CHARITY REGISTRATION NUMBER.. 1136483 The Goyal Foundation Financial Statements 31 December 2025 BAKER J Chartered accour)tants Regent House Bath Avenue Wolverhampton West Midlands WVI 4EG
The Goyal Foundation Financial Stat8ments Year ended 31 Decembèr 2025 Pggg Tru8t8e8' annual report Independent auditor's report to the members Statement of financial activities 10 Staiemeni of financial position 11 Statement of Cash flows 12 Notés to the finaneihl statém6nis 13
The Goyal Foundation Trustaes, Annual Report Year ended 31 December 2025 The trustees present their report and the financial siaiements of the charity for the year ended 31 December 2025. Rol•r•rtce and administrativè details R¢gl$terèd charlty n8m• The Goyal Foundation Charlty r8g15tTatlon numb•r 1136483 Princip41 ¢ffl¢g 2 Kingfisher House Woodbrook Crescent Radford Wav Essex CM12 OQE The truste00 Mr A M Goyal CBE Mrs A Goyal MBE (Chaiil Ms S Perve2 Mr A Goyal Mr A Brown Ms S Sehmi Ms S Goyal Auditor Muras Baker Jones Limited Chartered Jccount8nts & st8tutory auditor Regsnt HoLlSe Baih Avenue Wolverhampton West Midlands WV14EG Stru¢tur•, govèrnanc8 and management The organisation 15 an unincorporated charity which was established on 21 June 2010 under 8 Trust Dèed dated 13 May 2010. Mr AM Goyal wa8 appointed as a trtjstge by reference to the Trust Deed and hJs power io appoinl trustees and rgmove any trusiea. Subjeci to ihls, the trustees have power ¢olle¢tlV8ly to appoint trustees and remove any trustee. The trust88s determine the gener81 managemenl policy of the ch8rity. On appointment, & trustee 15 provided with a copy of the Charity Commission's liteiatvre on the role and responsibilities of a Charity trustee. The irustees review the effectiveness of all materi81 internal controls, including thg operational, financial and ¢ompliAneÈ controls and risk management systeims. In thè opinion of the irusiees, Ihe existing rèview system should enable the charity to mitigate and manage the identified risks to an acceptable level in its dby-to-day operations.
The Goyal Foundation Trustees, Annual Report Icontinu•dJ Year ended 31 December 2025 Objè¢tiv•s and activities The Goyal Fuundation was established in 2010 as a family-run foundaiion, supported by the next generation of th8 famlly wlth contribuilons from family memb8rs. W8 are passionate about empowering disadvantaged communities in order to help i mprove the quality of people's lives. The foundation airHs to achieve this t)y working wilh and providing financial and human resources to charities that are already maklng a difforence both in the UK ènd abrtsBd. The foundation was created in memory of the father and grandfather of membèrs of the foundlng team. Hemraj Goyal arrived in Iho UK from India almost slxiy years ago with Ihe vision ol a better life for his family. This vislon, as well as his hard work and determination, has inspired noi only his children but his grandchildren, friends and ext&nded farnily to have boundlèss ambltion. The growth of the foundation has led to it bgcoming an established and Tecognised charity in the public field. We ar@ unlr4Lie in that we are supported by OLir next generation leadership team which is made up of Hemraj 8nd Santosh Goyal's grandchildren, who are supptsrted by the other trustees and team. Th8 leadership team play an a¢tlV8 rol¥ in fundraising for the foundation, helping to raise awarènèss and establishing events and meetings with partner chbrities. Our aim Is to utbite the fsmily to help others nd le8ve g leoa¢y which will inspire othors for oenerations io come. Our work et the Foundation is based on our belief that ovèry human belng should be empowered to b8 th8 besi they can be. We 8r8 passioi)ète to inspire others in our cominunities to engage in phil4nthropic work. We distribute funds to organisations with a clear vi5itsn, a vision for a world where children h8ve the right to education, are free from suffering and abuse, women's rights arè supporied and people with B disability are offered a chance to fullil their potaniial. The foundation proLidly supports initiaiiv8s in promoiing g()od relations and community cohesion beiween all faith groups, helpina to narTOW gaps iri identified eommunitivs. We have rgferred to thè guidance contained in the Chaiity Commission's general guidance on public benafil when reviewing our aims and obje¢tives and in planning our futur8 aetivlilès. In recognition ol both Santosh and Hemr8j Goyal and the widèr involv•m6nt of the family in the leadership and running of the foundalion, the foundation was re-named the Goyal Foundation in 2023, following agrf3ement by thè Charlty Ctsmmission. Since it started in 2010, the charity has made doiiaiioT)s iotalling over £6 million. Our foundation has a renewgd purpose, focusing on enabling young people and women to luifil thesr potential in th8 UK and India. Achlevements and performance The charity reeeiv&d donations and other income tot811ing £4.968,848 12024 £570,5631 during the yeor. Grgnls totalling £419.31812024 £462,245) war8 made during the year. Support costs amountèd to £68,02012024 £33,9321. As these figures demonstrate, 2025 saw siynilicant growth in the Goyal Foundbtion and its 8ctivities as wo reached more children, young people and women in the UK and abroad facing unpTecedented social and economic challenge5. Our vision for a better world is stronger than ever, providino philanthropic support and resources acros5 a range of children's, young people's and women's charities. We a150 want to recognise and express our gratitude for the outstanding work ol our charity partners as well as highlight some of the PTOjèCtS W6 have had the chance lo support. In 2022. our trustegs joined the C8udw811 Life-changers Circle to support the work of Caudwell Children to give chi Idren with long-term conditions and disabiliiies a bett8r start in lifa and have played an ctive role in this network ever since.
The Goyal Foundation Trust8os' Annual Report l¢ontlnuedl Year ended 31 December 2025 Achlevements and pèrformkrtee Icontsnuedl Our key focus during 2025 has bèèn th8 development and growth of our Inner Spark programme. Since its launch, Inner Spark has reached hundr8ds of thousands of 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 gnd 2022, we launehed a nationa5 programme, Inner Sp8rk, which aims to reach oiie million young people by 2030. By the gnd of 2025 we had rèached almost 250,000 young people in total and invested in thg infrastructure, marketing and promotion of the Inner Spark programme. We ran a growing numbef of free workshops for h0O1$ Seing di5adv8ntaged communities, with more inspirational presenters encouraging young people to think positively about thelr futures and what they can achiev9. Tl)èsè workshops get great feedback from school studenis at)d staff., 86 /0 of students rate their worksliop as excellent, 79°k feel moré confident after attendin9 8 workshop, and 84°A of schools say they wouldn't be able to host a worksliop without lTriier Spark's support. Th8 Inner Spark programm8 is also delivered with 8 range of p8rtiiers including Mind of the Siudent, UpFront Th6atre Company and Outward Bound Trust. We are gratefLJI to thè donor5 who hav6 already provided funding tcy 8nable to run more workshops Iwhile tho loundaiinn funds tlie Linderpinning iiifrastructurel. In November we held our biggest fundraising event frjr Innpr Spark. Thg 8ig Sparkl raised over £300,000 wnd awarenèss amongst key stakeholders. WÈ) have published Several broehuros about Inner Spark which are avdi18ble from www.ii)nerspark.org.uk including an impaLt report, B brochure for potential supporter8 and a bror.hure for sLhools wbout the workshaps thal Inner Spark offers free to undprserved schools alono with de.tai18 ol our edijcation advisory Lnnimitte8. We a150 launched the Bright Spark council of slucloiits to advise on whal yoijng people want from Inner Spark. In additiun wtt coiitinued to support & ran90 ol other charities workino in the UK and India. Thesè incliide Barnardo's and their Childhood Chompi01i8 network ol youn%J philanthrupists. Funding has been provided to dftvelop Goyal Fouridation sLholarship$ for Students from low income households at Newc.x5tle University and io the Brilliaiit Club to enable young people io 8cce6s Oxford University, s vvell as support lor the Duke of Ediiibiirgh's International Award Foundation. In India we continued oiir work with children, young p8ople and women in dis8dvantaged cornmLJnitl8S 5upportin9 charities such as Toybank. Doorstep School, Save Our Souls, Mother Miracle and Marici. Much of this work focused on anti-trafficking prtsgrammes and iinproving access to educdtion and work. In 2024-25 we locusad OLir giving in India on five Charities working lor systemic chtinge with ehildran, yoiing peop5e and wonien.. British Asian Trusl, World Wildlife Fund India, Praiham UK, Carers Worldwide and Global Fund lor Childien. They t>re workinu lo increase oppr)rtLllllties for women and children and rmoVe the harriers they face. We 8re ¢ontinuing to work closely with all th*sÈ charit185 as we explore how to develop Inner Spark in India. For more about the Goyal Foundation and the Impacl of its work, ploa$e $09 our websita, www.goyalfoundation.org.uk FinancSal rovlèw The linanci81 results for the ye8r are set out on pages 10 10 20. The charity ha$ recorded a net ineroase in fund5 of E4.140,06412024 decrease £43,316). Total income amounted to £4,968.84812024 £570,5631 and toial £xp8nditure amounted to £828,78412024 £613,879>, resuliing in 8 net operational inflow of £4,140,06412024 outflow of £43,316). Tha trusiees, policy is to maintain its unrestricted funds at a lev81 that allows the charity to commit to future lundraising event5 Wlth confidence. The trustees review the total reserves position annually. At ihe end of the reporting period, there is a surplu5 of funds of £4.146,37712024 £6,313>.
The Goyal Foundation Trustees, Annual Report {contlnu•d} Year ended 31 December 2025 Plans for futur8 periods Our vision is to make a big and lasting difference in ihe quality of life of those living in disadvaniaged communities, both in the UK and abroad, through the provision of financial and human resources. We rais8 and distribut8 money to our partner organisations and causes which are in line with our Charity's priorities. In 2026 we aim to substantially inorease the number of children and young pèople we reach through the Inner Spark programme, delivering free workshops in schools and working with more charities thai sh8re our goals iii this area. We havè dèv8lop6d strategic partnerships to reaeh more schools, recruiting and trèining morg presenters and marketing th& workshops beiier., and we are funding mor8 UpFront Theaire tours of schools, supporting Mind of the Student to run more mental health workshops in secondary schools, and Outward Bound Trust to deliver mor8 adventure programmes on school sites. In 2026 w& are applying to the Charity Commission to sei up a new independent charily to run Inner Spark and we are planning furth&r fundraising events including The Big Sparkl 2 in 2027. To securo the futur8 ol the Goy81 Foundation and lis charitable activitlgs, £3.6m of Hallmark Luxury Caro Homas shares hav8 b6&n donated iu the foundation. Thèse vvill provide regular dividend$ to enable the foundation to continue empowering young pgople throu9h its Inner Spark programme and grant-making. Trusto98' rèsponslbllltlos stat•rnènt The 1ruslees ar8 responsible lor preparing the trust869' report end the linanclal statements in accordancé with applicablè law and United Klngdom Accounting Standards Iunited Kingdom Gonerally Accepted Accounting Practicel. Th8 law applicable to eharilies in England and Walgs requires the charity trustee$ to prepar8 financial stalgments for each y8ar which give 8 true and fair vlew of the state ol affairs tsf the charitv and of the incoming re50ur¢8s and applicatloi) of resources, of the rharity for that period. In prep8rin9 these financial st8tem9nts. the truste•s are required to.. select suiiable accounting policies and then apply them ¢onsistently', observe the methods and principles in the applicable Charities SORP,. make judgments and accounting estimatès that are reasonable and prudent., prepare the flnancSal statemenis on the going concern basis unless it is inappropriatÈ to presume that the charity will continue in business. The triistees are responsible for keeping adequate accounting records that are sufficiènt to show and explain the charity's transactions 8nd dilOse with reasonable accuracy bt any time the financial position of the ¢hgrity and enable ihem to ensure that th& financial Statements comply with the Charities Act 2011, the applicable Charitlgs IA¢¢ounts and Reportsl Regulations. and lh6 provisions of the Trust Deed. They are also re$ponsible for safeguarding the assets of th& eharity and hence for taking reasonablg steps for thg piovention and detection of fraud and other irregularities.
The Goyal Foundation Trust88s' Annual Report {COfvllmi8dJ Year ended 31 Decembar 2025 The trustees, annual report was approved on 29 June 2026 and Slgned on behalf of th9 board of trustees by-. Goyal CBE Trustee
The Goyal Foundation Indopendent Auditor's Report to tho M8mb8rs of The Goyal Foundation Year ended 31 Decemb8r 2025 Opinlon Wè havè audited the financial statements of The Goyal Foundation Ith8 'charity'l for the year end6d 310ecember 2025 which comprise the 5ta18ment of financial a1vIlieS, statement of linancittl position, statement of cash flows and the relaied notes, iiicludin9 a summary ol significant accounting policies. The financial reporting Iramework th8t has been applied in their preparation is 8ppli¢able law and United Kingdom Aecouniing Standards, including FRS 102 The Financial Reporting Standard 8pplicèble in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practicel. In our opinion the financial siai6meni$'. give a true and lair vi8w of th• stale of the charity's affairs as 8t 31 08C8mber 2025 and ol its incoming resources snd 8pplication of re8our¢es, including its Income 8nd expendisuro, for the year then ended,. have been properly prepared in accord8nce with United Kingdom Generally A¢¢ept¢d Accounting Practice.. have been prepared in accordance with the requir•m6nts of the Charities Act 2011. 88sSs for oplnlon We conducted our audit in aeeordance with Interiialional Standards on Auditing IUKI IISAS IUKII and applic8bl8 law. Our responsibilities und8r those staridards are furiher described in thè auditor's responsibilities for the 8udil ol th8 financ.ial statements seciioii ol our report. We Hrè independeni ol thg charity in aceordance with tha ttthical reqliiremeiits Ihat are relevant to our audit of the fin8ncial statements in the UK, including the FRC'5 Eihical Standard, and we have fulfilled our other ethical responsibilities iii 8ecordanc9 With ihese rpqLiirements. We bglieve that the audit evidence we have obtained is suffieitrnt and appropriate to provide g basis for our opinion. Con¢lu8lon8 T•l•tlng to golng eonc8rn In audlting the lingnci41 statements, we have conr,luded that the trusteÈs' use of the going concern basis of accounting in the preparation ol the financial statements is appropriate. Based on the work vve have performed, we have not identili8d any materidl uncertainties relating to aveiits or coiiditions that, individually or eolle(.'tively, may casi signilicant doubt on the charity's ability to continue as a going concern for a period of ai leasi twelve nionth$ frorn whgn th& linancial st8ttrments are authorised for issutr. Our responsibilities and the respon5ibilitie5 tsf ihe trustees with respect to going concern are described in th8 relevant sections ol this report.
The Goyal Foundation Indapendant Auditor's Report to the Members of Th8 Goyal Foundation Year 8nded 31 December 2025 Othor Snformatlon The Other Information comprises th information included in the 8nnual report, other than the financial statements and our auditor's report ihereon. The tr(Jstees are responsible for th8 Other iriformation. Our opinion on the financial statèments does not cover ihe other information and, except to the ext6nt tsth8rwis8 axplicitly stated in our report, We do not express any form of assuranc8 conclusion thereon. In connection with our audit of the financi81 stai&mant$. our responsibiliiy is to read the other information and, i n doing so. consider whether the other information is materially in¢onsistent with the financial staternents or our knowledge obtained in the 8ud¢t or othérwise appears 10 bp materi8lly misstated. If we ideniify such mat8rial inconsisiencies or 8pparent material misstatemenis, we are required to dètarmine wherher there is 8 mat8rial misstatement in the Inancial statements or a material misstatement ol the other information. 11, based on the work we haveTr pgrformgd, we Conclude thal there is a mat8rial misstatement of this other snform&tion. vvè are rèquired 10 report that faet. We have nothing lo report In thls regard. Mjtters on whl¢h wo aro requirgd to rgport by •x¢•ptlon In the 11ght of the knowledge and understanding ol the ehariiy and its environment obtained In th8 course of the audit, w6 have not Id8ntified maierial misstat8menls in the tru$t¢e$' report. W8 h8v nothin9 to repori in respecl ol the following matters in relation to wliioh thè Charitlè$ A¢t 2011 requires us to raport to you if, in oui opinion: the inlormatiun given in the trustees, r9POrt is inconsistent in any materi81 respect with th8 Inancial statement5,' or adequate accounting records hov8 not been kept,. or the financial siatementy are not in agreement with the 8ccountlng rgcords and returns,, or we have noi rocaiv8d &ll the informatlon and explan8tlon$ wo require for our audit. Re8pon8lbllltl•# of trustees As exp18inèd more fully in the tru5tg98' rèsponsibllities statement. the trustèes ar8 r*sponsibl6 for Ihe preparation of thè financial statements and for being satisfièd thai they give a true and fair view, and for Such internal conirol as the trust8È8 determine 15 necessary io enable the PTepar8tion of rinancial statement$ that arè free from material misstatement, wliether dug to fraud or error. In prep8rlng the finencial statements, the truste8s S responsible for assessing the cherity's 8billty to continue as 8 going concern, disclosing, 8s applicable, m£tters relaied to going concern and u5in9 the going concern basis of a¢¢ounting unless the trustees either intend to liquldaie the charlty or to cease operations, or have no realistic alternative but to do so.
The Goyal Foundation Independent Audrtor's Report to the Members of The Goyal Foundation Yaar ended 31 December 2025 Auditor's responsibilitie$ for th• audit of the financial statements Ou¥ objectives are to obtain reasonable assurance about whether the financial statements as & whole are freg from material mi8Statgment. whether due to fraud or error, and to issuè an auditor's report that includes our opinion. Reasonable assurance is a high 18vel of assurance, but is not a guar8ntge that an audit conducted in accordanc8 Wlth ISA5 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraLJd or error and are considered material il, individually or in the aggregate, they could reasonably be expected to Influence the economic deelsions ol users taken on the basis of these financial staton)ent$. Irreg(Ilarities, including fraud, are instances of non-compllancé with laws and regul8tions. W8 dèsign procèdures in line with our rosponsibiliti8s, outlined above, to detect material mi55tatements in respect ol irregularities, including fraud. Th8 extent to which otAr proeèdures are capable of detecting irrggularities, includino fraud is d8tailed below= In i)18nning and designing our 8udit tests we identify arbd assess the risks ol materi81 m18StÈt8ment within the fiiiancial statements, whether due to fraud oi error. Our 8SSéS5ment ol these risks includes considpraiion of the nature of the industry 8nd gector, the conirol environment and the bu5inos$ performance along with the rèsults of our enquiries of managemenl about thèir own id&ntificailon and assessmtri)i ol risks and irregularities. In common with all audits under ISAS IUKI, we are also required io perform specific procediir8s to respond lo the risk of managèmènt overridè. Wg also obtained an understanding tsf th6 16gal and regulatory frameworks that the company operatès in, focusing on provisions of those laws and r8giilations that had a direct effect on the deterininalion of materi81 amounts and disclostJr95 in the financial statemfjnts. The key laws and reuulation5 we considered in thi5 con(ext included the UK Companies Act. UK tax legislation and other18ws and regulations identified as risk ar8as identified from our dlscussions with m8nagamenl. We eorrimunieated relevant identified laws aiid regulations and poieniial fraud risks to all engayem8nt t8¥m members includin9 internal spèeialists, and remained alert to any indications ol fraud or non.complianc6 wlth18ws and regulatlons throughout the avdit. After Consideration 0¢ the above risks we then ¢$rried out audit prooedures including the following.. specifiL tests in relalSon 10 mateiial amuvnts and di$¢losurg5 in the financial statements onsider8d to be ol high risk,. performing analytical procedures to identify any unusual or unexpected relation8hip5 that mgy indicate risks ol matèrittl misstatement due to fraud.. reading minutes of mangg8m$nt m90tlngs', enquiring of management and reviewing any correspondence wlth legal advlsors concernlng a¢tual 8nd potential Iltigatlon 8nd claims., reviewing the financial statement disclo$ure$ and testing to supporting documentation to assess complian¢e wlth provisions of relevant laws and regulatlons d95cribèd as having a direct effect on the financial staiemenis., in addresslng the risk of fraud through management override of conirols, testing the appropriateness of journal entries and other adjustments,. Assessing whether the judgements made in maklng accountlng estimatès are indic815ve of a potential biès,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
The Goyal Foundation Indepandant Auditor's Report to the Members of The Goyal Foundation IntIn•I Year ended 31 December 2025 Ther8 are Inherent limitations in our audit PTocedures described above. The more removod that the laws and regulations are from financial transactions the less likely il is that we would be aware on non-compliBnce. Auditing standards also limit the audit procedures required io identify non-compliance with laws and regulations to enquiry ol the dir8Ctors and other management and the inspection of regulatory and legg1 correspondence, if any. Material misstatements ihar arise due to fraud can be harder to detect than those that arise from error as thay may involvg delib8rat8 concealment or collusion. A further description of our responsibilities for the audit of the financial statement5 is19¢gied on th6 Financial Reporting Council's webslte at www.frc.org.ukJaudiiorsresponsibilities. This descrlption forms part of our audltor's ¥eport. U¥¢ ol our rèport This rgport is made solely to the charity's members, as a body, in accurdance with section 144 of the Charitifrs Act 2011 and regulations made under section 154 01 that Aet. Our audit work has been underi8ken so that we might state to the ehèrity's mèmbers those matters we are rgqLJired to state to them in an auditor, s report and lor no other purpose. To the fullest extsnl permiited by 18W. W8 do not accepi or assume rEsponsibllilV to anyone other than the charity and the charity's members 8S body, lor our audit work. for this report, or for th$ opinSong w6 have formed. Muras Baker Jone5 Limiled Chartered accountants & statutory audilor Regent Hous8 Bath Avenue Wolverhampton West Midlands WV14EG 29Juna 2026 Muras Baker Jones Limited is pligible to act as an auditor in terms ol saction 1212 of the Cornpanies Act 2006.
The Goyal Foundation Statèment ol Financial Activitios Year ended 31 December 2025 2025 Unrestricted funds Total funds Total funds 2024 Notè Incomè and èndowments Donations and legacies Other trading activities Invesiment income 4,417,723 549,133 1,992 4A17,723 549.133 1,992 559,380 11,183 Total incom• 4,958,848 4.968,848 570,563 ExndIr0 Expendilure on charitable activities Total expendltur• 828,784 828.784 613,879 828,784 828,784 613,879 N•t Incom•ll•xp•ndltur•l and n•t movement In funds 4,140.064 4,140,064 143,3161 R8eon¢iliation of funds Total funds brought forward Total fund8 earrled lorwjrd 6,313 6.313 49,629 4,146,377 4.146,377 6,313 Th8 gt8tement of finaiicial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing a¢tiviiSes. The notes on pag•$ 13 to 20 form part of these flnanclal statgm?nts. 10.
The Goyal Foundation Statement of Financial Position 31 Decèmber 2025 202S 2024 Not• Fixed a$$et3 Investments 17 3.621,771 Current 9$50ts Débtors Cash at bank and in hand 18 463.880 119,767 3,058 14,271 583,647 17,329 CredStors'. amounts 18lllng duè wlthln one ygar 19 69,041 11.016 Not current thsgets 524,606 6.313 Total ass•ts1655 ¢urr¥nt Ilablliti 4.146.377 6,313 Net •ss•t8 4.148,377 6,313 Funds ol the ¢harltv Unrestricted funds 4.146.377 6,313 Total charity tunds 21 4,148.377 6,313 These finaii¢ial si8t8ments were approved by the board of trustees and authori$¢d for issue on 29 Junè 2026, and arè sign8d 01) béhalf of the 1)08rd by.. Mr A M Goy81 CBÈ Ti'ustge Th• not•s on page$ 13 to 20 form part of these financial statement¥. 11
The Goyal Foundation Statement of Cash Flows Year ended 31 December 2025 2025 2024 Cash flow5 from operating actlvitle$ Net incomellexpenditurel 4.140.0fj4 143,3161 AdJ£isiments for.. Other i nteresl receivablo and similar income Accruad exp8nsesllincomel 11.9921 2,855 Changes in.- Trade and other dèbtors Trade and other creditors 1460.8221 45,170 4,308 9,086 Cash generated from operations 3,725,275 131,0471 Interest received 1.992 Nat cash fromllused inl opèrating 8¢tSvitl•8 3.727.267 131.0471 Cash flows from Inv•stSng actlvltl•s Purchases of oth8r investments 13,821,7711 Net ¢¥sh usèd in i nvestlng activilies 13,621,771> Net Incrè8#•1ldecrea¥el In cash and cash equivalents Cash and ¢&sh 8quS¥al•nts at b•ulnnlng ol year 105,496 14,271 131,0471 45,318 Cash and cash oqu5val•nt8 at tnd of yèar 119.767 14,271 Th• notè# on pagè8 13 to 20 form part of thasè finan¢lal statements. 12-
The Goyal Foundation Notes to the Financial Statements Yaar ended 31 Dac8mber 2025 Geneill information The charity is a public benèfit entlty and a règlster6d charity in England and Wales and is unincorporaied. The address of the principal oflice is 2 Kingfisher House, Woodbrook Cres¢ent, Radford Way. Billericay, Ess8x, CM12 OEQ. St8t6mènt of ¢ompllan¢• These financial statements have been prepared in complianc8 Wlth FRS 102, 'The Finaiicial Reporting Standard applicable in the UK and ihe Republic of Ireland,, the Stètement of Recommended Practice applicable to ehariti8s preparing iheir accounts in accordance with the Financial Reportino Standard applicablfj in the UK and Republic of Ireland IFRS 1021 Icharities SORP IFRS 10211 and thè Charities Act 2011. Accountlng policigs Basls ol praparatlon The financial statements have been preparad on tho historical cost basis. The financial statements are preparfjd in sterling, which is thè fun¢tional eurrency of the entity. Golng Gonc•rn There are no maierial uncertainties about the charity's 8billty io ¢onilnue. Judggmont$ Jnd key $ourt•8 of •8tlmatlon uncortalntv The preparation of tho financial st8t•m8nts requires management to make judgemenis, estimaies and assumptions th8t affect the amounts reported. Th858 estimates and Sud9ement8 are coi)tinu811y reviowed and 8re basèd on experience and other factors, including expèctations r)f future evenis that are belleved to b8 reasonable under the circum518ncès. Foreign curren¢les Foreign currency tr8nsactions &re initially recorded in the functional currency, by applying the spot exchang& rgte as at ihe dale of the transaction. Monetary assets and liabilities denominated in foreign currei)cies are translated at the exchang8 rate ruling at the reporting date, with any gains or losses being 18ken to the 5tat@mènt of financial aciivities. Fund ac¢ountirtg Unrestricted funds aro gvg118ble lor use at the discretlon of the truste98 to lurther any ol the eharity's purposes. 13.
The Goyal Foundation Notes to the Financial Stat8m8ntS Irontlnuedj Year ended 31 December 2025 AccountSng policiè# icontsnuedl Ineomlng r8sour¢•s All incoming resources are included in the siatemeni of financial activities when entitlem8nt has passed to the charity,. it is prob8ble that tho economic bfjnefits associated with the transaction will flow to the Charity gnd the amount can be reliably measured. Thé following specific policles are applied to partlcular categories of income.. Income from donalions or grants is reeognised when there is evSdgnce ol entltlament io tha gift, r8ceipt is probabl8 and Its amount can be measured relSablv. legacy income 15 re¢ognis8d when receipt is prob8ble and entitlement 1$ ¢$iat)lished. Income from donated goods is m688ured ai the f8ir value of the goods unless this 19 Imprjctical to measure reliablyi in which ¢ase the value is derivod from the cost to the donor or the estimaied resale value. Donated facilit195 and sarvices are recogni8ed in tho 8ccounts when received il the value can L)e reliably measured. No dmounts are included for the contributlon ol general volunteers. income from contra¢ts lor the supply of services is recognised with the delivery of the c()niractod sfrrviLe. This is classifi8d as unrèstrictèd funds unltrss there is a Gontra¢tual requirement lor it to be spent ns) a yarti¢ular purpose and reiLirned il unspent, In whieh eo$8 it may be regarded as restrlcted. Re$our¢*s expended Expenditure Is recognised on an ac¢rual$ ba$1$ as a liablllty is Sncurred. Expenditiire In¢lLid8s any VAT wliich Caiinot be fully recover&d, and is classified under headlng8 of the statement of financi813¢tivities io which it relates.. èxpendituro on raising funds includes the Losts of 811 fundraiging activities, events, non.charitable tr(Idlng activitl88, and the salg of donatèd goods. exp8nditur8 on charitable activities includes 911 costs incurred by & eharity in ijndertakino activities that further its Lharitable aims for the benelit ol its beneficiaries, in¢luding those support costs and costs relating to the governance of the charity apportioned io charitable activities. grants payable 8Tè payments made to third parties in the lurtherance of ihe charitable objec(s of the Foundaiion and are included oli P¢iyment. other expenditure includes 851 expenditure that is neither related to raising funds lor the charity nor part of its expenditure on chgritgble Bthivities. All costs are allocated to expenditure ¢ategories refleoting th8 usa of th8 resource. Direct costs attributable io a single activity are allocated directly to ihai activity. Shared costs are apportioned between th& activities they contribute to on a reasonable, justifiable and consistent basis. T&nglbl• assets Tangible assets ere initially rècordèd at cost, and subseqlsently stated at C05t less any accumulated depreciation and impairment losses. 14-
The Goyal Foundation Notas to the Financial Statements {eontinuedJ Year ended 31 December 2025 Ac¢ountin9 policies l¢ontinuedJ Doprèeiatlon Depieciation is calculated so as to write off the Cost of an asset, less its residual value, over the useful economic life of that as58t as follows: Equipmant 20YD Siraigh( line Invgstrnents Unlisted equity investmenis are initially recorded st cost, and subsequently measur8d at lair value. 1118ir value cannot be r&li8bly mèasured, assets are measured al cost less impairment. Listed investments are measured 8t lair value with changes in fair value being recognised In income or èxp8nditurè. Imp8lrmènt ol flxed gssets A revi8w for indicato¥s of impairment is carried out at each reporting datg, with th¢ recoverable amount bèing estimated where such indicator5 exist. Where the carrying value exce8ds the recoverable amount, the asset is iinpaired accordinoly. Prior impairinents ars asso rèvièwed for possible reversal at 0g¢h reporting date. Flnancial Inslrumonts A financial asset or & financial liability is r¢cognis8d only when the entity becomes 8 Party to the contractuor provisions of the instrument. 8asic financi81 instruménts £re initially recognised at the amount r6caivable or payable including any relèied transaciion costs, ursless the rr8ngement constitutes a financing Iransaetit)n, where it Is recognised at ihe gr8sent valu8 of the fuiufe p8ym¢nt$ dis¢oiint¢d ai a market rete of interest for a similar debt instrument. Current assets and current liabilities are subsequèntly mèasured ar lh8 cash or other consideration expect8d io be paid or rec8iv6d and not discounted. Donations and l•ga¢l•s Unrestricted Total Funds Unrestricted Tot81 Funds Funds 2025 Funds 2024 Donatlon8 Donations Tax relief on gift-aided donations Donated sharès 670,952 125,000 3,621,771 670.952 125.000 3,621,771 493,130 66,250 493,130 66,250 4,417,723 4,417,723 559,380 559,380 Other trading aetivitlès Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 The Big Spark fundraising gala Other income from other iTading activitles 540,617 540.617 8,516 8.516 11,183 11,183 549,133 549.133 11,183 11,183 15.
The Goyal Foundation Notes to the Financial Statements l¢ontinu•dJ Year ended 31 December 2025 Investment In¢ome Unrestricted Total Fund5 Unrestiicted Total Fund$ Funds 2025 Funds 2024 Bank interesi receivable 1.992 1,992 Expondlturo on ¢h8rltabl a¢tlvltl•s by fund typ• Unrestricted Total Funds Unrestricted Total Fund8 Funds 2025 FLinds 2024 Charitable activities Support C08ts 760,764 68,020 760,764 68.020 579,947 33,932 579,947 33,932 828,784 828.784 813,879 613,879 Exp•ndltut• on ¢harStabl •¢tlvltl•s by actlvity type Activitie5 undertaken Grani lunding directly of a¢tivlt189 Support costs Total fund8 2025 Total fund 2024 Charitable aotivllies C>OV8rnanL8 Costs 341,446 419,318 83,820 4,200 824.584 4.200 612,645 1.234 341,446 419,318 68,020 828.784 613,879 Analysis of gUPPOrt costs Support costs Total 202S Total 2024 Governanc• costs Bank charges Wobsite and publi¢ity Insurance Office costs and administration Motor and travel ¢osi$ Legal and professional fees Foreign exchange differences 4,200 626 46,818 981 8,316 2,984 4,125 1301 4,200 628 46,818 981 8.316 2.984 4.125 1301 1,234 643 23,181 286 6,923 1,665 68,020 68.020 33.932 16-
The Goyal Foundation Notes to the Financial Statements (conti•d} Year ended 31 December 2025 10. Anatysls of grants 202S 2024 Grants to institutions Newcastle University Carer5 Worldwid8 20.000 12,500 12,500 15.000 95,031 7.500 20,000 12,500 12,500 15,000 57.050 20,272 25,000 Duke of Edlnburgh's International Award Foui)dation Hallmark Care Homes Foundation Th¥ Hav&ii Wolverhampton Outward Bound Trus¢ British Asian Trust B8rnardo's High Performgn¢e Foundation Cliild Action Jermaine Harris Ltd Marici Caudwe11 Clilldren True 8rit Ent8rtainment Upfront Theatre Pratham UK Glol)al Fund lor Children Sm8llor giants to other charitiijs 25.000 B,000 20,000 25,000 12.000 30,631 125,079 8,000 102.500 15,000 40.654 12.500 12,500 22,633 23.080 12. Jroo 12,500 51,133 419.31 462.245 Total grants 419.318 462.245 1 l. Not in¢omellexpond6turel f4et iiicomellexpendlturel is st(Ited after Lh•ryingllcredltln91'. 2025 2024 Foreign ex¢h8ngt7 dliYereTrneo$ 1301 12. Auditors rgmuneratio 2025 2024 Fe88 phyable lor thg audit ol the financial statements 4.200 13. Independent examination lees 2025 2024 Fees payable to the independent examinpr foT'. Independent examination of the financial statements 1,234 17.
The Goyal Foundation Notes to tho Financial Statements Year end8d 31 December 2025 14. Staff costs The average head count of employèès during the year was 412024: 21. The staff members are jointly employed by The Goybl Foundation and the Hallmark Care Homes Foundation. The total payroll costs are incurred by the Hallmark Care Hom88 Foundaiion. A grant is then made by The Goyal Foundalion to Cover an appropri8t8 proportion of the payroll costs which can be seen In note 10. No employee received employee b8n8fits of mora than £60,000 during the year12024.' Nill. 15. Trust•• rèmunoratlon and expenses No remunerotlon or other benefits from employment with tha charity wer8 received by th• trustees. 16. Tangibl• flxod as5#ts Equipment Tot•1 Cost At 1 January 2LY25 and 31 D•¢•mbor 2025 Depreciatlon At 1 January 2025 and 31 D8camber 2025 526 526 526 526 Cgrrying amount At 31 D8e•mbor 2025 At 31 December 2024 17. Inv•stm•nt$ Other Invogtments Cost or valuatlon At 1 January 2025 Additions 3,821,771 At 31 Dee8mbar 2025 3,621,771 Impairmont At 1 Januaiy 2025 and 31 Decemb•r 2025 Carrying amount At 31 D8cember 2025 3.621,771 AI 31 Dècember 2024 All InVeMentS shown above 8re held 81 valL*ation. During the year, a trusteè gifted shares in Hallmark Care Homes Group Holdings Limited with a market valu8 of £2,621,771 to the Foundation. 18.
The Goyal Foundation Notes to th8 Financial Statements i¢onTin¢tsdJ Year ended 31 De¢8mb8r 2025 18. Debtor$ 202S 2024 Trade debtors Prepaymenis and accrued it)come Other debiors 124,252 339.628 1,808 1,250 463,880 3,058 19. Cr¢dltors.' amount8 falllng du• within one yoar 2025 2024 Tradé ereditors ALcruals and deferr#d in¢ome 34,841 24,200 9,671 1,345 59,041 11,016 20. Deferred In¢om• 2025 2024 Amount d¢f¢rrtsd in yoar 20,0 21. Analysis ol eharhablè fund8 Unr•strlet¢d funds At 1 January 2025 At 31 D•comb•r 2025 Income Expendlture Gen8ral luiids 6,313 4,968,848 1828,7841 4.146.377 At 1 January 2024 At 31 December 2024 Income Expenditure General funds 49,629 570,563 1613,8791 6.313 19-
The Goyal Foundation Notes to the Financial Statements Icon*nu8dJ Year 8nd8d 31 D8cember 2025 22. Analysls of not gS58t$ bgtwgen funds Unrestrlthed Tolol Funds Funds 2025 Investmen1$ Current assets Credltors less than 1 y8ar 3,621,771 583,647 159,0411 3.621.771 583.647 159,0411 Nèt a88•ts 4.146,377 4,148,377 Unr8stricted Total Funds Funds 2024 Investments Current assets Creditors 1955 than l year 17,329 111,0161 17.329 111,0161 Nat as8•t# 6,313 6,313 Z3. An•lysls of ¢h•no0$ In ngt d•bt At At 1 Jan 2025 Cash flows 31 De¢ 2025 Cash et bank and In hand 14,271 105,496 119.767 24. R•l8ted partie8 During the year, Mr A M Goyal & Mr6 A Goy81. who are irusiees, made donations to the Foundotion tot8lling £529,15412024 - £241,1041. In addition, Mr A Goyal, who is also a trusteg, donEted shares in Hallmark Care Home$ Group Holdings Limi18d to the Foundation with a market value of £3,621.771. During the year, Hallmark C8re Homes Group Holdings Limiled made donaiSons to the Foundation totalllng £140,000. .20-