2022-08-31-accounts - Smallpeice Trust Limited

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LEGAL AND AD 31August 2022	LEGAL AND AD 31August 2022	LEGAL AND AD 31August 2022	MINISTRATIV	E INFORMATION	E INFORMATION
Charity Name:				The Smallpeice Trust
Registered		charity number:		313719
Company		registered	number:	882371
Directors		(trustees):	The Trustees	who held office during	the period,		and at the date the Trustees'		report was approved,
			were:
				Dr Alan Begg - Chairman
				Mr Paul Doble (resigned 8 September				2022)
				Mr lan Jess
				Mr Trevor Gill
				Prof Richard Folkson	(resigned		8September 2021)
				Mr Gavin Thompson
				Prof Alison Haltstead
				Mrs Glynis Dean
				Ms Jacqueline Newsome
				Mr Abiram Ganeshanathan		(appointed		8September 2021)
				Mr Graham Heaven	(appointed		9June 2022)
Principal	members		ofstaff:	Dr Kevin P Stenson	- Chief	Executive
				Ms Lisa Foster - Chief Operating			Officer
				Ms Caroline Broadway —Director of Engagement
Registered		office:		Holly House
				74 Upper Holly Walk
				Leamington Spa
				CV32 4JL
Bankers:				Lloyds TSBBank Pic
				73The Parade
				I eamington Spa
				CV32 4BB
Solicitors:				BPESolicitors LLP
				St James' House
				St James' Square
				Cheltenham
				GL50 3PR
Auditors:				Dains Audit Limited
				15Colmore Row
				Birmingham
				B32BH
Investment		Managers:		CCLA Investment Managers		Limited
				One Angel Lane
				London
				EC4R 3AB

				Unrestricted	Unrestricted
				General	Designated	Restricted	31August	31August
Income from:			Note	funds 6	funds 6	funds F	2022f	2021
Donations and legacies			3	300,608		1,343,641	1,644,249	661,521
Charitable activities			4	1,408,982			1,408,982	1,225,096
Investments			5	514,770			514,770	518,364
Other			6	134,363			134,363	119,845
Total income				2,358,723		1,343,641	3,702,364	2,524,826
Expenditure on:
Raising funds			7	299,292			299,292	328,022
Charitable activities			8	2,317,584	116,959	307,135	2,741,678	2,645,189
Total expenditure				2,616,876	116,959	307,135	3,040,970	2,973,211
Net Operating income		/		(258,153)	(116,959)	1,036,506	661,394	(448,385)
(expenditure)
Net gains / (losses)	on
investments			14	(428,716)			(428,716)	3,378,446
Net income / (expenditure)				(686,869)	(116,959)	1,036,506	232,678	2,930,061
Transfers between	funds		19/20	(19,195,618)	19,241,122	(45,504)
Net movement in funds				(19,882,487)	19,124,163	991,002	232,678	2,930,061
Reconciliation offunds
Total funds brought	forward		19/20	22,073,148	74,618	97,910	22,245,676	19,315,615
Total funds carried	forward			2,190,661	19,198,781	1,088,912	22,478,354	22,245,676

				Unrestricted	Unrestricted
				General	Designated	Restricted	31August
				funds	funds	funds	2021
Income from:			Note	Z		'Z
Donations and legacies			3	360,245		301,276	661,521
Charitable activities			4	1,225,096			1,225,096
Investments			5	518,364			518,364
Other			6	119,845			119,845
Total income				2,223,550		301,276	2,524,826
Expenditure on:
Raising funds			7	319,122		8,900	328,022
Charitable activities			8	2,328,489	36,500	280,200	2,645,189
Total expenditure				2,647,611	36,500	289,100	2,973,211
Net Operating income		/		(424,061)	(36,500)	12,176	(448,385)
(expenditure)
Net gains / (losses)	on
investments			14	3,378,446			3,378,446
Net income / (expenditure)				2,954,385	(36,500)	12,176	2,930,061
Transfers between	funds
Net movement in funds				2,954,385	(36,500)	12,176	2,930,061
Reconciliation offunds
Total funds brought	forward			19,118,763	111,118	85,734	19,315,615
Total funds carried forward				22,073,148	74,618	97,910	22,245,676

			2022	2021
		Note	8
Fixed assets
Intangible Fixed Assets		12	126,733
Tangible assets		13	864,930	1,089,122
Investments
- listed		14	17,866,177	18,075,110
-other		14	1,500,000	1,100,000
			20,357,840	20,264,232
Current assets
Stocks		15	45,000
Debtors		16	1,577,677	386,206
Cash at bank and in	hand		1,583,456	2,671,730
			3,206,133	3,057,936
Creditors: amounts	falling	17
due within one year			(968,469)	(960,992)
Net current assets			2,237,664	2,096,944
Total assets less current liabilities			22,595,504	22,361,176
Creditors: amounts	falling	17
due within one year			(117,150)	(115,500)
Net Assets			22,478,354	22,245,676
Chadty Funds
Restricted funds		19	1,088,912	97,910
General income funds			1,250,015	19,466,297
Revaluation reserves			940,646	2,606,851
Designated funds			19,198,781	74,618
Total unrestricted income funds		20	21,389,442	22,147,766
Total Funds			22,478,354	22,245,676

							31August	31August
							2022	2021
Cash flow from operating		activities			22		(1,098,811)	(841,523)
Net cash	flow from operating			activities			(1,098,811)	(841,523)
Cash flow from investing		activities
Payments	to acquire investments						(619,783)	(16,151,723)
Receipts	from sales of investments							17,086,512
Interest received							4,198	390
Dividends	received						510,573	517,974
Rents received							115,549	114,415
Net cash	flow from investing		activities				10,537	1,567,568
Net increase) (decrease)		in	cash and cash equivalents				(1,088,274)	726,045
Cash and	cash equivalents		at	1 September 2021			2,671,730	1,945,685
Cash and	cash equivalents		at	31 August 2022			1,583,456	2,671,730
Cash and	cash equivalents		consists of:
Cash at bank and in hand							1,583,456	2,671,730
Cash and	cash equivalents		at	31August 2022			1,583,456	2,671,730
Analysis	ofchanges in net debt:
						2021	Cashflow	2022
						6
Cash and	cash equivalents					2,671,730	(1,088,274)	1,583,456

Income	from charitable	activities	2022	2021
			8
Course	income		1,347,702	1,177,897
Aptitude	test fees and sundry	income	61,280	47,199
			1,408,982	1,225,096

Other income	Other income			2022 6	2021f
Rent receivable				95,549	94,415
Licence	fees and	related income		20,000	20,000
Sundry	income			18,814
Furlough	grants:	UK Coronavirus	Job Retention Scheme		5,430
				134,363	119,845

Other income was 8134,363(2021: I'.119,845)which was entirely attributable	Other income was 8134,363(2021: I'.119,845)which was entirely attributable	to general	unrestricted funds.
Cost of raising funds		2022	2021
		p	8
Publicity, fundraising and	charity development	294,242	260,858
Investment management	fees		49,112
Investment property costs		5,050	18,052
		299,292	328,022

Activities	Grant
undertaken	funding	Support	2022	2021
directly	activities	costs	Total	Total
	6		6	6
1,542,197	283,900	915,581	2,741,678	2,645,189
1,542,197	283,900	915,581	2,741,678	2,645,189

31	Au ust 2022
8	Analysis ofexpenditure	on charitable	activities (continued)	2022	2021
				6	6
	Support costs
	Staff costs			331,399	382,208
	Hotel and travel			29,270	1,768
	Stationery and course development			27,061	27,117
	Printing, artwork 8 brochures			7,378	48,696
	Property and utility costs			113,112	81,207
	Training and recruitment			31,670	45,334
	Depreciation			97,458	114,383
	Equipment and ITcosts			214,703	189,784
	Other sundry costs			19,979	21,240
	Governance costs (note	9)		43,551	59,170
				915,581	970,907


9	Governance costs		2022	2021
				6
	Auditors' remuneration		10,643	10,500
	Trustees' and meeting	expenses	5,864	889
	Trustees' indemnity insurance		5,992	5,913
	Legal and professional	fees	21,052	41,868
			43,551	59,170
10	Net income I(expenditure) for the period		2022	2021
				6
	Total resources expended is stated after charging I(crediting):
	Depreciation		97,459	114,383
	Operating lease rentals		17,759	18,426
	Auditors' remuneration	- audit	11,365	10,500
		-other services		10,655
11	Employee costs and	benefits	2022	2021
	Salaries		1,268,591	1,208,180
	Social security costs		134,487	124,804
	Other pension costs		131,910	124,829
	Compensation for loss	ofoffice		28,064
	Life assurances		3,300	4,247
	Private health insurance		15,415	12,375
			1,553,703	1,502,499

the period w	as as follow
2022	2021
Number	Number

The average numbe	r ofem	ployees during the period (e	xcluding directors) was:
			2022	2021
			Number	Number
Education team staff			19	23
Partner engagement			10	8
Administrative and	support	staff	10	9
			39	40
Full time equivalent	staff		38	39

Intangible fixed assets
		Computer
		Software	Website	Total
		F	6	6
Cost
Transfer		266,457	48,000	314,457
Disposals
31August 2022		266,457	48,000	314,457
Depreciation
Transfer		106,432	18,400	124,832
Charge for the period		53,292	9,600	62,892
31 August 2022		159,724	28,000	187,724
Net book value
31 August 2022		106,733	20,000	126,733
Tangible fixed assets
		Office
		furniture
	Freehold	and	Motor
	property	equipment	vehicles	Total
	6		E	8
Cost
1 September 2021	1,357,406	501,073	20,798	1,879,277
Additions
Disposals ITransfer		(314,457)		(314,457)
31 August 2022	1,357,406	186,616	20,798	1,564,820
Depreciation
1 September 2021	472,311	297,046	20,798	790,155
Transfer		(124,832)		(124,832)
Charge for the period	23,148	11,419		34,567
31 August 2022	495,459	183,633	20,798	699,890
Net book value
31 August 2022	861,947	2,983		864,930
31 August 2021	885,095	204,027		1,089,122

Fixed asset investments		2022
Listed investments
Market value at 31August 2021		18,075,110
Additions during the period		619,783
Disposal proceeds		0
Net investment gains / (losses)		(828,716)
Market value at 31August 2022		17,866,177
Historical cost at 31August 2022		18,194,435
UK listed investments are represented	by:
Investment trusts and unit trusts		17,866,177
		17,866,177
Investment property
Market value 31 August 2021		1,100,000
Revaluation gain / (loss)		400,000
Market value 31August 2022		1,500,000

	November 2021 when the property was professio Fine and Country respectively.	nally valued by ehB Reeves, Loveitts, Warei	ng &Co., a
15	Stocks	2022	2021
			6
	Goods for resale	45,000
16	Debtors	2022	2021
			8
	Trade debtors	422,152	309,887
	Prepayments	129,284	44,800
	Accrued income	1,023,385	30,002
	Other debtors	2,856	1,517
		1,577,677	386,206

17	Creditors: amounts year	falling due within one	2022	2021f
	Trade creditors		284,302	149,300
	Taxation and social	security	43,143	28,758
	Accruals		199,737	223,129
	Deferred income		433,899	558,305
	Rent deposit		1,500	1,500
	Other creditors		5,888
			968,469	960,992
	Creditors: amounts	falling due after more	2022	2021
	than one year		8
	Deferred income		117,150	115,500
18	Deferred income		2022	2021
			8	6
	Brought forward		673,805	712,115
	Released to SoFA		(550,275)	(633,273)
	Deferred income received this period		427,519	594,963
	Carried forward		551,049	673,805

		Balance	Balance				Gains/(Losses)	Balance
		31	August	Incoming			on	31August
			2021	resources	Expenditure	Transfers	Assets	2022
			8	6
Scholarships	Fund			281,500	(281,500)
Bursaries			14,500		(6,500)	(5,000)		3,000
Rise Project			35,059			(10,829)		24,230
Benefactors	Fund		48,351	8,966	(11,100)	(29,675)		16,542
The Mercers	Company			40,175	(8,035)			32,140
TG Gray Charitable		Trust		1,013,000				1,013,000
			97,910	1,343,641	(307,135)	(45,504)		1,088,912
		Balance					Gains/(Losses)	Balance
		31August		Incoming			on	31August
		2020		resources	Expenditure	Transfers	Assets	2021
Scholarships	Fund			273,700	(273,700)
Bursaries			21,000		(6,500)			14,500
Rise Project			35,059					35,059
Benefactors	Fund		29,675	18,676				48,351
Liaison officers				8,900	(8,900)
			85,734	301,276	(289,100)			97,910

			Balance			Gains/(Losses)	Gains/(Losses)	Balance
			31August	Incoming			on	31August
			2021f	resources	Expenditure	Transfers	Assets	2022 6
General funds			19,466,297	2,358,723	(2,616,876)	(17,958,129)		1,250,015
Revaluation	reserve		2,606,851			(1,237,489)	(428,716)	940,646
Designated	funds:
2011 Fund			74,618		(19,500)	(48,000)		7,118
Fixed Asset		Fund			(97,459)	1,089,122		991,663
SPH Maintenance						200,000		200,000
Investment		Fund				18,000,000		18,000,000
			22,147,766	2,358,723	(2,733,835)	45,504	(428,716)	21,389,442
			Balance			Gains/(Losses)		Balance
			31August	Incoming			on	31August
			2020	resources	Expenditure	Transfers	Assets	2021
						6	E
General funds			14,894,123	2,223,550	(2,647,611)		4,996,226	19,466,297
Revaluation	reserve		4,224,631				(1,617,780)	2,606,851
Designated	funds:
2011 Fund			111,118		(36,500)			74,618
			19,229,881	2,223,550	(2,684,111)		3,378,446	22,147,766

Net assets		between funds
			Fixed	Net Current	Non-Current	Total
			Assets	Assets	Liabilities	31 Aug 2022
				8	Z
Unrestricted		Fund	1,366,177	893,614	(69,130)	2,190,661
Unrestricted		funds at 31 August 2022	1,366,177	893,614	(69,130)	2,190,661
Designated		Fund	18,991,663	207,118		19,198,781
Designated		funds at 31 August 2022	18,991,663	207,118		19,198,781
Restricted	Fund			1,136,932	(48,020)	1,088,912
Restricted funds at 31 August 2022				1,136,932	(48,020)	1,088,912
Total funds		at 31August 2022	20,357,840	2,237,664	(117,150)	22,478,354

Reconciliation ofne	t income	to net cash flow from operat	ing activities
			2022	2021
			F
Net income / (expenditure) for the period			232,678	2,930,061
Dividends received			(510,573)	(517,974)
Rents from investment	properties		(115,549)	(114,415)
Interest receivable			(4,197)	(390)
Depreciation offixed	assets		97,459	114,383
(Gains) / losses on investments			428,716	(3,378,447)
(Increase) / decrease	in stock		(45,000)
(Increase) / decrease	in debtors		(1,191,471)	20,219
Increase / (decrease)	in creditors		9,126	105,040
Net cash flow from operating		activities	(1,098,811)	(841,523)

23	Commitments under operating leases	Commitments under operating leases	Commitments under operating leases	Commitments under operating leases
								2022 6	2021f
	Total future minimum lease		payments	under non-cancellable			operating
	leases are as follows:
	Not later than one year							9,135	11,983
	Later than one and not	later than five		years				10,579	3,936
								19,714	15,919
	Total future minimum lease		payments	receivable		under non-cancellable
	operating leases are as	follows:
	Not later than one year							20,417	95,584
	Later than one and not	later	than five	years				20,376	34,450
								40,793	130,034
	The trust lets its investment		property, Smallpeice			House, under a lease expiring		September	2022; and als
	office space comprising	a room at its operating			premises.
24	Capital commitments
	At the 31 August 2022 the charity has			committed		a total off47,000(2021:LNil).
25	Ultimate Controlling Party