R¢port of the Trust¢¢$ And Audited Coiisoll(lal¢d fiiTr¥n¢ig1 SIA¢¢meDts For the year ended JI December 2023 for SARJUDAS FOUNDATION
Conteiit.4 nf tlie Coii¥oli(l#lL'Il Iliiiwi)ciAI St*¢emeiils Foi. the yLal' enilcil 31 Dcccmbei. 2023 rAE¢8 Tnistee5' Repoil Independent Auditor's Repoi'l 10 Con%olidkted #nd ChrIty 8tAtcin¢nl of binaiicial Acliyilies 14 Consolidated and C.liai'ity Balance Slieet 15 Consoltdated and Charity Cash Flow Statemciit 16 Notes to tlie Con80lidatcd Accoiiiils 17-32
SJrjiic1115 fioiindmttun Ti'ii¥leey' Repuvt F()I' IIIL yefir en(led 3] Decembei. 2023 T1 (l'd vl Trustees prwnls ils report and the audited ¢on501idat¢d finai)cial statein¢i)ts of ih¢ Sj1&s Foundaliun for ihe yeai. ended 31 December 2023. The Troiiftd4)lion 1% a Sl(l-relIgIouS Flindu org8nis&tiun esiablished &$ a chniity under a Tnist D¢¢d d(Iled 16ih Nuvembei. 1976 lainciided by Rcsoliilion on 26 S¢plEmber2Ql 2) uiid registered iviili Ihc Charity Co1MIssIlMI linder fEgisl¢r¢d numbei. 273425. Its h¢adqu4Tieis air iii London arKI li hRs mandirs (places of w0h11}> and ¢¢iilrss lhiy>u0L1t the United Kin¥dom and in mainlaiid F.urope. principal obje¢l of the chai'ity is tl* advancemenl of the Hindli faith amongsl its follower5 and oth¢is With particular iefeiEiice to the leachiiigs ¥nd pi'iiiciples ofBhp8wan Swaminhrayaft. Our V181on 'lThe growil) of a 11711spar¢i)t and cffi¢ieiiily ITiaii&xed oi'ganisfitioll to foster a spiritual. moral. toki'ant and Kligious society lo inspiir Inaiiy to follow tlic th of righteuus livln Ainis #nd Objcclive5 To Achieve this vision, Ihc FouiKl&ioii's aims and objectives continu¢ to be.. To impait sooial, cultui?I, IllOT&I and tNlitional values lo Childrcn, l¢enager& yoiilhs and Jduli5.
I'o cnsure thtti legis18tiDn and regiilalioii 15 complied wlth In r¢lalion lo the impaGI ol-chjiige and the Ixlrden of bureaurAXLy on cliarlties. To iii%e slandai'ds by developing #nd PTomoting ilie best pr8L,lieL in the manag¢menl of ¢h¢rliies- Ihix)ug]) training and iTrftsi'Jmalion. To ensiiit the Foundatlon remalns il 5UStah)abl¢ anisatiO11 tluDugh fundixisiiig a¢livili&8. Aellvllles In the yeir Sarjiidas FouiidAilon contiiii% to I'eceivc donations fiDm ils principal doiior, Boch8sanwa8i Slii'i Akshar Punishottain Sansilia (BAP.81, u w¥ll-&41ablished chaTIty ivh05c dollS are diverse and veiy siipportive. 11$ lrnding opei'alions .¢ also loiw established and c()nlinue to trade w¢ll, DIH7n¥ Ihe y¢ai'. it received donaliony of £l1.7m (2022- £6,5in). ie Clwi'ity mF4kes donali0rn8 t(y othet. charili¢s ulldlake a¢livlti¢s Ihat piDmote the Hindu failli achieve Ilie Cholity'5 objectives. In 2023. SarJiida8 FoLindatlot) Inade Charitablc donations of £Nil 12022:£NII) lo Nilkanth Fsiales. Sarjudas roundatioii made tt cli&i'it&l?le doiialion of£Nil12022: £7.2m) to Brandon Ilouse Liinited in 2023. There has IKcn no OLltsoiirc¢d fiindraiqlng vl* plr¢s81nl fiindrni5ers or 01h. third partic5. A5 tt re8iilL (h¢ clMrily ig iiot gIStered with Ihe lundrllising re%ulaior aiid ITceived no fund17ising ¢omplaliits iii d)e year, SlruLlur¢, Govern8n¢e 8nd MaThy%emeDt Th¢ IxKiy resp0115ible foi. Ili¢ m&ttaE¢inenl ollhe Clwily is the Floord of Tt<e.1.he Bowtl meets foilnighily and addiiionally 8$ required.
SaYjii(l#s fii)Iillillltio .1 rusleeA' Ilcpui For tlie yLAr en(Ic(131 Decenibei. 2023 B(IMrd of Ti'uslees 1.he following-I'rust¢es 8erved diii'ing the year.. Jiiendiikiiin81' Mllgaiibliai Paiel Ainai. Parekh Bhavik P21el Tee5 Bre appolli . Itmoved by Ilie Board ofl riLsl¢es. Potential new truste¢5 are peri(Mlically idcnlified by the 1304nl of Trusl¢es. Tl)ese individiia15 work alongside existing Tiiistees foi, u pei'iod OF three years befoiE E¢i118 CQ115ided t- appoiEhttncnl. All Iriislces xive thcii. lime volunillrily and Irceive no bcnefii% IrLim t[ cliarity. A IEmiiiieraiion policy foi. k¢y Inana8eiiienl PEf50rn1el is not relevwil foi. Ihc Ch4rity as Ilie Irusl¢¢y wlio ait not Itmiinei?ted are tlie key managenient rKrsoiinel. MMnll8lng And CooYillll#tffinK the ChArity Gvothp ActIvlllcs Tl)e Cljtsrity is orgniSed so Ihdl Ilie Tr1151ee8 Imeel TillarlY lo manag¢ its affAi1s. Jilendr8kumai' Patel, & Iru¥l¥e, IDan#bies the day-10-day adiniiiislidilon of IIK. Clwity and is in Yegular contsxl with Ilw v1h, Iiusle¢s. Ther¢ ale a number offull iiime plli'l lime voliinicers. Oi of the hwte&s sits on thc of dlliet013 of Charity's Iilding subsldiari¢s. 'lThe C'harity is hed in ihe UIC aiid has its heftd office in Ne&en, l.ondon. St#lein¢nt.18 lo Dlsclo.%iire of lmfor1tAoll to Auill(ur5 'rh¢ Tnistees who were in oftiec on the date of approval ofili¢se ¢oii$olidalrd financial slalcinents havL cunfiiThcd, as fui. as Ihey are rtwni¢, Ihal Ilieir15 no L'elevanl audit inform¥Llion of whÉeh ilie aiidiior5 al'e iiiiaware. r.aeli ufihe Truslces lthve confirm1 thlll Iliy have taken all the steps that Ihey oiighl lo have taken fts Triislees iii oixter lo Inake Ihejnselves awdre of any releyaiil &111 inFormation aiid to es(hb115h thai IÈ hys beeii commiinicaied to the a1ltOr. Slatenitnl of'fruteos' Resp0115ibililleJ The Tiu5tces are it5poJisible foi. pi'epariiig the Triislees, Rep¢)11 and the c¢)n5olidatol finpiicial Sialemenls in CL'ord8n¢e willi applicable laiv aiid lJi)Sted KinKdoin Accounting Standards (Uiiited Kiiigdoin riencrally Accepled Accoiinting I'izctice). The law 8ppliLJble lo clui'ilies iii Bi)gland & Wales reqLIII'¢S Ihe TIiL8t¢cs lo prei)ai'e f[141 slalcmeiit8 for cach fiiioiKial y¥Jr whlch gtive a Ii'u¢ aiid fair vicw of the st4te of affttirs of the Chgj'ity aiiil llie OIDIip, an(J ofihe iiicoiiiing rv5vil¢S and llpplication of I'¢soiiiees ofihe Cliarity and ihe Gn)iip foi. Iliat peri1, In pr¢paring Ihese finaiici81 ytatemenls, 11)e Tlwstees are reqLiircd to.. • sele¢l siiilable nccoiiiiling policies And then apply Ilicin eonsistently. gbsei've Ili¢ Ineiliods ai)d pi'iiittipl¢s ii) Ihe Chaimiies Stst¢inenl of Ilecolnmeied Practise on AccoLJnling aiid Repurting,. make judgeineiil$ Jnd esliiiiaies Ihal #re ieasonable and pivdent., state WhetIr applic&ble accouiitiiig 5t*u)dwls l]av¢ k.ln fallnwed. 1bject lo any mgtsrial dep8ilures discli)sed aiml ¥xpluincd in Ilie fingnclal slaten)eiii5,' p1'Cpa the tina111 %t&teJllenls the going conceni this iinl¢ss il is inappiwriate to presLiine tIMt Ihe ¢lwi'ity will conliiiiie 1¢) ()p¥rttle. The TruceS ere lE5poilb1e for mniiitaiiiing piwi, accoLiiiiliig reco1$ tl)al dis¢103¢ wilh reLLS(TrnBblc fteciiracy &t any tiine Ilic financial pL)sitinii of the Charity and ilie Group aiid en8ble ihem to ensure Il)c finaiiciAI si#tement.8 colpIY with the C.Iiarilicg Act 201 l. They aTe also ILspoiTrsible fvi. sttfcguardlng IIK assets (Trf th¢ Chai'hy the Group Aiid hLnLe f()I' taking IEasonable steps for th¢ pirvttblioii and deteclioii orfimud and 1]er iii'eguiaiili¢x
Sxi'jiidAs Fou11dtIOn Trll5tLC¥' Report ri Ilie yo#r eth(led 31 Deceinbei, 2023 Rl$k i'lsl( m¥na%ement and lut¢rnHI eontrol '11 I'i'ustce5 al'e rcspotL8ibl¢ for e1urli8 efftctive risk management, and Ilial inlttmfil conliyjls are in pl&¢e to apprvpi'ia¢ely Ir#ii&%e the i'isk cxposuir of the Gi'oup. Sn doing so, Ihe Ejoard hNs considered il)e major I'isk¥ lo which IIIL Groiip is ¢xw)%ed. th¢ polei)lial Impact artd piDbAbiliry 8SSOClAied with eacli risk, and thc mitigating actions needed lo Irduce eaLh risk to ll levol that the Tru51¢es coi)5id¢r5 to be a¢¢¢ptable. Tho tri&jor financial I'isk5 are cach sLibje¢i lo ongoii)g nionilui'iiig Aiid iiianagement. Income and c051 control ar subje¢l lo rjngoing review on at leasl h qiiailei.ly basis ivlth pi'ior approval of lh¢ BuMI'(I Ii¢eded fui. sigiiifit8nl cost activilies, The activilies r>f ihe Group Il¢p¢thni on its ability lo raise funds from doJJatioI. investincnts and ils Ii'adin aelivities. Tlie koy risk foi. 2023-24 Ilierefoit is the Group's ability Io 5#¢11w ongoing fiiiiding. The truslecs consider Ihis I'isk to be Inw 8$ Ils prln¢ipal doiiui. is BAPS, a well-cslÈblished chai'ily whose donoi's air divL•i$e and veiy 5upporlivc.115 trading operations ulso established cunliiiue to Irttde well. Chai'itable expendittir is laiE¢ly di5crelionaiy and cai) be IrdLiced lo mitigate & Slibstgntial rediiction in Incoine, In addilioii, t1 GroLIP'5 ithin¢d lserv aL"¥ sufticl1t lo mitigate any slx)110111)¢diiini-l¥i'in rcdiKiiun ii) iiel income. lffileriiMI Coiilrol The Trusl¢os have overnll reSnSibIlIty for ¢nsuI'ing Ihat th¢ Group h&8 apprt)priate sysl¢ms of lrtternol ¢ontrols. ie syswns of internal conliyl are designed to provlde reasonable, biii nol absoliiie, 8SSiUIIIILe against material misslaleinenl or l(Jss. Inici'iial conlTh)I processes iinpleinent(xl hy the Tilt I]Udg.. Prodiiclion of moiiihly InAnagernvni t)c¢ounts and review of financial rcsults thnd lOrManCe indicalors by the Tiustecs at monthly meetings. t)elegdliun tsf Biilliui'ily ai)d sewtgyation of diities. Idcntification and Inanagthnent of ri%k. Volunte¢i¥' ¢()Iiti'lbulions In nclilevlng the DbjLLllves of the Croiii) Voliinte¢rs ar¥ involved In 11)¢ ¥ener&l management of the oiEaiiL5ation aftd assist in the rjperaiion of Its Iradin ubsidiary ¢oinpaniES, ¢.g. 8Ayd Enl¢rpi'i8e& Liniiled Iizding as shay01, wlir volilnlccrs pai'ticipalc In tlie maiiiifactiiiE and disli'ibution of food fur ¢&¢ei'il a¢tiviti and Culiurdl F¢sliYal of Iiidia Lunited, whci'c Voluntee a55isi in the opei'ailon ora bL)ok glid suuvei)ii'.%tall. Publlc Bonetii In reviewing our aims. obje¢liv¢s arKI pl%nnin¥ fiiture acllvilies, tlle Trustees l)avo takeii into account Cliarity Comirission's geiiei'al guidan¢¢ on public benefit thid in particular Its supple1entary PLiblic Euidaiice un Il dvwi¢¥mont of relijsion f(Trr the pul)li¢ ben¢fil, The Tvustees always ensure that the activities iindcilaken arc in line with the charitable objcctiyes And aims of Ihc Foundation, One of the Foiindatinn's y'iii¢ipal aims and objectiv¢s is 10 Iinpart soclal, culiural, Inoi'dl gild irJililioiial values lo eliildi'en, tccnJgeis, yOLlths and 8diilis tliereby l)elping to piDvidc InorAI and e(hical fTamewoi'k for pcoplc to IIVL by and so pIRyiii% Jii important part iii building a beltcr soeiety. Re¥¢rv¢s poll¢y 'rhe TIltesS corLsideT the key 11)¢asure of siistainability foi. tlic (yroup lo bc cunrDI and futiiiE liqiiidity cover, I'athei. Iliaii Ilic siiii)Ius or dcfiLII Nccounting sItion. As a Collsequen, the'l'iilst have scl appropriate r¢1'Ye$ policies relatii)g to liqiiidity based oi) t1 Itlatioi)sliip belweeii reAdily re&lis&ble &49els. oll-goiiig level of donatlons Ircelved and ihe cash TequilneDts ELgSOCiated willi sustaining the Group'8 opei?tions for tt pGri(xl.
,SHJ'jii(Iii¥ FoiiiidAlivn 'I'rustecs' Ile1rt Ilor tlie yeir ended 31 Deceinbei. 202.1 In estHblishin¥ tliis poli¢y> Ilie 804Td ofTI'usie&s Lnndii¢ls an anniial review of Ihe l¢vcl of unreslricied iEseives lji Ihv geiieral fiin(I by coilder111g risl(s associated with the vailloiis incoine strcaii)s, expeiiditlUL' pluns aiKI balance Sheet l¢¢tns. This engbles ali estiiMate 10 be Iiiade ofilie level of resei'v¢s that aT¢ 511rricieiil: lo yllow time foi. rc-organisation in the event of a dowiilurn in inconie orassel valLies' lo pi'olect oii-&Joing wnrk piowamme, And lo allow the GTOUP to Inect ils obieeliv¢$. Risks i5sucs eoitsidciEd by the Boo1 ofTiwslees In m8kinE this JIge[nent on Ihc Icvel of Un51r1¢[td re%eives include.. lik¥lIlic ora downiiim iii incoime slrtrdrns. period of lime reqiiii'ed lo ii-eslablish iiiLoin¢ sli'eams. period tsf Iiine reqiiij'cd ¢0 do%vnsi7¢ the Ch4rity oper&lions,' wl)clhcr tliere is equate ¢Ollir(>l uve¥ budgets. pofential drease iii the valiie of the inveslinenl Portfolio,. qiiir¢ineiits frji. a I'¢JSL)nabl¢ level of woiin8 Ciipilal. As IlILCh4TIty'S 01%[lI)g expeiidiiiirc Is lai'gely dl.scr¢lionary and does noteXce £200,000 peraniiiiin, Ilie TIiLSlees are of (he vlew 11)al niii iniFJiiiing cash r¢scrvcs oral le8st £1 million ivill piDvi(le sil161enI I'¢soiiires in lh¢ cvcnt of Adverse coiiditi(Tr1. T1 Tru.%tee41)ttve ttlso assesseil oilieropeidlionpl and buslne5s risks whirli thoy faceat)d confin IhJl Ihey hav¢ esiablislicd sysleins lo miligaie siwiificllnl risks. In the evcni ofihe(:IIArity fJLingditYi¢iili finaiicijl clrclimsiances, tliis woiild allow it lo con1inl opei#lioi)s diii'ii)g a perind nf minaged adjiislmcnt lo dse new ciiruii)slances. Aclual cash Irserv¥¥ inLludiiig fixed teiin depD8IIS gs ilt 31 t)ec¢inber 2023 weir approximately £25.76 millio (2022.. £15.93 Inillioii). Free rc5erves at 31 De¢emher 2023 wei? approximately £2.4Jn (2022.. £3.4in). Thc'l liteLs have Loi)fii'ined Ihal, aftei'cdieful Itvicw ofihe rcsei'ves policy. as at 31 tkLcinbEr 2021, Ihe Oi'oiip's liqiiidity i?osliion Wi15 bub$tanlially ii) exce55 of ils rcserve8 poli¢y. li) coiisi(lei'ing the adeqiiaLy of Ihc 1tserve4 the Ti'ii%lee5 have 18keii into aecoiiiil Ihe largely di.scrciloiiaiy iialLire of ils exrKndiliiit and tlie amoiiiit of c4sh lield and iiiYe81iiienl income doi'ivcd. SLiiplus reserve5 81'c aecLltnul8ted and held to doiiated 81 Ihe api)JDpilale lime to oilier charilies witli siinilai. objec15 incliing Nilkanih Eslaies wliich 7rtqLiitrs and dLvrlops propeilies for as new HI1 iemple& Fln*nciAI Revlew The CJMUI) Stftlcmenl of l.iiiaiicial Activities (SOFA) 01) P88e I l shows iiei incorn¢ for Ilie ye4r of £17.45in {2022-. £1.36m).-11Tre SOFA Hlso shows financial &ciiYily of Ili¢ groiip dlslinguishing bclweLn re5ti'icted and unresti'icie(I activities atid sliows Ilie Ii'adin&T activities of tlic groiip. 'Il)c diffeiliice betWLLn the giDup aiid Ihe Cliai'ily fiiiids ts the relain¢d 1)fIts in the trnding sub3idiarieg. Al 31 Dcccmber 2021, lh¢ li&1 nel asse15 of £42.3m (2022: £24.9in),
SArju(IRs Fouiidntlon Truslee¥' Repoi'l ri oi. tlie year Liided 31 DeccInber 2(b23 Fiitbdliig the ChArlty?J Aetlvilicj I'he Foutldation's main a¢livlty olshfjriiig Ihe volue5 and leachlngs of the HiTKILi faith are fLinded by the following main uclivilies., Donations rtceiY¢d Tra(ling opeimlions Tre11)ry tnanagemenl, DILI'ing Ihe yeai., the Oix)up e1ved donation5 amoiinling to £IS,590,732 {2022,' £7,509,060) iiKludiiig Ll 1.7m (2022.. £6.5m) fix)m Bo¢hosllnw&si .Sliii Aksliar Piirtishott8in Swaininaiayan Sansd)a (also known &8 11A1)S). Salji4& Poundalion and fJAPS havc p few comiron tr115t¢e% aiyj boih eiiliiles l)ave Il* sgme aims And objELtives. Ti'uillpig opei'(iilons 'I'hc mail) whol1y-0wn Iiadiiig siibsidiaries arc Suyu Enic4)Ti5SS Liiniled (and its wholly Owned siibs.idi81.i) Jjxl Cultiirnl frestival ol'lndia Limited. lTh¢se compaiiies d¢)naie their anniial pi'ofits lo the Charity- The Lornpani¥5 hllv¢ I111. (bwn B¢)srd of Dir¢clois T¢snSIbl¢ foi. the operation development of thelr resp¢ctive bthsincsyes. The diirctors QIE appDinled by tlie Board of Trusl¢es and soiMe of th¢ Tnthe5 are aL50 dlle¢t013 of th companies. Saya Ciikrprises Limit¢(I tla shay}0. is a m8nufaCrgr, wholesA]ei' and r¢ifiiler of Indian vc8eldriai) food ai pir>Yides caleriiig for v&i'ious events. It Ivas incoiporaied ii) 1991 and lias ils uwii freehold InaniifJLtiiriiig pitinise four slioi)s glid a Itslauiaiil, For 2023, the coinpfti)y and it5 sub8idiar5es had a iuimov¢r of approxiinalely £8.94in (2022: £8.12in) alKI inllde a gainl(loss ) (Jf £177,84512022'. (£421,801)] afiordonating £819,565 (2()22.. £1,256,743) to the Chaiity. Cultural Festival of India Liinitcd i% o retail¢i' of book5, Souvenirs, CD5, DVDS aiid oiliei. religioLLq items. The C(MnpJny inctsrrAJrated in 19155 and In 2021 had a tLlI'nover of £487.023 (2022.. £667J59} and Inade a gain or £6,320 (2022.. Ios8 of £19.513) having donated £244.717 (2022- £Nil) io the Cl)ai'ity. The Truste5 are ple&scd with the Conlribiiilon mftde by the Chi'ity's trdIng Subsidiary coinpfinieg and woiild lik¢ lo ihank the IEsp¢clive diitctois, employceg and voluiileers for theli. coii111)ued efforts, The Triislees are satisfied t[t tlieye Iiading subsidiaries coniliiue to m¢¢1 Ihe obj¢eliYe¥ 5¢1 for them. Foi. both cumpanies, Ihe objectivcs are lo coiilinue to develop the respective busineyses and generalc a conli'ibulion for the Chgrily. Tr¢iKfiiry ipmiirtgeitrienl Th¢ f4DLiiidallon derlves In¢gme inlriyst Ie1V&ble on its bank d¢posils a5 w¢ll as from eqLiity invesimenl inconiL. }reIllY Alonogein¢nl- Inieiysi Rei.fiwible The'l I'iisiees utilise tei'm deposit acGounls lo tnLximiz¢ Ihe fimolinl of interes1 ¢uiiied on cash b85 held. Equily IniieslinEpir JpKome 'rhe Board of Trustees ii)Y8st soine of its surplus funds (not ¢xceeding £2M) ii) FTSE I (KJ eoiiipaiii¢s And vÈriou8 options and dcrivoiives, with an iptention of generaling galns ¢0 ¢OlltribLiie lowaTds funding ihe Chaiitie% dclivilies. The Board is advised by an FCA Juilioris¥d brokerage hu11s¢ 111 the Inakin8 of 51$ eqiiily iiivestjnethls. Dui'ing thc yeAr. the Groiii) disposed iiiveslin¥ii15 ()f £1.633,475 (2022: £Nil) oiyl Inade a loss of £187,281 (2022.. gail) of £36,403)- It alw Llamed divi(lendE and incoine fi'om the shares and dei'ivativcs of £92.477 {2022.. £92,585). nie valLie of ils invesiin¢nl¥ iii listed ¥uInpaiiy shMI'es 8iid Ilcrivatives as at 31 Deceil>er 2023 w&8 £10.993iJ12022'. £1.633m).
,%orJii(18s Truiiii(1li lion 'I'ruslecs' Reporl Foi. tlie yeAI' eniled 31 Dccembei. 2023 The 1'riistees IIiivL ovciall ispoi)sibiliiy loi. 11)e iiiveslin¥iil of chai'ity's flind.% fnr short, tncdiiim and long-iem objeciivc5 and iqiiiirinLii15.'fhe ii)ve51inenl pnli¢y is lo pi'ioi'itize the potciiiiEl foi. Irtiirns in the lon)i of iiicoinc and capiidl appirciation in nrdei lo fiiiilier IhL ainis of Ilie chRriry; Ihe iiivcslinenl policy Ihei'efoir does not takf ccounl of sociai, elliiLdl and enviiDnm¢iiial consi(ierations. Surp1115 fiinds i)ot rcqiiired in ihc shoi'i oi. Inedium t¢i'in ait inve8l¢d in equity other securitiC3 With 8n ac¢eplabl¥ l¢vel of risk lo pmvide yiclds with a better return thnn fixed derrf)Sil ii)l¢rest. Tlic ongFUjI)8 11)oiiilui'ing ai)d I'evieiv of eqiiity Iiiveslment iiivolv¥s reviewing Ilie invesiinvnts. fiY)in liine to lirne willi the inveslnJ¢llr iiillnoger. assc55ltig th¢ suitability ofihe inve%liii¥nls,' Inainlainlng an accrplablc balknce tweci) Ilie risk reiLII'n. In the ¢urrent eeoiiomic climale, Ilie Trustees air happy willi Ihe rettiiii gonerated fiDm Ihe equity inveslincnls diirii)g Ihe year. Chlrllable ¢xpendllur¢ Diiiing 2U23, Ilke Groiy S.11[ u IL)tal of £201.7k (2022,. £7.375m) on orli11ng costs doiigtions mode from uiii'eglriLILd funds. of wliicli ¢haFli¢ible donations amoiiiilin8 to £Nil (2022.. £7.2in) were made lo Brai01) Hou. Limited. llie fJmilP aims lo sLiprrfM1 other charities whose Obje. al similar to Ih¢)5e ol i13elf. Nilkanll) Eslal¢s aiid BnchasanwL8i Shii Ak5h8r hii'ushott9ni SAnsiha (]3APS) 11 %LicI) cliarities. Nilkanih Eslat¢s and it'8 siibsidiary acquiirs al ¢onsli'ii¢is biiildiii&s fvr Eytie by BAPS, Mie dcqiiisilion and developinenl of tli(¥c buildingts Irqiiire ¢onsidergblc Ainoiints of fiiiids alld Saijudtss foundaiion seeks lo aceiiiniilalc suffi¢iei)I Iiinds fiDm lis own aclivlties lo bL able to InakL dvnllliom wliicl) ArL' ad¢qiiale foy Nilkanth ia complete its a¢4Liis1Iioi and lund the developnicnt of11)e buildiiig5 foi. siiilablc 11sc by BAI)S or other chariliLS Iviih.8imilAr objecls. Plan8 for Fiiliiir Periods 'rheft ait no immediatc plans for fiiiids held by.S8rjii(las foiu)dAlion. HoweveJ',.%huiild fiiiKl8 be r¢qiiiiEd hy Nilknnth lo fiind lUbis11ment of exisliiw buildings or acquisition ofproperli¢s for siinilar object5. SarjLd&s foiind#lioii may doii#lc flir111. fiiiids 10 Nilkanth. The Trustees wlsh iu mainlaln the ¢onrlnwd suc¢¢s8 achieved by th¢ Foundailon in delivering its alins aNI otrfjeclives. fventl 8ln¢¢ Ihe end of the ycar InfoiTnation relaling lo evenls since Ihc end of (he year Is given iii Ihe noles to the 11rni1[ stalejnents. Related partles rcllltlonship.¥ wlth othei. nrg¥nl¥#lloTh Saijiid&% fouiidAlion is Irlalcd 1<1 EIAPS due to a coinnioii I[eC. and both the clritieS.hnll, the suine objectives, In 2023, sarjI1 Faiindnlion I'eceiyed a donation of £1 1.7in froin BAP.$ (2022.. £6.5111) aikd made J donalioi) of £Nil lo Biyndon Holl. Liinited (2022.. L7.2in}. The S4rjii(ias llloiindalion ¥iY)LlP glso oceupied a numbw. of propeiiies owi)ed by Nilkaiilli Eslales for whith no rent is payable. SgrjiKIAs FouK(lation has a IlLimbu'ofsiibsidiari¢s and sub-siibsidltiiies as discliKd iii tlie notes to tl)ei¢counts. The Ti'ustees woiilit Ilke to atknowledg¢ lkne treni¢nduus efforts of the volunteti3 and tlie m4ny SUprte1.% of the Chnl-lty lor tlieli. l(Ind 8nd gtn¢rous dottAlioiis aj w¢ll as tlieli. contlnued support Ill helplllg ihe ChArity to 8¢hl¢v¢ Ils objecllves.
SArJiidK$ Foiindmlivn Trust¢es' Repoi't Foi. the y¢wr Lii(led 31 Dceeinb¢i' 2023 Trustees and Prinelphl Advisors: ChaTity R¢glstrAtlthi nuinbei. 2731125 'rriistew: Jilondrakumhi. M Paicl Ainar ParekJi Bhavik Paigl Admlnlslrptlye Se¢retaiy'. ArVi]ki)Mor P I'atel Country o( Iwl811'8ti(>n: ng]artd i>rlnelpal Otlke: I, Prninukli Swami Road Ncasden 140ndon NW108HW Tekpho1. ax.. 02(111965 2651 020 8965 6313 Web., Independcnt Audltoy: PKP Littl¢John LLP 15 Westfei'ry Cir¢us Canary Wharf Loiidon 14 9HD Prlnclpal BAnlccrJ: PLiiijAb Naiional B8nk (Intemoliunal) l.td 188 Eallng Road Wenibley HAO 4QD. D&nk of Baiy)d 86 Tlie IlroWaY Soiithpll 1111 I IQD Sollcllorj: Hiigh C.811wright & Amin 12 Johi) %lircl Lvn(loii WCIN 2BB
Snrlu(IA$ ffouiidAlion Ti'usteets, Ilepurt I'or the year en(le¢l 31 De¢¢mbei' 202.1 Oil behilf the BoArd nfTriistees 31YII October 2U24 8iJd Signed on thelr bchxlf by.. J M PATEL A PAR£iai Trustee Trustec
Aiidit Repurt Foi. Ihc year encled 31 J)ecembci' 2023 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SARJUDAS FOUNDATION Oplnlon We h&ve audited the financial statements of Sarjudas Foiindatlun (the ,ltnt chorily,) and its lbSIdr1É {Il '&pi'oup') for11)e year¢nded 31 Deeembei. 2023 which coinprigt Ihc ConsDlidat¢(l Cliai'ity St&l¢inenl of Fii)anciui Activities, tlie Lonsolidat¢d and Charity Balanee Sl)e¢ts, IIK Consolidated and Charily Sfalement ol'Lasliflow5 and notLs lo Ilw fin&ncial stRtement& including sigiiificanl accounting poliGies. Tr finaiicial Irpoi'ling frothcwork Ihat has bcen applied in th6ii' pr¢pai'ation ib as)i)liLable law and Uiiited Kingdom Accoiinting Standai'(Is, including FR% 102 The l.-ii)anci81 Reportiiig SlatKts1 applicable I the Ul< atKI liepiiblic of Ii'¢land (Ui)ilcd Kingdom G¢iici?Ily ALcepled Accoiiilting Pi'a¢lice). li) our optnioti. the financithl si&temcnts'. Btv¢ a true al Idl1' vS¢w of Ili¢ slalc of the gIup.S and of Ihe P8lEni charity'5 offairs at 31 tkcember 2023 and of Ili¢ giviip's iiicomiiiE I'esourLes And gpplicotion of Ir50vrces, irKluding its income ai ¢xpendilLII'e, for Ihe ye81. t11 endcd. have Ixen pn)perly p,ep8d in Accola[e with United Kingdom Oenerally Accepted A¢countinE fvyctTee' have beeli prtpaird lil accordAnce with th¢ Cliarlties Acl 2011. 1kn818 for opilllon We ¢oThdLicl¢d oiir audit ill g4c6urdancc with Tr)ternnlional Standai'ds on AiKlliliig (UK) (18A$ (UK)) and applicable law. Our rc5ponsibilili¢5 under Illose siondards are ftiiihei. dLscribed in thc Auditor's IrsponsiL7iliiies for the di1¢ of t finaiicial ¥lMlcinents seelion of oui. report. We aT¢ independ¢nl ofilie group and pairiil ehai'ity in AccordanLc with the eihi¢ol reqiiiitinenl¥ Ihpt are relcvAnl lo oiir audil uf tl)e finllncial 5tsLleiiieiits in Ihe UTC, iiicluding the bRC's tliicHI sndard, we liave fiiifilled our othci. eihical Irspoiisibililies iii gccoi'danLe with ihcse requircmcnt5, We believe that Ille aiidil evideiice we have obtained is siifFicieni and appropiial¢ lo provid¢ a ba51s fol. our opinion. ConcliL8iOn¥ Yelfiling Lo golng coneeyn In audilingihe final181 staMents, we Iwvo concludcd thatthe bu5t¢eS' Liseof Ihe going CQliLYrn basi.% ofa¢coiinling iii the preparation of th¢ financ581.Latem¢ttls Is appropiiate. Llased on I1 work wc p¢i'fomi¢d, we liave nol ideniificd any ma¢¢ilal iiiiv¢Jlginties r¢lating ts) cvents or condilioll5 Ihal, individLihlly oi. ¢olleLlivelyk may ¢8st Si)1r1e8nt doubt on thc group'5 or pai?nl chiiriry's abllily lo L(Miliiiue goin8 concei'n foi. a period of al lea51 twelve ii)Di)Ihs fro1 wheii th¢ finlli)cial statements aTB 4iiihoTis¢d (ur i5AI¢. Our rttspolibil1IIeS and ihe Ic5POn51bilitlc5 Of Ihe IrLtsl¢es wilh YespeLi io going¢oii¢crn are d1b¢d in thc rolevlt s¢clions of this report. 10
SMiju(lu.% Ili)iiii(lilioii Au(lit Rei)ort FDI. the cndLMI 311)eecmheJ' 202.3 Ollicr InformAti(bn 'I'l o111, iiilormmtioii ¢uinprisa% The infomation incliided in Imstees. utl)ci' lIn the finaiKial 51ateineiil& and oiii. auditor's IEI)oJ'l lIre011. Tl)c Ii'iislrts respoiisible fui. Ilie oihci Infoimalion ¢lMitaiiied within Ihe b'usrees, lilIa1 repLJI1. oiii. opiiiion on the giThip and i)airnl charity finllncial statements docs not cover t1 nilier iiiformalion dnd wc do not exprLss aiiy fonn Dfa5surniice coneliL%ion Ihciton. Oiir iysponsihilily 15 to r¢a(I Ilic other infomilliion and, in doing so, coiisider wheiliei, Ili¢ oll)ei' iiJtnrmation 15 InalcTially ilico1lSten[ witli Ilie linancial slgleinvnls or oiir knowledge obtaliied Ilic course of tl)C &Lidit, or 0147¥[SC appeu13 to be Iniil¢rially mi5slatcd. If we idenlify maiei'ial incoi)sisleiicies oi. Hpwiienl Inatei'ial misslal¢ments, wc arE required to detcnnitK' wlietlicr iliis gives I'i5e lo a rtiaierial Ini5slaleiiienl in rh¢ financial stalemeii15 thetnselvcs. Ir, h&sed on the woi'k we have peifonned. wc c(Iiiclude that tlierty, malerial n?isslaieineiit of thi.% oll)¢i' infonnadon. Iv¢ ar¢ reqUId to report Ihal fact. We have nothi1 t(Tr rep1 in this re¥,. Mattery Dll ivhieb we Bi'e r¢(iulred lo ieport by exeoplion W¢ have nolliing lo in rospect of the following Inatt¢rs iii relafloii to whicli Charities (A¢coLlnts ai Iletx>ils) Regulationy 2008 Irquire us fo IEPOrt lo you if, In oiii. oplnlon- the infonnotion given in ttle financiAI silltetncnts is incoi)sislent in any Inatttrial JrspEcI with th¢ Itee5, Irpoil. or sutricieiit aecoiiniing recoiils have been kept., or the i)grcni ¢liai'ity fii)ancial 81&lcinents al'e iiot iji axreement with the ttccotinting 1¥]5.. ur we have iiol Ir¢elved all Ihe infonnaiion aiid ¢xpldnatiotLS we require foj. oiir audii. Re5ponsibill(le¥ of triistee¥ AE explained mar¢ fiilly in Ilie IriE&te¢s' responsibililies Slatcillci)t, the diiEeiDI's are r¢spoii8ible for th¢ PlfP£iralion of Élk groiip t)nd pareiil LJ)wity fin#iicl&l slal¢Ji)eiils aiKI foi. being satisfied Ihal they give tt tiiie arKI fail. vicw, aiid roi'siKlI iiiiei'nal control as Ilie dii'eclor5 dolci'iniiie ig necessary to cnable t1 preillion of fina,11 slaleinenls Ihat air frEe froin maieiial Iiiisstateineiil, Ivhetha. lo FraiKI or eriDI', In pirparing tlie wiip aiid 91'ent charlty i11¢101 %lal¥ments. ttie directors alE Itspojuible tnr 8s5c3sing tlie Eruup'.8 aThl pairnl charity'% &bllity lo cimiti1)I a5 a 80ing coi)ceiii, discl(Fsing. a%appli¢able, mAff¢rs relat¢d to guiijg concertTr Nnd using the going coiicciii bJsis of a¢¢ouiitii)x unl&85 Iho Ii'u51ees ¢ithei intend io IiiiLiida¢e the group or the pai'enl chgrily or Io Le&s¢ opeizlions. or l&ive iealistic altornotive bul to do 39.
SAI jii(Ins Foiiii(Intlon
Au(lil Rei)(>i't
Foi. tlic year ¢iided 31 Deeemhei. 2U23
Au
.Sllrju(IMs fi oiinilatioli Auclit Report Ilo). tlie ye4J' enilccl 31 Deeeinbej. 2U23 Use ofour report This IEpoil 1% Inqde solely to the charSty's Iru51e¢5, as 4 body. ii) accordance willi Port 4 nt t Charitiu (Accoiints and RepcFrts) R¢¥iilalions 2008. Our audit work has beei) undertuk¥n .4n thai we niighi slaie io the Cliarity's IILLStees d)OYC Tllattei's we arc I'eqiiii'ed lo $laie lo Ihcii? iii ali uiidiioi 5 ieport lld for no otlicr purp05e. To the fiill¢sl exleiil perinliicd by law, w¢ do nim accept oi. assiiiiie SpOIls1b1Ity to &11yonc, oihei. 1114111 Ihe charily and tli¢ charily, tiwslee5 a body, for oui audit work. fur iliis Itport, or for the opin10t we liave foniied. //// PKif Liltlejohti l.LP 5ita¢ulory Audit(Ji' 1 S W¢HfeJ'ry Circus Canary Wierf London E14 41 ID 31 October 2024 PKF LillleJnhn l.LP is eligible for #Fwinlmenl qs auditlm, of the ¢hail(y by virtue of il¥ eligibility for appoliilmvnt as lluditor of & company Linder section 1212 ofihe colpaI)leS Act 2(NNS
SAijud5 FoundAtRt)n C(I11s011114tcd ftnd Chnrity St#loiiieiil of ViiioiiclAI A¢livill {lttL'ori)oiytlg Au illcome Aiid oxi)enilliui Iccollnt) Foi, Ilie year endod 31 Dccembty 2023 Tlie Group iii)restrleted fiinth 2U23 2022 The ChArity uDI'tstrlcted tlin(18 2023 2022 Notr4 tncome from: Donations and lega¢ies Tiiding income Invesiineiit in¢(e Utlicr incoine 15.590,732 9,502,409 1,160,771 7,5(V).060 ¥,704,782 306,589 16.694J53 8.795.382 1,182?22 332,607 Tolfil IneuJn¢ 26,25312 16,520,431 17,B76.675 9,127,989 Expendlliii'e oth: 1{a1ng funds- ts'adiJ)g expeiiditiii Chw'itsble 8Qtivliie5'. advancemeDi of the Himiu falth 8,409026 7.816,561 201,764 7.37.5,557 105,751 7,280,050 TolKI cxpelldilurc 8,611,590 15.192,118 105,751 7,280.US0 N¢1 Income before net loJse8 on lllveslmonts 17,642,322 1.328,313 17,Tl(1,924 1,847.939 Nel Ilos5¢sy8ains on investtnents (187,281) 36,403 {187,281) 3&403 Net income beftli'e olher iscd ¥ins and los 17,455,041 1.364.716 17583,643 1,884.342 Loss on forei exchang¢ Net movement In funds 17,455,041 ,364,716 17,58J,643 884,342 illanee ot the beRliinliig of th• yer Chpltnl redempllon IIAlaneo HI lkne end of the year 24,Y02,83A 23,538.115 2SA18,758 24,394,318 (¥59,W2) 43,002,401 25.418,7S8 42,J57072 24,<m,83J Atlribiitnble to: Chai'ily Non-conttolling interest 22 23 17.446,766 8275 l J&),264 4,452 17,583,643 1,024,440 17,455,041 1.364,716 17,583,643 1,024.440 The total fvnds of the Conipany were unttslricied. The wci'c JK) tY51ri¢led fji, desigiiated funds durii)g the year OT for 1118 previous year. Tlie #l)ove resiilts air all LkniveJ from coniiThuir¥ octivilies. Ther¢ wu¢ i)0 L)Iliei' recoKiiised OY lo&¢Ks ulh¢r than ihosc slated aVe. 14
imrjiidas fi oiiii(liilio Coii8011(IAteil nnil C.IIRiity IIRlniiee Slioel fts lit JI De¢cniber 21113 Tlie Gmup 2(123 Thc ChArlty 2023 2022 Notes 2022 IPlx¢(l ISts. Intsngible fix a$5eis 'rangible fixed assets Iiive51mcnis tn siibsidiaii&8 Inv¢slinenl8 in list¢d share5 Fixed dev11 iiivesllnents 13 294,416 8,755,509 407.192 8,812,118 IJ 16 17 2,815P35 959J96 IlJ,993,567 23J611,226 2,875,312 959,196 ,633,475 12,197.Crf)S 10,99J,567 1,633.475 23,36Q226 12,397,005 4J,403,71¥ 23.249,79) 38,129,124 17,865.188 Ciiri'enl ussets: Srock- giM)ds for Irsale Deblors CAsh at b)k ond in hund 795,730 ,651,641 2,3Y9,944 648,232 1.146,414 3,533,358 18 7,213,048 925,337 6.924.393 1,727,963 LiAbillllc%'. Credil01s'. ainaunts rling du¢ wiihiii oiw yeai. 4,847J15 5,328,004 8,1311,385 8.652.356 19 (5,4l)3,QI61) <3.154,8631 (3,265,108) (1.098,786) Nel current ijjets (64S746) 2,173.141 4,117J,277 7553.570 Totsl &98ets les5 currcnt liabS1111 42,757,972 25,422,931 43,Of12,4O1 25,418,758 Ciedilors.. a11I0Llrtts falling due allei. 01 yeai. Provision for liabiliiles 20 (330,OOU) (450.000) (7O,IQO) (70.100) TotAI nel ffssets 42,357,1172 24,902,831 43,002,401 25.418,758 FunilA; Uni'estricted incoiiie fillS Non-C(InliDlling Iiiler¢51 22 23 42,316,02A 24.869,262 41044 33.569 45002,401 25,418,758 TotAI funds 42,357,872 24,2.831 43,002,401 25.418,758 Approved and girthoris¢d for issue by Ihe'frLi$lees on 30rt1 (ktober 2024 mI signed on their Irhalf by: PATEL A PARLK Trn$te¢ Trustee
Snrjii(105 fi oundlltlo C.i)ii*oli(IAte(l fji)d L'knAI'ity Stolemen¢ ofCH511 fi loiyj ritsi. the yeAr ci)deil Jl De¢eiMI)ei' 2023 The Group 2023 The Cllaiyty 202.1 2022 2Q22 Note Net cmsh provlded by opei'AtinK Aetlvitlc 24 16,683,967 1,374.377 16J63,092 943.905 C.Sh floivs from Iiiv&¥llnx Rclivitlej: Divideiid itJGome Pi'ofiis trom Option TTtKliiig PLirchas¢ i)f intangible fix¢d assets Piiirhase or rixed &%4eiS Purchas¢ ofiisid shares Puirhase of OrfKI' Inveslinenls 'oc¢¢ds le of listed $h8irs InteiEsI Irceived Nel Iiicr¢Jse kn loiig l¥mi dep)sits 92.477 92,585 92,477 92,585 11,600) (179,850) (403J49) (10,993,567) {10,993,567) IA46,194 1,446,194 068 294 2111.004 1.089,946 240,021 (10,963321) (1.075,596) (10,963,321) (1,075.596) Nel cish In ii)v£xtillE H£livities 119,753,173) (950,457) (IY,328,271) {742,9CA)) Cish flu)vJ from tliipiiclDg elivliles: Iii¢rcase in oil)er108ns 2,¢M2,551 1.723 2,162J53 57,001 Nel c#Nh provlded by lingnclng 2,042551 11,723 2,162,553 57.(X)I Ch4ng¢ In and L'i¥h equivalents in the ychr {1,O26,654) 435,643 (802,626) 257,916 And equivalenls a¢ the beginniii¥ of Ilie yew. 3,401,475 2.965,832 J,727,963 1,470,047 C45h oikd cAsli equlYAlents al the end of the yewr 25 1374021 3.401,475 92S3J7 1,727,963 16
.SAijii(Ix.% Fiiitii(lali<Jii fior ihL yeAr 31 De£'eivbeJ' 2023 Acefyunllng policle$ B1$ of i)I'epgrallo Tl financi<il s¢alcments liuve been prepar1 ii) a¢¢ordan¢e wilh IIK Stalemenl of Recominentled P17K'li¢e: A¢eoiiJ)tiiig aiid Repoi'ilng by Cliai'ilies pipai'in¥ their accoiints 111 IK'LoiYiaiicc ivitli the Financial R¢poiiln¥ Standaid applieable in the UIC and RepubliL of Iirlanil (FRS 102). Ilk F'iiiancial Reporting St81?dard applicable iii Ihc United Kiiigdrjni And Repuhlic of Iirland (PRS 102}- the Cli4ti'ilies A¢1 2011: arid UK Genej'ally Accepi¢d Practice as li Applies from l Janiiary 2019. {H) The aL¢OLiiI15 (fin#rKial slalemeiils) hove bcen prepaird 10 8ive a 'ii'iie glid laii view and hav¢ dq)arted from the Cliarities (Accoiiiits aiid Reports) R¢giilatlons 2008 only lo the cxtciil reqiiired lo Iii'ovide y 'ti'ue ai)d fail. view, Thi% deparliire has invulved folluwiiig Aceoiiiiting and Repoj'ling Iiy chrIlleS i)I*Pdririg th£ii' accounts III LILLnrdaiiee with the FInj?l1 Repoi'ling Siaiidard applicahle In Ihe lJl< ai)d Republic of Irel811(l (FRS 102) I'dihL'I' Iliaii Ilie Accoiinting ond Rewrfing by Cliarilies,. Sialeii)eiil of R¢¢omm¢ndcd PrdLIIL¢ efteclive froin l April 2005 whieli ha5 SIIICL, beei) wiihdruwn. Assets alld liab51ilies are initially rrfog])i5ed at hisloi'ical ¢osi oi, Ironsa¢tlnn Vill unless ollkiwi5¢ Stated In the Irleyttnt a¢coiiiiliiig policy or nole. These financial stafeinents consolid8te tlie results ofllie charity and ils wholly-owncd sllhsidiarie5 011 A liiie by lii)c ba%is. T1ansaclion8 and balon¢¢s behveeii the Chai'ily and irs subsidiarie8 Iiave been eliininated froin ihL COll501idated fillanci1 slalcments. Elaldnces tW#¥n tlie ¢nlilies arc disclosed in thE noie4 to the Chai'ity's balance sl)eei. The trustees confirni tlial the coii.401iddied finaii¢ldl slaiements Comply willi (he requireincnt5 Of fRS 102 and SORP Iff2. (b) PiibllL. benelll entlty The Charliy Jn¢els the definition of a public beiiefil entily under FRS 102. Golng wncern Thc InLStees coiisider tl)&l Ilierc ar¢ no Inal¢i'ial Iincert8inilcs aboiii ilie Givup's ability to coniiiive as a goiiig concei'ii. {e) The GIDiip has coiitiiiiicd 10 trade illCLEssfully (lespits disi'uptions lo the economy caused by Covid 19 and hes not changed ils sli'ategic and busincss plans. 11ie Charity has miiiiinal on-goi1 legal or con511'LICIiv¢ Lvmn1itmen The #it no un¢ertainlies, Inatei'ial tsi. uih¢rwise, iegmrding the GJY)Ltp's going conccm. T1 lItee3 lIrefo have irasonable expect8Tioii ihul th¢ OIDup adequate rli¢s io Luntiniic in operational exisieri fL)I' tli¢ foreseeable fiitlirc which exceeds 12 IniMiI115 fivin tl)e dale vfsigiiiiig of th¢ rinaiitiAI slai¢in¢llls aiid iherefore eoiiliiiuc lo adoi)I Ili¢ goiiig b&%is 0fLKfOllntii in preparing the Al111 rvnsolidAied fiiian¢ial sl&lem¢iit3. Tlie tru5t¢es do noi co1ld. Ihrth tliere any sixir¢es Ofeimation uiicertalnty at the retM)rlin¥ dAte tIMI hove a sigthificanl r'i¥k of caiisiiig a material adjustment to ihc Cai'rylng 8mounts rjf agsds and liabililic wlthin th¢ JEPOrting p.1[1.
SAI'ju(liiy FouDql#tion
Notfs lo tlic coiisoliqlfited fiiiAiiclAI.¥f*tcmeiiL4
Foi, Ilie yeny eNdc(l JI De¢cmhti' 2023
AceounllnE pollcies (Conlinued)
Id)
Illeome
Iii¥oi)ie is ru0)15¢d whern the Group entitlcment to th¢ lurtds. il is probabl¥ that the ulcome will
receiv¢d and Ihal lh¢ aloUnt ¢pn be measured reliably.
Voliirttsiy incoine comprises ITv¢llLKS genei'ated fix)rn vJiious fOnS of donaii(MiS aiid }gOIng lIVItieS.
All income is included in th¢ SOFA on an accrwjls basis.
Ti8diiiginLomo ¢oinpi'is&% revenues ¥eneYaled by sub%lditti'ie8 ofthe (.1)lty. Trading income #nd vxp¢ii8e5
are included ii) th# SOFA on an ac¢i'uaLs basis,
Inves¢m¢iil incoine incli¢5 the ijKoine genei#¢ed from pj.uty iiiveslmeiil, inleir31 receivcd on c&th
deposits dlvidends r¢¢eive
Sfti'jucl4s fi ound4tiTrn P4oles iu tlii ¢o)nsollilAl¢(I Iliiaii¢iAI xt4lemeii15 'ni' the yeai. enilib(13l1)e¢eib¢i, 2O2J Aceountiiig polieiej (coJitinu¢d) (h) Operatille Ie5 Ilnance lea5e$ Reiilal Lharg¢s ar¢ chArged on a 5traighi-liiic basis OV¢T the term ofihe lease. A&8eLs held Lll)der hi 1]se conli'acts or finai)ee le4%s air capitallsed in Ilie balancc sheet. Those hel(l iilld¢r liire pujrliase Loiili?cis are dLpreciaiul uvei. theii. u38fi1l economic Iivc5. 1.110 held 1111(ler riiiai)Le leases ar¢ depirclaled ov¢r iheii. eslimaled usefiil lives oi. the leasE lerni, whl¢hevgr is 5hortcr. 'I'he iiiierest element Df Iliesc obliEalions is clrg¢d io Ihe SOFA uv¢i' Ilie iclevant pcriod. The cftpital ¢lvmellt ot. fiItLll payment8 is freale<l ab a liabilily, 1 anglblt fiKcd Awets Iteins of eqiiii)iii¢nt aJ% capitalised where the PLirch&%e priee exceed5 £500. D¢prccialion LxLst% are ttllocaleil lo activilies on ihe basis oftlic ofilie r¢lHled assets. iii Ihoseacliviti¢s. ASsets'e IEviewLd for imp4iiineni if cijruinsiances iliCAte their canying valu¢ iiiay excccd thEÉr net IE4lisoble Vali arid valiie in Iise. Whcre fixed SLts have beeii I'evallied, any ¢Xe ilween tlie Itvalued 4niounl and th¢ hi.%t(JrS¢ u)st ot the ¥¢1 will be ts17own os a revaluation Iwerve in the bBlaiKe slKel. Dep.latIO11 is provicle(l al rale5 calculaicd to write down the u)5t of each asset to ils estitnated re5idiial valLie ov¥r It5 expected useful life. Th¢ depreciation I'alas in are as tollows- l.ong lenschold piDpttiay Fit¢livld buildiiigs FuiiiitiuE, lixliiiE8 and eqLlipinent Motnr vehicles 50 yeaTs -50 years 5 yeilt5 4 years Fi¢ehold land is not depre¢laled. lJhthnglbl¢ fixoil 11¥sets Intangible fixed assets air recowiis¢d ot cwt Jiid amoilFsed over dlr us¢fiil ecoTM)mic Iivcs, follow¥'. (iwdwill Other inl&nglblc assets 10 years 5 years Goodwill relates to the acquisition of M bu55ness in 2005 ond 2016. Ik) Investmenl PToperlle3 Inveslin¥nl properti are m¢asured 81 fail, valiie At cach reporting claie and ait r1 depreclated. Liqted InveJlmenl8 Invc51inenl% a forjn of basic fill¢1&1 tiislrLllnLnl ond ali Iiiilially re¢o8ni5Ed al their Ira1151Ktion v81 and .%uligL'1inIIY InlI1'ed JI tlicii. fair valiie as ai (lie bal8n¢e sheet dnte usinLi ilie c105111g Liiiuled 1118rkel Iiriee. Any cliange 111 fair valiie will be reco8iiised in the SiJlemcni of fiiiaii¢ial activitie5. 11)vtsftnYnt gains and losses, wh¢iher lISed oi. uni'LHlised, al'e colbItd #nd thown in th¢ headin8"N¢l gaiiisl{loes) on invesimejits" in ihe slalen)eiii L)rrinaii¢illl livI11cs, (M) Inve5tin¢nts ill iubstdiarles IIivo8lnieiits iii siibsidiaries arc al cost.
Sai'ju(lii¥ rtThuii(IAtiuii Nolt% to Ilie tottsoliilAl¢(I fiiiftiiciHI &tA¢enionts Foi, tlic yeiii. Qded 31 Decenil)er 2U23 A¢eountlng pollcies (eontlnued) Cth811 investmellts Cash helll iii fix¢d t¢i'm dcposit Account8 ¢xceedliig one y¢ur ar¢ class11ied 2s lixed Se1 invcslmeiils &8 thcy are g¢nci'ally held with Llie ovLi¥ll iiitenlion of long-temi IElention for tlie cunilniiin¥ b¢nefii of the chariry ill th¢ form ol. income and capltal apprecialion. (o) Slockl Stocks ale slv4ted al t lower of Cosl net Te&lisabl¢ value. In gcneral. G051 is detei.1nid ()n A ni'si ui ri1'sI oiii basis iii¢ludes lrni)sport and handling¢osls. N¢1 realisable VAlIEc is the pri¢e at which stolks. can be sold in the normal CLTrUt%e of bu5iiiess atiw. loWIng foi. tlie custs of reallsatiL)n. Pix)vi$ioii is Inadc wliere foi. obsolete, slow tnoving ai)d d¢feLlive sl(Kks. Ip) Deblors Trllde and othffl. deblois air re¢ognised gt the scttleincnt MoLlI]i dLie aft¢i' any trade discount off¥red. Pitpaymenls valued at the aOUnt PP]d n¢t of any ti'ade discounts due. Iq) C.x.gh Ml banli find in hRnd Cash 8t Iidrtk aiid ca511 in han(1 in¢liides cBsli aiid short tem highly Ilqiild invesli*ents will) a short maturity of Ilii'ee munihs oi loss fiM>in Ihe dale of acqui%illOlI oi. opeiihng of I deposit or similai. 1)nt, Casli balanGe5 excl1¥ any fiinds Iield oli bchall'of seryice ivs¢rs. (r) C.I'edltoi? prTrvLqioDs CredFtors and provlsions arc I'ecogni5¢d wliei'e Ihe CJi'oiip h85 a prcsent obligailon rvyiilting from a past evciil Ihyi will piDbably ITsuli in the transfer of fiinds ro a iliiid pai1y Ihe atnOLlllt due lo settle the obligalion can be me8sLsIEd nr csliinabl reliably. CrcditOYs anil proyisiuns 'e noNnally rccognised ht their settlcmcnt amount after allowliig f¢)r wiy Iixdo discoun15 diie. The Gioup only 118% finaiicial assets and fiiiaiicial liabilities of a kii)d Ihal quthlify #s basic finAiicial i11slnim¢iits. BlC filticia[ instruments are i]ii(i¥lly recoEnised ai Iransu¢lion valiie sub5eqii¢nily Metlired at thcir.%ettl¢menl Value with th¢ ¢xceplion of bai)k Ivans whicli ore siibqequei)IIy InEasiired at amui'lised cost using tho effective ii)t¢resi theiliod. ($) PeJi8lon The groLlP op¢fdies a d¢fiiied wntribution pl&n for ils nploye8. A defined ¢onlribulion plai) IS 8 pe7011 plan undei, which the giviip pays fixed Loiilrihiiliun8 11)to a sepAI'ale entity. Once tl)e ionii'ihuilons Iiav¢ beeii paid th¥ group lias i)0 furtlier paymeiit obligali(Trns. The conli'ibiitionb ait recognised as an ¢xpeitse in thL Staterneirt of Finoncial Activiiles wh¢n tl)ey fall diie. Ainoiiiils not p4i(l are shown in acciiia15 ps a Ilabilily ii) IIIL, Balai?Lg Slieet. The osse15 of th¢ plan are lield 5eparaloly froin Ihe GroLlP in independently y1dminisl¢d fvnds. (t) FoTeSgn currencl¢¥ Assets aiid li8bililiES iii forei7 curien¢ies aTe trai)slaled inlo Sterling Lt the rate of ¢xchan8e nilin¥ at the l)ulancs sheel dale. Transactiuns iii forei1 curr¢ii¢ies are Iranslaieil iiilo stei'ling bl iho rnte of exchange I'ulin8 al th¢ datc of traii¥u¢¢lOI). Ex¢liange differonces ore taken into accouiit In ari'ivin8 at th¢ nel movemei?t in fiiiids. (u) AceounlinR esihn8tes ludgonieDI$ In the ai)plicalitsii of the ¢Il'lty'S accoiinling poliGics, 11)e ti'11giee5 •re required to make.jiKlgements, e¥limal&s and assuinptions aboLii rhe cairyiiig aiiiouiit of as3et5 aiid liabilities iliat air rK)t Iradily apiiairi)I froit) oih¥Y SOLII'LCS. Tlie estim&lcs and a550ciated as¥uiiiplionq are based oil h101.1081 ¢xpci'ience ai)d othei. fadors ihNr are cr)1isldered l() be relevanl. Aclual I'e5u115 Inay diftcr fiDin Ill¢ e3t1inA1. The cstiinale5 uijdeiqying a&%uinPtI(Jns ar¢ Irvirweil oli an oThgoiftg bDsis. Revisions to accounllng estiinates ar¢ recognlsed iii Ili¢ perio(1 to whlch they rclale. 20
SArju{li fiounilntioii Notes lo Ilie cuiis1>li(l•led fiiiiicial atateiiionts ioi. the yii' eiiiled 31 DeL'LJiiibci' 2023 (u) Accouttling yi)lÉcie$ (cfjiilinuoil) Accniintlrig ¢¥lirnale8 ludEenieiils (rniilliiiied) SignitieHiil estirnutes Inad¢ in Ilic COLif8C Ot preparing Ihe fiijancial slaleinents incliidts invc51menls, provlsions and depreciatlOD for whicl) t1 accouiiliiig polici¢s Iiave been noted b0Ve. (v) Flii&nel¥l Znsti'iimeiits 'riie Lli81'ily only hds liiian¢iul se1$ and ITiian¢ial liabilities of a kiMI that qiittlify b&slc fin4llcial insli'iiiviLI)Is #part from inveslinenl in options llnd derivAl¢s. Ilasic fiiiaiKial inslrliwnents are initially Ircogni5Ed al Itan511clion vali1¥ and subsequently Inea$iiird at Ih¢ii' settlement vllli. All iiivcslinents ¢Isri[ 0£ flnancial iiisti'uinenls ii)cludiJw oplioi)s aiid derivalives are rnred lll fair viliie, txcept cost for investm71 in siibsidiaries, wliich air held cosi. Incojlle donation8 lee1J Giviip 20 2022 C.hArity 202.3 Donaiio Donalcd services 15,590,732 7,StEJ.060 16,694,353 ¥,795,382 IS590,7J2 7,5Q9.060 16,CTr94,353 ,795,3112 liicome Alld espenillliire froni INdlng a¢tivitltJ 2023 CrDup 2022 ChAI'lty 2022 Tui'novei- 9O02,409 8.7th1,782 Expoi?dlliir¢: Cost of sales np¥r'uling expen%e$ Maiw4ClllCnt expenses Sldff costs Deprecialion- oivn &$5ets Corpoi*ilnn Idx Defei'reil rk>nalions Lossl(piofil)on disposal of lan%Eble fixed assets 5,876.1166 I,0it3,712 12.200 408,4JO 500,9.39 111,822 4,ty23,383 1,.543.551 37.937 455.216 499,n93 512.002 350,011) (3,145) 7J81 T(>tal co4$ ofirading R¢tivili&8 8,4(J9,826 7,816,561 Nel En(.ne fiyjm IrAding HLtivltleA 1,091583 888,221
8aijudA8 FoundAtioii Notey lu Ilie co]oI1d1ed fiiiY4nciiiI slateniethts Foi. Ilie )'e41' cndc(131 Deccn)bei' 2023 lllcom¢ fi'om investments Group Charlty 202J 2023 2022 Inl¢rest in bank detx)sits Dividends re¢¢ived ai)d iiiwme from dei'ivalivc5 Oplion li.1n8 Oilicr Irceipis 1.017,660 165,778 1.089,038 240,022 92,542 92.585 92,542 50,569 411.226 742 1,160,771 306,589 1,182,322 332,Ca)7 Otller imeome Group C.harlty 2(123 2023 2020 Governmeiii GrHnts-JRS ycheine Expendltu)'e on clwi'ltAble ¥Llivllles: odvaii¢¢menl of Ilie Hindu faith Group Chmrlty 2023 022 2023 2022 7.200,0 24,774 57,613 59,3T7 33.793 721M),000 7,563 (3.458) 59,377 16,5611 Premis¢s cosls Otlier expenses D¢preciaiion Ooyemaiicc costs 23,970 78,294 59.377 40,123 9.428 18.033 59.377 18.913 201,764 7.375557 10$751 7.280,050 All above costs Oth-t11#n don8liuns ur¢ SLippoiI costs. N¢1 iiic(Iiiie foi. Ihe yeAi' Nel income for tlie y¢8r kS.%lall gfter di8r¥ind(ciTdiling)'. Croup ChRrlty 2ff23 2022 2023 Amorlisalion of illtanglble issels Deprecialion of fixLd as5els- owned Opci'oiing lease iYiii8ls. pwperty Audiiors. rcmuiieralion (excluding VATI-. Aiidli Tax Wmpllaie 112,776 447,S36 112.720 445.752 171.915 59,377 59JTI 32.(M)O 8.123 27,000 18,913 16.568 22
.$4J'jiiil#J fi oiin(liilin Nole.% to Ilii. ctsi),%ulld4ted fiuAnciAI 9tAlfiiieiitS rioi. Ihe yeAr eiiile(131 Dtccin.r 2023 GAin8 inyestinonl assels lllesc compi'is¢'. Ciaiip 2023 Charlty 2022 022 (Losscs}Igaiiis oil li%led coiiily ii)vesttneiils (187.281) 36.¢f03 (187,2811 36.403 4187281) £36.403 £(187,281) £36,403 AM4lysis ofsl#lfLth%ts Group 2023 Cliarlty 2022 2022 olaric$ and ivgges Social secui'ity cosls Pension 2.283.728 190,873 40.809 1034,500 177,917 34,633 £2,515,410 £2,247,050 No employee$ eamed tliaii £60,000 duiinx the yew'12022: 110rn). The Charity li'lte¢S were Mt ld oi. ¥e¢eived Eny other b¢n¢fits froin eiiiploynieiil with the Charity in Ihe ye81. (2022., &iil). No C11ty Irusteo tvelvcd pAymcnl for Em'ofessional or Olhei. s¢ivice5 siipplied to the Chariry {2022.. £nil). No tr115t¢c cxpen8es were incurYe(I In tlie year {2022,, £nil), Stmff iiumbers io. Th¢ aver88e nlimber of eihployee5 (head ¢ouni bnscd on niiinber of slalr employed during tlx year was Follows: Grniip 2023 Charity 2022 2022 Mehandis18 Bnd i11n 84 85 ii. Rolllted p#i'ty li11CtIO5 Thv sjUd Foundation owns a ninnber ofsiibsidiaries, all of which oir iiicorpurnled iii England and Wales and aRdel#iled In i)ote 16. Tixnsactions with subsidiaries are consolidaled and11)ei'efor¢ exeinpt froin Irlaled party dIlOSu& 'I'he 8aljLMI&8 Fniindalion received w doiiAtion of £l1.7m (2022: £6.51tt) from BAPS. There num1 of indtvidiials WI are Iiwsiees ofbolli enlili¢s arid b(Trlli Ch171[&$ shalv the same ain15 ubjectives. 'lThe Saijudts foundalioi? also duliat £Nil {2022.' £7,2m) to Bralon Hoiise Limited. Biiidoii FIoiL8e Liiiiiied and Saijudas fouiidulion Iwve A COTnmoii Truslce. 23
S#rju(IAs Fouijdffition Nnles to ilie eonsolidiitLI(I fiiiRneinl stotc.mr.IilA rini. tlie yen¥. eii(le(131 De¢eiiibei' 21123 ii. R¢latrd phrty Ii'Attsi¢tSon¥, Continued The siibsldiai'ies of the Ch#rity air listed in Nok 16. The followin¥ trsactionS look place dLIrli Ihe year.. (a) Mr .l.M. Pfttel, u Tnistee of tho Lharity and a dii¢Glor of Soya Bi)l¥rp'ises l.imited and its subsidiaric5 and Mr Cl)ondi'esh Patel. a diiTclDr of Say& Liilcrpi'ises Liiniled amd if5 SLibsidi8ries, IIAve a materi&l iniue5t in Ernpir¢ Brokcrs Limited C'cinpire, I'he following transltIOnS to()k place l*twecn the Group und Einpl. Group LindBrMkings hav¢ sold and purd)&sed g(KyJs aiThxu)lin%tCtr £415,966 (2022.. £278.71 S) and £13.601 respectively (2022- £11,125) on nonnal terms fi'om Empire. The net te balance due from E5Mpire al yeor end wa$ £36,848 (2022.. £11,776). (b> Mi. J M P&i¢l, wlio is a Ti'list of ihe Charity and diiyaor of Saya Ei)terprisLaS I,iiDiied. has mat¢i'ial inl¢r¢sl in Venue 5 Liinited fvenue S"). The following Iranwlions look pla¢e beN¥e¢n the Giyjup and Venue 5: uiideitskii)gs sold gwds amounting to £4,919 (2022: £2.33Ql to Venue 5 Liinited on nonM81 tilde terms. lTh¢ Ii'ade bA18nce diie from Vcnuc 5 ut ye&i' •id was £520 {2022.. 1243). (c) Bochasanwasl si,1 Akshar Piirushollain Swatnitmiayan Sanstha I'LIA PS,) is & UK I'egislered Ll)&rity in whi¢h Mcs$15 J M Patel is also a Trilee. Diii'liig the yeai., sayft Enterpriscs Limited sold gL70d% amc)iinting lu £118,958 {2022.. £108.792) to BAPS 011 norinal ¢oinnieiri#l lernis and conditi0115.'1'he tr#de balai)ce (liie frr&in BAP8 ai Ihc ycai. end wa5 £11,724. Bank Htsusc L()ckei's Ltd iiiad¢ d()natio1 of £512,002 (2022- £350.00ts) to BAPS during the ye81'. 2023 2022 Amoiittr due from relat pllity at Ihv bal&i)ce shect date (d) TIAnk Hole Lockcr5 Lid tr8rlsrerd Its1 anloiiiits lolalling £NS1 {2022.' £Nil) io Ncelkwnrh Saf¢ Dep05tt Lilnit diirli)g Ili¢ yeJr. 'lTh¥ Iwo diirclui'5 of Ilitt coinpai)y, K.V I'ujaiT aiid M.K. Pujcll hold 41Ph cach (total of 80Vo) of Il)¢ oi'dindiy shair Lupiial of N¢¥lkAI)th Sttfe F)eposit Limited. Th¢ balante diiL tts Bunk Hnwse Locker.8 Limited at the ycar end wa5 £100,000 {2022.' £100.000). There is IK> fomial ugr¢einenl in place Ixtw¢en the two companies. (e) Nilkllntli PAtat¢s Buiik House Lockei's Liinited paid rent ainoiKnting lo £45,000 to NilkAnth EstAtes. Nilkanth sIAtc.% llnd lh¢ Suijiidas Foundatlon have commoIi Ii'u5tees. There is iio b&lancc diie ul yeAr<nd to Nilkanth estlltes, There weiE no oth6r related party Iipn5aCtions In Ihe currnil oi. prior yefir. 24
No1¢5 lu Ilio LOllS01i(Ix¢¢il fiiiMiiiiAI slAIL'iiieiits
Foi. tlio Lll(le
S>ii'judH$ Foiiiidation Nules tTr ilie iuiL4o1iil1eil finptheiAI slAtelllfnly Iiui. IlTre )'c'g1' eii(Ic(131 Dcrciiibcr 2Q23 14. Tallglbkt fixed ajsels (a) Grnup Firehold IKasehold Pro FlxtuKs & Motoi. fitti11 5 V¢liiGles Cost Al slart of tlie year Addilioiis in yvar Disposals in year 9,983,428 311,402 193.269 2,488,314 91.947 (J5,537) 76,981 12,741.992 403,349 (33.537) Al cnd of ihe yew. 10.294,830 193,269 2,544,724 76,981 13,109.804 reciation Ai siait arihe year Charg¢ foi. tli¢ yeai. Clin)Inat on disp05&1 2.131,690 325,325 122.232 12,079 1,601.481 110.132 123,113) 74,469 3 ()29.872 447.5J6 (23.1 IJ) At cnd of tlK y¢8r 2.457,015 134,311 1,688.500 74,469 4,354,295 Net Book Vae. Al end of th¢ year 7,837015 $8,958 R5Cii224 2512 8,755,509 Ai stai1 of'the year 7.851.738 71,038 686,830 £2.512 8,812,118 (b) ClINI4ty I'olal Co tor ation At of tli¢ yehr Addjilol in y. Dispo.sals in y¢ai' 3,373,525 3.37J,525 Al ¢rKI of the year 3,373,525 3.373.525 )re Ai stait of11ie year Lliai'ge fol. the year Eliminatd on di$p05al 498,214 59,377 498,214 59.377 Al end of the ycar 557,591 S57,591 ct Bool( V*lu Al eDd of the y¢8r 2,8J5,935 2,815,935 At start of the y¢ar 2,875,J12 2,875,312 26
SHrju(l¥y Foiin(latiun NulL% to Ilie LDnyolidHted firtHnciAI statoineJitS Ii'oi. Ilic yeMI' eii(leil 3] Deeembei. 2023 14. Tnnglble Ilxed #&¥¢tS• COQtinued Land willi a vari of £1.904,57612022.. £1.904,576) 13 incli#led within freehoid pmp¢r¢y for rhe charlty and Il)e group and is nol detx'eciuled. All uf lh¢ above assets itsed foi. ch8rit&blc pui'poses. All fi'eehold prope1t1 have been valued at eost. Is. Inves(melll8 iii 5uh.4iiliRri 'I'he Saijii(Lts I'oiindati(Mi owns the fullowi1 subsidiary Lin(lolaklngg, all ol whicli are incorw)raied in EInd w)d WAles'. Percent of ord11)y.re ca ital held Nattire ofB(L8inEss Charit 20 2022 Saya Fni¥rpi'i.%es Limited aya F.nlerprises (niiininLplw)m) Culiiiral >Eslival of India Lrniited Akshar (Desigii & Build) Liinil¢d 100 100 100 IOOYO 100 IOOYO r(K)d InanUfadre1¥ and rethil Fo(Kt Manuflure1'S aiNI r¢iail 200,000 2.000 IOOY ioov Sal¢ of publicmtions Desigii gnd conslruclion of building5 Holiling and managing pIDpcities Food iiiamiffjclutTYy And retsil 14erbyEe Plwiies l.iiniled iTr)% Say(1 Entci'prises (L¢ieester) Limilcd DAPS (UK) Lu)iiled BAPS SwdinSTrarnyan H¢rb&l CAit l.td Th¢.8wrtinliiayan HE111 Mission Limilcd BAP8 Care I,iiiiited RAPS 8waminllt'llyHn Sot)siha Limited BAPS IiileiiiAlioi?ul Liiniied Ainriit Herbal Care Ltd 83nk I loiise tAJck¢i's Ltd 759,184 Saya F.nlerpiises Imaiithest¢r) Lllted l(J)Y I(MY/o iooy Ikninanl loo% IOOYO I OOO/o IOOY• loo% 759,184 76Y. loo% l)orm&nl Dormant Doiynaiil t)ormtt SJftty deposit lockers [k)riant £959,402 £959,402 All IOOYO siibsidihries donate djeir annu81 iaxal)le plrI1S to Ili¢ Charity. Sliayotrd Liiniled. a coinpany incorpoi?Icd ITI &iglan(l and Wales, is 8 wholly owned 5ubsidtaiy iiiKleJ'liiking ot'saya Eiiterpi'ises Liinil¢d. Sliayoiia Limitd's pi'inciyal activity is to liold leasel)old piriiii8es on behalf ofils pftiriil Lin(kitsking. Shayoiia Re$iauranls Limiled, a company incoii)orulL¥d iii F.n¥lknd and Wales. is a wliolly owi)¢d subsidiary undertakniix of SAY4 fJ)leryM'ises Lunited. Ils pi'incii)al aclivity is Ihki of iestllTranteuis. Tlie finajicial slat¢n]lIS of t1 wholly-owned 8iibsldiAly Iindeiaklngs of Say¢1 F.nlei'prixs Li1lled. ShaYal Limited, S114yoI?a (Piniier) Liiniled aiid Shayona Ilestaurm15 Limited, cali L obiRir¢d frniii Ihe Regislrlli, ofcompaniLs in Englar Bnd Wales. 27
SAI'jU(IAS Found#lioll Noto8 to the eon801idllte(l ftinnnclAI sIntem¥ilI¥ rior Ili¢ yeAI' eiidiil 311)e¢eniber 2023 15. Iiiyeytmeiits In sbsId1es, eontliiued A 5uminary ol'lhe Itsihlls of the In81¢1'ial trading subsiditijies are shown below: SAya EDteYpri3e5 Ltd Ciiltiirnl Fesllval of Ind I,td (Comp(Iny No: 018712Q4) 2023 2022 Icumpaiiy No.. (Y268517CJ) 2023 2022 Tiiivover Net ii)ter%sl (payab1eyce1Vfib7¢ t)eed ol-coveiidnl ts) pairiil iindci*)king (565,786) (lJ)yyypmfit for the liTh#nclal ycar (15,205) 6.405,407 {86.613) 5 J 15,205 (98.136) (693.2811) (410.278) 487.023 1,729 667,120 239 6J20 (19,513) Fix¢d Jss'ets 5.S89,031 .fj,.$11.602 Currenl as5¢t4 1.956,069 1.829,82.5 Credi101S due wiihiii one yvar (1,22.5.917} {887,039) Lreditois due aft¢r Inor¥ ili)n one yeai. {5.884,664) (6,004.66d} Net assets 434,519 449,724 0.929 2,031 412.OK2 336,459 {252,204) (1 $8.IM)3) 186,807 180,487 Sh#yong Rejtniirants Ltd Shwyona (Pinner) Ltd (Compjiiy No.. 0670G762) {Coinp4ny No: 07677868) 2t)23 2022 2023 20r2 Th1i'nov¢i' Other operating infjome Nel intei'esl (payablgyreeeivable D¢cd of covenant Iv parent Lm¢kriaking (LosJyProfil tlie finatI&l year 1,263.1%51 931,865 769,327 251.279 732,3.59 (43,451} (48,951) 238,441 28.613 Fixed a55elS cl1rn1 015 C.'redilOI'S due willi111 oiie ye81. Cirditor% due aftci. Inoi'e than )e year Net ets1[]I81)I]ltICX) 612.987 62.7119 {630,754) 654.101 74.247 (639,955) 89.641 128.212 108.726 {181,715) {165,129) {2S1,279) 1218.041) 31J42 74,793 20,400
SrJu{l¥ fi oiincl4lion NolL% ti> the consoliil8te(1111&4iici&l sthloiiieuls Itni. Ihc yeai. eiidoil 31 De¢einbci' 2023 15. Inveslinettls in xuhsidi#rie5, conlinued ink Hou1¢ Lodieis IAd Shllyonx Cuterer.i JAd {L'oinpAny No: 0276390$) (Compaiiy No.. 11763(MH) 2023 2022 2023 21ll2 -I'iiinover Other operatin¥ income Nrl int¢irst tELeivablc Deed L'ov¥naiil ta parcni Lind¢rtaking Profit for tli¢ finRnLi81 yeHr 913,727 9.(K) 8,011 879,177 9,000 1,022 S88,672 1.142,175 34,479 18.551 8,945 Fixed as5cIS Curtrnl osscis ("reditois due wiihin one year C.reditOl8 diie after more Iharn one yeaf Provisions foi. libIlItieS Not assets .$11,354 864,076 (1.144,580) 552,874 820,439 (1,176.942) 211,224 C>29,509 (192.164) (610,4491 {56,5(N)) 17¢L350 (56.50n) 139,871 19,060 19,060 16. Invcslnith)1s in Ilsteil shaiY% The Group 2023 2022 The Chai'ity 2023 2022 Fair value al 31ail of the year Additions ai cost DispMx%&l i?mcceds Ncl (IvJs&4ygyiii oil ¢l)ang¢ in fair value 1,fj33.475 10,993.567 (1,446,194) 187,281 1,597,072 1.633.175 10,993,567 (1,44C),194) 187,281 I,S97,072 36,403 36.403 •Air value at end ofihc year lo,99367 1,633,475 10,993,567 1.633,475 17. tixed deposit inveslmontj llie Group 202J 2022 Th# Cherity 2023 2022 Fail. v&liie at 3tart ofihe year Addilians Ml Cost Disposa15 al cosi 12,397,005 11.321.409 11397.005 10,()fi.1.220 1.075596 10,963.220 11,321,409 1.075.596 Falr value al of ihe yellr 2J,360,226 12.397,005 23,360226 12.397.005 29
juilfts Folidation N()les to the eoi)8nlidthted fiiiAMilal slatemL'nls Foi. Ilie yt41' ciided 31 Dcceiiiber 2023 DLbtoi? Ciroup 2023 Charlty 2022 2023 2022 Trode D¢biors Amounts du¢ from 5ubsiiliaiy und¢rtakin&s l)repayincnts & accNed irhcoinc Other debtoi3 607,730 610.087 6,667,285 452,924 92,840 6,807,901 93,865 22,62S 456,111 587,8Th) 97.052 439,275 1,651,641 1,146,414 7,213,049 6.924,393 Ainouiils due froTll SLibsMJiary iindertakings include an amouiit of£5.554,664 (2022.. £5,SS4.664) falling dl Ntler moly than L)Iie year, 19. Creditoi's: Amounts tallKng due ivlthltt ome y¢ar Group Charlly 023 2022 2023 2022 Bank loans overdrdfts 'l-MdL ¢dI10r3 Taxation Social security an(1 ottKr taxes Oihei. creditoi o(hei- l(bgn5 Al.alS & doferrul income 25,12J 672J94 131,883 385,224 24,180 20.411 214,397 1,132.905 3,240.928 207,314 152.921 ,117.028 1,078,375 289,432 3.240,928 1,078.375 S,493,061 3,134,863 3,265,1011 1,098,786 Bank loons and overdrnfts ts)iallin8 £25.123 (2022: £131,883) are SecUd winsl lh¢ LLw'ity's fixed dew8its. a legal chai'ge (M) Ihe frc¢hol(I PlDpei1y and a floaliiig cllaiy over the rcinaiiiing a85ciS of siibsidiary Li1rtakIIIg. The bank loarts and ov¥rdraft aiE Irpayable wiililii one year oi. oil d¢inand (2022.. Ivkthin ono y¢ai' or oil danand). 20. C.Irdi¢oi'J: Amoiiiits f&lllng due aft¢i' niore thali one year C•lY)IiP Chmiily 2023 2023 2022 Bank loan% w)d overdrafts 330,000 450,(KM) Jo
.Siirjudns Woun(IHtifjn Nvle.¥ ID Ihe i'unsiJli(l#tcd linAllLig1 BlAttillc18 Ii'oi. Ilic }'eai' eJidLYl 31 Dcceinber 2023 21. Vi'r&vtslort foi. Ilabllliles Defentd tax on ce1clat¢d cai)ilal allowance Gioup C'liarlty BalanLf al start of the year DeleiTed lax pi'ovided 69,783 317 Bakniice it eiid oftlie year 70,100 Uni'esli.Icte(l fiinils Dp1811ce al slart uf the y¢ai Nei gainlllosses) oji change in fail. value of u)YvslillenlJ Net moveinent fov the year Gi'oup Chmrlty 24,869,262 (1¥7,281) 17,634.047 25.418,758 (187,2811 17.770.924 lknlinoc at end of Ilie ytsr 42,316,028 4J,002,401 23. Nn1140ulrollliig Intel¢ GIP Chftrlty Balai*¢ at slart of lh¢ ycai. Nci m(Trvemeiii 4111.ibiitahle lo Non-¢onirolling iiilere5t 33,569 8.275 BHIHnee 4t end of the y¢81' 41,8414 Rceonclllii tlnii nf nel movemeiit In fuiid¥ lu net tloiy frvm opei'allng aellvllle8 Group 20 CIIAI'IIY 2023 2022 ii)oveihenl in funds foi. the IfPOTling p.10d Dq)IfCiAliuii and ttmortisalioii ¢horg&s Corporbtioii t&x cl)orge Not losylsllgains) on inveslm¢nts Divida)d$, interest and rent fi'om inveslineiils Loss oil clisiiosal orrixed assels. Iiici'eose in stock IIiciEk5e in deb1.¥ 11K8$¢/[ec1t&8el in Cl1110 17.455,041 560,312 1,364,716 558,472 17,583,643 59.377 1.884.342 187.281 (36,403) 187,281 (36.403) (1,160,771) 12,424 {147,&198) (505.227) 282,405 (306,589) J,245 169,040) 1468.100) 122,076 (1.182J22) (332.607) (288,656) 3,769 (628,991) Nel ¢4ih piiwld¢d by opeRJllng aellvltio 16,683,967 1,374.377 16J63,092 943,905
Sai'JiidAs Foiindaliun
Note3 to Ilie fonxull