2023-08-31-accounts - Smallpeice Trust Limited

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The Smallpeice Tiust Annual Report & Financial Statemen ¥"foi the year en I lugust Z023 CompanyRe8i5tered NUmbr..tlfi8237l RegisteredCharltyNumber.'313719 smollpeice smallpeicetrust.org.uk Dare to imagine

Charity N	Charity N	ame:	ame:	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		(resigned 7 September				2023)
				Prof Alison Halstead —Chairman					(from 7 September		2023)
				Mr lan Jess (resigned	9 March 2023)
				Mr Trevor Gill
				Mr Gavin Thompson
				Mrs Glynis Dean
				Ms Jacqueline Newsome
				Mr Abiram Ganeshanathan
				Mr Graham Heaven
				Mr Andrew Parker (appointed				8June 2023)
				Ms Fatemeh Dehghan	(appointed				8June 2023)
				Mr Stephen Robins (appointed				8	June 2023 resigned		18	July	2023)*
Principal	members		of staff:	Dr Kevin P Stenson - Chief			Executive (resigned			18	July	2023)
				Mr Stephen Robins —Interim			Chief Executive (appointed					18July 2023)*
				Ms Lisa Foster - Chief Operating					Officer
				Ms Caroline Broadway —Director					of Engagement
				Mrs Deborah Austin	—Head			of	Finance and	Company		Secretary		(appointed	1
				September 2023)
Registered		office:		Holly House
				74 Upper Holly Walk
				Leamington Spa
				CV32 4JL
Bankers:				Lloyds TSBBank Pic
				73The Parade
				Leamington Spa
				CV32 4BB
Solicitors:				BPESolicitors LLP
				StJames' House
				StJames' 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	31 August	31August
				funds	funds	funds	2023	2022
Income from:			Note	P		F	f
Donations and legacies			3	320,971		316,242	637,213	1,644,249
Charitable activities			4	1,553,703			1,553,703	1,408,981
Investments			5	554,925			554,925	514,771
Other			6	95,499			95,499	134,363
Total income				2,525,098		316,242	2,841,340	3,702,364
Expenditure on:
Raising funds			7	278,033			278,033	299,292
Charitable activities			8	3,726,653	94,556	331,289	4,152,498	2,741,678
Total expenditure				4,004,686	94,556	331,289	4,430,531	3,040,970
Net Operating income (expenditure)		/		(1,479,588)	(94,556)	(15,047)	(1,589,191)	661,394
Net gains /(losses)	on
investments			14	(311,546)			(311,546)	(428,716)
Net income / (expenditure)				(1,791,134)	(94,556)	(15,047)	(1,900,737)	232,678
Transfers between	funds		19/20	916,300	(1,000,000)	83,700
Net rnovernent in funds				(874,834)	(1,094,556)	68,653	(1,900,737)	232,678
Reconciliation offunds
Total funds brought	forward		19/20	2,190,661	19,198,781	1,088,912	22,478,354	22,245,676
Total funds carried forward				1,315,827	18,104,225	1,157,565	20,577,617	22,478,354

				Unrestricted	Unrestricted
				General	Designated	Restricted	31August
Income from:			Note	funds f	funds	fundsf	2022
Donations and legacies				300,608		1,343,641	1,644,249
Charitable activities				1,408,981			1,408,981
Investments				514,771			514,771
Other				134,363			134,363
Total income				2,358,723		1,343,641	3,702,364
Expenditure on:
Raising funds			7	299,292			299,292
Charitable activities			8	2,317,584	116,959	307,135	2,741,678
Total expenditure				2,616,876	116,959	307,135	3,040,970
Net Operating income		/		(258,153)	(116,959)	1,036,506	661,394
(expenditure)
Netgains/(losses)	on
investments			14	(428,716)			(428,716)
Net income / (expenditure)				(686,869)	(116,959)	1,036,506	232,678
Transfers between	funds			(19,195,618)	19,241,122	(45,504)
Net movement in funds				(19,882,487)	19,124,163	991,002	232,678
Reconciliation offunds
Total funds brought	forward			22,073,148	74,618	97,910	22,245,676
Total funds carried	forward			2,190,661	19,198,781	1,088,912	22,478,354

					Note	2023f	2022
Fixed assets
Intangible Fixed Assets					12	63,842	126,733
Tangible assets					13	840,383	864,930
Investments
- listed					14	18,304,631	17,866,177
- other					14	1,500,000	1,500,000
						20,708,856	20,357,840
Current assets
Stocks					15	27,500	45,000
Debtors					16	572,287	1,577,677
Cash at bank and	in		hand			1,045,841	1,583,456
						1,645,628	3,206,133
Creditors: amounts		falling			17
due within one year						(1,641,332)	(968,469)
Net current assets		/	(liabilities)			4,296	2,237,664
Total assets less	current			liabilities		20,713,152	22,595,504
Creditors: amounts			falling	due after	17
more than one year						(135,535)	(117,150)
Net Assets						20,577,617	22,478,354
Charity Funds
Restricted funds					19	1,157,565	1,088,912
General income funds						686,727	1,250,015
Revaluation reserves						629,100	940,646
Designated funds						18,104,225	19,198,781
Total unrestricted	income funds				20	19,420,052	21,389,442
Total Funds						20,577,617	22,478,354

31August 2023
					31August	31August
					2023	2022
						F
Cash flow from operating	activities		22		(356,277)	(1,098,811)
Net cash flow from operating activities					(356,277)	(1,098,811)
Cash flow from investing	activities
Payments to acquire investments Receipts from sales of investments					(750,000)	(619,783)
Interest received Dividends received Rents received					32,357 522,568 13,737	4,198 510,573 115,549
Net cash flow from investing activities					(181,338)	10,537
Net increase I(decrease)	in cash and cash	equivalents			(537,615)	(1,088,274)
Cash and cash equivalents	at 1 September	2022			1,583,456	2,671,730
Cash and cash equivalents	at 31 August 2023				1,045,841	1,583,456
Cash and cash equivalents	consists of:
Cash at bank and in hand					1,045,841	1,583,456
Cash and cash equivalents	at 31 August 2023				1,045,841	1,583,456
Analysis ofchanges in net debt:
				2022 f	Cashf low f	2023
Cash and cash equivalents				1,583,456	(537,615)	1,045,841

6	Other income	2023	2022
	Rent receivable Licence fees and related income Sundry income	21,702 20,000 53,797	95,549 20,000 18,814
		95,499	134,363

Cost ofraising funds	Cost ofraising funds		2023	2022
Publicity, Investment	fundraising and management	charity development fees	262,721	294,242
Investment	property costs		15,312	5,050
			278,033	299,292

			Activities	Grant
			undertaken	funding	Support	2023	2022
			directly	activities	costs	Totalf	Total
Provision of educational	courses events	and	2,858,083	258,115	1,036,300	4,152,498	2,741,678
			2,858,083	258,115	1,036,300	4,152,498	2,741,678

TES ON FINANCIAL STATEMEN Au ust2023	TS (continued)
Analysis ofexpenditure on charitable	activities (continued)	2023 f	2022f
Support costs
Staffcosts Hotel and travel Stationery and course development Printing, artwork 8 brochures Property and utility costs Training and recruitment Depreciation Equipment and ITcosts Bad debts		467,913 7,130 17,574 107,620 47,309 87,438 237,431 17,600	331,399 29,270 27,061 7,378 113,112 31,670 97,458 214,703
Other sundry costs Governance costs (note 9)		14,416 66,869	19,979 43,551
		1,071,300	915,581

	As stated per the accounting	policies, support	costs are allocated	to the Trust's	one charitable
	activity.
	Governance costs			2023	2022f
	Auditors' remuneration Trustees' and meeting expenses Trustees' indemnity insurance Legal and professional fees			13,818 11,606 3,464 37,981	10,643 5,864 5,992 21,052
				66,869	43,551
10	Net income / (expenditure)	for the period		2023 f	2022f
	Total resources expended is stated after charging		/ (crediting):
	Depreciation Operating lease rentals Auditors' remuneration - audit -other	services		87,438 13,760 17,273 522	97,459 17,759 11,365
	Employee costs and benefits			2023 f	2022
	Salaries Social security costs Other pension costs Compensation for loss of office			1,502,577 157,332 156,131 52,510	1,268,591 134,487 131,910
	Life assurances Private health insurance			6,971 15,919	3,300 15,415
				1,891,440	1,553,703

the period w	as as follow
2023	2022
Number	Number

			2023	2022
			Number	Number
Education	team staff		21	19
Partner engagement			9	10
Administrative and		support staff	10	10
			40	39
Full time	equivalent	staff	38	38

3'I	August 2	023
12	Intangible	fixed assets
				Computer
				Softwaref	Website	Totalf
	Cost
	1 September 2022 Disposals			266,457	48,000	314,457
	31 August	2023		266,457	48,000	314,457
	Depreciation
	1 September 2022			159,724	28,000	187,724
	Charge for the period			53,291	9,600	62,891
	31 August	2023		213,015	37,600	250,615
	Net book	value
	31 August	2023		53,442	10,400	63,842
	31 August	2022		106,733	20,000	126,733
13	Tangible fixed assets
				Office
				furniture
			Freehold	and	Motor
			property E	equipment	vehicles f	Total
	Cost
	1 September 2022		1,357,406	186,616	20,798	1,564,820
	Additions
	Disposals	ITransfer			(20,798)	(20,798)
	31 August	2023	1,357,406	186,616		1,544,022
	Depreciation
	1 September 2022		495,459	183,633	20,798	699,890
	Disposals Charge for the period		23,148	1,399	(20,798)	(20,798) 24,547
	31 August	2023	518,607	185,032		703,639
	Net book value
	31 August	2023	838,799	1,584		840,383
	31August	2022	861,947	2,983		864,930

Fixed asset investments									2023
Listed investments
Market value at 31August 2022									17,866,177
Additions during the period Disposal proceeds									750,000
Net investment gains / (losses)									(311,546)
Market value at 31August 2023									18,304,631
Historical cost at 31 August 2023									18,961,927
UK listed investments are represented		by:
Investment trusts and unit trusts									18,304,631
									18,304,631
Investment property
Market value 31 August 2022									1,500,000
Revaluation gain / (loss)
Market value 31 August 2023									1,500,000
The property was valued by the trustees conservatively based on offers received to			at 31 August 2022 purchase the property				and increased during the year	by f400,000 to f1,500,000 and taking account ofcurrent
market conditions affecting property	sales.		The last formal		external professional			valuation	was undertaken	in
November 2021 when the property Fine and Country respectively.	was professionally			valued		by ehB Reeves,		Loveitts, Wareing &Co., and

November 2021 when the property was professio Fine and Country respectively.	nally valued by ehB Reeves, Loveitts, Wa	reing &Co., a
Stocks	2023f	2022 f
Goods for resale	27,500	45,000
Debtors	2023	2022f
Trade debtors	345,193	422,152
Prepayments Accrued income Other debtors	222,019 1,609 3,466	129,284 1,023,385 2,856
	570,287	1,577,677

17	Creditors: amounts	falling due within one	2023	2022
	year		F	f.
	Trade creditors Taxation and social Accruals Deferred income Rent deposit Other creditors	security	261,097 60,757 890,874 406,011 1,500 21,093	284,302 43,143 199,737 433,899 1,500 5,888
			1,641,332	968,469
	Creditors: amounts than one year	falling due after more	2023	2022f
	Deferred income		135,535	117,150
18	Deferred income		2023	2022
	Brought forward Released to SoFA Deferred income received this period		551,049 (429,699) 420,196	673,805 (550,275) 427,519
	Carried forward		541,546	551,049

The funds of the chari	table compa	ny include res	tricted funds use	d for specif	ic purposes as	follows:
	Balance 31August 2022	Incoming resources	Expenditure	Transfers	Gains/(Losses) on Assets	Balance 31 August 2023
					f
Scholarships Fund Bursaries Rise Project Benefactors Fund The Mercers Company Dr Brewster Fund R Kirkland Scholarship TG Gray Charitable	3,000 24,230 16,542 32,140 Fund	294,500 21,742	(294,500) (3,000) (15,229) (8,855) (4,705)	38,900 44,800		9,001 29,429 27,435 38,900 44,800
Trust	1,013,000		(5,000)			1,008,000
	1,088,912	316,242	(331,289)	83,700		1,157,565
	Balance 31August 2021	Incoming resources f	Expenditure 'Z	Transfers f	Gains/(Losses) on Assets	Balance 31August 2022
Scholarships Fund Bursaries 14,500 Rise Project 35,059 Benefactors Fund 48,351 The Mercers Company TG Gray Charitable Trust		281,500 8,966 40,175 1,013,000	(281,500) (6,500) (11,100) (8,035)	(5,000) (10,829) (29,675)		3,000 24,230 16,542 32,140 1,013,000
	97,910	1,343,641	(307,135)	(45,504)		1,088,912

nrestricted funds
	Balance 31August 2022f	Incoming resources f	Expenditure f	Transfers f	Gains/(Losses) on Assets f	Balance 31August 2023 f
General funds Revaluation reserve Designated funds:	1,250,015 940,646	2,525,098	(4,004,686)	916,300	(311,546)	686,727 629,100
2011 Fund Fixed Asset Fund SPH Maintenance Investment Fund	7,118 991,663 200,000 18,000,000		(7,118) (87,438)	(1,000,000)		904,225 200,000 17,000,000
	21,389,442	2,525,098	(4,099,242)	(83,700)	(311,546)	19,420,052
	Balance 31August 2021f	Incoming resources	Expenditure f	Transfers f Gains/(Losses) on Assets		Balance 31August 2022 f
General funds Revaluation reserve Designated funds:	19,466,297 2,606,851	2,358,723	(2,616,876) (17,958,129) (1,237,489)		(428,716)	1,250,015 940,646
2011 Fund Fixed Asset Fund SPH Maintenance Investment Fund	74,618		(19,500) (97,459)	(48,000) 1,089,122 200,000 18,000,000		7,118 991,663 200,000 18,000,000
22,147,766		2,358,723	(2,733,835)	45,504	(428,716)	21,389,442

Net assets		between funds
			Fixed	Net Current	Non-Current	Total
			Assets f	Assets	Liabilities E	31 Aug 2023
Unrestricted		Fund	1,464,631	216,871	(365,675)	1,315,827
Unrestricted		funds at 31 August 2023	1,464,631	216,871	(365,675)	1,315,827
Designated		Fund	17,904,225	200,000		18,104,225
Designated		funds at 31 August 2023	17,904,225	200,000		18,104,225
Restricted	Fund		750,000	407,565		1,157,565
Restricted	funds at 31 August 2023		750,000	407,565		1,157,565
Total funds		at 31August 2023	20,118,856	824,436	(365,675)	20,577,617

	2023		2022
		f
Net income/ (expenditure) for the period	(1,900,737)		232,678
Dividends received Rents from investment properties Interest receivable Depreciation offixed assets	(522,568) (13,737) (32,357) 87,438		(510,573) (115,549) (4,197) 97,459
(Gains) / losses on investments	311,546		428,716
(Increase) / decrease in stock (Increase) / decrease in debtors Increase / (decrease) in creditors	17,500 1,005,390 691,248	(45,000) (1,191,471) 9,126
Net cash flow from operating activities	(356,277)	(1,098,811)

23	Commitments under operating	leases	leases
						2023	2022
						F	F
	Total future minimum lease payments		under non-cancellable		operating
	leases are as follows:
	Not later than one year					5,674	9,135
	Later than one and not later than	five	years			4,905	10,579
						10,579	19,714
	Total future minimum lease payments		receivable	under non-cancellable
	operating leases are as follows:
	Not later than one year					13,887	20,417
	Later than one and not later than	five	years				20,376
						13,887	40,793
	The trust lets office space comprising		a room at	its operating	premises.
24	Capital commitments
	At the 31 August 2023 the charity	has	committed	a total ofanil (2022:F47,000).
25	Ultimate Controlling Party
	The board ofTrustees control the	charity.
26	Related Party transactions

smolloeice Dare to imagine TheSmallpeiceTrust, 74UpperHollyWalk, LeamingtonSpaCV324JL info@smallpeicetrust.org.uk srnallpeicetrust.org.uk