2023-03-31-accounts

The Goodman Foundation Trustegs. rewrt and Isolidataj financial 81atements R•qlslv•dnumlw 109T231 fgrth• >wr*￿d31 Il•rch X123

The Goodman Foundation Contents Reference and admln16trative irfcffi Trustse8' r8PQrt Ststement of Tru81ees' reBponsilMlitieB in re5pwX of the Tru8tees' rewt and the finanual statements IndeperKlent auditorfs report to the Trustees cl The (knlman Fourttlation 7-10 Con801Klated statement Lrf finarKial actNili88 11 Consolidat•a bala[￿e sheet 12 Tr￿t balanc8 sheet 13 Con8011dat￿ cash flow stat￿1 14 Nol88 fomlng part ofthe fina￿181 Statem 15

The Goodman Foundation R6l•rnnc• and admlnl8tsadve Infomiauon Lauref￿8 J. G(￿ (Chainn) catheri￿ Gcx)dman Philip Morgan Bronagh (oppoint8d 31 March 20231 John NkLaughlirt (appOwrt￿ 31 March 2023) Regl8t•r•d nwno R•glstsr•d numb•r 1097231 Addr•J8 for corr•8p¢)nd•n￿ l R8glthrnd 6290 Bi8lw Court office Solihull Parkwv B1￿InghaM B37 7YB Un8d Kin Audltor KPMG 1 Stoke8 Pe St. Stq)h8n's Green Dublin 2 Ireland sollcltorn Stcne Klng LLP Brcqd Qu8y Pk)u80 8S14DJ United Kingthn Bankorn HSBC Bank plc 129 Bond Stregt L￿dI)n W1A 2JA Unrtwj Barths B￿k {Suw80) S4 Chemii do Gr¥wJe CMI 1&20 P.0. Box 3941 1211 Ger￿a 3 Swilzerknd Inv•stm•nt advl•orn 8arcky$ Bank (su1￿0) SA Chemin de Grange Canal 1￿0 P.0. Box 3941 1211 Ggneva 3 S*ilzerland Dublin 2 ITethd

The Goodman Foundation Trustees, report Thè Trustaés present thelr report and final￿181 sts18m8nts ol The GL>)dman Foundth"on fthe TTU8f) and the group for the year eTrJed 31 March 2023, whKh includes the (Qfere￿o administrative InfOrff￿10n set (Art on page 1. Th8'group' m8ans tha Trust and its wholty o•rneJJ BubBtdkqry. Bffjmstead Fam￿ Limilgd I'BFL.). The Trust d18FQ8￿ of tts Investrn￿ in BFL on 31 Mgrth 2023. Raference and admlnl•tratlv6 dots118 of the charlty. Ils Trust¢•s and •dvl•orn The charity number, present Trustees and advisors we gN8n page 1. Trustees The Tru8tses hgkl office throug1￿Ul tho y8Rrwete as folkMT.' Laurence J. GoJdman Catherine G¢>Jdman Philip Morgan On 31 March 2023, 8ronaph Kirwan and John k￿La￿hlIn appointsd as Trusts. structur•i gov•rnanc• and man•g•m•nt Goveming docum8nt The Tru8116 8 rogi8terwJ Chonty and 18 govorMd by a Trust deed &Yecutod 14 March 2003 {'tho Tru•t Degd'}. App￿nIn￿nI ol Tn￿1$0¥, oo8nisatA%pal stnKlur• aNI rn18t8dpaths Thg Tru8118 administered by ￿ Tru8te88. They meet at legBt 3 tmnes por year and reLeNe report8 on tho Tru8t's inve8tments, fmnce8 and gr￿t-mang KtNty. De￿5￿￿6 require majority opproval oflhg Tru$ts88. The Trust ha8 no direct gmpW8•. Tro Truste98 arn a8811￿ In ttloir 8dmlni8trh)n oftho Trust by appropriatety qualified pefson8 who racoNe no remuneration for tsir wvic89 to the Trust. The Tru8t'3 8ubsKliary retains 81aff aPprOpr￿te to rt8 trading actiwty. Tru8tae8 are appointed by re8olutk)n of the Trustees. Existiftg Trusw ¥8 T￿￿Inted each year for a further term of one year by a resolution of the Truslees in accor(lance with the Trust Deed. There sh811 b at kn8Bt 3 Trust￿. Tru8tee8 keep infomied of developments in Ghty law arKI reguL9t￿n&, ensure compliance wf(h 8wne. by retaining the aemces of prol89Ji￿ •fvi80rn with expwtso n dwity law. Delails crf transactions •lh related parties we 8et ￿J1 in note 20 10 th8 financlal 8tatsm8nts. RAskmanagement Tha Tru8lee8 have identified and put in fft contrds to monty tho risks to tha Tnmt. They confwm that are 8ati$fd tho1 $uffi¢wnt are in a to mityate identff￿J risks. Approximatety 18% ofthe a858ts ofthe TTr￿t are hgky as ag1￿￿kural land and lnve5trr￿nt properti88, 23% in quobj 8tocks 8nd 57% in cash dep)sts. The Trustees identfy the rK%k$ to the Trust as folhM.' PAac[C￿)nornIc fartor8 that ￿ iTnp&X uprm the capital vabje ￿aSsets, parbcularty q￿knj 8to¢k& Fluctuations in th8 return on ￿veStm￿ls. ments in inlere8t rate8 whth rrpact w)on the tum on cash.

The Goodman Foundation Trustees, report (G￿tinu￿J) Structurei govgrnanco and man•g¢mtnt (CMtin￿d) To mitigatg th8 above•￿stOd ri8k8, the ftAlcAving are I￿nit(￿j ¢)n a regular b88iS'. Valuation cl qLV)ted $tc¢k8 Shwng g&nllos6 on purchase cogt. DNKlend8 received oxh forth8 yèar to data. Int8re8t recaNed on e&h deposit account for the yew to d•t•. Ccmsulting with fmancA81 ahi80rn and ￿￿8¢Mont a reguL¥ baswj. ObJ•ctlv•8 and acUvltl•8 forthe publlc b•nafft The obiectNes of the Trust a8 defined by tho TN8106od ar•to fthr the fdbwing obiKts both in tho UK and outside th6 UK: to halp the poor, tha eldety, the 8kk and those wlth thsablllty; and to ben6frt 8uch charitable causes the Tn￿te08 d&errnine arg worthy. In furtherance of s￿h abi￿tr¥￿8, tho tr￿te85 havo the folkming p(wrn: to rai88 fund8, provmled that in exerci8wig pNer, th8 Trust8es do not undertake substantial pemwnent trading 8CtMty and Shall c￿pIY wrth rebevant st8tutW Tollulations,. lo buy, tske on18888 or In excharwJ8. hire or Otherwi￿ acquire p￿Pe￿ and to m•ntsln and equlp frjr u89', to ¢Worato with other charttles. voluntary bodle8 and 8tatutw aulhor6tl8s and to exchange information and advKe with thwn; to in¥8st the fundo ofthe Trujt in any cl th• forth8 lkno bolng authorl8ed for th• invo$lm8nl of charty fund8. to create 8uch thi80ry ￿Mmitt•88 89 tha Tru8t809 thknk fft.. to perniit any investments ¢ompri9od in th8 TruBt lund to b& held In the name of 8ny ¢1o&dng bank, any Trust COfFQrntKJn or any stockbroking cLryony whiGh is 8 member of the Slo¢k Exchange lor any subsidiary of such as 8tockbrclng company) as nominee for tha Tr￿le#S arKI to pay any tsu¢h nominee reasonable and proper remungralion for acting as 8uch: to do all 8u¢h other lthfiJl thing8 as are nw)Bsary for the achievemanl cltho obl of1￿ Trust. D￿ls1On9 must bg made by a m8iority of vo86 of the TnJst88S FY88ent at ordinary and 8peckql meetings. Th8 Chalrnian ha8 c88tiry The general policy of the Tru8t is to make donations to reCCgn￿ed charities which provido bonaffts to th8 publi¢ as a whoh w a suff￿lent wtmin CA the publ￿. The Trust. betore making a donation, will Gonsider the benefts which woukl be available lo the Publ￿ as a wlN)b8 or 8 suITicient 5￿tIOn of th8 public. Publ1¢ bon¢fft The Trustee8 have to the Charty CommMK>n'8 guidarth on publk bonofrt. Compilance Twlth legal and r•gulatory vwulraments The Truste63 ara satisfied that the financial slatem8nts compty currant statutory requ[rem￿ls. the requirement5 of the Tru51 Deed arKI the'knwntiThJ and Rw'ng ty Chwitres": Statement of ReconNnend Practice.

The Goodman Foundation Trustees, report (¢￿tsnu6dj GI￿t maklng policy Thè deci8ion to award grnnts to Ctharltab￿ (Kganisatws is made by thfr Trust88s during meetiNJ8 of tho Tru8tees or deleg81ed, from lime to time. to the Chaim)an. one other TruBtee and the secretary to t Trust. All dgciqions reg¥ding grants made ar8 rwted at the ordinary meetings of the Trustees. Grant8 are made to those charities 01 organisations whith oro Cons￿¢d most appropriat8 in th8 fvrtherance of the objectwe8 of the Trust. Achl•vun•nts and wformanc• Duiing the period since the Trusys establishment. rt ha¥ ffj¢eprtU QY)tnDunon$ ana made donation8 to ¢hontabS8 both'88 in furtherance of the obl￿ti¥85 of Ihe Tru81. In tcl8124 grants war8 made during the yaar ended 31 March 2023. These are an8ty￿ in nrkn 7 to the finwal statemgnls. The Trust has been funded by gonerous donations rwuired to b6 hakl In￿t￿ 88 6xp8ndable end¢Jwments. Accordingty, whiL81 Truste88 have ab8olute dfBcret)n in relation to tm? Tru$l'8 grant gNing a¢livrtie$. it is th8 Trustees, palicy that. other than in exception81 circumstsnces, lo Ilmit th8 amount of grant gNlng In any ye8r lo the Income frcth endCrt￿ fund¥ 80 as to W8Sorve the capital and en8ur8 that the Trust can o)ntinue rt8 work over the loftg•r t6mi. All grant8 must b• In Ilno wlth the cAtNe8 ofthe Trust. On 31 March 2023 tha Trust di8po8ed of rt8 shareholding in BFL lo ABP Food Group Unlimited. Tho Ivestmonl wa8 Sdd at ts book voluo whi¢h th6 Tru8taeB are 88ti8fied repreoenl8d an wm'$ length considern￿on for the Se￿ of the invethenL Plan• for futuro Porlods It li the Tru8tees' Intention to invest grow Is and1￿ funds pwdwth, In a￿A￿danc6 wth th8 Trusts Investment poliry, to ￿able tho Tr￿t to make ￿nUal grwts in a￿or￿ance with its grant m&%ing cy ovar tho h)ng ts)m. Flnanclal r•vltra7 Net Income for the group for the year. after expeThliture of £3,484.523 {2ffd2." £4.873,312). wa8 £8,81 S,408 (2022.. £6,487,691). Fund balances at the year end were £1(K).780.089 of whKh.' £18,519,518 (2022." £23,S23,372} was r￿reSented ty prryty inv881m8nt8. £24,188.182 {2￿22.. £12.408.753} was represented by finaft¢i&l 8s$0ts ¢omprising quoted stcrtks. £58,033,516 (2022: £&S,418,154) was represented by c89h and cash ￿UNaleI￿. £39,87312022.'1£7.706,729)I was rewesenled by nat ¢urfeftt assetsllliabilitiés).

The Goodman Foundation Trustees, report (G(￿{n￿d) Re&¢r¥88 poIIcy The Trust wa8 OStthlisld to gonwat• I1￿£￿8 to gupwt ts oty. Funds arè Invested to generate incom for distrtlutl￿ and free reserves a￿ hekd in interest b6gring depoBrt ac¢ount8 such that they are frèety availabl8 for di8trbution as th8 arises. Running costs of the Trust aro minimal and as such al income 1$ available for distribution to worthy cau888. However, Tru81898 will Mt wanl to be forced into making d￿8b'On$ sryly b￿ause incoTh ari888. nor to be unabS8 to aid worthy ¢¥u8es in the event that i)vestsnent retum are disappointing. In addition, Trust688 will want to be in a posrtw lo r8¥t qulckly to Sup￿ 4)propriate causes in 8xwtional circumstances. Experience has sh(Mn that tha prc¢ess of investrnént is volatile, bcAh from th8 perspectNe of the Gerfainty of ineomé and the ability lo presem the valu8 of the undgrtying capital basa. Finalty. Tru$le88 r8cogni88 a need to hokl re80r¥￿ repre8enting a r808onabbè 8locK)n for contingonGI88. Having regard to th88e mthr8, ihe TnJ8tees polky b to Set asKle re8W4es tho grgatar d trwo yearfs planned gNing. or £5m. The Tru8te88 P8riOtJK•lly rw#4V Ih•18v•l of rn8erve8 relained in endchyment funds. Th• TruBteeB rotsin thes6 r88eNes to the extent considered nece88ary io ensuffj that 8dequat6 fiJnd8 are generated and av8llabl• to covar futurn donalon81o charilable cau888. Invath•nt polky The oblthe of tho Is to In¥wt pwdontly Jo a• to 8nabl8 tha Trust to cwry +>Ji Is Obio¢ts continuousty from year to year with due and proper I￿81deratiOn for future needo and to malntain and grow the Trust's invostb fund$ in lino wilh inflation. Our investment adV￿c￿3 invost to m8xwni88 the total retum on endowment funds wrthin th? constraints of a nwjium to riik invejtsment portfolio. Dl•cloyuro ol Infonnatlon to audltor The Tru8tee8 who office at tho dale of 8pprcNal ofthl8 Tru8te88' TW)Ort corffirm th, 90 far a8 they arn each awarg, there 18 no relevant audit irrformotion of which the Twst'8 aud¢tor is unaware,. ond each Trustee ha8 taken all the Steps that they ought to have ￿en 85 8 Trujtee to make them88lves awar• of any rgknnl audtt information ar￿ lo e81abh.sh Ihat tho TTusVs auditor IB vHare of that infomiation. On behalf of the Tru8teeJ J. G¢x>dman TfUSt80 D8te.'l• January 2024 Trustee D8te:l?January 2024

The Goodman Foundation Statement of Trustees, responsibilities in respect of the Trustees, report and the financial statements Under the Trust d88d of the (tsity and Gh8rty lthv. the Tru8teas r8spon8ible ts preporing th• Trustee8' Annual Report and the financial stateménts In tordance with appllc8bk8 lthv and rggulatv)n8. The Tru8tee8 have ethted to prepare the financial stthents in accorda￿6 with UK Accounting St4ndard$, including FRS 102 ￿ Fthand81 Standard applKalHe in tts UK8nd RopublK of Ireland. The financial 8tat8ments ar• requir&1 by to a In￿ and falr VI￿¥ of th8 state of affairs of the charity 8nd of the exc858 of wKome over eyrvjiture for that pernd. In preparing th88a fk)8nclal Btalements, grnalty xcetsl xcounting pralaice entails that Tru8t888: 8818Ct 8uriabl8 accounting policios and thén app￿ conskntenty: make judgements and e8tim8t85 ihat are ra880th1e pnMlen( Btate whether applicab￿ UK Accountin9 Standards and the Stateff￿nt of Racommended PrvLtiC8 have toen followed, ¥ubje¢i to ar)y matsrial d8pwtur88 di8c108ed and expl8inJ in thé financlal 8tatèmnt8; State wthethef the fin•Kial 8tatThts ¢>jT￿ wllh tho Trust degd. $utr4'ect to any rmterfal •r88 dl•clo8&I and expLgined in the ffinanckl statom￿. and ows$ tho ¢harity'8 ablty to continu8 a8 a going c(￿0m, a8 app1r￿bI8. mattern relabj ID going concem,. aTrJ use thè g(Hng concem basis of Kcounthy unless tlw intend to Ilquklate the charty or Io opwatSon8. or have no r881i8tic a￿eMOt￿O but to do 80. The Trust￿9 are required lo acl in accordance with tho Trust do•J ofth8 charity. wthin the framww(xk ol Tru8t law. Thty aro rospon8ibl8 for keeping proper acccAJntlng r￿Q￿d5, suffKignl to diJclo8e at any tlmfr, with reasonable 8ccur8¢y. the financial posthon of the charty at that tsm8, and to enable the Tru8teeJ to ensure that, where any slal8rn8nts of aG(x)urrts are prepared by them undgr 8eth.on 132111 of tho Chariti88 Act 2011. thrAe 8latement8 of ￿Unts compty wrth the requienwits ol regulations under that provision. Thty 8re r88pon8ible for such intemal ccrf)trol a8 thty d&twmln8 Is Mcesjary to enable th8 pr¢poration of flnancl81 sLit•M￿ts that arn free from fTthrKg1 misslatamenl, whether due to fraud or effor, and have goneral re$ponsibilty for tsking s￿h 8tep8 a8 are reasonabty opon lo tham to safsgu¥d the a888ts of the chanty and to prevwtt and dO￿t frnud and rAher iryuLaritk8. On behdl of the Trustees Lau TfUSt8e Date.'ry January 2024 man D8te.'i} JanU￿Y 2024

Independent auditor’s report to the Trustees of The Goodman Foundation

Opinion

We have audited the financial statements of The Goodman Foundation for the year ended 31 March 2023 set out on pages 11 to 29, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Trust Balance Sheet, Consolidated Cashflow Statement and related notes, including the summary of significant accounting policies set out in note 1.

In our opinion, the financial statements:

• give a true and fair view of the state of the group’s and the Trust’s affairs as at 31 March 2023 and of the group’s incoming resources and application of resources including its income and expenditure for the year then ended;

• have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ; and

• have been properly prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the group in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Conclusions relating to going concern

The Trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the group or to cease its operations. The Trustees have concluded that the group’s financial position means that this basis is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements. In our evaluation of the Trustees’ conclusions, we considered the inherent risks to the group’s business model, including the impact of Brexit, and analysed how those risks might affect the group’s financial resources or ability to continue operations over the going concern period. We have nothing to report in these respects.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the group will continue in operation.

7

Independent auditor’s report to the Trustees of The Goodman Foundation (continued)

Detecting irregularities including fraud

We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understanding of the group’s industry, regulatory environment and other external factors and inquiry with the Trustees. In addition, our risk assessment procedures included: inquiring with the Trustees as to the group’s policies and procedures regarding compliance with laws and regulations and prevention and detection of fraud; inquiring whether the Trustees have knowledge of any actual or suspected noncompliance with laws or regulations or alleged fraud; inspecting the group’s regulatory and legal correspondence; and reading Board minutes.

We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team.

The group is subject to laws and regulations that directly affect the financial statements including charites, and financial reporting legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items, including assessing the financial statement disclosures and agreeing them to supporting documentation when necessary.

The group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, employment law, environmental law.

Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulations to inquiry of the Trustees and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of controls. We did not identify any additional fraud risks.

In response to risk of fraud, we also performed procedures including: evaluating the business purpose of significant unusual transactions; assessing significant accounting estimates for bias; and assessing the disclosures in the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

8

Independent auditor’s report to the Trustees of The Goodman Foundation (continued)

Other information

The Trustees are responsible for the other information, which comprises the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. We are required to report to you if:

• based solely on that work, we have identified material misstatements in the other information; or

• in our opinion, the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements.

We have nothing to report in these respects.

Matters on which we are required to report by exception

Under the Charities Act 2011 we are required to report to you if, in our opinion:

• the group has not kept sufficient accounting records; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

Trustees’ responsibilities

As explained more fully in their statement set out on page 6, the Trustees are responsible for: the preparation of financial statements which give a true and fair view; such internal controls as they determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

9

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the group’s Trustees as a body, in accordance with section 144 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the group’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Colm O’Sé for and on behalf of KPMG, Senior Statutory Auditor Chartered Accountants Registered Auditors Stokes Place St. Stephen’s Green Dublin 2 Ireland

29 January 2024

10

The Gwdman Foundation Consoldaled statement of fina￿81 ac*¥ilies rorth•&wr•nd•d31 864,181 1,413.428 7)lJ37 9.Wl.C 9.048.11• 1.181.82CI ,Js$ InDJm•fmrntMdlng •BtM IrKJ)mDfr¢m InvMbMt• Ih15hX 2.7•VII •W.•D• ¢W￿1b1 11,221,SM) Att9 11,631,973) (IS41,3J9) th•rttAbl• 14.m,312) 0#￿TIN0￿￿￿1 ll•ln••nd Io•M• Q•ln (lw￿kI￿Y N•l9th m Imffjtrmnii 411257 6,rA6.874 34874 Z31l•OJ •tPknwn•A¢ Intsnd• 1W •,801,S Df lund• T¢W fund• tr•uqhllm 1A97.715 •111S.785 H74J,I•D 7&911. Tot•lfvnd• ofymp ,1JUZ4 W.7 84.743.550 11

The Goodman Foundation Consolidated balance sheet As af31 Ma￿h 2023 2023 2022 Flxed assèts Financi81 asset8 Tangible fLxod assets Investment propert Intangible as5ds 24,148.939 14.619.226 3.900.292 39,243 12,319,010 18,374,454 5,248.918 89,743 10 ti 12 42 707 7LW) 36 032 125 Curront assets Cash 8t bank Stock DeblorB 13 14 15 08,033,616 56,418,154 89.330 2 961 140 59,448,824 58,083,189 Cr•dltorn: ￿n￿nts falling duo wihn on& year 16 10 737 199 N•t ¢urr8nt a88•ts SBM73,381 48,711,42S 100 781089 84 743 550 Tho fund• of th• charSty: Endt)wment fvnds Unre8lri¢te(I fund8 17 17 92,645.765 8.136,324 83,145,765 1,597,785 Totsl fvndl of thè chwlty 18 1LKI 781089 84 743 550 The8e financial statwn8nts were svJr*l by tho Tll￿t￿ on IlJanuary 2024. J. Gcxxlman Ttustee Chanty registered numhr. 109n31 12

The Goodman Foundation Trust balance sheet As 8131 Ma￿h 2023 2022 Flxed assets Finan¢k81 a$88ts Tangible fixed assets Investment properti88 Intsngibie a3s8ts 24,148,939 14,619.226 3,900,292 39.243 12.320,010 14.619,226 5,248,918 89,743 10 12 707 700 32 277 897 Currgnt a8s•ts Cash at bank Debt￿5 13 15 58,033,516 49,673 50,397,385 2,989,189 Cr•dftorn: amount8 falllng due wlthin ￿ y 16 419 530 N•t curr•nt a••ets SB.onJ89 52,947.024 Not 85 224 921 Th• fund• of th• charlty: Endry•vment fund8 UnmtrKted fundj 17 17 92,644766 8,135,324 83,145,765 2,079,158 Total funds of th• charity 18 100 781089 85 224 921 Th880 flnancl818tatements were appmwJ signed by ts Tru8tees on4January 2024. Chartty registered numw. 1097231 13

The Goodman Foundation Consolidated cashflow statement forll￿ ye8rend8d 31 March 2023 2023 2022 Nat WlLwme the y￿r 16,037.539 8,801,597 AdJu8tm•nl• to •xcludo non4a•h It•m8 and Investment Incom• Dtspreciation Amorti8ation (In¢w￿l In Stcr Decreoso in d•blors (Incre886ydecrease in creditorn Gain on fixed inv68kn￿ts Gain on Sa￿ ol SLJswJiary un(lortthlng Inve8tmont i￿Y￿e N•t ¢08h 9onornt•d frnm op•rntlng actlvlllo• 10 12 14 15 16 51,509 51,013 50.500 50,500 12S3,982) 169,3301 2.494,121 864,147 {3.591.216} 1,736,233 {4,452,708) (814.4461 {416.257} {732.33n (346,365 9.187,189 10,273,349 Caghllows Irom In¥•￿n9 actMII80 Investrnenl incL¥ Calh in 8ubsldiory undertakiTrJ dl8poaed Purchase of tangible aBsat8 Proceed8 from sale of tangible a884ts Pro¢•Js from Sale of investment propgrtigB P8ymen18 to acquire fixed 8¥Jet investments Proceeds from sale of fixed a8¥et investme N•t euh lu••d Inyq•n•rnt•d from Involng 732,337 (1,915,038) (386,3651 (447,0581 25.834 162,851 1.348.826 19,374,5H) 12.081.726) 1.997,323 2,350,979 11,692,539) 331,411 346,3e5 io io Chang• In ¢ash and cash ￿ul¥•I0￿￿ In th• y•ar Cash and ¢a$h OqUNalants at the beginnlng of thg year Ca•h and c••h oqulvahnts •1 th• fjnd ol th• y￿r 1,615,382 10,604,761 56.418.154 45.813,393 .033,516 56,418,154 13 14

The Goodman Foundation Notes lonningpartof the financi81 statsm8nts 1 AGGounfjng polkie• Th6 prfnupal a¢￿UntInll po￿1￿ •Jopted, jUdg￿ne￿ and key sources of estimation uncetsinty in the p￿paratIon ofthe finan¢wl 8tstements as folthvs.. Ba818 of prnparntlon The Trust is a chwity regi8ternd in England arKI Vlaltss and is govem&d ty a D8ed of TnJ8t ex￿Uled on 14 March 2003. The Tru8t'8 aThJ xtNitw aro i￿(￿j in the Tr￿106$ rewrt and charity infomation on page 1. The financkgl Btatements are wepwwj Ur￿ ts hiAtorlcal cost convention, to includ8 th8 revalUat￿n of inveslmenl prcperties and quoted investments lo fair valua, and in acccKdance with applicable accounting 8tandard8 in the Unried ￿ngdOM, the Stat8m8nt tl R￿ornmended Practke ISORPI 'Accounting and Reporting by Cha￿85. and Financval Reportiw Standard IFRSI 102, tCQ6thorwtth the reportlrq ￿uIr￿￿nts ofthe Charltle8 Act 2011. The accountiw polici88 eat (yJi bel￿ have, unl8$8 thwwNè stateAI, béen Applled con818tently to all pedod• Wea¢nt￿ in frwKial st￿rth￿. e•Umat8¥ and Judgfjmonts The preparation of financial stateme￿ in c0ryl1an￿ with FRSi02 roquir68 the uBa of certain critul t￿oUntIng 881imateo. It ai80 requre8 managerrrrt to exorcise judgement in opplying a¢¢ounling policies. EilKnate$ and judgements are continually evaluated by the Trust•os b888d on hi8todcal experience and olher facth including axpKtation8 of fulure events that ar8 bgliev•J to bo reasonabk8 in the Circumstan￿8. The 6ignffj￿n1 08tim8t88 aThJ lud98menl8 relate to the market volue of lnve8tff￿ prwrtl81. BMIS of corthdldatlon The financial 8tatements con801vjote the fnancigl stslements of the Tw8t and its Subsidiary undertaking Bromstsad Farn18 L1mrt￿I ft>r the year ended 31 March 2023. Brwstead Farm¥ Limited was diBPOg•J on 31 Mwch 2023. Going concorn In determining the 8pprowith ba818 of preparKn of th8 fftnarthi statam8nts for the year ended 31 MaTch 2023, the Trustees are requirnd to con8*Jer whth the Tnmt can corrtIn￿ wi operalbnal exi$ten¢e for the loresaeable fulurn. A8 of 31 March 2023, the Group had totsl ènd(yhrynsrt funds of £92.645.765 (2022.. £83,145,765) and unrestricted funds of £8.135,324 (2022." £1,597,785). Hwng undertak6n a datallèj review of future anticipatod donation8 and expenditure, and ty refwence to the Trusys poli¢i¢s on grant rnak￿g and reserves. the Trusl¢es are satisfied Ihal the TnJ8t has adequate resourc85 to continue its opwations wdl into the forvryeeab￿ fulure. Taxatlon As a regislored charty, tha Trust is exwrpt frcAn tax on ts chwitable act￿￿68 but rK>t frcth VAT. The sub¥idiary undertaking not generalty pay corpNati￿ tax because 113 policy is to Gfft Aid tsxable prDffts, lo the extent that arise. to the Trust 15

The Goodman Foundation Notes (c>Jntinu6d) 1 AcGountlng poIIGIM (￿lin{0d) Incomlng rg•ourc Voluntary Incon￿ and don8tions arfr x(y)untsd for on a rtt￿pts tr￿￿1. we the Trust recel¥e8 grnnts to further ts charlt>b8 c4'fANes th88e grants are reGogni8ed when the TfU8t ha8 entf(lern6nt to the r?￿ure0 with tho timing of tha 8xpanditur& being within the discretion of tho Trust. Such re8cwrces are onty deferred th the donLY imposes sp8uk conditions that speC￿Y the tlme perthj in wh￿h ￿ exponditure of tho re8(yJrces can take place. Expendoble endvments in the have bean dKlo8ed as 8Lth. The value of vduntary vth 18 not i￿￿Jd￿j in tha fin￿1￿ 8tatwnents. Inc¢)mo from tr&dlng adlville• IncOrn￿ from tf8ding activrtie8 ￿ creded to the Statement of Financial AdNities when received or 1Vab￿ whichever 18 earlier, unle88 it rele8 to 8 SP8afic future period, in which caso it is Ro•ource• •xp•nd•d Cost ofg8nern&w lut These we the cost8 which aro ￿¢¢￿ted wth gwwoting ir￿￿Ming r8sourc8s from 8118oU￿ Othar than from undertaking th8rit8ble xtNitM. Thij ￿￿￿deS gonorating voluntary incom8 and C08ts relating to fundraiwng trathng. Ch8rtt8ble 8c4fvKI88 Grant ¢>pendituffj 1$ re¢ognBed fvnds ar8 transfeffe•J to ch8Titable organi8ats.ons in fvrtherance of the objorts of tho Trust. Theue tsvnsfern are twJhlly ¢ontrollod through th8 charf(le8 grant-making wlicy. A88￿￿•d 8UFWt and partnor deveh)pment CO8ts are albced ¢)n a total ￿$t basiB exclude fUrKIraiBW￿ and g¢Jveman¢e co6ts. Those aT• the costs associated wh th8 govam￿ce arrangement8 of the Trust as opposed to th08e ¢ost$ 8$80¢iated with fvndrai8ing or charrtable a(Xivrtie8. Govemanc* c08ts inclvdg 8udit andlogal Jvwry feeB. EndowThont fund8 Much ofthe FourKlatp)n's fvnd8 have been a$ oxpethble endow)nents. S￿h fund8 are Invasled to generate income to ￿able the Tntsl to coniinue its woth over the long term. Onty in exceptional arcumstances can funds bè to lund grant givllig. Unr•strlct•d fund8 Funds which are expendable a the dIs¢rat￿ of ts Trust68s in the furtherance ofthe objects ofthe Chty ara c18ssifbJ as unrestrict&l funds. 16

The Goodman Foundation Notes (ccffltinu8d) 1 Accounllno pollcle• (contlnu8d) Tanglblg flxod assots and d¢prn¢iatlon Tangible r￿ed ass8ts. with tha exceptk)n cl land. carried at C05t less accL¥nulated dewKrlon. Land is ncrt dep￿lat￿l. Depraiation ￿ calcuwj to write off the cost of assets 0￿r thair 8X￿lad useful I￿ On a ¥traght-Ilne basis as foilm.. Buildwigs Plant and eqUip￿￿￿t 20- 50ye8r8 5- 30 y88rs A88et5 under construction re¢ognwl at co81 and are transferred to property, plant and ewipment when tw are awlabl8 kn u8e. These assets are not dopwatod until they are avallabl• for use. Inve•tm•nts Llthd inve6tment8 are indLpded cffl the bal￿ts shè8t at fa¥ valuo v*hlch18 thelr ¢108lrvJ bld prfce on the Gurrent or previ￿ tradiro day. unlist￿ Invégtmants ara Includ&J on the balancè 8he81 at their fair valufr. In￿¥t￿￿nts In •ub8idiari¢s are I￿ord8d al ¢08t Mi tho Tn￿￿6 Balance She81. Realised gains and losse8 on disp)sals in thè yéar and unréali8ed gain8 and108se8 on investments at the baLgnce 8hegt date aro includ&J in the statement of finandal aCtNiti￿ for th8 ralevant undartylnq fund8. All In¥e81ment Incom r& tr8otod •• unr08til￿. Inv•tm•nt Invesknent proport188 aro propertie8 whth we held to e8rn rentsl In￿￿, for Gapital appreC￿lI0n or for bolh. Inve8tment properti88 we rgcogntseAI infth4ty at cost. SubB&]uenl to initial rwnition investm•nt prO￿rtiO$. wh)sa lair valuè can be measured reliab￿ vlthoLrt undue cost or offort, aro held at fair value. Any gains or loJoe8 arising from ¢hang86 In th8 fak valu8 arn re(xiqnltad In the Btatement of financlal activffies in Ihe pef¥>J that they arise. Flnanclal In•lrum•nts The Trust has appli&J provi5ion8 cl FRS 102. ilectth 11. 'BaS￿ Financial In8trum8n18' and Section 12, 'Othor Finan¢01 In8trumonts Issuu,. Fin￿181 assets liabil￿e5 are rKognised when the Chanty becomes a paty to the contradual provisions of the instrumant. The Charity inrtialty rwni8es 8 financ￿ a888t or 8 ffinanckgl liabil￿ & tsar￿￿tIOn pric8, for debtm arKI other credit( thi8 18 the settlernent 8mount Grant commibnents over one year are discounted lo refie¢t prosenl value. 8tock• Stocks are valuwj at the lower of and nol realiBablE value on 8 first in. first wt bask8. Cost. detemined by referen¢e to purchase price together with all pr¢yJuction related costs incurrad in bringing the projuct to it8 pre8enl1o2bon ￿ Condition. N81 raalisable value compri8es the ￿tUal or expected selling prKe less all costs to be incurr&J in maketing. athng and d￿trIbutiOn. Provision 17

The Goodman Foundation Notes ((>)ntinuodJ l Accountlng pollGl•s l¢onllnu•dJ Dobtor$ and crndltorn Trade debtors and i)ther debtors we rwnised at their trans&iion pri¢8 any allowance for d￿JbthJl debts. Liabilies are recognwd when, as o resul of past evants. there is a probabb future ouffl¢x of r8sourco8, the amount can be estima8d reliabty. Trade creditcrfs and other creditor8 ar8 includ&4 at they nominal valua. Ca8h and cash •qulv•l•nts CaBh and ca8h 0qUr￿lents cryi8a cash balan￿ aThJ ¢11 dgp05tt8. Forntgn CUff•nclo8 Tr8n88Ct￿g In fornlgn currencie8 are rnc¢ydeLI using the rate of exGh8nge ruling at Ihe date of the transactiL)n. Monotory a¥sel$ and liabiliti89 daTh)minaled in foreb3n currencieB are tran$lat&J u8lng the rate of ox¢hange ruling at the balarKe 8heet dato and thè galns or1088e8 on translatlon are included in thg statement of financial 8GtNrties. 2 Donallon¥ and1ogaGI Donatlons 0nd￿rnent IrKorro ¢Aher donpaionB and Ityxi88: 2023 Total 2022 Total Endvwment Income Othfrr donation¥ lega¢le• 9,500,CKO 9,500.000 654,168 9,500,000 348,119 654.168 101fA168 9848119 Endthymenl incorrn ￿preser￿ donal￿ rac8Ned which are held 8nd inve818d as eypendable 0ndo￿ntS to generate both inccthe for e>wnditure on the Trusys charitable purp08es, In accord8n¢e wilh tho Tru5tees' grant4n8king pofKy. and grrrLh in the capit81 valu8 of th8 endowTr&rts for tho lonfrlomi vi&>dty ofth• Tft￿l. Othar donation8 repre88nt Ir￿Me reC￿j wh•* is w4ailabba tothe Trustee8 to fvnd it8 gr8nt- making programmo. 18

The Goodman Foundation Notes (L)Jft1in￿dj 3 Income from tsadlng athlU8• 2023 Total 2022 Total Ccffporate othertrading irKome 1413426 1 166 520 Corporate and other income represents the trgjing wK(me of it8 8ubshJiary Bromstaad Famis Limited which 18 engaged in farming act￿11188 {8ee n(ts S). In¢om• frorn Inve•tm•nts 2023 Total 2022 Total Rental incom IrKome from fw asset Investmenis Income from co8h current ass8t livejtmants 128,562 373,509 232,286 126,562 373.$09 231266 1 $2,752 193,532 81 732 337 348.385 19

The Goodman Foundation Notes (continu8d) Sub8ldlary undertaklng During the year. the Tw$t had one wholty (hvngj subsidiary incOr￿r￿1 in the UK which it disposad of on 31 March 2023. The 8ub8idiary. Bfom818ad Farrn Limil&d fBFL") (CRN.. 99953821, with a k818red addre58 at 6290 Bishop8 Court, 8irninghwn 8usine5s Park, Blrnkngham. Unltsd langd¢Th. B37 7YB, is engapj in farming and le￿ted ac￿￿118$. A Summary of thg trading results and balartt sheet of the 8ub8Kli8ry18 set out {excluding tho 31 March 2023 ba19nc8 sh88t as rt was disposad on that date). The 8ub8idiwy company ha8 the gwne year end as tha Trust. 2023 2022 1.413.426 1,188,520 674 463 492,057 485 638 6A19 Cc6t of sal 631,201 1012905 {381.704) 32,875 41 579 OparatirKd CQ8t8 T&otK)n (Lo••) aft•r taxatlon F￿d 8$8et8 Cuffenl assets Cr￿￿￿or8.. armunts falkThJ due within one yow N6t Ill•bllltlo•) 3,7SS.228 8,7.811 12 724 717 Called up share capo1 Rdainad 8arning8 Totsl (doficlil 1,000 The celled-up Share cqjital of BFL18 1,Ci)O ordinwy 8har85 of £1 oa¢h. The Trust dispoBed of it8 8haTehokling in BFL to ABP FcLJ Group Unlimited. The lnv9Btff￿ was sold al its bocA( valuo which th8 Trust8es aro 8ati8fied reprEBented an am'8 length consideration for the Sale of the investment. No gain or Ioss wose ¢)n the di¥osal crf BFL in the Tru8V8 accounts. On the date of dispc6818FL had a net liabl1￿leS positN)n (rf é416.257 resutting in a gain on dispoBal Ni th6 consolidated fin￿¢19% $tknn¢nts Of￿16.257

The Goodman Foundation Notes (confvnu6d) ExpondliuTB- CO8t of ralslng funds 2023 2022 Costs ofothertrathng acthitvas Investment managanènt Cajsts Al￿rtiSa￿C￿ of intangible as8d Deprecial￿n 999,647 120,032 50.500 61,609 853,848 576,613 50,5LN) 51.013 1531 973 7 Exp•ndStyrn- ¢harltabl• actlvltl•• Charttablé eXpend￿Ure1s anatywj as folm: 2023 Grants to charitablo caw8 Govemance ¢08ts 1134,$3t 128,404 3,306,485 34,854 2 262 935 3 341339 Tho Tru8teeg grants lo various charlable cou80s duriNJ yoar. In total, 24 grant8 wers made. Grarts rw b8 andy8ed 88 folPJwB'. 2022 Numb•r Nurrt) Thwd world and (18a8tern Grant8 to hdp the poor, eldety aThl dkablod Children's ¢haffti68 Other charitable Caus￿ dgemed w 1,037,119 2,766.091 10 698,783 200,130 198N93 10 254,529 202,314 83,551 31 3 308 485 The Trustees have availed of the exempl￿ set out in Section 13214) of the Charit*8 Act 2011 from providing the names of grant recipients and ￿ 8mcAUrt of grants made. 21

The Goodman Foundation Notes (Cc￿tinued) 7 Expendlture- chartiable aclmkn (c￿11n￿ Govemance colts are anaty8ed a• ftAIo¥%' 2023 21r22 47,344 81,060 5,000 29,854 Legal and fees Tru8toe$ no romurlarntlon durirKJ tho year. or in the prior year. Furthermore, no traval or other c08ts were reimbursed to the Tnffjtees. Not galn on Inv••tm•nts 2022 Roalisod galn on fixwl 0088t Unrealised goin ¢)n fixejj 8uet investrwts Unr8ali8&J gain on ITan81i)n 388.287 4,085A21 1362,166 202,328 612.118 1,499,480 2 313 906 9 Flnanclal a88•1• Group 2023 Group 2022 Tru81 2(Y22 2023 Quoted investments Investmnt in subsid￿ry 24.148.939 12,319,010 24146,939 12,319,010 12319010 24 148 939 12 320010

The Goodman Foundation Notes (contin￿d} FIn￿rIal awts (contlnued) Quot￿ Inv•slm•nts- Group and Trust Mark81 value at bw'nnirKJ of y Addition8 at acquisrtiC￿ cost Disposal 81 market V81 Gain on dispo8al$ at market value Net gwn on ravaluatp)n 12,319,010 .374,544 (1.997,323) 387,287 4,065,421 Mark•t valu• at ond of ye•r 2414B939 An8ly8A8 of invesbn8nts 2023 2022 UK li8tgd inv68lJnents Non-UK li8ted inve&tmer 8,978,335 15.172.604 1.951.020 10,367,990 24 148 939 12319010 HIBtor(c C06t 13 18593 304 The folltrwing Invgthients CLYryMe 5% oflho market valuè of th8 total investrment pOrtFol￿. 21r22 Bank of Ireland Persirnmon p Unilever plc Baygrigcho Motoren Werke AG Dalmler AG Ha10￿re Lbyds Banking Gr￿￿ pk ING Groep BV 4,781,974 4,113A01 3,220,151 1,346.906 1309,304 19.80 17.03 13.33 2,867,C69 23.27 2,660,479 1.011.C65 1.048,528 977,072 885,950 707,959 21.8 8.21 8.51 7.93 7.19 5.75 5.01 Inve•tm•nt In 8ubBldI4ry-Tr￿I Investr￿t in subsid1￿ comprised the Trusf$ li BrrAn8tead Farff Limited (°BFL'I, company engaged in fanning and related aLr¥ities. The Trust digpo8ed of it8 investments in BFL at 8 bc¢k vdue on 31 March 2023, therefore no gain or kA8 ar08e on its dtsposal.

The Goodman Foundation Notes (cthrybn£d) 10 Tanglblfj flxed amets Agrfculturnl Bulldlng• Land Total CoBt At 1 April 2022 Additions in the year Dl8posals in the ye 14.315,981 4,205,570 18,521,551 388.365 386,365 (4,288,690) {4.288,690) At 31 M•r¢h 2023 303 246 14 619 226 AGGuMUlat￿ doprod•tlon At 1 April 2022 Charga for tho yaar Disposah in the yet (147.097) 1147.0971 151,S09) (51,509) 198,6(h3 198.606 At 31 M•rch 2023 N•t book valu• At 31 M•rch 2023 14316981 303245 14619228 At 31 March 2022 14 315 981 4 058 473 18 374 454 A9￿ul1￿rnI Wldlng• Land Total C￿t At 1 April 2022 Additiong in the year DisFo¥ah in the ye 14.315,981 303,245 14,619,228 At 31 March 2023 981 619 226 Accumulatsd depreclatlon At 1 April 2022 Charge for the year Di8posah in the year At 31 MarGh 2023 Net book value At 31 March 2023 14315981 303 246 14619 226 At 31 March 2022 14315 981 303 245 14619 226 Caprtal c(￿1¢ments * 31 2023 tthlled £NH {2(r22'. £NiD 24

The Goodman Foundation Notes (conbnu8d) 11 Inv•Btm•nt Pro￿rtIa• Group and Trust At 1 &DriI 2tr22 Dposd$ 5,248,918 11,348.826) At 31 March 2023 At 31 Mard12022 5248918 The Trustees have considered tho ¢8rykng vakn of ti)vaStm￿ propertle8 at year end and consider Ihat their cArying value rnfflects their market value. In at Ihl8 c¢)n¢lu8ion, th dlrèctors hav6 taken thic• from qualffi8J vgluers. The Tru8tee8 obtained an IrKlepethl profeuwl v8iuthi for bts Inve8tm&nt prop8rti88 88 at March 2023. Th8 valuation wa8 cwried wt by C(AIiw8. The valuation w8B prepared by o)n8idedng market evidence and the ¢8ytsllsed valua of th8 proJ8ct&l rental In￿Me rnceNabl8 from tha pvop8rty. The caprtali58d valuo of future ￿nIg1 inKime is b88od off a weld that 13 informed by th Implied inve8tmenl yield from rKent tronsacti￿5 of similar prop8rtie8 in the maTket. In tho Opin1￿ of the valuer. the mwket Volug of pr• as at March 2023 w88 £3,900,292. A8 8 raju￿ the TNJtee8 have Mn¢luded Ihat it 1$ opwJprial8 lo tho property at its opening eanylnp valu8. 12 Intanglblo flx•d au•l• Group and Trust 2022 At beginning of the Amortisation 89,743 150,5001 140.243 {50,500) At and of yoar Intangible fixed as8ets represent 8lrqlg farni p8yrn￿ entlti8￿ts. 13 Ca8h al bank •nd In hand Gvoup Group 2022 Trust 2023 Trust 2022 Cash at bar 2nd in hand 58,033A16 56.418.154 S8.033￿18 50.397,385 25

The Goodman Foundation Notes (continuo 14 Stock Group Grwp Trust 2023 Tru8t 2022 Raw materials and con8Lrn*les 16 Dobtorn Group 2023 Tru•t 2023 Trust 2022 2022 Trade debtorn Atrnunt8 due from r￿ated parti88 A￿￿Unts due from $ubsidtary Accrued incoma Pr8payments Other deblorB 1WJ,343 2.850.347 11584 18,S84 84.427 2,884,742 103.071 17,379 31,089 31,089 2 969 169 16 Crndltor•: amounts f•lllng du• wtthln om y••r Group 2023 Tru81 2023 Trust 2022 21)22 AnM)urrt8 due to related paths VAT 10.241,685 439.744 55,770 339,518 24,241 55,771 Accruals 9MOO 10737 199

The Goodman Foundation Notes (CXMtin￿dJ 17 Funth oftho charlty Qroup 2¢y22 At beginning of the year Glft of expendabk enthy•ffl￿l re¢eNed 83,145,766 g,000,IxIO 73,645,765 9,500,WO Endowmont lunds at end of year 83 145785 At beginning of year Nat (•xp8ndrture) durfng tha y•or R•aliJed gain8 on inveBtments Other gains {net) 1,697.785 1684892) 804.644 6h17,587 2,296,188 13,012,309) 202,328 2,111,578 Unr8•trlct•d fvndl at •nd ￿ y•or 1597 785 Tru•t 2022 At bsginning of the year Gift of expendabh rwAlv8d 83.146,766 9.500,(XIO 73,645,765 9,500,000 End(vrnt fund• at wd of y•ar 92 645 766 83 145 765 At beginning of year Net leypenditure) sjuring the year Realised gains on investrnerts Other gains {n8t> 2,079,166 {748.706) 387.287 6,417,587 2.262.289 (2,497,019> 202,328 2.111.578 Unro8trlcted fund8 at end of year 20791

The Goodman Foundation Notes (C£￿tinU6d) 18 Analysls of not as￿ b•t¥rnqn funds Totsl Fund• Funds Fixed 888ets Current assets Créditor8 42,707,700 49,938,C65 42.707,7frJ 58.083.189 9.8C 92 645 765 100 781089 8,145,124 9.800 8 136.324 FL¥ed 85$ets Current as$et8 Cr8ditor8 42.707.700 49.938,065 42,707,700 58,083,189 8,145,124 92 645 765 100 781089 19 Commltm•nts At the balance 8heet dats, there aro th)nth lo vthkh tho Trust w88 c￿nmi11rj to making that hav8 not boon proylawj fty. The Tru8t had CL¥rffiitments nor contingenci08 8t tho balarKo 8he8t dal8. 20 R•l•t•d p•rty dlKIoourn• Tran8actlon8 wlth r•lot•d •nth14• Th8 Trugt 18 a benefidary ofthe G¢M)dman Famity Tnrnts. Set out bellyw 0 8ummary ofthe tranwtKJns betsveen the Trust and entrbe8 that are whc4ly OWT)gd $ubskliari85 af the Goodmn Family Trusts.. Tho Trust re¢eived an endchThrt ¢nation of£9,5CM),¢XM) (2022.. £9,$00,0001 from ABP F(xxl Group Unlimited fABPFG"I. Appointments of income totall￿9 £384.378 (2022. £348.1191 vme recerled directly fr￿￿ tha Goodman Famity Trusts. Pann8 Managemenl Service8 UnlirTwtsd rpm￿ coats incurred on behalf ofthe TruBt of £93.203 (2022.. fJ38.518). The bakn due+ to PMS at year end was £nl12022.' £338.5181. Li¢en¢e fees rf£126,562 (£152.7521 charged to Blad(rock Haalthwe Group Unlimed and iiB 8ub8Kliaries fBHGU)". The bae due frL¥n 8HGU at year and wa8 £17.58412022.' £84,42T) During the year BFL reirt)urn¢d ABPFG £733,817 {2022: net I￿t of £1,734,90n in spKt of net e>p9nses incurred by ABPFG ￿ BFL'S Èehall. The Trust disp￿e￿ of its shareholdww in BFL to ABPFG. The inv6stynont was Sokl at It8 bts)k v8lu& which the Tru8te88 we satsfi￿ reprgsenknj an kngth ¢on$ider8tion the Sa￿ of the inveslnw)L 28

The Goodman Foundation Notes (continu8dJ 20 R•lat•d party dlsclosurns {continu•d) Trnnsactlons vAth su1￿1d1•ry Trust had the following Ir8rxtions with ts sub5idlary BFL during the year. BFL 18 engaggj in la￿1n9 aCt￿litieS ￿ kns the agricuhural land vwned by tho Tru8t' ar￿ fee8 of £298.255 was charpj by th8 Trust lo BFL12022.. £298.255}. The balanea cAved by BFL to the Tru6t at year end Was £nil12022.' £2,884.742). 21 Pogt4•lance Sho•t Evonts There have been no svjn1fi￿t events aff8catng th• gro￿1 sinc8thè financlal ye¥4nd. 22 Approval of tho Flnaficlal 8tat•m Thg diredors approvwj the firwKial St*eMe￿ on th• 18 January 2024.