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 -----**<br>
Trustees Sir Martin Smith<br>Lady Smith OBE<br>J J G Smith<br>Mrs K Wake<br>Miss E Buchanan CVO<br>B G Peerless<br>The trustees listed above, who are also directors for the purposes of company law, were serving<br>during the year ended 31 December 2024 and since the year end.<br>Charity number 1150753<br>Registered office 5 Park Town<br>Oxford<br>OX2 6SN<br>Independent Auditor Saffery LLP<br>Midland House<br>2 Poole Road<br>Bournemouth<br>BH2 5QY<br>Solicitors Charles Russell Speechlys LLP<br>5 Fleet Place<br>London<br>EC4M 7RD<br>**----- End of picture text -----**<br>


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. 

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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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of charity's incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- The Trustees' report has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Trustees' report and from the requirement to prepare a strategic report. 

## **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. 

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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. 

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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 

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

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

## **The Martin Smith Foundation** 

## **Balance Sheet** 

## **For the year ended 31 December 2024** 

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

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


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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. 

- **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 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. 

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



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


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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<br>Additions<br>Disposals<br>Revaluations<br>Market value carried forward<br>Investments at fair value comprised:<br>Equities<br>Bonds<br>Multi-assets funds<br>Alternatives<br>Cash funds<br>**11.**<br>**Creditors: Amounts falling due within one year**<br>Accrued grants payable<br>**14**<br>Accruals<br>All accrued grants payable and accruals related to unrestricted funds.<br>**12.**<br>**Creditors: Amounts falling due after more than one year**<br>Accrued grants payable<br>**14**<br>All accrued grants payable related to unrestricted funds.|**As at**<br>**31 Dec 2024**<br>**£**<br>1,126,702<br>975,784<br>(576,748)<br>92,413<br>1,618,151<br>**£**<br>-<br>-<br>1,618,151<br>-<br>-<br>1,618,151<br>**2024**<br>**£**<br>132,000<br>8,799<br>140,799<br>**2024**<br>**£**<br>175,000<br>175,000|**As at**<br>**31 Dec 2023**<br>**£**<br>1,171,297<br>-<br>-<br>(44,595)<br>1,126,702<br>**£**<br>-<br>-<br>1,126,702<br>-<br>-<br>1,126,702<br>**2023**<br>**£**<br>173,500<br>5,600<br>179,100<br>**2023**<br>**£**<br>227,000<br>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.**<br>**Donations payable**<br>Aid Box Community<br>IMS Prussia Cove<br>Jamie's Farm<br>Orchestra of St John's<br>Orchestra of the Age of Enlightenment & Seasons Patron<br>Oxford University Tennis Club<br>Royal Academy of Music<br>St Albans School Foundation<br>Tetbury Music Festival<br>Tetbury Rail Lands Regeneration Trust<br>Wigmore Hall<br>Wotton Concert Series|**2024**<br>**£**<br>25,000<br>4,000<br>5,000<br>20,000<br>-<br>10,000<br>240,000<br>-<br>-<br>-<br>-<br>3,000<br>307,000|**2023**<br>**£**<br>50,000<br>8,000<br>12,500<br>30,000<br>10,000<br>15,000<br>240,000<br>10,000<br>4,000<br>15,000<br>-<br>6,000<br>400,500|
|---|---|---|



|**14.**<br>**Statement of funds**<br>_Current year_<br>**Balance at**<br>**1 January**<br>**2024**<br>**Income**<br>**£**<br>**£**<br>Unrestricted funds<br>1,048,177<br>1,329,843<br>_Prior year_<br>**Balance at**<br>**1 January**<br>**2023**<br>**Income**<br>**Unrestricted funds**<br>**£**<br>**£**<br>General Funds - all funds<br>904,085<br>580,015<br>**15.**<br>**Analysis of net assets between funds**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Fixed assets investments<br>1,618,151<br>Current assets<br>942,061<br>Creditors due within one year<br>(140,799)<br>Creditors due in more than one year<br>(175,000)<br>2,244,413|**Expenditure**<br>**£**<br>(226,020)<br>**Expenditure**<br>**£**<br>(391,328)<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>1,618,151<br>942,061<br>(140,799)<br>(175,000)<br>2,244,413|**Gains/**<br>**(losses)**<br>**£**<br>92,413<br>**Gains/**<br>**(losses)**<br>**£**<br>(44,595)<br>**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>1,126,702<br>327,575<br>(179,100)<br>(227,000)<br>1,048,177|**Balance at**<br>**31 December**<br>**2024**<br>**£**<br>2,244,413<br>**Balance at**<br>**31 December**<br>**2023**<br>**£**<br>1,048,177<br>**Total**<br>**funds**<br>**2023**<br>**£**<br>1,126,702<br>327,575<br>(179,100)<br>(227,000)<br>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<br>Grant commitments charged to the Statement of Financial Activities<br>Movements in the year<br>Grants recognised at end of year<br>Amounts falling due<br>within one year<br>after more than one year|**2024**<br>**£**<br>400,500<br>(93,500)<br>307,000<br>132,000<br>175,000<br>307,000|**2023**<br>**£**<br>301,766<br>98,734<br>400,500<br>173,500<br>227,000<br>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. 

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