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← The Goldman Sachs Charitable Gift Fund (UK)

2025-06-30-accounts

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

DIRECTORS’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025

The directors (who are also the trustees of The Goldman Sachs Charitable Gift Fund (UK) (the “Fund”) for the purposes of charity law) present their report and audited financial statements for the financial year ended 30 June 2025, which have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS102)) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, and the Charities Act 2011 (as amended) ~~.~~

Objectives and activities for the public benefit

The objects of the Fund are to promote for the public benefit the advancement of education, the relief of poverty, the advancement of religion and any other exclusively charitable purposes in both English and Welsh law and United States' law. In furtherance of these objects, the Fund focuses on supporting charities and charitable activities that build and stabilise communities, increase educational opportunities, advance health, relieve poverty, promote the arts and culture, provide humanitarian relief and further any other charitable purposes ~~.~~

The ongoing strategy of the Fund is to make grants pursuant to its objects from donated funds solicited from The Goldman Sachs Group, Inc, and its predecessors, subsidiaries, affiliates and successors (“Goldman Sachs”), and current and former senior employees of Goldman Sachs ~~.~~ The Fund, operates as a donor ~~-~~ advised fund whereby the directors establish donor accounts for individual donors to make recommendations, although the ultimate decision for the distribution of funds rests solely with the directors of the Fund. Consequently, the directors consider that it is appropriate to disclose the funds as unrestricted ~~.~~ The directors pursue a broad strategy of ensuring proper due diligence in the assessment of grant applications with regard, among other things, to:

The Fund is formally recognised by HM Revenue & Customs as a charity for tax purposes within the United Kingdom. The Fund is also a wholl ~~y-~~ owned subsidiary of, and has elected to be treated for United States federal tax purposes as a disregarded entity of, The Goldman Sachs Charitable Gift Fund, which has been recognised by the United States Internal Revenue Service as a ta ~~x-~~ exempt organisation.

The directors have paid due regard to the Charity Commission’s guidance on public benefit, as required by the Charities Act 2011 (as amended), when reviewing the objects and ongoing strategy of the Fund. In particular, the directors have considered whether grants being awarded by the Fund are for the public benefit.

The Fund has established its grant making policy to achieve its objects for the public benefit ~~.~~ The Fund ensures that proper due diligence is undertaken to establish that proposed projects are charitable. In addition, the Fund’s grants are made on terms either requiring reporting or entitling the Fund to require reporting at its discretion, and in all cases restrict private benefit to donors to the Fund (and those connected with them) ~~.~~

1

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

DIRECTORS’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Strategic report

Achievements and performance

The Fund’s activities are limited to the making of grants pursuant to its charitable purposes and the public benefit. In this financial year, the Fund has continued to receive donations and ensure that funds are held securely and invested. The Fund has also continued to ensure that processes are in place to enable grant recommendations to be examined with the requisite detail, intended grant purposes and recipients scrutinised appropriately, and grants made subject to appropriate grant conditions, including conditions as to monitoring ~~.~~

Grants awarded during the financial year amounted to US$4,038,438 (2024: US$4,339,707).

The Fund does not raise funds from members of the general public beyond Goldman Sachs, its predecessors, subsidiaries, affiliates and successors and current and former senior employees of Goldman Sachs. Therefore, additional fundraising disclosures as required by the Charities (Protection and Social Investment) Act 2016 are not required.

Financial review

During the financial year, income of US$4,817,165 (2024: US$1,725,597) was received. This income was applied to furthering the objects of the Fund and the directors made grants totalling US$4,038,438 (2024: US$4,339,707) during the financial year ~~.~~

The net movement in funds for the financial year, as shown in the statement of financial activities, shows a gain in the year of US$2,146,272 (2024: loss of US$702,234).

During the financial year, the Fund received donated investments in publicly traded securities amounting to US$3,124,721 (2024: US$492,028). Please refer to the Grant making section on page 3 for details of grants made in the year.

The value of the Fund’s net assets at 30 June 2025 is US$26,168,251 (2024: US$24,021,979).

Investment policy and performance

In accordance with Articles 3.8 and 3.9 of the Articles of Association, the directors have the power to invest in such stocks, shares and investments as they see fit, and, subject to certain limitations, the power to delegate the management of such investments to a financial expert. Mindful of their duties as charity trustees to act prudently and to diversify the investments of the Fund appropriately, the directors engage Goldman Sachs Asset Management, L ~~.~~ P ~~.~~ (“GSAM”) and Goldman Sachs Asset Management International (“GSAMI”) as investment managers of the Fund pursuant to a Discretionary Advisory and Administrative Services Agreement. The fees of GSAM and GSAMI are not paid by the Fund, but are donated by Goldman Sachs. The investment policy as adopted in November 2007 and amended thereafter is subject to regular reporting and review and may be amended by the directors as necessary. The directors consider the grant requirements each year and the amount of investment income that will be generated from the investments held.

The directors have monitored the performance of investments in the financial year by reviewing regular investment reports to minimise the risks to the Fund. During the financial year, investments were disposed at a realised gain of US$507,866 (2024: US$281,578) and increased in value by US$1,283,910 (2024: US$2,027,818) as a result of unrealised gains on the revaluation of investments. Investment income in the financial year amounted to US$483,027 (2024: US$471,843).

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Strategic report (continued)

Policy statement on reserves and going concern

The funds at 30 June 2025 will be retained to make grants in accordance with the Fund’s charitable objects and policies, including the Fund’s policy statement on reserves. The funds available for expenditure amounted to US$26,168,251 (2024: US$24,021,979) and this level of reserves is considered to be appropriate and acceptable by the directors taking into account plans for grants to be awarded in future years ~~.~~ The Fund also has a reserve of US$4,713,109 (2024: US$3,429,199) which represents the unrealised gains in fixed asset investments. The directors review the outstanding reserves at the end of each year to ensure that any future grant making will be aligned to the recommendations of each donor and that the Fund will continue to have substantially adequate funds to be able to meet its payment obligations to any outstanding creditors and meet its future financial commitments. The Fund does not have any social investments, or any designated or restricted funds ~~.~~ The level of grants distributed in the financial year and the funds available for expenditure are consistent with this approach. The Fund historically has spent a significant percentage of its reserves in any given year and the typical donor recommends spending within a few years the vast majority of the amounts in the donor’s account.

The directors have considered the impact of inflation and concluded that there are no material uncertainties regarding the Fund’s ability to continue operating, on the basis that adequate reserves are available to fund the activities of the Fund for the foreseeable future. Goldman Sachs has indicated that they would continue to provide donations and any funding to the Fund to enable the Fund to meet any future liabilities which the Fund would not be able to meet from its existing reserves. The directors have no reason to believe that Goldman Sachs will not continue to make donations to the Fund and not be in a position to provide funding and support ~~.~~

The directors, having considered the availability of any future funding by Goldman Sachs, if it should be required, have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Fund to continue as a going concern. On the basis of their assessment of the Fund’s financial position, the directors have a reasonable expectation that the Fund will be able to continue in operational existence for the foreseeable future.

Grant making

Charities Aid Foundation America (“CAFA”) and Goldman Sachs Wealth Services, L ~~.~~ P ~~.,~~ a subsidiary of Goldman Sachs, review grant eligibility applications and other requests for grant funding on behalf of the directors. Subject to the express approval of each grant application by a director or an officer of the Fund on behalf of the Board of directors, Goldman Sachs Wealth Services, L.P ~~.~~ then distributes funds in furtherance of the Fund’s objects. Grants distributed in the financial year of US$4,038,438 (2024: US$4,339,707) were to support charities that build and stabilise communities, increase educational opportunities, advance health, relieve poverty, promote the arts and culture, provide humanitarian relief and to further other exclusively charitable purposes under English and Welsh law and United States’ law ~~.~~ Given that the Fund is a donor ~~-~~ advised fund, the directors do not utilise Key Performance Indicators to measure the activity of grant making ~~.~~

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

DIRECTORS’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Strategic report (continued)

Principal risks and uncertainties

The directors consider that the Fund has the following principal risks and uncertainties and have determined strategies for managing those risks as set out further below.

Market, credit, currency and interest rate risk

Investments are exposed to various risks, such as market, credit, foreign currency and interest rate risk ~~.~~ Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the fair value of such investments, it is at least reasonably possible that changes in risks in the near term could materially affect the net assets of the Fund ~~.~~ The Fund has investment strategies and policies in place to mitigate these risks.

Concentration risk

The Fund maintains custody accounts with Fidelity and believes they are reputable custodians. However, there is no guarantee that Fidelity will not become insolvent ~~.~~ While Fidelity is a member of the Securities Investor Protection Corporation, and while the U.S ~~.~~ Bankruptcy Code, SEC 15c3 ~~-~~ 3 Customer Protection Rule and Securities Investor Protection Act of 1970 seek to protect customer property in the event of a failure, insolvency or liquidation of a broker ~~-d~~ ealer, there is no certainty that, in the event of a failure of a broker ~~-~~ dealer that has custody of the Fund's assets, the Fund would not incur losses due to its assets being unavailable for a period of time, ultimately less than full recovery of its assets, or both ~~.~~ Because substantially all of the Fund's assets are in the custody of this broker, such losses could be significant and could materially impair the ability of the Fund to achieve its charitable objectives ~~.~~

Inflation

The impact of economic matters, including inflation, on the regional and global economy remains uncertain ~~.~~ For these financial statements, the economic matters are considered to be non ~~-a~~ djusting events and consequently there is no impact on the recognition and measurement of assets and liabilities as at 30 June 2025. The Fund will continue to monitor market conditions and to evaluate the potential impact, if any, on its operations going forward.

Strategies for managing those risks

The Fund has a risk management process that ensures that appropriate steps are taken to mitigate risk ~~.~~ The directors have assessed the above risks and are satisfied that reasonable steps are being taken to mitigate exposure to these risks ~~.~~ The directors have overall responsibility for ensuring that the Fund has a system of internal control to mitigate the risks identified.

In respect of specific financial risks impacting the Fund, the directors monitor the performance of the Fund’s investments, the directors approve the level of grants to be awarded taking into account the funds available, and ongoing expenses are entirely reimbursed by Goldman Sachs ~~.~~ Sufficient reserves have been allocated for working capital needs and there are no long ~~-~~ term borrowings ~~.~~

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

DIRECTORS’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Strategic report (continued)

Plans for future periods

The Fund aims to encourage its donor pool (including employees and former employees of Goldman Sachs) to seek out opportunities to recommend grants to high ~~-~~ impact charitable organisations which advance the charitable objects of the Fund. The Fund will continue to make grants, to the extent lawful and prudent, according to those recommendations of donors and the approval of the directors ~~.~~ Over the years, the Fund has honed its due diligence procedures to ensure resources are allocated to their best effect ~~.~~

Structure, governance and management

Governing documents

The Fund is a charitable company limited by guarantee governed by its Articles of Association ~~.~~

The sole member of the Fund is The Goldman Sachs Charitable Gift Fund, a non ~~-s~~ tock corporation incorporated in the State of Delaware, USA, and operating for exclusively charitable purposes under United States’ law, with its registered office at Corporation Trust Centre, 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801, USA and Internal Revenue Service tax identification number 11 ~~-~~ 3813663.

Directors and trustees

The directors and trustees of the Fund, who held office during the financial year and up to the date of signing the financial statements, unless otherwise stated, are as follows:

Jennifer Catherine Evans

Robert Katz Graham Philip Shaw David Jeffrey Greenwald

The directors of the Fund are also directors and trustees of Goldman Sachs Gives (UK), a charitable company incorporated in England and Wales. Goldman Sachs Gives (UK) receives donations from donors who are required to account for tax in the United Kingdom but not in the United States of America, and is a connected charity of the Fund by virtue of the two charities having The Goldman Sachs Charitable Gift Fund as their respective sole member.

Qualifying third ~~-~~ party indemnity provisions

A qualifying thir ~~d-~~ party indemnity provision as defined in Section 234 Companies Act 2006 is in force for the benefit of each of the directors and the company secretary in respect of liabilities incurred as a result of their office, to the extent permitted by law. In respect of those liabilities for which directors may not be indemnified, the Fund maintained a directors’ and officers’ liability insurance policy throughout the financial year and up to the date of signing the financial statements.

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Structure, governance and management (continued)

Appointment of directors

The directors are appointed by The Goldman Sachs Charitable Gift Fund pursuant to the Fund’s Articles of Association ~~.~~ The number of directors appointed shall not be less than three but is not subject to any maximum number ~~.~~ A director of the Fund, who is also a director of The Goldman Sachs Charitable Gift Fund, is appointed to serve for as long as he or she is a director of The Goldman Sachs Charitable Gift Fund ~~.~~ Any other director is appointed for renewable terms of three years.

Induction and training of directors

New directors are briefed on their legal obligations, powers and duties as company directors and charity trustees. New directors are also provided with a copy of the Fund’s Articles of Association, and information on the history and structure of the Fund, as well as the decisio ~~n-~~ making processes, policies and the future plans and objectives of the Fund.

Organisation

The directors are responsible for the strategic direction and policy of the Fund and, subject to any prudent delegation to advisers and agents, make all substantive decisions in relation to the Fund. In furtherance of this, the directors meet as and when required. The directors have delegated responsibility to management for the oversight of the Fund ~~.~~ The directors have been supported throughout the financial year by the company secretary to the Fund. The directors may delegate any of their powers or functions to committees but the terms of delegation must be agreed in advance ~~.~~

The directors meet at least three times per year to review the grant activity of the Fund and investment performance. The directors have established procedures for the examination of grant recommendations and the conduct of due diligence. The conduct of due diligence is delegated to specialist service providers. Grant recommendations which satisfy the directors’ policy requirements are approved by one of the directors before being made.

No staff were employed by the Fund during the financial year (2024: None). The directors and the key management personnel received US$Nil remuneration in respect of their services to the Fund during the financial year (2024: US$Nil) ~~.~~

No director or key management personnel received any reimbursement of expenses during the financial year (2024: US$Nil) ~~.~~ The key management personnel are remunerated by Goldman Sachs and the fair value of the appropriate proportion of their time is included within donated services (see note 2).

Statement of directors’ responsibilities

The directors (who are also trustees of the Fund for the purposes of charity law) are responsible for preparing the Directors’ report (including the Strategic report) and the financial statements in accordance with applicable law and regulation ~~.~~

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice).

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

DIRECTORS’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Structure, governance and management (continued)

Statement of directors’ responsibilities (continued)

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 ~~.~~ They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of information about the charitable company on relevant websites ~~.~~ Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

In so far as the directors are aware:

Independent auditors

The sole member of the Fund has r ~~e-~~ appointed PricewaterhouseCoopers LLP as auditors to the Fund during the relevant year for the appointment of auditors by way of written member’s resolution ~~.~~

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

DIRECTORS’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Reference and administrative details

Status

The Goldman Sachs Charitable Gift Fund (UK) is a private company limited by guarantee, company number 06314343. It is registered in England and Wales as a charity with the Charity Commission for England and Wales, number 1120148.

The registered office is at Plumtree Court, 25 Shoe Lane, London, EC4A 4AU.

Secretary

Benjamin Rader

Independent Auditors

PricewaterhouseCoopers LLP, 1 Embankment Place, London, WC2N 6RH ~~.~~

Solicitors

Bates Wells, 10 Queen Street Place, London, EC4R 1BE ~~.~~

Custodians

Fidelity Brokerage Services LLC, 900 Salem Street, Smithfield, RI 02917, USA ~~.~~

Bankers

Barclays Bank plc, 1 Churchill Place, London, E14 5HP ~~.~~

The Directors’ report, including the Strategic report, was approved by the directors and signed on their behalf by order of the Board:

Signed by:

AFE8CBC9OF53A4F4...

Graham Shaw

Director

Date: 24 November 2025

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

Report on the audit of the financial statements

Opinion

In our opinion, The Goldman Sachs Charitable Gift Fund (UK)’s financial statements (the “financial statements”):

We have audited the financial statements, included within the Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 30 June 2025; the statement of financial activities (incorporating the income and expenditure account) and the statement of cash flows for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”’) and applicable law ~~.~~ Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report ~~.~~ We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion ~~.~~

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements ~~.~~

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate ~~.~~

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern ~~.~~

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report ~~.~~

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) (continued) Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon ~~.~~ The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors’ report and the Strategic report included within it, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below ~~.~~

Strategic report and Directors’ report

In our opinion, based on the work undertaken in the course of the audit the information given in the Strategic report and the Directors’ report for the year ended 30 June 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and the Directors’ report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of directors’ responsibilities, the directors (who are also the trustees of the charitable company for the purposes of UK charity law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charitable company’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 the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) (continued) Responsibilities for the financial statements and the audit (continued)

Auditors’ responsibilities for the audit of the financial statements

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 an auditors’ report that includes our opinion ~~.~~ Reasonable assurance is a high level of assurance, but is not a 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non ~~-~~ compliance with laws and_ regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the charitable company and its industry/environment, we identified that the principal risks of non ~~-~~ compliance with laws and regulations related to the Charities Act 2011, and we considered the extent to which non ~~-~~ compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journals to manipulate the financial results or conceal the misappropriation of assets. Audit procedures performed by the engagement team included: * assessing whether there were journals posted with unexpected account combinations impacting grant expenditure; ¢ obtaining confirmations of cash balances and material investment valuations as at 30 June 2025;

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non ~~-~~ compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion ~~.~~

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.f ~~r~~ c.org. ~~u~~ k/auditorsresponsibilities ~~.~~ This description forms part of our auditors’ report.

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) (continued)

Responsibilities for the financial statements and the audit (continued)

Use of this report

This report, including the opinions, has been prepared for and only for the charitable company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing ~~.~~

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility ~~.~~

David Hagger (Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London

24 November 2025

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

Registered Company No: 06314343

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2025

(incorporating the income and expenditure account)

2025 2025 2024 2024
Unrestricted Unrestricted
funds funds
Note US$ US$
Income
Donations 2 4,334,138 1,253,754
Investment income 3 483,027 471,843
Total 4,817,165 1,725,597
Expenditure
Investment management costs 4 (75,250) (81,539)
Expenditure on charitable activities 4 (4,387,419) (4,655,688)
Total (4,462,669) (4,737,227)
Net gains on investments and cash 1,791,776 2,309,396
Net income/(expenditure) and net movement in funds for the
5
year 2,146,272 (702,234)
Total funds brought forward 24,021,979 24,724,213
Totalfundscarried forward 15 26,168,251 24,021,979

All of the Fund's activities are derived from continuing operations ~~.~~

The statement of financial activities includes all gains and losses recognised in the current and prior year ~~.~~

The notes on pages 16 to 28 form part of these financial statements.

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Docusign Envelope ID: D83F2D4C-D141-4ED1-93AE-9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

Registered Company No: 06314343

BALANCE SHEET

AS AT 30 JUNE 2025

Registered Company No: 06314343
BALANCE SHEET
AS AT 30 JUNE 2025
2025 2024
Note US$ US$
Fixed assets
Investments 7 26,300,849 24,151,197
Current assets
Cash at bank and in hand 8 8,482 5,705
8,482 5,705
Creditors:amounts falling due within one year 9 (141,080) (134,923)
Net current liabilities (132,598) (129,218)
Net assets 26,168,251 24,021,979
The funds of the charity:
Unrestricted income funds
- General 12 21,455,142 20,592,780
- Other reserve 12 4,713,109 3,429,199
Total charity funds 26,168,251 24,021,979

The financial statements on pages 13 to 28 were approved by the Board of directors on 04 November 2025 and were signed on their behalf by:

Graham Shaw

Director

24 November 2025

The notes on pages 16 to 28 form part of these financial statements.

14

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK)

Registered Company No: 06314343

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025

==> picture [483 x 239] intentionally omitted <==

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Note|US$|US$| |Cash|flows|from|operating|activities| |Donations|received|2|1,040,406|580,697| |Operating|expenses|paid|(4,287,501)|(4,550,713)| |Net|cash|flow|used|in|operating|activities|(3,247,095)|(3,970,016)| |Cash|flows|from|investing|activities| |Investment|income|received|55,444|-| |Purchase|of|investments|(11,626,807)|(1,121,891)| |Proceeds|from|sales|of|investments|14,821,235|4,990,305| |Net|cash|flow|generated|from|investing|activities|3,249,872|3,868,414| |Net|increase/(decrease)|in|cash|and|cash|equivalents|16|2,777|(101,602)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|5,705|107,307| |Cash|and|cash|equivalents|at|the|end|of the|year|8|8,482|5,705|

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

The notes on pages 16 to 28 form part of these financial statements.

15

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Basis of preparation

The financial statements of The Goldman Sachs Charitable Gift Fund (UK) (the “Fund”) have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011 (as amended).

The Fund has adapted the Companies Act formats to reflect the Charities SORP and the special nature of the Fund’s activities ~~.~~

The Fund meets the definition of a public benefit entity under FRS 102 ~~.~~ Assets and liabilities are recognised at historical cost or transactions value unless otherwise stated in the relevant accounting policies ~~.~~

Going concern

These financial statements have been prepared on the going concern basis and in accordance with the historical cost convention as modified by the revaluation of investments to fair value ~~.~~

The directors have concluded that there are no material uncertainties regarding the Fund’s ability to continue, on the basis that adequate reserves are available to fund the activities of the Fund for the foreseeable future ~~.~~ Goldman Sachs has indicated that they would continue to provide donations as well as any funding to the Fund to enable the Fund to meet any future liabilities which the Fund would not be able to meet from its existing reserves ~~.~~ The directors have no reason to believe that Goldman Sachs and its employees will not continue to make donations and provide funding and support to the Fund. The directors, having considered the availability of any future funding by Goldman Sachs and its employees, if it should be required, have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Fund to continue as a going concern ~~.~~ On the basis of their assessment of the Fund’s financial position, the directors have a reasonable expectation that the Fund will be able to continue in operational existence for the foreseeable future ~~.~~

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas of estimation and judgement that affect items in the financial statements are as follows:

Judgements:

16

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025 (continued)

1 Principal accounting policies (continued) Critical accounting judgements and estimation uncertainty (continued)

Estimates:

Functional currency

The financial statements are prepared in US$, which is the functional currency of the Fund, since this is the currency of the primary economic environment in which the Fund operates ~~.~~ All significant donations received and grants awarded during the year have been in US$.

Income

Donations are credited to the statement of financial activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy and valued on date of entitlement. Donated shares are valued at fair value on the date of receipt. Investment income is recognised on a receivable basis and is stated inclusive of recoverable taxation, where appropriate ~~.~~

Donated services and facilities are included in the financial statements in the period in which they are receivable, where they are quantifiable, and where a thir ~~d-~~ party is bearing the cost ~~.~~ Services provided by or paid for by Goldman Sachs are recorded at market value to the Fund and include grant processing, key management personnel, administrative services, investment management services, professional and other operating costs (see note 2) ~~.~~

Expenditure

Liabilities are recognised as expenditure when there is a legal or constructive obligation committing the Fund to the expenditure ~~.~~

Grants, both single and multi ~~-~~ year, if any, are recognised in the financial statements as expenses in the period where paid or unconditionally promised to give, whichever occurs first ~~.~~ The latter occurs after they have been approved by the directors, the recipients have been notified and there are no further terms and conditions to be fulfilled which are within the control of the Fund ~~.~~

Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs ~~.~~ Governance costs comprise all costs associated with meeting the constitutional and statutory requirements of the Fund ~~.~~ These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs ~~.~~

Governance costs and support costs relating to charitable activities are allocated to activities based on the amount spent for each activity. The allocation of support and governance costs is set out in note 4 ~~.~~

Charitable activities

The cost of charitable activities comprise grants to institutions, governance costs and an apportionment of support costs as set out in note 4.

17

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (continued)

1 Principal accounting policies (continued)

Foreign currencies

Transactions in foreign currencies are translated into US$ at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into US$ at the rate of exchange ruling at the balance sheet date US$1 ~~.~~ 3732 : £1 (2024: US$1 ~~.~~ 2645 : £1). Exchange differences are charged / credited to the statement of financial activities and hence are taken into account in arriving at the net movement in funds ~~.~~

Taxation

The Fund is a registered charity, and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities ~~.~~ Value added tax is included within expenditure where it is not recoverable ~~.~~

Fixed asset investments

Investments are included in the financial statements at fair value at the balance sheet date ~~.~~ Realised and unrealised gains and losses are credited or debited to the statement of financial activities in the period in which they arise.

Investments are categorised into a three-level hierarchy, based on the type of inputs to the valuation techniques used, as follows:

Level 1: Inputs are the unadjusted quoted price in an active market for identical assets or liabilities that the Fund can access at the measurement date ~~.~~

Level 2: Inputs other than quoted prices included within Level 1 that are observable (i ~~.~~ e ~~.~~ developed using market data) for the asset or liability, either directly or indirectly ~~.~~

Level 3: Inputs are unobservable ( ~~i.~~ e ~~.~~ for which market data is unavailable) for the asset or liability ~~.~~

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but not held for investment purposes ~~.~~

Creditors

Trade creditors and other payables are recognised when a past event results in an obligation to transfer funds to a thir ~~d-~~ party and the amount payable can be measured or reliably estimated ~~.~~ Trade creditors and other payables are recognised at their nominal value.

18

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (continued)

1 Principal accounting policies (continued)

Fund accounting

The unrestricted fund comprises a general fund which is used to meet the charitable objects of the Fund at the discretion of the directors ~~.~~

The Fund operates as a donor ~~-~~ advised fund whereby the directors establish donor accounts for individual donors to make recommendations, although the ultimate decision for the distribution of funds rests solely with the directors of the Fund, and therefore these funds are unrestricted.

Included within unrestricted funds is an Other reserve that represents the cumulative unrealised gains on fixed asset investments held ~~.~~

Financial assets and liabilities

The Fund has applied the provisions of FRS 102, Section 11, “Basic Financial Instruments” and Section 12, “Other Financial Instrument Issues ~~.”~~

(i) Financial assets Basic financial assets, including other debtors and cash and bank balances, are initially recognised at transaction price ~~.~~ Such assets are subsequently measured at amortised cost using the effective interest rate method ~~.~~

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of financial activities ~~.~~

Other financial assets, including investments in fixed asset investments are initially measured at fair value, which is normally the transaction price ~~.~~

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the statement of financial activities.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated thir ~~d-~~ party without imposing additional restrictions ~~.~~

(ii) Financial liabilities

Basic financial instruments, including other creditors, are initially recognised at transaction price.

Other creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Grant commitments over one year are discounted to reflect present value ~~.~~

19

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (continued)

2 Donations

2025 2024
US$ US$
Monetary contributions received 1,040,406 580,697
Donated investments (see note 7) 3,124,721 492,028
Donated services and support 169,011 181,029
4,334,138 1,253,754

Monetary contributions received includes donations of US$778,695 (2024: US$370,000) made by current and former employees of Goldman Sachs ~~.~~

Donated investments amounting to US$3,124,721 (2024: US$492,028) were made by current and former employees of Goldman Sachs ~~.~~

Donated services and support represent the fair value of services provided by or paid for by Goldman Sachs and include US$75,250 (2024: US$81,539) for investment management services, and US$93,761 (2024: US$99,490) for grant processing, key management personnel, administrative services, professional and other operating costs ~~.~~

3 Investment income

2025 2024
US$ US$
Income from fixed asset investments
~~-~~ Dividend income 412,406 471,530
- Interest income 18,859 32
~~-~~ Other income 51,762 281
483,027 471,843

Of the investment income received an amount of US$427,583 (2024: US$471,843) was used to acquire new investments reflected in investments and are not included in the statement of cash flows ~~.~~

20

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (continued)

4 Expenditure

Allocation of Allocation of Allocation of Allocation of
support and
governance
Grants costs 2025
US$ US$ US$
Investment management costs ~~-~~ 75,250 75,250
Expenditure on charitable activities 4,038,438 348,981 4,387,419
4,038,438 424,231 4,462,669
Allocation of
support and
governance
Grants costs 2024
US$ US$ US$
Investment management costs ~~-~~ 81,539 81,539
Expenditure on charitable activities 4,339,707 315,981 4,655,688
4,339,707 397,520 4,737,227
Investment management costs
2025 2024
US$ US$
Donatedinvestment managementservices 75,250 81,539

The Fund does not pay fees to Goldman Sachs Asset Management, L ~~.~~ P ~~.~~ (GSAM) and Goldman Sachs Asset Management International (GSAMI) (both are affiliates of Goldman Sachs International (GSI)) for the investment management services they provide. Instead, the imputed cost of the fees is included in donated services with a corresponding amount included in income ~~.~~

Expenditure on charitable activities

Grants to
Governance		 Grants to
Governance		 Grants to
Governance		 Support
institutions
costs		 costs 2025
US$ US$ US$ US$
Arts and Culture 145,100
7,187		 5,352 157,639
Community 363,500
18,004		 13,408 394,912
Education 2,618,600
129,699		 96,587 2,844,886
Humanitarian 35,000
1,734		 1,291 38,025
Medical 320,500
15,874		 11,822 348,196
Other 555,738
27,526		 20,497 603,761
4,038,438
200,024		 148,957 4,387,419

21

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (continued)

4 Expenditure (continued)

Expenditure on charitable activities (continued)

==> picture [453 x 146] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Grants|to|Governance|Support| |institutions|costs|costs|2024| |US$|US$|US$|US$| |Arts|and|Culture|117,789|5,273|3,303|126,365| |Community|323,250|14,471|9,065|346,786| |Education|3,498,900|156,635|98,125|3,753,660| |Humanitarian|8,568|384|240|9,192| |Medical|280,500|12,557|7,866|300,923| |Other|110,700|4,956|3,106|118,762| |4,339,707|194,276|121,705|4,655,688|

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

There were a total of 97 (2024: 86) grants made during the year totalling US$4,038,438 (2024: US$4,339,707). Grants were made to support charities that build and stabilise communities, increase educational opportunities, advance health, relieve poverty, promote the arts and culture, and to further other exclusively charitable purposes under English and Welsh law and United States’ law. All grants were made to institutions. In line with the Charities SORP, material grants above US$100,000 have been listed below.

==> picture [454 x 250] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Grant| |Name|of|institution|classification|2025|2024| |US$|US$| |Trustees|of|Princeton|University|Education|1,278,000|2,263,000| |Brown|University|of|Providence|Education|510,500|-| |Trustees|of Columbia|University|in|the|City|of|New| |York|Education|500,000|501,000| |American|fund|for Emmanuel|Community|200,000|-| |Icahn|School|of|Medicine|at|Mount|Sinai|Education|150,000|_| |Maggie|Keswick|Jencks|Cancer|Caring|Centres|Trust|Medical|-|130,000| |Memorial|Sloan|Kettering|Cancer|Center|Medical|-|126,000| |Trustees|of the|University|of|Pennsylvania|(a)|Education|-|105,000| |Trustees|of|Boston|University|(a)|Education|-|101,000| |Massachusetts|Institute|of Technology|Medical|100,000|-| |Pacific|Ridge|School|(a)|Education|-|100,000| |The|University|of Austin|(a)|Education|-|100,000| |Other|institutions|(less|than|US$100,000)|1,299,938|913,707| |4,038,438|4,339,707|

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

(a) ~~-~~ Funds provided for need based scholarships.

22

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (continued)

4 Expenditure (continued)

Analysis of allocation of governance and support costs

==> picture [453 x 237] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Donated| |Governance|managementInvestment|processinggrant|Otherprocessing grant| |costs|costs|costs|costs|2025| |US$|US$|US$|US$|US$| |Investment|management| |costs|-|75,250|-|-|75,250| |Charitable|activities|200,024|-|60,067|88,890|348,981| |200,024|75,250|60,067|88,890|424,231| |Donated| |Investment|grant|Other|grant| |Governance|management’|processing|processing| |costs|costs|costs|costs|2024| |US$|US$|US$|US$|US$| |Investment|management| |costs|-|81,539|-|-|81,539| |Charitable|activities|194,276|-|68,729|52,976|315,981| |194,276|81,539|68,729|52,976|397,520|

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

Governance and support costs are allocated to activities based on the amount spent for each activity ~~.~~

Analysis of governance costs

==> picture [453 x 102] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |US$|US$| |Audit|and|accountancy|fees|129,228|124,954| |Donated|administrative|services|33,694|30,761| |Other|costs|20,481|12,567| |200,024|194,276|

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

5 Net income/(expenditure) and net movement in funds for the year

The net income/(expenditure) and net movement in funds for the year is stated after charging / (crediting):

==> picture [454 x 82] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |US$|US$| |Auditors’|remuneration| |-|Audit|91,930|91,138| |-|Other|services|37,298|33,816| |Net|gains|on|investments|and|cash|(1,791,776)|(2,309,396)|

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

23

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (continued)

6 Staff costs and directors’ remuneration

No staff were employed by the Fund during the financial year (2024: None) ~~.~~

The directors and the key management personnel received no remuneration in respect of their services to the Fund during the financial year (2024: US$Nil) ~~.~~ No director and key management personnel received any reimbursement of expenses during the financial year (2024: None). The key management personnel are remunerated by Goldman Sachs and the fair value of the appropriate proportion of their time is included within donated services (see note 2) ~~.~~

7 Investments

2025 2024
US$ US$
Quoted investments
Fair value at the beginning ofthe year 24,151,197 24,744,844
Additions at cost 15,269,334 2,085,830
Additions ~~-~~ donated investments 3,124,721 492,028
Disposals (17,528,313) (5,199,323)
Unrealised gains on revaluation 1,283,910 2,027,818
Fairvalue value at the end ofthe year 26,300,849 24,151,197
Cost at30June 21,587,740 20,721,998

The Additions at cost and Disposals above include transactions which are not included in the statement of cash flows such as reinvested investment income and dividends ~~.~~ The Additions ~~—~~ donated investments are also not included in the statement of cash flows as it is a non cash item.

The fixed asset investments are principally invested in Goldman Sachs Mutual Funds, Money Market Funds and Vanguard Total World Stock. Investments included in the above with a fair value greater than 5% of the total portfolio fair value at 30 June are as follows:

2025 2024
US$ % US$ %
Vanguard Total World Stock 9,317,775 35 5,745,980 24
Goldman Sachs US$ Treasury Liquid
Reserve Fund 6,031,853 23 5,535,605 23
Goldman Sachs Global Equity Partners
Portfolio 4,251,901 16 6,421,384 27
Goldman Sachs Global Fixed Income
2,954,966		 11 2,915,939 12
Goldman Sachs Global Fixed Income
PlusPortfolio(hedged) 1,825,387 7 1,734,729 7

24

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==> picture [50 x 40] intentionally omitted <==

==> picture [38 x 36] intentionally omitted <==

==> picture [50 x 40] intentionally omitted <==

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==> picture [267 x 37] intentionally omitted <==

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Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (continued)

12 Unrestricted income funds

At 1 July Investment Investment At 30 June
2024 Income Expenditure gains 2025
US$ US$ US$ US$ US$
General 20,592,780 4,817,165 (4,462,669) 507,866 21,455,142
Other reserve 3,429,199 - - 1,283,910 4,713,109
24,021,979 4,817,165 (4,462,669) 1,791,776 26,168,251
At 1 July Investment At 30 June
2023 Income Expenditure gains 2024
US$ US$ US$ US$ US$
General 23,322,832 1,725,597 (4,737,227) 281,578 20,592,780
Other reserve 1,401,381 - — 2,027,818 3,429,199
24,724,213 1,725,597 (4,737,227) 2,309,396 24,021,979

General

The general fund is used for the furtherance of the objectives of the Fund.

Other reserve

The other reserve represents the unrealised gains on fixed asset investments ~~.~~

13 + Analysis of net assets between funds

Other
General reserve Total
US$ US$ US$
At 30 June 2025
Fixed asset investments 21,587,740 4,713,109 26,300,849
Cash at bank and in hand 8,482 ~~-~~ 8,482
Creditors (141,080) ~~-~~ (141,080)
21,455,142 4,713,109 26,168,251
Other
General reserve Total
US$ US$ US$
At 30 June 2024
Fixed asset investments 20,721,998 3,429,199 24,151,197
Cash at bank and in hand 5,705 ~~-~~ 5,705
Creditors (134,923) ~~-~~ (134,923)
20,592,780 3,429,199 24,021,979

26

Docusign Envelope ID: D83F2D4C ~~-D~~ 141 ~~-~~ 4ED1 ~~-~~ 93A ~~E-~~ 9FBA7D19C9FA

THE GOLDMAN SACHS CHARITABLE GIFT FUND (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (continued)

14 Capital

The Fund is a company limited by guarantee and has no share capital. In the event of the Fund being wound up, the liability of the sole member, The Goldman Sachs Charitable Gift Fund, is limited to £1 ~~.~~

15 Reconciliation of movements in funds

==> picture [453 x 89] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |US$|US$| |Net|movements|in|funds|2,146,272|(702,234)| |Net|addition/(reduction)|to|funds|2,146,272|(702,234)| |Opening|funds|24,021,979|24,724,213| |Closing|funds|26,168,251|24,021,979|

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

16 Analysis of changes in net debt

==> picture [453 x 129] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |At|1|July|At|30|June| |2024|Cash|flows|2025| |US$|US$|US$| |Cash|at|bank|and|in|hand|5,705|2,777|8,482| |At|1|July|At|30|June| |2023|Cash|flows|2024| |US$|US$|US$| |Cash|at|bank and|in|hand|107,307|(101,602)|5,705|

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

There were no realised or unrealised losses related to cash at bank and in hand being held ~~.~~

17 _ Related party transactions

No donations were received from the directors during the year (2024: US$Nil).

The Fund is included in the consolidated financial statements of its sole member, The Goldman Sachs Charitable Gift Fund, which are publicly available and may be obtained from 200 West Street, New York, New York 10282.

Jennifer Catherine Evans and Graham Philip Shaw, directors and trustees of the Fund during the year, are employed by GSI. The investment manager of the Fund, GSAM, and the investment managers of the Fund’s investment options, GSAM and GSAMI, are affiliates of GSI. GSAM and GSAMI’s services were paid for by Goldman Sachs and are included in donated services (see note 2) ~~.~~

Donations of US$778,695 (2024: US$370,000) and donated investments of US$3,124,721 (2024: US$492,028) were made by employees and former employees of Goldman Sachs.

Goldman Sachs provides grant processing, administrative services, investment management services, professional and other operating services to the Fund. The fees for such donated services are based upon the cost of time spent by Goldman Sachs employees in providing the services and fees charged. Goldman Sachs has agreed to donate such services to the Fund (see note 2).

27

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