REGISTERED CHARITY NUMBER: 262581 RÈ rt of the Trn5tees and Flnancial Stalements forthe Yur Endett 31 Ma for W H Srnlth Benevolont Fund SLxnerAudi(co bmi Slatuiory A￿litOrS Henne5 House FI￿ Fly Aven Swindon SN2 2GA W H Smith 8•ne¥olent Contents ofthe Financial Slalements for Ihe Year End d 31 March 2025 Paga Report ofthe Tn￿5 1 to 7 Report ofthe Independentkndibxs 8 to 9 ststement of Financial Aclivitits 10 Balanee Sheet 11 Notes to the Flnanclal Statements 12 to 16 W H Smlth Benevolent Fund Re ort ofthe T￿￿tee5 Year Ended 31 Ma￿h 2￿25 The tru5tee5 presenttheir reportvrith the finarwlslaternents ofthe thanty (orthe yearended 31 Marth 2025. The trustees have athspted the provisioThs of A¢oJunting and Reporfing by Charittses". Statwnent Ctf Reojmmended PraCt￿e applicab to charities prepariro theIra0￿￿otsin al￿rdan￿wI1h the Finanoal Repo(ts"TrJ Standard applicabk in the UK and Republic of Ireland IFRS 1021 leffe¢bve 1 January 20191. OBJECTIVES AND ACMVTtIES Objeclives and aim* The W H Smith Benevolent Fund was establtshed by Lord HambledeTh in 1925 v+th a gift 01£21,1100 lo cornmem¢rnle Ihe ¢￿)MIng ol age of his son. lor Ihe ben¢fft of. - a peTron or persons who arè Ki financial diffioJNy or hardshij and in need", -who are empbyèj or %Ere errptoyed in the bu*ness {bery WH Srnilhl: arthr - their 5WU5e. wbjow, widNer, chikjren. les￿nd8nts ordeperKlan rDependent' on Ihe olher person forthe neces5itfs of lrfel. The Benevolent FuThJ awanjs cash grants to help a￿￿ale cases ofh8rdship. awards grnnts fornYJbilty scwters. taidifb and olhef mobility aids and provKJes care Ixeak5 arKI re￿[￿raINe hol￿ayS. Ouring Ihe last decade the 8enevolenl Fund ha5 rnade grants and awards to seTvirvJ a￿1 reired stall n*mbers and thetr tsmilies totallirq in excess of £1.Sm. The Benevo￿nt Fund ¢W￿rateS ￿th othe1d￿nI*s. in partic#J￿r Ne￿A￿L in joinlty meelsThJ benefjoarie$' needs. PubliG Benefit The Trustees have paid due regard to Ihe Chaftty c￿￿MiSS￿)n'S gubJanc¢ on publicbenefft in deoding vthai advities the charity shouhj undertake. The Irustees 0)rts￿jer that Ily have atxed in the publK benefiL Thè W H Smith Benevolenl Funofs berefuarie3 ar¢ ￿tricted to a"se¢xon olthe wblic" os datsikd above. Ths re5tsi¢tson is reasonable, open in natu￿ aTrJ the potertlial n￿Lber of benefioaries is wide. UThJer Clause 12 ofthè ￿IncIPal Deed {20￿21, Ihe Tn¢lees hav• thè Fth*rto amend or vary the terrn5 Dfthe PrirKyl Deed. by deed. provKled Ihey do nol pre)￿1￿% Ihe chariiable nature of Ihe FuTrJ. Pwje 1 WHSMI Ben￿OI￿rtt Fund rt ofthe T￿￿tee5 r Ended 31 Mareh 2025 ACHIEVEPIiENTS AND PERFORMANCE GRANTS COMMIThEE AND COMMIThEE OF Id4NAGEMENT The Grants Committee met in person orvirtually each quarterthroLBhoulthe yearand the Commillee of Mar￿ement held their annual meets.ng in Juty 2025. The annual report was approved lorsubmkwon to the Trustees. The bu(Jget wa5 lormally approved. The types ofgranis *efe revieY*d. and value5 as appmpriate. INVESTMENT COMMirrEE The Investment Commitiee ha$ not th& invaskn*nt strategy for the fmanual year ended 31 Marth 2025 due ¢0 Truslee Changes and important buyne5s ¢hange5 in WH Smth PLC. The stFategy wll te re¥￿￿d in due Jurse. TRUSTEES MEEnNG The Annual Me¢tiThJ ofTrustees wa$ hfj￿ on ts 21 2026TheAJ)nual Report aThJ Accijunts MEr¢ approvéd. The se￿tsry reported on the ye*s adhviIE$. grarts pa*J and typral cases. FUNDAWARENESS Ongoing publicity OF the ¢hwity IhroughoLrtlhe year helped awarene55 armng51 potenlial aFpl¢ants. FUND VALUATION At yearend131stMarth 2￿25) the Fund's net assets ￿[¥ £5.876.398 an in￿aSe of13% from Ihe prevtr?u5 year. INVESTMENT INCOME Investment incune duriTrJ Ihe yearwas £186.987 an in(xe85e of5.3% over Ihe pwous year. Investrnent weld wa$ 3.3%. INCOMEEXPENDtruRE The Funds incorne exceeded expenditu￿ Ihis year by £131528. FUND EXPENDITURE Total Expenditure 193.176 BENEFICIARIES Grants and Christmas Recuperabve Holiday5 Carebreaks Income Support 114.954 20,086 Tolal 83% of expenditu EXPENSES Bank Fees Secretsry'ssalary and Social Security costs Admin and Support Costs Audit feè 4870 Tatal 17% ofe¥pendAiJre Total expenses have deueased by E2.172 sin¢* priwYear12￿24. £35.968 The lotal amount awarded to benefraaJie5 hos dec¥eased by £98.475 ssnc* the wioryear12024: Q57.8551. Paga 2 W H Smlth Benevo rt of the Tru5te¢$ forthè Yèar Ende(131 March 20 ACHIEVEMENTS AND PERFORMANCE. continued ANALYSIS OF GRA￿rS AWARDEO TO BENEFICIARIES MajorGrants (Range £200- £10.QOOI Emergencyllmmediate Granls IRangeE50- £4,OJOI 71 Recuperative HOl￿aYS (Award up to £2,250) CaFeb￿ak$ (Award up to £2,500) Christmas Cheques (Value £3781 Income Grants IpaKS quarterfyl IGT3ntS.I.G. £4901 10 Total nwnberof servin9 and retired empbyees granted tenefits aTrJawards in the yearended 31 Mar¢h 2025 vrds 123 IEmergency and Major Grants only). examples of typtcal granis are". Finar￿￿?1 help toward5'. Renl coun￿1 tax, ub.lty bills, luneral expenses. heating and repairs. immediate nece5siIE5. the provision ofhome filmi5hir￿ and accomrrndation deposits. All benefi￿arleS ortheirPamily have or%%eo ¢xp*r*nting orÉ or ￿￿)re ofthe f￿10￿￿9 fiTcurnstsrtes". In receipt OF. slate benefits. income support tsx cre(lits or on low ino)me. Suffe￿d.. a traumatic evenl ièminal illness, long te5m sithne55. deatr in the famty. redundan￿. ac£hdent at work, lh￿at of evictKJn. dNorc£d. separated or a single Pa￿nI or carer. FINANCIAL REVIEW Investmeni policy and obleetives The inve5trnent policy ￿ lo invest the Benevolent FurKI's assets in UK equitE3 and Fixed interest in order to provide an appropriate balance tebyeen rtsk and retum aThl puw an index inveslmenl strategy 35 set out below. Asset Class % BenC*￿￿a Ran PerfOrnwn￿ Releren UK equitEs +1- 1.5% FFSE All￿ha￿ Index Fixed interest +1- 1.5% UKIknAII Stoc*5 Total Fund 1(￿.0% The fund %MtI b? re¥￿￿ed ort 8Th orrfJouig basis aftd rebalarttd as required in the event thatthe asset albxatiDn to any one d835 rnove¥ out5b4e the range5 set out ?bov¢. Flnanelal Poslllon and R•s•Ms pollty The Funds reser¥es avaifable as of Ihe 31st ol March lotaled £5.876 mill¥)n of whith £5.794 qwllion is Invest￿ in UK equrtv&s and Fiyed inieresl boThds and Ihtr bala￿ is on deposit Lk)yds ban The Fund reta5ns these inveslmenls to prov#le suffvent Rtum5 inc¢￿e ￿ othr to meet the granl expenditure and nniro costs ol the Chanty. Prior to the financral year 31 March 2025. for ttie previous three year5 accDunting periods, the Fund'5 expenditure excee(*d their income. The Benevoknt fu￿1 relies on these inveslments as the Fthd no pr¢4)erty or land aTrJ [￿¢ve5 litue or no pub donth"ons. The Fund undertakes no fund-ra￿ln9 athibes. The lotal funds induding irtvestments. donats.orys cash on ac£ount al 31 March 2025 was t5.876 rnilion, an in¢rease from the prior year of £132,528. The inLX)me trom the investrnènts, donations and interesi thts year was E186.9B7 which was all expended th￿lY to bener￿jaIle3 and the rest ￿laIned in the bank aox)vnt No Money was reinvested. Page 3 W H Smith Benevole rt ofthe Trt￿tee$ 31 Mafch 2026 forthey FUTURE PLANS The Charity conlinues to see requests for he4J relab.ng to the cosl*)f4viry cri515 and iThJw¥Juals requiring fin8naal SUPFl*rt lor everyday bills. In June 2025 WH Smith sold its Retail high slreet bwine55 to Caw"tal. The Truslees oflhs WH Smith Benevolent Fund hav& agreed to support (where appropriatel appI￿at￿)r￿ frorn Retail colleagues that¥Rre ernployed WH Smith prior lo the transition dat& Our deeds have been uFMJated to relleclthese thanges. The Charity aLso supports ojllezgues in all territ￿$ Whe￿ the ¢L￿PanY ha5 a retail preser￿. STRUCTURE. GOVERNANCE AND hlANAGEMEKr Govaming doeumfrnt The charily is controlled by its goveming docwnert a deed oflJust arMI consbtsjtes an Unl￿orporated tharity. Re¢rui¢ment and appoinknent ot new trustees The pawerol appointing rew bwtees ￿ vested in the Trusiees. The Trustees rnayapFQint an a¢*Jthonal Twslee orTrustees¥l theirdisoEb"or A Twstee ¥wll te automatic￿lY removed anddistharged from Offi￿ on the temwnation olhisfner o)ntsaclwith the Company unless the olher Trustee5 unaniMou￿Y invite hnther to remain in Offi￿ as a Tnkstee lor a peri¢)d 0fts4t￿¢ months fiDm the dale ol Ihe invilat￿. Al the expiry ol the h4tfve-month perb)d lor any subsequeni ￿*￿e4￿onth period), the Tru51ee wll be di8tharged from offi￿. unkn the Tru5t&sNvho remaThi in the service ol the Comparty decide unaninyJu5ty lo invite the Trustee to ￿M81ft In Offi￿ for a further b¥the months. Subject to the TrLk8tees rab￿rg Ihe appoirbtrnent every ts*fve months there be no ITnitlo Ihe period to such a Truslee may hohj offi￿. Declslon maklng Commrtlee of Management. This Camrnittee rnee153nnually to approve the annualbLKSJetaTrJttsappwvetheannualTru3le¢s report The Comitte$ Iso re￿eWs. and amends as requI￿d the 9rnnt avar(I walues arKI arneThts a5 rE4uired the appropriate criteria. The C(Thmittee shall consist ofany ofthe arnl serving mernber5 ofthe 9rants Con￿￿tee. Grants comittee". This Comrnittee meets quarterty to discuss applwalions and approve grarts and a￿dId$. The Cornmittee 5h311 ¢onsk8t ol any of the Tnjslees and any serving or ￿ts"led employees olthe Bus1r&￿. Eac* year, those mernbers oflhe Commiueevtho have compkted fve or rThJreye3T5' 5er¥Kt on the Cornmittee willerther be asked by the Trustees lo serve on ts Comrnittee foran athlrtwJ)al year or rewgn as a member ofthe Cornmiiietr. Semng and retired staff are invited to becorne Commrttee n*mbersand afeappointed by thèTrusteesaTrJ mHys¢r¥e for rnaximum of￿￿knt year5 on the Comiitiee. Inveslrnent comrnittee.. The investrreTht committsè meats or enga￿ VFa o)rresponden￿ al annually tn order to Mew the performance of the investrrEnt portfolio and ils rontinued apprnpriater*ss. Page 4 FUNI ort ofthe Trustees fortht Yèar Ended 31 Mar¢ STRUCTURE. GOVERNANCE AND MA14AGEMEI Rlsk management The trustees have a duty to iJen1fye￿rj Teviewlhe rthlo*thKhth*tharityisexposed andto eThsure appropriata o)ntroL8 a￿ in place to provide reasonable assurance ￿ainst and errur. The major risks to which the Charity is exposed. as Klenty"ftd by th¢Tr￿*t¢e$. are revlv4¥ed regularly and 8y$tsms aThJ prO￿dureS have been est3￿￿thed to manage those risks. There are three rnain a￿5 ofrisk xlenlfftd". Fsnanrial= The finanoal risk is broadly defi[￿d as deper*lency upon Ihe perfOn￿an￿ ofthe Inve5trnent Man•3erand Ihe inyeslment poScy. The Trltstees lftvesknont Committee Tr￿ets at least annualy lo review both the perforn)ance of the InvestrrEnt Manager and the portfolK) and ensures ¢omplk8nce %*ilh theTwstee AC12(￿ on the investrnsni ofcharithbk fvnds. The Invgstrnent Committee atso rKeNes on requesl monthly rEPO￿ from BladtRock Advi50r5 IUKI Lid. The Grants commiltee la minimum 01th￿e mer1th￿} rrEets quarterty aThJ aulhortsesAward3 to benefiLiaries. Cheques more Ihan £2,500 a￿ to te 5ty3ned by $gnatorias. Regulatory". The Fund S¢¢￿tsry is ￿spOnsIb[e for enswirwj that Chaiity Comission Kewms are acrJJrate and made on time. particularly the Annual ReFvrl aTrJ Accounts. There is a Conflict of InlerESt3nd Data Retenbon polry in forthe Fund. GOPR.. The Secretsry observes legsklton and maintairts the Fund5 Privacy PoW¢y. The Tw*e¥ require the Fund Secretsry to confinn such aann. vicario￿ Ltabllity= The Fund employs one ernployee IFund Sery2tsryl aThJ there no fa(￿f3￿ conia¢t ￿th beneficiaries. Thus. tha risk is extremely bw, lnsurancethere1o￿ nol pquirèj. FUND41AISING STANDARDS INFORMATION The tharity does nolcarry o(rt any fiJn&raisirg aclp41r5. REFERENGE AND ADMINISTRAYIVE DETAILS Regisler¢d Charity number 262581 PrincipaladdrE55 ¢Yo WHSmilh PLC Greenbndge Road SwiTrJon SN33RX Page 5 W H Smith Benwolenl Fund ort ofthe Trustees Year Ended 31 March 2025 Trustees A Court- Chair P Blaszewski (Appointed 29109120251 J T A Elliott (Appointed 29109120251 H G Wat￿9 (Appointed 2910912025) R J Mogrhead (Retired 26111r20241 S B Tky IRelired 28111r20241 H Webb (Retired 22107120251 M L J tzz3rd IAppDinted 26111r2024 and Relwèj 29A19f20251 GRANTS COMMIThEE Jenny Elliott (Chair appoint￿ 29109r2W251 Jessica Dyson Duncan Jor￿5 William Kennett (Appointed 26109r20241 Michal Bla5zevrtki IAppcinted22111f20241 Airnee Butler Slephen T1￿Y {Rebred 26111r20241 Helen Webb (Retired 22107r20251 Neil Firth IRets"red 08lD8r2￿2Sj COMMIThEE OF MANAGEMENT Jènny Ellw)It IChaif- appoint&J29109f20251 jul￿tte Cavilla Aitnee Butler Michal Blaszewski IAppointed 22111r2024) Stephen Tley (Retired 26111r20241 He￿n Webb (Retired 2Y07r2025} INVESTMENT COmM[￿EE Michal Blaszebv3kn" (App￿nted 2910912025) Hadley Watlirtg (Appoinied 29A)9Q0251 Robert Jarne5 Moort*ad {ch3￿- relired 26111r2tr24} stephen Tilèy IRetired 2611120241 Irb attendance as requi￿￿". CtNe Chawnan SECRETARY TO THE FUND Aimee Butler Greenbr¥*Je Road sw.ndo SN3 3LD ACCOUNTANT Clivè Chapman Ampney House The Avenue Stanton Fitzwatten Swindon SN6 7SE AUD￿oRs SumerAudrt¢o Limited Slatulory Auditor5 Herrnes Housé Fire FlyA¥enue Swindon Wiltshire SN2 2&4 Page 6 W H Smith B•n•vol8nt Fund ort of the Tn￿le¢S f rth Year Ended 31 Mareh 2025 REFERENCEAND ADMINISTRATIVE OETAILS INVESTMENT MANAGER BJackRod(Advtsors IUKI 12 Thragrnorton Avenue London EC2N 2CL STATEMENT OF TRUSTEES. RESPONSIBIUTIES The trustees are responsible for p￿paring the Report ofts Tw51ees the financial 5tateFr*nis in accordance applicable law aThJ Untie(J Kingdom A¢)XUMing StaTrJafds (United ifjngdcTh Gerterally Awsted AccAunting PractK81. The Yawappl¢able to ¢haritw in EnglaThJ a￿lwa￿S. the ChaiitsesAca2011, Chaiity {Aoxunl$ and Reports) Regulations 2008 aThg the provish?ns of Ihe trust deed requires the tyustees to prepa￿ finaroal ststernents loreach financ￿81 yearwh gi¥e a Irue ar￿ lalr v*w of the state of affairs of the charily and of the incomin9 resour￿5 and applution ol ￿SourCes, including the intome and expendituie, of the charity lor that penLxJ. In preparing those fin#ne¢l statements. the Iwstees are required to select su¢tsbJe accountirg policaes and ihen applyllw) Consiste￿￿. observe the methods and prinfyple5 in the Charity SORP.. make judgements and esl'males that are reasonabk and pr￿￿rt¢ prepare the finanual statements on the 90ing Co￿eM ba515 untess li ￿ inapprDpwiale to p￿￿Me Ihat the charity conbnue In bu51ne5S. The tnstees a￿ reS￿nsIb￿ lor keeP￿g propèraojuniing lets)￿ whith disclose with reWn3b￿ accuracy at any line Ihe financial posth.on of the charity and to enabk them lo ensure that the finarKial stslerrtnts comply with the Charitie$ Aci 2011. Ihe Charity (Acojunis and Report51 ReguL4tion5 2008 and the provtyon5 01 the tr￿St deed. They a￿ at30 respons*le for safeguardin9 the 8ssets of the tharity and for tal(ing reasonable step$ for tha prevention and deled1￿ of fraLKI and other irregulaTitEs. Approved by orderollhe board oftru*eSS ￿ 21 January2026 and Sig￿ on its behaWty. A Coyrt Chairperson of Trustees Paje 7 Inde endent Audltots to the W H Sfflilh Benevolent Fund or Opinion We have aL*Yited Ihe finanaal statements ofw H Smith Bewolent Fund Ithe'tharivl lorthe yearended 31 March 2025 which comprise Ihe Statement of Financaal ActrvilEs. Ihe BaLan￿ Sheet and notes to the fiftan¢?al statements, ￿duding a summary of sKJnsficant axounting pobaes. The finawKial repotting ftsmework Ihat ha5 teen applied in their preparation ig applcable lawand United lfjngJomArtsunting siaThJa￿ {Uniied 1fj￿0fft GeneftltyAry2pled Accounbng practi￿). In our opirjton the finznoal staternents-. gNe a true and lair view of Ihe stale of ihe alPars as * 31 Marth 2025 and of its incorning ￿sourCeS applution ol resources. for the year Ihen eTrJed., have been prupedy prepared in accordancewth Uniled Generany Aoxpted A(xouThb"n9 Pla¢￿￿.. and have bean prepared in ac£Ordan￿V￿th the ￿Vire￿*rt￿ ofthè chan￿SA￿ 2011. Basls loroplnlon We conducted tsJr audit in accordan￿ %thh Internat￿nal Standards on AUdit￿g {UKI IISAs IUKII and applKable law. Our re5ponsibilitre$ under Ihose stsndards are further described in the Audrtors. ￿SPonSibl111*S for the ZLbgit of the finanrial siaternenls section of our reporL We are i*endent of lhe charity in accordan￿ wth the ethical requirernen￿ that are relèvant to our audrt of the financ4al siatements in the UK, indudityj the FRC'S Ethical SlaTrJard, aThJ we have fulfilled our otherethical re5ponsitx"lits"es in accordance with these requilernents. l•Ve belEve thatthe a￿lIt evidencethe have obtained is SuffiC￿nt and appropriate to prov￿$ a bags for ouropiThon. Con¢lu$lons relatlng io goln9 concern In auditing the finanaal statements. have 0)￿1Uded Ihatthe Irustees. use ol the going L*rKem basis ol acojunting in the preparation OF Ihe financial stalernents ￿ appropriate. Based on the work we have Ferfomxd, ￿ have not any material uncertallities relaling to èvents or condrtion5 that, individually or col￿dIVe1y, may castsvanificonldoubt on the Char￿￿$ abilrty lo continue 85 8 going fora period of at leasi ￿61¥0 ft￿)nths from when the finan(iai slaiernenis are auth0ri5ed for tssye. Our rèsponsibilitfds and Ihe ￿spons￿l&lles ol the bu51ees vrilh re5ped to goin9 0)n￿rn arr d￿"bed in the relevant 8ection5 of IhB ￿POrl Other Inforniatton The trnslees are re5PDnsble for the other infomation. The other ￿)10M)a￿0n comprw ths information induded in thè Annual ReporL other than the finarKrdl statwnents and our RepoFI ofthe Independent Auditors thereon. ()Jr opinion on the financaal statementsdces w*)tcoverts *Jther inbrmttin and. e￿pt to the extent othemse explicidy staled ITh our ￿poTl we do notwprèss any fonn 01asswan￿ 0)￿￿510n ther•Dn. In conneclion with our audr( of the financyal slatements. ow responsbth.ty s to read the other inforrnab"Dn and. in doing so, nsider thether the olher infoFrnation is materially inconsstenl ￿th the financial gtAtements or our knowledge obtained in the auditor otheThMse appear5 to be malerialty misslated. If%4* tdenbfy suth m3lerial ino)nsisterKies orapparentmalerfal misslatemenls we are required lodetèlmine %%ttetherihi% 9Nes rise lo a material m￿state[l￿nI in the finanoal statements Ihernsefves. 11. based on the work we have performed, ¢xrKlude Ihat Ihere i8 a m8teiial misstatement of this Olher infom)alK)n, %¥e are ￿qUI￿d to report that fact We have T￿thing to report in tlus ￿3rd. Matteys on which we are required to report by ex¢eplion We have nolhing lo report in respect ol the folknw.ro matters vknere the ChaTthes IAcctyJnts aTrJ Reportsl Regulations 2008 ￿qUI￿$ us to ￿POrt lo you if. in our opinion.. the infonnation gNen in the Report ofihe Tntslees is inc¥nsStenl in any matuial respedvrilh the finanrial st*ments,' sufficEnt acwunting reo)r(13 have nol i*en kept, the finanryal $talern¢nls are not in agreementwilh Ihe accounlirtyJ reojrds and reluirts., or we have not rèeéivéd all Ihè information and expknatiorts ￿quIr& for0ura￿ Responslbllltles of twstees As exp13ined more lully in the stateff￿￿t of Trustees, Respon5Ibil￿'es. the IDJStee5 art responsble for the preparation ol the fina￿la1 s￿tements wh￿h91Ve atrue and falryfjew. and forsuch thmal controlasthe trustees delerynine is necessary lo enable the preparation ol financial statements that are free from material n¥sstslernent. wheiherdue to fraud orerror. In prep8ring the fina￿*31 Staternenfs. the t1￿￿tee$ aFe responsib￿ forassessiThJ Ihe C￿an￿8 ability lo ¢oniinue as a golng concem. disdosing, as applicab￿. matter5 related to goir¥J Coll￿M ￿n9 the 90419 cOr￿M basis of accountir unless the trustees either Inte￿ to liquKJate the thaiity orio oase ¢peral￿an$, orhave no realisticaltemative but to do so. Page 8 ort of the Inde ndent Audiiors to the Trus W H Sm•th Benevolent Fund Our responsibilities for the audit of the financial ststements We have been appoinled as a￿)llo[S under Section 144 of Ihe chaIrt￿ Ad 2011 aThJ rewrt in a(xordance wth Ihe Act relevant wulalions made or haviNg effe¢t Ihereunder. Ourobjethvesare to obtsin reasonable assuran￿aboVt￿￿tl*rlhefvanry1 stat¥nents8s aretree from rn3terial missiatemenL whether due to fraud orerror. and to issue a Report of the Independent Audito￿ that iDdu(ks our opiniorL Reasonable assuran¢e is a hKJh kvel olassUra￿e but is nota guarantee that an 8￿jIt 0)￿l￿¢t￿l in acLxJrdance ISAS IUKI wll always detec* a material rnisstatement when it exists. 1Ai55t31eTh￿nI5 ¢an aw fraud or eFTof and a ojnsthred material if, indNidualty or in the aggregate. trEy ¢thikJ ￿asonablY be expected to influence th* ¢conomlc deck8w)ns of users taken on the basi5 of Ihese f￿a￿la1 statements. The extent to whith ourpr¢xedures are capable ofdelecting irregularibes. ￿r￿l¢d￿￿ tsud i8 detsibj beljw. B8se. The￿ a￿ Inhe￿nI liniiations in Ihe audit prrKedures descthd above and the furtt)ef removed ￿n-C￿)mp￿anTr with laws and regulats"Dn5 ￿ frDm Ihe events and the transxtions Tefkcted in the financial statements, ihe less lftely we would become awaro of IL Ajso. tha iisk ol not detscts"rKJ a material mBslatwnent due to fraLNJ 15 higher than the risk ol not deterAiro one re5uttin9 from error. as fraud may invofve del￿rate conwknent by. for example, forgery or intentional mi5repre58ntatian5. or thrcuyh colu5ion. A further descripts.on Df our responsibllrties for the audrt of Ihe finanaal Statements is bcatsd on Ihe Financkql Repoiting Countyl's websits at ￿￿.fro0(g.UkIaUE1lOrsreSpoTrs￿l￿Iles. This deyiption lollns part of our Report ol the Independent A￿lI10T$. Use of our report Thi5 report 15 made solely to the charitys trLLStees, as a l>tyly. in 3C¥>Jrdan￿ wlh Part 4 of the Cha2itres (Acmunts and Reports) Regulations 2008. OJr audrt work has been uThJertaken 50 that ￿ rnsghl Statè to the charity's Irustees thos8 rnaIle￿ we are required to slate to them in an aLNJrtoJs' w)ort and for no other purpose. To the ￿1￿1 extent pemiitted by low, do not atxept or assLKna respon￿1111￿ to anyone other than the Charity and the thzrity's trLt51ees as a body, for ouraudilwork. for this ￿pOrt, orfor Ihe Opin￿)n$ ￿ have frxmed. hJhc Sumer Auditco timited Slatulory Audrtors Hemies House Fire FlyAvenue SwTrYon Wiltshire SN2 2GA Date.. 22 January. 2026 Page 9 W H Smith B•neYoknt Fund Slatemenl of Financial Acliviti¢$ Y arEnded 31 Mareh 2026 2tr25 Total funds 2024 Total fvJnd5 INCOME AND ENDObVIJiENTS FRONI InvestrrEnt i￿￿[re Other incorne 186,987 177,593 Tolal EXPENDITURE ON Rai￿n9 fund5 Charttable activ¥knes GrantriakiNJ 293 368 Total 193 176 Nei gains on inve$trw)ts 13 NET INcOm￿{EXpEN0[ruR 132.528 (22.0551 RECONCILIATION OF FUNDS Total luThJs brought loThvard 5,743.870 5.765,925 TOTAL FUNDS CARRIED FORWARD The notes lorrn part oltlw finan(aa sialements Pa9e 10 W H Smlth Benevolent Fu 8ahnceSheet 31 Mareh 2025 2025 2024 Toki runds Total funds FIXED ASSETS Investhpnts 10 5.794.627 5,709.084 CURRENT ASSETS Cash at bank 87.718 40,404 CREDITORS Amounts fallin9 due within ¢Jne ypar 15.9471 15,6181 NET CuFIRE￿AsS￿s 81.771 34,786 TOTAL ASSETS LESS CURRENTUA8IUIIES 5.876,398 5.743,870 NET ASSETS 5.876,398 5.743,870 FUNDS Unrestitied lunds.. General fund Capital 11 81.771 5,794.627 34.788 5.709.084 5.876,398 5,743,870 TOTAL FUNOS S.876.398 5.743,870 The finanryal Statements￿reaPpro¥ed by the Board ofTnL%tees ar#J authorisedforisg* on 21 January 2026aThJ were sgned on rts behalfby.. A Court- Chairpefson ol Tn￿leeS Tre nofrs lomi pat01t￿ ￿nan(la1 sialements Pa9e 11 WHSrnith Fund Notes to thè Fbnanclal Statements e Year Ended 31 Marth 2025 STATUTORY INFORMATION The charity is an unino)rporated tntst oJnstilut8d by a tntsi deed. The charitys re9iStered Offi￿ i5 do WHSmith Retail Hoklirmp knmiled, G￿e￿$Thy9e Road. Swndon. SN3 3RX. ACCOUNTING POUCIES Ba$is of preparing th• finanelal ststements The finanoal stalements of the chanty. which 15 a p￿11￿ benefit entty uThJer FRS 102. have been prepared ac￿rdan￿ wlh the Charibes SORP IFRS 1021 'ActhintiNJ and Reporting by Charities.. Statement of Recommended PractKe applicable lo charities p￿pariry thwTaC￿Unts in a￿[da￿￿7th the FinanrAal Reporting Standard appIl￿b￿ in th¢ UK and Republic ol Ireland IFRS 1021 leflective 1 January 20191,, Financi41 Reporting Standard 102 The Financial Reportsrvj StaTrd3rd appltsNe in the UK aThJ Republic of Ireland, and the Charities Ac* 2011. The finan¢wl staiernenis Iwe been prepared under the hi%lori¢al cost convention, with the exwts.on of invesunentswhich are ind￿Jed at market value. as rnodif*d by the revaluation ol ￿rtain 85sets. The financial $talemenlS havè bèeft prepared to give a aTrJ f3rf and have departed from the Charsbes (Accounts and Report51 Reguktions 2(￿ onlyto the extentrequiredto provin in prepariNJ these financial stsiem¢nts, as pennitted by FRS 102 The Finan￿] Reportmg Slandard apPI￿ats1e in Ihe UK and Republ￿ of Irebnd.. the ￿quIremen￿ofSe¢rKjn 7 stsiemenlofcash Fky•s. Income All incorne is reccgnised tn Ihe Stslerr￿nt of FinanL7alActiviies once the tharity ha5 entrU￿entlo the funds: it is probat4e that the Inco￿ be received. and the amount can lje w￿aS￿red ￿Satty. Interest on lund5 held on deposit is induded vtheTh rec£ivablE and the amount can be measured ￿fiabfy by the ¢harrty". this is noMally upon not[r￿atron of the interest pavJ orpayable by ihe bank. OivKfend$ arè rèCc¥Jni￿l onc8 the dNthnd hasbeen declared. •nd notif￿￿On has been receNed oflhe dNtdend due. This is nornaly upon nokntion by ourinvesknent advi50rofthe dwthnd ythl olthe inyeslment portfolio. Expenditur¢ Liabilrt￿s a￿ ￿cOgnIsed asexpenditure a5500n 3slhere i53 regal orcthstrucbve 014p3ation ￿Mmit￿.n9the tharity to that expeftdrtU￿, rt is probatle that a transferof eo)ntyni¢ beneffts wll be requi￿ in Sett￿ment ar¥J the amount ol the obligab.on be rneasur￿ ￿l￿tsty. Expenditure is accounted for on an a¢xruals bags and h8s been ¢lassffied under headings that agg￿gate al cost ￿lated to the category. Wherè cannotbe diredy attrbuted to particular headI￿js, they have been allocaby to aclivi1￿ on a basi8 (x)rsk%tent Ihe use ol resou￿5. GT8nt$ payabfe are payments made to third parbes in the fijrther8D￿ of the charttablè objects olthe charity. In the case ol an unCondrt￿)nal gTrnt offer this is accrued Oft￿ Ihe recpienl ha5 been notified of the grant award. The notification gNes lh& rewient a reasonabk expectab¢)n that Ihey ¥%ill r￿e1¥& the gianL Pro¥rision$ lor grants are made %%then the ffttention to make a grant has been communicated to Ihe recipient bul there is tjn￿rta￿ilY as to the bmir¥J of the grant orthe ar￿Unt01 grant payabb. The charrty does nol make muttwargrants, and al grants a￿ Taxallon Th• tharity èxwnplfrom lax on its tharitabkn ath Page 12 WHSM Fund Notes to thp F•nancial Ststèments-conllnued for thè Y•ar Ended 31 ACCOUNTING POUCIES-¢oniinued Fund a¢¢ountlng un￿stricted fijnds can te used in aCt0rdan￿ wilh Ihe thariiable obieLXwes at Ihe dixretion olthe trLtstee$. Restricted funds can only be used f¢rpaI￿[al ￿stri￿ad purp)ses Mthui the objects ofthe tharity. R85trictsons arise when speofied by the ¢Jonor orwhen fvnd¥ art raLsed for partieular resth.cted p￿￿oSe$. Furtherexplanation ofthe nalU￿ and pwwse ofeath fthj i% irtdL*Jed in ￿ notes to the financial st*m6￿. In¥estsn•nts Inveslrnents a￿ a lo￿ OF basic finantial ￿strUMent and are initomy recrgnised at their transa¢tion value and $ubsequenUy measU￿d at their lairvalue as at balaft￿ 5heei dattr using the dosing quoied Ma￿¢t price. The siatement of fina￿11 ac*vilies I[￿ude$ net gains aTrJ losses afising on rev*uation afid disposals Ihioughout the year. The charity does not aqui￿ wl optbjns. derivativesorotsrcL¥nplex financial instsuments. The main forni olfinancial ri5kfaced bylhe d*nty is thatofv<>Ia￿rtY in equity maFkets 8nd invesimentmarketsdue to w((Jer econom￿ cOnd￿"0n5. Ihe atb(￿ ol investors to iftvesbnent risK aTrJ thanges in sentiment con¢eming equrties and wrthiD paFticuiqr Secto￿ or5vb 5ertors. Reallsed 9alns and10sses All gains and losses a￿ taken to the Ststement of Finanual Acthths as tw arise. Re8lBed gains and losses on investments are calojkited as the differerKe bebveen Sa￿ prO￿ed$ and their openiryj carying value or their Purchase value ifwLured S￿)seq￿￿t to ts first day olthe finaThial year. Unrealised gains and k)sse5 are rA￿lated as thé ￿rffe￿n￿ tewn the Pair valuè at the year end ond their ¢att￿n9 value. Reak'sed and Un￿*￿ed irNestrrEnl gawbs aNI losses are ccqnbujed in the 5th￿ment ol Financial Cash at bank and in hand Cash at bank and cash in hand indudes cash and short tenn h#Jhly SquKI In￿51M￿n￿WIh a short maturity ofthrEe nv)rtth$ or less from the dale of ar4Ui5itioTh or openin9 of Ihe depo%t or wrnilar acuunt. Creditors and prov15tons Cfedilors and provisions a￿ reco9nBed wherethe tharity has a present oblb3ation resulb.ng from a past event Ihat ill probabty result In the transfer ol luTrJs io a thud party and the amunt due to setue the thli9ation can tse measured or e5b"mated reliabfy. c￿dilOrS aThJ p￿viSiOnS are normally retswnis&J at their sewement amount after allowing for any irade discounts d￿. Financial instruments The charity ofily has financial assets and finan(aal liabil￿eS of a kind that qualfy as ba&c financial instruments. Basic Iinancial irtstrumen15 are inrtolty ￿cOgnised at traTrsaclion ¥aEuE •rMI $ubwuenUy rnea5ured at Ih&ir Settle￿nI value. INvESTME1￿INGOME 2025 21r24 UK investmenls Deposit account Inte￿$t 186.622 365 177.593 All irKorne in the rJJrrent and prior year ￿lateS to unrestrthd thJThts. Pa9e 13 continued... WHSMI Fund Notes to the Financial Statements-tontinued Year Ended 31 March 2026 RAISING FUNDS In￿$￿￿ent management costs 2025 2024 Portfolio management All o)sts in the cuThent and prior year telales to unles1￿d tunds. HARITABtsACTIVITIES COSTS lunding ol a¢XMbe5 (see no 61 Support Costs Isee note 7) Total$ Grantrnaking J59 All costs in Ihe cuffent and pr1DrYear￿1ateS to unrestrirtsJ lund5. GRANTS PAYABLE 2024 Grantmakirvj The totalgfants pahl to iTh*MduaLq duriryJ the ye¥vAs as fobm". 2024 Géneral grants Inc4)me 5upporf RècuperativèholKlays ca￿r￿ea￿ 114.954 22.840 215,714 21,760 7.284 13 097 20 086 All costs in the vJwrent¥nd pr￿rYear relates to unrestrKtsJ funds. SUPPORT GOST5 Totals Grantmakirq Support costs. induded in the above, afe a5 folly￿. 2025 2￿24 Totsl antsnaking acti¥ttes Wages Printin9. poslage and Slai￿ery Expense AUdrtO￿. femunerabon 28,013 70 29.240 2,434 All cosis in Ihe currentand Pri￿ year rèlates to unieslri(kd funds. P4e 14 onbnued... W H Smith Benevole Notes to Ihe Flnanclal Staternents-conlinued forthe YearEnded 31 Ma TRUSTEES. REMUNERATION AND BENEFftS There wére no INstees' rnmunetstth or other tenefits for fv year ended 31 2025 Mr forthe year ended 31 Marth 2024. Tru$teé$' èxpénsès Ther¢ were no trusteès. expertses paid lorthe yearended 31 Marth 2025 nor for Ihe yearended 31 March 2024. STAFF COSTS 2024 Wages and salaries Empk)yees crjnsist ol a granl's adrntrnistraior (employed by WH Smith and retharged to the Charity). and 1 sew- emph)ye(J persons. None ol the 31aff earned rn0￿ than £60.00D. The key management personnel of the charity ¢4ynpiise Ihe trustee& The totsl empjoyeè benefils of the key management pe￿o￿ne7 ofthe charity ￿re Enll. FIXED ASSEf INVESThlEKt5 Listed vestments MARKET VALUE Al 1 April 2024 Disp05a15 Re31ised gain5 Net unrealtsed 98ins 5,709,084 150.CKIDI 16.232 119311 At 31 Marth 2025 5 794 627 NET BOOK VALUE At 31 March 2025 At 31 March 2W24 Thare were no investw*rsl assets outshjethe UK All investments arE (3rried at the¥r fair value. Inve51menl in equibes and fjxed inlere* se(yJrities a￿ all traded in qI￿ted public marfots. All investments have been valued by Blackroc* Advisors (UK) timited and ale based on Ihe Bid piitt as at the thse of bU$￿eSS on Ihe valuatw date. A5$¢1 sdes and purchases are r¢uyJnised at the date of Irade at cost lthal is 1heirtsansar*￿ Val￿}. The $b3fiif1can￿ of finanaal ir¢5trurrEnts lo the oryJoing finanoal $L￿tainabth.ty of the eharity is £0￿￿Jered in the fina￿7 review and irNestmerf aThl pe1knmun￿ sections ofthe Trustees, Amnual Report main risk to Ihe charity from financaal instnjments f*s in the ¢J¥isors aThJ opeiatsro an inv¢slrnent poliry Ihat provths for a ligh degree ol diver5ffi￿l10n ol hotding5 vathin investrnenl asset dasses Ihal are quot0 on recognised slock excharees. TheTThst does nol make use ofderivative5 and sirrularcDmplex financol instruments as it tskes Ihe wew that investments are hekl for tl*ir knger-temi yejd total return and historic studies ol quoted financial. Page 15 W H Smith Benevolent Fund Motss to the Financial Statements-continued for the Year Ended 31 Ma￿h 2025 11. MOVEMENT IN FUNDS Transfers bemeen fiJnd5 rnoverrtni in funds At 31.3.25 At 1.4.24 Unrestrtcted funds General fvnd Capitsl 34.786 13,0151 135.543 81,771 743 870 132.528 TOTAL FUNDS 132.528 5.876.398 Nel movement ￿ lurKIs. the above as (Dkns" In0￿1￿ sources ResOU¥ttS Gains and expended 1055es Movement in funds Unrestricted fvnds General fur Capital 190,161 1193,1761 13,0151 1W.161 1193.1761 135,543 132.528 TOTAL FUNDS Comparati￿$ form0￿mentIn lunds Net Transfr At 1.4.23 in fijnds fvnds 31.3.24 Unrt$tri¢tèd funds General tuThJ Capilal 71.016 1116.2301 94,175 34.786 80,0001 5 709 084 5 765 925 P2.0551 TOTAL FUNDS 5,743,870 omparaM nei mo¥emeni in lurth. in Ihe above are as fcljob Inccffji resour Resou￿ and MoverrEnt bjnds Unrestrlcted tunds General luThJ Capit81 177,593 1293.8231 1116.2301 17 177.$93 r293.8231 94.175 f22,Q551 TOTAL FUNDS Th& L¥pital fepre5ents Ihe mathelvalue ofthe Transfers funds Th¢ transfer beN￿n funds ts rnade to ￿llect InVes￿nI￿￿6 RELATED PARTY DISCLOSURES The￿ were no related party tranSaCt￿n3101 the yearended 31 2025. Po92 16