THE SMALLPEICE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 August 2024 Company Registration No. 882371 Registered Charity No. 313719
THE SMALLPEICE TRUST LEGAL AND ADMINISTRATIVE INFORMATION 31 August 2024 Charity Name: The Smallpeice Trust Registered charity number: 313719 Company registered number: 882371 Dirèctors (trustees): The Trustees who held office during the period, and al the dale the Trustees, report was approved, were.. Dr Alan Begg - Chairman (resigned 7 September 20231 ProfAlison Halstead- Chairman (from 7 September 2023} Mr Trevor Gill Mr Gavin Thompson Mrs Glynis Dean Ms Jacqueline Newsome Mr Abiram Ganeshanalhan Mr Graham Heaven Mr Andrew Parker Ms Fatemeh Dehghan Mr Stephen Robins lappoinled 3 January 2024). Mr Stephen Robins - Interim Chief Executive (appointed 18 July 2023, retired 8 December 20231. Ms Helen Culhill - Chief Executive (appointed 2 January 20241 M5 Lisa Foster - Chief Transformation Officer Ms Caroline 8roadway- Director of Engagement (ceased 4 April 2024) Mrs Deborah Austin 2023) Director of Internal Operations lappoinled 1 September Prlncipal members of staff: Reglstered office.. Holly House 74 Upper Holly Walk Leamington Spa CV32 4JL Bankers: Lloyds TS8 Bank PIC 73 The Parade Leaminglon Spa CV32 4BB Solicitors". Acuity Law 103 Colmore Row Birmingham B3 3AG Auditors.. Dains Audit Limited 2 Chamberlain Square Paradise Birmingham B3 3AX Investment Managers: CCLA Investment Managers Limited One Angel Lane London EC4R 3AB 'Mr Stephen Robins stepped down as interim CEO on 8 December 2023 to return to the role oftruslee
THE SMALLPEICE TRUST CHAIRMAN'S REPORT 31Au ust 2024 This past year, the Trust has continued lo make a significant impact in inspiring young people lo pursue careers in engineering and related disciplines. There have been over 65,000 young people engaged across our programs. The strong commitment lo gender diversity has been maintained with a female participation at 550A. June saw the launch of an inaugural partner event, where the findings from our Science, Tecl?nology, Ei?gineerii?g and Matlis (STEM) for Girts initiative were presented. These insights have guided the enhancement of the content of programs for the upcoming 2024125 period. 2024 saw the arrival of the new CEO Helen Cuthill, who quickly established herself and set a clear vision for the fvlure.. "Through STEM, i17spire tlie yoiii?g people of loday lo becoine the chaipgemakers of toinorrow. With this vision in mind, the new mission has been defined as follows., "To iiispire yoiiiig people from all backgroiinds to engage in STEM Ihrough eiigagii?g, sustainable, and educalional activkies delivered by passionate experts and parti?ers. Under the new CEO the Trust has been reslruclured to ensure greater focus and efficiency within each department. The newly formed Scl?ools STEM team now fo¢uses on delivering impactful STEM experiences lo schools on a national scale. The Coii?Ip?iinity Team integrates the Arkwright and Course programs with an expanded reach lo support young people who may be disengaged from traditional education systems. In addition, a Contentandlmpact tearn has been established lo driv& content creation, impact research, and reporting. The development of the 202412025 strategy followed the reorganisalion and enabled all staff, scholars and alumini to input. Aligned with this strategic foundation a number of experimental pilots have been designed lo encoLtrage innovation, stretching the Trust to explore new possibilities and solidify our strategic approach. The experimental nature of these pilots will foster a cycle of development, experimentation, and integration, positioning the Trust for sustained success in the years ahead. As we look toward the next 12 months, l am oplimisli¢ about the future and excited to witness the Trust's progress and growth under this renewed vision and direction. Professor Alison Halstead Chairman, The Smallpeice Trust
THE SMALLPEICE TRUST TRUSTEES REPORT 31Au ust 2024 The trustees, who are the directors of the charitable company, present their report and the financial statements for the year ended 31 August 2024 which are also prepared for the purpose of meeting the requirements for a directors report and accounts for Companies Act purposes. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the ac¢ounting policies sel out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland PLtblished in October 2019. OBJECTIVES AND ACTIVITIES The Iruslee5 have taken note of and acted upon the Charity Commission guidance on Public Benefit in determining the Policies, Aims and Objectives of the Trust, details of which are slated throughout the Trustees, Report. The vision of The Smallpeice Trust is lo inspire increasing numbers of young people lo acquire life, leadership and engineering skills, in order to increase the number of engineers, to enable society to solve Ihe problems of tornorrow. We aim lo increase the number of students entering professional engineering careers, which can be accessed by Level 3+ qualifi¢alions (Level 3 includes advanced apprenticeships and T Levels). The Trust's activities largel students aged 8 engineering careers, 18 years and are specifically designed lo inspire, inform and influence them regarding The outcornes we seek via our activities are young people that.. are enlhusiaslic in science and maths subjects consider engineering as a career through additional research seek extra-curricular opportunities to build their knowledge of engineering investigate how the manufactured world works (are curious about how things workl ¢hoose Science, Technology, Engineering and Mathematics ISTEMI subjects post-16 We have three programmes of activities.. I. STEM Programmes, including.. STEM Challenge Days.. Trust led full day or half day hands on activities, delivered face lo face or virtually b. Bespoke programmes.. using a mix of current products and bespoke elements to meet funder requirements, some programmes are fully bespoke e.g the teacher led Coding Success. 2. Courses, Out of school, week-long courses for12 - 17-year olds th81 enable students to engage in hands- on challenges working alongside role model engineers in order to help them make informed decisions about engineering as a career, and regarding potential pathways. 3. Arkwright Engineering Scholarships.. a 2-year programme for 16-18 years old that have been identified by the Trust's rigorous selection process as being high potential future leaders in engineering. The Trust Constantly seeks new and additional partners to support ils work. STRUCTURE GOVERNANCE AND MANAGEMENT Governing instrument The charity is a company limited by guarantee and not having a share capital. As such il is governed by its Mernorandum and Articles ofAssociation.11 was incorporated on 28 June 1966. Members The subscribers to the Memorandum of Association and other persons elected by the trustees shall, with their agreement be admitted to membership of the company. The number of mernbers is generally limited lo fifty but the trustees have the power to increase this number from time to time. The liability of members is Limited lo £1 ea¢h.
THE SMALLPEICE TRUST TRUSTEES REPORT 31Au ust 2024 STRUCTURE GOVERNANCE AND MANAGEMENT (CONTINUED) Trustees The trustees of the charity are the directors of the company. The first directors were nominated by the subscribers to the Memorandum of Association. The trustees have the power to appoint any person to be a director and remove any director from office. The minimum number of directors is two and the maximum is eleven. The number of directors can be increased by agreement with the Iruslees. There is a standing request for trustees to nominate, to the Chairman, people who are thought suitable lo become Iruslees. If agreed appropriate, the Chairman then invites such people to apply to become a Trustee in line with the Trust's recruitment policy and procedure, including the appropriate safer recruitment checks for the role of Trustee. The Iruslees seek a cross section of people with a good balance of skills and experience with a view lo obtaining a Board of Trustees able lo effectively govern the charity and particularly develop ils activities and move it forward to meet changing needs. The Iruslee appointment process includes a detailed introduction to the work of the Trust by the Executive Team and Senior Management Team, the role and responsibilities of a director and trustee are explained by the chair of the Board and an induction pack provided with information about the Trust and further guidance to support new Iruslees, Vhen appropriate the trustees consult wlh the charity's Solicitors, Auditors and Investment Advisers for professional advice. The charity's professional advisers provide regular newsletters and technical updates which are available for all trustees, as are all appropriate new publications appearing on the Charity Commission website. The Iruslees who held office during the period and at the date of this report are shown in the legal and administrative information on page 1. The Trust had during the period four sub-committees of trustees,, 1, Finance Audit and Compliance 2. Human Resources and Remuneration 3. IT and Processes 4. Strategic Implementation These sub-committees have been established by the trustees and are appointed lo make recommendations to the board. Change in Trustees Mr Stephen Robins resigned as a Trustee on 18 July 202310 lake up the role of our interim CEO until the 8 December 2023. before returning to his post a5 trustee on 3 January 2024 and Dr Alan Begg resigned as a Trustee on 7 September 2023. Management Day lo day management of the charity is delegated to the Chief Executive and her staff who operate within plans and financial budgets agreed with the Iruslees, The Chief Executive also regularly consults with and takes advice from the charity's professional advisers. Setting of Key Management Personnel Remuneration The Smallpeice Trust's Hurnan Resources and Remuneration subcommittee (a working group oftrusteesl oversees the remuneration of the Trust's executive team and establishes market rates consistent with our sector. The Trust's appraisal process establishes colleagues, aspirations for their career and how the Trust can support this achievement.
THE SMALLPEICE TRUST TRUSTEES REPORT (continued) 31Au ust 2024 STRUCTURE GOVERNANCE AND MANAGEMENT (CONTINUED) Principal risk and uncertainties Vvorking with The Smallpeice Trust's executive team, the Board of Trustees undertakes an annual review of strategic risks and these assessments are recorded in a register in decreasing order of impact. Systems and procedures have been established to manage those risks. The principal risk for The Smallpeice Trust is Safeguarding the beneficiaries of our programmes. The Trust is ommitled lo providing safe environments in which young people can explore and develop their potential as an engineer and has appointed Jacqui Newsome as the lead trustee for Safeguarding. Furthermore, the Trust has a Designated Safeguarding Lead and cross-organisation Safeguarding reference group with oversight of the annual review of the Trust's Safeguarding policy, and the Trust's comprehensive safeguarding policies and procedures. including pcruitment and DBSIPVG checks. The Trust will not compromise on the Safeguarding of the beneficiaries of our programmes. In common with all organisalions, a principal risk for The Smallpeice Trust is reduced spending power resulting from reduced income {predominantly from charitable activities or investment income). During the course of 2023124 this pnncipal risk has continued to be in sharp fo¢us as a result of the ongoing impact of the COVID-19 global pandemi¢, Brexit, the war in Ukraine, and its impact on the global economy. Vvhilsl the Trust miligales against income reduction through the appointment of internal professional fundraisers (for income for charitable acliviliesl and external professional investment managers (for investment income), the impact of the current cost of living crisis is ongoing, Another principal risk for The Smallpeice Trust surrounds the safely of the data we hold regarding the beneficiaries of our programmes In order lo mitigate against this risk, the Trust constantly reviews its cyber security control measures. Fundralsing Standards Informatlon The Smallpeice Trust did not contract with any third party fundraisers during the year. The Trust employs a Fundraising and Business Development Team who initiate campaigns and support fundraising activities. We have received no fundraising complaints during the year. The Trust only makes fundraising approaches lo partners and funders who have given explicit consent to receive such campaign documentation under GDPR guidelines. Fundraislng Within this period, the Trust continued to be more a¢tive in fundraising to secure its underlying investment value and lo ensure the future quality of its activities are not compromised. Whilst recognising the last 12 months have remained a challenging time in which to fundraise and deliver programmes, it has helped us. working with our partners, to find new ways lo reach students and inspire them to be the engineers of the future. Our approach to fundraising with our partners continues to be informed by our shared commitment lo evidence of need, and increasing impact, The Trust constantly seeks new and additional partners lo support ils work. Volunteers As the provider of educational programmes for young people, the Trust is indebted lo the volunteers that supported the delivery of our programmes during thi5 year. We welcome the opportunity lo work with increasing numbers of volunteers, we acknowledge those who supported our work to inform, influence, and inspire young people either in secure face lo face or virtual environments.
THE SMALLPEICE TRUST TRUSTEES REPORT (continued) 31Au ust 2024 STRUCTURE GOVERNANCE AND MANAGEMENT {CONTINUEDI Indemnity insurance Indemnity insurance, covering all trustees, was in place throughout the whole period. ACHIEVEMENTS AND PERFORMANCE Educational Activities STEM in Schools Introducing students to the exclting world of engineering Key stats.. 900A of students who learned something new. 93 /u of students who enjoyed the STEM Day. 1000k ol teachers who rated STEM event excellent or good. No. of schools who received a STEM event.. nearly 1,000 No. students reached (Excluding Coding Su¢cessl'. 51,978 No. students reached Icoding Success".) 12,000 Basod oi? available feedback for 202312024 STEM Eveiits Codiiig siiGcess assu17?es 60 sliidei?ts reaclied per I teaGI?er. The STEM 117 Scl?ools program continues to grow from strength lo strength, successfully delivering both our core STEM events and tailored STEM aclivilies, This achievement highlights the adaptability and agility of our dedicated team. With the establishment of a specialised Schools Engagement team, we are now belter positioned to develop and sustain meaningful relationships with schools. enablin9 more direct support. The team has performed exceptionally well this year, and we are pleased to recognise their success and the positive impact of their efforts. STEM courses Exploring the world beyond the classroom Key slats.. 18 courses reaching 856 students 550/0 fernale, non-binary, or other. 500/0 from an ethnic minority 314 places fully funded 860/0 of students increasing their interest in engineering 970/0 of students increasing their awareness of routes into engineering 910/0 of students who will consider studying engineering in future "in future these categories will be reported separately as our evaluation framework has been updated for 2024125. The Explori17g Engii?eerii?g program has continued to strengthen over the past year, receiving highly positive feedback from students as we move into our second year and broaden the program's conlenl. Several courses have proven exceptionally popular, resulting in long wailing lists. To address this demand, we plan to create additional sessions for these high-demand courses in 2024125 and beyond, ensuring more students have the opportunity lo participate.
THE SMALLPEICE TRUST TRUSTEES REPORT (continued) 31Au ust 2024 ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Educational Activities (continued) Arkwright Engineering Scholarships Make a differenca with engineering /0 of last cohort who went to study engineering or a related subject.. 86 % No. scholarship applications., 1534 Scholars allending a Connect Day, 304 No, new scholars (first year): 328 No. partner schools,. 1,200+ This year, the Arkwright team experienced substantial change, particularly with the retirement of several dedicated Liaison Officers who have contributed countless hours supporting young people across the UK in their application journey5. We extend our hearlfell thanks lo Phil Taylor for his outstanding service lo the Arkwright program over the past decade. His ¢ornmilment has been truly exemplary and has left a lasting impact on the program and its participants. The past year also saw a record number of connect days and an expanded mentorship provision, enhancing the support we offer to our scholars. Additionally, we conducted a comprehensive review of the Arkwright program. gathering feedback from a broad range of stakeholders. Based on these insights, we are planning updates for the 2024125 program to further align with the needs and expectations of the young people successful in their application. New partnershlps Working together to ignlte young peoples, interest in englneering Key stats.. Over 140 partners funding activity Nearly 65,000 young people benefited As our network of partners has grown, so too have the depth and strength of our relationships with them. Our partners have been invaluable in shaping the Trust's new direction, providing essential feedback on key focus areas, and supporting our initiatives across the board. This collaborative spirit was evident al our inaugural partnership event, where over 50 sponsors gathered. Attendees not only heard from our CEO and reviewed research findings, teacher, and student panels, but also contributed insights into their key objectives and business requirements for enhancing STEM outreach within their organisations. New Content STEM for Gir15- Following our literature review on how to best engage girls in mixed-gender STEM interventions, we conducted a research project incorporating the recommendations. We found that directly challenging stereotypes, showcasing female role models in STEM and highlighting the social aspects of STEM careers had a positive impact on girls, engagement. Going forward, we are incorporating these elements into our core challenges. New EE Modules- We developed three new modules of content for Engineering Experiences (Civil Engineering, Energy Engineering, and Robotics and Programming). These modules will be a core part ofour Courses offer in the future. New STEM Conlenl - We developed 8 new Primary Live format that was rolled out across 50 schools across the UK. As part ofthe STEM for Girls research, we developed a new Primary and new Secondary STEM Day that ¢an be offered across Schools within the UK. In addition, we reviewed our existing offer and have made incremental improvements for the 202412025 acadernic year.
THE SMALLPEICE TRUST TRUSTEES REPORT (continued) 31Au ust 2024 FINANCIAL REVIEW Results and state of affairs The Trust's total income in¢reased by approx. £330k compared to the previous year., due primarily lo a £21 Ok deed of gift from The Betls-Brown Charitable Trust as well as £188k of improvements acros5 our programme income compared lo the previous year. It is also noted that school strike actions impacted the Trust's ability to deliver prograrnmes in early 2023124 to 115 intended beneficiaries and significant effort was made to rebook and deliver our programmes to eam the associated income during the year. Income from our investments has remained reasonably stable over the last 2 years and this year we have seen the value of our underlying investments begin to increase in value. CCLA Investment Management Limited have been our advisers and although returns are not whatwe would like the investments continue to ouiperfom our benchmark. The Trust has continued to monitor costs, whilst savings were made in certain areas, expenditure increased in others to support the increased promotion and delivery of our programmes and reflecting increases implemented by our suppliers in response to increasing inflation. Total fund balances of the Trust al 31 August 2024 amounted to £21 ,620,681 {2023'. £20.577,617) after gains in the value of investment assets of £1,492,42712023. losses of £311,546). Investment pollcy Under the lerrns of the Trust's Memorandum, no limits are placed on the investment powers of the directors. However, the Trust does not undertake speculative investments but aims lo maintain a balanced portfolio of reliable income producing assets combined with modest capital growth in the longer term. The Trusts quoted investments are invested by CCLA in their COIF Charities Investment Fund - Income Units and performance is benchmarked against a combined comparator ¢omprising MSCI World Index, Markit i8oxx, MSCI UK Monthly Property Index and SONIA. Prlnclpal funding sources Our funding partners continue to represent the principal source of funding for the charity, these are mainly commercial or charitable entities that wish lo support our objects. Funding can be towards our STEM days, residential courses or scholarship programme and often our partners fund a mixture of these. Reserves policy The Trust was incorporated in 1966 with a gift of £1.6 million from the late Dr Cosby D P Smallpeice, following Ihe sale of his engineering company. Martonair. At today's values (based on RPI) this would equate to approximately £40 million Although, under the terms of its Memorandum all funds may be spent, the Trust depends significantly on its income from investmen15 to support its operation. The trustees therefore aim to relain a substantial sum as an endowment. In the long term the Trust expects lo spend only the income but in the short term, capital reserves may be expended to invest in new opportunities or lo ensure continued operation during economic downturns. The effects of the COVID-19 virus as well as the subsequent cost of living crisis have had a substantial impact on the operation of the trust over the last three years. This has resulted in the need for some expenditure of capital reserves, in addition to the investment income, to subsidise the day-lo-day operations of the Trust. It is the trustees aim by 2024125 to move to a p051tion where a greater proportion of the ongoing operations can be funded from other sources. the endowmenl income can then be used lo fund new inilialives that increase the impact of the Trust and lo gradually increase the value of the reserves to a value comparable, after inflation, with the original gift.
THE SMALLPEICE TRUST TRUSTEES REPORT {continued) 31Au ust 2024 FINANCIAL REVIEW (CONTINUED) Reseryes policy (cont) Al 31 August 2024 total reseNes of The Smallpeice Trust stood at £21,620,681. These included., £2,121,526 of unrealised cumulative profits on the value of investments and investment propety which are included in the Balance Sheet at market value. £1,213,335 of reslricled funds, which are primarily to fund scholarships and university bursaries in accordance with restrictions imposed by the donor. £922,267 of designated funds represented by tangible and intangible fixed assets £300,000 of designated funds lo be used towards the upkeep of Smallpeice House. It is expected that most of these funds will be expended during 2024-25. £16,500,000 of designated funds, including the original endowment, being the amount the Trustees deem necessary lo remain invested to generate income towards the core costs of the Trust Free Reserves (including expendable endowment) being those resetves that are freely available lo use towards meeting the Charity's purposes stand at £663,552. Future Plans The hard work of the Trust's team in actively retaining and building partnerships across the organisalion has yielded strong results in 2023124, reflected in the Continued high engagement with Schools, Courses, and Arkwright Scholars. The demand for engineers remains high, yet significant challenges persist. To address these, the Trust will.. 1. Strengthen Partnerships: Pilot collaborations with organisalions in complementary fields like Malhemalics and Technology, as well as those focusing on harder-to-reach communities. This approach aims to creale diverse content and delivery teams that broaden the Trust's impact, 2. Conduct Longitudinal Research.. Study the long-lerm effects of Arkwright Scholarships to explore how they Can create a ripple effect, further supporting the broader engineering Community. 3. Expand Reach Boyond Classrooms: Develop initiatives that extend the Trust's content lo audiences outside traditional classrooms, 4. Keep Offerings Current: Ensure that programs remain relevant and engaging for young people exploring STEM and engineering in a rapidly evolving world. Over the next year, as these initiatives lake shape, the Trust will finalise the inputs and activities of ils Theory of Change model.
THE SMALLPEICE TRUST TRUSTEES REPORT (continued) 31Au ust 2024 These financial statements have been prepared in accordance with the special provisions applicable to small companies subject to the small Companies, regime. In approving the trustees, annual report. we also approve the strategic report therein, in our ¢apacity as company directors. This report was approved by the trustees and aulhorised to issue on 5 December 2024 and are signed on their behalf by.. ProfAlison Halstead Chairman
THE SMALLPEICE TRUST TRUSTEES, RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS The trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Ac¢epled A¢counling Practice). Company law applicable in England & Wales requires the trustees to prepare financial statements for each financial period, which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019., make judgements and estimates that are reasonable and prudent., slate whether applicable UK accounting standards have been followed, subject lo any material departures disc105ed and explained in the financial slalernents., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charity will continue in operation. The Iruslees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and dele¢lion of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and lo establish that the auditor is aware of that information.
THE SMALLPEICE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SMALLPEICE TRUST Opinion We have audited the financial statements of The Sm8llpeice Tru51 (the 'charilable company'l for the period ended 31 August 2024 which comprise the Slalemenl of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes lo the financial stalemenls, 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) In our opinion the financial slatemenls.. give a true and fair view of the slate of the charitable company's affairs as at 31 August 2024, and of ils incoming resources and application of resources, including ils income and expenditure, for the period 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 Companies Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements se¢lion of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'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 lo provide a basis for our opinion. Concluslons r8latlng to going ¢oncern In auditing the financial statements, we have concluded that the trustees, 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 doubl on the charitable company's ability to continue as a going concern for a period of al least twelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Othèr information The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance Conclusion thereon. Our responsibility is lo 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 lo determine whether this gives rise lo a material misstatement in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Iruslees, report (incorporating the strategic report and directors, report) for the financial period for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, report have been prepared in accordance with applicable legal requirements.
THE SMALLPEICE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SMALLPEICE TRUST Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion., adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or the financial statements are not in agreement with the accounting re¢ords and returns,. or certain disclosures of directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit.. or the trustees were not enlilled to prepare the financial statements in accordance with the small companies, regime and lake advantage of the small companies, exemption. Responsibiliti&s of trustees As explained more fully in the trustees, responsibilities statement set out on page 11, the trustee5 (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statemen15 and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative bul lo do so. Auditor's responslbilitl8s for th8 audit of the finan¢lal statements We have been appointed as auditors under section 144 of the Charities Act and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISA5 (UK) will always delecl a material misslalement when il exists. Misslalemenls 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 pro¢edures in line with our responsibilities, outlined above, lo detect material misslalements in respect of irregularities, including fraud. The specific procedures for this engagement and the exlenl to which these are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material mi551alement 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 lo the company through discussions with directors and other management, and from our commercial knowledge and experience of the Gharity 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 company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safely legislation., we assessed the extent of compliance with the laws and regulations identified above Ihrough 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 lo instances of non-compliance throughout the audit.
THE SMALLPEICE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SMALLPEICE TRUST We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered Ihere was susceplibilily lo 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., lesled 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. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited lo. agreeing financial statement disclosures to underlying supporting documenlalion., 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 company's legal advisors. Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including those leading lo a material misstalemenl 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 slalemenls. 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 misrepresenlalion, A further descripiion of our responsibilities for the audit of the financial stalernenls is located on the Financial Reporting Council's website al.. www,frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 01 the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company a nd the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed, J.,,, /,J,ti/J Andrew Morris FCA (senior Statutory Auditor) For and on behalf of Dains Audit Limited Statutory Auditor Chartered Accountants Birmingham December 2024 14
THE SMALLPEICE TRUST STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the ear ended 31 Au ust 2024 Unrestricted General Designated Restricted funds funds funds 31 August 31 August 2024 2023 Income from: Note Donations and legacies Charitable activities Investments Other 4,375 2,069.589 561,089 45,285 220,046 295,840 224,421 2,365,429 561,089 45,285 36,167 2,154,749 554,925 95,499 Total income 2.680,338 515,886 3,196,224 2,841,340 Exp&nditure on: Raising ILJnds Charitable activities 839,544 2,279,463 839,544 2,806,043 111,264 718,085 3,712,446 415,316 Total expendlture 3,119,007 111,264 415,316 3,645,587 4,430,531 Netopèrating income I (expenditurè) {438,6691 1111,264) 100,570 {449,3631 {1,589,1511 Net gains / (losses) on investments 14 1,492,427 1,492,427 1311,5461 Net income l {expgnditurel 1,053,758 {111,2641 100,570 1,043,064 (1,900,737) Transfers beeen funds 19120 315,494 270,694) 144,8001 Net rnovement in funds 1,369,252 {381,9581 55,770 1,043,064 (1,900,737) Reconciliation of funds Total funds brought forward 19120 1,315,827 18,104,225 1,157,565 20,577,617 22,478,354 Total funds carried forward 2,685,079 17,722,267 1,213,335 21,620,681 20,577,617 All income and expenditure derive from continuing activities. The Statement of Financial Activities includes all gains and losses recognised during the period.
THE SMALLPEICE TRUST COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the ear ended 31 Au ust 2023 Unrestricted General Designated funds funds Restricted funds 31 August 2023 Income from: Note Donations and legacies Charitable activities Investments Other 14,425 1,860,249 554,925 95,499 21,742 294,500 38,167 2,154,749 554,925 95,499 Total income 2,525,098 316,242 2,841,340 Exp8nditur& on: Raising funds Charitable activities 718,085 3,286,601 718,085 3,712,448 94,556 331,289 Total expenditure 4,004,686 94,558 331,289 4,430,531 Net Operatlng income I (expenditure) {1,479,5881 194.5561 115,0471 11,589,191) Net gains I (losses} on investments 14 {311,546) (311,546) Net income l (expenditure) 11,791,134) {94.5561 (15,047) {1,900,7371 Transfers beeen funds 916,300 11,000,000) 83.700 Nel movement in funds (874,8341 11,094,556) 68,653 11,900,737) Re¢onciliation of funds Total funds brought forward 2,190,661 19,198,781 1,088,912 22,478,354 Total funds carried forward 1,315,827 18,104,225 1,157,565 20,577,617 All incorne and expenditure derive from continuing activities. The Statement of Financial Activities includes all gains and losses recognised during the period.
THE SMALLPEICE TRUST Company Ragi3tratlon No. 882371 BALANCE SHEET at31 Au ust 2024 2024 2023 Note Fixed assets Intangible Fixed Assets Tangible assets Investments listed other 12 13 106,361 815,906 63,842 840,383 14 14 19,797,058 1.500,000 18,304,631 1,500.000 Current assets Stocks Debtors Cash al bank and in hand 22,219,325 20,708,856 15 16 25,000 150,724 630,704 27,500 572,287 1,045,841 Creditors.. amounts falling due within one year 806,428 17 1,645,628 11,320,882) 11,641,332} Net currant assets l (Ilabilities) 1514,454) 4,296 Totsl assats less currgnt liabilities 21,704,871 20,713,152 Creditors". amounts falling due after more than one year 17 (84,190) {135,535) Net Assets 21,620,681 20,577,617 Charity Funds Restricted funds 19 1,213,335 1,157,565 General income funds Revaluation reserves Designated funds 663.553 2,121,526 17,622,267 686,727 629,100 18,104,225 Total unrestricted income funds 20 20,407,346 19,420,052 Total Funds 21,620,681 20,577,617 These financial slalemenls have been prepared in a¢cordance with the special provisions applicable lo small companies subject to the small companies, regime. The financial statements were approved by the trustees and authorised to issue on 5 December 2024 and are signed on their behalf by.. Prof Alison Halslead Chairman
THE SMALLPEICE TRUST STATEMENT OF CASHFLOWS 31 August 2024 31 August 2024 31 August 2023 Cash flow from operating activities 22 1860,603) 1356,277) Net cash flow from operating activities 1860,6031 (356,277) Cash flow from investing activities Payments lo acquire investments Payments lo acquire fixed assets Interest received Dividends received Rents received {750,000) 1129,3061 28,309 532,780 13,683 32,357 522 568 13,737 Net cash flow from investing activities 445,466 1181,3381 Net In¢rea$e I (decrease) in cash and cash equivalents 1415,137} 1537,615) Cash and cash equlvalents at 1 September 2023 1,045,841 1,583,456 Cash and cash gquivalents at 31 August 2024 630,704 1,045,841 Cash and cash equlvalents Consists of: Cash al bank and in hand 630,704 1,045,841 Ca$h and cash equlvalents at 31 August 2024 630,704 1,045,841 Analysis of changes in net debt: 2023 Cashflow 2024 Cash and cash equivalents 1,045,841 {415,137) 630,704
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS 31 August 2024 General information and basis for preparation The Smallpeice Trust is an incorporated charity in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. The address of the registered office is given in the legal and administrative information on page 1 of these financial slatemenls. The nature of the charity's operations and principal activities are to promote engineering in all its branches as a career lo young people. The charity constitutes a public benefit entity as defined by FRS 102. The finan¢ial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial slalemenls are prepared on a going ¢oncern basis under the historical cost convention, modified to include certain items al fair value, The financial slalemenls are presented in pound sterling 1£) which is the functional currency of the ¢harily and rounded lo the nearest £1. The significant accounting policies applied in the preparation of these financial slalemenls are set out below. These policies have been consistently applied to all periods presented unless otherwise slated. Accounting policies Incoming resources All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income,. the amount can be quantified with reasonable accuracy and receipt is probable. The following specific policies are applied to particular categories of income., Income from donations and legacies, includes grants, donations and gifts. Where enlillemenl is conditional on specific deliverables or performance by the charity, income is recognised when the charity becomes unconditionally entitled lo the monies. Incoming resources from charitable activities are accounted for when earned which also reflects the liming of when activities are scheduled to commence Investment income is included when receivable. Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably, Costs of generating funds are those costs incurred in altracling voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, administrative payroll costs, training and depreciation. These costs are incurred directly in support of expenditure on the objects of the ¢harity and have been allocated lo expenditure on charitable activities being most consistent with use of the resources. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 Accounting policies Icontinuedl Irrecoverable VAT Irrecoverable VAT is included in the expense heading to which the invoice relates. Volunteèrs No amount is included in the financial slalements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees Annual Report Pension contributions The charity operates a defined contribution pension scheme for the benefit of ils employees. Contributions are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the s¢heme. Operating leases Rentals payable under operating leases are Charged as expenditure on a straight-line basis over the period of the lease. Tax The charity is an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the lesls set out in paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Fund accounting Restricted funds are those subjected to restrictions on their expenditure imposed by the donor. Designated funds are unreslricled funds sel aside by the Iruslees for a specific purpose. General funds are unrestricted funds available for use at the discretion of the trustees in fLtrtherance of the charitable objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets al market values. Going Concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The Iruslees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial statements The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able lo continue as a going concern. Tanglble fixed assets Tangible fixed assets are recognised at cost and subsequently measured under the historical Cost model, being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred lo bring the asset to ils current location and ¢ondilion necessary for the asset to work as intended by management. I ndividual items costing less than £1,000 are written off as incurred whilst those Gosting this amounl or more are capilalised as tangible fixed assets. Repairs and maintenance costs are charged to expenditure in the period in which they are incurred. Depreciation commencing in the year of acquisition, is calculated to write off the cost of tangible fixed assets over their eslimaled useful lives al the following rates.. Freehold land Freehold buildings Motor vehicles Educational equipment Furniture and office equipment over 50 years over 4 years over 3 years over 5 years 20
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 Accounting policies {continued) Tangible fixed assets (continued) Any gains and losses on the disposal of tangible fixed assets are recognised in the Statement of Financial Activities in the period that the disposal takes place. Intangiblo fixed assets Intangible assets are amortised on a slraighl line basis over their useful lives. The useful lives of intangible assets are as follows,. Client Relationship Management System Website AMS Database over 5 years over 5 years over 5 years Investments Investments are recognised initially al fair value whi¢h is normally transaction price excluding transaction costs, Subsequently they are measured at fair value as valued by the Trust's investment advisers. Income arising on investments is accounted for as il accrues. Movements in the fair value of investments are shown in net gains and losses on investments in the Statement of Financial Activities. The main form of financial risk faced by the charity's investments is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors lo investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Investment property I nveslment properties are measured at fair value al each reporting dale wth any movements in fair value being shown in net gains and losses on investments in the Statement of Financial Activities and transferred to a revaluation reserve. Stocks Stocks are staled at the lower of cost and estimated selling price less costs to Complete and sell. Cost includes all costs of purchase, Costs of conversion and other costs incurred in bringing stock lo its present location and condition, Cost is calculated using the firsl-in, firsl-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. Debtors and creditors rè¢eivable I payable within one year Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from irnpairment are recognised in expenditure. Provisions Provisions are re¢ognised when the company has a present legal or constructive obligation as a result of past events,. il is probable that an outflow of resources will be required lo sellle the obligation,. and the amount of the obligation can be estimated reliably. Provisions are measured al the present value of the expenditures expected to be required lo sellle the obligation. Financial instruments Financial assots Basic financial assets, including trade and other receivables, cash and bank balances are recognised at transaction price. Other financial assets, including investments in equity instruments and which are not subsidiaries, associates or joint ventures, are initially measured at fair value which is normally transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profil and loss. Financial liabilities Basic financial liabilities, including trade and other payables, and bank loans that are classified as debt are initially recognised al transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 Accounting policies Icontinuedl Judgements In applying aGcounting policies and kay sources of estimation uncertainty In preparing these financial statements, the Trustees are required lo make judgements. estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from those estimates and underlying assumptions are continually reviewed. Key sources of eslimalion uncertainty.. Tangible fixed asse15 are depreciated over their useful lives taking into account residual values where appropriate. The actual lives ofthese as5els are assessed annually and may vary depending in a number of factors. The value of fixed asset investment property is estimated formally, on a cyclical basis, by experienced professional valuers commissioned by the Trustees. The Trustees ¢onsider the value annually and may impair or revalue the properly to reflect prevailing market conditions. Income from donations and legacies 2024 2023 Donations The Betts-Brown Charitable Trust 14,225 210,196 36,167 224,421 36,167 Income from donations and legacies was £224.421 12023.. £36,167) of which £220,046 (2023.. £21,742) was attributable lo restricted funds and £4,375 {2023.' £14,425) attributable to general unrestricted funds. Income from charitable activltles 2024 2023 Course income Scholarships and aplilude lesl fees 1,604,274 761,155 1,495,618 659,131 2,365,429 2,154,749 Income from charitable activities was £2,365,429 {2023'. £2.154,7491 ofwhich £295,840 (2023.. £294,500} was attributable lo restricted funds and £2,069,589 {2023.' £1,860,249} attributable to general unrestricted funds. Investment income 2024 2023 Income from listed investments Bank and deposit interest 532,780 28,309 522,588 32,357 561,089 554,925 I nveslmenl income was £561,089 (2023.. £554,925) which was entirely attributable to general unrestricted funds.
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 other income 2024 2023 Rent receivable Licence fees and related income Sundry in¢ome 13,683 20,000 11,602 21,702 20.000 53,797 45,285 95,499 Other income was £45,28512023'. £95,499) which was entirely attributable lo general unrestricted funds. Cost of raising funds 2024 2023 Publicity, fundraising and charity development Investment management fees Investment property costs 780.493 702,773 59,051 15,312 839,544 718,085 The cost of raising funds was 2839,544 (2023.. £718,085} which was entirely attributable lo general unreslricled funds. Analysis of expenditure on charitable activities Activities undèrtaken directly Grant funding activities Support costs 2024 Total 2023 Total Provision of courses and educational events 1,466,937 305,688 1,033,418 2,806,043 3,712,446 1,466,937 305.688 1,033,418 2,806,043 3,712,446 Activities undertaken directly represent the direct costs of running ¢ourses and educational events. The cost of charitable activities was £2,806,043 {2023'. £3,712,446) of which £415,318 (2023.. £331.289} was attributable to restricted funds, £111,26412023.' £94,556) attributable lo designated unrestricted funds and £2,279.46312023'. £3,286,601) attributable lo general unrestricted funds. Included in expenditure on charitable activities was £305,68812023. £258,115) of grants made during the period in the form of scholarships and bursaries lo individuals and their respective schools, colleges or educational institutions. 23
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31Au ust 2024 8 Analysis of expenditure on ¢haritable activities (continued} Support costs Staff costs Hotel and travel Stationery and course development Printing, artwork & brochures Property and utility costs Training and recruitment Depreciation Equipment and IT costs Bad debts Other sundry costs Governance costs {note 9) 2024 2023 414,961 1,087 20,787 467,913 7,130 17,574 118,911 13,306 111,264 227,618 8,024 46,540 70,920 107,620 47,309 87,438 237,431 17,600 14,416 66.869 1,033,418 1,071,300 As staled per the accounting policies, support ¢ost5 are allocated entirely to the Trust's one charitable a¢livily. Governance costs 2024 2023 Auditors, remuneration Trustees, and meeting expenses Trustees, indemnity insurance Legal and professional fee5 15,000 8.011 3,464 44.445 13,818 11,606 3,464 37,981 70,920 66,869 10 Net income l (expenditure) for the period 2024 2023 Total resources expended is slated after charging I Icreditingl.. Depreciation Operating lease rentals Auditors, remuneration audit other seNices 111,264 19,272 15,000 1,920 87,438 13,760 17,273 522 11 Employee costs and benefits 2024 2023 Salaries Social security costs Other pension cogls Compensation for loss of office Life assurances Private health insurance 1,615,644 170,550 145,577 38,824 6,164 14,800 1.502,577 157,332 156,131 52,510 8,971 15,919 1,991,559 1,891,440 During the year, the Gharily made contractual severance payments totalling £38,82410 4 employees. Al the balance sheet date there were no amounts outstanding. 24
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31Au ust 2024 11 Employee costs and benefits (continued) Pension costs The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Trust in an independently administered fund. The pension cost charge represents contributions payable by the charity lo the fund and amounted to £145,577 (2023.. £156.1311. Amounts payable al the year end were £11.741 . The number of employees earning over £60,000 per year (including benefits) in the period was as follows.. 2024 Number 2023 Number £60,001- £70,000 £70.001 - £80,000 £80,001- £90,000 £140,001 £150,000 Key Management Personnel The total amount of employee compensation (including employers Nll received by key management personnel was £402,69312023'. £366,391). Key management personnel are considered lo be the Trustees and principal members of staff as noted in the legal and administrative information on page 1. The average number of employees during the period (excluding direclorsl was.. 2024 Number 2023 Number Education team staff Partner engagement Administrative and support staff 22 21 10 44 40 Full time equivalent staff 42 38 Trustees No emoluments were paid during the period to any trustee During the period 5 (2023.41 trustees received reimbursement for the cost of travel to and from meetings and a¢commodalion where necessary in the sum of £2, 89012023.. £2,001). The cost of providing trustees and officers insurance during the period amounted 10 £3,46412023'. £3,464). 25
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 12 Intangible fixed assets AMS Database Computer Software Website Total Cost 1 September 2023 Additions 266,457 48,000 314,457 129,306 129,306 31 August 2024 129,306 266,457 48,000 443,763 Depreciation 1 September 2023 Charge for the period 213,015 53,291 37,600 9,600 250,615 86,787 23,896 31 August 2024 23,896 266,306 47,200 337,402 Net book value 31 August 2024 105,410 151 800 106,361 31 August 2023 53,442 10,400 63,842 13 Tangible fixed assets Office furnlture and equlpment Freehold property Total Cost 1 September 2023 Additions 1,357,406 186,616 1,544,022 31 August 2024 1,357,406 186,616 1,544,022 Dèprèciatlon 1 September 2023 Charge for the period 518,607 23,148 185,032 1,329 703.639 24,477 31 August 2024 541,755 186,361 728,116 Ngt book value 31 August 2024 815,651 255 815,906 31 August 2023 838,799 1,584 840,383 2()
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 14 Fixed asset investments 2024 Listed investment5 Market value at 31 August 2023 Additions during the period Disposal proceeds Nel investment gains l (losses) 18,304,631 1,492,427 Market valué at 31 August 2024 19,797,058 Historical Gost at 31 August 2024 18,983,638 UK listed investments are represented by., Investment trusts and unit trusts 19,797,058 19,797,058 Investment property Market value 31 August 2023 1,500,000 Revaluatlon gain I (loss) Market value 31 August 2024 1,500,000 The property was valued by the trustees at 31 August 2022 and increased by £400,000 to £1,500,000 conservatively based on offers received lo purchase the property during the year and taking account of current market conditions affecting property sales. The last formal external professional valuation was undertaken in November 2021 when the property was professionally valued by ehB Reeve5, Loveitts, Wareing & Co., and Fine and Country respectively. 15 Stocks 2024 2023 Goods for resale 25,000 27,500 16 Debtors 2024 2023 Trade debtors Prepayments Accrued income Other debtors 41,464 107,243 345,193 222,019 1,609 3,466 2,017 150,724 572,287
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 17 Creditors: amounts falling due within one year 2024 2023 Trade Gredilors Taxation and social security Accruals Deferred income Rent deposit Other creditors 229,769 38,201 419,416 618,049 1,500 13,947 261,097 60,757 890,874 406,011 1,500 21,093 1,320,882 1,641,332 Creditors: amounts falling due after more than one year 2024 2023 Deferred income 84,190 135,535 18 D8ferred income 2024 2023 Brought fonmard Released to SOFA Deferred income received this period 541,546 {406,011) 566,704 551,045 (429,699) 420,196 Carried forward 702,239 541,546 Deferred income represents £84,73712023'. £118,911) of course sponsorships, and activity and events incom& received in advance and £617,50212023'. £422,635) of donations received in advance in respect to scholarships. 28
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 19 Restrict8d Funds The funds of the charitable company include restricted funds used for specific purposes as follows.. Balance 31 August Incoming 2023 resources Gainsl(Losses) Balance on 31 August Assèts 2024 Expenditure Transfers Scholarships Fund Rise Project 9,001 Benefactors Fund 29,429 The Mercers Company 27,435 Dr Brewster Fund 38,900 R Kirkland Scholarship Fund T G Gray Charitable Trust 1,008,000 The Betts Brown Charitable Trust Fund 295,840 1295.840) {9,0011 (24,820) 113,925) {2,5301 9,850 14.459 13,510 36,370 44,800 (44,800) {69,2001 938,800 210,196 210,196 1,157,585 515,888 (415,316) 144,8001 1,213,335 Balance 31 August Incoming 2022 resources Gainsl{L0588818alanc8 on 31 August Assets 2023 Expenditure Transfe Scholarships Fund Bursaries 3,000 Rise Project 24,230 Benefactors Fund 18,542 The Mercers Company 32,140 Dr Brewster Fund R Kirkland Scholarship Fund T G Gray Charitable Trust 294,500 (294,5001 (3,0001 115,229) 18,855) {4,7051 9,001 29,429 27,435 38,900 44,800 21,742 38,900 44,800 1,013,000 (5,000) 1,008,000 1,088,912 316,242 1331,2891 83,700 1,157,565 The Restncted Funds are mainly to be used to fund scholarships in accordance with restrictions imposed by the donor The T G Gray Charitable Trust Funds are to be used to encourage disadvantaged and female students into engineering. The Betts-Brown Charitable Trust Funds are to be used fund scholarships, bursaries and events within the Arkwright scholarship programme. 29
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 20 Unrestricted funds Balance 31 August Incoming 2023 resources Galnsl(Losses) Balance on Expendlture Transfers 31 August Assets 2024 General funds 686,727 2,680,338 Revaluation reserve 629,100 Designated funds.. Fixed Asset Fund 904,225 SPH Maintenance 200,000 Investment Fund 17,000,000 (3,119,007) 315,494 663,552 2,121,527 1,492,427 1111,2841 129,306 100,000 1500,000) 922,267 300,000 16,500,000 19,420,052 2,660,338 (3,230,271} 144,800) 1,492,427 20,407.346 Balanc8 31 August In¢oming 2022 resources Gainsl(Losses) Balance on 31 August Assets 2023 Expenditure Transfers General funds 1,250,015 2,525,098 Revaluation resetve 940,646 Designated funds.. 2011 Fund 7,118 Fixed Asset Fund 991,663 SPH Maintenance 200.000 Investment Fund 18,000,000 {4,004,686) 916,300 686,727 629,100 {311,5461 17,118) {87,4381 904,225 200,000 17,000,000 {1,000,0001 21,389,442 2,525,098 14,099,242) 183,7001 (311,546) 19,420,052 General funds which includes the revaluation reserve are unreslricled funds available for use at the discretion of the trustees in furtherance of the charitable objectives of the charity. Designated funds are made up of.. the 2011 fund which was sel up using a donation received lo fund scholarships, altendan¢e on Headslart courses and Cambridge University bursaries. the Fixed Asset Fund is the value of unrestricted funds represented by tangible and intangible fixed assets owned by the charity. the Smallpeice Houso Maintenance Fund, which comprises funds earmarked towards the maintenance and upkeep of the Investment property, and the Investment Fund represents the amount of original endowment and accumulated unrestricted reserves that the Trustees consider should be invested lo generate income towards the core costs of the Trust
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 21 Net assets between funds Fixed Assets Net Current Non-current Assets Liabilities {liabilitiesl Total 31 Aug 2024 Unrestricted Fund 1,526,535 (778,7931 (84,190) 663,552 Unrestricted funds at 31 August 2024 1,526,535 {778,7931 (84,1901 663,552 Designated Fund 19,543,794 200,000 19,743,794 Designated funds al 31 August 2024 19,543,794 200,000 19,743,794 Restricted Fund 1,148,996 64,339 1,213,335 Restricted funds al 31 August 2024 1,148,996 84,339 1,213,335 Total funds at 31 August 2024 22,219,325 {514,454} 184,190) 21,620,681 22 Reconciliation of net income to net cash flow from operating actlvities 2024 2023 Net income I18xpendlturel for th8 perlod 1,043,064 11.900,737) Dividends received Rents from investment properties Interest receivable Depreciation of fixed assets (Gains) I losses on investments { I ncreasel I decrease in stock (Increase) I decrease in debtors Increase l {decreasel in creditors {532,7801 113,6831 {28,309) 111,264 11,492,427) 2,500 421,563 1371,795} (522,568) 113,737) 132,357> 87,438 311,546 17,500 1,005,390 691,248 Net cash flow from operating activities (860,6031 {356,277)
THE SMALLPEICE TRUST NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2024 23 Commitments under operating leases 2024 2023 Total future minimum lease payments under non-cancellable operating leases are as follows.. Not later than one year Later than one and not later than five years 5,932 9,173 5,674 4,905 15,105 10,579 Total future minimum lease payments receivable under non-cancellable operating leases are as follows, Not later than one year Later than one and not later than five years 7,200 28,800 13,887 36,000 13,887 The trust lets office space comprising a room al its operating premises. 24 Capltal ¢omm5tments Al the 31 August 2024 the charity has committed a lolal of £nil12023'. £nill. 25 Ultimate Controlling Party The board of Trustees control the charity. 26 Related Party transactlons During the year the Trust received £5,980 {2023'. £6,250) from organisations the Trustees were connected with.