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 Ch￿rIty 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¢ S￿j1￿&s
Foundaliun for ihe yeai. ended 31 December 2023.
The Troiiftd4)lion 1% a S￿l(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 Co1￿MIssIlMI linder
fEgisl¢r¢d numbei. 273425. Its h¢adqu4Tieis air iii London arKI li hRs mandirs (places of w0￿h11}> and ¢¢iilrss
lhiy>u￿0L1t 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 doll￿S 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 ulld￿lake 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* pl￿r¢s81￿n￿l 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 T￿￿t<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
T￿￿ee5 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
CQ115ide￿d 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 org￿niSed 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 h￿ed in ihe UIC aiid has its heftd office in Ne&￿en, l.ondon.
St#lein¢nt.18 lo Dlsclo.%iire of lmfor1￿￿tAoll to Auill(ur5
'rh¢ Tnistees who were in oftiec on the date of approval ofili¢se ¢oii$olidalrd financial slalcinents havL cunfiiThcd,
as fui. as Ihey are rtwni¢, Ihal Ilieir15 no L'elevanl audit inform¥Llion of whÉeh ilie aiidiior5 al'e iiiiaware. r.aeli ufihe
Truslces lthve confirm￿1 thlll Iliy have taken all the steps that Ihey oiighl lo have taken fts Triislees iii oixter lo
Inake Ihejnselves awdre of any releyaiil &￿111 inFormation aiid to es(hb115h thai IÈ hys beeii commiinicaied to the
a1￿ltOr.
Slatenitnl of'fru*teos' Resp0115ibililleJ
The Tiu5tces are it5poJisible foi. pi'epariiig the Triislees, Rep¢)11 and the c¢)n5olidatol finpiicial Sialemenls in
CL'ord8n¢e willi applicable laiv aiid lJi)Sted KinKdoin Accounting Standards (Uiiited Kiiigdoin riencrally Accepled
Accoiinting I'izctice). The law 8ppliLJble lo clui'ilies iii Bi)gland & Wales reqLIII'¢S Ihe TIiL8t¢cs lo prei)ai'e f￿￿[￿141
slalcmeiit8 for cach fiiioiKial y¥Jr whlch gtive a Ii'u¢ aiid fair vicw of the st4te of affttirs of the Chgj'ity aiiil llie OIDIip,
an(J ofihe iiicoiiiing rv5vil￿¢S and llpplication of I'¢soiiiees ofihe Cliarity and ihe Gn)iip foi. Iliat peri￿1, In pr¢paring
Ihese finaiici81 ytatemenls, 11)e Tlwstees are reqLiircd to..
• sele¢l siiilable nccoiiiiling policies And then apply Ilicin eonsistently.
gbsei've Ili¢ Ineiliods ai)d pi'iiittipl¢s ii) Ihe Chaimiies Stst¢inenl of Ilecolnmei￿ed Practise on AccoLJnling aiid
Repurting,.
make judgeineiil$ Jnd esliiiiaies Ihal #re ieasonable and pivdent.,
state WhetI￿r 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 tina1￿1￿1 %t&teJllenls the going conceni this iinl¢ss il is inappiwriate to presLiine tIMt Ihe
¢lwi'ity will conliiiiie 1¢) ()p¥rttle.
The Tru￿ceS ere lE5poi￿lb1e 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
col￿pIY 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 Fou11d￿tIOn
Trll5tLC¥' Report
ri Ilie yo#r eth(led 31 Deceinbei, 2023
Rl$k i'lsl( m¥na%ement and lut¢rnHI eontrol
'11￿ I'i'ustce5 al'e rcspotL8ibl¢ for e1￿ur￿li8 efftctive risk management, and Ilial inlttmfil conliyjls are in pl&¢e to
apprvpi'ia¢ely Ir#ii&%e the i'isk cxposuir of the Gi'oup. Sn doing so, Ihe Ejoard hNs considered il)e major I'isk¥ lo which
IIIL Groiip is ¢xw)%ed. th¢ polei)lial Impact artd piDbAbiliry 8SSOClAied with eacli risk, and thc mitigating actions
needed lo Irduce eaLh risk to ll levol that the Tru51¢es coi)5id¢r5 to be a¢¢¢ptable.
Tho tri&jor financial I'isk5 are cach sLibje¢i lo ongoii)g nionilui'iiig Aiid iiianagement. Income and c051 control ar
subje¢l lo rjngoing review on at leasl h qiiailei.ly basis ivlth pi'ior approval of lh¢ BuMI'(I Ii¢eded fui. sigiiifit8nl cost
activilies,
The activilies r>f ihe Group Il¢p¢thni on its ability lo raise funds from doJJatioI￿. investincnts and ils Ii'adin
aelivities. Tlie koy risk foi. 2023-24 Ilierefoit is the Group's ability Io 5#¢11w ongoing fiiiiding. The truslecs
consider Ihis I'isk to be Inw 8$ 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 l*serv￿ aL"¥ sufticl￿1t lo mitigate any slx)110111)¢diiini-l¥i'in rcdiKiiun ii) iiel income.
lffileriiMI Coiilrol
The Trusl¢os have overnll reS￿nSibIlIty 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 Til￿t￿ I￿]Udg..
Prodiiclion of moiiihly InAnagernvni t)c¢ounts and review of financial rcsults thnd ￿l￿OrManCe 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￿, wl*ir 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 supple1￿entary 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 TIl￿tesS 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 Tequi￿lneDts ELgSOCiated willi sustaining the Group'8 opei?tions for tt pGri(xl.

,SHJ'jii(Iii¥ FoiiiidAlivn
'I'rustecs' Ile1￿rt
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 coi￿lder111g 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¢$.
Risks i5sucs eoitsidciEd by the Boo1￿ ofTiwslees In m8kinE this JI￿ge[nent on Ihc Icvel of Un￿51r1¢[td re%eives
include..
lik¥lIlic￿ ora downiiim iii incoime slrtrdrns.
period of lime reqiiii'ed lo ii-eslablish iiiLoin¢ sli'eams.
period tsf Iiine reqiiij'cd ¢0 do%vnsi7¢ the Ch4rity oper&lions,'
wl)clhcr tliere is ￿equate ¢Ollir(>l uve¥ budgets.
pofential d￿rease iii the valiie of the inveslinenl Portfolio,.
qiiir¢ineiits frji. a I'¢JSL)nabl¢ level of woi*in8 Ciipilal.
As IlILCh4TIty'S 0*￿1%[lI)g expeiidiiiirc Is lai'gely dl.scr¢lionary and does noteXce￿ £200,000 peraniiiiin, Ilie TIiLSlees
are of (he vlew 11)al niii iniFJiiiing cash r¢scrvcs oral le8st £1 million ivill piDvi(le sil￿161enI I'¢soiiires in lh¢ cvcnt of
Adverse coiiditi(Tr1￿. T1￿ Tru.%tee41)ttve ttlso assesseil oilieropeidlionpl and buslne5s risks whirli thoy faceat)d confin
IhJl Ihey hav¢ esiablislicd sysleins lo miligaie siwiificllnl risks. In the evcni ofihe(:IIArity fJLingditYi¢iili finaiicijl
clrclimsiances, tliis woiild allow it lo con1inl￿ opei#lioi)s diii'ii)g a perind nf minaged adjiislmcnt lo d￿se new
ciiruii)slances.
Aclual cash Irserv¥¥ inLludiiig fixed teiin depD8IIS gs ilt 31 t)ec¢inber 2023 weir approximately £25.76 millio
(2022.. £15.93 Inillioii). Free rc5erves at 31 De¢emher 2023 wei? approximately £2.4Jn (2022.. £3.4in).
Thc'l li￿teLs have Loi)fii'ined Ihal, aftei'cdieful Itvicw ofihe rcsei'ves policy. as at 31 tkLcinbEr 2021, Ihe Oi'oiip's
liqiiidity i?osliion Wi15 bub$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 incli￿ing Nilkanih Eslaies wliich 7rtqLiitrs and dLvrlops propeilies for
as new HI￿1￿ 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
Tre1￿1)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).
Salji￿4&￿ 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¢
I1￿11. (bwn B¢)srd of Dir¢clois T¢s￿nSIbl¢ 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 m8nufaC￿rgr, 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 Truste￿5 are ple&scd with the Conlribiiilon mftde by the Chi'ity's tr￿dIng 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 I￿e1V&ble on its bank d¢posils a5 w¢ll as from eqLiity invesimenl
inconiL.
}re￿IllY Alonogein¢nl- Inieiysi Rei.fiwible
The'l I'iisiees utilise tei'm deposit acGounls lo tnLximiz¢ Ihe fimolinl of interes1 ¢uiiied on cash b￿8￿￿5 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 Decei￿l>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 i*spoi)sibiliiy loi. 11)e iiiveslin¥iil of chai'ity's flind.% fnr short, tncdiiim and long-iem
objeciivc5 and i*qiiiirinLii15.'fhe ii)ve51inenl pnli¢y is lo pi'ioi'itize the potciiiiE*l 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 or￿li11ng costs doiigtions mode from
uiii'eglriLILd funds. of wliicli ¢haFli¢ible donations amoiiiilin8 to £Nil (2022.. £7.2in) were made lo Brai￿01) 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 ￿lU￿bis11ment of exisliiw buildings or acquisition ofproperli¢s for siinilar object5. SarjLd&s foiind#lioii may
doii#lc flir11￿1. 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 11rni￿1￿[ 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 cl￿ritieS.￿hnll, the suine objectives,
In 2023, sarjI￿1￿￿ 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 discli*Kd iii tlie notes to tl)ei¢counts.
The Ti'ustees woiilit Ilke to atknowledg¢ lkne treni¢nduus efforts of the volunteti3 and tlie m4ny SUp￿rte1.%
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 Ilro￿WaY
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 ￿lbSId￿￿r1É￿ {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 gI￿up.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. t1￿1 endcd.
have Ixen pn)perly p,ep8￿d in Accol￿a[￿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 di￿1¢ 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 s￿ndard, 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 final￿181 sta￿Ments, 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 rttspol￿ibil1IIeS and ihe Ic5POn51bilitlc5 Of Ihe IrLtsl¢es wilh YespeLi io going¢oii¢crn are d￿￿1b¢d in thc rolev￿lt
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￿ o11￿1, iiilormmtioii ¢uinprisa% The infomation incliided in Imstees. utl)ci' lI￿n the finaiKial
51ateineiil& and oiii. auditor's IEI)oJ'l lI￿re011. Tl)c Ii'iislrts respoiisible fui. Ilie oihci Infoimalion ¢lMitaiiied within
Ihe b'usrees, li￿lIa1 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 ilico1￿lSten[ witli Ilie linancial
slgleinvnls or oiir knowledge obtaliied Ilic course of tl)C &Lidit, or 01￿47¥[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¢ reqUI￿d to report Ihal
fact.
We have nothi1￿ t(Tr rep￿1 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¢ I￿￿tee5,
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￿ pre￿illion of fina￿,1￿1 slaleinenls Ihat
air frEe froin maieiial Iiiisstateineiil, Ivhetha. lo FraiKI or eriDI',
In pirparing tlie wiip aiid ￿91'ent charlty i￿￿11¢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<lllor'$ re*poiislbilltles for the oudit or ihe fiiiADcl#l 6t8t¢menl
We I￿ve been atwin*d as al￿1101. Iiiidei. section 151 of lh¢ Cliai'ities Act 2011 and r¢port in aGcor(laii¢¢ with 11)e
Acl un(1 rlie i?levynt regillaliow Inadc ol having eff¢cl Ih¢i'eunder.
Our objecliycs air lo oblain Irasonabie assiiiynce a￿lIt wli¢ihei' the fin8rtLial statemen15 as a wlK>le al'e file from
Inatcrial Mi￿(atemen1. whether.due to fiiLid or ei'ror, and to issue auditoi y rept)rt ￿lat fftcliideg oiir opinion.
Rcasonable a$s(Iixn¢e is d higli level of assuraD¢e biit is Dot & guai?nlee thAt an aiKlit ¢ondLicicd iii accordJiiLe wilh
ISAS {UK) will always dBtecl a niaterial miss1alei￿¢nt wli¢n il exi819. Mi&8tatemenls Gun arise from frdud i)r ￿mr
and Al'e conside1￿ Iii?teTial if, individually or in the awEgat¢, they COlLld rusonably b¢ ¢xpccled lo iiifluuce tlie
economic d¢eisions of usei's taken oli Ilie Iia5ts of Iliese financial siatemoT)ts.
IiiegulAI'11ies, includin8 frnud. are instances of i)on.compliance with law4 re￿ulAtIo￿* W¢ dcsign procedu￿ in
line will) oiir responsibilities, oiiilined above, t() dLtect Inatei'ial Inis51aleincnts in resp¢ct LTrf irr¢giilariil¢s, Includii)g
fraud. Th¢ extent lo wliich oui. pivccdures capable of deleding iiwgiilai'ilies. includi118 fi'aud is detailed I￿low-
We obtained an undeT¥INnding of the givup and pai'¢Dt charity and the seolOI' in wliich il operates to identify
laws and iEgulations t5iat CQLild ktasonably b¢ expeclcd to huve a direcl etTect on t1￿ financial 51alements.
We obtained our iindeYslandin¥ in Iliis legal￿ iknY>ugli wilh lyustees and InanllgcnieDt, indiistry iEseawh stnd
exp￿.￿lice of th¢ 5Bclor.
We dctormined Ilir ptiii¢ipal la￿ gnd regulation3 relevant to the gTOthP and paTEnl cliai'ity in Iliis I'egard In
bo those yi'ising fi'oin t1￿ Ch8riti&% Aci2011. I1￿COl￿panIesAct 2006 forthe subsidiaiiesas well as ielewunt
lax and employee legislation.
We deqignecl oiir oiidit procedi11￿ to ensure the audit team ￿ldered whclher the￿ weir urty iiidicalions
of non-Loinpli8￿c by the group 8nd pai'¢nt chrity with ihose laws and regLIlHtions. Mw>e proc￿li￿S
111cludcd, but wcre nol liinil¢d lo ei)quii'ies of Infina8emcnt and Irview of minutes,
We also idcniified th¢ risks of material n)Isstdlem¢i)t (Jf the fiiiuiKial slateimenis due io fra1￿. We ¢vnsidered.
in addilion lo (h¢ iK*i-rebullable PlE5tiinptloi) of 8 tisk of fi'aLid #rising froin Inana%emciil oven'i<k of
¢vnlrols. thut Ihe recnverability of debts valuation ofstock lo Ix greas of I'lsk,
A5 in all of our al￿11%. we additssed the risk of fi?ud a175ing from IMllnagoineiif rjveirride of ctsnlroK. by
perforining aiidlt piYKediircs which li￿liIded. Iwt were i]ot limited io.. the le.%ling of joiiinals; reviewing
a¢wuiilii)g esliinates foi. evidence of bias. w)d 0vall￿tIng Ihe b[￿inesS ratioiial¥ of w)y significant
Ii'ansactions ihat are unuSi￿1 or outsid¢ ihe nornlal ww's¢ of b(Lsines3.
BccaU￿ of th¢ Inhcr¢ni Ilinlialions of an aiidil. Iheir is a riskthat we will ￿ detect Jll irre8ulfyiilies, Inoludiiio d)ose
leadiiig toa rnuleYiAI iiii551titeinent lll tlic finaiicial slateinen15 vi. noii-compllaiice iviih r¢gvl&tioii. This i'isk inciEJ
the moi'c that compliaiKe with a law or IEgiilation 18 Irmoved trom die evenls alld tl-dnsacllon8 IEfl¢cted In th¢
rin811cial stateiDenls. as we will he less likely lu become awuit of in&l#nc¥s of Iioii-Loiiipliaiicc. risk is also
8IEuIEI' re&¥pixliiig ir￿￿(blari11eS ocLui'ri1￿ diie lo fiBud Niher tiian crrni.. os fraiid involves inteniloiial con¢eRliiient,
foi¥ery. collubion, (Mnission or misr¢pr¢scntalion.
A fiirth¢r descripiioi) of oiir respoiisibilities for the &iidit of rhe fiiiaiicial $iatemenls is located on the Financial
ReportiDgCouncil's w#bsite ot.. wwiy.
aimlliorsres
iisibilitie5. Thi8 descl'iplioii fonn5 pail ofvuraiidilor's

.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 ￿SpOIls1b￿1Ity 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 col￿paI)leS Act 2(NNS

SAijud￿5 FoundAtRt)n
C(I11s011114tcd ftnd Chnrity St#loiiieiil of ViiioiiclAI A¢livill￿ {lttL'ori)oiytl￿g 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¢
26,253￿12
16,520,431
17,B76.675
9,127,989
Expendlliii'e oth:
1{a￿1ng 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
il*lanee ot the beRliinliig of th• ye*r
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 a￿Ve.
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 IS￿ts.
Intsngible fix￿ a$5eis
'rangible fixed assets
Iiive51mcnis tn siibsidiaii&8
Inv¢slinenl8 in list¢d share5
Fixed dev￿11 iiivesllnents
13
294,416
8,755,509
407.192
8,812,118
IJ
16
17
2,815P35
959J96
IlJ,993,567
23J611,226
2,875,312
959,196
,633,475
12,197.Crf)S
10,99J,567
1,633.475
23,36Q226 12,397,005
4J,403,71¥ 23.249,79)
38,129,124
17,865.188
Ciiri'enl ussets:
Srock- giM)ds for Irsale
Deblors
CAsh at b￿)k ond in hund
795,730
,651,641
2,3Y9,944
648,232
1.146,414
3,533,358
18
7,213,048
925,337
6.924.393
1,727,963
LiAbillllc%'.
Credil01s'. ainaunts r￿ling du¢
wiihiii oiw yeai.
4,847J15
5,328,004
8,1311,385
8.652.356
19
(5,4l)3,QI61) <3.154,8631
(3,265,108) (1.098,786)
Nel current ijjets
(64S746)
2,173.141
4,117J,277
7553.570
Totsl &98ets les5 currcnt liabS1111
42,757,972 25,422,931
43,Of12,4O1
25,418,758
Ciedilors.. a11I0Llrtts falling due
allei. 01￿ yeai.
Provision for liabiliiles
20
(330,OOU)
(450.000)
(7O,IQO)
(70.100)
TotAI nel ffssets
42,357,1172 24,902,831
43,002,401 25.418,758
FunilA;
Uni'estricted incoiiie fill￿S
Non-C(InliDlling Iiiler¢51
22
23
42,316,02A 24.869,262
41044
33.569
45002,401
25,418,758
TotAI funds
42,357,872 24,￿2.831
43,002,401 25.418,758
Approved and girthoris¢d for issue by Ihe'frLi$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$
B￿1$ of i)I'epgrallo
Tl* financi<il s¢alcments liuve been prepar￿1 ii) a¢¢ordan¢e wilh IIK Stalemenl of Recominentled P17K'li¢e:
A¢eoiiJ)tiiig aiid Repoi'ilng by Cliai'ilies pi*pai'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 ch￿rIlleS i)I*Pdririg
th£ii' accounts III LILLnrdaiiee with the FIn￿j?￿l￿1 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 fillanci￿1 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￿ lI￿tee3 lI￿refo￿ have irasonable expect8Tioii ihul th¢ OIDup adequate r￿li￿¢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
Al￿11￿1 rvnsolidAied fiiian¢ial sl&lem¢iit3.
Tlie tru5t¢es do noi co1￿ld￿. Ihrth tliere any sixir¢es Ofe￿imation 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¢ al￿oUnt ¢pn be measured reliably.
Voliirttsiy incoine comprises ITv¢llLKS genei'ated fix)rn vJiious fOn￿S 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.u￿ty iiiveslmeiil, inleir31 receivcd on c&th
deposits dlvidends r¢¢eive<l fn)m listed inveyimeiils, wliich incliided oli an accruols basis,
(e)
Donativths of gitlJi 8ervlces and fficllltlc¥
t)onJled profesbiun)I sei'vi¥¢s and doiiated facilili¢5 air Ircoglli.%ed as income ivl)en tlie Giriip hascDIiliY)I
ovcr Ilie itcTh 01- rccciveil the strvi¢¢, aiiy ¢onditioiis assoeiatcd with the donf4tion liaY¢ been I￿¢t, th¢
ie¢eipt of economic I￿ller11 fi'om Ilie 115e by ihe ch￿lty of the il¢m 15 pi'obablc and Ihal ecoi)omic benefit
be m¢asiwed reliably. In a¢¢ordan¢¢ willi il)e Chyi'ilies SORP (I.'KS IU2), voliinteer tiine is
recogiiised so itfei. lu Ihe trustees, annual Toix>11 for more infiNTralion ubvul Iheii. eoiitributiOlL
On r¢ceipt, donated gifts, profc55ional services ond (lonated fa¢ilities ￿ognIsed on the bHsi5 of the
valuB of th¢ gift lu the Gi'oiip which is the amounl ihe GroLIP Wi)Lild hHve been willing lo pay to ubl#in
rviccs oi. f8cilities of eqiiivalenl ￿onoMiC b¢iirfit oli Ihe open markeL a coi'respoiiding amoiinl is then
Ircogiiised in cxpe¥Kliiiire in rlle period of Teceipt.
(i)
F,xpeiiclllui'e i)iid IriceoverAblc VAT
Expcnditurc Is iycogiiised once th￿¢ is a Icgal or co1)stn￿lIve obligation lo tmake a payment lo u ihird
party, it iy probE4blb ihut seiiltsment will b¢ reiLiir¢d ¢1nd the amouiil of the obli¥ation eJn kK meosiiird
reliably. Expenditure is ¢I￿sIfied Lind¢&l' tlie fvllowiiig activity headin￿,.
Costs of rnisiii¥ funds rel4te to ihc ¢osts of sales in li'ading aclivilies and opeTalingexrrtns¢s of Ili¢
trading subsidiarl¢%.
Expenditiii'c on charilable aclivities incliidcs the eosls of activiil¢s ili￿er1aken lo (urtlJ¢r lh¢
pui'poses ultho ￿[olip and thcii. 8sso¢ialed siipport coyls inclu(ling 8ovornan¢e costs.
Iiir¢overnble VAT Is charged gs B ¢ost aEalDst the Klivity for which Ili¢ ¢xpenditure w&s inclirrd.
(g)
Allocallon of sup￿rt eosls
All suppoit costs Arc alSocafcd lo the expenditiire 011 charitable aetivltles as wme of these Costs a
alloeable lo tlie costs of raisi118 flind8. which are ihe costs of the trading 5Libsidiai'ies,
Siippoi1 cos15 inGliidc gov¢iiiaiice cos15, which are the costs a$socilll¢d with Ihe governaiic¢ airangcincnts
of the tiroup. 'I'lies¢ ¢oslS arc associated witli constitiitional gild slaliitoiy r¢qiiSirineiits aiid ii)¢lude wiy
cosis As￿)￿lated wilh th¢ stralegic manage1￿ent of the Group'¥ a¢tivities.
18

Sfti'jucl4s fi ound4tiTrn
P4oles iu tlii ¢o)nsollilAl¢(I Iliiaii¢iAI xt4lemeii15
'ni' the yeai. enilib(13l1)e¢e￿ib¢i, 2O2J
Aceountiiig polieiej (coJitinu¢d)
(h)
Operatille I￿￿e5 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 cl￿rg¢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 i￿liCAte their canying valu¢ iiiay excccd thEÉr net IE4lisoble Vali￿ arid valiie in Iise.
Whcre fixed ￿SLts have beeii I'evallied, any ¢Xe￿ i*lween 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 d*lr 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 r￿1 depreclated.
Liqted InveJlmenl8
Invc51inenl% a forjn of basic fill￿￿¢1&1 tiislrLllnLnl ond ali Iiiilially re¢o8ni5Ed al their Ira1151Ktion v81
and .%uligL'1i￿nIIY In￿lI1'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 col￿bIt*d #nd thown in th¢ headin8"N¢l gaiiisl{lo￿es) 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. Q￿ded 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.1ni￿d ()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$ioii is Inadc wliere
foi. obsolete, slow tnoving ai)d d¢feLlive sl(Kks.
Ip)
Deblors
Trllde and othffl. deblois air re¢ognised gt the scttleincnt ￿MoLlI]i dLie aft¢i' any trade discount off¥red.
Pitpaymenls valued at the a￿OUnt P￿P￿]d n¢t of any ti'ade discounts due.
Iq)
C.x.gh Ml banli find in hRnd
Cash 8t Iidrtk aiid ca511 in han(1 in¢liides cBsli aiid short tem highly Ilqiild invesli*ents will) a short maturity
of Ilii'ee munihs oi loss fiM>in Ihe dale of acqui%illOlI oi. opeiihng of I￿ deposit or similai. ￿￿￿1)nt, Casli
balanGe5 excl￿1¥ any fiinds Iield oli bchall'of seryice ivs¢rs.
(r)
C.I'edltoi? prTrvLqioDs
CredFtors and provlsions arc I'ecogni5¢d wliei'e Ihe CJi'oiip h85 a prcsent obligailon rvyiilting from a past
evciil Ihyi will piDbably ITsuli in the transfer of fiinds ro a iliiid pai1y Ihe atnOLlllt due lo settle the
obligalion can be me8sLsIEd nr csliinabl reliably. CrcditOYs anil proyisiuns ￿'e noNnally rccognised ht
their settlcmcnt amount after allowliig f¢)r wiy Iixdo discoun15 diie.
The Gioup only 118% finaiicial assets and fiiiaiicial liabilities of a kii)d Ihal quthlify #s basic finAiicial
i11slnim¢iits. B￿lC fil￿ticia[ instruments are i]ii(i¥lly recoEnised ai Iransu¢lion valiie sub5eqii¢nily
Met￿lired at thcir.%ettl¢menl Value with th¢ ¢xceplion of bai)k Ivans whicli ore siibqequei)IIy InEasiired at
amui'lised cost using tho effective ii)t¢resi theiliod.
($)
PeJi8lon
The groLlP op¢fdies a d¢fiiied wntribution pl&n for ils ￿nploye￿8. A defined ¢onlribulion plai) IS 8 pe￿￿7011
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 forei￿7 curien¢ies aTe trai)slaled inlo Sterling Lt the rate of ¢xchan8e nilin¥ at the
l)ulancs sheel dale. Transactiuns iii forei￿1 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 ¢I￿l'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 h￿101.1081 ¢xpci'ience ai)d
othei. fadors ihNr are cr)1isldered l() be relevanl. Aclual I'e5u115 Inay diftcr fiDin Ill￿¢ e3t1inA￿1. 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 fiii*iicial atateiiionts
ioi. the y*ii' 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$iiird at Ih¢ii' settlement vllli￿.
All iiivcslinents ¢I￿s￿ri￿[ 0£ flnancial iiisti'uinenls ii)cludiJw oplioi)s aiid derivalives are rn￿￿red lll fair
viliie, txcept cost for investm￿71 in siibsidiaries, wliich air held ￿ cosi.
Incojlle donation8 le￿e1￿J
Giviip
20
2022
C.hArity
202.3
Donaiio
Donalcd services
15,590,732
7,StEJ.060
16,694,353
¥,795,382
IS590,7J2
7,5Q9.060
16,CTr94,353
,795,3112
liicome Alld espenillliire froni INdlng a¢tivitltJ
2023
CrDup
2022
ChAI'lty
2022
Tui'novei-
9O02,409
8.7th1,782
Expoi?dlliir¢:
Cost of sales
np¥r'uling expen%e$
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]￿oI1d￿1ed 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.%lal￿l 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 Wmpllai￿e
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'l￿te¢S were Mt ￿ld oi. ¥e¢eived Eny other b¢n¢fits froin eiiiploynieiil with the Charity in Ihe
ye81. (2022., &iil). No C1￿1￿ty 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
Me￿handis1￿8 Bnd i1￿1n
84
85
ii.
Rolllted p#i'ty li*11￿CtIO￿5
Thv s￿jUd￿ 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 dI￿lOSu￿&
'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 Ch￿171[&$ shalv the same ain15 ubjectives.
'lThe Saijudts foundalioi? also duliat￿ £Nil {2022.' £7,2m) to Bra￿lon Hoiise Limited. Bi*iidoii 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¥ tr￿sactionS 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 transl￿tIOnS 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 t￿e 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 Tri￿lee. 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 Hol￿e Lockcr5 Lid tr8rlsrer￿d Its￿1 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<l 31 Decei￿b¢1' 2023
12.
Taxa(lon
Chwily is exempl ￿pOrar10n lox As all its Iiicome is ¢I￿1,11abIC aiid is applird r()I' cliai'ildble
PLifp05es. 'I'he Cliai'ity's tii(ling.%uh5iili8rie5 doi)aie available prolils lo t1￿ pairnl charity. Il¢ pciloiinallce
of ilie subsidiaries in Iheyegr is di&¢l()s¢d In nolc 16 and ther¢ was a chai¥0 Ii) corKKY4)lion lax of£Nil (2021..
£Nil).
13.
Inlllmgihle fixed assets
The Gi￿up
Oo￿lw111
Oiher
Totnl
At staTI of Ihe year
Additions iii yeAI'
Disi?r>sllls ill ye8r
988,133
143,973
1,132,106
Al ¢n(l of the year
988.133
143,973
1,132,106
Ainoilisalion
Al.%tart of Ihe YEIII.
ch￿1.￿¢ for the year
Eltsninated 011 disp)sal
691,691
98,813
33.223
lJ,963
724.914
112,776
At eJ)d of I1￿ year
790,504
47.186
837.6rAJ
et Book Vili1¢
At end oIlhe yeRr
197,62Y
9A787
294,416
At siaii ofilic ycor
296.442
110.750
407,192
25

S>ii'judH$ Foiiiidation
Nules tTr ilie iuiL4o1iil￿1eil 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 Va￿e￿.
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
E￿I￿nd 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 InanUfad￿re1¥ and rethil
Fo(Kt Manuf￿lure1'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
14erby￿Ee￿ Plwiies l.iiniled
iTr)%
Say(1 Entci'prises (L¢ieester) Limilcd
DAPS (UK) Lu)iiled
BAPS SwdinSTrarnyan H¢rb&l
CAit l.td
Th¢.8wrtinli*iayan HE￿111
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) Lll￿￿ted
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)orm￿tt
SJftty deposit lockers
[k)ri￿ant
£959,402
£959,402
All IOOYO siibsidihries donate djeir annu81 iaxal)le pl￿rI1S 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 Iindei*aklngs of Say¢1 F.nlei'prixs Li1￿lled.
ShaYal￿ Limited, S114yoI?a (Piniier) Liiniled aiid Shayona Ilestaur*m15 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 s￿bsId1￿￿es, 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 (payab1ey￿ce1Vfib7¢
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 fina￿tI&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
cl1r￿n1 ￿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

S￿rJu{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. li￿bIlItieS
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,993￿67 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 Fo￿lidation
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
A￿l.￿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 SecU￿d 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 Li1￿￿rtakIIIg. 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 BlAttillc￿18
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￿¢
GI￿￿P
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$, interest and rent fi'om
inveslineiils
Loss oil clisiiosal orrixed assels.
Iiici'eose in stock
IIiciEk5e in deb1￿.¥
11K￿8$¢/[￿ec1t&8el in Cl￿1110
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<lAled fill￿11¢1￿1 %t*leniciits
Fol. Ilie y¢AI' eiide1131 Dc¢eiiibei' 21123
25.
AiiolysL4 of ¢8slI anil eijh LqiilvaleThtx- Group
At31
DeeembeT
OZ3
Janiipry
2023
Oihei.
Cash flows
C&sh al bank and in Iwnd
OY￿dr8fl ITpoyJblc on demand
3,533,358
(1.113,414)
106,76Q
2 J99.944
(25,121)
JNQI,475
(1,026,654)
2J74,821
An#1￿lY uff ¢Ash and ¢Asli equlvnleiitg- ChATIty
Ai31
D¢¢emb¢i'
2023
Jaiiuaiy
Other
2023
C hflvws
Ca¥li 8t bank a]i(l in hand
1.727,1)63
(802,626)
Q25,337
1.727,963
(802,626)
925,337
26.
Operalliig IcRye ¢ommilmenlN
The wup'8 total fuliirc Ininiinum knse payments under non-cancellyble 9￿121)ng le&8es is ay follow5 for
¢och of the followiiig pa'iods:
l>Yop¢rty
2023
2022
Less than one yeaT
One lo five years
Over fiv¢ ycars
182,665
568,660
326,180
178.915
562,660
359.345
£1.077,505
£1,100,920
27.
P051 bil*nce sheet eveiitj
The CiD)iip receivLd (lonalioiis o1.£3.8m ai)d £2.21￿ l]'oin BAPS and Nilkdnili LstatES iespectively*
balonce she¢t date, Iliese arL I'ela¢ed ¢nlilitias with coiniiion chui'ilfiblc obje¢tiVES,
after thc
Other Il)an I1￿ I￿011¢1, Inenliuiied abovv. Il)eir1i8ve beeii no evenl%.siibscquenl lo IrrAwiiiigdRle wliid) WOLilIl
hAve # Inatei'ial effect on ihe Group's finanGidl $18teinenls as at J I￿1 F)eccmiKI' 2021.
32