Report of the Trustees and Audited Consolidated Financial Statements For the year ended 31 Dcccmber 2024 for SARJUDAS FOUNDATION
Sarjudas Foundation Contents of the Consolidated Fin#n¢ial Statements For the year ended 31 December 2024 Pages TTUSt¢¢s' Report Independent Auditor's Report 10 Consolidated and Charity Siatetnent of Financial Activili¢s 14 Consolidated and Charity Balance Sheet 15 Consolidated and Charity Cash Floiv Si8tement 16 Notes to the Consolidated Accounts 17-32
Sarjudas Foundation Trustee5' Report For the year ended 31 December 2024 The BoaiLI of Trustees presents its report and the audited consolidated finan¢ial statements of the Sarjudas Foundation for the year ended 31 December 2024. The Foiindation is a socio-religioiis Hindu organisation established ag a charity under a Trust Deed dated 16th November 1976 {amended by Resoliition on 26 September 2012) and registered with the Charity Commission under registered numiEI' 273425. lis headquailers ar¢ in London and it has mandiTS (places of worship) aiid ¢entres throughout the United Kingdom and in mainland Europe. The principal object of the charity is the advancement of the Hindu faith amongst its followers and otheTS willi particular reference to the teachings and principlcs of Bhagwan Swaminai'ayan. Our Vision The groivth of a transparent and efficiently managed organisalion to foster a 5PiI'itual, Inoral, toleraiit and religious so¢iety to inspire many to follow the path of righteous living. Alms and Objectives To a¢hieve this vision. the Foundation's aims and objectives continue to be..
To impart social, cultUTal, moral and traditional values lo ¢hildren. teenager5, youths and adults. To ensure that legislation and regulation is complied with in relation to the impact of change and the burden of bureaucracy on Charities. To raise standaids by developing and promoting the best practice in the management of charities- throiigh training aiid information. To ensure the Foundation remains a sustainable organisation througli fundraising activities. Aetivities in the year Sarjudas Foiindation contini)e5 to receive donations from its principal donor. BochanWasl Shri Akshar Purushottain Sansiha IBAPSI, a well-e5tablished charity whose donors are dive15e and Very supportive. Its trading operations are also long established and continue to trade well. Diiring the year, it received donations of £4.8m (2023 £11.7m). The Cliarity makes donations to other charities that undertake activities that promote the Hindu faith and achieve the Charity's objectives. In 2024, Sarjudas Foundation made Charitable donations of £3.025m 12023.. £Nil) lo Nilkanih Estates. Sarjudas Foundation made a charitable donaiion of £Nil (2023.. £7.2m) to Brandon Housc Limited in 2024. The]E h8s been no outsourced fiindrdising via piDfcssional fL)ndraisers or other third parties. As a result, the charity is not regisiered with the fuiidraising IEgulator and Teceived lio fiindrai5ing complaints in the year. Structllre, Governance #nd Management Tlie body I'esponsible foi. tl)¢ management of the Charity is the Board of Tritslees. The Board meets fortnightly and additionally as reqiiired.
Sarjudas Foundation Trustee5' Report For the year ended 31 December2024 Board of Trustees The following Trustees served diiring the year- Jitendrakumar Maganbhai Patel Amar Parekh Bhavik Patel Triislees are appointed or removed by the Board of Ti'ustees. Potential n¢w triistees are periodically identified by the Board of Triistees. These individiials work alongside existing Tiustees for a period of three yeaTS before being considered for aprK)intment. All triisiees give theii. time voluntarily and receive no benefits fiDTn the ¢hariry. A IEmL]neration policy for key [natge[nent personnel is not relevant for th¢ Charity as the trLlStees who are not remunerated a the key maiiagement peisonnel. Managing and Coordinating the Charity Group Activities The Charity is organised so that thc Ti'ustees meet regularly to manage its affairs. Jitendrakumar Paiel, a Iruslee, manages th¢ day-to-day adinini5tration of the Charity and is in regiilar contact with the other tnistees. There are a number offull time and part time volunteets. One of the trustees sits on the board of dire¢lors of the Charity's trading subsidiaries. The Chai'ity is based in the UK and has its head office in Neasden, London. Statement as to Di5c105ure of Infoi'mation to Auditors Th¢ Trustees ivho were in office on ihe dale of approval of these consolidated financial statements have confinned. as fai. as they are aware, that their is no relevant audit informatioi) of which the auditors are unalvare. Each of the Triistees have confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to eslablish that it has been communicated to the auditor. Statement of Trustee$, Responsibilities The 'l'rustees air IEsponsible for PlEparing the Triisiees. Report and the consolidaied financial statements in acCordl¢e with applicable law and United Kingdom Acc(iiinting Standard5 (United Kingdom Generally Accepted Accounting Practice). Tlie law applicable to cliaritics in Enbiland & Wales reqiiires the Trllslees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of ihe Charity aiid the GIDup, and of the incoming resoiirces and application of resources of the Charity and the Group for that period. In preparing these financial statements, the Trustees are reqiiired to.. select suitable a¢¢ounting policies and tlien apply them consistently- observe the methods and prin¢iples in the Charities Statement of Recommended PTactise on Accounting and Reptsrting,. make judgements and estimates thai are re&sonable and prudeTJt' state whethcr applicable aecoLinting standards have been followed, subje¢t lo any material departures disclosed and explained in the finaii¢ial statements,. prepaiE the financial statements on the going concern basis unless it is inappropriate to presLime that the charity will continue to operate. The Trustees are Tespc>nsible for maintaining prOr accounting records that disclose with reasonable accura¢y ai any lime the financial position of the Charity and the Groiip and enable them to ensure the financial sthteTnenis comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and the GroLlP and hen¢e for taking reasonable steps for the prevention and detection of fraud and other irregiilarities.
Sarjudas Foundation Trustees, Report For the year ended 31 D¢¢¢mber 2024 Risk, risk management and internal control The TrLlStees ait responsible for ensiiriiig el'feclive risk management, and that iiiternal ¢ontiDls are in place to appi'opriately manage the risk exposiire of the Group. In doing so, the Board has considered the major risks to which the GroLlP is exposed, th¢ potential impact and probability associated wilh each risk, and the mitigating actions needed to reduce each I'isk to a l¢vel that the Trustees considers to be acceptable. The major financial risks are each subj¢¢i to ongoing monitoring aiid maiiagement. Income and c05t control are subject to ongoing review on at least a quarterly basis with prior approval of lh¢ Board needed for significant ¢osl activities. The activities of Ihe Group are dependent on ils ability to raise funds from donations, investments and its trading activities. The key risk for 2024-2) theiefore is the Group's ability to 5ecuir ongoing funding. The triiste¢s consider this risk to be low as its principal donor is BAPS. a well-established charity whose don0 are divei'se and very suppoilive. Its irading operations are also long established contiiiue to trade well. Chariiable expeiiditure is lai'gely discirtionaiy and can be redLiced to Initigale a substaniial reduction in income. In addition. the Gi'oup's retained ie5erves are sufficient to mitigate any short or mediLim-tei'm rediiction in net income. Inleriial Con¢rol The Trustees have overall responsibility for ensuring that the Group has appll)priate systems of intemal controls. The systeins of intemal control are designed to pivvide reOnable, but not absolute, rance against material misstatement or loss. Intemal control processes implemented by the Trustees incliide.. Pi'oduction of monthly management accoiints and review of financial results and perfomiance indicators by the Trustees al monthly meetings. Delegation of authority and segregation of duties. Identification and maiiagein¢nt of risk. Volunteers, eonlributiolls in ¥ehleving the objectives of the Croup Voliinteers are involved in the general management of the tsrganisation and a5SiSt in the operation of its trading subsidiary companies, e.g. Saya Enterpi'ises Limited trading as Shayona. where volunteers participate in the tnaniifacture and distribution of food for catei'ing activilies and Cultural Festival of India Limited, where volunteers assist in the opcration of a book and souvenir stall. Publie Benefit In rcviewing oiir aims, objectives and planning future activities, the Trustees have taken into account the Charity Commission's general guidance on public benefit and in particiilar its supplementary public guidaiice on the advancement of religion For the piiblic benefit. The Triistees always ensure that the activities undertaken are in line with the chai'ilable objectives aiid aims tsf the Foundation. Oli¢ of the Foiindation's principal aims and objectives is to impan social, cultural, Inoral and iraditional values to cliildren, teenagers, youths and adiilts thereby helping to provide a moral and ethical framework foi. people to live by and so playing an iinportant part in biiilding a bctter society. Reserves policy The Trustees consider the key measure of sustainability for the Group lo k current and future liquidity ¢ov¢r, rather than the surpliis or deficit accounting position. As a consequence, the Trustees have set appi'opriatc re5¢rves policies relating to liqiiidity l)ased on th¢ relationship between readily realisable assets, on-going level of donations received and tl)e cash reqliimentS associated with SLlStaining the Groiip's operations for a period.
Sarjudas Foundation Trustees, Report For the year ended 31 December 2024 In establishing tliis policy, the Board of Trustees condiicis an annual review of the level of unrestricted reserves in Ehe general fund by consideTing risks associated wilh the various income 5tIEams, expcnditure plans and balance sheet iterns. This enables an estimate io be mad¢ of the level of reserves that are sufficient.. io allow lime for re-organisation in the event of a downturn in income or asset valLies,' to PlDtect on-going work programme- and to allow the Group to Ineet its objectives. Risks and issiies considered by the Boaitl of Trusiees in making this judgement on the level of unresiri¢ted reserves nclude: likelihood of a downtiim in income streams; period of time IEquired to re-cslablish income streams; period of time required to downsize the Charity operations; whethcr there is adeqiiate control over budgets. potential decrease in the value of Ihe investment portfolio. and requiiEments foi. a reasonable level of working capital. As the Charity's operatingexpenditure 15 largely discretionary and does not exceed £200:000 perannum, the Trustees are of the view that Inainlaining casli reserves of at least £1 million will provide sufficieiit r¢soiirccs In the eveni of adverse conditions. The Ti'ustees have also assessed oiheroperational and business risks which Iliey tace and confirm that they have established systems to mitigate the significant risks. In the event of the Charity f8¢ingditTicult financial circumstances, this would allow it lo continue operations during a period of manag¢d adjii%tmenl to these new ¢ir¢umstances. Actual cash reserves incliiding fixed term deposits as at 31 December 2024 were approximately £16.64 million (2023.. £25.76 million). Free reserves at 31 December 2024 were approximately £10.70m (2023- £2.4in). Thc Trustees have confimied that, after careful review of the reserves policy, as at 31 De¢ember 2024, the Group's liquidity Position was substantially in exc¢ss of its reserves policy. In considering the adequa¢y of the reserves, the Ti'iistees have taken into account the largiely discretionary nature of its exp¢nditure and the amoiint of cash held and investment income dei'ived. Surplus reserves are accuinulated and held to be donated at the appropriate time lo other charities witl) similar objects including Nilkanth Estates which acquii'es and develops piDpeities for use as new Hindu temples. Flnaneial Review The Group Statenient of Finan¢ial Activities {SOFA) on we 14 shows n¢1 income for the year of £1.18m (2023.. £17.45m). The SOFA also shows the financial activity of the group distinguishing between restricted and unrestricted activities and shows the Iiading activities of the group. The diffeTence between the group and the Charity funds is the retained profits in thc Iizding siibsidiaries. At 31 December 2024, the group had net assets of £43.5tn (2023.. £42.3m).
Sarjudas Foundation Trnstees, Report For the year ¢nded 31 December 2024 Funding the Cbarity's Activitie$ The Follndaiion's mdin activity of sharing the Valu and teachings of the Hindu faith is fuiided by the following main a¢iivities: Donations received Trading operations Treasury tnanagemeni. Doiiulions Duringtheyear, the Groiip re¢eived donations amoiinting to £7,044,000 (2023.. £15,590,732) including £4.8m (2023.. £11.7in) fiY)m Bocliasanwasi Shri Akshar Purngl)ottain Swaininarayan Sanstha (also known as BAPS). Sarjiidas Foundation and BAPS have a few common Iruslees and both ei)lities have the same aims and objectives. Trailiiig operuli011s The main wholly-owned trading 511bsidi8ries are Saya Eiiteryrises Limited (and ils wholly owned siibsidiariesl and Cultural Festival of India Liinited. These companies dorte th¢s1' anniol piDfits to the Chai'ity. The companies have their own Board of Directors responsible for the opei'ation and d¢velopm¢nl of their r¢spective businesses. The directors are appointed by the Board of Trustees and some of ihe Trustees are also d1clorS of these companies. Saya Enterprises Limited tla Shayona, is a Tnaniifa¢iiiitr, wholesaler and retailer of Indian v¢gerarian food and provides catering for varioiis eveiits. It wL% incorporated ii) 1991 and has its own freehold maniifactiii'iiig premises, four 51iops and a re5tauraiit. For 2024, the company and its subgiditiries had a liirnover of appi'oximately £9.Olm (2023.. £8.94m) and made a loss of £252,627 {2023.' profit of £177.8451 after donating £642.308 (2023.. £819,565) to the Charity. Cultural Festival of India Limited is a retailer of books, SOLiveni1s, CDS, DVDS and other religious iteins. The compaiiy was incorporated in 1985 and in 2024 had a tumover of £443.306 (2023.. £483,023) and made a loss of £352 (2023.. profit of £6.320} having donated £227,640 (2023.. £244,717) to the Charity. The Trustees are pleased with the contribiition made by the Charity's trading SLib5idiaiy coThpanies and would lik¢ lo thank the respective directors, employees and volunteers for their continued eff(>rts. The Trusl¢¢s are satisfied that these trading SLibsidiaries continue to meet the objective5 set for them. For both companies, the objectives are to continue to develop the IEspe¢tive businesses and generale a Contribution for the Charity. Trettstsry niuiiagenient The Foundation derives income from interest rec¢ivable on its bank deposits as well as from equity investment income. Ti'ea.Tuiy Mai7ageFnenl- IKiei'esi Receivable The TriteeS utilise tei'm deposit a¢count5 to MlMize the amount of interest earned on cash balances held. EqEiity Jnveslmeni Incoine The Boa1 of Trustees invest some of its surplus funds (not exceeding £2M) in FTSE 100 companies and vai'ious options and derivatives, with an intention of generatinggains to contribiite towards funding the Charities activities. The Boai'd is advised by an FCA aiithorised brokerage house in the making of its equity investments. During the year, tl)e Group disposed investinenls of £Nil {2023.. £1.633.475) and Inade a gainllloss) of £Nil (2023.. loss of £187,281). It also earned dividends aiid incoffte fiDin the sharcs and derivatives of £1.024in12023'. £92,477)- The valiie of lis investments in listed coinpany shares and derivatives as at 31 December 2024 was £16.015in {2023: £10.993m).
Sarjudas Foundation Trustees, Report For the year ended 31 December 2024 The TrLlStees have overall re5pon5ibility for the investment of charity's funds for short. medium and long-term objectives and requiremeiit5. The invcstmeiil policy is to prioritize the potential for returns in the form of income and capital appreciation in order to fiirth¢r the aims of the charily,. the investment policy theiEfor¢ does nor lake accoiint of social. ethical and eiivironineiiial considerations. Siirpliis funds not reqiiired in the short or mediiim tei'm are invested in eqiiity and other securities with an acceptable level of risk to provide yield5 Wlth a betteT r¢tiirn than fixed deposii interest. The ongoing monitoring and review of equity investment involves reviewing the InvltMent5 from time to lime with the investment manager,. assessing the suiiability of Ihe investments: and mainiaining an acceptable balan¢e between the risk and retum. In th¢ ¢urrent economic climate. the Trustees air l)appy with th¢ retiirn generated from the equity investments during ihe year. Charitk)ble expenditure During 2024, the Groiip spent a total of £8.69m (2023.. £201.7k) on operating costs And donations made from IinTeslricted funds. of which grants amounting to £7.86in (2023.. £Nil) wei'e Inade to Charilable institutions Wlth eommon objectives. The Group aims to 5LlPPOrt oiher charities whose objeets are similar to those of itself. Nilkanth Estates and Bochasanwa5i Shi'i Akshar Purushottain Sanstha IBAPS) are such charities. Nilkanih Esiates and its subsidiary acquiiES and conslriicts biiildings for use by BAPS. The acquisition and d¢velopTnei)t of these buildings require considei'able amounts of funds and Sarjudas FoLindation seek5 to accumiilate siifficient funds from its own activities to be able to make donations which are adequate foi. Nilkanth to coinpl¢t¢ ils acquisitions and flind the development of the buildings for suitable use by BAPS or other chai'ities with similar objects. Plans for Future Period$ Should funds be required by Nilkanth Estates to fiind reftirbishment of existing buildings oi. acquisition of properties for similar objects, Sarjiidas Foundation may donate fLiilher funds lo Nilkanth Estates. The Trustees wish io maintain the continued success achieved by the Foundaiion in delivering its aims and objectives. Events since the end of the year Information relaiing lo events since the end of the yeaT is given in the notes to the financial slatements. Related parties and reltIOnShipS Ivith other org#nisations SarjLidas Foiii)dation is related to BAPS due to a common irustee. and both the charities share the same objectives. In 2023, Sarjudas Foundation received a donation of £4.8m from BAPS (2023.. £11.7m) and Inad¢ a donation of £7.86m out of which £3.025m was made to Nilkaiith, £4.81 m to BAPS India and £22.6k to BAPS Gemiany - all these cl)arities have common objectives. The Sarjudas Foundation group also oceupied a nuinber of propeilies owned by Nilkanth Estates for which no rent is payable. Sarjudas Foundation has a number of subsidiai'ies and sub-subsidiari¢s as dis¢losed in the notes to the accounts. The Trustees would like to acknowledge the tremendous efforts of the volunteers and the many supporters of the Charity for their kind and generous donations as Ivell as their continued support in helping the Charity to achieve its objtetives.
Sarjudas Foundation Trus¢ecs' Report For the year ended 31 December 2024 Trustees and Principal Advllsors: ChArity Registration number 273425 Trustees: Jitendrakumar M Patel Amal. Parekh Bhavik Patel Administrative Secretary: Arvindkumar P Patel Country of registration: England Principal Office: I, Pramukh Swami Road Ne8sden London NWIO 8HW Telephone.. Fax.. Email- 020 $965 2651 020 8965 6313 Web.. Independent Auditor: PKF Littlejohn LLP 15 Westferry Circus Canary Wharf London E14 9HD PrI¢1PaI Bofjkers: Punjab National Bank (International) Ltd 188 Ealing Road Wembley HAO 4QD. Bank of Bai'oda 86 The Broadway Soiithall UB I I QD Soli¢itors: Hiigh Canwright & Amin 12 John Street London WCIN 2EB
Sarjudas Foundation Trustees, Report For the year ended 31 December 2024 Ort beh8lf of the BoArd of Tru8t¢es on 271h October 2025 And slglled on thelr behalf by: J M PATEL A PAREKH Trustee Trustee
Sarjudas Foundation Audit Report For the year ¢nded 31 December 2024 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SARJUDAS FOUNDATION Opinion We have audited the financial statements of Sarjudas Foundation Iihe 'paiEnt cliarity'l and it5 siibsidiaries {the 'gTOUP'I for the year ended 31 December 2024 which compTise the Consolidated aiid Charity Sialemeiit of Financial Activities, the Consolidated and Ch8rity Balance Sheets. the Consolid8led and Charity Statemeni of Cashflows and notes tts the financial statements, Iiicluding significant accoiinting p(>li¢ies. The financial reporting framework that has been applied in theii. prepai?tion is applicable law and United Kingdom Accoiiiiting Standaids, incliiding FRS 102 The Financial Reporting StandaTd applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the financial statements.. give a true and fair view of the stale of the wup's and of the parcnt charity's affairs as at 31 De¢ember 2024 and of the groiip's incoming resour¢¢s and application of resources, including ils income and expenditure, for tl)e year then ended. have been properly pirpared in accoi'dance with United Kingdom Generally Accepted Ac¢ounling Practice. and have been prepared in accordance with the ChaDti¢s Act 2011. Basis for opinion We conducted our audit in accordance with Inlcm2tional Standards on Auditing (UK) (ISAS (UK)) and appli¢able law. Our Rsponsibilities under those standardg are fiirtlier described in thc Aiidiior's responsibilities for the aiidit of the financial stateinenls section of our report. We are independent of the groiip and parent charity in accordance with the ethical Tequiremenis that are relevant to our audit of the financial statementg in the UK, including the FRC'S Ethical Stalldard, £ind we have fulfilled our other ethical responsibilities in accordance with thcs¢ itquirements. We believe that the aiidit evidence we have obtained is sufficieni and appropriate to provide a basis for our opinion. Conelusions relating to going £oneerD In auditing the financial statements, we have conclud¢d Il)at the trustees, use of the going ¢oncern basis of accounting in the preparation of tlie finan¢ial statements is appiY)priat¢. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collcctively. Inay cast signifi¢ant doLibt on the group's or porent charity's ability to continue as a going coiicei'ii for a pei'iod of at least tw¢lv¢ Inonths from when the fiiianoial statements aiE authoi'ised for issue. Oiir responsibilities and the responsibilitics of the trustee5 With respect to going concern aTe desc¥ibed in the relevant se¢lions of this report. io
Sarjudas Foundation Audit Report For the )'ear ended 31 December 2024 Other information The other infomialion comprises the infomiation incliided in the tTUStees' annual report, other than the financial glatemenis and oiir auditor's report thereon. The tIVStees ale SPOnsIble for the other infomiation contained within thc ti'iislees, anJ)ual IEport. Our opinion on the giY)up and parent charity fiiian¢ial stalemenis does not cover the other information and we do not express any form of assurance conclusion theiEOn. Oiir Itsponsibility is to IEad the other infom)alion and, in doing so, consider whether the other infoTmalion is materially inconsistent with the financial statements or oiir knowledge obtained in the course of the aiidit, or otherwise appears io be materially misstated. If w¢ id¢iilify such material inconsistencies or apparent material misstatements, we 8re quilEd to detemiine whether thi5 give5 rise lo a InaterTral inisstatement in the financial stateinents theinselvcs. If, based on the work we have performed, we conclude that rhere is a matei'ial misstatement of this other inforination, we are quild to report that fact. We hav¢ noihing to report in this regard. Matters on which we are required to report by exeeption We have nothing to report in respect of ihe following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require LIS to Irport lo you if, in our opinion.. the infomjaiion given in the financial stateTnents is inconsistent in any material respect with the trLlStees' report. or sufficient accounting records have not been kepi,. or the parent ¢harity financial statements are not in a¥ement with the a¢¢ounling records; or we have nol received all the infomiaiion and explanations we require for oui. audit. Responsibilities of trustees As explained more fully in th¢ Iriistees, responsibilities stateinent, the Iruslees are restx>nsible for the PlEparation of the group and pant chai'ily financial statemellts and for being satisfied thai they give a trlie and fair view, and for SLich internal control as Ihe irustees determine is necSary to enable the preparation of financial statements that aTe free from material misstatement, whether due to fraud or error. In preparing the group and parent ¢h8rity financial statements, the trustees are respoI)sible for wessing the groiip's and parent charity'5 ability lo continlie as a gLiingconcem. disclosing, as appli¢able, matters relaied to going concern and using Il)e going conccm basis of accounting iinless the trustee5 either int¢nd 10 liquidate the group or the parent charity or to cease opeTalions, or have no realistic alternative but to do so.
Sarjudas Foundation Audit Report For the year ended 31 Decernber 2024 Audttor's responsibilities for the audit of the financial statements We have bcen appointed as aiiditor under section 151 of the Charities A¢t 2011 and report in accordance with the Act aiid the relevant r¢giilations made or having effect theirunder. Oiir objectives are to obtain rcasonable assurance abolit whether the financial statements as 8 whole are free from material misstateinent, whether due to fraiid or error, and to issue an aiiditor's thai incliides our opinion. Re2sonable assurance is a high level of assurance but is not a guarantee that an audit condiicted in accordance with ISAS (UK) will always detect a matei'ial miss12temeni when it exists. Misstateinenls cali ai'ise from fraud or ei'ror and are considered material if. individually or in the aggregate, they could reasonably be expected io influence the econoinic decisions of users taken on the basis of these financial statements. l)Tegularities, including fraiid, are instances of non-coinpliance with laws and reLiiilations. We desi procedures in line with OLir responsibilities, oiiilined above, to detect material misstatements in r¢spect of irregularities, incliiding frdiid. The extent to ,hICh oiir procediires al'e capable of detecting iJTegularities, including fraud is detailed below.. We obtained an understanding of tlie group and pareiit charity and the se¢tor in which li operaies lo ideiiti laws and regulations tliat could reasonably be expecied to have a direct eflect on the financial stateinents. We obiained oui. Iinde15tandiiig in tliis reg8rd tl)rougli with irustees and Inanageinenl, indiistry iesearch and expeTienct of the sector. We detemiined the principal laws and regulation5 relevant to the group and parent charity in this Irgard to be those arising froni the Cltsrities Aci 2011. the Companies Act 2006 foT the subsidiai'ies well as relevant tax aiid etnployee Icgislation. We desiwied our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group and parent charity with those laws and regulations. These procedures included, biit ivere not limited to ellqlliTies of management and review of minutes We also id¢ntified the ris of material Inisstatetncnt of the linancial statements due to fraud. We ¢onsidered, in addition to the non-rebuttable presLimption of a risk of fraud arising from Inanagement override of control& that the re¢ov¢rability of debis and valuation of stock to be areas of risk. As in all of our audits, we addressed the risk of fraud arising fiY)m management override of controls by performing aiidit procedures which in¢luded, but were not limited to.. the testing of joumals,. reviewing a¢coiinting estiinates for evidence of bias; and evaluating the business rationale of any significant trans8¢1ions that are unusual or outside the nornial course of busines5. Because of the inheirni limitations of an audit, there is a risk that we will not detect all irregiilarities, incliiding those leading to a material misstatement in the financial slatetnenis oi. non-eoinpliance witli regulatioii. This I'isk increases the more that complian¢¢ with a law or regiilation is removed fiDm the events and transactions retle¢ted in the rinancial stat¢Tn¢nts, as we will be less likely to cOMe aware of instances of non-compliance. The I'isk is also greater regarding irregiilarities occurring due to fTaiid lather tl)an errol., as fraud involve5 intentional con¢ealment. forgery. collusion, omission oi. misiEpre5entation. A further descTiplion of oiir responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres onsibilities. This description forms part of ouraudiioi s report.
Sarjudas Foundation Audit Report For the year ended 31 December 2024 Use of our report This report is made 501ely to the tharily's irustees. as a body, in accordance with Part 4 of the Cliarilies {Accoiints and Reports) Regulations 2008. Our aLKlit work has been undertaken so ihat we might state to th¢ ¢hai'ity's trustees those marters we are required to slate to ihem in an auditor's report and for no other purpose. To the fllllesi extent pemitted by law, we do iiot accept or assiime responsibility to anyone, oiher than the charity and the charity's ti'usiees as a body, for oui. audit work, for this repoil, or lor the opiiiions we have fonned. ////,P" 15 Westferry Circus Canary Whaif London E14 4HD PKF Littlejohn LLP Statutory Auditor 28 O¢lober 2025 PKF Littlejohn LLP is eligible for appointment as aiiditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006
Sarjudas Foundation Consolidated and Charity Stalement of Financial A¢tivtttes (incorporating an income and expenditure account) For the year ended 31 December 2024 The Group unrestricted funds 2024 2023 The Chiirity unrestrieted funds 2024 Notes 2023 Income from: Donations and legacies Trading income Investment income Other income 7,044,000 9,730,283 2,065,452 15.590,732 9,502,409 1,160.771 8,01&870 16,694.353 2,050,460 1,182,322 Total income 18,839,735 26,253,912 10,067,330 17,876,675 Expenditure on: Raisiiig fLinds tradiiig expenditure Charitable activities.. advancement of the Hindu faith 8,965,634 8,409,826 8,685,321 201,764 8J15,210 105,751 Total expenditure 17,650,955 8.611,590 8,515,210 105,751 Net income before Thet10sse5 011 investments 1,188,780 17.642,322 1,552,120 17,770,924 Net losses on investmenis (187,281) (187.281} Nel income before other recognised gains and losses 1,188,780 17,455,041 1,552,120 17,583,643 Loss on foreign exchange Net movement in funds 1,188,780 17,455,041 1,552,120 17 583,643 Balance xt the beginning of the year Capital redemption Balance at the end of the year 42,357,872 24,902,831 43,1102,401 (199,900) 44J54,621 25,418,758 43,546,652 42,357,872 43,002,401 Attributable to: Charity Non-controlling interest 22 23 1,188,780 17,446,766 8,275 1,552,120 17,583,643 1,188,780 17,455,041 1,552,120 17,583,643 The total funds of the Coinpai)y were uiiirsti'icted. TlieiE were no restricted or de5ignat¢d fiinds during the year or for the previoiis year. The above resiilis are all derived fr(Im continuing activities. There were no othei. Itcognised gains or losses other than those stated abov¢. 14
Sarjudas Foundation Consolidated and Chgrity Bglante Sheets s at 31 December 2024 Th¢ Group 2024 The Charity 2024 2023 2023 Notes Fixed a85els". Intangible fixed assets Tangible fixed assets Investments in subsidiaries Investments in listed shares Fixed deposit investments 13 14 15 16 17 181,683 8,444,654 294,416 8,755,509 2,756A57 2,815,935 759,502 959,396 A6,014,728 10,993,567 5,940,437 23,360,226 16,014,728 10,993,567 5,940,437 23,360,226 30,581,502 43,403,718 25,471224 38,129,124 Curttnt assets: Stock- goods for resale Debtors Cash at bank and in hand 22,491 5,507,524 10,705,223 795,730 1,651,641 2,399,944 18 11,112,268 9,211,437 7,213.048 925,337 17,035338 4,847,315 20,323,705 8,138,385 Llabllitles: CreditOfS'. amounts falling due within one year 19 (3,789,988) (5,493,061) (1,440J08) (3.265,108) Net current #ssetsl{Ilabllitiesl 13,245350 (645,746) 18,883J97 4,873,277 TotAI fissets less currcnt liobllltl¢s 43,816,752 42.757,972 44J54,621 43.002.401 Cr¢ditors'. amounts falling due afi¢r one yeor Provision for liabilities 20 (210,0) (330,000) 21 (70,100) (70,100) Total llet Assets 43,546,652 42,357,872 44J54,621 43.002.401 Funds: Unre5trict¢d income funds Non-controlling Intest 22 23 43,51kl,808 42,316.028 41,844 41,844 44J54,621 43,002,401 Total fund$ 43,546,652 42.357.872 44,354,621 43,002,401 Approved and authtsrised for issue by the TNstees on 27th October2025 and signed on their behalf by: J M PATKL A PAREKH Trustee Trustee T5
Sarjudas Foundation Consolidated and Charity StAtemeDt of Cash Flows For the year ended 31 December 2024 The Croup 2024 The Charity 2024 2023 2023 Notes Nel cash fro operating activities 24 {4,049,6631 16.683,967 (4,345,982) 16,363,092 Cash tlows from investing activities: Dividend incoine Investment income Piirchase of intangible fixed ass¢ls Piirchase of fixed assets Piiichase of listed shares Purchase of Othei. Ii)vestm¢nts Proceeds from sale of listed shares Interest received Nel decreasel{iiicr*asel in long temi deposits 133 1,024J61 92,477 133 1,024,361 92,477 (151,733) 1403.349) (5,021,161) (10,993,567) (5,021,161) {10,993.567) 1,446,194 1,041,056 1,068.294 17,419,789 {10,963,221) 1,446.194 1,025,960 1,089,946 17,419,789 (10.963,3211 Net cash provided byl(used in) investing activities 14J12,445 119,753.172) 14,449,082 (19,328.271) Cash flows from finxneing aetivities: Decreasel(inerease) in other loans (1,937,000) 2,042,551 (1,817,000) 2,162.553 Net cash {u5ed in)Iprovided by rinancing activTrties {1,937,000) 2,042,551 (1,817,000) 2,162,553 Change in cash and eash equivalents in the ye#r 8,325,782 (1,026,654) 8,286,100 (802,626) Cash and cash eqiiivalents al the beginning of the year 2J74,821 3,401,475 925,337 1.727,963 Cash And eash equivalents at the end of the year 25 10,700,603 2,374,821 9,211,437 925,337 16
Sarjud2s Foundation Notes to the consolidated fin#n¢ial statements For the year ended 31 December 2024 Accounting policies Basis of pr¢par%tion The finaiicial statements have been prepared in accoi'daiice with the Stateineiit of Re¢ommended Practice: Accounting and Reporting by Chai'itie5 prepai'ii)g their accoLints iii accordance with the Financial Reporting Sndard applicabl¢ in the UK and Republic of Ireland (FRS 102); the Financial Reporting Standard applicable in the United Kingdom and Repiiblic of Ireland (FRS 102),. the Charities Act 2011; and UK Generally Aecepted Praciice as il applies from l January 2019. (a) The accounts (finaiicial staleinentsl have been prepared to give a 'ti'iie and faiT' view and have departed from tlie Chai'ities (Accounts and Repons) Regulations 2008 only to the extent required to provide a'irue and fair view, This departure has involved following Accounting and Reporting by Charities preparing their accoLints in accordanc¢ with the financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather tliaii th¢ Accoiinting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 wl)ich has since been withdrawn. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy or note. These financial statemen15 consolidat¢ the results of the charity and its wholly-owned siibsidiaries on a line-by-line basis. Transallions and balances betiveen the Charity and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the entities are disclosed in the notes to the Charity's balance sheet. The trustees Confi that the consolidated financial stateinents comply with tli¢ requirements of FRS 102 and SORP FRS 102. (b) Public benefIt entity Th¢ Charity meets the definition of a piiblic benefit entity under FRS 102. (e) Golng eoneern Th¢ Irustees consider that theiE aiE no tnaterial un¢ertainties about the Group's ability to continue as a going con¢em. The GMLIP has continued to trade siiocessfiilly and has not changed its strategic and business plans. The Charity has minimal oii-goiiig legal oi. eonstruclive commitments. There are no unccrtainties, tnaterial or otherwise. IEgarding the G>up,5 goinL> ¢oncern. The tritee5 therefore have reasonable expectation that the Group has adequate resources io conliniie in operational existence for th¢ foitseeable future which exceeds 12 months from the date of signing of the financial statement5 and th¢rcfor¢ continiie io adopt the going concern basis of accoiinting in preparing the annual consolidated finan¢ial statements. The trustees do noi Consider that there are any source5 of eslimalion uncertainty at the reporting date I[t have a significaiil risk of caiising a material adjustment to the carrying amounts of assets and liobilities within the next reporting period. 17
Sarjudas Foundation Note5 to the consolidated financial statemeDts For the year ended 31 December 2024 Accounting polieies (continued) (d) Income Income is recognised when the Groiip l)as entitleinent lo the funds, il is probable that the incorlle will be received and that the amount can b¢ measured reliably. Voluntaiy income comprises IEvenues generated from various fom)s tsf donations and ongoing activities. All income is included in tlie SOFA on an accriials basis. Trading income comprises revenues gienerated by subsidiaries of the Charity. T1ing income and expenses arc included in the SOFA on an accruals basis. Investment income inclLides the income generated from piY)perty investment, iiiterest Irceived on cash deposits and dividends received from listed investments. which al'e incliided on an acci'uals basis. (e) Donations of gifts. services and fAeilities Doiiated professional services and donated facilities are recognised as income when the GroLlP has control over Il)e item oi. received the seTViC¢, any conditions associated with the donation have been met, the receipt of economic benefit fioin the use by the charity of the item 15 probable and that economic benefit ¢an be measured reliably. In accordance with the Charities SORP IFRS 1021, voliinteer tiine is not recognised so refer to the trustees, annual report for more infomiation about iheir contribution. On iEceipt. donated gifis, prof¢ssional seivices and donated facilities are IEcognised on the basis of the value of the gift to the Group whi¢h is the ainount the Gi'oup would have been willing to pay to obtain services or facilities of eqiiivalent economic benefit on the open market; a corresponding amount 15 th¢ recognised in expenditiire in the pei'iod of receipt. (fj Expenditure and irrecoverable VAT Expeiiditure is iecogiiised once there is a legal or constructive obligation to make a payment lo a third party. it is probable that settlement will be IEqiiired 2nd the amount of the obligation ¢2n be measured reliably. EXnltUre is classified under the following activity headings.. Costs of I'ai5iiig fLinds relate to the costs of sales in trading activities and operating expenses of the Ii'ading subsidiaries. Expendiliiie on charitable activities incliides the costs of activities und¢rtaken to fiirther the purwses of the Group and their associated support costs including govei'nance costs. Irrecoverable VA T is charged as a c05t against the activity for which the expenditiire was incurred. (g) Allocation of $llpport costs All support costs are allocated to the expenditiire on charitable activities as none of these costs are allocable to the ¢osts of raising funds, which are the costs of the trading subsidiaries. Support Costs include governance costs, wliich are the costs associatcd with the governance ai'rangements of the Group. These costs air asso¢iated with constitutional and statutory requirements and include aiiy ¢osts associated with tlie strategi¢ manageinent of the Groiip's a¢tivities. 18
Sarjudas Foundation Note5 to the consolidated finaneial statements For the year ended 31 December 2024 Accounting policies (continued) (h) Operating leases and finance leases Rental charges are ¢haiged on a straight-line basis over the terni of the lease. Assets held under hire pur¢hase ¢onlracls or finance leases aiE capitalised in the balance sheet. Those held linder hire purchase contracts are depreciated over their useful economic lives. Those held under finance leases are depreciated ovei. th¢ir estimated llsefiil lives or ihe lease tenn. whichever is shorter. The snlerest element of these obligations is ¢hargyed lo the SOFA over the relevant period. The capital element of the futUlE payments is treated as a liability. (i) Tangible fixed as5els Item% of equipment are capitalised wheit Ihe purchase price exceeds £500. DepTeeiatioii costs are allocated to activities on the basis ofthe L15e of the related assets in those activities. Assets are reviewed foT iinpaim)enl if rircumslances indicate their carrying valuc may exceed their net realisable value and value in us¢. Where fixed setS have been revalued, any excess betiveen the revalued amount aiid the historic cost of the asset will k shown as a revaluation reserve in the balance sheet. Depreciation is piY)vided at rates calciilated to write down the cost of each asset to its estimated residual value over ils expected useful life. The depre¢ialion rates in use are follows.. Long leasehold propeity Freehold buildings Fumitiire, fixtiires and equipment Motor vehicles 50 years 50 yeai 5 years 4 years Freehold land is not depre¢iaied. ti) Intangible fixed assets Intangible fixed as5cls ale Ircognised at cost and amortised over their usefiil economic lives. as follows- Goodwill Other intangible assets l O years 5 years Goodwill relates to the acquisition of a business in 2005 and 2016. (k) Investment properties Investinent propeities are measured at fair value at each rewrting date and are not depreciated. Listed investments Investments are a fomi of basi¢ financial insttument and are initially re¢ognised at their transaction Value and subsequently measiiird at their fair valiie as at the balance sheet darc iising the closing quoted market price. Any chaiige in fair value will be recognised in the 5tateinent of financial activities. Investment gains and losses, whether Tealised or unrealised. aiE combined and shown li) the heading"Net gainsl{losses) on investments" ill the statement of financial activities. (m) Investments in subsiiliaries Investments in siibsidiaries are at cost. 19
Sarjudas Foundation Notes to the consolidated fjnancial statements For the year ended 31 Deeember 2024 Aecounting policies (continued) (n) Cash investments C851) held in fixed term deposit accounts exceeding one year are ¢lassified as fixed asset investmenrs as they are Lyenerally held with the ovei'all intention of long-term retention for the continuing benefit of ihe charity in the form of income and ¢apilal appreeiation. {0) Stocks Sto¢ks are stated at the lowei. of cost and nei realisable value. In geii¢ral, cost is detei'inined on a fiist in fiTSt oiit l)8sis and includes transport and liandling costs. Net realisable value is the price at which stocks Can be sold in the nomjal course of busiiicss after allowing for the costs of realisalion. Provision is made where necessary for obsolete, slow moving and defective stocks. (pl Debtors Trade and oiher debtors are recogni5ed ai the sellleinent ainount di1¢ after any trade discount offered. PTepayrnents are valued at the atnount prepaid nel of any trade discounts diic. (q) Cash at bank and hand Cash at bank #nd cash in haThJ includes cash and short temi highly liquid invesiments with a short maturity of three monihs or less from the date of acqiiisiiion or opening of the deposit or similar account. Cash balances ex¢lude any flinds held on behalf of serviee users. (r) Creditors and provisions Creditors and provisions are recognised where the Group has a pregent obligation resulting from a past event that will probably result in th¢ Iransfei. of funds to a third party and the amoLint due to settle the obligaiion can be Ineasured or esiimated reliably. Creditors and provisions are iiormally r¢¢ognised at their settlement amount after allowing for any trade discounis due. The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial insli'iiments are initially recognised at transaction value and subseqiiently measured at their seiilement value with tlie exceplion of bank loans which are 5ubseqiiently measured at amortised cost iising th¢ effective interest method. {5) Pensions The group op¢rat¢s a defined conti'ibutioii plan foi. its employees. A defined ¢ontribuiion plan is a pension plaii uiider which the gi'oiip pays fixed contributions into a separate cnlity. Once the contributions have been paid the group has no fiirthei. payment obligalions. The contributions air recognised as an expense in the Stateineiit of Finantial Activities when tliey fall due. Amoiints not paid are shown in a¢¢ruals as a liability in the Balance Sheet. The assets of the plan are held scparately from the Group in independently adrninistered funds. (t} Foreign currencies Assets and liabilities in foreign currencies are translated into Sterling al the rate of exchange ruling at the balance sheet date. Transactions in foreign cui'rencies are translaied into stei'ling at the te of exchange ruling at the date of ti'ansaction. Exchange differences art taken into account in arriving al Ehe net movement in funds. (u) Accounting estimates and judgements In ihe application of ihe charity's ac¢ounting policies, the ti'ustees are reqiiired to make judgeineiits, estimates and assumptions about the carrying amount of assets and liabilities that aiE not readily appaTent from other soiiites. The estimates and associated assumptions are based on historical expei'ience and other fattois that are considered lo be relevant. Actual results may differ from these estimaies. The estiinates and underlying assumptions are reviewed on an ongoing basis. Revisions to a¢¢ounting estimates are recogni5ed in the period to which Ihey Telale. 20
Sarjudas Foundation Notes to the consolidated financial $14tement$ For the year ended 31 December 2024 Accounting policies (Continued) Aeeounting estiniates and judgements (continued) Significaiit ¢stimate5 made in tlie course of preparing the financial sialemenis include investments, provisions and depreciation for which the accounting policies have been noted above. (u) (v) Financial InstrumeRts The charity only has financial a5set5 and financial liabiliti of a kind that qualify as basic financial insti'uineiit5 apait froin investment in options and derivales. Basi¢ financial instruments are initially cognised at traiisaction value and subseqiienily measured at iheir settlement value. All investments classified as financial instrumenis including opiions and derivatives are measured at fair valLie, except cost for investment in siibsidiaries, which are held at cost. Income from donations and legacies Group Charity 2024 2023 2024 2023 Donation5 Donated services 7.044,000 15,590,732 8,016,870 16,694.353 7,044,000 15,590,732 8,016,870 16.694,353 In¢ome and expenditure from trading activities Group Charity 2024 2023 2024 2023 Turnover 9,730,283 9.502,409 Expendlture: Cost of sales Operating expenses Management expenses Staff costs Depreciation- own assets Corporation t&x Deferred tax Donations Lossl(profitlon disposal of tangible fixed assets 6,217,946 1,221,868 9,300 443,326 516,292 5,632 5,876.866 1,083,712 12.200 408.430 500,939 18,822 551253 512.002 17 (3,145) Total costs of trading activities 8,965,634 8,409,826 r4el Income from trading activities 764,649 1,092,583 21
Sarjudas Foundation Notes to the consolidated financial statements For the year ended 31 December 2024 Income from investments Group Charity 2024 2023 2024 2023 Interest in bank deposits Dividends received and incoille from dcrivalives Option trading Other receipts 974.645 1,017,660 1,025.911 1,089,038 1,024,494 92,542 1,024,494 92,542 66.313 50,569 55 742 2,065,452 .160.771 2,050,461) 1,182,322 Other income Group Charity 2024 2023 2024 2023 Government Grants- JRS Scheme Expenditiire on charitable aetivities: advaiicement of the Hindu faith Group Charity 2024 2023 2024 2023 Donations Premises costs Other expenses Depreciation Govei'iiance costs 7,857,625 80,857 6rfA,099 59,377 23,363 7,857,625 10,557 584,998 59J77 2,653 23.970 78,294 59,377 40,123 9,428 18,033 59,377 18,913 8,685J21 201.764 8,515,210 105,751 All the above costs other than donation5 are support cost Net ineome foi. the year Net income for lh¢ year is stated after chargingl{crediting)- Group Charity 2024 2023 2024 2023 Amortisation of intangible asse15 DepTeciation of fixed assets- owned OpeTating lease rentals - property Auditors, remuneration (ex¢luding VAT).. Aiidit Tax compliance 12,733 462,490 9,(X)O 112,776 447,536 9.000 59,377 59,377 32,000 32,000 8,123 13.650 18,913 22
Sarjudas Foundation Notes to the eonsolidated financial Statements For the year ended 31 December 2024 Losses on investment assets These comprise.. Group Charity 2024 2023 2024 2023 Loss¢s on listed equity investments (187.281) {187,281} 187,281) £{187,281) Analysis of staff costs Group Charity 2024 2023 2024 2023 Salaries and wages Social security costs Pension 2,491,502 213,431 44,576 2,283,728 190,873 40,809 £2,749,509 £2,515,410 No employees earned more than £60,000 dLiring the year {2023: non¢). The Charity trustees were not paid or received any other benefiis from einployment with the Charity iii th¢ year (2023.. £nil}. No Charity trustee received paymeni for professional or other services supplied lo ihe Chai'ity (2023.. £nil}. Travel expenses of £3.795 were incuriEd behalf of one trustee during the year {2023.. £nil). io. Staff numbers The average number of employees (head count based on nuinber of staff employed during the year was follows.. Group Charity 2024 2023 2024 2023 Merchandising and trading 91 84 ii. Related party transactions The Sarjudas Foundation owns a niimber of 5ub5idiaries, all of which aiE incorporated in England and Wales and are detailed in note 16. Transactions with subsidiaries are consolidated and therefore exempt froin related party di%losures. The Sarjud8s Foundation received a doiiatioii of £4.8m12023.. £11.7m) from BAPS. Thcre are a niimber of individuals who are trustees of both eiilities and both cliarities share the same aiins and objectives. 23
Sarjudas Foundation Notes to the eonsolidated financial s¢a¢ements For the year ended 31 Deeember 2024 ii. Related party transactions, continued The subsidiai'ies of the Charity are listed in Note 16. The following transactions took place during the year: (a) Mr J.M. Patel, a Trustee of the Charity and a director of Saya Entetprises Limited and its subsidiaries and Mr Chandresh Patel, a director of Saya Enterprises Limited ond its subsidiaries, have a material interest in Empire F(K)d Brokers Limiied I"Empire"). The following transactions took place between the Group and Empire. Group iindcrtakings hav¢ sold and purcliased go(Kls amounting to £448,06212023.. £415.9661 and £13,936 respeclively12023.. £13,601 } on nonnal trade terms from EmpiiE. The net Irade balance due from Empire ar year end was £47,453 (2023.. £i6,848). (b) Mr J M Patel. who is a Trustee of the Charity and dire¢loi' of Saya Entci'pri5cs Limited, has a material interest in Venue 5 Limiied (""Veniie 5"). The following transactions took place between the Group and Venue 5.. Group undertakings sold good5 atnountiiig to £5,358 (2023.. £4,919) to Venue 5 Limited on noiThal trade terms. The trade balance due fTom Venue 5 at yeai. end was £1,963 (2023.. £i20). (c) Bocha8anwasi ShTi Ak.%hai' PuTushott8m Swaminarayan Sanstha {'BAPS') is a UK registered charity in which Messrs J M Patel is also a Trustee. Diii'ing the ycaT, Saya Enterprises Limited sold bloods amountin&F to £70,459 (2023: £118,958) to BAPS on noi'inal coinmercial terms and conditions. The trade balance due from BAPS at the year end was £1,313. Bank Holise Lockers Ltd made donations of £551,001 {2023'. £512,002) to BAPS diiring the year. 2024 2023 Amount due from related party at the balance sheet date (d) Bank House Locker5 Ltd transferred loan aTllOUlits totalling £Nil (2023.. £Nil) to Neelkanth Safe Deposit Litnited during the year. The two directors of the company. K.V Piijai'a aiid M.K. Pujara hold 40% each (total of 80%) of the ordinary share capital of Neelkanth Safe Deposit Limited. The balance due to 88nk Hoiise Lo¢keTS Limited at the year end was £Nil (2023.. £100,000). Tliere was no formal agreement in pla¢¢ between the two COTnpanies. (e) Nilkanth Eslat¢s Bank House Lo¢kers Limited paid rent amounting to £45.000 to Nilkanth Estates. Nilkanth Eslales and the Sarjiidas Foiindation have ¢ommon truste¢s. In 2024, Sarjudas Foundation made Charitable donations of £3.025m (2023.. £Nil) to Nilkanth Estates. There is no balance due at y¢ar- end to Nilkanth estates. There were no other related party transactions in the current or prior year. 24
Sarjudas Foundation Notes ¢0 the collsolidated financial statements For the year ended 31 December 2024 12. Taxation The Charity is exempt from colyoration tax as all ils income is charitable and is applied foi. charitable purposes. The Charity's tiading subsidiaries donate available profits to the parent Charity. The perloimance of the subsidiaries in the year is disclosed in nole 16 and there was a charge to ¢otporation tax of £Nil (2021.. £Nil). 13. Intangible fixed assets The Group Goodwill other Total Cost: At start of the year Additions in year Disposals in year 988.133 143,973 1,132,106 At end of the year 988,133 143,973 1,132,106 Amoi1isation Al stall of the year Charge for the year Eliminated on disp)sal 790.504 98.813 47.186 13,920 837.690 112,733 At end of th¢ year 889,317 61.106 950,423 Net Book Vallle At end of the year 98,816 82,867 181,683 At start of the year 197,629 96,787 294,416 25
Sarjudas Foundation Notes to the eonsolidated financial statements For the year ended 31 December 2024 14. Tangible fixed assets lal Group Short Freehold Leasehold Pro Pro Fixtures & fittin Motor Veliicles Total Cost At start of the year Additions ID y¢ar Disposals in year 10,294,830 24,715 193,269 2,544.724 127,018 {6,060) 76,981 13,109.804 151.733 (6.060} At end of the year 10,319,545 193.269 2,665.682 76,981 13,255,477 reciation At start of the year Charge for the year Eliminated on disposal 2,457,015 332,000 134,311 12,079 1,688,500 118,491 16,042) 74.469 4,354,295 462,570 (6,0421 At end of the year 2,789,015 146,390 1,800,949 74,469 4,810.823 Net Book Values: At end of the year 7,530,530 46,879 864,733 2J12 8,444,654 At start of the year 7,837,81 S 58,958 856,224 £2,512 8,75S,509 (b) Charity FIEehold ro Tot Cost or valuation Al start of the year Additions in year Disp(Isals in yeaT 3,373,525 3,373,525 Al end of the year 3,373,525 3,373.525 reciation At start of the year Charge for the year Elirninated on disposal 557,591 59,377 557.591 59.377 Al end of the year 616,968 616,968 Net Book V#lues: At end of tlie year 2,756,557 2,756,557 At start of the year 2,815,935 2,815,935 26
Sarjudas Foundation Notes to the consolidated financial 8ta1ement$ For the year endeil 31 December 2024 14. Tangible fixed assets, continued Land with a value of £1.904.576 (2023.. £1,904,576) is included within freehold propeity for the charity and the group and is noi depreciated. All of tlie above assets al'e Lised for charitable piirposes. All freehold properties have been valued at ¢osl. 15. Investments in subsidiaries The Sarjiidas Folindation owns the following SLibsidiary undeilakings. all of which are incorporated in Englaiid and Wales.. Percent of ordinary shaiE ca ital held Nature of BIEsiiiess Cost The Chari 2024 2023 Saya Enterprises Limited Saya Enterprises (Bim)ingham) Limited Cultural Festival of India Limited Akshar (Design & Build) Limited 100 100 Food maniifacturers and retail Food manufactur¢TS and retail 100 200.000 IOOO/o I 0/0 Sale of publicatioiis Design and consiruclion of biiildings Holding and tllatwging properties Food tnanulacturers aiid retail Dornanl Herbygreen Properties Limited Saya Enterprises (Leicester) Limited BAPS {UK) Limited BAPS Swaminarayan Herbal Care Ltd The Swaminarayan Hiiidu Mission Limited BAPS Care Limited BAPS Swaminarayan San5tha Limited BAPS International Liinited Amrut Herbal Care Ltd Bank Hoiise Lockers Lid 759,184 Saya Enterprises {Manchester) Limited IOOO/o Dortnant lo/0 lo/0 Domiant Domant Domant Domiant Domiant Safety deposit locker5 Dormant 759,184 760/0 £759,502 £959,402 AII IOIP/o subsidiaries donate their annual t&¥able profits to the Charity. Shayona Liiniled, a company incoiporated in England and Wales, is a wholly owned subsidiary undertaking of Saya Entcwi'ises Limited. Shayona Limited'5 pi'incipal activity is lo hold leasehold premises on behalf of its panI iindertakin Shayona Restaurants Limit¢d, a company incorporated in England and Wales, is a wholly owned subsidiaiy undertaking of Saya Enterprises Limited. Its principal activity is that of restauranteurs. The financial statements of the wholly-owned subsidiary undertakings of Saya Enterprises Limited, Shayona Limited. Shayona (Pinner) Limited and Sl)ayona Restaurants Limited, can be obtained from the Registrar of Companies in England and Wales. 27
Sarjudas Foundation Notes to the ¢onsolidated fin#n¢iAI statements For Ihe year ended 31 December 2024 15. Investments in subsidiaries, eontinued A summary of tlie resiilis of the aterIal irading siibsidiaries are shown below.. Cultllral Festival vf India Ltd (Company No.. 01871204) 2024 2023 Saya Enterprises Ltd (Company No- 02685176) 2024 2023 Tumov¢r 6,738,853 Net interest {payablellreLeivable (105,823) Deed of covenant to paiEnt undertaking (502,7711 {Lo&sllprofit for the financial year (150,761) 6,405,407 (86,6331 {565.7861 {15.205) 443,306 3,854 {227,640) (352) 487,023 1,729 (244,717) 6,320 Fixed assets 5,415,128 Curitnt assets 1.800.414 Creditols due within one year 11,287.120) Creditors due aftei. more than one year (5,644,664) Net a55ets 283,758 5,589,031 1,956.069 (1,225,917) (5,884.664) 434,519 5,411 6,929 429,312 432,082 (248,268} (252,204) 186,455 186,807 Shayona Restaurants Ltd Sbayona (Pinner) Ltd (Company No.. 06706762) (Company No. 07677868) 2024 2023 2024 2023 Tiirnover Other operating income Net interest Ipayable}/receivable Deed of covenant to parent undertaking {LossllProfit for the financial yeai. 1,286,694 1.263,061 745,447 769,327 251,279 (65,429) (43,451) (36.856) {10,286) (61.870) 238,441 (91,531) Fixed assets Current assets Creditors due within one year Creditors due after more than one year Net &ssetsl(liabilities) 574,632 66,682 {687,903} 612,987 62,709 (644,354) 64,877 75,903 99,555 128,212 (154,318) (183,715) {60,189) 31,342 10,114 20,400 28
Sarjudas Foundatio Notes to the consolidated finantial statements For the year endeil 31 December 2024 15. Investments in subsidiaries, continued Bank House Lockers Ltd Shayona Caterers Ltd (Company No.. 02763905} {Coinpany No.. 117630041 2024 2023 2024 2023 Tumover Other operating income Net interest receivable Deed of covenant to parent iindcrtaking Profit for the financial year 913.068 9,000 33.103 913,727 9,000 8,011 243,252 588,672 (102,681 } (126,480) 15,069) 34,479 Fixed assets Cui'irnt aetS Creditors due within one year Creditors due aftei. more than one year Provisions for liabilities Net assets 476.985 915.002 11,166,206) 511,354 864,076 {1,144,580) 146,549 211,224 (127,489) (192,1641 (56,5001 169,281 {56,500) 174,350 19,060 19,060 16. Investments in listed shares The Group 2024 2023 The Charity 2024 2023 Fail. value at start of the year Additions al cost Disp(Isal proceeds N¢t (lossesygain on change iii fair value 10.993,567 1,633,475 10.993,567 5.021.161 10,993,567 5,021,161 {1,446,194} {187,281) 1,633,475 10,993,567 {1,446,194) (187,281) Fair value at end of the year 16,014,728 10,993,567 16,014,728 10,993,567 17. Fixed deposit investments The Group 2024 2023 The Charity 2024 2023 Fail. value at start of the year Additions at cost DiSs81S at C05t 23,360,226 12,397,005 23,360,226 10,963,220 12,397,005 10,963,220 {17,419,789} {17.419,789) Fair value at end of the year 5,940,437 23,360,226 5,940,437 23,360,226 29
Sarjudas Foundation Notes to the consolidated financial $t•tements For the year ended 31 December 2024 18. Debtors Group 2024 Charity 2023 2024 2023 Trade Debtors Amoiints due from subsidiary undertakings Prepayments & accrued in¢ome Other debtors 558,158 607,730 6,536,534 456,111 137.823 587.800 4,437,911 6,667.285 452.924 92.840 141,010 4.808,356 5,507,524 1,651,641 11,112,268 7,213,049 AmoLinis due from subsidiary iindertakings ii)clude an ainounl of £5,554,664 {2023.. £5.554.664) falling due after more than one year. 19. Creditors: Amounts falling due Ivithin one year Group Charlty 2024 2023 2024 2023 Bank loans and overdrafts Trade Creditors T&xalion Social seciirity and oth¢r taxes Other creditors Other loans Accruals & defeTred income 4,620 810,004 25.123 672,394 16,380 24.180 194,334 1,109,949 1.423,928 247,153 214.397 1,132.905 3.240,928 207,314 1.423,928 3,240,928 3,789,988 5,493,061 1,440,308 3,265,108 Bank loans and overdraft5 totalling £4,620 {2023'. £25,123) aTe secured against the charity's fixed dcposits, a legal charge on the freehold pn)peity and a floating chaige tsver ihe remaining assets of a subsidiary undertaking. The bank loans and overdraft repayable within one year or on demand12023.' wiihin one year or on dcmand). 20. Creditors: Amollnts falling due after more than one ye#r Group Charity 2024 2023 2024 2023 Bank loans and overdrafts 210,000 330,000 30
Sarjudas Foundation Notes to the consolidated financial statements For the year ended 31 December 2024 21. Provision for IiAbilities Deferred t&x on accelerated ¢apilal allowance Group Charity Balance at stait of ihe year Deferred tax provided 70,100 Balanee at end of the year 70,100 22. Funds Group Charity Unrestricted fund5 Elalance at start of the year Net gainlllosses) on change in fair value of investments Capit81 redemption Net movement for the year 42,J16,028 43,002,401 (199,9001 1,552,120 1,188,780 Balin¢e at end of the year 43,504,808 44J54,621 Non-controlling Interest Group Chxrity Balance at start of the year Net moveinent atti'ibiilable to Non-controlling interest 41.844 Balance 4t end of the year 41J44 24. R¢¢onciliation of net movement in funds to net eash tlow from operating Activities Gi'oup Charity 2024 2023 2024 2023 Net movement in fLinds for the repoiling period Depreciation and amortisalion charges Coworation charge Net losses on investments Dividends, interest and Irnt from inveslinents Loss on disposal of fixed assets Increase in stock Increase in debto)8 In¢reasel{decrease) in creditors 1,188,780 575,223 17.455,041 560,312 1,552,120 59.377 17.583,643 59,377 187,281 187,281 (2,065,452) (1,160,771) 12,424 (147,498) (505,227) 282,405 (2.050.460) {1,182,322) (26.761) (3,855.883) 134,430 (3,899,219} (7,800) (288,656) 3,769 Net cas11 (used in) I provided by operaliD¥ aetivities (4,049,663) 16,683.967 (4J45,982) 16.363,092 31
Sarjudas Foundation Notes to the Consolidated financtal statements For tbe year ended 31 December 2024 2S. Analysis of eash and cash equiv4lents- Group Atl January 2024 At31 Deeember 2024 Other chan Cash flows Cash at bank and in hand Overdraft repayable oll demand 2,399,944 (25,123} 8,305.279 20.503 10,705,223 (4,620> 2.374,821 8,325,782 10,700,603 Analyyis of cash and cash equiv#lents- Charity At I Januaiy 2024 At31 December Otlier chan Cash floivs 2024 Cash at baiik and in hand 925,337 8,286,100 9,211,437 925.337 8,286,100 9,211,437 26. Opei'ating lease eommilments The group's lolal future Ininimutn lease payment5 under non-cancellable operating leases ar¢ as follows for each of ihe following periods: Property 2024 2023 Less than one year One 10 five years Over five years 182,665 427,410 293,015 182,665 568,660 326,180 £903,090 £1,077,505 27. Post balance sheet events The Group received donations of £9.2m from BAPS, after the balan¢e sheet date, BAPS and slda5 Foundation are r¢lal¢d entities with common charitable objectives. The Charity paid grdnts totalling to £16.8m to Nilkanth Estates. Sarjudas Foundation and Nilkanth estates are related entities with common charitable objectives. Otherthan the matter mentioned above, there have been no events subsequent to reporting date which would have a material etTect on the GTOUP'S financial statemellts &q at 3 1st December 2024. 32