OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

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 2024

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Contents

Page
Administration details of the charity, its trustees and advisors 1
Trustees' report 2 - 4
Independent Auditor's Report 5 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 17

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Reference and administration details of the charity, its trustees and advisors For the year ended 31 December 2024

----- Start of picture text -----
Trustees Sir Martin Smith
Lady Smith OBE
J J G Smith
Mrs K Wake
Miss E Buchanan CVO
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 2024 and since the year end.
Charity number 1150753
Registered office 5 Park Town
Oxford
OX2 6SN
Independent Auditor Saffery LLP
Midland House
2 Poole Road
Bournemouth
BH2 5QY
Solicitors Charles Russell Speechlys LLP
5 Fleet Place
London
EC4M 7RD
----- End of picture text -----

Page 1

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Trustees' Report For the year ended 31 December 2024

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 2024 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 decision-making 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 8 and 18 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.

Page 2

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Trustees' Report (continued) For the year ended 31 December 2024

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 £1,265,993 (2023: £527,047). Other income comprised of investment income of £45,663 (2023: £38,117) and bank interest receivable of £18,187 (2023: £14,851).

During the year, the trustees resolved to grant donations amounting to £211,366 (2023: £390,550). The only other costs were an investment management fee of £4,863 (2023: rebate of £3,627) and governance costs amounting to £11,791 (2023: £4,402).

FINANCIAL REVIEW

The total income during the year amounted to £1,329,843 (2023: £580,015) and the total expenditure amounted to £228,020 (2023: £391,328). Net gain on fixed asset investments during the year amounted to £92,413 (2023: loss of £44,595). The net income for the year amounted to £1,194,236 compared to £144,092 in the previous year.

Investments amounting to £975,784 (2023: £nil) were bought during the year and investments amounting to £576,748 (2023: £nil) were sold during the year. The market value of the investments held at 31 December 2024 amounted to £1,618,151 (2023: £1,126,702) 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 £942,061 (2023: £327,575).

As at 31 December 2024, the unrestricted funds of the charity amounted to £2,242,413 (2023: £1,048,177).

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 level of reserves held by the charity has exceeded the target range during the year. The trustees acknowledge this position and intend to award further grants in the forthcoming period to reduce reserves to a level more closely aligned with the charity’s reserves policy.

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.

FUTURE DEVELOPMENTS

The charity expects its funds to continue growing through financial management and ongoing donor support. funding will be provided in accordance with the charity’s stated objectives, ensuring that resources are directed towards achieving its charitable purposes. The trustees remain confident in the sustainability of the charity’s funding model and its ability over the long term.

Page 3

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Trustees' Report (continued) For the year ended 31 December 2024

STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees (who are also the directors of The Martin Smith Foundation for the purposes of company law) are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

Saffery LLP was appointed during the year as independent auditor and will be put forward for re-appointment for the ensuing year.

SMALL COMPANY PROVISIONS

This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.

30 October 2025

The annual report was approved by the trustees of the charity on …...................... and signed on its behalf by:

…............................................................

Sir Martin Smith

Trustee

Page 4

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Independent Auditors' Report For the year ended 31 December 2024

Opinion

We have audited the financial statements of The Martin Smith Foundation (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cashflows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 5

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Independent Auditors' Report (continued) For the year ended 31 December 2024

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 6

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Independent Auditors' Report (continued) For the year ended 31 December 2024

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 material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with Trustees and by updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

Page 7

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Independent Auditors' Report (continued) For the year ended 31 December 2024

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Other matters which we are required to address

The financial statements for the prior year were unaudited. We have obtained sufficient and appropriate audit evidence that the opening balances do not contain a misstatement that materially impacts the current period financial statements.

30 October 2025 …............................................................ Date: ….................... Casidhe Baleri Midland House Senior Statutory Auditor 2 Poole Road For and on behalf of Saffery LLP Bournemouth BH2 5QY

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 8

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

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 2024

Note
Income and Endowments from:
Investments
3
Donations
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net income/(expenditure) before losses on investments
Net profit/(losses on investments)
10
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
63,850
1,265,993
1,329,843
4,863
221,157
226,020
1,103,823
92,413
1,196,236
1,196,236
1,048,177
1,196,236
2,244,413		 Total
funds
2024
£
63,850
1,265,993
1,329,843
4,863
221,157
226,020
1,103,823
92,413
1,196,236
1,196,236
1,048,177
1,196,236
2,244,413		 Total
funds
2023
£
52,968
527,047
580,015
(3,624)
394,952
391,328
188,687
(44,595)
144,092
144,092
904,085
144,092
1,048,177

All of the Charity's activities derive from continuing operations during the above two periods.

The notes on pages 12 to 17 form part of these financial statements.

Page 9

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Balance Sheet

For the year ended 31 December 2024

Note
Fixed assets
Investments
10
Current assets
Cash at bank and in hand
Creditors: amounts falling due
within one year
11
Net current assets
Creditors: Amounts falling due
after more than one year
12
Total net assets
Charity funds
Unrestricted funds
15
Total funds		 942,061
942,061
(140,799)		 2024
£
1,618,151
801,262
(175,000)
2,244,413
2,244,413
2,244,413		 2023
£
1,126,702
327,575
327,575
(179,100)
148,475
(227,000)
1,048,177
1,048,177
1,048,177
30 October 2025

The financial statements were approved by the board of trustees, and authorised for issue on …........................ and signed on their behalf by:

…............................................................

Sir Martin Smith

Trustee

The notes on pages 12 to 17 form part of these financial statements.

Page 10

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Statement of Cash Flows For the year ended 31 December 2024

----- Start of picture text -----
2024 2023
£ £
Cash flows from operating activities
Net cash used in operating activities
949,672 235,653
Cash flows from investing activities
Proceeds from sale of investments 576,748 -
Investment income received 63,850 52,968
Purchase of investments (975,784) -
Net cash provided by investing activities (335,186) 52,968
Change in cash and cash equivalents in the year 614,486 288,621
Cash and cash equivalents at the beginning of the year 327,575 38,954
Cash and cash equivalents at the end of the year 942,061 327,575
a) Reconciliation of net movement in funds to net cash flow from operating activities
2024 2023
£ £
Net income/(expenditure) from the year 1,196,236 144,092
Adjustments for:
Fair value losses on investments (92,413) 44,595
Dividends and interest from investments (63,850) (52,968)
(Decrease)/increase in creditors (90,301) 99,934
Net cash provided by/(used in) operating activities 949,672 235,653
b) Analysis of cash and cash equivalents
2024 2023
For the year ended 31 December 2024 £ £
Current account - -
Cash held with investment broker 942,061 327,575
942,061 327,575
----- End of picture text -----

Page 11

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Notes to the Financial Statements For the year ended 31 December 2024

1. Accounting policies

1.1 General information and basis of preperation

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 Accounting convention

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 FRS102 "THe Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS102"), the Charities Act 2011 and the requirements of the Companies Act 2006 as applicqable to companies subject to the small companies regime. The disclosure requirement of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

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 recognised 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.

1.6 Cost of raising funds

The costs of generating funds consist of investment management costs.

Page 12

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Notes to the Financial Statements (continued) For the year ended 31 December 2024

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 short-term 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. Critical accounting estimates and judgements

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods’

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities 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.

3. Investment income

Unrestricted
funds
2024
£
Interest receivable on bank deposits
18,187
Other income from fixed asset investments
45,663
63,850
4.
Expenditure on raising funds
Unrestricted
funds
2024
£
Investment management fees
4,863
5.
Analysis of expenditure on charitable activities
Unrestricted
funds
2024
£
Grant funding of activities
7
211,366
Governance costs:
9,791
221,157		 Total
funds
2024
£
18,187
45,663
63,850
Total
funds
2024
£
4,863
Total
funds
2024
£
211,366
9,791
221,157		 Unrestricted
funds
2023
£
14,851
38,117
52,968
Unrestricted
funds
2023
£
(3,624)
Unrestricted
funds
2023
£
390,550
4,402
394,952		 Total
funds
2023
£
14,851
38,117
52,968
Total
funds
2023
£
(3,624)
Total
funds
2023
£
390,550
4,402
394,952

Page 13

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Notes to the Financial Statements (continued) For the year ended 31 December 2024

----- Start of picture text -----
6. Analysis of Governance costs
2024 2023
£ £
Legal and professional fees 1,791 319
Auditors' fees 8,000 -
Independent Examiner fees - 4,083
9,791 4,402
7. Analysis of expenditure on charitable activities
2024 2023
£ £
Grants to individuals 7,500 12,500
Grants to institutions 203,866 378,050
211,366 390,550
2024 2023
£ £
Aid Box Community 15,000 50,000
Arts for Impact (via The Big Give) 10,250 -
Ashmolean Museum (Uni of Ox Dev Trusts) 5,000 -
Barn Theatre Project 2,500 -
Cardiac Risk in the Young - 1,000
Childhood Trust - 2,000
ClientEarth - (15,000)
The David Vaisey Trust 1,000 -
The Dartington Hall Trust - 500
The Ditchley Foundation 3,160 -
English National Opera 5,000 6,600
Garsington Artistic 15,000 -
Gloucestershire Wildlife Trust 500 -
Glyndebourne Productions Limited 15,000 -
Holy Trinity Church 1,500 250
IMS Prussia Cove - 10,000
Jamie's Farm - 12,500
Matthew Barley ARTS Foundation 1,000 -
National Theatre 589 (589)
Orchestra of the Age of Enlightenment & Seasons Patron 14,350 10,000
Orchestra of St John's - 25,000
OUDF/Oxford Ancient Languages Society 1,000 -
Oxford Bach Soloists 1,000 -
Oxford Lieder Ltd 5,000 -
Oxford Literary Festival 10,000 5,000
Oxford University Tennis Club - 15,000
Royal Academy of Music 80,000 240,000
Royal College of Music / Peter Knapp project 7,500 -
Royal National Theatre - 589
Royal Shakespeare Company 1,917 -
Science Museum Patrons Group 7,900 (7,900)
St Albans School - 10,000
St Giles' Church Oxford 5,000 -
Tetbury Music Festival - 4,500
Tetbury Rail Lands Regeneration Trust - 15,000
Wigmore Hall 2,200 -
Wotton Concert Series - 6,000
Various one off grants each of £500 and under - 100
211,366 390,550
----- End of picture text -----

Page 14

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Notes to the Financial Statements (continued) For the year ended 31 December 2024

8. Trustees' remuneration and expenses

During the year ended 31 December 2024, no Trustees received any remuneration or other benefits (2023 - £nil).

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £nil).

9. Employees

There were no employees during the current or prior year.

10. Fixed asset investments

Market value bought forward
Additions
Disposals
Revaluations
Market value carried forward
Investments at fair value comprised:
Equities
Bonds
Multi-assets funds
Alternatives
Cash funds
11.
Creditors: Amounts falling due within one year
Accrued grants payable
14
Accruals
All accrued grants payable and accruals related to unrestricted funds.
12.
Creditors: Amounts falling due after more than one year
Accrued grants payable
14
All accrued grants payable related to unrestricted funds.		 As at
31 Dec 2024
£
1,126,702
975,784
(576,748)
92,413
1,618,151
£
-
-
1,618,151
-
-
1,618,151
2024
£
132,000
8,799
140,799
2024
£
175,000
175,000		 As at
31 Dec 2023
£
1,171,297
-
-
(44,595)
1,126,702
£
-
-
1,126,702
-
-
1,126,702
2023
£
173,500
5,600
179,100
2023
£
227,000
227,000

Page 15

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Notes to the Financial Statements (continued) For the year ended 31 December 2024

13.
Donations payable
Aid Box Community
IMS Prussia Cove
Jamie's Farm
Orchestra of St John's
Orchestra of the Age of Enlightenment & Seasons Patron
Oxford University Tennis Club
Royal Academy of Music
St Albans School Foundation
Tetbury Music Festival
Tetbury Rail Lands Regeneration Trust
Wigmore Hall
Wotton Concert Series		 2024
£
25,000
4,000
5,000
20,000
-
10,000
240,000
-
-
-
-
3,000
307,000		 2023
£
50,000
8,000
12,500
30,000
10,000
15,000
240,000
10,000
4,000
15,000
-
6,000
400,500
14.
Statement of funds
Current year
Balance at
1 January
2024
Income
£
£
Unrestricted funds
1,048,177
1,329,843
Prior year
Balance at
1 January
2023
Income
Unrestricted funds
£
£
General Funds - all funds
904,085
580,015
15.
Analysis of net assets between funds
Unrestricted
funds
2024
£
Fixed assets investments
1,618,151
Current assets
942,061
Creditors due within one year
(140,799)
Creditors due in more than one year
(175,000)
2,244,413		 Expenditure
£
(226,020)
Expenditure
£
(391,328)
Total
funds
2024
£
1,618,151
942,061
(140,799)
(175,000)
2,244,413		 Gains/
(losses)
£
92,413
Gains/
(losses)
£
(44,595)
Unrestricted
funds
2023
£
1,126,702
327,575
(179,100)
(227,000)
1,048,177		 Balance at
31 December
2024
£
2,244,413
Balance at
31 December
2023
£
1,048,177
Total
funds
2023
£
1,126,702
327,575
(179,100)
(227,000)
1,048,177

16. 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		 2024
£
400,500
(93,500)
307,000
132,000
175,000
307,000		 2023
£
301,766
98,734
400,500
173,500
227,000
400,500

There were no grants approved but not yet communicated to the beneficiaries.

Page 16

Docusign Envelope ID: E80BDDC2-414F-4D8C-BCED-9F4430039901

The Martin Smith Foundation

Notes to the Financial Statements (continued) For the year ended 31 December 2024

17. Related party transactions

Legal and professional fees were paid to Charles Russell Speechlys LLP of £Nil (2023: £319). B G Peerless, who is a trustee, is a partner at Charles Russell Speechlys LLP.

During the year to 31 December 2024, the charity made donations totalling £14,350 (2023: £25,000) 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.

18. 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.

Page 17