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2021-12-31-accounts

Charity Registration No. 205798

SMALLWOOD TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

SMALLWOOD TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Patron Her Majesty The Queen
Trustees Smallwood Trust (Trustee) Limited
Directors of Trustee Company D Myers (Chair)
M Margrie (Deputy Chair)
J R Bailey
C Hine
Dr A Shah
F Vaid
Chief Executive P Carbury
Charity number 205798
Principal address Lancaster House
25 Hornyold Road
Malvern
Worcs
WR14 1QQ
Auditor Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Bankers Lloyds Bank plc
48 Belle Vue Terrace
Malvern
Worcestershire
WR14 4PZ
CCLA Investment Management Limited
80 Cheapside
London
EC2V 6DZ
Investment managers Investec
30 Gresham Street
London
EC2V 7QN
Newton Investment Management Limited
BNY Mellon Centre
160 Queen Victoria Street
London
EC4V 4LA

SMALLWOOD TRUST

CONTENTS

Page
Trustees' report 1–16
Statement of trustees' responsibilities 17
Independent auditor's report 18 - 20
Statement of financial activities 21 - 22
Balance sheet 23
Statement of cash flows 24
Notes to the financial statements 25 - 43

SMALLWOOD TRUST

TRUSTEE REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

Smallwood Trust (Trustee) Limited (“the trustee”) presents its report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply with the Trust’s governing documents (The Charity Commission Schemes of 2 November 1917, 9 November 1928, 29th October 2019 and the section 280 resolutions of the trustees dated 18 May 2017 and 1[st] November 2019), the articles of association of Smallwood Trust (Trustee) Limited, the Charities Act 2011 and “the Statement of Recommended Practice for charities (SORP 2019) (Second Edition, effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Charitable objects

The charitable object as set out in the Schemes is the application of the income of the Trust for the benefit of women in poverty.

Public Benefit

The trustee confirms that it has complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the Trust. The trustee confirms that in planning the activities of the Trust, the Trustees have given careful consideration to how the Trust has fulfilled its charitable objectives.

The Trust’s primary purpose is to provide direct financial assistance by way of grants to women on low incomes and to provide grant funding to charities, social enterprises and other non-profit organisations to help deliver the Trust’s mission of enabling women to be financially resilient.

UK Poverty is gendered. Women are more likely to live in poverty than men. Women’s poverty is largely explained by the unequal position of women in society which is exacerbated by caring status, ethnicity, health, age, sexuality, gender identity and disability. Systems such as the labour market, the design of social security and the role of paid and unpaid care all contribute to gendered poverty. Without a gender lens, existing gender inequalities are reinforced and the root causes of gendered poverty persist.

The Trust’s funding aims to help women in or at risk of poverty become self -reliant and financially independent both through the provision of direct financial assistance and funding for non-profit organisations that aim to encourage financial stability and help overcome barriers such as low income, debt, economic abuse, poor housing or mental health concerns.

There is clear evidence for our approach to ensuring public benefit:

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Therefore, to help meet our charitable objectives, the trustee has agreed the following vision, mission and values statements:

VISION

Our vision is a country where no woman lives in poverty.

MISSION

Our mission is to enable women to be financially resilient.

VALUES

AIMS AND STRATEGIES TO ACHIEVE OBJECTIVES

The Trust’s strategic framework 2017 -2021 aims to enable women in or at risk of poverty to build a confident, positive and secure future. The trustee has identified three ways to maximise impact (from 2022 a new Strategic Plan will be agreed):

1. Direct funding and support for economically disadvantaged women

Grants for individuals to help relieve financial needs and hardship, and support to help women on low income through a tough situation. Funding is directed to women on low income who are living on a tight budget and/or in receipt of benefits and facing financial difficulty. Our needs-led funding helps unlock barriers to financial resilience, helping to provide stability, security and safety.

2. Funding for frontline voluntary sector organisations

Grants to organisations for projects that are developing sustainable services relevant to women’s needs and which target women with multiple and complex needs. We are also interested in supporting local organisations to help build their capability and capacity to continue to deliver much needed specialist services.

3. Funding for policy and research

Grants to voluntary sector organisations who are undertaking practical policy initiatives leading to improved economic and social outcomes for women. Under this theme, we award grants to organisations that strengthen the voice of women on issues relating to financial exclusion and support practical policy initiatives that support the potential for system change and improving the lives of women.

This approach enables the Trust to continue to develop its knowledge of the main barriers to helping women out of poverty and enable us to learn from practical projects that can inform our future funding strategy.

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ACHIEVEMENTS AND PERFORMANCE

The following objectives were agreed for 2021:

Throughout 2021 the COVID-19 pandemic continued to send economic and social aftershocks across the world. Existing inequalities affecting women and the funding of the women’s sector were exacerbated. Following a significant emergency response in 2020, our funding in 2021 continued at an increased rate compared to precovid levels as we utilised our Stabilisation Fund to support our objectives.

Our report on the achievements of our 2021 objectives focuses on our continued response including how we are developing our grant-making to a place-based systems change approach.

1. To implement a new follow- on £2.1 million funding programme using the Trust’s match funding as part of our commitment to the DCMS community match challenge.

We la unched the Women’s Sector Resilience Fund Phase 2 which has been set up to support place -based partnerships of organisations working with and for women to make changes to systems that cause gendered poverty. The Fund is a place-based approach to systems change.

The aims of the programme are to:

As part of Smallwood’s £2.1m match funding we awarded £633,240 over three years to the Coventry Women’s Partnership to ensure women in the city feel supported in safe environments, empowered, and believed. It also aims to break down barriers for women in accessing crucial services and make engaging with support easier. This funding followed on from the competition of a successful pilot programme in the city.

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For the remaining £1.5m of the match funding we have invited partnership proposals from the following geographical areas:

Birmingham Bristol Kingston upon Hull Liverpool / Merseyside Manchester Middlesbrough / Teesside Newcastle West Yorkshire (Bradford and Leeds)

These areas were defined through the consideration of Smallwood’s existing partnerships, target groups of beneficiaries and the Indices of Multiple Deprivation.

We aim to fund approximately three further geographical place-based networks of up to £500k each to be spent over three years. We particularly encouraged proposals from networks that address the critical needs of women who have been most affected by the pandemic including Black, Asian and other minoritised women, young women, lone parents and disabled women.

By the expression of interest deadline of 10[th] December 2021, we received 29 partnership proposals involving 200 local organisations. Final decisions on the £1.5m funding are scheduled for the April 2022 board meeting.

2. To successfully deliver £1.9 million of new Tampon Tax Fund grants in partnership with Rosa UK.

The Women Thrive Fund was the result of a successful joint bid to the Department for Digital, Culture, Media & Sports’ Tampon Tax Fund, from which we jointly received a £1.79 million grant. Smallwood Trust contributed an additional £200,000 and both organisations contributed to the running of this fund from their reserves.

The Fund received 665 applications requesting over £17m. Of the awarded organisations, more than 66% were led by and for Black and minoritised women and more than 40,000 women and girls will be supported through the 70 grants. Successful organisations will be able to spend the grant over 15 months.

Examples of the organisations funded by the Women Thrive Fund include the Lesbian Immigration Support Group, which will use its £15,917 grant to give bi-monthly vouchers each worth £100 to women who would otherwise be destitute. The funding will alleviate immediate hardship and connect women with longer term support.

Another funded organisation, RISE, will use its grant of £49,081 to fund a Black and Minoritised Wellbeing Practitioner to disseminate skills and knowledge to survivors of domestic abuse. The aim of this work is to support mental health and create a supportive, healing environment for women and encourage them to foster positive relationships with others.

Rosa and Smallwood Trust are looking forward to working with specialist women and girls organisations across the UK as they respond to the needs of their beneficiaries and wider community.

A full list of all the grants awarded through the Fund can be found here.

3. To undertake research and consultation with stakeholders, across all of our programmes, and identify learning to inform future strategic plans.

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FOR THE YEAR ENDED 31 DECEMBER 2021

Throughout 2021 we evaluated the impact and progress of our existing 2017-2021 Strategic Plan. This included workshops with funded organisations and staff, meetings with other stakeholders in the sector and research and evaluation of previously funded activities.

Building on our evaluation, research and stakeholder engagement, subsequently the Smallwood Board agreed the 2022-2024 Strategic Plan in December 2021, to accelerate our ongoing mission to tackle the root causes of gendered poverty.

Our 2022-2024 Strategic Plan outlines our mission to finding solutions to the root causes of gendered poverty so that:

  1. UK women are free from poverty and have a sustainable and secure financial future

  2. Future generations of UK women are less likely to live in poverty

  3. UK women can live in a society that equally values their contribution

Evaluating our progress is a key component of our plan particularly in relation to our main priorities which are to:

  1. Target our funding to women who are most at risk of poverty, enabling them to have more power, opportunity and skills to thrive and become financially resilient

  2. Develop workable place-based models that tackle the root causes of gendered poverty and have the potential to scale or be adopted elsewhere

  3. Support accessible and sustainable networks for women enabling them to be empowered and have agency within their local communities

Significantly, the Board have agreed to make an additional £5m available from our expendable endowment over the next three years to supplement the annual income from our investments and any external funds that we secure as a crucial part of our plan's commitment to 'making it happen'.

We will also continue to develop our community grant partnerships model which has been successful by shifting power to local organisations so they can award grants and provide support to individual women using their own expertise.

A two-page summary of the 2022-2024 Strategic Plan can be found here. The full document is available here.

4. To produce an Annual Impact Report which highlights the Trust’s learning, impact, monitoring and evaluation activities.

In 2021, the Board approved the continuation of increased grant-spending compared to the levels of funding awarded pre-pandemic. The grant funding in 2021 was allocated as follows:

Programme Amount % of funding allocated
Grants to individual women for relief of poverty and £657,474
progress towards stability 42%
Grants to community grant partners to make £809,290
onwards grants to individual women
Grants to frontline and women’s sector £1,776,310 51%
organisations to build capacity and deliver services
Grants to policy and research initiatives to highlight £224,392 7%
the causes, consequences and solutions to
gendered poverty
Total £3,467,466

The total grant spend for 2021 was £3,467,466 (2020: £4,515,312). This funding reached c.30,000 beneficiaries (2020: 19,000) across all of our funding programmes and activities.

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In 2021 we produced an Impact Report that highlighted our progress and learning towards the objectives set out in the 2017-2021 Strategic Plan. This process directly fed in to the development of the 2022-2024 Strategic Plan as described above.

The full report can be viewed on our website www.smallwoodtrust/impact. The following summarises some of the main highlights (and is updated here to the end of 2021), learning and progress towards our theory of change goals as outlined in the Impact Report:

Overview in numbers 2017-2021

Progress towards policy / systems change outcomes

Outcomes Progress
Local and national policy and
legal frameworks take into
account the lived experiences
and needs of financially
vulnerable women		 Post separation economic abuse included in the Domestic
Abuse Bill as a result of Smallwood-funded 'experts by
experience' work with Surviving Economic Abuse (SEA).
Funding of initiatives to work with employers on issues such
as pay and progression and flexible working.
We have funded a portfolio of women's policy
organisations (total grant spend: £634k) who campaign on
various economic and equality issues based on the lived
experience of women inpoverty
Decision makers, locally
and nationally, are aware,
intentional and accountable
for improving gendered
poverty		 Funding Women's Budget Group Local Data Project,
enabling local organisations to use data to campaign on
local inequalities.
Funding NPC to build the capacity of local organisations to
communicate and campaign.
Initial 3-year pilot with the Coventry Women's Project
which helped establish the model for our place-based
programme.
Learning, design and approval of place-based initiative for our £2.1m
DCMSmatch funds.
Economic stimulus packages
support women		 Smallwood has secured almost £5 million from
government-related funding streams to support the
women's sector through COVID - £2.1m from TTF, £500k
from TNLCF and £1.9m jointly with Rosa UK, previous TTF
£200k.
We fund WBG who work on UK Budget assessments and associated
economic strategy campaigning.
Building on previous Government work on race disparity we
have funded the Fawcett Societyworkingwith the

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Runnymede Trust to look at the pay and progression of women of colour. We also funded Fawcett to work with local women's organisations in Greater Manchester to facilitate their involvement in the region's cultural and industrial strategies

Progress towards civil society outcomes

Outcomes Progress
Civil society organisations
have capacity and agency to
develop sustainable services
relevant to women's needs.		 We have invested £5.6 million of grant funds in 150
organisations to date - these funds have helped support
19,000 women. Average grant size: £37,000.
We have provided safeguarding and evaluation training to
more than 100 grantees.
1,500 frontline orgs have accessed training, workshops,
consultation and been involved in campaigning through our
funded programmes with national policy orgs.
300 roles and 150+ services were reported as being created
or safeguarded as a result of the COVID-emergency grants.
From the COVID-grants analysis: 88% of women reported
that their mental health was better, 82% reported that they were better
able to respond to changing circumstances and 75% that their basic
needswere beingmet.
Organisations have access
to the information, skills and
resources required to provide
support for financially
vulnerable women.		 155% increase in Smallwood grant funds distribution
(excludingexternal funding).
Re-distribution of government and corporate funds to the
women's sector.
Implementation of additional Smallwood-brokered services
eg. Barclays LifeSkills, Outcomes Star methodology for
evaluation, campaigning capacity delivered by expert orgs.
75% of DCMS funded grants supported orgs to build
capacityfor servicesprovidinginformation and skills.
There are thriving, resilient,
accessible and supportive
community networks for women		 We have convened network building in Liverpool,
Middlesbrough and Coventry and through the community
grant partners.
Programme of workshops and seminars to encourage
capacity building and learning amongst grantees.
There are a number of geographical clusters we are funding
with potential to continue to support and build resilient
networks.

Progress towards improved outcomes for women

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Outcomes Progress
Women have opportunities and
power to improve their standards
of living and fulfil their potential.		 £11 million of grant funding has been awarded across all
programmes to enable women to be financially resilient.
75% of women reported that Smallwood-funded projects
either had 'significant' or 'a lot of' impact on their
circumstances - For example, the Zinthiya Trust in Leicester
reported an average increase in income of £100 pw for
programme beneficiaries.
Community grant partners have reported that the
combination of cash grants and support can be
transformational.
Women with lived experience have contributed to policy
panels organised by Fawcett Society, Timewise and WBG
Eg. flexible working.
Case study library and beneficiary impact statements
demonstrating examples of increasedfinancialstability andresilience.
Women have the confidence,
tools, skills and support to
overcome financially stressful
events		 56,000 women have accessed Smallwood-funded
programmes to the end of 2021.
The most significant areas of change in relation to the
Outcomes Star evaluation methodology include job search
skills, aspirations and motivation.
After accessing Smallwood-funded projects:
• 68% more women were working towards a qualification
or training
• There was a 58% reduction in women who were either
unemployed, unable to work or not looking for work
c.£500k of potential additional welfare benefits identified
through the website Benefits Calculator.
100% of respondents to a 2019 grants to individuals survey
reported "that they could now sleep at night".
Women lead and participate in
programme planning and
decision-making		 There is a high-level of user-involvement amongst the orgs
we support - 85% are led by and for women with 76% of
senior leadership teams reporting lived experience of the
issues they are tackling.
We have devolved grant decision making through the
community grant partnerships programme.
Women with lived experience have had direct influence
on Smallwood strategy
We have established the Board shadowing programme to
support our approach to diversity,equityand inclusion

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In April 2021, we also published an Evaluation Report for the £2.1m DCMS- funded Women’s Sector Resilience Fund which supported the initial COVID-emergency response. This followed on from a wider analysis of our COVID-funding response which was published in March 2021.

5. To implem ent the Stabilisation Fund model to continue to provide funding from the Trust’s endowment income to help support the Trust’s grant -making.

The Trust has a c.£35m investment portfolio. The Board have allocated £5m from the expendable endowment to a Stabilisation Fund to support an increase in grant-making and /or cover the shortfall in income when the investment markets are volatile. The remaining £30m is invested for longer-term growth and sustainability.

The main benefits of this strategy are as follows:

In 2021 we made a planned transfer of £1.4 m from the Stabilisation Fund to support a continued increase in grant-making compared to pre-pandemic levels.

In general, Smallwood’s investments recovered from the initial shock of the pandemic and by the end of the year, the Stabilisation Fund remained at £5m.

6. To undertake board evaluation and implement the Governance Action Plan including reporting back on the EDI milestones.

The Board have adopted the Charity Governance Code which is the basis for the Governance Action Plan which is reviewed annually. During the year the principles on Integrity and Equity, Diversity and Inclusion (EDI) were strengthened. A separate note on EDI progress is presented below. In 2021, another main objective of the Governance Action Plan was to undertake a Board evaluation to identify strengths and areas for development.

The following were the main findings:

Board strengths

The Board brings a breadth of skills and experience with increasing diversity. Board members take a respectful approach, giving time and support both within and between meetings. The Board achieve a good balance of challenge and support. There is a willingness to embrace new ideas and change. Importantly, strong governance was identified as a strength.

There is Board consensus on the Trust’s mission, a good strategic focus and framework and the executive team are empowered and supported to deliver the strategy.

Comments were also made on the strength and responsiveness of the staff team including over the last difficult 18 months.

Areas for development

There were a number of suggested areas for development. These included further increasing diversity of both membership and of views. And, for future recruitment, considering new members with broad networks or who bring particularly strong influencing skills. Also, providing opportunities to build Board cohesion and working relationships. There would be value in further strengthening Board understanding of beneficiary groups and changes affecting them (within the sector and grant making).

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EQUITY, DIVERSITY AND INCLUSION (EDI)

EDI is a core component of Smallwood’s Governance Action Plan. Our work as an organisation on equity, diversity and inclusion is about ensuring we have a culture (which includes Board members, staff, consultants and any volunteers) that encourages people of all backgrounds and experience to feel a key part of what we do and our mission.

We believe that by having a diverse organisation we will be able to meet our objective of reducing gendered poverty more effectively. We value the voices of those with lived experience who identify with one or more protected characteristics and these voices will be integral to organisational and programme planning.

EDI work that was progressed in 2021 includes:

EDI actions agreed for 2022 include:

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GRANT-MAKING POLICY

Individuals are eligible if they meet the following criteria:

� � Woman living on low income and/or in receipt of benefits
� � Right of residence in the UK
� � Aged 18 and over
� � Savings of no more than £4,000
� � Debt of no more than £10,000 excluding mortgage and any student debt
� � Evidence / documentation of current financial need

We have adopted the following framework for awarding grants to frontline organisations and policy initiatives:

Area for analysis Assessment Criteria
Activities � Does the organisation and its activities fall within our
mission and the outcomes of the Fund?
� Are activities focused on women in greatest need?
� Canthe organisationadapt andinnovate?
Results � Evidence of previous positive results and outcomes
� Quality ofevidence
Leadership � Is there a compelling vision and strategy?
� Can the CEO / management team articulate and deliver
this?
� Is there good governance (including safeguarding) and
direction by trustees?
� Are there clearly defined priorities?
� Are safeguarding and equalities policiesinplace?
People and resources � Does the organisation have the appropriate staffing
structure to deliver?
� Can the organisation identify gaps in capacity and/or
service provision that the Fund can support?
� Are volunteers managed well?
� Does the charity make best use of its other resources
such as IT, IP and any other assets?
� Is the charity successful in leveraging support and
resources from external sources?
Finances � Are there good processes for financial management?
� Are financial resources used efficiently?
� Is there anunqualified audit opinion?
Ambition � Does the charity have the potential to sustain, grow
and/or thrive?
� Does the charity have the potential to improve its
impact?
� Does the charity have the potential to influence
stakeholders and have a wider impact in its area of
focus?

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FINANCIAL REVIEW

The financial objectives have been agreed as follows:

The trustee has adopted an interlocking financial framework proposed by Yoke and Co to support the financial objectives of the Trust. The Yoke and Co framework comprises the following:

The results for the year are set out in detail on page 22. The Trust’s income for the year was £2,088,055 (2020: £3,729,514). The income included restricted funds for grants of £1,089,615 from the Tampon Tax Fund and Barclays.

Expenditure in this year was £4,188,626 (2020: £5,139,845). The expenditure includes substantial external grants and is in line with our strategy of increasing our grant expenditure compared to pre-pandemic levels and strengthening our monitoring and evaluation function. Fund balances at the year-end were £35,284,193 (2020: £34,483,158).

RESERVES POLICY

The reserves policy is as follows:

We wish to hold reserves to ensure the uninterrupted provision of financial assistance to women in poverty and grants to women’s led service delivery and policy organisations, if adverse economic conditions arise or unexpected events materially affect the income from our endowment.

The Board also wish to support an increase in the grant-making over the short to medium term (three years) to help meet the need and demand and help more women out of poverty.

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Therefore, the Board have agreed to create a ‘Stabilisation Fund’ of initially £5 million from the expendab le endowment to allow the Trust to increase its grant expenditure and/or to cover any shortfall in investment income. The status of the Stabilisation Fund is reported to and reviewed by the Board on a quarterly based on the following red/yellow/green basis:

RED Over 50% of the fund is currently employed in
supporting grant income in the coming 12
months
YELLOW Between 25% and 50% of the fund is currently
employed in supporting grant income in the
coming12 months
GREEN Less than 25% of the fund is currently
employed in supporting grant income in the
coming12 months

The total funds held were £35,284,193 (2020: £34,483,158) of which £35,000,000 (2020: £33,624,105) were endowed funds being the capital of the Trust and unrestricted funds of £76,113 (2020: £671,087) and £208,080 restricted funds (2020: £187,966). £1,416,252 was transferred from the expendable endowment to unrestricted funds to support the Stabilisation Fund expenditure. The trustee expects to make similar transfers in the future as the Trust continues to maintain its increased grant expenditure over the next three years.

FUNDRAISING

The Trust does not currently proactively fundraise from the public as it mainly relies on its investment income to fund its activities. During the year, the Trust secured substantial additional funds from the Tampon Tax Fund and Barclays to further its objectives. All of these funds were to make onwards grants to organisations. The Trust has not yet voluntarily subscribed to any fundraising standards or scheme. However, as the trustee considers continuing to raise additional income in the future, we will consider signing up for an appropriate scheme.

From time to time the Trust is in receipt of legacies and we undertake a modest amount of advertising aimed at increasing the level of legacies.

There were no complaints during the year.

INVESTMENT POWERS AND POLICY

The Trust holds assets for the generation of income in accordance with the Schemes. The trustee exercises the general power of investment conferred upon them by the Trustee Act 2000. They have delegated discretionary management of some of its assets to an investment manager in accordance with a Charity Commission Order of 19 December 1995.

The investment policy is to create sufficient income and capital growth to enable the Trust to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of, and if possible, enhancement of, the invested funds.

INVESTMENTS

Sufficient cash is held to cover working requirements and provide a readily accessible reserve. 18.23% of all of the funds invested are with the Newton Multi-Asset Fund as part of our new investment mandate to increase the income from the endowment funds to support the Strategic Plan.

The remaining investment assets are managed on a discretionary basis in accordance with a Charity Commission Order of 19 December 1995 by Investec Wealth & Investment Limited ("Investec") and are

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separated into two discrete portfolios representing assets belonging to the Endowment Funds and the Unrestricted Fund respectively.

Performance of the Newton funds is measured on a total return basis (before management and other expenses) through capital and income return combined. The return on the fund for the full year was an increase of 7.35%.

Performance of the Investec Endowment Funds portfolio is measured on a total return basis (before management and other expenses) through capital and income return combined. The return on the portfolio for the year was an increase of 6.07%.

The Unrestricted Fund portfolio comprises a mixture of cash and common investment funds and will be drawn down over the next few years as expenditure exceeds income. It is measured on a total return basis through capital and income return combined. The funds were fully expended in the year.

The Trust has no social investments or programme-related investments.

RISK MANAGEMENT

The trustee has identified the major risks to which the Trust is exposed and has established procedures to mitigate them and these are kept under review. The major risks that the trustee has identified and how they are mitigated are:

The Trust maintains a Strategic and Operational Risk Register, which incorporates procedures for mitigating risks, and this is reviewed formally by the trustee on an annual basis.

PLANS FOR FUTURE PERIODS

The objectives for 2022 are as follows:

  1. To implement the 2022-2024 Strategic Plan, placing a greater emphasis on tackling the root causes of gendered poverty while continuing to respond to immediate needs such as the cost of living crisis.

  2. To implement the place-based funding model, strengthen our approach to evaluation and learning and begin to identify programmes that can challenge and reform the systems that keep women in poverty.

  3. To remodel the HQ grants to individuals programme, moving to a more targeted grant-making approach.

  4. To develop partnership opportunities to enhance our impact, including working with Turn2Us and Buttle UK on a collaborative gendered poverty partnership to explore a participatory approach to grant-making with local communities.

  5. To produce an Annual Impact Report which highlights the Trust’s learning, impact, monitoring and evaluation activities.

6. To publish and share progress on equity, diversity and inclusion initiatives

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STRUCTURE, GOVERNANCE AND MANAGEMENT

The Smallwood Trust ("the Trust") was founded in 1886 and is registered with the Charity Commission under charity number 205798. While making grants in Scotland and Northern Ireland, it does not carry out any other activities there and it is the trustee’s opinion that the Trust is not currently required to r egister with the Office of the Scottish Charity Regulator in Scotland or the Charity Commission Northern Ireland. Trustees have resolved to keep this under review should the Trust’s activities dramatically increase in these jurisdictions. The Trust was formerly known as the Society for the Assistance of Ladies in Reduced Circumstances until 18 May 2017.

In November 2019 Smallwood Trust (Trustee) Limited was appointed as the sole corporate trustee of the Trust, replacing the individual trustees, who were all appointed as the first directors of the limited company.

The Trust has adopted a portfolio model of leadership, with individual Directors of the limited company retaining strategic oversight of the following functions:

During the year, the Futurology Working Group was convened to help develop proposals for the place-based fund which were approved by the Board.

Roles and responsibilities have been agreed for the Chair, Deputy Chair, Directors, Portfolio leads and the Futurology Group.

The patron, trustee, directors of the trustee company, principal officers, principal addresses and professional advisors of the Trust are listed on the Legal and Administrative Information page.

Governing documents

The Trust is an unincorporated association governed by Charity Commission Schemes of 2 November 1917, 9 November 1928, 29 October 2019 and the section 280 resolutions of the trustees dated 18 May 2017 and 1 November 2019.

The Smallwood Trust (Trustee) Limited is the sole corporate trustee of the Trust and is a company limited by guarantee.

RECRUITMENT AND APPOINTMENT OF TRUSTEES

The first directors of Smallwood Trust (Trustee) Limited were the previous individual trustees of the Trust.

Subsequently new Directors of the trustee company were appointed in December 2020 by the board of directors and will hold office for up to three years before retiring and being eligible for re-election for a further two terms of up to three years, after which they must retire for at least one year before being eligible again for reappointment.

Neither Smallwood Trust (Trustee) Limited or the Directors have any beneficial interest in the Trust.

ORGANISATIONAL STRUCTURE

The trustee governs the general policy of the Trust. The day-to-day business of the Trust is managed by the Chief Executive, supported by the team at the HQ in Malvern, Worcestershire and staff working from home in Blackburn, Bristol and Warwickshire.

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FOR THE YEAR ENDED 31 DECEMBER 2021

DIRECTORS’ IN DUCTION AND TRAINING

New Directors of Smallwood Trust (Trustee) Limited are provided with information about the Trust and its work, the role and responsibilities of trustees, company directors and the composition and workings of the board. They are given copies of the Trust's and the trustee company’s governing documents and minutes of previous meetings, and offered any training that may be considered necessary. All Directors have the opportunity to attend seminars, and conferences and participate in board development activities.

PAY AND REMUNERATIONS OF THE TRUST’S KEY MANAGEMENT PERSONNEL

Salaries are reviewed annually at the absolute discretion of the Trustee. In addition, an amount equivalent to 10% of gross salary is paid into a defined contribution Group Personal Pension Plan for each member of staff.

RELATED PARTIES

There is no special relationship with any other charity.

SMALLWOOD TRUST

TRUSTEE REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

STATEMENT OF TRUSTEE RESPONSIBILITIES

The Directors of Smallwood Trust (Trustee) Limited are responsible for preparing the Trustee Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these financial statements, the trustee is required to:

The trustee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee’s report was approved by the Trustee on 19[th] October 2022.

.............................. D’Arcy Myers (Chair) Smallwood Trust (Trustee) Limited

SMALLWOOD TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Opinion

We have audited the financial statements of Smallwood Trust for the year ended 31 December 2021 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to con tinue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the Trustee’s Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance or conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

SMALLWOOD TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of the Trustee for the financial statements

As explained more fully in the Statement of Trustee Responsibilities set out on page 16, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to compliance with trust law requirements over the use of restricted and endowment funds, employment law and health and safety regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such the Charities Act 2011 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of income. Audit procedures performed by the engagement team included:

SMALLWOOD TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting C ouncil’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustee, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustee for our audit work, for this report, or for the opinions we have formed.

Haysmacintyre LLP Statutory Auditors 27.10.22 Date:

10 Queen Street Place London EC4R 1AG

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

SMALLWOOD TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted Endowment
funds
funds
funds
2021
2021
2021
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
14,773
1,109,615
-
Investments
4
963,667
-
-
Total income
978,440
1,109,615
-
Expenditure on:
Raising funds
5
-
-
109,459
Charitable activities
6
2,989,666
1,089,501
-
Total expenditure
2,989,666
1,089,501
109,459
Net gains/(losses) on investments
10
-
-
2,901,606
Net (expenditure)/income before transfers
(2,011,226)
20,114
2,792,147		 Total
Unrestricted
funds
2021
2020
£
£
1,124,388
22,489
963,667
942,800
2,088,055
965,289
109,459
-
4,079,167
2,439,116
4,188,626
2,439,116
2,901,606
-
801,035
(1,473,827)		 Restricted
Endowment
funds
funds
2020
2020
£
£
2,764,225
-
-
-
2,764,225
-
-
106,602
2,594,127
-
2,594,127
106,602
-
(714,813)
170,098
(821,415)		 Total
2020
£
2,786,714
942,800
3,729,514
106,602
5,033,243
5,139,845
(714,813)
(2,125,144)

SMALLWOOD TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Net (outgoing)/incoming resources before transfers
Gross transfers between funds
18
Net movement in funds
Fund balances at 1 January 2021
Fund balances at 31 December 2021		 (2,011,226)
1,416,252
(594,974)
671,087
76,113		 20,114
-
20,114
187,966
208,080		 2,792,147
(1,416,252)
1,375,895
33,624,105
35,000,000		 801,035
-
801,035
34,483,158
35,284,193		 (1,473,827)
917,965
(555,862)
1,226,949
671,087		 170,098
-
170,098
17,868
187,966		 (821,415)
(917,965)
(1,739,380)
35,363,485
33,624,105		 (2,125,144)
-
(2,125,144)
36,608,302
34,483,158

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

SMALLWOOD TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Intangible assets
12
Tangible assets
13
Investments
14
Investments - cash
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Net assets
Capital funds
Permanent endowment
Expendable endowment
18
Income funds
Restricted funds
19
Unrestricted funds		 2021
£
£
900
6,106
34,376,158
756,048
35,139,212
347,483
877,115
1,224,598
(1,079,617)
144,981
35,284,193
25,106,161
9,893,839
35,000,000
208,080
76,113
35,284,193		 2020
£
£
7,650
9,276
32,303,026
2,032,286
34,352,238
763,920
653,891
1,417,811
(1,286,891)
130,920
34,483,158
24,089,722
9,534,383
33,624,105
187,966
671,087
34,483,158		 2020
£
£
7,650
9,276
32,303,026
2,032,286
34,352,238
763,920
653,891
1,417,811
(1,286,891)
130,920
34,483,158
24,089,722
9,534,383
33,624,105
187,966
671,087
34,483,158
34,352,238
130,920
34,483,158
33,624,105
187,966
671,087
34,483,158

The financial statements were approved by the Trustees on 19[th] October 2022.

D Myers (Chair) Smallwood Trust (Trustee) Limited

SMALLWOOD TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Cash flows from operating activities
Cash used in operations
23
Investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Purchase of investments
Proceeds on disposal of investments
Dividends and Interest received
Net cash generated from investing
activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Short term deposits included in fixed and
current asset investments		 2021
2020
£
£
£
£
(2,835,910)
(2,049,945)
-
(10,800)
(142)
(4,103)
(5,813,678)
(5,270,032)
6,652,265
8,347,124
944,451
923,670
1,782,896
3,985,859
(1,053,014)
1,935,914
2,686,177
750,263
1,633,163
2,686,177
877,115
653,891
756,048
2,032,286

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Smallwood Trust is a public benefit entity as defined by FRS102. The Trust operates from it's principal address, Lancaster House, 25 Hornyold Road, Malvern, Worcestershire, WR14 1QQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees has a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

The unrestricted fund comprises voluntary and investment income generated by the assets representing the permanent and expendable endowment funds as well as those representing the unrestricted fund itself. The unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

The permanent endowment fund represents the permanent capital of the Trust, and cannot be spent as if it were income. Income arising on this fund can be used in accordance with the objects of the Trust and is included in unrestricted income. Charges incurred in the management of this fund, including investment management fees relating to those investments by which it is represented, are charged to it.

The Trustees have power of discretion to convert the expendable endowment fund into income. It is however their policy to retain the capital of this fund to generate income. Income arising on this fund can be used in accordance with the objects of the Trust and is included in unrestricted income.

1.4 Income recognition

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Legacies subject to a life interest are not recognised in the financial statements until they become receivable.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure is allocated to the particular activity where the cost relates directly to that activity. The fees due in respect of the investment manager's services are charged against income as the cost of raising funds. Salary and other office running costs are apportioned between charitable activity support costs and governance costs based on estimate of staff time to each. The same methods of apportionment have been used in previous years.

Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs relating to trustees meetings.

Grants to individuals are charged in the year in which payment is made. It is clear to beneficiaries that grants from the Trust are voluntary payments from a charitable organisation, which the recipient has no rights to enforce. Future grants are neither noted as a commitment nor accrued as expenditure as the trustees are of the opinion that there is no constructive or legal obligation to continue payments.

Grants to institutions are charged in the year when they are committed and included as creditors until they are paid.

1.6 Intangible fixed assets other than goodwill

Intangible fixed assets represents investment in database software. The cost is amortised over two years.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 0% not depreciated on grounds of immateriality Fixtures and fittings 25% on cost

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Accounting standards require that provision be made for depreciation of fixed assets having a finite useful life. However the Trustees are of the opinion that the residual value at the end of the estimated useful life of the freehold buildings is not likely to materially differ from its cost. This is because it is the Trust's policy to maintain the freehold buildings in such a condition that their value is not diminished by the passage of time; the relevant expenditure is charged against income in the financial period in which it is incurred. Therefore, any element of depreciation is considered to be immaterial and no provision is made.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Fixed asset investments

Fixed asset investments and investment property are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, or in the case of investments at fair value (market value).

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the trustees is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognized in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
-
284,400
Legacies receivable
14,773
-
Grant income
-
825,215
14,773
1,109,615		 Total
Unrestricted
funds
2021
2020
£
£
284,400
-
14,773
22,489
825,215
-
1,124,388
22,489		 Restricted
funds
2020
£
165,600
-
2,598,625
2,764,225		 Total
2020
£
165,600
22,489
2,598,625
2,786,714

4 Investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Income from listed investments 963,655 942,755
Interest receivable 12 45
963,667 942,800

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

5 Raising funds

Raising funds
Investment managers fees 2021
£
109,459
109,459		 2020
£
106,602
106,602

6 Analysis of expenditure

Staff costs
Depreciation and impairment
Project costs
Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds
Restricted funds		 Assistance of
women in
financial need
£
200,117
10,06
28,022
238,201
3,467,466
298,504
74,996
4,079,167
2,989,666
1,089,501
4,079,167		 Total 2020
£
155,198
12,974
94,091
262,263
4,515,312
182,486
73,182
5,033,243
2,439,116
2,594,127
5,033,243
Assistance of
women in
financial
need
Grants to
individuals
£
£
Grants to organisations
2,809,992
-
Grants to individuals
-
657,474
2,809,992
657,474		 Total
£
2,809,992
657,474
3,467,466		 2020
£
3,792,350
722,962
4,515,312

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

8 Support costs

Staff costs
Monitoring & evaluation
Office costs
Marketing
Legal and Audit costs
Consultancy
Trustee expenses		 Support
costs
Governance
costs
£
£
50,000
74,000
61,573
-
58,080
-
31,560
-
9,629
11,520
76,142
-
-
996
286,984
86,516		 2021 Support costs Governance
costs
£
£
£
124,000
-
72,000
61,573
34,633
-
58,080
44,880
-
31,560
16,867
-
21,149
14,615
-
76,142
71,491
-
996
-
1,182
373,500
182,486
73,182		 2020
Basis of allocation
£
72,000
Staff time
34,633
Staff time
44,880
Staff time
16,867
Purpose of spend
14,615
Purpose of spend
71,491
Purpose of spend
1,182
Governance
255,668

Governance costs includes payments to the auditors of £11,520 (2020- £10,950 (including VAT)) for audit fees.

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

9 Trustees

None of the Directors (or any persons connected with them) of Smallwood Trust (Trustee) Limited, the sole Trustee, received any remuneration during the year. Travel expenses paid to 2 (2020- 5) of the Directors of the sole Trustee amounted to £996 (2020- £1,182).

10 Net gains/(losses) on investments

Endowment Endowment
funds funds
2021 2020
£ £
Revaluation of investments 2,901,606 (714,813)

11 Employees

Number of employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
9
2021
£
272,294
23,169
28,654
324,117		 2020
Number
7
2020
£
189,281
19,276
19,361
227,198

Amounts paid to key management personnel in the year amounted to £80,458 (2020: £80,795).

The number of employees whose annual remuneration was £60,000 or more
were:
2021 2020
Number Number
£60,000 to £70,000 1 1

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

12 Intangible fixed assets

Intangible fixed assets
Database software
£
Cost
At 1 January 2021 and 31 December 2021 21,600
Amortisation and impairment
At 1 January 2021 13,950
Amortisation charged for the year 6,750
At 31 December 2021 20,700
Carrying amount
At 31 December 2021 900
At 31 December 2020 7,650

13 Tangible fixed assets

Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 January 2021
657
40,497
Additions
-
142
At 31 December 2021
657
40,639
Depreciation
At 1 January 2021
-
31,878
Depreciation charged in the year
-
3,312
At 31 December 2021
-
35,190
Carrying amount
At 31 December 2021
657
5,449
At 31 December 2020
657
8,619		 Total
£
41,154
142
41,296
31,878
3,312
35,190
6,106
9,276

The freehold property is Lancaster House, 25 Hornyold Road, Malvern, which has been estimated by the trustees to have a market value of £400,000 (2020 - £400,000)

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2021
32,303,026
Additions
5,823,791
Valuation changes
2,901,606
Transfers ( including Dividends ) for grant making purposes
-
Dividends
Disposals
(6,652,265)
At 31 December 2021
34,376,158
Carrying amount
At 31 December 2021
34,376,158
At 31 December 2020
32,303,026
Investments at fair value comprise:
Equities
Fixed interest securities
Cash held within investment portfolio
15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 Cash in
portfolio
2,032,286
(5,813,678)
(1,410,179)
(704,646)
6,652,265
756,048
756,048
2,032,286
2021
£
31,279,666
3,096,492
756,048
35,132,206
2021
£
323,546
23,937
347,483		 Total
£
34,335,312
10,113
2,901,606
(1,410,179)
(704,646)
-
35,132,206
35,132,206
34,335,312
2020
£
28,916,062
3,386,964
2,032,286
34,335,312
2020
£
755,875
8,045
763,920

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Accrual for grants payable
Trade creditors
Accruals and deferred income		 2021
£
1,038,572
22,397
18,648
1,079,617		 2020
£
1,187,714
86,182
12,995
1,286,891

The grants payable figures brought forward figure as at 1[st] January 2021 of £1,187,714 was paid in the year and the carried forward figure for grants payable as at 31 December 2021 represents grants committed in the next year but not yet paid

17 Retirement benefit schemes

Defined contribution schemes

The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund. For some employees the Trust pays the employers contribution directly to the employees personal pension scheme.

The charge to the Statement of Financial Activities in respect of defined contribution schemes was £28,654 (2020 - £19,361).

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

18 Endowment funds

Endowment funds represent assets which must be held permanently by the Trust. Income arising on the endowment funds can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at
1 January
2020
£
Permanent endowments
Permanent
endowment fund
23,648,299
Expendable endowments
Expendable
endowment fund
11,715,186
35,363,485		 Income
£
-
-
-		 Movement in funds
Expenditure
Transfers
£
£
-
-
(106,602)
(917,965)
(106,602)
(917,965)		 Revaluations
gains and
losses
£
(476,542)
(238,271)
(714,813)		 Balance at
1 January
2021
£
23,171,757
10,452,348
33,624,105		 Income
£
-
-
-		 Movement in funds
Expenditure
Transfers
£
£
-
-
(109,459)
(1,416,252)
(109,459)
(1,416,252)		 Revaluations
gains and
losses
£
1,934,404
967,202
2,901,606		 Balance at
31 December
2021
£
25,106,161
9,893,839
35,000,000

The permanent endowment fund has arisen from the initial capital on the establishment of the Trust as a registered charity, to which it has been added to further on the capital absorption of other charities.

The expendable endowment fund relates to retention of legacies where this has been the explicit or implied wish of the legator. The transfer was made to support a continued increase in grant-making compared to pre-pandemic levels.

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

19 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.

Tampon Tax fund
Barclays
DCMS
Lottery
Joint Evaluation		 Balance at
1 January
2020
£
-
17,868
-
-
-
17,868		 Movement
Income
£
-
165,600
2,100,000
498,625
-
2,764,225		 in funds
Expenditure
£
-
(101,239)
(2,005,292)
(487,596)
-
(2,594,127)		 Movement in funds
Balance at
1 January
2021
Income
Expenditure
Transfers
Balance at
31 December
2021
£
£
£
£
£
-
825,215
(737,135)
-
88,080
82,229
264,400
(246,629)
-
100,000
94,708
-
(94,708)
-
-
11,029
-
(11,029)
-
-
-
20,000
-
-
20,000
187,966
1,109,615
(1,089,501)
-
208,080		 Movement in funds
Balance at
1 January
2021
Income
Expenditure
Transfers
Balance at
31 December
2021
£
£
£
£
£
-
825,215
(737,135)
-
88,080
82,229
264,400
(246,629)
-
100,000
94,708
-
(94,708)
-
-
11,029
-
(11,029)
-
-
-
20,000
-
-
20,000
187,966
1,109,615
(1,089,501)
-
208,080
208,080

The Tampon Tax Fund - is a grant from HM Government to enable the charity to fund women's employability projects.

The Barclays fund represents a contribution by them through the Women’s Resilience Fund to deliver financial resources, materials, employment, training, financial education and stability.

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

20 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
Funds
2021
£
Fund balances are represented by:
Intangible fixed assets
900
Tangible assets
6,106
Investments
-
Current assets/(liabilities)
69,107
76,113		 Restricted
Funds
Endowment
Funds
2021
2021
£
£
-
-
-
-
-
35,132,206
208,080
(132,206)
208,080
35,000,000		 Total Unrestricted
Funds
2021
2020
£
£
900
7,650
6,106
9,276
35,132,206
711,207
144,981
(57,046)
35,284,193
671,087		 Restricted
Funds
2020
£
-
-
-
187,966
187,966		 Endowment
Funds
2020
£
-
-
33,624,105
-
33,624,105		 Total
2020
£
7,650
9,276
34,335,312
130,920
34,483,158

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

21 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).

22 Distribution from Grove Hill Trust

In 2017 income of £288,318 was accrued from the Grove Hill Trust, based in Jersey. This followed negotiations with the Trustee of the Grove Hill Trust and after Smallwood Trust Trustees signed a deed of indemnity as a condition of receiving the distribution. Given the clauses negotiated in the indemnity the Trustees current view is that it is not probable that the funds will have to be returned. The Trustees resolved to review the situation on a regular basis.

23
Reconciliation of net movement in funds and net cash flow from
operating activites
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Amortisation and impairment of intangible assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash used in operations
24
Analysis of changes in net debt		 2021
£
801,035
(963,667)
(2,901,606)
6,750
3,312
425,540
(207,274)
(2,835,910)		 2020
£
(2,125,144)
(942,800)
714,813
9,900
3,074
(697,941)
988,153
(2,049,945)

The Trust had no debt during the year.

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Grants paid to organisations

4wings
4Wings Northwest CIC
A Way Out
Account3
Agenda
Alice Charity
Alpha Vesta CIC
Anawim
Apna Haq
ARCH
Aspirations Day Programme
AWO
Baby Aid Birmingham CIC
Baobab Women's Project C.I.C.
Beyond the Page Ltd
Beyond the Streets
Big Help Project
Birmingham and Solihull Women's Aid
Birth Companions
Blackburne
Bloody Good Period
Brighton Women's Centre (BWC)
Building Futures East
C2C Social Action
Caritas Diocese of Shrewsbury
Cavell Nurse's Trust
Changing Life Directions
Chinese Women in Peterborough
CoLab Exeter
Community Led Action and Savings Support
Community-Led Action and Savings Support (CLASS)
Connected Routes CIC
Coventry Haven
Coventry Law Centre
Coventry Panahghar Project
CRASAC
Creative Design & Manufacture UK Limited
Crossroads Derbyshire
Crossroads Derbyshire Ltd
Deaf Ethnic Women's Assocation
Deaf Ethnic Women's Association (DEWA)
Derry Well Women
DINN Enterprise CIC
Edith cavell nurses
Ella's Home
Carried forward		 2021
2020
£
£
43,000
38,496
18,524
-
5,000
45,412
48,750
-
44,331
-
22,300
39,592
-
11,820
33,787
33,787
-
20,323
33,477
52,703
-
17,770
25,000
-
-
25,000
18,750
-
-
23,233
-
28,292
-
23,629
24,992
24,991
-
23,100
25,000
25,000
-
30,000
-
14,352
-
28,436
-
24,734
-
19,273
25,000
25,000
-
10,060
18,750
-
37,652
79,302
18,750
-
-
15,830
-
27,300
-
8,516
-
17,000
-
30,000
-
15,223
-
10,130
-
22,417
8,425
-
18,750
-
-
9,000
25,259
-
-
25,000
12,500
-
-
24,611
507,997
869,332

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Brought forward
Empower Women for Change
Encompass Southwest
EVA Women's Aid
Exeter CoLab
Fair Treatment for the Women of Wales (FTWW)
Falls Women's Centre
Fawcett Society
Feathers Futures CIO
First Step North East
Foleshill Women's Training
Foleshill Womens Training Ltd
Fourth Action
Futures Theatre
FWT Foleshill Womens Training
Getaway Girls
Gilgal Birmingham
Gingerbread
Girl Dreamer
Glass pool
Granby Somali Women's Group (GSWG)
Growing Club CIC
Halo Project
Happy Baby Community (HBC)
HARV
Hayaat Women Trust
Heaton Norris Pavilion Community Centre
Her Centre
Hull Sisters
Hull Sisters Ltd
Imagine Torbay Multicultural Group CIC
Insight Society
InSpire
Inspire at St Peters
inspire st peters
Inspired Neighbourhoods CIC
Irise International
Joanna Project
Kairos WWT
KairosWWT
Kanlungan Filipino Consortium
Keighley Association for Women and Children's Centre
Laamiga
Lancashire Women
Lesbian Immigration Support Group
Carried forward		 2021
2020
£
£
507,997
869,332
18,750
-
-
25,207
-
23,000
25,000
-
18,750
-
25,828
-
47,649
50,934
-
20,044
-
20,235
-
36,267
60,000
-
15,344
29,368
-
19,000
211,080
-
-
27,972
-
27,471
45,000
45,000
-
15,000
50,000
-
-
21,400
-
21,537
33,400
25,000
49,662
-
-
29,827
18,675
-
-
10,000
-
20,000
-
15,000
11,029
-
-
11,122
-
14,000
55,000
70,000
-
26,681
20,000
-
-
20,009
-
30,000
-
11,951
-
15,167
50,000
-
49,270
-
-
29,400
18,347
-
67,238
58,739
15,917
-
1,413,936
1,638,663

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Brought forward 1,413,936 1,638,663
Lesbian Immigration Support Group (LISG) - 9,500
LoveWell UK 18,750 -
Maternity Action - 20,000
Migdal Emunah Ltd - 21,445
Muslim Womens Council - 17,000
My Sisters Place 33,000 55,000
Nanny Solidarity Network - 10,012
New Economics Foundation 39,908 101,875
NILS 15,000 15,000
North Tyneside Disability Forum - 20,165
Old Hall People's Partnership - 13,437
OLDALONE UK - 26,892
One Knowsley - 20,090
One Voice 4 Travellers - 18,546
PACT 20,500 -
Pathway project 32,500 27,131
Pathway project Burntwood - 25,000
Pendle Women's Forum 18,698 -
Platform Thirty1 23,413 23,413
Positive Changes (Scotland) CIC 17,932 -
Positively UK - 19,769
Precious Gems - 13,885
Rainbow Muslim Women's Centre 16,750 -
Rape and Sexual Abuse (RASA) Centre Ltd - 9,829
Rochdale Connections Trust - 25,000
Roshini Birmingham - 19,044
Safety 4 Sisters - 26,502
Saheli 8,425 26,848
SAMEE 35,000 47,817
Sandwell African Women Association 15,000 -
Sandwell African Women's Association - 17,750
Savera UK 43,000 25,000
Shakti Women's Aid 50,000 -
Shama Womens Centre 48,427 -
Shama Women's Centre - 29,857
Sheffield Women's Aid - 13,024
Sister System - 15,306
Sisters of Frida - 13,500
Smart Works - 54,712
Somali Girls Can - 25,000
Somali Welfare Trust - 15,873
Sophie Hayes Foundation 25,000 52,858
Spark Burntwood CIO - 15,134
Staffordshire Women's Aid 34,000 51,590
Street Talk - 13,486

Carried forward

1,909,239 2,594,953

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Brought forward
Success4All CIO
Sunderland Women's Centre
Support and Action for Women's Network ( SAWN)
Surviving Economic Abuse
Teen Action
Tees Valley Inclusion Project encompassing the Halo Project Charity
Tenbury NILS
Tenbury NILS Scheme
The Childrens Society
The Children's Society
The Glendale Women's Cafe
The Halo Project
The Happy Baby Community
The Motherhood Plan Trading As 'Pregnant then Screwed'
The My Way Project
Timewise
Together Women
TTF - Women's Budget Group
TWO
Tyneside Women's Health
Ubuntu Women Shelter
Venus
Venus Charity
Voice of Domestic Workers
Wai Yin Society
Water Lily Project
Well Women Centre
Winner, The Preston Road Women's Centre Ltd
Women at Wish
Women Connect First
Women Into Construction CIC
WOMEN TODAY CIC
women@thewell
Women’s Health in South Tyneside (WHiST)
Women's Aid Birm/Soli
Womens budget group
Women's Budget Group
Women's Health in South Tyneside
Women's Health Information and Support Centre
Women's Health Matters
Women's Resource Centre
Women's Tech Training Ltd
Women's Voices CIC
Women's Work Derbyshire
WOMEN'STEC
Carried forward		 2021
2020
£
£
1,909,239
2,594,953
-
16,737
-
9,772
-
29,600
98,935
60,000
-
10,100
47,125
-
8,500
-
-
24,370
-
33,333
33,333
-
18,750
-
-
19,445
-
24,700
-
25,250
-
9,520
30,850
30,850
63,750
58,750
3,570
-
43,000
25,000
-
22,046
16,406
-
30,000
50,000
50,000
-
18,326
-
-
22,174
-
7,235
-
21,300
-
29,301
-
22,987
48,052
-
-
19,828
17,240
21,866
-
26,315
-
29,308
7,500
-
-
89,725
40,000
-
48,550
-
-
11,808
-
29,239
35,784
66,073
7,500
-
-
15,820
-
25,621
38,022
-
2,614,432
3,483,026

SMALLWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Brought forward
Womenzone Community Centre
Wonderfully Made Woman
Working Chance
Young Women's Housing Project
Young Women's Trust
YSS
YSS Ltd
YWCA Scotland
Zinthiya Ganeshpanchan Trust
Zinthiya Trust
Total		 2021
2020
£
£
2,614,432
3,483,026
8,426
30,000
-
21,268
-
30,000
-
26,039
-
25,000
54,161
99,397
30,862
-
36,331
-
-
77,620
65,780
-
2,809,992
3,792,350