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¢ TrU￿rts. rewr and the rtnancial sthiements
Independeni auditor's reporn io the Trustees of The G￿dMan 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 *dmiNistr*iive i*formatio
Trustees
Laurence J. G￿l￿an {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¢￿￿e￿I
The Trusi is a regisiered charity and Ès governed by a Tru51 deed executed 14 March ?￿3 {'Xhe Tru51 Deed").
Ilppoinimeni of Tru51ees. 0￿(1￿1rd1[0￿QIsl￿KlUre {v￿re/¢￿edp￿riles
Th¢ Trust is administered by ihe Trustees. They m¢¢1 al le￿1 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 T￿￿1￿$.
The Trnst h&$ 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 re￿Ining 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 mOni￿r 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 orqu0￿d 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 regul￿10n$.
to buy, tak¢ on l¢as¢ or in ¢¥change. hi￿ or oihern'i5e acquire property and io mainlain and equip it for use:
to c￿Perate with oihtr charities. Yoluntsr). lrt)dies and siatuiorv a￿thorI11cS 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 Tn￿1 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 GO￿lman Found*tio
Tn￿lee$. 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 Tn￿l"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 don￿10￿5 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 p￿￿ently. 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 non*uot¢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 Sho￿11 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.
Inv￿lment 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 m￿lmI5¢ the total return on endowmeni fvnd5 wÉthin the c(Mstraints ora medium io low risk invesunent ponfolio.
Disclosure of iDform*tion 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 fin*nei#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 ￿g￿laI10ns. The Trustees have eleci¢d io prepare the financial slatements in accordancc
with UK Accouniing Sthndards. including FRS 10? The FimJK¢iol Repor1ing￿andord￿Ppl1cQh1e 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 b￿15 of accounting unless ihey eiih¢r iniend to liquidate the charity or ￿ cease operdlions. or have
no r¢alisiic al*rnative but lo do $0.
The Trustees are reqUI￿d 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 CoDdm*n Found*tion
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 ch*rit*ble *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￿¥￿ Found*ilon
B*l•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 adop*d. 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 histori￿1 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 Tr￿1¢¢5 are required 10
Consider whether the Trust can continue in opemional ¢xis*n¢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 re￿e￿ 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 Foun￿lI0n
formingparfofihefin4Tnciolsioiements {conrtMued)
AecouDting Polieies (eontirtued)
Ineoming resources
VolUn￿ry 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 as￿lated 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 thefinanci4lM￿e￿e￿ts (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 deP￿clatiOn. Land is not depre¢l￿ed. 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*$h equiw%lent5
C&sh and c&sh equivalents comprise cash balances a￿1 ¢all deF*)Sits.
Foreign eurrenties
Transactions in for¢i8n currencies are recorded u5Èng the Ne of exchange ruling at the d￿¢ of ihe transaction. Monewy a5seis and
liabilities denominaied in foreign CUTrencie$ 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)d*tio
formivgpartolthefinollc1ol￿Qtemexts (conrlnued)
DoRati(bn$ and legaeies
Donations comprise endowment income and ￿her donation5 and legaci
Unrestricted
Endowrnent
Total 2026
Total 2025
endowment income
Oiher don*ions 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 T￿￿1￿S 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 inVe￿rnents
In¢om¢ fmm cash and eurrent a55et inVes￿eThts
.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 Found*tion
Notes
forni1ngporfofihefinanciolll￿ÉlTre￿ts (conilnued)
EKpenditwre- ch#ritsble arfivities (contit)ued)
Governance costs are analysed as follows..
2026
2025
l*gal 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¢ Good￿aTr Foundatio
Notes
fOrn￿nE￿Ort 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 T￿￿1¢¢5 had a Wdluation ￿lI1¢d out by an e￿er￿al 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 da￿d 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 h*nd
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 Goodm*n FDund*tiOD
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 don*ions 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 don*ion 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 Tn￿ts.
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