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,
V￿hen 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 be￿een 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 be￿een 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.