**Charity number: 1074776** ## **THE R C SNELLING CHARITABLE TRUST** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 APRIL 2023** ## **THE R C SNELLING CHARITABLE TRUST** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 8| |**Independent auditors' report on the financial statements**|9 - 12| |**Consolidated statement of financial activities**|13 - 14| |**Consolidated balance sheet**|15| |**Charity balance sheet**|16| |**Consolidated statement of cash flows**|17| |**Notes to the financial statements**|18 - 45| ## **THE R C SNELLING CHARITABLE TRUST** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2023** |**Trustees**|N R Savory| |---|---| ||S Barratt| ||P Buttinger| ||S Phillips| ||R A Cogman| ||T Wise| ||D G M Jarrold| ||M Gook| ||P G Giles (appointed 22 June 2022)| |**Charity registered**
**number**
1074776
**Principal office**
Laundry Lane
Blofield Heath
Norfolk
NR13 4SQ
**Independent auditors**
MA Partners Audit LLP
Chartered Accountants
Statutory Auditor
7 The Close
Norwich
Norfolk
NR1 4DJ
**Bankers**
Bank of Scotland
33 Old Broad Street
London
BX2 1LB
**Investment Advisors**
Barratt & Cooke
5 Opie Street
Norwich
Norfolk
NR1 3DW|| Page 1 ## **THE R C SNELLING CHARITABLE TRUST** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2023** The trustees present their annual report together with the audited financial statements of the Group and the Charity for the year 1 May 2022 to 30 April 2023. The trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). ## **Objectives and activities** ## **a. Policies and objectives** The objectives of the Charity are to hold capital and income to provide charitable assistance in the form of donations to individuals, organisations and charitable institutions with a medical, educational, Christian, welfare or environmental connection within 30 miles of the village of Blofield in Norfolk. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. ## **b. Grant-making policies** Grants are awarded to individuals, registered charities and organisations based on the level of need and within the geographical constraints imposed by the Deed of Settlement. ## **Achievements and performance** ## **a. Key financial performance indicators** ## **Charity** |2023
No.
£
No.
Unrestricted income for year
173,775
Net income before transfers / grants
154,166
Grants made
Local community
14
3,700
15
Other
64
185,000
79
78
188,700
94
Total applications considered
125
130
Percentage successful
63%
72%
Average award
Local community
264
Other
2,891|2022
£
220,054
200,745
3,900
222,393| |---|---| ||226,293| ||260
2,815| The trustees are pleased to report that despite the worldwide cost of living crisis and volatile stock market the level of charitable giving during the year in terms of average awards has increased. Albeit, there was a 4% decrease in applications received and a 17% decrease in the number of successful awards granted. Page 2 ## **THE R C SNELLING CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023** ## **Achievements and performance (continued)** ## **Group** The Group has adopted FRS 102, which exposes results to the volatility of the stock market. Consequently, the adjusted realised profits financial key performance indicators below have been adjusted to discount the unrealised revaluation effects. ||2023|2022| |---|---|---| ||£|£| |Income from trading activities|15,913,104|14,168,096| |Net surplus on trading endowment|61,284|261,138| |Unrealised valuation profits / (losses)|(132,755)|16,051| |Adjusted realised profits|194,041|245,087| |Percentage|1.22%|1.73%| The Group continues to operate in competitive markets and is seeking to grow its share of those markets. The charity’s aim is for the Group to be self-financing and, unless there is a pressing need within the Charity, the trustees intend, in the short term, to retain funds within the Group to achieve this aim. ## **b. Review of activities** ## **Charity** The principal activities of the Charity are the management of its portfolio of investments and properties to generate income for distribution in the form of grants in accordance with its trust deed. The trustees have transferred the properties and shares received to the expendable endowment fund to build a fund that will produce income to support charitable causes in the future. The properties are valued and let on an open market value basis and investments are revalued annually to market value. The Charity received a number of applications during the year, 78 ( _2022:_ 94) of which were granted by the trustees. It is not the policy of the trustees to undertake direct fundraising activities. The main sources of funding are investment income; donations from the Snelling Group and rental income derived from the Charity's properties. As the level of investment income and rents receivable are determined by market forces, these factors place natural limitations on the activities that can be carried out by the Charity in each financial period. The charity did not receive any donations from its subsidiaries _(2022: £50,000)_ during the year. Since the year end the trust has distributed through grants, in excess of £100,000. Page 3 ## **THE R C SNELLING CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023** ## **Achievements and performance (continued)** ## **Group** The principal activities of the Group comprise management of investments; the provision of integrated audio visual systems and communications technology and the rental, retail and servicing of televisions and home appliances. The Group operates in highly competitive markets and has continued to grow its presence in both the retail and commercial sectors. The Group has worked hard during the last year and the directors are satisfied with the results given the volatility of the economic and political climate throughout the last year and the global COVID 19 pandemic. Lockdown regulations still applied until the 24 February 2022 when COVID rules in England were finally scrapped. Retail grew its turnover in a challenging market through its investment in its website and Commercial results were as the result of building on existing relationships and securing new contracts including inside the EU. Since the year end, the group has been trading in an environment which has been challenged by the War between Russia and Ukraine which has caused a world-wide cost of living crisis, rising interest rates and commodity prices, and the political instability of the UK Government. The continued shortages of semiconductors are also impacting the completion of many projects and the availability of certain products. The Group has adopted FRS 102, which exposes results to the volatility of the stock market. Notwithstanding the challenges brought about by the current economic and political climate, the Group remains positioned to handle a period of significant growth in both the educational sector and by development of the corporate sector. The retail sector, even with its increased online and social media presence, will remain challenging. ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Page 4 ## **THE R C SNELLING CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023** ## **b. Reserves policy** ## **Charity** It is the policy of the trustees to maintain unrestricted reserves which provide sufficient funds to cover grants and donations, and management and administration costs on an annual basis. Property and investments both received as a donation or acquired are transferred to the expendable endowment fund and will be used to generate future income. ## **Group** The Group is still establishing itself in its respective markets and requires substantial working capital in order to grow. The trustees have agreed, subject to the needs of the Charity, to retain funds for working capital purposes within the Group, until it can financially support itself. Once this position has been achieved the Group will transfer funds up to the Charity for the fulfillment of its Charitable purposes. At 30 April 2023, total funds stood at £14,566,757 ( _2022: £14,545,590_ ). ## **c. Principal funding** The main source of income for the Charity is investment income. ## **d. Material investments policy** The Charity’s investment properties are let on long leases on a tenant repairing basis. The rent is based on open market value and subject to periodic reviews on an upwards only basis. The Charity's Investment Advisors and Managers (Barratt & Cooke) are instructed to invest to maximise the total return on the expendable endowments within the constraints of a medium risk, balanced account approach with no one holding of equity exceeding a 5% cap. The high levels of stock market volatility and the continuing uncertainty regarding world economic prospects continues to make the management of investments difficult. The Charity is a long term investor and on professional advice continues to hold a mixed portfolio of equities, bonds, cash and other investments designed to provide a stable level of income and the possibility of investment gains. The income return on listed investments for the year was 3.02% ( _2022: 3.15%_ ). The annual performance of the combined portfolio was a reduction in value of 9.76% ( _2022 growth of 7.45%_ ) against a growth in the FTSE all share index of 0.64% ( _2022 growth of 13.02%_ ). Page 5 ## **THE R C SNELLING CHARITABLE TRUST** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023** ## **Structure, governance and management** ## **a. Group Ethos and Core Values** During the prior year, the Trust in conjunction with group employees, defined its core values as being Professional; Trustworthy and Friendly under the culture and ethos of being Determined to do the Right Thing. These values are under pinned by both knowledge and experience. Videos were produced to record the processes involved and these now form part of the formal Staff induction process to ensure that they endure to future generations. ## **b. Constitution** The Charity was created by a Trust Deed dated 13 January 1999 and registered as a charity on 22 March 1999. The Charity was established by an initial gift from Roy Snelling with the purpose of ensuring that the local community benefited from the operation of the Group through employment and application of surplus profits. Following his death in 2012 the Group was donated to the Charity to comply with his wishes. The Charity does not actively fundraise and seeks to continue the charitable work desired by the donor through careful stewardship of its resources. ## **c. Methods of appointment or election of Trustees** The management of the Charity and the Group is the responsibility of the trustees who are elected and coopted under the terms of the Trust deed. ## **d. Policies adopted for the induction and training of Trustees** Due to the size of the Charity there are no formal training and induction procedures in place, continuing trustees will assist new trustees as necessary. Apart from being introduced to the Group ethos and core values as outlined above, as a minimum new trustees are given access to past trustee board minutes, copies of the financial statements, a copy of the trust deed and a copy of the Charity Commission’s guidance ‘The essential Trustee: What you need to know and ‘Public Benefit: running a charity’. ## **e. Pay policy for senior staff** The Charity does not directly employ any personnel nor does it remunerate any of the trustees other than in their capacity of directors of the Group. All trustees give of their time freely in the directing and controlling, running and operating of the Charity on a day to day basis. Details of the trustees who are remunerated through the Group in their roles as directors or senior management are disclosed in note 12 to the accounts. The pay of directors and senior management is reviewed annually in light of the performance of the Company or Group, the cost of living and benchmarked pay levels for similar roles in other companies within their respective sectors. A remuneration committee comprising of three trustees meets to consider the pay proposals and put their recommendations to the respective Boards for adoption. Page 6 ## **THE R C SNELLING CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023** ## **Structure, governance and management (continued)** ## **f. Organisational structure and decision making** The trustees, who meet quarterly, agree the broad strategy and review areas of activity for the Charity, including the consideration of grants, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of the applications prior to consideration is delegated to the secretary trustee. ## **g. Risk management** The trustees have made a review of the major risks to which the Charity may be exposed and systems have been established to minimise these risks. ## **Plans for future periods** ## **a. Future developments** The R C Snelling Charitable Trust is a lasting testimony to the generosity, benevolence and love for the local community of the founder, Roy Snelling. The trustees approach is to ensure that the Trading Group continues to grow, thrive and generate sustainable income which can be used for local community charitable purposes in addition to the stewardship of the Charity’s own resources. In keeping with the founder's wishes, the Group ethos is to grow through providing unrivalled and quality services which satisfy the customer whilst still remaining commercially viable. The trustees through having expendable endowments are able to respond to any need which arises should they so desire, but are intent on building those endowments, whilst permitted by the Trust Deed, in order to have a bigger impact on the local community in the future. ## **Information on fundraising practices** It is not the policy of the trustees to undertake direct fundraising activities. The trustees have considered the disclosure requirements concerning fundraising for charities and can confirm that they are not relevant to this grant making Charity. The trustees do not engage any persons or organisations to undertake fundraising or subscribe to any fundraising regulations. As a consequence, the public at large, whether vulnerable or otherwise, has not been approached in any way to contribute funds to the Charity and no complaints have been received by the Charity in relation to fundraising activities. The main sources of funding are investment income; donations from the Snelling Group and rental income derived from the Charity's properties. As the level investment income and rents receivable are determined by market forces, these factors place natural limitations on the activities that can be carried out by the Charity in each financial period. Page 7 THE R C SNELLING CHARITABLE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 APRIL 2023 Statement of TTU¥tee¥' re¥pon¥lbllltles Tho Trustees are reswnslble for preparlng the Tnjslees. report and the flnancl81 statements In accordance with 8ppllcabl8 law and Unitèd Kingdom A￿untIng Standards (United Kingdom Gen8rally Accepted Accounting PractiC8). The law applleable to ch3rhies In England & Wales requires th8 Tru$lè88 to prèpar8 fln8nclal statements for each financlal whkh glve a true and falr vlew of the stale of affairs of the GfOUP and the Charity and of their incoming resources and application of resources, including their income and expenditur8, for that pèriod. In prep8ring these financlal slalemen15, the Trustees are requlred lo.. 6elect sultable a￿OuntIng pollGles and then apply them conslslenuy. ob8èNè the method8 and principle5 of the Chorities SORP.. make judgements and accounllng 8sllmal8s that are r8asonab18 and prudent., slate whether appllcable UK Accountlng Standards have been followed. subject to any materlal departures di8c1088d and explalned in the financig181alements- prèparé thè finanelal slatom8nls on thg golng concem basls unl8ss11 1$ Inappropdata lo pr88um6 that the Group wlll conUnue In opera11c￿. The Trusteess are re8pon8lble for keeplng proper accounllng records that are 8ufficlent to show and explain the Group and Iha Charitls Ir8nsactlon8 and disclos& wllh rea8on8ble accuracy at any Ilme the fln8nclal posSllon of the GroLP and Ihe Charity and enable them lo ensure that the financlal statements compSy with th9 Chafilias Act 2011, the Charfty (Accounts and Reports) Regu18tlons 2008 and the provlslons of the Trust deed. They arg also re5pon5ible for safeguardlng the a58els of Ihe Group and the Charity and hence for laklng rgasonable steps for the prevenllon and delecllon of fraud and other Ifregularflies. Dlacloourè ol InfoTmatlon to audltorn Each af the persons who are Tru8teg8 at tha Ilme when th18 Trustees, report Is approved has confirmÉd that,. so far as that Tru8188 Is aware, th8re 18 no relwant audll Infomallon of thl¢h the ¢haritable group's audllors are unaware, and that Trustee has taken 811 the 81ep8 that ought to have been laken a8 a Trustee In order to bg awarè of any relevant aud6t Informatlon and lo 8stabllsh that the chèrltable group's audltor8 are aware of that Inlomation, AudltorB The aLKlilors, MA Partngrs Audit LLP, have indicated Ihew willingne5$ to wntinue lli offlce. The deslgnaled Trust88s wlll propos8 8 mollon reappolnllng the audllor5 at a m8ellng of th8 Trustees. order of the member8 of the board of Trustees and signed on their behalf by.. RACog Date: 13 December 2023 Page 8 **THE R C SNELLING CHARITABLE TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE R C SNELLING CHARITABLE TRUST** ## **Opinion** We have audited the financial statements of The R C Snelling Charitable Trust (the 'parent charity') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, 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). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. ## In our opinion the financial statements: - give a true and fair view of the state of the Group's and of the parent charity's affairs as at 30 April 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year 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 Charities Act 2011. ## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent charity'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. Page 9 **THE R C SNELLING CHARITABLE TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE R C SNELLING CHARITABLE TRUST (CONTINUED)** ## **Other information** The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or - the parent Charity has not kept sufficient accounting records; or - the parent Charity financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 Group's and the parent charity'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 Group or the parent charity or to cease operations, or have no realistic alternative but to do so. Page 10 **THE R C SNELLING CHARITABLE TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE R C SNELLING CHARITABLE TRUST (CONTINUED)** ## **Auditors' responsibilities for the audit of the financial statements** We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the parent charity and the group. Our approach was as follows: - We obtained an understanding of the legal and regulatory requirements applicable to the parent charity and the group and considered that the most significant are the Companies Act 2006, the Charities Act 2011, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation. - We obtained an understanding of how the parent charity and the group comply with these requirements through discussions with management and those charged with governance. - We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. - We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. Page 11 **THE R C SNELLING CHARITABLE TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE R C SNELLING CHARITABLE TRUST (CONTINUED)** Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement 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 statements, 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 misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. ## **MA Partners Audit LLP** Chartered Accountants Statutory Auditor 7 The Close Norwich Norfolk NR1 4DJ **N.B. The date of signing should be entered in 'ACCOUNTS COMPLETION' section** Date: 18 December 2023 MA Partners Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 12 ## **THE R C SNELLING CHARITABLE TRUST** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2023** |**Note**
**Income and**
**endowments from:**
Donations and
legacies
3
Other trading activities
4
Investments
5
Other income
6
**Total income and**
**endowments**
**Expenditure on:**
Raising funds
4
Charitable activities
8
Other expenditure
9
**Total expenditure**
**Net income /**
**(expenditure) before**
**net (losses) / gains**
**on investments**
Net (losses) / gains on
investments
**Net (expenditure) /**
**income**
Transfers between
funds
22
**Net income /**
**(expenditure) before**
**transfers**|**Other**
**endowment**
**funds**
**2023**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(5,583)**
**(5,583)**
**2,989**
**(2,594)**|**Group**
**trading**
**endowment**
**2023**
**£**
**-**
**15,913,104**
**135,167**
**5,500**
**16,053,771**
**15,753,556**
**-**
**(18,599)**
**15,734,957**
**318,814**
**(150,030)**
**168,784**
**(107,500)**
**61,284**|**Unrestricted**
**funds**
**2023**
**£**
**2,170**
**-**
**64,105**
**-**
**66,275**
**-**
**207,958**
**351**
**208,309**
**(142,034)**
**-**
**(142,034)**
**104,511**
**(37,523)**|**Total**
**funds**
**2023**
**£**
**2,170**
**15,913,104**
**199,272**
**5,500**
**16,120,046**
**15,753,556**
**207,958**
**(18,248)**
**15,943,266**
**176,780**
**(155,613)**
**21,167**
**-**
**21,167**|_Total_
_funds_
_2022_
_£_
_884_
_14,168,096_
_188,388_
_27,968_| |---|---|---|---|---|---| ||||||_14,385,336_| ||||||_13,878,246_
_245,037_
_38,438_| ||||||_14,161,721_| ||||||_223,615_
_379,607_| ||||||_603,222_
_-_| ||||||_603,222_| Page 13 **THE R C SNELLING CHARITABLE TRUST** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023** |**Note**
**Reconciliation of**
**funds:**
22
Total funds brought
forward
Net movement in
funds
**Total funds carried**
**forward**|**Endowment**
**funds**
**2023**
**£**
**4,747,647**
**(2,594)**
**4,745,053**|**Restricted**
**funds**
**2023**
**£**
**9,697,629**
**61,284**
**9,758,913**|**Unrestricted**
**funds**
**2023**
**£**
**100,314**
**(37,523)**
**62,791**|**Total**
**funds**
**2023**
**£**
**14,545,590**
**21,167**
**14,566,757**|_Total_
_funds_
_2022_
_£_
_13,942,368_
_603,222_| |---|---|---|---|---|---| ||||||_14,545,590_| The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 18 to 45 form part of these financial statements. Page 14 THE R C SNELLING CHARITABLE TRUST CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2023 2023 2022 Not• Flxed asset8 Tanglble a88ets Investments Inve8tmènl property 13 15 14 1,311,510 6,918.504 1,560,000 1.281,726 7,158,934 1.56D,000 9,790,014 70,000,660 Currgnt assets Stocks Debtors Cash al bank and In hand 18 17 1,245,079 4,720,866 1432,846 1.427,079 3.747,232 2,248,992 8,398.791 7,423,303 Credllors: amounts falllng du8 wlthln one ye8r 18 (3,422,362) (2,688,581) Net Gurront ass•ts 4,976A29 4,734,722 Total aosets 1oBs Current Ilablllttes 14,766A43 14,735,382 Credltor6.' amounts falllng dué 8ft8r moro than on8 year Prov181on8 for Ilabllltl8s 19 21 153,811) {145,876) (31,627) (158,165) Total net a98et8 14,566,757 14,545,590 Charlty funds Othér éndowmant funds Group Iradltvj 6ndowmenl Unrestrided furKIs 4,745,053 9,758,913 62,791 4.747.647 9.697,629 100.314 22 Total funds 14,566,757 14.545,590 The flnanclal 8tal8menls were approved and aulhorfsed for Issue b¥ s and slgned on thelr behalf by. N R Savory ogman Dato: 13 December 2023 Th8 notes on pages 18 to 45 form part of these financial slatemenls. Page 15 THE R C SNEWNG CHARITABLE TRUST CHARITY BALANCE 8HEEr AS AT 30 APRIL 2023 2022 Flxed asset8 Imiestm8nts Investment property 15 14 10.656.395 1.560,000 10,706,418 1.560.000 12,216,39S 12,266,4t8 Currènt amèts Debtors Cash at bank In hand 17 7.541 218,183 5.175 205.589 225,724 210.764 Creditor3: amounts fairing dua withhi one 18 150.6971 (4&643) N•t current as8•ts 175,027 165 121 Total as88t8 less curr•nt Ilabllhles 11391,422 12,431,539 Total net assets 12,391N22 12.431,539 Charlty funds Other •ndowment fvnds Group tradlng gndowment UnreslriGled lunds 4,745,053 7.583.578 82,791 4, 747,647 7.583,578 100,314 Total fundg 12.391.422 12,431.539 The flnandal statements wera appr￿ed and aulFKJrised for Issuo by the Trustees 8nd slgned on their behalf by. N R Sav¢xy R Acogmon Date: 13 D￿rnber 2023 The notes on pages 18 to 45 fomi part of th•s8 fllwKial statemnts. Page 16 ## **THE R C SNELLING CHARITABLE TRUST** ## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2023** |**Cash flows from operating activities**
Net cash provided by / (used in) operating activities (note 24)
**Cash flows from investing activities**
Proceeds from the sale of tangible fixed assets
Purchase of tangible assets
Proceeds from sale of investments
Purchase of investments
**Net cash used in investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year (note 25)**|**2023**
**£**
**339,143**
**32,007**
**(265,721)**
**997,815**
**(919,132)**
**(155,031)**
**184,112**
**2,248,734**
**2,432,846**|_2022_
_£_
_(740,878)_
_85,455_
_(164,580)_
_954,817_
_(1,850,216)_
**(974,524)**
**(1,715,402)**
_3,964,136_
_2,248,734_| |---|---|---| The notes on pages 18 to 45 form part of these financial statements Page 17 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **1. Accounting policies** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The R C Snelling Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. The financial statements consolidate the accounts of The R C Snelling Charitable Trust and all of its subsidiary undertakings ('subsidiaries‘). ## **1.2 Going concern** The Trust is expected to have adequate resources to continue in operational existence for the foreseeable future and at least twelve months from the date of signing these financial statements. Therefore the trustees have adopted the going concern basis of accounting in preparing these financial statements. Page 18 **THE R C SNELLING CHARITABLE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **1. Accounting policies (continued)** ## **1.3 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The principal activities of the Group are the rental, retail and servicing of televisions; home appliances and the provision of integrated audio-visual systems and communications technology. - Turnover from the sale of goods is recognised at the point of sale or, where later, upon delivery to the customer. - Turnover from the provision of products through rental agreements is accounted for on an accruals basis and is recognised from the date the contractual agreement is signed. - Turnover from maintenance contracts is accounted for on an accruals basis and is recognised from the date the contractual agreement is signed. - Turnover earned from the servicing of televisions and home appliances is recognised on the date of the completion of the maintenance provided. ## **Work in progress** For other contracts in progress at the end of the financial year, income is recognised, and values are stated in the balance sheet, as amounts recoverable on contracts or payments received on account, in accordance with Financial Reporting Standard 102. ## **1.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Page 19 **THE R C SNELLING CHARITABLE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **1. Accounting policies (continued)** ## **1.4 Expenditure (continued)** Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. ## **1.5 Government grants** Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred. Grants of a revenue nature are recognised in the Consolidated Statement of Financial Activities in the same period as the related expenditure. ## **1.6 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **1.7 Foreign currencies** Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Consolidated statement of financial activities. ## **1.8 Taxation** The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **1.9 Tangible fixed assets and depreciation** Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Page 20 **THE R C SNELLING CHARITABLE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **1. Accounting policies (continued)** ## **1.9 Tangible fixed assets and depreciation (continued)** Freehold property - 4% reducing balance - Leasehold improvements period of lease straight line Motor vehicles - 25% reducing balance Fixtures, fittings, tools and - 25% reducing balance equipment Computer equipment (included - 25% straight line within fixtures, fittings tools and equipment) Hire and demonstration - 30% reducing balance equipment (included within fixtures, fittings, tools and equipment) The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities. ## **1.10 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities. Investments held as fixed assets are shown at cost less provision for impairment. ## **1.11 Stocks** Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. ## **1.12 Investment properties** investment properties are included in the Balance Sheet at their open market value and are not depreciated. Page 21 **THE R C SNELLING CHARITABLE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **1. Accounting policies (continued)** ## **1.13 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **1.14 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.15 Liabilities** Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. ## **1.16 Deferred taxation** Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Page 22 **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **1. Accounting policies (continued)** ## **1.17 Financial instruments** The Charity and Group enter into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date. ## **1.18 Operating leases** Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term. ## **1.19 Pensions** The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. ## **1.20 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Expendable endowment funds are donations received which the trustees have set aside to generate funds for future distribution. Trading endowment funds represent funds retained within the trading subsidiaries for their financial stability and growth. These funds can be paid up to the Charity if required and are therefore treated as an expendable endowment fund. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 23 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **2. Critical accounting estimates and areas of judgement** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. ## **Useful economic lives of tangible assets** The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the tangible fixed assets and note 1.9 for the useful economic lives for each class of assets. ## **Inventory provisioning** The Group sells and installs integrated audio visual systems and communications technology which is subject to industry demands and trends. Consequently, it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management consider the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 16 for the net carrying amount of the inventory and associated provision. ## **Impairment of debtors** The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 17 for the net carrying amount of the debtors and associated impairment provision. ## **Revenue recognition** The Group uses the percentage-of-completion method in accounting for its fixed-price contracts. Use of the percentage-of-completion method requires the Group to estimate the services performed to date as a proportion of the total services to be performed. Page 24 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **3. Income from donations and legacies** ||**Unrestricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2023**|**2023**|_2022_| ||**£**|**£**|_£_| |Donations|2,170|**2,170**|_884_| ## **4. Trading activities** ## **Income from non charitable trading activities** |Subsidiary trading income
Subsidiary rental income|**Group**
**trading**
**endowment**
**2023**
**£**
15,515,844
397,260
15,913,104|**Total**
**funds**
**2023**
**£**
**15,515,844**
**397,260**
**15,913,104**|_Total_
_funds_
_2022_
_£_
_13,724,570_
_443,526_| |---|---|---|---| ||||_14,168,096_| In 2022 total income from non charitable trading activities related to the Group trading endowment. Expenditure on raising funds represents the trading costs incurred in the subsidiaries. Page 25 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **5. Investment income** |Rental income
Income from listed investments
Income from bonds
Interest receivable
Interest receivable
Rental income
Income from listed investments
Income from bonds
Interest receivable|**Group**
**trading**
**endowment**
**2023**
**£**
-
111,855
16,804
6,417
91
135,167
_Group_
_trading_
_endowment_
_2022_
_£_
_-_
_113,599_
_12,743_
_376_
_126,718_|**Unrestricted**
**funds**
**2023**
**£**
7,800
48,879
-
7,426
-
64,105
_Unrestricted_
_funds_
_2022_
_£_
_7,800_
_46,774_
_-_
_7,096_
_61,670_|**Total**
**funds**
**2023**
**£**
**7,800**
**160,734**
**16,804**
**13,843**
**91**| |---|---|---|---| ||||**199,272**| ||||_Total_
_funds_
_2022_
_£_
_7,800_
_160,373_
_12,743_
_7,472_| ||||_188,388_| ## **6. Other incoming resources** ||**Group**||| |---|---|---|---| ||**trading**|**Total**|_Total_| ||**endowment**|**funds**|_funds_| ||**2023**|**2023**|_2022_| ||**£**|**£**|_£_| |Government grants receivable|5,500|**5,500**|_27,968_| Page 26 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **7. Analysis of grants** |Grants payable
Grants payable|**Grants to**
**Institutions**
**2023**
**£**
188,700
_Grants to_
_Institutions_
_2022_
_£_
_226,293_|**Total**
**funds**
**2023**
**£**
**188,700**| |---|---|---| |||_Total_
_funds_
_2022_
_£_
_226,293_| Page 27 **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **7. Analysis of grants (continued)** |**Name of institution**
Priscilla Bacon Hospice
Norwich Samaritans
Thornage Hall Independent Living Ltd
St Barnabus Counselling Services
Stalham Bapitst Church
The Matthew Project
NANSA
Multiple Sclerosis Therapy Centre Norfolk
St Martins Housing Trust
East Anglia's Children's Hospices
Norfolk Community Foundation
East Anglian Air Ambulance
Wings 4 Warriors
The Hamlet Centre Trust
The Feed Enterprises CIC
UTV All Saints Benefice / St Margaret's Hapton
Emmaus Norfolk & Waveney
The Friends of Hemblington Primary School
The Institute of Engineering and Technology
Schoolreaders
Other grants to institutions|**2023**
**£**
**10,000**
**10,000**
**10,000**
**7,500**
**7,500**
**7,000**
**5,600**
**5,400**
**5,100**
**5,000**
**5,000**
**5,000**
**5,000**
**5,000**
**5,000**
**5,000**
**5,000**
**4,000**
**3,600**
**3,000**
**70,000**
**188,700**|_2022_
_£_
_25,000_
_10,000_
_-_
_-_
_-_
_2,000_
_-_
_2,000_
_-_
_20,000_
_10,000_
_5,000_
_2,000_
_-_
_-_
_-_
_-_
_5,250_
_2,400_
_3,000_
_139,643_| |---|---|---| |||| |||_226,293_| Page 28 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **8. Analysis of expenditure by activities** |Charitable activities
Charitable activities
**Analysis of support costs**
Newsletter
Audit and accountancy fees
Museum costs
Legal and professional fees|**Grant**
**funding of**
**activities**
**2023**
**£**
188,700
_Grant_
_funding of_
_activities_
_2022_
_£_
_226,293_|**Support**
**costs**
**2023**
**£**
19,258
_Support_
_costs_
_2022_
_£_
_18,744_
**Total**
**funds**
**2023**
**£**
**7,500**
**4,640**
**823**
**6,295**
**19,258**|**Total**
**funds**
**2023**
**£**
**207,958**| |---|---|---|---| ||||_Total_
_funds_
_2022_
_£_
_245,037_| ||||_Total_
_funds_
_2022_
_£_
_7,500_
_4,680_
_2,557_
_4,007_| ||||_18,744_| In 2023 and 2022 total support costs related to unrestricted funds. Page 29 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **9. Other expenditure** |Subsidiary tax charges
Property maintenance costs
Subsidiary tax charges
Property maintenance costs|**Group**
**trading**
**endowment**
**2023**
**£**
(18,599)
-
(18,599)
_Group_
_trading_
_endowment_
_2022_
_£_
_37,873_
_-_
_37,873_|**Unrestricted**
**funds**
**2023**
**£**
-
351
351
_Unrestricted_
_funds_
_2022_
_£_
_-_
_565_
_565_|**Total**
**funds**
**2023**
**£**
**(18,599)**
**351**| |---|---|---|---| ||||**(18,248)**| ||||_Total_
_funds_
_2022_
_£_
_37,873_
_565_| ||||_38,438_| |**10.**|**Auditors' remuneration**||| |---|---|---|---| |||**2023**|_2022_| |||**£**|_£_| ||Fees payable to the Charity's auditor in respect of:||| ||Auditors' remuneration - audit (Charity)|**2,750**|_2,600_| ||Auditors' remuneration - audit (Group excluding Charity)|**13,925**|_13,000_| ||Auditors' remuneration - non-audit (Group)|**1,890**|_5,400_| Page 30 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **11. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**Group**
**2023**
**£**
**2,737,270**
**291,397**
**196,191**
**3,224,858**|_Group_
_2022_
_£_
_2,523,688_
_261,978_
_174,835_| |---|---|---| |||| |||_2,960,501_| Wages and salaries include benefits in kind in respect of cars of **£22,744** _(2022: £27,629)_ . The average number of persons employed by the Charity during the year was as follows: |Sales
Administration
Engineers|**Group**
**2023**
**No.**
**19**
**25**
**27**
**71**|_Group_
_2022_
_No._
_18_
_22_
_32_| |---|---|---| |||| |||_72_| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: ||**Group**|_Group_| |---|---|---| ||**2023**|_2022_| ||**No.**|_No._| |In the band £60,001 - £70,000|**1**|_1_| |In the band £70,001 - £80,000|**2**|_1_| |In the band £90,001 - £100,000|**3**|_2_| |In the band £100,001 - £110,000|**2**|_2_| |In the band £110,001 - £120,000|**-**|_1_| |In the band £130,001 - £140,000|**1**|_1_| The Trustees of the Charity (deemed to be the key management personnel) receive remuneration from their roles as directors or employees within the trading group as authorised under clause 13 of the Articles of Association. Page 31 **THE R C SNELLING CHARITABLE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **12. Trustees' remuneration and expenses** During the year, no Trustee received any remuneration, benefits in kind or reimbursement of expenses ( _2022: £Nil_ ) in respect of their roles as Trustees of the Charity. Remuneration in respect of their roles as directors in the subsidiary trading group are detailed below. The Trustees of the Charity (deemed to be the key management personnel) receive remuneration from their roles as directors or employees within the trading group as authorised under clause 13 of the Articles of Association. During the year, no Trustees received any remuneration or other benefits _(2022 - £)_ . During the year ended 30 April 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ . Page 32 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **13. Tangible fixed assets** ## **Group and Charity** |**Cost or valuation**
At 1 May 2022
Additions
Disposals
At 30 April 2023
**Depreciation**
At 1 May 2022
Charge for the year
On disposals
At 30 April 2023|**Freehold**
**property**
**£**
**869,055**
**58,150**
**-**
**927,205**
**331,054**
**12,777**
**-**
**343,831**|**Motor**
**vehicles**
**£**
**286,809**
**88,834**
**(45,190)**
**330,453**
**217,971**
**29,662**
**(38,058)**
**209,575**|**Fixtures,**
**fittings,**
**tools and**
**equipment**
**£**
**1,645,706**
**65,683**
**(1,008)**
**1,710,381**
**1,360,791**
**93,399**
**(1,008)**
**1,453,182**|**Hire**
**equipment**
**£**
**1,523,282**
**53,054**
**(166,154)**
**1,410,182**
**1,301,986**
**68,678**
**(151,885)**
**1,218,779**|**Leasehold**
**improvem'ts**
**£**
**250,301**
**-**
**-**
**250,301**
**81,625**
**10,020**
**-**
**91,645**|**Total**
**£**
**4,575,153**
**265,721**
**(212,352)**
**4,628,522**
**3,293,427**
**214,536**
**(190,951)**
**3,317,012**| |---|---|---|---|---|---|---| Page 33 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **13. Tangible fixed assets (continued)** ## **Group and Charity (continued)** |**Net book value**
At 30 April 2023
_At 30 April 2022_|**Freehold**
**property**
**£**
**583,374**
_538,001_|**Motor**
**vehicles**
**£**
**120,878**
_68,838_|**Fixtures,**
**fittings,**
**tools and**
**equipment**
**£**
**257,199**
_284,915_|**Hire**
**equipment**
**£**
**191,403**
_221,296_|**Leasehold**
**improvem'ts**
**£**
**158,656**
_168,676_|**Total**
**£**
**1,311,510**| |---|---|---|---|---|---|---| |||||||_1,281,726_| Included in Freehold property is freehold land at a cost of **£241,000** _(2022: £241,000)_ which is not depreciated. Page 34 ## **THE R C SNELLING CHARITABLE TRUST** |**NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 APRIL 2023**|| |---|---| |**14.**
**Investment property**
**Group**
**Valuation**
At 1 May 2022
At 30 April 2023
**Charity**
**Valuation**
At 1 May 2022
At 30 April 2023|**Freehold**
**investment**
**property**
**£**
**1,560,000**
**1,560,000**
**Freehold**
**investment**
**property**
**£**
**1,560,000**
**1,560,000**| The 2023 valuations for two properties were made by the Trustees, on an open market value basis. Page 35 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **15. Fixed asset investments** |**Group**
**Cost or valuation**
At 1 May 2022
Additions
Disposals
Revaluations
Distribution
At 30 April 2023
**Net book value**
At 30 April 2023
_At 30 April 2022_
**Charity**
**Cost or valuation**
At 1 May 2022
Additions
Disposals
Revaluations
Distribution
At 30 April 2023
**Net book value**
At 30 April 2023
_At 30 April 2022_|**Listed**
**securities**
**£**
**6,229,594**
**919,132**
**(966,172)**
**(160,890)**
**-**
**6,021,664**
**6,021,664**
_6,229,594_
**Listed**
**securities**
**£**
**2,196,340**
**293,262**
**(282,650)**
**(28,135)**
**-**
**2,178,817**
**2,178,817**
_2,196,340_|**Unlisted**
**securities**
**£**
**12,840**
**-**
**-**
**-**
**-**
**12,840**
**12,840**
_12,840_
**Unlisted**
**securities**
**£**
**7,593,578**
**-**
**-**
**-**
**-**
**7,593,578**
**7,593,578**
_7,593,578_|**Other**
**investments**
**£**
**916,500**
**-**
**-**
**32,500**
**(65,000)**
**884,000**
**884,000**
_916,500_
**Other**
**investments**
**£**
**916,500**
**-**
**-**
**32,500**
**(65,000)**
**884,000**
**884,000**
_916,500_|**Total**
**£**
**7,158,934**
**919,132**
**(966,172)**
**(128,390)**
**(65,000)**
**6,918,504**
**6,918,504**
_7,158,934_
**Total**
**£**
**10,706,418**
**293,262**
**(282,650)**
**4,365**
**(65,000)**
**10,656,395**
**10,656,395**
_10,706,418_| |---|---|---|---|---| Page 36 **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **16. Stocks** ||**Group**|_Group_| |---|---|---| ||**2023**|_2022_| ||**£**|_£_| |Goods for sale, raw materials and consumables|**1,245,079**|_1,427,079_| The carrying value of stocks are stated net of impairment losses totalling **£81,898** _(2022: £40,865)_ . Impairment losses of **£40,853** were charged _(2022: £3,126 credited)_ to the profit and loss. ## **17. Debtors** |**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income
Amounts recoverable on long-term contracts|**Group**
**2023**
**£**
**3,546,616**
**36,172**
**393,329**
**744,749**
**4,720,866**|_Group_
_2022_
_£_
_1,543,742_
_14,366_
_291,138_
_1,897,986_
_3,747,232_|**Charity**
**2023**
**£**
**-**
**-**
**7,541**
**-**
**7,541**|_Charity_
_2022_
_£_
_-_
_-_
_5,175_
_-_| |---|---|---|---|---| |||||| |||||_5,175_| ## **18. Creditors: Amounts falling due within one year** |Bank overdrafts
Trade creditors
Amounts owed to group undertakings
Corporation tax
Other taxation and social security
Other creditors
Accruals and deferred income|**Group**
**2023**
**£**
**-**
**2,037,920**
**-**
**13,100**
**371,493**
**37,817**
**962,032**
**3,422,362**|_Group_
_2022_
_£_
_258_
_1,877,575_
_-_
_17,083_
_161,966_
_97,781_
_533,918_
_2,688,581_|**Charity**
**2023**
**£**
**-**
**-**
**27,500**
**-**
**9,042**
**5,355**
**8,800**
**50,697**|_Charity_
_2022_
_£_
_-_
_-_
_26,875_
_-_
_9,263_
_6,855_
_2,650_| |---|---|---|---|---| |||||| |||||_45,643_| Page 37 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **19. Creditors: Amounts falling due after more than one year** ||**Group**|_Group_| |---|---|---| ||**2023**|_2022_| ||**£**|_£_| |Accruals and deferred income|**53,811**|_31,627_| |**20.**|**Financial instruments**||||| |---|---|---|---|---|---| |||**Group**|_Group_|**Charity**|_Charity_| |||**2023**|_2022_|**2023**|_2022_| |||**£**|_£_|**£**|_£_| ||**Financial assets**||||| ||Financial assets measured at fair value||||| ||through income and expenditure|**2,445,686**|_10,967,485_|**7,811,761**|_12,471,823_| Financial assets measured at fair value through income and expenditure comprise listed securities, investment property and cash and cash equivalents. ## **21. Deferred taxation** ## **Group and Charity** |At the beginning of the year
Credit for the year
The deferred tax liability is made up as follows:
Accelerated capital allowances
Tax losses carried forward
Capital gains deferred|**Group**
**2023**
**£**
**(110,039)**
**10,664**
**(46,500)**
**(145,875)**|**2023**
**£**
**158,165**
**(12,290)**| |---|---|---| |||| |||**145,875**| |||_Group_
_2022_
_£_
_(108,829)_
_10,664_
_(60,000)_| |||| |||_(158,165)_| Page 38 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **22. Statement of funds** **Statement of funds - current year** |**Unrestricted**
**funds**
**Designated**
**funds**
Designated
Funds
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**
**Endowment**
**funds**
Expendable
Endowment
Funds
**Group Trading**
**Endowment**
Group Trading
Endowment
**Total of funds**|**Balance at 1**
**May 2022**
**£**
**20,990**
**79,324**
**100,314**
**4,747,647**
**9,697,629**
**14,545,590**|**Income**
**£**
**-**
**66,275**
**66,275**
**-**
**16,053,771**
**16,120,046**|**Expenditure**
**£**
**(823)**
**(207,486)**
**(208,309)**
**-**
**(15,734,957)**
**(15,943,266)**|**Transfers**
**in/out**
**£**
**-**
**104,511**
**104,511**
**2,989**
**(107,500)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**(5,583)**
**(150,030)**
**(155,613)**|**Balance at**
**30 April**
**2023**
**£**
**20,167**| |---|---|---|---|---|---|---| |||||||**42,624**| |||||||**62,791**| |||||||**4,745,053**| |||||||**9,758,913**| |||||||**14,566,757**| Page 39 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **22. Statement of funds (continued)** **Statement of funds - prior year** |**Unrestricted**
**funds**
**Designated**
**funds**
Designated
Funds
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**
**Endowment**
**funds**
Expendable
Endowment
Funds
**Group Trading**
**Endowment**
Group Trading
Endowment
**Total of funds**|_Balance at_
_1 May 2021_
_£_
_23,547_
_102,143_
_125,690_
_4,380,187_
_9,436,491_
_13,942,368_|_Income_
_£_
_-_
_62,554_
_62,554_
_-_
_14,322,782_
_14,385,336_|_Expenditure_
_£_
_(2,557)_
_(243,045)_
_(245,602)_
_-_
_(13,916,119)_
_(14,161,721)_|_Transfers_
_in/out_
_£_
_-_
_157,672_
_157,672_
_(172)_
_(157,500)_
_-_|_Gains/_
_(Losses)_
_£_
_Balance at_
_30 April 2022_
_£_
_-_
_20,990_
_-_
_79,324_
_-_
_100,314_
_367,632_
_4,747,647_
_11,975_
_9,697,629_
_379,607_
_14,545,590_|_Gains/_
_(Losses)_
_£_
_Balance at_
_30 April 2022_
_£_
_-_
_20,990_
_-_
_79,324_
_-_
_100,314_
_367,632_
_4,747,647_
_11,975_
_9,697,629_
_379,607_
_14,545,590_| |---|---|---|---|---|---|---| |||||||_79,324_| |||||||_100,314_| |||||||_4,747,647_| |||||||_9,697,629_| |||||||_14,545,590_| Page 40 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **22. Statement of funds (continued)** ## **Fund Transfers** During the year ended 30 April 2023 a transfer of **£2,989** ( _2022: £172_ ) of undistributed costs has been made from Unrestricted to Endowment Funds. The consolidated statement of financial activities has eliminated intra group rent and donations payable to the Charity. A transfer of **£107,500** ( _2022: £157,500_ ) is therefore required from Group Trading Endowment Funds to General Funds to reflect the value of rental income and donations received by the Charity. ## **Charity own results for the year** Brought forward funds of the Charity at 1 May 2022 were **£12,431,539** ( _1 May 2021: £12,089,455_ ). Net expenditure for the Charity for the year ended 30 April 2023 was **£34,534** before gains and losses ( _2022: £25,548 net expenditure_ ). Net losses on listed investments for the year ended 30 April 2023 were **£5,583** ( _2022: £367,632 gains)_ . This resulted in a net deficit of **£40,117** for the year ( _2022: £342,084_ surplus). Charity funds carried forward at 30 April 2023 were **£12,391,422** ( _2022: £12,431,539_ ). ## **23. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**|**Endowment**
**funds**
**2023**
**£**
-
3,072,817
1,560,000
112,236
-
-
-
4,745,053|**Group**
**Trading**
**Endowment**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
1,311,510
-
3,845,687
-
-
-
8,173,067
113,488
(3,371,665)
(50,697)
(53,811)
-
(145,875)
-
9,758,913
62,791|**Total**
**funds**
**2023**
**£**
**1,311,510**
**6,918,504**
**1,560,000**
**8,398,791**
**(3,422,362)**
**(53,811)**
**(145,875)**
**14,566,757**| |---|---|---|---| Page 41 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **23. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior year** |Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**|_Endowment_
_funds_
_2022_
_£_
_-_
_3,122,840_
_1,560,000_
_64,807_
_-_
_-_
_-_
_4,747,647_|_Group_
_Trading_
_Endowment_
_2022_
_£_
_1,281,726_
_4,036,094_
_-_
_7,212,539_
_(2,642,938)_
_(31,627)_
_(158,165)_
_9,697,629_|_Unrestricted_
_funds_
_2022_
_£_
_-_
_-_
_-_
_145,957_
_(45,643)_
_-_
_-_
_100,314_|_Total_
_funds_
_2022_
_£_
_1,281,726_
_7,158,934_
_1,560,000_
_7,423,303_
_(2,688,581)_
_(31,627)_
_(158,165)_
_14,545,590_| |---|---|---|---|---| ## **24. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Gains/(losses) on investments
Profit on the sale of fixed assets
Decrease/(increase) in stocks
Increase in debtors
(Decrease)/increase in creditors
Increase in deferred tax provision
**Net cash provided by/(used in) operating activities**|**Group**
**2023**
**£**
**21,167**
**214,536**
**161,747**
**(10,606)**
**182,000**
**(973,634)**
**756,223**
**(12,290)**
**339,143**|_Group_
_2022_
_£_
_603,222_
_225,679_
_(379,607)_
_(12,114)_
_(197,854)_
_(1,594,588)_
_593,594_
_20,790_
_(740,878)_| |---|---|---| Page 42 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **25. Analysis of cash and cash equivalents** |Cash in hand
Overdraft facility repayable on demand
**Total cash and cash equivalents**|**Group**
**2023**
**£**
**2,432,846**
**-**
**2,432,846**|_Group_
_2022_
_£_
_2,248,992_
_(258)_| |---|---|---| |||| |||_2,248,734_| ## **26. Analysis of changes in cash and cash equivalents** |Cash at bank and in hand
Bank overdrafts repayable on demand|**At 1 May**
**2022**
**£**
**2,248,992**
**(258)**
**2,248,734**|**Cash flows**
**£**
**183,854**
**258**
**184,112**|**At 30 April**
**2023**
**£**
**2,432,846**
**-**| |---|---|---|---| ||||**2,432,846**| ## **27. Pension commitments** The Group operates a defined contribution pension scheme for all eligible employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge is detailed in note 11 to the financial statements. There were **£19,295** ( _2022: £20,507_ ) accrued contributions in the Group at 30 April 2023. ## **28. Operating lease commitments** At 30 April 2023 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows: |Not later than 1 year
Later than 1 year and not later than 5 years|**Group**
**2023**
**£**
**58,897**
**34,479**
**93,376**|_Group_
_2022_
_£_
_54,657_
_70,509_| |---|---|---| |||| |||_125,166_| The Charity had no commitments under non-cancellable operating leases at 30 April 2023. Page 43 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **29. Related party transactions** ## **Charity** The Charity owns land and buildings which are leased to a subsidiary company. The annual rental was determined on the advice of independent Chartered Surveyors, Roche. The property was subsequently let by the trustees to Snelling Business Systems Limited at a full market rent amounting to £107,500 per annum. During the year the Charity used Barratt & Cooke Limited as Investment Advisors and Managers. Management charges of **£560** _(2022: £550)_ for managing the funds and commission charges of **£5,311** _(2022: £7,053)_ were incurred during the normal course of business. Barratt & Cooke Limited is a company in which S Barratt and N R Savory (both trustees) are directors. During the year, the Charity donated **£5,000** _(2022: £5,000)_ to East Anglian Air Ambulance, a charity in which N R Savory is also a trustee. During the year, the Charity paid S Phillips **£4,000** ( _2022: £4,000_ ) for the production of two newsletters. S Phillips is a trustee of the Charity. No amounts were outstanding at 30 April 2023 ( _2022: £Nil_ ). During the year, the Charity paid Fakenham Racecourse Limited **£486** ( _2022: £634_ ) for sponsorship and events. N R Savory is a director of Fakenham Racecourse Limited. ## **Group** During the year the Group used Barratt & Cooke Limited as Investment Advisors and Managers. Commission and management fees of **£17,396** _(2022: £21,649)_ were incurred during the normal course of business. N R Savory is a director of Barratt & Cooke Limited and Snellings Limited. The Group paid **£18,850** _(2022: £15,500)_ for warehouse rental to Paul Giles, a trustee and director of R C Snelling Limited. The rental represents a commercial rate of usage of the facility. No amounts were outstanding at 30 April 2023 _(2022: £Nil)_ . During the year, the Group paid Fakenham Racecourse Limited **£13,109** ( _2022: £634_ ) for sponsorship and events and invoiced Fakenham Racecourse Limited **£18,235** ( _2022: £nil_ ) for goods and services. N R Savory is a director of Fakenham Racecourse Limited. Page 44 ## **THE R C SNELLING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023** ## **30. Principal subsidiaries** Subsidiary name Snellings Limited Company registration number 07613036 Basis of control Share capital Equity shareholding % 100% Total assets as at 30 April 2023 £13,357,764 Total liabilities as at 30 April 2023 (£3,598,851) Total equity as at 30 April 2023 £9,758,913 Turnover for the year ended 30 April 2023 £15,913,104 Expenditure for the year ended 30 April 2023 (£15,851,820) Profit for the year ended 30 April 2023 £61,284 Snellings Limited is a parent company and has the following subsidiary undertakings, which are incorporated in England and Wales and are included within the consolidated financial statements of Snellings Limited for the year ended 30 April 2023. R C Snelling Limited - 100% owned - Sale, rental and services of televisions and home appliances. Snelling Business Systems Limited - 100% owned - Provision of integrated audio visual systems and communications technology. R C Snelling (Blofield) Limited - 100% owned - Dormant. Gerald Giles Limited - 100% owned - Dormant. Page 45