2022-03-31-accounts - The Smith Foundation

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Trustees' report and	statement	1-6
Independent auditors'	report	7-9
Statement offinancial	activities	10
Balance sheet
Cash flow statement		12
Notes to the financial	statements	13-25

	Note	Unrestricted	Restricted	Endowment	2022Total	2021Total
Income and endowments	from:	E				E
Charitable activities Investments	4 3	8,202,987 1,192	122,156		8,325,143 1,192	6,998,008 9,497
Total income		8,204,179	122,156		8,326,335	7,007,505
Expenditure on:
Charitable activities:
Salaries Establishment costs Education ik welfare	14 5 6	5,251,478 816,803 1,046,696	83,780		5~251 l78 816,803 1,130,476	4~471 852 591,560 874,924
Support and governance	costs:	7,114,977	83,780		7,198,757	5,938I336
Interest payable - pension Depreciation Professional fees Clerk charges ik subscriptions Auditor remuneration Actuary fees		70,000 153,456 10,242 13,868 11,340 426	3,919		70,000 157,375 10,242 13,868 11,340 426	50,000 117,724 13,454 9,381 11,820 786
Total expenditure		7,374,309	87,699		7,462,008	6,141,501
Net income before
investment gains/(losses)		829,870	34,457		864,327	866,004
Net gains/(losses) on investments		1,687		5,660	7,347	10,261
Net income/(expenditure) Transfers between funds	2	831,557	34,457	5,660	871,674	876,265
Actuarial gain/(loss) on defined
benefit pension scheme		2,770,000			2,770,000	(1,270,000)
Net movement in funds		3,601,557	34,457	5,660	3,641,674	(393,735)
Reconciliation offunds:
Total funds brought forward		3,030,879	159,438	713,224	3I903,541	4,297I276
Total funds carried forward	12	6,632,436	193,895	718,884	7545i215	3 903 541

				Note		2022		2021
								E
Fixed assets
Land &buildings Furniture 5equipment Investments						5,271,858 66,719 344,530		3,930,067 85,698 55,979
						5,683,107		4,071,744
Current assets
Stocks Debtors Cash at bank and in hand				10	54,393 288,276 3,083,767		53,974 1,100,572 2,669,014
					3,426,436		3,823,560
Liabilities
Creditors falling due within one		year		11	(564,328)		(361,763)
Net current assets						2,862,108		3,461,797
Net assets before pension liability						8,542,775		7,533,541
Defined benefit pension	scheme	liability		15		(1,000,000)		(3,630,000)
Total net assets						7,545,215		3,903,541
The funds ofthe charity:
Endowment funds Restricted income funds Unrestricted income funds:						718,884 193,895		713,224 159,438
Unrestricted funds Pension reserve School Improvement	Plan designated		fund	15		7,332,030 (1,000,000) 300,406		6,425,971 (3,630,000) 234,908
Total charity funds				12		7I545,215		3,903,541

	STATEMENT OF CASH FLOWS	STATEMENT OF CASH FLOWS	STATEMENT OF CASH FLOWS
for	the year ended 31March 2022
Reconciliation ofnet income/(expenditure) cash flow from operating activities		to net	2022 E	2021 E
Net income for the year (as per the
statement offinancial acbvlties) Add back depreciation charge Deduct interest income shown in investing Net (galns) on investments (Increase)/decrease in stocks Decrease/(increase) in debtors Increase in creditors FR5102 pension adjustment	activities		871,674 157,375 (1,192) (7,347) (419) 812,296 202,564 140,000	876,265 117,724 (9,497) (10,261) 1,935 (469,763) 88,702 (50,000)
Net cash provided by operating activities			2,174,951	545,105
Cash flows from invesdng activities:
Interest and dividends Purchase of property, plant and equipment Purchase of listed investments Proceeds on sale of listed investments			1,192 (1I480,187) (300,130) 18,927	9,497 (477,222)
Net cash used in investing activities			(1,760,198)	(467,725)
Change in cash and cash equivalents	in the	year	414,753	77,380
Cash and cash equivalents brought forward			2,669,014	2,591,634
Cash and cash equivalents carried forward			3,083,767	2,669,014

	forth	year en	ded 31March 202	2
4	Income from charitable acdvities			2022 E	2021f
	Fees: Standard :Additional services :Off roll/off site provisions :EFSA funding grant Other grants Other generated income			5,194,074 1,526,006 578,000 488,871 485,650 52,542	4,597,463 1,119,060 356,565 530,841 377,727 16,352
				8,325,143	6,998,008
	Grants comprise mainly of ESFA funding	towards	education.
5	Establishment costs			2022	2021
	Cleaning Maintenance and security Heat and light Water Insurance Office costs Professional fees Boothroyd House			119,112 377,558 90,224 23,497 73,790 96,312 35,107 1,203	113,086 214,585 73,545 20,455 65,026 71,646 28,675 4,5'l2
				816,803	591,560
6	Education and Welfare Costs			2022	2021
				6
	Education costs ICT Catedng Housekeeping and laundry Motor and travel Training Care Therapy Other School Improvement Plan —designated fund expenditure Other restricted and designated fund expenditure			130,802 76,832 147,344 45,212 62,195 90,393 179,951 11,400 4,570 297,997 83,780	127,407 68,905 104,664 39,406 55,365 67,693 121,637 14,145 4,635 171,511 99,556
				1,130,476	874,924

7	Tangible Fixed Assets
			Freehold
			Land lk		Fixtures 8r
			Buildings	Computers	Equipment	Total
	Cost		E		E
	1 April 2021 Additions		5,596,412 1,480,187	52,269	450,411	6,099,092 1,480,187
	31 March 2022		7,076,599	52,269	450,411	7,579,279
	Depreciation
	1Apdl 2020 Charge for year		1,666,345 138,396	52,269	364,713 18,979	2,083,327 157,375
	31 March 2022		1,804,741	52,269	383,692	2,240,702
	Net BookValue
	31 March 2022		5,271,858		66,719	5,338,577
	31 March 2021		3,930,067		85~698	4015(765
8	Investments
	Movement in fixed asset	investments
					2022	2021
	Market value at 1April 2021 Additions at cost				55,979 300,131	45,718
	Disposals Net gains on revaluations				(18,927) 7,347	10,261
	Market value at 1April 2022				344,530	55,979
	Investments at market: value comprised:
	Charities Oflicial Investment	Fund			61,640	55,979
	Listed investments:
	Equities Fixed interest securities				176,447 30I100
	Alternatives				51,527
	Property				24,816
					344,530	55,979

9	Financial instruments				2022	2021
	Carrying amount offinancial		assets			E
	Debt instruments measured	at amortised		cost	251,653	1,086,095
	Carrying amount offinancial		liabilities
	Measured at amortised cost				474,300	288,440
10	Debtors				2022	2021
					E
	Trade debtors Other debtors Prepayments				250,516 1,137 36,623	1,081,600 4,494 14,478
					288,276	1,100,572
il	Creditoha amounts falling	due within		one year	2022	2021
	Trade creditors Other taxes and social security Other creditors Accruals and deferred income				307,534 90,028 109,128 57,638	163,003 73,323 97,298 28,139
					564,328	361,763

		Unrestricted	Restricted	Endowment	Total
			E	E
Brought Surplus Increase Pension	forward for the year in valuations movement	3,030,879 829,870 1,687 2,770,000	159,438 34,457	713,224 5,660	3,903,541 864,327 7,347 2,770,000
		6,632,436	193,895	718,884	7,545,215

Expenditure				2022	2021
Staffcosts				F.	E
Wages and salaries Social security costs Pension costs (see note 15)				4,096,233 333,782 821,463	3,546,813 288,888 636,151
				5,251,478	4,471,852
Staff earning over F60,000				2022	2021
Employees with emoluments	falling	within the following	bands:	Number	Number
I60,001toI70,000
E70,001to680,000 f90,001tof100,000
6100,001tof110,000

		2022	2021
Average number	ofemployees:	E	E
Senior Leadership Team Teaching Department Care Administration Maintenance Domestic Education Support ISIP Boothroyd House		6 46 25 13 7 7 66 1	5 42 24 12 7 7 5'l
		171	151

Pensions	Pensions
Contributions payable by the Foundation Teachers Pension West Yorkshire Pension Fund Peoples Pension		for the employees:	2022I 148,396 605,939 67,128	2021 E 121,682 454,085 60,684
			821,463	636,151
Contributions outstanding	at the yearend:
Teachers Pension West Yorkshire Pension Peoples Pension	Fund		17,808 47,511 11,005	14,848 50,502 8,132
			76,324	73,482

The major categori	e	s of	as	sets inth	e scheme asapercentage oft	otal plan assets are	asfollows:-
						2022	2021
							a/o
Equities						79.8	79.7
Corporate Bonds						4.8	4.6
Government Bonds						74	8.3
Property						4.0	3.8
Cash						2.9	2.0
Other
						1.1	1.6
Analysis ofthe amount			recognised		in the SOFA:
						2022	2021
							E
Current service cost						610,000	460,000
Contributions already Past service cost		paid	by	the employer		(540,000)	(560,000)
Net interest charge						70,000	50,000
Actuarial gains/(losses)			on defined		benefit pension scheme
Asset (gains)/losses Liability (gains)/losses	arising during the period arising during the period					(1,260,000) (1,510,000)	(1,640,000) 2,910,000
Movement in pension		scheme		deficit		(2,630,000)	1,220,000
						2022	2021
						6	E
Actual return on assets:
Interest income on assets						720,000	190,000
Gains/(losses) on assets						1,260,000	1,640,000
						1,480,000	1,830,000
Changes to the present			value ofthe plan liabilities			2022	2021
						E	6
Opening scheme liabilities						13,840,000	10,380,000
Current service cost						610,000	460,000
Past service cost
Interest expense						290,000	240I000
Actuarial (gains)/losses on liabilities Contributions by the participants						(1,510,000) 90,000	2,910I000 100,000
Net benefits paid out						(110,000)	(250,000)
Closing scheme liabilities						13,210,000	13,840,000

Changes to the	fair value	ofthe plan assets:	2022	2021
				E
Opening fair value ofassets			10,210,000	7,970,000
Interest income			220,000	190,000
Remeasurement	(loss)/gain	on assets	1,260,000	1,640,000
Contributions by	the employer		540,000	560,000
Contributions by	the participants		90,000	100,000
Net benefits paid	out		(110,000)	(250,000)
Closing fair value	ofassets		12,210,000	10,210,000
Net scheme liabilities			1,000,000	3,630,000

operating lease	s:-
		Plant 8	Machinery
		2022	2021
		E
Leases expiring	in:
& 1year 2-5 years		110,498	18,113 67,807

		Note	Unrestricted	Restricted	Endowment	2021Total
				E	E	E
Income and endowments	from:
Charitable activities Investments		4 3	6,905,826 9,497	92,182		6,998,008 9,497
Total income			6,915,323	92,182		7,007,505
Expenditure on:
Charitable activities:
Salaries		14	4,471,852			4,471,852
Esbrblishment costs		S	591,560			591,560
Education ar welfare		6	775,202	99,722		874,924
			5,838,614	99,722		5,938,336
Support and governance	costs:
Interest payable - pension			50,000			50,000
Depreciation			113,805	3,919		117,724
Professional fees			13,454			13,454
Clerk charges &subscriptions			9,381			9,381
Auditor remuneration			11,820			11,820
Actuary fees			786			786
Total expenditure			6,037,860	103,6'l1		6,141,501
Net income before
investment gains/(losses)			877,463	(11,459)		866,004
Net gains/(losses) on investments					10,261	10,261
Net income/(expenditure)		2	877,463	(11,459)	10,261	876,265
Transfers between funds			18,386	(18,386)
Actuarial (losses) on defined
benefit pension scheme			(1,270,000)			(1,270,000)
Net movement in funds			(374,151)	(29,845)	10,261	(393,735)
Reconciliation offunds:
Total funds brought forward			3,405,030	189,283	702,963	4,297,276
Total funds carried forward		12	3,030,879	159,438	713,224	3,903,541