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← The Goodman Foundation

2025-03-31-accounts

The Coodman Foundation Trustees, report and financial statements Year ended 31 March 202S Registered number 1097231

Tbe Coodmam Foundation Trnstees. report and finxncial statem¢Trts T4ble ofc4Mitnts Page Reference and adminisuaiive tnfonnaiion Trustees, report Sthtemtnt of Trus¢¢es' rcsponsibiliiies in respe¢t of the TnLSÈes' report attd the financial statements Independent auditor's rew)rt to the Trustees of The c￿an FoUnd￿lOn 8- 10 Siatemenl of financial activities Balance sh¢ei 12 Cash flow stsiemeni 13 Noies fortning part of the finarteial stsiemenis 14

Tbe G•)odm8n Foynd#tion Refer¢nee Admiaistrntive infomation Trustee5 Laurence J. G￿1rnan (Chainnanl Philip imorgan Bronagh Kirth?n John McLaughlin Registertd nAme The G(KJman Foundaiion Registered Dumber 1097231 Addre55 for correspondente l RegisieTed offict Vienna House Bickenhill Parkway Marsion Green Solihull Birniingham Bi7 7GNt unli￿ Kingdom Auditor I Stokes Place Si. Siephen's Gre¢n Dublin 2 Ireland Solicttors Stone Kins LLP Broad ￿Y House Bristol BSI 4DJ United Kin8dom Bankers HSBC Bank plc 19 X'ew Bond Street ndonWIA 2JA Uniied Kingdom Barclays Baftk (Suissel SA Chemin de Grdn8e Canal 18-?0 P.0. Box 3941 l?11 Geneva3 Switzerland Investment advisors Barclays Bank {Sui5sel SA Chemin de Grdnge Canal 18-20 P.0. Box i941 l?11 Geneva3 SwitteTland Da￿. 49 Dawson StyeeL Dublin 2 IrelarKI

The Goodm￿ Foundation Trnste¢s' report rhe Trustee5 preseni their re￿rt artd finaneial stst¢m¢nts ofThe G(KNJman Fourldation (Ihe Trust-} ftir the year ended 31 Ma￿h 2025, which includes ihe ref¢ien¢e and admini51fdtÉve inf0m1￿10n sei out on page 2. Referen¢e attd admini5tralive details of tbe ¢hrity its Trnstees and xdvisors The charity number. present Trustees and advisors ar¢ given on page ? Tni.riees The Tru5tee5 who held offjce through(MJi the year were as follows: Laurence J. G4X)drnan Philip Morgan Bronagh Kirwan John illcLaughlin Catherine Goodman (resigned l? December ?0?41 Sirutture? governance and m4ngemetsl Gov¥rninx dociimenl The Trust is a regist¢r¢d ¢harity and is governed by a Trust deed execuied 14 March ?003 (*h¢ Tru51 Deed"). Ippfjinl￿Ielll of Trri.¥lees. organi.ya1iom71sinici￿re undrvlolvdparties The Trusl is zdmini5teTed by ihe Trustees. They me¢t at least 3 iirnes per year and receive re]N)rts on the Trust's investments. fEnances and grant-Tnaking activity- Decisions reqltire majority approval of the TrusEee5. The Trusi has no direct employees. The Trusiees are assisted in iheir admini5trdiion of ihe Tntsi by appropriately qualified persons who receive no remuneration for their services io ihe Tnjsi. Trusttts are apFK)inted by re501ution ofthe Trusiees. Existing Trustees are re-appoinied ea¢h year for a further iem) of one year by a resolution of the Trustees in aceordan¢¢ wilh the Tntsi Deed. There shall be * l¢asi 3 Trvsiees. Tnjsiees keep infomied of developEnents in charity law and regylaiion& and ensure COEnpliance with same. by retsining the seryices of professional advisors with expert15e in charii>' law. Deuils of iTansa¢iions with rela￿d parties #re set out in rMMe 17 iothe financial ststements. Ri.¥k managemenl The TTUStees have identified and put in place controls ￿ twnitor the risks to the Trust. They confirn? that they are saiisfjed thai sutTi¢ieni controls ar¢ pla¢¢ to mitigat¢ identified risks. Appro¥imaiely ?7ts/o of the assets of ihe Twst are held &% agricultufdl land and invesimeni pmpertie& 4PA in quoted st(xk5 and 260A in cash deposits. The Trustees identify the risks to the Trust as follows- MacrotheconomÉc fac￿[5 ihai may impact utA)n the ￿p1th1 value of assew particularly quoted stock5. Fluctuations in the Teturn on investments. Movement5 in interest rdlcs which impact urA)n the return on cash.

The GoodmxR Foundatio Tr¥Jstets' report (eontlDued) Strncturey governanc¢ And man3gem¢Dt (¢Olll1m￿d) To miiigaie the above.lis(ed risks. the following are moniwred on a regular knis.. Valuation of qltoied sio¢k$ Showing sainlloss on purchase COSL Dividertds received for each stock for the year ￿ dale. Interest received on each dek￿11 accouni for the year to date. Consuliing with finaneial advisors and investment rnana8ers on a regular basis. Objective$ Ind #etivities for the publie bentrt¢ The objectil'es of the Twst as defined by the Trum Lked are to furtherthe following objects knih in the UK and Outside th¢ UK: io help the Fxxjr. the elderly. the sick and those with disability; and lo benefii such charitsble causes the Trustees ddmine are ￿OrthY. In fiJrnh¢rance of such objeciive& the TTUSttts have the followin8 FK)wers: to rdise funds. providtd thai in exercising this ￿wer. the Truses do undertake any substsniial pennanent trading activity and shall Comply with any relevant 5taiuiory regulation5' to byy. lake on lease or in ex¢hange. hire orimherwise 3¢quire property and ￿ maintain and equip it for use.. to ctroperate with oiher charitie& volunw bc4Jies and statu￿ry auihorities and io ex¢hange infonnation and advice with Ihem. io illve￿ ihe funds of the Trust in any of the investmefits for the time beins auihorised for ihe investment of charity funds. io create 5ueh advisory commillees as the Trustees think fit. to perniii any investments comprised in the TTUSt fund io be held in the name of any clearing bank any Trust corpordtion or any sw)ckbroking cornpaThy which is a rnemberof ihe S(ock Exchange lor any subsidiary of such as siockbroking eompany) as nominee for the Truses and io pay any such nominee re&wable and proper remunerdiion for ectins such,. io do all such other lawful ihings as are nec¢ssJry for the achievement of ihe objects of the Trust. Decisions must be made by a majority of wes of the Trustees present at ordinary and sp¢¢ial meetings. The Chaimian has the c&sting vote. The general policy of the Trust is to make donations 10 recognised charities whieh provide benefits to th¢ public as a whole or a suffi¢sent section of the pllblic. The Trust. before making a donation. will ¢ot)sider the benefits which would be avdilable io ihe public as a whol¢ or a sufflcieni s¢c¢ion of the public. Publit benefit The Trust¢es have re￿ard to the Charity Commission's guidance on public benefit. Compliance with legal rtgulg10ry rtquirements Th¢ TTusiees are sat15fied that the fEnan¢ial S¢alements eomply wilh current statutory requiremett￿ the requirements of the Trust Deed and Ih¢"A¢countins and RetM)ning by Chariiies- Statemeni of R¢commended Prdciice.

The Goodman Foundaiion Trust¢es' report (Conlinutd) Grnnt making policy The decision to award grdnts io ¢harilabl¢ organisations is made by Ihe Trnstees during meetings of the Trustees or delegat¢d. from time to lime. to th¢ Chaimian, one oiher Tru51e¢ and Ihe secretary to the Tnjsi. All decisions regarding grnnts madc are reported at ihe ordinary meetings of the TnJst¢es. Grdnts are made to those charities or organisations which are considered mosi appropriale in the furtherance of the objeciives of ihe Trusi. Achieyements and performallte During ihe period since the Twst's esthblishmcnL li has received Wltributions and made donaitons to Charitable bodies in furtherance of the obje¢tives of the Tnjst. In total 96 grants were made during ihe )'ear ended 31 IAar¢h ?025. These are analysed in note 5 10 ihe financial statements. The Tnjsi has been funded by gentTOUS donation5 requir¢d io be held and invested as expendable endowments. A¢¢oTdin8ly, whilst Trustees have absoluie discretion Èn relaiion to the Twsi's grdni giving activities. 11 is the TnJs¢ees' policy (hai. other than in exceptional circumstances, to limii the amourtt of gran( givins in any year io ihe income from the endowmeni funds so &s to preserve the capital and ensure ihat the Trust can continue its work over the longer term. All grants must be in line with ihe objectives of ihe TrusL Plans for future periods JI is the TNstees' in(eniion to inves12nd grow its enik)wment funds pft￿entlY. in accordance wilh the Tru51's inves¢meni policy, io ¢nable the Trust to make at)nual grdnts in ac¢ordance wtth its grdnt maktng p)licy over ihe long term. Finanei%l review N'et ineome for the Trust for ihe year. afterexpenditure of £3J34,7?512024= £? ?7?.623}. was £10.6il.86912024.. £12.341,125). Fund balances at the yearend were £l?6.169.4871?0?4.. £118.963.678) of which= £33.546.0661?0?4: £?1 •9? 970 represented by propenv investments. £59.7?1.4101?0?4: £47.799.8391 was represeni¢d by financial assets eomprising quoted and nonuoted Si¢xks. £?11.1501?0?4.. £nill Wds represented by convertible loan noies. £33 ?44.1271?0?4.. £49.84? ?871 represented by ¢ash and eash equivalents. {£553 66}1?0?4- £?8.58?I was repreSen￿d by net crediwrs {?0?4= Thei debiorsl

The Goodmn FotsDdation Trustees, report {ctsntiDued) Reserves poli¢y The Trusi was established io generdte income ￿ supp)rt its objectives. Fund5 are invesied to senerdte income ftsr distribu11￿ and free reserves are held in inieresi beartng deposii accounts such that ihey are freely avaÉlable for distribulion as the need arises. Running costs of the Tru51 arc mÈnimal and a5 such all incom¢ is available for distribution io worthy causes. Hoi%¢ver. Trustees will want io be forc¢d In￿ making donatiot)s sirnpl>' becaus¢ income arise5. nor to be unable to aid worthy causes in the eveni that invesimeni returns are disappointing. In addiLlOlI. Trustees will want ￿ be in a posiiion ¢0 react quickly io supp)rt appropriate causes in excepiional ¢ir¢umstsrKes. Exp¢rien¢e shown ihai ihe process of investmeni is volaiile. boih frorn the perspectivc of th¢ e¢nainty of income and th¢ ability to preseEv¢ ihe N'alue of the underlyin8 capithl base. Finally. Trusiees re¢o8nise a n¢ed to hold reserves representing a rewjnable allc¢aiÉiM] for coniingen¢ie Having regard to these matters. the Trusi¢es' policy is to set aside as r¢serves ihe greater of two year's planned giving. or£5m. Thc Trustees periodically re%'iew the lev¢1 of reserves retained endowm¢ni funds. The Trusiees retain thes¢ r¢seryes to the extent ¢on5idered necessary to ensure thai adeqU￿t funds are genernd and available to cover fuivre donations to charithble causes. Investment policy The objective of the policy is to invesi pnjdenily so &s to enable the Tnast to caryy out its Objects continuously from year to year wth due and proper consideraiion for fulure needs and ￿ maintain and grow ihe Trust's investhble fund5 in line wilh intlation. Our ini'esvnent advisors invest to mlximise ihe total return on endowment funds wiihin ihe tonstrdints of a mediurn to low risk investment w)rtfolio. Disclosure of infomation to Auditor The Trustees who held office at the d2L¢ ofapproval of this Trnsiees" report confirm that. so far as ihey are e&h aware. there is no relevant audit iThf0rn21ion ofwhich the Trusi's auditor is unawar¢- at)d each Trustee has taken all Ihe steps thai ihey ought to have taken as a Trust¢e to make ih¢mselves aware of any relevant audii infOrn￿li0￿ and to estsblish thai the Trust's a￿di￿r is aware of that inforn)aiion. Ott behaifofthe Trumtes: Lauren Truste Ic Trustee 2 July 2025

The GoodTh¥Th Foundatio Siatement of Trustees. r¢5POn5ibilities in respect of the Trustees. report the fin4n¢ial stgtem¢nts Under the Tnjsi deed of the charity and charity law.. the Tru51ees are restM)nsible for preparing the Tru￿ee$. Annual Report and ihe financial siatements in accordan¢e wth applL¢2ble law and regulations. The Trustees have elecied to prep2re ihe financial S￿ernents in accordance with UK Accounting Siaodard& including FRS 10? The Fiwincial Reporiingsiandurdupplicable in ihe b'ii andRepubl£c oflreland. The financial statements are required by law to give a tnte and fair view of the state of affairs of the ¢harity and of ihe excess of ineorne over expenditure for that period. In preparing these financial staiements. generall). a¢cepied accounting practi¢¢ entails the Trusiees: select suit8bl¢ ac¢ouniing poli¢ie5 and then apply th¢m ￿n$15rent1Y. make judgements arbd eslimes thai are reasonable and pn]deni; stat¢ whether applicable UK Accounting Stsndards and the Sthtemenr of Recommended Praciiee have beeTh followed. subjcct to any material departures disclosed and explained in ih¢ financial $￿tementS- state whether the fEnancial sratements comply with ihe Trusi d¢ed. subjea io any material departure5 disclosed and e¥plained in the financial ststements- and ess ihe charity's ability lo coniinue as a going concern. diYlosing as applicable, mallers related to going concem.. and Us¢ the going concern basi5 ofae¢ountin8 unless they either intend to liquidate the charity or to cease opeTatiotLS. or have no realistic alternative bul to do $0. The Trustees are required to a¢1 in acc(Kdance with the Trusi deed of the ¢harity. within ihe fiHmework of Trus1 law. They are ￿SpOnSible for keeping proper accounting records. sufficient to disclose ai any ttme. with re&sonable accuracy, the finaneial position of th¢ charity at ihai time. and to enable the Trusiees to ensur¢ IhaL where any statements of accounts are prepared by them under se¢iion 13){l} of the Chariiies Act 2011. Ihose 5tatem¢nts of accounts comply wilh the requirements of regulations under ihai provision. They are responsible for such intemal control as they deiermtne is necessary io enable the preparation of financial staments thal are free from maierial Thi5Staiement, wheiher due to fraud or error. and have general resF4)nsibiliiy for tsk'ing such sieps are reasonably open to them io safeguard the assets of Ihe charity and io prevent and dete¢1 fraud and other irregularities. On b¢h4lf of the Trustees: Lauren Trustee 2 July ?025 Trustee

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 2025 set out on pages 11 to 21, 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.

8

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 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 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.

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.

9

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

Other information (continued)

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 7, 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.

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’Sé

for and on behalf of KPMG, Senior Statutory Auditor

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

4 July 2025

10

The GoodrnaD FoundatioD Stat¢mertt of finanei#l artivities Ve8r ended 31 illareh 2025 UnrestriC￿d Endowment Total Funds 202) Total Funds 2024 Incorne gnd endowmenis from: Donations and legacies Income from investrnents 160.686 4.305,908 9,500.000 9.660.686 4.305.908 10.80? 38? 3.811.366 Total in¢omt endowments 4.466.594 9.500.000 13,966,594 14.613,748 Expenditure Cos¢ of raising funds Charithble activities {?9? 937) 13.041.788) (292.937) (3.041.788) {125.2201 {? 147.4031 Totyl expenditure on th#ritabl¢ aciivities {3.3j4.7?51 13.i34.7?51 12,?72,6231 P*'¢t ineome .131.869 9.500.0fy) 10,631,869 12.341,125 Other retogni5ed gain$ atsd 105se$ Ntei Ilossllgain on investments {3.4?6.0601 (3.426.060) 5,841.464 'et Movement in fund5 (7 794.191) 9.500.000 7,205.809 18.182,589 Re¢onrili2tion or runds Total funds broughi forward 16.817.913 10? 145.765 118,96i.678 100.781.089 Total tsnd5 3¢ end of year 14.5? J.7?? 111.&15.765 1 ?6.169,487 118.963.678 There was no (xher Comprehensive In￿Me in 20?5 or ?024 other than those in the siaiement of financial a￿1Vill¢s. All amounts relale io continuing operation5.

The Goodrn4Tr FouTrdstio Bglanet 5h¢¢t ai 31 Imartb 2025 IV￿¢ 2025 2024 Non current assets Financial assets Tangible fixed as5¢ts Investment properties Conw¢rtible loan not¢s 59,7?1.410 649.868 3? 896.198 ?11.150 93.478.6?6 47,799.839 303.245 20.989.725 69.092.609 Current assets Cash ai bank Debto 33.244.127 176.?08 33.4?0.335 49.842.287 44.48? 49.886.769 13 Creditors." amounts fallÈng due within one year {729,4741 {15.9001 i et Current 4ssets 3? 690.861 49.870,869 N¢¢ 4ssets 126.169.487 118,963.678 The funds of the eharity: Endowment funds UTrrestTl¢ted funds J5 15 111.64i.765 14,5?3.72? 102.14S.765 16.817.913 Total fund5 of the tharity 126.169,487 118.963.678 These financial statements were approved and signed by the Tnjsttts on ? July_￿?5. Lauren Trn5tt ma Trn￿et Charity regisiered number. 1097?31 i?

The Goodman Foundation Cash statemen¢ Y¢4r ended 31 IM8r¢h 202$ I'¢Ar ended 31 Nl%reh 2025 Y¢ar ended 31 Marth 2024 Movements in funds for the year 7205,809 18.182.589 Adjustments to exclud¢ non4asb ilerns •nd investmeDt income Depreciation & amoni5ation D¢¢iease in dcbiors Inerease in creditors Lossllgain) on quoted invesiments Gain on inves(m¢nt property Gain on sale ofthngible assets Invesimeni income Net CH5h g¢nerAted from operAling ¢tiwitie5 39,243 5,191 6.100 13.138.572) 12,942.6?81 (67.6711 13.811.366) 8 ?72.886 32.666 504.734 3.315.?84 (4J05.908) 6.75? 585 Cx5hnows from investing activities Investrnent income Proceeds from sale of tangible assets Purchase of fixed assets Purchase of Inves￿ent propetty Purchase of Convertible loan no¢es Payments ¢0 acquire finaneial asset inve5trnenLS Proceeds from sale of financial asset I￿￿EStments ret eash outflow from investing aetiviti¢s 4.141.516 3.811.366 236.847 {346.6?31 {I 1.697.633) {?11.1501 {23.2?4.1571 7.987.30? (23.350.745) 127,963,S32} 7,451 ?04 116.464.1151 Chgng¢ in eash And elsh equivalents in the ytsr Cash and cash equi%'alents at the beginning of the year Cash and cash equivAleDts at the end of tht vexr (16,598.1601 49.84? ?87 j3.244.177 (8.191,2?91 58,033,516 49,84? 287 13

The Goodm8D Found*tion forMingp￿rtoIl￿e￿iMttAeitz1si111e￿ertts AeeountinE Policie5 The principal accounting FoIici¢5 adopted. judgements and key sources of estimation uncertainty in lh¢ prepardtton of the finaneial staiemenis are as follows.. B15is of preparation Th¢ Trust is a ch3riiy regisiercd in England and Wales and is governed by a Ded of TThsi executed on 14 March 2003. The Trust's objectives and aciivities are included in the Tn￿l￿s, repy)rt ¢)n page 4. The financial siaiements are prepared under ihe historical Cost convention. modified io include ihe revaluation of inves¢ment ptK)perties and quoted investments to fair valu¢. and in xcordance wilh applicable aecounting standards in the United Kingdom. the Stht¢tTt¢nt of Recommended Practic¢ {SORP)'Accouniing and Rewning b}. Chariiies and Financtal Reponing Standard IFRSI 102, together with the reponing requirements of the Charities Act ?01 The accounting ￿lICI¢S set oui below have. unless othenvise sthted. been applied consistently ￿ all p¢riods presented in these fioancial 51atements. Estimate5 and judgemertts The preparation of rtnancial stalements in complianre wth FRSIO? requires the use of certain critical a¢¢ounling estimaies. It also requires trtanag¢ment io exercise judgement in appl)'ing accouniing policies. E￿ImaleS and judgemenES are continually evaluaied by the Trustees based on hisiorical e.¥perienc¢ and oiher ra￿or5 includirkg expcctaiions of future events that are believed to b¢ reasonable in the circumstanccs. Th¢ most signiftcani estimates and judgem¢nts relate io the markei value of invesimeni properties. Goirtg toneern In detemiining the appropriaic basis ofpreparaiion of the financial sthtements forthe year ended il March ?0?5, the Truskes are required to consider whether the Trusi Can coniinue in operational exisience for the foresttable fuiure. As of 31 Mar¢h ?025. Ihe Tnjsi had total endoMTheni funds of £1 11.645.765 (?f)?4.. £10? 14i.765) and unrestricted funds of £14.S23,722 i ?n?4." £16.817.913 l. Having undertaken a detailed review of fuiure anii¢ipaied donalions and expenditure. and by reference to the Trust's tx)licies on grdni moking and r¢5erves. Ihe Tnjstees ar¢ satisfied thai the TnL51 has adequate resources io continue its operaiions well into ihe foreseeable future. T#xatioo As a registered chariry. Ihc TTUSI is exempt from Cor￿[2110￿ tax on it5 charitsble a¢iivities I￿t not fwm VAT. 14

The Goodman Foundation Notes formillgp¢rtofihefinonci¢71$1olements fconiinued) Aetountlllg PoIicie5 {coDtiJbued) Incorning resourc¢s Voluntary In￿rne and donaiions are accounted for ort a r¢ceipts basis. Where the Trusi reeeiv¢s grants io further its ehari￿le obje¢iives these grants are recogrtised when the Trust has eniitlemeni to the resource wilh the timing ofihe expendiiure being wthin the dascreiion of ihe Trust. Such resources ar¢ only d¢feffed where the donor imposes specific conditions that 5PCCtfy Ihe time ￿ri{￿l in which the expenditure of the resour¢es can take plac¢. Expendable endowments feceived in the period have been disclosed as such. The value of voluntary work is not included in ihe fJt)arkcial sthtements. Resourees expended Cosl ofgenerulingfiinds Thes¢ are the costs which are &ssociaied with generaiing incomÉng resources from all sources oiher than from undenaking charilable a¢tivities. This includes c051s of generaling volLEnthry income and Costs relatlO8 ￿ fundrdi5ing ifdding. Charilable acli%ilies Grant expenditure is recognised when funds are trdnsferred 10 charitsble organisaiions in furtherdnce of the obj¢cts of the Trust. These iransfers are lightly controlled Ihrough lh¢ charities grdnirymaking policy. Associated support and partnerdevelopment costs are allocaied on a ￿al cosi basis exclude fundraising and 8ovemanc¢ costs. Governance cosis These are the costs associated M'Lih the sovernance arrangements of ihe Trust as OPP05ed ￿ those costs &ssociaied with fundraising or haritable aciivities. Gol'ernance ¢05ts ioclude audit and legal advisory fees. Endowm¢nt funds Much of ihe Foundaiion's funds have been provided as expendable ¢ndowTh¢nts. Such funds are invested to generate income io enable lhe Trust to continue its Work over the long ierm. Only in exceptional circumsthnces e*] ¢ndowm¢ni funds ￿ used to fund 8fdllt givins. Unre5tritted funds Funds which are ¢xpendable at ihe discretion of the TnL4ees in the furtherance of the objects of the Charity are classified &5 unrestrie¥ed funds.

The Coodman Foundatio forniiAgpartofihefiMonciolsi¢71ements (coniinued) A¢eounting Politie$ (eoDtiDued) Tangible fixed 95s¢ts )Ind depreciatio Tangible fix¢d assets. wirh the ¢x¢¢plion of12nd. are Ca￿led * cost less xcumulared depreciation. Land is not deprttiated. Depreciation is ¢al¢ulated to wriie off the cost of assets over iheir expecied useful Iiv¢s on a Strdishi-line basis &$ follows: Buildings 20-50yea Asseis under constnJ¢tion are reeognised at eosi and are transferred to propeny. plant and equipment when ihey are available for use. These assets are rtot depreciated until they are available for use. Investmettts Lisi¢d investments are included on the balance theet at fair value which is ih¢ir ¢losin8 bid price on the current or previou5 irading day. Unlisted investments ar¢ included on the balance Sheet at the¥r fatrvalue. InvestrnenLS in subsidiaries are recorded at COSI in ihe Trust's BaSance She¢1. Realised gains and losses on distx)sals in the J'ear and Dnrealised gdins and105ses on inb'¢strnenis ai ¢he balance sheei dale are in¢luded in ihe staiement of financial activitie5 for the relevant underlytng funds. All investment income is trea￿d as unrestricied. Investment properties Inves¢meni properties are propertie5 which are held to earn rentsl incom¢, for capitsl apprttiation or for tM)th. Investmeni properties are recognised initially 01 cost. Subsequeni 10 inilial recogniiion inveslmeni properties. whose fair value can be measured relsably without undue cosi or effort, are held ai fair valuc. Any gains or losses arising from Changes in Ihe fair value are recognised in the statem¢nt of financial activities in the period that ihey arise. Finincial instruments The Trust has applied the provisions of FRS 10? Section I I, 'B&sic Ftnancial Instrnments. and S¢ciion l? 'IXher Financial Ir55tTuments Issues, Financial assets and liabilities are recognised when the Charity becomes a party to the conira¢tual provisions of¢he in5trumeni. The Charity knitially r￿ognISeS a financial a5sei or 2 financial liability at Iran5aciion prie¢. for debtors and oth¢r cr¢diiors ihis is ihe 5ettlemeni amount. Grdnt eommiiments overone year art discounied ￿ refleci preseni walue. Debiors and creditors Trddc dcbiots and other debtors are recognhsed ai their trdnsaeiion price less any allowdnce for doubrful debis. Liabilities are reco8nised when, as a resul¢ of past events. there is a probable fuiure oufflow of resojrces. and ihe amount can be esiirnated reliably. Trade creditors and other Creditors are included at their nominal value. Cash and cgsb equiv*lentS Cash and cash equivalents comprise ¢ash balanees and ￿1] deN)sits. Foreign currencies Transaciions in foreign curr¢ncie5 are reeorded using ihe rai¢ of exchange Tuling at the dale of the tran5aeiion. Moneiary assets and liabiliiies denominaied in foT¢ign currenci¢s are trdnslaied using the rdie of exchange Tulin8 al th¢ balance sheei date aod the gains or losses on Irdnslation a￿ included in the S￿l¢ment of financial a¢tiviiies. 16

The Goodmgn Ftsvnd%tioD r'Dt¢s formingpon ofihefinanciulsiaiements fconriuued) 2. DongtRoos and leg8cies Donations comprise endowment income and other donations and legacies: Unrystrietrd Endowment Total 2025 Tot412024 Endowment in¢ome Other donaiions and legacics 9.500.000 9,500,000 160.686 9.660.686 9.500,000 l.JO? 38? 10.807 38? 160.686 160.686 9.500.000 Endowment income represents donations received whtch are held invesied as expendable endoMThent5 to generate IM)th income for expenditure ofi the Trnsi"s charitable pur[￿)5¢5. in accordance with ihe Trustees. 8fdni-making poliry and gro￿￿h in the capital value of ihe endownents for the long-iemi wability of the Tru￿. Other donations represent income T￿e1Ved which is available io the Trustees to fvnd its grdnt-rnakin8 programme. Ineome frtsrn inv¢5tments UnreMrieied Etsdowrnent Total 2025 Totg12024 R¢ntal income Incom¢ from fjxed asset inve51m¢nts Income from cash and CUTreni asset invesiments 95?.450 ?.043.300 .310.158 4.305.908 952,450 2.043.300 1.310.158 4.i05.908 188,639 1.791.289 1.831,438 3.811.366 Expendilur¢- cost of rni5ing funds 202$ 2024 Invesimeni management Costs Amort15alion of intangible assets ?92.937 85.977 39.243 1 !5.220 ?9?.9)7 Expenditur¢- charitable activitie5 Charitable expenditure is analysed &% follows- 2025 2024 Grnnts ￿ charitable causes Govemance costs ?.975.642 66.146 3,041.788 2,07? 100 75.303 ? 147.403 The Trustees made grants io vari(wJ$ charitable causes during the ytrdr. In iotsl. 96 grants were made. Grdnis may be analysed as follows: 2025 2024 ,%umb¢r Nurnber Third world and di&￿terS Grants to help ihe pLk)r, elderly and disjbled Children's charities Other chariiable ¢auses d¢¢med worthy ?8.151 481.830 2.143.787 3?1.874 ?.975.642 758.469 448.829 611.704 253.098 ?07? 100 31 39 32 28 ?? 96 74 The TNsi¢es have availed of the exemption s¢t tyjt in Section 13? {4} of the Chariiies Aci 201 I from providing the names of grant r¢cipients and lh¢ amount of 8fdnts made. 17

Tb¢ Goodman F•und*tio 'otes formingport ofihefin4naalslulements (coniinued) S. Expenditure- ch8riiable activities {contithued) Governance costs are analysed as follows: 2025 2024 Legal and advisory fe¢5 66.146 75,303 66.146 75.303 Trustees received no r¢muneration during ihe year. or in the prior year. Furthennore. no travel or oth¢r ￿$19 were reimbursed to the Trustees. The audii f¢e charged for the year was £8.77] {20?4: £7.0001. 6. Net {Iossyg4in on investments 2025 2024 Realised gain on financial asset iovesiments Unrealised Ilossygain on financial asset illvestments Unrealised gain on investmenr property Unr¢alised {loss) on currency tfdnslaiion 1.060,510 14.375.794) 1.544.104 1.594.468 ? 94? 628 {?39,7361 5.841.464 1110.7761 {).4?6.0601 7. Financial a5S¢ts 202S 2024 Quoted investments Non quoted investments 58.714.991 996.419 46,803.420 996,419 59.721.410 47.799.839 Quoted invtstrnent$ 202S Market value at beginning of year Additions at acquisiiion cost Disposal at market valu¢ Gain on disposals ai market value N¢1 Ioss on revaluaiion 46.803.420 23 ?24.157 {7.987.30?} 1,060,510 {4,375.794} Market value at end of year 58.7?4.991 18

The Goodm*• Foundation Not forming￿rt &lihefinollcit71sr4iements (coniin4e Finxncial 85sets (¢ontinved) Analysis of inyestrnents 2025 2024 UK listed investments Non-UK lisied investmenrs Non li51ed invesiments 21.570.344 37.154.647 996.419 17.891.444 28,911.976 996.419 59,791.410 47,799.839 Historie cost 64.494.525 48.370.147 The following investments ¢omprise nKJre than 5(h4 of the markei value of the iotsl investmeni portfolio. 2025 2024 N¢stle SA Persimmon ple Unilever pl Bayerisehe Motoren Werke AG Cress Nicholson Mercedes-Benz Johnson & John50n Glencore Daiml¢r AG Volkswagen Dern¥ers1 IA)ndon Taylor Ivhimpy Smurfit Kappa Bank of Ireland 11 ?83?35 4,944.7?5 5.07i.696 4.1?4.449 3.036.669 3.7?? ?67 4.688.3?- 4,189,947 19.?1 8.42 6.508.813 5.461,41)0 4,389.640 3,054.233 13.6? 11.43 9.18 6.39 7.0? 5.17 6.i4 7.98 7.13 2.983.W) 2.498.74? 3.192.380 2.603.950 2.893.413 4.713.744 6.24 6.68 5.45 6.05 9.86 8. TAnEible assets BuildinEs Cost At l April 7024 Addition 303.245 346.6?3 At 31 ￿l#r¢b 2025 649.868 Aeeumul8ted depreciation At l April ?0?4 Char8e for the year At 31 March 2025 Nei book value Ai 31 1%1arch 2025 649,868 At l April 20?4 303,245 Capital commitrnents at 31 March ?025 totslled £nil {￿?4. £ttill 19

The Coodman Found#iio fornungpanofihefin0vcl4l￿o1e￿ellts (conlinyed) 9. Investment properties 202S Cost At l April 2024 Additions 20.989.725 11,906.473 At 31 MArch 2025 32.896.198 Net book value At 31 M8rch 2025 32.896,198 At l April 2024 20,989.725 The Tnjstees have considered the ¢arrying value of inve5mwni properti￿ ai yearend and consider ihat their canytng value reflects their Current rnarkei value. In respect of commercial propert).. the Tru51ees do not believe an adjustmeni w the carrying value of ihe investment property is necessary. The Tru51ees' view on rnarkei valu¢ wa5 infornied by estimated rental value and valuaiion yield5. Accordingly. the investment property is carri¢d in the balance sheet ai £3.900.?9? •074.. £3.9)0,•9?). In respect of the arnble lands. l J6?.79 acres, the valuatton is based on the valuation carrted out by an exiern21 valuer dated ?1 st May ?095. The TTUStees have concludtd ihat ¢hi5 valuaiion is in line with. and SUp￿)n$. the aggTegai¢ ¢aTrying valuation of £17,089,433. Therefore, the Tn￿tte$ are happy ihai no adjustm¢ni to the ca￿1￿@ value is required for ih¢ financial year ¢nded 31st March ?025. During the year the Fourtdation a¢quired an(Mh¢r wnmereial pn)perty for £1 1.9m. At the year end. the dire¢rors do not believe an adjustment to Ihe Carrying value of this invesiment prowry is necessary. 10. Convertible10gn notes 2025 2024 Converttble loan notes At end of year 211.150 211.150 The Convertible loan n￿e$ maturiry dale is I l N'ovember ?0?9. I l. Intangible fixed ass¢ts 2025 2024 At beginning of the year Amortisaiion At end of yeir 39.243 139.243 Iniangible fixed assets represenied single farm paymeot ¢nlitlement& 12. Cash at bxnk and in band 2025 2024 Cash at bank and in hand 33.?44.1?7 49.84? ?87 13. Debtors 2025 2024 Current assets VAT receivable Rentsl income du¢ At end of year 11.816 164.392 176.?08 44.482 44.482 ?0

The Goodman Foundation Note5 formingporl ofthefinonciolsit71ements fcolllinuedj 14. Creditors 2025 2024 Accrua15 At end of y¢*r 7?9.474 729.474 15.900 15.900 15. Fund5 of the th4rity 2025 2024 Reconcilioiion endowmenifunds Ai beginningof ihe year Gift ofexpendable endowment received At end of ytar 102.145.765 9,500.000 111.645.765 92.645.765 9.500.000 102.145.765 Reconcilioilon ofunreslriciedfuKds At beginning of ihe year Nei income during the year Realised gains on inv¢sim¢nts Unrtalised gain on investment properties Other Ilossesygains (net) At eDd fjfY￿r 16,817,91J I,lil,869 1,060,510 8.135.3?4 2.841.1?5 1.544.104 2.94?.6?8 1.354.7i2 16.817,913 14.486.570) 14.5?j,7?2 Analysi5 of D¢¢ assets between funds Unrestricted ETrdowrnent Total 2025 Fixed assets CuTrent assets Creditors 93.478.626 18.167.1)9 93.478.626 33.4?0.335 17?9,4741 1?6.169.487 15.?53.196 {7?9.4741 14.5? j.7)? 111.645.765 At ihe balance sheet date. there are no donations to whtch ihe TnJst Wds comrnitted ￿ makin8 ihai have noi be¢n provided for. The Trnst had no capital commitments nor coniingencies at ihe balanc¢ sheet dale. 17. RelAted party di$closure5 Transactions wilh related entities The TTUSi is a beneficiary of the G(A)dman Family Trusts. Srt OUE below is a summary of the tyansactions between the Trusi and entities that are wtholly owned subsidiaries of thc Gwdman Family T￿￿LS.. The Trust rec¢iv¢d an endowmeni donation of £9.500.000 {?fl?4." £9,51)0.0001 from ABP FI￿5 Group Unlimited {-ABPFG-}. Appoiniments of inwme toialling £160.686 (?024.- £1. ?94. ?911 were received directly from ihe Goodman Family Trusts. Rent of £164,39? was charged to Pamia Management Services. The balance due from Parma anagemeni Servies ai year end was £164,39? 1 ?024.. £nill. 18. P05t balanee sheet events There have been no significant events affecting the Trnst sinee the fjnancial yearend. 19. Approval of the Financial Ststemtnts The trustees approved the financial siatrm¢nts Ort 2 July ?025.