Report of the Trustees and Audited Consolidated fi inanci21 Ststements For the year ended 31 December 2021 for SARJUDAS FOUNDATION Sarjudas Foundation Contents of the Consolidated Finan¢ial Statements For the year ended 31 De¢¢mber 2021 Trustees, Report Independent Auditor's RLporr 10 Con501idated and Cliarity Statement of Financial Activities 14 Consolidated and Cliarity Balance Sheet 15 Consolidated and Charity Cash Flow Statcm¢nt 16 Notes to the Consolidated Accounts 17-33 Sarjudas Foundation Trustees, Report For the year ended 31 December 2021 "I'he Board of Trustees presents its report and the audited consolidafrd financial statements of the Sarjudas Foundation for the year ended 31 December 2021. The Foundation is a socio-religvious Hindu orftanisation ¢stsblislied ￿ a charity under a Trust D¢¢d dated 16th November 1976 (amendcd by Resolution on ?6 September ?0 l?) and registered with the Charity Commission linder regisiered numbcr ?7j4?5. Its headquarters are in London and it has mandirs (places of worship) and centres IhrouJ]OUT the United Kingdom and in mainland Europe. Tlie principal objeci of ihe charity is tl)¢ advanccmcnt of the Hindu faith amongst its followcrs and others with particular reference to the teachings and principles of Bhagwan Swaminarayan. Our Visio Tlie growih of a transparent and efficiently manaThed org2nisation to foster a spiritual. moral. lolerant and religious society to inspire many ￿ follow the path of righteous living. Aims and Objeetives l o achieve Ihis vision, the Foundation's aims and objectives continue to be: To impart social. culturdl. mordl and traditional values to childrcn. teenagers. youths and adults. To ensure that lenislation and reftul21ion is ¢omplied with in relation to the impact of change and the burden of bureaucracy on ¢harilies. To raise standardg by developing and promoting the best practice in the management of ¢harities- through trainincr and information. To ensure the Foundation remains a susrainable organisation through fundraisino activities. Activities in the year Sarjudag foundation continues to rcccivc donations froin its principal donor. BoChasanw￿l Shri Akshar Purushottam Sanstha {BAPS}. a well-esthblished charity whose donors ar¢ diverso and vcry supportive. Its trading operdtions ar¢ also lonry established and Continue to trade well. During the year. it received donations of £2m (?O?O £Nil). Tl)e Chgrity make5 donations to other charities that undertak-e activities that promote the Hindu faith and achieve the Charity's objectives. In ?O?l. Sarjudas Foundaiion made Charitable donations of £Nil (?O?O..£l m) to Nilkantli Estates. Nilkanth Eststes has ihe same charitable objectives as Sarjudas Foundation, and it intends to use the donation to acquire a residential invesiinent property. There h&s been no outsourced fundraising via professional fundraisers or other third parties. As a r¢sulL the charity is not re¢TiSter¢d with t11e fundraising regulator and received no fundraising ¢omplJints in the year. Structure, Governance and Management The body respontsibl¢ for tlie managem¢nt of the Charity is the Board of Trustees. The Board me¢ts forth7J￿ tly and additionally as required. Sarjudas Foundation Trustees, Report For tbe year ended 31 December 2021 Board of Trustees The following TrUs￿e8 served during the year.. Jitendr2k.umar Maganbhai Patel AM￿ Parekh Bhavik Patel T￿￿t¢c5 arc appointed or removed by thc Board of Trustees. Potential new trustees are periodically id¢ntificd by the Board of TNstees. These individU￿S work alon￿￿ ide existing Trustees for a pcriod of thrce years before being considered for appointinent. All trustees give their time voluntarily and re¢¢iv¢ no b¢nefsts frotn the charity. A remuneration policy for key mananement personnel is not relevant for th¢ Charity as the trustees who are not remunerated are the key management personnel. M#naoin¢F and Coordinating the Charity Group Aetivities Tl)e Charity is organised so Ihat the Trustees meet regularly to manage its affairs. Jiiendr2kum2r Patcl. a trustee. mana¢Jes tlie day-to-day administratioii of the Charity and is in regular contact witli tlie oth¢r trustces. Thcrc arc a number of full tim¢ and part time volunte¢rs. One of the ttustees sits on the board of dire¢iors of the Charity's trading subsidiaries. Tlie Charity 15 b￿ed in the UK and has its head office in N¢asden, London. Statement as to Disclosure of Information to Auditors The I"rustees who were in offIce on tli¢ date (>f approval of these consolidated financial statements have confirnied. as far as tliey are awarc, that thcre is no relevant audit infomiation of wliich the auditors are unaware. Each of the Trustccs havc conf1mied that they liave tsken all tlic 5tcps that they ought to liave taken as Trustees in order to make ihemselv¢s aware of any relevant audit informatTon and to establish that it has been cominuni¢atcd to tlie auditor. ststement of Trustecs. Responsibilities Thc Trustees are responsible for preparing the Trustees, Report and the ¢onsolidated financial statements in accordance with applicable law and United Kingdom AccountinTr Standards Iunitcd Kingdom Generally A¢¢cpted Accounting Practice). The law applicable to charities in England & Wales requircs tlie Trustees to prepare financial statements for each financial year which give a true and fair vicw of the state of affairs of tl)e Cl)arity and Ihe Group. and of the incomino resources and application of resources of the Charity and th¢ Group for thai period. In preparing thesL financial stat¢mcnts. thc T￿￿teeS are rL'quired to.. select suitable accounting policies ￿ld then apply them consistently: observe the methods and principles in the Chariiies sta￿ment of Recommended Prdctise on Accountino and Reporting: mak.e judrwcmcnts and estimaies thai are reasonable and prudcnt: statc wliether applicable accountinrl standards have b¢¢n followed. subject to any material depanures disclosed and explaiiied in the financial statements.. prepare the financial stitem¢nts on the going concem basis unless li is inappropriate to presume thai ihe charity will continue to opcrate. The Trust¢¢s are responsible for maintaininr a r¢￿onable level ot working rapital. As tlie Charity's operatin(F eApenditure is largely discretionary and docs notexceed L?00.000 pcrannum. the Truste¢s are of th¢ view that maintainino cagh res¢rves of ai le￿l £1 million will provide sufficÉent resources in the event of adverse conditions. The Trustees have also assessed otheroperational and business risks which they face and ¢onfirm thatthey hav¢ establislied systems to mitigate tlie significani risks. In thc event of the Charity facingdifficult financial circumstances. tliis would Jlow it to continue operations during a period of managed adjustmeni to tliesc new cir¢umstances. Actual cash reserves includincF fixcd term deposits as at 31 Deccmber 2021 w¢rc approAimaiely £14.52 million (?O?0- £11.33 million). Free reserves at 31 December 9021 were approximately £13.9M (?020.. £10.6MI. Tlie Trustees havc confirmcd thaL after careful rcview of the reserves policy. as at 31 December ?0? l. the Group's liquidity position was substantially in excess of its rc5erves policy. In considering the adequacy of the reserves. the Trnstees have tsken into account thc largely discretionary nature of its e.Ipenditure and the amount of cash held and inv¢stmcnt income derived. Surplus reserves are accumulated and held to bc donaied at the appropriate tiine to other charilics with Similar objects including Nilkantli Estates which acquires and develops properties for use as new Hindu tcmples. Financial Review The Group Statement of Financial Activities (SOFA) on page 14 shows net income for ihe year of £2.97m12020'. net expenditure (£1.95m)l. Tlie SOFA also shows the financia] activity ofthe group distinguishingbetween restricted and unrestrietcd activities and shows the trdding activities of tlic group. The ditY¢rcncc bctween the group and the Cliarity finds is the retain¢d profits in the tradin(r subsidiaries. At 31 December ?0? l. dic group had net ￿Sets of £J.5m (2020.. £20.5in)- Sarjudas Foundation Trustees, Report For the year ended 31 December 2021 Fundintr the Charity's Activities The Foundation's main activiry of sharing tht values 8nd teachings of th¢ Hindu faith are funded by the following main activities- DonaEions received Trading operations Treasury man44Trement. DoncilE(IPI.I During ihe year. the Group reccived donations amounting to £?.009.)761?Cl?O.. L?1.408) includinTr £2m12020'. £Nil) from Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (also known as BAPS). Swjudas Foundation and BAPS have a few common trustees and both entities have the same aims and objectives. TriidiiE(y opcrttiioFT5 Tlie main wholly-owned trading subsidiaries are Saya Enterprises LiTnited (and its wholly owned subsidiaries) and Cultiiral Festival of India Limited. These ¢omp8nies donate their annual profits to the Charity. The companies liave their own Board of Directors responsiblc for tl)e operation and development of their respective bLisinesses. The directors are appointed by the Board of Trustees and some of the Trustce5 are also directo￿ of these companies. Saya Enterprises LiMi￿d tla Shayona is a manufa¢turcr. wliolesaler and retailer of Indian vegetsrian food and provides catering for various events. It was incorporaied in 1991 and has its own freeliold manufa¢tLiringy premises. four shopg and 3 restaurant. For ?0? I, tlie company and its subsidiaries had a tumover of approximately £6.17 m l?0?0.. £5.2m) and made a loss of £13.105 (?0?O.. loss £?49.000) after donating £698.941 (?0?0= £668.OOQ) to the Charity. Ciiltural Festival of India Limited is a retailer of books. souvenirs. CDS. DVDS and other relioious items. The company was incorporated in 1985 and in ?0? I had a tiirnover of £97,165 {?0?0.' £118,000) and made a net profit of £9,858 (?0?0.. £1,700) liaving. donated £9?.698 (?0?O-. £i 1.000) to the Chariry. Tlie Trust¢es ar¢ plcased with the Contribution made by the Cliarity's trading subsidiary companies and would like to thank the respective directors. employees and volunteers for their ¢ontinu¢d efforts. The Trustees are satisfied that thcsc trading subsidiarics continuc to meet the objectives set for them. For both companies. the objectives are to continue tts develop tlie respective buginesses and generate a contribution for ihe Charity. Treo.sury manatsemenl The Foundation derives income from interest receivable on its bank deposits as well as from equity investment income. Treasury Managemenl- Inleresr RL)ceivable Tl)e Trustccs utilise term dcposit accounts to m&xirDize the amount of interest earn￿ on ¢ash balances held. 'rhe Board of Trustees invest some of its surplus funds (not exceedino £2M) in FTSE 100 companies and various options and derivatives. witli an intention of generatinggains to contribute towards funding the Charities activities. Tl)e Board is advised by an FCA authorised brokerage house in the making of its equity investments. Durin¥T the year. the Group disposed investments of £47.094120?0= £13.621) and made an unrealised gain of approximately £i17.773 [•0?O.. loss of (£1.47J.36311. It also cam¢d dividcnds and incomc from thc sharcs and dcrivatlVC5 of approxIma￿]Y r57.708 (2020.. £26.700). The value of its investments in listed company shares and derivatives as ai 31 Deccmbcr ?0? I was £1.597in (?O?O.. £1. j?6m). Sarjudas Foundation Trustees, Report For the yey4r ended 31 December 2021 The Trustees have overall responsibility for the inv¢stm¢ni of charity's funds for shorL medium and loniy_temi objectives and requirements. The investment policy is to prioriiiz¢ the potcntial for returns in the fomi of income and capital appreciation in order to further the aims of the ¢liarity: th¢ invcstment policy therefore does not tak¢ account of social. eiliical and environinental considerations. Surplus funds not required in the short or medium tem 2re inv¢sted in equity and other securities with an acceptablc lev¢1 of risk to provide yields wilh a betTrr return than fixed deposit intcrcst. The ongoing monitoring and review of equity investment involves reviewing the investmenrs from lime to time with rhe inv¢stm¢ni manag¢r: assessing the suithbility of the investments: and maintaininrT an a¢¢cptable balance between tlie risk and return. In the current economic climate. the Trustees are happy with the return generated from the equiry investments during the year. Ch2ritable expenditure Duriniv ?0? l. the Group spent atotal of approximately £162k (?Cl?0- £1.14m) on operating costs and donations Inadc from unrestricted funds. of which charitable donations amounling to £Nil (?O?O.. £lm) wcrc made to BAPS. Hongkon Th¢ Group aims to support other charities whosc objects are siinilar to those of itself. Nilkanth E5tat¢s and Boch￿anWaSl Shri Akshar Purushottwn Sanstha IBAPS) are such charities. Nilkanth Estatcs acquires and constnjcts buildings for use by BAPS. The acquisition and developFnent of these buildings r¢quirc ¢onsidcrable ainounts of funds and sarJUd￿ Foundation seeks lo a¢¢umLilatC sufficicnt funds from its own activities to b¢ ablc to make donations which arc adequaie for Nilkanth to coinplet¢ its acquisitions and fund the development of tli¢ buildings for suitablc use by BAPS or other charities with similar objects. Plans for Future Period5 Tl)¢rc arc no iinincdiate plans for funds held by Sarjudas Foundation. However. sliould funds be required bv Nilkanth to fund refurbisliment of existing¥ buildings or acquisition of properties for similar objccts. Sarjudas Foundation may donate further funds to Nilkan(h. Tlie Trustees wish to maintain the continued suc¢¢ss a¢hieved by the Foundation in delivering its aims and objectives. Events since the end of the year Infomlation relatinTr to events sin¢¢ thc end of tlie ye8J is given in the not¢s lo thc financial statements. Related parties and relationships with othtr org2nlSations Swiudas Foundaiion is related to BAPS as there are few common trustees, and all three cliariiies share the same objectives. In 9021. S&iudas Foundation re¢eived a donation of L?m from BAPS (?020.' £Nil) and madc a donation of £Nil to Nilkantli Estates (?020.. £1 m}. The Satiudas Foundation group also occupicd a nuinber of propeffies owned by Nilkanth Es￿teS for which no rent is payable. Sarjudas Foundation has a number of subsidiaries and sub-subsidiaries as dis¢losed in the notes to thc accounts. The Tru5tee% would like to acknowledoe the tremendous efforts of the volunteers and the many Supporters of the Charity for their kind and ￿enerOUS donations 2s well as their eontinued support in helpinu the Charity to aehieve its objectives. Sarjudas Foundation Trustees, Report For the year ended 31 December 2021 Trustees and Princip21 Advisors: Charity R¢gistration number ?734?5 Trustees: Jil¢ndrak-umar M Patel Amar Parekh Bl)avik Patel Administrative Secretsry: ANindkumar P Patel Country ofregistration: Enoland Principal Offjee: 105-119 Brentfield Road Ncasden London NWIO 8LD Tclcphone: 0?0 8965 ?651 0?0 8965 6J13 Email.. Web: Indcpcndent Auditor: PKF Littlejohn LLP 15 Wesifery Circus Canary W11arf London E14 9HD Principal Bxnkers: Punjab National Bank (Intemational) Ltd 188 Ealinu Road Wembley HAO 4QD. Bank of Baroda 86 Thc Broadway Southall UB I IQD Solicitors: HuTrh Cartwrioht & Amin l ? Jolin Strcct London WCIN 2EB Sarjuda5 Foundatio Trustees, Report For the year ended 31 Deeember 2021 On behalf of the Board of Trustees ona* October 2022 and siffncd on their beb21f by: ATEL A PAREKH Trustee Trllstce Sarjuda5 Foundation Audit Report For the year end¢d 31 Deeember 2021 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SARJUDAS FOUNDATION Qualified opinion We liave audiicd thc finan¢ial statements of Sarjudas Foundation (the 'parent chariry,) and its subsidiaries {tl)e 'group') for the year ended 31 Dccembcr 20? I which cotnprise the Consolidated and Charity Statement of Financial Aciiviiies. the Consolidated and Charity Balance Sheets. the Consolidated and Charity Statemeni of Cashflows and nO￿S to the financial statcinents. including significant accounting policies. The financial reporting framework that has been applied in tlieir prcparation is applicable law and Unitcd Kinfrdom Accountino Stsndards. includin(r FRS l O? Tlie Financial Rcponing Standard applicable in lh¢ UK and Rcpublic of Ireland (United Kingdom Generally Accepted Ac¢ounting Practice). In our opinion. e.xcept for the cffects of the matter described in the Basis for Qualified Opinion scction of our report. the financial statements.. (Five a Iruc and fair view of the state of the ¢harity's affairs as at ) l D¢¢cmber ?0? l and of its SU￿luS for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Aecounling Prdcli¢e' and have been prepared in accordance with the requirements of the Chariti¢5 Act 2011. Basis for qualified opinion We were not appointed as auditors of tlie charity until after J l December ?O?O and thiis did not observe tlie counting of physical inveniorics for the year-ended 31 De¢ember ?O?O. We wcre unable to satisfy ourselves by altemative means ¢onceming stock quantities held at 31 December ?O?O. Consequently. we were unable to detennine wh¢ther any adju5ttnent lo this amoiint at J l December ?O?O was nccessary or whether tliere was any consequential effect on the fInancial statemenis for the year ended 31 Decembcr ?021 financial staiements. We conducted our audit in accordance wilh International Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those S￿]dardS are fllrthcr describcd in the Auditor's responsibilities for the audit of Ilie financial ststCTnents section of our report. Wc are ind¢pcndent of thc group and parent charity in accordance with the ethical reoiiircments tliat are relevant to our audit of tli¢ financial statements in the UK, including thc FRC'S Ethical Standard. and we l)avc fulfIlled our other ethical responsibilities in accordancc with ih¢sc requirements. We believe that the audit cvidence we have obtained is sufficient and appropriate to provide a b&gis for our qualified opinion. Conelusions relating to tToing concern In auditing the financial statements. we have concluded that the Tru5tees' use of the Troing con¢ern b&8is of accounting in the preparntion of the financial ststements TS appropriate. Based on the work we have perfomied. we have not idcntified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the group's or parent chariry's ability to coniinu¢ as a going concern for a period of at least twelve months from wh¢n the financial statements are authoriscd for issue. Our responsibilities and tlie responsibilities of the tnJst¢es with respe¢t to going concern are described in the relevant sections of ihis report. 10 Sarjudas Foundation Audit Report For the year ended 31 Deeember 2021 Other itlformatio Tlic other informatson compriscs Ilie information included in the trustecs repor( other than the financial staiements and our auditor s report ihereon. The tNstccs are responsible for the oth¢r information ¢onttined witl)in the irusiees reports. Our opinion on the group and parent charity financial stal¢ments docs not cover the other inforn]ation and. except to thc ex￿nt otherwise explicitly sttted in our repor¢ wc do not Cxprcss any form of assurance coneliision di¢reon. Our responsibility is to read the other infom)3tion 8nd, in doing so. consider whether the other infomiation is materially inconsistent with the financial statcments or our knowledgc obtained in thc course of tlic audii. o)r othen¥ise appears io be Inaterially misstated. If we ideniify such maierial inconslgtencies or appareni Illatcrial misstatem¢nts. we arc required to d¢tem)ine wl)¢ther dijs (Fives rise to a material misstatement in thc financial statements tlieinselv¢s. Sf. based on the work w¢ have perfomied. we conclude that there is a material tnisstttement of t11is other infomiaiion. we are required to report that fa¢t. We have nothing to report in this reJo rd. LVJatters on which we are required to report by exception Except for the matter described in the basis for qiialified opinion. in the light of the knowledge 8nd understandin£ of the cliarity and its environment obtsined in thc course of the audit pcrfomed 5ubjcct to the pervasive limitation described above. we liavc not identified ma￿rIal misstatements in tli¢ tri￿teeS r¢port. ArTsing from thc limitaiion of our work refcrrcd to above.. we have not obtaincd all th¢ information and explanations that w¢ ¢onsidered n¢cessary for the purpose of our audit; and we wcre unable to deterniine whetlier adequat¢ accounting r¢¢ords have b¢¢n kept. We have nolhinD to rcport in respect of the following matter5 in relation tts which thc Cliarilies (Accounts and Reports) Rcgulations ?008 I'equire us to r¢port to you if, in our opinion.. the inforniation rpiven in the fInancial ststements is inconsistent in any material respect with the trustees. report: or sufficient aceountiiig r¢¢ords liave not been kepL or the parent charity finan¢ial staterncnts are not in a4eement with the accounting record5- or we have not received all the information and explanations we r¢quire for our audit. Responsibilities of trustees As explained more fully in the trustees responsibilities statenient. the directors are rtsponsible for the preparation of tlic gn)up and parent charity financial statements and for being satisfsed that th¢y give a truc and fair Vie￿,. and for such intcmal control L% die dircctors deiemiinc is necessary to enable thc prcparation of fInancial stat¢ments that are free froin Inatcrial misstatcmenL whethcr due to fraud or error. In preparing the group and parent charity financia] statejnents. the directors are responsible for assessing the group's and par¢nt cl)arity's ability to continue as a goinLT concem. disclosing. as applicable. mattcrs related to goino concern and usinLTr the going conceni basis of accounting unless tli¢ trustees eitlier intend to liquidate the grtsup or the parcnt charity or to ccase operations. or have no realistic alternative but to do so. Sarjudas Foundation Audit Report For the year ended 31 December 2021 Allditor's responsibilities for th¢ audit of the financial ststements Our objectives are to ob12in re￿onable assurdnce about wli¢ther the financial stttteTnents as a whole ar¢ free from maierial InisstatemenL whetlier due to fraud or ¢rror. and to issue an auditor's report that includes our opinion. Reasonable assiirance is a high level of assurance but is not 2 &Tuaran￿e that an audit conducted in accordance with ISAS (UK) will always detect a maierial Inisststerncnt when it exists. Misstatements can arise from fraud or error and ar¢ consider¢d Ma￿rial if, individually or in tlie a￿(￿re￿￿T tc, they could r&2sonably be expected to snflucnce the economic decisions of users takcn on the basis of these financial statements. Irregularities. including fraud. arc instances of non-¢OTnpliance with laws and regulat2ons. We design procedures in line with our responsibilities outlincd above. to detect material misstatements in respect of i￿egUlar1ties. including fi2ud. The extcnt to whi¢li our proccdures are capable of detecting irregularities. including fraud is detailed below.. W¢ obtained an understanding of the group and parent charity and the s¢ctor in whi¢h it operates to identify laws and regulations that could reasonably be ¢xpccted to l)ave a direct cffcct on ihc financial st2tements. We obtained our understanding in this rcgard througli with trustees and managemen¢ industry research and e.xperience of the sector. We detennined the principal laws and regiulations relcvant to the group and parent charity in this regard to be tliose arising from th¢ Charities Act ?01 l. th¢ Coinpanies Act 2006 forthe subsidiaries as well as relcvant tax and etnployee legislation. We designed our audii procedures lo ensure the audit team considered whether there were any indications of non-¢omplianc¢ by the oroup and parent cliarity with those laws and reTrulations. These proccdures included, but were not limited to cnquiries of managemeni and review of minutes, We also identified thc ris￿ of material misstatement of the financial statcmcnts dueto fraud. We ¢onsidered. in addition to the non-rebuttabl¢ presumption of a risk of fraud arising from m2nagemeni override of control& that the recoverability of debts and valuation of stock to bc arcas of risk. As in all of our audits. we addressed tlie risk of fraud arisinTr from management override of controls by perfoming audit procedures which included. but were not IiTnited to.. Ihc tegtino of journals: reviewing accounting esiimates for evidcnce of bias: and evaluating the business rationale of any significant Iransactions 111at are iiniisual or outside the nornial course of business. Because of the inlierent limitstions of an audit. there is a risk tliat we will not detect all irrcgulariiies. in¢ludTng those leadinTr to a Tnaierial misstatement in the financial statcments or non-compliance with regLilaiion. This risk increases the Inore that CO￿pIlanCe witli a law or regulation is r¢moved from the events and transactions r¢flected in ihe financial ststements, as we will bc less likely to become aware of insian¢es of non-compliance. The risk is also cater reTrarding irregulible for appointin¢nt as auditor of th¢ charity by virtue of its ¢ligibility for appointment as auditor of a company under ￿tIOn l ?12 of the Companies Act 20Q6 Sarjudas Foundation Consolidated and Charity Statement of Financial Activities (incorporating an income and expenditure aecomnt) For the year ended 31 December 2021 The Croup unrestricted funds 2021 2020 The Charity - unr￿trICted funds Notes 2021 2020 Income from: Donations and leg8cies Trading income InvestTneni income Other income 2,009J76 6,415,103 274,759 244,837 2,679,904 714.?81 5.615.446 1)9.640 158,60) 250,924 222.034 Total income 8,944,075 5,9i5,097 2,930,828 9J6,315 Expenditure on: Raisiiig funds- trading expenditure Charitable aciivities.. advancement of the Hindu faith 6,122,578 5 ?67.156 162,155 1.14?666 87,862 1.084.528 Total eypenditure 6,284,733 6.409.822 87,S62 1,084.5?8 Net ineomel(e¥pcnditure) before nct loss¢s on investm¢nts 2,659J42 1474.7?5) 2,842.966 (148,?])) Net gaIn￿(loSses) on investments 317,773 (1,473.363) 317,773 (1,47J.36J) Nei inctsmel(expendilure) before other recogTnised gains and losses 2,977,115 (1.948.088) 3,160,739 {1.621.576) (Lossyoain on foreign exchange (1,914) 558 (1,914) 558 Net movejnent in funds 2,975,201 (1.947.5JO) 3,158,825 1.621.018) Balance at the betsinning of the year Balance at the end of the year Attributable to: Charity Non-¢ontrollinTr interest 20,562,914 23538,115 ??.510.444 ?0.562.914 21235,493 24￿94￿18 ?2.856.511 ?1 ?35.493 2,971226 (1.957,453) 3,975 3,158,825 (1,6?1,018) 2,975201 {1.947.530) 3,158,825 (1.621.018) The iot21 funds of the Coinpany were unrestricted. There were no rcstricted or designated funds during the year or for tlie previous year. Thc above results arc all derived from continuing activities. There were no other recognised gains or losses other tlian those stated above. 14 Sarjudas Foundation Consolidated and Charity BalaDce Sheets as at 31 December2021 The Group 2021 The Charity 2021 2020 2020 Notes Fixed assets: Intanrrible fixed assets TancTible fiked asscts Investment properties Investments in subsidiari Invcstsnents in listed shares Fix¢d deposit investments 13 518,312 9,087,264 605?31 9.39?,7?9 2,934,688 ?.994.065 15 16 1,819J04 1,597,072 11,321,409 1.819.306 1.326.393 6.105.835 1,597,072 IIJ21,409 1.326.393 6.105,835 18 22,524,057 17.360.188 17,672,473 1? ?45.599 Current assets: Sto¢k- goods for ￿SlIe Debtors Cash at bank" and in hand 579,192 678514 3,198,084 495.497 920.565 5.231.014 19 6,295,402 1,470,047 6.383.136 i.820.132 4,455&90 6,647.076 7,765,449 10?03 ?68 Liabilitios: Creditots.. ￿￿Ounts falling due within one year (2,876,471) (2.824.568) (1,043,604) (1.213.374) Net current i)ssets I,S79,119 3.822.508 6,721,845 8.989.894 Totsl a55ets less current liabilitie5 24,103,176 21,18?.696 24J94?18 21 ?35.493 Creditors= amounts falling due after one year Provision for liabiliti¢s (495,278) (550.000) ?? (69,783) (69,78?) Total net assets 23538,115 20.56?,914 24J94,318 21 ?35.493 Fund5: Unresiricied incoihe funds Non-ControlliT]L Interest 23508,998 20.537.772 29,117 24J94,318 21.235.493 ?4 Total funds 23,538,115 20.562.914 24J94J18 21935.493 Approved and authori5¢d for issue by the Truste¢5 on Jlfr..October ?0?? and siivned on their behalf by: J M PATEL A PAREKH Trustee Trustee 15 Sarjuda$ Foundation Consolidated and Charity Statement of Cash Flows For the year ended 31 December 2021 The Group 2021 The Charity 2021 2020 2020 Notes Net cash prnvided byllu5ed in) by operxtinu activities ?5 3234531 (7?3.366) 2,729,469 (16?,490) Cash flows from investRn¢v activities: Dividend income Profits froTn Option Tradin PUrCh￿e of intan(riblc fixed assets Purchase of fix¢d assets Purchas¢ of lisied sliares Purchase of Otlier Investments Proceeds from sale of TFAS Interesi reeeived Net (Incre￿e)1deCrease in long tem) deposits 57,708 47,096 (25,742) (221,723) 57,708 47,096 ?6,94? (59.489) 194.4J4} 1836.808) (94,4J4) (8)6.808) 217,051 (5215,574) 11?698 1.364,080 193216 (5215.574) 195.092 1,364.080 Net cash (used in)/provided by invistinu aetivities (5.141,184) 373,J87 (4,917,554) 668.493 Cash flows from finAncin activities- {D¢crcaseyincrease in other loans {162.000) 360.000 {162,000) (190,000) Net cash (used in)Iprovided by financiniw activities (162,000) 360,000 (162,000) {190.000) Change in cash and Cash equivalents in the year (?,068.653) 10.021 (2,350.085) 316.073 Casli and cash equivalents at the beginning of the year 5,034,485 5.0?4,464 3,820,132 i.504.Oi9 Cash and cash equivalents #t the end of the year 2,96i,832 5,0)4.485 1,470,047 3,8?0.132 16 Sarjudas Foundation Trlotes to the consolidated financial statements For the year ended 31 December 2021 Accountinu policies Basis of preparation The financial gtatements Iiave been prepared in accordance with thc StaTrment of Recommended Practice.. Accoun(ing and Reporting by Charitics preparing th¢ir accounts in accordan¢c with ihe Financial Reporting Standard applicable in tlie UK and Rcpubli¢ of Ireland (FRS I O?); th¢ Financial Reporting Standard applicable in the United Kingdoin and Republic of Ireland {FRS 1021: the Charities Act ?01 I: and UK Generally Accepted Practice as it applies froin l January 2019. (a) The accounts (financial statements) have been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Reports) Rcoulations ?008 only to the eitent rcquired to provide a 'true and fair view. Tliis departure l)as involvcd following Accounting and Reporting by Charities preparing their a¢counts in accordance wiih the Financial Reporting Standard applicable in th¢ UK and Rcpublic of Ireland (FRS I O?) rather than the Accountino and Reporting? by Charitics.. Siatement of Recommended Pr￿tICe effective from l April ?005 whicli has since been withdrawn. Assets and liabilities are initially recognised at historical cost or transaction valu¢ unless otherwise stated in the relevant accounting policy or note. Thes¢ financial statements consolidate the results of the charity and its wholly-own¢d subsidiarics on a line by line b2sis. Transactic>ns and balances beNeen the Chariry and its siibsidiaries have been eliminated from the consolidated financial statements. Balances between the entities are disclosed in ihe notes to tlic Charity's balanw sheet. The truste¢s confirm that the consolidated financial statements comply with the requirements of FRS 102 and SORP FRS 10? {b) Public benefit entity Tli¢ Charity Ineets the definition of a public benefit cntity under FRS I O? (c) Going eoncern The trustees congider thattliere ar¢ no material unc¢rtainties aboutthe Group s ability to ¢ontinue as a going concern. The Group has continued to trade successfully despite disruptions lo the economy ¢aised by Covid 19 and has not clianged its strategic and business plans. The Charity has miniinal on-&7oing legal or construciive cominitments. Th¢rc are no uncertainties. material or oth¢rwise. regarding the Group's going ¢oncem. The trustees therefore have reasonable expectstion diat the Group has adequate resources to Continue in operaiional ¢kiStenTr for tlie foreseeable futu￿ wliicli exceeds 12 Inonths from tlie date of si(ynin£ of thc financial stateinents 2nd therefore continue to adopi the going concem basis of accounting in preparing the annual consolidated financial siateinents. Th¢ trustees do not consider that th¢re are any sources of estirnation uncertainty at tlie reportino date that have a significant risk of eau5in£ a material adjustm¢ni to the carryin(T wnounts of asscts and liabilities within the next reportinTr period. 17 Sarjudas Foundation Notes to the consolidated financial statements For the yearended 31 December2021 Accountino polieies (continued) (d) Ineome Income is recognised when the Group has entitlement to the fund& it is probable that the income will bc received and that the amount can be measured reliably. Voluntary income comprises reveniies generated from various fomis of donations and Ongoin￿ artivities. All incomc is included in tlie SOFA on an accriials b￿ls. Trading income comprises revenues ftenerdted by subsidiaries ofthe Charity. Trading income and cxpenses are inclLided in the sofA on an accriials b&is. Investment income includes the incomc generated from propety invesimenL interest received on ¢ash deposits and dividends rc¢¢ivcd from listed investments. wliicli arc included on an accruals b￿ls. (e) Donations of (wjfts, services and f*cilttie5 Donated professional services and donated facilities are recognised as income when the Group has ¢ontrol over the item or received the service, any conditions associated with the donation have been met. the receipt of economic benefit from the use by the charity of the itcin is probable and that economic benefit can be measiired reliably. In a¢¢ordance with the Cliarilics SORP (FRS 10?), volunteer lime is not recognised so refer to the trustees, annual report for more infornation about their contribution. On re¢eipL donaied Trifts. professional services and donated facilities are recognised on the basis of the valu¢ of tlie gift to the Group which is th¢ amount thc Group would have been willing to pay lo obtain servi¢es or facilities of equivaltnt economic benefit on the open market; a corrcspondino amount is then re¢orrniscd in ekpenditure in th¢ period of receipt. (o Expenditure and irreeoverable VAT Expendlture is recognised once tliere is a legal or constructive obligation to mak'e a payment to a third party. il is probable thai settlement will be required and the amount of the obliTration can be measured reliably. Expenditure is classified under tlie following activity headings.. Costs of raising funds relate to the costs of sales in trading activities and operating expenses of the trading subsidiarics. Expenditure on charitabl¢ activities includes ihe costs of activities undertaken to furthcr th¢ purposcs of tlie Group and their associated support costs in¢luding ttovcrnancc costs. Irrecoverable VAT is charged as a cost against the activity for wliich the expenditure was incurred. AIIoc2tion of support eosts All support costs are allocated to the cxpenditure on cliaritabl¢ activities as none of these costs are allo¢able 10 the costs of raising funds, wliich are the costs of the trading subsidiaries. Support Costs includc governance costs. whi¢l) arc thc costs associated with the ¢Troveman¢¢ arrangeincnts of the Group. These costs are associated witli constitutional and siatutory r¢quirem¢nts and include any COSts associated with thc strategic management of thc Group's activities. 18 Sarjudas Foundation Notes to tbe eonsolidated financial statements For the year ended 31 December 2021 Accountin￿ polici¢5 (continued) (h) Oper2tlDg leases and finance leascs Rental charges are charged on a straight-line basis over the ierni of the le￿e. Assets h¢ld under liire purchase contrarts or finance leases arc capitalis¢d in tlic balance sheet. I'hose held under liire purchase contracts are deprecialed over their useful economic lives. Tliose held under financ¢ l¢ases are depreciaied over ih¢ir eslimated useful lives or tlic lease temi. whichever is sliorter. Thc intcrest element of these obligation5 15 cl)arged io the SOFA over the relevant period. The capital element of tlie future payments is treaied ￿ a liability. (i) Tantrible fikeil assets Items of equipinent are capilalised where the purchase price ex￿dS £500. Depreciation costs are allo¢at¢d to activitics th¢ basis ofthe use ofthe relatcd asscts in those activities. Assets are revicwed for impairment if circumstances indicate their carrying valu¢ Inay exceed their net realisabl¢ value and value in use. Where fixed assets liave been revalued. any excess between tli¢ revalued amount the historic cost of thc &sset will be shown as a r¢valuaiion reserve in the balance she¢t. Depreciation is provided at rates calculated to write down the cost of eacli assct to its estiinated residual value over its ¢xpec(ed useful life. The depreciation rates in use are as follows.. Loiig Icas¢litsld property Frcchold buildings FurnitLire. fixtures and equipment Mtstor v¢hi¢lcs 50 years 50 years 5 years 4 yeaT5 Freehold land is not depreciated. (i) Intan¢Fiblc fixed assets Intangible fixed assets are recogniscd at cost and amortis¢d over dieir useful economic lives. as follows- Goodwill Otlier intrmgible ￿Sets l O years 5 years Goodwill rclates to the acquisition of a business in ?005 and ?016. (k) Investment properties Inv¢stmcnt properties aJe Ineasured at fair valu¢ ai each reporting date and are not depreciated. Listed investments Investments are a fomi of b&sic financial iiistrument and are initially recognised at their transaction value and subscquentlv measured ai their fair value as at the balance sheei date using the closing quoted market prirK. Any channe in fair value will be recognised in th¢ statement of financial activities. Invcstmcnt gains and losses. whether realised or unrcalised. are combined and shown in the heading"Net gJinsl(losses) on investments.", in the statcment of financial aeiivities. (m) Investments in subsidiaries Investments in subsidiarie5 are at ¢ost. 19 Sarjudas Foundation Notes to the eonsolidated financial statements For the year ended 31 December 2021 Aeeountina policies (continued) (n) Cash investments Cash held in fiked terni deposit accounts e.xceedinTr one year are Classified as fixed asset investments as they are (Fenerally licld with ihe overall intention of long-terni retcntion for the continuin(y benefit of tlie charity in the fom) of incorne and Capital appreciation. (o) Stocks Stockg are stated at thc lower of cost and net realisable value. In gencral. cost is determined on a fItst in fi￿1 out basis and includ¢s transport and handling costs. Net rcalisable valu¢ is the price at which stocks can be sold in the nomial course of business after allowing for the costs of realisation. Provision is mad¢ wliere necessary for obsolete. slow moving and defcctive stocks. (p) Debtors Trade and other debtors are recoo￿lSed at the settlement amoiint due after any trade discount offered. Prepaymenis are valued at the amount prepaid nct of any trade discounts due. (q) Cash at bank and in hand Cash ai bank and cash in l)and ineludes c8sh and short temi highly liquid investments with a short maturity of three montl)s or less from tlie date of a¢quisition or opening of the deposit or similar account. Cash balances e.xclude any funds held on behalf of servi¢c users. (r) Creditors and provisions Creditors and provÉgions are recognised where the Group has a present obli￿81]0￿ resultin￿ from a past event that will probably result in the transfer of funds to a third party and the amount due to s¢ttl¢ tl)e obligation can be measured or estimated rcliably. Creditors and provisions are normally reco(rnised at Iheir settlement amount after allowing for any trade discounts due. The Group only has financial ￿set8 and financial liabilities of a kind that qualify as basic financial instruments. Basic financial insiruments are initially recorlniscd at transaction value and subsequently measured at their settlement value with tlie ex¢¢ption of bank loans whicli are subsequently mcasured at amortised cost using the effective interest method. {s) Pensions Tlie group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under whi¢li the group pays fTx¢d contributions inio a separate eniity. Once th¢ contributions have been paid Il)e group l)as no further payment obligations. The contribuiions are recognised as an expense in the StstemeTtt of Financial A¢tivitics when they fall due. Amounts not paid are shown in 2¢¢ruals ￿ a liability in the Balance Sheet. The asscts of the plan are held separately from the Group in indepcndently administered fund5. (t) Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rat¢ of exchange rulino at th¢ balance sheei date. Transactions in foreign currencies are translated into sterling at tli¢ rate of excliange ruling at the dat¢ of transaction. Exchangc differences are takcn into account in arriving at tlic net movement in funds. (u) Accounting cstijnates and Jud￿eMentS In tlie application of the charity's accoiinting policies. the trustees arL' required to makc judgemcnts, estimates and assumptions about the carryinrT ainount of assets and liabilities thai are not rcadily apparent from oiher sources. The estirnates and associai¢d assumptions are b￿ed on historical experTenee and otlier factors that are Considered to be relevant. Aciual results Tnay differ from these estiTnates. The estirnates and Underlyin￿ assumptions are revi¢w¢d on an ongoing basis. Revisions to accounting estimates are recognised in ihe period to which they relate. 20 Sarjudas Foundation Notes to the consolidated fin2neial statements For the year ended 31 December 2021 Accounting policies (continued) Accounting estimates and juduem¢nts (eontinued) Significant CStimatLS made in thc course of preparing the finan¢ial sialeinents include investments. provisions and depreciation for whicl) th¢ accounting policies liavc b¢¢n noied above. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify ￿ basic financTal inslruments apart from investment in optlOn5 and derivates. Basic financial instruinents are initially recogiii5ed at transaction valuc and subsequently mcasur¢d at their settlement value. All investments classified as financial instruments including options and derivatives are measured at fair value, except ¢ost for investment Ill Subsidiaries. which are held ai ¢ost. Income from donations and legacies Group Charity 2021 ?o?o 2021 2020 Donations Donated s¢rvices ? 009.376 2.679.904 714.281 2,009J76 21.408 2,679,904 714?81 IncoTne and eypendilure from trnding activities Group Charity 2021 2021 ?o?o Turnover 6,415,103 5.615.446 Expenditure: Cost of sales Operating e.Kpens¢s Management expenses Staff costs Depreciation- own ￿Sets Corporation tax Defeiyed t& Donations Loss on dispos21 of tangible fiAed asS¢ts 3.789.131 860.878 152.070 599.012 490.588 36.609 3.3??.3?9 689.986 104.198 433.736 471.907 ?45.000 (17.710) Total costs of trading a¢tivities 6,1?? 578 5.267.156 Net Ineome from trading activities 292,525 348 ?90 21 Sarjudas Foundation Notes to the consolidated financial stalements For the year ended 31 December 2021 Income frotll investments Group Charity 2021 ?o?o 2021 ?o?o Interest in bank deposits DTvidends received and in¢omc from derivarives Option trading Other rec¢ipts 97.959 11?.698 181.166 195.09? 57.708 ?6.94? 57.708 119.092 12.050 274,759 139,640 250,924 ???.0)4 Other income Group Charity 2021 ?020 2021 ?020 Governinent Grants- JRS schem¢ £244.837 £158.603 Expenditure on charitable activities: advancement of the Hindu fns Premises costs Other expenses Dcprcciation GovcTnancc costs 1.000.500 i.000.ooo 6.724 {131) 59.377 18.558 33.45? i6.596 6.684 3.171 45.175 59.377 29.358 18.630 162,155 1.14?,666 87,862 1,084.528 All the above costs other than donations are support costs. Net incomel(expenditure) for the year Net incomel(exp¢nditur¢l for the year is stated after ChargIn￿(creditin Croup Charity 2021 2021 Amortisation of intan(yible assets Deprcciation of fi.xed assets- owned Operating le￿e rentals - property Auditors. remuneration le.xcluding VA T).. Aiidit T&x compliance 11?,661 4)7.J07 171,915 99.177 4)2.109 171.915 59.377 59.377 ?7.000 6.600 15.000 15.000 6.600 Sarjudas Foundation Iyotes to tbe consolidated financial statements For the year ended 31 December2021 Losses on investment assets Thcsc coinprisc.. Group Charity 2021 ?o?o 2021 2020 Gain/(loss) on listed equity investments 317.773 (1,473.363) 317.773 (1.473.363) £317,773 (£1,473:363) 17,773 (£1,473,363! Analysis of stsff costs Croup Charity 2021 2021 20?0 Salaries and waTres Social securiry costs Pension ,712,108 138,057 30.105 1,470,466 60.595 85.078 £1,880,270 £1.616.139 No employ¢cs Carn￿ more tlian £60.000 during the year12020: none}. The Charity tnistees were not paid or received any other b¢nefIts frorn einployment with the Charity in ihe year l?Q?O.. £nil). No Charity trustee received payment for professional or other s¢rvi¢es supplied to the Cliarity12020'. £nil). No tsvsl¢¢ ¢xpenses w¢r¢ in¢urrcd in tlie year (20?O.. £nil). io. Staff numbers The averagc number of employees (head count thed on number of statT employed during the y¢ar was follows.. Group Charity 2021 2021 2020 Mcrchandising and trading 76 77 ii. Related party transactions Tlie Sarjudas Foundation owns a nuniber of subsidiaries. all of which are incoworated in England and Wales and are deiailed in note 16. Transactions with subsidiaries are con501idated and therefore exempt from related party disclosures. The Sarjudas Foundation received a donation of £?m (?O?O.. £Nil) froin BAPS. There are a nuTnber of individuals who are trustecs of both Cntitics and both cliariti¢s sh8rc the swn¢ aims and obj¢ctives. 23 Sarjudas Foundation Notes to the consolidated financial statements For the year ended 31 December 2021 ii. Related parry trnnsactions, continued Tl)e subsidiaries of the Charity are listed in Note 16. Tl)e following transactions took placc during the year.. (a) Mr J.M. Patel. a Trustee of the Charity and a director of Saya Enterprises LiTnited and its subsidiaries and Mr Chandresh P2tel. a dircctor of Saya Enterprises Limited and its subsidiaries. have a material intcrest in Empire Food Brokers Limiied {"Empl￿"}. The following transactions took pla￿ between Ihe Group and Empire. Group undertakings have sold and purch&sed goods amounting to £310.500 (202C>.. £296.509) and £1 ?.404 respectively (?0?0: £18,)96) on nom)al trade t¢rn]s from Empire. The net trade balance due from Empire at year end was £?5.9?? (?0?0- £30.906). (b) Mr J M Patel. wlio is a T￿￿tee of thc Charity and dircctor of Saya Enterprises Limited. has a material interest in Venue 5 LiTnited ("Venue 5"). Tlie followino transactions took pla￿ between the Group and Vcnue )'. Group undertakings sold goods amounting to £3.569 {20?0.. £1.746) to Venue 5 Limited on normal trade tem)s. The trade balanee due from Venue 5 at year end was £1.432 (90?o- £1.416). {c) Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha ('BAPS') is a UK regisiered cliarity in which Messrs J M Patel and Mr D Patel are also Trustees. During the year. Saya Enterprises Limited sold good5 ainounting to £164.615 (?0?0-. £349.4?1) to BAPS on normal comm¢rcial tem)s and conditions. Bank House Lockers Ltd made donations of £? l ?,000 (?o?0.. £945,000) to BAPS during the year. 2021 2020 Amount due fmm related party at the balancc slieet date £?5 142 (d) Bank House Lockers Ltd transferred loan amounts toralling £Nil {?O?O.. £IOO.000) to Neelkanth Safe Deposit Limited during the year. The two directo￿ of the company. K.V Pujara and M.K. Pujara hold 40% eacl) (total of 800/0) of the ordinary share capital of Neelkanth Safe Dcposit Limitcd. The balance due to Bank House Lockers Limited at th¢ y¢ar end was £1 00.000 {20?0.. £100.000). There is no fomial agreement in place between the two COTnpanies. (e) Nilkanth Estates Bank House Lockers Limited paid rent amounting to £4? 000 to Nilkanth Estates. Nilkanth Estates and the Saiiudas Foundation liave common trustees. There is no balance due at year- cnd to Nilkanth estates. There were no otlier relaied party tran&aciions in the current or prior yw. 24 Sarjudas Foundation Iyotes to the eollsolidated financial statements For the year eDd¢d 31 Deetmber 2021 12. Taxatio The Charity is exeinpt from cory)oration t&i 2$ all its income is charitable and is applied for charitable purposcs. Tlic Charity's trading subsidiaries donate available profits to the parent charity. Thc pcrfortnance of th¢ subsidiaries in the year is disclosed in note 16 and thero was &charg¢ to corporation lax of £Nil120?0.' £Nil). 13. Intangible r￿ed assets The Group Goodwill Other Totsl Cost.. At start of the year Additions in year Disposals in year 988.133 116.631 ?5,742 1.104.764 At end of the year 988.133 14?,373 1.130.506 Amortisation At swt of th¢ year Chargle for tlie year Eliminalcd on disposal 494,065 98,813 5.468 13,848 499.533 112.661 At end of the year 59?.878 19.316 61? 194 Tr4et Book Valuc At end of the year 395,255 123,OS7 518J12 At start of the year 494,068 605.231 25 Sarjudas Foundation Notes to the eonsolidated finaneial ststements For the year ended 31 December 2021 14. Tangible fixed assets (a) Group Short Lea5eliold Freehold Pro Fi.¥tures & Motor fittin s Vehicles Total Cost At start of the year Additions in year Disposals in year 9.901.746 78.981 19) ?69 2.J09.480 14?74? (81.334) 76.981 12.481.476 221.7?3 (81.))4) At end of the year 9.980.797 193 ?69 ?.i70.888 76.981 1?.6?1.865 reciation At start of the year Charge for tlie year Eliminated on disposal 1.497.749 J16.369 98.073 1?.079 1.488.456 108,8)9 (61,453) 74.469 3,158.747 437.307 (61,45)) At end of the year 110.15? 1.535.S6? 74.469 i,5i4,601 Net Book Vxlues: At end of the year 8,166,609 83,] 17 835,026 2,512 9,087264 At stsrt of the year 8,403.997 95,196 821.0?4 9.3?? 7?9 (b) Ch%rity Freehold ro Total Cost or valuation At start of the year Additions in year Disposals in year 3.37).5?5 ).j73.5?5 At end of tl)e year 3.373.5?5 J.373.5?5 reciation At start of tlie year Charge for ihe year Eliminated on disposal 379.460 J79.460 At end of the year 4J8,837 438.8J7 Net Book Values: At end of the ye2r 2,934,688 2,934,688 At start of the year 2.994.065 ?.994.065 26 Sarjudas Foundation Notes to the consolidated financial statements For the ve¥r ended 31 Deeember 2021 14. Tangible fixed assets, continued Land with a vaIue of £1,904.576 (2020.. £1,904,576) is included witliin freehold property for the ciwity and th¢ group and is noi depreciated. All of the above assets are used for ¢haritsble purposes. All freehold properties have been valued at ¢osL 15. Investment properties Th¢ Group 2021 20?0 The Charity ?021 Cost at start of the year Additions Dispos￿8 Cost at end of the year 27 Sarjudas Foundation Notes to the consolidated financial statements For the year ended 31 December 2021 16. Investments in subsidiaries Tlie Sarjiid8s Foundation owns the following Subsidiary undert2kings. all of which are incorporated in En¢Tland and Walcs.. Percent of ordinary %hare ital lield Cost The Cliari ?o?I ?o?o Nature of Business Saya Enterprises Liinited Saya Enterprises {Birn]ingham) Limited Cultural Festival of India Limit¢d Akshar (Design & Build) Limited 860.00? 100 860,OQ? Food manufacturers and retail Food manufacturers and retail ?00.000 200.000 I OOD/• Sale of publications Degign and construction of buildings Holding and managing properties Food manufacturers and retsil Dormant Herbygreen Properties Limited IOOO/o Saya Enterprises (Leicester) Limiied BAPS (UK) Limited BAPS Swaminardyan Herbal Care Ltd The Swaminar2y2n Hindu Mission Limited BAPS Care LiMi￿d BAPS Swaminarayan Sanstha Limited BAPS Intemational Limited Amtut Herbal Care Ltd Bank House Lockers Ltd 759.184 Saya Enierpriges (Manchcster) Limited IOOO/o IOOQ/o IOOV/o Dtsrmant Domiant Dormant Domiant Dc>m)ant Dom)ant Safety deposit lockers Domant 1009/0 759,184 760/0 I OOQ/o £1.819.304 £1.819.306 AII IOOO/o subsidiaries donate their annual t&xable profits to the Chariry. Shayona Limited. a company incorporated in England and Wales. is a wliolly owned subsidtary undertaking of Saya Enterprises Limit¢d. Sliayona Liinited's principal activity is to hold leaschold premises on behalf of its parent undertaking. Shayona Restaurants Limited. a company in¢orporated in England and Wal¢s. is a wholly owned subsidiary undertak-ing of Saya Enterprises Limited. Its principal activity is that of restauranteurs. The financial statements of the wliolly-owned subsidiary undertakings of Saya Enterprises Limited, Sliayona Limiied. Shayona (Pinner) Limited and Shayona Restaur8nts Limited, can be obtained from the Registrar of Companies in Engiand and Wales. Sarjudas Foundation otes to the ¢onsolidated financial Statements For the year ended 31 Deeember 2021 16. Investments in subsidiariL%, continued A sumrnary of the results of the Inaterial trading subsidiari¢s ar¢ shown below.. Saya Enterprises Ltd Culturnl Festival of India Ltd (COMpa￿Y No.. 01871204) 2021 •020 (Company No.. O?6851761 2021 Turnover 4.411.671 4,147.460 97,162 117.871 Nei interest Ipayableyreceivable (86.488) Deed of ¢ov¢nant to parent undertaking (289.8191 IIA)ss)Iprofit for the financial year (40,410) (83.320) (666.241) (187.464) 77 (J1.3061 1.745 1?? 698) 9,858 Fixed ￿sets 5,731,856 cu￿ellt assets 1,933.188 Creditors due within one year (80Q.i78) Creditors due after more than one year (6.004.664) Nct assets 860,002 5,8?7.198 2.122.792 (994.914) (6.054.664) 900.41 ? 1.903 234.1?8 {36.031} 2.8.51 291.665 (34.3741 200,000 190.142 Shayona Restaurants Ltd Shayona (Pinncrl Ltd (Company No: 06706762) (Company No: 07677868) 2021 ?o?o 2021 20?0 Tumover Otl)¢r operatinTr income Nei in(erest (payablellreceivable Deed of covenant io parent undertaking (Loss)IProfit for the financial ycar 473.874 385.225 735.1)42 537.276 (63,507) (78,179) 24,214 (13.8361 Fixed assets Current &se Creditors due witliin one year Creditors du¢ afier more tiian one year Net assetsl{liabilities) 696,671 743.955 10? ?17 115.9?6 1?3.138 15?747 (2?0.730) 1?88 ?6?) (?51 •79) 1?51 ?79) (246,654) (270.8681 (6?9.4SI ) (577.765) 123,744 187.251 29 Sarjudas Foundation Iyotes to the consolidated financial statements For the year ended 31 December 2021 16. Investments in subsidiariog, continued Bank. House Lockers Ltd (Company No.. 0276J905) 2021 2020 Tumover Other operatinTr income N¢t interest receivable Deed of covenant to parent undertaking Profit for the financi21 year 779.194 768.60) 43.754 680 50 16,566 Fixed assets Currcnt assets credito￿ due within one year Crcditors due after more than one year Provisions for liabilities Net assets 506.8?8 835.?10 814.?63 (1.118,940) (1.114.9?0) {45.?78) (50.000) (56.500) (56.500) 121320 104,7S4 17. Investments in listed shares The Group ?o?I The Charity ?o?o Fair value at stan of the year Additions at cost Disposal proceeds Nct gainl(loss) on change in fair value 1.3?6.393 1.88? 1)5 9Jl ?4? (47.0941 (13.621) J17,773 (1.473.)6J) 1.3?6.393 1.882.135 931 ?4? (13.6?1) (1.473.363} {47.094) 317.773 Fair value at end of th¢ y¢8r 1.597.072 1,326.393 1597,072 1.326.393 18. Fixed deposit investments The Group 9021 20?0 The Chariry 2021 Fair value at start of the year Additions at cost Disposals at cost 6.105.835 7.469.915 5?1 j.574 6.105.835 5?15,574 7.469.915 { l.J64.O80) (l.J64,080) Fair value at end of the year 11,321,409 6,105,835 11,321,409 6,105.835 30 Sarjudas Foundation Notes to the tonsolidated finaneiai st•t¢ments For the year ended 31 December 2021 19. Debtors Group 2021 Charity 2020 2021 Trade Debto Ainounts due from subsidi8Jy undertakin￿$ Prepayments & accrued income Otlier debtors 221,028 369,378 6.226.537 6.196.545 163.969 167.157 384.030 407.858 678,314 920.565 6,295,402 6.J83.136 Amounts diie from subsidiary und¢rtakings inelude an amount of £5.554,664 (?0?0.' £5.554.6641 falling due after more than one year. 20. Creditors: Amounts fallinu due within one year Group Charity 2021 ?020 2021 2020 Bank loans and overdrafts Trade ¢r¢ditors l &xation Social security and other ￿KeS Other creditors Other loans Accrua15 & deferred income ?3? 25? 224,113 196.599 ?13.500 149.474 1 ?44.850 I,0?1.374 4.408 58.897 7?8.699 1,183.374 443.569 22.230 1.021.374 1.183.374 18,OOQ 2,876,471 ?.8?4.568 1,043,604 1.213.374 Bank Ii)ans and overdrafts totsllinTr £232.252 {2020: £196.5?9) arc secured against the chariry's fixed deposits, a legal cliarg¢ on the freLliold propety and a flo£ilinTr chargTe ov¢r thc remaining assets of a subsidiary undertaking. The bank loans and overdraft ar¢ rcpayablc witliin one year or on demand12020'. within on¢ y¢ar or ()n deinand). 21. Creditors: Amounts falliD¢S due after more than one year Group Charity 2021 ?020 2021 ?020 Bank loans and oi'crdrafts 495,278 550.000 31 Sarjudas Foundation Notes to the con501idated fin2ncial statements For the year ended 31 December 2021 22. Provision for liabilities Deferred t&x on accelerated capital allowan¢¢ Group Charity Balanc¢ at start of the year Def¢rred t&x provided 69,783 Balance at end of the year 69,783 23. Funds Group Charity Unrestricted funds Balancc at start of the year Net in on cliange in fair value of invesim¢nts Net movement for Ihe year ?0.56?.914 317.77i ?.657.428 ?1 ?35,493 317.773 ? 841.05? Balance at end of the year 23,538,lli 24J94J18 24. Non-eontrolling interest Grollp Charity Balancc at start of tlie year Net movement attributable to Non-controlling interest 3.975 Balance at end of the year 29,117 25. Re¢on¢ili#tion of net movement in funds to net eash flow from operatittg xctivities Group Charity 2021 202] Net movement in funds for the reporting p¢riod Depreciaiion and amortisation charThes Corporation t&x charge Net (gains)Ao55es on investments Dividends. interest and rent from investmenrs Loss on disposal of fi.xed assets Increase in siock Decreas&l(increase) in debtors 1ncrcascl1decre￿e) in creditors Corporation paid 2,975.201 549.968 (1.947.530) j)1 ?86 3.158.825 59,i77 (1.6?1.018) (317.773) 1,473.J63 {J17.77J) 1,473.J63 (?74.759) 19,879 {83.695) ?4??51 123.459 (139.640) {?50.924) (29?.034) (49.71 ?) (507,855) 183.278) 87.734 (7.770) 117.89? 30.000 Net eagh provided byl(used in) operAtin% xclivities 3,234,531 (72J.366) 2.729.469 (16?.4?0) 32 Sarjudas Foundation Noles to the consolidated flnancial statements For the year ended 31 Deeember 2021 26. Analysis of cash and cash cquivglents- Group Atl J8J)uary 20?1 At31 Deeember 2021 Other chart￿e$ Cash flows Cash at bank and in hand Overdraft repayabl¢ on demand 5,231.014 (196.5?9) (?,032.930) (35.7?3) 3.198.084 (232 ?52) 5,034,485 (2.068,6i2) 2,965.832 Analysis of cash and cash equiviTrlents- Charity Atl January ?o?I Ai31 December ?021 Otlier chan Cash flows Cash at bank 8J)d in hand 3.820.132 (2.350,085) 1.470.047 3.820,132 (?,i50,079) 1,470.047 27. Operating lease commitments The group's total ￿lUre minimum le￿e payments under non-¢ancellable opcrating leases is as follows for each of the followiiig periods.. Prop¢rty 2021 ?o?o Less than one year On¢ to five ycars Over five years 184.665 41??45 455,675 171.915 555.950 )57.950 £1.059.585 £1.085.745 28. Post balance sheet events The Group received donations of £Nil from BAPS after th¢ balanc¢ sl)¢et date, a related entity with common charitable objectives. Oth¢rtl)an th¢ mattLr mentioncd abovc. tlicre have bcen no events subscqucnt to rcportingdate which would hav¢ a mat¢rial ¢ff¢¢t on the Group s fi[￿le1a1 statements as at 3 1st December 2021. 33