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 State￿nt of trustees resp￿sIbIlitieS Inde￿ndent audit￿5, reF4Nt Statement of fina￿1 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 cor￿ponden￿ 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 Offi￿r$ 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 eSt3￿1$h a Home for orphan gits. This was changed to a home for Ws and gids under a scheme of 1923 just aft￿ William died in 1922. The bulk of his estate haj been intended for his cousin's adopted son William Henry Smf(h but unhap￿ty he was in the 1914-18 war so this money too was passed to the Trust. The ho￿$ continl￿d 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 appr￿ch 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(l￿d an authwty for the Trustees to make grants to S￿la1 schools and to estsblish SFeoal schcx)Is of tha'r own. Grants ￿Ere made to Breckenb)rough and Cha￿j￿Y SdKd Hdly Bank HoL￿e was purchased ty the Trust to convert into a Special Sch￿1 for Phy5Kolly disabled ch1hj￿n. This Sck¥Jl was opentsj in 1953 atxl was run by the Trust unkn'l 1998 when fc wès handed over to the newty fom*d Holly Bank Tnjst. By the end of 1959 the last of the chikjren left the Home5 and by then ￿an5 in hand to o￿n a further residential S￿la1 sch￿1 in the lyJildirrfJs. The William Henry Smth Schc*Jl oFened in tyemter 1961 for 48 boy5. Ln December of the fc41cwiThJ year the Charity Cwmls*n made a sd*me that thanged the name of the Trust to The Srnith Foundat￿. r the next 30 years the 5chc*J theh¥ed its education and social prO￿510n becoming recojnlsed as a specialist sch￿1 for boys experiencing ￿￿31, enN)tK*)al and mentsl ￿alth diff￿U1t*S, L￿mIrAj very muth a part of the natity)al sp*ctrum of special needs Pfovlsion. t*Jring thts ￿1￿K1 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 L*came clear that the residentral acccMnmrNJation needed to te repbced atKI the Trustees prov&d ￿ new houses u*ng 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 r*w ￿￿h11￿4 faalrties to alkny the to meet the challenges of the new mIl￿nnIvM. In the following years during summer captsl ￿li￿li￿j projects im￿emented whith transforrned the site with derelict ￿lIding$ tecomiTrJ teaching and communal f&ilrties, prO￿ding 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$, Art RcK)m, Music Ri)om, Sports Hall, Life Sknlls K￿chen a￿1 a new therapy suite have been provKled. Expansion has continued as money has albfftd irKluding the addit￿ of a new t￿Ilding for Commissmed SeN1￿$ in 2019 and in 2020, which has teen used as a *arning Spa￿ for r￿W students frun September 2023. The FOundat￿n also purchased a fom)er 8&B which has iEen devekoe¢J aThl has tseen used as a 52-week thik1￿n IKirne from late 2023, known as Bcthroyd House. In 2021 the Trustees purchasaj an0￿[ offsr(e proFerty, a fom)er day nU￿ry in Elknd. This hès been operating as a col￿ge 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 0￿e, dassrcorns and conferen facilit￿S for the ￿)l￿e. Lowry house was converted from resKJential accomm￿latKM) to a larger state of the art thernpy building. Houses 5 and 6 were also ct)nverted from therapy into a 4 bedr￿rrEd 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 envIronn￿nt and provides students with the indNidualised 9JPFth and structure tw wuire to ensure a sm(xAh trar￿it1(￿ into sd￿?1. The Trustees conb.nue to sa￿t￿n caprtal and revenue expeN1rture in a prc£ess of continual improvement to facilities and the overall environment. R￿nt initiatives i￿￿le the prOVi￿on of a 4G pitch, new tKJilers and water heaters and facilitsting relithts￿s to improve bKJger arKJ irnproved li￿n9 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 a￿er 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$on5 from professi￿al backgrounds, remove dd terminok¥Jy. permit VL*ng by proxylvirtual and re￿a￿ G)mmrttee meets.ngs Wlth Speoal Interest Groups). Strurture, Governance •nd Man•gement CoTrstltutlon The Trust Is governed ty a Charty Commis5hTh dated 4 A￿gL￿t 1998, as var*d by a resolution of Trustees dated 20 lune 20CX), and further rescAUt￿$ dated S Juty 2011. 2 Fe￿ry 2023 and 30 Septemter 2025. Trustees terms are ￿VIeWed every fve years. AJI Trustees are nominated by current Trustees. In maling èF￿4ntMents 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 sugge*ed by Ihe wesent TIL￿t W ha11 provided a representatyve and active grc¥Jp of Trustees. When l¢))kn'n9 at Vaca￿￿$ the Trust conS￿eT$ the skn'lls and experie￿ gap in their Wy. I prosFertNe Trustees are Inf￿mal￿ interV*v￿￿ ty ￿ d￿1rpeV￿, at that tirre makes verbal cheths on the eliglbilty of Trustees. Each new Trustee Is 9iven an iThJuctyon pack c￿tainIng the charity's goveming d￿uMent, the Instruments and Artths of the schocA, sixth f￿rn & cdlege, annual reFwJrts, together with preV￿u5 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 ¥￿p￿nCe and williThJness to ￿t in the Tn￿S of ts sd*me approved aTrJ established by the Charity Commission on the Au9USt 1998-. Please nc*e that as the reFQrt ￿ for the per￿fj l# Wl 24 to 31 March 25, that the records the ￿1￿0￿ (Juring this time flame. Oryanlsational struLtu The Trustee5 de￿gate the running of the schcd, sixth fom) & cd*ge 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 ern￿0Ved by a Local Authority, 4 from a professional background and 4 otl*r 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 & col￿ge 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, 3￿JIt and LNgnking, Insuran￿ and secunty. They have joint re$pL￿￿l￿1ty with the governors and CEOIExecutr"ve Principal for Admissh)ns, financor l￿dgetiryj in the schtx>I, sixth fomi & college, Prosmus, the u ofthe premises, all stattstory pol¢cies such as Heath &Safety, Rel￿rouS EduGib"on and Sex Education. The Gtsvernors and CEOIExecub've Prinapal a￿]01rb￿Y respxsIb￿ for Stsffing, Temis and Holiday dates, Curriculum pdicy, welfare and child protecti￿. The CEOIExecutwe Prinapal is sO￿lY ￿lIe for the organisatth of the curriculum arnl THE SMrnI FOUNDATION TRUSTEES. ANNUAL REPORT (coN￿NUED) For the year endod 31 March 2025 the day-to-day runniNJ of the s(W, sixth forni & college. The gO￿r￿S 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 Err￿jetKY 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$0￿5 requirir¥J assistsn￿ who have or have had special educational neeils, wrth preferer￿e for students and former putmls of the sthod, sixth form & college of the ch)nty. Ibl Mlsslon Statement The Trust fulfils its objects by emK*)wering everyt￿ to tecclne the best they can te through grants'ng equlty of access to provislcl) of lile enhancirrfJ Oprt•rtunrt￿S leaying to athEvement, fvlfilment and happiness. r viskn supported by tsjr whole crynmunty of services 15 to EMde ￿tStand1r￿j Indi￿dualI$ed e￿￿tIOn, care, Ifare and support for thiljren and yourvJ reopk exFervKing s(xial. emOti￿al and mentsl he3￿h difflcults'es. The Trustees recc¢Jnise their three ￿napa1 fvnLtic￿S as: Overseeing the woth'ng ar¥J deve￿nt of The William Henry knith SdKd, Sixth fm & tollege, and Bwthroyd House throtyjh the work of the G￿MIr￿ 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 & col￿e, the Principal as Ch*f Executy've OffI￿r and Sen￿ members of stsff have tctrgether on the conb.rt￿d development of the Setv1￿5. 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 re￿ewed. 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 P￿nCIpal the senior staff in examining and promoting the Foundation Improvement Han. Stsff training continues to be a V￿al 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'oUtsts￿IIng. 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 StateTr￿nt of Recommended Practi IFRS1021 and Financial Reporting Stsndard 102. All memt*rs 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 imkYoven*nts to the driveway are teirKJ conSKlered as 15 purposing one of the residentkl hc￿s. Future Prosperts The Trustees ale COn￿ent for the future. ThB is tdsteod ty a 5trw school, sirth form, college and children'5 home management team, %•th ex￿lIent leadership and an achievable strategy to deliver ex￿lIent 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 l￿entIal of the boys in the $C￿XI1, sixth fomi & col￿e. SU￿5$ is further reccgnised in the finan￿$ of t￿ Trust ènd gives us (￿fiden￿ to fiJrtl*r ￿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 a￿lIt informatKm of vthKh the d)arty's a(#lrtors is unaware. Addity'onally, the Trustees have taken all the ne￿sary steps ihat they OLMJht to have taken as Trustees in order to make themselves awa￿ of all relevant a￿art infommtw and to e*ablish that the charty's auditors are aware of that information. Public Benefft In klentfying the acttvitÈs that the (￿rty will uThJertake. the Trustees comFl*d wth tt*ir 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 y￿r •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 tt￿rity of rts f￿ancIal artivi)es for ihèt penc¥J. In prepbring those financial Statements the Trustre5 are reoukd to.. Se*ct 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 de￿rtureS dt5ckJsed and ex￿a￿e0 In the financial slatements." Prepare the firwncial Sts1e￿ts the gow corL*m tklg5 un*ss rt is inap￿¢￿1￿te to assume thai t charity wll continue kn tKJgr￿. rht Trustees ère reS￿n9t￿e lor kee￿Tr9 y¢¥er acccwnbrg r¢cuds whKh dthjse wrth rtssonable ￿c￿rKY 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 ￿ fra￿1 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 aud￿ed the finanoal staternents of The Smrth FwThJabon (the charity,) ft% the year ended 31 March 2025 which comprise the Ststement of FinarK7al ArtNit￿s, 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 a￿1 United Kingdom Accounting Standards Iunthd Kingdom GenernlW Attepted Accounbng prath.￿), induding Finanoal Reporting Standard 102 The fv'nanoal RerK)rting Stsndard ap￿￿•t￿e 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 t*en pro￿rty prepared in acCOr¢Jan￿ wrth Llntsd KiThJd(xn Generalty Accepted Accounting Practi￿, includiThJ Financial Re[￿rtIr￿J Stsndard 102 The Finanaal Repybng Stsndard appjicabk in the UK and Rewblic of IrelaThJ'; and have teen prepaied in accordan￿ requirern￿ts of the Charitses Act 2011. Basls lor oplnlon We conducted our a￿lIt in accordan￿ wth Internati￿1 Standard5 on Aud￿n9 (UK) I1￿ IUKII and appI￿able 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 re￿vant to our audrt of the fi￿n0a1 statements in fv UK, including the FRC'S Ethical Standard, aTrJ we have fulfilled our other ethical resp)n51t4lfcies in accordan￿ these requirements. We tsel￿Ve that the audit evh*nce we have obtained is suffKient and appropriate to W0v￿e a basLs for our Opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have C￿K1￿ that the trustees, use of the COtKern basis of acc¢JJnting In the preparat￿ of the fina￿101 ststements is aFyoprote. Based on the work we have ￿rforrned, we have nfA identified any material ￿n￿rtaIntieS relating to events or condityons that, indivldually or collertive￿, may cast signrfKant (knt* ￿ the charivs ability to conts'nue as a golng Con￿rn for a ￿rK)d of at least tyyelve months frcffj when the fina￿al statements are authorised for issue. Chjr responsibllitles and the re¥Qn5kn.1rt￿ of the trustees with reSFert to gclng corKem are desthbed In the re￿vant sectior6 of this reFQrt. Other informatlon The trustees are responsible for the other infcffiwkn. Tr other inlormation comprises the information included in the Annual Rep￿rt, other than the finarKial statements and ¢xAr Repxjrt of the Independent Aud¢(ors thereon. Our opinion m the financial staten￿ts 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 0￿r informath)n is matenalty i[￿￿51Stent the finèrKial statements or our knowledge ot)tsined in the audrt or 0￿rWISe apFears to be materially mis*ated. 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 perfOrn￿d, 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 reSI￿rt 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 Ir￿l￿stent in any material respect the financial statements: or sUffic￿nt accouth.ng ￿l￿d5 have not kert; ( the financwl statements a￿ in ag￿ement Yth the acc￿nting reco￿$ and retUTn5,' or we have not re￿Ned 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' ReSE￿i￿lities, the trustees are re5fA)nsib* for the pyeparab.on of the financial ststements whKh gi¥e a true and fair v￿w, and for such intemal control as the trustees determine is ne￿$sary to enab￿ the p￿rat￿ of finarK43151aterr*nts that a￿ free from material misststement. whether due to fraud or error. In p￿paring the finawal statements, the trustees are reskYXL%iNe assesstrKJ ￿ thanty's abllrty to continue a5 a going concern, disdosiThJ, as ap￿Kable, matters related to w"n9 corKern and using the gyng corKern basis of accounts'ng Un￿55 trustees either Intend to Iklu￿ the (tr￿￿ty or to ￿se OFerath)ns, or have no fealists'c altemab.ve but to do so. Our reSpon￿bIlItIeS for the audit of the fin•ndal Statements We have been appoirted as audrtors under Sethon 144 of the Charities 2011 and repJrt in Kcordance with the Act and relevant Wulat￿n$ made or haviThJ effect thereunder. Our objectives are to obtain reasonab￿ assuran￿ ab)ut wtrther finanaal *ate￿nts 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, iThJ1v*Jual￿ 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 fra￿1 is detailed below.. Howe*r, the primary reswngbilrty for the prevention a￿1 deteLtrn of fraud rests wlth toth th)se charged wth governan￿ of Charity and management. IrregularitKes, including fraud, are insta￿e$ of non<0M￿lanCe wrth laws and regulat￿$. We desgn procedures in line with our reswnsitx'lths o￿lIned atove on the Fina￿la1 Repo￿"r￿j Cwncil's websrte. to delect matenal misstatements In resrect of irregularit￿, irKhJdiThJ fra￿￿. We obtsin and update our ur*JerstandirKJ of the entty, rts athrt*s, fts contrd enwronment, and likely future devebpments, including in ￿lab"on to the ￿1 and regulaiory framework ap¥)liCa￿e h¢Y￿ the entsty Is complying with that frarnework. Based on this understsndirvJ, we identsfy ossess the risks of material misstatement of the financial statements, whether due to fraud or error, de￿n and Ferform audit prcted¢Jre5 ￿pons1¥e to those risks, and obtsln audit evidence that IS suffKtnt and awopriate to wov*Je a basis for our opinion. This includes consideratKJn of the risk of acts ty the entity that were contrary to aFWicabk kws and regu￿￿'OnS, induding fraud. In re5F**se to the rsk of irregularitse5 and ￿l-c￿lia￿e with and regubtr'ons, Indudln9 fraud, we designed prcKedures which included.. Enquiry of manaJer1￿rf and those tharged wrth govemartt artyJThJ actual and F*)tenbol lib"gats'on and claims 35 well as actual, susperted and alleged fraud. ReviewirKJ minutes of meetirKJs of those charged with governarKe; Assessing the extent of complonce wrth the law5 aThJ regulati￿5 cwdered to have a direct materlal effett on the financial statements or the ope0t￿$ of the entty through enquiry and inspErtion; Reviewing financial statement and testing to SuFvo￿t¥j dctun*ntsts'on to assess compliarKe with applKable laws re9ulations,' Perfomiing audt work over risk of Manage￿nt bk4s and overrtde of controls, Including testing of loumal entries and other adjustsnents for aFvropnateness, evJluatsrrfJ the tr*J&ness Trtiona￿ of signif￿ant transartions outside the r￿1 COLwse of and re￿ewIng acc￿n￿.￿j e￿MateS indKatrxs of ￿tents31 'as. Because of the Inhe￿nt limtatK￿s 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 irregularit￿5 rKcurrirvJ due to fraud fatt￿ than error, è5 fraud invofves intentional Con￿alment, forgery, collusion, ornisson or mis￿￿￿e$errtat￿n. THE sH￿N FOUNDATION INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE SMttH FOUNDATION A further de5thpt1(￿ of tyJr resrnnstbrl￿.es for the a(Mlrt of the finarKial ststements is located on the Finanoal Reporting Cou￿11,$ website at wvM.frc.org.uklaudrtrxsiesix¥)51ts"I￿.es. This descripkn.on fomis part of our Report of the Independent A￿ditorS. 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 t￿M in an a￿tt)rs. rep)rt and for no other purpose. To the fullest extent permitted by law, we do Th)t aC￿rt or asyjme re¥x)n%bility to anyone othei than the charity and the charty'5 trustees as a t￿y1 for our audrt work, for this reF¥rt (Y f(Y the t¥*n*Jns have f{￿ed. £LP Shenward LLP Charte￿d 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 athV￿e$ 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 & SUbxriF*￿r 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$: Total funds brought fO￿ard 8,085,534 176,669 723,849 8.986,052 9,264,327 Totsl fijnds carried foryrdrd 12 9.76B,205 130.380 721.663 10,620,248 8,986,052 All incomiThJ resources and restyjrces exrttKled derive from continuirvj thties. The cornparatfve fKJures are anatysed ty funds in th)te 19 crf tr* accounts. io ThE SMITH FOUNDATION LANCE SHEET •$ 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 state￿￿nts 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 ￿tsYrt￿5) 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 equlva￿nts 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 p￿￿annY their accounts in accordan￿ with the Financial Rert)rts'ng Standard appljcabk in the UK and RepM1t￿iC of I￿land IFRS 1021, wrth FRS 102, with the requirements of CharIt￿S kt 2011 and uThJerthe h1#or￿ cost (￿vent￿￿ as moJif￿d by the revaluatson of investments assets. The financ￿1 5tstements have been prepared to gNe a Irue and fairf viem have de￿rted from the Charities Ikcounts and Rerx)rts) Regulat￿5 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 Chant￿5.. Ststement of Recommended PTactKe applKaNe to charitie5 prepariThJ thw"r accounts in accordan￿ wrth the Financial Repotyng Standard ap￿icable 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 2￿5 whth has Sin￿ I)e￿ wrthdrawn. finanaal ststements are prepared in ster11￿J. is the functKrf￿I of the tharity. Monetsry amunts in these finar￿￿1 ststements are rourKled to the nearest £. The twst cc¥)stliute5 a publt benefft entity as defi￿ ty FRS 102. The Trustees ￿l*ve that the Foundat￿ is a gcing co￿eM tecause rt ha5 a strorrfj baknce sheet, g￿d leadership and management to ensu￿ toy nUm￿r$ are maintsined at a satisfathry *1. Stocks Stocks are held lor d￿ri￿A10n at no or ￿￿nin￿l c￿s(lenti0n. Stocks are valued at the lower of cost and replacement cost. Penslons The charity contributed primary contrlbutths to the Teachers. Pensi￿ Defined Ber￿fftS Scheme at rates set by the Scheme Artuary and advised to Board by the SchenE Administrator. The stheme is a multi- employer F￿nSIon and rt is not F¥)sSI￿e 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 t*r*frt 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 W￿fi the charity a deferred employer and ￿1￿ secondary contributions unts'l 31 March 2024 when the charrty extsj the xheme. Rates y￿re 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 ￿(￿jn￿ed when the charty has LN)tsVement to the funds. certainty of receipt and the amount can te measure