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$
Se￿ing 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 r￿moVe 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 di￿lOse 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 a￿1vIlieS, 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
I￿ntIn￿•￿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
Ex￿ndI￿r0
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 InVe￿MentS 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-