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 se￿1￿$ 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 re￿iVed 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
Cu￿ent 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-