2022-12-31-accounts

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Charity number: 205798

Smallwood Trust

Trustee's Report and Financial Statements

For the Year Ended 31 December 2022

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SMALLWOOD TRUST

	Page
Reference and Administrative Detalls ofthe Charity, Its Trustee and Advisers	1
Trustee’s Report	2-20
Independent Auditor's Reporton the Financial Statements	21-24
Statement of Financial Activities	25
Balance Sheet	26
StatementofCash Flows	27
Notes to the Financial Statements	28 -49
GrantsmadetoInstitutions	50-52

Patron	Her MostMost Gracious Majesty TheThe Queen (deceased 8 September 2022)
Trustee	Smallwood Trust (Trustee) Limited
Directors of trustee company	D Myers, Chair M Margrie, Deputy Chair JR Bailey Cc Hine
	Dr A ShahA ShahShah
	F Vaid MBEVaid MBEMBE
Charity registered number	205798
Principal office	Lancaster House
	25 Hornyold Road
	Malvern
	WR14 1QQ
Chief executive officerexecutive officerofficer	P CarburyCarbury
Independent auditor	Dains AuditAudit Limited
	15 Colmore Row
	Birmingham B3 2BH2BH
Bankers	Lloyds BankBank plc 48 Belle Vue TerraceVue TerraceTerrace Malvern Worcestershire WR14 40G
CCLA Investment ManagementInvestment ManagementManagement Limited One AngelAngel Lane London EC4R 3AB3AB Investment managers _ Investec
	30 GreshamGresham Street London EC2V 7QN7QN
	Newton Investment ManagementManagement Limited BNY Mellon Centre
	160 Queen VictoriaQueen VictoriaVictoria Street London EC4V 4LA4LA

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| SMALLWOOD TRUST | Trustee's Report | For the Year Ended 31 December 2022 rt : Smallwood Trust (Trustee) Limited ("the Trustee") presents its annual report together with the audited financial | statements of the Charity for the year 1 January 2022 to 31 December 2022. | 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 | MayNovember2017 1917,and 1st9 NovemberNovember 1928, 29th2019), the Octoberarticles 2019 andof association the sectionof Smallwood 280 resolutionsTrust of(Trustee) the trusteesLimited, dated the18 ! Charities Act 2011 and the Statement of Recommended Practice for charities (SORP 2019) (effective 1 January 2019). : Objectives and activities | a. Policies and objectives 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. | 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, heaith, | 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: | , Women’s access to resources and opportunities is typically narrower and more constrained than that of : men; } . Disadvantaged women have poorer labour market attachment, and are more likely to head poverlyprone | households; . Young women make up the majority of people not in employment, education and training, many because | of caring for others; . The rate of poverty amongst ethnic minority women in the UK is much higher than other groups; | . The links between gender and poverty are most visible in single adult households; | . Part-time work and low pay are more prevalent among women as a result of gender discrimination and ) constraints due to caring; and . Persistent poverty is more fikely to involve women and women are also more likely to suffer recurrent ) spells of poverty. | 7 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.

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Trustee's Report (continued) : For the Year Ended 31 December 2022

| 7 Policies and objectives (continued) | MISSION

| VALUES

SMALLWOOD TRUST

Objectives and activities (continued)

Our mission is to enable women to be financially resilient.

. Fairness and honesty in everything we do

: . Pride in our work and the Trust : . Good stewardship of our resources | * A proactive commitment to continuous improvement | | * Innovation as we enable women to meet their potential 7 in setting objectives and planning for activities, the Trustee has given due consideration to general guidance : published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’. | The Trustee confirms that in planning the activities of the Trust, the Trustee has given careful consideration to | how the Trust has fulfilled its charitable objectives. | b. Aims and Strategies for achieving objectives and Activities undertaken to achieve objectives | ; In 2022, The Board agreed the 2022-2024 Strategic Plan. Our new plan has been influenced by the past five | years of providing enhanced funding to a growing portfolio of support to individuals, organisations and policy and : influencing activities. | To achieve our ambitions, we are continuing to invest in our people and infrastructure to support and work ? alongside communities to develop workable models that improve economic and social outcomes for women. 7 Our Strategic Plan outlines our mission to finding solutions to the root causes of gendered poverty so that: : 4. 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 i Evaluating our progress is a key component of our plan particularly in relation to our main priorities to help | reduce gendered poverty 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. 4. Support external partners and other stakeholders to develop a gender-lens to their approach. ; | eee Page 3

SMALLWOOD TRUST
| ; Trustee's Report (continued) | For the Year Ended 31 December 2022 | | Objectives and activities (continued) : 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 approach. | Achievements and Performance The following objectives were agreed for 2022:
: 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 individuats 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 fearning, impact, monitoring and | evaluation activities. | 6. To publish and share the EDI Action Plan, including the research into our historical wealth and investments.

| Following the COVID-19 pandemic and the subsequent cost of living crisis demand for vital grant funds | continued to rise. With the introduction of the Stabilisation Fund, the Trust was able to continue to support an | increased amount of grant funding throughout 2022, compared with pre-pandemic levels. | Our report on the achievements of our 2022 objectives focuses on our continued response including how we are ) developing our grant-making to be more inclusive by shifting power and funding a place-based systems change | approach. 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 3 living crisis. The Strategic Plan was launched in February 2022. In addition to the objectives described on Page 4, the Plan | contains the the following core elements:

| contains the the following core elements: } | . Investments | We will spend £8m in grants, practical support, evaluation and sharing learning from our own resources, | drawing down up to an additional £5m from our expendable endowment | | Progress in 2022 | We awarded £2.3 million in grant funds across a range of programmes including our community grant : partnerships, a Cost of Living Fund for individuals, our place-based fund and influencing initiatives. During | the year we transferred £2.1 million in cash from our expendable endowment to support the continued | uplift in higher grants expenditure compared to pre-pandemic levels.

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For the Year Ended 31 December 2022

SMALLWOOD TRUST

Trustee's Report (continued)

Objectives and activities (continued)

. Shifting power We will aim to be a trusted partner working together to advance economic justice for women. We are interested in devolving power through our grant-making by building on the work already started through our community grant partnerships. In 2022 we won the grant-making and funding category at the Charity Awards for the community grant partnership programme.

Progress in 2022

We have implemented a number of initiatives to meet our aims of shifting power. This includes a £1m joint programme with our partners Buttle UK and Turn2Us to develop a co-designed grants programme with local women in Middlesbrough. The Board have also resolved to commit £2.4m in multi-year funding to our community grant partners who have autonomy to distribute grants to individual women. We also selected four candidates with lived experience of gendered poverty for our 2022/23 Board Shadowing Programme, which is in its 2nd year.

. Equity, diversity and Inclusion We will publish an EDt Action Plan and report back to partners on how we are making our funding practices, policies and procedures more inclusive

Progress in 2022

We have published and made progress towards the actions in our EDI Plan which can be found on our website. We have engaged with external partners to share learning on our EDI journey and to learn from others. More detail on our approach and EDi activities can be found on Page 11.

. Trust-based funding We will provide multi-year funding for core costs, adopt transparent and simplified processes, and be informed by the lived experience of women

| Progress In 2022 The majority of Smallwood funds are awarded in multi-year grants. In the year we also distributed funds | fromstipulatedthe Tamponby TTF. TaxAs noteFun d (TTF)above inthepartnershipBoard havewithagreedRosa to— re-fundthese grantsthe existingwere forcommunity18 monthsgrantas partnerships over the next three years. In 2022 we operated a Cost of Living Fund for individual women with a streamlined process and which was targeted at women most at risk of poverty according to the | latest research. We are working with women with lived experience of gendered poverty at a governance | level through our Board Shadowing and at an operational level through our co-production initiatives and | grant programmes. ) . Working in partnership : Though we will significantly increase the funding available from our own investments, we will be open to | co-funding, collaboration and developing partnerships with other funders, local and national government : and other stakeholders Progress in 2022 Partnership is at the heart of what we do. For example, we have taken a collaborative approach with other | funders such as Turn2Us and Buttle UK to develop and co-design a grants programme with local women : in Middlesbrough. With the Sisters Trust we received additional funding to help strengthen relationships between national women’s policy organisations and frontline women’s organisations through our place| based programme. During the year Barclays confirmed their ongoing partnership to support the delivery of | LifeSkills, employability programmes and our community grant partners over 2.5 years. At the end of the year we were in discussions with other major funders about supporting Smallwood programmes in 2023 and beyond.

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: SMALLWOOD TRUST | Trustee's Report (continued) | For the Year Ended 31 December 2022 | ms | Objectives and activities (continued) | : 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. L | We have committed funding of £2.1 million over three years to our place-based programme to help tackle the | root causes of gendered poverty. The progress of the partners is as follows: | Coventry Women's Partnership | Four years ago, Smallwood began to explore a more transformational approach to our grant-making and funded a three year place-based pilot in Coventry - the Coventry Women’s Partnership - to improve economic outcomes | for women. in the first three years the partnership set out to help 300 women but in fact supported more than 800. It has also : received international recognition for its contribution to the publication of six reports by the Women’s Budget | Group on the impact of the project on the individuals and communities it supported. | The project was a three-year pilot funded by the Smallwood Trust and co-ordinated by the Women's Budget |! Group.health, Womenrelationshi re p s,ortedfinances, substantialdebt, — andlegalstatisticallystatus andsignificanthousing. — improvServic e mentsstaff inalso thei r mentaleported health,that increasedphysical | collaboration,services and, asmorea result,effectivealso referralsoutcomesandfor women.greater knowledgeYou can readof morepartneraboutservicesthis networkhad improvedhere. the quality of | The programme has subsequently been funded for a further three years and further evaluation will be reported in 2023 Oo | Based on our experience in Coventry we funded two other place-based networks as follows: Birmingham No Recourse to Public Funds Support Network | Overview

This network has come together to urgently address the needs of women who are experiencing domestic violence (DV) with No Recourse to Public Funds (NRPF) in the West Midlands. Birmingham NRPF Support Network is holistically supporting women with NRPF, maximising resources by promoting inter-agency response and referral pathways and pathways and and amplifying their voices voices to create create an evidence evidence base for systems systems change.

: and referral pathways and pathways and and amplifying their voices voices to create create an evidence evidence base for systems systems change. : The Birmingham network is also developing a more co-ordinated and responsive set of services for women with NRPF. This will lead to improved referral pathways that reduce the likelihood of women ‘falling through the | cracks' and becoming homeless, and so also protects their children. Whilst supporting more joined-up ways of | support for women with NRPF, the network will also influence practice and processes using women’s voices and | lived experiences to lead best practices, provide examples, and continuously challenge/call out bad practices so | that NRPF women are treated fairly, with dignity and respect. : Alongside this, the Birmingham’ No Recourse to Public Funds Support Network will develop and pilot solutions at | local and national policy levels, to support women with NRPF to access welfare, advice, and housing. : Network partners The network is led by Birmingham and Solihull Women’s Aid. Partners include: Central England Law Centre ; Birmingham, Refugee and Migrant Centre, Baobab Women’s Project, The British Red Cross and Roshni

The network is led by Birmingham and Solihull Women’s Aid. Partners include: Central England Law Centre Birmingham, Refugee and Migrant Centre, Baobab Women’s Project, The British Red Cross and Roshni Birmingham.

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SMALLWOOD TRUST | | Trustee's Report (continued) | For the Year Ended 31 December 2022 | Objectives and activities (continued) | Women of Wythenshawe (WoW) | Overview WoW brings women together around their shared goals and the place that they have in common to achieve better outcomes for Women in Wythenshawe. The network aims to achieve as rich and broad a diversity of ; members as possible including a range of ages, ethnic backgrounds, and different kinds of experiences. | After witnessing a gradual breakdown in community relations and trust between people and across neighbourhoods in Wythenshawe over the past twenty years, this network is bringing low-income women into : dialogue with each other and identifying critical challenges that are holding them in poverty, prioritising issues : that are acute or cross-cutting, and co-producing solutions with professionals with access to the power and relationships that low-income women need to achieve lasting change. | Women of Wythenshawe’s approach is being driven from the bottom up through the process of dialogue, peer | exchange, confidence building, leadership development and enabling. Network partners recognise that women’s | voices and experience are critical to long-term success in reducing gendered poverty and improving wellbeing ; among low-income women in Wythenshawe. | Network partners Women of Wythenshawe will be convened by Community Led Action and Savings Support with support from : Wythenshawe Community Housing Group. Partners include: Lifted Carers, Well Women Project, SENsitive, Mums Mart, Wythenshawe Family Centre, Olive Pathway, Know Africa and Better Things. : 3. To remodel the HQ grants to individuals programme, moving to a more targeted grant-making | approach. | During June 2022, we launched a Cost of Living Fund where individual women in need could be referred to } Smallwood for direct financial support. This was in response to a large increase in women requesting support to : help with rising costs, such as energy bills, fuel prices, food and basic essentials. ) Why we did it | We knew that certain groups of women were disproportionately affected by the Cost of Living crisis. As a result ) of this, the fund had a particular focus on the following: | | . Women that are single parents ; . Disabled women ! : Women with no recourse to public funds . Women who are or who have been affected by domestic violence or abuse . Black, Asian and Minoritised women ! | The backbone of our grants to individuals programme is to help women be financially resilient and deal with | financial shocks. This is paramount as women continue to shoulder multiple crises. | A new way of working | The Cost of Living Fund also represented a transformation of our grants to individuals programme, We worked ! with a selected group of referral organisations who are supported by our grants team to give direct financial aid : alongside their current services for women. ? Smallwood worked with c.30 referral partners situated across the UK. This approach echoes the principles of our Community Grant Partnerships programme which determines collaborative working to have the greatest impact ; on reaching women affected by gendered poverty.

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| SMALLWOOD TRUST | Trustee’s Report (continued) | For the Year Ended 31 December 2022 | Objectives and activities (continued) | ) The impact | ! Many of our referral partners observed women relying on oversubscribed food banks in order to feed their family, to pay their bills and feeling as though their life is increasingly slipping into financial chaos. Through the help of | the Cost of Living Fund mothers are able to stock their cupboards and feed their children three meals a day | without compromising their own intake of food. Women have managed to relieve themselves of long standing | debt, and have often had their difficult circumstances fully acknowledged for the first time. | An immediate injection of funds through the Cost of Living Fund has sustained a sense of dignity and wellbeing | as women were able to stock their cupboards and create a safe environment for their children amidst much 1 uncertainty.

The numbers

| : Since its inception the Cost of Living Fund awarded £240,000 of direct financial support to individual women. ) This was complementary to the £570,000 worth of support for individual women devolved through our community | grant partnerships. | The groups of women awarded with grants were: | ; . Women that are single parents: 66% , . Women who are or who have been affected by domestic violence or abuse: 60% | : Black, Asian and Minoritised women: 39% | . Disabled women: 30% | . Women with no recourse to public funds: 11% ) The Smallwood Trust is committed to ending gendered poverty in the UK and we will continue to respond to a | rapidly changing economic landscape. Towards the end of 2022 we were in discussions with a major external | funder to increase our response to support the women’s sector through the cost of living crisis. | 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. | : Together with Buttle UK and Turn2Us during 2022 we started to implement a partnership to co-design a grants | programme with local women in Middlesbrough to help improve their economic and social outcomes. | Smallwood, Buttle UK and Turn2Us have committed up to £1 million towards the programme over the next three | years. | 2022 was the start of an inception and pilot phase. We know that giving grants is not enough to end poverty, so | we have been working together to see what happens when grant makers collaborate on a project that shifts | power to local communities. The result of this is the Middlesbrough Collaboration which aims to reduce poverty | for women and their children in the town. | Why? | We know that women and children are more likely to live in poverty, and women from racially minoritised groups, } disabled women and women with caring responsibilities are more likely to face financial insecurity. We also know | that caring for children can leave women at greater risk of poverty. | The aim of our programme is to test whether a collaborative approach to grant-making can transform the lives of | women and their children. This means we want to try different ways of making grants working in partnership with : women and children because we think the old ways of grant making are no longer effective.

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SMALLWOOD TRUST || Trustee'sFor the Year ReportEnded (continued)31 December 2022

Objectives and activities (continued)

Our principles are:

. Collaboration and co-production .. AccountabilityHonesty - to each other, co-production partners and women in poverty . Partnership working ~ creating fair and deep relationships with each other and the people we work with . Commit to intersectional feminist values. ‘ Shared decision-making

| } | So far, during the inception phase we have: | . Built relationships with local women and two community organisations (Ubuntu Multi-Cultural Centre & | Creative Minds Middlesbrough) in the Newport ward of Middlesbrough. ; . Held a series of co-production workshops with local women to design a new grant fund. This grant fund | will test the impact of delivering grants with wrap-around local support. ° Met with the council, other grant makers and charities in the region to understand more about what is already happening to challenge the causes of gendered and child poverty.

We believe:

|| . Localabout thewomensupportandtheythe need.community organisations that support them are best placed to make decisions . It’s not enough to give temporary support, we need to change the systems so women and their children are no longer pushed into poverty.
| . That making sure women and their children are financially secure is just one part of helping them to thrive : and live a full life. | . We can’t do this on our own and we want work together with residents and organisations in the community | to end poverty for women and their children | | The next stage is to develop a pilot grants programme that will start delivery in 2023 and we will continue to | share our learning as this programme develops. | | and evaluation activities.
| 5, To produce an Annual Impact Report which highlights the Trust’s learning, impact, monitoring | : The Annual Impact Report can be read on our website. During 2022 we secured almost £500,000 from The | National Lottery Community Fund to establish the Gendered Poverty Learning Programme to develop our | learning and evaluation approach. | The learning programme will enable Smallwood and our grant partners - all of which are women-led | organisations - to identify what works in tackling local systems of injustice, and encourage collaboration and | shared learning to make significant change for women in their areas. | The three main objectives of the Gendered Poverty Learning Programme (GPLP) are to: 1. Provide ‘wrap-around’ support to networks of local community organisations largely run by and for women
) to help tackle the root causes of gendered poverty. 2. To identify approaches and elements of good practice that can be scaled or replicated through the
| networks to improve social and economic outcomes for women in poverty. | 3. To help build and strengthen thriving, accessible and supportive networks for women so they can respond : to and overcome future economic shocks and crises. |

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For the Year Ended 31 December 2022

SMALLWOOD TRUST

Trustee's Report (continued)

Objectives and activities (continued)

With our grantee partners, we will deliver the following menu of options over three years, based on the needs and direction of the organisations we fund:

. Leadership support . Networks support . Making systemic change . Communications and influencing ,. M onitorioveme n g,t buildingevaluation and learning

Why do this now?

The current landscape

We place a strong emphasis on listening to and acting upon the voices of financially vulnerable women and the women’s voluntary sector. These experiences have been captured through the following research:

The women’s sector have told us through our COVID analysis and research into the cost of living crisis that there are key structural challenges to tackling gendered poverty and as a result of this we have launched a £2.1 million place-based fund to tackle the root causes of gendered poverty.

All of this work has successfully built on previous women's sector reports funded by Smallwood such as: The Female Face of Poverty and Life Saving, Life Changing: Funding for the Women’s Sector.

Shifting power

Gendered 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. Therefore it is crucial that Smallwood | supports social change through the lens of gender and economic inequality. : Our research also shows that women-led organisations are very aware of how local systems can make women’s : poverty worse, but they do not often have the time or capacity to push for change. With support from the GPLP we aim to increase organisational capacity so our grant partners can look toward their strategic goals alongside frontline work. Bringing it all together ; : The idea for a GPLP has emerged following collaboration with our grant partners through a series of feedback sessions and our experience of funding and engaging with women-led organisations through two programmes; | our place-based programme and community grant partnerships. | These programmes are central to making progress towards Smallwood’s goal of ending gendered poverty. We | Programmebelieve theretoisprovidea hugea laser-eyedopportunity focusto strengthen,on challengingbuild theandrootconsolidatecauses ofthese gendereddynamicpoverty.networks through the | What we will do next

At the time of writing, a steering group has been established to implement an initial project plan. In 2023 a Programme Manager will be recruited and we will begin to implement a number of first steps including establishing a community of practice for our grant partners and helping to link them into other networks.

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| SMALLWOOD TRUST

Trustee's Report (continued) For the Year Ended 31 December 2022

| The total operational funds (excluding staff time) that have been spent to date this year on specific ED! work including the audit, staff training and training and and associated workshops with with grant partners is around £35,000. ; We have developed and implemented a gender-lens grant-making framework as part of the the Strategic Plan — — this takes an intersectional approach to our grant-making and includes outcome goals such as system transformation, supporting partners to take a gender-lens approach, flexible funding and supporting networks and communities to be more resilient. | We are Investing £2.1 million in place-based Initiatives (including Coventry, Birmingham, Manchester, | Middlesbrough) with the intention of shifting power and challenging the (local) systems that keep women in | poverty. | Two examples within the place-based programme where we are shifting power include: | Middlesbrough — in partnership with Turn2Us and Buttle UK we will be starting the co-design process with local | communities for a local gendered poverty programme in January 2023. One key learning from this work is that we have had to build trust and create safe spaces over the past 4-6 months as a stepping stone before we even | embark on any co-production process. This work is intensive and requires not only different ways of thinking but 3 the allocation of quite significant non-grant resources. | WoW - Women of Wythenshawe (Manchester) — WoW’s entire approach is ‘bottom-up co-production’. In the : first 6-12 months, women will engage in dialogues within their own familiar settings about the issues affecting them and other women in their community and will begin also to meet with women from other groups to share some of the issues they are facing and build relationships of trust with each other. At least one woman from each : group will also be supported to attend and participate in WoW Steering Group meetings from month 1. | | | | |

: Objectives and activities (continued) | 6. To publish and share the EDI Action Plan, Including the research Into our historical ! wealth and investments. The EDI Action Plan and our progress against recommendations can be viewed on our website, website, During the year year after further discussion with the EDI Sub-Committee and the Board we decided to undertake further research | into our historical investments and we will now aim to publish the results of this our historical investments and we will now aim to publish the results of this historical investments and we will now aim to publish the results of this investments and we will now aim to publish the results of this and we will now aim to publish the results of this we will now aim to publish the results of this will now aim to publish the results of this now aim to publish the results of this aim to publish the results of this to publish the results of this publish the results of this the results of this results of this of this this in 2023. 2023. Our work on EDI is central to the delivery of the 2022-2024 Strategic Plan which was agreed at the start of this : year. The The Plan has been has been been developed to accelerate to accelerate accelerate our ongoing ongoing mission to enable women to be enable women to be women to be to be be financially resilient by tackling the root causes of gendered gendered poverty as as well as continuing to respond to immediate needs. Currently | c.70% of our funding of our funding our funding funding is targeted at immediate needs and c.30% at root causes / systemic work. targeted at immediate needs and c.30% at root causes / systemic work. at immediate needs and c.30% at root causes / systemic work. immediate needs and c.30% at root causes / systemic work. needs and c.30% at root causes / systemic work. c.30% at root causes / systemic work. at root causes / systemic work. root causes / systemic work. causes / systemic work. / systemic work. systemic work. work.

The EDI Action Plan and our progress against recommendations can be viewed on our website, website, During the year year after further discussion with the EDI Sub-Committee and the Board we decided to undertake further research into our historical investments and we will now aim to publish the results of this our historical investments and we will now aim to publish the results of this historical investments and we will now aim to publish the results of this investments and we will now aim to publish the results of this and we will now aim to publish the results of this we will now aim to publish the results of this will now aim to publish the results of this now aim to publish the results of this aim to publish the results of this to publish the results of this publish the results of this the results of this results of this of this this in 2023. 2023.

Our work on EDI is central to the delivery of the 2022-2024 Strategic Plan which was agreed at the start of this year. The The Plan has been has been been developed to accelerate to accelerate accelerate our ongoing ongoing mission to enable women to be enable women to be women to be to be be financially resilient by tackling the root causes of gendered gendered poverty as as well as continuing to respond to immediate needs. Currently c.70% of our funding of our funding our funding funding is targeted at immediate needs and c.30% at root causes / systemic work. targeted at immediate needs and c.30% at root causes / systemic work. at immediate needs and c.30% at root causes / systemic work. immediate needs and c.30% at root causes / systemic work. needs and c.30% at root causes / systemic work. c.30% at root causes / systemic work. at root causes / systemic work. root causes / systemic work. causes / systemic work. / systemic work. systemic work. work. At the heart of this plan is a pro-active approach to equity, diversity and inclusion, where we have articulated the following key elements/activities as: . Increasing available funding from our investments . Trust-based funding . Shifting power ° Developing an EDI Action Plan / “statement of intent’ . Working in partnership to deliver our mission

The following highlights progress that has been made taking into consideration the main activities above, and areas where there are still gaps or have been more difficult to implement.

The total operational funds (excluding staff time) that have been spent to date this year on specific ED! work including the audit, staff training and training and and associated workshops with with grant partners is around £35,000. We have developed and implemented a gender-lens grant-making framework as part of the the Strategic Plan — — this takes an intersectional approach to our grant-making and includes outcome goals such as system transformation, supporting partners to take a gender-lens approach, flexible funding and supporting networks and communities to be more resilient.

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| SMALLWOOD TRUST | 3 Trustee's Report (continued) For the Year Ended 31 December 2022 | ee Objectives and activities (continued) | By month 12, women will have been supported to draw out issues and only after this is when partners will be invited into the process - when women have identified their critical concerns and are ready to consult others who | may know more about particular policy arenas and opportunities. This is not about rejecting professional | expertise — it is about recognising and valuing different forms of expertise and bringing them into dialogue on a more equal platform once women have had the time and space to set their own agenda and priorities. WoW | members will then be supported to go back out to the women in their own memberships, local areas, or service ! user communities to consult more widely on the issues under discussion, seeking their views and priorities and | feeding these into the process. The Community grant partners (CGPs) are a core element of delivering our strategy, currently c.30% of the overall grants budget is devolved to them where they have autonomy on awarding onwards grants to individuals ; and on how they allocate the contribution to their overhead/operating costs. We are due to re-fund existing community grant partners to a vatue of c.£2.4 million. : This year we faunched an interim Cost of Living Fund for individuals targeted at women who are most at : risk of poverty — this was based on evidence and research from the Women’s Budget Group. This Fund has | been particularly successful at targeting women with no recourse to public funds and disabled women. : A large number of processes have been either changed or streamlined to make them more inclusive, some | recent ones include: | | . We amended our grant-making to individuals’ criteria so that women with no recourse to public funds were prioritised | . We auto-caption grant application webinars and provide signed webinars : * We accept grant applications in a language other than English : . We have increased the overall CGP annual maximum award and increased individual flexibility around the | split of funding to grants and admin/overhead support (previously it was a blanket 80/20) ; . We pay fees for ‘lived expertise’ when we have been organising workshops with grant partners : c. Future strategy and direction | | What are the next steps with grant-making and partnerships? | | Overall c.45% of beneficiaries are women from Black, Asian and minoritised communities, though not all of the | services that are accessed by these women are led by Black, Asian and minoritised women. | Currently 30% of our funds are awarded to organisations led by Black, Asian and minoritised women. These | organisations receive about 20% of the funding, so over the medium term we should ensure that we close this | gap. | | There are also some gaps in our funding for specific ethnicities which we will also continue to collect data on to | understand and further target our funding. | Overall, c.20% of organisational beneficiaries are disabled women with 45% of individuals receiving grants | through the Cost of Living Fund reporting they have a disability. However the percentage of our grant partners : which are disability led is 4%. | : This has increased slightly from 2%. We should note that disabled women-led organisations are likely to be more informal (for example with no written constitution) so we will need to take a different approach including : reviewing existing criteria that may exclude these informal groups and also working with larger disability | organisations that are not necessarily gender specific.

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| | | SMALLWOOD TRUST | Trustee's Report (continued) | For the Year Ended 31 December 2022 : Objectives and activitles (continued) | In terms of age we are quite well-balanced across the portfolio. However only 1% of our partners are LGBTQ+ : led though a higher percentage of LGBTQ+ individuals access Smallwood programmes. | One of the Audit recommendations is to develop a trans-inclusion policy and the first step is to commit to : : organisational learning on this in 2023. We are currently working with the community grant partners to offer more flexibility around the _ overhead/operating and grant-making costs. ) Through the TNLCF-funded Gendered Poverty Learning Programme (GPLP) there is huge potential to develop : our approaches around what works in terms of shifting power and being more accountable to the communities : we fund. The GPLP will be the umbrelia for all learning and evaluation activities across all programmes but | particularly for the place-based initiative and community grant partnerships. | We will feed any learning into the future development of our strategy and grant-making. Over the next two years | this type of ‘funder plus/relational’ work will become increasingly important in the delivery of our strategy and | shifting power. This work will be taken forward under the GPLP banner. | || anIncludingiterativetheprocessvoice whichof womenhaswithincludedlived surveysexperiencewith inindividualour strategicgrantdevelopmentrecipients, workshopsand decision-makingwith organisationshas beenled by and for women with lived experience, the implementation of the Board shadowing programme and more | latterly the co-design and co-production processes started through the place-based funds. | | steering group) to include women with lived experience in the strategic direction of this programme, including the | Through the Gendered Poverty Learning Programme we are looking at mechanisms (such as an operational | staff post paid for by the TNLCF grant. ) d. Grant-making policies | | : Individual women are eligible if they meet the following criteria: | paged 18oraboet—(“(‘é(Owté‘éSO!~~;~~™~Cd | L _--4 IS[aged][10][Of][ADOVe][eee] ~----------------4 | toy | Is living in the UK ; Lot{ 8 nnn nn nn nn nn nnn nnn nnn nn nen nnn nnn 1 t I : ts in receipt of all benefits entitled to, (including migrating onto Universal | to Credit) or has an income below the Minimum Income Standard threshold! or has no recourse to public funds \ I | 1 :I || I 1 |[a] |w | Has savings under £2,000 and debts under £10,000 | i t I

| SMALLWOOD TRUST For the Year Ended 31 December 2022 | Trustee's Report (continued) | | Objectives and activities (continued) | We have adopted the following framework for awarding grants to frontline organisations and policy initiatives: | Area for analysis Assessment Criteria | Activities Y Does the organisation and its activities fall within our mission and the outcomes | of the Fund? | Y Are activities focused on women in greatest need? | “ Can the organisation adapt and innovate? ¥ Evidence of previous positive results and outcomes ) ~ Quality of evidence Leadership “ ts there a compelling vision and strategy? “ Can the CEO/ management team articulate and deliver this? “ 1s there good governance (including safeguarding) and direction by trustees? : v Are there clearly defined priorities? | ¥ Are safeguarding and equalities policies in place? | People and resources “ Does the organisation have the appropriate staffing structure to deliver? ; Y Can the organisation identify gaps in capacity and/or service provision that the | Fund can support? : v Are volunteers managed well? “ Does the charity make best use of its other resources such as !T, IP and any | other assets? ! Y Is the charity successful in leveraging support and resources from external | sources? Finances “ Are there good processes for financial management? , Y Are financial resources used efficiently? | “ Is there an unqualified 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?

| e. Fundraising activities and income generation : 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 additional funds from the Lottery and Sisters Trust to further | its objectives and is expected to receive substantial funds from Barclays in 2023. All of these funds were and are | 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. |

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SMALLWOOD TRUST

Trustee's Report (continued) For the Year Ended 31 December 2022

Objectives and activities (continued)

f. Investment policy and performance

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.

Financial review

a. Financial Review and Going concern

The financial objectives have been agreed as follows:

Increase our impact and number of beneficiaries and build the Trust's capacity for monitoring and
evaluation so that all grant expenditure leads to an increase in team learning on how to support women to become financially resilient
Change the investment managers mandate to increase the income from the endowment over the lifetime of the strategic plan
Manage the cash flow requirements of multi-year grants
- Use expendable endowment resources to support an increase in the grant-making

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:

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SMALLWOOD TRUST

Trustee's Report (continued) For the Year Ended 31 December 2022

The results for the year are set out in detail on page 26. The Trust's income for the year was £1,260,117 (2021: £2,088,055). The income included restricted funds for grants of £182,329 from the Tampon Tax Fund, Lottery, and Sisters Trust. Expenditure in this year was £3,062,746 (2021: £4,188,626). 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 £29,547,962 (2021: £35,284,193).

After making appropriate enquiries, the Trustee has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. 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.

| | |

Therefore, the Board have agreed to create a ‘Stabilisation Fund’ of initially £5 million from the expendable 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:

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

The total funds held were £29,547,962 (2021: £35,284,193) of which £29,035,533 (2021: £35,000,000) were endowed funds being the capital of the Trust and unrestricted funds of £358,862 (2021: £76,113) and £153,567 | restricted funds (2021: £208,080). £1,905,361 (2021: £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 two years.

| | |

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| |

SMALLWOOD TRUST | | Trustee's Report (continued) : For the Year Ended 31 December 2022 | | c. Material Investments policy | Sufficient cash is held to cover working requirements and provide a readily accessible reserve. 21.1% (2021 - | to48.2%)increase of allthe of theincome fundsfrom invested arethe endowment with thefunds Newtonto support Multi-Assetthe Strategic Fund asPlan. part of our new investment mandate | 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 : separated into two discrete portfolios representing assets belonging to the Endowment Funds and the 3 Unrestricted Fund respectively. 7 Performance of the Newton funds is measured on a total return basis (before management and other expenses) 7 through capital and income return combined. The return on the fund for the full year was an increase of 0.8%. : 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 retum on the portfolio for | the year was an decrease of 18.2%. ! The Unrestricted Fund portfolio comprises a mixture of cash and common investment funds and will be 7 drawndown 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. | d. Principal risks and uncertainties | The directors of the sole Trustee company define Risk as the combination of the probability of an event and its : consequences. In the Trust, as in all organisations, there is potential for events and consequences that : constitute opportunities for benefit (upside) or threats to success (downside). While it is important to be able to : positively manage all risks and their related uncertainties, the nature of our Charity has led to some risks being | easier to manage than others. In our case the Operational, Compliance and Financial risks have both historically | and are currently being well managed. : Our main area of focus and uncertainty in this regard is in ensuring that our grant making activity achieves the ; impact that it is contracted to do and that our Trustees and the management team develop and constantly learn | about how to achieve the required impact of the grants made. The major risk to our Charity is a reputational one : of failing to achieve that impact and not only not supporting our beneficiaries, but also reducing the likelihood of | third party donors supporting the Charity. : e. Financial risk management objectives and policies | 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: | | | + Loss of future income streams from, and capital values of, investments - regular review meetings are | held with the investment managers and adjustments to funds are made accordingly. | * Impact of general legislation and the external operating environment, GDPR and safeguarding - the ! Operations Manager is tasked with ensuring all relevant Smallwood policies are up to date. | * Breach of trust in the use of restricted or endowment funds — these are reviewed on a regular basis. : * Loss of key staff or trustees - staff development plans and a board development programme have been : implemented and are continually reviewed. : * Funding not achieving desired outcomes - ensuring all grants awarded are aligned to our mission and : impact strategy. : 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.

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: | SMALLWOOD TRUST | Trustee's Report (continued) | For the Year Ended 31 December 2022 | Structure, governance and management | a. Constitution } | Smallwood Trust is a registered charity, number 205798, and is constituted under a Charity Commission ; Scheme. It is 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. 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 company limited by | guarantee. The Trust was founded in 1886 and 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 register 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 7 Trust was formerly known as the Society for the Assistance of Ladies in Reduced Circumstances until 18 May : 2017. b. Methods of appointment or election of Trustee | The management of the Charity is the responsibility of the Trustee who is elected and co-opted under the terms ; of the Charity Commission Scheme. | The first directors of Smallwood Trust (Trustee) Limited were the previous individual trustees of the Trust. : Subsequently new Directors of the the trustee company were were appointed in December 2020 by the the board of directors and will hold office for up to three years three years years before retiring and being eligible for re-election for a further two terms of | up to three years, to three years, three years, years, after which which they must must retire for at for at at least one year before one year before year before before being eligible again for reappointment. | ) Neither Smallwood Trust (Trustee) Limited or the Directors have any beneficial interest in the Trust. | | c. Organisational structure and decision-making policies | 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. | The Trust has adopted a portfolio model of leadership, with individual Directors of the limited company retaining | strategic oversight of the following functions: | * Finance | + Programmes, strategy and innovation | * Communications | * Constitutional and governance During the year, the Futurology Working Group was convened to help develop proposals for the place-based : fund which were approved by the the Board. The EDI Group, made up of trustees trustees and staff, was also convened to : drive forward recommendations from the EDt Audit. : Roles and responsibilities have been agreed for the Chair, Deputy Chair, Directors, Portfolio leads and the subcommittees, 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.

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

During the year, the Futurology Working Group was convened to help develop proposals for the place-based fund which were approved by the the Board. The EDI Group, made up of trustees trustees and staff, was also convened to drive forward recommendations from the EDt Audit.

Roles and responsibilities have been agreed for the Chair, Deputy Chair, Directors, Portfolio leads and the subcommittees,

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| Trustee's Report (continued) | For the Year Ended 31 December 2022

) The Trust was deeply saddened to hear of the passing of Her Majesty the Queen. The Queen had been our : Patron since 1952 and has devoted a great deal of her life to helping those in need. At the time of writing we have been informed that the Royal Household will be conducting a review of Royal Patronages and we will be : informed in due time. | | d. Policies adopted for the induction and training of Trustee | New Directors of Smallwood Trust (Trustee) Limited (the Charity’s sole Trustee) 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. e, Pay policy for key management personnel ) Salaries are reviewed annually at the absolute discretion of the Trustee. In addition, an amount equivalent to 7 10% of gross salary is paid into a defined contribution Group Personal Pension Plan for each member of staff. | f. Related party relationships

SMALLWOOD TRUST

Structure, governance and management (continued)

There is no special relationship with any other charity.

Plans for future perlods

The objectives for 2023 are as follows:

) 1. To re-fund and expand the community grant partnerships programme based on the learning from our ! partners. | 2. To disseminate the learning from the Gendered Poverty Learning Programme and use this to adapt our 7 grant programmes and engage with other stakeholders who are also working to improve social and : economic outcomes for women. | 3. To work with external partners to provide a response to the cost of living crisis as well as continuing to | fund programmes and develop opportunities that tackle the root causes of gendered poverty. : 4. To implement a co-designed pilot grants programme with partners Turn2Us, Buttle UK and local women in Middlesbrough.
: 5. To develop and implement a People Strategy and Plan to support our organisational development and | ambitions to shift power, become more accountable and ensure that equity, diversity and inclusion remains a core part of our strategy.
: 6. To evaluate the 2nd year of the Board Shadowing Programme and feed this learning into year 3 of the programme

| |

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SMALLWOOD TRUST

Trustee's Report (continued) For the Year Ended 31 December 2022 De——————E——————E——ee Statement of Trustee's responsibilities

The Directors of Smallwood Trust (Trustee) Limited are responsible for preparing the Trustee's Report and the | financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources | Theand lawapplication applicableof toresources, charities inincluding Englandits &income Wales requires theand expenditure, Trusteefor tothat prepareperiod. financialIn preparing statementsthese forfinancial each statements, the Trustee is required to:

° select suitable accounting policies and then apply them consistently;
© observe the methods and principles of the Charities SORP (FRS 102);
° make judgements and accounting estimates that are reasonable and prudent; ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity Commission Scheme. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

| Disclosure of information to auditor Each of the persons who are Directors of Smallwood Trust (Trustee) Limited ("the Trustee") at the time when this Trustee's Report is approved has confirmed that:

e so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and
° that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
| Auditor | The auditor, Dains Audit Limited, has indicated his willingness to continue in office. The designated Trustee will | propose a motion reappointing the auditor at a meeting of the Directors of Smallwood Trust (Trustee) Limited | (the Trustee").

Approved by order of the members of the board of Trustee on 18 July 2023 and signed on their behalf by:

DArcyMyard (Chair) for and on behalf of Smallwood Trust (Trustee) Limited

}

i

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SMALLWOOD TRUST | | Independent Auditor's Report to the Members of Smallwood Trust | mee ; | Opinion : We have audited the financial statements of Smallwood Trust (the 'charity’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities : preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic | of ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended | Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. | : This has been done in order for the accounts to provide a true and fair view in accordance with the Generally | Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. : In our opinion the financial statements:

° give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;
. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
° have been prepared in accordance with the requirements of the Charities Act 2011.

: | : |

Basis for opinion

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 United Kingdom, including the Financial Reporting Council'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 a basis for our opinion. our opinion. opinion.

) appropriate to provide a a basis for our opinion. our opinion. 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 continue 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 Trustee with respect to going concern are described in the : relevant sections of this report.

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| |

: | ? |

| information is materially inconsistent with the financial statements or our knowledge obtained in the course of the 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 this gives rise to a material misstatement in the | financialmisstatementstatementsof thismisstatementstatementsof thisstatementsof thisof this this themselves.otherother information,If,If, basedwewe onare therequired work wetoare therequired work weto therequired work wetorequired work weto work weto wetoto report have performed,that have performed,that performed,thatthat fact. we conclude that there conclude that there that there there is a material a material material | We have nothing to report in this regard. | Matters on which we are required to report by exception | We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) : Regulations 2008 requires us to report to you if, in our opinion: e the information given in the Trustee's Report is inconsistent in any material respect with the financial : statements; or . sufficient accounting records have not been kept; or | ° the financial financial statements are not in agreement with the accounting agreement with the accounting with the accounting the accounting accounting records and and returns; or

SMALLWOOD TRUST

Independent Auditor's Report to the Members of Smallwood Trust (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustee are responsible for the other information contained within the Annual 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 conclusion thereon. 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 course of the 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 this gives rise to a material misstatement in the financialmisstatementstatementsof thismisstatementstatementsof thisstatementsof thisof this this themselves.otherother information,If,If, basedwewe onare therequired work wetoare therequired work weto therequired work wetorequired work weto work weto wetoto report have performed,that have performed,that performed,thatthat fact. we conclude that there conclude that there that there there is a material a material material

e the information given in the Trustee's Report is inconsistent in any material respect with the financial statements; or
. sufficient accounting records have not been kept; or ° the financial financial statements are not in agreement with the accounting agreement with the accounting with the accounting the accounting accounting records and and returns; or ° we have not received all the information and explanations we require for our audit.

Responsibllities of the Trustee

: As explained more fully in the Trustee's Responsibilities Statement, the Trustee is responsible for the preparation of the financial statements which 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 Trustee 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.

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? ! | | : | | | |

) | 7 | |

SMALLWOOD TRUST

Independent Auditor's Report to the Members of Smallwood Trust (continued)

Auditor's responsibilities for the audit of the financial statements

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.

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 betow: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

| . the senior statutory auditor ensured that the engagement team collectively had the appropriate | competence, capabilities and skills to identify or recognise non-compliance with applicable laws and . we identified the laws and regulations applicable to the Charity through discussions with directors’ of the
| regulations; : Charity's sole Trustee and other management, and from our commercial knowledge and experience of the | charity sector; : . we focused on specific laws and regulations which we considered may have a direct material effect on the | financial statements or the operations of the Charity, including the financial reporting legislation, Charities | Act 2011, taxation legislation, anti-bribery, employment, and environmental and health and safety 7 legislation; 7 . we assessed the extent of compliance with the laws and regulations identified above through making || . enquiriesidentified oflaws managementand regulations and wereinspectingcommunicatedlegal correspondence;within the auditand team regularly and the team remained ; alert to instances of non-compliance throughout the audit.

| : ; ) | ) ! : | : |

We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

. performed anaiytical procedures to identify any unusual or unexpected relationships; . tested journal entries to identify unusual transactions; . assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
. investigated the rationale behind significant or unusual transactions.

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| |

Independent Auditor's Report to the Members of Smallwood Trust (continued)

| |

SMALLWOOD TRUST

a

Auditors’ responsibilities for the audit of the financial statements (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

°° readingagreeingthe financialminutesstatementof meetings disclosuresof thosetocharged underlyingwith supportinggovernance; documentation; ° enquiring of management as to actual and potential litigation and claims; and ° reviewing correspondence with HMRC, relevant regulators and the Charity’s legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions | Thereflectedrisk inis thealsofinancialgreaterstatements,regarding irregularitiesas we will beoccurringless likelydueto becometo fraud awareratherof instancesthan error, ofas non-compliance.fraud involves | intentional concealment, forgery, collusion, omission or misrepresentation. | A further description of our responsibilities for the audit of the financial statements is located on the Financial | Auditor'sReportingReport.Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our | Other matters | The financial statements of the Charity for the year ended 31 December 2021 were audited by Haysmacintyre

The financial statements of the Charity for the year ended 31 December 2021 were audited by Haysmacintyre LLP, who expressed an unmodified opinion on those financial statements. An unqualified audit report was issued and signed on 27 October 2022.

Use of our report

This report is made solely to the charity's Trustee, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 and its trustee, for our audit work, for this report, or for the opinions we have formed.

Dains Audit Limited

Statutory Auditor Chartered Accountants

Birmingham

18 July 2023

Dains Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Ne en

Page 24

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SMALLWOOD TRUST

Statement of financial activities For the Year Ended 31 December 2022

a	a	a	a	a	a	a
		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2022	2022	2022	2022	2021
	Note	£	£	£	£	£
Income and endowments from:
Donations and legacies	4	138,441	182,329	-	320,770	1,124,388
Investments	5	939,347	-	-	939,347	963,667
Total incomeand endowments		1,077,788	182,329	.	1,260,117	2,088,055
Expenditure on:
Raising funds	6	-	-	125,504	125,504	109,459
Charitable activities	8	2,700,400	236,842	-	2,937,242	4,079,167
Totalexpenditure		2,700,400	236,842	125,504	3,062,746	4,188,626
Netexpenditurebefore net (losses)/gains on Investments		(1,622,612)	(54,513)	(125,504)	(1,802,629)	(2,100,571)
Nat (losses)/gains on investments		-	-	(3,933,602)	(3,933,602)	2,901,606
Net(expenditure}//income Transfersbetweenfunds	18	(1,622,612) 1,905,361	(54,513) -	(4,059,106) (1,906,367)	(5,736,231) -	801,035 -
		aaa
Netmovement in funds		282,749	(64,513)	(5,964,467)	(5,736,231)	807,035
Reconciliation of funds:
Totalfunds broughtforward Netmovement infunds	18	76,113 282,749	208,080 (54,513)	35,000,000 (5,964,467)	35,284,193 (5,736,234)	34,483,158 801,035
Totalfunds carriedforward		368,862	153,567	29,036,533	29,547,962	35,284,193
		———————*=k{==——	—————__—	——_<<< vd	—————————	———

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 28 to 49 form part of these financial statements.

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SMALLWOOD TRUST

Registered number:

Balance Sheet

As at 31 December 2022

			2022		2021
	Note		£		£
Fixed assets Intangible assets	13		-		900
Tangible assets	14		4,974		6,106
Investments	15		29,058,683		35,132,206
			_————		——
			29,063,657		35,139,212
Current assets
Debtors	16	101,926		347,483
Cash at bank and in hand		1,116,410		877,115
		a		——
		1,218,336		1,224,598
Creditors: amounts falling due within one
year	17	(734,031)		(1,079,617)
Net current assets			484,305		144,981
			—————		SS
Total net assets			29,547,962		35,284,193
Charity funds
Endowmentfunds Restricted funds	18 18		29,035,533 153,567		35,000,000 208,080
Unrestricted funds	18		358,862		76,113
Totalfunds			29,547,962		35,284,193

The financial statements were approved and authorised for issue by the Trustee on 18 July 2023 and signed on their behalf by:

y +f/ Anyail dys/ D'Aicy Myers éhair) Smallwood Trust (Trustee) Limited

The notes on pages 28 to 49 form part of these financial statements.

co

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SMALLWOOD TRUST

Statement of Cash Flows For the Year Ended 31 December 2022

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |||2022|2021| |||Note|£|£| |||Cash|flows from operating|activities| |:|Net cash|used|in|operating|activities|21|(2,894,794)|(2,835,910)| |3|Cash|flows|from|Investing|activities| |j| |)|Dividends|and|interest|from|investments|939,947|944,451| |||Purchase|of tangible fixed assets|(2,150)|(142)| |||Proceeds from sale|of investments|6,648,567|6,652,265| |7|Purchase|of investments|(4,048,392)|(5,813,678)| |:|Net cash provided|by|investing|activities|3,537,972|1,782,896| ||| |:Change|in|cash|and|cash|equivalents|In|the year|643,178|(1,053,074)| |||Cash|and cash equivalents|at the beginning|of the year|1,633,163|2,686,177| |}| |||i| |||Cash and cash equivalents|at the end of the year|22|2,276,341|4,633,163| |||The notes on pages 28 to 49 form part of these financial statements|

----- End of picture text -----

| | | | | | ) | |

Page 27

7 ) | |

7 accounting policy. 7 The financial statements are prepared in the Charity's functional currency of GBP (Sterling). 7 They are prepared to the nearest £. | 2.2 Golng concern The financial statements have been prepared on a going concern basis. The Trust holds liquid funds sufficient to support its cash flow requirements over the foreseeable future under all scenarios. : Therefore, the directors of the sole Trustee company consider there are no material uncertainties | about the Trust's ability to continue as a going concern. : 2.3 Income | All income is recognised once the Charity has entitlement to the income, it is probable that the | income will be received and the amount of income receivable can be measured reliably. . The recognition of income from legacies is dependent on establishing entitlement, the probability of ) receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of : entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to ! them (through knowledge of the existence of a valid will and the death of the benefactor) and the : executor is satisfied that the property in question will not be required to satisfy claims in the estate. | Receipt of a legacy must be recognised when it is probable that it will be received and the fair value : of the amount receivable, which will generally be the expected cash amount to be distributed to the | Charity, can be reliably measured. be reliably measured. reliably measured. measured. | | Grants are included in the Statement of Financial Activities on a receivable basis. The balance of | income received for specific purposes but not expended during the period is shown in the relevant | funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and inctuded in creditors as deferred income. Where entitlement occurs ! before income is received, the income is accrued.

1. General information

Smallwood Trust is a unincorporated charity registered with the Charity Commission in England and Wales. The registered number and address is given on the Reference and Administrative Details page. The activities of the Charity are set out in detail in the Trustees’ report.

Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true andOctoberfair 2019view. ratherThis departurethan the Accountinghas involvedandfollowingReportingthebyCharitiesCharities:SORPStatement(FRS of102)Recommendedpublished in Practice effective from 1 April 2005 which has since been withdrawn.

Smallwood Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. be reliably measured. reliably measured. measured.

Page 28

| Notes to the Financial Statements | For the Year Ended 31 December 2022 |a :2. Accounting policies (continued) | 2.3 Income (continued) | | 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. | 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. | Income tax recoverable in relation to investment income is recognised at the time the investment 7 income is receivable. 2.4 Expenditure | Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit | to a third party, it is probable that a transfer of economic benefits will be required in settlement and | the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs 7 of each activity are made up of the total of direct costs and shared costs, including support costs | involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly 3 to that activity. Shared costs which contribute to more than one activity and support costs which are | not attributable to a single activity are apportioned between those activities on a basis consistent with : the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation | charges allocated on the portion of the asset's use. | The fees due in respect of the investment manager's services are charged against income as the : cost of raising funds. ) Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its | charitable purposes and includes costs of all fundraising activities events and non-charitable trading. | | Expenditure on charitable activities is incurred on directly undertaking the activities which further the | Charity’s objectives, as well as any associated support costs. } Grants payable are charged in the year when the offer is made except in those cases where the offer | is conditional, such grants being recognised as expenditure when the conditions attaching are : fulfilled.commitment,Grantsbut offerednot accrued subjectas toexpenditure. conditions which have not been met at the year end are noted as a | | All expenditure is inclusive of irrecoverable VAT. | 2.5 Interest receivable | Interest on funds held on deposit is included when receivable and the amount can be measured | reliably by the Charity; this is normally upon notification of the interest paid or payable by the ) institution with whom the funds are deposited.

SMALLWOOD TRUST

Page 29

Notes to the Financial Statements For the Year Ended 31 December 2022

SMALLWOOD TRUST

Accounting policies (continued)

2.6 Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment foss is recognised where the carrying amount exceeds the recoverable amount.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Database software

60% straight-line

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. fixed assets are measured at cost less accumulated depreciation and any accumulated impairment | Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible | losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be | included in the measurement of cost. | At each reporting date the Charity assesses whether there is any indication of impairment. If such | indication exists, the recoverable amount of the asset is determined to be the higher of its fair value | less costs to sell and its value in use. An impairment loss is recognised where the carrying amount | exceeds the recoverable amount. | Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value | over their estimated useful lives, using the straight-line method. : The Trustee is of the opinion that the residual value at the end of the estimated useful economic 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.

Depreciation is provided on the following bases:

Freehold property - 0% straight-line on basis of immateriality Fixtures and fittings - 25% straight-line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.

Page 30

| Notes to the Financial Statements | For the Year Ended 31 December 2022

| 7

SMALLWOOD TRUST

2. Accounting policies (continued)

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost fess impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.9 Debtors

Trade and other debtors are recognised at the settlament amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

: 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity : of three three months or less from the date of acquisition or opening opening of the the deposit or similar account. 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past | event, it is probable that a transfer of economic benefit will be required in settlement, and the amount | of the settlement can be estimated reliably. | Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the : amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where | the effect of the time value of money is material, the provision is based on the present value of those | amounts, discounted at the pre-tax discount rate that refiects the risks specific to the liability. The : unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. | : 2.12 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 with the exception of bank loans which are subsequently : measured at amortised cost using the effective interest method. : 2.13 Pensions | The Charity operates a defined contribution pension scheme and the pension charge represents the | amounts payable by the Charity to the fund in respect of the year. | |

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three three months or less from the date of acquisition or opening opening of the the deposit or similar account.

Page 31

SMALLWOOD TRUST |

Notes to the Financial Statements

For the Year Ended 31 December 2022

|2. Accounting policies (continued)

| 2.14 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustee in ) furtherance of the general objectives of the Charity and which have not been designated for other | purposes. | Restricted funds are funds which are to be used in accordance with specific restrictions imposed by | donorsadministeringor whichsuchhavefundsbeenareraisedchargedby againstthe Charitythe specificfor particularfund. purposes.The aim andTheusecostsof eachof raisingrestrictedand | fund is set out in the notes to the financial statements. | The permanent endowment fund represents the permanent capital of the Trust, and cannot be spent 7 as if it were income. Income arising on this fund can be used in accordance with the charitable ||| objectswhichmanagemenit isofrepresented, t heof Truthi s tfund,andare includingchargedas suchtoinvestmentisit. includedmanagementin unrestrictf e des funds.relatingChargeto tho s e incurredinvestmentsin theby

The Trustee has power of discretion to convert the expendable endowment fund into income. Whilst it remains the general policy of the Trustee to retain and stabilise the capital of this fund to generate income; significant conversions have taken place post-pandemic as approved by the Board to accomodate a continuation of increased grant-spending. Income arising on this fund can be used in accordance with the charitable objects of the Trust and is included in unrestricted funds.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgement

In the application of the Charity’s accounting policies, the Directors of Smallwood Trust (Trustee) Limited : (Trustee) are required to make judgements, estimates and assumptions about the carrying amount of | assets and liabilities that are not readily apparent from other sources. | Estimates and judgements are continually evaluated and are based on historical experience and other ; factors, including expectations of future events that are believed to be reasonable under the ) circumstances. The Charity makes estimates and assumptions concerning the future. The resulting : accounting estimates and assumptions will, by definition, seldom equal the related actual results. | 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. | Critical accounting estimates and assumptions: | In the view of the Directors of Smallwood Trust (Trustee) Limited (Trustee) in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in | the financial statements nor do any estimates or assumptions made carry a significant risk of material : adjustment in the next financial year. |

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SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

	Notes to the Financial Statements
)	For thethe Year Ended 31 December 2022
	i
	4. Income from donations and legacies

;
:	Donations and gifts	27,275	369	27,644
;	Legacies	111,166	-	111,166
	Grants	-	181,960	181,960
			138,441	182,329
	2	5		Unrestricted funds 2021
:	Donations and gifts	-	284,400	284,400
	Legacies	14,773	-	14,773
	Grants	-	825,215	825,215
			14,773	1,109,615

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Notes to the Financial Statements For the Year Ended 31 December 2022

5. Investment income

||
||||| |---|---|---|---| ||
:||Unrestricted|Total| ||||funds|funds| |||2022|2022| |||£|£| |||||| |:|Income from listed investments
interest receivable|939,163
184|939,183
184| |||939,347|939,347| ||||——|—————====_| ||
:
|
7|7|Unrestricted
funds
2021
7£|Total
funds
2021
7£
£| |:
Income from listed investments
963,655
963,655|||| |||Interest receivable|12|12| |:||963,667|963,667| |||——————|—————|

6. Expenditure on raising funds

| Endowment Total | funds funds ) 2022 2022 : | Investment managers fees 125,504 125,504 | ! — —

Endowment Total | funds funds | 2021 2021 | |investment managers fees 109,459 109,459

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SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

7. Analysis of grants

| Grants to —Grants to Total : Institutions Individuals funds | 2022 2022 2022 | |Assistance of women in financial need 1,740,384 562,525 2,302,909 Grants to Grants to Total Institutions — Individuals funds || 2021 2021 2021 | Assistance of women in financial need 2,809,992 657,474 3,467 466 | ; | 8. Analysis of expenditure on charitable activities Summary by fund type | Unrestricted Restricted | 2022 2022 2022 | funds funds Total Assistance of women in financial need 2,700,400 236,842 2,937,242 | } f————_...____} ————— —————— | Unrestricted Restricted | funds funds Total 2021 2021 2021 | :Assistance of women in financial need 2,989,666 1,089,501 4,079,167 i |

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SMALLWOOD TRUST

Notes to the Financial Statements

For the Year Ended 31 December 2022

Oe 9. Analysis of expenditure by activities

| Activities Grant | undertaken funding of Support Total | directly activitles costs funds | 2022 2022 2022 2022 | |Assistance of women in financial need 278,265 2,302,909 356,068 2,937,242 | Activities Grant | undertaken funding of Support Total directly activities costs funds : 2021 2021 2021 2021 : |Assistance of women in financial need 238,201 3,467,466 373,500 4,079,167 —— SSS TITTY _———————

| |

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SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

Analysis of expenditure by activities (continued)

Analysis of direct costs

|||Analysis of direct costsof direct costsdirect costscosts||| |---|---|---|---| ||
|
:||Total
funds
2022
£|Total
funds
2021
£| |:|Staff costs|251,340|200,117| |7|Depreciation|4,182|10,062| ||
7|Traininganddevelopment
Project costs|22,743
-|-
28,022| |||278,265|238,201| ||||————= Ss=|| |:|Analysis ofsupport costs||| |||||| |:||Total
funds|Total
funds| |||2022|2021| ||||||£||£
£| ||
Staff costs
150,130
424,000|||| |||Monitoring and evaluation|8,501|61,573| |||Office costs|61,833|58,080| |||Marketing|31,875|31,560| |||Legal and audit costs|2,900|9,629| |||Consultancy|77,165|76,142| |||Trustee expenses|883|996| |||Governance costs|22,781|411,520| ||||—_————|| |||356,068|373,500| |||—SSSS=—||

The basis of allocation for support costs to activities was as follows:

Staff costs, monitoring and evaluation and office costs are all allocated based on staff time. Office costs, marketing and legal and audit costs and consultancy costs are all allocated based on the purpose of the expenditure.

Trustee expenses are allocated on the grounds of governance.

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SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

10. Auditor's remuneration

Auditor's remunerationremuneration
		2022 £	2021 £
Fees payable to the Charity's auditor forthe audit ofthe Charity's annual
accounts	11,500		41,520
	foarte	ad	—————_——==

11. Staff costs

7 |

	2022	2021
	£	£
Wages and salaries	338,924	272,294
Social security costs	30,519	23,169
Contribution to defined contribution pension schemes	32,027	28,654
	401,470	324,117

The average number of persons employed by the Charity during the year was as follows:

: | | | : : | | | | ) ; ;

	2022	2021
	No.	No.
Administration	10	i}
The number of employees whose employee	benefits (excluding employer pension costs)	exceeded
£60,000was:

----- Start of picture text -----
2022 2021
No. No,
In the band £60,001 - £70,000 4 1
----- End of picture text -----

Amounts paid to key management personnel in the year for their services to the charity amounted to £84,166 (2021: £80,458).

12. Trustee's remuneration and expenses

;

During the year, no Trustee received any remuneration or other benefits (2021 - ENIL).

During the year ended 31 December 2022, expenses totalling £883 were reimbursed or paid directly to 5 directors of the sole Trustee company (2021: £996 to 2 directors). The reimbursed expenses related to travel, childcare and accomodation in order to enable the directors to attend board meetings and fulfil their duties.

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Notes to the Financlal Statements

|||Forthe|theYearEnded 31 December 2022|| |---|---|---|---| |||ee|ee|ee| |||13.|Intangible assets|| |q|||| ||
||||Database| ||
||||||software
|£| ||||| ||
Cost|||| |!||At 1 January2022|21,600| ||||——__| ||||At31 December2022|21,600| |||||—_—| ||
|||Amortisation
At 1 January2022|20,700| ||||Chargefortheyear|900| |||At 31 December2022|21,600| |||||| |:||Net book value|| |||At 31 December 2022|-| ||||At31December2021|900|

ee 13. Intangible assets

Page 39

SMALLWOOD TRUST

| |

Notes to the Financial Statements For the Year Ended 31 December 2022

14. Tangible fixed assets

	Freehold
	land and	Fixtures and
	buildings	fittings	Total
	£	£	£
Cost
At 1 January2022	657	40,639	41,296
Additions	“	2,150	2,150
At 31 December 2022	657	42,789	43,446
Depreciation
At 1 January2022	-	35,190	35,190
Charge for the year	-	3,282	3,282
At 31 December 2022	-	38,472	38,472
Net book value
At 31 December 2022	657	4,317	4,974
At31December2021	657	5,449	6,106

The freehold property is Lancaster House, 25 Hornyold Road, Malvern, which has been estimated by the directors of the sole Trustee company to have a market value of £400,000 (2021 - £400,000) on an open market value for existing use basis.

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SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

15. Fixed asset investments

	Listed	Cash in
	investments £	portfolio £	Total £
Cost or valuation
At 1 January2022	34,376,158	756,048	36,132,206
Additions	4,048,392	(4,048,392)	-
Disposals	(7,929,612)	6,648,667	(1,281,045)
Revaluations	(2,596,185)	-	{2,596,185}
Income net of fees	-	603,707	503,707
Amounts transferred for grant making purpose	-	(2,700,000)	(2,700,000)
At31December2022	eee 27,898,753 1,169,930		29,058,683

Investments at fair value comprise:

			2022	2021
			£	£
			Equities	25,306,859
7		Fixed interest securities	2,591,893	3,096,492
		Cash held within investment portfolio	1,159,931	756,048
			29,058,683	35,132,206
		16.	Debtors
!			2022	2021

	Amounts falling due within one year : Other debtors 369 323,546
			Prepayments and accrued income	101,657
				—_—
				101,926 =——_——

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SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 34 December 2022

| 17. Creditors: Amounts falling due within one year | : 2022 2021 } |Trade creditors 10,673 22,397 | Other taxation and social security 8,240 - | Other creditors 2,969 - | Accruals and deferred income 40,557 18,648 | Grants awarded not yet paid 671,592 1,038,572 : 734,031 1,079,617 ) Grants payable of £671,592 (2021 - £1,038,572) represent those grants formally communicated to grant : recipients (individuals and institutions) at the year end but not yet paid. The grants payable brought | forward figure of £1,038,572 was £1,038,572 was was fully paid in the the year.

Grants payable of £671,592 (2021 - £1,038,572) represent those grants formally communicated to grant recipients (individuals and institutions) at the year end but not yet paid. The grants payable brought forward figure of £1,038,572 was £1,038,572 was was fully paid in the the year.

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SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

18. Statement of funds

!	Statementoffunds -currentyear	Statementoffunds -currentyear
:							Balanceat
: Balance at 1 31 ? January Transfers Gains/ December ) 2022 Income Expenditure in/out {Losses} 2022 : £ £ £ £ £ £
: Unrestricted funds
	General Funds	76,113	1,077,788	(2,700,400)	1,906,361	-	358,862
		Endowmentfunds
:	Permanent endowment fund	25,106,161	-	-	-	(2,622,401)	22,483,760
	1	Expendable endowmentfund	9,893,839	-	(126,504)	(1,905,361)	(1,311,201)
			35,000,000	-	(125,504)	(1,905,361)	(3,933,602)
		Restrictedfunds
;	Tampon taxfund	88,080	9,800	(97,880)	-	-	-
:	Barclays	100,000	-	(100,000)	-	-	°
i	DCMS	.	-	-	-	-	-
:	The National Lottery
	:	Community Fund Partnerships	-
:	England Wide	-	72,160	(5,530)	-	-	66,630
:	Joint evaluation	20,000	369	(20,369)	-	-	-
		Sisters trust	-	100,000	(13,063)	-	-
!		208,080	182,329	(236,842)	-	-	153,567

			re
			Total offunds	35,284,193 ew		1,260,117

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| SMALLWOOD TRUST | Notes to the Financia! Statements | For the Year Ended 31 December 2022 ) ee 18. Statement of funds (continued)

Purpose of funds

| Endowment funds | 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. These ||| fu rthernds must the charity'sbe held permanentlypurposes throughand maygeneratingnot be spentan income as i f romit werethe income.investmentsThe fundheld. may be utilised to | The expendable endowment fund relates to the retention of legacies where this has been the explicit or : implied wish of the legator. These funds must be invested to produce income at the discretion of the | directors of the sole Trustee company and the Trustee has legal power to convert the funds into a income | fund to be spent for the purposes of the charity within a reasonable timeframe. Both endowment funds comprise of the investments (including cash held in investment portfolios) of the | Trust. | Restricted funds ||

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. support women with multiple, interlocking disadvantages brought about by the Covid-19 pandemic such The DCMS fund represents funding from the Department for Digital, DCMS fund represents funding from the Department for Digital, fund represents funding from the Department for Digital, represents funding from the Department for Digital, funding from the Department for Digital, from the Department for Digital, the Department for Digital, Department for Digital, for Digital, Digital, Culture, Media and Sport (DCMS) to Media and Sport (DCMS) to and Sport (DCMS) to Sport (DCMS) to (DCMS) to to as poor mental and physical heaith, financial insecurity and abusive relationships. This was delivered through the charity's DCMS DCMS community match challenge partnership.

: financial resources, materials, employment, training, financial education and stability. | : support women with multiple, interlocking disadvantages brought about by the Covid-19 pandemic such | The DCMS fund represents funding from the Department for Digital, DCMS fund represents funding from the Department for Digital, fund represents funding from the Department for Digital, represents funding from the Department for Digital, funding from the Department for Digital, from the Department for Digital, the Department for Digital, Department for Digital, for Digital, Digital, Culture, Media and Sport (DCMS) to Media and Sport (DCMS) to and Sport (DCMS) to Sport (DCMS) to (DCMS) to to : as poor mental and physical heaith, financial insecurity and abusive relationships. This was delivered ) through the charity's DCMS DCMS community match challenge partnership. | ? The National Lottery Community Fund (Partnerships England Wide) represents funding awarded from the | National Lottery to support the gendered poverty learning programme, which seeks to benefit up to 7,000 | women involved in programmes that tackle the root causes of gendered poverty along with 50-70 | women's organisations and other stakeholders such as local authorities who benefit from the learning | activity. | The Joint Evaluation fund represents funding received as part of the Women's Sector Resilience Fund : (Phase | and Phase tl) to accommodate monitoring, evaluation and learning. This includes working ) together with networks to help develop measures of success that fit in with the charity's Theory of | Change, including the capture of equality, diversity and inclusion data. | The Sisters Trust fund represents funding received to support the charity's Women's Sector Support | Fund, which aims to protect essential services for women most impacted by poverty and the cost-of-living ! crisis that is disproportionately affecting women and the organisations supporting them. | : Transfers | | The transfer of £1,905,361 (2021 - £1,416,252) between the expendable endowment fund and general | funds represents the charity's commitment to support the ‘Stabilisation Fund' and cover expenditure. This ) is part of the Board's decision 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. This Stabilisation | Fund was created to enabfe the Trust to increase its grant expenditure and/or to cover any shortfall in | investment income. |

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SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

Statement of funds (continued)

Statement of funds - prlor year

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|31| |1|January|Transfers|Gains/|December| |2021|Income|Expenditure|infout|(Losses)|2021| |£|£|£|£|£|£| |Unrestricted|funds| |General|Funds|671,087|978,440|(2,989,666)|1,416,252|-|76,113| |Endowment|funds| |Permanent| |endowment fund|23,171,757|-|-|-|1,934,404|25,106,161| |Expendable| |endowment|fund|10,452,348|-|(109,459)|(1,416,252)|967,202|9,893,839| |anal|ey|LL|———|RD|———|ad| |33,624,105|-|(109,459)|(1,416,252)|2,901,606|35,000,000| |Restricted|funds| |Tampon tax fund|-|825,215|(737,135)|-|-|88,080| |Barclays|82,229|264,400|(246,629)|-|-|400,000| |DCMS|94,708|-|(94,708)|-|-|-| |Lottery|11,029|-|(11,029)|-|-|-| |Joint|evaluation|-|20,000|-|-|-|20,000| |Sisters|trust|-|-|-|-|-|-| |187,966|1,109,615|(1,089,501)|-|-|208,080| |a| |Total|of funds|34,483,158|2,088,055|(4,188,626)|-|2,901,606|35,284,193|

----- End of picture text -----

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SMALLWOOD TRUST

Notes to the Financia! Statements For the Year Ended 31 December 2022

19. Summary of funds

Summary of funds - current year

Summary of fundsfunds	- current yearyear
						Balance at
	Balanceat 4 January 2022	Income	Expenditure	Transfers in/out	Gains/ (Losses)	31 December 2022
	£	£	£	£	£	£
General funds	76,113	1,077,788	(2,700,400)	1,905,361	-	368,862
Endowmentfunds Restricted funds	35,000,000 208,080	- 182,329	(125,504) (236,842)	(1,905,361) -	(3,933,602) -	29,035,533 153,567
	35,284,193	1,260,117	(3,062,746)	”	(3,933,602)	29,547,962
Summary offunds	- prioryear
	Balance at 1 January			Transfers	Gains/	Balance at 31 December
	2021	Income	Expenditure	in/out	(Losses)	2021
	£	£	£	£	£	£
Generalfunds	671,087	978,440	(2,989,666)	1,416,252	-	76,113
Endowmentfunds	33,624,105	-	(109,459)	(1,416,252)	2,901,606	35,000,000
Restricted funds	187,966	1,109,615	(1,089,507)	-	-	208,080
	34,483,158	2,088,055	(4,188,626)	-	2,901,606	35,284,193

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SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

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20. Analysis of net assets between funds

Analysis of net assets between funds - current year

||
||20.
Analysis of net assets between fundsof net assets between fundsassets between fundsbetween fundsfunds
Analysis of net assets between fundsnet assets between fundsassets between fundsbetween fundsfunds|- current yearcurrent yearyear||| |---|---|---|---|---| ||
:
|
|||Unrestricted
funds
2022
£|Restricted
funds
2022
£|Endowment
Total
funds
funds
2022
2022
£
£| ||Tangible fixed assets|4,974|-|-
4,974| |||Fixed asset investments|-|-|29,058,683
29,068,683| |:|Current assets|1,064,769|153,567|-
1,218,336| |||Creditorsduewithin oneyear|(710,881)|-|(23,150)
(734,031)| |||Total|358,862|153,567|29,035,533
29,547,962| |||Analysis ofnetassets betweenfunds|- prioryear||| ||||Unrestricted
funds|Restricted
funds|Endowment
Total
funds
funds| |:
2021
2021
2021
2021
|
£
£
£
£||||| |:
Tangible fixed assets
6,106
-
-
6,106||||| |:|Intangible fixed assets|900|-|-
900| ||Fixed asset investments|-|-|35,132,206
35,132,206| |:|Current assets|1,016,518|208,080|-
1,224,598| |||Creditorsdue within one year|(947,411)|-|(132,206)
(1,079,617)| |||eee||| |||Total|76,113
=|208,080
|—___+|35,000,000
35,284,193
—————T——————————|

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SMALLWOOD TRUST

| Notes to the Financial Statements | For the Year Ended 31 December 2022 | | 21. Reconciliation of net movement in funds to net cash flow from operating activities | 2022 2021 | |Net income/expenditure for the year (as per Statement of Financial ! Activities) (5,736,231) 801,035 | Adjustments for: | Depreciation charges 3,282 3,312 ) Amortisation charges 900 6,750 : Fair value gains/(losses) on investments 3,877,231 (2,901,606) Dividends, interests and rents from investments (939,947) (963,667) | Decrease in debtors 245,557 425,540 | Decrease in creditors (345,586) (207,274) Net cash used In operating activities (2,894,794) (2,835,910) | ee | | | 22. Analysis of cash and cash equivalents 2022 2021 | |Cash in hand 1,116,410 877,115 | Cash held by investment managers 1,159,931 756,048 || ee : Total cash and cash equivalents 2,276,341 1,633,163 | | ! 23. Analysis of changes in net debt | At At 34 | January December | 2022 Cash flows 2022 | | e £ £ | Cash at bank and in hand 877,115 239,295 1,116,440 | 877,115 239,295 1,116,410 reer — eer ————————— ae | |

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| : SMALLWOOD TRUST | Notes to the Financial Statements | For the Year Ended 31 December 2022 | 24, Grant commitments | At the balance sheet date, the Trust had committed to making grants of £2,449,500 as part of its Community grant partnerships (CGP) programme, which provides individual grants alongside the | organisation's support services. The grant commitment consists of a number of grants that either run over | a three year period or provide additional funding to existing grants made to partners. Where the grant | commitmentsubject to annualruns overperformance several years,reviews theand balanceperiodic of themilestone commitmentreviews, outstandingin orderatto eachestablish year endif the willnext be tranche of grant funding is released in accordance with the grant agreement. The total commitment will be funded through the Trust's Stabilisation Fund, representing cash transferred from the Trust's investment portfolio for grant making purposes.

25. Pension commitments

The Trust operates a defined contribution pension scheme. 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 employer's pension contributions directly to the employees’ personal pension scheme. The pension cost charge represents contributions payable by the Trust to the fund and amounted to £32,027 (2021 - £28,654). Contributions of £2,969 (2021 - ENil) were payable to the fund at the balance sheet date and are included in creditors.

26. Related party transactions

: : | |

During the year the Trust incurred costs of £900 in respect of membership fees payable to The Association of Charitable Organisations (ACO) from ACO, which has one Director in common with the Trust, At the reporting date, a balance of ENil was outstanding to ACO.

Disclosures in relation to key management personnel are included in note 11.

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27. 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.

28. Controlling party

: |

The ultimate controlling party is the directors of the sole Trustee company, Smallwood Trust (Trustee) Limited.

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SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

	Grants made to Institutions
		2022	2021
: £ £
	4Wings 5,000 43,000	4 Wings Northwest CIC - 18,524
			AWayOut Account3 AgendaAlliance Alice Charity nawim
	ARCH	-	33,477
	AWO	-	25,000
	Baobab Women's Project C.1.C.	-	18,750
	Birmingham & Solihull Women'sAid	483,142	32,492
	Blackburne	-	25,000
	Cavell Nurse's Trust	7,000	25,000
	Chinese Women in Peterborough	-	18,750
	CoLab Exeter	7,000	37,652
	Community Led Action and Savings Support	-	18,750
	Crossroads Derbyshire Ltd	-	8,425
	Deaf Ethnic Women's Association	-	18,750
		DerryWellWomen Edith Cavell Nurses	- -
	EmpowerWomen for Change	-	18,750
	Exeter CoLab	-	25,000
		FairTreatment forthe Women ofWales (FTWW)	-
	Falls Women's Centre	-	25,828
	Fawcett Society	50,115	47,649
		FoleshillWomens Training Ltd	-

;
		Hull Sisters InSpire	19,780 86,000
;	Inspire Walworth	-	20,000

: )	LancashireWomen Lesbian Immigration Support Group	7,000 -	67,238 15,917
		LoveWell UK	.
	Carriedforward	739,481	1,440,186

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SMALLWOOD TRUST

| Notes to the Financial Statements | For the Year Ended 31 December 2022 | : | Brought forward | My Sisters Place New Economics Foundation PACT | NILS Platform Thirty1 | Pathway Project Pendle Women's Forum | Positive Changes (Scotland) CIC Rainbow Muslim Women's Centre : Renasai : Saheli | Samee Sandwell African Women's Association Savera UK | Shakti Women's Aid | Shama Women's Centre : Sophie Hayes Foundation Staffordshire Pathway Project : Staffordshire Women's Aid Support costs for Applicants || TeesSurviving Valley EconomicInclusion AbuseProject

	2022	2021
Brought forwardforward	739,481	1,440,186
My SistersSisters Place	6,500	33,000
New Economics Foundation NILS PACT Pathway ProjectProject Platform Thirty1 Pendle Women's Forum	- - 7,000 - - -	39,908 15,000 20,500 32,500 23,413 18,698
Positive Changes (Scotland) CIC	-	17,932
Rainbow Muslim Women's Centre	-	16,750
Renasai Saheli Samee Sandwell African Women's Association	60,000 - 7,000 16,780	. 8,425 35,000 15,000
Savera UK	7,000	43,000
Shakti Women's AidWomen's AidAid	-	50,000
Shama Women'sWomen's Centre	-	48,427
Sophie Hayes Foundation	-	25,000
Staffordshire Pathway Project	7,000	-
Staffordshire Women's AidAid	5,000	34,000
Support costs for ApplicantsApplicants	9,593	-
Surviving Valley EconomicInclusion AbuseProjectEconomicInclusion AbuseProjectAbuseProject TeesSurviving Valley EconomicInclusion AbuseProjectValley EconomicInclusion AbuseProject Inclusion AbuseProject Project encompassingThe Halo Project Charity	75,000 -	98,935 47,125
Tenbury NILS	7,000	8,500
The Children's Society	-	33,333
TheGlendaleWomen's Café Timewise	- -	18,750 30,850
TogetherWomen TTF -Women's Budget Group	8,000 -	63,750 3,570
TWO	-	43,000
UbuntuWomen's Sheiter	-	16,406
Venus	5,000	80,000
Voice ofDomesticWorkers	-	18,326
Women Connect First WomenTodayCIC	- -	48,052 17,240
Women Today North East	19,780	-
Women's Budget Group	56,250	40,000
Women's Health in SouthTyneside	-	48,550
Women's Resource Centre	105,000	35,784
Women'sTechnologyTraining Limited	7,000	7,500
WOMEN'STEG Womenzone Community Centre	- -	38,022 8,426
Wythenshawe Community Housing Group	500,000	-
YSS	88,000	85,023
Carriedforward	1,736,384	2,707,881

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SMALLWOOD TRUST

Notes to the Financlal Statements For the Year Ended 31 December 2022

	2022 £	2021 £
Broughtforward	1,736,384	2,707,881
YWCA Scotland	-	36,331
ZinthiyaTrust	4,000	65,780
Total	1,740,384	2,809,992

Page 52

Smallwood Trust

Trustee's Report and Financial Statements

@~™iDAINS

SMALLWOOD TRUST

Contents

SMALLWOOD TRUST

Objectives and activities (continued)

SMALLWOOD TRUST

Trustee's Report (continued)

Objectives and activities (continued)

Progress in 2022

Progress in 2022

The numbers

SMALLWOOD TRUST || Trustee'sFor the Year ReportEnded (continued)31 December 2022

Objectives and activities (continued)

We believe:

SMALLWOOD TRUST

Trustee's Report (continued)

Objectives and activities (continued)

Why do this now?

The current landscape

Shifting power

pr

aN

a

SMALLWOOD TRUST

Objectives and activities (continued)

f. Investment policy and performance

Financial review

a. Financial Review and Going concern

SMALLWOOD TRUST

b. Reserves policy

The reserves policy is as follows:

SMALLWOOD TRUST

Structure, governance and management (continued)

Plans for future perlods

SMALLWOOD TRUST

Trustee's Report (continued) For the Year Ended 31 December 2022 De——————E——————E——ee Statement of Trustee's responsibilities

i

Basis for opinion

SMALLWOOD TRUST

Independent Auditor's Report to the Members of Smallwood Trust (continued)

Other information

Responsibllities of the Trustee

SMALLWOOD TRUST

Independent Auditor's Report to the Members of Smallwood Trust (continued)

Auditor's responsibilities for the audit of the financial statements

To address the risk of fraud through management bias and override of controls, we:

SMALLWOOD TRUST

a

Auditors’ responsibilities for the audit of the financial statements (continued)

Use of our report

Birmingham

18 July 2023

Ne en

SMALLWOOD TRUST

SMALLWOOD TRUST

Registered number:

Balance Sheet

co

SMALLWOOD TRUST

1. General information

SMALLWOOD TRUST

SMALLWOOD TRUST

2.6 Intangible assets and amortisation

Database software

2.7 Tangible fixed assets and depreciation

SMALLWOOD TRUST

2. Accounting policies (continued)

2.9 Debtors

3. Critical accounting estimates and areas of judgement

SMALLWOOD TRUST

SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

5. Investment income

6. Expenditure on raising funds

SMALLWOOD TRUST

Notes to the Financial Statements For the Year Ended 31 December 2022

7. Analysis of grants