THE SMttH FOUNDATION ANNLIAL REPORT AND FIIIANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 BRIGH(KJSE West Yorkshi Htkn 3JW Tel: 01484 710123 E-mail: gen•nl@thesmithfoundation.ory.u
THE SMtrH FOUNDATION Trustees. reF4Nt and Statent of trustees respsIbIlitieS Indendent audit5, reF4Nt Statement of fina1 activrties io Balan sheet li Cash flow ststement 12 Notes to finanthl statements 13.24
THE SMITH FOUNDATION TRiISTEES' ANNUAL REPORT For the year ended 31 Marth 2025 Administrallve Details, Trustee5 and Advisers The Smith Foundation {529132) Is governed by a (harty Commiss#)n kheme dated 4 August 1998 amended by resolutions dated 20 June 2CKJO, 5 Juty 2011 2 February 2023. The Offi for all corponden is.. The Smith F0Ltndèt, Bo(throyd La. Bryhow, West Yorkshire, frID6 3JW. Present Trustees of the Foundation are: Roger Tilbrook, Chair Brendan Heneghan, VI ¢Jair Davhl LXJn(an Michelle Cuffe Andrew Fairbaim Key Offir$ Trust Secretary.. Vanessa TaliKrt William Henry Smith School, sixth forni & college Sue Ackroyd, CEOIExecutNe Pn"napal Damien Talbot, Deputy Principal Leanne Clarke, Deputy 1n0paI Karl Adamskn., Head ol School Tom Gilt¢*, VKe Pn"nopal Sarah Kaler, VKe Principal RKhael kknn>Jn, VKe Pnncipal Trust Advlsers and Agents: Banke Lknyds Bank pk 6n Park Row. LEEDS, LSI INX Solldtors WevJhtman5 LLP Westgate Point, We5tgate LEEDS, LSI 21 Accountsnts Firth Parish. (Jèrtered Accwntsnts l AirpKMt West, Lancaster Way Yead, LEEDS, LS19 7ZA Audltors Shenward LLP, charte Accountants and Statutory Auditor5 Summrt House, Wo)dland Pafk, Bradford Road C1eckhea. BD19 66W Land & V•luatlon Chartered Surveyors Carte¥ Jonas Marw House, Natljs Lane Slaithwaite, HUDDERSFIELD, H07 SAU Health & Safety Consultants SenK)r H & S Ath"sor Ca&Jerda H & S DeFOTtnent Calderdale MBC Foundation Property Advisor t>avkl Willoms DEWW Ltd l Uplands. Ben Rhythjing Drive, IIW, LS29 8BD
THE Smmi FOUNDATION TRusfEES' ANNUAL REPORT {CONTZNUED) For the year ended 31 March 2025 Historlcal Context The Smith Foundation onginates frcxn a Trust establtshed on the 16th of August 1916 William Smith. The main purpose of that Trust was to eSt31$h a Home for orphan gits. This was changed to a home for Ws and gids under a scheme of 1923 just aft William died in 1922. The bulk of his estate haj been intended for his cousin's adopted son William Henry Smf(h but unhapty he was in the 1914-18 war so this money too was passed to the Trust. The ho$ continld through the 1920s, 1930's aThJ through the 193945 war. Durin9 the war they took in children from The Sailors. Orphan HL¥ne in Hull and al>J the sch was used as a translt home for children from Sheffield. In 1951 a scheme thanged name of the Twst to The Smith Home5. Thi5 aL%yJt fdjcwing an apprch by the Ministry of Educab'on after the enartment of the 1948 0)Iklren's Act. The Sed scheme alk)wed the continuance of the Homes for a limited time but a(ld an authwty for the Trustees to make grants to Sla1 schools and to estsblish SFeoal schcx)Is of tha'r own. Grants Ere made to Breckenb)rough and ChajY SdKd Hdly Bank HoLe was purchased ty the Trust to convert into a Special Sch1 for Phy5Kolly disabled ch1hjn. This Sck¥Jl was opentsj in 1953 atxl was run by the Trust unkn'l 1998 when fc wès handed over to the newty fomd Holly Bank Tnjst. By the end of 1959 the last of the chikjren left the Home5 and by then an5 in hand to on a further residential Sla1 sch1 in the lyJildirrfJs. The William Henry Smth SchcJl oFened in tyemter 1961 for 48 boy5. Ln December of the fc41cwiThJ year the Charity Cwmlsn made a sdme that thanged the name of the Trust to The Srnith Foundat. r the next 30 years the 5chcJ theh¥ed its education and social prO510n becoming recojnlsed as a specialist sch1 for boys experiencing 31, enN)tK)al and mentsl alth diffU1tS, LmIrAj very muth a part of the natity)al spctrum of special needs Pfovlsion. tJring thts 1K1 the Trustees Wrth the help of the DfES provided new s(nCe building, new kn"t¢hen and then dassro)ms and a Gymnasium. In the earty 1990's rt Lcame clear that the residentral acccMnmrNJation needed to te repbced atKI the Trustees prov&d new houses ung some of their capttl and money raised from Trusts. In 1994 the Tiustees commissioned a feasibility study that identsfied a plan to maximise the use of extsting buildings thro(KJh convers#y) aNJ refuthshment to create rw h114 faalrties to alkny the to meet the challenges of the new mIlnnIvM. In the following years during summer captsl lilij projects imemented whith transforrned the site with derelict lIding$ tecomiTrJ teaching and communal f&ilrties, prOding en-suite trtdrcM)ms for all the )y$ and recreation Improvements in the KIent?1 h)uses. th the EduCath side the or¥Jinal temwrary cLiSSro$ we refurbished to prowde rrnanert accommLxJats'on,' an IT surte, Assembly Hall, DesNJn and TechTh)logy R)M$, Art RcK)m, Music Ri)om, Sports Hall, Life Sknlls Kchen a1 a new therapy suite have been provKled. Expansion has continued as money has albfftd irKluding the addit of a new tIlding for Commissmed SeN1$ in 2019 and in 2020, which has teen used as a *arning Spa for rW students frun September 2023. The FOundatn also purchased a fom)er 8&B which has iEen devekoe¢J aThl has tseen used as a 52-week thik1n IKirne from late 2023, known as Bcthroyd House. In 2021 the Trustees purchasaj an0[ offsr(e proFerty, a fom)er day nUry in Elknd. This hès been operating as a colge since September 2023. We have n(w4 seojred the ase of the iMJildiThJ next to it (Fordsall House) to enable the expansh)n of ourcdlege offer. Fordsall ha5 been adaptet1 to create an 0e, dassrcorns and conferen facilitS for the )le. Lowry house was converted from resKJential accommlatKM) to a larger state of the art thernpy building. Houses 5 and 6 were also ct)nverted from therapy into a 4 bedrrrEd re5Klential wovision. In 2023 we created a dedicated classrrx)m srwali&'ng in communicat. irteraction and sensory processing and New Beginnings was also created. These facilities a nurturing needs-led envIronnnt and provides students with the indNidualised 9JPFth and structure tw wuire to ensure a sm(xAh trarit1( into sd?1. The Trustees conb.nue to satn caprtal and revenue expeN1rture in a prc£ess of continual improvement to facilities and the overall environment. Rnt initiatives ile the prOVion of a 4G pitch, new tKJilers and water heaters and facilitsting relithtss to improve bKJger arKJ irnproved lin9 accommodats"M.
THE SMrnI FOUNDATION TRiISTEES' ANNUAL REPORT (CONTINUED) For the year ended 31 March 2025 A final stherne was eaabllshed by the Chaiity commiss in 1998 that revised the membership requirements for Trustees and the objects of the chanty lame by re5dut$ dated 20 June 2(m, 5 July 2011, 2 February 2023 and 30 September 2025.) The aim was to corwert to a tharitable company limtsd by guarantee by 1st Septernber 2024 at which time the year end wtyjld aer to 31 August to align with the academic year. Complicatyons delayed the process but the Foundat remained commtted to ad)Ing the transf(xmatJon, thith was completed on 1st Ortober 2025. The instruments and articles of the go¥emirvJ clthe S(h( were apwoved by the DfES in 1999. The goveming body was reconststuted during the academt year 199912CKX). These have teen futher rewsed on Ih March 2023, 4th July 2023 and Ilm July 2024. (Tr 2024 amendments We to char4Je to 4 r$on5 from professial backgrounds, remove dd terminok¥Jy. permit VLng by proxylvirtual and rea G)mmrttee meets.ngs Wlth Speoal Interest Groups). Strurture, Governance •nd Man•gement CoTrstltutlon The Trust Is governed ty a Charty Commis5hTh dated 4 AgLt 1998, as vard by a resolution of Trustees dated 20 lune 20CX), and further rescAUt$ dated S Juty 2011. 2 Fery 2023 and 30 Septemter 2025. Trustees terms are VIeWed every fve years. AJI Trustees are nominated by current Trustees. In maling èF4ntMents to the Trust, Trustees"shall have regard to the desirability of appointing persffis-. When vacanoes arise, Trustees seek expressions of interests. So far this approach prospective Trustees suggeed by Ihe wesent TILt W ha11 provided a representatyve and active grc¥Jp of Trustees. When l¢))kn'n9 at Vaca$ the Trust conSeT$ the skn'lls and experie gap in their Wy. I prosFertNe Trustees are Infmal interVv ty d1rpeV, at that tirre makes verbal cheths on the eliglbilty of Trustees. Each new Trustee Is 9iven an iThJuctyon pack ctainIng the charity's goveming duMent, the Instruments and Artths of the schocA, sixth frn & cdlege, annual reFwJrts, together with preVu5 meeting minutes of the Trust and Governing t#)dy. TW a gNen a tour of Tntst grovTrJs and meet senior mernbers of the schc¥)I, sixth form & col Ma[ement as wdl as the Trust secretary. D65 and other relevant cheeks are initiated tefore a Trustee is finally accepted. A full iTrJuth"on prtKess is uThJertaken and at their first Twst meeting they fornially sign the minutes to)k declaration. The Trust retary has reported tw all Trustees have completed DBS d)ecks in lation to Trustee's appointments, adding that Sin the C(mmission'5 knme sealed fj) 4th August 1998 all Trustees have syned a statement as follows. I the undersigned hereby deckire that l am willing to a[ the Offi and 3Fwntrnent of Trustee of The Smith Foundation and of ¥pnCe and williThJness to t in the TnS of ts sdme approved aTrJ established by the Charity Commission on the Au9USt 1998-. Please nce that as the reFQrt for the perfj l# Wl 24 to 31 March 25, that the records the 10 (Juring this time flame. Oryanlsational struLtu The Trustee5 degate the running of the schcd, sixth fom) & cdge to the goveming b)dy. They r¥)erète urKler Instruments and Articles appro¥ed by the DfES in 1999. These have teen further sed Tr March 2023, 4th Ju 2023 and 11 ju 2024. The estat4ishmentofthe governirKJ bcM1y is up to 13 rnembers.. the Executs've PrincipallCEO, I parent representative, I teachiThJ staff relwntstr", l Th)n-teaching staff representabve, l ern0Ved by a Local Authority, 4 from a professional background and 4 otlr pErsons deen sutsble by the Goveming to enhan the skillset. The Goveming in tum delegate the (Jay to day runniNJ of the school & gxlh fom & colge to the CEO and SLT. In pr'te this means that the Trustee5 have final re4x)n5ikn"lty for the schryj, &xth form & col*ge staffing complement, 3JIt and LNgnking, Insuran and secunty. They have joint re$pLl1ty with the governors and CEOIExecutr"ve Principal for Admissh)ns, financor ldgetiryj in the schtx>I, sixth fomi & college, Prosmus, the u ofthe premises, all stattstory pol¢cies such as Heath &Safety, RelrouS EduGib"on and Sex Education. The Gtsvernors and CEOIExecub've Prinapal a]01rbY respxsIb for Stsffing, Temis and Holiday dates, Curriculum pdicy, welfare and child protecti. The CEOIExecutwe Prinapal is sOlY lIe for the organisatth of the curriculum arnl
THE SMrnI FOUNDATION TRUSTEES. ANNUAL REPORT (coNNUED) For the year endod 31 March 2025 the day-to-day runniNJ of the s(W, sixth forni & college. The gOrS do not Srt over Bcthroyd House but the trustees do. The Governors fulfil their functions through f¢xJr SpEual Interest Lknps for Busine55 & Partnerships, Children and Young Adults, Environment, Premises & Rewrces and Peopk. Risk Asmssment During the year the Tnjstees htye carried OLrt a review of the risk assessment and confimi that all major risks have teen reviewed and action anS are In [a to mtyate these risks. The ErrjetKY Plan and Business Continuity PL4n are subject to regular review. ObJertl¥ts and Actl¥llles ObJ¢ctl¥e (al To promote the educat of children who have special educatr.onal needs, and in particular but in no way limitirKJ the generality of the forep'rKJ by the provsth of a ¥eoal s(h(. 'xth forni & college within the meaning of the educat acts,. and To promote the general welfare of children aThJ young T$05 requirir¥J assistsn who have or have had special educational neeils, wrth preferere for students and former putmls of the sthod, sixth form & college of the ch)nty. Ibl Mlsslon Statement The Trust fulfils its objects by emK)wering everyt to tecclne the best they can te through grants'ng equlty of access to provislcl) of lile enhancirrfJ Oprt•rtunrtS leaying to athEvement, fvlfilment and happiness. r viskn supported by tsjr whole crynmunty of services 15 to EMde tStand1rj IndidualI$ed etIOn, care, Ifare and support for thiljren and yourvJ reopk exFervKing s(xial. emOtial and mentsl he3h difflcults'es. The Trustees recc¢Jnise their three napa1 fvnLticS as: Overseeing the woth'ng ar¥J devent of The William Henry knith SdKd, Sixth fm & tollege, and Bwthroyd House throtyjh the work of the GMIr B(Kty and des'gnated lead Trustees,. The safeguarding of the assets includir4J finarKe, buildirYJ and grcxtnds In theii c3re, and; annir¥J for the future use of propety and other a55ets. Actl¥ltles To rneet these objectives the Tnjstees, the ¢knmors of the schr, 9Xth form & cole, the Principal as Ch*f Executy've OffIr and Sen members of stsff have tctrgether on the conb.rtd development of the Setv15. The Trustees for their part have conb.nued to provide finatKe for Ca.tal devebkwnent and have worked alongsKle the senior staff In develw)Ing a 5-year strategic plan coveriThJ all areas of , 5th form & college. The return on investment has teen Carefully forecasted and is regularty reewed. on again, a prirKipal actNty of Tnth thi5 year has teen that of crlttal friends, teng knve memtsers of the school, sixth f(Ym & college's governirvj t)ody aThJ th"n9 aloro5kle the PnCIpal the senior staff in examining and promoting the Foundation Improvement Han. Stsff training continues to be a Val part of the Foundations rats"On. The Foundat aciwely aids all staff development to the bng-tem traEff( of the xthxA, sixth fcffi), colle9e arm1 Chihlren's Home. Athlevement & Perforniance The school & %xth form was awarded an'oUtstsIIng. rabng by Ofsted in all areas of operation, inclLwJing the twenty secoThJ con5ecub.ve outstanding ratiThJ for,ca.. A splendid achievement for whKh we a all Immensely proud.
THE SMMI FOiINDATION TRusfEES' ANNUAL REPORT (COIMMUED) For the year ended 31 Mar(h 2025 Finandal The financial statements are prepa in accordan the Chanties StateTrnt of Recommended Practi IFRS1021 and Financial Reporting Stsndard 102. All memtrs had exrted the WYPF Schen on 31.8.23. The exit defM)t was ttlnfirn èt £1.2m. A deferred debt agreement was entered Into WYPF and this was discharged and the balance paid in full from the Trust reserve5 on 19.7.24. Reserves Pollcy The Ve1 of caixtal investrnent required in the 5-year strntegic an cffibnues to be balanod against the ed to maintain cash resetves at 50% of annual runnirKJ costs. Ths ts ccrti'nually monrtored. Plans for Future Periods 5-year Strategic plans a under revw. Slh)rt term imkYovennts to the driveway are teirKJ conSKlered as 15 purposing one of the residentkl hcs. Future Prosperts The Trustees ale COnent for the future. ThB is tdsteod ty a 5trw school, sirth form, college and children'5 home management team, %•th exlIent leadership and an achievable strategy to deliver exlIent resu in ensuring student and (nt numbers are maintsined whiLst contr"nualty maintsining a high level of success In education and care. Furth•r Informatlon & News The school, sixth fomi & college management team under leadership of Sue kkroyd has produced excellent results in the further develcpment of the schryj, sixth form & college in teKhing, care and leaming to bring out the full lentIal of the boys in the $CXI1, sixth fomi & cole. SU5$ is further reccgnised in the finan$ of t Trust ènd gives us (fiden to fiJrtlr Jr impKo¥enEnt fi$. ease VIS ¢yJr new website at Statsment of Dlsclosure to Auditors SO for as the Trustees are aware, the is M relevart alIt informatKm of vthKh the d)arty's a(#lrtors is unaware. Addity'onally, the Trustees have taken all the nesary steps ihat they OLMJht to have taken as Trustees in order to make themselves awa of all relevant aart infommtw and to eablish that the charty's auditors are aware of that information. Public Benefft In klentfying the acttvitÈs that the (rty will uThJertake. the Trustees comFld wth ttir duty in settion 17151 of the chanb.es Att 2011 to have due regard to guidan put4ished by the (J)arity Cornmission.
ThE Smmi FOUNDATION TRUSTEES, ANIIUAL REPORT (COIITIIIUED) For the yr •nded 31 2025 statement of Trystees, Rtwslbjllti Charty law require5 the Truste& to [xe financial statements each fimrrial year that give a true and fair view of the State of èffairs of the ttrity of rts fancIal artivi)es for ihèt penc¥J. In prepbring those financial Statements the Trustre5 are reoukd to.. Sect surtaL4e accounting policies and then awy them con5tstentyyi Make )udGements and e51imates thar ère rea9)nab and wudent.. State thtrÉr the Oioes aoLyted are In accordaThce wrth Ihe Ctharths IAttouTrts & Reptxtsl Re9uL4tions 200B and wth acccAJnknng standards. subkrt to any materkil dertureS dt5ckJsed and exae0 In the financial slatements." Prepare the firwncial Sts1ets the gow corLm tklg5 unss rt is inap¢1te to assume thai t charity wll continue kn tKJgr. rht Trustees ère reSn9te lor keeTr9 y¢¥er acccwnbrg r¢cuds whKh dthjse wrth rtssonable crKY at any tirne the financial rK)sitson of the charty and to enat4e them to en5we that the finatKL41 statements comw wth the Charrties Act 2011. They afe rewnsible fcrf safe9uarthr4 the assets cl the charty and hencé foi taki reasonat4È steps for the mTntKXt and detertw fra1 1rffjguk7rrt. Approved c) tsehoif tr4rd ol Trustee5 and tlEir tehir ty.. Tilbrook TrIRI Chair of Trust Iq Decemt• 202S
THE SMrtH FOUNDATION INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF ThE SMITH FOUNDATION Oplnlon We have auded the finanoal staternents of The Smrth FwThJabon (the charity,) ft% the year ended 31 March 2025 which comprise the Ststement of FinarK7al ArtNits, the Ststement of Tr'nanoal Pogb"on, the Ststement of Cash Flows and notes to the finanoal statements, including a summary of significant accountirvJ Oicies. The financwl rerorting framework that has been applEd in their preparation is applKable law a1 United Kingdom Accounting Standards Iunthd Kingdom GenernlW Attepted Accounbng prath.), induding Finanoal Reporting Standard 102 The fv'nanoal RerK)rting Stsndard ap•te In the UK aThJ Reput4ic of ]land,. In our opinK)n the financh11 ststements: give a true and fair view of the state of the charity's affai as at 31 March 2025 and of its Incoming resour and application of rescKJrces, for the year then ended,. have ten prorty prepared in acCOr¢Jan wrth Llntsd KiThJd(xn Generalty Accepted Accounting Practi, includiThJ Financial Re[rtIrJ Stsndard 102 The Finanaal Repybng Stsndard appjicabk in the UK and Rewblic of IrelaThJ'; and have teen prepaied in accordan requirernts of the Charitses Act 2011. Basls lor oplnlon We conducted our alIt in accordan wth Internati1 Standard5 on Audn9 (UK) I1 IUKII and appIable law. Our responsitx'lrties under those stsndards a further descrited in the Audrtors, resph)nsibilities for the audlt of the financial statements seetion of our re. We ère irKJeFeThJent of the charity in accordance wth the ethical requirements that are revant to our audrt of the fin0a1 statements in fv UK, including the FRC'S Ethical Standard, aTrJ we have fulfilled our other ethical resp)n51t4lfcies in accordan these requirements. We tselVe that the audit evhnce we have obtained is suffKient and appropriate to W0ve a basLs for our Opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have CK1 that the trustees, use of the COtKern basis of acc¢JJnting In the preparat of the fina101 ststements is aFyoprote. Based on the work we have rforrned, we have nfA identified any material nrtaIntieS relating to events or condityons that, indivldually or collertive, may cast signrfKant (knt the charivs ability to conts'nue as a golng Conrn for a rK)d of at least tyyelve months frcffj when the finaal statements are authorised for issue. Chjr responsibllitles and the re¥Qn5kn.1rt of the trustees with reSFert to gclng corKem are desthbed In the revant sectior6 of this reFQrt. Other informatlon The trustees are responsible for the other infcffiwkn. Tr other inlormation comprises the information included in the Annual Reprt, other than the finarKial statements and ¢xAr Repxjrt of the Independent Aud¢(ors thereon. Our opinion m the financial statents ikns nc cover the Lther infomwb.on and, to the extent otherwise explititly ststed in our rekX)rt, we do not express any fom) of assuTrrKe u5)n thereon. In connection wrth our atyjrt of finarKial statements, respx'tilty is to read the (ther information and, in doing so, consider whether the 0r informath)n is matenalty i[51Stent the finèrKial statements or our knowledge ot)tsined in the audrt or 0rWISe apFears to be materially misated. If we ldenb.fy such material inconsstencies or apparent material misstaternents, are requiied to determine whether this gives rise to a material misstatement in the finanaal ststements tt*rnsefves. If, based on we have perfOrnd, we conclude that there is a material misstatement of this other informat#Jn, we a required to report that fart. We have nothirY4 to rem in this regard. Mattern on which TJ¥e are rtyuired to report by exceptlon We have nothing to rewrt in reSIrt of the following matte¥s Whe the Charibes (Accounts and Reph)rts) Regulatw)ns 2008 requires us to repiyt to you rf, In our opinion.. the infom)ab"on given in the Retort of the Trustees 15 Irlstent in any material respect the financial statements: or sUfficnt accouth.ng ld5 have not kert; ( the financwl statements a in agement Yth the accnting reco$ and retUTn5,' or we have not reNed all the inftxmation and explanab.ons we require for our
THE Smmi FOUNDATION INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE Smmi FOUNDATION Responsibllities of trustees As explained more fully in the Ststement of Trustee5' ReSEilities, the trustees are re5fA)nsib for the pyeparab.on of the financial ststements whKh gi¥e a true and fair vw, and for such intemal control as the trustees determine is ne$sary to enab the prat of finarK43151aterrnts that a free from material misststement. whether due to fraud or error. In pparing the finawal statements, the trustees are reskYXL%iNe assesstrKJ thanty's abllrty to continue a5 a going concern, disdosiThJ, as apKable, matters related to w"n9 corKern and using the gyng corKern basis of accounts'ng Un55 trustees either Intend to Iklu the (trty or to se OFerath)ns, or have no fealists'c altemab.ve but to do so. Our reSponbIlItIeS for the audit of the fin•ndal Statements We have been appoirted as audrtors under Sethon 144 of the Charities 2011 and repJrt in Kcordance with the Act and relevant Wulatn$ made or haviThJ effect thereunder. Our objectives are to obtain reasonab assuran ab)ut wtrther finanaal atents as a whole are free from material misstatement, whether due to fraud or error, and to issue a Rep)rt of the lThJependent Auditors that indudes our ¢¥)inion. Reas{Y0b assuran is è hNJh 1 of assurnnce, but is not a guarantee that an audit Condurted in cOrdan with ISAS IUKI wll always detect a matenal misstatement when it exists. Misststements can arise from fraud or error and are considered material rf, iThJ1vJual or In the aggregate, they could rea9)nably be expected lo Influen the KonoTrNc dec of users taken ba95 of these finarKial gatements. The extent to whkh ojr wttedures a opable of detettlng irregukritEs, ind(fvJin9 fra1 is detailed below.. Hower, the primary reswngbilrty for the prevention a1 deteLtrn of fraud rests wlth toth th)se charged wth governan of Charity and management. IrregularitKes, including fraud, are instae$ of non<0MlanCe wrth laws and regulat$. We desgn procedures in line with our reswnsitx'lths olIned atove on the Finala1 Repo"rj Cwncil's websrte. to delect matenal misstatements In resrect of irregularit, irKhJdiThJ fra. We obtsin and update our urJerstandirKJ of the entty, rts athrts, fts contrd enwronment, and likely future devebpments, including in lab"on to the 1 and regulaiory framework ap¥)liCae h¢Y the entsty Is complying with that frarnework. Based on this understsndirvJ, we identsfy ossess the risks of material misstatement of the financial statements, whether due to fraud or error, den and Ferform audit prcted¢Jre5 pons1¥e to those risks, and obtsln audit evidence that IS suffKtnt and awopriate to wovJe a basis for our opinion. This includes consideratKJn of the risk of acts ty the entity that were contrary to aFWicabk kws and regu'OnS, induding fraud. In re5Fse to the rsk of irregularitse5 and l-cliae with and regubtr'ons, Indudln9 fraud, we designed prcKedures which included.. Enquiry of manaJer1rf and those tharged wrth govemartt artyJThJ actual and F)tenbol lib"gats'on and claims 35 well as actual, susperted and alleged fraud. ReviewirKJ minutes of meetirKJs of those charged with governarKe; Assessing the extent of complonce wrth the law5 aThJ regulati5 cwdered to have a direct materlal effett on the financial statements or the ope0t$ of the entty through enquiry and inspErtion; Reviewing financial statement and testing to SuFvot¥j dctunntsts'on to assess compliarKe with applKable laws re9ulations,' Perfomiing audt work over risk of Managent bk4s and overrtde of controls, Including testing of loumal entries and other adjustsnents for aFvropnateness, evJluatsrrfJ the trJ&ness Trtiona of signifant transartions outside the r1 COLwse of and reewIng accn.j eMateS indKatrxs of tents31 'as. Because of the Inhent limtatKs of an a•t, there is a risk that wll nrt detert all irregularities, induding those leading to a matenal misstaterrEnt in the financial ststernents or non-compliance wrth gulatIOn. This risk incwses the more that compliance with a L3w or regukity.on is removed from the events and transartK)n5 reflected in the financol ststements, as we will Ix th likely to tecome aware of instances of rth-CoMrAian. The risk is also greater garding irregularit5 rKcurrirvJ due to fraud fatt than error, è5 fraud invofves intentional Conalment, forgery, collusion, ornisson or mise$errtatn.
THE sHN FOUNDATION INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE SMttH FOUNDATION A further de5thpt1( of tyJr resrnnstbrl.es for the a(Mlrt of the finarKial ststements is located on the Finanoal Reporting Cou11,$ website at wvM.frc.org.uklaudrtrxsiesix¥)51ts"I.es. This descripkn.on fomis part of our Report of the Independent AditorS. Use of our report This repK)rt is rnade ly to the tharity's trustees, as a tojy, in C(dan Yrth Part 4 of the Charitie5 (Accounts and Rewrt51 Regulation5 2008. (r audft wot has been uThJertaken 50 that we might state to the charty's trustees those matter5 we are required to stste to tM in an att)rs. rep)rt and for no other purpose. To the fullest extent permitted by law, we do Th)t aCrt or asyjme re¥x)n%bility to anyone othei than the charity and the charty'5 trustees as a ty1 for our audrt work, for this reF¥rt (Y f(Y the t¥n*Jns have f{ed. £LP Shenward LLP Charted AccoLtntsnts & Ststutw ALhlitrys Summit House Wlxidland Park Bradford Road Cleckheaton West Yorkshire BD19 6BW 19 December 2025
THE Smmi FOUNDATION STATEME1 OF FINANCIAL AcrivtllES for the ye•r ended 31 Marth 2025 Note Unrutiictrd Restri EndowmTrt 2025 Totsl 2024 Totsl Income and endowments from: Charitable athVe$ Investment acbwts'es 13,277,979 25,828 107,932 13,385,911 11,053,366 25,828 22,192 Totsl Incorne I3,303.7 107.932 13,411,739 11,075,558 Expendlture on: Charltsble activltles: Salaries EstablishrrEnt costs Education & welfare VAT re partial exemptK 14 8,557.671 1,161,129 1.786,605 (149,456) 8,557,671 1,161,129 1,936,907 1149,456) 7,370,481 1,014,803 1,552,527 150,302 Dlrert costs 11,355,949 150,302 11,5C6.251 9,937,811 Support ¢05ts: Oepreoat Professional fees Governance Costs: Clerk charges & SUbxriFr Auditor remuneration Investment actl¥lties: Investrnent management fee5 186,173 2,928 3.919 190,092 2,928 187,068 25,303 27,ofJ) 18.305 27,0 18,305 27,120 25,400 13,939 13.939 12,738 Totsl •xpendlturt 11.601.294 154.221 11,758,515 10.215,440 Net Income before investment gainglbsses) Net Ilossesllgains investments 1,699.513 (16,842} 146,289) 1,653,224 119,0281 860,118 61,607 (2,186) Net Incomel(expendlture) 1,682.671 146.289) (2,186) 1.634.196 921,725 Extraordinary item Pension scheme ex 18 11,200,000) Net movenEnt in funds 1,682.671 {46,289> (2.186) 1,634,196 1278,275) Reconclllatlon ol fund$: Total funds brought fOard 8,085,534 176,669 723,849 8.986,052 9,264,327 Totsl fijnds carried foryrdrd 12 9.76B,205 130.380 721.663 10,620,248 8,986,052 All incomiThJ resources and restyjrces exrttKled derive from continuirvj thties. The cornparatfve fKJures are anatysed ty funds in th)te 19 crf tr accounts. io
ThE SMITH FOUNDATION LANCE SHEET •$ at 31 Marth 2025 2025 2024 Fixed assets Land & buildings Furniture & equlprrent Investments S,944,Cl55 45,922 1,071.728 6,081,105 73,936 1,085,485 7,(%1,715 7,240,526 Current assets Str(ks Debtors Cash at bar* and in hand 50.289 1.128,596 3,022.198 io 57.255 206,J08 3,118,908 Llabllltles CreditoKs falllng due ¥¥Sthln r 4,201.Cfj3 3,382.271 li 1642.5501 11,636.7451 Net current •ssets 3.558,533 1.745,526 Trt•l net aM¢ts 10,620,248 8,986,052 The funds DI the ch•rlty.' EThJowment fvnds 721,663 723,849 Restrth(J income funds Unre#ricted irKThne funds.. UnrestrLted funds Scho¢4 Jrrorovement Pl•n deggnated fund 130,3&J 176,669 9.545.298 222.907 7,958.534 127,(h)O Totsl tharfty funds 12 10,620.248 8,986,052 These FinarKrol statents were apwfftd ty Tnstees lth&fvbkCJ{oTr ¢n their behaff by RICS Chair of Trust
THE Smmi FOUNDATION ATEMEKf OF CASH FLOWS for the year ended 31 2025 Reconciliation of net inc(¥nel{expenditure) to net ash flow from operatln9 activities 2025 2024 Net irKome for the year las per the statement of financial tsYrt5) Add back depreoation charge Deduct Inte$t Income shown in investiThJ activit*s Net gains on investments Decreasel{Increase) in stc(k5 Increase in debtors IDecreaselllncrease in credftors Extraordinary item - Fen&on thrre exrt 1,634,1% I90,2 {25,828) 18,644 6,966 1922,488) (994,195) 921,725 187,068 122,1921 161,607) 12,935) 13,1771 1,132,532 (1,200,000) Net cash provlded by oper•tlng activltlas 192,613) 951,414 Cash flow5 from Investlng artlvltles: Interest and dividends Purchase of propety, plant and equiFrfnent Purchase of listed investments Proceeds on sale of listed investmenls 25,828 125,038) (247,632) 242.745 22,192 118B,0051 (256,6291 234,613 Net cash used In Inve51ing actlvltle• (4,097) {187,8291 ChJn9e In cmh and cash equlv•lents the ye•r (%,710) 763,585 Cash and cash equlvants Ixought fonyard 3,118,908 2,355,323 Cash and cash equivalents carrEd fcyvdard 3,022,198 3,118,908 12
THE SMrnI FOiINDATION 140TES TO THE FINANCIAL ATEMENTs for the year ended 31 Marth 2025 Accountlng Policies Charity Infomwth>n The Smth Foundab"on 15 an unincorwate¢J dwrty registered the O)arrty Commissity) in England & Wale5. The publi address is William Henry Smrth Schwl, Bcothroyd Lane, Brigtwse, West Yorkthire, HC6 3JW. B•sls of preparation and asses%t of golng concern These financial statements have prepared in (dance wth knuntir¥J aThJ Reporting by Charities.. Statement of RecommeThJed Prath"ce apFIKat4e to charities pannY their accounts in accordan with the Financial Rert)rts'ng Standard appljcabk in the UK and RepM1tiC of Iland IFRS 1021, wrth FRS 102, with the requirements of CharItS kt 2011 and uThJerthe h1#or cost (vent as moJifd by the revaluatson of investments assets. The financ1 5tstements have been prepared to gNe a Irue and fairf viem have derted from the Charities Ikcounts and Rerx)rts) Regulat5 2008 onty to the extent required to Kyovrtde a Irue and fair view.. This departure has involved followiro kcwnb"n9 and Rep)rtJ"ng by Chant5.. Ststement of Recommended PTactKe applKaNe to charitie5 prepariThJ thw"r accounts in accordan wrth the Financial Repotyng Standard apicable in the UK and Republic of Ireland IFRS 1021 (second edition) issued in Ottober 2019 rather than the kcountsng and Rep)rtiThJ by Charf(ies'. Statement of RecomrneTrJed Prath'ce effertive from l Awil 25 whth has Sin I)e wrthdrawn. finanaal ststements are prepared in ster11J. is the functKrfI of the tharity. Monetsry amunts in these finar1 ststements are rourKled to the nearest £. The twst cc¥)stliute5 a publt benefft entity as defi ty FRS 102. The Trustees lve that the Foundat is a gcing coeM tecause rt ha5 a strorrfj baknce sheet, gd leadership and management to ensu toy nUmr$ are maintsined at a satisfathry 1. Stocks Stocks are held lor driA10n at no or ninl cs(lenti0n. Stocks are valued at the lower of cost and replacement cost. Penslons The charity contributed primary contrlbutths to the Teachers. Pensi Defined BerfftS Scheme at rates set by the Scheme Artuary and advised to Board by the SchenE Administrator. The stheme is a multi- employer FnSIon and rt is not F¥)sSIe to i(kntrfy the assets aThJ liabilitses of the scheme which are attribUtsb to the xhc¥J. In COrdanCe wth FRS102 therefore, the thme is accounted for as a defined ontributK)n scheme. Payments to defi contn'bub'on irement trfrt scheme5 are tharged as an expense as they fall due. The charty a150 contrltmjted wimary ccrfth"buty"ons to a Defined Eenefits penw) stheffE for non-teaching Staff until 31 August 2023 Wfi the charity a deferred employer and 1 secondary contributions unts'l 31 March 2024 when the charrty extsj the xheme. Rates yre set by the scheme Actuary and advlsed to the School by the Scheme minIstrator. The cort of woviding tenefits under retired tenefits plan5 wa5 deterni1 based on actuarial advi. 13
THE smmi FOVNOATZON NOTES TO THE FIIIANCIAL ATEME1[s for the year ended 31 Marth 2025 l Accountlng Policies (Continued) Income recognition All income is (jned when the charty has LN)tsVement to the funds. certainty of receipt and the amount can te measure<l wrth SLrfficient reliab"lty. Grants are induded in the Statement of financial PdMts on a receIvae basi5. The bon of income ieceived for Slf purFoses but Trjt eyThJed durir4J the FefKJ is shoyffj in the relevant funds on the balan sheet. Where Income 15 refve in &fvarKe of enbtlerwt of receipt its c•3nrt1on is deferd and induded In credtors as deferred income. Where enb"Vement c(cuYs before i8 f1ved, the inccffie is accrued. DonatK)ns are reCJnI$ed cffl a receNable basis vthere rtteiFrt is the amount can be feliabty measured. Other income, includirvJ the hire of facilths and sale of g¢xJ5, Lg recogTred in the perDJ it is recelvable and to the extent the 9tS have been prowded Ly M completth of the setvKe. Expendlture recognltlon All expendf(ure is Iuded on an xuuals basi5 and LI recoJni5ed when there is a gaI or constructive obligation to pay for it. Al costs have been direcdy attrilted to or of the functional categon'es of resources expended In the SOFA. Capltsl expendlturn: Freehold property 11 be capitslised arJ deweciated over 50 years. Regukir ¥altionS, other than f¢y insurance purpy5. a nct consKlered to be of any tt to the Trustees. Fixtures & equipment will be capitalised aThJ dewwated at 2Iy/o Fer annum on a straight-line basis. Any single rtem cosb'ng £l,CO) or tess te wrrtten clr. Computer equlpm•nt is at iC#yh cffi a stra4ght.line basi Flxed asset investments Investments are a form of basK financial Instrument a initially reccgnised at their transattw value and subsequenuy measuied at their fair Val as at the balance sheet date using ttte mkl-markel value. The increase or decrease in fair value 15 credtted CK charged to the endowment fvnd in the ststemenl of financlal activities as unrealised gains or losses en investments. Inccrfne from the endowment fund is unrestricted. Donatlon4 legacles and grants tk)nations, legacies and grants are credrted to Inc( as they are received. Des5gnated lunds The trustees set asKJe arrK)unts wittiin unresln.cted funds for designated exnrtUre. Tr deslJnated fut balances do not affect the gatent of finala1 athths. Leaslng Rentals payaLge under orerating ases are dwrged to the statement of finala1 athvib"e5 ¢M a straight-line basis over lease trmi. Cash and cash equivalents Cash and cash equantS are basic finanaal assets arNJ indLth cash in hand, detK)sts hehj at call wth banks and other short-term Iiqukl investsnents. 14
THE SMITH FOUNDATION MOTES TO THE FINANCIAL sfATEMEIITS (CONTINUED) for the ye•r ended 31 Marth 2025 l Accounting Pollcles (Contlnued) FinancFal instruments The charty has elected to appty the provi5KmS of sect 11 ' Basic Finanaal Instruments. aTrJ Settn 12 ' Cther Finala1 Instnjrnents Issues of FRS 102 to all of its finanoal instruments. FinarKial instruments are recrniSed in chantys balan bthen the chanty LoMe$ party to the contractual PfOViSK•ns of the instrument. Flnancial assets and llati1rt are oftset, with ihe net aMnts kwnted in the finanaal statements, when there is a allY enforceable rNJht to set off the reccgnised arrojnts and there is an Intentk to settle on a net basis or to realise the asset and setve the Ik3bility SMune0y. B•slc flnanclal assets Basic financial assets. whKh IludedeL$ aTrJ cash arKf bank tralans, are intallY measured attrans(ion price Including transaction costs army are sub5equentty carried at amortssed cost using the effective Interest meth unless the arrangement conststutes a finanorY4 transath'on, WI the transact Is measured at the present value of the future reIpts discounted at a market rate of Interest. Finanaal assets classified as receivable wrthin (me yeèr are t am¢Nttsed. lmpa1rnnt of flnanclal assets Financial assets, other than hekl at fair value thrwgh the statement of finatKo1 acb'vities, a assessed for indkators of Impalmnt at eh rep)rb"rwJ end date. Finanaal assets are impaired Wre there is obJect¥e eVkIen that, as a resu of one or more events that occurred after the initial recojnrtion of the finanaal asset, the ests'mated future tash I1$ have been afferted. If an asset is IMlre, the 1mpalrnnt loss is the drfIe bets¥een taff.ng amount and the present value of the estimated cash flows discounted at the assets orKJinal interest rate. Tr impaiment loss Is recognlsed in the ststement of financial ackn.vits. If there Is a decrease in the IMp•rMent bss arigr#J from an event occurrirrfj after the impalrment was recognised, the Impairment 15 reversed. The reversal is such that the oJrTent carrying èmount d¢es not exceed what the carrying amount woukl have been, had the Impaim)ent not prewously ken reco3nised. The impaimpnt reversal is recDJnised in the ststement of finaKial acts.vits. Dereco9nltlon of flnanclal assets Financial assets are derecogn15ed only the contractual rkjhts to the flows from the asset expire or are settled, or when charty transfers the financk?l asset and substanbally all the risk5 and rewards of ownership to atKther enbty, cy if some ygnificant risks and reward5 of ¢Mnership are retained but control of the asset has transferred to anOtr party that is atAe to sell the asset in its entrrety to an unrelated thlrd paty. Baslc flnancial liabilltles Basic financial liats'lrties, IncIlIng crèjrtors and bank loans, are inrtialty rjniSed at transattion tce un the arrangement consbtLrtes a financing transact, where the debt Instrument is measured at the psent value of the future payments discounted at market rate of interesL Fina01 liabilit*s dassified as payable wrthin one year are not amcrtised. Debi instruments are Subseq carrEd at antI50 cost. using the efftIVe interest rate method. Trade credf(ors are ot4igations to pay for goDJs or seryices that have teen wuired In ordinary course of business from suppliers. AnMMJnts payatAe are dèsstfied as current liabilit5 if payment is due within one year or less. If wt, U)ey are presented as non-current liats"lrties. Trade creditors are rec(yJnised initially at transaction Fffi and subwuenuy aSure at amottised cost using the effeCte interest meth(Kl. Derecognltlon of financial liabilities Financial liabilth.es are derec(¥Jnised when the thèrity'5 C(tractUal oblvJations ex" or are discharged LY canlled. 15
THE Smml FOUNDATION NOTES TO THE FINANCIAL STATEMEIITS {coKllNUED) for the year ended 31 M•rth 2025 Accounting Policles (Continued) Judgennts and key sourrts of esllmatlon uncertainty In the applicabon of the charty's accounb"ThJ Fdicies, the Trustees are iequired to make jud9ements, esknmates ond assumptxms aixrt the (arrying amunt of assets and liats"lities that are not readity apparent from other SOurs. The esb'nkites and aSSlated aSSumptn5 are based on htstoriol experience and other factors that are conydered to leVant. Actual regjlts may differ from these e5kn'mates. The estimates and underlw'ng assum0 a an On'ng basis. RevISn5 to accounting estimates are reCOJned in the pe.j in which the esbmate is rewsed where the reVIOn affects only that Feri&J, or in the FericKi of the revi5rt and future pert¥Js the ron affects Lth ojrrent and future Feri¢Jds. Net Incomel(expeThdlturn) 2025 2024 Net 1nc0mellexndthrel is #atsd after dry1J. Depreciation of tsngibte assets Operèts'ng lease rentals Auditors remuneration - audrt 190,092 68,793 187,068 64,391 7,000 18,4CX) Investment Income 2025 2024 lrtefe5t reIved Dividends 983 24,845 1,207 20,985 25,828 22,192 Income from ch•rltable adlvltles 2025 2024 Fees '. Standard .' Addity'onal serv colge .' FA)Othroyd House ESFA funding grant Other grants Other generated Ine 9,410,445 35,783 2,293,856 481,650 516,696 609,915 37,566 6,524,214 1,817,856 1,316,877 274,090 589,612 499,016 31,701 13.385,911 11,053,366 Grants comprise mainly of ESFA fundiThJ towards eduCats. 16
THE Smmi FOUNDATION NOTES TO THE FINANCIAL sfATEMEPtTS (COIITINUED) for the year ended 31 Matth 2025 Establishment costs 2025 2024 Cleaning Maintenance and securty Heat and Ipght Rent and Water Insurance Office costs Professional fees 27,038 508,840 157,013 79,518 166,474 148,602 73,644 36,068 408,748 183,277 71,861 92,938 153,718 68,193 1.161.129 1,014,803 Education and Welfare C4)5ts 2025 2024 Education costs 434.815 110,197 262,728 46,969 103,125 187,125 222,738 12,832 406,076 150.302 198,149 97,311 215,650 50,694 104,562 132,495 161,375 6,818 426,203 159,270 Cateritv4 Housekeeping and laundry Motor and travel Training Ca Otr SchcK)I IMproVent PL3n- designated fuThl exnditUre other restrthd and ¢JesKJnated fvThJ exFeTrJrture 1.936,907 1,552,527 17
THE Smmi FOUNDAnON NOTES TO THE FINANCIAL ATEmENTs {COIITINUED) for the year ended 31 Marth 2025 Tanglble Fixed Assets Freehold Land & Buildin9$ Fixtures & Computtts Equipment Totsl l April 2024 Addts)ns 8,202,836 25,038 57,242 503.496 8.763,574 25,038 31 March 2025 8,227.874 57,242 503,496 8,788,612 Depreciation l April 2024 Charge for year 2,121,731 162,078 57,242 429,560 28,014 2,608,533 190,092 31 Morch 2025 2.283.8tr) 57.242 457,574 2.798,625 Net Book Value 31 March 2025 5.944,1)65 45,922 5,989,987 31 March 2024 6.],105 73.936 6,155,041 Investments Movement flxed asset Inveslments 2025 2024 Market value at l Aw'l 2024 Additw)ns at cost DispclS Net (losses) I gains on revaluat¥$ 1,085,485 1,001,862 248,891 256,629 {242,745) 1234,613) 119,903) 61,607 Market value at 31 Marth 2025 1,071,728 1,085,485 Investments at market Value comprlsed: Charities Official Investment Fund 64.420 66,6C6 Listed Investments.. Eq¢JitS Fixed inlefest seaJnt*s AernativeS prOrtY Enrgi[j markets 636,672 250,047 l(K),366 20,223 565,420 249,327 128,904 46,679 26,549 1.071,728 I,5,485 18
THE SMITH FOUNDATION NOTES TO THE FINANCIAL sfATEMEIIts (CONTINIIED) for the year ended 31 Maffth 2025 Finand•l instrnments 2025 2024 Carry5ng amount ol flnancial assets Debt instruments rr*asured at amortised cost 1,079,660 149,541 Carrying amwnt of finandal liabilit••s Measured at amorb.sed cost 493,924 1,511,300 10 Debto 2025 2024 Trade debtors Other debtors Prepayments I,(Ql,433 78,227 48,936 147,806 1,735 56,567 1,128,596 206,108 li Credltors: amounts falllng due wlthln one year 2025 2024 Trade creditors other tsxes and swal seojrty other credrtors Accruals and deferred incon 290,100 148,627 %,867 106,956 149,069 125,445 120,600 1,241,631 642,550 1,636,745 12 Reserv•s Tot•1 Brought fcyward Surplusl(defI for the year Net gains on valuations 8.085.534 1.699,513 (16,842) 176,669 146,2891 723,849 8,986,052 1,653,224 {19,028) 12.186} 9.768,205 130,380 721,663 10.620,248 RestrKted funds represent grants ènd dcfftatKS ifNested in lkI1rJS cl £103,798 and the unspent rx)ttr"on of other grants totslling £26.582. 19
THE SMTfH FOiIMDATION NOTES TO THE FINAIICIAL STATEMENTS (COtlllllUED) for the ended 31 Marth 2025 12 Reserves (Continued) Analysls of Net Assets between Funds 2025 2025 2025 2024 2024 2024 i1nrestr1 Restrictid Endowment UnrestriLted Restricted Endowment Fixed assets Investments Stk and debtors Cash and bank Creditors 5.228,946 1,007,309 I,L78,885 2,995,615 I642,5} 103,797 657.244 64,419 5,390.080 1,018,879 263,363 3,049,957 {1,636,7451 107.718 657,243 66,606 26.583 68,951 9.768,205 130,380 721.663 8.085,534 176,669 723,849 IJ TrnnMctlon• wlth Trusta•s During the financial year The Smth FOundatn was invoKed £1,542 12024: £13,068) by PSK Building Surveyors Limited for proK*ty consutsry. R Tilbrcdc wa5 a trustee ol The Smth FJndats.Qn and a director and shareholder of PSK Building Surveyors Limited dunrK4 the yeai. A balance of £NIl12024.' £1,800} wa5 due to PSK Building &JTheyors Lnit at the year e. During the financial year Tr Smlth Foundatson was invoKed £35,37512024.. É30,266} by Cuffe and Lacey AS518te$ Limited for Rl duties at Bcthroyd House. M Cuffe Is a trustee of the Smith Foundabon and dirertor and shareholder of Cuffe and Lm &ssc(iates 'Mited. A balan of É2,64712024.. £2,131) was due to Cuffe and Lacey Assttiates rned èt the er#J. 14 Expendlthre 2025 2024 Wages and salarie5 Social sKunty costs Penskjn costs (see Thjte 15) 6,764,071 620,951 1.172,649 5,967,850 519,208 883,423 8,557,671 7,370,481 20
THE SMITH FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS {COIITINUED) f(v the year ended 31 Marth 2025 14 Expenditure (Continued) Stsff eaming over £60,000 2025 Number 2024 Number Emp0yeeS emoluments falliThJ wrthin the ftAhywbng band5'. £60,001 to E70,IX £70,001 to £80,OC £80,001 to £90,C( £90,001 to £IOO,CNJO £IOO,1101 to £llO,000 £iio,C(11 to £120.OC4) Pension ¢05ts were E196,80012024.' £166,167). 9 employees {2024: 7) We accruing nerrtS under defined contnbution themes no emOyeeS accruing beneffts under defined beneff( schemes. 2025 2024 Average number of employees: Senior Leadership Team TeachirKJ Department Ca Therapy Administrath Maintenance Cleaning Domest Education SupFQt College Boolhroyd House 47 17 21 19 12 12 41 18 18 18 io 45 48 29 229 212 No Muneration was paKJ to ary of the trustee5. Expenses of £253 {2024: £319) were reimbJrsed to one trustee durirrtj the year. The key management team receNed remunertth) of £698.23612024.' £568,579). 21
THE SMITH FOUIIDAnON PIOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) for the year ended 31 Marth 2025 Is Pensions 2025 2024 c(tributIOnS payable by the F(xJndation for eMpk)s. Teacher5 PenstTr) West Yorkshire Pension FuThJ Peoples Penston 3.267 270,2C6 275,941 337,276 792,382 1.172,649 883,423 Contribub'ons (t$ndIng at the yeareTrJ: Teachers Pen%() Peoples Pen5¥ 42.952 35,679 58,208 42,952 93,887 Teac15 Penslon The contrltMJtes to Tethr5 Pension (ErvJland & Wales) for the staff. The assets of these funds are held separatety from The Smrth FOLMdat. The Teachers PenSn kheme is a mukn'•r defined terfits to which the school pay5 contributions at the rate set by the Scheme Actuèry (ojrrendy 28.68% {2024.' 23.68%) of nsionab eamings). The sthcd has no re5FS1.1ty for belfft frrjn any det or suiplus of this Scheme. It 15 not possible or appropnate to idenbfy the assets and liats"1.eS of the sCme whKh are attrtbirtable to the schcol and rt is therefore acccxjnted for as a defined Contn.butK thme. contri5 to the kheme are accourted for when ttw fall due. P•oples Penslon The tharty also oFérate5 a defin&J contrltxrth)n scherrt for walityng emfv. Tr assets ofthe sdme are held sepaiately from those of the chanty in an indeFernkntly adminiSted fund. The charity contributes slfIed percentsge of payrdl Costs to the retirement tenefrt soleme to fijnd the benefits. The only obltgation of the charty wrth respert to the xheme is to make the spea'fth cOntribun5. Wert Yorkshirn Penslon Fund The West Yorkshire Pension Furkj was also a muttremltrr defined nefits scheme but In this case the schtx)I was requi to make up the defiot of the kheme rebknng to their employees and former emptyees. At the last valuab.on of the West Ywk5hire PensKW FuTrJ rnle as at 31 March 2022 and wblished 31 Mard) 2023 the scheme was assessed to have a defKit. The scheme was ckjsed to new wthiters during the year ended 31 Marth 2018. The rernaining 37 tive memr$ became ¢Jeferred of the Sch on 31 August 2023 and the schcx)l exf(ed the pens scheme on 31 March 2024 (see 18}. 22
THE SMrtH FOUNDATION NOTES TO THE FINANcL STATEMElItS (CONTIIIUED) for the yr ended 31 Marth 2025 16 Flttanaal Commltments At 31 March 2025 the tharity was committed to making the folkwThJ payNnts uTrder non-caKellatAe oFeraty"j lease5.' - Plant & Machinery 2025 2024 Leases exp'riNJ in: _ < lyear 2-5 year5 17.257 153,743 12,313 163,079 17 Events after the reportlng date TTrnsfer of Charltabh Actlvltles to the Comp•ny In pursurt of our mission to enharKe the effioerLy aThJ su#aIna.1ty of our charrtable initiatlve5, a strategt decisSon wa5 MJe to transfer the Managent and cyeraty.on of ryjr tharrtab acb'wties to a newly fom)ed company lime by 9uarantee- Williarn Henry Smth FJTrdats0n. This transfer was carried on 1st Cttober 2025. The ey3t4i5hment of Willom Henry Smith Foundatlon allows for enharKd fCS dedKated resources in furthering our chafTtable (je"ve$. 18 Extraordlnary It•m Exlt from West Yorkshirn pen0 Fund {WYPF) tring the year ended 31 Marth 2023, the FoundalK deaded to corKlude Its memtershlp In the West yorkshi Pensw Fund IWYPF). This deo'sbM was masje as part of our bror financial and operatDnal restrLthring efforts to tetter altyn cwr restyJrces th our kng.term strategic goals. The Charty aSed participatKx) of WYPF on 31 August 2023 and entered into a Deferral Debt Agreement which terminoted on 31 March 2024. The Funds Actuary carried an exit valLFation as at 31 March 2024 and detem)ined the amount require(I to exrt the scheme as at 31 March 2024 to be £l,2cQ,C. Tht5 amount was paid in full on 19 July 2024.
THE SMtrH FOUNDATZON NOTES TO THE FINANCIAL sfATEMElItS (COllTINUED) fty the year ended 31 Marth 2025 19 Comparntlve Statement of Finanoal Arti¥lties 2024 Total Income and endowments from: Charitable activities Investment activities 10,905.017 22,192 148,349 11,053,366 22,192 Total Income lo.927,2) 148,349 11,075,558 Expendlture on: Charltsble actlvltles: Salaries EstatlshMent Costs Education & welfare 14 7,370,481 1,014.803 1,393,257 7,370,481 1,014,803 1,552,527 159,270 Support 90Veman costs: Interest payabfe - pension Deptiation Professional fees Clerk charges & subsciiptths Auditor rernuneratn Actuary fees InVtment artlvltles". Investment management fees 9,778,541 159,270 9,937,811 183,149 25,303 27,120 25,4(K) 3.919 187,068 25,303 27,120 25,400 12.738 12,738 Total exPwdlVe 10.052,251 163,189 10,215,440 Net Income before investment gaingllosses) 874,958 (14,840) 860,118 Net Ibsses)Igains on investsnents 55.202 6.405 61,607 14et Incon/[expendltw•) Transfers between funds Actuarial Ilossllgain on ¢Jefined nefit penson schen Extraordinary rtem - Pension e 930.160 li.n5) (14,8401 1.725 6,40S 921,725 (1,2CQ,CO]) (1,21)0,000) Net mvement in furK15 Reconclllatlon of funds: Totsl funds brw9ht forwa (271,5651 (13.IlS) 6,405 (278,275) 8,357,093 189,784 717,444 9,264,327 Total funds carried foward 12 8.085,534 176.669 723,849 8,986,052 All iOrning $Our and resource5 eynded (knive fr contlnui &tNrtEs. 24