Registered company number: 08336723 (England and Wales) Charity number: 1150753 ## The Martin Smith Foundation Trustees' Report and Financial Statements For the year ended 31 December 2023 ## The Martin Smith Foundation ## Contents ||Page| |---|---| |Reference and administrative details of the Charity, its Trustees and advisors|1| |Trustees' report|2 ­ 4| |Independent Examiner's Report|5 ­ 6| |Statement of financial activities|7| |Balance sheet|8| |Statement of cash flows|9| |Notes to the financial statements|10 ­ 16| The Martin Smith Foundation ## Reference and administration details of the charity, its trustees and advisors For the year ended 31 December 2023 |Trustees|Sir Martin Smith| |---|---| ||Lady Smith OBE| ||J J G Smith| ||Mrs K Wake| ||Miss E Buchanan LVO| ||B G Peerless| |The trustees listed above, who are also directors for the purposes of company law, were|| |serving during the year ended 31 December 2023 and since the year end.|| |Charity number|1150753| |Registered office|5 Park Town| ||Oxford| ||OX2 6SN| |Independent Examiner|Saffery LLP| ||Midland House| ||2 Poole Road| ||Bournemouth| ||BH2 5QY| |Solicitors|Charles Russell Speechlys LLP| ||5 Fleet Place| ||London| ||EC4M 7RD| 1 ## The Martin Smith Foundation ## Trustees' Report For the year ended 31 December 2023 The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2023 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and "Accounting and Reporting by Charities: Statement of Recommended Practice” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019. ## Governing document The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association and is registered as a charity with the Charity Commission in England and Wales under the charity number 1150753. It was incorporated on 19 December 2012 under the registration number 08336723 and has the consent of the Registrar of Companies to be exempt from the requirements to use the work "Limited" in its name. The subscribers to the Memorandum of Association and the trustees from time to time shall be the members. The company is limited by guarantee and has no share capital. Every member undertakes that, if the charity is wound up while he or she is a member or within one year after he or she ceases to be a member, to contribute an amount to the assets of the company as may be required for payment of the debts and liabilities of the charity contacts before he or she ceases to be a member, payment of the coasts, charges and expenses of winding up, and the adjustment of rights of the contributories among themselves provided that such amount shall not in aggregate exceed £1. ## Recruitment and appointment of new trustees Sir Martin Smith shall, for as long as he remains a trustee, have the power to appoint a person who is willing to act as a trustee or to fill a vacancy as an additional trustee, and thereafter such power will rest with the trustees. No person may be appointed as a trustee unless he or she has attained the age of 18 or is disqualified to be a trustee as set out in the Articles of Association. ## Induction and training of new trustees All new trustees are briefed on their obligations under charity and company law, the Charity Commission guidance, content of the Memorandum and Articles of Association, the trustees and decision­making process, the plans and recent financial performance of the charity. They are also introduced to the key personnel including the other trustees. ## Organisational structure The board of trustees administers the charity. The trustees agree the board strategy and areas of activity for the charity including consideration of grant making, investment, reserves and risk management policies and performance. The day to day management is carried out by Sir Martin Smith and Geraldine Conneely. Sir Martin Smith and Lady Smith OBE provide guidance and recommendations to the trustees about the nature of the projects and organisations that the charity wishes to support. The ultimate decision is taken by the trustees in accordance with the objects of the charity. ## Related parties All trustees give of their time freely and no trustee remuneration was paid in the period. Details of trustee expenses and related party transactions are disclosed in notes 7 and 16 of the accounts. Trustees are required to disclose all relevant interest and withdraw from decisions where a conflict of interest arises unless authorised by the unconflicted trustees. ## Risk management The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems and processes are in place to mitigate exposure to such risks. 2 The Martin Smith Foundation For the year ended 31 December 2023 ## Trustees' Report (continued) ## OBJECTIVES AND ACTIVITIES ## Objectives and aims The charity has general charitable objects and it may make charitable donations in any part of the world. Its main areas of charitable focus are in particular the performing arts; education; ecology and the environment; recreational sport and the relief of poverty. The trustees review proposals and applications for charitable donations and make grants in accordance with their agreed strategy. ## Public benefit The trustees confirm that they have complied with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities. The charity mainly operates by making donations to other registered charities, most of which operate in the public arena, and all of which, we are satisfied, deliver public benefit. The trustees from time to time also give consideration to providing donations to individuals in accordance with the objectives and aims of the charity. ## ACHIEVEMENT AND PERFORMANCE There were donations received in the year of £527,047 (2022: £nil). Other income comprised of investment income of £38,117 (2022: £40,120) and bank interest receivable of £14,851 (2022: £232). During the year, the trustees resolved to grant donations amounting to £390,550 (2022: £435,485). The only other costs were an investment management fee rebate of £3,627 (2022: expense of £5,086) and governance costs amounting to £4,402 (2022: £3,576). ## FINANCIAL REVIEW The total income during the year amounted to £580,015 (2022: £40,352) and the total expenditure amounted to £391,328 (2022: £444,147). Net loss on fixed asset investments during the year amounted to £44,595 (2022: £92,043). The net income for the year amounted to £144,092 compared to the net expenditure of £495,838 in the previous year. Investments amounting to £nil (2022: £nil) were bought during the year and investments amounting to £nil (2022: £231,517) were sold during the year. The market value of the investments held at 31 December 2023 amounted to £1,126,702 (2022: £1,171,297) which are managed by the investment manager Cazenove Capital which is part of the Schroders Group. Other assets at the balance sheet date comprised cash at bank of £327,575 (2022: £38,954). ## As at 31 December 2023, the unrestricted funds of the charity amounted to £1,048,177 (2022: £904,085). ## Reserves policy It is the policy of the charity that unrestricted funds should be maintained at a level equivalent to between three and six month's expenditure, not allowing for special projects. The trustees consider that reserves at this level will ensure that they will be able to continue. This level of resource has been maintained during the year. ## Funding sources In the future, the charity may receive donations from Sir Martin Smith and/or entities related to him. ## Investment policy The Chairman, in agreement with the Trustees and advised by Cazenove Capital, oversees the investment policy to ensure that there will be sufficient liquid assets to cover the Foundation's obligations and the remaining capital is invested for growth on a conservative basis. 3 The Martin Smlth Fo￿￿tion T¥￿e$. Report[continuedJ For theyearended 31 December 2023 FUTURE DEVELOPMEKrs The SUTplus held at31 De¢ember2023 will be managedby the iDve5ttneDt manager. Payment requests wlll iE sentto the investtLentmallagerfor expenditure madebytheclwityif fuwts are notavailabl srATEMENT OF TRUSTEES RESPOP4SIBILrrJ&s The Trvstee5 (who are a]so the directors of The Martrn Smith Foundation forthe pury)oses of companylaw) are responsible forpreparirlg the ttl￿ees' aonual rep(Frtand the financial ststementsin aecordantr with applicable law aDd Unlted Kingdo AccountingStandard5 (Ullited KiD8dom General]yAcceptedAccountiD8 Pra(titr). Companylaw requires the trustees to prepare tstelnents for eath financial year. which give a true aiid ￿"r vsew of the stste of affairs of the diaritsble company and of the incomiE)g restru￿ and application of resources. including the income and expendithre. of the charitsble cornpany for that I￿rio(L In preparing these rtnancial sratements, the trustees are requIred to.. selettsuitsble accounting w>liaesandthen apptythem CORL8ittEllty. observe the methods and prÉllciple5 of the Charities SORP {FRS 102); make judgments alldaccountiDgestimates thatare ￿Sonable andpr￿dent ststr whether applicable UK Accounting Standards (FRS 102) have been followed subjKt to any material departures disdosed and exptarlled in the finanLiai statements.. prepare the financial statements on the going fODcern basis unless it Is Ènappropriate to presume that the charitsble companywill cortb.nue in busin The trustees are respoJ7Stble for keeping adequate accounting records that dt5close with reasonable acotrary atany time the financial P05Ltion of the charitable company alld eTkable thern to erLsure that the finanoal 5tsternents cornply with the Companies Art 200& They are a]so responsTri &le for safeguarditig the assets of the tharitable cothpany aThd hence for taking reasonable steps for the prevention and (￿ectIOn of fraud 3nd other irregu]arities. INDEPENDEKf EXAMINER Saffery LLP was apposnted duEingtheyear3s KndependentexamiDerand beputforward forre-appointmentforthe ensuitigyear. SMAIL COMPANYPROVISIONS This reporth&8 been prepared takÉngadFantsgeof the small cotTrpaJ)les' exemption of seLton 415A of the CompaniesArt 2006. The annual reportwas approvedbythetrustsÉgof the dkarityon _ sisned its behalf by. Sir Martin Smith Th]stee The Martin Smith Foundation Independent Examiner's Report For the year ended 31 December 2023 I report to the charity trustees on my examination of the accounts of the charitbale company for the year ended 31 December 2023 ## Respective responsibilities of trustees and examiner As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts 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 Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## Basis of independent examiner's report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## Independent examiner's statement Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 5 The Martin Smith Foundation Independent Examiner's Report (continued) For the year ended 31 December 2023 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. …............................................................ Casidhe Baleri ACA CTA Saffery LLP Midland House 2 Poole Road Bournemouth BH2 5QY > Date: 17 October 2024 6 ## The Martin Smith Foundation ## Statement of Financial Activities (including Income and expenditure account and Statement of total recognised gains and losses) For the year ended 31 December 2023 **----- Start of picture text -----**
Unrestricted Total Total
funds funds funds
2023 2023 2022
Note £ £ £
Income and Endowments from:
Investments 2 52,968 52,968 40,352
Donations 527,047 527,047 ­
Total income 580,015 580,015 40,352
Expenditure on:
Raising funds 3 (3,624) (3,624) 5,086
Charitable activities 4 394,952 394,952 439,061
Total expenditure 391,328 391,328 444,147
Net income/(expenditure) before losses on investments 188,687 188,687 (403,795)
Net losses on investments 9 (44,595) (44,595) (92,043)
Net income/(expenditure) 144,092 144,092 (495,838)
Net movement in funds 144,092 144,092 (495,838)
Reconciliation of funds
Total funds brought forward 904,085 904,085 1,399,923
Net movement in funds 144,092 144,092 (495,838)
Total funds carried forward 1,048,177 1,048,177 904,085
**----- End of picture text -----**
All of the Charity's activities derive from continuing operations during the above two periods. The notes on pages 10 to 16 form part of these financial statements. 7 The Martin Smith Foundation Balance Sheet For the year ended 31 December 2023 2023 2022 Note Flxed assets Investments 1.126,702 1,171,297 Current assets Debtors Cash at bank and in hand 327,575 3Z7,575 38.954 38,954 Creditors: amounts falllDg due within one year io 179.100 306.166 Net current assets 148.475 (267,ZlZ) Creditors: Amounts fallingdue after more than one year li 227,000 Total net assets 1 048 177 904 085 Charity fund5 Unrestrirted funds 13 1.048.177 904,085 Total tuDd5 1048 177 904 085 For the financial year ending 31 December 2023 the charity was entided to exemption from audit under section 477 ofthe Companies Act 2006 relating to small companies. Director's responsibilities- - the members have not required the company to obtsin an audit of its accounts for the year in question in accordance with section 476,. and - the director acknowledge their responsibilites for complytng with the requirements of theAct with respect to accounting records and tbe preparation ofaccounts. These accounts have been prepared in accordance with the pro￿S1onS applicable to companies subjectto the small companie5 regime within Part 15 of the Companies Art 2006. The financial statements were approved by the board of trnstees. and authorised for issue on .. - and signed on their behalf by: Sir Martin Smith Trustee ## The Martin Smith Foundation Statement of Cash Flows For the year ended 31 December 2023 **----- Start of picture text -----**
2023 2022
£ £
Cash flows from operating activities
Net cash used in operating activities 235,653 (275,039)
Cash flows from investing activities
Proceeds from sale of investments ­ 231,384
Investment income received 52,968 40,352
Purchase of investments ­ ­
Net cash provided by investing activities 52,968 271,736
Change in cash and cash equivalents in the year 288,621 (3,303)
Cash and cash equivalents at the beginning of the year 38,954 42,257
Cash and cash equivalents at the end of the year 327,575 38,954
­ ­
a) Reconciliation of net movement in funds to net cash flow from operating activities
2023 2022
£ £
Net income/(expenditure) from the year 144,092 (495,838)
Adjustments for:
Fair value losses on investments 44,595 92,043
Dividends and interest from investments (52,968) (40,352)
Increase in creditors 99,934 169,108
Net cash provided by/(used in) operating activities 235,653 (275,039)
b) Analysis of cash and cash equivalents
2023 2022
£ £
Current account ­ 452
Cash held with investment broker 327,575 38,502
327,575 38,954
**----- End of picture text -----**
9 The Martin Smith Foundation ## Notes to the Financial Statements For the year ended 31 December 2023 ## 1. Accounting policies 1.1 General information The Martin Smith Foundation is a company limited by guarantee and registered in England and Wales. Its registered office and principal place of business is 5 Park Town, Oxford, OX2 6SN. The financial statements are presented in Sterling (£), which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. - 1.2 Basis of preparation of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and Generally Accepted Accounting Practice. The Martin Smith Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 1.3 Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. 1.4 Income recognition All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary income which includes donations and legacies are recognised when received. Tax recoverable from voluntary income received under Gift Aid is recognised when the related income is receivable and is allocated to the income category to which the income relates. Dividends receivable from investments and unit trusts is included when receivable by the Charity. Interest from funds held on deposit is included when receivable by the charity. No amounts are included in the financial statements for services donated by volunteers. ## 1.5 Expenditure recognition Expenditure is recorded when a liability is incurred. Funding provided through contractual agreements are recognised when the contractual obligation arises. Governance costs represent those costs of the strategic management of the charity and of complying with constitutional and statutory requirements. These costs include legal advice for trustees, independent examination fees, costs of preparation of the annual report and accounts, bank charges, bank interest and other costs associated with constitutional and statutory requirements. Any irrecoverable VAT is charged to the relevant category is outgoing resources in the Statement of Financial Activities Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Any grants not subject to conditions are accrued as expenditure. 10 The Martin Smith Foundation Notes to the Financial Statements (continued) For the year ended 31 December 2023 ## 1.6 Cost of raising funds The costs of generating funds consist of investment management costs. ## 1.7 Taxation The charity is exemption from corporation tax on its charitable activities. ## 1.8 Fixed asset investments Investments held as fixed assets are revalued at market value at the balance sheet date. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and opening market value or purchase cost, if later. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value or purchase cost if later. ## 1.9 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short­term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. ## 1.10 Fund accounting Unrestricted funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity. ## 1.11 Financial instruments The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each reporting peiod, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method. ## 2. Investment income |Unrestricted
funds
2023
£
Interest receivable on bank deposits
14,851
Other income from fixed asset investments
38,117
52,968|Total
funds
2023
£
14,851
38,117
52,968|Unrestricted
funds
2022
£
232
40,120
40,352|Total
funds
2022
£
232
40,120
40,352| |---|---|---|---| 11 ## The Martin Smith Foundation Notes to the Financial Statements (continued) For the year ended 31 December 2023 **----- Start of picture text -----**
3. Expenditure on raising funds Unrestricted Total Unrestricted Total
funds funds funds funds
2023 2023 2022 2022
£ £ £ £
Investment management fees (3,624) (3,624) 5,086 5,086
4. Analysis of expenditure on charitable activities
Unrestricted Total Unrestricted Total
funds funds funds funds
2023 2023 2022 2022
£ £ £ £
Grant funding of activities 390,550 390,550 435,485 435,485
Governance costs: 4,402 4,402 3,576 3,576
394,952 394,952 439,061 439,061
5. Analysis of Governance costs
2023 2022
£ £
Legal and professional fees 319 696
Independent Examiner fees 4,083 2,880
4,402 3,576
**----- End of picture text -----**
12 The Martin Smith Foundation ## Notes to the Financial Statements (continued) For the year ended 31 December 2023 **----- Start of picture text -----**
6. Analysis of expenditure on charitable activities
2023 2022
£ £
Grants to individuals 12,500 25,200
Grants to institutions 378,050 410,285
390,550 435,485
­
2023 2022
£ £
Aid Box Community 50,000 40,000
­ ­
Arcangelo
Barn Theatre Project ­ 3,520
Beckett Festival ­ 2,500
Cardiac Risk in the Young 1,000 ­
Childhood Trust 2,000 ­
ClientEarth (15,000) 30,000
The Dartington Hall Trust 500 ­
The Ditchley Foundation ­ 3,160
English National Opera 6,600 5,000
Garsington Artistic ­ 30,000
Garsington Opera Limited ­ 35,000
Gloucestershire Society ­ 5,000
Gloucestershire Wildlife Trust ­ 500
Glyndebourne Productions Limited ­ 15,000
Holy Trinity Church 250 1,000
IMS Prussia Cove 10,000 3,500
Jamie's Farm 12,500 25,000
National Theatre (589) 589
Orchestra of the Age of Enlightenment & Seasons Patron 10,000 50,000
Orchestra of St John's 25,000 ­
Oxford Lieder Ltd ­ 10,000
Oxford Literary Festival 5,000 ­
Oxford University Tennis Club 15,000 ­
RAM Enlightenment Scholarship ­ 12,000
Royal Academy of Music 240,000 80,000
Royal National Theatre 589 589
Royal Shakespeare Company ­ 1,917
Science Museum Patrons Group (7,900) 15,800
St Albans School 10,000 10,000
Tetbury Hospital ­ 6,710
Tetbury Music Festival 4,500 5,000
Tetbury Rail Lands Regeneration Trust 15,000 40,000
Wigmore Hall ­ 2,200
Wotton Concert Series 6,000 ­
Various one off grants each of £500 and under 100 1,500
390,550 435,485
**----- End of picture text -----**
13 The Martin Smith Foundation Notes to the Financial Statements (continued) For the year ended 31 December 2023 ## 7. Trustees' remuneration and expenses During the year ended 31 December 2023, no Trustees received any remuneration or other benefits (2022 ­ £nil). During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 ­ £nil). ## 8. Employees There were no employees during the current or prior year. ## 9. Fixed asset investments |Market value bought forward
Additions
Disposals
Revaluations
Market value carried forward
Investments at fair value comprised:
Equities
Bonds
Multi­assets funds
Alternatives
Cash funds|As at
31 Dec 2023
£
1,171,297
­
­
(44,595)
1,126,702
£
­
­
1,126,702
­
­
1,126,702|As at
31 Dec 2022
£
1,494,724
­
(231,517)
(91,910)
1,171,297
£
­
­
1,171,297
­
­
1,171,297| |---|---|---| ## 10. Creditors: Amounts falling due within one year |Accrued grants payable
Accruals
All accrued grants payable and accruals related to unrestricted funds.
Creditors: Amounts falling due after more than one year
Accrued grants payable|2023
£
173,500
5,600
179,100
2023
£
227,000
227,000|2022
£
301,766
4,400
306,166
2022
£
­
­| |---|---|---| 11. Creditors: Amounts falling due after more than one year All accrued grants payable related to unrestricted funds. 14 ## The Martin Smith Foundation Notes to the Financial Statements (continued) For the year ended 31 December 2023 **----- Start of picture text -----**
12. Donations payable
2023 2022
£ £
Aid Box Community 50,000 40,000
Arcangelo ­ 5,000
Barn Theatre Project ­ 2,500
ClientEarth ­ 15,000
The Ditchley Foundation ­ 3,160
Garsington Artistic ­ 15,000
Gloucestershire Wildlife Trust ­ 500
Glyndebourne Productions Limited ­ 15,000
Holy Trinity Church ­ 1,000
IMS Prussia Cove 8,000 3,000
Jamie's Farm 12,500 15,000
National Theatre ­ 589
Orchestra of St John's 30,000 5,000
Orchestra of the Age of Enlightenment & Seasons Patron 10,000 25,000
Oxford Lieder Ltd ­ 10,000
Oxford University Tennis Club 15,000 ­
RAM Enlightenment Scholarship ­ 12,000
Royal Academy of Music 240,000 80,000
Royal Shakespeare Company ­ 1,917
Science Museum Foundation & Patrons Group ­ 15,900
St Albans School Foundation 10,000 10,000
Tetbury Music Festival 4,000 4,000
Tetbury Rail Lands Regeneration Trust 15,000 20,000
Wigmore Hall ­ 2,200
Wotton Concert Series 6,000 ­
400,500 301,766
13. Statement of funds
Current year
Balance at Balance at
1 January Gains/ 31 December
2023 Income Expenditure (losses) 2023
£ £ £ £ £
Unrestricted funds 904,085 580,015 (391,328) (44,595) 1,048,177
Prior year
Balance at Balance at
1 January Gains/ 31 December
2022 Income Expenditure (losses) 2022
Unrestricted funds £ £ £ £ £
General Funds ­ all funds 1,399,923 40,352 (444,147) (92,043) 904,085
**----- End of picture text -----**
15 ## The Martin Smith Foundation Notes to the Financial Statements (continued) For the year ended 31 December 2023 ## 14. Analysis of net assets between funds |Unrestricted
funds
2023
£
Fixed assets investments
1,126,702
Current assets
327,575
Creditors due within one year
(179,100)
Creditors due in more than one year
(227,000)
1,048,177|Total
funds
2023
£
1,126,702
327,575
(179,100)
(227,000)
1,048,177|Unrestricted
funds
2022
£
1,171,297
38,954
(301,166)
­
909,085|Total
funds
2022
£
1,171,297
38,954
(301,166)
­
909,085| |---|---|---|---| ## 15. Other financial commitments The company has indicated that it will pay grants to various institutions, over the next four years, from the unrestricted funds already available. The timing of the grants and the amount of payment will be as and when approved by the company. |Grant commitments recognised at start of year
Grant commitments charged to the Statement of Financial Activities
Movements in the year
Grants recognised at end of year
Amounts falling due
within one year
after more than one year|2023
£
301,766
98,734
400,500
173,500
227,000
400,500|2022
£
132,377
169,389
301,766
301,766
­
301,766| |---|---|---| There were no grants approved but not yet communicated to the beneficiaries. ## 16. Related party transactions Legal and professional fees were paid to Charles Russell Speechlys LLP of £319 (2022: £696). B G Peerless, who is a trustee, is a partner at Charles Russell Speechlys LLP. During the year to 31 December 2023, the charity made donations totalling £10,000 (2022: £50,000) to the Orchestra of the Age of Enlightenment Trust. Sir Martin Smith, who is a trustee, is also a trustee of the Orchestra of the Age of Enlightenment Trust. Also during the year, the charity made donations totalling £nil (2022: £30,000) to ClientEarth. Sir Martin Smith, who is a trustee, is also a trustee of ClientEarth. ## 17. Legal status of the company The company is limited by guarantee and has no share capital. Every member undertakes that, if the charity is wound up while he or she is a member or within one year after he or she ceases to be a member, to contribute an amount to the assets of the company as may be required for payment of the debts and liabilities of the charity contracted before he or she ceases to be a member, payment of the costs, charges and expenses of winding up, and the adjustment of rights of the contributories among themselves provided that such amount shall not in aggregate exceed £1. 16