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← The Goodman Foundation

2024-03-31-accounts

The Goodman Foundation

Trustees' report and financial statements Registered number 1097231

for the year ended 31 March 2024

The Goodman Foundation

The Goodman Foundation
Contents Page
Reference and administrative information 1
Trustees' report 2-5
Statement of Trustees' responsibilities in respect of the Trustees' report and the
financial statements 6
Independent auditor's report to the Trustees of The Goodman Foundation
:		 7-10
:
Statement of financial activities 11
Balance sheet 12
Cash flow statement 13
Notes to the financial statements 14

The Goodman Foundation

Reference and administrative information

Trustees

Laurence J. Goodman (Chairman) Catherine Goodman Philip Morgan Brenagh Kirwan John McLaughlin

Registered name The Goodman Foundation Registered number 1097231

: Address for correspondence/ Registered 6290 Bishops Court i office Solihull Parkway Birmingham B37 ?YB ii United Kingdom

Auditor KPMG : 1 Stokes Place A ! : St. Stephen's Green Dublin 2 Ireland Solicitors Stone King LLP Broad Quay House Bristol BS1 4DJ United Kingdom :[i] Bankers HSBC Bank pie 129 New Bond Street } London W1 A 2JA United Kingdom Barclays Bank (Suisse) SA Chem in de Grange Canal 18-20 P.O. Box 3941 1211 Geneva 3 Switzerland Investment advisors Barclays Bank (Suisse) SA Chemin de Grange Canal 18-20 P.O. Box 3941 1211 Geneva 3 Switzerland

Davy 49 Dawson Street, Dublin 2 Ireland

The Goodman Foundation

Trustees' report

The Trustees present their report and financial statements of The Goodman Foundation ("the Trust") for the year ended 31 March 2024, which includes the reference and administrative information set out on page 1.

Reference and administrative details of the charity, its Trustees and advisors

The charity number, present Trustees and advisors are given on page 1.

Trustees

The Trustees who held office throughout the year were as follows:

Laurence J. Goodman Catherine Goodman Philip Morgan Bronagh Kirwan John Mclaughlin

Structure, governance and management

Governing document

The Trust is a registered charity and is governed by a Trust deed executed 14 March 2003 ("the Trust Deed"). ;?

Appointment of Trustees, organisational structure and related parties

The Trust is administered by the Trustees. They meet at least 3 times per year and receive reports on the Trust's investments, finances and grant-making activity. Decisions require majority approval of the Trustees.

The Trust has no direct employees. The Trustees are assisted in their administration of the Trust by appropriately qualified persons who receive no remuneration for their services to the Trust. The Trust's subsidiary retains staff appropriate to its trading activity.

Trustees are appointed by resolution of the Trustees. Existing Trustees are re-appointed each year for a further term of one year by a resolution of the Trustees in accordance with the Trust Deed. There shall be at least 3 Trustees.

Trustees keep informed of developments in charity law and regulations, and ensure compliance with same, by retaining the services of professional advisors with expertise in charity law. t ] i Details of transactions with related parties are set out in note 17 to the financial statements. 2

Risk management

The Trustees have identified and put in place controls to monitor the risks to the Trust. They confirm that they are satisfied that sufficient controls are in place to mitigate identified risks.

Approximately 16% of the assets of the Trust are held as agricultural land and investment properties, 41 % in quoted stocks and 43% in cash deposits. The Trustees identify the risks to the Trust as follows:

2

The Goodman Foundation

Trustees' report (continued)

Structure, governance and management (continued)

To mitigate the above-listed risks, the following are monitored on a regular basis:

Objectives and activities for the public benefit

The objectives of the Trust as defined by the Trust Deed are to further the following objects both in the UK and outside the UK:

In furtherance of such objectives, the trustees have the following powers:

Decisions must be made by a majority of votes of the Trustees present at ordinary and special meetings. The Chairman has the casting vote.

The general policy of the Trust is to make donations to recognised charities which provide benefits to the public as a whole or a sufficient section of the public. The Trust, before making a donation, will consider the benefits which would be available to the public as a whole or a sufficient section of the public.

Public benefit

The Trustees have regard to the Charity Commission's guidance on public benefit.

Compliance with legal and regulatory requirements

The Trustees are satisfied that the financial statements comply with current statutory requirements, the requirements of the Trust Deed and the "Accounting and Reporting by Charities": Statement of Recommend Practice.

3

The Goodman Foundation

Trustees' report (continued)

Grant making policy

The decision to award grants to charitable organisations is made by the Trustees during meetings of the Trustees or delegated, from time to time, to the Chairman, one other Trustee and the secretary to the Trust. All decisions regarding grants made are reported at the ordinary meetings of the Trustees. Grants are made to those charities or organisations which are considered most appropriate in the furtherance of the objectives of the Trust.

Achievements and performance

During the period since the Trust's establishment, it has received contributions and made donations to charitable bodies in furtherance of the objectives of the Trust. In total 74 grants were made during the year ended 31 March 2024. These are analysed in note 5 to the financial statements.

The Trust has been funded by generous donations required to be held and invested as expendable endowments. Accordingly, whilst Trustees have absolute discretion in relation to the Trust's grant giving activities, it is the Trustees' policy that, other than in exceptional circumstances, to limit the amount of grant giving in any year to the income from the endowment funds so as to preserve the capital and ensure that the Trust can continue its work over the longer term.

All grants must be in line with the objectives of the Trust.

On 31 March 2023 the Trust disposed of its shareholding in Brom stead Farms Unlimited to ABP Food » | Group Unlimited. The investment was sold at its book value which the Trustees are satisfied represented | i an arm's length consideration for the sale of the investment.

Plans for future periods

It is the Trustees' intention to invest and grow its endowment funds prudently, in accordance with the Trust's investment policy, to enable the Trust to make annual grants in accordance with its grant making policy over the long term.

Financial review

Net income for the Trust for the year, after expenditure of £2,272,623 (2023: £2,433,467), was £12,341,125 (2023: £8,751,293).

Fund balances at the yearend were £118,963,678 of which:

4

The Goodman Foundation

Trustees' report (continued)

Reserves policy

The Trust was established to generate income to support its objectives.

Funds are invested to generate income for distribution and free reserves are held in interest bearing deposit accounts such that they are freely available for distribution as the need arises. Running costs of the Trust are minimal and as such all income is available for distribution to worthy causes. However, Trustees will not want to be forced into making donations simply because income arises, nor to be unable to aid worthy causes in the event that investment returns are disappointing. In addition, Trustees will want to be in a position to react quickly to support appropriate causes in exceptional circumstances. Experience has shown that the process of investment is volatile, both from the perspective of the certainty of income and the ability to preserve the value of the underlying capital base. Finally, Trustees recognise a need to hold reserves representing a reasonable allocation for contingencies.

Having regard to these matters, the Trustees policy is to set aside as reserves the greater of two year's planned giving, or £5m.

The Trustees periodically review the level of reserves retained in endowment funds. The Trustees retain these reserves to the extent considered necessary to ensure that adequate funds are generated and available to cover future donations to charitable causes.

Investment policy

The objective of the policy is to invest prudently so as to enable the Trust to carry out its Objects continuously from year to year with due and proper consideration for future needs and to maintain and grow the Trust's investable funds in line with inflation. Our investment advisors invest to maximise the total return on endowment funds within the constraints of a medium to low risk investment portfolio.

Disclosure of information to auditor

The Trustees who held office at the date of approval of this Trustees' report confirm that, so far as they are each aware, there is no relevant audit information of which the Trust's auditor is unaware; and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the Trust's auditor is aware of that information.

On behalf of the Trustees

sau anee LesSenett Trustee Date: 11th December 2024

Trustee Date: 11 th Dece 2024

5

The Goodman Foundation

Statement of Trustees' responsibilities in respect of the Trustees' report and the financial statements

Under the Trust deed of the charity and charity law, the Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations. The Trustees have elected to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the excess of income over expenditure for that period.

In preparing these financial statements, generally accepted accounting practice entails that the Trustees:

The Trustees are required to act in accordance with the Trust deed of the charity, within the framework of Trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the Trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

On behalf of the Trustees

'- Maas J c]o John Mc'cJghlin Trustee Date: 11th December 2024

6

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 2024 set out on pages 11 to 23, which comprise the Statement of Financial Activities, Balance Sheet, Cashflow Statement and related notes, including the summary of significant accounting policies set out in note 1.

In our opinion, the financial statements:

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 Trust 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 Trust or to cease its operations. The Trustees have concluded that the Trust'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 Trust's business model, including the impact of Brexit, and analysed how those risks might affect the Trust'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 Trust 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 Trust'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 Trust'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 non­ compliance with laws or regulations or alleged fraud; inspecting the Trust'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 Trust 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 Trust 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 offines 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 i an opportunity to commit fraud. As required by auditing standards, we performed procedures to address 3 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 non­ compliance 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:

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:

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 Trust'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 Trust 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

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

(continued)

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

This report is made solely to the Trust'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 Trust'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 Trust and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Colm O'Se

for and on behalf of KPMG, Senior Statutory Auditor

13 December 2024

Chartered Accountants Registered Auditors Stokes Place St. Stephen's Green Dublin 2 Ireland

10

The Goodman Foundation

Statement of financial activities

for the year ended 31 March 2024

Note Un restricted Endowment Total Funds 2024 Total Funds 2023
- £ £ £
Income and endowments from:
Donations and legacies 2 1,302,382 9,500,000 10,802,382 10,154,168
Income from investments 3 3,811,366 2 3,811,366 1,030,592
Total income and endowments 5,113,748 9,500,000 14,613,748 11,184,760
Expenditure
Cost of raising funds 4 (125,220) (125,220) (170,532)
Charitable activities 5 (2,147,403) (2,147,403) (2,262,935)
Total expenditure on charitable activities (2,272,623) (2,272,623) (2,433,467)
Net income/(expenditure) 2,841,125 9,500,000 12,341,125 8,751,293
Other recognised gains and losses
Net gain on investments 6 5,841,464 5,841,464 6,804,875
Net Movement in funds 8,682,589 9,500,000 18,182,589 15,556,168
Reconciliation of funds
Total funds brought forward 8,135,324 92,645,765 100,781,089 85,224,921
Total funds at end of year 16,817,913 102,145,765 118,963,678 100,781,089

There was no other comprehensive income in 2024 or 2023 other than those in the statement of financial activities. All amounts relate to continuing operations.

11

The Goodman Foundation

Balance sheet

As at 31 March 2024

Balance sheet
As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Financial assets 7 47,799,839 24,148,939
Tangible fixed assets 8 303,245 14,619,226
Investment properties 9 20,989,725 3,900,292
Intangible assets 10 39,243
69,092,809 42,707,700
Current assets
Cash at bank 11 49,842,287 58,033,516
Debtors 12 44,482 49,673
49,886,769 58,083,189
Creditors:amounts falling due within one year 13 (15,900) (9,800)
Net current assets 49,870,869 58,073,389
Net assets 118,963,678 100,781,089
The funds of the charity:
Endowment funds 14 102,145,765 92,645,765
Unrestricted funds 14 16,817,913 8,135,324
Total funds of the charity 15 118,963,678 100,781,089

These financial statements were approved and signed by the Trustees on 11[th ] December 2024.

(une~ ~ L Trustee Trustee s:i:w

Charity registered number: 1097231

12

The Goodman Foundation

Cashflow statement

for the year ended 31 March 2024

i
2024 2023
Note £ £
Net movements in funds 18,182,589 8,801,597
Adjustments to exclude non-cash items and
investment income
Amortisation 10 39,243 50,500
Decrease in debtors 12 5,191 2,919,496
lncrease/(decrease) in creditors 13 6,100 (409,730)
Gain on financial assets 6 (3,138,572) (4,452,708)
Gain on investment property 7 (2,942,628)
Gain on sale of tangible fixed assets 8 (67,671)
Investment income
3
(3,811,366)
(1,030,592)
Net cash generated from operating activities
8,272,886
12,633,134
:
rrr
t
er
ee
a
.
Cashflows from investing activities
Investment income 3 3,811,366 1,030,592
Proceeds from sale of tangible fixed assets 8 236,847
Proceeds from sale of investment properties 9 1,348,626
Payments to acquire financial assets investments 7 (27,963,532) (9,374,544)
Proceeds from sale of financial assets 7 7,451,204 1,998,323
Net cash (used in)/generated from investing
activities		 (16,464,115)
Ne		 {4,997,003) :
‘ ;
Change in cash and cash equivalents in the year (8,191,229) 7,636,131
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 11
rer		 58,033,516
49,842,287
rsa		 50,397,385
58,033,516		 E

13

The Goodman Foundation

Notes

to the financial statements

Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The Trust is a charity registered in England and Wales and is governed by a Deed of Trust executed on 14 March 2003. The Trust's objectives and activities are included in the Trustees report and charity information on page 1.

The financial statements are prepared under the historical cost convention, modified to include the revaluation of investment properties and quoted investments to fair value, and in accordance with applicable accounting standards in the United Kingdom, the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' and Financial Reporting Standard (FRS) 102, together with the reporting requirements of the Charities Act 2011.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Estimates and judgements

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying accounting policies. Estimates and judgements are continually evaluated by the Trustees based on historical experience and other factors including expectations of future events that are believed to be . reasonable in the circumstances. The most significant estimates and judgements relate to the : market value of investments properties. 1

Going concern

In determining the appropriate basis of preparation of the financial statements for the year ended 31 | March 2024, the Trustees are required to consider whether the Trust can continue in operational existence for the foreseeable future.

As of 31 March 2024, the Trust had total endowment funds of £102,145,765 (2023: £92,645,765) and unrestricted funds of £16,817,913 (2023: £8,135,324). Having undertaken a detailed review of future anticipated donations and expenditure, and by reference to the Trust's policies on grant making and reserves, the Trustees are satisfied that the Trust has adequate resources to continue its operations well into the foreseeable future.

Taxation

As a registered charity, the Trust is exempt from corporation tax on its charitable activities but not from VAT.

The subsidiary undertaking does not generally pay corporation tax because its policy is to Gift Aid taxable profits, to the extent that they arise, to the Trust.

14

The Goodman Foundation

Notes (continued)

Incoming resources

Voluntary income and donations are accounted for on a receipts basis.

Where the Trust receives grants to further its charitable objectives these grants are recognised when the Trust has entitlement to the resource with the timing of the expenditure being within the discretion of the Trust. Such resources are only deferred where the donor imposes specific conditions that specify the time period in which the expenditure of the resources can take place.

s i Expendable endowments received in the period have been disclosed as such. ¢

The value of voluntary work is not included in the financial statements.

Resources expended

Cost of generating funds

These are the costs which are associated with generating incoming resources from all sources other than from undertaking charitable activities. This includes costs of generating voluntary income and costs relating to fundraising trading.

Charitable activities

Grant expenditure is recognised when funds are transferred to charitable organisations in furtherance of the objects of the Trust. These transfers are tightly controlled through the charities grant-making policy.

Associated support and partner development costs are allocated on a total cost basis and exclude fundraising and governance costs.

Governance costs

These are the costs associated with the governance arrangements of the Trust as opposed to those costs associated with fundraising or charitable activities. Governance costs include audit and legal advisory fees.

Endowment funds

Much of the Foundation's funds have been provided as expendable endowments. Such funds are invested to generate income to enable the Trust to continue its work over the long term. Only in exceptional circumstances can endowment funds be used to fund grant giving.

Unrestricted funds

Funds which are expendable at the discretion of the Trustees in the furtherance of the objects of the Charity are classified as unrestricted funds.

15

The Goodman Foundation

Notes (continued)

1 Accounting policies (continued)

Tangible fixed assets and depreciation

Tangible fixed assets, with the exception of land, are carried at cost less accumulated depreciation. Land is not depreciated. Depreciation is calculated to write off the cost of assets over their expected useful lives on a straight-line basis as follows:

Buildings 20 - 50 years Plant and equipment 5 - 30 years

Assets under construction are recognised at cost and are transferred to property, plant and equipment when they are available for use. These assets are not depreciated until they are available for use.

Tangible assets are reclassified to investment property when there is a change in use, evidenced by the asset meeting the definition of investment property and the asset is no longer used in the entity's operations but is instead held for rental income, capital appreciation, or both.

Investments

Listed investments are included on the balance sheet at fair value which is their closing bid price on the current or previous trading day.

Unlisted investments are included on the balance sheet at their fair value. Investments in subsidiaries are recorded at cost in the Trust's Balance Sheet.

Realised gains and losses on disposals in the year and unrealised gains and losses on investments at the balance sheet date are included in the statement of financial activities for the relevant underlying funds. All investment income is treated as unrestricted.

Investment properties

Investment properties are properties which are held to earn rental income, for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition investment properties, whose fair value can be measured reliably without undue cost or effort, are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the statement of financial activities in the period that they arise.

Financial instruments

The Trust has applied the provisions of FRS 102, Section 11, 'Basic Financial Instruments' and Section 12, 'Other Financial Instruments Issues'. Financial assets and liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument. The Charity initially recognises a financial asset or a financial liability at transaction price, for debtors and other creditors this is the settlement amount. Grant commitments over one year are discounted to reflect present value.

Debtors and creditors

Trade debtors and other debtors are recognised at their transaction price less any allowance for doubtful debts. Liabilities are recognised when, as a result of past events, there is a probable future outflow of resources, and the amount can be estimated reliably. Trade creditors and other creditors are included at their nominal value.

16

The Goodman Foundation

Notes (continued)

1 Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Foreign currencies

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the statement of financial activities.

==> picture [592 x 165] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2|Donations and legacies| |Donations comprise endowment income and other donations and legacies:| |i| |ti| |i| |:|Unrestricted|Endowment|2024|2023| |Total|Total| |:i| |]|£|£|£|£|4,| ||| |||Endowment income|-|9,500,000|9,500,000|9,500,000|1I| |Other donations and legacies|1,302,382|1,302,382|654,168|I| |i)| |i| |———|ety|iq| |1,302,382|9,500,000|10,802,382|10,154,168|;| |EL|EA|ee a|;|

----- End of picture text -----

Endowment income represents donations received which are held and invested as expendable endowments to generate both income for expenditure on the Trust's charitable purposes, in accordance with the Trustees' grant-making policy, and growth in the capital value of the endowments for the long-term viability of the Trust.

Other donations represent income received which is available to the Trustees to fund its grant­ making programme.

3 Income from investments

==> picture [448 x 119] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Endowment|2024|2023| |Total|Total| |£|£|£|£| |Rental income|188,639|188,639|126,562| |Income from fixed asset investments|1,791,289|1,791,289|671,764| |Income from cash and current asset| |1,831,438|1,831,438|232,266| |investments| |————————| |3,811,366|3,811,366|1,030,592| |TT,|EE|A|A|A|ay|

----- End of picture text -----

17

The Goodman Foundation

Notes (continued)

4 Expenditure - cost of raising funds

Expenditure - cost of raising funds
2024 2023
£ £
Investment management costs 85,977 120,032
Amortisation of intangible assets 39,243 50,500
125,220
170,532
rar
TNL
Expenditure - charitable activities
Charitable expenditure is analysed as follows:
2024 2023
£ £
Grants to charitable causes 2,072,100 2,134,531
Governance costs 75,303 128,404
2,147,403
aea		 2,262,935
TC

5 Expenditure - charitable activities

The Trustees made grants to various charitable causes during the year. In total, 74 grants were made. Grants may be analysed as follows:

2024 2024 2023
Number £ Number £
Third world and disasters 7 758,469 7 1,037,119
Grants_to_help the poor, elderly and
Disabled 32 448,829 10 698,783
Children's charities 28 611,704 4 200,136
Other charitable causes deemed worthy 7 253,098 3 198,493
————————
a		 74 2,072,100
24
2,134,531
er
a a
SS
SNS

The Trustees have availed of the exemption set out in Section 132 (4) of the Charities Act 2011 from providing the names of grant recipients and the amount of grants made.

18

The Goodman Foundation

Notes (continued)

5 Expenditure - charitable activities (continued)

Governance costs are analysed as follows:

Governance costs are analysed as follows:
2024 2023
£
Audit fees 15,965 47,344
Legal and advisory fees 59,338 81,060
75,303 128,404

Trustees received no remuneration during the year, or in the prior year. Furthermore, no travel or other costs were reimbursed to the Trustees.

6 Net gain on investments

Net gain on investments
2024 2023
£ £
Realised gain on financial asset investments 1,544,104 387,287
Unrealised gain on financial asset investments 1,594,468 4,065,421
Unrealised gain on investment properties 2,942,628
Unrealised (loss)/gain on currency translation (239,736) 2,352,167
5,841,464 6,804,875
Financial assets
2024 2023
£
Quoted investments 47,799,839 24,148,939
47,799,839 24,148,939
Quoted investments
£
Market value at beginning of year 24,148,939
Additions at acquisition cost 27,963,532
Disposal at market value (7,451,204)
Realised gain on disposals at market value 1,544,104
Unrealised gain on revaluation 1,594,468
Market value at end of year 47,799,839

7 Financial assets

19

The Goodman Foundation

Notes (continued)

7 Financial assets (continued)

Analysis of investments

2024 2023 £ £ UK listed investments 17,891,444 8,976,335 Non-UK listed investments 29,908,395 15,172,604

47,799,839 24,148,939 a Historic cost 48,370,147 26,357,813 re Th NEE

The following investments comprise more than 5% of the market value of the total investment portfolio.

‘ The following investments comprise more than 5% of the market value of the total investment
portfolio.
‘		 The following investments comprise more than 5% of the market value of the total investment
‘		 The following investments comprise more than 5% of the market value of the total investment
‘		 The following investments comprise more than 5% of the market value of the total investment
‘		 The following investments comprise more than 5% of the market value of the total investment
‘		 The following investments comprise more than 5% of the market value of the total investment
‘		 ‘i
2024 2023
£ £ % £ %
Bank of Ireland 4,713,744 4,713,744 9.86 9.86
4,781,974		 19.8
Persimmon pie 5,461,400 5,461,400
11.43		 11.43
4113401		 17.03
Unilever pie 4,389,640 4,389,640 9.18 9.18
3,220,151		 13.33 '
Bayerische Motoren Werke AG 3,054,233 3,054,233 6.39 6.39
1,346,906		 5.58
Daimler AG 2,983,990 2,983,990 6.24 6.24
1,209,304		 5.01
Volkswagen 2,498,742 2,498,742 5.23 5.23
Derwent London 3,192,380 3,192,380 6.68 6.68
Taylor Whimpy
Smurfit Kappa
Nestle SA		 2,603,950
2,893,413
6,508,813		 2,603,950
2,893,413
6,508,813
5.45
6.05
13.62		 5.45
6.05
13.62		 al
i
i
8 Tangible fixed assets
i
Investment
Properties		 Investment
Agricultural Buildings
Properties
Land		 Total it
Cost £
£		 £
At 1 April 2023 3,900,292 3,900,292
14,315,981
303,245		 18,519,518
Disposals in the year (169,176) (169,176)
Reclassification to investment properties 14,146,805 14,146,805(14,146,805)
Revaluation 2,942,628
2,942,628
j
=
=
t
At 31 March 2024 20,989,725
303,245
21,292,970
-
Se		 -
i
: Accumulated depreciation
At 1 April 2023		 :
Charge for the year
At 31 March 2024
~~]~~
~~=~~
~~-~~
~~=~~
;
Net book value
At 31 March 2024 20,989,725 20,989,725 303,245
~~=~~		 23,292,970
~~=~~		 ~~=~~
At 31 March 2023 3,900,292
14,315,981
303,245
18,519,518
ee

Agricultural land now meets the definition of an investment property and in line with the accounting policies has been reclassified.

Capital commitments at 31 March 2024 totalled £Nil (2023: £Nil)

20

The Goodman Foundation

Notes (continued)

9 Investment properties

Investment properties
2024
£
At 1 April 2023 3,900,292
Reclassification from tangible fixed assets ‘ 14,146,805
Disposals
Revaluation adjustment 2,942,628
At 31 March 2024 20,989,725
At 31 March 2023 3,900,292

The Trustees have reviewed the carrying value of investment properties at year end and considered that their carrying value reflects their current market value. The Trustees have taken advice from qualified valuers.

In respect of Fonthill, the Trustees obtained an independent professional valuation for its investment as at March 2024. The valuation was carried out by Colliers. The valuation was prepared by considering market evidence and the capitalised value of the projected rental income receivable from the property. The capitalised value of future rental income is based off a yield that is informed by the implied investment yield from recent transactions of similar properties in the market. In the opinion of the valuer, the market value of the property as at March 2024 was £3,900,292. As a result the Trustees have concluded that it is appropriate to keep the property at its opening carrying value.

In respect of the arable lands, 1,362.79 acres, the valuation was based on the valuation carried out by Webbpaton dated 30th January 2023, and, on Strutt & parker Farmland Market Review of Winter 23/24. The Webbpaton valuation specified a price of £12,174 per acre whereas the Strutt & Parker review indicated a sale price range of £11,750 to £12,5000, an average of circa £12,000. As a result, the Trustees have concluded that it is appropriate to use the value of£12,174 as specified in the Webbpaton valuation and therefore increase the carrying value by £2,942,628 to £16,591,000

10 Intangible fixed assets

2024
2023
£
£
At beginning of the year 39,243
89,743
Amortisation (39,243)
(50,500)
ii
At end of year 39,243
*
a

Intangible fixed assets represent single farm payment entitlements.

11 Cash at bank and in hand

Cash at bank and in hand
2024 2023
£ £
Cash at bank and in hand 49,842,287 58,033,516

21

The Goodman Foundation

Notes (continued)

12 Debtors
2024 2023
£ £
Amounts due from related parties 18,584
VAT receivable 44,482 31,089
44,482 49,673
13 Creditors: amounts falling due within one year
2024 2023
£ £
Accruals 15,900 9,800
15,900 9,800
14 Funds of the charity
2024 2023
£ £
Reconciliation of endowment funds
At beginning of the year 92,645,765 83,145,765
Gift of expendable endowment received 9,500,000 9,500,000
Endowment funds at end of year 102,145,765 92,645,765
Reconciliation of unrestricted funds
At beginning of year 8,135,324 2,079,156
Net (expenditure) during the year 2,841,125 (748,707)
Realised gains on investments 1,544,104 387,287
Unrealised gain on Investment Properties 2,942,628
Other gains (net) 1,354,732 6,417,587
Unrestricted funds at end of year 16,817,913 8,135,324

22

The Goodman Foundation

Notes (continued)

15 Analysis of net assets between funds

Unrestricted Endowment Total
Funds Funds
£ £
Fixed assets 66,150,180 66,150,180
Current assets 16,833,863 35,995,585 52,829,398
Creditors (15,900) (15,900)
16,817913 102,145,765 118,963,678

16 Commitments

At the balance sheet date, there are no donations to which the Trust was committed to making that have not been provided for. The Trust had no capital commitments nor contingencies at the balance sheet date.

17 Related party disclosures

Transactions with related entities

The Trust is a beneficiary of the Goodman Family Trusts. Set out below is a summary of the transactions between the Trust and entities that are wholly owned subsidiaries of the Goodman Family Trusts:

18 Post-Balance Sheet Events

Post yearend, in June 2024, an investment property was purchased which will provide an annual income for the Foundation. There have been no further significant events affecting the Trust since the financial year-end.

19 Approval of the Financial Statements

The trustees approved the financial statements on the 11th December 2024.

23