2022-03-31-accounts

REGISTERED CHARITY NUMBER: 2625B1 Inanclal Statom 1Ma 3ml h B•n•vol•nt Fund Monahans statulory AL¥Jhors 3842 Newport Slreet Swindon 7M8hire SN1 3DR

In E dèd 31 March 202 for the Y P•g• Report ofth• TnMts•• 1 to 7 R•port of th• Ind•pondont Audltor• 8 to 9 8tat•m•ntol Fln•nclal Actlvlll 10 Bafane• Sh••t 11 Nots• to th• FInanc￿l 8tst•ment• 12 to 18

W H Smlth B•n•vol•nt Fund ort of th8 Tr for tho Year Ended 31 March 2022 The trustees presènt thèir report wth the financial stat•m•nts of tho charity for the year ended 31 March 2022. The trustee8 have adoptèd th& provision3 01 Accounts'ng and Reporting by Ch8rllle8.' Ststernenl of Recommended Pradce applicable to charib8s preparing their accounts in accordance wlth the Flnanclal Reportbng Standard applicable in the UK and Republic of Irdand IFRS 1021 leffectNe 1 January 20191. OWECTIVES AND ACTVrfITIES Obl•ctlv•s and alm• The W H Smth Benevolènt Fund w83 e8labli8hed by Lord Hambledan in 1925 wilh a gift of £21,000 to ¢omm¥moral• the c¢mlng of age of h1$ $on. fol lh& beneffil of.. per80n or person$ are who In flnancbal difficulty or hafd8hip and in need., ond - who are employed or were employed in the business (being WH Smith),. ¥n(Vor - Ihelr ¥pou8•, widtsw, wdower, children, de￿ndants or d•pendunts. I'Oep8ndenV on th• olh•f porson for the nece88ft188 of Ilfe). Th• Banavdent Fund awards caBh gr8nt3 to help 011ovlal& ¢ases of hard8hlp. awards grants for moÈ41My 8cooler8, 81airlift8 and oth&r mobility aidB and provides care bf8ak$ and rg¢up•raliv• holiday6. Durfng th8 IB8t decade th& B¢n•volont Fund has made grants and awardB lo ¥ervlng and ￿t￿r0d staff membors and th•lr tsmllie8 lolalling in oxcess ol one mlllion pound8. The Benevolent Fund ctropernle8 wblh other chant1•8, in partuilar SSAFA and N•w8lrAld. In ￿InIty m•eting benefici8rf9$' nogd8. Public 8enafil'. Tha Tru$leo8 have pald due regard lo the Charity Comm16$1on's gukiance on public benelll In decldlng what advltle8 the ¢harty should undert8ke. The trustees consider that thay hAv• Acted in the public benetm, The W H Smith Ben8volenl Fund'$ ben&fldarie8 ar8 reslrfcted lo a '88cllon of th8 publk. a8 d•t8118d 8bove. Th18 re6tNcllon18 reasonable, open In n8ture and the potential numb8r of bon￿￿8(•&$1$ wlde, Under Clau8• 12 01 tho Prfndpal Deed120021, the Tru81ee8 have the power lo 8m8nd OT vary the terms of th8 Prfndpal Deed, by deed, provided Ihoy do not preiudieè the charitable nature of Fund. Page 1

Sml hBen Re ortof Ye rEn 1Ma ACHIEVEMENT AND PERFORMANCE GRANTS COMMIThEE AND COMMITfEE OF MANAGEME The Grant$ Cornm￿ee mèt wrtually each quarter throughout the year end the Cornmitteo of Managom8nt held Ihdr annual rneettng in July 2021 virtually. The annual T8POrt W88 approv•d for submission to tho Tw$tee$. The budgel w88 formally approved. The types of granis were reviewed and values Increa8ed 88 appropriate. INVESTMENT COMMITfEE Th• Investment Committee reviewed the investment8 and strategy in February 2022 vla corT8spondenco. TRUSTEES MEETING The Annual mee￿n9 of Trustees w88 held virtually on the 9th Sept8mber 2021. Th¥ Annual Report and Accounts were approved. The Secr8lary reported on y8atr$ aC￿'vities, grants p8id and lypical caBe8. FUND AWARENESS Ongoing pu￿IcIty ofth• ¢harty throughout th8 year helped awareng8s amongBI polenllal appll¢gnt8. FUND VALUATION Al year end13181 March. 2022) the Fund's ng19888ts weré £8.206 mlllksn. an SncreaBe of 2.9% frcfft the prewou8 Y￿1. INVESTMENT INCOME Inve$lmont income durfng the yoar wa8 £153,137 a decr8a80 of 1.1% over thè yfjar. Inve$trnonl yield wa8 3.050h. INCOMEIEXPENDITURE The Fund's incomè fell Short ofeX￿nd1tUr0 thi8 year by £76,623. FUND EXPENDITURE Total Expgndltur 229,780 BENEFICIARIES Grants & ChriBtma Recuper811￿ HdSday8 Cartsbfeak8 Income Grants SIG8 162,283 1,939 15.944 Total 202 351 88% ts18xpenditur• EXPENSES eank Fee8 Se¢r6tsry'$ 8alary + Nl Admin & Sukyjrt Cts8lB 8nd SalafS&s A￿lIt f9• 240 18,579 4,940 Totsl 12% of8xp•nd'rture Total ewn¥•8 have increased by 5.4% from laBI year12021.' £28.003}. The lotal am￿nI award•d lo benefici8ri•8 ha8 decreased by 48% year on year. Page 2

W H Smlth Benevolent Fund Re ort of the Trustees for the Year Endod 31 Mar¢h 2022 ACHIEVEMENTS AND PERFORMANCE - eantlnuèd ANALYSIS OF GRANTS AWARDED TO BENEFICNRIES Major GfantB{Range £2CQ- £10,￿0) 25 Emorg8ncyllmmedlats Grants {Range £50- £4,CQ)I 131 Recuperative Holidays (Award up to £2,250 Carebreak8 (Award up to £2.500} 7 r8dpien18 claimed for award Christmas Ch8qU68 (Value £3801 15 Relirod Income Gr8nls Ipaid qu*rfyl {Grant S.l.G. £4901 12 Rellrod Total numbtsr of serving and rellred employ8•8 grantsd ben8fft8 and awardB year endlng 31 March 2022 wa8 156 IEMIMG only} . example8 of typ1￿1 grants ar&.. Flnanclol hglp ¢ow8rd6.' Rent. council tax, ulllSty b1118, mortga98 arr&Ars. fiJn•(81 •xp•n88B. home h￿tIng and r¥p8lr8, fire damage, imm8dlat• nece85rtieB, Vet fees, Di88bility aid8. M8dicg1 tr&atm&nt. Col￿SellIng and the prov18ion of hom8 fvm56hlng8. Hom rental depo8tt8 and ¢redll ¢&rd debt. All b8n&fiGl8rS8$ or Ih8lr famlly h8vt or were experlenring on& or more of Ihg followng ¢lr¢um8lan¢e8', In re¢elpl of.. St418 bènaflts, Income support, lax crgdS1s or on low Income. Suffered.. 8 Ir8um81ic event, lermln81 Illne68, long term $lckne88, death In the family, redundancy, 8ccid•nt at work, thr•81 ol eviction, divorcgd, 8eP8r8led or 8 8ingle parenl or ￿1￿1. FINANCIAL REVIEW Inve•tm•nt pollcy and obl•¢Ov•• Th8 inv081ment pollcy 58 to inve3t the Benevolent Funds gs$et$ In UK gquille8 and Flxed Interest In order to provlde an appropnale balancè be￿een risk and rglum 8nd pur8u• an Index inv•8lm•nt Blratsgy 88 ￿1 out below. A8881 Cl8$8 % Benchmark Rang Perfomance R•l•r•n¢e UK èqu1ti88 60.0% +1- 1.5% FTSE All.Sh4re Index Fixéd Interé81 400% +1- 1.5% UK Gills All Stock8 Totgl Fund 1OJ.OV• Tho fund ¥￿11 bo review•d on an ongoing ba818 ènd rebalanc8d as roqulr8d In th8 8vant that tho assat allocatlon to any on• class mov•8 OUt$lde the rangtr8 sel out above. Flnanclal Po8ltlon and R￿•T¥￿ poll¢y The Fund8 resèrves available as at th8 31 sl March l018lleil £6.221 milllon of whlch £8.208 milllon IB Invèsted In UK •qU￿8S and Fixed Int&re8t bond8 8nd the bal8nc& 18 on doposit with Uoyds bank. The Fund Tetalns th888 Inve8tm8n18 to provide Suff￿lènI retumB Income In uder to meet the grant eyndfture and running cosls ol Ihe Chaiity, although In tho la8t 2 ￿815 this has not been rnet duo to high demand for grants and lower dividendlinterest ￿UPOn$ than 8xpect6d. Thè B•nwol•nt fund relies on these inveslm8nts 88 th8 Fund owns no pcoperty or land and r•ceiv•$ littl¥ or no public donations. The Fund undert8k88 no fundarni8ing aclivltie¥. The totsl fund8 indudiw inve8lments, donations and cash on a¢count y•ar onding 91 MaT¢h 2022 w88 £6.221 million an Incr¢ase y¢ar on y&8T of £124,864. The income from tho investments, donations and Inte￿St thi8 yoar wgs £1S3,137 which was all èxpènded directty lo beneficAaries. No mon•y was Ih&relom available for rainvostmant. Pag$ 3

W H Smlth B¢n•volent Fund R• ort of the Tru r Ende 22 FUTURE PLANS As a result of the Covi¢19 pandemic there had been a marked increase in activity and substanlially more 8UPPOrt was awarded last year due to irKrnased demand. Thts Tru8tee$ have agreed to me81 tre ex¢èption81 demand for gT8n18 for this and the current year V￿￿re ￿$1 of 1SviThJ pres8um8 have now beccffne more significant than Covid relbted applications. The Fund wlll ¢ontlnue to work do88ly with the Risk Bnd Oceupational Heallh D¢p8rtment, partScularfy about F8mlly. P8lliativ• and Recuperative holk18yS. AS r&quirad, a promolits)al B•nevolent Fund staff awareness p03ter will be 88nl lo UK branohes. Swlndon warehou60, Head Offtce d&path)8nts, 8nd brancho8 oversèas. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov•rnlng docum•nt The charty is controlled by 118 governlng docurnenl, a deed of tW8t and ¢onBlllute8 an unlncorporatsd chadty. R•crulbn•nt and •ppolntm•rtt of n•w t￿￿1•8 Th8 power of apw)InlSng new Iru8tee818 ve8tod In tha Tru8tee8. New TN$I&88 to Slgn Trustee Declarat1￿., Th& TrusleeB may appolnt an addilKinal Tru8le• or Tru$lee8 al Ihelr d18crellon. A Tw$lge will be aulomalicolly r&rnoved and dlsch8rg8d frorn office on the Igrmlnatlon of hi5th8r contrael wllh the Comp8ny, unles8 the olhgr Tru8tee8 unanlmously Invlle hlmlher lo remaln In officg 0$ 8 TnJ6ta8 for a period ol ￿e1vI months from the dal& ¢1 the Invllatson. Al the explry of the ￿￿1v￿mOnth p8rf¢>J lor any 8ub8equenl hvefvtrmonlh pgriodl. the Tru81ee w511 be dl8charged from office, unl835 the Trustees who remaln In the 8•NIcAry of the Company declde ungnlmoujly to Invlle Ihe Tru61e• lo rnmoln In offic8 for a lurther twelve months. Subjèct lo lh& TrusteeB ratlfylng th• 4pp)Inlmenl every Nvefvo months Ihare will be no Ilmlt lo tho perlod lo ¥thlth iu¢h 8 Tru61•e may hold office. D•cl•lon m•klng Committee of Manag&ment'. Thls Commlttee mg918 annualty to approv8 lh• annual budgot and lo 8pprov8 th& annual Trustee8 report. Th• Commillee al80 revthB and amends 88 required the grènt award valu•s and amfjnd8 88 requlred th• apprcprfg19 crrterla. Tho Commlttee shall ¢on8iBt of any oflm Tw81￿$ and so￿￿9 mernbers ofthe grants commStt88. Grants committee.. Th58 Comfflltt•e meots quortarfy lo di8CU$8 8pplSc8llons and approve grants and aw8rd8. Th• Committee 8ham con8181 of any of the Trust••8 and ony sorving or rellred emplo￿•1 ofthe Bu8inès8. Each year, those members of the Committfjo who have completed five or more year8, 8•rvice on the Commlttoe will either be 88k•d by the Trustee8 to 8&Ng on the Commltteè for an 8(1ditional yaar, or reslgn as a rnefflbef ol the Committee. Serving and retlred Staff gra Invlled lo becomo Committge membern and are appointed by th• Tru8t•as and may #arve for a rnaximum of 9￿ht y8aT8 on the CGMmlit••. Inve8lmenl ¢ommittee'. The inveBlmenl commrtlee ￿￿et6 or eng8ge8 vla corr8spond8nce at1086t annually In ordgr lo review th8 perfom8nc& of th8 investment F)Ortfollo. Page 4

WHSMI Re ort of the Trusteès lor th• Yoar Endgd 31 Mor¢h 2022 STRUCTURE, GOVERIIANCE AND MANAGEMENT Risk manag•m&nt The trusteés havè 8 duty lo idenlfy and r8VlaW tha risks tr) which the charity is exposed and to ensure appropriate control8 are in place to prowde re880nable assurance against fraud and error. The malor ri8ks lo which the charity 18 èxposod, 88 Identified by Ihts Tru3tse8, are reviewed regularfy and 8yStem6 and procedures have been establish•d to m8n8ge those risk8. Therè are three main area6 of risk Idenllfied.. Financi81'. The financlal rlsk 18 broadly defined as d&pendency upon the perfornance of the Investment Manager and the inv•8tm•nt policy. The TrusleeB Investment Committe8 moets g11&8s1 annually lo rtvlaw both the perfombance ol the Inveslm8nl Manager and the portfolio and ensur68 complian¢o with th Tru81e8 Act 21XJO on the investment of charitable funds. The Investment Committee also recglves on rfjquesl monthly Ttports from BlackRock Advi80rs IUKI Ltd. The GrntB commtttee {a mlnlmum of three membef81 meet8 qLiart&rfy and aLblhoriBes Award8 to benefKiaiieo. Cheque8 In excess of £2,500 to be 6lgned by 81gnatofle8. Re9ulalory'. The Fund Secr8tary is r￿ponsIble for gn8urlng that Charity Comml861on retumB are accuralo and mad8 on lime, portlcularly the Annual Report and AccountB. GDPR.. Th8 Secretary ob8ervo$ leg1818llon and malnlalns th6 Fund8 P￿¥SaY Pollcy. Th• TnJ81&￿ roqulro th• Fund S8cr•tsry to confirm suth a¢tJon. Strategic Duty of Cara.. The rnajor ri8k IB the logal 1Sabllily on the Fund Sn supply¢ng powered vehlcles to beneflcl8de8. The Funds S•cr8tory ensures that, befo￿ any &quipmenl 18 8upplied, beneficiaries are a888888d by a qualifiad individual. 8uch 88 An occupalionol Ih6rapl$l and correct pr08crfOon a6¢èrtalnèdrte8led. The OCCLtpational therapl818180 a8$e88es Ihe di8abled porson within th• •nvlronmenl ¥th•r• th• •quipm8nl 58 to be u$ed and pmdu¢g8 a full roport and Pfè8¢Tlption for actlon. The Fund's seCr￿9ry al$0 en8ure8 that appropriat& Ilabilily in8urgnco 1$ taken out ond r&oordgd. Re¢ord$ are kepl maintained, In order lo ensure compliance. Vlcariou8 Llabillty-' Th• Fund employ$ onty on8 omp￿yO0 (Fund S￿r•i￿ryI and Ihgre 1$ Ilttkn or no fac8-tftr faco contact w6th boneficiarfe8. Thu$ the rlsk18 e>Arem¢ty low. In8urance not required. REFERENCE AND ADMINISTRATIVE DETAILS R•gl•tsr•d Charlty nurn￿r 262581 Prlnclpal ddrt# clo WHSmith Rolail Holdlng8 Llmiled Greenbrtdgg Road SvAndon SN3 3RX Pggg 5

volen Rè rt of th• Twstees r Ended 31 Tru•tse8 H E Staunton R J Moorhead S B riley W Stroud COMMITTEE OF MANAGEMENT GRANTS COMMITTEE Jullette Cavilla ArKlré Flemming8 Stephen Tiley Mark Woodhead Wendy Slroud INVESTMENT COMMITTEE Rob8rt Jarn88 Moorhe8d IChoir} Stephen Tiley In 8ttontJanc8 08 roqulrod.. C16v• Ch•pmgn SECRETARYTOTHE FUND mee Bull&r Grtsenbridge Rogd Swindtsn SN3 3LD ACCOUNTANT Cllve Ch8pman Ampney Hou8a The Avenu• Stsnlon FltzwaTren Swlndon SN6 7SE Audltor• Monah8n$ Statutory Audknr8 3842 Newport Slr•el Swindon Wirtshife SN13DR InV￿tment m•n4ggr 818ckRock Advi3ors IUKI 12 Throgmorton Av8nuo London EC2N 2DL 87ATEMENT OF TRUSTEES. RESPONS181LITIES Tha iru8teeB are re8pon8lble for preparing the Report of tho Trustees and lh& financ181 Btaternenls in 8ccord8n¢o Wlh 8pplicabl8 law and Untted Kingdom A¢¢ounting Standards Iuniled Trfj'ngdom Gener3lly A￿pted Accounting Practice). The law *p￿1¢able lo charftlos In England and W81&8, the Chanlle$ Act 2011. Charily (Accounts and R•portsl R•gulationg 2fA)8 and the provision8 of the trust deed requ1￿$ the Iru8te8s lo prepare financial 8tatom&nls for 8gch financial year whlch glvg 8 Iwe and fair view of the stsle of affalrs of th¢ charlty and ol the incorning resourc￿ gnd application of resources, in¢lLyJing the income and expenditure. of th• charty for that perfod. In preparing th088 flnanclal stalementB, the Iru8ts&8 gr8 required to select 8uit8ble accounting policies and th&n 8pply them con8istsntly,' observe Ihe methods and principles in th¥ Charfly SORP., make judgement$ and eslimates that are reasonablè and prudent; prepare the fin8nclal slalemenls on the going concwn basis unless Il Is inappropriate to presume that the ¢harily ￿11 ¢onlinue in bu8in¢$s. The trustees aTO r9sponsi￿8 for keepirvj proper ￿(QU￿tIng r8wrds which disclose with reasonable accuracy 8t ony tim• the financi81 position of Ihe charity and lo enable them to ensure that the financial statements eomply vA¢h the Ch8ritS88 Act 2011, the Charity (Accoun15 and Reports) R8gulgllon$ 2CL18 and the provisions of the trust deed. They are also responsible for $afeguardng the assets of the charity ahd h•nee for taking reasonable step8 for the prevenfjon and dete¢tion of fraud and other irregulari1188. Page 6

h Benevolent Fun f the Truste h Yèar End d for Approved by order of tho board of tru8lee8 On ....... . aThJ Signed on its bah8lfby.' H É Slaun Trustee Page 7

Re W H Smlth vol nt Fund Oplnlon We have auditad the financial statements of VV H Smith Benevolent Fund 1th8 'charitK) for the year ended 31 March 2022 which compri8e th8 Statement of Fin8ndal kbvbties. the Balance Sheet and notes to Ihe financial statements, Includlng a summary of signifficant accounting policies. The financial reporting framework that has been applied irt thèir preparat'on is applcable law and Uniled Kingdom Awounting Standard$ (Unll8d ￿ngdoM Generally Accepled Aecounung Practice). In our opbnlon th& finanoal slatemenls.. give a true and lair view of thè state of the th8rity'8 aff#lr8 a$ at 31 M8rch 2022 and of Its I￿oMIng reBources and application of resource8, for the year then ended., have been prop8rly prepared in accordance with Unitad Kingdom Generally Accèpted Accountiro Practice.. and have bèèn prepared in accord8nce with the requirement8 of Ihg Charities Act 2011. Ba•1• for oplnlon We conducted our oudit in accordance with International Sl8ndards on Audiiing IUKI (ISA8 IUKII and applKable law. Our responsibilities under ihose st8ndArds are lurther described In the Auditor8. responsSbilftie8 for Ihg 9udf( of th6 financial ststernents secllon ol our report, W& gre indep8ndenl tsf the charrty in accordance wlh the èthical r8quirements that are felgvant lo our Bud￿ of th• financial slat&m8nts in Ihe UK, including the FRC'S Ethical Standard, we hBv& lulfilled our olher ethical rèsponsibilities in accoTdanc8 with these requirements. We believe that the audft evldtrn￿ we have ¢)btslned18 8uffid&nt And appropriats to provlde a basls for our opinlon, Conclu•lon8 relatjng to g¢lng eonc•rn In auditing the financial sialemonts, w& have concluded Ihal the tru81ee8' uBe of the golng concem ba818 01 a¢￿UntIng In th& preparation of the financial statements 18 approprfale. B¥8ed on the work we ha￿ performed, we have not idgntlfled any malerlal uncert8lntle8 ro18tlng to evenl$ or condltions th81, individually or colSectivety, may cas18lgnlficanl doubl on tho eharmy's abllity to continue a8 a going cOn￿M for perfod of al least thlv• monlhB frcffl when tha financial 5talemènls afe aulhgrf$ed lor188ue. Our r88ponslbllltte8 and the r88pon8lblli1108 of the tru8t8eB with respect to golng con¢om ore d88crfbed In t￿ rel8v8nt 8acbons of this report. othor Infarni•tlgn The Iru81ee8 are re6ponBlbl8 for other Inforniglion. The olher Informatlon compri888 the inlomation Included In Ih? Annual Report, othèr than th8 financial slalemonts anil our Report of th8 Independent Auditor8 thereon. Our oplnlon on tlnandal statsments d¢)88 not cover the other Infomallon •nd, ex¢epl lo the extent oth•￿80 •xpllcAtIy fjtated In our report, we do not expr$86 any form of a88uran¢e conclu61on Ihoreon. In connection wth our oudrt of the financial $lal&menl8, our respon8lbllly 18 lo rnad the other InfO￿all)n and. In doltYJ 80, con8ider whèth8r the other Snfomi¥llon 18 maledally In¢tsn8i8tenl wth th8 financial statements or our knowledgg obtained in tha audit or olheTwi$e appegrs to be materially mlss18t•d. If ￿ identlfy such malerl81 Incon8lslencie8 Of apparent m¥t•rial mlBslatement6. wo are requlred (o delemine wh¥lh8r th18 giv88 ri6e to a materi81 misstatament in tho financlal 818tèm8nis themse￿8. If, based on the work we have performed, we Conc￿de th81 Ih•r• Is a malerlal m18s1alemenl of th18 Other Infomdon, we ore fequlred to report that fact. Wg have nothmig to report In Ihls regard. M•tt•rn on whlch w• ar• r•qulrnd to r•port by exceptlon We have nothing lo report In r08POCt of the lollowlng mattèr8 vA)ere lh• Charit18$ IAccounl3 and Report•} R￿Ul9t10￿8 2CIJ8 requires us to report lo you if, in our opinion.. the infom)ation given the Report of the Trustee8 18 Inconslslent in ony material respect with Ihg flnanGial 8totemenls'. or 8ufficienl accounting records have not been kapt., or the financial 81alemonts ore not in agreernenl with the accounting records and rtlurn8', or we have not recoived all the infO￿natIon ¥nd •xplanatlon3 we require our audrt. Respon$ibilltl•• of tr￿1001 As 8xplained more fully in the Stalernent of Tru8tges' Respon8ibllitles, thè IN8le88 are r¥8pon8Sble for the preparation of the financial slBl8ments which give a true and fair view, and for suth internal cgnlrol as the trustees determine 1$ n￿ssary lo enabl• th8 preparats'cn of finan¢l818latements that are freè frem materf81 mlsstatement, whether due lo fraud or error. In preparing If ffinandal ststemènts, th8 Iru8t8es are responsi￿8 for 888es8ing thg ¢h8rlty's abilty to ccmlinu¢ a$ a going Concem. dsclosing, as applicablé. matters related lo going concèm and using the going concem b8s1s of Iunthng unless the tW8tees erther intend to liquidate the charity or Ic ¢9a$e operatMJns, or have no re8listi¢ anemativ8 bul lo do so. Page 8

ofthe Inde ndtnt Audi WHSmlihB rs Our respon$lbilitie for the audit of th• flnaneial #taternents We have been appointed as auditors under Section 144 of the Charities Acl 2011 and report In accordance wlth Ihe A and r8l•vant regulations made or having ffecl thgreunder. Our obj•¢tive3 are lo obtsin reasonable 8s$urance atrK)ul whether the finanrAal statements as a whole are free from material misstslemenl, whether due to fraud or error, and to Issue 8 Report of the Independerrt Auditors that includes our opinion. Reasonabl& a$$uran¢& 18 a high l&vel of assurance, but is not a gu8ran18e th813n 8udit conducted In accordance with ISAS (UK) wll always delecl a material rnisstalement when it axists. Mis$lalemanl$ ¢an ariso from fraud or &rror and ara con8id&red material W, individually or in the 89greg&te, they could rtason8bly bo expect￿ lo influence the economic dacislons of users taken on the ba8is of thesg flnan¢l81 slalement8. The extent to which our procedure6 arg capable oldelectlng irregularities. Including fraud 1$ dgts11ed bglow.. 888ed on our understsndlng of the chartty and the grant making activity, w8 identifled that the principal d8k8 of ntsn-compliance with laws and ragulations rglaled io Charity Law, and wo consid8r8d thè 8xtont to whlch non4ompll8ncs mlghl h8ve 8 rnaterial effect on the ffinancl315tstemenls of the charity. We also considered those laws and regulation$ that have a direct IMp￿t on tho preparation of the flnancial Btatem8nts Such 88 the Charltlgs Slat&monl of Recommgnded Practice. W& ovaluatsd management'5 I￿ntIv•s and oppothnitle& for fraudulent manlpu18tion of tha fknanclal 8lat•m8nls lincluding the risk of overridè of contro1818nd determined Ihat the principal r¢8ks were f¢laled lo r•v&nue M¢ognllion ond m8n8gement override. Audit wocedureB performed by the audtt engagement team inGluded'. di8CU38ions with man8gem•nt, Includlng c¢n8idèration of known or 8usp6ct8d in8tancos of non-MmplSan¢o ¥￿th Iw8 and regulation8 and fraud.. . understanding and revlew of managem8nV$ intemal ¢C￿trOl$ d&$lgned to Pre￿nI and dotect Irrogulaflll06, and fraud,, . review of the mlnu188 ofthe Trustees meeting8', deBigning audl procedure8 to Incorporate unpredlclabilhy., porfo¥ming analytical proc8dure8 to k1entify Any unuBual or unoxpeclad relatk)n$hSwJ Ihot mlght Indl¢g1¥ d$k8 of malerfal mi88tst8rnent duo lo fraud.. rewew of th• ffinancS8l s181omènts dis¢losur08 and te$lln9 to supportlng docum•nl8llon to a88088 complianc• wlth rtslevanl law8 and regulallon8 d18￿83*d above,. enquiring about actugl and polgnllal Illig8tion and clalm8', testing transactions 8ntered into outside of the nomial course of the charitls bu8in•8s.' and idèntifylng and leBtSng ksurn818ntria8, In partlcular any journal entrleB wlth fraud char8Ct•r181ic8 such 88 loumal8 wlth round numb8r8. There afe inherent limitatsons in Ihg gudll procedures de8cribed above and the further rgmovgd non-¢ompllance wllh laws and regulations 18 from fv events and the 1ran8acb.ons refiecled in the ffinancial 8tat8mants, the1838 likely wè would becomè aware of it. Al80, the rfsk ol not dtstectlng a rnalerial rni88talement due to fraud Is hl9har than tho risk ol not delècling one resulting from error, 88 fr8ud may involve delkneralo concealmont by. for axgmplg. forg•ry or inlgnlional rnisrepre8entatkJn8, or through collu810n. . A lurthw d•$crlpllon of our re8wsibilitses for the 8udll of Ihe financial $lalements 18 localed on Finawal Reporting Council s web8tt0 al www.frc.org.ukJaudltor8respon8lb11tt1•8. Th18 d•serfpllon form8 P8rt of our Report ol Iht Independent Auditors. of our roport Thi8 report is made 8018ty lo the ¢harlty'8 tru81￿8, as a body, in accoidance Part 4 of the Charfles IAccounts and R&port81 Rèoulations 2008. Our Bud￿ work h88 been undertaken 60 that we might slate to the chanty's trustees th08e rnatters we are required to stat8 to thèm in an auditors. report and for no other purpo88. To tha fullesl ext8nt pemifft8d by IAW, we do not accept or assum8 r¥$ponsibility lo anyone other than the charbty and tho charitys Iruslo85 as 8 body. for our audit work. for this report, 01 for the opinion8 wè have foJmed. Monahans Stalutory Audttors 3842 Nev@ort Slroet Swndon Wiltshire SN13DR Dat8.. 16 August 2022 Pa99 9

th Statemen of l Aetlvltl•s 1 M rch 2022 2022 Unrgslrl¢t8d funds 2021 Total fund8 Not88 INCOME AND ENDOWMENTS FROM Donation$ and legacie Inve8tment Incomg 153 137 Tot•1 153.137 155,359 EXPENDITURE ON Rai8ing funds 240 852 CharStablo •ctl¥ltl Gf8ntmaking 229.$20 414,337 Total 229,780 415,189 Net g&lni on Inv&8trnonts 588.990 NET IMCOhlE 124,884 309.180 RECONCIUATION OF FUNDS Totsl fund¥ brought for￿rd 6,098,257 5,787,097 TOTAL FUNDS CARRIED FORWARD 8221 121 6 098 257 The notes part of thgse fin8ncial statements Page 10

W H Smlth B•nwolent F lanc• Sh•e 31 March 2021 2022 Unrèstrictad funds 2021 Total lund$ Not8S FIXED ASSETS Inveslmenls 10 8,2C6,153 6.029,866 CURRENT ASSEr8 Cash al bank 23,229 72,803 CREDITORS Affl￿nts faI￿ng d[￿& wlhin on8 year 11 (8,2611 {6,2121 NET CURRENT ASSETS 14,968 88.591 TOTAL ASSETS LESS CURRENT UABIUTIES 6,221,121 8,096,257 NET ASSETS 8 221 121 6 096.257 FUNDS Unrestricted funds.. G&ner81 fund Cgpllal 12 14,968 8206 153 88.591 6221 121 6 098 257 TOTAL FUNDS 6221 121 Th• flnancial 818lemenl8 were approved by the Board ol Tru81e08 and 8Uthod8ed for 188uo on 8 Ausu812022 . and were ￿gned on It8 beh8W by.. S B Tlley- Tru8t•• Th• nots8 form part oflhese finarKkg1 statements Page11

mlth tes Fln for the Year En mènts d 31 March 2022 ACCOUNTING POLICIES Ba81• of prnpablng tho fin•ncil •tat•m•nts The financial statements of the charity, which is a publi¢ b&neffil entity under FRS 102, have been pr8parad in accordance with th& Charities SORP IFRS 1021 'Aceovnting and Reporting by ch8rille$.. Statemenl of Recommended Pr8dce applicable lo d)arili&s p￿parIng their 8ccoun18 in accordance %￿lh the Financial Reporting Standard applicable in Ihe UK and R•public ol Ireland IFRS 1021 lèffèctiv& 1 January 20191,. Financial Reporting Standard 102 The Financial Reporting Standard applicable In the UK and R8publi¢ of Ireland. and the Charities Act 2011, The flnanGial statement8 hav& been PTepar8d under the historical cost ¢onv8ntion. with the Oxception of investments which are included 8t m4rkel value, as modified by the revaluation of certBin assets. The flnan¢ial Btalemonls h8ve baon prepared lo give 8 'tru• and fairf view and have departed from Charities (Accounts and Reports) Regulations 2008 only lo the extent r8quired to provide a Irue and lair view. This d8p8rtur8 has involved following the Accounting and Reportlng by Charitios.. Stalemenl of Re¢omm8nded Praclk• applicable to charili•s preparing their accoun18 in acCorda￿e wth the Financial Reporting Standard applicable In the UK and Republlc of Irelond IFRS 1021 i88ued on 1fj July 2014 rath&r than the Accounting and Reportlng by Charitles.. Slalem&nt of Recommended Praclico èffoctivo from 1 April 2005 which ha8 since be&n withJrawn. The flnancial ststements are pr•p8red on a going concern basi8, under thè hi8tori&g1 cost conventlon. modSfl8d lo Indude cartoin item8 al lair v8lue. Th8 financAal 8tatèmènt8 8r¢ praparad in sterling whkh is the functional curr8￿Y ol the charity 8nd rounded lo the nebre81 pound. There gra no Blgnlfficant 8r•a$ ofludgement8 or key bourus of eslrn9l1c￿ unc8rtalnly. The IruBte83 con8ldor that th•re are no matorfal uncertaint￿$ gbout the Charlty'B abllty lo confjnu• 98 8 goSng concern. Tha charmy IB an unincorporatsd tru51 ctsn81ilul•d by a tru61 dged. Thg charity haè lakon advantage of the loll￿n9 disclosur• •xgmpllons Sn pr8paring Ih86e financial 61alement8. 98 perrnitted by FRS 102'Th8 Flnancial Reporting Standard app11￿ble in Ihe UK and Rewblic of Iroland,: the requlremenl8 of Secllon 7 Stslemonl of Calh Flows. Income All In¢ome15 rtrcogn18ed in th8 Staternent ol FlnJnd81 Acllvill&3 once the ¢harfty ha8 •ntlU8menl lo th& fund8,1111 probable ihet Ihts In¢om• wlll bo ￿CeIVed and the 8mounl can be m¢06ur¢d relSably. Interest on lundl h•ld on d8p08I1 is Inclutjed when racafvable and the amount can be moa6ur•d rellatjy by the charlty,. this IB nomally upon notthcatlon ol th8 Inter981 pald or payable by the bank. Oivldend8 ar• rècoqnised once the dividend h98 been declored and noufbcalon has ￿ttn received of the dlvidend due. This 1$ nOmi￿lY upon notification by our investment adviBor of the dNidend ￿eld of thè Inv8Stm8nl portfolio. expondlturn Liabilities are r9¢ogni￿d as expenditure #8 8oon as there 18 a legal or constructlve obllgalion Commlttlng thg charily lo that 8XP8nditure, tt 18 prob8bl• that 8 trgn8fer of eeoftomic benefits will b8 f8qulrad In setlement and the amovnl of the obligation can be reliably. Expenditure 15 accounted for on an 8ccrug1s basls and has been clas8Kled under headings that aggr8gale all cost relaied lo the cal8gory. Where costs cannot be directly attrfbuted lo partS¢ulor headings they hava been aliocaled to activities on a b8818 cons18lenl wilh the us of resour¢e$. Grants payable arg paym&nts made to third partie8 in th furth•ranc• of the charita￿e objects of th charity. In the case of 8n uncondlllonal grant offer thi6 1$ 8ccwed once the recApi8nt has been nolthed of the 9r8nl oward. The notificBlion glves the recipient a re88on8blo gxpe¢tation thal they wll receive the grant. Prov161on8 for gr8n18 ara made tho inlentK)n to makg a grant has been communicated to the r8¢11Ignl but there is u￿rt¥1nty ag lo Ihe timing oflhe grant or th8 &mounl of grant payable. Th8 charity do&$ not make multkyear grants ¥nd all grants are unconditional. T•￿tion The ch•tity is exempl from tsx on its d)aritab￿ aclivibes. Page 12 continued...

W H Smlth B•neYolnt Fund Nots$ to the Financlal Statements . contlnued for the Year Ended 31 March 2022 ACCOUNTING POLICIES- ¢onttnuod Fund a¢¢ounting Unrestricted funds can b8 us•d in 8ccordance with Ihg charitable objectiveB at the discretion of the truste85. R8Stri¢t811 lunds can only be used for part￿ular ro$trlcte(I purpos0$ wlthin the oblects tsf tho ch8rtty. Re$trSctk)ns arise 3p8crfled by the donor or when funds are r8l$¢d for Pa￿Cular ro$1￿ctO￿ purp￿8$. Further expl8nafjon of Ihè nature and purp08e of each fund is induded in the notes to the finanaal st8tements. Investments Invfj$lmènts a￿ a form ol baBiC financial instNment and Ar8 inibally recognised at their tr8nsacbon value and 8ubsequ•ntly m8asured al their fair value as at the balanc• sh•et datè using th• closing quot8d market pric8. The Statement of Ilnanclal aclbvibos includes the net gain8 and 108888 arising on revaluatIc￿ disposals throughout th8 year. The charty doe8 not acqulre put option$. derlvalfve8 or other Cfxnplex financlal Instruments. The m8ln fom of ffinancial ri8k fv2d by th8 charity is Ihgt ol vojallllty In wuty Ma￿￿18 8nd Inv981ment markots due lo wider economic conditions, the att￿￿de of InvoslN8 to Inv8slm•nl r18k. and d)8nge8 In $¢ntlm&nl concernlng equitie8 and swthin parts'¢ular 8o¢tors or Sub $e¢tor8. R••lls•d g4ln• and lo•¥ All gains and108888 ar8 tak•n lo the Statem￿1 of Financi41 Actiwlh88 as Ihtry arise. Reali8ed gain8 and1088￿ on Investments are calcul8ted as th• diff•r•nc8 between 88198 proceed8 and Ihelr openlng carrylng valuo or Ihelr pur¢ha8e value if acquired sub8equ8nt to.th& fir81 dAy of th¥ flnan¢i81 y¥ar. Unrealised gains and 1088e$ ar& cakulaled a8 tho dlff8ren¢a bèfvfttsn ￿ falr value al year Ond and Ih•lr carrying value. Rea1158d and unreoll$eU Inve8tmenl gain8 and 1088e8 8re comblned In the Slalemenl of Flnandal AcUvilio8. Ca•h at bank and In h4nd Caoh al bank and ca8h In hand Includ88 ¢88h and 8hort l•rm hlghly16quld Invo8lmonts a short m8turfty of Ihraè month8 or1o88 from th• date of acqu181￿¢￿ or cpenlng of the ¢Jep)8tt or 6lmllar a¢￿unt. cr￿lt01• and provl•ion• Credilors and provS$lons ar• recognl$•d where th8 charfty h88 a present obllgatlon r88uINng from 8 pa81 event that will probably rè8uIt in the transfer of fundB lo a third party and the amount due to 8eltJe the obligation can b8 me88ur8d or o8tlm8ted rellabty. Crodllor8 and prov18ion$ #re nomally rèc¢gn18ed al Ihtlr 8ettlomènt amount afttr all￿ng for gny trade dls¢ounl8 due. Fln•ncll InBtrum•nt• The charity only has financial asse15 and financial liabilitles of a klnd that qualify as basic financial instruments. 886lc financlal Instruments are inltialty r0cognl￿d at tr8n6adon VAlua and 8ubswu8nUy m•88ured al ihelr bettlemenl value. INVESTMENT INCOME 2022 2021 VK Snve$trnents 153137 Page 13 ¢onllnueil...

neial Stat•m•nts - contlnu• Yaar En ed31M rc RAISING FUNDS Inve8tm•nt m•n•gement CO8ts 2022 2021 Portrolio managemgnt 240 852 CHARITABLE ACTMTIES COST8 Grant funding of activllles (8ee note 51 Support co818 Iseè note 61 Tot818 Gr¥nlmgking 202 351 229 520 GRANT8 PAYABLE 2022 2021 Grantmaklng 202 351 Th• total grants paid to Indlvldug18 durlng the yoar wa8 a8 foltsw8'. 2022 2021 General Grant8 In¢ome Support i WMA Recuperalfve Hc41day8 Carebreak 182,283 22,185 1,939 348,018 25,480 4,130 202 351 SUPPORT C08T8 Govemanoé Costs Managomonl Total8 Granlmakl 27 169 Support Costs, induded In the 8bov•, arn 08 follow8.. 2022 2021 TDlal 8cliville$ Granlmaklng Wagès Printr'ng, postage & statlonery Exp¥nse$ Aud6tor8' remunerotion 23,233 21.954 281 227 Page 14 contr'nued...

mlth n•vol•nt Fund otes to the Financial Statement8- con ar Endod 22 TRUSTEES. REMUNERATION AND BENEFITS Th8re were no tru8tee6' remuneration or other b8n8fits for the yoar endgd 31 March 2022 nor for the yoar ended 31 March 2021. Tn￿t•••' •xp•n There w8r8 nts tru8teeB' expen888 pakl for th8 year ended 31 March2022 for year end8d 31 Morch 2021. STAFF COSTS 2022 2021 Wag88 and 8alar 21.954 Employees cons18t of 8 grant8 8dmlnlstrgtor (employed y WH Smlth and recharged to tho Charftyl. and 1 se rnployed person8. None of th8 staff earned more than £60,CXX). The key manag8rnont p8r8onn•l of th8 ch8tlty CAJmprlse the IruBIèèB. Thè total employee ￿nefitS of the k¥y m8nagom8nt par8onn81 of th8 charlly wera nil. COMPARATIVES FOR THE STATEMENT OF FINAMCIAL ACTIVITIES Unre$lrf¢ted fund8 INCOME AND ENDOWMENTS FROM Donatk)nB and legacies soo Invgstmonl In￿rne 154869 Tot•1 155,359 EXPENDITURE ON Raising funds 852 Charltbl• ctlvStl•• Grantmgking 414.337 Total 415.189 Net gains on inveBlrnents NEf INCOME 309,160 RECONCIUATION OF FUNDS Tot•1 fund• brought forward 5,787,097 TOTAL FUNDS CARRIED FORWARD Page 15 continued...

W H Smith Benevolent Fund Fln#nelal Stat•m8nts- contlnu for the Ytror Endèd 31 March 2022 io. FIXED ASSET INVESTMENTS Listed vestments MARKET VALUE At 1 April 2021 Disposals Realised Ilossesygains Nel unreali8ed11088e8llgaln8 6.029,886 125.OC(I} 7.348 Al 31 Mar¢h 2ff22 NET BOOK VALUE At 31 March 2022 8208 153 Al 31 March 2021 Thert were no Inv•8lmant a88ets out81da the UK. Cost or valuotson at 31 March 2022 58 r&pw8ented by.. Ll8ted inve$lment8 Valualon In 2020 and prtor Valuatlon in 2021 Valualon Sn 2022 Cost 422,883 588,990 194.141 5 020 339 8206 153 All Inve8trnenl8 are carrfgd 81 Ih8ir folr value. Inveslménl in èqu111o8 and flxed Inl•r•il sKurflio8 8re all traded in quoted public mark¥l$. All Inve8tmeni8 have been valuad by Bla¢krttk Advl8ors IUKI LIM￿8{18nd are bas•d on Ihe 8id prf¢g OS at the cloBe of bu81nes8 on Ihe valuation dal&. As8el 801&8 and purch88e8 are recognl88d at the dale of Ir8d& al ¢o$l Ithat 59 Iheir tran8acllon valu&}. Tho 81gnFfi¢anc• of flnancial in8lrumenlB lo th& ongoing fingnclal 8u$tsinoblllty of the charfty 1$ con8idergd in th• fingn¢181 review and Inve81ment polbcy and perfOMan￿ $•clbn$ of th• Tru$t•w' Annu81 Report. The maln risk lo the chartly from fin8ndal In$lrum•nls 1188 in the combIna￿On ol uncertaln InveBlmenl markets and volatilty In ylold. The charity 58 rellAnt on dividond yleld in parl to fin8nce its work. Liquldty rlsk18 gntidpated to low 88 811888el6 are traded. The ¢h8rltl8 Invg8lmgnt8 gre Irodod In movk818 wlth good Ilquidity and hvJh trading volume8. The ch8rity has no itwe81menl holdlng$ In markets Subhgd to exchang• conliols or tr8dlng re61rictson8. Thtr ¢harity m8n8g6s these investment risks by retaining expert 8thJors oper8bng 8n Snv•8tm8nt pollcy that prowde8 for 8 hlgh degree of diveTsification of holdings wilhln Inve81menl a8881 d888e$ that are qijolgd on recognised stoc￿ 8xchgnges. The Trust. does not make u8& of derivaliveB and $imll8r ¢omplgx ffinAncS01 instruments a8 it takes the view that inveslmenlB are held lor ts)elr longer tom ylold lotAI rglurn and hlstorlc sludlos of quoted fingnclal. Page 16 continu8d...

Smlth Bènèvolent Fund ote8 to the Financlal Statsm•nts - contlnu for the Year Ended 31 March 2022 CREOITORS.. AMOUNTS FALLING DUE VIITHIN ONE YEAR 2022 2021 Accrua16 Accruals for grants payable 6,761 3,982 12. MOVEMENT IN FUNDS Net movement in funds Tr4n8fer8 befv￿en fund8 Al 31.3.22 Al 1.4.21 Unro•trl¢t•d fund• Gènèral fvnd Capital 86,591 176.8231 25.IXJO 14,968 8 096 257 6221 121 TOTAL FUNDS 60￿257 6,221121 Net movgmenl In fund8, Included In the above oro as follo￿.. Incomlng re8oure•s Resourc08 exp8nded Galn8 and losses Movement in fundB Unr•¥trl¢t•d lund• Geneiol fund Capital 153,137 (229,760} 176.623} 201487 201487 153 137 TOTAL FIJNDS 153 137 229 780 201487 Comparntlvm lor mov•m•nt In lund• Nel movement fund8 Transler8 bets¥een funds Al 31.3.21 Al 1.4.20 Unr•$trl¢t•d fund• General fund Capital 51,421 5 735 878 (257.918) 587 076 273,088 e6,591 5 787 097 TOTAL FUMDS 5 787 097 309 180 Cornparative net movgmgnt In funds, Snclud•d In th• above ar• as follows.. In¢oming re80urc88 R•sourc•s expended G8ins and 88e8 Mowm•nt In fvnd8 Unrngtrlctod funds General fund Capft81 155,359 1415,1891 1.914 567,076 (257,9181 587,078 155359 41S 189 TOTAL FUNDS 155,359 415 189 Page 17 ontlnued...

ngvol nt F No h Flnanelal Statemen f r thè Yèar Ended 3 h 2022 12. MOVEMENT IN FUNDS- ¢¢)ntIn￿d The capital fund repro$ent8 tho market valu• of the ￿n￿t￿Thts plus cash held on investment. Trnn•f•rs lth•?n fund• The transfer btheen ftJnd$ 1$ made lo reftect the net movement in the investment portfollo. 13. RELATED PARTY DISCLOSURES Th•rè wara no relatsd p8ty tran88ctions for the yèar ended 31 March 2022. P8ge 18