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
Un*8d Kin
Audltor
KPMG
1 Stoke8 P*e
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 C*MI 1&20
P.0. Box 3941
1211 Ger￿a 3
Swilzerknd
Inv•stm•nt advl•orn
8arck*y$ 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 Trust*s.
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 8dmlni8tr*h)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$f*d 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 t*um 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 8tockbrc*lng 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 lth*fiJl thing8 as are nw)Bsary for the achievemanl cltho obl* of1￿ Trust.
D￿ls1On9 must bg made by a m8iority of vo*86 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 cA*tNe8 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 OStthlisl*d 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$le88 r8cogni88
a need to hokl re80r¥￿ repre8enting a r808onabbè 8loc*K)n for contingonGI88.
Having regard to th88e mthr8, ihe TnJ8tees polky b to Set asKle re8W4es tho grgatar d trwo yearfs
planned gNing. or £5m.
The Tru8te88 P8riOtJK•lly rw#4V Ih•18v•l of rn8erve8 relained in endchyment funds. Th• TruBteeB rotsin
thes6 r88eNes to the extent considered nece88ary io ensuffj that 8dequat6 fiJnd8 are generated and
av8llabl• to covar futurn donalon81o charilable cau888.
Invath•nt polky
The oblthe of tho Is to In¥wt pwdontly Jo a• to 8nabl8 tha Trust to cwry +>Ji Is Obio¢ts
continuousty from year to year with due and proper I￿81deratiOn for future needo and to malntain and
grow the Trust's invost*b fund$ 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 expl8in*J 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 iryuLaritk*8.
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 SL*JswJiary 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 Invo*lng
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$8 t*hwwNè stateAI, béen Applled con818tently to all
pedod• Wea¢nt￿ in frwKial st*￿rth￿.
e•Umat8¥ and Judgfjmonts
The preparation of financial stateme￿ in c0ryl1an￿ with FRSi02 roquir68 the uBa of certain critul
t￿oUntIng 881imateo. It ai80 requre8 managerr*rrt to exorcise judgement in opplying a¢¢ounling
policies. EilKnate$ 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 prepar*Kn 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 c*4'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 endv*ments 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 ￿ cred*ed to the Statement of Financial AdNities when received or
1Vab￿ whichever 18 earlier, unle88 it rel*e8 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 albc*ed ¢)n a total ￿$t basiB exclude
fUrKIraiBW￿ and g¢Jveman¢e co6ts.
Those aT• the costs associated w*h th8 govam￿ce arrangement8 of the Trust as opposed to th08e
¢ost$ 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 dewKr*lon.
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. Liabil*ies 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 grrr*Lh 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 cap*o1
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 FcL*J 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 ITan81*i)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 aL*r¥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
D*posd$
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￿nmi11r*j 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,$00,0001 from ABP
F(xxl Group Unlimited fABPFG"I.
Appointments of income totall￿9 £384.378 (2022. £348.1191 vme recerled directly fr￿￿ tha
Goodman Famity Trusts.
Pann8 Managemenl Service8 UnlirTwtsd rpm￿ coats incurred on behalf ofthe
TruBt of £93.203 (2022.. fJ38.518). The bakn due+ to PMS at year end was £nl12022.'
£338.5181.
Li¢en¢e fees rf£126,562 (£152.7521 charged to Blad(rock Haalthwe Group Unlim*ed
and iiB 8ub8Kliaries fBHGU)". The ba*e due frL¥n 8HGU at year and wa8 £17.58412022.'
£84,42T)
During the year BFL reirt)urn¢d ABPFG £733,817 {2022: net I￿t of £1,734,90n in
spKt of net e>p9nses incurred by ABPFG ￿ BFL'S Èehall.
The Trust disp￿e￿ of its shareholdww in BFL to ABPFG. The inv6stynont was Sokl at It8
bts)k v8lu& which the Tru8te88 we satsfi￿ reprgsenknj an kngth ¢on$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.