2025-08-31-accounts - Smallpeice Trust Limited

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THE SMALLPEICE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 August 2025

Company Registration No. 882371 Registered Charity No. 313719

LEGAL AND ADMINISTRATIVE INFORMATION 31 August 2025

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Charity Name: The Smallpeice Trust Registered charity number: 313719 Company registered number: 882371

Directors (trustees): The Trustees who held office during the period, and at the date the Trustees’ report was approved, were:

were:
	Professor Alison Halstead — Chair
	MrTrevor Gill (Resigned 5 December2024)
	Mr Gavin Thompson Mrs Glynis Dean
	Ms Jacqueline Newsome
	Mr Abiram Ganeshanathan
	MrGraham Heaven (Resigned 11 August 2025)
	Mr Andrew Parker
	Ms Fatemeh Dehghan
	Mr Stephen Robins
	Ms Era Shah (Appointed 15 September2025)
	Professor lan Dunn (Appointed 18 September 2025)
Principal members of staff:	Ms Helen Cuthill — Chief Executive
	Ms Lisa Foster - Chief Transformation Officer (Resigned from role 6 October
	2025)
	Mrs Deborah Austin — Director of Internal Operations
	Mr. Oliver Atkins-Wood - Director of Delivery (Appointed interim 29 September
	2025)
Registered office:	Holly House
	74 Upper Holly Walk
	Leamington. Spa. ~
	CV32 4JL
Bankers:	LloydsTSB Bank Plc
	73 The Parade
	Leamington Spa
	CV32 4BB
Solicitors:	Acuity Law
	103 Colmore Row
	Birmingham
	B3 3AG
Auditors:	Dains Audit Limited
	2 Charnberlain Square
	Paradise
	Birmingham
	B3 3AX
Investment Managers:	CCLA Investment Managers Limited
	One Angel Lane
	London
	EC4R3AB

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CHAIR’S REPORT 31 August 2025

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This year focus has been on deepening the understanding of our impact and the development of our future offer. Much has been achieved by collaboration with partners and through experimentation new opportunities have been developed.

A key part of this process has been an extensive consultation with people from a wide range of backgrounds across the UK. These insights have helped test the ideas and identify where the biggest impact can be made.

Some of the greatest successes this year have been seen through community engagement and Arkwright delivery. The range of venues has increased and events have expanded into youth centres and libraries reaching a wider and more diverse group of young potential engineers that previously.

A particularly exciting development within our Arkwright programme has been the evolution of the ceremonies into dynamic networking events. This shift has provided young people with the opportunity to meet sponsors and mentors, and to build meaningful peer networks. These cohorts can now support one another as they progress through their journeys into the world of engineering, fostering collaboration, confidence, and a lasting sense of belonging within the sector.

This year has also seen major refresh of the Smallpeice Trust brand identity to better reflect the recent innovation in practice whilst staying true to our values and heritage. Drawing on capital from the Endowment this rebrand included the redevelopment of the website, which now offers an improved user experience and more effectively showcases the mission, vision, and values, as well as the science and engineering tasters and courses on offer.

The rebrand provided the opportunity to review and revitalise content and with support from funders, new course materials have been developed. These include the introduction of Al robotics kits, which have been successfully piloted in schools thanks to funding from Merchant Taylors. These new and exciting developments will help inspire and equip future generations, strengthen relationships with existing funders, and forge valuable connections with new partners, further extending our reach and impact.

Throughout this period, the Trust has continued to makea significant difference, inspiring young people to explore careers in engineering and related disciplines. Over 54,000 young people engaged with our programmes this year, and our commitment to gender diversity remains strong, with female participation sustained at 50%. The overarching aim of the Trust is to:

“To inspire young people from all backgrounds to engage in STEM through engaging, sustainable, and educational activities delivered by passionate experts and partners.”

The Trust is looking forward to the next year with renewed optimism and excitement. The extensive work undertaken throughout this reporting period has laid the foundations for the launch of the new five-year strategy on 1 September 2025. While this strategy formally commences. in the next financial year, it represents the culmination of the progress, consultation, and reflection achieved this year. The Trust is now well-positioned to build on these achievements, strengthen its partnerships, and continue empowering young people across the UK to discover their potential in STEM.

Professor Alison Halstead Chair, The Smallpeice Trust

TRUSTEES REPORT 31 August 2025

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The trustees, who are the directors of the charitable company, present their report and the financial statements for the year ended 31 August 2025 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 (SORP) “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 accounting policies set 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

OBJECTIVES AND ACTIVITIES

The trustees 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 are stated throughout the Trustees’ Report.

The vision of The Smallpeice Trust is to inspire increasing numbers of young people to acquire life, leadership and engineering skills, in order to increase the number of engineers, to enable society to solve the problems of tomorrow.

We aim to increase the number of students entering professional engineering careers, which can be accessed by Level 3+ qualifications (Level 3 includes advanced apprenticeships and T Levels). The Trust's activities target students aged 8 — 18 years and are specifically designed to inspire, inform and influence them regarding engineering careers.

The outcomes we seek via our activities are young people that:
are enthusiastic 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 work) 5. choose Science, Technology, Engineering and Mathematics (STEM) subjects post-16

We have three programmes of activities:

School Programmes, including: a. STEM Challenge Days: Trust led full day or half day hands on activities, delivered face to 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.
Courses: This year we have expanded the Course offer. We still complete our out of school, multi-day courses for 12 — 17-year olds that 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. However, we've also piloted courses run within youth centre spaces during the same time period. Delivery in these spaces focuses on building curiosity and excitement in young people regarding STEM subjects rather than content being built upon from day1 in our traditional courses. These have been successful and we will continue to pursue these in the coming year.
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 its work.

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing instrument

The charity is a company limited by guarantee and not having a share capital. As such it is governed by its Memorandum and Articles of Association. It was incorporated on 28 June 1966.

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TRUSTEES REPORT 31 August 2025

STRUCTURE GOVERNANCE AND MANAGEMENT (CONTINUED) 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 members is generally limited to fifty, but the trustees have the power to increase this number from time to time. The liability of members is Limited to £1 each.

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 trustees.

There is a standing request for trustees to nominate, to the Chair, people who are thought suitable to become trustees. If agreed appropriate, the Chair 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 trustees seek a cross section of people with a good balance of skills and experience with a view to obtaining a Board of Trustees able to effectively govern the charity and particularly develop its activities and move it forward to meet changing needs.

The trustee appointment process includes a detailed introduction to the work of the Trust by the Senior Leadership 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 trustees.

When appropriate the trustees consult with 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 trustees 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:

Finance, Audit and Compliance
Human Resources and Remuneration
IT and Processes
Strategic Implementation

These sub-committees have been established by the trustees and are appointed to make recommendations to the board.

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Change in Trustees

Changes in Trustees are detailed on page 1 of the financial statements.

Management

Day to day management of the charity is delegated to the Chief Executive and her staff who operate within plans and financial budgets agreed with the trustees. The Chief Executive also regularly consults with and takes advice from the charity's professional advisers.

TRUSTEES REPORT (continued) 31 August 2025

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STRUCTURE GOVERNANCE AND MANAGEMENT (CONTINUED)

Setting of Key Management Personnel Remuneration

The Smallpeice Trust’s Human Resources and Remuneration subcommittee (a working group of trustees) oversees the remuneration of the Trust's Senior Leadership 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.

Principal risk and uncertainties

Working with The Smallpeice Trust's Senior Leadership team, the Board of Trustees undertakes an annual review of strategic risks and these assessments are recorded in a register. 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 committed to 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 comprehensive safeguarding policies and procedures, including recruitment and DBS/PVG checks. The Trust will not compromise on the Safeguarding of the beneficiaries of our programmes.

In common with many charities within this space, a principal risk for The Smallpeice Trust is reduced spending power resulting from reduced income (predominantly from charitable activities or investment income). The Trust accepted the risk of this in 24/25 given the number of changes that have been made internally within the organisation and the work involved in refocusing of our programmes to be more inclusive, which we believe has now set up us for the longer-term success

The Trust mitigates against income reduction through the appointment of internal professional fundraisers (for income for charitable activities), particularly in more senior roles going into 25/26 and external professional investment managers (for investment income), despite the ongoing turbulent nature of the UK economy.

Another key risk for The Smallpeice Trust surrounds the safety of the data we hold regarding the beneficiaries of our programmes. In order to mitigate against this risk, the Trust constantly reviews its cyber security control measures.

Fundraising Standards Information

The Smallpeice Trust employed an external fundraiser during the year; this person was retained on a short term contract to cover vacancies within our internal team, allowing us to finalise and submit bid applications within deadlines. The work of this individual completed was monitored by the CEO to ensure that they complied with our processes. 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 to partners and funders who have given explicit consent to receive such campaign documentation under GDPR guidelines.

Business Development

Within this period, the Trust has now created it’s 5-year strategy. Built from genuine engagement with children and young people across the UK, from UTC’s, Schools (both private and state), Home Schoolers and recent Arkwright alumni’s. We also spoke with partners organisations, teachers and parents. Although the strategy was not launched until September 2025, it was a key focus in terms of our Business Development during the past year. Alongside this we have continued to be more active in fundraising through Trust and Foundations, alongside working with through our corporate and university partnerships to secure underlying investment and to ensure the future quality of its activities are not compromised.

TRUSTEES REPORT (continued) 31 August 2025

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STRUCTURE GOVERNANCE AND MANAGEMENT (CONTINUED)

Business Development (continued)

Whilst recognising the last 12 months have remained a challenging time in which to bring in income and deliver programmes, it has helped us, working with our partners, and through the strategy development it has led to new and exciting ways of working with young people. Our approach to fundraising with our partners continues to be informed by our shared commitment to evidence of need, and increasing impact.

The Trust constantly seeks new and additional partners to support its work.

Volunteers

As the provider of educational programmes for young people, the Trust is indebted to the volunteers that supported the delivery of our programmes during this year. We welcome the opportunity to work with increasing numbers of volunteers, we acknowledge those who supported our work to inform, influence, and inspire young people either in secure face to face or virtual environments.

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 exciting world of engineering

The Schools programme continues to make a significant impact across the UK, inspiring thousands of young people to explore the possibilities of engineering and STEM.

In the 2024/25 academic year, 850 schools took part in STEM Days — a combination of in-person and virtual events designed to make STEM accessible, engaging and hands-on. Together, these sessions reached over 40,000 students directly, with a further 13,320 students benefitting through our Coding Success programme.

Feedback remains consistently strong:

e 85% of students said they learned something new e 91% enjoyed their STEM Day experience e 99% of teachers rated the event as excellent or good

These results underline the quality and relevance of the experiences delivered by our delivery team and partners. They also demonstrate our continued success in reaching a diverse cross-section of students — ensuring that opportunities to explore STEM are open to all, regardless of background or location.

Our virtual delivery model continues to expand with more than 100 events reaching over 17,000 students across 447 schools, enabling schools who might otherwise be unable to host in-person sessions to benefit. Increasing this capacity remains a key focus for 2025/26, supporting both scale and inclusion.

Key statistics:

No. of schools who received a STEM event: 850 No. students reached (Excluding Coding Success): 40,098 No. students reached (Coding Success**): 13,320

Based on available feedback for 2024/2025 School Events

** Coding Success assumes 60 students reached per 1 teacher trained.

We extend our thanks to all partners, teachers, and schools who allow us to continue our valuable work of inspiring the young people of today to become the changemakers of tomorrow.

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TRUSTEES REPORT (continued) 31 August 2025

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ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Educational Activities (continued)

STEM Courses

Exploring the world beyond the classroom

Key statistics:

e 17 courses reaching 806 young people. e 51.5% of the young people on our courses described themselves as female. e 0.5% of the young people on our courses described themselves as non-binary.
e 0.1% of the young people on our courses described their gender identity as “other”. e 48% of young people on our courses identified as being from the global majority. e We provided 242 fully funded places across this years courses.

One of our primary objectives with our courses is to support the increase of girls into engineering, and we're proud of our progress over the last year.

e 96% of girls described our courses as increasing their interest in engineering. e 88% of girls said our courses increased their awareness of the routes into an engineering career. e 87% of girls reflected that our courses inspired them to study or work in an engineering field. e 97% of girls on our courses said they planned to study a STEM subject in future. e 99% of girls enjoyed the experience provided by our courses.

We've spread our courses throughout the year to enable a better distribution and making them more accessible for young people. Although we've pursued additional funding for some popular courses, we are yet to secure regular support to our most popular and oversubscribed courses. We continue to focus on this in the coming year.

This year also saw us deliver 3 Community Courses in Youth Centre settings, providing valuable insights to help us engage with young people in different spaces, with positive results:

e We delivered 6 days of holiday club activities across 3 venues. e These intensive interventions engaged with 72 young people in new ways. e 93% of the girls attending enjoyed the activities, compared to 86% for all participants. e We saw an increase of 9.4% in girls thinking that a career in STEM is suitable for anyone. e 64% of girls said the activities made them want to find out more about engineering

This is fantastic start to this work, and we look to build on this during 25/26 with the support of our funders.

We extend our thanks to all partners and volunteers who have supported us in our courses programme.

Arkwright Engineering Scholarships

Make a difference with engineering

Key statistics:

e 85% of our last cohort of scholars went on to study engineering or a related subject. e We received 1501 applications for scholarships. e We awarded 448 scholarships for 2024-2025. e 288 scholars attended an in-person Connect Day. e 496 scholars attended a virtual enhancernent event. e 1,391 schools partnered with the Arkwright programme.

Moving away from our traditional Awards Ceremonies this year, we've launched a significantly higher impact event for young people through our 3 Networking Events held at the beginning of the first year of the scholarship. These events allow scholars to meet each other, their mentors and sponsors in a friendly, safe and highly engaging environment. Scholars responded positively to this change in format, with 88% describing the events as helping them to develop the skills needed to be a successful engineer, and 100% saying they would like to join similar events in future.

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We extend our heartfelt thanks to John Coleman for his outstanding service to the Arkwright program over the past decade.

TRUSTEES REPORT (continued) 31 August 2025

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Educational Activities (continued)

New partnerships Working together to ignite young peoples’ interest in engineering

Key stats:

¢ Over 139 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. Their feedback on the development of new strategy has been invaluable, and we thank them for their time and energy in this.

Following on from these discussions, we’ve now established a Partnerships working group with a cross section of our partners to continue this dialogue and ensure that as we move through our strategy implementation we are always delivering to their needs and expectations through this ever-changing UK environment.

New Content

This year saw us develop new content for our existing programmes whilst continuing our long-standing focus on continuous incremental improvement. Highlights include the launch of:

e Two new STEM Days (Mechanical Engineering Challenge, Centrifuge Challenge) to provide hands-on practical learning for young people in Key Stage 3.
e Three new Engineering Experience modules (Mechanical, Space, Cyber) to provide introductions to different areas of engineering across our courses, bringing the number of modules offered to seven. —
e Rebranded STEM in Schools content, aligned to our new brand identity and tone of voice, brining a vibrant new feel to our in-school events.
e Newcommunity activities designed for festivals and youth centres, allowing us to expand our engagement and offer a wider range of experiences for different audiences.

We look to further build on the content we provide during 2025-2026, with plans for developing further STEM in Schools content, virtual experiences, and flexible community-focused activities.

FINANCIAL REVIEW

Results and state of affairs

The Trust's total income decreased by approx. £270k compared to the previous year; due primarily to a one-off £210k deed of gift from The Betts-Brown Charitable Trust being received in the previous year.

Income from our investments has remained reasonably stable over the last 2 years albeit the value of our underlying investments has not manged to recover in value. CCLA Investment Management Limited have been our advisers and returns continue to perform broadly in line with our benchmark, however the capital growth of our investments are not.

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 to support the rebranding and new website.

Total fund balances of the Trust at 31 August 2024 amounted to £19,836,659 (2024: £21,620,681) after losses in the value of investment assets of £832,275 (2024: gains of £1,492,427).

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TRUSTEES REPORT (continued) 31 August 2025

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FINANCIAL REVIEW (CONTINUED)

Investment policy

Under the terms 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 to 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 comprising MSCI World Index, Markit iBoxx, MSCI UK Monthly Property Index and SONIA.

Principal 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 to 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 the sale of his engineering company, Martonair. At today's values (based on RPI) this would equate to approximately £42 million

Although, under the terms of its Memorandum all funds may be spent, the Trust depends significantly on its income from investments to support its operation. The trustees therefore aim to retain a substantial sum as an endowment.

In the long term the Trust expects to spend only the income but in the short term, capital reserves may be expended to invest in new opportunities ortoensure continued operation during economic downturns. The longer term impacts of COVID-19 and other economic disturbances in the markets are still having negative effects on the Trust. This has resulted in the need for some expenditure of capital reserves, in addition to the investment income, to subsidise the day-to-day operations of the Trust.

It is the trustees aim by 2029/30to move to a position where a greater proportion of the ongoing operations can be funded from other sources, the endowment income can then be used to fund new initiatives that increase the impact of the Trust and to gradually increase the value of the reserves to a value comparable, after inflation, with the original gift.

At 31 August 2025 total reserves of The Smallpeice Trust stood at £19,836,659.

These included:

e £1,289,252 of unrealised cumulative profits on the value of investments and investment property which are included in the Balance Sheet at market value.
e £1,161,930 of restricted funds, which are primarily to fund scholarships and university bursaries in accordance with restrictions imposed by the donor.
e £931,560 of designated funds represented by tangible and intangible fixed assets
e £300,000 of designated funds to be used towards the upkeep of Smallpeice House. It is expected that most of these funds will be expended during 2024-25.
e £15,500,000 of designated funds, including the original endowment, being the amount the Trustees deem necessary to remain invested to generate income towards the core costs of the Trust

Free Reserves (including expendable endowment) being those reserves that are freely available to use towards meeting the charity’s purposes stand at £653,917.

TRUSTEES REPORT (continued) 31 August 2025

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FINANCIAL REVIEW (CONTINUED)

Future Plans

Reflecting on our 5-year strategy our future plans are summarised on page 3, which highlights our purpose, mission, values linked to our impact and outcomes (from our newly developed Theory of Change) and the 3 key pillars of our strategy:

Pillar 1: Expanding Access

a. Reach: Increase annual engagement by 25%, reaching over 62,500 young people by 2030. b. Widen Participation: Achieve 60% female participation and 45% representation from underrepresented backgrounds in all programmes.
c. New Delivery Models: Develop community-based and hybrid learning opportunities to reach young people outside traditional school settings.

Pillar 2: Agile Team

a. Workforce Development: Create an agile and adaptable team culture that can respond effectively to emerging opportunities and needs.
b. Partnership Growth: Build 10+ new collaborations with education, community, and industry partners to strengthen national impact.
c. Programme Innovation: Pilot and refine new formats in the first two years, with scaling and consolidation planned in later years.
d. Digital Transformation: Invest in data, automation, and digital tools to streamline operations and improve engagement.
e. Environmental Commitment: Embed sustainability principles into operations and delivery, aligning with broader sector goals.

Pillar 3: Resilient Funding

d. Sustainable Funding: Diversify income streams through multi-year corporate partnerships, grants, and alumni engagement.
e. Impact Measurement: Enhance evaluation frameworks to better evidence the long-term impact of STEM interventions.

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 capacity as company directors.

This report was approved by the trustees and authorised to issue on 8 January 2026 and are signed on their behalf by:

Professor Alison Halstead Chair

TRUSTEES’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

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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 Accepted Accounting 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 state 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; e observe the methods and principles in the Charities SORP 2019;
° make judgements and estimates that are reasonable and prudent;
° state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements 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 detection 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 to establish that the auditor is aware of that information.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SMALLPEICE TRUST

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to 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 to provide a basis for our opinion.

Conclusions relating to going concern

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 doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to 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 to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement 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:

e the information given in the trustees’ 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
e the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SMALLPEICE TRUST

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
e the financial statements are not in agreement with the accounting records and returns; or e certain disclosures of directors’ remuneration specified by law are not made; or e we have not received all the information and explanations we require for our audit; or e the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements 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 to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial 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 to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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 procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

e 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;
e we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the charity sector;
e 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 safety legislation;
e we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
e identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the year ended 31 August 2025

		Unrestricted	Unrestricted
		General	Designated	_Restricted	31 August	31 August
		funds	funds	funds	2025	2024
Incomefrom:	Note	£	£	£	£:	£
Donations and legacies	3	96,424		-	96,424	224,421
Charitable activities	4	1,871,120	-	315,962	2,187,082	2,365,429
Investments	5	552,136	-	-	552,136	561,089
Other	6	92,721	-	-	92,721	45,285
		atePinaTOca estooar	a cmos heed	Hii oer oie	peconabliee ie polio	piss Rise iesineseee
Total income		2,612,401	-	315,962	2,928,363	3,196,224
Expenditure on:
Raising funds	f	710,947	-	-	710,947	839 544
Charitable activities	8	2,751,089	50,707	367,367	3,169,163	2,806,043
Total expenditure		3,462,036	50,707	367,367	3,880,110	3,645,587
Net Operating income /		(849,650)	(50,707)	(51,405)	(951,747)	(449,363)
(expenditure)
Net gains / (losses) on
investments	14	(832,275)	-	-	(832,275)	1,492,427
Net income / (expenditure)		(1,681,910)	(50,707)	(51,405)	(1,784,022)	1,043,064
Transfers between funds	19/20	940,000	(940,000)	-	-	-
Net movement in funds		(741,910)	(990,707)	(51,405)	(1,784,022)	1,043,064
Reconciliation offunds
Total funds brought forward	19/20	2,685,079	17,722,267	1,213,335	21,620,681	20,577,617
Totalfundscarriedforward		1,943,169	16,731,560	1,161,930	19,836,659	21,620,681

All income and expenditure derive from continuing activities.

The Statement of Financial Activities includes all gains and losses recognised during the period.

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COMPARITIVE STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the year ended 31 August 2024

		Unrestricted	Unrestricted
		General	Designated _ Restricted		31 August	31 August
		funds	funds	funds	2024	2023
Income from:	Note	£	E	Ee	£	£
Donations and legacies	3	4,375		220,046	224,421	36,167
Charitable activities	4	2,069,589	-	295,840	2,365,429	2,154,749
Investments	5	561,089	-	-	561,089	554,925
Other	i)	45,285	-	-	45,285	95,499
		peer n	web ARR Es se	pares 8 VPnase Bieoe ie		Taen
Total income		2,680,338	-	515,886	3,196,224	2,841,340
Expenditure on:
Raising funds	7	839,544	-	-	839,544	718,085
Charitable activities	8	2,279,463	111,264	415,316	2,806,043	3,712,446
Total expenditure		3,119,007	111,264	415,316	3,645,587	4,430,531
Net Operating income/		(438,669)	(111,264)	100,570	(449,363)	(1,589,191)
(expenditure)
Net gains / (losses) on
investments		1,492,427	-	-	1,492 427	(311,546)
Net income /(expenditure)		1,053,758	(111,264)	100,570	1,043,064	(1,900,737)
Transfers between funds	19/20	315,494	(270,694)	(44,800)	-	-
Net movement in funds		1,369,252	(381,958)	55,770	1,043,064	(1,900,737)
Reconciliation offunds
Total funds brought forward	19/20	1,315,827	18,104,225	1,157,565	20,577,617	22,478,354
Totalfundscarriedforward		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.

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TH E S MALLP EIC E TRUST BALANCE SHEET at 31 August 2025

Company Registration No. 882371

‘

		2025	2024
	Note	£	£
Fixed assets
Intangible Fixed Assets	12	139,058	106,361
Tangible assets	13	792,502	815,906
Investments
- listed	14	18,164,783	19,797,058
- other	14	1,300,000	1,500,000
		20,396,343	22,219,325
Current assets
Stocks	15	1,200	25,000
Debtors	16	246,212	150,724
Cash at bank and in hand		1,033,277	630,704
		1,280,689	806,428
Creditors: amounts falling	17
due within one year		(1,628,974)	(1,320,882)
Net currentassets/ (liabilities)		(348,285)	(514,454)
Total assets less current liabilities		20,048,058	21,704,871
Creditors: amounts falling due after	17
more than one year		(211,399)	(84,190)
NetAssets		19,836,659	21,620,681
Charity Funds
Restricted funds	19	1,161,930	1,213,335
General income funds		653,917	663,553
Revaluation reserves		1,289,252	2,121,526
Designated funds		16,731,560	17,622,267
Total unrestricted income funds	20	18,674,729	20,407,346
TotalFunds		19,836,659	21,620,681

These financial statements have been prepared in accordance with the special provisions applicable to small companies subject to the small companies’ regime.

The financial statements were approved by the trustees and authorised to issue on 8 January 2026 and are signed on their behalf by:

A Wedron e

Professor Alison Halstead — Chairman

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STATEMENT OF CASHFLOWS 31 August 2025

F j

				31 August	31 August
				2025	2024
				£	£
Cash flowfrom operating activities		22		(1,098,476)	(860,603)
Net cash flowfrom operating	activities			(1,098,476)	(860,603)
Cash flowfrom investing activities
Proceeds from sale of investments				1,000,000	-
Payments to acquire fixed assets					(129,306)
				(60,000)
Interest received				26,254	28,309
Dividends received				525,882	532,780
Rents received				8,913	13,683
Net cash flow from investing activities				1,501,049	445,466
Net increase / (decrease) in cash and cash equivalents				402,573	(415,137)
Cash and cash equivalents at	1 September 2024			603,704	1,045,841
Cash and cash equivalents at	31 August 2025			1,033,277	630,704
Cash and cash equivalents consists of:
Cash at bank and in hand				1,033,277	630,704
Cash and cash equivalents at	31 August 2024			1,033,277	630,704
Analysis ofchanges in net debt:
			2024	Cashflow	2025
			E	£	£
Cashandcashequivalents			630,704	402,573	1,033,277

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NOTES ON FINANCIAL STATEMENTS 31 August 2025

2 Accounting policies

1 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 to £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 statements. The nature of the charity’s operations and principal activities are to promote engineering in all its branches as a career to young people.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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 (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in pound sterling (£) which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

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:

e Income from donations and legacies, includes grants, donations and gifts. Where entitlement is conditional on specific deliverables or performance by the charity, income is recognised when the charity becomes unconditionally entitled to the monies.
e Incoming resources from charitable activities are accounted for when earned which also reflects the timing of when activities are scheduled to commence.
e 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.

e Costs of generating funds are those costs incurred in attracting voluntary income.
e Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
e 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 charity and have been allocated to expenditure on charitable activities being most consistent with use of the resources.
e 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.

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NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

2 Accounting policies (continued)

Irrecoverable VAT

Irrecoverable VAT is included in the expense heading to which the invoice relates.

Volunteers

No amount is included in the financial statements 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 its employees. Contributions are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

Operating leases Rentals payable under operating leases are charged as expenditure on a period of the lease.

straight-line basis over the

Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Fund accounting

e Restricted funds are those subjected to restrictions on their expenditure imposed by the donor.
e Designated funds are unrestricted funds set aside by the trustees for a specific purpose.
e General funds are unrestricted funds available for use at the discretion of the trustees in furtherance of the charitable objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at 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 trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Tangible 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 to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Individual items costing less than £1,000 are written off as incurred whilst those costing this amount or more are capitalised 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 estimated useful lives at the following rates:

Freehold land Nil Freehold buildings over 50 years Motor vehicles over 4 years Educational equipment over 3 years Furniture and office equipment over 5 years

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NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

2 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.

Intangible fixed assets Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows: Client Relationship Management System over 5 years Website over 5 years AMS Database over 5 years

Investments

Investments are recognised initially at fair value which 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 it 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 to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Investment property

Investment properties are measured at fair value at each reporting date with 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 stated 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 to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation.

Financial instruments

Financial assets

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 profit and loss.

Financial liabilities

Basic financial liabilities, including trade and other payables, and bank loans that are classified as debt are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

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2 Accounting policies (continued)

Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the Trustees are required to 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 to be relevant. Actual results may differ from those estimates and underlying assumptions are continually reviewed.

Key sources of estimation uncertainty: e Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of these assets are assessed annually and may vary depending in a number of factors.
e The value of fixed asset investment property is estimated formally, on a cyclical basis, by experienced professional valuers commissioned by the Trustees. The Trustees consider the value annually and may impair or revalue the property to reflect prevailing market conditions.

Income from donations and legacies	2025	2024
	£	£
Donations	96,424	14,225
The Betts-Brown Charitable Trust	-	210,196
	96,424	224,421

Income from donations and legacies was £96,424 (2024: £224,421) of which £NIL (2024: £220,046) was attributable to restricted funds and £96,424 (2024: £4,375) attributable to general unrestricted funds.

Income from charitable activities	2025	2024
	£	£
Course income	1,302,950	1,604,274
Scholarships and aptitude testfees	884,132	761,155
	2,187,082	2,365,429

Income from charitable activities was £2,187,082 (2024: £2,365,429) of which £315,692 (2024: £295,840) was attributable to restricted funds and £1,871,120 (2024: £2,069,589) attributable to general unrestricted funds.

Investment income	2025	2024
	£	£
Income from listed investments	525,882	532,780
Bank and deposit interest	26,254	28,309
	552,136	561,089

Investment income was £552,136 (2024: £561,089) which was entirely attributable to general unrestricted funds.

NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

[

Other income	2025	2024
	£	£
Rent receivable and recharges	13,537	13,683
Licence fees and related income	20,000	20,000
Sundry income	59,184	11,602
	92,721	45,285

Other income was £92,721 (2024: £45,285) which was entirely attributable to general unrestricted funds.

Cost of raising funds	2025	2024
	£	£
Publicity, fundraising and charity development	637,284	780,493
Investment management fees	z	E
Investment property costs	73,663	59,051
	710,947	839,544

The cost of raising funds was £710,947 (2024: £839,544) which was entirely attributable to general unrestricted funds.

8 Analysis of expenditure on charitable activities

	Activities	Grant
	undertaken directly	funding activities	Support costs	2025 Total	2024 Total
	£	£	£	£	£
Provision ofcourses and	1,892,826	277,342	998,995	3,169,163	2,806,043
educational events
	1,892,826	277,342	998,995	3,169,163	2,806,043

Activities undertaken directly represent the direct costs of running courses and educational events. The cost of charitable activities was £3,169,163 (2024: £2,806,043) of which £367,367 (2024: £415,316) was attributable to restricted funds, £50,707 (2024: £111,264) attributable to designated unrestricted funds and £2,751,089 (2024: £2,279,463) attributable to general unrestricted funds.

Included in expenditure on charitable activities was £277,342 (2024: £305,688) of grants made during the period in the form of scholarships and bursaries to individuals and their respective schools, colleges or educational institutions.

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NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

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Analysis ofexpenditure on charitable activities (continued)	2025	2024
	£	£
Support costs
Staffcosts	518,389	414,961
Hotel and travel	628	1,087
Stationery and course development Printing, artwork & brochures	9,002 zi	20,787 i
Property and utility costs	139,009	118,911
Training and recruitment	37,362	13,306
Depreciation	50,707	111,264
Equipment and IT costs Bad debts	139,357 (8,372)	227,618 8,024
Other sundry costs	20,429	46,540
Governance costs (note 9)	92,484	70,920
	998,995	1,033,418

As stated per the accounting policies, support costs are allocated entirely to the Trust’s one charitable activity.

9	Governance costs		2025	2024
			£	£
	Auditors’ remuneration		18,087	15,000
	Trustees’ and meeting expenses		10,088	8,011
	Trustees’ indemnity insurance		3,637	3,464
	Legal and professional	fees	60,672	44,445
			92,484	70,920
10	Netincome/ (expenditure) forthe period		2025	2024
			£	£
	Total resources expended is stated after charging / (crediting):
	Depreciation		50,707	111,264
	Operating lease rentals		14,822	19,272
	Auditors’ remuneration - audit		18,087	15,000
		- other services	780	1,920
11	Employee costs and benefits		2025	2024
			£	£
	Salaries		1,645,161	1,615,644
	Social security costs		191,642	170,550
	Other pension costs		203,424	145,577
	Compensation for loss ofoffice		30,920	38,824
	Life assurances		7,268	6,164
	Private health insurance		14,991	14,800
			2,093,406	1,991,559

During the year, the charity made contractual severance payments totalling £30,920 to 3 employees. At the balance sheet date there were no amounts outstanding.

NOTES ON FINANCIAL STATEMENTS (continued) 31 August 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 to the fund and amounted to £203,424 (2024: £145,577). Amounts payable at the year-end were £nil.

The number of employees earning over £60,000 per year (including benefits) in the period was as follows:

	2025	2024
	Number	Number
£60,001 - £70,000	-	1
£70,001 - £80,000	1	1
£80,001 - £90,000	1	2
£110,001-£120,000	1	-

Key Management Personnel

The total amount of employee compensation (including employers NI) received by key management personnel was £330,285 (2024: £402,693). Key management personnel are considered to 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 directors) was:

	2025	2024
	Number	Number
Education team staff	23	22
Partner engagement	11	11
Administrative and support staff	11	ate
	45	44
Fulltimeequivalentstaff	43	42

Trustees

No emoluments were paid during the period to any trustee. During the period 4 (2024:5) trustees received reimbursement for the cost of travel to and from meetings and accommodation where necessary in the sum of £1,251 (2024: £2,890). The cost of providing trustees and officers insurance during the period amounted to £3,637 (2024: £3,464).

NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

t |

}

12 Intangible fixed assets

Intangible fixed assets
	AMS	Computer
	Database	Software	Website	Total
		£	£	£
Cost
1 September 2024	129,306	266,457	48,000	443,763
Additions	-	-	60,000	60,000
31 August 2025	129,306	266,457	108,000	443,763
Depreciation	;
1 September 2024	23,896	266,306	47,200	337,402
Charge forthe period	26,352	151	800	86,787
31 August2025	50,248	266,457	48,000	364,705
Net book value
31 August 2025	79,058	-	60,000	139,058
31 August2024	105,410	151	800	106,361
Tangible fixed assets
			Office
			furniture
		Freehold	and
		property	equipment	Total
		£	£	£
Cost
1 September2024		1,357,406	186,616	1,544,022
Additions		=	-	-
Disposals		-	(166,226)	(166,226)
31 August 2025		1,357,406	20,390	1,377,796
Depreciation
1 September2024		541,755	186,361	728,116
Charge forthe period		23,149	255	23,404
Disposals		-	(166,226)	(166,226)
31 August 2025		564,904	29,390	585,294
Net book value
31 August 2025		792,502	-	792,502
31August2024		815,651	255	815,906

13 Tangible fixed assets

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NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

14 Fixed asset investments

Fixed asset investments	2025
	Ee
Listed investments
Market value at 31 August 2024	19,797,058
Additions during the period	-
Disposal proceeds	(1,000,000)
Net investment gains / (losses)	(632,275)
Marketvalue at31 August2025	18,164,783
Historical cost at 31 August 2025	17,999,294
UK listed investments are represented by:
Investment trusts and unit trusts	18,164,783
	18,164,783
	£
Investment property
Marketvalue 31 August 2024	1,500,000
Revaluation gain / (loss)
	(200,000)
Marketvalue31August2025	1,300,000

During the year the Trustees received an offer of £1.3m for the purchase of Smallpeice House. This was accepted and the sale is due to complete on 8 January 2026.

15	Stocks	2025	2024
		ff	£
	Goods for resale	1,200	25,000
16	Debtors	2025	2024
		£	£	:
	Trade debtors	146,940	41,464
	Prepayments	94,426	107,243
	Accrued income	=	-
	Other debtors	4,846	2,017
		246,212	150,724

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NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

17	Creditors: amounts falling due within one	2025	2024
	year	Ee	£
	Trade creditors	206,903	229,769
	Taxation and social security	-	38,201
	Accruals	545,616	419,416
	Deferred income	818,222	618,049
	Rent deposit	1,500	1,500
	Other creditors	56,733	13,947
		1,628,974	1,320,882
	Creditors: amounts falling due after more	2025	2024
	than one year	£	£
	Deferred income	211,399	84,190
18	Deferred income	2025	2024
		£	£
	Brought forward	702,239	541,546
	Released to SoFA	(618,049)	(406,011)
	Deferred income received this period	945,431	566,704
	Carriedforward	1,029,621	702,239

Deferred income represents £331,017 (2024: £84,737) of course sponsorships, and activity and events income received in advance and £698,604 (2024: £617,502) of donations received in advance in respect to scholarships.

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NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

E |

;

19 Restricted Funds

The funds of the charitable company include restricted funds used for specific purposes as follows:

		Balance				Gains/(Losses) Balance	Gains/(Losses) Balance
	31 August		Incoming			on	31 August
		2024	resources	Expenditure	Transfers	Assets	2025
		£	£	£	£	£	£
Scholarships Fund		-	315,962	(315,962)	-	-	-
Benefactors Fund		14,459	-	(16,135)	-	-	(1,676)
The Mercers Company		13,510	-	(13,510)	-	-	-
Dr Brewster Fund		36,370	-	(2,785)	-	-	33,585
TG Gray Charitable
Trust		938,800	-	(18,975)	-	-	919,825
Betts Brown Charitable
Trust		210,196	-	-	-	-	210,196
		1,213,335	315,962	(367,367)	-	-	1,161,930
		Balance				Gains/(Losses)	Balance
	31 August		Incoming			on	31 August
		2023	resources	Expenditure	Transfers	Assets	2024
		£	£	£	£	£	£
Scholarships Fund		-	295,840	(295,840)	-	-	-
Rise Project		9,001	-	(9,001)	-	-	-
Benefactors Fund		29,429	9,850	(24,820)	-	-	14,459
The Mercers Company		27,435	-	(13,925)	-	-	13,510
Dr Brewster Fund		38,900	-	(2,530)	-	-	36,370
R Kirkland Scholarship
Fund		44,800	-	-	(44,800)	-	-
TG Gray Charitable
Trust	1,008,000		-	(69,200)	-	-	938,800
The Betts Brown Charitable
Trust Fund		-	210,196	-	-	-	210,196
	1,157,565		515,886	(415,316)	(44,800)	-	1,213,335

The Restricted 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.

NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

20 ~~ Unrestricted funds

	Balance			Gains/(Losses)	Gains/(Losses)	Balance
	31 August	Incoming			on	31 August
	2024 3	resources £	Expenditure fi	Transfers £	Assets £	2025 £
General funds	563,552	2,612,401	(3,462,036)	940,000	-	653,917
Revaluation reserve 2,121,527		-	-	-	(832,275)	1,289,252
Designated funds:
Fixed Asset Fund	922,267	-	(50,707)	60,000	-	931,560
SPH Maintenance	300,000	-	-	-	-	300,000
Investment Fund	16,500,000	-	-	(1,000,000)	-	15,500,000
	20,407,346	2,612,401	(3,512,743)	-	(832,275)	18,674,729
	Balance			Gains/(Losses)		Balance
	31 August	Incoming			on	31 August
	2023	resources	Expenditure	Transfers	Assets	2024
	£	£	£	£	£	£
General funds	686,727	2,680,338	(3,119,007)	315,494	-	563,552
Revaluation reserve	629,100	-	-	-	1,492,427	2,121,527
Designated funds:
Fixed Asset Fund	904,225	-	(111,264)	129,306	-	922,267
SPH Maintenance	200,000	-	-	100,000	-	300,000
Investment Fund	17,000,000	-	-	(500,000)	-	16,500,000
	19,420,052	2,680,338	(3,230,271)	44,800	1,492,427	20,407,346

General funds which includes the revaluation reserve are unrestricted 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:

e the Fixed Asset Fund is the value of unrestricted funds represented by tangible and intangible fixed assets owned by the charity.
e the Smallpeice House Maintenance Fund, which comprises funds earmarked towards the maintenance and upkeep of the Investment property, and
e the Investment Fund represents the amount of original endowment and accumulated unrestricted reserves that the Trustees consider should be invested to generate income towards the core costs of the Trust

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NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

21 + Net assets between funds

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Fixed|Net|Current|Non-Current|Total| |Assets|Assets|!|Liabilities|31|Aug|2025| |(liabilities)| |£|£|£|£| |Unrestricted|Fund|1,545,510|(680,194)|(211,399)|1,943,169| |Unrestricted|funds|at 31|August 2025|1,545,510|(680,194)|(211,399)|1,943,169| |Designated|Fund|16,431,560|300,000|-|16,731,560| |Designated|funds|at|31|August 2025|16,431,560|300,000|-|16,731,560| |Restricted|Fund|1,130,021|31,909|-|1,161,930| |Restricted|funds|at|31|August 2025|1,130,021|31,909|-|1,161,930| |Total|funds|at|31|August|2025|20,396,343|(348,285)|(211,399)|19,836,659| |22|Reconciliation|of|net|income|to|net|cash|flow|from|operating|activities| |2025|2024| |£|£| |Net|income|/|(expenditure)|for|the|period|(1,784,022)|1,043,064| |Dividends|received|(525,882)|(532,780)| |Rents|from|investment|properties|(8,913)|(13,683)| |Interest|receivable|(26,254)|(28,309)| |Depreciation|of fixed|assets|50,707|111,264| |(Gains)|/|losses|on|investments|832,275|(1,492,427)| |(Increase)|/|decrease|in|stock|23,800|2,500| |(Increase)|/|decrease|in|debtors|(95,488)|421,563| |Increase|/|(decrease)|in|creditors|435,301|(371,795)| |Net|cash|flow from|operating|activities|(1,098,476)|(860,603)|

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NOTES ON FINANCIAL STATEMENTS (continued) 31 August 2025

| |

23	Commitments under operating leases
		2025	2024
		E	£
	Total future minimum lease payments under non-cancellable operating
	leases are as follows:
	Not later than one year	3,472	5,932
	Later than one and not later than five years	9,988	9,173
		ore ee	oo Wer ae Ene
		13,460	15,105
	Total future minimum lease payments receivable under non-cancellable
	operating leases are as follows:
	Not later than one year	7,600	7,200
	Later than one and not later than five years	21,600	28,800
		29,200	36,000
	The trust lets office space comprising a room at its operating premises.
24	Capital commitments
	Atthe 31 August2025 the charity has committeda total of£nil (2024: Enil).
25	UltimateControllingParty

The board of Trustees control the charity.

26 ~=Related Party transactions

During the year the Trust received £NIL (2024: £5,980) from organisations the Trustees were connected with.