The Smallpeice Tiust Annual Report & Financial Statemen ¥"foi the year en I lugust Z023 CompanyRe8i5tered NUmb￿r..t￿lfi8237l 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|entirely|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| |14|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