The Goodman Foundation Trustees, report and fiDaDcial statements Year ended 31 March 2026 Registered number 1097231
Tbt Goodman FounthtioR Trusiees. report Ind financial statements Table of co*itnts P8g¢ Referen¢e and admini51fdiive infornation Trustees, r¢port Statemeni of Trustees. r¢sponsibilities in respect of th¢ TrUrts. rewr and the rtnancial sthiements Independeni auditor's reporn io the Trustees of The GdMan Foundation 8- 10 Siat¢m¢nt of financial actiwlies Balance sheet 12 Cash flow statement 13 Notes forniing part of th¢ financial staternents
Tht Goodman Foundation RefeTtnte nd dmiNistriive iformatio Trustees Laurence J. Glan {Chairnian) Philip Morgan Bronagh Kinian John McLaughlin Registered n3rne The G(Kxlman Foundation Registered number 1097231 Address for eorrespond¢nc¢ l Registered office Vienna House Bickenhill Parkway ,Marston Gr¢en Solihull Bimiingham Bi7 7GN United KiTr8d¢)rn Auditor I Stokes Pla¢¢ St. Stephen s Green Dublin_ Ireland Solicitors Stone King LLP Broad Quay House Bristol BSI 4DJ L'nit¢d Kingdom Bankers HSBC Bank plc 1 ?9 Xew Bond Street IA>ndon WIA J? A Uniied Kingdom Bar¢lays Bank (Suisse) SA Chemin d¢ Grdnge Canal 18-20 P.0. Box i941 1211 Geneva3 Swilzerland Investment adwi50rs Bar¢lays Bank ISui55cI SA Chemin de Grange Canal 18-20 P.0. Box i941 l?11 G¢n¢va3 5witzerlaThd Davy 49 Dawson StreeL Dublin 2 Ireland
Th¢ GoodrnaD Foundaiion Trustees. rnport The Trustees present thetr repon and financial stsiements of Th¢ Go(KJrnan Foundationllhe Tnjst-l for the yearended 31 March 9026, which includes the rcference and admini51rattvc inforrnaiion sei out on page ? Reference And Adminisirxtive det*ils of the chsrity, its Trnstees #nd advisors The chariiy number. present Tru5tee5 and advrsors are given on pase ? Truslees The Trustees who held office through(1 ihe year were as follows-. Laurence J. Goodma Philip Morgan Bronagh KiTwan John IMcLaughlin Struetiirei governance 8nd rnanagtment Governtng do¢eI The Trusi is a regisiered charity and Ès governed by a Tru51 deed executed 14 March ?3 {'Xhe Tru51 Deed"). Ilppoinimeni of Tru51ees. 0(11rd1[0QIslKlUre {vre/¢edpriles Th¢ Trust is administered by ihe Trustees. They m¢¢1 al le1 3 times peryear and re¢eive reix)rts on ihe Trust's investm¢nts. finances and grdni-making activity. Decisions require majority approval of the T1$. The Trnst h&$ no direc( employees. The Trustees are assimed in their adrninisivdtion of the Trusi by appropriately qualified persons who reetive no remuneration for their services to the TNst. TTUStees are appointed by resolutitsn of ihe Tntsiees. Extsting Trusiees are re-app)ini¢d each year for a fi]rther lerni of one year by resolution of the Trusiees in accordance with the Trust Deed. There shall be ar l¢asi 3 TTUSiee5. Trusiees keep informed of developments in ¢harity law and regtslaiions. and ensure compliance with same. by reIning the Services of professional advisors with expertFse in charily law. Deiails of iransaetions with rela(ed partae5 are sei out in note 16 10 the financial $ements. Ri.fk The TTU5tees have identifEed atkd put in place controls to mOnir the risk% to the Trusi. They confinn thai ihey are satisfied that sufficient contro15 are in place mitigate ideniified risks. Approximately 25Yo of ihe assets of the Trust are held as agricultural land and in¥rsuneni propertie& 38Yo in quoied siocks. 3•h in non- quoied investments. 3J h in cash d¢posits and 1% tn debtors. The Tnjstees identify th¢ risks to the Tru51 &s follows= Mxro-e¢onomie factors ihai may impaci urM>n the capithl value of assets. particularly quoted sio¢ks. Flu¢tua¢ions in the return on invesim¢nts. Movem¢nts in inieresi rdies which impaci the return on cath.
The Goodman Fownd•tion Tru5tees' report (fontjDved) Structurey gOVtrn#nee *nd m¥n#geme•t (conlintrgd) To mittgale the above-li5tcd risks. the followin8 are monitored on a regular basis.. Valuation orqu0d stocks showing gainlloss on purchase cosi. Dividends received for each stock for the )'ear dale. Interest received on each deposit account for the }tar to dale. Consulting with flnancial adsisors and inveslmeni Enanagers IMJ a rt8u12r b&sis. Objective5 and activitie5 for the publie benefil The objectives of iht Trust 3s defined by the Tru51 Deed are to further ihe followin8 objects bjih in the UK and ou15ide the UK.. lo help th¢ poor. the elderly. the Sick and tlK)se with disability- and io benefEt Such charitable causes the Tnt5tee5 dei£nnÉn¢ ar¢ worthy. In furtherdnce of such objective5. the Trusltts have the followins w)wer5'. to raise fundK provided that in exercising this poMYr. the Tru5te¢s do not undertake yny substantial p¢rnan¢nt trdding artiviry and shall wtnply with any relevani siaiuiory regul10n$. to buy, tak¢ on l¢as¢ or in ¢¥change. hi or oihern'i5e acquire property and io mainlain and equip it for use: to cPerate with oihtr charities. Yoluntsr). lrt)dies and siatuiorv athorI11cS and io exchange infornialion and advice with them. to invesi ihe funds ofihe Tfust in an). ofihe iTri'esiments forthe lime being authorised for the invesimeni of charity funds. to create such advi50rs' C(MIne¢S as th¢ TnJste¢5 rhink fit. ro permit any invesimenis comprised in ihe Trust fund be held in the name of any clearing bank, any Tn1 corpordtion or any sio¢kbroking mmpan%' which is a member of the Sio¢k E.¥¢haog¢ lor athy subsidiary of such as stockbroking company) Is nominee for lh¢ Tnjsiees and to pay any such nominee reasonable and proper remunerdiion for actinb> as such; io do all such h¢r lawful things as are necessary for ihe achievement of the objects of the Trust. Decision5 musi be made by a majoritv of vo¢es of lh¢ Tws1¢¢5 prcs¢nl ai ordinary and special meetings. The Chainnan has the castin8 vote. The general policy of ihe Trusl is to make donaiions io rtcognbsed ¢hartiies which provide benefits to the public as a whole or a suificienl seclion of the public. The TrusL befor¢ making a donaiion. will consider the benefits which would be 8vaÉlable to thc public as a whole or a suffjcient section of ilte public. Public benefit The Trusiees have resard to the Charity Commission'5 guidwe on public benefii. Cornplianee with legal and regulatory r¢quirtmeRts The Trusiees are satÉsfied ihat the financial st2l¢ments comply with current staiutory requiremcnts. the requirements of ihe Trnsi Deed and the"Accouniing and Re]x)rtirtg by Charities-: Stsi¢rneni of Recommended Prnctice.
The GOlman Foundtio Tnlee$. report {¢oniinued) Grant making policy The decision to award grants io Charitable orwdnisaiions 15 made by ihe Trustees during meeiings of the Trnsiees or delegated. from time to timc. to the Chaimian. one other Trustee and the secretary io the Trust. All decisions regardin8 grdnts made are reported ai the ordinary meetin8s of the Trusiees. Grdnts are made io those chariiies or orEani5ations whi¢h are ¢onsider¢d most appropriate in the fLÉnheranre of ihe objective5 of ihe TnsL Aehievcments and perforniance During the period since the Tnl"S esthblishmenL il has received contribuiions and tnade donations to charitable bodies in furtherance of the obje¢lives of the Trust. In toial 118 grants were made durÈng the year ended 31 March ?076. These are analysed in note 5 to the fJnan¢ial staiements. The Trust has been funded by generous don105 required to be held and invested as exp¢ndable endowmenis. A¢cordingly. whilst Trustees have absolute discretion in r¢laiion to the Tnjst's grani giving aciiviiie& li is The Trustee5' policy that, other ihan in excepiional cir¢vmsian¢e5. limit ih¢ amouni of grdnt giving in an). yearro the in¢ome from the endowment fullds 50 3S to preserve the capitsl and ensure ihai the Trust ¢an coniinue ils WOTk ¢)verthe longer tern. All grants must be in line wilh the objectives of the Trusi. Plans for futur¢ periods It is ihe Trust¢¢s' inieniion to invest and grow its endowment funds pently. in a¢¢ordan¢e with the Trust's investment policy. EO enable the Trust io make annual grdTrts in accordance with is grani mak'ing wlic). over the long temj. Finanei#l review Nei income for th¢ TTusi for the yedr. after exp¢nditure of £2.339.8591?0?5: £3.3i4.7251. was £l1,8?0.677 (2025.. 10.631,8691. Fund balances ai ihe year end were £144.694.118 (?0?5= £176.169.4871 of whtch= £36.757.1?51?0?5= £i3.546,066} was represented by propert). invesiments. £59,67? 6491?0?5= £59.7?1,4101 represented b} financtal assets Comprising quoted and nonuot¢d siocks. £?17.0831?0?5= L•1 1.150) was represented by Convertible loan rKMes. £47.619.9101?0)5- £33 ?44.1?71 Mas represented by c&sh and cash equivalents. £4?7.3511?0?5=1£553.7661) was represented by nei rfebtorsllcreditorsl
Tht Goodman F•Mnd•¢ion Tru5tte5' rtport (continued) R¢serves policy The Trust was established to 8eneTate income to suprAKt its objectivcs. Funds are invested io gerEerate income for distribuiion and free reserves are heid in inierell bearing dep)sÉi a¢counts such thai they are freely available for disiribuiion as the need arises. Running ¢05ts of th¢ Trust are minimal and as such all income is available for disiribuiion io worthy causes. However. Trustees will noi ivani be forced inio making donaiions simpl), because income ariscs. nor io be unable aid orthy ¢auscs in the event that invesimeni rciums ar¢ di5appointir)g. In addition. TTU51ce5 will allt to bc in a sitIon to rcact quickly to support appropriate cau5e5 in exccplional rircum5tancek Experience has Sho11 thal the pr(Ke5s of inveslrnent 15 volatile. bDth from the perspective of the certainty of in¢om¢ and the ability to pr¢5¢rv¢ ihe value of the underlyin8 capital b&. Finally. Trustces reco8nise a need io hold reserves representing a reasonable allocation forcontingencies. Havin8 Tegard to these matters. the Trustees. pjlicy is to set aside as reserves ihe greaierof Thyo year's planned 8iviTh& or £Sm. The TrusL¢es peridically revi¢w the level of r¢s¢rves r¢t2ined in endowment fund& The Tnjsiees rethin thes¢ reserves to the extent ¢onsider¢d ne¢essary to ¢nsur¢ thai adequate fund5 are 8eneraied and available to cover future donations io charitable causes. Invlment policy The objective of the policy is io invest prudenily so as to enable the Trust to carry out its Objttts coniinuously from year year wilh due and proper consideration for future needs and to maÉntain and grow the TTrJsE'S investsble funds in line wilh intlation. Our investment advi50TS invest to mlmI5¢ the total return on endowmeni fvnd5 wÉthin the c(Mstraints ora medium io low risk invesunent ponfolio. Disclosure of iDformtion to vdltor The Twstees who held office ai the d*¢ of approval of this Trustees. rewrt confinn tha( so far thcy are each aware. there is no relevant audii infomaiion of which ihe Tmsi's auditor is una%iare' and each Tru5tcc h&5 taken all the step5 ihat they ought to have taken a Trustee io make ihemselves aware of athy relevant audit illfoTmation aTbd to e5thbli5h that the TN5t"s auditor 15 aware of that inforn]ation. On bthilf of ihe Tru5tee5: Laure Truste¢ . Goodm hlin l July 2026 TnF5tee
The GoodmAn Foundation Ststemtnt of Tru51ees' re5ponsibiliti¢s ity respect ofthe Trumees. report and ihe finnei#l st8ternents Under the Tnjst deed of the Charity and charity law, Ihe Trusiees ar¢ responsible for preparing the Trustees. Annual Report and the financial statements in a¢cordan¢e wilh applieable law and glaI10ns. The Trustees have eleci¢d io prepare the financial slatements in accordancc with UK Accouniing Sthndards. including FRS 10? The FimJK¢iol Repor1ingandordPpl1cQh1e in ihe liA Rvpiihlic ollreland. The finan¢i41 Statements are required by law to give a true and fair view of the 5tatc of affairs of th¢ rharity and ofihe excess of incorne over expendiiure f thai peri(Kt. In preparing these finan¢ial $eMents. gen¢rally accepted accounting praciire entails thai the Trusiecs= select 5uilable accounitng policies and then appl). them ¢onsi51enily- make judgements at)d estimates are reasonable and PTud¢ni; slai¢ whether applicable UK Attounttns Sthndards and the Ststetneni of Recommended Practice have been followed. SLLbj¢¢t 10 any maierial departur¢s disclosed and explained in the financial stsiements: siaie whethcrthe financial statements c(xnply wilh th¢ Trust deed. subject io any material departures disclosed and explained in the fJnan¢ial stst¢rnents.' and assess ihe charity's ability to ¢oniinue as a goin8 concern. dis¢losin8. as applicable. matters related 10 going concern- and use the going wn¢¢rn b15 of accounting unless ihey eiih¢r iniend to liquidate the charity or cease operdlions. or have no r¢alisiic alrnative but lo do $0. The Trustees are reqUId to aci in aecordance with th¢ Tntst deed ofthe chariry. within the frdmeworL' of TTUSi law. They are re5w)nsible for keeping proper ac¢ou¢)i¥ng record5. 5uificieni disclose at any lime. wilh reasonable accuracy. Ehe financial position of ihe charity at that time, 2nd to enable the TnEStees to ensure ihaL where any siai¢ments of accounts ar¢ prcpared by ihcm under Section 13)1 l) of the Charities A¢1 ?01 I, those 5tatemeftts of accounts Comply with the requirernents of regulations under ihat provision. They are r¢swnsible for such iniernal conirol as they det¢rniine is necessar). to enable the pr¢pardtion of financial SL2iements ihai arc free from material misstaiemenL whether due io fraud or error, and have general responsibility for such steps as are reasonably open them io safeguard the assets of the ¢haTity and to preveni and dei¢¢i fraud and other irr¢gulariiies. On b¢half of ihe Trustees: IAur Trustee l July 20?6 Trnmet
KPMG
Audit 1 Stokes Place St. Stephen’s Green Dublin 2 D02 DE03 Ireland
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 2026 set out on pages 11 to 22, which comprise the Statement of Financial Activities, Balance Sheet, Cash flow Statement and related notes, including the summary of significant accounting policies set out in note I.
In our opinion, the financial statements:
give a true and fair view of the state of the Trust's and the Trust's affairs as at 31 March 2026 and of the Trust'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 I 02 The Financial Reporting and Standard applicable in the UK and Republic of Ireland;
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 Trus1 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 arc 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
KPMG, an Irish partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee
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 le.�al 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 charities, 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.
9
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 arc required to report by exception
Under the Charities Act 2011 we are required to report to you if in our opinion:
the Trust 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 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.or .uk/auditorsres onsibilities.
Keith Watt
2 July 2026
For and on behalf of KPMG, Senior Statutory Auditor Chartered Accountants Registered Auditors
I, Stokes Place St. Stephen's Green Dublin 2 Ireland
The CoDdmn Foundtion StsterneDt Df fmaiD¢isI aeiiVii¥es Ye#T ended 31 M8rch 2026 Ivoie Unrestricted Endownaent TotAI Funds 2026 Total Funds 2025 Income Y4nd endowments from: Donation5 and l¢ga¢ies Income from inve5tmcnts 9.500.000 9.500.OIKI 4.660.536 9,660,686 4,305.908 4.660.536 Total in¢ome 4od endowments 4.660.536 9.500.000 14.160.536 13,966.594 Èxpenditure C05t of raising funds Charithble activities {147.516) 1? 197 343) 1147.5161 1? 19?.343) {292.9371 13.041.788) Total expenditure on chritble rtivi¢ies l?jj9.859) 12.i39.8591 13.334,7?51 Net income ?J?0.677 9.51)0.000 11.8?0.677 10.631.869 (hher rttognised gains 8nd losses Nlei gainlllossl on investrnents 6.703.954 6.703.954 13.4?6.0601 P'et Movement in funits 9.0?4.631 9,500.000 18.5?4.631 7.?05,809 Reeonciliation of fund5 Toial funds brought forward 14J?3.7?? 111.645.765 1?6.169.487 118.963.678 rotal funds at end of year 73.548.353 1 ?1.145.765 144.694.118 1?6,169,487 There was no oiher comprehensive income in 2026 or 20?5 (rfher than those in the statement of finan¢iJl a¢tivities. All amounts relaie 10 ontinuing operations.
The Good¥ Foundilon Bl•nct sbett at 31 M#reh 2026 21126 2025 Non current a55ets FÈnancial assets Tangible fixed assets Investment propcrtics Convertible loan not¢$ Long te debtors 59.672.649 353.760 36.403.365 ?17.083 868.3iO 97.515.187 59.721.410 649.868 32.896.198 io 12 93.478.626 Current Assets Cash at bank Dcbtors li 12 47.619.910 33,244.127 176,?08 33.4?0.335 47.619.910 Creditors: amounts falling dye within one year 13 (440.9791 17?9.4741 Net current BSset5 47,178.931 3? 690.861 Net A55ets 144.694.118 126.169.487 The fund5 of the Charity: EndowThent funds Unrestricted funds 14 121.145.765 23.548J5i 111.645.765 14.5?3.7?2 Tot41 funds of ihe charity 144.694,118 126,169,487 These ftnancial slaiements were approved and si8ned by the Twsitts on l July 20?6. Laurence Tru5t¢e oodm John NlcLa Tru$iee Charity registered number.. 1097231 12
The Goodman Foundation Cash Ilow statement Yur ended 31 March 2026 Vear ended 31 March 2026 Year ended 31 MAreh 2025 Movements in funds for ihe year 18,524,631 7,205,809 Adjustment5 to excludt 1100rfg$b ittJn5 and investment IDcom¢ tkcrease in debtors IDe¢rease}lincrease in creditors IGainllloss on quoted inv¢5tmcn R¢valuation of investment properry Gain on sale of thngible Sets Exchang¢ gain on inve51ment proFrty Investment income '¢t C95h genernted frojn operating activities 176.?08 1?88.495) 13.Oi9.0191 3.ii6.660) (35.9701 1170.507) 14.660.536) 7.149.652 32.666 504.734 3.315.284 {4.305.9081 6.75?.585 CAshflows from iDVeSting arfivities Investment income Proceeds from sale of tangible Purchase of fixed assets Purchase of invesirncnt property Purchase of convertible loan notes Loan advanc¢d (o Community fund Payments io acquire financial &sset inv¢siments Proceeds from sale of financÈal asset investhients Net tgsh outflow from investing artiviiies 4.660.536 3)9.?15 (7.1371 4,141.516 (346.6231 {11.697.6331 (5.933) 1868.iiOI 1?7.072.0?91 iO.179.809 7.??6.131 1?3.224.1571 7.987.30? l?i.iS0.7451 Change in cash 8nd cgsh equivalents in the ye8r Cash and Cash equivalents ai the beginning ofthe yor Cash and eash equivaleDts at the end of the yelr 14.375.78i 3j ?44.1?7 47.619.910 116.598.1601 49.84? ?87 33.244.1 ?7 13
Th¢ Goodman FouDd•tion formlngp4rt ofihefinqnciulslolements Accounting Policies Th¢ principal a¢¢ounting policies adopd. judgements and key sourees ofestimalMxJ uncertainty in ihe prepaTaiion of the financial 5taiements are as follows.. B#si$ of prtwr%tion The Trusi is a chaiity registered in England alld Ivales and 15 governed by z Dced of Trust exe¢uied on 14 March 2003. The Trusi's objeciives and acitvities are included in the Trustees, rep)rt on page 4. Th¢ financial siaiements are pr¢par¢d under the histori1 Cost convention. m(yJificd to include the r¢vdluation of invcstmeni propcrties and quoted investments to fair value. and in a¢¢ordan¢e ii'ith applicable accoLEnling standards in the Unit¢d Kingdom. the Stsiement of Recommended Pta¢ti¢e ISORPI 'A¢¢ounting and Rep)rting by CharÉlies' and FinartCi21 Rewkrting Standard IFRSI 10? together with the reporting requirements of ihe Chariiies Aci 2011. The accounting policies sd out below have. unles5 Otherwise slated. been applied consiAently all periods pres¢nied in these fiTwi¢ial siaiemenis. Estimaies #rtd judgtments The prepardiion of financial statements in compliance Wilh FRSIO? requires ihe use of certarn eritical accounting estimates. li also requires managernent to exercise judgement in opplying a¢couniiog policies. Estimates and judgements are coniinually ¢valu8icd by ihe TTusiees based on historieal ¢xp¢ri¢rtc¢ artd other f#¢tts including e.xpecthiions of future evet)ts ihal are klieved io be reasonable in ihe CiTeum5tan¢es. The mosi significant esiimaies and judgements r¢lat¢ the marka value of invesimeni properties. GoÉng concern In determining the appropriate basis of preparnion ofthe financial S¢atements for the year ended 31 Mar¢h ?026. the Tr1¢¢5 are required 10 Consider whether the Trust can continue in opemional ¢xisn¢e for ihe foreseeable [LITe. As of 31 March ?0?6. the Trust had total endowment funds of £l?1.145.765 1-W?5-. £111.645,765) and unrestricted funds of £23.548.353 (2025.. £14.523.7?21. Having undenak'en a detsiled ree of fuEure aniicipaied donaiions and expenditure. and by reference to the Trusi's policies on grani makbng and reserves. the Truste£s are saiisfjed the Trust has adequate re)UrCeS coniinue operaiions well inio the foreseeable future. TaxAtion As a registered eharity. Ihe Twsi is exempi from corwjraiton w on its charitable activities but not from VAT. 14
Tht Goodman FounlI0n formingparfofihefin4Tnciolsioiements {conrtMued) AecouDting Polieies (eontirtued) Ineoming resources VolUnry income and donations are aeeounted for on a receipts basis. Where the TTUSt receives grants io further its charitable objeaives ihese grant5 recognis¢d when the T¢ has enlitlement to ihe resource wkih the timing of ihe expenditure being within the discreiion of ihe Trust. Such resources are only deferred where the donor imposes specific ¢ondilions that spccify the time p¢rith4 in whi¢h the e.xpcnditur¢ of ihe resources can takc plae¢. Expendable endowments received in the period have been dlsclosed as such. The value of voluntsry work is noi included in ihe financial sth*ments. Resources exp¢Rded Cost afgener¢7fingfunds These are the costs which are associated with generating incoming rtsources from all sources other than from undertaking charitable activities. This iThcludes costs of generating volunthry irwme and costs relating w fundr4ising tszding. Churilable aciiviiies Grant expenditure 15 rccognised when fuods are Irdnsferred io charitable organisations itt furtherance ofihe objects of the Trusi. These transfers arc tishily controlled through the charities 8rant-m3king policy. Associated support aThd partner development costs are allocaied on a Cosi basis and exclude fundraising and gov¢rnan¢e costs. (rovernance c031s Th¢5e are the costs &ssociaied wilh ihe governance arrdngements of the Trust as opposed io those costs aslated with fundrdi5ing or ¢harilable actlviiies. Govemance costs intlude audii and legal advisory fets. Endowmeni fund5 Much of ihe Foundation's funds have been provided as expendable ¢ndownents. Such funds are invested io g¢n¢raie income io enable the Trust to eontinue its wo. over ihe long ierni. Only in exceptional cir¢umstsnces Can endoMThent funds bc used io fund grani giving. Unrestricted funds Funds which are expendable ai ihe dis¢r¢tion of the Tru5ttts in the furth¢ran¢e of the objects ofthe Charity are cl&ssified as unresiricied funds. 15
The Goodm80 Foutsdaiio 'otes lorniingpurtof thefinanci4lMeets (eoijlinued) I, Acfounling Policie5 (coniinued) T8ngible fixed #55ets and depretiation Tangible fix¢d assets. with the excepiion ofiand. are ¢arri¢d ai cost less ac¢umulaied dePclatiOn. Land is not depre¢led. Depreciatiork is calculated to write off the cosi of &sseL¥ overtheir expected useful lives on a 5traighi-line b&si$ follows.. Buildin8S 20- 50 )'edfS Investments Listed investmcnts are included on ihe balance shtti at fair value whi¢h is their Closing bid pri¢¢ on the ¢urr¢n( or pY¢vious irading day. Unli51ed investments in subsidtaries are included in the balance 5hert at COSL R¢alised gains and losses on disposals in ihe y¢ar and unrealised gains and losses on invesimeots at the balanc¢ she¢¢ date are in¢lud¢d in the statcment of financial activities for the relevant underl)'ing funds. All invcstmenl income is treated unrestricted. Investment prop¢rti¢s Investment properties are propentes which are held io eam rtntsl income. for capitsl appreciation or for h. lrtvestment propertie5 are ognised iniiially ai cosi. Subsequent io initial re¢ogni¢ion investhient propertie& whose fair value can be me&sured reliably withoui undu¢ ¢osi or effort. are held ai fair value. Any gains or losses arising fr(xn chan8e5 in the fair value are re¢o8nised in ihe siatemeni of financial &Cliviii¢s in tht prrhod that th¢y arisc. Fin8nci41 instruments The Trust h&s appli¢d th¢ provisions of FRS 102, Se¢tion I I,'Ba5ic Financial Instruments. and Seciion 12.'Other Financial Instruments 15sue5' Financial &ssets and liabtliiies ar¢ reeognised when ihe Chants. becornes a party to the contrdclual provisions of the instrument. Th¢ Charity irhilially recosnises a financial asset or a financial liabtliiv ai iransaciion price. for debtors and other creditors this is the settl¢meni amount. Grant commitrnents overolle >earore di5counied (o retleci present value. D¢b¢oT5 crfditors Trade debtors and other debtors are recognised ai ih¢ir ¢ransaciion price less any allowanc¢ for doubiful debts. Liabililies are rccogni5cd when. as a result of past events. there is a probable future outfli)w of resources. and thc amouni 7n b¢ esiimatcd Tcliably. Tradc eTcditor5 and oihercrediiors are irkcluded at theÈr nominal value. Cash and c$h equiw%lent5 C&sh and c&sh equivalents comprise cash balances a1 ¢all deF)Sits. Foreign eurrenties Transactions in for¢i8n currencies are recorded u5Èng the Ne of exchange ruling at the d¢ of ihe transaction. Monewy a5seis and liabilities denominaied in foreign CUTrencie$ are translaied usit)g the rdte of ex¢hange njling ai the balance sheet date and ihe gains or losses on trdll51ation are included in the siatemenl of financial a¢ti¥ilies. 16
The GoodmAD Fout)dtio formivgpartolthefinollc1olQtemexts (conrlnued) DoRati(bn$ and legaeies Donations comprise endowment income and her donation5 and legaci Unrestricted Endowrnent Total 2026 Total 2025 endowment income Oiher donions and legaeies 9.500.000 9.500.000 9.500.000 160.686 9.660.686 9.500.000 9.500.000 Endowment ineome Endownent ineome represents donations received which are held 2nd Inv¢t as expendable endownenis to genevdte knih incorne for expenditure on the Tnjst's ehariiable purpose5, in accordance wilh the Tru#e¢s' grani-makin8 p)licy. and gmmh it) the capital value of Ihe ¢¢)dowments for the lorb8-IcrnI viabÉlity of (he Trust. Other donations and I*¢1 Other donations represent income reeeiv¢d which is available to the T1S io fund its grant-making progrdmme. The amount receivcd frorn outside the UK.. TotsE 2026 Tot#1 2025 Liecht¢nst¢in 160.686 160.686 3. Income from investments Unrestriettd Endowment Tot212026 Total 202$ Rental income In¢om¢ from fixed asset inVernents In¢om¢ fmm cash and eurrent a55et inVeseThts .145.510 ?.615.40? 899.6?4 4.660.5i6 .145.510 2,615.402 95?.450 ?.043,JOO 1.310,158 4.i05.908 4.660,5i6 Expenditure- cost of rnising funds 2026 2025 Investment management costs 147.516 147.516 29?.937 29?.937 17
The Goodman Fownd*iion fonningparl ofihefinanci¢T1s14Tiements {conlinuedJ 5. Expenditure- chAritable attivilies Charitable expendÈiure is analysed as follows: 2026 2025 Grants to ¢harithble causes Governance costs 2.130.497 61.846 ? 19? 343 2.975.642 66,146 3,041.788 The Trustees made grants io various charitable ¢au5es during the year. In lotal. 118 grants were made. Grnnts may be analysed &s follows.. 2026 2025 liumber Number Third world and disasiers Grdnis io help ihe pcK)r, elderly and disabled Children's charities Other chariiable ¢auses deemed thDnhy 28,151 481.830 2,143.787 321.874 2.975.642 49 50 207J09 579.571 79.957 ? 130.497 31 39 The Trn5tee5 have availed of the exemption sei out in Scciirn l)214) of the Charities Act 2011 frorn providing the names of grant reciplents and the amount of granrs made. Recipients of GrAnts 2026 2025 Indtviduals Org2nisalion5 not Charities Charities Totsl 1.742 6.997 2.1?l.763 ? liO.497 25.000 2.950.642 ? 975.64? Sp¢nding outside the UK: IT¢land Myanmar 619.962 171766 865.600 216.575 8.719 1.883.6?7 2.294.544 Afghanisthn South Afri To¢al 8.513 2.311.325 Grants to Chariiies.. Total 1121.763 2.950.642 18
The Goodman Foundtion Notes forni1ngporfofihefinanciolllÉlTrets (conilnued) EKpenditwre- ch#ritsble arfivities (contit)ued) Governance costs are analysed as follows.. 2026 2025 lgal and advisory fees 61.846 61.846 66.146 66,146 Trustees received no remunerdtion during the year. or in ihe prior year. Furthernk)re. no trnvel or oihercosts were reimbursed to the Trustees. Th¢ audit f¢e charged for ihe year was £8.67?1•075= £8.7711. 6. Net g2inl{loss) on invw¢ments 21126 2025 Reali5ed gain on financial wet investmtnts Profil on sale of fixed assets Unrealised1105sI on finan¢ial asset invesimertts Unreali5ed gain on investment property Unreali5¢d gainllloss) on ¢urrency translation 6.891.441 35.970 li.8j? 4?21 3.336.660 ?7? i05 6.70i.954 1,060,510 14.375.794) 1110.776 13,4?6.0601 7. Financial Issets 2026 2025 Quoted invesiments Non quoted investments 55.7?7.555 3.945.094 58,7?4,991 996.419 59.67?.619 59.7?1,410 Quoted Investments 2026 21125 Markei value ai beginning of year Additions at acquisition ¢osi Disposal at rnarkei value Gain on disposals at maTket value Nel Ioss on revalllaiion 58.7?4.991 24.1?j,354 130.179.809) 6.891.441 13.837.422) 46.803.4)0 ?3.224.157 {7.987.3021 1.060.510 {4,375.7941 Markei value at end of year 55,7?7.555 58.724.991 19
t Goodman Fwnd*lion forniillgpan ofihefinandalsioiements (eollilnu¢dJ Financial 855ets (cotEtinued) Analy5i5 of invesimtnts 21126 2025 UK listed investments Non-UK listed investments Non listed investments 14.835.938 40.891.617 3.945.094 21.570.344 37.154,647 996.419 59.67? (A9 59,721,410 Historic cosi 67.090.683 64.494.525 The following Èfivestments comprise more than Svo of the market value of the total invesimeni portfolio. 2026 2025 N'esile SA Bay¢rische Moioren Werke AG Colg?aie.Palmolive Keny Group Unilever plc Mercedes-Benz ABF Persimmon plc Dassault Crest Nicholson Glencore Johnson & Johnson 10.670.460 4.540.170 4.730.884 4.157.564 4.141.099 3,787.065 3.775.656 3.l75.?98 2.876Jl? 19.15•/th 8.15(/10 8.4V/• 7.46% 7.43 /• 6.800/• 5.88¥• 5.610/• 5.OP/• 11.283.235 4.124.449 7.020/0 5.073.696 3.72? 267 8.64° 6.340/0 4.944.725 8.420/0 ).036.669 4.189.947 4.688.323 5.17°/p 7.980/0 8. Tangible Assets Buildin2s Cost At l April 2025 Addition Di5P05al 649.868 7,137 1303 ?451 At 31 March 2026 353,760 Accumulated depreeixtion At l AprÈl 20?5 Charge for lh¢ year At 31 M2rch 202fj Net book valu¢ At 31 M8rrh 21126 353.760 At 31 Mar¢h 2025 649.868 Capital commitrnents ai 31 imarch ?026 10th]l¢d £rbil12025.. £nil) 20
Th¢ GoodaTr Foundatio Notes fOrnnEOrt ofihefin&nciulslolements (eonlinued) Investment properties 2026 Cost At l April 2025 Revaluation during ihe year Exchange movemeni during the year 32.896,198 3.336.660 170.507 At 31 March 202t5 36.403.365 Tet b)k value At 31 Marth 2026 36.403,365 At 31 March ?0?5 32,896.198 The Trustces have nsidered the caThyin8 value of invcsiment properties ai year end and nSiderIhat their carying value reflects their rrent markei value. In respect of commercial property. the T1¢¢5 had a Wdluation lI1¢d out by an eeral Yaluer dated 31 March ?0?6. An adjustment of £1,736.660 was made io the carying value of the investment prom.. AccordÈngly. Ihe inve51meni property is now carried in the balance sheet at £5.636,95?120?5.. £3,900.?9!). In respect of the arable lands. 1.369.79 acre& the Trusie¢s had a valuation carried oui by an exiernal valuer daied 31 March 20?6. An 8djusimeni of £1.600.000 was made w the eanying value of the investmeni property. Accordingly. the investment property is now Carried in Ihe balance sheet at £18.689,4331?0?5= £17.089.433). During ihe prior year the Foundation acquired another commercial property for £1 1.9m. The Tru51ees had a valuaiion carried out by an external valuer dad i l March ?0?6. N'o adjustmeni 10 the Canying value of ihis inv¢stment property wa5 nttessary. An exchange revaluation of £170.507 l¢aves the property at £l?.076.980 in ihe balance shect. 10. Convertible loan notes 2026 2025 Convertible loan notes At end of year ?17.083 217.083 211.150 The convertible loan not maiurity date is I l N'overnb¢r ?Oty. I I. Cx5h at bank and in hnd 21126 Cash at bank and in hand 47.619.910 33.244.1?7 12. Dtbtor5 21126 202S Current sstts- amounlsfalling dtse wiihin one)Yar VA T reecivable Rental income du¢ At end of year 164.392 176.?08 ng term assets- amounlsfalling due afier more iknn oneJYaT Loan made loa community investment fund during ihe year 868.iio The loan is interest bearing #i ?V. ptr annum and is repayabl¢ on 31 March ?0?9.
The Goodmn FDundtiOD fomiingportofihefingnLYulslqlenzents (conlinmedj 13. Credi101S 2026 2015 Accruals Vat At end of year 408.525 3?.454 440.979 729.474 729.474 14. Funds of the ¢hArity 2026 2025 Reeonelliaiion of endowmenifun¢ts At beginning of the year Gift of expendable endowment r¢¢eived At end of ye4r 111.644765 9.500.000 121.145.765 102.145,765 9.500.000 111,645,765 Reconcilialion ofuThreslri¢iedfunds Ai beginning ofthe year Net illCOTne durin8 the year Realised gains on investments Unrealised gain on investmcnt propertie5 Other IIOs5e5ygains Inell At end of year 14J23.722 ?JYO.677 6,891,441 3.316.660 13.5?4.l47) ?3.548J53 16.817.913 1.131.869 ,060.510 4.486,5701 14.523.7?9 Analysis of net Assets between funds Unrestrieted Endowmeni Total 2016 Fixed assets Current assets Long term ets Creditors 96.646.857 24.498.908 96.646.857 47.619.910 868.i30 1440.9791 144.694.118 23.121.002 868.3iO 1440.9791 2i.548.)53 121.145.765 l& Comrnitments At the balance she¢t dale, there are no donions io which ihe Trust ClMnmiit¢d making thai have not been provided for. The Trust had no capital commiiments nor coniingencies * ihe balance sheet date. 16. RelAted party di5c105ures Tr4n5#ftaon5 1)'ith related entities The Trusi is a berteficiary of ihe Goodman FamÈl)' Tnjsts. Set out below is a summary of the iransactions between the Trust and entit1¢5 that are wholly owrted 5ub5idiarics of the G(M)dman Family Trusts-. The Trust received an endowment donion of £9.500.000 {?OY5.. 19.500,0001 from ABP Fixxl Group Unlimited I'ABPFG'I. Appoitktrnent5 of in¢ome I0]11ng £nil l ?Q?5.. £16Q.686) were Te¢eived dirtttly from the G(xxlmon Family Tnts. Reni of£191.814 (?0?5.- £164.39?) charged 10 Parma Management Services. The balance due from Parma Management Services ai }'e2r end £Dil {?O?j.. £16J.39? 17. Post b2lance sh¢et events There have been no significani events affeding the Trusl since ihe finan¢ial yedr end. l& Approval of the Financi81 Stst¢m¢n¢$ The iwsiees appmed the financial statements on l July 2026. ?2