Company Registration No. 07654039 Charity No. 1142817 The DS Smith Charltable Foundatlon Annual report and financlal statements for the year ended 30 April 2024
The DS Smith Charitable Foundation Annual report and financlal statements for the year ended 30 April 2024 Contents Offlcers and professlonal advisers Trustees, annual report Tru5tees' responslbllltles statement Independent Audltor's report Staterrbent of flnanclal actlvltles li Balance sheet 12 statement of cash flows 13 Notes to the flnancial statements 14
The DS Smith Charitable FoundatAon Annual report and financial statements for the year ended 30 April 2024 Officers and professional advSsors Trustees M P Reeve W van Tol D R Ciuraru G Giannini K T Sheyretova-Gancheva B Wells A Diop Charity name and number The DS Smlth Charitable Foundation: registered charity number 1142817 Registered office Level 3 I Paddington Square London W2 IDL Bankers Lloyds Bank Clty Offfice P,0. Box 72 Bailey Drive Gillingham Buslness Park Kent ME8 OLS Investment managers Barclays Private Bank Limlted 12th Floor, I Churchill Place Canary Wharf London, E14 5HP CCLA Investment Management Limited 8Q Cheapside London EC2V 6DZ Legal advisers Womble Bond Dickinson LLP 4 More London Place London SEI 2AU Auditor Ernst & Young LLP l Mare London Place London SEI 2AF
The DS Smith Charitable Foundation Trustees. annual report (incorporating the Directors. report) The Trustees present thelr annual report and the financial statements of The DS Smlth Charitable Foundatlon (the Charity) for the year ended 30 April 2024. The financial statements have been prepared in accordance with accounting policies set out on pages 14 to 15 and comply wlth the Charlty's Memorandum and Artlcles of Assoclation and applicable law. The Trustees, annual report has been prepared In accordance with the provislons appllcable to small companies entltled to the small companies. exemption. Trustees The Trustees who held office durlng the year and up to the date of thls report, unless otherwise stated, were as follows.. M P Reeve van Tol D R Ciuraru G Glannini A Dlop L R Pethers K T Sheyretova-Ganchev B Wells {reslgne(14 Aprll 2024) New Trustees have an Inductlon proce55 whlch takes them through the grant making process, powers and responsibllltles of the Trustee board and sub-Commlttee5 and Investment pollcy and procedures, A copy of the Memorandum and Artlcles of Assoclatlon and a copy of the Charitles Commlsslon Guidance for Trustees Is glven to all new Trustees. The Trustees glve their time voluntarily and receive no remuneratlon or other benefits. The Trustee5 are rtquired ro disclose all relevant Intergsts and wlthdraw from declslons Whe a conflict of interest arfses. Hlstoryi objectlves and actFvltles of the Charlty The Charlty was Incorporated as a company limlted by guarantee on l June 2011. The Trustees revlewed and amended th'e Charity'5 Articles of Association with legal advisors durlng the year. The prlmary objectives of the Charlty are the protectlon and regeneratlon of nature, the promotion of sustalnabillty and clrcularlty prlnclples, Includlng, but not limlted to, through the use of fibre-based packaglng, ¢he advancement of education in the above-mentloned flelds and the provlslon of facllltles for education, the rellef of flnanclal hardship of omployees or former employees of the DS Smlth Group, and the promotion of such other purposes belng excluslvely charitable accordlng to the law of England and Wales as the Trustees may from tlme to time determine. Publ1¢ baneflt The Trustees conflrm that they have referred to the guldantr contained in the Charity Commission's general guidance on public beneFIt when reviewlng the Charity's aims and objectives, planning future activities and setting the grant rnaking policy for the year, For informalion on ho¥v these meet the public benefit obligation, see below. Management and governance arrangements The power of appointing new Trustees to the Charity is vested in the Board of Dlrectors of DS Smith Plc. There must be a minimum of two Trustees but not rrFore than eight. Trustees normally resign when they cease to be employees of DS Smith Plc.
The DS Smith Charitable Foundation Trustees. annual report (incorporating the Directors, report) Management and governance arrangements (contlnued) The Trustees annually revlew the risks that the Charlty faces. Hlstorlcally these have malnly relatod to Investmont management, however the investments were Ilquldated in the 2021 (and now held Bs cash) therefore financlal rlsk is low. The other principal risk Is the management of the g rant-maklng process, Further details regardlng these r15ks are on page 4. Procedure and poll¢y for grant maklng Tho Charity has established its grant maklng pollcy to achleve its objectlves Stated above. The Small Donatlons Commlttee meets at least quarterly, to revlew appllcatlons fulfllllng the relevant crlterla aiid to agree fundlng. Appllcatlons for larger amounts over £IO,OQO or from cliarltles that could be pol'entlal partner charitles are referred to the Large Donatlons Committeo, whlch meets up to twlce a year, Whero the Trustees of the Charlty do agree to enter Into a partnershlp arrangement wlth another charlty to provlde conLinual fui?dlng, Ihe Trustees wlll actively manage the grants and have a serleq of rlgorous checks and controls to ensure that the funds are used for the intended charltable purpose and that the reclplent charlty complles wlth any othor relevant grant terms. One of the condltlons of the traii.wfer from Splcers 1982 Trust In 2011 was that appllcatlon% from Indlvlduals who would have beneflted from that Trust musL be glven grants If funds allow. Detalls of how to apply for donatlons, together wlth the relevant forms, are avallable on the DS Smlth webslte.. Objectlves for 2023124 The objecl'ives durlng the year were to fuiid charltles and projects whose maln purpose was the advancement of envlronlnental protection. Achlevements and performance of the Charlty In 2024 the Charlty focused on fundlng blodlverslty projects. Thls allgned wlth the Group's strateglc obJectSve of Insplrlng the next generation through circular Ilfestyles and protecting our envlronmenl. through biodiverslty, 81Vo of grants made In the year were environmental (2023: 700/0). Grants amountlng to £187,293 were made to thlrty one charltles whose primary aim is to advance envlronmental protectlon (2023: £152,123) and £43,938 to thirteen charities whose aim Is to advance education (2023: £9,717).
The DS Smith Charitable Foundation Trustees. annual report (incorporating the Directors. report) Rlsk management The principal risks facing the Charity during the year included the management of the grant- maklng process. As the investment portfolio is now all held as cash, the risk Is low and is no longer consldored a significant risk. Management of the grant-making process The grants are made to beneficiaries in order to meet the Charity's obJectlves, In making these grants, the Trustees refer to the Charity Commisslon's general guidan on public benefit to ensLJrc that the Charity's objectives meet rhe public beneflt obllgatlon, The Trustees hold regular committee meetings to conslder all donation requests recelved. These requests are put forward at either the Small Donations Commlttee or the Large Donatlons Commlttee. Although there Is no formal due dlllgence praces5 carrted out on the beneficiaries, the Trustees consider all requests, making reference to whether the beneflclary Is already known to them, and whether the donatlon request meets the obJectlve5 of the Charity. If the request Is not from a known benefvclary, a Trustee wlll undertake to research them to ensure that It is a valld organlsatlon that meets the objectlves of the Charlty. The largor beneficiaries submit a report to the Trustees detalllng achlevements generated by the grants that they have recelved. For the remainlng beneflclaries, no formal revlew Is done of tho benefit generated from the donatlons made by the Charity but Indlvldual Trustees have made Informal vlsltS to rtaIn beneficlarles. Flnanclal revlew, Investment pollcy and reserves Donatlons and legacles recelved forthe yearamounted to £35,696 (2023.. £1,000,250). Durlng the year the foundatlon recelved a grant of £35,068 from DS Smlth PIC (2023, £1,000,000). Investment income for the year amounted to £12,158 {2023'. £3,955). Charltable expendlture amounted to £209,241 (2023: £228,238). Costs of raislng funds were £nll (2023: £nll). All reserves of the Charlty are unrestricted. The Charity wlll continue maklng grants taklng Into account the latest cash balances, which wlll grddually be depleted, at whlch polnt the future of the Charlty will be declded. At 30 April 2024 unre5trlcted reserves were £1,383,955 (2023., £1,545,342). Future plans The Charity wlll contlnue to support blodiversity projects and other projects to promote environmental protectlon and sustalnability and humanltarian projects should the need arlse. Comblnatlon of the DS Smith Group with Internatlonal Paper In April 2024, the Boards ofInternational Paper Company and DS Smlth reached an agernent and rtcommended the combination of International Paper with DS Smlth. The all-share acquisltion of DS Smith by Intemational Paper received the approval of the DS Smith shareholders on 7 October 2024 and the Internatlonal Paper shareholders on 11 October 2024. The combination 15 5tlll subject to regulatory approvals.
The DS Smith Charitable Foundation Trustees, annual report (Incorporating the Directors. report) Golng concern The amount's of grants, and any commltments made in respect of these grants, will never exceed the amount of cash held. The Trustees have concluded that the Charity has sufflclent resources to contlnue to operate for the foreseeable future and therefore have adopted the golng concern assumption for the pfftparation of the flnanclal statements. The Trusl'ees have consldered a period of 12 months from the date the flnancial statcmcnts are authorlsed for Issue. Auditor Ernst & Young LLP {EY) were appolnted as external auditor to the Charltable Foundatlon In 2024 and wlll be proposed for reappolntment In accordance with Section 485 of the Compan5es Act 2006. Slgned on behalf of the Trustees Reeve Trusl'ee 21 November 2024
The DS Smith Charitable Foundation Trustees. responsibilities statement The Trustees (who are also the Directors of The DS Smith Charitable Foundation for the purpose of company law) are responsible fvr preparing the Trustee5' annuol report arjd the financial statements in accordance with applicable law and United Kingdom AccoLJnting standards (United Kingdom Generally Accepted Accounting Prdctice), including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic OF Ireland,. Company law requires the Trustees to prepare financial Statements for each ff nanclal year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources, includlng the income and expenditure, of the charttable company for that year. In preparing these financial statements, the Trustees are reqUId to: select sultable accountin9 policies and then apply them conslstently; observe the methods and principles in the Charities Statement of Recommended Practlce (SORP); make judgements and estimates that are reasonable and pwdent; state whether applicable UK Accounting Standards have been followed; and prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the Charity will continue in operation. Audltor So far as the Trustees are aware.. there is no relevant audit information of which the Charity's Auditor is unaware. the Trustees have taken all the necessary steps that they ought to have tsken as tru5tee5 in order to make themselves aware of all relevant audit inforniation and to establish that the Auditor is aware of that information. This confirmation 15 given and should be interpreted In accordance with provisions of s418 of the Companles Act 2006. The Trustees are responsible for keeping adequate accounting records that dlsclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities.
Independent audltor's report to the members of The DS Smith Charltable Foundation Report on the audit of the financial statements Oplnlon We have audited the financial statements of The DS Smith Charitable Foundation (the 'charitable foundation") for the year ended 30 Aprll 2024 which comprlse statement of flnancial actlvlties, balance sheet and statement of cash flows and the related notes I to 10, including a summary of significant accounting pollcies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financlal Reportlng stendard applicable In the UK and Republic of Ireland". In our oplnion the flnanclal statements.. glve a true and fair view of the state of the charitable company's affairs as at 30 Aprll 2024 and of its incoming resources and application of resources, including its income and expenditu re, for the year then erided; have been properly prepared in accordance with United Kingdom Generally Accepted Accauntlng Practice. and have beÈn prepared In accordance wlth the qUIrements of the Companles Act 2006, Basls for oplnlon We conducted our audit In accordance with Internatlonal Standards on Aud iting (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibllltles for the audit of the financlal statements section of our report below. We are independent of the charitable company In accordance wlth the ethical requlrements that are relevant to our audit of the financial statements in the UK, includlng the FRC'S Ethlcal Standard, and the provisions available for small entities, in clrcutnstanc set out In page 2 to the financial statements, and we have fulfilled our other ethlcal responsibilities in accordance with these reqLJlrementS. We believe that the audlt evldence we have obtalned Is sufflcSent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustee5' use of the going concern basls of accountlng In the preparation OF the financial statements is approprlate. Based on the work we have performed, we have not identlfied any material uncertaintles relating to events or condltlons that, individually or collectively, may cast slgnlficant doubt on the charitable company's ability to continue as a going conrn for a period of twelve months rrom when the financial statements are aLJthorlsed for Issue, Our responsibilities and the responslbilitles of the trustees with respect to golng concern are described in the relevant sections of this report. However, because not all fLJture events or conditions can be predicted, this statement Is not a guarantee as to the trustee's abillty to continue as a going concern.
other Informatlon The other information comprlses the information Included in the annual report, other than the financial statements and ou r auditor'5 report thereon. The trustees afft responsible for the other information contalned in the annual report. Our oplnlon on the flnancial statements does not cover the other information and, except to the extont otheDNise explicitly stated In this report, we do not presS any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconslstent with the financial statemenl's or our knowledge obtained In the audit or othenNise appears to be materially misstated. If we identify such material Inconsistencies or apparent material misstatements, we are required to determlne whether thls gives rlse to a material mlsstatement in the flnanclal statements thetnselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in thls regard. Oplnion on other matter prescrlbed by the Companles Act 2006 In our oplnion, based on the work undertaken in the course of the audit., the information g iven in the trustees, report, which Include5 the directors, report and the stral'eglc report prepared for the purpose of company law, for the financial year for whlch the financial state¥nents are prepared Is conslstent with the fiTranclal statements. and The strategic report and the directors, report included within the trustees. report have been prepared in accordance with applicable legal requirements Matters on which we are required to repoTt by exception In light of the knowledge and understandlng of the charitable company and its environment obtained In the course of the audlt, we have identified no material misstatements in the strategic report or the directors, report included within the trustees, report. We have nothing to report in respott of the following matters where the Companies Act 2006 requires u5 to report to you if, in our opinion., adequate accountlng records have not beon kept or retums adequate for our audit have not been recelved from branches not v15ited by us. or the financial statements are not In agreement wlth the accountlng records and returns. or certaln disclosures of trustees, remuneratlon specified by law are not made. or we have not recelved all the Information and explanatlons we requlre for our audlt; or the trustee5 were not entitled to prepare the financial statement5 in accordance with the small comp8nies' regime and take advaniage of the small companies, exemption In preparing the Trustees, Annual Report.
Re5ponslbilities of trustees As explained more fully In the trustees, responsibilities statement set out on page 6, the trustees (who are also the dlrectors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statemonts and for being satisfied that glve a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosingi as applicable, matters lated to going concern and using the going concern basis of accounting unless anagemenl elther intends to liquidate the charitable company or to cease operatlons, or has no realistic alternatlve but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from rnaterlal mItateMent, whether due to fraud or error, and to issue an auditor's report that Includes our opinion. Reasonable asstjrance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS (UK) will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregatp., they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. E¥planatlon as to what extent thg audit was considered capable of detecting irregularities. includlng fraud Irregularltles, Including fraud, a re instances of non-compliance with laws and regulations. We design procedures In Ilne with our responslbilities, outllned above, to detect irregularities, Including fraud, The risk of not detecting a material misstatement due to fraud Is hlgher than the risk of not detecting one resulting from error, as fraud rnay involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collLJslon. The extent to which our procedures are capable of detecting Irregularities, including fraud is detailed below, However, the primary responsibility for the prevention and detection of fraud rests wlth both those charged with governance of the entity and management. We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most sig nificant are charltlos Acl 2011 (as amended by the Charities Act 2022), The Charities (Accounts and Reports) Regulatlons 2008 and the Companles Act 2006. We understood how the charitable foundalion is complying with those frameworks by obtaining an understand ing of the charitable foundation's procedures to ensure compllance and understandlng of the controls in place for management to detect breaches in laws and regulatlons. We also consldered the oversight of those charged with governance li.e. considering the potentlal for overrlde of controls or other inappropriate InflLJence over the financlal reporting process, such as efforts by management to manage earnings), and the culture of honesty and ethical behaviour and whether a strong emphasis is placed on fraud preventlon, whlch may reduce opportunities for fraud to tako place, and fraud deterrence, which could persuade individuals not to commlt fraud because of the likelihood of detection and punishment. We assessed the susceptlbllity of the charitable company's financial stalements to material mlsstatement, including how fraud tllight occur by maklng enquiries of those charged wlth governance and management and considerlng the potential for rjverride of controls or other Inappropriate influence over the financial reportlng process. We
tested manual Journal entries and performed procedures on donation Incotne received and charitable expenditure spent during the year. Based on thi5 understanding we deslgned our audlt procedure5 to identify noncompliance with such laws and regulations. Our procedures involved confirming If mar)agement are aware of any breaches in laws and regulations or fraudulent activlty, inspectlng any correspondence between the charitable company and the Charity Commission, reading minutes of the Board, testing manual Journal entries and undertaking the FRS 102 disclosure checklist to ensure relevant requlrements are met. A further descrlptlon of our respon8lbllitles for the audlt of the financial statements is located on the Financial Reportlng Council's webslte at https.'//www.frc.org.uklauditorsrespor)sibllities. This description forms part of our auditor's report. Use of our report Thls report Is made solely to the charitable company's members, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght State to the charitablo company's members those matters we are required to sl'ate to them in an audiL'or's report and for no other purpose. To the fullest extent permittod by law, we do not accopt or assumo responsibillty to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Luke Little (Seniorstatutory 8udltor) for and on behaff of Ernst & Young LLP, Statthory Audftor London 21 November 2022 io
The DS Smlth Charitable Foundation statement of financial activities, Incorporating the income and expenditure account for the year ended 30 April 2024 Unrestrlcted funds Year ended Year ended 30 April 30 April 2024 2023 Note Xncome Donations 35,696 12,158 1,000,250 3,955 Investment income Total income 47,854 1,004,205 Expendlture Charitable expenditure Cost of raising funds (209,241) (228,238) Total expenditure (209,241) (228,238) Net (expenditure)/income for the year (161,387) 775,967 Net movement in funds during the year (161,387) 775,967 Funds at the start of the year 1,545,342 769,375 Funds at the end of the year 1,383,955 1,545,342 All recognised gains and losses are included In the statement of financial activities. The results for the year all relate to continuing operations. Notes on pages 14 to 20 form part of these financial statements. li
The DS Smith Charitable Foundation Balance sheet at 30 April 2024 2024 2023 Note Current assets Investments - cash 444,858 439,565 993 121 1 170 537 Cash at bank and in hand Total current assets 1 437 979 1 610 102 Total assets 1 437 979 1 610 102 Current liabilitles Credttors: amounts falling due within one year (54.024) (64,760) Net current assets 1 383 955 1 545 342 Totsl assets less current liabilities 1 383 955 1 545,342 Total net assets 1 383 955 1 545 342 Funds Unrestricted funds Total funds eneral 1,383 955 1 545 342 1 383,955 1 545 342 The financial statements of The DS Smith Charitable Foundation, registered number 07654039 were approved and authorised for iSSLJe by the Trustees on 21 November 2024. Signed on behalf of the Trustees- M Reeve Trustee Notes on pages 14 to 20 fomi part of these financial statements. 12
The DS Smith Charttable Foundation Statement of cash flows for the year ended 30 April 2024 Year ended 30 April 2024 Year ended 30 April 2023 Note Net cash {outflow)/inflow from operating activities (184,281) 755,234 Cash flows from investing activities.. Interest received Movement on current asset Investments 12.158 (5,293) 3,955 218,779 Net cash inf low from investing activities 6,865 222,734 Net change In cash and cash equivalents In the year Cash and cash equivalent at beginning of year (177,416) 977,968 1,170,537 192,569 Cash and cash equivalents at end of year 993,121 1,170,537 13
The DS Smith Charitable Foundation Notes to the financial statements for the year ended 30 April 2024 General information The DS Smith Charitable Foundation constitutes a public benefit entity as defined by FRS 102. It Is regIsted in the United Kingdom, in England and Wale5, the registered Offi address is shown on page I, and it Is limited by guarantee. Principal accounting policies A summary of the principal accounting policies, all of which have been applied consistently throughout the current and preceding year, Is set out below. Basis of Accounting The financial statements have been prepared under the historical cost convention, with the exceptlon that investments are valued at market value, The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statetnent of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) - (Charitios SORP (FR5 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The functional currenry of The DS Smith Charitable Foundatlon Is considered to be pounds sterling because that is the curren(ry of the primary environment in which the Charity operates. Going concern The amounts of grants, and any commitments made in respect of these grants, will never exceed the amount of cash held. The Trustees have concluded that the Charlty has sufficient resource5 to continue to operate for the foreseeable future and therefore have adopted the golng concern assumption for the pparation of the financial statements. The Trustees have considered a period of 12 Frsonths from the date the financial statements are authorised for i55ue. Investment income Investment income is reported on an accruals basis including dividends declared but not yet paid as at the year end date. Expenditure Expendlture is included on an accruals basis. Costs of raislng funds comprise those costs directly attributable to managing the investment portfolio and ralsing Investment income. Grants payable are charged in the year when they are conveyed or committed to the reclpient. Support costs, Including governance costs, are allocated to charitable activities and costs of raising funds on a basis consistent with the direct expenditure. The charity is not able to accurately attribute a value in respect of time spent by Group employees on volunteer work or charitable services. 14
The DS Smith Charitable Foundation Notes to the financial statements for the year ended 30 April 2024 (continued) Principal accounting pollcles (continued) Donatlon 5ncome Income Is recognised when probable, there is an entitlement to It and it can be measured accurately. Tax The DS Smlth Charltable Foundation, as a gIstered charlty, Is exempt from Corporation Tax under the CorporatSon Tax Act 2010 (chapters 2 and 3 of part 11, section 466 onwards) or section 256 of the Taxatlon for Chargeable Gair)s Act 1992, to the extent surpluses are applled to Its charltable purposes. Forelgn exchange galns and losses Forelgn exchange galns and losses are taken to the statement of flnanclal actlvlties. Funds General funds are unreslrlcted funds which are avallable for use at the dIsCtIon of the Trustees In furtherlng the general objectlves of the Charity and whlch have not been deslgnated for other purposes. The revaluatlon reserve reprents the dIfferen between the market value and historlc cost of investrnents. Flnanclal Instruments Flnanclal assets and financlal Ilabllltles are recognlsed when the Charlty becomes a party to the contractual provlslons of the instrument. The Charlty only has financlal assets and financlal Ilabllltles of a klnd that quallfy as baslc flnanclal Instruments. Baslc financial instruments are inltlally recognised at transaction value and subsequently measured at thelr settlement value. Debtors are recognised at the settlement amount due after any trade dlscount offered, Prepayments are valued at the amount prepaid net of any trade discounts due, Cash at bank and cash In hand includes cash and short term highly Ilquld investments wlth a short Tnaturlty of three months or less from the date of acqulsltion or openlng of the deposlt or slmllar account. Investments are measured at fair value through the Statement of Financlal Actlvitles. Credltors and provlsions are recognlsed where the Charlty has a present obllgation resultlng from a past event that wlll probably result in the trdnsfer of funds to a third party and the amount due to settle the obllgation can be moasured or estimated reliably. Credltors and provisions are normally recognised at their selllement amount after allowing for any trade dlscounts due. Prlnelpal a¢countlng judgements and key sources of estlmatlon uncertalnty In the appllcation of the charity'5 accounting policies, which are described in thls note, the trustees are required to make judgements, estimates and assumptions about the carrylng amounts of assets and Ilablllties that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estlmates and ur)derlylng assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or In the period of the revision and tUre periods if the revision affects both current and fLJture periods. The Trustees do not consider the are any critica1 accounting 15
The DS Smith Charitable Foundation Notes to the financial statements for the year ended 30 April 2024 (continued) Prlncipal accounting pollcles (contlnued) judgements or key sources of estimation nrtaIntY quIrIng dlsclosure beyond the accounting policies listed above. Donatlons DonatSons comprlsed a donatlon of £35,068 from DS Smith PIC (2023.. £1,000,000) and donations of £628 from individuals (2023.. £250). Investment Income Year Year ended ended 30 Aprll 30 April 2024 2023 Interest received 12,158 3,955 Grants payable Year ended 30 Aprll 2024 Year ended 30 Aprll 2023 Grants - Institutlons 231,231 217,171 Year ended 30 April 2024 Year ended 30 April 2023 Grants have been made durfng the financlal year to the followlng sectors: Education Environmental other 43,938 187,293 9,717 152,123 55,331 231,231 217,171 16
The DS Smlth Charitable Foundatlon Notes to the financial statements for the year ended 30 April 2024 (continued) Grallts payable (contsnued) Year ended Year ended 30 Aprll 30 April 2024 2023 Grants have been made to the following Instltutlons: Education: Fuzesabonyi Teleki Primary School Fondazione Ca Granda Outward Bound Trust Jigsaw Trust Branching Qut Elementary School Komenskeho SATEDA Drama Expressions for Children North Guilford Middle School Children wlth Cancer Beyond Autism other (£1,000 and under) 9,995 8,384 5,759 5,000 3,926 3,020 2,000 1,998 1,500 5,000 1,500 Environmental: Goodpla net Foundation Viltor Plus forestation DS Smith Kemsley (biodiversity) Interstate Resources, Inc (blodiverslty) Campaign for National Parks Plantlile Mllllons of Friends One for the Planet Raybel Charters Scotland.. The Big Picture Cornwall Wildlife Trust Hohen Meissner beekeepers Vanessa Weber Foundatlon Frtends of the Earth Blooming Blossoms Ecological Continuity Trust DS Smith Deutschland (biodiversity) DS Smith Kemsley Village sign DS Smith Coullons (biodlverslty) Earth Restoration Servlce Cocklemoor Community Trust London Wildlife Trust DS Smlth Kaysersberg (biodiversity) Fondazione Patrlmonlo Associatia Mioritics (biodlverslty) Fundatla Adept (biodlversity) DS Smith Lucca (biodiversity) 44,138 30,565 22,305 10,143 10,000 9,875 9,500 8,978 8,970 8,364 6,000 4,226 3,419 2,100 2,000 2,000 2,000 1,919 1,800 1,518 1,345 1,300 1,200 1,091 32,032 11,500 11,000 10,142 17
The DS Smith Charitable Foundation Notes to the financial statements for the year ended 30 April 2024 (continued) 5. Grants payable (contlnued) Year ended Year ended 30 Aprll 30 AprIl 2024 2023 Carpathla Conversatlon (biodlversity) DS Smlth Duenas (biodlverslty) 5peclal Forest Commisslon Naiuurpunt (biodlverslty) The Prlnce's Countryslde Fund DS Smlth Bellsce (bludlverslty) Museum of Brand Fareshare Yorkshire Pembroke%hlre Coast Trees for CiLies Sentlnelle Nature Alsace. Carymoor Envlronmental Trust SOFA Brlstol Avon Rlvers Trust DS Smlth Vlana {blodlve.rslty) Other (£1,000 and under) 9,791 9,702 8,621 8,581 5,624 4,577 3,610 3,146 3,000 2,923 2,245 2,QOO 2,000 1,9QO 1,231 187,293 152,123 Other: Turl(ey Earthquake Appeal DS Smlth Turkey Other (£1,000 and under) 50,000 4,311 55,331 231,231 217,171 Expendlture Year ended 3Q Aprll 2024 Grants Dlrect Support Charltable expendlture Reversal of expired donatlon accruals Cost of ralsing funds 231,231 (35, 534) 723 12,821 244,775 (35,534) 195,697 723 12,821 209,241 Year ended 30 April 2023 Grants Direct Support Charitable expenditure C05t of raising funds 217,171 617 10,450 228,238 217,171 617 10,450 228,238 18
The DS Smith Charitable Foundation Notes to the financial statements for the year ended 30 April 2024 (contlnued) Expenditure (contlnued) The Trustees recelved no remuneratlon and were not reimbursed for any of their expenses in the year (2023.. £nll), nor had any expenses pald on their behalf (2023.. £nil). There were no emp1oyeos in the year (2023: £nil). The support costs In the year represent the governance costs Incurred, being audlt and legal fees, together wlth the reversal of certaln credltors no longer payable in line wlth the Charity's payment policy. Year ended 30 Aprll 2024 Year ended 30 April 2023 Net expendlturo Is stated after,, Fe@8 payable to the Cha rlty's Audltor for the audlt of the Charlty's Flnanclal Sl'at'oments 10,000 io,ooo Credltors: amounts falllng due wlthln one year 2024 2023 Accruals for grants payable AccrL¢als for audlt fee 34,024 20,000 54,760 10,000 54,024 64,760 Analysis of unrestylcted funds Revaluatlon Reserve General Total At l May 2022 Net incoTne 769,375 775,967 769,375 775,967 At 30 April 2023 1,545,342 1,545,342 At l May 2023 Net expendlture 1,545,342 {161,387) 1,545,342 (161,387) At 30 April 2024 1,383,955 1,383,955 19
The DS Smith Charitable Foundation Notes to the financlal statements for the year ended 30 April 2024 (continued) Reconciliatlon of net movement In funds to net cash flow from operatlng activities 2024 2023 Net movement in funds durlng the year Add back., Investment Income Decrease In credltors (161,387} 775,967 (12,lJ8) (10,736) (3,955) (16,778) Net cash (outflow)/lnflow From operatlng actlvltlcs (184,281) 755,234 10. Related partles Trustees of the Foundatlon are Staff of the DS Smlth Group. The power of appolntlng new Trustees to the Cliarlty Is vested ill the Board of Dlrectors of D.fj Smlth Plc, Thore must be a mlnlmurn of two Trusteos but not more than eight. Trustees normally reslgn whe.n ihey cease to bo employLJes of the DS Smit'h Group. Donatlons of £.35,068 (2023., £1,000,000) wore re1Vod by tlio Foundatlon from DS Smlth Plc. Amounts owod to DS Smith plc at the year end amounted to £nll (2023., £nll), There were no other re5ated party transactlons. 20