CHARITY REGISTRATION NUMBER: 1136483 The Goyal Foundation Unaudited Financial Statements 31 December 2024 MURAS BAKER JONES LIMITED Chartered accountants Regent House Bath Avenue Wolverhampton West Midlands VVV14EG
The Goyal Foundation Financial Ststements Year ended 31 December 2024 Page Trustees, annual report Independent examiner's report to the trustees Slatement of financial activities Statement of financial position Statement of cash flows Notes lo the financial statements
The Goyal Foundation Trustees. Annual Report Year ended 31 December 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. Reference and administrative detai15 Registsred Gharity name The Goyal Foundation Charity registration number 1136483 Principal office 2 Kingfisher House Woodbrook Crescent Radford Way Billericay Essex CM12 OQE The trustees Mr A M Goyal CBE (Chair) Mrs A Goyal MBE Ms S Pervez Mr A Goyal Mr A Brown Ms S Sehmi Ms S Goyal (Appointed 18 June 2024) Independent examiner O Ross Regenl House Bath Avenue Wolverhampton West Midlands WV14EG Structure, governance and management The organisation is an unincorporated charity which was established on 21 June 2010 under a Trust Deed dated 13 May 2010. Mr AM Goyal was appointed as a trustee by reference to the Trust Deed and has power to appoint trustees and remove any trustee. Subject to this, the truslees have power Gollectively to appoint truslees and remove any trustee. The trustees determine the general management policy of the charity. On appointment, a trustee is provided with a copy of the Charity Commission's literature on the role and responsibilities of a charity trustee. The trustees review the effectiveness of all material internal controls, including the operational, financial and compliance controls and risk management systems. In Ihe opinion of the trustees, the existing review system should enable the charity to mitigate and manage the identified risks to an acceptable level in it5 day-lo-day operations.
The Goyal Foundation Trustees, Annual Report (continued) Year ended 31 December 2024 Objectives and activities The Goyal Foundation was established in 2010 as a family-run foundation, supported by the next generation of the family with contributions from family members. We are passionate about empowering disadvantaged communities in order to help improve the quality of people's lives. The foundation aims to achieve this by working with and providing financial and human resources to charities that are already making a difference both in the UK and abroad. The foundation was created in memory of the father and grandfather of members of the founding team. Hemraj Goyal arrived in the UK from India over fifty-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 not only his children but his grandchildren, friends and extended family lo have boundless ambition. The growth of the foundation has led to it becoming an established and recognised charity in the public field. We are unique in that we are supported by our next generation leadership team which is made up of Hemraj and Santosh Goyal's grandchildren, who are supported by the other trustees and team. The leadership team play an active role in fundraising for the foundation, helping to raise awareness and establishing events and meetings with partner charities. Our aim is to unite the family to help others and leave a legacy which will inspire others for generations to come. Our work at the Foundation is based on our belief that every human being should be empowered to be the best they can be. We are passionate to inspire others in our communities to engage in philanthropic work. We distribute funds to organisations 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 fulfil their potential. The foundation proudly supports initiatives in promoting good relations and community cohesion between all faith groups, helping to narrow gaps in identified communities. We have referred to the guidance contained in the Charity Commission's general guidance on public benefil when reviewing our airns and objectives and in planning our future aclivilies. In recognition of both Santosh and Hemraj Goyal and the wider involvement of the family in the leadership and running of the foundation, the foundation was re-named the Goyal Foundation in 2023. following agreement by the Charity Commission. Since it started in 2010, the charity has made donations totalling almost £5.5 million. Our foundalion has a renewed purpose, focusing on enabling young people and women to fu]fil their potential in the UK and India. Achievements and performance The charity received donalions and other income totalling £570,563 (2023 £508,406) during the year. Grants totalling £462,24512023 £297,042) were made during the year. Support cosls amounted to £33,932 {2023 £74,472). 2024 saw the Goyal Foundalion reach more children, young people and women in the UK and abroad facing unprecedented social and economic Ghallenges. 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 Gharities. We also want lo recognise and express our gratitude for the oulstanding work of our charity partners as well as highlight some of the projects we have had the chance to support. In 2022, our trustees joined the Caudwell Life-changers Circle to support the work of Caudwell Children to give children with long-lerm conditions and disabililies a better slart in life and have played an aGtive role in this neOrk ever since.
The Goyal Foundation Trustees, Annual Report (continued) Year ended 31 December 2024 Achievements and performance (¢ontlnued) During 2024 we reached almost 70,000 children and young people through our growing work with schools in the UK, promoting positive mindsets and life skills. After piloting free school workshops post-covid in 2021 and 2022, we launched a national programme, Inner Spark, which aims to reach one million young people by 2030. By the end of 2024 we had reached almost 140,000 young people in total and invested in the development, markeling and promotion of the Inner Spark programme. We ran a growing number of free workshops for schools serving disadvantaged communities, with more inspirational presenters encouraging young people to think positively about their futures and what they can achieve. These workshops get great feedback from school students and staff. The Inner Spark programme is delivered with a range of partners including Working Options, Mind of the Student, UpFronl Theatre Company, The Haven and Outward Bound Trust. We are grateful lo the donors who have already provided funding to enable us to to run more workshops (while the foundation funds the underpinning infrastructure). We are well placed in 2025 to reach at least another 100,000 young people as we scale up Inner Spark with The Big Sparkl fundraising drive. We have published a number of brochures about Inner Spark which are available from www.innerspark.org.uk including.an impact report, a brochure for potential supporters and a brochure for schools about the workshops that Inner Spark offers free to underserved schools along with details of our new education advisory committee. In addition we continued to support Outward Bound Trust and its fundraising via The Big Rappel, the first ever abseil down the Empire State building. We have supported Barnardo's and the charity's SEEN project for children of African, Asian and Caribbean heritage and their anlhology, 10,000 Voices. as well as their Childhood Champions network of young philanthropists. New funding has been provided to develop Goyal Foundation scholarships for students from low income households at Newcast]e University and to support the Duke of Edinburgh's International Award Foundation. In India we continued our work with children, young people and women in disadvantaged communities supporting charities such as Toybank, Doorstep School, Save Our Souls, Mother Miracle and Marici. Much of this work focused on anti-trafficking programmes and improving access to education and work. In 2024 we focused our giving in India on five charities working for systemic change with children, young people and women. The first grants were awarded from July 2024 lo British Asian Trust, Wodd Wildlife Fund India, Pratham UK, Carers Worldwide and Global Fund for Children. They are working to increase opportunities for women and children and remove the barriers they face. For more about the Goyal Foundation and the impact of its work, please see our website, www.goyalfoundation.org.uk Financial review The financial results for Ihe year are set out on pages 6 to 12. The charity has recorded a net decrease in funds of £43,316 (2023 increase £28,276). Total income amounled to £570,563 (2023 £508,406) and total expenditure amounted to £613,879 {2023 £480.130), resulling in a net operational outflow of £43,316 (2023 inflow of £28,276). The trustees, policy is to maintain its unrestricted funds at a level that allows the charity to commit to future 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 £6,313 {2023 £49,629}.
The Goyal Foundation Trustees. Annual Report (continued) Year ended 31 December 2024 Plans for future periods Our vision is to 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 charily's priorities. In 2025 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 strategic partnerships to reach more schools, recruiting and Iraining more presenters and marketing the workshops belter- and wé are funding more UpFront Theatre tours of schools and supporting Mind of the Student lo run more mental heallh workshops in secondary schools. We are also expanding our work in India and South Asia, making a bigger impact by working in strategic partnership with a small number of charities to empower women, children and their families. The trustees, annual report was approved on 2 June 2025 and signed on behalf of the board of trustees by.. Mr A M Goyal CBE (Chair) Trustee
The Goyal Foundation Independent Examiner's Report to the Trustees of The Goyal Foundation Year ended 31 December 2024 I report to the trustees on my examination of the financial statements of The Goyal Foundation ('the charity,) for the year ended 31 December 2024. 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 Charilies Act 2011 ('the Act,). I report in respect of my examination of the charity's financial statements carried out Ltnder section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Direclions given by the Charity Commission under section 145{51(bl of the Act. Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the lisled bodies. I have completed my examination. I confirm that no material malters have come to my attention in conneclion with the examination giving me cause to believe that in any material respecl.. 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 set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'twe and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no olher matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. O Ross Independent Examiner Regent House Bath Avenue Wolverhampton West Midlands WV14EG 2 June 2025
The Goyal Foundation Statement of Financial Activities Year ended 31 December 2024 2024 Unrestricted funds Total funds 2023 Total funds Nots Income and endowrnents Donations and legacies Other trading activities Total income 559,380 11,183 559,380 11,183 503,724 4,682 570,563 570,563 508.406 Expenditure Expenditure on charitable activities Total expenditure 613,879 613,879 480,130 613,879 613,879 480,130 Net {expenditurellincome and net movement in funds (43,316) 143,316) 28,276 Reconciliation of funds Total funds brought forward Totsl funds carried forward 49.629 49,629 21,353 6.313 6,313 49,629 The statement 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 statement of Financial Position 31 December 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 14 3,058 14.271 7.366 45.318 17,329 52.684 Creditors: amounts falling due within one year 15 11,016 3,055 Net current assets 6,313 49,829 Total assets less current liabilities 6,313 49,629 Net assets 6,313 49,629 Funds of the charity Unrestricted funds 6,313 49.629 Total charity funds 16 6,313 49,629 These financial statements were approved by the board of trustees and authorised for issue on 2 June 2025, and are signed on behalf of the board by.. MrA M Goyal CBE (Chair) Trustee The notes on pages 9 to 14 form part of these financial statements.
The Goyal Foundation Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operating activities Net (expendilure)fincome (43,3161 28,276 Adjustments for Accrued (income)lexpenses 11,1251 1,510 Changes in.. Trade and other debtors Trade and other creditors 4,308 9,086 8,055 {36,1091 Cash generaled from operations Net cash (used in)Ifrom operating activilies {31,047} (31,047} 1,732 1,732 Net Idecreasellincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year {31,047) 45,318 1,732 43,586 14,271 45,318 The notss on pages 9 to 14 form part of these financial Statements.
The Goyal Foundation Notes to the Financial Statements Year ended 31 December 2024 General information The charity is a public benefit entity and a registered charity in England and Wales and is unincorparaled. The address of the principal office is 2 Kingfisher Hoiise, Woodbrook Crescent, Radford Way, Billericay, Essex, CM12 OEQ. Statement of compliance These financial slatemenls have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, Ihe Statement of Recommended Praclice applicable to charilies preparing their aocounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)} and the Charities Act2011. Accounting policies Basis of preparation 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 the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to 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 to be reasonable under the cirGumslances. Fund accounting Unrestricted funds are available for use al the discretion of the trustees to further any of the charily's purposes. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable Ihat the economic benefits associated wilh the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of incoTlle'. income from donations or grants is recognised when there is evidence of entitlement to the gift, 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 at the fair value of the goods unless this is impractical lo measure reliably, in which case the value 15 derived from the c05t to the donor or the estimated resale value. Donated facilities and setvices are reoognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunleers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and relurned if unspent, in which case il may be regarded as restricted.
The Goyal Foundation Notes to the Financial Statements {continuedJ Year ended 31 December 2024 Accounting policies (continueilj Resources expended Expendilure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is olassified under headings of the statement of financial activtties to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-Gharitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking actiVSties that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. grants payable are payments made to Ihird parties in the furtherance of the charitable objects of the Foundation 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 to that activily. Shared costs are apprortioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated deprecialion and impairment losses. Depreciation Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows: Equipment 200/0 Straight line Impairnient of fixed assets A review for indicators of impairment is carried oul at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at eaGh reporting date. Flnancial instruments A financial asset or a financial liability is recognised only when Ihe entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constilules a financing transaction, where it 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 expected to be paid or received and not discounted. 10-
The Goyal Foundation Notes to the Financial Statements (continued) Year ended 31 December 2024 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 .Funds 2023 Donations Donations Tax relief on gift-aided donations 493,130 66,250 493,130 66,250 447,474 56,250 447,474 56,250 559,380 559,380 503,724 503,724 Other trading activities Unrestricted Total Funds Unrestricted Tolal Funds Funds 2024 Funds 2023 Other income from other trading activities 11,183 11,183 4,682 4,682 Expenditure on charitable activities by fund type Unreslricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charitable activities Support costs 579,947 33,932 579,947 33.932 405,658 74,472 405.658 74.472 613,879 613,879 480,130 480,130 Expenditure on charitable activities by activity type Activities undertaken Grant funding directly of activities Support costs Total funds 2024 Total fund 2023 Charitable activities Governance costs 117,702 462,245 32,698 1,234 612,645 1,234 478,670 1.460 117,702 462,245 33,932 613,879 480,130 Analysis of support costs Support costs Totsl 2024 Total 2023 Governance costs Bank charges Website and publicity Insurance Office costs and administration Motor and travel costs 1.234 643 23.181 286 6,923 1,665 1.234 643 23,181 286 6,923 1,665 1.460 627 67,922 718 3,745 33,932 33,932 74.472 11
The Goyal Foundation Notes to the Financial Statements {continuedJ Year ended 31 December 2024 Analysis of grants 2024 2023 Grants to institutions Newcastle University Carers Worldwide 20,001 12,500 12,500 15,000 57,050 20,272 25,000 Duke of Edinburgh's International Award Foundation Hallmark Care Homes Foundation The Haven Wolverhampton Outward Bound Trust British Asian Trust Barnardo's One Family UK Child Action Jermaine Harris Ltd Marici Caudwell Children OneKind Act Upfront Theatre Pratham UK Global Fund for Children Smaller grants to other charities 15,600 30,000 8,000 15,000 25,000 8,000 25,000 12,000 30,631 125,079 134,922 25,000 20,000 23,080 12,500 12,500 51,132 23,520 462,245 297,042 Total grants 462,245 297,042 10. Independent examination fees 2024 2023 Fees payable to the independent examiner for= Independent examination of the financial statements 1,234 1,460 11. Staff costs The average head count of employees during the year was Nil {2023: Nil). No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 12. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity were received by the trustees. 12-
The Goyal Foundation Notes to the Financial Statements (continuedj Year ended 31 December 2024 13. Tangible fixed assets Equipment Total Cost At 1 January 2024 and 31 December 2024 Depreciation At 1 January 2024 and 31 December 2024 Carrying amount At 31 December 2024 526 526 526 526 At 31 December 2023 14. Debtors 2024 2023 Prepayments and accrued income Other debtors 1,808 1,250 1,116 6,250 3,058 7,366 15. Creditors: amounts falling due within one year 2024 2023 Trade credilors Accruals and deferred income 9,671 1,345 585 2,470 11,016 3.055 16. Analysis of charitable funds Unrestricted funds At 1 January 202 At 31 December 2024 Income Expenditure General funds 49.629 570,563 (613,879) 6,313 At 1 January 202 At 31 Dember 2023 Inoome Expenditure General funds 21.353 508,406 {480,130} 49,629 13
The Goyal Foundation Notes to the Financial Statements (confinuedj Year ended 31 December 2024 17. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Current assets Creditors less than 1 year Net assets 17,329 (11,016) 6,313 17,329 111,0161 6,313 Unrestricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net assets 52,685 (3,056) 49,629 52,685 (3,056) 49.629 18. Analysis of changes in net debt At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash at bank and in hand 45,318 (31,047) 14,271 19. Related parties During Ihe year. Mr A M Goyal & Mrs A Goyal, who are trustees, made donations to the Foundation totalling £241.104 (2023 - £225,000). 14-