REGISTERED COMPANY NUMBER: 10612051 (England and Wales)
REGISTERED CHARITY NUMBER: 1172517
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2024
FOR
BRANDON HOUSE LIMITED

BRANDON HOUSE LEMITED
CONTENTS OF THE FtNANCIAL STATEMENTS
FOR THE YEAR ENDED 3 1ST DECEMBER 2024
Page
Report of the Trustees
I to4
Report of the Independent Auditors
5t07
Statement of Financial Activities
Balance Sheet
Statement of Cash Flows
10
Notes to the Financial Statements

BRANDON HOUSE LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 3 1ST DECEMBER 2024
The Trustees, who are also directors of the Charity for the purposes of the Companies Act 2006, present their report with
the financial statements of the Charity for the year ended ) I st December 2024. The Trustees have adopted the provisions
of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charitable company's purposes, as set out in the Objects clause contained in the Company's Memorandum of
Association are..
to advance the Akshar Purushottam Swaminarayan denomination of the Hindu religion based upon the teachings and
principles of Bhaawan Swaminarayan,. and to foster the practice and worship of the Akshar Purushottam Swaminarayan
denomination of the Hindu religion as revealed by Bha￿Wall Swaminarayan.
2. preserve and safeguard the health of all person5 and in particular of young persons who are in danger of becoming
addicted to or dependent upon illegal drugs of any description, alcohol, solvents or other addictive substances; advance
education for the public benefit.
3. promote community participation in healthy recreation so as to develop participants, physical, mental and spiritual
Capacities. and
4. for those purposes wilhoul prejudice lo the generality of the foreooing, to allow other charities having similar objects
lo occupy any of its premises at nominal or market rent.
Our aims fully reflect the purposes that the Charity was set up to further.
The Charity seek5 to meet its aims and objectives by periodically donating surplus funds to other charities which promote
and deliver the saille aims and objectives such as Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (BAPS)
or to its parent charity, Nilkanth Estates. Nvho share the same aitns and objectives.
Achievement5 111 the year
During the year, the Charity continued to receive rental income from the letting of its industrial units and provided part
of its buildin(vs at a p¢ppercorn rent for use by BAPS for its charitable purposes which are similar to those of the Charity.
The Charity received propety donation from Nilkanih Estates. The property is under construction and is intended for
mixed use. The property is to be used for both own and commercial purposes.
The income generated from letting this property in future will contribute lo the furtherance of Charity's aims and
objectives.
Ensuring our work delivers our aims
We review our aims, objectives and activities on a yearly basis. This review looks at what we achieved and the outcomes
of our work in the current period and to continue the review on an ongoing basis. The review looks at the success of each
key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us
ensure our aim, objeciives and aciivities remain focused on oui. sraied purposes. We have referred lo ihe guidance
contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in
planning our future activities. In particular. the Trustees consider how planned activities will contribute to the aims and
objectives they have set.
Volunteers
Volunteers are an important resource for the Charity and are involved in all of our activities. The day-to-day management
of the charity and its properties is all done on voluntary basis. Administration of the charity is also done by the volunteers.
Th¢ Trustees also give their time freely.

BRANDON HOUSE LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 ST DECEMBER 2024
Charitable activities
During the year, the Group achieved its aims and objectives by providing properties with a carrying value of £51. I million
rent-free to BAPS and The Sarjudas Foundation (and its wholly-owned subsidiaries and group undertakings). Both these
charities have the same aims and objectives as Nilkanth Estates (Parent).
The properties provided by the Group to BAPS include Mandirs situated in:
Neasden, London
Leeds
Manchester
South London
Coventry
Leicester
Birmingham
Wellingborough
Chigwell, London
Loiiohborough
Preston
Havant
Luton
Souihend-on-sea
The activities undertaken at the above properties further the Charity's common aims and objectives for the public benefit
and include a variety of weekly activities, spiritual forums for children and adults, courses in ethnic language, music, and
dance, and events which cultivate personal talents and interpersonal skills and promote the strengthening of relationships
within communities and families.
FINANCIAL REVIEW
Financial review
The Statement of Financial Activities (SOFA) shows net incominiy and outgoing resources for the year.
During the year, the Charity had a net income before gain on revaluation of investmenc propenies of £2,075,806 (2023:
£440.656).
As at the balance sheet date, the Charity has net funds of £1),531,798 (2023: £11,445,992).
The charity received a property donation from Nilkanth Estates amounting lo £3.44m. The property is intended to be for
both own and commercial purposes. The asset is under construction and is lo be funded from the loans frotn Sarjiidas
Foundation, a charity with similar aims and objectives.
The Trustees have assessed the goinu concern risks lo the Charitable Company and have concluded that..
financial projections indicate that the Charity will continue to meet its liabilities as they fall due over the next
twelve months from the date of approval of these financial statements.
In view of net liability Position of £98,887 the Charity's parent undertakin. Nilkanih Eslales, has confirmed
that if required, it will make available such funds as are needed by the Charitable Company for the period covered
by the forecasts.
These forecasts are based on full rents receivable, as well as the agreed waiver of loan interest from l January 2021 by
Nilkanth Estates on its loan to the Charity, which Nilkanth Estates has confirn]ed will not be repayable until at least one
year from 31 December 2024.
In light of the above, the Charity does not believe there to be a material uncertainty regarding its going concern.
Fundraising activities
Neither the Group nor the Charity undertake any public fundraising activities.
Investment performance
In 2024, the Group's propeity investment portfolio valued at £32.1 I m (cost - £19.857m) generated a total return of c.50/0
on value which the trustees consider is reasonable for ils property portfolio and broadly around market expectations.
Liability Insurance
The Gi-oup purchases trustee liability insurance on behalf of the trustees to protect them against claims that may arise
from the perfonnance of their charitable duties.
Page ?

BRANDON HOUSE LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 ST DECEMBER 2024
Principal risks and uncertainties
The main risks for the Group are..
tseneration of rental income from its investment properties to fund its own operating costs and support the operations of
oihei. charities with Common objects and activities. Income from lettino ils investment properties is dependent on the
economic cycles, including their impact on tenant covenant quality, interest rates, inflation, property values and
environmental and health and safety measures and its cornpliance. The Group typically acquires properties in area5 which
its trustees believe can be readily let at reasonable income levels and with little risk of void periods. The trustees regularly
carry out maintenance of its properties to comply with health and safety obligations and to ensure that its properties do
not fall into a slate of disi'epair.
The Group relies on donations from Sarjudas Foundation to supplement its rental income surpluses in order to be able
lo finance the acquisition of both investment properties and properties acquired by the Charity and made available for use
by BAPS and other charities with similar aims and objectives. Sarjudas Foundation is an established Charity and the
trustees see no reason why donations from that Charity may cease, however, the Group has an unencumbered investment
property Portfolio with a value of £31.5m and could easily gear up with debt to finance further property acquisitions
should donations from Sarjudas Foundation ease.
Reserves Policy
The Trustees revieNv reserve5 annually. Their policy is lo hold enoU￿h cash reserves to meet the operating costs of the
Group for at least one year. Surplus funds from donations and rental income are accumulated and used to build new
temples or maintain existinq ones.
In establishing this policy, the Board of Trustees conducts an annual review of the level of unreslricled reserves in the
oenei'al fund by considerin<t risk5 associated with the various income streams, expenditure plans and balance sheet items.
This enables an estimate lo be made of the level of reserves that are sufficient..
to allow time for re-organisation in the event of a downturn in income or asset values;
lo protect on_(yoinu work prooramme; and
to allow the Group to meet its objectives
Risks and issues considered by the Board of Trustees in making this judoement on the level of unrestricted reserves include..
likelihood of a downtum in income streams.
period of time required to re-establish income streams.
period of time requii'ed to downsize the Group operations,.
wheiher there is adequate control over budgets
potential deci'ease in the value of the investment portfolio. and
requirements for a reasonable level of working capital.
The Trustees review the Reserve Policy annually. Their policy is to hold sufficient cash reserves to meet the operating
costs of the Charity which are minimal and in respect of premises costs of the propety used by BAPS for charitable
purposes. The charity held cash reserves of £176,736 (2023.. £622,514). Surplus funds from donations and rental incorne
are accumulated and used foi. the furthei'ance of the Charity's objectives.
Plans for the future
The trustees aim to continue on Charity's success, achieved by delivering its aims and objectives. The Charity intends to
continue with the investing in the properties for generating income lo support furtherance of Charity's objectives.
Principal funding sources
The Charity's activities are mainly financed by funds raised through rental income. voluntary donations and financial
support from its parent, Nilkanth Estates.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Brandon House Limited is a registered charity (number 1172517) under the Charities Act 201 l and is a charitable
organisation incorporated in England on 9 February 2017 as a company limited by guarantee under Company number
10612051.
The Charity is controlled by its uovernints document, Memorandum and Articles of Association.

BRANDON HOUSE LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 ST DECEMBER 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10612051 (England and Wales)
Registered Charity number
1172517
Registered office
104 Colle(te Road
Han'ow
HAI IBQ
Trustees
Mr K Bhattessa
Mr Y M Patel
Mr G Ramparia
Mr J M Palel
DrMRShah
Hotelier
Company Director (Resitsned on 2110212024)
Company Director (Appointed on 2110212024)
Company Director
Doctor
There are five Trustee5 in post during the year, and four at the year-end, and they have responsibility for meeting the
obljaalions of the Charity.
All Trustees give their time voluntarily and receive no remuneration or benefits from the Charity. As the Trustees are the
key manatsement personnel of the Charity and are not remunerated, there is no remuneration policy for key management
personnel.
Under the requirements olthe Articles of Association of the Charity, the current Trustees tnay appoint new and additional
Trustees, (subject to a ma.ximum of five Trustees al any time) by passing of a resolution at a Trustees, meetinu
Each
trustee shall hold office for an initial tenn of three years, renewable by re-appointment for further terms of three years.
Existing Trustees May propose the appointment of new Trustees, however, any such appointment requires approval by
BAPS India.
Subject to article 20A, the Trustees may appoint new and additional Trustees by a resolution of the Trustees passed at a
Truslee meeting. These individuals work alongside exi5tints Trustees for a period of three years before being considered
for appointtnent. Ongoing training is received by the Trustees through attendance al courses and being provided with
relevant information from various resources, as required.
Auditor5
MHA
Sixth Floor
2 London Wall Place
London
EC2Y SAU
Page 4

BRANDON HOUSE LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED JEST DECEMBER 2024
STATEMENT OF TRUSTEES RESPONSIBILITIES
Th¢ Twstees (who are also the directors of Brandon Hous¢ Limited for the purpos¢s of company law) r¢sponsible for
prepllrin8 thc R¢port of th¢ Trustees and th¢ finaii¢i41 $t4t¢ments iii ￿E0rd￿n￿￿ with applicoble18wand Unit¢d Ktn8dom
A￿oUNting stand￿ds OJnitsd Kin8doiM G¢n¢rally Acc¢pt¢d Acrountin8 Pta¢lic¢).
com￿nY law roquires th¢ Truste¢5 to prepare fin8n¢iat slAt¢m¢nts for¢￿h f￿ancIal ycar whiBh 8iv¢ a tru¢ 8nd fair vi¢w
of thc stat¢ of aff#ir$ of th6 charitabl¢ compony Attd of the incomin8 rtSOilT¢¢$ and application of rasources. includin8 the
incooie ond expendiwrrf of ih¢ Charitable coinp&lly for that period. In prepllrin8 those financi￿ 5tat¢m¢nls. th¢ Ttw$tees
are requireA ￿..
sel¢¢t Suiiablc a¢countin8 p)Iici¢5 then 8pply them ¢onsist¢nily-
observo the methods and principles in the Charity SORP,
make juds¢ment5 and c5tiE21at¢5 thAt are reason&blo and prnd¢n¢
prepore the fin•nci&l stst¢nJont5 on ihe 80in8 concern b4si5unl¢y¥ it Is in4ppropriBt¢ ko pr¢sum¢ thatthe charitabl¢
¢ompHny will ¢oniinu¢ in biL$iness.
The TTUSt¢¢S 8T¢ rospon9Lble for keepitl8 &dequat6 ILC¢OUlltin8 re￿rdS whi¢h disolos¢ willi T¢4sonable llceuracy at any
tim¢ th¢ fitt8nciEI position of thc charitabl¢ oompany and to ¢n&bl¢ th¢m to ¢nsur¢ that tli8 f￿An01a1 Jtatements Comply
witli the Compomi¢s A¢t 2006. They are &150 ￿SponSIbl¢ for SAf¢8UaTdiThg tlie assets of tkjo cliaritablo company h¢n
for takin8 r¢asotJablo s¢•p$ for the prev¢ffttion and dct¢¢tion of froud ond other srr¢8ulariti¢s.
In so lar as the TThstees are aw&re'.
ther¢ is no r¢lovant audit inforn)ation of which the ch&riiabl¢ ￿MPanY'S audilors 8re un8ivaro'
th¢ TNstees have taken All st¢Ps ihat tliey ought to have tsken to make themselves aware of ony releV￿t audit
nformation And to estsblish that th¢ auditors arc alvar¢ of that inforn)ation.
AUDITORS
The auditors, MHAAudit Services LLP, Ivill be pro￿S¢d forrevAppointm¢nl Rt the forth¢omin8Annual G¢ll¢ral Me¢tin8
following th¢ir appoAntm¢nt durins the year.-
This r¢port hag b¢¢n pr¢par¢d in owordtsnce wirh th¢ Sp￿lat provx$ions of Parr 15 of th¢ Componies Act2(NJ6 r¢lAltll8 to
ymall ¢ompfinies.
Approved by order of the board of TDJst¢es on 3111 October 2025 and 3i8n¢d on its behalf by..
Mr G RompAria- Trustee
P88¢ 5

BRANDON HOUSE LIMITED
REPORT OF THE INDEPENDENT AUDITORS
FOR THE YEAR ENDED 31 DECEMBER 2024
Opinion
We have audited the financial statements of Brandon House Limited (the 'charitable company,) for the year ended 31
December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows
and notes to the financial statem¢nts. including significant accounting policies. The financial reporting framework that
has been applied in their preparation is applicable laNv and United Kingdom Accounting Standards, including Financial
Reportino Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kintsdom
Generally A¢cepted Accountino Practice).
In our opinion the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 December 2024, and of its incoming
I'esources and application of resources, includints its income and expenditure, for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the
financial statements section of our report.
We are independent of the charitable company in accordance with the ethical requii'ements that are relevant to our audit
of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other eihical
responsibilities in accordance with these requiretnen15. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in
the preparation of the financial statements is appropriate. Our evaluation of the Trustees, assessment of the entity's ability
lo continue to adopt the going concern basis of accountinu included critical reviews of expected investment income and
assurances provided by the charitable company's parent company, Nilkanih Estates. to provide financial assistance should
it become required.
Based on the work we have perfornied, we have not identified any material uncertainties relating lo events or conditions
that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going
Concern for a period of at least twelve months from when the financial statements are auihorised for i55ue.
Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant
sections of this report.
Other information
The oiher infonnaiion comprises the information included in ihe annual repon oiher Ihan ihe financial statements and our
auditor'5 repoit thereon. The trustees are responsible for the other infomation contained within the annual report. Our
opinion on the financial statements does not cover the other infornlalion and, except to the extent otherwise explicitly
stated in our report, we do not express any fonn of assurance conclusion thereon. Our responsibility Is lo read the other
inforniation and, in doing 50, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the course of the audit, or othenvise appears to be materially misstated. If we
identify such material incon5lStencies or apparent material misstatements, we are required to determine whether this gives
rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied, we
conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 6

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, report (incorporatinu the Directors report and Stratetsic report) for the
financial year for which the financial statements are prepared is ¢onsistent with the financial statements. and
the Trustees, report (incorporating the Directors, report and Strategic report) has been prepared in accordance
with applicable legal requirements.
Matters on ivhich ive are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the Course of
the audit, we have not identified material misstatements in the Directors, report.
We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us to
report to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us- or
the financial statements are not in agreement with the accounting records and retums. or
certain disclosures of Directors, remuneration specified by law are not made,. or
we have not received all the infomiation and explanations we require for our audit,. or
the Trustees were not entitled io pi'epare the f￿anCial statement5 in accordance with the small companies, regime
and lake advantage of the small companies, exemptions in preparing the Directors, report and from the
requirement to prepare a strateaic report.
Responsibilities of Trustees
As explained more fully in the Trustees, responsibilities statement included in the Trustees, Annual Report, the Trustees
(who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation
of the financial statements and for beintr satisfied that they give a true and fair view, and for such intemal control as the
Trustees detem]ine is necessary to enable the preparation of financial statements that are free from material missiatement.
Nvhether due to fi'aud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to
continue as a going concern, disclosing, as applicable. matters related to goinu concern and using the going concern basis
of accountinu unless the Trustees either intend to liquidate the charitable Company or to cease operations, or have no
realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial stalement5
Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from matei'ial
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will
always delect a material misstatement when it exists. Misstatement5 can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The
specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including
fraud is detailed below..
Enquiry of those charged with govemance concerning any instances of known or suspected instances of fraud.
Enquiry of those charged with governance concerning actual and potential litigation and claims.
Enquiry of those charged with governance concerning any instances of non-compliance with laws and
regulations;
Reviewing the control systems in place and testing the effectiveness of the controls.
Performing audit work over the risk of management override of controls, including testing of journal entries and
other adjustments for appropriateness-
Evaluating the business rationale of significant transactions outside the normal course of business and reviewing
Page 7

accountino estimates for bias.
Reviewinu minutes of meetings of those charged with trovernance;
Reviewing financial statement disclosures and testing to supporting documentation to asses5 compliance with
applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irre(Fularities, includinu
those
leadiniF to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the
more that compliance with a law or regulation is removed from the events and transactions reflected in the financial
statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regardino
irregularities occurrino
due lo fraud rather than error, as fraud involves intentional Concealment, forgery, collusion,
omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reportin(J
Council's website at.. https://www.frc.ortr uLIOur_WorklAuditlAudit_and-assurance/Slandards-and*uuidancelSlandards-
and-guidance-for-auditors/Audilors-re5ponsibilities-for-auditlDescription-of-audilors-responsibilities-for-audit.aspx.
This description foms part of our auditor's report.
Use of this report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members
those matters we are required to state to them in an auditoi s repoit and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the
charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Sudhir Singh FCA (Senior Statutory Auditor)
For and on behalf of MHA, Statutory Auditor
London. United Kintrdom
Date.. 31 October 2025
MHA is the trading name of MHA Audit Services LLP. a lirniied liability partnership in Enoland and Wales (registered
number OC455542).

BRANDON HOUSE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure account)
FOR THE YEAR ENDED 3 1ST DECEMBER 2024
As restatement
2023
Total
Funds
2024
Unrestricted
fund5
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
3,442,094
456117
523 984
Total
3898211
523 984
EXPENDITURE ON
Raising funds
Charitable activities - Provision of facilities
36,325
36,080
54,448
28,880
Total
NET INCOME
3,825,806
440,656
Gain51(losses) on revaluation of fixed assets
(1,750,000)
Net movement in funds
2 075 806
440 656
RECONCILIATION OF FUNDS
Total funds brought forward
11455992
110153J6
TOTAL FUNDS CARRIED FORWARD
The notes fonn part of these financial statements
Page 9

BRANDON HOUSE LIMITED
Re8islered Company Numb¢r: 106E203i'.
BALANCE SIIEET
AT 3 1ST DECEMBER 2024
2014
UnM¢rl¢ted
2023
Total
Fullds
Note$
FIXKD ASSETS
Tangiblo 8$s¢1$
Investment properties
Mtsod iise asse￿1 ]nve$tment property
5934,1)54
6.009,882
8 250 OOQ
1,647.760
6,009.88?
10.000.000
io
CURRENT ASSETS
Debiors
CoBh al bank
ij
149.088
176736
186.0611.
622'5.14"
325,824
CREDITORS
Ainounls rolling du• within one year
80.9183a;,:
(96,982)
12
(424.711)
NET CURRENT {LIABILITIESyASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
20,095,049
18,369,24J
CREDITOR5
Amoiints falling du¢ after more than one year
13
(6,563,251) {6.913.251)
NET ASSETS
13J31798
11455.992,.
FUNDS
Unreslricfrd
14
J3 531798
11.455.992.
TOTAL FUNDS
13 531798
11.45S.992 )
These financial statements havo bee# prepared in a￿ordance witli the provisions appIl￿ble to charitable comp.p,4i¢&.
subje¢i to lh¢ small companles re8ime.
The financlal stst¢ments were approi'ed by the Board ofTrnslees on 31. Oclobor 2025 ¥nd were slgn¢d Qll its behAlf by:
OIQCT
h-TNstee
Mr G Ramparla-
5(¢¢
Th¢ notes forni p￿t ofthes• flnanolal 8tatenl￿ts
P￿¢ 10

BRANDON HOUSE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 3 1ST DECEMBER 2024
2024
2023
Notes
Cash flows from operating activities:
Cash generated from operations
16
3,864,596
376,814
Net Cash provided by operating activities
3,864,596
376,814
Cash flow from investing activities:
Purchaseldonation of tanoible fixed assets
(4,310,374)
(7,926)
Net Cash provided used in investing activitie5
4310374
Change in cash and cash equivalents in the
reporting period
(445,778)
368,888
Cash and cash equivalents at the beginning of
the reporting period
622,514
253,626
Cash and cash equivalents at the end of the
reporting period
176,736
622,514
ANALYSIS OF CHANGES IN NET DEBT
Asat31
December
2024
Asatol
January 2024
Cash flows
Cash at bank and in hand
Debt due after one year
622,514
(6,913,251)
(445,778)
600,000
176,736
(6,313,251)
6,290,737
154,222
(6,136,515)
The notes fomi part of these financial statements
Paoe 11

BRANDON HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 1ST DECEMBER 2024
ACCOUNTING POLICIES
Basis of preparing the flnancial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been
prepared in accordance with Ihe Charities SOEiP (FRS 102) 'Accountino and Reportinq by Charities.. Statement
of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006.
The financial slalements have been prepared under the historical cost convention, as modified by the revaluation
of certain assets.
Going Concern
The Charitable Company had net funds amounting to £13,531,798 (2023= £11,445,992) at year-end. The Trustee5
have assessed the ooing concern risks lo the Charitable Company and have concluded that althou(rh il had current
net liabilities as at Ihe year end of £98,887 that:
financial projections indicate that the Charity will continue to meet its liabilities as they fall due over the
next twelve months from the date of approval of these financial statements.
The Charity's parent undertakin<F
Nilkanth Estates, has confirmed that if required, it will make available
such funds as are needed by the Charitable Company for the period covered by the forecast5.
These forecasts are based on full rents resuming after the temporaiy conce55ion due to the pandemic, as well as
the aoreed waiver of loan interest from l January 2024 by Nilkanth Estate5 on its loan to the Charity, which
Nilkanih Estates has confirmed will not be repayable until at least one year from 31 December 20?4.
In light of the above, the Charity does not believe there to be a material uncertainty regarding its going concern.
ncome
All income is recognised in the Statement of Financial Activities once the Charity has entitlement lo the funds, it
is probable that the income will be received and the amount can be measured reliably.
Donated fixed asset is measured at fair value, unless it is impractical to measure this reliably, in which case the
cost to the donor should be used. The gain is recognised as income from donations and a correspondinu amount
is included in the appropi'iate fixed asset category and depreciated over the useful economic life in accordance
with the charity's accounting policy.
Rental Income
Rental income from operating leases (net of any incentives given to the le55ees) is recognised on a straight-line
basis over the lease temi.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or consti'uctive obligation committing the
Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and
Ihe an]ount of Ihe obligaiion can be measured reliably. Expendiiure is accounied for on an accruals basis and has
been classified under headings that aggregate all cost related to the category. Whei'e costs cannot be directly
attributed lo particular headings (hey have been allocated to activities on a basis consistent with the use of
resources.
Tangible Fixed assets
Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to
activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairn]enl if
circumstances indicate their carrying value may exceed their net realisable value and value in use.
Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are
brought into use.
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value
over ils expected useful life. The depreciation rates in use are as follows:
Paue 11

BRANDON HOUSE LIMITED
NOTES TO THE FtNANCIAL STATEMENTS (CONTtNUED)
FOR THE YEAR ENDED 31 ST DECEMBER 2024
Freehold buildings.. 20/0 on cost
Freehold land is not depreciated.
Miyed Use Assets
Properry held for a combination of financial return and contribution to the Charity's purposes is classified as
mixed use assets.
Under FRS102 and Charity SORP, the element of the assei held for financial return requires revaluation at year-
end fair value.
Taxation
The Charity is exempt from corporation tax on its charitable activities.
Accounting estimates and judgements
In the application of the Charity's accounting policies, the Trustees are required to make juduements, estimates
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions al'e based on historical experience and other factors that are
considered to be relevant. Actual resiilts may differ fi'om these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recounised in the period to
which they relate.
Mixed Use Assets
A mixed-use asset is an asset held to generate a financial return and which also contributes lo the Charity's
purposes. The Charity's Brandon House property represents a mixed-use asset. The element of the asset deemed
to be held for financial return is accounted for as an investment and measured at fair value at the reportinu date-
the Trustees have reviewed the fair value of this element at the year-end, in line with SORP requirements, and do
not believe it to have materially changed since its revaluation on 31 December 2020. The element of the asset
deetned to be held to contribute to the Charity's purposes is accounted for as a tangible fi.xed asset and measured
at cost less depreciation. The Trustees have used floor area as the basis for estimating the proportions of the asset
accounted for as an investment and a tangible fixed asset.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the note5 to the financial statements.
Concessionary loans
Loans which have been taken out with an interest rate below the market rate and for charitable purp05e5 are
deemed as concessionary loans.
Prior year restatement
During the year the Trustees reassessed Ihe classification of expenditure between Expenditure on Raising Funds
and Expenditure of Charitable Activities. They concluded that Depreciation and Professional fees, which had
previously been recognised as Expenditure on Raising Funds, in faci better represented Expendiiure on Charitable
A¢livities. As such, the comparative values have been reclassified, as detailed on the Statement of Financial
Activities and Notes 4 and 5. This restatement doesn't impact the result for the year ended 31 December 2023
DONATIONS AND LEGACIES
2024
2023
Donated assets
3,442,094
During the year, 25 Gloucester Street, London property was donated from Nilkanth Estates (Parent). The
property is under construction and is intended for mixed use. For Charity's own purposes and a150 commercial
purposes.
Page l?

BRANDON HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - CONTtNUED
FOR THE YEAR ENDED 3 1ST DECEMBER 2024
INVESTMENT INCOME
2024
2023
Rents received
RAISING FUNDS
Investment management cost5
As restated
2023
2024
Rates
Insurance
Bank charges
Sundries
Electricity
Professional fees
Interest paid
Maintenance
(5,236)
1,574
49
434
(1,524)
9,719
95
13
17,517
28,574
54
33,491
6,013
36,325
54,448
Expenditure on Charitable Activities
As restated
2023
2024
Depreciation
Professional fees
24,080
12,000
24,080
4,800
NET INCOME/(EXPENDITURE)
Net incomel(expenditure) is stated after chargingl(crediting)-
2024
2023
Auditors, remuneration (including V AT):
Statutory audit
Other services
6,000
7,200
4,800
ANALYSIS OF STAFF COSTS, TRUSTEES, REMUNERATION AND BENEFITS
The Charity is managed and operated by its Trustee5 and there are no employees.
The Trustees give their time voluntarily and received no remuneration nor any other benefits in the year (2023:
£Nil).
No Trustee received payment for professional or other service5 supplied to the Charity, not incurred or received
reimbursed expenses {2023: £Nil)
Paoe 13

BRANDON HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED J 1ST DECEMBER 2024
TANGIBLE FIXED ASSETS
Assets
under
construction
Freehold
Pro
Total
Cost
At start of the year
Additions
Donated assets received
1,720,000
1.720.000
868,280
3,442,094
868,280
800,326
2,641,768
At end of the year
4,361,768
1,668,606
6,030,374
reciation
At stait of the year
Charue lor the year
72,240
24,080
72,240
24,080
At end of the year
96.320
96,320
Net Book Values:
At end of the year
4,265,448
1,668,606
5,934,054
At start of the year
1,647,760
1,647,760
Durin(T the year the propety 25, Gloucester Street was donated from Nilkanth Estates. This property is Under
construction and it is being developed with the intention mixed use purposes of renting and own use. The
accounting treatment for the property will be reflected accordingly upon completion.
INVESTMENT PROPERTY
FAIR VALUE
At I" January 2024
6,009,882
At 31, December 2024
io.
MIXED USE ASSETI INVESTMENT PROPERTY
FAIR VALUE
At I st January 2024
Revaluation
10,000,000
1750,000
At 31, December 2024
In line with financial reporting requirements, and at the year-end, the Trustees have reviewed the fair value of the
element of the Charity's Brandon House property which is used for investment purposes. In doing so they have
obtained an informal valuation from a RICS-accredited propety advisor which suggested that the fair value of the
investment property element of Brandon House was £8.25m. Accordingly, a loss on revaluation has been
recognised.
Pa(ye 14

BRANDON HOUSE LIMITED
NOTES TO THE FtNANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 ST DECEMBER 2024
DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Trade debtors
Other debtors
VAT recoverable
14,869
29,955
104,264
19,768
166,301
149,088
186,069
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Trade creditors
Other creditors
Accrued expenses
VAT payable
355,860
68,851
10,074
82,032
4,800
76
424,711
96,982
13.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
Concessionary Loans
Loan payable - Sarjudas Foundation
6,313,251
250,000
6,913,251
6,563,251
6,913,251
The Charity's parent charity, Nilkanih Estates, provided a loan to the Charity of £8,201,331 in 2017 for the
purchase of the Charity's Brandon House property and to fuither both entities, charitable objectives.
The loan.. incurred interest at 30/0 per annum until 31 December 2020 after which the loan became interesl free; is
secured against the property. is repayable on demand, thou.h the parent charity has provided assurances that it
will not be repayable until at least one year from 31 December 2024. Nilkanth Estates has agreed to waive interest
charges on its loan to the Charity since the premises are used for charilable purposes.
During the year, Sarjudas Foundation provided loan of £250,000 to the Charity. The loan is unsecured, interest
free and repayable after five years from Deceinber 2024.
Paoe l5

BRANDON HOUSE LIMITED
NOTES TO THE FtNANCIAL STATEMENTS - CONTtNUED
FOR THE YEAR ENDED 3 1ST DECEMBER 2024
l4.
RELATED PARTY DISCLOSURES
As detailed in Note 13, the Charity has a concessionary loan with its ultimate controlling party Nilkanth Estates
(see Note 15). Movements in the outstanding balance of the loan are detailed in the below table.
2024
2023
Loan principal
Interest acci'uals of earlier periods
Cumulative Loan repayment
8,271,331
941,920
2,900,000)
8,271,331
941,920
2,JOO,000)
Balance payable to Nilkanth Estates
6,313,251
6,913,251
Brandon House Limited received loans amounting to £250,000 (2023: £Nil) from Sarjudas Foundation during the
year. Brandon House Limited and Sarjudas Foundation have a trustee in common.
During the year Nilkanth estates donated property to Brandon House Limited. The donated asset amounted lo
£3,442.094 and is still under construction.
15.
ULTIMATE CONTROLLING PARTY
The company is a company limited by guarantee and the sole guarantor is Nilkanih Estates (Reg. Charity
no.1148431). The latter is incorporated and re(yistered in England & Wales (Company re(ristralion no. 1061 ?051).
Consolidated financial staletnents of Nilkanth Estates are available online at the Companies House website, and
at Nilkanth Estates, I Pramukh Swarni Road, Neasden, Greater London NW 10 8HW.
16.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024
?0?3
Net income for the reporting period (as per the statement of financial
activities)
Adjustments for:
Depreciation
(Gain)Iloss on revaluation of mixed use property
Decrease in debtors
Decrease in creditors
2,075,806
440,657
24,080
1,750,000
36,981
1,199,232
22,271) (1,287,155)
24,080
Net cash provided by operating activitie5
3,864,596
376.814
Page 16