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 ne￿Ork 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
be￿een 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 De￿mber
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-