2023-12-31-accounts

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Charity number: 205798

Smallwood Trust

Trustee's Report and Financial Statements

For the Year Ended 31 December 2023

Smallwood Trust

	Page
Reference and administrative details of the Charity, its Trustee and advisers	1
Trustee's report	2 - 28
Independent auditor's report on the financial statements	29 - 32
Statement of financial activities	33
Balance sheet	34
Statement of cash flows	35
Notes to the financial statements	36 - 59
Grants made to Institutions	60 - 61

Smallwood Trust

Reference and Administrative Details of the Charity, its Trustee and Advisers For the Year Ended 31 December 2023


Directors of trustee company	D Myers, Chair M Margrie, Deputy Chair J R Bailey
	C Hine
	Dr A Shah
	F Vaid MBE
Charity registered number 205798 Principal office Lancaster House 25 Hornyold Road Malvern WR14 1QQ Chief executive officer P Carbury Independent auditor Dains Audit Limited 2 Chamberlain Square Paradise Circus Birmingham B3 3AX Bankers Lloyds Bank plc 48 Belle Vue Terrace Malvern Worcestershire WR14 4QG CCLA Investment Management Limited One Angel Lane London EC4R 3AB Investment managers Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN Newton Investment Management Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA

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Smallwood Trust

Trustee's Report For the Year Ended 31 December 2023

The Trustee present their annual report together with the audited financial statements of the Smallwood Trust for the year 1 January 2023 to 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply with the Trust’s governing documents (The Charity Commission Schemes of 2 November 1917, 9 November 1928, 29th October 2019 and the section 280 resolutions of the trustees dated 18 May 2017 and 1st November 2019), the articles of association of Smallwood Trust (Trustee) Limited, the Charities Act 2011 and the Statement of Recommended Practice for charities (SORP 2019) (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, health, age, sexuality, gender identity and disability. Systems such as the labour market, the design of social security and the role of paid and unpaid care all contribute to gendered poverty. Without a gender lens, existing gender inequalities are reinforced and the root causes of gendered poverty persist.

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

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

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 povertyprone 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 likely to involve women and women are also more likely to suffer recurrent spells of poverty.

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Smallwood Trust

Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

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

MISSION

Our mission is to enable women to be financially resilient.

VALUES

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

In setting objectives and planning for activities, the Trustee have 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

The current 2022-2024 Strategic Plan sets out our objectives to fund 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.

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

UK women are free from poverty and have a sustainable and secure financial future
Future generations of UK women are less likely to live in poverty
UK women can live in a society that equally values their contribution

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

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;
Develop workable place-based models that tackle the root causes of gendered poverty and have the potential to scale or be adopted elsewhere;
Support accessible and sustainable networks for women enabling them to be empowered and have agency within their local communities; and
Support external partners and other stakeholders to develop a gender-lens to their approach.

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Smallwood Trust

Trustee's Report (continued)

For the Year Ended 31 December 2023

Objectives and activities (continued)

Significantly, the Board previously agreed to make up to £5m of additional funds available from our expendable endowment to supplement the annual income from our investments and any external funds that we secure as a crucial part of our approach. These funds have now been committed and the Board have agreed to continue enhanced expenditure for the years 2024-2026.

Achievements and Performance

The following objectives were agreed for 2023:

To re-fund and expand the community grant partnerships programme based on the learning from our partners.
To disseminate the learning from the Gendered Poverty Learning Programme and use this to adapt our grant programmes and engage with other stakeholders who are also working to improve social and economic outcomes for women.
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.
To implement a co-designed pilot grants programme with partners Turn2Us, Buttle UK and local women in Middlesbrough.
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.
To evaluate the 2nd year of the Board Shadowing Programme and feed this learning into year 3 of the programme.

The Trust has been able to continue to support an increased amount of grant funding throughout 2023, compared with pre-pandemic levels.

Our report on the achievements of our 2023 objectives focuses on our continued response including how we are developing our grant-making to be more inclusive by shifting power, funding a place-based systems change approach and opening up our governance space to amplify the voice of women with lived experience of gendered poverty.

1. To re-fund and expand the community grant partnerships programme based on the learning from our partners.

In 2023, we refunded 28 organisations delivering grants to individual women through Smallwood’s award-winning Community Grant Partnership Programme. We will invest just under £2.5 million in this programme over the next three years.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Smallwood Trust

Objectives and activities (continued)

What is the Community Grant Partnership Programme?

The programme is a strategic initiative that helps us to shift grant-making power to local community organisations, the majority of which are led by and for women.

Alongside the funding, Community Grant Partners are given 1-1 support by a dedicated Grants Manager and a grantmaking toolkit detailing the steps toward awarding grants to individual women and eligibility criteria. In turn, this process upskills support workers and helps to embed a trusted system used by Smallwood for many years.

The Community Grant Partnership (CGP) Programme is a core part of Smallwood’s grant-making portfolio. It represents 30% of our current annual spending, and provides targeted support for women most at risk of poverty including: Black, Asian and minoritised women, disabled women, young women and women with no recourse to public funds.

Developing an ‘eco system’ of support during the cost-of-living-crisis

The CGP programme is part of Smallwood’s growing ‘eco-system’ of funding to individuals, service delivery organisations, and policy and influencing activities. Yet, there is still a long tail of financial uncertainty for many women. We understand the crucial role funders can and must play in response to the cost-of-living-crisis. It is Smallwood’s responsibility as a specialist women’s grant-maker to respond to the specific needs of women’s organisations, and the many women they serve who continue to face so much financial uncertainty at this time of crisis.

What will the money be going toward?

Dispersing individual grants will greatly complement services already being offered by our grant partners. Partners have the flexibility to align this programme where the need for grants is most prevalent.

For partners such as Birmingham and Solihull Women’s Aid (BSWA), the grant will enable them to provide resettlement grants to women and their children fleeing domestic and sexual abuse, which helps support them through this pivotal, transitional time. The organisation also has plans to extend hardship grants into the Home Options Hub which supports women with homelessness prevention.

Supporting women to escape abuse is a common thread throughout the programme. Partners such as Savera UK will be working with women who have experienced ‘honour’ based abuse, and grants represent vital support while women await support from local authorities and have no means to independent living. Savera are now able to provide some financial assistance to fill this gap.

In other cases, the programme will support women in refuge who are at risk of homelessness due to financial difficulties and are looking to secure stable accommodation. The grants will provide partners like Staffordshire Women’s Aid with the opportunity to respond practically and quickly to women’s financial needs, relieving pressure which has greatly reduced the anxiety and stress experienced by women on low incomes, and those who have arrears/debts.

For many, providing much needed ‘breathing space’ means women are more able to focus on other areas in their lives, such as recovery from abuse or maximising their engagement with specialist support resulting in better longer-term outcomes. Partners such as the Prison Advice and Care Trust (PACT) view grants as a crucial part of supporting women leaving prison and their loved ones. PACT’s Emergency Welfare Fund represents a lifeline for women who are making difficult transitions back into the community.

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Smallwood Trust

Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

2. To disseminate the learning from the Gendered Poverty Learning Programme and use this to adapt our grant programmes and engage with other stakeholders who are also working to improve social and economic outcomes for women.

What is the Programme?

The programme is made possible with generous funding from the National Lottery Community Fund. The three main objectives of the Gendered Poverty Learning Programme are to:

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.
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.
To help build and strengthen thriving, accessible and supportive networks for women so they can respond to and overcome future economic shocks and crises.

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 previous COVID analysis that there are key structural challenges to tackling gendered poverty and as a result of this we 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 Gendered Poverty Learning Programme 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 learning programme 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.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Smallwood Trust

Objectives and activities (continued)

These programmes are central to making progress towards Smallwood’s goal of ending gendered poverty. We believe there is a huge opportunity to strengthen, build and consolidate these dynamic networks through the Programme to provide a laser-eyed focus on challenging the root causes of gendered poverty.

Building power and influence

A key element of this programme has been to announce partnerships with four organisations who will support our learning in how to collectively build power and influence within the women’s sector.

The partners will act as Local Area Coordinators and support Smallwood to meet the goals of:

Co-ordinating learning and capacity building locally; and
Informing approaches to and influencing systemic change.

Over the next two years the Coordinators aim to identify ways of working and movement building that can be scaled to tackle gendered poverty and build resilient local networks to help respond and recover from crises e.g. COVID, cost-ofliving crisis, economic shocks and endemic violence against women.

Who are the partners?

Zinthiya Trust , who will be coordinating local learning in Leicester and Leicestershire and leading the Transform – Leicester Leicestershire Women’s Network. This network aims to build the capacity of Black and Minoritised Ethnic led organisations, enabling them to engage with the corridors of power to address the structural inequalities facing racially marginalised women and influence change.

Zinthiya Ganeshpanchan, Founder and CEO of the Zinthiya Trust shares that the network will seek to “foster a diverse and thriving women’s sector that shares resources and expertise as well as engage with decision-makers to ensure issues relevant to our beneficiaries are addressed” as well as advocating for “fair access to sustainable funding” for network members.”

Kanlungan Filipino Consortium , who will be coordinating local learning in and around London and leading the Network of East and Southeast Asian Women. Lorie Halliday, Director of the Kanlungan Filipino Consortium, hopes that the network will be “a dynamic force that not only advocates for the rights and well-being of East and Southeast Asian (ESEA) women but also brings about tangible change in the communities we serve.”

This network aims to build awareness of this group of women’s rights to economic and social justice, and how the socioeconomic challenges further impact the oppression and exploitation of women. Beyond the duration of the Smallwood partnership, Lorie shares that the network will invest in “laying the foundation for a sustainable and impactful movement that will endure long into the future. This support is not just an investment in the present – it is an investment in the potential of generations to come.”

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Trustee's Report (continued) For the Year Ended 31 December 2023

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Objectives and activities (continued)

Agenda Alliance , who will be coordinating local learning in the North- East and leading the Levelling Up Public Services for Women in the North East Network. This network aims to coordinate learning on the implementation of the development of local strategies and services that genuinely meet the needs of women facing multiple disadvantages, living in poverty. This work builds upon the policy recommendations identified by the Smallwood-funded Transforming Services for Women’s Future Project (2023).

Indy Cross, CEO at Agenda, and Laura McIntyre, Head of Women’s and Children’s Services at Changing Lives, identify that “women at the sharpest edge of inequality are missing out on vital support with devastating consequences; as such, public services must be transformed to better meet the needs of the most at-risk women and their children.” In order to close this gap in provision, Agenda and Changing Lives will spend the next two years “developing and nurturing this network in order to achieve regional change for women.”

Surviving Economic Abuse (SEA) , who will be coordinating local learning through the Brighton & Hove Women’s Economic Safety Network: Compass Project Partnership which aims to identify and develop best practise approaches that can be replicated to improve social and economic outcomes for women. They will be specialising in economic abuse, both with building the capacity of small grassroots organisations in this area and collectively towards a coordinated local response among the multiple stakeholders of Brighton & Hove.

Reflecting on the partnership, Sonu Masania, Head of Specialist Team and Survivor Engagement at SEA notes that “the cost-of-living crisis has been catastrophic for women who have been left without the financial means to escape domestic abuse” and the funding will bring about a much needed “coordinated community response, to help women increase their economic safety and rebuild their lives after abuse.”

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 .

Responding to the cost of living crisis

We launched the Women’s Urgent Support Fund which was supported by an initial £3.2 million of funding from The National Lottery Community Fund, the largest funder of community activity in the UK, to respond to the cost-of-living crisis. Grant funding will be awarded to c.100 small, local community organisations led by and serving women, enabling 20,000 women to access vital specialist support services over five years.

In Round 1 of the Fund we awarded £1.75 million in new grants to women’s organisations across England. 31 organisations will receive funding over three years to continue delivering vital frontline women’s services during the cost-of-living crisis. Funds will be used to respond to a spike in demand brought on by the crisis and will cover staff salaries, running costs and the provision of essential items for women at most risk of poverty.

In this first round of funding, we received a total of 475 applications, highlighting a drastic need for long-term funding during the cost-of-living-crisis, especially for organisations working with marginalised women. 58% of these applicants had an annual income of under £200,000, the majority of whom were grassroots and community-led services. In line with the priorities for this Fund, 70% of applicants targeted women experiencing racial inequalities.

Due to this unprecedented demand, the Smallwood Board agreed to utilise £450,000 of Smallwood’s own endowment funds and a further £300,000 was brought forward from the Women’s Urgent Support Fund Round 2 in order to safeguard 11 additional organisations against closure or service cuts due to rising costs.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Smallwood Trust

Objectives and activities (continued)

Responding to the cost of living crisis (continued)

The funding awarded to the community grant partners as described above also formed part of our ongoing response to the cost of living crisis and the general scarcity of funding for grassroots women’s organisations.

Round 2 of the Fund will be launched in 2024 and will be co-designed with grant partners from Round 1 who support the priority groups for the Fund and have multiple lived experiences.

Tackling the root causes of gendered poverty

One of our headline priorities in our current strategy is to develop place-based models that tackle the root causes of gendered poverty. We have taken a ‘test and learn’ approach to this funding, being flexible in discovering what works and what does not and adapting our approach as needed.

We funded our first place-based initiative almost six years ago, and due to the success of this model, we have since expanded and funded two more. We are now funding three place-based networks tackling the root causes of gendered poverty most prevalent in their places/localities. Our place-based partners are:

Coventry Women’s Partnership

To improve economic outcomes for women in Coventry and supporting a joined up approach to the women’s sector locally.

Birmingham No Recourse to Public Funds Women’s Support Network

To improve the financial resilience of women who are victims of abuse and who have no recourse to public funds or who have insecure immigration status.

Women of Wythenshawe

An anti-poverty initiative where women will be supported to share their knowledge and experience and to identify common areas for action on gendered poverty in the neighbourhood, developing strategies for systems changes that will reduce disadvantage and make significant improvements to women’s ability to thrive.

What have we learnt about place-based change models?

Investing time in one-on-one relationship building during the initial stages of network formation is crucial for effective collaboration. This approach has facilitated the implementation of improvements in referral processes, fostered a shared understanding of the need for systemic change, and empowered advocates to push for change confidently.
Providing opportunities for staff from different organisations to learn from each other’s expertise enhances the delivery of comprehensive, women-centred services. This broader awareness of various issues affecting women’s experiences instils confidence in women accessing support, knowing they can address a range of issues.
Effectively incorporating the voices of women with lived experience of gendered poverty involves creating a space where they can share experiences, build solidarity, and identify collective needs without predetermined agendas.

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Smallwood Trust

Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

What have we learnt about place-based change models? (continued)

Women’s experiences of poverty often stem from various factors requiring diverse expertise for response. Establishing a referral system that facilitates easy access to services ensures consistent care during crises.
Women’s solidarity, self-help, and community action play vital roles in providing support for those experiencing poverty. Empowering women with practical skills and confidence to advocate for themselves strengthens available support networks.
Tailoring the network’s structure to its approach to systems change, with collective agreement from partners, is crucial. This structure may evolve to match shifting priorities and needs, requiring continuous assessment.
Focusing on specific areas where the partnership can influence policy, such as strategic litigation, proves effective in addressing seemingly distant issues.
Empowering women with lived experience to advocate for change has the potential to drive broader systemic changes through their messages to external stakeholders and their leadership based on personal experiences.

4. To implement a co-designed pilot grants programme with partners Turn2Us, Buttle UK and local women in Middlesbrough

In 2023 we worked with Buttle UK and Turn2us, alongside community partners Ubuntu and Creative Minds, to launch a new collaborative, local grant fund in Newport, Middlesbrough. The fund is part of a place-based programme that sought to address financial insecurity faced by women and their children in the area. Including the initial pilot phase below, the total value of the programme is £1 million over three years.

The aims of the pilot were to:

Shift power to women most impacted by gendered poverty and work to end gendered poverty.
Develop the programme using co-production techniques so that the voices and experiences of the women and their children, who face issues created by gendered poverty, inform and shape the programme.
Deliver the programme with and to communities of the most marginalised women and their children.
Apply an evidence-based approach to our work and programme design.
Use grants as a primary response and tool, effectively and efficiently.
Learn as we go and work to understand how intersections of inequality impact on our grant making.
Identify opportunities to influence other grant makers and policies to support wider system change.

Within the programme, the aims of the grant fund were to:

Understand the impact of local grants on improving financial security of women and children (particularly on families who have been through the refugee/asylum systems).
Understand the impact of co-produced grantmaking.
Capture learning and understand the impact of working with local community referral partners.

We gave out £50,000 in grants, each amounting to £2,000, to twenty five women, in the initial pilot phase.

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Smallwood Trust

Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

How we worked with the community

We ran a number of workshops where local women would spend time catching up, designing the grant fund and then having lunch together. We always ended with food as this was a powerful way to bring people together and build connections.
Workshops were facilitated but run fully collaboratively with the women in the group.

What we designed

We knew we wanted to support women and their children who were struggling financially. We knew that a grant alone could not end gendered and child poverty but it could provide some immediate relief. We designed a new two stage grant fund - an initial £500 to support families with essential costs and then a second £1,500 to support a family to thriving.
The group also decided to use a referral mechanism, through trusted partners, as this was identified as the way to reach the most marginalised women.
The group identified additional support needed alongside the grant, including financial management training to improve confidence around managing money.

The impact of working in co-production

The group captured their experiences of working in co-production by participating in an evaluation workshop and using the Most Significant Change approach. This participatory method involves the group collecting different stories of change and deciding amongst themselves what had been the ‘most significant change’ for the group.

What we found

1. Impact of the grant:

It met basic needs
The majority of women used funds for essentials, improving their current financial situations
It provided women with a limited ability to afford non-essential items like children’s parties or sports fees.

2. Improved wellbeing for women and children:

The grant relieved stress and improved wellbeing (for instance, helping with sleep).
The grant had positive effects on family relationships and children's wellbeing.
The grant supported increased optimism about the future, with some pursuing training or job opportunities.

3. Community Partner Support:

Ubuntu and Creative Minds provided vital assistance to women throughout. They helped by 'explaining everything’, such as how the grant works, providing support with forms, keeping in touch through the process and answering questions.

4. Co Production:

Participation increased women's confidence, reducing isolation and stress.
Co-production encouraged community connection and new friendships.
Shared decision-making improved women’s empowerment and motivated community change and improved financial literacy.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

Recommendations

This holistic approach is having a positive cumulative impact. Our recommendations are to build on this for the next phase by:

1) Continuing to work with women and community partners to explore alternative grant options and amounts and payment structures that could support financial security.
2) Continuing to work with women and community partners to better understand what additional support is required and at what level.
3) Translating grant applications into multiple languages to better meet the needs of the women receiving the grants.
4) Working with community partners to unpick systemic causes of financial insecurity.
5) Influence other grant makers to work in a way that shifts power and centres lived experience.
6) Hearing more from children and young people about their experiences of poverty and the impact of grants.
7) Sharing what we have learned from women and their children with decision makers and other grant makers in the area.

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.

People Strategy and Plan

Our People Strategy is a multi-faceted pillar which will enable Smallwood Trust to meet its 2022-2024 Strategic outcomes. We aim to transition to a high performance and coaching culture in order to enable our staff to identify and challenge the systems that cause gendered poverty and support the women we work with to become financially resilient.

We will work alongside our grant partners by challenging ourselves to shift power, share learning and bring in new ideas from women with lived experience as well as the organisations we work with. We will overcome key structural challenges to tackling gendered poverty at a policy level by developing our influencing and learning activities and at an operational level by ensuring our partners have the access to information, skills and resources to provide sustainable services to women.

Our People Plan lays out our aims and how this will be achieved through operational activity: Our leadership approach has been developed to equip our managers with skills in how to motivate staff and encourage high performance. Our performance management approach will help our staff to gain the confidence to be proactive, be solution focused and hold themselves accountable. Our Equality and Diversity approach has been developed to ensure our staff have an understanding of the inter-sectional needs of the women and organisations we work with and that they can identify when and how to shift power to improve our processes.

We commissioned an EDI audit in order to create a shared understanding of the challenges and opportunities we had of becoming a truly diverse, equitable and inclusive employer. We also commissioned a HR EDI consultant to work with us to implement initiatives that went above and beyond the EDI audit recommendations.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Smallwood Trust

Objectives and activities (continued)

People Strategy and Plan (continued)

We are revising and implementing our recruitment practices from start to finish including: prioritising diverse representation at our management levels, updating the language we use in order to attract candidates with strong values in EDI and working with inclusive recruitment agencies to advise us. In addition, we have implemented value based selection processes to attract traditionally under represented groups such as those who do not have socioeconomic privilege, those with caring responsibilities, those who identify as deaf or disabled or those from minoritised backgrounds. More recently we created opportunities and safe spaces for staff to engage in conversations around EDI and created opportunities to engage and enable grant partners to feedback about their experiences to the Board via a mission moment at each meeting.

We also commissioned a salary review which resulted in an updated Pay Band Framework and we uplifted our salaries as a result. In addition to the salary uplift, we committed to addressing the Cost of Living crisis through a one off pay award in 2023. In order to retain and develop our managers, we have developed a tailored learning and coaching programme.

The People Strategy can be read in full at the following link: https://www.smallwoodtrust.org.uk/people-strategy-20222024/.

Equity, Diversity, and Inclusion

Introduction

The 2022-2024 Strategic Plan has been developed to accelerate our ongoing mission to enable women to be financially resilient by tackling the root causes of gendered poverty as well as continuing to respond to immediate needs. Currently c.70% of our funding is targeted at immediate needs and c. 30% at root causes / systemic work.

The 2022-2024 Strategic Plan can be read in full at the following link: https://www.smallwoodtrust.org.uk/our-strategy/.

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
Working in partnership to deliver our mission

Below we highlight progress that has been made taking into consideration the main activities above, areas where there are still gaps or have been more difficult to implement and ongoing responses to the EDI Audit recommendations.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

c. Objectives and activities (continued)

GRANT-MAKING AND PARTNERSHIPS

Summary of progress

We have developed and implemented a gender-lens grant-making framework as part of 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 have invested £2.1 million in place-based initiatives (Coventry, Birmingham, Manchester, Middlesbrough) with the intention of shifting power and challenging the (local) systems that keep women in poverty.

The Community grant partners (CGPs) which were refunded in 2023 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. This programme won the Grant-making category at the 2022 Charity Awards.

We launched 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.

This formed the basis for a more significant response to the cost of living crisis with the launch of the Women’s Urgent Support Fund as described above.

A large number of processes have been either changed or streamlined to make them more inclusive, some recent examples 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 grant partner annual maximum award and increased individual flexibility around the split of funding to grants and admin/overhead support.
We pay fees for ‘lived expertise’ when we have been organising workshops with grant partners.

In terms of external partnerships we have worked with other funders such as Turn2Us and Buttle UK to develop a gender-lens approach to grant-making for the co-designed programme in Middlesbrough.

We have secured significant external funding where we have been able to make the case to provide additional funds to specialist women’s services through Smallwood and present ourselves as a trusted partner.

We co-published with Rosa UK, the only other major specialist ‘women only’ funder in the UK, an Impact Report for our joint Women Thrive Fund.

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Trustee's Report (continued) For the Year Ended 31 December 2023

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Objectives and activities (continued)

BOARD DEVELOPMENT, GOVERNANCE AND ACCOUNTABILITY

Summary of progress

We previously won the ‘Managing Turnaround’ category of the Charity Governance Awards which has acted as an ongoing recognition and catalyst for our governance approach. The judges previously commented:

“Judges praised this charity’s approach to governance, which gave substantive and consistent consideration to beneficiaries. Led by the board, decisions were taken to properly apply the resources of the charity for its beneficiaries. The board took brave decisions in implementing comprehensive new structures and processes, which considerably aided the Smallwood Trust in increasing its social impact. Sweeping reforms across governance and a commitment to evaluation and improving impact are aimed at ensuring that the Trust’s new-found success will be sustainable.”

We have adopted the Charity Governance Code and created a Governance Action Plan to set ourselves clear milestones in relation to organisational purpose, EDI, openness and accountability.

The Board approved the continuation of the Shadowing Programme following a successful evaluation – see below. This is an integral part of making our governance space more inclusive.

This year we have re-instigated the ‘mission moment’ at board meetings and have invited grant partners and staff to present at meetings during this section.

Decisions on external grant funds have been delegated to a Grants Panel that included women with lived experience. Similarly, the place-based funding panel included a representative from the Coventry Women’s Partnership.

STAFFING AND INTERNAL CULTURE

As part of our Strategic Plan commitments, we said we will invest in our culture, knowledge, systems and skills and build our own capability to deliver on our plans.We have appointed an external HR Adviser to help the CEO take this work forward. This has included:

We reviewed and updated our recruitment process and the job description and person specification for
the new Programme Manager role through an EDI lens, with competencies and specifications related to creating and leading on a stronger EDI culture – we have also engaged an inclusive recruitment agency Radical Recruit who advised and supported us on the recruitment of this role.
We are embedding a value based approach to interviewing by creating additional value based questions.
We recruited our 2nd placement from the 2027 programme which seeks to place individuals with lived
experience within grant-making organisations.
Designed tailored workshops for staff that addressed the beginning of their EDI journey, including
identifying and understanding structural inequalities, identifying and understanding unconscious bias and how it manifests in the workplace, identifying what microaggressions are and how they manifest at work and engaging staff in conversations on how they would develop an inclusive work place.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

STAFFING AND INTERNAL CULTURE (continued)

Offered 1 to 1 coaching to staff on matters related to EDI, personal development and how to manage
performance management issues.
Engaged staff in EDI conversations by providing safe spaces . We have done this through staff workshops,
EDI month and Team day which helped consolidated the staff's EDI learning journey.
Line management training . We designed tailored workshops for management on how to initiate cultural
change: this workshop included topics such as- how to roll out Growth Mindset initiatives and learning how to create and foster High Performance Work Cultures. These workshops were developed with an EDI lens.
Undertook a salary benchmarking review to ensure we are paying staff fairly, created a salary band to
ensure we were addressing issues of cost of living, inflation, rewarding and retaining key staff. This resulted in Grants Assistants and Grants Managers receiving 10-15% increases on their annual salaries (plus everyone received a one of cost of living payment).

ORIGINS OF HISTORICAL INVESTMENTS

We decided to undertake further research into our historical investments building on previous research undertaken. The Board will be considering next steps and will be agreeing a timetable to publish the research. The learning from this research will be harnessed as a further impetus to shift power across all of our work.

The latest progress against the EDI Action Plan can be found at the following link : https://www.smallwoodtrust.org.uk/smallwood-trust-edi/.

6. To evaluate the 2nd year of the Board Shadowing Programme and feed this learning into year 3 of the programme

What is the programme?

The Board Shadowing Programme aims to open doors for women with lived experience of gendered poverty and help demystify the roles of trustees and boards, especially within grant-making and funding organisations.

The programme is part of our commitment to explore new ways to help bring diversity, equity and inclusion into all of the Smallwood Trust’s work and to support our goal of ending gendered poverty. As a national funder, we aim to open up space on our Board to give valuable insights for women with lived experience, into what being a Board member/trustee entails and to help give participants new skills, exposure and know-how in a safe environment. The programme is led by one of our Board members, Ambreen Shah, and supported by the CEO Paul Carbury.

The key elements and opportunities for shadowees on the programme include:

Attendance and contribution at Board meetings, sub-committees and Grants Panel meetings
Space on the Board agenda for shadowees to speak or ask questions (should they wish to)
Pre-meetings and de-briefings with Lead Board member and CEO before and after each meeting
Optional monthly-check-ins with Lead Board member for support and discussion of personal development opportunities

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Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

Board Shadowing Programme elements and opportunities (continued)

Opportunities to learn about the work of the Smallwood Trust including grant making processes and visiting funded organisations (in person or remotely)
Optional attendance at networking sessions, events, workshops, webinars and other training opportunities and reporting back to the Board on any findings
Access to personal development budget
Fee for those with lived experience for attendance and contribution at workshops, events and meetings

What have we learnt?

Shadowees gained a realistic perspective of how the Board of a funder operates: by bringing in different, informed viewpoints, asking insightful questions, analysing complex issues and considering income generation, including investments.

One Shadowee reported that the most valuable aspect of the programme was how she felt not only accepted but included and that her opinion matters, offering validation and helping to rebuild her confidence after a difficult life chapter.

They said that pre- and de-briefs with the Lead Board Member were useful in helping them get to grips with the papers. She regularly checked in and shared opportunities within the WhatsApp group. All appreciated the flexibility of the programme.

One of the participants had been actively seeking a trusteeship prior to joining the programme and related that her experience of the Board shadowing Programme has clarified to them that they wish to join the board of a funder rather than a charity.

While some Shadowees initially had reservations about the term ‘lived experience’ as they did now want to have to share their personal experiences and relive trauma, these concerns were quickly allayed. They felt they were treated as peers by the Smallwood Trust Board.

The Board Shadowing Programme goes to the core of Smallwood Trust’s mission. One of the ways Shadowees were empowered to contribute their viewpoints was through the Grants Panel process.

This process not only gave Shadowees an opportunity to influence, it meant that Smallwood Trust did not have to recruit more widely and train up women working at grassroots level, thus freeing up capacity and ensuring quality as Shadowees already had an insight into the way the Smallwood Trust team and Board makes funding decisions.

Additionally, it provides access to different networks and opportunities, which are components to support individuals’ financial resilience. One Shadowee reported that 121 coaching by Smallwood Trust’s external HR Adviser had directly helped with her job search (all Shadowees had been offered up to four 121 sessions).

Another reported that by observing the leadership consultant’s facilitation style, she had brought a more fun approach into giving presentations in her new job. One is being mentored by a leader from one of Smallwood Trust’s Community Grant Partners.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Smallwood Trust

Objectives and activities (continued)

Recruitment

A description of the role and responsibilities of a Shadowee was drafted and simple selection criteria were formulated. Recruitment to the programme was not focussed on protected characteristics.

The shadowing opportunity was circulated via a call out, an advertisement on the website, LinkedIn and wider networks. Nominations (with the prior agreement of nominees) from women’s sector organisations were also accepted.

Those interested were asked to email their application explaining their motivation for being interested in the opportunity and what they would hope to learn from the programme.

23 people responded to the call. A cohort of four women with lived experience were subsequently invited to join the programme. Changes to the recruitment process had been made in line with recommendations made in the year one evaluation and all of the Shadowees stated that the process was straightforward and inclusive from the outset. Two of the shadowees had previously been in receipt of a Smallwood individual grant.

Motivations for Shadowees joining the programme include gaining:

experience of a Board operating at national level
insights into funding and grantmaking
new networks
understanding of the charitable sector
broader personal development
sense of purpose/positive focus

Onboarding

Preparation for the meetings involved Board papers being sent by the CEO, followed by a pre meeting with the Lead Board Member where the papers were discussed and the Shadowees could ask questions to gain clarification on any matters they were unfamiliar with. Shadowees reported that the notes did not make much sense but they had anticipated this, with one saying “We didn’t know what we didn’t know.”

Taking intersectionality into account is a vital consideration for any organisation setting up such a programme. All four Shadowees come from different backgrounds and were at different stages in their careers but found they could relate to each others’ experiences and found the group aspect valuable.

Meetings

Meetings were held in person once, and subsequently on Zoom. These were prepared for in advance and the Board was reminded to avoid jargon and acronyms during the discussions. This year, Shadowees were given the opportunity to participate and not just attend as observers. This comes as a result of the Chair’s and Trustees’ increased confidence in inviting Shadowees’ contributions and acknowledging the richness that their perspectives bring to Board discussions.

Each was offered the opportunity to arrange a 121 chat with individual Trustees but this was not taken up and in year three, this will be actively encouraged.

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Objectives and activities (continued)

Meetings (continued)

Shadowees would have preferred more face-to face-meetings, if possible. The three who attended the Away Day and dinner in London found the experience enabled them to get to know Trustees on a personal level and felt they were better able to contribute at future meetings because of this.

However, requiring participants to attend face to face meetings in London continues to be restrictive by presenting a set of challenges such as taking leave, childcare etc, particularly for Shadowees living outside the area.

Programme Duration

The programme was extended by a further three months (initially Oct 2022-Sept 2023, ended Dec 2023), a development which Shadowees felt positively about.

d. 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 byBlack, 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 are committed to ensuring 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.

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 umbrella for all learning and evaluation activities across all programmes but particularly for the place-based initiative and community grant partnerships.

Including the voice of women with lived experience in our strategic development and decision-making has been an iterative process which has included surveys with individual grant recipient’s, workshops with organisations led by and for women with lived experience, the implementation of the Board shadowing programme and more latterly the codesign and co-production processes started through the place-based funds.

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Objectives and activities (continued)

e. Grant-making policies

Grants to individuals are distributed and awarded through our Community Grant Partnerships model as outlined below:

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Objectives and activities (continued)

Grant-making policies (continued)

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

f. 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 substantial additional funds from the National Lottery Community Fund, Barclays and the City Bridge Foundation to further its objectives. 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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Objectives and activities (continued)

g. 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.

Achievements and performance

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; and
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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Financial review and Going concern (continued)

The results for the year are set out in detail on page 26. The Trust’s income for the year was £2,071,429 (2022: £1,260,117). The income included in restricted funds for grants consists of £1,207,509 (2022: 182,329) from the Tampon Tax Fund, Barclays, the National Community Lottery Fund, and the City Bridge Foundation.

Expenditure in this year was £3,870,525 (2022: £3,062,746). The difference in expenditure relates to time-limited external funds that were distributed in the previous year. 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 £28,723,284 (2022: £29,547,962).

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, the Trustee continues 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 basis, based on the following red/yellow/green basis:

The total funds held were £28,723,284 (2022: £29,547,962) of which £28,153,042 (2022: £29,035,533) were endowed funds being the capital of the Trust and unrestricted funds of £452,698 (2022: £358,862) and £117,544 restricted funds (2022: £153,567). £1,767,974 (2022: £1,905,361) was transferred from the expendable endowment to unrestricted funds to support the Stabilisation Fund expenditure. The trustee expects to make similar transfers in the future as the Trust continues to maintain its increased grant expenditure over the next three years.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Smallwood Trust

c. Material investments policy

Sufficient cash is held to cover working requirements and provide a readily accessible reserve. 21.8% (2022 - 21.1%) of all of the funds invested are with the Newton Multi-Asset Fund as part of our new investment mandate to increase the income from the endowment funds to support the Strategic Plan.

The remaining investment assets are managed on a discretionary basis in accordance with a Charity Commission Order of 19 December 1995 by Investec Wealth & Investment Limited ("Investec") and are separated into two discrete portfolios representing assets belonging to the Endowment Funds and the Unrestricted Fund respectively.

Performance of the Newton funds is measured on a total return basis (before management and other expenses) through capital and income return combined. The return on the fund for the full year was an increase of 3.4% (2022 - 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 return on the portfolio for the year was an increase of 7.0% (2022 - decrease of 18.2%).

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

The 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.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Smallwood Trust

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 are being implemented.
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.

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 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 trustee company were appointed in December 2020 by the board of directors and will hold office for up to three years before retiring and being eligible for re-election for a further two terms of up to three years, after which they must retire for at least one year before being eligible again for reappointment. Neither Smallwood Trust (Trustee) Limited or the Directors have any beneficial interest in the Trust.

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Smallwood Trust

Structure, governance and management (continued)

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 Board. The EDI Group, made up of trustees and staff, was also convened to drive forward recommendations from the EDI Audit.

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

The 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.

d. Policies adopted for the induction and training of Trustee

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

e. Pay policy for key management personnel

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

Every three years a salary benchmarking exercise is undertaken to ensure that our salaries and compensation are at market value.

f. Related party relationships

There is no special relationship with any other charity.

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Trustee's Report (continued) For the Year Ended 31 December 2023

Plans for future periods

The objectives for 2024 are as follows:

To undertake a re-fresh of the organisational strategy involving the Board, staff, grant partners and other stakeholders where appropriate.
To successfully launch Round 2 of the Women’s Urgent Support Fund, providing additional resources to smaller, grassroots organisations led by and serving women in poverty.
Through the Gendered Poverty Learning Programme to define emerging workable models that have potential to help tackle gendered poverty.
To implement a participatory grant-making approach in Hackney and Newham, building on the work undertaken in Middlesbrough.
To undertake an evaluation into shifting power and the impact of our community grant partnerships and feed this learning through the Gendered Poverty Learning Programme.

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).

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial 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.

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Trustee's Report (continued)

For the Year Ended 31 December 2023

Disclosure of information to auditor

Each of the persons who are Trustee at the time when this Trustee's Report is approved has confirmed that:

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 Trustee.

Approved by order of the members of the board of Trustee on 18 July 2024 and signed on their behalf by:

Smallwood Trust (Trustee) Limited

(Trustee)

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Independent Auditor's Report to the Members of Smallwood Trust

Opinion

We have audited the financial statements of Smallwood Trust (the 'charity') for the year ended 31 December 2023 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 2023 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 basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to 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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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 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 financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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:

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 statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities 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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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 below:

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 regulations;
we identified the laws and regulations applicable to the Charity through discussions with directors' of the 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 legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit 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 analytical 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.

Page 31

Smallwood Trust

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

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:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
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 reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as 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 Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the charity's Trustee, in accordance with 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 2024

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

Page 32

Smallwood Trust

Statement of financial activities

For the Year Ended 31 December 2023

Note Income and endowments from: Donations and legacies 4 Investments 5 Total income and endowments Expenditure on: Raising funds 6 Charitable activities 8 Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net (expenditure)/income Transfers between funds 18 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds 18 Total funds carried forward	Unrestricted funds 2023 £ 25,250 838,670 863,920 106 2,537,576 2,537,682 (1,673,762) - (1,673,762) 1,767,598 93,836 358,862 93,836 452,698	Restricted funds 2023 £ 1,207,509 - 1,207,509 432 1,243,476 1,243,908 (36,399) - (36,399) 376 (36,023) 153,567 (36,023) 117,544	Endowment funds 2023 £ - - - 88,935 - 88,935 (88,935) 974,418 885,483 (1,767,974) (882,491) 29,035,533 (882,491) 28,153,042	Total funds 2023 £ 1,232,759 838,670 2,071,429 89,473 3,781,052 3,870,525 (1,799,096) 974,418 (824,678) - (824,678) 29,547,962 (824,678) 28,723,284	Total funds 2022 £ 320,770 939,347 1,260,117 125,504 2,937,242 3,062,746 (1,802,629) (3,933,602) (5,736,231) - (5,736,231) 35,284,193 (5,736,231) 29,547,962

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

The notes on pages 36 to 59 form part of these financial statements.

Page 33

Smallwood Trust Registered number:

Balance Sheet As at 31 December 2023

Note Fixed assets Intangible assets 13 Tangible assets 14 Investments 15 Current assets Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total net assets Charity funds Endowment funds 18 Restricted funds 18 Unrestricted funds 18 Total funds	156,702 1,760,337 1,917,039 (1,385,564)	2023 £ 9,567 6,795 28,175,447 28,191,809 531,475 28,723,284 28,153,042 117,544 452,698 28,723,284	101,926 1,116,410 1,218,336 (734,031)	2022 £ - 4,974 29,058,683
				29,063,657 484,305

				29,547,962
				29,035,533 153,567 358,862

				29,547,962

The financial statements were approved and authorised for issue by the Trustee on 18 July 2024 and signed on their behalf by:

_________

D'Arcy Myers (Chair)

Smallwood Trust (Trustee) Limited

The notes on pages 36 to 59 form part of these financial statements.

Page 34

Smallwood Trust

Statement of Cash Flows

For the Year Ended 31 December 2023

Note Cash flows from operating activities Net cash used in operating activities 21 Cash flows from investing activities Dividends and interest from investments Purchase of intangible assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 22	2023 £ (2,036,665) 838,670 (9,840) (5,892) 6,906,965 (5,826,389) 1,903,514 (133,151) 2,276,341 2,143,190	2022 £ (2,894,794) 939,947 - (2,150) 6,648,567 (4,048,392) 3,537,972 643,178 1,633,163 2,276,341

The notes on pages 36 to 59 form part of these financial statements

Page 35

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

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.

2. 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 and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended 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 financial statements are presented in the Charity's functional currency of GBP (Sterling). They are prepared to the nearest £.

2.2 Going 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.

Page 36

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

2. Accounting policies (continued)

2.3 Income (continued)

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 included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

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 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 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 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.

Page 37

Notes to the Financial Statements For the Year Ended 31 December 2023

Smallwood Trust

2. Accounting policies (continued)

2.4 Expenditure (continued)

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. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

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.

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 loss 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 bases:

Website - 33.3% straight-line Database software - 50% straight-line

Page 38

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

2. Accounting policies (continued)

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.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment 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.

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 less 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 settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 39

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

2. Accounting policies (continued)

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 months or less from the date of acquisition or opening of 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 reflects 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.

Page 40

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

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 donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted 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 as if it were income. Income arising on this fund can be used in accordance with the charitable objects of the Trust and as such is included in unrestricted funds. Charges incurred in the management of this fund, including investment management fees relating to those investments by which it is represented, are charged to it.

The 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 (the sole 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.

Page 41

Smallwood Trust

Notes to the Financial Statements

For the Year Ended 31 December 2023

4. Income from donations and legacies

Donations and gifts Grants Donations and gifts Legacies Grants	Unrestricted funds 2023 £ 25,250 - 25,250 Unrestricted funds 2022 £ 27,275 111,166 - 138,441	Restricted funds 2023 £ - 1,207,509 1,207,509 Restricted funds 2022 £ 369 - 181,960 182,329	Total funds 2023 £ 25,250 1,207,509
			1,232,759
			Total funds 2022 £ 27,644 111,166 181,960
			320,770

Page 42

Smallwood Trust

Notes to the Financial Statements

For the Year Ended 31 December 2023

5. Investment income

Income from listed investments Interest receivable Income from listed investments Interest receivable	Unrestricted funds 2023 £ 836,077 2,593 838,670 Unrestricted funds 2022 £ 939,163 184 939,347	Total funds 2023 £ 836,077 2,593
		838,670
		Total funds 2022 £ 939,163 184
		939,347

Page 43

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

6. Expenditure on raising funds

Investment managers fees Events Investment managers fees	Unrestricted funds 2023 £ - 106	Restricted funds 2023 £ - 432	Endowment funds 2023 £ 88,935 - Endowment funds 2022 £ 125,504	Total funds 2023 £ 88,935 538
				Total funds 2022 £ 125,504

7. Analysis of grants

Assistance of women in financial need Assistance of women in financial need	Grants to Institutions 2023 £ 2,755,030 Grants to Institutions 2022 £ 1,740,384	Grants to Individuals 2023 £ 227,579 Grants to Individuals 2022 £ 562,525	Total funds 2023 £ 2,982,609
			Total funds 2022 £ 2,302,909

Page 44

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Assistance of women in financial need Assistance of women in financial need	Unrestricted funds 2023 £ 2,537,576 Unrestricted funds 2022 £ 2,700,400	Restricted funds 2023 £ 1,243,476 Restricted funds 2022 £ 236,842	Total 2023 £ 3,781,052
			Total 2022 £ 2,937,242

9. Analysis of expenditure by activities

Assistance of women in financial need Assistance of women in financial need	Activities undertaken directly 2023 £ 452,706 Activities undertaken directly 2022 £ 278,265	Grant funding of activities 2023 £ 2,982,609 Grant funding of activities 2022 £ 2,302,909	Support costs 2023 £ 345,737 Support costs 2022 £ 356,068	Total funds 2023 £ 3,781,052
				Total funds 2022 £ 2,937,242

Page 45

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs Depreciation Training and development, travel and recruitment costs Project consultancy costs	Total funds 2023 £ 368,069 4,344 32,443 47,850 452,706	Total funds 2022 £ 251,340 4,182 22,743 -
		278,265

Analysis of support costs

Staff costs Monitoring and evaluation Office costs Marketing Legal and professional Consultancy Trustee expenses Governance costs	Total funds 2023 £ 123,226 3,939 61,544 28,538 7,051 88,659 1,464 31,316 345,737	Total funds 2022 £ 150,130 8,501 61,833 31,875 2,900 77,165 883 22,781
		356,068

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.

Page 46

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

10. Auditor's remuneration

	2023	2022
	£	£
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts	12,650	11,500

11. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2023 £ 416,029 36,793 38,473 491,295	2022 £ 338,924 30,519 32,027

		401,470

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

	2023	2022
	No.	No.
Administration	11	10

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		2023	2022
		No.	No.
In the band £60,001	- £70,000	-	1
In the band £80,001	- £90,000	1	-

Amounts paid to key management personnel in the year for their services to the charity amounted to £97,732 (2022: £84,166).

Page 47

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

12. Trustee's remuneration and expenses

During the year, no Trustee received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 December 2023, expenses totalling £1,464 were reimbursed or paid directly to 6 directors of the sole Trustee company (2022: £883 to 5 directors). The reimbursed expenses related to travel, childcare and accomodation in order to enable the directors to attend board meetings and fulfil their duties.

13. Intangible assets

Cost At 1 January 2023 Additions At 31 December 2023 Amortisation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022	Website £ - 9,840 9,840 - 273 273 9,567 -	Database software £ 21,600 - 21,600 21,600 - 21,600 - -	Total £ 21,600 9,840
			31,440
			21,600 273
			21,873
			9,567
			-

Page 48

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

14. Tangible fixed assets

Cost At 1 January 2023 Additions At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022	Freehold land and buildings £ 657 - 657 - - - 657 657	Fixtures and fittings £ 42,789 5,892 48,681 38,472 4,071 42,543 6,138 4,317	Total £ 43,446 5,892
			49,338
			38,472 4,071
			42,543
			6,795
			4,974

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 (2022 - £400,000) on an open market value for existing use basis.

Page 49

Smallwood Trust

Notes to the Financial Statements

For the Year Ended 31 December 2023

15. Fixed asset investments

Cost or valuation At 1 January 2023 Additions Disposals Revaluations Income net of fees Amounts transferred for grant making purpose At 31 December 2023	Listed investments £ 27,898,753 5,826,389 (6,672,673) 740,125 - - 27,792,594	Cash in portfolio £ 1,159,930 (5,826,389) 6,906,961 - 467,351 (2,325,000) 382,853	Total £ 29,058,683 - 234,288 740,125 467,351 (2,325,000)
			28,175,447

Investments at fair value comprise:

Equities Fixed interest securities Property Alternatives Money market instruments Cash held within investment portfolio	2023 £ 18,625,786 4,141,368 1,470,959 3,217,434 337,047 382,853 28,175,447	2022 £ 25,306,860 2,591,893 - - - 1,159,930 29,058,683

The historical cost of the listed investments managed by Investec at the balance sheet date was £18,586,500 (2022 - £19,282,338).

Page 50

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

16. Debtors

Amounts falling due within one year Other debtors Prepayments and accrued income Creditors: Amounts falling due within one year Trade creditors Other taxation and social security Other creditors Accruals and deferred income Grants awarded not yet paid	2023 £ - 156,702 156,702 2023 £ 25,725 11,324 4,198 537,593 806,724 1,385,564	2022 £ 369 101,557

		101,926
		2022 £ 10,673 8,240 2,969 40,557 671,592

		734,031

17. Creditors: Amounts falling due within one year

Grants payable of £806,724 (2022 - £671,592) 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 £671,592 was fully paid in the year.

Deferred income at 1 January 2023 Resources deferred during the year Amounts released from previous periods	2023 £ - 497,963 - 497,963	2022 £ - - -

		-

Deferred income represents a grant received in advance for distribution to delivery partners in the following period. Income recognition has been restricted on the basis that the Charity remains responsible for performing annual reviews of grant recipients on behalf of the external funder and ensuring all milestones to date are satisfied by each grant recipient.

Page 51

Smallwood Trust

Notes to the Financial Statements

For the Year Ended 31 December 2023

18. Statement of funds

Statement of funds - current year

Unrestricted funds General Funds Endowment funds Permanent endowment fund Expendable endowment fund Restricted funds Tampon tax fund Barclays - Women's Financial Empowerment Fund The National Lottery Community Fund - Partnerships England Wide Sisters trust Women's Urgent Support Fund supported by the National Lottery Community Fund London Women's Resilience Fund supported by the City Bridge Trust Total of funds	Balance at 1 January 2023 £ 358,862 22,483,760 6,551,773 29,035,533 - - 66,630 86,937 - - 153,567 29,547,962	Income £ 863,920 - - - 6,400 495,981 155,928 - 499,100 50,100 1,207,509 2,071,429	Expenditure £ (2,537,682) - (88,935) (88,935) (6,776) (484,695) (182,857) (73,696) (460,911) (34,973) (1,243,908) (3,870,525)	Transfers in/out £ 1,767,598 - (1,767,974) (1,767,974) 376 - - - - - 376 -	Gains/ (Losses) £ - 649,612 324,806 974,418 - - - - - - - 974,418	Balance at 31 December 2023 £ 452,698 23,133,372 5,019,670
						28,153,042
						- 11,286 39,701 13,241 38,189 15,127
						117,544
						28,723,284

Page 52

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

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 funds must be held permanently and may not be spent as if it were income. The fund may be utilised to further the charity's purposes through generating an income from the investments held.

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 (WFEF) represents a contribution by them through the Women's Financial Empowerment Fund to close the gaps in provision for women on low incomes which has been exacerbated by the COVID-19 pandemic and the current cost of living crisis. The funding enables Smallwood Trust to work in partnership with local delivery organisations who are delivering vital specialist women's services to: enable 4,200 women to access a package of financial, employability and confidence building support, and to deliver 16,000 LifeSkills modules to financially vulnerable women.

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

The National Lottery Community Fund (Partnerships England Wide) Gendered Poverty Learning Programme represents funding awarded from the National Lottery, 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 I and Phase II) 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.

Page 53

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

18. Statement of funds (continued)

Restricted funds (continued)

The National Lottery Community Fund (Partnerships England Wide) Women's Urgent Support Fund represents funding awarded from the National Lottery to provide emergency funding for organisations led by and supporting women, enabling them to respond to the spike in demand for urgent and basic needs from women who are most at risk of poverty; and to provide longer-term funding over three years to help shore up capacity of vital women's and specialist services to enable them to continue to respond to economic shocks and enable financially vulnerable women to access support to increase their own financial security.

The London Women's Resilience Fund supported by City Bridge Trust, the funding arm of The City of London Corporation's charity, aims to work with grassroots organisations in Newham and Hackney who are supporting refugee and migrant women with unmet needs; especially those experiencing further intersectional challenges, for example, LGBTQ+, disability, caring duties, domestic violence, minimal English, minimal formal education, insecure/unregulated work. The programme will seek to strengthen systems, fill gaps and scale success to increase women's financial resilience and challenge structures, which keep refugee and migrant women in poverty. The initial funding received in the year aims to co-design the fund by working with organisations and women with lived experience: identifying the priorities people feel are under-funded, working out eligibility criteria and general parameters of the fund. The Women's Budget Group are working alongside Smallwood Trust to provide iterative research and learning as work progresses. The fund itself will run from March 2024 to February 2028.

Transfers

The transfer of £1,767,974 (2022 - £1,905,361) 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 enable the Trust to increase its grant expenditure and/or to cover any shortfall in investment income.

The transfer of £376 (2022 - £Nil) between general funds and restricted funds represents a top up of the Tampon tax fund. The fund is now closed.

Page 54

Smallwood Trust

Notes to the Financial Statements

For the Year Ended 31 December 2023

18. Statement of funds (continued)

Statement of funds - prior year Balance at 1 January 2022 £ Unrestricted funds General Funds 76,113 Endowment funds Permanent endowment fund 25,106,161 Expendable endowment fund 9,893,839 35,000,000 Restricted funds Tampon tax fund 88,080 Barclays - Women's Financial Empowerment Fund 100,000 The National Lottery Community Fund - Partnerships England Wide - Joint evaluation 20,000 Sisters trust - 208,080 Total of funds 35,284,193	Income £ 1,077,788 - - - 9,800 - 72,160 369 100,000 182,329 1,260,117	Expenditure £ (2,700,400) - (125,504) (125,504) (97,880) (100,000) (5,530) (20,369) (13,063) (236,842) (3,062,746)	Transfers in/out £ 1,905,361 - (1,905,361) (1,905,361) - - - - - - -	Gains/ (Losses) £ - (2,622,401) (1,311,201) (3,933,602) - - - - - - (3,933,602)	Balance at 31 December 2022 £ 358,862
Unrestricted funds General Funds Endowment funds Permanent endowment fund Expendable endowment fund Restricted funds Tampon tax fund Barclays - Women's Financial Empowerment Fund The National Lottery Community Fund - Partnerships England Wide Joint evaluation Sisters trust Total of funds
					22,483,760 6,551,773
					29,035,533
					- - 66,630 - 86,937
					153,567
					29,547,962

Page 55

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

19. Summary of funds

Summary of funds - current year

General funds Endowment funds Restricted funds	Balance at 1 January 2023 £ 358,862 29,035,533 153,567 29,547,962 prior year Balance at 1 January 2022 £ 76,113 35,000,000 208,080 35,284,193	Income £ 863,920 - 1,207,509 2,071,429 Income £ 1,077,788 - 182,329 1,260,117	Expenditure £ (2,537,682) (88,935) (1,243,908) (3,870,525) Expenditure £ (2,700,400) (125,504) (236,842) (3,062,746)	Transfers in/out £ 1,767,598 (1,767,974) 376 - Transfers in/out £ 1,905,361 (1,905,361) - -	Gains/ (Losses) £ - 974,418 - 974,418 Gains/ (Losses) £ - (3,933,602) - (3,933,602)	Balance at 31 December 2023 £ 452,698 28,153,042 117,544
						28,723,284
						Balance at 31 December 2022 £ 358,862 29,035,533 153,567 29,547,962
Summary of funds -
General funds Endowment funds Restricted funds

Page 56

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2023 £ 6,795 9,567 - 1,026,668 (590,332) 452,698	Restricted funds 2023 £ - - - 890,371 (772,827) 117,544	Endowment funds 2023 £ - - 28,175,447 - (22,405) 28,153,042	Total funds 2023 £ 6,795 9,567 28,175,447 1,917,039 (1,385,564) 28,723,284

Analysis of net assets between funds - prior year

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 4,974 - 1,064,769 (710,881) 358,862	Restricted funds 2022 £ - - 153,567 - 153,567	Endowment funds 2022 £ - 29,058,683 - (23,150) 29,035,533	Total funds 2022 £ 4,974 29,058,683 1,218,336 (734,031) 29,547,962

Page 57

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Amortisation charges Fair value (gains)/losses on investments Dividends, interests and rents from investments (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash used in operating activities 22. Analysis of cash and cash equivalents Cash in hand Cash held by investment managers Total cash and cash equivalents 23. Analysis of changes in net debt At 1 January 2023 £ Cash at bank and in hand 1,116,410 1,116,410	2023 £ (824,678) 4,071 273 (974,418) (838,670) (54,776) 651,533 (2,036,665) 2023 £ 1,760,337 382,853 2,143,190 Cash flows £ 643,927 643,927	2022 £ (5,736,231) 3,282 900 3,877,231 (939,947) 245,557 (345,586) (2,894,794) 2022 £ 1,116,410 1,159,931 2,276,341 At 31 December 2023 £ 1,760,337 1,760,337

Page 58

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

24. Grant commitments

At the balance sheet date, the Trust had committed to making grants of £384,470 (2022 - £2,449,500) as part of its multiple programmes including the 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 commitment runs over several years, the balance of the commitment outstanding at each year end will be subject to annual performance reviews, in order to establish if the next tranche of grant funding is released in accordance with the grant agreement. The total commitment will be funded through both the Trust's Stabilisation Fund, representing cash transferred from the Trust's investment portfolio for grant making purposes, and external grant funding received for distribution to delivery partners.

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 £38,473 (2022 - £32,027). Contributions of £4,198 (2022 - £2,969) 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 £965 (2022 - £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 £Nil was outstanding to ACO.

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

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.

Page 59

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

Grants made to Institutions

4 Wings 4 Wings Northwest CIC A Way Out Agenda Alliance Alice Charity ARCH Baobab Women's Project C.I.C. Bangladeshi Women’s Association Limited Birmingham & Solihull Women's Aid Cavell Nurse's Trust Changing Life Directions CoLab Exeter Deaf Ethnic Women's Association Dress for Success Scotland Ltd Edinburgh Women’s Aid Exeter CoLab Fawcett Society FWT Foleshill Women's Training Centre (Coventry Women's Partnership) Gingerbread Halo Project Happy Baby Community (HBC) Hull Sisters Insight Society InSpire Inspire Walworth Kanlungan Filipino Consortium Kundakala Kurdish and Middle Eastern Women Organisation Lancashire Women Learning Partner Renasai Lesbian Immigration Support Group Lifted Middlesborough Misgav My Sisters Place North Tyneside Disability Forum PACT Pathway Project Powerhouse for Women Rochdale Women’s Welfare Association Roshni Birmingham Samee Sandwell African Women's Association Carried forward	2023 2022 £ £ 30,000 5,000 20,000 - 50,000 7,000 31,065 6,000 27,500 7,000 25,000 - 20,000 - 19,388 - 196,668 483,142 30,000 7,000 15,000 - - 7,000 21,771 - 22,334 - 21,000 - 30,000 - 24,371 50,115 240,412 10,000 - 7,000 30,000 4,000 20,000 - 30,000 19,780 20,000 - 35,000 86,000 45,000 - 79,721 17,780 29,000 15,664 19,831 - 55,000 7,000 43,658 60,000 20,000 - 20,000 - 150,000 - 20,000 - 30,000 6,500 19,507 - 30,000 7,000 30,000 - 13,086 - 20,000 - 20,000 - 59,956 7,000 45,000 16,780
	1,709,268 836,761

4 Wings
4 Wings Northwest CIC
A Way Out
Agenda Alliance
Alice Charity
ARCH
Baobab Women's Project C.I.C.
Bangladeshi Women’s Association Limited
Birmingham & Solihull Women's Aid
Cavell Nurse's Trust
Changing Life Directions
CoLab Exeter
Deaf Ethnic Women's Association
Dress for Success Scotland Ltd
Edinburgh Women’s Aid
Exeter CoLab
Fawcett Society
FWT Foleshill Women's Training Centre (Coventry Women's Partnership)
Gingerbread
Halo Project
Happy Baby Community (HBC)
Hull Sisters
Insight Society
InSpire
Inspire Walworth
Kanlungan Filipino Consortium
Kundakala
Kurdish and Middle Eastern Women Organisation
Lancashire Women
Learning Partner Renasai
Lesbian Immigration Support Group
Lifted
Middlesborough
Misgav
My Sisters Place
North Tyneside Disability Forum
PACT
Pathway Project
Powerhouse for Women
Rochdale Women’s Welfare Association
Roshni Birmingham
Samee
Sandwell African Women's Association
Carried forward

2023
2022
£
£
30,000
5,000
20,000
-
50,000
7,000
31,065
6,000
27,500
7,000
25,000
-
20,000
-
19,388
-
196,668
483,142
30,000
7,000
15,000
-
-
7,000
21,771
-
22,334
-
21,000
-
30,000
-
24,371
50,115
240,412
10,000
-
7,000
30,000
4,000
20,000
-
30,000
19,780
20,000
-
35,000
86,000
45,000
-
79,721
17,780
29,000
15,664
19,831
-
55,000
7,000
43,658
60,000
20,000
-
20,000
-
150,000
-
20,000
-
30,000
6,500
19,507
-
30,000
7,000
30,000
-
13,086
-
20,000
-
20,000
-
59,956
7,000
45,000
16,780

1,709,268
836,761

Page 60

Smallwood Trust

Notes to the Financial Statements For the Year Ended 31 December 2023

Brought forward Savera UK Shama Women's Centre Sister System Somali Welfare Trust Staffordshire Pathway Project Staffordshire Women's Aid Streets Ahead for Information Support costs for Applicants Surviving Economic Abuse Tavga Tenbury NILS The Magpie Project Together Women TWO Venus Charity Women’s Health in South Tyneside Women in Prison Women’s Workshop Women Today CIC Women Today North East Women's Budget Group Women's Resource Centre Women's Technology Training Limited WomenZone Community Centre Wythenshawe Community Housing Group YSS Ltd Zinthiya Trust Total	2023 2022 £ £ 1,709,268 836,761 48,500 7,000 20,000 - 16,892 - 19,483 - - 7,000 40,000 5,000 20,000 - - 9,593 50,250 75,000 7,700 - 45,000 7,000 20,000 - 50,000 8,000 40,000 - 30,000 5,000 20,000 - 20,000 - 25,000 - 30,000 - 18,978 19,780 76,899 56,250 42,000 105,000 40,000 7,000 20,000 - 176,667 500,000 85,862 88,000 82,531 4,000
	2,755,030 1,740,384

Brought forward
Savera UK
Shama Women's Centre
Sister System
Somali Welfare Trust
Staffordshire Pathway Project
Staffordshire Women's Aid
Streets Ahead for Information
Support costs for Applicants
Surviving Economic Abuse
Tavga
Tenbury NILS
The Magpie Project
Together Women
TWO
Venus Charity
Women’s Health in South Tyneside
Women in Prison
Women’s Workshop
Women Today CIC
Women Today North East
Women's Budget Group
Women's Resource Centre
Women's Technology Training Limited
WomenZone Community Centre
Wythenshawe Community Housing Group
YSS Ltd
Zinthiya Trust
Total

2023
2022
£
£
1,709,268
836,761
48,500
7,000
20,000
-
16,892
-
19,483
-
-
7,000
40,000
5,000
20,000
-
-
9,593
50,250
75,000
7,700
-
45,000
7,000
20,000
-
50,000
8,000
40,000
-
30,000
5,000
20,000
-
20,000
-
25,000
-
30,000
-
18,978
19,780
76,899
56,250
42,000
105,000
40,000
7,000
20,000
-
176,667
500,000
85,862
88,000
82,531
4,000

2,755,030
1,740,384

Page 61

Smallwood Trust

Smallwood Trust

Contents

Smallwood Trust

Reference and Administrative Details of the Charity, its Trustee and Advisers For the Year Ended 31 December 2023

Smallwood Trust

Trustee's Report For the Year Ended 31 December 2023

Objectives and activities

a. Policies and objectives

Smallwood Trust

Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

MISSION

VALUES

b. Aims and Strategies for achieving objectives and Activities undertaken to achieve objectives

Smallwood Trust

Trustee's Report (continued)

For the Year Ended 31 December 2023

Objectives and activities (continued)

Achievements and Performance

1. To re-fund and expand the community grant partnerships programme based on the learning from our partners.

Smallwood Trust

Objectives and activities (continued)

What is the Community Grant Partnership Programme?

Developing an ‘eco system’ of support during the cost-of-living-crisis

What will the money be going toward?

Objectives and activities (continued)

What is the Programme?

Why do this now?

The current landscape

Shifting power

Bringing it all together

Smallwood Trust

Objectives and activities (continued)

Building power and influence

Who are the partners?

Smallwood Trust

Objectives and activities (continued)

Responding to the cost of living crisis

Smallwood Trust

Objectives and activities (continued)

Responding to the cost of living crisis (continued)

Tackling the root causes of gendered poverty

Coventry Women’s Partnership

Birmingham No Recourse to Public Funds Women’s Support Network

Women of Wythenshawe

What have we learnt about place-based change models?

Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

What have we learnt about place-based change models? (continued)

4. To implement a co-designed pilot grants programme with partners Turn2Us, Buttle UK and local women in Middlesbrough

The aims of the pilot were to:

Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

How we worked with the community

What we designed

The impact of working in co-production

What we found

1. Impact of the grant:

2. Improved wellbeing for women and children:

3. Community Partner Support:

4. Co Production:

Smallwood Trust

Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

Recommendations

People Strategy and Plan

Smallwood Trust

Objectives and activities (continued)

People Strategy and Plan (continued)

Equity, Diversity, and Inclusion

Introduction

Smallwood Trust

Trustee's Report (continued) For the Year Ended 31 December 2023

Objectives and activities (continued)

c. Objectives and activities (continued)

GRANT-MAKING AND PARTNERSHIPS

Summary of progress

A large number of processes have been either changed or streamlined to make them more inclusive, some recent examples include: