REGISTEI RED COMPANY NUMBER: 10612051 (England WAles} REGISTERED C.HARITY liUMBER.. 1172517 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2022 FOR BRANDON HOUSE LIMtTED
BRANIXIN HOUSE LIMITED CONTENTS OF THE FtNANCIAL STATEMENTS FOR TFIE YEAR ENDED 3 1ST DECEfvIBER 2022 Pag¢ Rq)ort of the Trustees 1104 Report of the Independent AiidilO] 5107 Slatelnent of Financial A¢lÉvjti¢s Balance Sheei Statement of C2sh Flows 10 Notes to the Financial Siatements
BRANDON HOUSE LIMITED REPORT OF THE TRUSTELS FOR THE YEAR ENF)ED 31 ST DECLMBER 2022 The Trustees, who are alsD dire¢iots of the Cliarity foj'the piiiyoses of the Cotnpanies Act 2006, preseni Iheii rewrt with the fin&ncial statements of the Charity lor the year ended 3151 De¢¢niber 2022. Tlie Tiiisr¢es have adopted the pVisIOnS of Accoiinting and Reporting by chItIeS.. Statement of Re¢ointn¢iided Practice applELablv lo chai'ities prep&ritJ8 their accounts in accordance with the FinancTal Reponing Standard Rpplicabl¢ in the and Republic of Iirlaiid IFRS 1021. OBJECTIVES AND AcfivITICI S Objectives and aitll5 The ¢hariiable company's purposes, as set out in th¢ Objects clause coniaihed in the CoEnpaiiy's Meinorattdum of Association are.. to advance the Aksliar PUshO(laM sWaJnardYan d¢nominatiott of tlie Hindu ]rligion based upon the le2chiny5 and principles ot Bhagwan Swaininardyan. and lo fv5ter tli¢ pi'aclice and worship of th¢ Akshar Purusliotlatll Swaminardya detLOtninalioJi of the IIindu Irligion as revealtd by Bhagwan Swaminr&ydn.' 2. preserve at]d safeguard the health of all persons and in porticular of young persons who aye ii) dangeT of becomiiig addicted lo or dependent upoii illegal drugs ofany des¢ripiion. alcohol. solvents or othe¥ addictive siibstances. advatice educalion for the publi¢ ben¢fit' 3. promote community particEpation in healthy recrtation 50 as lo develop parti¢ipanis' physical, mental aiid spii'itual eapa¢ities' and 4. for those purposes M'itliuul pi'tjudice to the generality of th¢ foregoittg to allow otkner charities haviiig sitnilar objects lo occupy any of ils premsses at nominal or market t. Ovr aims fully retlect the purpos¢s that the Charity was Set up to further. The Chai'ity seeks to meet its aiffts and objectives by pertodically doiiatirtg 5UTplus funds lo other ¢haiities which promote and deliver the 5am¢ aims and objecliyes su¢h as Bo¢has&nwa5i Shri Akshar Purushottam Swaminarayan Sansth& (BAPS) or to its paient charity. Nilkanth Estates, who share tht same aÈms and objectiv¢s. Aehievemettts in th¢ year Durijig the y¢ar, the Chaiity continued lo receive retitsl income from the lettirsg of its industrial units and pi'ovided part of its buildings at a peppercoi'n rejit for use by BAPS foT Its ChArtable purposes whi¢h are similai. to those of the Charity. The Charity also pllr¢hased a Iiew prtspErty the year. The itEcom¢ g¢nerated from lettit)g this property in future will Contribte lo the furtherance of Charity's aiiiis and obje¢tiv¢s. Ensurithg ouy IvoAc delivers our Aln15 We review our ainis, objcclivcs attd activitiES on a yeaTly basis. This review looks at wh*t we achieved and the outcomes of our work ill the Clirrent period and to continue the rcvicw on an ongoing basi5. The I'cview looks at the siiccess of ea¢h key activity and the benefits they h&v¢ brouglil to those groups of people we al'e set up to hclp. Th¢ i'eview also Iielp5 US ensure oiir aim, objectlV¢5 alld activities iEmain fo¢used oaj oui. stated puTroses. We have refen.ed to the guidance containcd in the Charity CommissioTr's geneial guidance on public b¢nefit when ¥¢viewing our airn and objectives artd planning oui. fiiture activiti¢$. In particular. the TTUStees considei. how plattned aGtivitie5 will contt'ibute lo tlie aims and objectives they have set. volutter$ Volunteers are an important resource for th¢ Charity and are involved in all of our activities. The Trustees also give their time freely. Page I
BRANDON I.IOUSE LIMITED REPOR'f OF THE TRUSI'EES FOR THE YEAR ENDED 3 1ST DECEMBER 2022 FINANCIAL REVIEW Finaucial review The Siat¢Tnent of FInl(la1 A¢tiviti¢s {SOFA) Shows net InCOEnEng and out8oiMg resources for the yeai.. During the year, the Charily l?ad a n¢1 in¢onie before gain on revaluatiotl Df investment properlie5 of £7.550.96312021.. deficii £226,683). As at the balance sheet date. the Charily ha5 tiet fiillds of £11,015,33612Q21.. £3.464,373}. The Trustees have %isse$sed the going concern risks to the Charitable C.onipany and have concluded tliat.. financial projecttons indicate that the Charity will Continue to meei its liabilities as they fall due over the next twelve months from th¢ date of approval otlh¢se financial 5tatemeiits. The Charity'5 Pafent uttdertakitia Nilkamth Estates, has confimied that if iEquir£d, it will make available such funds as are needed by the Charit8ble Coinpany for the period cov¢red by the forecasts. These fore¢asis ale based on full rents iesuining afte¥ the iemp012ry ¢on¢¢s5ion due to the pandemic. as well as th¢ a81.eed waiver of loaii interest fron) l JalluaTy 2023 by N11ka1th Esl&tts on its loan to the Charity, which Nilkanth Estates has ¢onfimied will not be repay&ble until at least one year froin 31 Decembei. 2022. In light of th¢ abov¢, the Chariry does not lIeve they¢ io be a material un¢ertainty legal1th tls going con¢¢rn. Pi'incipAI funding sourte5 The Chartty's act&vilies 2re mainly financed by funds raised through rental in¢ome, voluniaiy donaiions and financial suppoit from its paY¢iit, Nilkanth Egtaies. Reserve5 policy The Trustees i'eview tlTre ReseTve Policy annually. ThElI' policy is to hold sutTicitnt cash reserves lo meet the operating costs of th¢ Charity whi¢h aTe minimal and in r¢spe¢t of premises costs of the piY)perty used by BAPS for charitable PUIFQSES. Surplus funds fi.vtn dunations iind iEn¢31 illCQTn¢ accuniulaled and L15¢d foi. the f[th¢Tance of lh¢ Charity's bjedives. STRUCTURL GOVERNANCE AND MANAGEMENT Governing docuEllent Br#niEoii House Li2nited is a registered charity (number 1172517) under the ChaTlties Act 2011 Es a Gharitable oigani5alion InCQTporaled in England on 9 February 2017 a5.a compally liinited by guiuTrntee Undu Compally number 10612051. Th¢ Charity is ¢ontrolled by its 8ovemitig doclent. Memorandum and Arti¢l¢$ of Association. Page 2
BRANDON HOUSE LIMITED REPORT OF THE TRUSTEES FOR T14E YF.AR ENDED 3 1ST DEC.F.MBER 2022 REFERENCE AND ADMINisfiL4TIVE DETAILS Rogi.stered C'o]npitlly ljltmbei. 10612051 (England and Wale5) Registered Ch#rity number 1172517 Registei'ed office 104 Colleg¢ Road Harr(Iw HAI IBQ Trustee$ Mr K Bhattess rth Y M Patel Mr J M Patel Di. M R Shah Mr H V Patel Hotelier Compaay Director CoTnpat)y Dij'ecloi. Do¢toi' Company Director (Resigned on 14104120221 There ar¢ five Trustees in post duying the ytrar, and four at the year~end. and they have i'esponsibility for meding the obligalions of the ChaTIty. All TrusÉees give their lime voluntarily and receive no r¢inuneration or benefits from tlie Ch&i'ity. As the Trust¢es are the key manag¢in¢nt personnel of ihe ChaTity and are not i'emunerated, there is nts remuneration policy for key managemenl personnel. Under the requirements of the Articles of Association of the Charity, the current Ti'ustees may appoint llew and additional Trustees, (subject io a maxiimurn of five Trustces at &ny timel by passing of a L"e501vtion at a Ttee5, Ineeting. Eaeh trustee shall hold oifice for Ali Illltial term of tliree years, renewahle by re-&ppoantment for furthei. terms of thi'ee years. Existing Trustees may prowse the appointment of new Tntte$, however. any such appointment requires api)roval by BAPS India. Subject to artÈcle 20A. tfi¢ Trustee5 tnay apPot new and additiotjal Trustees by a resolulion of the Tni$t¢es passed at a Trustee meeting. These individuals work alongside existing Trustees for a pti'iod of three years before being consideird foT appoinlnient. Ongoing trainng is re¢¢ived by the Trvst¢¢5 tIITough attet]dance at courses and being providcd with rel¢v&nt iTrforination fi'om various resouwes, as requiird. Auditors MHA SixÉh Floor 2 Lot]don Wall Place Loiidon EC2Y SAU Page 3
BRANDON I IOUSE LIlITED REPOR"I' OI". THE'fRUS'I'LES FOR THE YEAR ENDED 31 ST DECEMBER 2022 STATEMENI, OF TRUSI'EES RESPONSIBILITIES The Ti'iislees Iwho ali also the directors of Brandon House Limited for the piirposes of conipany laivl aiE responsible for preparing the Report of the Trusiees and Ihe finan¢ial siaieiiienis in a¢¢oiYlan¢e with applicable law and Uiiitcd Kin¥dom Ac¢ouiitin¥ Standards Iuniled Kingdom Generally Accept¢d Ac¢ounling Ptacli¢¢l. Company law requires the Ti'usltts to piEpare financial slalemellts for each financial year which give a tl'Lie and fair view of the stale of affairs of the chai'ilable company and of the incoming resoui'ees and applicalion of resouires, including ihe income and eYp¢ndiiui-t, ofihe Ghariiable company for that pei-iod. In prepai-ing 11105¢ financial 5tatemeii15. tlie Tru5tee5 ir iYqiiire(I io.. select suitable accoiinting policies and then apply them consistently., observe Ihe meiho(Is cind principles in Ihe Charity SORP., make judgtin¢iils and ¢5tirnate5 tliat are reason&ble and prLident' prcpare the fiiiancial statements ot] the going conccrll basis unles5 It is ijiappropi'iate to presume that the charitable company will continue in b115inesS. The Triistee5 are responsible foi. keeping adequate accoiinling Ircord5 whicli disc105e witli reasonable accuracy at any liine tlie financial posittoti of the charitable conipany and to cnable them to ensurc that the financial stateinents coinply with ilie Compaiiies Act 2006. They air also i'esponsible foi. safeguarding Ilie assets of the charilable company aiid hence for taking aSOnable steps for the prevention and dete¢iion of fraiid and other irregulariii¢s. In so far as the Trustees are awair.. there is no relevant audit information of which the charitable company's audito1% are iinaware., and the Trustees hove lakeii all steps that they ought io have taken to make themselves aware of any levatjt audit informaiion and lo establish Ihat the allditors are awaiT ofthat infomiarion. AUDITORS mie auditors, MHA, will be proposed foi. re-appoinlinent al the forthcoining Annual General Meeting following their appointment during th¢ year.. This Irporl has been prepared in a¢¢oi'dan¢e with the special provisions ol Part IS of the Cotnpanies Act 2006 relating to small companies. Appvoved by order of the board of Trustees on ...... and signed on ils behalf by.. Mr Y M Patel - Trustee Page 4
BRANDON HOUSE LIMITED REPORT OF THE tNDEPENDENT AUDITORS FOR THE YL-AR Eli.DED 31 DECFdMI BER 2022 Opinion We hav¢ aiIditcd the financial statements of Brattdon House Liniited (the 'clicirÉtable cotnp&i)y') for the year ended 31 Deceinbei. 2022 which Comprisc thc Statcmcnt nf Fiiiancial Activities, the Ba]ance Sheet, the Sialeinenl of Cash Flow5 and notes lo th¢ financial statemenls, including a suittmaiy of sigiiifi¢aiit a¢countFng policies. The financial reporting fratnework that ha5 bEen applied in Iheii. preparation is &pplicable law alld United Kingdom A¢coutttTng Standards, in¢luding Financial Repoiting SiandaTd 102 The Finan¢ial Reportiiig Stand2rd appli¢able in the UK aiid Rq)Iiblic of Ireland (United Kingdom Gencrally Aecepted Atcounting Practice). In our opinion the financial statenienls.. give a true and fail. view of tlie state of tlje clJ2rilable ton1p&y'S affairs as 8131 Deceihbej. 2022, and of its in¢oming resoui'¢es and appliralion of resources, in¢liiding 115 incole and expenditure. lor the year then ended. have been propei'ly prepared in accordance with Unit¢d Kingdoni Generally A¢¢epied A¢eountill8 Practice,. have been prepared in accoiylance with the requirement5 of tli¢ Cotnpanies Act 21N)6. B%t515 for opinio We cottducted oui audit iii accordance with Intemational SiaJdard$ on Auditing (UK) IISAS {IJK)l and applicable law. Our responsibilities under diose stai)dard5 aTe fuilher described in the Auditor's Respottsibiliiies foy tlie audit of tlie rinancial statetnellts section of our iyport. We are independent of the charilable ¢omp&ny in accordance with the ethical requirements that al'e relevanl lo our audil of the financial statements ill the UK, including the FRC'S Eihical Standard, and we liave fulfilled our other ethical rttponsibilÉtit5 accoi'danc¢ with these irquir¢Trients. We believe that the auditevidence we have obi&ined is sufficient and appropriate to providE a basi5 for our opn10n. Conclusions rel#tiTLg to going coneerN In auditing tlie ftnanctal statements, we bave concluded tliat the Tru5tees' use of tlie goiiig ¢oiicem b&si5 of ac¢ounting in the pirpaFatioti of tl)e financial statements is appropriale. Ourevaliiation of tlie Triistees, assessmentof the entity's ability lo continuc to adopt the going concem basis of accounting included crilital revi¢w5 of expected itiv¢stmeni in¢otne and assuiHnces piovided by the cJ)aritable ¢ompaiiy's pareiitctkmpany, Nilkanth Estates, to plvide financial as515tat]ce should it become requii'ed. Based on the work we have performed, we hav¢ not identified any material uncertainties relating to evenrs oi. Conditions Éhat, individually oi collectively. may cast signifjcant doiibt on the charitable ¢ompany'5 abrlity to conlit)kie as a going ¢on¢ein for a p¢riod of at least twelve months Fro when the financial 51atement5 aTe ailthorised for issue. Our responsibilities and the Irspon5ibilities of th¢ Ti'ust¢es with respect to going ¢oncei'n are described in th¢ relevant seclions of this r¢port. Other Information The TrLlStees are responsible for the other illformBtian. The other informatiL)n ¢ompris¢s the information included in th¢ annual repoi'l, otlier tliall the financial siatemenrs and our auditoi s i'eport Iliereon. Our opinion on the financial statements does not cover the other Enformatiort and, except to the ext¢nt otherwise explicitly stated in our report, we do not ¢xpress any forni of assurance ¢oo¢lusion thei'eon. tn connection with our alldil of the finaneiAI statements, oui. resportsibility 15 to read the other infonnation and. in doing 50, coiisider wlietljer the otlier infortmation 15 materially thntOnSi5tciit with the fJnan¢ial statements or oui. knowledge obtained ill the audit or othenvise appears to be materially misstated. If we Identify such malei'ial Enconsist¢n¢i¢s or appai'ent material misstatements, we are r¢quired to determine whether there 1$ a material misstateiThent in the fJiianGial sttelentS or a material misstaternent of the other infoi'malion. If. based on the work w¢ have perforjned, we ¢on¢lude that there is a tmaterial Inisslatejnent of this otlier information, we are required to *q)ort that fact. We hav¢ nothing to report in this gard. Page 5
Opiiiions on otliei. mntters prescribed by the Companies Act 2006 In oui opinion, based on the woll( iii)dcrtaken in the Cou¢ of tlie aiidit.. the intormatioii giveii iii Ilie Twstee5' IEPOJt lincoipoiwtii)g the DEI'ecioi's' rei)oitl for ilie fiiianeial yeai. foT wliiel the financial statejllellts are prepared is consistent with Ihe financial stateillenls. alld the Tftistees, report liiicorpDrating the DEre¢lors' iepoitl Ilas been ptrpared iii accordCe with applicable legal requirements. MAtters oil wliielj wt xie required to report by exception In ihe light of our kttowledge and undersi&nding of the cliariiable Company and lis enviiDnnien¢ obtained iii Ihe Course of the audtt, we l)ave iiot ideiitified Inatei'ial InEs5tatei¢nts in tlie Difectors, polI, We have nothing to report it) iespect of the following matters in relation to which the Companies Act 2006 requirE5 US to repf)rt to yoll if, in our optniort.. adeqLiat¢ accounliiTrg re¢oiYls hav¢ not been kept, oi. rern5 &deqiiate for our alldil have noi been received from bi2n¢lies iiol vtsiied by us, or the fIanCial statements are iiot in agreemenl with the accounting records and reluins. or certain disclosures of Diirct015' Irinuneixtioii specified by law ale not made., or we have not r¢¢eiv¢d all Ihe inftirniation and ¢xplanations w¢ require for our audil; or the Trustees were i)otentitled to prepare the fuianci&l staleLIICEils in accordance with tl)e sn]all conipaiEies' regime and take advantage of the sittall ¢ompanies' tXnptions in preparing tli¢ DiiE¢lors' r¢poi% ond from the requiremellÉ to prepare a slrale¥ic repoit. Responsibilities of Tru5te¢s As explaiiied more fvlly irt the Tiiistees. responsibilities st2tenient inclllded ITh Élle Trustees. Annual Rep011, die Trustees (who are also the DiT¢etors c)f the¢harilabl¢ ¢omp)ny forthe purposes of ¢ompany l%w) ar¢ r¢sponsibl¢ for th¢ preparatEon of tjie fanCIal stalt]n¢nls and for being s4tisfic(I th#¢ they ¥iv¢ a Iru¢ att(1 Idir view, and fvT suih iiitErnal Lurtlrul a5 the Ti'ustees determine is necessary to enable the preparation of fin&i)cÈal 5taÉeinents that are free from material misstatement, whether due to fraud or error. Iii pirparillg rhe fiiiancial s¢ateinents, Ihe Trustees are responsible foi. assessing the cliariiable conEpatJy's ability to continue as a going conc¢m, disc105ingy as &pplicabl¢. matter5 related to going ¢ott¢erii and using the goiiig ¢on¢erii basis of accountit]g unless the TrL15tees eithei. inteiid to liquidate the chaTltable company or to cedse operations. or have no r¢alistic alternative bui to do so. Auditol s respoiisTbilities for tlit #udit of the finxiieial stit¢ment$ Ouy objectives are lo obtain IERsonable assurance about whetlicr the financial statements as a whole are fvee froÈn material misstAteiMeiiL ivhelliei. due to fraud or eiror, and to issue auditol s i'eport tliat includes oRJi' opinio¢i. Reasonabl¢ a5suranG¢ is a high level of ossuran¢e, but is noi a guarantee tliat an audit conducted in accordance with ISAS (UK) will always dete¢t a maierial misstatemenl when it exists. MtssiateientS call arise frotn fraud or error and are cot]sidered niatei'ial if, individually or itl the #ggregute, they could reastrn&bly b¢ expected to inflii¢n¢e the ¢¢OiM)mi¢ d¢¢isions of us¢rs tak¢n on the basis of these financial statetnents. IgUlaritIes, incliiding fraEid, are itistances of llon-conipliance with laws alld IrgulatlOn5. We design procedur¢s in 1snE with our responsibilities, outlin¢d above, to detect material mtssl&teMents in respect of iiregularities. lllcliiding fi'aud. The specific proL¥dur¢s fur this engagemertl atjd the extent to which these are capable of detecting ilyegularities, incliiding fixud is detailed below.. Ellquiry of those chai'ged with governance conc¢Tning any ii?stanc¢s of known 01. Suspected instancc5 Of fr&ud. Enquiry of those ¢harged with govemance coijcerning actual and potential litigation and claiins- Enquiry of t]105e ¢hA¥ged wilh goveimance ¢oiicevning any in$tatJ¢es of non-complianee with laws and regulations. Reviewing Ilie co1)ti1 5ySteins place and testing the efflIVenesS of the coThtrol5', Performin aiidit iVOTk over Ihe risk of maTraEeinenl oveiTide of controls. including testing ofjoiimal entries and Pa¥¢ G
other adjustments for appropi'iateness. Evalu&ting Iljc bugine5s ration21e of SInifIcant tran5actÈOIiS OLltside the nonnal wu13e of busioess and reviewing accouiiiing estimates for bias. Reviewing ininiites of Ineeting.% of th08e cli&rged with gDvernance- Revieiving fjiiancial slatemEnt disclosures and testing lo supportin¥ dociimentatioo 10 ass¢ss complian¢e with applicable laws and regulations. BeLiiuse of ilie inherent limitations of an audit, there 15 a risk that iv¢ will not detect ill irr¢gularitie5. including those leading to a malei'ial misstaletnettt iij the financial stklemenls or noll-con]pli&llce with regulation. Tliis i'isk Inci.¢¢S the nioi'e Ihat complianle with a law oi. Yegulatiott is remov¢d froill tlie events and ti'atactio1lS iEflected iji th¢ fianCial slalein¢llts, as we will be Icss likely to b¢cotne aware of ill5tances of non-compliance. The risk is also greattr regarding irregularities oc¢un'itt¥ due to fraud l'ather than errol., as fyaud involves intentÉonal conGealment. forgery, collusion, omission or Jlljsrepresentatlo. A ftiither descriptian of our respon5ibiliti¢s for the audit of the fillancial statements is located on the Financial Reporting Council's website &t-. https'.Ilwww.fir.org.uklOiir-Work/AuditlAudit-and-assuranc¢lStandai'd5-and-giiidaiicclStandards- and-gutdance-f0r-auditorAildli01s-re$)SlblIIties-for-aud1[1DescrIpIoll-tsf-aUdltorS-responSibi1IÈ7Cs-for-aud1(.aSpX. This des¢ription forms part of our *uditor's ieport. Ust of this ltport Tliis report is t)iade stslely to the charitable wnipany's Miembei's, 8s & body, itt accordance with Chapier 3 of Part 16 of the C(Inipanies A¢t 2006. Our audEt woi'k lias been undertaken so that we niighi state to the chariiablecoinpRny's Inembers tliose tiiatters we air reqllEd lo stale lo Iljem in an auditoi's repovi and fot no other purpose. To Éhe lIest extent permitted by law, we do not a¢¢¢pt oi. assume Y¢swnsibility to ayone other than the ch&i'ilable comp8ny and the haritable ¢oinpany's Inembers as a bodyi for our audit work, foi. this report, or for t12e opinions w¢ hav¢ foimed. Sudhir Singh FCA (Senioi. Statutory Avditor) For and on b¢half of MHA, St8tu¢ory Auditor London. United Kingdom Dai¢.. 29 September 2023 MHA Ès the trading name of MaclntyiE Hudson LLP, a limited liability partE)ership in England and Wales (registered tlumber OC3 123131 Page 7
BRANDON HOUSE LIMITED STATEMENT OF FINANCIAL ACTIVITIES liiicorpor&tin8 an Inconie and Expenditure &CCDUllt) FOR THF YF,AR FNDED 3 1ST DEC.EMBER 2022 2022 2021 Total Funds Unrestricted rlliids Notes INCOME AND £NDOWIVIETrUS fROfvI DoiJatJOn5 hnd legaci¢5 Investment iiicome 7.200,000 399 999 266 6()7 TotRI 266 667 EXPENDITLIRE ON RaisEng funds 49,037 39,984 Total 39 NET INCOMEI (EXPEI NDITURE) 7550J63 226,683 RECONCILIATION OF FUNDS l-ot81 funds bi'ought forwhrd 3 464 373 3 237 690 TOTAL fiUNDS CARRtED VORWARD The notes form part of these finaiicial slaiements Page 8
BRANDON FIOUSE LIMITED Registered Company Number: 10612051 BALANCE SHEET AT 31 ST DF.C.EMBER 2022 2022 Uni'estricted luijds 2021 Total riinds Notes FIXED ASSETS Tangible assets Investrnent propeilies Mixed use assetsl Investtnent property 1,671,840 6,001,956 10,000,000 17673796 1,695,920 10,000,000 1 695 92Q CURRENT ASSETS Debtors Cash at bank 10 1,38.SJ03 253,626 182,741 378.387 ,638,929 561,128 CREDITORS Aniouiit5 lalling due within one year 184.1381 179.424) NET CURRENT ASSETS 1.554,791 481.704 TOTAL Asslt TS LESS CURRE4 NT LIABILITIES 19,228,587 12.177.624 CREDITORS Atnounts falling due after tnor¢ than one year 12 {8.213.251) 18.713.251} NET LIABILITIES 11,015,336 3,464,373 FUNDS Unrestricted fund5 13 11.OIS.336 3,464.373 TOTAL FUNDS 11,015,336 3.464.373 These financial statements have been prepared in accordance with the provisions applicable to charitabl¢ companies subject to the small ¢ompani¢s gime. The fjnancial statements were approved by th¢ Board of Trustees on ................. behalf by.. and were signed oti its J M Patel-Trustee Paiel -Trusree The notes fomi part of these financial staternents Page 9
BRANWN HOUSE LIMITED SI'ATEMENT OF CAS14 fLOWS FOR TI-IB YFAR ENDED 31ST DECEMBF.R 2022 2022 2021 Notes Cash flows fi'om optr#tFng uctivitie5: Cash generated from operation5 16 5,877 195 246,059) Net cash provided by (used Inl optrating A£tiviti¢s 5877 195 246 059} CSh flow fi'om investin¥ activitie5.' Piiirha%e cjf Inveslmeiil property {6,001,9561 Net C15h provided by (used Itll Enve$¢ing k¢tiviti¢ 6 001956 ChAnge in casli And eash equivAlen15 111 the i'eporting period (124.761) 1246,059) Casli lliid cash equlvAlentS At the beginning of the reporting pei'iod 378 624 446 Cash eash ¢quival¢nt5 at the end of the r¢porting period 253.626 378,387 ANALYSIS OF CHANGES IN NET DEBT Asat31 tkccinber 2022 A5atOI January 2022 Cash tlows Cash at bank and in hand Debi due &ft¢i one yeai. 378,387 18,713,251) (124,7611 500.000 253.626 {8,213,251) 8J34.864 375,239 7,959 625 The notes hrm pait of these financial statemenis P&g¢ 10
BRANDON HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR BNDED 3 1ST DFCEMBER 2022 ACCOUNTING POLICIES BA5is of preparing the financial statements The financial 51aletnents of (he ¢haritable conEpally, wliich is a public benefit ¢ntity linder FRS 102, have beeii prepared in accordance with the Charitie5 SORP IFRS 102)'Accounting and Reporting by Chai'ilies.. Statemei)t of Recojnmended Ptactice applicable to Ghariltes preparing iheir accounts in accardance with the Fiiiaiicial Reporting Standard applicable En the UK and Republic of Ireland IFRS 102), Financial Reporting Stand11 102 'The Finaii¢ial Reporting Standard applicable iti the UK and Republic of Ireland, and the C.ornpaiiies Acl 2006. The financial stalenjents have been prep.ed under the historical cost conveniion. as modifted by th¢ r¢valuatio of certaill assets. Golng Concci'ii The Charitable Company had net ndS nOntINg to £1 1,015,33612021'. £3,464J73) at year-ethd. The Ti'ustees have assessed the going concern risks to the Charitable Company and hove Concluded that.. financial projections indtcatt tIt Ilie Charity will contiiiue to iect its liabtlities as they fall du¢ over the next twelve months fi'om the date of approval of these financial statements. The Charity's pareal undertaking, Nilkanth Estatcs, h&s confjimed that if Tequired, it will make &vailable such fund5 as are need¢d by the Charitable Company for th¢ period covered by the forerasts. These foi'ecasts are based on rents resLirtTrlEig aft¢r the temporary ¢on¢ession du¢ to the pandemi¢, as well as the agreed waiver of loan interest froin l January 2023 by Nilkan(h E51atEs on its loan to the Charity, which Nilkanth Eslaies ha8 confiiyned will not be Irpayable until at least otie year from 31 Decetmber 2022. In light of the above, th¢ Charity does not believe there to be a material uncertainty regarding ils going coo¢¢rn. Income All income 15 recogllised in the Statemetti of Financial Activities oiice tlie Charity Itas entitlement to the funds, tt is prob&ble that the in¢ome ivill b¢ received 2nd the amount call be measured reliably. Rental Ineotlle R¢ntal income from operattn¥ lews (net of any incentives given to the lessees} is recognised on a 5tL7ight-line basis ovei. the lease tei'm. Expenditure Liabilities are recogRi5ed as expenditure as soon as there is a le¥al or ¢onstiuctive obligation ¢omrnitting the Chai'ity to that e.¥penditure, it is probable that a Iransfei. of eLonomi¢ benefits will be required in settlett)ent and th¢ amoiint of the obligation can be measurcd Irliably. F.xpendilLife 15 accounted foi. on an accruals basis aijd has bEtn classified und¢r headings tliat aggreE8te all cost irlated to thc ealegory. Where costs cannot be direct]y attribted to patliLular headin&s they have been allocated to activities on a basis consi5tcnt with the 115e of resources. Tanglble Fixed A5set3 It¢m5 of eqiiipment air ¢apitalis¢d wheiE th¢ puirlias¢ Pl'ice exceeds £500. Depreciation costs are allocated lo activities on th¢ basis of the use of the related asseis in those activities, Assets aTe reviewed for impairment if circumstances tndEGale their carrying valu¢ may exceed their net realisable value and VaUe in iise. Depi'e¢iAtÉon is pEDvided at rates ¢&l¢ulated to WTlte down the rost of each asset to ils estimai¢d residual value oveT ils expected ugful life. The depreciation rdtes in use as follows.. Freehold buildÉngs.' 2Yo on cost Frcehold land is not depreei&ted. Page 11
BRANDON HOUSE LIMITED NOTES TO THE FINANCEAL STA TEMENTS - CONTINUED FOR THF. YEAR ENDED 31ST DF.C',EMBER 2022 ACCOUNTING POLICILS- ¢oi)tinued Mixed Use Assets Property held foi. a cotnbination of financial Irttim and rontribution to the Chai'ity'5 purposes 15 c1&55ified a5 mixed use assets. Under FRS102 and Charity SORP, the eleineni of tli¢ asset held for fillancial retiim requllrs revaluation at yeai.. end fair valuE. TAx8ti0 The Charity 15 exempt from corporntion tax on its charitable activities. Actounting estimates and judgements the application of the Charity's accounlillg policies, the Trustees are requiiEd to make judgeineiils. estiinates and assuinptions about the carrying aiiiouni of assets and liabiltti¢s tl)at a¥¢ not Keadily apparent from oth¢i' sources. The estimates alld associated assuiknpiions aye based on hisiorical experience and otlier factors that ar¢ constdered to be relevant. Actual irsults tnay differ f1M these estimate5. The estTmates and underlying assumptions are IEvi¢w¢d on an ongoiiig basis. Revisions to accouiitit)g eStMateS gie reco8nised the period to which they r¢lat¢. Covid-19 lias had FJO impact on &ny accounting estiinates and judg¢mentS. M(xed Use Assgts A IMixed-us¢ asset is an asset lield to generate a financial IEturn and which also eontvibutes to the CharÉty's purposes. The Charity's BTartdon House pioper¢y repiesents a mixed-use asset. The elemeftt of the asset deemed to be held for fnanCIal retuin is accounted for as att investment and m¢asiired at fair value at the reporting date: the Ti'uslees hawe reviewed ihe fair value of this eltinent al the year-end, in liiie with SORP feqiiii'ements, and do not believe it to have rnaterially changed sit]tt its revaluatioii on 31 Decernbcr 2D20. The eletnenl of the asset deenied to l)e held ta canti'il)uie t() tht Cliartty'.% PUIVO%&8 Ès accouiited foi. as & tangiblc fixcd a£sct and measui'ed at cost less depirciation. The Trustees Iiave used floor area as the basÉ$ for estimating the propoi1ions of the asset accounted for as an investment and a tangible fixed a5S¢t. Fuiid accouritiiig UThrestiicted funds can be iised in accordance with the Charitable tsbje¢tiw ai Ihe disueiiot* of the Trustees. Resti'icted funds ¢on only b¢ used foi. paiticular restricted puiposes withit) the objects ofthe Charity. Restrictions al'i5¢ when 5peGified by the donoi. or when funds are raised foi. particular i'estritted purposes. ConcessioiIRry loxns Loans whi¢h liave b¢¢n taken out with at) interest rate below Ilie tnarket rate and for chai'itable purposes are deetned as coiice5sionary loans. Further explanation of the nature puryiose of each fund is inrluded in the no¢e5 to the finatJ¢ial statements. DONATIONS AND LEGACIES 2022 2021 Donations 7,21KI,0110 INVESTMENT INCOME 2022 2021 ReE]ts received Page 12
BRANDON HOUSE LIMITED NOTES TO TFIE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 ST DECEMBER 2021 RAISING FUNDS Investment manageinent Costs 2022 2021 Rates Gas Insurance Batlk chaiEes Sundries LlectrÈcity Depi'cciation Professional fees (1,1611 412 621 1,900 44 13 8,601 24,080 4.314 3,657 15 13 16,675 24.080 5,758 49,037 39.985 NET INCOfvIEI(EXPENDITURE) Net in¢om¢l{expenditure) is stated aftej. chargingllcreditingl.. 2022 2Q21 Aiiditors, Irmuneralion 4,200 ANALYSIS OF STAFF COSTS, TRUSTEES, RKMUP4£RATION AIYD BETr4EFITS The Charity is managed and operated by its TiTr]stees and ihere are no employees. All Trustees give th¢Trr lime voluntoKily and rw¢iv¢ llo rernuneratioll or benefjts from th¢ Chai'ity, Th¢r¢ weye no Trustees, expenses paid for the year ended 3 1st De¢ember2022 nor for the year ¢nded 3 1st December 2021. Pa¥e 13
BRANDON HOUSE LIMITED NOTES TO THE FINANCIAL STA TEMENTS - CONTJNUED FOR THE YEAR ENDED.AI ST DF.C.EMBER 2022 TANGIBLE FIXED ASSETS Freehold buildings Cost At 1st January 2022 1.720.000 At 31 December 2022 )rec?ation At stait of the yeor Charg¢ for rhe year 24,080 24,080 At end of the year Net Book Value5: At end of the year At stai of Élle yeai. INVEsfMCI NT PROPERTY FAIR VALUE At I" January 2022 Additions 6,001.956 At 31 tkceTnbEi' 2022 MIXED USE ASSETI INVESTMENT PROPERTY FAIR VAI.UE At 1st January 2022 10.000,000 Ai 31° Demb¢1' 2022 In line with financial i'eporting irquireinenls, and &t the year-end, the Trustees have reviewed Ihe fair valiie of the ¢l¢m¢nt of the Cli&riry's BIBndoii House property wliicli is used for iiive5tiiient piii'poscs. They do i)ot belieye il to have mat¢rially challged in fair value since it5 revaluation on 31 December 2020 which used an informal valuation from a RICS-ac¢redited pwperty advisor. &lld liuslee consideration of then curirnt n)ark¢t fa¢lors. Pag¢ 14
BRANDON FIOUSE LIMITED NOTES TO TPIE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2022 10. DEBTORS: AMOUNTS fiALLING DUE ITrITHIN ONE YEIAR 2022 2021 Trade debtoi Other debioj's VAT itcoverable 19,002 166,301 1200,QOO 16,440 166.301 1385 303 182.741 As dctailed in NDte 8 abov¢. the Charity purchased a llew investrnent property Ihe year. As the properly hos an option to on it. VAT was paid when purchasing it and has since been reclaEmcd by the Charity fTOrn ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade Creditors OtheT Gr¢ditor5 AccTued expens¢S 12,462 67.056 8,313 66,911 79,424 12. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2022 2021 Conce5s¥onary LA>ans 13,251 8713,251 The Charity's parent Eliarity. Nilkat]th Estates, provid¢d a Iojtk to tlie Charity of £8,201,331 in 2017 for the purchase of the Cliarity's Brandon House property and lo further both ¢ntiti¢s' Charitable objectives. The loaii.. incurr¢d interest at 3°h annulli until 31 December 2020 after which the became inteTeSt free. is seciired agait)sl th¢ pruperty. 15 rep&yablc on demand, though the paTent charily IS plvided assurince5 that it 'ill iiot be repayable until at least one year fiDm 31 DeL¢mbeF 2022. Nilkaiitli Estates hos agreed to waive interest charges on its loan to ilie Charity stnce the premises are iised for chaiilable PUTP05es. 13. MOVEMENT IN FUNDS Unre$trieted fund5 2022 2021 Ai siart of the year Incomiiig rtsoiirces Resources expeiid¢d 3,464,373 7,599,999 (49.036) 3,237,690 266,667 139.984) At eiid of the year Page 15
B]L4NDON I.IOUSE LIM11'LD NOTES TO THE FtNANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENTDED 31 ST DECEMBER 2022 14. RELATED PARTY DISCLOSURES Included in Cyeditors is a Con¢essTonary loan received frol Nilkat]th Estatcs. a regÈst¢red ChaTity with commo TrnsteeDlIEetors and also being the sole membei. of this company. The toial loan at 31 Deceniber 2022 is £8,213,251 &t]d include5 £8,201,331 foi'the piirchase of the it)vestmeiit propety held by the Charity together with rolled-up int¢r¢st at 3•/0 per atjnum. The loan is repayable on an indetetminale period. The Collcession8ry loan h&s beeii provided by the Chariry as Byandon House uses part of the piDperty for ¢haiitable piiryx)ses. 2022 2021 L.oan pi'incipal Interest ac¢n]als of earliei. pei'iods Cumulative Loan repayment 8,271J31 941,920 000 000) 8,271.331 941,920 500 0001 Balance payable to Nilkanih E5¢aies 8.713 251 Brandon House Limited received urÈrestricled danatiotts of£7.2Jll12021.. £Nill from Sarjudas FOndatIOn duiing th¢ year. Brandon Hous¢ Limited and Sarjudas Fouiidation has a trustee itt common. Is. ULTifvlA'fE CONTROLLING PARTY The ¢ompany is a Company limited by guarantee and the sole guaranioi is Nilkattth Estates (R¢g. Ch&i'ity no.1148431}. The latl¢r 15 incoipoiaied and regi51¢ird in England & Wales. CotTrsolidated fit)ancid statements of Nilkanth Estates are available onlille &1 the Companies House website. 16. RECONCILIATION OF NIIT INCOME/{II VENDITURE)TO NET CASH f4LOW fROM OPEI RATING ACTIVITIES 2022 2021 Net irhcomel(expeKditure) for the Yeportlng period las per the statement of finRiiciftl Retivities) AdjiEStments for: Depreciation {Increasefv'De¢reas¢ in d¢b(ors (DeLreasellln¢rease itt ci"editors 7,550.963 226.683 24,080 (1,202,562) 495286) 24,080 5.287 502,1091 Net tX811 provided by operAting Activities 5 877 195 246 059} Pag¢ 16