siich has iio
eKPOSUI'e to iiilei'est lite risk. As the GIDiiP has iio sigiiificanl inteirBt-beariiig finaiiLial assets, ils income and
opeialing cash flows al'e subslanlially indepeiident of changes in mark¢t intei'est i'ales. T])e Group's iiiterest be¢iring
fliiancial assets al'e maiiily short lenn in iiattjre.
Internal Conti'ol
The Trustees have overall ￿spoIlS1bIlity for eiisLii'ing that the Group has appi'opriate system5 of intcimal conh'ols
across the eiitire oigaiiisation.
The sysleiii8 of interi)al coiitt'ol al'e desigiied to provicle rgasvllJble, bul not absolute, assurailce agaiiist mat•ul
misslatcrllciit or loss. liitcnial coiitrol processes iinplcmciilcd by the Tiustees includ¢-
Produclioii of moiiihly managemeiil accounts and review of finaiicial i'esults and performance indicator5
by Ilie Trustees at monthly mcetings.
Delegation of autlioi'ity and segregation of (lulies.
Identification and management of risk.
Future plans
Nilkaiiih Estates continue to seek suitable investment propeitties to develop its portfolio.
With the SUPPOTt of donations from sa￿lidas Foundation and surplus renlal income from its investmcnt prop¢rties,
Ihe Group inlends to acquire further tnv¢slm¢nt properti￿ and support the activities of BAPS who Shal'e common
aims and objectives.
Subsidlary Undertaking:
Nilkanth Islates also holds wholly-conti-olled subsidiary, Brandoii House Limited. Bi'andon House Limited
hab same objects as the Nilkanth Estat¢s. Bi'andon House Limited holds a mixed-use assets. Bi'aAidoD House,
part of which is rented out eominercially and thiis accounted for as an Investment, and parl of which is used
for operational purposes and thus accounted foi. as a tangible fixcd asset. The principal risks are similar to
the ones highlighted for the groiip in the section below.
Brandon House Limited purchased investinent property of £6m diiring the y¢ar. The Charitablc company
also received doiiations of £7.2m from Sarjudas foundation in the year.
Page 5

Nill<aiitli Estates
Report oftlie Tyuytees
For the yeai" ended 31 St Deeeinbej. 2022
STRUCTURE, MANAGEMENT AND GOVERNANCE
Govei'ning document
Nilkallili Estates is a regist¢i'¢d Cliai'ity (iiuinbw 1148431) under the Charities Act 2011 and is a charitablc
organisalion incorporated in E4ngland on 24 j￿[Y 2012 as a compai)y limited by giiai'anlee iii)dcr Company nuinber
08154119. The Chai'ity is conts￿lIed by ils Eoverning documcnt. Memoizndutn aiid ￿ticI¢S of Association.
Trllstees
There ivci'c 3 trLiStees dui'iiig the year. Tlie tiiistees liave responsibility formeetiiig the Gi'oiip'8 charitable obligations
aiid objeelives. Chaiiges in Tiiislees duiiiig tlie yea]. arc provided below.
Uiider the requiremeiils of the Memoi'andum and Ai'liclcb of Asso¢iatioi) of the Chai-ity, trustees are elected to serve
for a pei'iod of three years afier wliich they inust be re*lecled. Subject to article 20A, the tiiislees m&y appoiiit new
aiid additioiial tiiislees by a i'esoliitioii of the Tnistees pas5cd at a Trustee meeÉing. These individuals work aloiigside
CX15tiiig Tlustees for a period of three years before being considered foi. appointtnent. Oiigoiiig Iratning is received
by tlie trustees throiigh atlei)dance at coui'ses and beiiig piovidcd with relevaiit infonnalioi) fi'om varioiis i'esoiiyces,
as I'equired.
All tnistees give theii. tiiiie voliiiitaiily aiid receive llo itmiiiieratioii or beiiefiis fi'om the Chaiity- As the trustees al'e
the key maiiagemeiil peIsonnel ot the Charity aiid are iiot I'einiinei'ated, thei'e is iio reniuiieiatioi) policy foT key
management persoiin¢l.
Operation
The Board of Trustees, which can have up to 7 members. administers the Group. There is one fidl time t￿￿tee (Mr
G P Patel) who is suppoi'led by two fvll-time admiiiists'atoi's appoii)led by the trustees to managc the day-to-day
op¢ralioiis ofihe GTOUP. To facililale effeclive op¢ralions, tli¢ administralois have delegated authority, within terms
of the delegation opproved by the Irusle¢s, for operational matters such as finance.
Most Iwslees are already familiar with ilie prnctical work of the Group having bccn involved in varioiis activiti&s
themselves as volunteers. Additioiially, newtriistees aTe invited and encoiiraged to allend a selies of Irainit)g sessions
lo familiarise themselves with the Group and the coiitex¢withiii whicli it operates. These are joiiitly led by th¢ Chair
of the Board of Tn￿l¢es.
All tnislees give their time volllnl81ily and receive no remuneration or be]]efits fi'om Ihe Group.
Attendance at board meetings
The board meets when necessaiy but seeks to meet fortnighily at least. During the year, all trustees 8ttend¢d IOO/o
of all meetings.
Page 6

Nilkanth slates
Report of the Trustees
r4or tlie year ended 31, December 2022
Statement of Triislees? Responsibilities
T])e Tiiisle¢s dr¢ ￿￿Pu￿bibl¢ fur i)I'¢Pdring th¢ Trustccs, Rcpoi'l, Ihc Groiip Stt'ategic Rcport and the consolidated
financial ,qlalem¢nts iii accoi'daii¢e with applicable law and Uiiited Kiiigdom Accounting Standards Iunited
Kingdom Gencrally Accepted Accoiinting Pi'aclice). Thc law api)li¢able lo charities ii) England & Wal¢5 I'equires
the Trustees to pi'epare financial stateiiients for each finallcial year wliicli givc a true aiid fail. vicw of Ilie slatc of
affairs of tlie Cl)ai'ily and the Gt'oup, aE)d of thc incoiniiig rcsources and application of resources of thc c.harity and
tlic ￿'0￿p foi. that pei'iod. In prcparing thcse finarAcial slalcments, tlie Trustees ali rcqiiired to..
sclecl 5uilable accouiilllig policics aiid thcn apply them coi)sisleiiily;
observe the methods aiid piinciples iii the Charities Stateillent of Recommeiided Pi'actice on Accouiiting
i)d Reportiiig.,
Inake judgements and esliinRt¢s that are reysoiiable aiid piudenl;
slate whether applicable accoiiiiliiig slandai'ds have bccn followcd, siibject to any inaterial depaitsres
disclosed and explained iii the fiiiancial stateinei)ts'
pi'epai'e the finaiicial stalenieJ)ts oil the going concern basis unless it is ikiappropi'iate to piEsume Ihat the
Charity will coiitiiiiie to opei'ale.
Th¥ Trtisle¢s are respoiisible for Inaiiitainiiig adequatc accountii)g i'ecords that disclose with r¢asoiiable a¢￿1racY at
ai)y liiiie the financial position of the Charity aiid thc Gi'oup aiid enable Ihein to ensui'e Ihe finaiicial statein¢iits
comply with the Compaiiies Act 2006. They are also responsible for safeguarding the assets of thc Charity and the
Group and heiice for taking reasonable steps for the prevention and delcction of fraud and other irregularities.
Statemetkt #s to Disclosure of Information to Auditors
The Trustees who wei'e in office on Ilie dhle of aPPiDval of Iheye financial statements have confii'med, as fai. as they
arc aware, that Ihcre is no relevant audit inforn]ation of wliich the aiiditors al'e unaware. Each UF th¢ Trustces have
coiifirmcd that they have taken all the steps that they ought to have takeii as Ti'ustees in order to make th¢mselves
awarc of any rel¢vaiit audit iiiforn)atiott and to establi8h that il has been communicated to the Auditor.
Public beneflt
The trustees are miiidful olihe Charity Convni&sion's guidance oki piiblic bcnefit'charities and Public Benefiv and,
in particular the supplementary guidaiice for charities whose aiins in¢ludc advancing religion'Th¢ Advancement of
Religkon foi. the Publi¢ Benefit, and haiTe regard lo tliat guidaiire when Yeviewing the Group's aims and objectives
and in plannittg fiitule aclivAties.
We are coJ)fidenl Ihal. by providing financial resoiwces to support the work of BAPS and other similar Ch￿ltieS
which share the common objective of advancement of the Akshar Purushottam Swaminarayan denoinination of the
Hindu faith, we help to pi'oinote the faith more effectively, at a national level. and in individual centres, and that in
doing so provide & benefit to the public by..
- providing faciliti¢s for public worship, sp&ritual, moral and iiitellecttial development both those who wish to benefit
from what Ihe what the Group offers,. and
tlu'ough ils support of BAPS, pi'omoling Hiiidii valiies and service by memE*rs of BAPS in and lo thcir
commullities, to the bencfil of individuals and society as a whole.
Events since the ettd of the year
li)f0m￿tion rclating to evei)ts siiice the end of the year is given in th¢ notc5 to the financial statements.
Page 7

Nilkanth states
Repoj-t of the Tr115tees
ri or tlie yeai. ended 31st December 2022
Related parties and relationships wFth other oi'ganisations
Nilkdnili E48lal¢b IS I'¢lal¢d lu boili Sarjiidas Foundation lind BAPS Swaminarayan San51ha, aiid thei'e are a number
of Inistees in common, and all three chariti¢q share thc same objeclivcs. In 2022, thc Charity reccivcd a donation Df
£7.2m (2021 £Nil) from Saoudas FoE]Iiddtion and coiiliniied to pi'ovide BAPS witli pi'emi8&8 fi'om which lo Iiold
congregatiDns etc in the advaiicement of Iheii. objeclivcs.
BAPS occupies a iiumber of pi'opcities owned by Nilkanth Estates for which no rent is payable.
Reference and adlllinisti'ative details
Registered Company number:
08154119 (EnElaiid ai)d Wales)
Registered Cliarity number:
1148431
Trustees:
Mr. G.P Pal¢l
Accouiilaiit
Mi.. S J Kara
Director of Sirategic Alliances- IT
Services
Mr K Bhattessa
Hotelier
Country of registration:
England
Auditors:
MHA
Sixth floor
2 London Wall Place
London
EC2Y SAU
Prin¢ipRI Bankers:
The Royal Bank of Scotland plc
354 Staiioll Road
Harrow HAI 3XZ
PLmjab National Bank (tnteinational) Limited
188 Ealing Road
Wembley HAO 4QD
Page 8

}i- Liidc.d .11 1)L'CL'JJibe.r 2V22
W("'l N ?I:-11
Allf)Il'()R%
Page 9

Nilkanth Ei stales
Report of the Independent Auditors
For the yeai. ended 31, Deee)nbe7" 2022
Oplnion
We have audited the financial slalements of Nilkanth Estates (the 'pareiit cbarilabl¢ cormpany,) alld ils subsidiary
(tlie 'groiip') for tlie year ended 31 Decembei. 2022 whirh complisc thc ConsolEdaled and Cliarity Statement of
Financik)l Activities, the CoLi80lidaled diid Chai-ily BJlance Sheets, thc Coiisolidated and Cliai'ity Stalcmcjil of Cash
Flow5 ai)d notes to thc financial slatcmcnlg, including a siitlliiiaiy of sigllificai)t aL¢ounttiig policie8. Thc fit)8nctal
rcpoi'liiig framcwoTk Iliat I￿S becn l& pplied in Ihcir prepa￿tIOn is applicablc law <ind Uiiited Iliiigdom AccountinL'
StandaR'ds, includiiig Financial Rcportiiig Siandai'd 102 TheFina17cioIRcpoi ling Siaiiddi'LI fwpliciible ihe UK<ind
Repiiblic oflp-elaiid (Uiiiled Kiiigdom Gciici'ally A¢¢ept¢d Accoiiiiting Pr8cti¢e),
Iii oui. opiiiioii the finaiicial slatsmenls..
give a true aiid fair view of the stale of the groiip's kii)d pareiit charilablc company's affaii's as al 31 Dc¢ember
2022, aiid of theii. incoining rcsoiirccs aiid applicatioii of i'esources, includii)g Iheii. ii)coine and expeiiditui'e, for
the yeai. then ctided,.
have beeii propei'ly prepai'ed in accordance with United Kiiigdom GeLiei'ally Accepted Accouliting P17Ctire,' an(1
have be¢n pr¢pai'ed in ac¢ordance ivith the requiirinents of the CoiMpanie8 Act 2006.
Basis for opinion
We ¢onducl¢d our audit in a¢¢oi'dance with liiteimational Standards on Auditing {UK) (ISAS (UK)) and applicable
law. Oiir responsibilities under thos¢ standards ale furtiier described in the Aiiditor's Responsibilities for the aiidit
of the fili￿l¢la[ statements section of ow- i'epoil.
We arc indepeiidei)t of the bry'OUP aiid parellt charitable company in a¢¢oi'dan¢e with Ili¢ ethical i'equirenients that are
relevaiil lo oui- audit of the finai)cial 5tatcmciits in the IJK, including tlie FRC'% Ethical Stai)d&rd, and we have
fullilled our oilier LihicaS r¢spoi)sibilities iii £lccordaiice with Ihese i'equiremeiils. We believe Iliat the audit evidenc
we have obtaiiied is sufficient and appropriate lo provide a basis for Ol￿ opinion.
Concluslons relating to guing concern
In auditing the financial statements, we havc concludcd that the Tiustees, use of the going conceni basis of
acLOiU]liiigT in Ihe preparation ot the fmancial statements is appi'opiiate. Our evaluation of tlie Twstecg. assessmeiit
of the entity'.s ability to continue to adopt the going conceii) basis of accounting inLluded critical reviews of tlieir
tw'e investment strategy and expected investment inwme.
Based on the WQTk we have perforn]ed, we have not identified any malciial uncertainties relating to events or
Conditions that, individually or collectively, may cast significant doiibt on the oharitable company's ability to
continue as a goitsg conccm for a peiiod of at least twelve months from when the [￿ancIal statcments are authorised
for issue.
Oui. responsibilities and the responsibiliti￿ of th¢ TNstees witlirespectto going concern are de5ciibed Rnther¢levant
sections of tbi8 report.
Other informatlon
The Ti'ustee5 irsponsible foi. the other infoiination. The oiha. iiifoiThalion compiises the infonn&tion included
in the Amtual i'eport, othei. than the fitwcial stat¢meiits and Oill aiiditor's reportth￿.eOn. Olii. opiiiion i)n the financial
statements docs not covci. the othei. ii)foimatiDn and, except to thc extent othenvise explicitly Blat¢d in our i'epolt,
we do not expi'ess any fomi of a8suran¢e Concli￿lon tliereon.
Page 10

Nilkantli Estate.
RepoR't of the Independent AuditTri's
Fur the yeai. e))ded 31st T)eceinber 2022
In coniieclion willi oiir audtt of the financial statements, our resk)onsibility is to rcad the other iiifonnalion and, in
doiiig so, consid¢r wheilier the othei. infonnation is materially iiiconsi.%tenl with the fin¢iii¢ial stalcmeiits or oi
l(nowlcdge obtained in Ilie audit or oihenvise appears to bc malcrially misslalcd. If we id¢nlify such rndterial
inconsistellci&4 or appaiint mal¢rial mi%slat¢meiil.8, wc arc irqiiircd lo d¢lcrmine whetlier there is a material
misslalement in the fii)811¢ial slaleinenls or a maleridl tnisstaleniciil of thc oihcr inforinalioii. If, based on tlic woi'k
we have peifoi'med, we conclude tlidl tliere is a n]aterial misstatcincnt of this other infoi'nution. we are i'equired lo
i'eport that fact.
We have nothiiig to report in this regai'd.
Opinion5 Qn other matters pyescribed by the Companies Act 2006
Iii our opinioii, based on lh¢ woyk undeytaken in the course of the audit..
tlie it)fonlliltioii giveii ii) thc I'iiistces, i'epoi't (iiiLOry)01?liiig the Dii'ectors, i'eport) for tlie financial year foi. which
the fiiiaiicial slilteLneiits arc prcpared is consi51ciil with the fii)aiicial stateineiits. aiid
Ihe'fiiistees, rep(>rt (iii¢orENli'atii)g the DiiELtors' i'eport) has keli prepared iii accoi'dai)ce with applicable legal
i'¢qiiii'einents.
Matters on Ivhich we are requlred to repoi't by exeeption
In Ilic light of oiir knowlcdge and undcr51anding of th¢ groiip and parent charitable compa1)y and ils environment
obtained in the course of the audit, we have iiot id￿lI1r1ed material misstalem¢nls iii the Dii'cctors, rq)ort.
We have i)oihing to IEPOrt iii I'especl of Ilie following mattel's in relation to which the Compaiiies A¢t 2(M)6 tEquires
lis lo report lo you if, in our opinion..
adeqiiate accounting iEcords h1& ve iioi been kept by the parail chaiitabl¢ Company, oi. retun)8 adeluate for our
audit have not been rec.eived fiom braiiches iiol v151t¢d by us. oi.
the parent chaiitable company's finE￿claI stateinenls are not in agreement with the accoimting records and
i'eturns. or
certain disclosures of Dii'ectoi's, Kemiiiie¥ation specified by law are not made. or
we have not received all the infon)kntion and explanations we require foi. our audit.
Responsibilities olTriistees
As explaiiied more fylly in the Tn￿tee8, responsibilities slateinent iThcluded in the T￿￿tees, Annual Rep(Trrt, the
Trustec5 (who al'e also the Directors of tlie charitable company for the purposes of company law) ￿.¢ responsiblc for
the preparation of the financial statements ai)d foi beijkg satisfied that they give a ttue and lair view, and foi. su¢h
inteinal control as the Tnislees detennine is ncccssaiy to enablc thc prcpai'alion of financial statements that ai"¢ free
froin material misstatement, whether due to fraiid or eJTOi'.
IJ) preparing the financial statements, tlie Trustees ￿-e responsiblc for asscssing the giDup's and parent chai'ilable
company's ability to contiiiue as a going concern, disc105ing, as applicable, matteiE I'elaled to going concern and
Iising tlie going concein basi8 of accouiiting iinless tlie Ti'uslees either intend to liquidate Ilic ￿'0up or thc pai'cnt
chai'ilable ¢oinpany or lo cease opcrations, oi. liave no iralistic alieniative biit to do so.
Page11

Nillianth li states
Report of the Independent Auditors
lor the year ended 31*t Deeeniber 21122
Aiiditoi s respon5ibilitie5 for the audit of the finaiiclal statements
Oiii. objectives thie to obiatn iEagonable assuiznce about whciher th¢ fin2n¢ial statements as a whole are free from
molei'ial misglatcmcnt, whcthcT duc to fraud oi. ciyor, and to issiie dn allditor's report that ii)¢ludes oiir opinion.
Rcas01)dbl¢ a551u.ancc is a Ill￿ Icvcl of assiiiancc, but is not a ￿lat'antee that ali aiidit condiiclcd in d¢COI'daiicc willi
ISAS (UK) will always dclccl a n]alci'ial misslalcmcnl wlien it cxists. Misstatements ¢an ai'ise from fraiid or enor
and &l1'C con5ideiEd maleiial if, individiially or iii thc aggrcgale, Iliey coiild i'casonably iK expected to infliience the
cconomic dccisions of users lakcn on the basis of tliese financial slatcmcnls.
ItYegLilai'ities, incliidiiig fi'aud, are iiistan¢cs of noij-compliaiice with laws aiid i'egulations. We desi￿] procedures iii
line with our iespoi)stbililies, OLiiliiied abovc, lo detect Mat￿la1 Ini5Statetneiits in reSPLuI of iritgulai'ities, iiicludiiig
fraLid. The specific proccdiTrcs foi. this eiigagemeijl ai)d the extellt to which these are capable of detectiiig
iii'egularilies, iiicludiiig fraud is detailed below..
Obtainii)g ali uiidei'standiiig of the legal and regiilatory fi'amewoi'k5 that the entity op¢rates iii, fvcusing on those
laws ai)d tEgiilatioiis that had a direct effect 011 the fiiiancial stalemeiils;
Eiiquiry of those Lhai'ged with govei'iiaiice coii¢en)ing aiiy instaiices of kiiowii or suspected iiistances of fi'aud.
Eiiquiry ofthose cliargcd with govcniakTrce coiiceri)ii)g actual and poteiitial liligdlion and claims;
Bnquiiy of those chai'g¢d with governaiice coi)ceriiiiig any iiislaiices of nun-coinpliance with laws aiid
Irgiilaliot)s'
Reviewiiig the design and implementalioii of control systems in place.
Testing thc opetalional effcclivene5s of the coiilrols,.
Perfoi'ming aiidit work over the risk of managemenl ovenide of controls, including testing ofjournal eiitiies and
othei. adjiislments for appropi'iateness-
EvaIl￿tIng1]Ie biisiiiess rationale of significant transactions oiitside the noniial Course of biisiness and i'cviewii)g
accowiting estimates foi. bias;
Rcvicwing mii)iile8 of meetings of those charged with goveniaiice.
Reviewing fiiiancial slalemenl disclosui'es and le61ing lo siipporting do¢wnentaÉion to assess ¢omplian¢e with
app.licable laws and re￿il￿tions.
Becaiise of the iither¢nl limitations of ali audit, there is a risk that we will iiot detect all i]Tegularities, including those
leadiiig to a material misstatement in the financial slatenienls oriion-compliance with regulation. This i'isk in¢i'eases
tlie mol'e that compliance with a law or i'egulalion is i'cmoved fi'om th¢ events aiid tt'ansactions reflected in the
fmancial statemei)ts, as we ￿11] be less lik¢ly to become aware of instanc¢s of non-coAnplian¢e. The risk is also
greater regardiiig irrcgularitics occuning duc to fraud rather than error. as fraud involves intentional concealment,
forgery, collusion, omissioii or misrepres¢nt&tion.
A further description of oui. responsibilities for the aiidit of Ilie financial statements is located on the Financial
Reporting Council's website at.. https.'Ih4wnv.fir.org.uk/Our-WorklAudiVAudit-and-assurancelStandards-and-
guidallce/Standards-and-guidance-foi'_aiidilorslAuditOTS-responsibilities-for-aiiditll)escriptioii-of4uditors-
respoiisibilities-for-aiidit.aspx. This description fonns part of our auditor's report.
Use of tliis report
This i'eport is made solely to the charitable company's menibers, as a body, in a¢cordanee with Chapt¢T 3 of Part 16
of the Companies Act 2006. Oiir audit woi'k has been undei1aken so that we misht state to the charitable company's
member8 those matters we ￿'e reqiiired lo slate to them in an auditoi s repoit and foi. no other puryose. To the fullest
exleiil pei'mitted by law, we do iiot a¢cepl or assum¢ responsibility lo anyoiie odiei. than the charitable company and
the chaiilable coinpaiiy's members as a body. foi. oiii. aiidit woi'k, for this i'eport, orfor thc opinions we have foiined.
Page 12

Trlilkalltli Estates
Report of the Independent Auditors
For the yeai- ended .iJsI December 2022
Sudhir Singli FCA {S¢iiior Stattitory Aiidilor)
For and oil bel)alf of MHA, Sldtiiloiy Aiiditor
I￿ndon, United I(ingdom
Date= 29 September 2023
MHA 15 the ts'adiiig iiame of Mllcliit￿'e Hudsoi) LLP, a limiled liability partiiership iii Ei)glaiid hiid Wales
(registered iiiimber OC312313)
Page 13

Nilk¢qntli Ei state5
Coiisolidated and Charity Statement of Financial Aclivitics {incorpuratiiig an income aiid expendiliiie #Cclbliiit)
r4OY tl)e year ende<l Ilst Deceinl)ei' 2022
The Group
rtrestrACted fiinds
2022
2021
The ChRrity
Iini'estricted fund5
2022
2021
Notes
1￿CoMe froin:
Donations and legacies
Inv¢slment incoine
Other
7,661,452
1,461,097
782,449
461,452
1,061,098
782,449
1,320,930
636,871
1,054,262
636,1171
Tot#1 Income
9,904,998
1,957,801
2,304,999
1,691,133
Expemditure on:
Raising fiinds
Chai'ilable activiti¥s'.
Pi'ovision of facilities
368,018
171,369
347,683
159,779
1,214,40S
1,079,971
1,185,705
1,051,577
Total expenditure
1,582,423
1,251,340
1,533,388
1,2kl,356
r4et ineome befoi'e net losses on
Investments
8,322,575
706,461
771,611
479,777
Gasiis on rev21iiatioii and reelassific&tion of 12113
fixed assels
3,829,IIK)
540,000
3,829,100
540,000
Net movement In funds
12,151,675
1,246,461
4,600 711
1,019777
Fiinds brought forward
88,216,830
86,970,369
84,473,457
83,453,680
Fvnds carried fonyard
18
IOOJ68,505 88,216,830
89,074,168
84,473,457
The total fiu]ds of tlic CoTE]Pa¥ky were Unl￿tI]Cted. There were no restricted or designated fvnds dwing Ihc year or for Ilic
previoiis year.
All of the above results Are derived fi'om colltinuing activilies. Tlierc W¢￿ no reco8ni8ed gains or losses other than ihos¢
stated above.
The ap￿￿nded notes for part of these accoimts.
r4iikaMth Estates
Page 14

21122
•.1,451.-1511
?4.8()6.V&l
-311,119N,O21>
?li.I??.SX j
?¥..i?? 4xs
1ixt(l U%L a%%CI¥
14
96,1121.21
%4,1)311..3¥7
78,.147.411
C.'urretit
2,032.114.1
?12.741
3,1 &4.?110
¥.q¥o,yi)I
2.426,YXII
4,712.114
17
{363_1441
4.147.294
3 2R6.441
10.726.7£5
1110.l()R.S1
x'x.? I h.,s_11
111).1174.1fi11
4.47.1'.4i7
ioo.-368.511.
8.211>.Y.111
111).074,1(116
X4.47.1.457
Fujids:
IUO.361LS11.5
8 ?16,Slll
119.074.168
4.47.1.417
89.1)74.l6¥
84.47.1.4.57
'I'lic appcndoil iiiite% Inni) i)art i)I'IIiLv ¥il)iii)ls.
hehaifby..
Ti'ustee
rusi¢¢
Pag6 15

Nilkantli Estates
Consolidated And Charity Statenient ot. CAslI Floivs
For the }'eai' en(led 31 Deeeniber 21)22
The Groiip
2022
The ClIArlty
2022
2021
2021
Note5
Net cash proi'ided byl
operating activities
19
7,628,102
1.289,909
1,750,908
1,535,967
Cash flows from investing
activities:
Dividends, intei'esl, and I'enls
received fi'oni investments
Piiicliasc of tai)giblc fixed assets
Puirhase of investment pn)peity
PIDceeds fiDm sale olFIH Pi'opeity
(62,966}
(223,375)
(8,541,756) (1.466,323}
472,936
907,808
(62,966)
{223,374)
{2,539,801) {1,466,323}
472,936
907,808
Nel cash provt(Icd byJ(used ill)
investing activitics
(8,l31,786)
(781,890)
(2,129,831)
(781,889)
Change in cAsl) And cAsh
equii'alents in the year
(503,684)
508,019
(374923)
754,078
Cash attd cash equivalents at the
b¢giiining of the year
3,184,290
2,676271
2,805,903
2,051,825
Cash and cash equivalents at the
end of the year
2,680,606
3,184.290
2,426,98
2,805,903
ANALYSJS OF CHANGES IN N£1 T DEBT
Asa131
Decem1￿.
2022
Asaiol
Janiiary 2022
Group
Cash flows
Cash at bank and in hai)d
3,184.290
{503.684)
2,680,606
3,184,290
(503,684)
2,680,606
Charity
Cath at bank and in haiid
2,805.903
{378,923)
2,426,980
2,805,903
(378,923)
2,426,980
Page 16

Nilliaiitli Estates
Notes to the Consolidated financial state.Inents
rior tlie yeAr eiiile(131 Deceiiiber 2022
Aceoiinting policies
Basi5 of preparation
T]1¢ fiiiaiicial statcittcnt8 of the eh£iritAblc company, have becii prepared tn aecoi'dance with the Charities SORP
(FRS 102) 'Arcouiiting and Reporting, by Chaiities.. Statem¢i)t of Recomn)ended Practice applicable to chaL'Sties
prepariiig tlieir aceounts in aecoi"danLe witli the Fini2ncial R¢i)Drting StiinddrLI applicable in the UK and RepiiblTC
of li"¢laiid (FRS 102) (l5.￿11£d iii October 20191,, Fiiiaiicial Repoiting St*ndard 102 'Th¢ Finaiicial Repoiting
Staiid81"d applieable in the UK &nd Repiibltc of ￿.elaT1d, and the Compaiiies Aet 2006. The finallcial statemetsts
have be¢ii piEpaiEd under the hi.storical cost convcntioii, as modified by the revalualioii of cei1ain assets.
(%)
The ftinctioii&l and pr¢sentation ciirrency is UK Poiind Sterling (£)-
These financial statements consolidate the kEsu115 of th¢ Cliai'ity and ils wholly-conli'olled subsidiary on a line
by linc bgsi5. Ti'aTLsactions and balanfje5 between tli¢ ch￿l.]ty and its siib8idiaiy have b¢en ellminated fiom the
on501idat¢d financial statements, Balances between the ctLtitÉ¢s di6¢losed in th¢ iiotes of th¢ Charity's
balance sheet.
(b)
Puhlie benefit entity
Thc Charity aiid ils wholly-coiiti'olltd SLibsidiaiy mcct th# d¢finilion of a public benefit entity under Chai'ities
SORP (FRS 102).
{c}
Going concern
Tlie majoi.ity of Ili¢ ill¢onie re¢¢iv¢d from by the Groiip is inveslmeiit income fi'om ils investment pi'opcity
portfolio which air Icl lo social housing pi'oviders. The Gyoiip hos continiLed to receive in¢ome bas¢d on its
investment in piDpcitics oyci. tlic year&. The Charity has miniiiial on-going Icgal or consmiclive commitments.
Thei'e are llo i￿certa￿]ll¢s, mat¢]ial QT Oth¢rwise, Irgarding Ihc Groiip'$ going concern.
The ttustees tlierefore have itasonable expectation that the Gi'oiip has ad¢quate resources to continue in
opei3tioiial exi51encc for Ihc for¢s¢eable futtii'e which exceeds 12 months from th¢ date of sigiiing of th¢ financial
statements and thcrcforc continue lo adopt th¢ going concern basi5 of awouttting in pre￿I]ng the annual
consolidated financig15tat¢mcnls.
(d)
Income
All income is recogniscd Èn th¢ Statcment of Financial Activities once the Group hds entitlcment to the fi]nds, il
is probable that ihe income will be re¢eiv¢d and that the amoiint can be measur¢d Keliably.
Voliintary incoiTJe compi'ises reveniies g¢n¢rat¢d froFn various fom]8 of don8tions.
Invc5tsncnt income ineliides incoine generat￿1 from property inv￿¢￿¢￿1 and ititerest received on ca$li deposits.
(e)
Donatlons of gifts, services and f2¢ilitleg
Donated professional services and donated fAcilities ar¢ ￿￿gnised as incoine whcn the group has control ov¢r
the ilcm or re¢¢iv¢d tli¢ s¢rvi¢¢, any conditions asyocialed with the donation havc be¢n mel. the receipt of
econoniic bcncfil from tlie iise by the gi'oiip of the item is pi'obable and tlial ¢conomi¢ benefit can be m¢asiired
rcliably. In accoi'dance with the Cliarilie5 SORP (FRS 102), voliinteci. time is not r¢¢ogtiised so ref£i' to the
tn151¢¢s' anttiial report for more information al?oiit thcir eontribulion.
On iEceipt. donated gifts, profc8$ional S¢￿1¢¢S and donated facilities are rccogijised on t]ie basis of tl)e valiie
of the gift to tlie groiip which is thc aiiiount the giDup would have been williiig to pay to oblaiii services or
farilities of equivalent cconomic bcn¢fit on the open market. a corresponding amount is then recognised in
expcndittii'e in the period of receipt.
Page 17

Nilkanth Ei states
Tr4otes fo She Consolidated finailcial statejnents
Foi- tlie year enile(131 December 2U22
Aeeounting polieies (contiiiiied)
(D
Expendiliiye and irrecoverable VAT
Exi)enditui'e iq recognised once there is a legal or constructive obligation lo make a P<?yment to a third party,
it is probable that settlemellt will be requircd at]d the amount of tlie obligatioii can be measured ieliably.
ExpenditLire is classilied iindei. the following aLtivity headiiigs..
Costs ofi?ising fuiids ielale to tlie investment management Costs.
Expendittire on charitable activities ii)¢liides the costs of activities undeilak¢n to ILlI'ilicr the piirp05es of
tlie Cliarity and thciy associated siippoil Costs in¢luding govekiiancc costs aiid deprecidliun ot tangible
fixed assets.
Expeiidittire is accoiiiited foi. on ali aeeruals basis aiid has been classified uiider hcadiilgs that aggregate all
cost Iclatcd to tli¥ categoi"y. WheiE costs cailliot be directly alliibuted lo particulai. hcadings they have bccn
allocaled lo activities on a ba515 coiisislent with the use of resources.
'iEcovei￿ble VAT is chliged as a cost against lh¢ aclivity for whicli the cxpenditure was iiicurred.
AIIocAtlon of suppui't cost5
All siipport Losts al'e allocated to the expenditure on charitable dctivities as none of ilies¢ Costs are Allocabl¢ to
th¢ co3t3 of raising fiind5, which are the invcstmcnt inaiiagement costs.
Support cogls include govenian¢¢ costs, wliich are the costs associated with the govei'nanc¢ prrangements of
Ille Cl)orily. Th¢5¢ Costs ait associated iyith constitutional and slattitory requirenict]Is and includ¢ any costs
associalcd with die 8ti'tttegic management of the groiip's aclivitics,
(h)
Taxation
The gn)up is exempt fiDm corporation tax on tts ch8ritabl¢ activities.
(i)
'I'angible fixed assets
It¢ins of equipment are capitalised where the purchase pricc ¢x¢¢¢cls £500. Depreciation ¢osts are allocat¢d to
activities on the basi5 of Ilic us¢ of th¢ related assets in thos¢ activities. Assets al'e reviewcd foi. imp8iinient if
¢irciim5tsnce5 indicat¢ th¢ir ¢2trying valiie May exceed their net realisablc vali1¢ aiid valuc in us¢.
DepLrcialion 15 providcd at rates calculated to wrÉte down Ilie cost of ¢a¢h asset to 115 Cstimated residual value
over ils expe¢t¢d us¢fiil li(¢. The depreciation rates in us¢ arc as follows:
Freehold buildings
2% oncost
Freehold land is not d¢pre¢ial¢d.
ti)
Investment properties
IDve5tm¢nl pi'op¢rti¢s al'e measiired al fair value at cacli rcporting dat¢ and are not dcprc¢iated.
Cash inv¢slments
C2sh lield in fixed temi deposit accounts ¢Kceeding oli¢ y¢ar are classified as fixcd asset ittvestments as th¢y ar¢
gen¢i'ally held with the oveiall intention of long terin retention foi. the continuing b¢nefit of the group in the fonn
of in¢ome and capital appiEcialion.
(li)
Debtors
Trade wid other debtors are recognised al Ilic scttlcincnl amouiit diie aficraiiy tradediscountoffered. PIEpaynients
are valuEd al Ili¢ amounl pr¢pyid net of aiiy ts'adc discounts due.
Page 18

Tr4ilkaiith Estates
Trlotes to the Consolidated tinancial staten)ents
rior tlle yeai. L'iiil¢(131 December 2022
Aeeoiijitlng pollcles (continued)
Loans whi¢h h8ve be¢1) pi'ovided with an int¢r¢st ral¢ bclow the market rate and for ch£il'itabl¢ PLll'P05C5 are
deemed Lofftcegsionary ltsaijs.
{1)
C*sli bank and in
Cash at bank and cash in hand incliide8 cash 8E]d 51ioi't teiin highly liquid invegtments with a 5hoil maliii'ity of
tI￿Ee months oi. less fi'om the date of 1lCqiiiSition oi" openEng of the deposit 01 similai" dccoiint. Cash balancas
excliide aiiy fiinds lield on behalf Df seiwice useiE.
(In)
Creditors and provisions
Cieditors and pi'ovisions are recognised wli¢r¢ th¢ group has a pi-eseiil obligation iEsulting fj'om a past eveiit
that will probably i'esLIII in ihe Iransfei. of tuiiils to a thii'd party aiid the aniounl due to settlc thc abligati()n can
be measiiitd oi. estimk)ted i'eliably. Ci'editoi's and provision5 noEinally irco8nis¢d at theii. settlctllent amoiinl
after alloThiing foi. any trade discoiiiits diie.
Tlie gi'oiip only has finaiieial assets aiid fiiiancial li8bilities of a kind that qualify as basic financial inslruEnenls.
Basic financial iiistLYments al'e ii)itially i'ecognised at tl'ansaction value and subseqiiently me#￿ired at theii.
setrleinent valiie Miith the exception of bank loans whi¢li are siibsequeiitly measured at É¥niortised cost iising
the elTeLtLV¢ int¢rcst meihod.
(n)
Fund accounting
Unrestii¢led fiinds ¢ai) be used in accordance with the charitable objecliv¢s at the discretion of the trL)slees.
Restt'ictcd fvnds Can only b¢ used for paiticulai. Irstrict¢d puTrose$ witliin the objects of thc Charity. Restrictions
ari5¢ wh¢J) spccificd by the donoi. oi. when fvnds are raised for partiGulai'restricted purposes.
Critical *c¢ounting estimxtes and jlldgements
The GiY)iip mak¢5 Ccrtain ¢stimates and assumptions regaYdit)g tlie future. Estimat¢s judLFemcnts are
co2itinually eipaluatedbaged on l)istorical experience and othFr factors, inLluding the expectations of ￿tUre ¢v¢nls
that aiE believed lo be rea50nabl¢ Ilnder the circEimstanc¢s. In Ihc fiittire, aett￿l experienc¢ may diff¢i' from these
estimates and assumplioi)s. The estimates and assumptions ihal liav¢ 8 sisnificaiit risk of causing a material
adjusthienl to the carrying amoiints of assets aiid liabililies within th¢ i)ext financial year ar¢ disc[￿Sed below:
In>YsliiiÉni pro￿vIl£S
Investmcnl pi'opcitics whos¢ fair valiie canbemeasiircd rcliably without iindLie costoreffort shoiildb¢ mcasured
at fair N'alue at the year end ivith any changes in fail. value recognised iti tlie statcmcnt ot financial activities.
Th¢ investtn¢iit properties have been valued by the trustee5 al th¢ PEriod-end based on thcir knowledge of the
pIDp¢rti¢s and tlieir location and liaving condiicfrd infonnal market i'eseairh considcring comparable properties.
Following their assessment, they Iiave Concluded Ilial th￿"¢ lias been no lllatcrial ¢hange in the fair vglue sin¢e
the previo1￿ valiiation, witli the exception of oli¢ investn)en¢ property whose fau. valiie is considei'ed to have
inrTeased by £2.6m since the pirvious year-end, following an independent valithtion by RICS-a¢credil
cliartered suiveyor. A change in the assumptions i￿¢d by tlie tNstees iiiay r¢5111t in a change the valiic of
invesin)eiit piY)perties.
Page 19

Nillvaiitli Estates
Notes to tlie Cons01id#ted financial stateinents
For the year eii(led 31 Deeembei. 2021
Critical accounting estin]ates and judgements, continued
FreeholdProperty
The Group and the Charity liold treehold land and bLiilding5. The fteehold buildings ait depreciated over aperiod
of50 yearb ivhilst land is not depreciated ils valiie is iiot likely to diminish ovei. time.
Th¢ GIDUP callies out I'egulai. mau]tenance of its fr¢¢liold properties and thei'efoir it is likely that the useful lives
of the PiDpeity may exceed 50 yea1%.
Th¢ liustces Iiav¢ b¢cn ￿qUilt￿, in the abseiicc of a.4plit of purchase cost, lo estÉmate the allocatioii of the cost
of Iliese pi'operties between the i'elative elemeii15 attEibutable to land, whtcll is iiot deprecial¢d, ancl bLiildsiigs.
HaviiiBI Lvllbiilt¢d willi pruperty professtsonals, considered glattitoiy provisions. and researchcd market factors, the
li"Iistc¢s considci. 300/0 of tlie a¢qiiisition cost of each tangiblc fixed asset to rcpresent land and 70 /0 to irpi'e5cnt
biiildii)Lrs. As su¢h, 30/0 orth¢ cost of ¢ach tangiblc fJx¢d asset property is not d¢pr¢¢iated.
In¢ome fi'om donations and legacies
Group
Cliyrity
2022
2021
21)22
2021
Donations
7.661.452
461,452
Income from investments
Group
Charity
2022
2021
2022
2021
Rental income- operaling leases
1,461,097
1,320,930
1,061,098
1,054,262
1,461,097
1,320,930
1,061,098
1,054,262
other Ineome
Group
Charity
2022
2021
2022
2021
Profit on disposal of fixed ass¢ts
Insurance incom¢
322,561
459.888
636,87
322,561
459,888
636,871
782,449
636,871
782,449
636,871
Page 20

Nilkantli states
Notes to tlie C011501idated fiiianeial statements
Fur the year cnded 31 Deceniber 2022
Cost ol. raising fiinds - investment nianagement Costs
Croup
Charity
2022
2021
2022
2021
Rates
Gas and electticity
Repairs and Mainteiiance
li)sui'aiice
Consiiliancy fees
Bank chaiges
Siindrics
{837)
53,737
200,38U
72,956
41,497
259
26
412
16,873
75,146
57,335
20,958
469
176
324
37,062
200,380
69,300
40,360
244
13
7,651
75,146
55,435
20,958
426
163
368,018
171,369
347,683
159,779
Expenditiire charitable activities
Group
Charity
2022
2021
2022
2021
PIDvision of facilities
Governance costs (See note 8)
1,192,625
21,780
1,050,752
29,219
1,168,545
17,160
1,026,672
24,905
1,214,405
1,079,971
1,185,705
1.051,577
All the above ￿$t$ are support costs.
Govemance costs r¢pi'esent ai￿lIOrs, remuneration only.
Net Èncomel{expendlture) for the year
Nel in¢ome/(expendittire) for the year is stated after ¢hftrging'.
Group
Cliarity
2022
2021
2022
2021
Depreciation of fixed assets- owned
Aiiditors, remimei'ation (incliiding VATI..
1,192,625
21,780
1,050.752
29,219
1,168,545
17,160
1,026,672
24.905
Stiff costs
Tlie th'oup does not have any employee8. Its triislcc5 Rr¢ T¢Sponsible for tlie governance of die Groiip and give
their time freely. Voluntecrs. iiicliidilig employees of The SaLjLidas Foundation ond 13APS Charities, 'manage"
the day-to-day operdtion5 of Ilie Group. Whilbl Ihe natLll'e of tlie voliintecis, tim¢ is not conSide￿d gcn¢r81. thc
monetary valiie of tiieiT tt.me is not Considered matei'ial and thus not recognised in thc arcounts.
Page 21

Nilkiijilli Ei sl#tL',S
Notes to tl)e CoIisoli(lafred finaiiclal sfatenients
ri0i- the.year enile1131 Decenibcr 2022
io.
Triistees, remiinei'ation and expenses
Neither the Chaiily liustees nor the dii'ecioi"s of the subsidiaiy We￿ paEd any remuiiei'atinn, Iior did they receive
any oth¢i' benefit5 fi.om employni¢iil witli the Gi'oiip in the yeai. (2021.. £nil). No Chai'ity triiske i'eceivedpayment
fui. i)iofe%sioiial or otliei" sei"vi¢es SLipplied to the C'harity {2021'. £nil).
No t￿￿tte expenses were it)CLIITed ill tlie yeay {2021.. £nil).
Taxation
Th¢ &FI'04LP is ¢xenii)I from ¢OEyoIHlioi) tax as all ils incotn¢ is charitable and is applied foi. cl)aiitable piiiposes.
12.
Tangible fixed assets
Assets
Fr¢¢hold
Iiiider
I'o ctsiisttiJcli()n
cr
Total
C05t
Al 5tait of the year
Additions
Disposals
Reclassification
64.152,525
235,722 64,388,247
62,966
62,966
(298,834)
9,718,411
(298,834)
9,718,411
At end of the year
73,572,102
298,688 73.870.790
reeiation
At start of the year
Chai'ge foi t]ie yeai.
Disposals
R¢rlassificatiDn
17.780,446
1,192,625
(148,459)
(77,012)
17,780.446
,192,625
(148.459)
(77.012)
At end of the year
18.747,600
18,747,600
r4et Book Values:
At eiid of the year
54,824,502
298,688
55,123,190
At stait ofthe year
46,372,080
235,722 46,607,801
Incliidcd in cost or valiiation of latsd and buildiii8s is freeliold land of £959.173 (2021- £959.173) whicli is not
depreciated.
Diiriiw tlic year, the Charity reCIa￿tfIed three of its propertics,. two tangible fixed as8ets began being l¢l to
rental iiicom¢. and on¢ illY¢btin¢nt properly stal'ted bcing iiscd to tuither thc Charity's objectLVCS. Upoii the
rcclassifi¢ktioii of the investmcnt property to a tangible fix¢d abs¢t, Ilitt Cliarily ass¢sscd its fair valu2tLDlI Wlth
thc 8%Si8tan¢e of a IUCS-accTedited chai'led suivcyor. As a result of this assessmeiil. a gaill on ￿¢laSsIfICation of
£4.000,000 lths be¢n re¢ognised iii ibese accoutils.
Page 22

Iyllkanth Estates
Note5 to fhe Consolidated fjiiancial state.Inents
Foi- tlie yeai- eniled 31 DeeeiiibLY 2022
12.
Tangible tixed assets (Cont'd)
Charity
Assets
iiiider
conshu¢lion
Fi'eeliol(f
Tota
Cost
At stait of the yeai.
Additions
Disposals
R￿laSsification
62,432,525
235,722 62,668,247
62,96C)
62,9C)6
(298,834)
9,718,411
(298,834)
9,718.411
At end of the year
71,852,I02
298,688 72,150,790
reciAtion
At stai't of the yeai.
ChiiiEe foi. the year
Disposals
Reclassification
17,756,366
1,168,545
(148,459)
(77,012)
17,756,366
1.168,545
(148,459)
(77,0121
At end of the ye4r
18,699,440
18,699,440
Net Book VAliies:
At end ol. the yeAr
53.152,062
298,688 53,451 J50
At start of lh¢ y¢ar
44,676,159
235,722 44,911,881
13.
Investment propertie5
Tlie Group
2021
The Chai'ity
2022
2021
2022
Market value
At %lart of thc y¢¢lr
Addition5
Revaluation
R#las5ifs¢ation
28,322,585
8,541,757
{170,899)
(5,795,423)
26,316,262 28,322.585 26J16,262
1,466,323
2,539.801
1,466,323
540,000
(170,899)
540,000
(5,795,423)
At end of the year
30,898,020
28,322,585 24,896,064 28,322,585
Investment propcrties with an original cost of £26.539m have been valued at £30.898m by tlie trustees.
The tt￿stees of the Group performed an assessincThl of th¢ market valiie of its invcstment propertics at tl)e year-
end.
The tnist¢¢s r¢vi¢wcd th¢ pir5¢ntation of the Bi'andon House pi'opety al 31 D¢¢ember 2020. Thcy iEas5essed the
pi'csciitatioii an(Iconsidffl'ed il a Inix¢d-iis¢ ass¢¢ the inveslmeiil part ofwliicli is reco￿)18ed at year-end fairvalue
(see Nolc 14 bclow}.
Page 23

Tr4ilkantli Estates
Notes to the Consolidated tiiianeiol statenients
rial. tlle year eiideil 31 Deceinbei. 2022
14.
Mixed-use ussets
Tlie Croup
2021
The Charity
2022
2021
2022
Fair value
At start of tlie year
i 0,1￿0,￿00
io,000,i)00
At t￿d of thtt year
J 0,000,000
ID,000,000
Th¢ tiiisi¢¢s of th¢ giDilP reviewed the fair valiie ot'the clcmciit of the Brandon House pwperty which is iised for
investment piiiposes at 31 Decembei. 2020. An infomul v01uation from a RICS-accirdile(I PlDpeity advisoi. at
this date atti'ibuted a tsir value of £IOm to tlie piopoi'tion of thc buildiiig let conimei'cially, and tlie gain in vali1¢
was recogtTri5ed in th¢ SOFA.
Tlic ¢iiist¢¢s of tl)¢ giY)up peifoTmed an as8csgment of tl)e market value of thi.8 pi'op¢rty ¢lt 31 Deccnibei. 2022 and
did not consider a revaluation necessary.
15.
Investments in siibsidiarie8
Nilk2ntb Estates controls lo￿/9 ofa cl)ai'itable coimpany? Bi?iidon Hous¢ Limited (Reg. Charity no. 1172517 and
Company no. 10612051), which was in¢oipoi'ated Èn Englaiid and Wales on 9 February 2017. Brandon House
LiJnil¢d is a company limit¢d by ￿78[antee. Itowjis thire light industrial unils aiid BeddiIigton Conferenc¢ C¢ntre
('BCC'). The indiistt'ial iinits have ￿en rented oiil lo a siiigle l¢iiant on a 10-year lease at an initial i'enl of
£200.noD for the fi￿( y￿r i'ising to £400,000 fi'om the second ycar with rent I'eview after 5 years.
A summary of the financial stst¢ni¢nts of the Clwity's sub5idiary> BIAndon House Limited is shown below..
Statement of finan¢ial a¢tivitie$
2022
2021
Ineonie and Endowments from:
Donations and Icgacic5
InvcstTri¢ni incomc
7.200.000
399,999
266,667
Total income
7,599,999
266,667
Kxpendlture:
on raising ftinds
(49,037)
(39,984)
Total expendittwe
(49,037)
(39,984)
Net Ineome/(expendlture)
7,550,963
226,683
Page 24

Nilliaiitli states
Notes to the Coiisolidated financiAI 5tateTnents
r401- tlie year ended 31 December 2022
Balance sbeet
2022
2021
Tangible assets
Investinent piY)perties
Mixed iise assets
Cuix'ent assets
Creditors due within one year
'cditois due aflei. Inoi'e tliaii oiie year
1,671,840
6,001,95(1
i o,uoo,000
10,000,noo
1,638,929
561,128
{84,138)
(79,425)
(8,213,251) (8,713,251}
1,695,920
Net assets
11,015,336
3,464,372
16.
Debtors
Group
2021
Charity
2022
2022
2021
Amoiiiits falling diie within one year..
Ti'ade Debtoys
Other debtors
VAT IEcovei'able
Prepayments & accrned income
19,002
166,301
1,200,IX)O
646,740
16,440
216,301
50,000
646,740
2,1132,043
232,741
646,740
50,OIMI
Amoiint$ falling diie aftermote than one year..
Con¢¢ssionary loan
7.934,251 8.434,251
Agy'egate #mounts
2,032,043
232,741
8580,991 8,484.251
Nilkanth Eststcs provid¢d a loan to Ils subsidiary, BrandonHoiisc Lin)ilcd. of £8201.331 in 2017 for the purchase
of tlie siibsidiary's propeity and to thrther both entities. cliaritable objecliv¢s. The loan.. incurrcd interest ut 30/
p¢r annum up unt￿1 31 D¢¢¥mber 2020 after which loan becaliic iiilcrcst tree. is seeiiiEd against the property. is
r¢p2yable on deinanl Ihoiigh Ilie parent Charity haspi'ovided assiwances that it will notbe irpayablc until al least
oli¢ y¢ar from 31 Deceinber 2022.
17.
Creditors: Amounts falling due iyithin olle year
Group
Charity
2022
2021
2022
2021
Trad¢ cr¢ditors
Otlier creditors
Accruals
263.728
97,006
4,620
40,129
90,459
251,266
29,950
27,615
23.548
365J54
130,588
281,216
51.163
Page 25

Nilliantli Ei stales
Notes to tlie Consvlidated liiianeial statenienls
rior tlie yeai. cnded 31 Dcccinbcr 2022
18.
Fiinds
Tlie Group
2021
The CliarSty
2022
2021
2022
U)iYestricted funds
At blart of Ili¢ y¢ar
Jncomiiig i'esoiirces
Resviii"c¢s ¢xp¢nded
Gaiii oil revdluation ol'tixed assets
88,216,830
9,904.998
(1,582,423)
3,829,1(Xl
86,970,369 84.473,457 83,453,680
1,957,801
2,304,999
1,691,133
(1,251,34ti) (1,533.388) (1.211,356)
540,000
3,829.100
540,000
At end of tlie year
100,368,505
83,216,830 89,074,168 84,473,457
19.
Retihn¢ili#tion of net ineoniel(expendlture} to net c#sh lloiv from operatlng activities
Gi'nup
Charity
2022
2021
2022
2021
Net income for the repoi1ing period 12,151.674
as per stAtement orrillancial xclivilies)
D¢p￿CIatIon
1.192,625
{Gain)Iloss on investnieiits
170,899
(Gain)nDss on r¢valiiation of fjxed assets (4,000,(N)o)
Profit on digposal of tangible fixed assets (322,561)
(In6r¢ase)/ile¥rease in debtors
(1,799,302)
(Dcci'¢a$eyin¢rease iii ClEditor.8
234,766
1,246,461
4,600,711
1,019,777
1,050,752
(540,OL)O)
1,168,545
170,900
(4,000,000)
(322,5611
{96,740)
230,053
1,026,672
(540,000)
(636,871)
189.557
(19.990)
(636,871}
684,271
(17,882)
Net cash provided byl(used in)
operating activities
7,628,101
1,289,909
1,750,908
1.535,967
20.
Related party transAcdoi15
Tl)e Groiip lias provided opei'ational and inveslmcnt propeities with a canying vali1¢ of £44.60ni to Tlie
Sarjiidas Fol￿datIon laiid ils wholly owned subsidiaries nnd gi'oup undertakings) and BAPS Cliarittes rent-
fl'ee, for a nominal i'ellt amount, oi. on 811 arm's lengtli basis. Tlic SaTjudas Foundation and BAPS Charities
have the same aims and objecliv¢s and thc same benefieiai'ies as Nilkanth Eslal¢s. Th¢re arc also ¢OAI)moti
tnisteeddii'ectors among tlie Il)r¢e enlitics.
Brandon EIousc Limitcd a150 uiw¢stricted donatioi)s amountii)g to £7.2m (2021.. £Nil) from Th¢ Saijiidas
Fouiidation during the yeat.
Page 26

rlilkanth stntes
Notes to the Consolidateil ftiiiancial slatcmo.iits
rior the year ended 31 December 2022
20.
Related party tr#nsa¢tlons {¢ontlniied)
In 2017, Nilkanth Estates provided a ¢oiicessioE)aiy loan of £8,271,331 to Bi?ndon Ilouse Limited, its. wholly"
conti'olled 511bsi(liary. Of this loan, £8,201,331 Wc1S u8ed to fun(1 the pur¢hase of tlie inve8lmeiit property held
by tliis company. Inteicst Dn the loan wds cliaiged ii t 30/0 per anE]iim lip Lintil 3 1st December 202D, and hag been
intei'est fi'ee since. The lo&n is repayabl¢ on an indet¢iminatc pei"iad.
Nilkaiiih Estates has also i)rovided financial siippoi't lo Brandon Hoiise Limited so that the lattci. I'emains a
going conccm.
2022
2021
Balancc irc¢ivablc fi'on1 Bi'an(loii House Ltd
Impaiimenl pi'ovision
Repaymeiil
9,213,251
{279,000)
9,213,251
(279,(KJO)
21.
IKgal stRtus of the Charity and its Subsidlary
The Charity is a comp41ny limited by gi￿￿nIc¢ and has no sliarc capilal. Ils r¢gistered office addr¢ss Is I Praniiikh
Swanii Road, Neasdeii, London NWIQ 8HW. In the event of a windiiig up of Ilie company, the liability of the
tnistees who are also the membeis of the comp4)ny is litnited to £1.
Its siib3idiary, Brdtsdon Holl￿ Limitcd, is also a company liniited by guaranlffjhas Tho share capital and 15 also a
registettd Chariry. Nilkantli Estates is the sole rncmb¢r of BKandon House Limited aiid the fonn¢r's li&bility in
th¥ ¢Y¢nt ora winding up is limited to £1. Thc i'egisteitd office address of the Subsidiary is Brandon Housc, 104
College Road, Haii'ow HAI IBQ,
Page 27