THE SMITH FOUNDATION ANNUAL REPOKT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 The Smith Foundati)n Boolhroyd BRIGHOUSE West Yorkshire HD6 2)W Tel: 01484 710123 Fax.. 01484 721658 -mall.. secretaryoftru5t@wh$$cho01.org.uk
THE Sm FOUNDATION CONTEKrs Trustee5' report and statement of trustee5 responslblllti Independent auditors, report Statement of financial attlvlties io Balan sheet li Cash flow statement 12 Note5 to the ftnanclal Statents 13-26
THE SMrnI FOUNDATION TRUSTEES, ANNUAL REPORT For the year ended 31 March 2024 Administratlve Detalls, Trustee$ and Advisers The Smith Foundation 15291321 is governed by a Charity Commlssion Scheme dated 4 August 1998 arnended by resolutiorffj dated 20 June 2000. 5 July 2011 and 2 February 2023. The office for all correspondence .. The Smith Foundation, Boothroyd lane, Brighouse, West Yorkshlre, HD6 3JW. PresentTru5tee5 of the Foundation are.. Roger Tilbrook, Chblr Brendan Heneghan, VI Chalr Davld Duncan Mlchelle Cuffe Key offlcers Trust Secretary.. Vanessa Talb(>t Willlam Henry Smlth School, slxth form & college Sue Ackroyd, CEOIExecutlve Prlnclp31 Damien Talbot, Deputy Princlpal Leanne Clèrke, Deputy Princlpal Karl Adamskl, Heèd of School Tom Gilbody, Vice Princlpal Georgina Poole, VI Pfinclpal Rachae1 Johnson, Vlce Prindpal Sarah Koler, Vice Prlnclpal Trust Advlsers and Agents: Bbnker5 Lloyds Bank plc 617 Park Row LEEDS I INX SolicÈtors Welghtmajs LLP Westgale Point Westgate LEEDS LSI 2AX Auditor5 Flrth Par&h, Chartered Accountsnts l Alrport West Lancaster Way Yeadon LEEDS LS19 7ZA Land & ValuatiDn Chartered Surveyors Carter Jonas Manor House Nabbs Lène Slalthw3ite HUDDEFIELD HD7 SAU Health & S?fety Cgn5ultants Senlor H & S Advlsor Calderdale H & S Department Calderdale MBC Chartered Bullding SuNeyors & Project Manayement TBC - The Foundation are currenuy conducllng competitive tendering process to identify new independent property advisors for the Foundation. In the interirn period a(5 hoc advlce, If requlred, Is sought from appropriate consultant5.
THE SMITH FOUNDATION TRUSTEES, ANNUAL REPORT (CONTINUED) For the year ended 31 March 2024 Ml$torical Context The Smith Foundation orwJln3tes frorn 3 Twst establlshed on the 16th of AUgt 1916 by William Smith. The main purpu5e of that Trust was to establtsh a Horne for orphan girfs. This was thong to a home for y5 and girf5 under a scherne of 1923 just after William died in 1922. The bulk of his estste had LEen inlended for hi5 cousin s adopted son Wllllarn Henry Smith but unhappily he was killed in the 1914-18 war SD this rnoney too was passed to the Trust. The horne5 contlnued throvgh the 1920's, J930's attd through the 1939-45 war. During the war they took In chlldren frorn The Sailors. Orphan Horne in Hull and also the school was used as a transit horne for children from Sheffield. In 1951 a scheme changed the name of tkE Trust to The Smlth Hornes. Thls came aboutfollowlng an approach by the Ministry of Education after the enacbment of the 1948 Children's Act. The revised scheme allowed the continuance of the Homes for a limited time but added an authority for the Tnjstees to make grants to special schools and to establish speclal schrds of thdr own. Grants were made to Breckenborough and Chalgley School Holly 8ank House was purchased by the Trust to convert into a Speclal Schwl for Physically disabled children. Th School wa5 opened in 1953 and was run by the Trust until 1998 when It handed over to the newly formed Holly Bank TrL%&t By the end of 1959 the 185t of the chlldren left the Homes and by then plans were In hand to opEn a further residential speclal School In the buildings. The Wllllarn Henry Stnith School Oped In September 1961 for 48 boys. In December of the following year the Charity Comrnission made a schetne that changed the name of the Trust to The Smith FoundatOn. Over the next 30 years the schod developed its educalion and soclal provlslon becoming recognised as a spethalist school for boys experiencing social, emotional and mental health difficultles, becornlng very rnuch a part of the natlonal spectrum of Special needs provision. During thls period the Twstees with the help of the provlded new Science bulldingi new kltchen and then portable classrwm5 and a Gymnasium. In the early 1990,5 it became clear that the residential accommodation needed to be repLaced and the Trustees provided tjvo new Se$ using some of their capitsl and money rdi5ed from Trusts. In 1994 the Trustees commlssloned a feaslblllty 5bJdy that Iderntrfied a plan to maximlse the use of existing bulldlngs through conv£rsion &nd refurbishment to create ne¥y tsaching facllitie5 to albw the school to tneet the ch3llenges of the nev4 millennium. Since that time each summer there has been bullding vwrk to I11 the plan as money has allowed. This has seen the whole slte transformed wSth derelirt bulldlngs becomlng teaching and communal faalitles, slngle en-suite bedrooms for all the trh)ys and recreatlon Improvements In the houses on the Qre side of the school. On the Educatlon slde all the origlnal ternporary classroorns have been rebullt to provide permanent accommodation,. an IT suite, Assembly Hall, Desl9n and TeChnolY Roorns, Art Roorn, mUC Room, Sport5 Hall, Ufe Sknlls Kitchen and a new therapy sulte have been provided. There has ako been onslte expansSon In recent years Induding the addition of a new buildlng for Commlssloned Services in 2019 and in 2020, which will be used as a learning space for new students from SeptenTrr 2023. The Foundation also purchè5ed a former B&B which has LeTh devdop2d and has been used as a 52.week children home from late 2023, known as Eththroyd House. In 2021 the Tm5tees purchèsed a further property offsite whith was a former day nursery in Elland (Willow) which has been operatlry as a College slnce September 2023. Last financlal year work was also completed on convethng Lowry house, from re5identlal accomodation to a state of the art therapy bullding. Houses 5 and 6 weTe also converted during surnmer 2022 into a 4 bedroDmed residential provlsion. In 2023 Corbett classroom was created, a dedlcated tenth leamlng group specialising In Communlcation and Interaction 3nd Sensory Proce$51ng and we opened New Beglnnings In the buikling previously known as Sycamore. This nurturing, needs-led space provides Students with the individuallsed 5UPPOrt and structure they require to ensure a smooth transition Into school. In addition to our College buSldln9 (Willow) we have now seojred the rental of the building next to it (Fordsall House) to enable the expansion of our college offer. Fordsall has b2en adapted to cate an office, classrooms and confe5.ence facilits"es.
THE SMITH FOUNDATION TRUSTEES'ANNUAL REPORT (CONTINUED) For the year ended 31 March 2024 A final scheme was established by the Charity Cornrnlsslon In 1998 that rei4sed the men7bershlp requirements for Trust and the obJects of the charlty larnended by resolutlons dated 20 June 2000, 5 July 2011 and 2 February 2023 (The 2023 amendments were to reduce the number of Trustee5 and provlde the Power to Incorporate). The aim was to convert to a charitable Company limitecj by guarontee b¥ 1st September this year when the year end wlll a150 altei to 31 August to align wlth the aia(femlc year. Complicatlons have meant that The Foundation remain committed lo achleving thls transfortnallon. The InstrmeTrts and artTdes of the governlno body of the school were revised at that time and approved by the DfES In 1999. The governlng bodywas rnStitUted during the ac8demlc year 199912000. These have been further VE5ed on 7th March 2023 and 4th Jul¥ 2023. The revislons were to amend the number and makeup of the Governing Body and to reflect the name chan9e of the Sihool to Indude Slxth Form and College. structure, Governance and Management Constitution The Trust is governed by a Charlty Commlsslon Scheme dated 4 August 1998, as varied by a resolutlon of the Truste& dated 20 June 2000, and further resdutTons dated 5 July 2011 and 2 February 2023. Trustees tems are revWed every five years. All Trustees are nomlnated by current Trustees. In making appolntments to the Trust, Trustees"shall have regard to the deslrability of appointlng person5" When vacancles arise, Trustees seek expressions of interests. So far thi5 approach with prospective Tnjstees suggested by the present Trust body had provided a repr&entatlve and active group of Trustee5, When looklng at vaoncie5 the Trust consldeis the ski115 and experien gap In their body. All prospectlve Tru5trees are informally inteNlewed by the chalrperson, who at that Ume rnakes vÉrb31 checks on the ellgibility of Trustee5. Each new Trustee Is oiven an Inductlon pack contalning th@ charity's governlng docvment, the Instruments and Artlcles of the school, si¥th form & college, annual reports, together with prevlou5 meeling mlnutes of the Trust and Governlng body. They are yiven a tour of the Trust grounds and meet senloT rneMbe of the schwl, slxth form & college managementas well as the Trust secretèry. D85 and the other relevant cheths are Initiated before a Trustee is flnally accept. At the first meeting of the Trust they attend they formally sign the minutes book declaration. The Trustseuetary has reported that 811 Trustees have corneted DBS check5 In relation to Twstee¥ appointments, addlng that slnce the Cornm1$510n'5 Scheme sealed on 4th August 1998 all Trustee5 have signed a statement a5 folk)w5.'. -1 the undersigned hereby declare that I am wllllng to accept the office ènd appolntment of Trustee of The Smith Foundatlon ond of acce*ènce and willingne$5 to act In the Trusts of the S¢trMe approved and established by the Charity Comm155ion on the August 1998.. Organisatlonal structure The Truste delegate the runnlng of the school, Sikth forrn & college to the governlng body. They operate under Instruments and Artlcles approved by the DfES in 1999. The have been further revised M6rch 2023 and 4th July 2023. The e5tabli5hment of the governing body is up to 13 members.. 2 Trustees, the Prlnclpal, I parent representatlve, I teaching staff representat%ve, I non-teachlng staff representative, l employed by a Local Authc>rity, 2 from a prOfS1Oal background and 4 other persons deemed suitable by the Governlng Body to enhance the The Governli)g body in turn delegate the day trj day running of the school & sLxth form & college to the SLT and ELT. In practice thls means that the Trustees have final responsibility for the school, sixth form & college staffing complement, audit and bankingi insurance 3nd security. They have Joint resp0Tr51bility with the governors and CEOIExecutive Principal for Admisslons, Terms and Hollday dates, flnartclal budgeting In the school sixth form & college, Pr05pettU5, the use ofthe premSse5. 311 statLltory poISci such as Health & Safety. Religious Educatlon and Sex Education. The Governors and CEOIExecutiv& PrlTrcipal are jOinY resN>nsible for Stsffing, Curriculum policy, welfare and child protection. The CEOIExecutlve Principol is solely rÉspon5ibl8 forthe organlsation ol the currlculum and the day-to-day runnlng of the school, sixth form & college. The govermrs do not srf( over Boothroyd House but the trustees do. The Goverrws fulfll these funrtlon5 throuoh three sub commlttees for Finance, Educatkin and Premlse5,
THE SMrrH FOUNDATION TRuyfEES' ANNUAL REPORT (CONTINUED) For the •r ended 31 March 2024 Rlsk Assessment During the year the Trustees have carrfed out a revlew of the risk aswsment and confirm that all rnalor risks have been reviewed and acknon plans are in place to mikngate th&e risks. The Emergènry Plan and Buslness Conts"nuity Plan are subjett to regular review. ObJectlve$ and Actlvftie5 Objectlve lal To promote the educatlon of children who have special educatlonal needs, and In pacUlar bul In no way limitlng the generalty of the foregthng by the wovL4lon of a 5peclal schwl, slxth form & colkge within the meaning of the ucation acts,. and To promote the general welfare of children ar young persons requirlng a5SiStance who have or have had special educabonal needs, with preference for students and former pupils of the school, smthform & college ofthe Charity. (b) Misslon Statement The Trust fuifit5 its objetts by empowerlng everyone to becorne the best they tan be through granting equlty of acttss to provlsion of Ilfe enhanclng Opportunie$ leadlng to achievement, fuifilment and hapn$. Our vision supwrted by our whole comrnunity of serviTr5 is to PrOve outstandln9 Indivldualised education, care, welfare and support for children and young people experienclng soclal, emotional and mental health dlfficulties. The Trustees recognlse their three principal hjncbons as.. Ovetseelng the working and development of The Wllliam Henry Smith Schwl, slxth form & college, and Booihroyd House through the Work of tt)e Goveming Bixly and designated lead Tru5tees,' The fegUardIng of the 35sets Including finantr, bulldlng and grndS In thelr care, and,. Planning for the future use of propety and other assets. Actlvltles To tneet the* objectives the Trustees, the Govemors of the school, slxth form & college, the Principal as Chief E%eiubve Officer and senior members of staff have worked together on the contlnued development of the Servi$. The Trustee5 for their part have continued to prode finance for capital development and have worked alongside the senlor staff In developing a 5-year strateglc plan covering all areas of the sthool, slxth form & college. The return on Investment hos been carefully forecAsL Once again, a prlncipal acbvity of Trustees this year has been that of critical friend5, being aLbve members ol the school, sixth form & college's governing body and worng alongslde the Principal and the senior stalf in examlnlng and prornoting the SelF-Ev3luation and Improvetnent Plan. Staff tralning Continu to be a vitsl part of the Foundatrons operatSon. The Foundatlon active akls all staff development to the long-term benefit of the school, sNth fortn, college and Chlldrens Horne. Achlevement & Perforniance The School & sixth fomi was awarded an'outstanding, ratlng by Olsted in all eight are of oper£tiDn, including the nineteenth consecutive outstsnding rating for'care,. A spletKlid achievement forwhich we are all Immensdy proud.
THE SMITH FOUNDATION TRUSTEES'ANNUAL REPORT (CONTINUED) For the yèar ended 31 March 2024 Financial The financial statements are prepared In accordance wlth the Charllle5 Stslement of Recommended Prèttice (FRS102) and Financial Reporting Stsndard 102. During the year ended 31 Mèrch 2023, the Fotsndatlon decided to conclude Its membershlp Sn the West Yorkshire Pension Fund {WYPFI. This decision was made as part Df our broader financial and operatTonal reslructuring efforts lo better align our resource5 W51h our long-term strategic goal5. The Charity Ceas particlpation of WYPF on 31 August 2023 and entered Into a Deferral Debt Agreement whlch termlnated on 31 March 2024. The Funds Actuary carried out an exit valuation as at 31 March 2024 and determlned the amount requlred to eylt the scheme as at 31 March 2024 to be £1,200,000. Thls amount has therafore been Includeo ès an extrai)rdlnary charge In these accounts arKI was pald In fvll on 19 Jury 2024. Reserveg Polltv The18vel of Capital inve5trnent requi& in the 5-year strategic plan conthues to be balanced against the need to malntsin cash reseNes at 50010 of annual running costs. Thls is continually monitored. Plins for Future Peplods 4G pltch, artiflcial grass to replace existli)g grass outslde New Beglnnlng5 and at Boothroyd House. Window5 replac In FaTm Hov5e. Combi tr)11er to Farm House replacing several indfvlrlual small water heaters. Sixth forrn boys tt movlng into Newton to create a bigger living area to èccommodate placernents in Septe1nr. Newton Students will be movino to other houses. Seeking a long-term lease for the car park to 5UPPOrt the College and Fordsall Hou*. Future Prospects The Trustees are confident for the future. This confidence Is bolstered by a strong school, slxth fom), college and children's horne managementteatn, with excellent leadershlp and a balanced achievable strategyto dellver excellent results in ensurlng student and resident numbers are malntalned and a high level of success In education and care, Other Income stre3rn5 such a5 college and 52.week will further supplement Income. Further Znformotion & News The school, 51%th forrn & college manègernent team under the leadership of Sue Ackroyd has produced excellent results in the further development of the School, Xth form & college in teaching, cère and leaming to bring oul the full potentlal of the boys In the School, sixLh form & college. This Suc5 is further recognkged In the flnances of the Trust and gives us confldence to pursue further our Improvement plans. Please visit our new web5its at w col.or -whs statèment of Disdosure to Audltors So far as the Trustees are aware, there 45 no relevant audlt informauon of whlch the charlty's audltors 15 unaware. Additionally, the Trustees have tan all the neTrssary step5 that they ought to have iaken a5 Trustees in order to make themselves aware of all relevant audit informatlon and to establish that the charity's auditors are aware of that tnformatlon. Public Benefit In Identlfying the aCtilIeS that Uie charity wlll undertake, the Trustees complled wlth their duty Sn sectlon 1715) of the Charitie5 Art 2011 to have due regard to public beneRt guidance puJY15hed by the Charity Commission.
THE SMITH FOUNDATION TRUSTÉEW ANNUAL REPORT (CONTINUED) For the year ended 31 March 2024 Statèment tsf Trustee5' Responsibllitie5 Charity law requires the Trustees to piepare financial s&tements for each financial year that give a true and falr view of the state Df affairs of the charity and Df its financ1 activtbe5 for that period. In preparing those finandal staternents the Trustees are required to.. b) Selett suitrdble accounting poliaes and then aPY them con%stenUy Make judgements and estimate5 that are reasonable and pruden¢ stste whether the polltle5 adopted are In accordance wlth the Charftles (Accounts & Keportsl Regubtion5 2008 and with appliTrble accounting stsThJards, subject to any material departures d5cIosed and explained in the financlal ststements; Prepare the financial ststements on thè golng COnM basls unless It Is inappropryats to zssume that the charity will continue in busine5S. d) The Trustees are responsible for keeping proper aicountlng records whlch dlsclose wlth reasonable accuracy at any time the financial p051tion of the charity and to eae them to ensure thatthe flnancial statements comply with the Charities Att 2011. They a also responsible for safeguardlng the assets Of the char5ty and hence for tsking reasonable Ste for the prevention and detecDon of fraud or other iwularibÈs. Approved on behaKof the Board of Trustees and slgned on thdr behalf by.. erj nlbicok MRICS Chair of Trust 3 December 2024
THE SMITH FOUNDATION INDEPENDENT Au0oR's REPORT TO THE TRusfEES OF THE SMITH FOUNDATION Opinion We have audited the financial statements of The Smith Foundation (the Yharityl for the year ended 31 March 2024 which comprise of the statement of financial acbvities, balance sheet, ststement of sh flows and notes to the financial statements. The financial reportirig frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporng Standard 102.. The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountlng practi). In our opinion, the financial statements: give a true and fair view of the state of the Charty's affaSrs as at 31 March 2024 and of its Income and expenditure for the year then ended; have been properly prepared in acCOr(lan with United Kingdom Generally Accepted Accounting Prathce; have been prepared in accordance with the requirements of the Char((ies Art 2011. Basis for opinion We condvctsd our aud in accordance with International Stsndards on Audity"ng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditc>rfs responsibilities for the audit of the financial ststements settion of our report. We are independent of the Charty in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includlng the FRCS Ethical Standard and we have fulfilled our other ethical resty)n5ibilities In accordantr with these requirements. We believe that the audit eviden we have obtsined is sufficient and appropriate to provide a basis for our oplnion. Conclusions relating to golng concern In auditing the financlal Statements, we have concluded that the tru5tees' use of the going cOnM basis of accounting in the preparation of the finana31 statements is appropriate. Based on the work we have performed, we have not identified any material uncethinties relating tt> events or conditions that, individLJally or collecknvely, may cast signiflcant doubt on the charity's ability to continue as a going contern for a period of at least e1ve rnonths from when the financial statements are authorised for i55ue. Our responsibilities and the responsibilldes of the trustee5 with respect to golng concern are descrfbed in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information CDmprlses the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statemellts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of a55urance conclusion thereon. In connecbon wth our aud of the financial statements, our spOnSIbIl is to read the other information an¢J, in doing so, conslder whether the other information is materially inconsistent wh the financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statements, we are required to determine whether there is a material misstatement in the financial statements or a material rnisstatement of the other informats'on. If, based on the work we have performed, we conclude that there is a material misSt3tement of thls other information, we are required to report that fact. We have nothing to report In this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 require u5 to report to you if, in our opinlon.. the information given In the trustee5' report is inconsistent in any material respert with the finanoal staternents; or suffioent accounting records have not been kept,. or the financial statements are not in agreement with the accounting records,. or we have ntst received all the inforrnation and explanations we requlre for gur audit.
THE SMThH FOUNDATEON INDEPENDENT AUDThOR'S REPORT TO THE TRUSTEES OF THE SMITH FOUNDATION Responslbilities of the trustees As explained more fully in the statement of the trustees responsibilities set out on page 6, the trustees are responsible for the preparaty.on of the financial statements and for being satisfled that they give a true and fair view, alld for such intemal control as they determine is neceary to enable the preparation of finanoal statements that are free from matellal misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability tr) ctsntinue as a going COnrn, disclosing, as applicable, rnatters related to going conrn and using the going concern basis of accounting unless the members of the executive committee eher intend to liquidate the Charty or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financral ststements We have been appointed 35 auditor under sertion 144 of the Charities Att 2011 and report In accordan with the Act and relevant regulations made or having effett thereunder. Our objectives are to obtain reasonable assurdnce about whether the financial statements as a whole are free from material misstaternent, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran is a high level of assurantr, but is not a guarantse that an audit condurted in accordance with 15A5 IUKI will always detett a material mlsstatement when it exists. Misstatements can arise from fraud or error and are Considered material if, individually or in the aggregate, they could aSOnablY be expetted to influence the economic deosk)ns of users taken on the basls of these financial statements. Irregularities, including fraud, are instsnces of non-complian with laws and regulations. We design procedures in line with our responsibilles, outlined èbove, to detect material misstatements in respect of irregularities, induding fraLid. The extent to which our procedures are capable of detecting irregularities, including fraud, is detsiled below. We identify and aesS the ris of materlal misstrtement of the financial ststements, whether due to fraud or error, and then design and perform audit procedures responsive to thtrse rlsks, including obtsining audit evldence that is sufficient and appropriate to provide a basis for our opinion. Extent to whlch the audit wa5 considered capable of deterting Irregularitles, induding fraud The extent to which the audit is capable of detecting irregularib"es, induding fraud, 15 affected by the inherent difficulties in detecting irregularities, the effeLtiveness of the entity's controls, and the nature, b.ming and extent of the audit procedures performed. Irregulare5 resulting from fraud usually are inherently more difficult to detert than irregularities that result from error. In entifyIng and assessing risks of material misstatement in respect of irregularitie5, Indudlng fraud and non- Complian with laws and regulations, we considered.. the natu of the industry and sector, control environment and bLJsiness perforrnan including the charity's remuneratlon policies. the resu of our enquiries of management abouttheir own identy"fication and assessment of the risks or irregularities,. any matters we identified having reviewed the charity's procedures relating to identifying, evaluating and complying with laws and regulation5 and whether they were aware of any instances of non-compliance, detecting and responding to the risks of fraud and whether they have any thowledge of any aciual, suspetted or alleged fraud and the internal controls established to mitigate risks of fraud or non-complian with laws and regulations. We also considered the matters discussed among the udit engagement team regarding how and where fraud might occur in the finanaal statements and any ptstential indicators of fraud. We a55essed the effertiveness of the internal control environment for mlnimising the incidence5 of Irregularities and consided the opportunities and inntiveS that may exist wrfchin the organisation for fraud and identified the greatest tentIal for irregularities including fraud to be In the following areas.. the completeness of incoTlle, the operation and accounting for cut off around the year end date and the ability of management to override controls. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a dirett effect on the determination of material arnounts in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, a5 amended by the Charitie5 Act 2022. In addition, we considered provisions of other laws and regulation5 that do not have a dirett effect on the financial statements but ¢C>mplIan with which may be fundamental to the tharity's ability to operate to avoid a material penalty.
THE SMITH FOUNDATION INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE SMITH FOUNDATION Audit response to risks Identified We tested the operation of the sales system by checknng that a sample of pupils resulted in the recogn0 of cOrrpOndIng income. We addressed the risk of management override of internal controls including testing jourllals and evaluation whether there was evidentr of bias by the Board that represented a risk of material misststement due to fraud. In addition to the above, our procedures to respond to risks identified included the following.. rev(ewing the finanoal staternent disclosures and testing to supporting docurnentation to assess compllanTr with provisions of relevant laws and regulations described as having a dirert effett on the financial statements. enquiring of management conceming actual and potential litigation and daims,. performing analytical procedures to identify any unusual or unexpetted relationship5 that may iridicate risks of material misstaternent due to fTrud,' and in addre55ing the risk of fraud through management override of controls, assessing whether the judgements made in making accounting estimate5 were indicative of a potential bias and evaluating the busines5 rationale of any significant transactions that were unusual or outside the normal course Df business. We also communicated relevant identified law5 and regUlaOn$ and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-c0rnprian with laws and regulation5 throughout the audit. A further descripfjon of our responsibilities for the audit of the financial statetnents is located on the Financial Reporting Council's website at.. [wvwrf.frc.org.uk/audttorsresp)nsibilitie51. This descrlption forms part of our auditorfs report. Use of our report This report Is made solely to the Charitys trustees, as a body, in accordance with the Charities Att 2011. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to stste to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assurlle responslbility to anyone other than the Charity's trustee5 as a body, for our audit worK for this repo¢ or for the opinions we have forrned. Firth Parish is eligible for appointment a5 auditor of the Chaty by virtue of ts eligibility for appointment as auditor of a cornpany under 5eLtion 1212 of the Companles Att 2006. 3 December 2024 Flrth Parish Chartèred Accountants ststutory Audltor l Airport West Lancaster Way Yeadon Leeds West Yorkshl LS19 7ZA
THE SMITH FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for tht year ended 31 March 2024 Note Unrestricted Reslricted Endowment 2024 Totsl 2023 Total Income and endowments from: Charitsble artlvilles Investment aclivitifr 10,905,017 22,192 148,349 11,053,366 22,192 9,715,108 12,241 Total income 10,927,209 148,349 11,075,558 9,727,349 Expenditure on: Charitable actlvities: Salaries Estobllshrnent costs Educatlon & welf&re 14 7.370,481 1,014,803 1,393,257 7,370,481 1,014,803 1.552,527 6,237,485 1,008,014 1,476,838 159,270 9,778,541 159,270 9,937,811 8,722,337 SuppDrt and goverrance costs: Interest payable- penslon Depreciation Professional f8e5 Clerk ch3rges & subsuiptions Audltor remuneration Attuary fees Investment aciivttle5'. Inveslment management fees 20,000 180,763 12,475 25,902 24,460 2,292 183,149 25,303 27,120 25,400 3,919 187,068 25,303 27,120 25,400 11738 12.738 11,668 Total expendlture 10,052,251 163,189 10,215,440 8,999,897 Net Income befo investmént gains1110s5e5) Net1105sesllgalns on investments 874,958 55,202 114.840) 860,118 61,607 6,405 727,452 128,3401 Net Incomel(expenditure) Transfers beÈen funds Actuarial1105sllgaln On csefine benefit pension scheme Extraordinary item Pension scheme exit 930,160 {14,8401 6,405 921,725 699,112 (1,7251 1,725 1,020,000 (1,200,000) 11,200,000) Net mvement In funds {271,565) 113,115) 6,405 1278,2751 1,719,112 Rèconclliatlon of funds: Total funds brought forward 8,357,099 189,784 717,444 9,264,327 7,545,215 Total funds carrled forward 12 8,085,534 176,669 723,849 8,986,052 9,264,327 All Incomlng resources and resources expended deilve frorn continulng actmtles. The coniparative figures are analysed by fund5 In note 19 of the accounts. Jo
THE SMITH FOUNDATION BALANCE SHEET
s at 31 March 2024
2024 2023 Flxed assets Land & buildings Furniture & equipment Inve5trnents 6,081,105 73,936 1,085,485 6,075,545 78,559 1,001,862 7,240,526 7,155,966 Current assets stocks Debtors Cash at bank and hand 57,255 206,108 3,118,908 ID 54,320 202,931 2,355,323 Liabilities Creditors falling due wlthin one year 3,382,271 2,612,574 li 11,636,745) 1504,2131 Net current assets 1,745,526 2,108,361 Total net assets 8,986,052 9,264,327 The funds of the charlty: Endowment funds Restrfcted Income funds Unrestricted income funds.. Unrestricted funds School Imwovement Plan designated fvnd 723,849 176,669 717,444 189,784 7,958,534 127,000 8,155,096 202,003 Total charlty funds 12 8,986,D52 9,264,327 These Financial Statements were approved by the Trustees on 3 Dernter 2024 and slgned on thelr by Rog J Tilbrook MCs Chalr of Trust 3 December 2024
THE SMITH FOUNDATION STATEMENT OF CASH FLOW5 for the yéar ended 31 March 2024 Rèconciliation of net Income1{eXntUre) to net cash flow from operatlng actlvltlÈs Net incorne for the year las per the statement of financial actlvltiesl Add back depreciation charge Deduct interest income shown in Investing attlvitie5 Net Igainslllosses on inveslments IIncrease)Idecrease In stocks IIncrea5elldecrease in debtors Inueasel(decreasel in creditors FRS102 pension adjustment Extraordlnary Itern- penslon scheme exit 2024 2023 921,725 187,068 122,1921 (61,6071 12,9351 (3,1771 1,132,532 699,112 180,763 112,2411 28,340 73 85,345 160,1151 20,000 11,200,000) Net cash provided by operatln9 actlvltles 951,414 941,277 Cash flows from invèsting actlvrtie5: Interest and dlvldends Purchase of property, plant and equipment Purchase of listed Investments Proceeds on Sale of listed Investments 22,192 1188,0051 1256,629) 234,613 12,241 1996.290} 1705,B061 20,134 N¢t cash vsed in inv•Sng artlvitres {187,8291 (1,669,721) Change In cash and cash equrvalents In the year 763,585 (728,444) Cash arKI c85h equivalents brought forward 2,355,323 3,083,767 Cash and cash equNalents carried fonvard 3,118,908 2,355,323 12
THE SMtfH FOUNDATION NOTES ro THE FINANCIAL sfATEMENTS for the year ended 31 March 2024 Accountlng Policies Charity Information The Smrth Foundation is an unincorporatsd charity registered with the (harSty Cornrnlssion In England & Wale5. The public adcSr&s Is William Henry Srnith School, Boothroyd Lane, Srl9hou5e, West Yorkshire, HDS 3JW. Ba515 of preparation and assessmtnt of going concern These financlal ststernents have been prepared In accordan with Accounting and Reportlng by tharitie5'. statement of Recommended PTrctlce applicable to charlties preparing thelr 3ccounts in accordance wf(h the Financial Reporbng Stsndard applicèble in the UK and Republic of Ireland IFRS 1021, with FRS 102, with the requirements of the Charit Act 2011 and under the hi5toric31 cost convention ts modified by the revaluation of Investments assets. The financial statements hav& been prepared tD give a %rue and fairf wew and have departed from the Charitie5 (Accounts and Reports) RegulatK>ns 2008 only to the extent required to prode a Yrue and fair view.. Thls departure has Involved followlng Accounknng and Reportlng by Charities: Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard appllcable in the UK and Republic of Ireland 102) (second editK)nl Issued in October 2019 rather than the Accountin9 and Reportlng by Charities.. Statement of Recommended Prnc¥ce effective frorn l April 2005 which has since been withdrawn. The financial atements are prepared In sterllng, which Is the furrtlonal currency of the (harity. Monetary amounts in these financtal statements a rounded to the nearest £. The trust constitutes a publk benefit endty as defined by 102. The Trustees believe that the Foundatlon is a going conrn because It has a 5tron9 balance sheet, good adership and mèna9ernent to ensu boy numbers are maintslned at a satisfattory 1. stoeks Stocks are held for distributlon at no or nornin81 consideration. Stocks are valued at the lower of cost and replacement C05L Penslons The charity contributed prirnary contributions to the Teachers. Penslon Deflned Benefits Scheme at rate5 set by the Scheme Acttlary and advlsed to the Board by the Scheme Adminlstrator. The scheme 15 a mult employer pension scheme ond it is not posslble to identify the assets and liabllities Df the schetne which are attributable to the school. In accordan with FRS102 thereforé, the scheme is accounted for a5 a defined contribution scheme. Payments to defined contrlbutlon rebrement benefit schemes a charged as an expense as they fvll due. The charity è150 contrlbuted pritnary contributions to a Defined Benefits pension stheme for non-teachlng ff until 31 August 2023 when the chaiity became a deferred employer and secondary contributions until 31 March 2024 when the charity exited the scherne. Rat£% were set by the scheme AcbJary and advlsed to the School by the Scheme Administrator. The cost of w001n9 benefts under retired beneffts plans was determined based on actuarial advice. 13
THE SMITH FOUNDATION NOTES TO ThE FINANCIAL STATEMENTS for the year ended 31 March 2024 l Accounting Policie$ (Contlllued) Income recognition All income is rÈcognised when the charity ho5 entltlement to the funds, certalnty of recelpt and the amount can be measured with sufficient reliability, Grants ère included in the Stètement of FinèncSal ActpKitles on a recelvable bagis. The &lance of income received for speclflc purpo but not expended during the Ferlod Is shown In the relevant funds on the balènce sheet. Where incorne is reiVed in a(Jvance of entiuement of rlpt it5 re£ognltlon Is deferred and Included in credltors as deferred income. Where entitfement occurs before Income Is recelved, the Iniome Is accrued. Donatlons are recogn15ed on a recelwdble basls where recelpt Is probable and the amount be reliablv rnea5ured. other Income, Includlng the hire of facilities and sale of gcK)ds. Is recognlsed In the perlod It is recelvable and to the extent the goods have been pded or on compl@tlon of the seNice. Expenditure recognition All expenditure is Included on en Bccryals basis and Is recogn15ed when there is a legal or constructlve obligatlon to pay for it. All costs have been dlrectlyattributed to one of the functional categorles of resourc éxpended In the SOFA. The charity was not reg15tered for VAT durlng the year and aCcordIng expendlture Is Shown Including the Irrecoverable VAT. Capital expendlture: Freehold property wlll be capitolised and depreciatecj over 50 yeats. Regular valuatlons, other than for insurance purpose5, are not considered to be of any benerrt to the Tru5tee5. Flxtures & equipment will be capilalisEd and depreciated at 200k per annum on a straight-line basls. Any single Item costing £l,DCI) or less wlll be written off. Computer equlpment depreciated at 100% on a straight-Ilr)e basis. Flxed a55et investments Invésttnents are a form of basic financial instrument and are Inltially recognised at thelr trdnsaction value and subseouently measurets at thelr farr value as at the balance sheet date using the mid.market value. The ncrease ordecrease In fair value is credited or charged to the endowrnent lund in the statÈment of financlal activitles as unre3115ed galns or losses ort investments. Income from the endowment fund ts unrestricted. Donations. legacles and grants Donat]ons, legacies and grants are credlted to income as they are recelved. Designated funds The trustees set aslde aUnIS within unrestrlcted funds for designated expendlture. The d£slgnated fu balances do not affett the statement of Nnanclal activibes. Lea$lng Rentals p3yable under operating leases are chargecs to the statement of financial atbvlties on a strarght-line basis over the lease term. ¢a5h and cash equlvalents Cash and cash equivalents are basic flnènclal assets and include cash In had, deposit5 held at call with bank5 and olher short-term liquid investments. 14
THE SMITH FOUNDATION NOTÈS TO THE FINANCIAL STATEMENTS (CONTINUED} for the year ended 31 March 2024 l Accounting Policies {Continued) Financral instruments The charty has elected to apply the provlslons of Section 11 ' Basic FSnanaal Instruments. and Sethon 12 'oth¥ Financial Instruments Tssues of 102 to all of its financi61 instruments. nanclal instruments are recognised In the charftys balance sheet when the charlty becomes party to the contracLual provisions of the Instrument. Financlal assets ano liabilleS are offset, with the net amounts pented in the fjnancial statements when there & a legally enforceable right to set off the recogntsed amounts and there is an Intentlon to setde on net ba515 or to realise the è5set and setue the liability sImuaneOuSly. Baslc flnanclal assets Basic financial assets, which intludedebtors and cash and bankbalances, are nallY measured &trar6action prlce Including transortion costs and are subsequently carrEd at amortised cost using the effective interest method unless the arrangement constitutes a financing transartion, where the traartion is measuied at the present lue of the future receipts discounted ata market rate of interest. Financial Sets classified as re1Vab within one year are not amortised. Impairment of ftnanclal assets Financial assets, other than those held at falrvalue through the strdtement of fiThancial activltv&s, are assessed for indicators of impairment at eath reportlng end date. FInaral assets are lrnpalred where there Is obfrctlve eviden thaL as a result of one or more events that occurred after the initial recognition of the finonclal asset, the estimated future cashflows have afferted. If an asset Is irnpaired, the impairtnent1055 Is the difference beeen the carrying amount and the present value of the estlmated cash flows discounted at the a55et's orlglnal Interest rate. The impalrment10ss Is recogni5ed in the Statement of financial acbvitles. If the Is a decrease in the Impalrment loss arising from an event occurring after the Itnpairment Wa5 recognised, the impairment 15 reversed. The reversal is such that the current rarying arnount does not exceed what the carrylng amount WDuld have been, had the impalrment not previous been recogni5ed. The impalrnent reversal is recognised In the statement of financlal activltles. Derecognition of financlal assets Financial assets are (krecogllised only when the contractual rights to the cash flows from the asset expire or ère settled, or when the charity transfers the finBncial asset and substantially all the risks and rewards of ownershlp to another entity, or if some slgniffEant rlsks and rewards of ownership are retained but control of the asset has transferred to anoth¥ paty that 15 able to sdl the asset in its entirety to an uniel6ted third party, Basic financial liabllltles Basicfinancial Ipabllities, includlng credltors and bank loans, are Inltolly recognised attransactbn price unless the arTrngement Constitutes a financing transaLton, where the debt Instrument Is me4sured Èt the present value of the future payments discounted at market rote of Interest. Rnanllal liabl1e$ classified as payable wf(hin one year are not amorknsed. Debt instruments are subsequently carried at artISed cost, Using the effective Intert Tate method, Trade creditors are oNioatlons to pay for goods or servlces that have been acqulred In the ordinary course of busines5 from supplieis, Amounts payable ale classified a5 current liabllltie5 if payment is due within one year or les5. If noty they ore presented as Tron-curnt liabilities. Trade creditors a recogni5ed initially at transacbon wice and subsequently measured at amrti5ed cost using the effertlve interest method. Derecognltlon of financial liabilÉtie5 Financlal 114bilities a dereco9nised when the charfvs contTrctual obllgatbns explre or are tjischarged or cancelled. 15
THE SMITH FOUNDATION NOTES 70 THE FINANCIAL sfATEMENTS {CONTtNUED) for the year ended 31 March 2D24 A¢countin9 Polities {Continued) Judgements and key sources of estimation uncertainty In the application of the charitys accounmng pOIleS, the Truste are required to rnake judgements estimates and a55umptlons about the carrylng amount of assets and liabilities that are not readlly apparent from other 50urce5. The estimates and associated a55umptions are based on hi51orieal experience and other factors thèt are considered to be relevant, Actual results may dlffer from these estlmales. The estimates arid undeilying a5sumptlon5 are reviewed on an ongoing basis, Revislons to accountlng estimates are recDgnlsed In the period in which the e5tirnate Is revlsed where the revi51on affects only that perio(J, or in the period of the revislot? and future periods where the revlslon affetts both current gnd future perlods. Net Incomel(expenditupe) Net Incornellexpenditurel is stated after charging.. Depreciation of tanglbie asseL8 Operating kase renta15 Auditors mUneratIOn 2024 2023 187,068 64,391 7,500 18,400 180,763 51,754 7,500 16,960 audlt other servios InvÈstmeht Income 2024 2023 Interest received Dtvidends 1,207 20,985 1,570 10,671 22,192 12,241 Income from charltable act]vltles 2024 2023 Fee5 Stsndard Additlonal services College Boolhroyd House ESFA funding grant Other grants Other generated inconie 6,524,214 1,817,856 1,316,877 274,090 589,612 499,016 31,701 5.468,983 1,953,303 1,246,184 574,909 421,171 5D,558 11,053,366 9,715,108 Grants comprise malnly of ESFA fundlng towards education. 16
THE SMITH FOUNDATION NOTES TO THE FINANCIAL sfATEMEiffs (CONTJNUED) for the year ended 31 March 2024 Estsbllshment costs 2024 2023 aeaning Maintenance and security Heat and light Rent and Water Insuran Office costs Professiowtal fees 36,068 408,748 183,277 71,861 92,938 153,718 68,193 125,837 467,527 120,195 25,778 95,581 126,754 46,342 1,014,803 I,OD8,014 Educatlon and Welfare Costs 2024 2023 EduCatn costs ICT Cateiing ous&keeping and laundry Motor and travel Tralnlng Care Other School Improvement Plan- desKJnated fund eXpendIre Other restricted and designated fund expenditure 198,149 97,311 215,650 50,694 104,562 132,495 161,375 6,818 426,203 159,270 142,744 107,994 182,123 44,574 84,371 162,432 224.786 7,948 410,290 109,476 1,552,527 1,476,838 17
THE SMITH FOUNDATION NOTES TO THE FINANcL STATEMENTS (CONTINUED) for the year ended 31 March 2024 Tangible Fixed Assets Freehold Land & Buildlngs Flxtures & Equipment Computers Tot?1 Cost l Aprll 2023 Addltlons 8,035,699 167,137 57,242 482,628 20,868 8,575,569 188,005 31 March 2024 8,202,836 57,242 503,496 ,763,574 Depre¢lation l April 2023 Charge for year 1,960,154 161,577 57,242 404.069 25,491 2,421,465 187.068 31 March 2024 2,121,731 57,242 429,560 2,608,533 Net Book Value 31 March 2024 6,081,105 73,936 6,155,041 31 March 2023 6,075,545 78,559 6,154,ID4 Investments Movement In fixed a55et Imiestments 2024 2023 Market valve at l April 2023 AddStions at cost Disposals Net galns / (losses) on revaluat5 1,001,862 256,629 (234,6131 61,607 344,530 705,806 120,134) (28,3401 Market value at 31 March 2024 1,085,485 1,OQl,862 Investments at market VBlue comprlsed: Charities Official InvestrrEnt Fund 66,606 60,ZOQ Listed Investments.. Fqultie5 Flxed interest securfties ternatives Property Emerging markets 565.420 249,327 128,904 48,679 26,549 554,575 163,161 159,443 37,667 26,816 1,085,485 1,001,862 18
THE SMITH FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) for the year ended 31 March 2024 Flnanclal instruments 2024 2023 Carrying amount of fjnanctal assets Debt instrutnents rneasured at amortlsed cost 149,541 181,906 Carrying amLiunt of financlal liab115tles Measured at arnortised cost 1,511,300 395,791 io Debtors 2024 2023 Trade debtlK5 Dther debtors Prepayments 147.806 1,735 56,567 179,673 2,233 21,025 206,108 202,931 li Credltors., amounts falling due wlthin one year 2024 2023 Trade creditors other taxes and sorial security other credltors Accruals and deferred income 149,069 125,445 120.600 1,241,631 182,324 108,422 133,411 80,056 1,636,745 504,213 12 Reserve$ Unrestricted Restricted Endowmlnt Total Brought forward Surplusjldeflclt) for the year Net gains on valuations Transfers beiween fynds Extraordinary itern Pénslon scheme exr( 8,357,099 874,958 55,202 11,7251 189,784 114,8401 717,444 9,264,327 860,118 61,607 6,405 I,n5 (1,200,000) (1,20D,OQO} 8,085,534 176,669 723,849 8,986,052 Restricted funds represent grants and donatlons invested in buildings of £107,717 ancs the unspent poOn of other grants totalling £68,952.
THE Smmi FOLINDATION NOTES TO THE NANCIAL sfATEMENTS (CONTINUED) for the year ended 31 March 2024 12 RÈ5eNe5 {Continued) Analysls of Net Assets betsveon Funds 2024 2024 2024 2023 2023 2023 Unre5trlcted Restrlcted Endowment Unre5trlrted Restricted Endowment xed assets Investments Stock and debtors Cash and nk Creditors 5,390,080 1,018,879 263,363 3,049,957 11,636,745) 107,718 657,243 66,606 5,385,224 941,661 257,251 2,277,176 {504,2131 111,636 657,244 60,200 68,951 78,148 8,085,534 176,669 723,849 8,357,099 189,784 717,444 13 fran$actlon5 wlth Truste•5 Durlno the flnancL41 year the Smlth Foundatlon was Involced É13,068 (2023.. £55,062) by PSK Building SuNeyors Limited for property consultancy. R Tilbrook and G Mclntosh were trustees of the Smith Foundatlon and direttors and sh3reholders of PSK Buildlng Surveyors Urnited during the year. A balanTr of £1,800 {2023.' £Nil) was due to PSK Buildlng Surwors Limited at the year end. During the financial year the William Henry Smith School wa5 invoiced £30,26612023,. £20,461) by Cuffe nd LaceyAssociates Limltecs for RI dutles at Boolhroyd House. M Cuffe Is a trustee ol the 5milh Foundation and a director and shareholder of Cuffe and Lacey Associates Llmlted. A balance of £2,13112023.' £NIII was due to Cuffe and Lacey AssDCiates Llmited at the year end, 14 Expendlture 2024 2023 Stsff costs Wages and salaries SDclal security costs Pension costs Isee noté 15) 5,967,850 519,208 883,423 4,939,749 452,891 844,845 7,370,481 6.237,485 20
THE SMrrH FOVNDATION NOTES TO THE FINANCIAL sfATEMEwfs {CONTINUED) for the year ended 31 March 2024 Expendlturtt (Continutrd) Stsff earnlng over £fjO.000 2024 Number 2023 Number Empklyees wth emolutnents falllng withln the followlng bènds.. £60,001 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 to £lOO,000 £IOD,001 to £llO,000 £IIO,001 to £120,WO Penslon costswere E152,122 (2023.. £134,727). 7 employees{2023: 3) were a¢crulng benefits under deflned contrlbution schemes and no employees {2023: 3) were accruing benefits under defined benefit 5chernas. 2023 2024 Avera9e number of employts$: Senior Leadership Team Teaching Department Care Administration Maintenance Cleaning Dome5t Education Support College Boothroyd House 55 22 18 ID 26 13 48 29 28 212 191 No remUnetI0n was pald to any of the trustees. Expenses of £31912023.. £366) were reimbursed to one trustee during the year. The key management tearn recelved rernuneration of £583,73612023.' £489,246). 21
THE SMITH FOUNDATION NOTE5 TO THE FINANCJAL STATEMENTS (CONTINUED) for the ye?r ended 31 March 2024 15 Pensions 2024 2023 Contributions payable by the Foundatlon for the employees= Teachers Pension West Yorkshire Pension Fund Peoples Penslon 270,206 275,941 337,276 185,083 568,322 91,440 883,423 844,845 CDntributlons outstandlng at the yearend.. Teachers Penslon West Yorkshlre Pension Fund Peopl Pension 35,679 24,971 51,090 15,271 58,208 93,887 91,332 Teachers Penslon The school contrlbutes to the Teachers Pension Scheme (Engfand &Wales) forthe teachlng Staff. The assets of these funds are held sepaFately from The Srnith Foundation. The Teachers Pension Scheme is a multl-employer defined benefits scheme, to whlch the school pays contributions at the Rte Set by the Scheme Actuary {currently 23.680/0 of penslonable earnings). The school has no re5P0Tr5ibilityforor benefit from any deficit orsurplus of this Scherne. It 15 not posslble or 8pprtspriate to identify the assets and liabllltles of the Scheme which ère aitrlbutable to the school and It Is thelOre accounted for as a defined contributlon scherne. Contributions to the scheme are accounted for when they rall due. Peoples Penslon The charity al50 operates 3 defined contributfDn scheme for oualifylng employees. The assets of the scherne are held seporately from tliose of the chailty In an irependent1Y adtnlni5tered fund. The charfty contrlbutes a specified percenta9e of payroll c05t5 to the retirernent benefit scheme to fund the benefits. The only obllgatlon of the charSty with respect to the scheme is to make the specifted contrlbuuons. West Yorkshlre Pènslon Fund The West Yofkshire Pension Fund was a150 a rnulb-employer defined benefits scheme but in this Case the school reouSred to make up the deflclt of the Scheme relating to thelr employee5 and fDrmer employees. At the last valuatlon of the West Yorkshire Pension Fund rnade 05 at 31 March 2022 and wbllshed 31 March 2023 the scheme was assessed to have a deficit. At 31 March 2023 the updated tTgures showed a penslon scherne surplus. The surplus was restrlcted In those rinanclal statements to the reversal of the £lm deficit brought forward 6t l April 2022, The Scheme was c105ed to new members during the year ended 31 March 2018, The rernlining 37 active members became deferred menibers of the scheme on 31 August 2023 and tk school exited the pension scheme 31 March 2024 {see note 181. 21
ThE SMITH FOUNDATION NOTE5 TO THE FXNANCJAL TEmENTs {CONTINUED) for the year ended 31 March 2024 Is PÉnslons (Continued) The key assumptloDs used by the actuary were: 2024 2023 % p.a. 2022 D/ap.a. Discount rdte Rate of Inflation ICPII Rate of Increase in saLirles Rate of increase to penslons Penslon accounts revèluauon Rte n/a nla nla nla nla Mortality assumption5 The mortality assumptbns are based on the e¢t actual mortallty experience of Mernbe wlthln the Fund and allow for expected future mortallty improvetnents. Sarnple Ilfe expectancies at age 65 resulting from the2 rmthlity aUmptIonS are shown below.. 2024 Year5 2023 Males Member aged 65 at accounting date Mernber aged 45 at accounting date Females Member aged 65 at accounting date Member aged 45 at accountin9 date Years 21.6 22.9 nla nla nla 24.6 25.7 The major catsyories of asséts in the scheme as i percentage of total plan a55ets areas follow5: 2024 2023 Equltles Corporate Bonds Government Bonds Property Cash Other nla nla nla 80.8 nla 23
THE SMITH FOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) for the year ended 31 Marth 2024 15 P8nslons (Corbtlnued) Analyslg of the amount recognlsed In th¢ SOFA: 2024 2023 Current 5eNlts cost ContrlbulSons already pald by the employer Net interest Icredltl I charge Actuarial g3lnsll1055esl on dellned benefit penslon scheme- Asset Igain5lllosse5 aristng during the period Ll8bS1ity Igainslllosses ar¢5ing during the perlod set restriction 570,000 (570,000) 20,000 520,000 {4,230,000) 2,690,OOD MOvemt in penslon stheme deflclt {I,000,ODOI 2024 2D23 Actual return on assets.. Interest Income on assets Gain5111055e51 on assets 330,000 (520,000) 1190,000) 16 Flnanclal CommFtments At 31 March 2024 the charity was commlited to making the followlng payments under non-cancellable Qpèrating lease5'. Plant & Machlnery 2033 2024 Leases explrSng In: _ <lyear 2-5 years 12,313 151,444 8,133 67,292 24
THE SMITH FOUNDATXON NOTES TO THE FINANcfAL STATEMENTS {CONllNUED) for the year ended 31 March 2024 17 Events after the reportlng date Transfer of Charltable A¢tivities to the Company In pJr5UIt of our mlsslon to enhance the eiftciency and sustsinablllty of our charitsble initY&Uves, a strateglc dec15ion was Fnade to transfer the management and operation of our charitable aCtivIti to a newly fornied company Iltnited by guarantee- The Smith Foundation Limited. Thls tnSfer is yetto be executed due to delay5 with the CharityComrnlsslon.The new companyhas recebRd chayitsble status. However, the Charity Commission are imposing condltions on the transfer, rnainly the tnsfer of the propety and titse deec$5. Thls 15 being dealt with by our sdicltors Bevan Brittan. Once completed It wlll mark a pNDtal step in our conTrmitment to opumise the dellvery of our clkritable servic. The establishrnent of The Smlth Foundation Limited allows for enhanced focus and dedicated resour in furthe¥lng our d)aritabJe objectives. The trustees have tsken all ne$Sary step5 to ensure the seamless transltion of these activities to the new entity. The legal costs associated th this transfer Incurred &nce 31 March 2024 are currentty £39,093. The trust cannDt estlmate the iernainlng legal costs to cornete the transfer. 18 Extraordinary Item Exlt frtsm West Yorkshlre PenslL)n Fund {WYPF) During the year ended 31 March 20, the Foundabon declded to conclude Its metnbershlp in the West Yorkshire Pension Fund IWYPFI. This decision was made as part of our broader financial and operational restructuring efforts to better align our resr with our long-term strategic goal5. The Charfty ceased participatlon of WYPF on 31 August 2023 and entered irto a Deferral Debt Agreement hich tertninated on 31 March 2024, The Funds Attuary caTr* out an exit valuatFon as at 31 March 2024 and determlned the amount requlred to exit thÈ scheme as at 31 March 2024 to be £1,200,0W. This aniount has therefore been Included as an extraordinary charge In these accounts and was paid In full on 19 July 2024.
THE SMITH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) for the year ènded 31 Mar¢h 2024 Comparatlve Statement of Financlal Artivlties 19 Note Unrestrirted RestrlctedEndowment 2023 Total Income and endawments from: Investment adiviti 9,605,824 12,241 109,284 g,715,109 12,241 Total incom? 9,618,065 109,284 9,727,349 Expendlture on: Charltable a¢tivitles: 14 Establishment costs Educatton & welfare 6,237,485 1,008,014 1,367,362 6,237,485 1,008,014 1,476,838 109,476 Support and 9trvernance costs.. Interest payable - pension Depreciation Profe551onal fees Clerk charges & subsaiption5 Auditor remuneration Artuary fees Investment a¢tivitles'. Investment management fees 8,612,861 ID9,476 8,722,337 20,000 176,844 12,475 25,9D2 24,460 2,292 20,00 180,763 12,475 25,902 24,460 2,292 3,919 11,668 11,668 Total eypendlture 8,886,502 113,395 8,999,897 Net income before Investment galnslllossesl 731,563 (4,111) 727,452 Net1105sÈsllgalns on Investments (26,900) 11,440) 128,3401 Net In¢ome/(expendltvre) Transfers beNveen funds Artuarial galnlllossl on defined benefit penslon scheme 704,663 (4,1111 11,440} 699,112 1,020,000 1,020,OQO Net movement in funds Reconcillation of funds: Total funds brought roiward 1,724,663 14,1111 (1,4401 1,719,112 6,632,436 193,895 718,884 7,545,215 Total funds carried forward 12 8,357,099 189,784 717,444 9,2S4,327 l incon)ing resour$ e%pended dere from continulng aciivitSes. 26