CHARITY REGISTRATION NUMBER: 1136483 The Goyal Foundation (previously The Hemraj Goyal Foundation) Unaudited Financial Statements 31 December 2023 MURAS BAKER JONES LIMITED Chartered accountants Regent House Bath Avenue Wolverhampton West Midlands WV14EG
The Goyal Foundation (previously The Hemraj Goyal Foundation) Financial Statements Year ended 31 December 2023 Page Trustees, annual report Independent examine¢s report to the trustees Slalement of financial activities Statement of financial position Statement of cash flows Notes to the financial statements
The Goyal Foundation (previously The Hemraj Goyal Foundation) Trustees. Annual Report Icontinuedj Year ended 31 December 2023 Objectives and activitie8 The Hemraj Goyal Foundation {HGF} was established in 2010 as a family-run foundation, supported by the next generation of the family with contributions from family members. Wè are passionate about helping disadvantaged communities in order lo help improve the quality of people's lives. The foundation aims lo achieve this by providing financial and human resources lo charities that are already making 8 huge difference both in the UK and abroad. The foundation was created in memory of the father and grandfathér of members of the founding leam. Hemraj Goyal arrived in the UK from India lifty-five years ago with the vision of a better life for his family. This vision, as well as his hard work and determination, has inspired nol only his children bul his grandchildren. friends and extended family to have boundless ambition. The growth of the foundation has led to il becoming an established and recognised charity in the public field. We are unique in Ihal we are supported by our next generation leadership team which is made up of Hemraj and Sanlosh Goyal's grandchildren, who are supported by the other Iruslees and team. The Leadership Team play an active role in fundraising for the foundation, helping to raise awareness and eslablishing events and meetings with partner charities. Our aim is to unite the family lo help olhers and leave a legacy which will inspire olhers for generations to come. Our work at the Foundation is based on our belief that every human being should be free from suffering and have the basic necessilies. We are passionate lo inspire others in our cornmunilies to engage in philanthropic work. We distribute funds lo organisalions with a clear vision, a vision for a world where children have the right to education, are free from suffering and abuse, women's rights are supported and people with a disability are offered a chance to fulfill their potential. The foundation proudly supports initiatives in promoting good relations and community cohesion between all faith groups, helping lo narfow gaps in identified communities. We have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. Following the passing of Santosh Goyal and in recognition of the contributions that Santosh and Hemraj Goyal both made and the wider involvement of the family in the leadership of the foundation, il was re-named the Goyal Foundation in 2023, with the agreement of the Charity Commission. Since it started, the charity has made donations totalling almost £5 million. Our foundation has a new name and a renewed purpose, focusing on enabling children, young people and women to fulfil their potential. Achievements and perfomiance The charity received donations and other income lotalling £508,406 (2022 £348,769) during the year. Grants totalling £297,042 (2022 £302,486) have been made during the year. Support costs amounted to £74,472 {2022 £8,898}. 2023 saw th8 Goyal Foundation reach more children. young people and women in the UK and abroad facing unprecedenled social and economi¢ Challenges. Our vision for a better world is stronger than ever, providing philanthropic support and resources across a range of children's, young people's and women's charities. We also want to recognise and express our gratitude for the outstanding work of our charity partners as well as highlight some of the projects we have had the chance lo support. In 2022. our trustees joined the Caudwell Life-changers Circle lo support the work of Caudwell Children lo give children with long-term conditions and disabilities a belter start in life and have played an active role in this network.
The Goyal Foundation (previously The Hemraj Goyal Foundation) Trustees, Annual Report (continuedj Year ended 31 December 2023 Achievements and perfomiance (continued) During 2023 we reached over 45,000 children and young people through our growing work with schools in the UK, promoting positive mindsets and life skills. After piloting free school workshops posl-covid in 2021 and 2022, we launched a national programme, Inner Spark, which aims lo reach one million young people by 2030. By the end of 2023 we had reached some 70,000 young people in total and invested in the development, marketing and promolion of the Inner Spark programme. We ran a growing number of free workshops for sohools serving disadvantaged communities, with more inspirational presenlers encouraging young people to think positively about their futures and what they can achieve. These workshops gel 9real feedback from school sludenls and staff. The Inner Spark programme is delivered with a range of partners including Working Options, Mind of the Student, UpFronl Theatre Company and The Haven. We are grateful lo thè donors who have already provided funding lo enable us lo run more workshops (while the foundation funds the underpinning infrastruclur81. In addition we supported Oulward Bound Trust lo deliver more residential courses in 2023. We enabled UpFronl Theatre Company to deliver their new production, Before Anyone Else, on sexual consent and harassment in schools. We have continued to support Barnardo's as the chanly develops SEEN, their pioneering centre for children of African. Asian and Caribbean heritage and their anthology, 10,000 Voi¢es, as well as their Childhood Champions network of young philanlhropisls Several new projects were funded by the foundation in 2023 including the Haven's MENgage and EmpowHER projects in secondary schools to raise awareness about and tackle domestic abuse. In India we continued our work with children, young people and women in disadvantagéd Communities supporting charities such as British Asian Trust, Toybank, Doorstep School, Save Our Souls, Mother Miracle and with One Family in Nepal. Much of this work focused on anli-trafficking programmes and improving access to education and work. Following the foundation's name change, the Goyal Foundation developed a new brand identity and website. The Goyal Foundation's impact report for 2023 can be seen at our website, www.goyalfoundation.org.uk and more can be seen about Inner Spark al www.innerspark.org.uk. Financial review The financial results for the year are sel out on pages 6 to 12. The charity has recorded a nel increase in funds of £28,276 (2022 decrease £11,407). Total income amounted to £508,40612022 £348,769) and total expenditure amounted lo £480,130 {2022 £360,176), resulting in a net operational inflow of £28,276 {2022 outflow of £11,407}. The twslees, policy is to maintain its unrestricted funds at a level that allows the charity to commit to fulure fundraising events with confidence. The trustees review the total reserves position annually. At the end of the reporting period, there is a surplus of funds of £49,629 (2022 £21,353). Plans for future period8 Our vision is lo make a big and lasting difference in the quality of life of those living in disadvantaged Communities, both in the UK and abroad, through the provision of financial and human resources. We raise and distribute money to our partner organisations and causes which are in line with our Charity's prioiilies. In 2024 we aim to double the number of children and young people we reach through the Inner Spark programme, delivering free workshops in schools and working with more charities that share our goals in this area. We have developed a strategic partnership with Working Options in Education to reach more schools.. we have re-branded our free workshops in schools, recruiting and training more presenters and marketing the workshops better.. and we are funding UpFront Theatre's latest tour of schools and supporting Mind of the Studenl to run mental health workshops in secondary schoo15. We will also expand our work in India and South Asia, seeking to make a bigger impact by working in strategic partnership wilh a small number of charities lo empower women, Ghildren and their families.
The Goyal Foundation (previously The Hemraj Goyal Foundation) Trustees, Annual Report (continuedj Year ended 31 December 2023 The trustees, annual report was approved on 18 June 2024 and signed on behalf of the board of trustees by Mr A M Goyal CBE Trustee
The Goyal Foundation (previously The Hemraj Goyal Foundation) Independent Examiner's Report to the Trustees of The Goyal Foundation (previously The Hemraj Goyal Foundation) Year ended 31 December 2023 I report to the trustees on my examinalion of the financial slalemenls of The Goyal Foundation {previously The Hemraj Goyal Foundation) ('the charity'} for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act'l. I report in respect of my examination of the charity's financial statements carried oul under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Dir@ctions giv@n by the Charity Commission under section 145151(bl of the A¢t. Independent examiner's statement Sin¢e the charity's gross income exceeded £250,000 your examiner musl be a member of a body list8d in section 145 of the 2011 Act I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accounlanls in England and Wales IICAEW}, which is one of Ihe listed bodies. I have complet8d my examination. I confirm thal no material malters have come to my allenlion in connection with the examination giving me cause to believe Ihat in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fai¢ view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of th8 accounts to be reached. O Ross Independent Examiner Regent House Balh Avenue Wolverhampton Wesl Midlands WV14EG 18 June 2024
The Goyal Foundation (previously The Hemraj Goyal Foundation) Statement of Financial Activities Year ended 31 December 2023 2023 Unrestricted funds Totsl funds 2022 Total funds Nots Income and endowments Donations and legacies Other trading activities Total income 503.724 4.682 503,724 4,682 346.741 2,028 508,406 508,406 348,769 Expenditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Total expondlture 48,792 311,384 480,130 480,130 480,130 480,130 360,176 Net incomollexpendlture) and net movement In funds 28.276 28,276 111,407) Reconciliation of funds Total funds brought forward Total funds carried forward 21,353 21,353 32,760 49,629 49,629 21,353 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 9 to 14 form part of these financial statements.
The Goyal Foundation (previously The Hemraj Goyal Foundation) Statement of Financial Position 31 December 2023 2023 2022 Note Current assets Debtors Cash at bank and in hand 15 7,366 45,318 15,421 43,586 52,684 59,007 Creditors: amounts falling due withln one year 16 3,055 37.654 Net current assets 49,629 21,353 Totsl assets le8$ current liabillties 49.629 21,353 Net assets 49,629 21.353 Funds of the charlty Unrestricled funds 49,629 21,353 Total charlty funds 17 49,629 21,353 These financial slalemenls were approved by the board of trustees and authorised for issue on 18 June 2024, and are signed on behalf of the board by.. Mr A M Goyal CBE Trustee The notes on pages 9 to 14 form part of these financial statements.
The Goyal Foundation (previously The Hemraj Goyal Foundation) Statement of Cash Flows Year ended 31 December 2023 2023 2022 Cash flows from operating activities Nel incomellexpenditure) 28,276 111,407) Adjustmenls ft)r.' Accrued expenses 1,510 60 Changes in.. Trade and other debtors Trade and other creditors 8,055 136,1091 1,732 {15,421} 36,694 Cash generated from operations Net cash from operating a¢livllies 9,926 1,732 9,926 Net increase In cash and cash equlvalents Cash and ca8h equlvalents at beglnnlng of year Cash and Cash oquivalents at end of year 1,732 43,586 9,926 33,660 46,318 43,586 The notes on pages 9 to 14 forni part of these financial statements.
The Goyal Foundation (previously The Hemraj Goyal Foundation) Notes to the Financial Ststements Year ended 31 December 2023 General infomiation The charity is a public benefit entity and a registered charity in England and Wales and is unincorporaled. The address of the principal office is 2 Kingfisher House, Woodbrook Crescent, Radford Way, Billericay, Essex, CM12 OEQ. ststement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Slatemenl of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102) {Charities SORP IFRS 1021) and the Charities Act2011. Accounting policios Basis of preparatlon The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about Ihe charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management lo make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the Iruslees lo further any of Ihe ¢harity's purposes. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. il is probable Ihal the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of in¢ome'. income from donations or grants is recognised when there is evidence of entitlement to the gifi, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured al the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donaled facilities and se1$ are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracled service. This is classified as unrestricted funds unless there is a contractual requirement for it lo be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
The Goyal Foundation (previously The Hemraj Goyal Foundation) Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continu Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities. events, non-charitable trading aclivilies. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support cosls and costs relating to the governance of the charily apportioned lo charitable activities. grants payable are payments made to Ihird parties in the furtherance of the charitable objects of the Foundalion and are included on payment. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly lo that aclivily. Shared costs are apprortioned between the activities they contribute lo on a reasonable, justifiable and consistent basis. Tangible as88ts Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost of an asset. less ils residual value, over the useful economic life of that asset as follows.. Equipment 200A straight line Impairment of flxed assets review for indicators of impairment is carried oul at each reporting date, with the recoverable amount being estimated where such indicators exisl. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reportin9 date. Financlal Instruments A financial asset or a financial liability is recognised only when the entity becomes a party lo the contractual provisions of the instrument. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs. unless the arrangement constitutes a financing transaction, where il is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expeded to be paid or received and not discounted. 10-
The Goyal Foundation (previously The Hemraj Goyal Foundation) Notes to the Financial Statements (continugd) Year ended 31 December 2023 Donations and legacies Unreslricled Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations Tax relief on gift-aided donations 447,474 56,250 447,474 56,250 346.741 346.741 503,724 503,724 346,741 346,741 Oth8r trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other income from other trading activities 4,682 4,682 2,028 2,028 C08ts of other tradlng a¢tivities Unrestricted Total Funds Unreslricled Total Funds Funds 2023 Funds 2022 Fundraising evenls and workshops 48,792 48,792 Expenditure on charitable activities by fund type Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Charitable activities Support costs 405,658 74,472 405,658 74,472 302,486 8,898 302,486 8,898 480,130 480,130 311,384 311,384 Expenditure on charltsble activities by activity typo Activities undertaken Grant funding directly of activities Support costs Total funds 2023 Total fund 2022 Charitable activities Governance costs 108,616 297,042 73,012 1,460 478,670 1,460 310.424 960 108.616 297.042 74,472 480,130 311,384 11
The Goyal Foundation (previously The Hemraj Goyal Foundation) Notes to the Financial Statements fconilnuedj Year ended 31 December 2023 Analysis of support costs Support costs Total 2023 Tolal 2022 Govemance cosls Bank charges Website and publicity Insurance offi costs and adminislralion 1,460 627 67,922 718 3,745 1,460 627 67,922 718 3,745 960 431 1,403 704 5,400 74,472 74,472 8,898 10. Analy8is of grants 2023 2022 Grants to institutions AzleGs Cricket Club The Haven Wolverhampton Cancer Research UK Outward Bound Trust British Asian Trust Barnardo's One Family UK Child Action Clapton Boys Club Narayan Seva Sansthan UK Caudwell Children OneKind Act Upfront Theatre Smaller grants to other charities 7,500 17,988 9,000 30.000 15,600 30,000 8,000 15,000 25,000 25,000 30,000 25,000 10,000 10,000 108,000 134,922 25,000 20,000 23,520 29,998 297,042 302,486 Total grants 297,042 302,486 11. Independent examination fees 2023 2022 Fees payable lo the independent examiner for-. Independent examination of the financial statements 2,360 1,860 12. Staff costs The average head count of employees during the year was Nil (2022- Nil). No employee received employee benefits of more than £60,000 during the year {2022.' Nil). 13. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity were reiVed by the trustees. 12-
The Goyal Foundation (previously The Hemraj Goyal Foundation) Notes to the Financial Ststements (continuadj Year ended 31 December 2023 14. Tangible fixed assets Equipment Totsl Cost At 1 January 2023 and 31 December 2023 Depreciation At l January 2023 and 31 December 2023 Carrying amount At 31 December 2023 526 526 526 526 At 31 December 2022 15. Debtors 2023 2022 Prepayments and accrued income Other debtors 1,116 6,250 15,421 7,366 15,421 16. Creditors: amounts falling due within one year 2023 2022 Trade creditors Accruals and deferred income 585 2,470 36,694 3,055 37,654 17. Analysls of charitable funds Unrestricted funds At 1 January 202 At 31 December 2023 Income Expenditure General funds 21,353 508,406 {480,130) 49,629 At 1 January 202 Al 31 December 2022 Income Expenditure General funds 32,760 348,769 {360,1761 21.353 13-
The Goyal Foundation (previously The Hemraj Goyal Foundation) Notes to the Financial Statements (Continued) Year ended 31 December 2023 18. Analysis of net assets between funds Unrestricted Totsl Funds Funds 2023 Current assets Creditors less than 1 year Net assets 52,685 {3,056) 52,685 13,0561 49,629 49.629 Unrestricl8d ToÉal Funds Funds 2022 Cuent assets Creditors less than 1 year Net assets 59,007 (37,654) 21,353 59,007 (37,6541 21,353 19. Analysis of changes in net debt At At 1 Jan 2023 Cash flows 31 Dec 2023 Cash at bank and in hand 43,586 1,732 45,318 20. Related parties During the year, Mr A M Goyal, a Iruslee, made donations lo the Foundation lolalling £225,00012022 £nill. 14-