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. Boch￿anWasl 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 [nat￿ge[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
acCord￿l¢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 prO￿r 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 re￿Onable, 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 reqlii￿mentS 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 dor￿te 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 d1￿clorS 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 Tri￿teeS utilise tei'm deposit a¢count5 to M￿lMize 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 Invl￿tMent5 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 rel￿tIOnShipS 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 ￿quil￿d 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 pa￿nt 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 nec￿Sary 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 Inte￿st
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 S￿ndard 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 tri￿tee5 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. T1￿ing 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. EX￿n￿ltUre 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 pa￿nI 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 a￿etS
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
DiS￿s81S 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 s￿l￿da5
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