PAUL SMITH'S FOUNDATION
Registered Charity No.. 1065751
Company No: 03346635
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30TH JUNE 2023

Paul Smith's Foundation (formerly Paul Smith Foundation)
Trustees Report for the year ended 30th June 2023
The trustee5 present their report along with the financial statements of the Foundation for the year to 30th June 2023.
The Foundation is a regi5tere(J charity with the Charlty Commission for England and Wales with registered charity
number 1065751 and is a registered Company in England and Wales with Company number 03346635. The Foundation
15 constituted by its Memorandum and Articles of As50Ciation.
Trustees
Sir Paul Smith
Ashley Long
Sean Baker
James Hor51ey
(Appointed 14 February 20231
Secretary
Ashley Long
Reglstered
Office
20 Kean Street
London
England
WC2B 4AS
Bankers
Yorkshire Bank PIC
11 Smithy Row
Notthingham
A¢¢ountants
Moore Kingston Smith LLP
Chartered Accountants
6th Floor
9 Appold Street
London EC2A 2AP
Oblects, Actlvities and Public Benefit
The objects of the Charity are to advance the education of the public in all rnatters concerning design, fine arts and
de5i8n movement.
The trustees confirm that they have Complied with the duty in section 17 of the Charities Act 2011 to have due regard
to the Charity Commission'5 general guidance on public benefit including the guidance'public beneflt.. running a
charity IP821.
Appointment of new trustees
New trustees may be appointed by the trustees, to fill a vacancy or as an additional trustee. The Trust shall selert
appropriate trustees and provide them with an induction to acquaint them with the governance and policies of the
Trust as well a5 what is expected of them in their new role. Additional training and/or informatlon will be provided to
the trustees on an onEoing basis.
Aehlevements. Performance and Flnanclal Re¥lew
In the year. dividend income was received of E200.95012022'. £175,680) from a range of investments,.
The programme of grants and donations in support of and for the furtheran￿ of the object5 of the charlty has
continued throughout the year whilst further plans for developing and prornotin8 the Foundation have been put into
place. During the year, the charity made grant payrnents and donations of £82.14912022: £49,148). All grants were
given in 5UPPOrt of and for the furtherance of the objects of the charitv.
The Foundation's dedicated website lpaulsmithsfoundation.coml continue5 to be a platForm of helpful advice for
young creatives, and the Foundation's Instagram l@paulsmith5foundationl has been further developed with engaging
content specifically designed to further the publid5 education and provlde inspiration in the fields of fine arts, design
and business development.
Work continued in the archive by means of cataloguin& itemisin& and relocating an extraordinary Sample of the
history of Paul Smith. The Archive forms a central part of the Foundation's plan5 to create an educational resource
which TS accessible to the general public with a view to inspire, educate and develop skills of deslgners through open-
access and teacher-led sessions. A5 the archive is based in Nottingham, Paul Smith's Foundation intends to work with
local univer51tie5 to ensure that the opportunity is made widely accessible.

Paul Smith's Foundation (formerly Paul Smith Foundation)
Trustees Report for the year ended 30th June 2023
Investments Pollcy
The majority of investments are shares held in a range of private companies as analysed in Note IS to the financial
statements. The trustees have wide powers of Investment in respect of the Foundation's assets.
The Foundation will invest in and hold assets that will:
Directly promote of the Objects of the charity. and or,.
Provide a long term investment return to maintain the reserves of the Charitv.
The trustee5 ensure the Programme Related Investment IPRII strategy is aligned with the charitable mission and
objectives of the Foundation.
Grant Policy
The trustees review grant requests on a case-by-case basi5 in the li8ht of the requested purpose of the grant. All Brants
are awarded in accordance with the objects which are to advance the education of the public In all matters con￿rnIng
design, fine arts and de518n managernent.
Reserves Policv
The trustee5 aim to provide sufficient fvnd5 to cover the existing level of grants committed as well as provide a ltrn8
term fund from which its charitable activities can be increased in the future. Total unrestrlcted funds at the year-end
totalled £20,159.49612022 restated= £18,414.2441. Durin8 the year a gain on investments of £2,035,183 Iv's loss 2022:
£1,446,9991 was recognised in respect of its investments in Paul SmSth Group HoldSngs LSmlted and Floral Street
Property Partner5 Ltd, the shares of which were Eifted to it in 2017
Free reserves are described as those reserves, excluding fixed assets which arè readily available for use in the
operations of the charity. At year end. unrestricted free reserves totalled £397.42212022- £501,697). The trustees
consider the level of free ieserves sufficient to fund its grant pro8ramme and cover any unplanned expenditure.
Key management and remuneratlon policy
The trustee5 are not remunerated and the Trust has no employees. The trustees are considered to be the key
management personnel.
Princlple rlsks and uncertalnties
The trustees have assessed the major ris￿ to which the charity is exposed, in particular those related to the
investments, operations and finances of the charity. and are satisfied that system5 and procedure5 are in place to
rnitigate the exposure to the major risks.
The principal risk for the Ftsundation at this early stage in its development is not meeting the objects of the charity. The
trustees are fully aware of this and are ensuring that the Fc*undation is becoming more active with the launch of its
own dedicated website with regularly updated archlve of advice, insights and inspiration.
Future Plans
Having established the reserve5 of the Foundation wlth the initial income from donations received from the Paul Srnith
Discretionary Trust, the trustees continue to increase the visibility and aetivites of the Charity with a modest level of
growth in grant and donation activity whi15t focu5sing on generatlng Income from its investments for longer term
allocation to cau5e5 that further it5 objectives. The trustees will continue to increase the level of awareness of the
Foundation through the appointment of a dedicated foundation Director to promote the furthera￿￿ of the objects of
the charitv.

Paul Smith's Foundation {formerly Paul Smith Foundation)
Trustees Report for the year ended 30th June 2023
Statement of Trusteès, Responsibllities
The trustee5 Iwho are also directors of the Paul Smith Foundation) are responsible for preparlng the Trustee5' Report
and the financial Statements In accordance with applicable law and regulations.
Company law requires the trustees to prepare tinancial statement5 for each financial year in accordance wlth United
Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. The
financlal statements are required by law to give a true and fair view of the state of affalrs of the charitable cornpany
and of the income and expenditure of the Trust ftsr that period. In preparing these flnancial statements, the trustees
are required to-
select suitable accounting policie5 and then apply them con51Stently,'
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent-
state whether applicable UK Accounting Standards have been followed. subject to any materlal departures
dlsclosed and explained in the financial statement5', and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust
will continue in busine5S.
The trustees are responsible for keepin8 proper accounting records that disclose with reasonable accuracy at any tlme
the financial position of the charitable company and enable them to ensure that the financial 5tatement5 comply with
the Company Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking
reasonable steps for the prevention and detection of fraud and other IrreRularitie5.
Small Company Provlsions
This report has been prepared in accordante with the special provision5 for small companies under Part 15 of the
Companles Act 2006.
On behalf of the Trustees
Ashley Long
Date..
T4IWI+

Independent Examiner's Report to the Trustees of
Paul Smith's Foundation (formerly Paul Smith Foundation)
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30th June 2023.
Responsibllitles and basis of report
As the charit¢s trustees of the Company land also its directors for the purposes of company lawl you are responsible foi
the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l.
Havln@ satisfied myself that the account5 of the Company are not required to be audited under Part 16 of the 2006 Act
and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried
out under section 145 of the Charitie5 Act 20111'the 2011 Act'l. In carrying out my examination I have followed the
Directions given by the Charity Comrni55ion under sÈction 145151 Ibl of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my atientlon in connertion with the
examination giving me cause to believe..
accounting records were not kept in respect of the Company as required by sertion 386 of the 2006 Act,. or
the accounts do not accord with those records.. or
thè 3ccounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any
requirement that the aceounts give a 'true and fair view whith is not a matter considered as part of an
independent examination: or
the accounts have not been prepared in accordance with the methods and principle5 of the Statement of
RÈcomrnended Practice for accounting and reporting by charities lapplicable to chaiitie5 preparing their
accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS
10211.
I have no concerns and have come acros5 no other matter5 in connection with the examination to which attention
should be drawn in thls report in order tts enable a proper understanding of the accounts to be reached.
ocxe
Adam Fullerton, FCA. DChA
For and on behalf of Moore Kingston Smith LLP
6th Floor
9 Appold Street
London, EC2A 2AP
Date.. 27 March 2024

Paul Smith's Foundation (formerly Paul Smith Foundation)
Statement of Financial Activities
For the year ended 30 June 2023
2023
Unrestrictéd
2022
Unrestrirted
as restated
Note
Income from:
Investment income
200,950
175,680
Total
200.950
175,680
Expenditure on:
Chorltoble Activities..
Grants and donations payable in furtherance
of objects
Insurance
Website expenses
Archive costs
Le8al & Professional
Advertising Costs
82,149
5,270
97.656
287,425
13.272
5,109
49,148
2.737
164,418
94,049
io
4,892
Total
490,881
315.254
Net Gainlllossl on investments
15
2.035,183
11,446.9991
Net movement in fund$
1,745,252
11,586,573)
Total fvnds brought forward
18,414,244
20,000,817
Tofal funds carrled forward
20,159,496
18.414.244
The notes on pages 7 to 14 form part of the financial 5tatementS.

Paul Smith's Foundation Iformerly Paul Smlth Foundatlon)
Balance Sheet as at 30 June 2023
2023
2023
2022
as restated
2022
as restated
Note
Fixed Assets
Intangible fixed assets
Investments
16
15
19,936,804
17,966.621
Currèftt Assets
Cash at bank
Other debtor5
397,422
139,020
501,697
157,273
17
536,442
658,970
CreditoN' Amounts falling due
within one year
18
1313,7501
1211,3481
1313.7501
1211.3481
Net Current Assets
222,692
447,622
Total Assets less current1Sabllltles
20.159.496
18.414.244
Total Nèt Assèts
20,159.496
18,414,244
Funds
Unrestricted Funds
20.159.496
18.414.244
The note5 on pages 7 to 14 form part of the financlal statements.
The directors state:
lal For the year ended 30th June 2023 the charitable company was entltled to exemption under Sertlon 477 of the
Companie5 Act 2006.
Ibl No notice from Trustees requlrlng an audit h35 been deposited under Section 476 of the Companies Act 2006.
Icl The dirertors acknowledge their responsibilities for..
lil ensuring that the charitable company keep5 accounting records which comply with Section 386 of the Companies ACL
2006, and
lill preparing finanoal statements which give a true and fair view of the state of affairs of the charitable company as at the
end of the financial year, and of its income and èxpenditure for the financial year. in accordance with the requirements of
Section5 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts.
50 f31 as applicable to the charitable company.
Idl The accounts have been prepared in accordance with the special provisions relating to small companies within Part IS
of the Companie5 Act 2006 and in accordance with the provisions of the Financlal ReportinE Standard 102.
The account5 were approved by the board and authorised for Issue on
and signed on its behalf bv..
Trustee- Ashley Long
Company number: 03346635

Paul Smith's Foundation (formerly Paul Smith Foundation)
Notes to the Accounts
For the year ended 30 June 2023
AccountSng policles
Ba515 Of accounting
These financlal statements are prepared on a going concern basis, under the historical cost convention, as
modified by the revaluation of investments being measured at falr value through Income and expenditure
within the Statement of Financial Activities.
The financial Statements have been prepared in accordance with the Financlal Reporting Standard appllcable
in the UK and Republic of Ireland IFRS 1021. The charitable company is a publlc benefit entity for the purposes
of FRS 102 and therefore the charitablÈ company also prepared its financial statements in accordance with the
Staternent of Recommended Practice applicable to charllles preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IThe FRS 102 Charities SORPI, the
Companies Act 2006 and the Charities Att 2011.
The financial statement5 are prepared in sterlln& whlch is the functional currency of the charity. Monètary
amounts In these financial statements are rounded to the neore5t pound.
The princlpal accounting policles adopted in the preparation of the financlal statements are Set out below.
Going Con¢ern Basis
The trustees have assessed whether the use of the going ctsncern basis is appropriate and have considered
possible events or conditions that might cast doubt on the abllity of the charity to continue as a going concern.
The trustees have made this as5e55ment for a period of at least one year from the date of approval of the
fin3rhcial statements. In particular the trustees have considered the chaiiws *0￿Cast5 and projections and
have taken account of pressures on donation income, dividend income and the valuation of the investment
portfolio and income generation from the fund. After rnakirig enquiries the trustees have concluded that there
15 3 reasonable expectation that the charity has adequate resources to continue in operational existence for
the foreseeable future. The charity therefore continues to adopt the going concern basis In preparing its
financial statements.
Income
Income is credited to the Statement of Financial Aciivities on an accruals basis when there is entitlement to the
funds, the receipt is probable and the amount can be measured reliably. Donated Investments are valued at
their market value on the date of transaction. Investment income and bank interesi are accounted for on a
receivable bas1S.
Expendlture
Expenditure is char8ed on an accruals basis. Grants payable are included in the Statement of Flnanclal Activities
when approved by trustees and offered to the grantee. Support costs have been apportloned across
expenditure relaiing to charitable acitivies.
Investments
In valuing investments the trustees have had due regard to Section 11 Paragraph 17 of the SORP. InvÈstments
are accounted at their fair value. Those unlisted investment5 for where fair value cannot be established using a
valuation technique are atcounted at cost. Investments are reviewed each year for impairment with any wrlte
off included in the Statement of Financial Activities. Realised and unrealised gains and195se5 on investments are
included within the funds.
Creditors
Contractual arrarkgements are recognised a5 goods and Services are supplied. Other grant payments are
recognised when a constructive obligation ari5e5.

Paul Smith's Foundation {formerly Paul Smith Foundation)
Notes to the Accounts
For the year ended 30 June 2023
Accounting policie5 Icontinuedl
Governance costs
This expenditure Includes the independent examination fee, services provided by the charity's legal advisors
and any other expenditure related to governance or the Strategic direction of the eharitv.
Unrestricted funds
These resources arlse from unrestricted purposes and from accumulaled surpluses and defi¢its Tn the
operations for charitable purposes and are expendable at the discretion of the Trustees.
IntanBlble fixed assèts
The amortlsation policy is as follows-
Website
5 year5 Straight line
Cash and Cash Equlvalents
Cash and cash equivalents include cash at bank and in hand and short term deposit5 Wlth a maturity date of
three months or less.
Financlal instruments
The Foundation has elected to apply the provisions of Section Il'Basic Financial Instruments, and Section 12
'Other Financial Instrurnents Issues, of FRS 102 to all of its financial instruments. Financial instruments are
recognised in the company's balance sheet when the company becomes party to the contr3Ctual provi510n5 of
thè instrument. Financial assets and liabilities are offsÈt. with the net arnounts presented in the financial
Staternents, when there Is a legally enforceable right to set off the recognised amounts and there is an
intention to settle on a net basis or to reallse the assei and settle the liability simultaneously.
With the exceptTon5 of prepayments and deferred income all other debtor and creditor balances are
considered to be basic financial instrurnent5 under FRS 102.
Critical accounting estimates and areas of judgement
Estimates and judgments are continually evaluated and are based on hlstorical experience and other factors.
including expectation5 of future events that are believed to be reasonable under the ci¥cum5tances.
a. Impalrment and Valuation of Fixed Asset Investments
The trustees have reviewed the appropriateness of methods used in valuing the unlisted shares of the
Company's investments. The trustees believe the investment value is supported by the underlying assets held
in the companies of those shares.
Investments are Tmpaired where there is objective evidence that. as a result of one or More events that
occurred after the initial recognition of the financial asset, the estimated future tash flows have been affected.
The impairrnent loss is reco@nlsed in the SOFA.
b. Amortisatlon of IntanBible Assets
The intangible assets held are all in rep5ect of wèbsite development costs. Therefore the trustees consider an
amortisation policy of 5 years straight line to be reasonable where It meets the criteria for capitalisation under
FRSIO2.

Paul Smith's Foundation (formerly Paul Smith Foundation)
Note5 to the Accounts
For the year ended 30 June 2023
2023
rertated
2022
Investment income
Invesrment Incoffle-Dividends Rec'd- FSPP Ltd
Investment Income-9 St Thtsmas Street
Bank interest
Loan interest
165.854
31.864
811
2.421
132.684
42.996
200,950
175,680
Charitable a¢tivitrÈs
2023
Grants &
donations-
note 4
Webslte
Costs.
Insurance.
note S
Archive cosis-
note 7
Legal &
Advertl$ln8
Professlonal- rost5- note
note 8
Total
note 6
Dlrect CharItsb￿ expendrcure
Alk)cation ot support costs-
note 10
76,027
4.877
90.379
266.IK>6
12.283
4,728
454.3CNJ
6.122
393
7.277
21,419
989
381
36,581
82,149
S.270
97,656
287,425
13.272
5.109
490,881
2022
Grants &
donation5-
note 4
WebsSte
Costs.
note 6
Archive ¢osts-
note 7
LeBal &
Adverti$ln8
Profe55ional- costs- note
note 8
In5urance-
note 5
Total
as restated
Oirecr charitable eKpenditure
Allocation of 5UPPOrt costs-
note 10
47,500
2,645
158,904
90.895
io
4,728
304,682
92
5,514
3,154
164
10,572
49,148
2,737
164,418
94,049
io
4,892
315,254
In 2023 and 2022, support Costs have been allocated across the charitable expenditure
streams based on total costs.
Grants & donatlons
Z023
2022
British Fashion Council
Royal Academy of Arts
CFDA
10.000
15.000
19,937
5.000
21.090
s.￿0
47,500
Fashanne
Cornmi55ion Studlos
Maggie's
76.027
47.500

Paul Smlth's Foundatlon (formerly Paul Smith Foundation)
Notes to the Accounts
For the year ended 30 June 2023
2023
2022
Insurancè
Insurance
4,877
2.645
4,877
2.645
Website Expènditure
Website expenditure
90,379
158.9Q4
90,379
158.904
Archlve costs
Costs incurred organising and auditing Paul Smith'5
archive for use by the foundation
266.006
90,895
Legal & Profe55ional
Legal Setvice5
12,283
io
Advertising costs
Dlgltal advertislng costs
4.728
4,728
10 Support cost5
Governance c05t5- note 111
Bank charges
36,563
18
36,581
10.573
10,573
11 Governan￿ costs
Independent examiner fees
Accountin8 service5
6.316
30,247
4,950
5.623
36,563
10.573
12 Transactlons wlth Trustees
No trustee received any remuneration for services as a trustee12023: £Nill. nor any reimbursement of
expenditure12022: £Nill.
Kèy management personnel are the trustees.
13 Employees
The FoundatSon has no employees.
14 Taxation
The Foundation has suffered no tax charge. as it is rkot subject to UK corporation tax on its charitable activities.
io

Paul Smith's Foundation (formerly Paul Smith Foundation)
Notes to the Accounts
For the year ended 30 June 2023
15 Investments
Unlisted 2023
Unlisted 2022
Fair value at 1st July 2022
Additions/lDisposall in the year
17,966,621
165,0001
19,413,620
Gain/llossl on Investments
2,035.183
11,446.9991
Fair value at 30th June 2023
19,936,804
17,966,621
Hlstorical cost as at 30th June 2022
17,966,621
19,413,620
At 30th June 2023 the following investment holdin8s represent 5% or more of the fair value of the total
portfolio..
Share class
Shareholdins
Country of
incorporatlon
Floral Street 1979 Limited
Paul Smith Group Holdin85 Ltd
Partnership- 9 St Thomas Streel
140 Ordinary C shares
5,043 Ordinary A shares
Not applicable
14.00%
13.72%
11.24%
England & Wales
England & Wales
Unincorporated
Detalled breakdown of investments
Fair Value
Total 2023
Falr Value
Total 2022
Le£turÈ in Progress Ltd
Floral Street Property Partners Ltd
Floral Street 1979 Ltd
Paul Smith Group Holdings Ltd
Partner5hip- 9 St Thomas Street
50.(X)O
5.918,102
8,578,577
10,177,249
1,180,978
10,817,541
1,180,978
19,936,804
17,966,621
Market risk5
The Foundatlon's exposure to market risks is restricted to the specific markets of companies the Foundatlon
invests in.. there is no direct exposure to general market risks. The specific markets Include Paul Smith Group
Holdings Ltd in Fashion wholesale and retail and Floral Street Property Partners Ltd in Property. The Fashion
wholesale and retail market faced challenges durin8 the year but not to the extent that it would challenge
the carrying value of the investment in ihe accounts. The Property company is well funded and generallv
maintains a consistent dividend policy. As with risk, the Foundation's portfolio has limited dirert exposure to
general market performance and instead is impacted by speafic markets performance.
The Foundation's exposure ties into Its Investment objectives as the invèstments either continue to directly
promote the objects and profile of the charity or provide a long-term investment return for the charity. Sir
Paul Smith, as a Trustee and Ambassador for the charity, has dlrect interest and influencÈ in managing the
rlsk of the investments. The charity 15 also currently considering the option to appoint new independent
trustees.
The Foundation acquTred its share5 in Paul Smith Group Holdings Ltd and Floral Street Property Partners Ltd
by way of a gift to the Foundation from Slr Paul Smith's Trust. The charity invested funds in LIP Ltd as it
directly promotes the objectives of the charity in supporting new talent in the creative indu5trie5. The charity
co-funded alongside Sir Paul Smith, the purchase and restoration of the 9 St Thomas Street building as a long-
term inve5tmÈnt. No revaluation h35 been carried out thi% year.
li

Paul Smith's Foundation (formerly Paul Smith Foundatlon)
Notes to the Accounts
For the year ended 30 June 2023
15 Investments Icontlnuèdl
Market rlsks Icontinuedl
The Foundation's investments are considered reasonably liquid as Itochu Corporation or Sir Paul Smith could
acquire the share5 in Paul Smith Group Holdings Ltd at any time if required. Sir Paul smith and the other
5hareholder5 can also potentially acquire the shares in Floral Street Property Partners Ltd if the need arosè.
The long-term aim of the Foundatlon involving the investments is to gain dividend income and capital growth from
Paul Smith Group Holdings Ltd, Floral Street Property Partners Ltd and St Thomas Street. The long-term aim of LIP
Ltd is to continue promoting the objectives of the charlty.
Currency risks
All of the Foundation's investments are held in GBP and therefore the Foundation is rbot exposed to currency risk.
Credit risks
The carrying amounts stated above rÈpre5ent the Foundation'5 maximurn exposure to credit risk. Management is
not Hware of any further credit risks and therefore further dlsclosure Is not requlre(J.
16 Intangible fixed assets
Webslte
development
Cost at l July 2022
Additions
C05t at 30June 2023
79,287
79,287
Accumulated amortisation at l July 2022
Impairment charge for the year
Accumulated amortisation at 30 June 2023
79.287
79,287
Net book value as at 30 June 2023
Net book value 35 at 30 June 2022
12

Paul Smith's Foundation (formerly Paul Smith Foundation)
Notes to the Accounts
For the year ended 30 June 2022
IY Debtors
As restated
2022
2023
Prepayments
Accrued Investment Income-9 St Thomas Street
Loan
1.977
137.043
2,094
105,179
50,000
157,273
139,020
18 Creditors: amounts falling due within one year
2022
2022
Accruals
Deferred dividend income
Other creditors
279,839
77,925
132,683
740
33.911
313,750
211.348
19 Flnanclal and capltal commitment5
The Foundation has no outstanding financial or capital commwtments.
20 Related partles
The charity held the followin8 investment5 at year end in which Paul Smlth land his wife), a trustee of Paul
Smith's Foundation has an interest,. Floral Street 1979 Ltd, 9 St Thomas Street Partnership & Pèul Smith
Group Holdings limited
Ourin8 the year the Foundation received dividend income of £165.85412022:132,6831 from Floral Street
Property Partners Umited Iformerly known a5 Colston Property Partners Limited) of which Paul Smith 15 a
director and Ashlev LonR is ComDanv Secretarv.
Induded within other creditors LS a balance of £14012022= £1401 due to Paul Smith Limited in whlch a
number of trustees of ihe Paul Smith's Foundation are also directors of Paul Srnith ￿mIted.
Included in other creditor5 is a balance of £60012022- £6001 owed to Paul Smith, a trustee of Paul Smlth's
Foundation.
21 statement of movement on reserves
As restated
2022
2023
Reserves brou8ht forward
Surpluslldeficitl for the year
18,414,244
1.745.252
20,000.817
11,586,573)
Reserves carried forward
20.159.496
18,414,244
The charity's reserves consists of unrestricted general reserves only.
13

Paul Smith's FoundatSon (formerly Paul Smith Foundation)
Notes to the Accounts
For the year ended 30 June 2023
22 Prior perlod adjustments
As previously
reported
Adjustment I
Adlustment 2
As restated
Net assets and unrestricted
funds at 30 June 2021
19.888,634
50.000
62,183
20,000,817
Surpluslldeficitl for year-
ended 30 June 2022
11,629,569)
42,996
11,586,573)
Net assets and unrestricted
fund5 at 30 June 2022
18,259.065
50,000
105.179
18.414,244
Adjustment i
Other debtors have been restated to include a loan due from Lecture In Progre55 Ltd at 30 lune 2021 and 30 lune 2022.
This loan was repaid In 2022/23.
Adjustmènt 2
Income due from 9 St Thomas Street Partnership that met the Charity SORP income reocognition criteria has been
reco8nised as follows.. £62,183 accrued at 30 June 2021 and a further £42,996 accrued in the year to 30 June 2022,
leavin£ £105,179 accrued at 30 June 2022.
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