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

REGISTERED COMPANY NUMBER: 08087609 (England and Wales) REGISTERED CHARITY NUMBER: 1163127

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WOODSMITH FOUNDATION LIMITED

Fortus Audit LLP Equinox House, Clifton Park Shipton Road York Yorkshire YO30 5PA

WOODSMITH FOUNDATION LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 December 2024

----- Start of picture text -----
Page
Chairman's Report 1
Report of the Trustees 2 to 5
Report of the Independent Auditor 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 21
Detailed Statement of Financial Activities 22 to 23
----- End of picture text -----

WOODSMITH FOUNDATION LIMITED

CHAIRMAN'S REPORT For The Year Ended 31 December 2024

I am pleased to present the Financial Statement and Accounts for the financial period January to December 2024 on behalf of the Trustees of the Woodsmith Foundation.

The Foundation aims to create a positive lasting legacy from the Woodsmith Mine being built in the North York Moors National Park with the processing facility at Redcar. We support projects that are important to the people who live in our area of benefit and which can make a positive contribution to our local communities. Our priority is to increase opportunities and tackle disadvantage and we support projects that:

In 2024 we supported organisations across the Borough of Redcar and Cleveland, the former Borough of Scarborough and the North York Moors National Park with 103 grants totalling £1,202,807, of which 85 were grants under £10,000 and 18 were large strategic grants.

Alongside our grant making activities the Foundation maintained our Community Connector role in Dormanstown, Redcar. There we are working directly with members of the community and local organisations to identify what is important for local people. Together we want to help build on local strengths, find solutions for issues and develop spaces that meet community need. We plan to extend this work in 2025 by appointing a Youth Community Connector for Whitby.

We are grateful to Anglo American for their continuing support and donations while the mine is being built and are committed to working in partnership with them for the benefit of local communities. The Foundation continued to jointly fund the Achieve Education Programme with Anglo American providing a Continuous Professional Development offer in secondary schools across our area of benefit and an intensive programme of support to improve outcomes for 150 disadvantaged young people. Achieve is designed to support this cohort to realise their potential through personal development, building skills and confidence, and preparing for successful careers.

I would also like to thank the trustees for their contribution to the good governance of the Foundation and the strategic guidance they offer for our grant making and development programmes. We are grateful to the Foundation's employees for their hard work in 2024. As a small team of four they manage to deliver a responsive and efficient grant making function, engage with a wide range of strategic partners, leverage additional funding into the area through joint funded initiatives, and work collaboratively on the ground in our priority communities.

Finally our gratitude must go to the local organisations and broader communities in our area of benefit whose passion and energy makes everything we do possible.

Ian Swales Chair

Page 1

WOODSMITH FOUNDATION LIMITED

REPORT OF THE TRUSTEES For The Year Ended 31 December 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Foundation's objects are for the public benefit particularly in the area of benefit to:

1) advance education including by supporting projects and training that benefit people from the area of benefit by enhancing their skills;

2) promote the general health of the community;

3) advance environmental protection and improvement including by enhancing the local landscape;

4) provide and improve facilities in the interests of social welfare and leisure time occupation with the objective of improving the conditions of life for the residents; and

5) relieve those in need because of financial hardship by virtue of being out of work, particularly the long term unemployed, by helping them to gain skills.

The area of benefit covers the Borough of Redcar and Cleveland, the former Borough of Scarborough and the North York Moors National Park.

The Trustees are obliged to:

At present, the Trustees are fulfilling these objects by making grants to local organisations and undertaking development activities, including capacity building work with organisations, working with partners and stakeholders on potential joint investments, planning and delivery of programmes of work in areas of interest.

The Foundation does not raise funds from the general public.

The Trustees confirm that they have had regard to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives, in planning future activities, and setting the grant making policy for the year.

Page 2

WOODSMITH FOUNDATION LIMITED

REPORT OF THE TRUSTEES For The Year Ended 31 December 2024

OBJECTIVES AND ACTIVITIES

Significant activities

In 2024 the Trustees agreed a spend plan for the year and grants awarded include:

The Trustees were supported in the grant assessment by employees of the Foundation and by independent, external consultants. All grant decisions were discussed and agreed by either the Chief Executive and Chair (within the agreed financial delegations), a small sub group of Trustees or by the full Board. All delegated grant decisions made between board meetings were recorded at the next full board meeting.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Trustees are pleased with progress in 2024 and are content the split between small and large grants allows different size and types of organisation to have an opportunity to apply for funding. Our Community Grants, Young and Talented Grants and Dormanstown Seed Fund Grants have enabled a wide range of people and communities to benefit from the Woodsmith Mine development, taking forward projects that are important for them and their locality. At the same time the larger grants have allowed the Foundation to fund significant pilot programmes to test and trial what works in addressing key issues across our area. We had a good level of grant applications and manage demand effectively by offering to have a conversation with potential applicants before they start their formal application. This ensures the majority of applications we receive are eligible and allow us to fund approximately 60% of all smaller grant requests received. We continue to use our best efforts to make it as easy as possible for people to contact us, staying in touch as ideas develop and connecting those people who have common aims or ambitions.

The Trustees are content that grants are being awarded to a diverse range of organisations, many new to the work of the Foundation, across our whole area of benefit and in line with our charitable objectives.

Page 3

WOODSMITH FOUNDATION LIMITED

REPORT OF THE TRUSTEES For The Year Ended 31 December 2024

FINANCIAL REVIEW

Financial review

The Foundation held reserves of £1,286,740 at 31 December 2024 (2023: £1,600,904). The majority of funds were unrestricted, except £90,000 held on behalf of Rank Foundation and Lloyds Bank Foundation towards the Redcar and Cleveland Infrastructure Support Service.

The Foundation's work is reliant on income from Anglo American and income and capital returns from its own investment portfolio. To date the Foundation has received £8 million from the Woodsmith Mine project. This payment/donation is 'ex gratia' as it sits outside the formal contractual agreement with Anglo American that will commence from the date the mine goes into production. On this basis there is no commitment currently for a percentage of the monies to be invested in medium term, low-risk funds.

FUTURE PLANS

In December 2024 Anglo American renewed their commitment to supporting the Woodsmith Foundation during the building of the Woodsmith Mine. A donation of £1m was paid to support the work of the Foundation across 2025 and 2026. In addition, we are grateful for the support of the Anglo American Foundation who have awarded funding of £1m across the same period. Anglo American kindly continue to provide pro bono support to the Foundation for finance, marketing and communications. The trustees have reviewed the cash position of the Foundation and made a commitment to spend £1m in the coming year. A spend plan has been agreed that will award funding for projects that meet our charitable objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Woodsmith Foundation Limited was incorporated as a company limited by guarantee on 29 May 2012. It is governed by its Memorandum and Articles of Association and was registered as a charity on 13 August 2015.

Under the Articles of Association, the membership of the charitable company comprises Anglo American and two Independent Members. The Independent Members are Jim Dillon and Ian Swales. The new corporate member for Anglo American, Rachel Dolby, was appointed in November 2024.

As set out in the Articles, the charity is managed by seven Trustees, who are also directors of the company. Four of these Trustees are appointed by the Independent Members and three by Anglo American. On appointment Trustees are provided with information on the Foundation and on their role as charity Trustees and company directors. There were no Trustee resignations or appointments in the period. We are grateful for all our Trustee time, enthusiasm and energy and would like to thank them for their contribution to the work of the Foundation.

The Trustees held four formal Board meetings in the period which were supplemented by email discussions throughout the year.

The reports received at meetings enable the Trustees to monitor major risks to which the Foundation is exposed so that necessary steps can be taken to manage those risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

08087609 (England and Wales)

Registered Charity number

1163127

Registered office

Woodsmith Mine/Anglo American Sneaton Whitby YO22 5BF

Page 4

WOODSMITH FOUNDATION LIMITED

REPORT OF THE TRUSTEES For The Year Ended 31 December 2024

Trustees

Mrs J Flynn N Irving Sir M J Narey J Samuel I C Swales Dr E Walmsley W B Woods

Chief Executive

L Swain

Auditor

Fortus Audit LLP Equinox House, Clifton Park Shipton Road York Yorkshire YO30 5PA

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Woodsmith Foundation Limited for the purposes of company law) are responsible for preparing the 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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

In so far as the trustees are aware:

AUDITOR

The auditor, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 16 September 2025 and signed on its behalf by:

I C Swales - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF WOODSMITH FOUNDATION LIMITED

Opinion

I have audited the financial statements of Woodsmith Foundation Limited (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In my opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, I 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 I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'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.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and my Report of the Independent Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Page 6

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF

WOODSMITH FOUNDATION LIMITED

Matters on which I am required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, I have not identified material misstatements in the Report of the Trustees.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 7

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF WOODSMITH FOUNDATION LIMITED

My responsibilities for the audit of the financial statements

My 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 a Report of the Independent Auditor that includes my 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 basis of these financial statements.

The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understating of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2016) and the relevant tax compliance regulations in the UK.

We understood how the charitable company is complying with those frameworks by making enquires through review of board minutes and discussions with those charged with governance.

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered thee was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understandings, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of my Report of the Independent Auditor.

Use of my report

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

Frances Howard FCA (Senior Statutory Auditor) for and on behalf of Fortus Audit LLP Equinox House, Clifton Park Shipton Road York Yorkshire YO30 5PA

16 September 2025

Page 8

WOODSMITH FOUNDATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Other income
Total
EXPENDITURE ON
Charitable activities
4
Core Activities
Grant making
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
1,014,000
10,017
5
1,024,022
179,045
1,249,141
1,428,186
(404,164)
1,600,904
1,196,740		 Restricted
funds
£
90,000
-
-
90,000
-
-
-
90,000
-
90,000		 2024
Total
funds
£
1,104,000
10,017
5
1,114,022
179,045
1,249,141
1,428,186
(314,164)
1,600,904
1,286,740		 2023
Total
funds
£
1,000,000
9,166
-
1,009,166
169,921
870,725
1,040,646
(31,480)
1,632,384
1,600,904

The notes form part of these financial statements

Page 9

WOODSMITH FOUNDATION LIMITED

BALANCE SHEET 31 December 2024

Notes
FIXED ASSETS
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one
year
14
NET ASSETS
FUNDS
15
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
111,842
13,872
2,780,841
2,794,713
(1,657,632)
1,137,081
1,248,923
(52,183)
1,196,740		 Restricted
funds
£
-
-
90,000
90,000
-
90,000
90,000
-
90,000		 2024
Total
funds
£
111,842
13,872
2,870,841
2,884,713
(1,657,632)
1,227,081
1,338,923
(52,183)
1,286,740
1,196,740
90,000
1,286,740		 2023
Total
funds
£
106,391
54,584
1,996,548
2,051,132
(419,411)
1,631,721
1,738,112
(137,208)
1,600,904
1,600,904
-
1,600,904

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 16 September 2025 and were signed on its behalf by:

I C Swales - Trustee

The notes form part of these financial statements

Page 10

WOODSMITH FOUNDATION LIMITED

CASH FLOW STATEMENT For The Year Ended 31 December 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
869,727
869,727
(5,451)
10,017
4,566
874,293
1,996,548
2,870,841		 2023
£
(252,671)
(252,671)
(4,466)
9,166
4,700
(247,971)
2,244,519
1,996,548

The notes form part of these financial statements

Page 11

WOODSMITH FOUNDATION LIMITED

NOTES TO THE CASH FLOW STATEMENT For The Year Ended 31 December 2024

1.
RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024
£
Net expenditure for the reporting period (as per the Statement of
Financial Activities)
(314,164)
Adjustments for:
Interest received
(10,017)
Decrease/(increase) in debtors
40,712
Increase/(decrease) in creditors
1,153,196
Net cash provided by/(used in) operations
869,727
2.
ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.24
Cash flow
£
£
Net cash
Cash at bank and in hand
1,996,548
874,293
1,996,548
874,293
Total
1,996,548
874,293		 2023
£
(31,480)
(9,166)
(54,260)
(157,765)
(252,671)
At 31.12.24
£
2,870,841
2,870,841
2,870,841

The notes form part of these financial statements

Page 12

WOODSMITH FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The charitable company is a company limited by guarantee registered in England and Wales. It's registered office can be found on page 4.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency or the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise noted.

Critical accounting judgements and key sources of estimation uncertainty

The Trustees consider that no judgements, apart from those involving estimates, have been made in the process of applying the above accounting policies which have had a significant effect on amounts recognised in the financial statements.

The Trustees consider that no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date have been made which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Investment income receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.

Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administrative and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

continued...

Page 13

WOODSMITH FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

Expenditure

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Foundation. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Foundation.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

Irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted mid-market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. When the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognise when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reasonably estimated.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Fund comparatives

The charity has had only one, unrestricted, fund during the current and previous year therefore comparative information is available from the primary financial statements.

Donated services and facilities

No amount is included in the financial statements for volunteer time, including time spent by Trustees in assessing and monitoring grants, in line with the SORP (FRS 102). Marketing and finance support, for which no charge is made, is provided by Anglo American. Further detail is given in the Trustees' Annual Report.

continued...

Page 14

WOODSMITH FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

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. In their view the budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2. DONATIONS AND LEGACIES

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Donations|1,014,000|1,000,000| |Grants|90,000|-| |1,104,000|1,000,000|

----- End of picture text -----

Grants received, included in the above, are as follows:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Other grants|90,000|-|

----- End of picture text -----

Other grants includes £30,000 from RANK Foundation and £60,000 from Lloyds Bank Foundation which is restricted income towards the Redcar and Cleveland Infrastructure Support Service.

3. INVESTMENT INCOME

----- Start of picture text -----
|||||| |---|---|---|---|---| |2024|2023| |£|£| |Interest from CAF Bank accounts|4,566|4,699| |Interest from CCLA deposit fund|5,451|4,467| |10,017|9,166| |CHARITABLE ACTIVITIES COSTS| |Grant| |funding of| |activities|Support| |Direct|(see note|costs (see| |Costs|5)|note 6)|Totals| |£|£|£|£| |Core Activities|160,863|-|18,182|179,045| |Grant making|850|1,202,807|45,484|1,249,141| |161,713|1,202,807|63,666|1,428,186|

----- End of picture text -----

4. CHARITABLE ACTIVITIES COSTS

Core activities costs encompass the costs of running the grant and community organisation development programmes.

continued...

Page 15

WOODSMITH FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024

5. GRANTS PAYABLE

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Grant making|1,202,807|854,199|

----- End of picture text -----

Grants paid during the year were all made to institutions except for 36 grants made under the Young & Talented programme. Grants awarded are summarised below.

----- Start of picture text -----
||||| |---|---|---|---| |Number of|Aggregate|Aggregate| |recipients|amount|instalments| |Amount of grant|awarded|paid in year| |£|£| |Expressions of Interest| |Over £10,000|8|468,562|181,548| |Achieve Education Programme| |Over £10,000|2|80,690|64,265| |Community Grants| |Under £10,000|65|182,115|147,455| |Dormanstown Seed Fund| |Under £10,000|1|3,102|3,102| |Funder Plus| |Under £10,000|2|5,920|5,920| |Challenge Fund - Employment & Skills| |Over £10,000|1|95,886|35,778| |Young & Talented| |Under £10,000|16|22,710|22,710| |School Hardship| |Under £10,000|1|1,000|1,000| |Children & Young People EW| |Over £10,000|7|300,000|180,000| |103|1,159,985|641,778| |2023 grants|1|69,095|-| |-| |Grants lapsed|(3)|(16,134)| |-| |Previous year's grants not taken up|(10,139)| |Total|101|1,202,807|641,778| |Recipients of grants for £10,000 and above awarded in the period.| |Expressions of Interest| |Thrive at Five|150,000| |Whitby DAG|50,000| |North Yorkshire Sport|30,000| |The Link Tees Valley Ltd|55,384| |Whitby School|26,436| |North Yorkshire Youth|66,742| |Orchestras Live|60,000| |South Bank CLT|30,000| |Achieve Education Programme| |Settringham Primary School|16,426| |NYBEP|64,264| |Challenge Funds - Employment & Skills| |The Junction Foundation|95,886| |Children & Young People EW| |Art Therapy|20,000| |Community Counselling NY|20,000| |MIND (with Time 4 U)|60,000|

----- End of picture text -----

continued...

Page 16

WOODSMITH FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024

5. GRANTS PAYABLE - continued

EVA's Womens Aid
60,000
The Junction Foundation
60,000
Kidz Konnekt
60,000
EVA's Womens Aid
20,000
6.
SUPPORT COSTS
Governance
Management
costs
£
£
Core Activities
7,834
10,348
Grant making
45,484
-
53,318
10,348
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2024
£
Auditors' remuneration
6,919
Totals
£
18,182
45,484
63,666
2023
£
3,780

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

Expenses of £nil were reimbursed to nil Trustees during the year (2023: £202 to 2 Trustees).

9. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Full time
Part time		 2024
£
116,472
12,062
10,813
139,347
2024
2
2
4		 2023
£
106,357
5,284
7,810
119,451
2023
2
2
4

No employees received emoluments in excess of £60,000.

The full time equivalent number of staff at 31 December 2024 was 2.75 (2023: 2.75).

The total remuneration of key management personnel amounted to £68,885 (2023: £66,781).

continued...

Page 17

WOODSMITH FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024

----- Start of picture text -----
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 1,000,000 - 1,000,000
Investment income 9,166 - 9,166
Total 1,009,166 - 1,009,166
EXPENDITURE ON
Charitable activities
Core Activities 169,921 - 169,921
Grant making 870,725 - 870,725
Total 1,040,646 - 1,040,646
-
NET INCOME/(EXPENDITURE) (31,480) (31,480)
RECONCILIATION OF FUNDS
Total funds brought forward 1,632,384 - 1,632,384
TOTAL FUNDS CARRIED FORWARD 1,600,904 - 1,600,904
11. FIXED ASSET INVESTMENTS
Cash and
settlements
pending
£
MARKET VALUE
At 1 January 2024 106,391
Additions 5,451
At 31 December 2024 111,842
NET BOOK VALUE
At 31 December 2024 111,842
At 31 December 2023 106,391
There were no investment assets outside the UK.
----- End of picture text -----

continued...

Page 18

WOODSMITH FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024

----- Start of picture text -----
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 12,431 53,177
Prepayments and accrued income 1,441 1,407
13,872 54,584
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other creditors 799 799
Grant creditors 651,433 414,833
Accrued expenses 5,400 3,779
Deferred income 1,000,000 -
1,657,632 419,411
Deferred income relates to income received for use in future periods.
14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Grant Creditors 52,183 137,208
15. MOVEMENT IN FUNDS
Net
movement At
At 1.1.24 in funds 31.12.24
£ £ £
Unrestricted funds
General fund 1,600,904 (404,164) 1,196,740
Restricted funds
Rank Foundation - 30,000 30,000
Lloyds Foundation - 60,000 60,000
- 90,000 90,000
TOTAL FUNDS 1,600,904 (314,164) 1,286,740
----- End of picture text -----

continued...

Page 19

WOODSMITH FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,024,022
(1,428,186)
Restricted funds
Rank Foundation
30,000
-
Lloyds Foundation
60,000
-
90,000
-
TOTAL FUNDS
1,114,022
(1,428,186)
Comparatives for movement in funds
Net
movement
At 1.1.23
in funds
£
£
Unrestricted funds
General fund
1,632,384
(31,480)
TOTAL FUNDS
1,632,384
(31,480)
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,009,166
(1,040,646)
TOTAL FUNDS
1,009,166
(1,040,646)		 Movement
in funds
£
(404,164)
30,000
60,000
90,000
(314,164)
At
31.12.23
£
1,600,904
1,600,904
Movement
in funds
£
(31,480)
(31,480)

Rank Foundation

Funding was received from Rank Foundation to support costs towards the establishment and running of a new high-quality advice and support service for VCSE organisations in Redcar and Cleveland.

Lloyds Foundation

Funding was received from Lloyds Bank Foundation for England and Wales (LBFEW) to strengthen small community led organisations and find new ways of designing and resourcing services so that people facing complex issues get the support they need, when they need it and in ways that work best for them.

continued...

Page 20

WOODSMITH FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024

16. OTHER FINANCIAL COMMITMENTS

In 2022 the Trustees approved a financial commitment of £700,000 for a joint three year education programme with Anglo American, working across 18 secondary schools in our area of benefit. Awards totalling £543,478 have been made under the programme as at 31 December 2024 and further amounts for 2025 have been built into the Foundation's future funding plan.

17. RELATED PARTY DISCLOSURES

A donation of £2,104,000 was made by Anglo American to the Foundation during the year (2023: £1,000,000) of which £1,000,000 is deferred (2023: £nil)..

Page 21

WOODSMITH FOUNDATION LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Investment income
Interest from CAF Bank accounts
Interest from CCLA deposit fund
Other income
Misc income
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Advertising
Sundries
Office expenses
Community Organisation Develop
Donations made
Grants to institutions
Grants to individuals
Support costs
Management
Grant publicity, assessment &
Training and conferences
Travel and meetings
Bank charges
Payroll administration
Website & IT
Governance costs
Trustees away day costs
Auditors' remuneration
Carried forward		 2024
£
1,014,000
90,000
1,104,000
4,566
5,451
10,017
5
1,114,022
116,472
12,062
10,813
5,666
36
7,812
8,002
850
1,180,097
22,710
1,364,520
45,484
885
995
148
584
5,222
53,318
2,386
6,919
9,305		 2023
£
1,000,000
-
1,000,000
4,699
4,467
9,166
-
1,009,166
106,357
5,284
7,810
-
-
40,692
-
-
854,199
-
1,014,342
16,526
375
3,728
148
708
-
21,485
202
3,780
3,982

This page does not form part of the statutory financial statements

Page 22

WOODSMITH FOUNDATION LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2024

Governance costs
Brought forward
Insurance
Total resources expended
Net expenditure		 2024
£
9,305
1,043
10,348
1,428,186
(314,164)		 2023
£
3,982
837
4,819
1,040,646
(31,480)

This page does not form part of the statutory financial statements

Page 23