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 ag￿ernent
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 reqUI￿d 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 con￿rn 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 mI￿tateMent, 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 regIste￿d 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 p￿paration 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 dIsC￿tIon of the
Trustees In furtherlng the general objectlves of the Charity and whlch have not been deslgnated
for other purposes.
The revaluatlon reserve repr￿ents 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 ￿n￿rtaIntY ￿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
re￿1Vod 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