2024-04-30-accounts

Charity number: 1074776 THE R C SNELLING CHARITABLE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

THE R C SNEWNG CHARITABLE TRUST CONTENTS Page Reference and administrative detalls of the Charity. its Trustees and advisers Trustees. report Independent auditors, report on the flnancial ststements 9-12 Consolidated statement of financial activltie5 13-14 Con501idated balance sheet 15 Charity balance sheet 16 Consolidated statsment 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 2024 Trustees N R Savory S Barratt P Buttinger S Phillips R A Cogman T Wise D G M Jarrold M Gook, Employee nominated Trustee P G Giles Charity Teglstered number 1074776 Prlnclpal offiGe Laundry Lane Blofield Heath Norfolk NR13 4SQ Independent audltors MA Partners Audrt LLP Chartered Accountants Statutory Auditor 7 The Close Norwich Norfolk NR14DJ Bankers Bank of Scotland 33 Old Broad Street London BX2 1LB Investmènt Advlsors Barratt & Cooke 5 Opie Street Norwich Norfolk NR13DW Page 1

THE R C SNELLING CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 APRIL 2024 The trustees present their annual report together with the audited financial statements of the Group and the Charity for the year 1 May 2023 to 30 April 2024. 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 Df Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021. Objectlves and activities a. Policies and objectlves The objectives of the Charity are to hold capital and income lo provide charitable assistance in the form of donations to Individuals, organisations and Gharttable 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-maklng pollcles Grants are awarded to indivlduals, registered charities and organisations based on th8 level of need and within the geographical constraints imposed by th8 Deed of Settlement. c. Main aGtivltles undertaken to further the Charity's purposeg for the publlc benefit The Charity furthers its charitable purposès for Iha public benefit through its granl-making policias as identified above. Achievements and performance a. Key flnancial perfomianca Indicators Charlty 2024 2023 No. Unrestricted income for year 187,376 173,775 Net income before transfers I grants 171,150 154,166 Grants made Local communty other 19 68 87 4,785 14 199975 64 204 760 78 3,700 185 000 188 700 Average award Local community other 252 2,941 264 2,891 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 overall spend and average amount awarded have both increased. The trustees also approved a greater numbèr of grants 87 (2023.. 78), an increase of 11.2Q/o. Page 2

THE R C SNELLING CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Achievements and perforniance (continued) Group The Group has adopted FRS 102, which exposes results lo the volatility of the stock market. Consequenlly, the adjusted realised profits financial key performance indicators below have been adjusted to discount the unrealised revaluation effects. 2024 2023 Income from trading activities 15.821.989 15.913,104 Net surplus on tradlng endowment 255.065 61,284 Unrealised valuation profits l (lossasl 134,TT1 (132,755) Adjusted realised profits 120,294 194,041 Percentage 1.22Q The Group Gontinues to operale 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. Since the year end the Group has made gift aided payments totalling £90,000 to the Charity. b. Review of activitleg Charity The principal activity of the Charity Is 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. Th8 trustees have transferred the properties and shares received to the expendable endowment fund to build fund that will produc6 income to support charitable causes in the fLrture. 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, 87 (2023.- 78) of which were successful In receiving grants from the trustees. It is not the policy of the trustees to undertake direct fundraising actwities. The main sources of funding are investmènt inccme: 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 Page 3

THE R C SNELLING CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Achievements and performance {continued) Group The principal activities of the Group comprise management of investments; the provision of integrated audio visual systems arid Gommunications technology and the rental, retail and seniicing of television5 and home appliances. The Group op8rates in highly competittve 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 resutt5 given the volatility of the economic and political climate throughout the last year. Since the year end, the group has continued to tradè 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. Labour won the General Election in July and a direct impact of their first budgel will be to increase the Groups, payroll costs in 2025. The further effects on markets served by the Group are still to be determined and the Group remains cautious. Notwithstanding the challenges brought about by th8 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 ccrporate sector. The retail sector. even with its increased online and social media presence, will remain challenging. The Group ha5 adopted FRS 102, which expDses resulls lo the volatility of the stock market. Financial Teview a. Going concern After making appropriate enquiries, the Trustees have a ieasonable 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. b. Reserves policy Charity It is the policy of the trustees to maintain unrestricted reseNes which provide suff icient funds to cover grants and donations, and management and administration costs on an annual basis. Property and investments both r8ceived as a donation cr acquired are transferred to the expendable endowment fund and will be used tc generate future income. Group The Group is still establishing itself in ils respective markets and requir8s substantial working capita5 to grow. The trustees have agreed, subject to the needs of the Charity, to retain funds forworking capital purposes within the Group, until it can financially support itself. Sinc@ the yearend the Group has made gifted aided payments of £90,000 to the Charity. At 30 April 2024, total funds stood at £14,773.697 (2023.. £q4, 566, 75n. Page 4

THE R C SNELLING CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 c. Principal fundlng The main Source of income forthe Charity is investment income. d. Matarlal inv&stments policy The Charity's investment properties are let on long leases on a tenant repairing basis. The rent is based on op8n market value and subject to periodic reviews on an upwards only basis. The Charitvs Investment Advisors and Managers {Barratt & Cooke) are instruct8d to invest to maximise the lotal return on the expendable endowments within the constraints of a medium risk. balanced account approach with no one holding of equity exceeding a 5/0 cap. The high levels of stock market volatility and the continuing uncertainty regarding world economic prospects continue to make the management of investments difficult. The Charity is a long-tem investor and on professional advice continues to hold a mlxed portfolio of equities, bonds, cash and other investments designed to provide a stable level of income and the p058ibility of investment gains. Tha Income return on listed investments for the year was 2.89oh (2023.. 3.02%). The annual capital return of the combined portfollo was a growth In value of 2.570/0 (2023.. Trduclion 019. 76¢A) against a growth in the FTSE all share index of 3.42010 (2023.. growth of 2.36%). Page 5

THE R C SNELLING CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Structurei governance and management a. Group Ethos and Core Values During the prior year, the Trust in conjunction with gr¢WP employees, defined rts core values as being Professional. Trustworthy and Friend￿ 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 forrn part of the formal Staff induction process to ensure that they endure to future generation5. b. Constltutlon 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 inltial gift from Roy Snelling wth the purpose of ensuring that the local community benefrted from the operation of the Group through employment and application of surplus profits. Following his death in 2012 the Group donated to the Charity to comply with his wishes. Th& Charity does not actively fundralse and seeks to continue the Charitable worf( desired by Ihe donor through careful stewardship of its resources. c. Methods of appolntm•nt or el•ction of Trustees The management of the Charity and the Group is the responsibility of the trustees who are elected and coopted under the terms ofthe Trust deed. d. Policies adopted for the inductlon and tralnlng of Trustoes 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 Benefrt: running a charity,. e. Pay pollcy lor 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 lo 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 ol 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 cornpanies within their respective sectors. A remuneration committee comprising of three trustees meets to consider the pay proposals and put their recommendations to the respectpie Boards for adoption. Pag8 6

THE R C SNELLING CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Structurei governance and management Icontinuedl f. Organlsatlonal structure and decision making The Irustees. who meet quarterly. agre8 the broad strategy and review areas of activity for the Charity, including the consideration of grants, investment, reserves and risk management policiès and perfomiance. The day-tc- day administration of grants and the processing and handling of the applications prior to consideration is delegated to the secretary trustee. g. Rlsk management The trustees have made a review cf the major risks to which the Charity may be exposed and systems have been established to minimise these risks. Plans for futurè perlods a. Future developments The R C Snelling Charitable Trust is a lasting testimony to the genercsify, benevolence and love for the local cotnmunity of the founder. Roy Snelling. The trustees approach is to ensure that the Trading Group continues to grow, thrive and gen8rate sustainable income which can be used for local communty charitsble purposes in addition to the stewardship of the CharIt￿S cwn resources. In keeping with the founderfs wishes, the Group ethos is to grow through providing unrivalled and quality servi￿$ which salisfy the customer whi15t Still remaining commercially viable. The trustees through having expendable endowments are able to respond lo 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. Infonnation on fundraislng practlces It is not the policy of the trustees to undertake direct fundraising activities. The trust8es have considered the disclosure requirements concerning fundraising for charities and can confimi that they ar8 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 conlrtbule funds to the Charily and no complaints have baen received by the Charity in relation to fundraising aclivities. The main sources of funding are inv8stment income- donations from the Snelling Group and rental income derived from the Charivs properties. As the level investment IllGome and rents receivable are detemiined by market forces, these factors place natural limitations on the activities that can be carried out by th8 Charity in each financial period. Page 7

THE R C SNELLING CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Statement of Trustees. responslbllltles The Trustees are responsible for preparing the Trustees, report and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the slate of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, th& Trustees are required to: select suitable acccunting policies and then apply them consistently- observe the methods and principles of th8 Charities SORP- make judgements and accounting estimales that are reasonable and prudent- state whether applicable UK Accounting Standards have been fo51owed, 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 Group will continue in operation. The Trusteess are responsible for keeping proper accounting records that are sufficient to show and explain the Grcup and the Charily's transactions and disclose with reasonable accuracy at any time th8 financial Position of the Group and the Charity and enable th&m to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Disclosure of Information to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that= so far as that Trustee is awara, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought tc have been taken as a Trustee in order to be aware of any relevant audit infornation and to establish that the charilable group's auditors are aware of that information. Auditors The auditors, MA Partners Audit LLP. have indicat8d their willingness tc continue in office. The designated Trustees will prcpose a motion reappoinling the auditors at a meeting of the Trustees. Appro er of the members of the bDard of Trustees and signed on their behalf by: N R Savory Date.. 9 January 2025 Page 8

THE R C SNELLING CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE R C SNELLING CHARITABLE TRUST Oplnlon We have audited the financial statements of The R C Snelling Charitable Trust (the 'parent charity'l and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated statement of financial activikn'es, the Consolidated balance sheet. the Charity balance sheet, the Con501idated statement of cash flows and th& 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 acccrdance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended PractiGe issued on 1 April 2005 which is referred to in Ihe e>Aant regulations but has been withdrawn. Thls 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 Aprll 2024 and of the Group's incomlng resources and appllcation of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance wlth Unlted Klngdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI (ISAS (UKI) 8nd applicable law. Our responsibilitl8s 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 cur other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. 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 perfomed, we have not identified any material uncertainties relating to events or conditions that, indNidually or collectively, may cast significant doubl on the Group's or the parent charity's ability tc Gonlinue as a going concern for a period of at least ￿e1ve 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 informatlon The other information comprises th6 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 clher information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. 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 detemiine whether this give5 rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude thal 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 aro required to report by exceptlon We have nothing to report in respect of the following matters where th8 Charities (Accoun15 and Reports) Regulatltsns 2008 requires us to report to you if, in our opinion: the information given in the Trustees, report 55 Inconslstent in any material r8spect 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 infonnation and explanations w& require for our audil. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trusla8s are responsible for the preparation of the financial statements which give a true and fair view, and ft)r such intemal control as the Trustees determine is necessary to èn8ble th& preparation of financial Statements that are free from material misstatemenl, whether due to fraud cr 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 ccncern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charily 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 audlt 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 lo obtain reasonabl8 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 15 a high level of assurance, but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expeGled lo influence Ihe 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 rnaterial misstatements in r8specl of irregularities, ncluding fraud. The extent to which our procedures are Gapable of detecting irregularities, including fraud is detailed below. The objeGlives of our audit in respect of fraud, are-, to identify and assess the risks of material misstatemenl of the financial statements due to fraud,. to obtain suffiGienl appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those 8ssèssed rlsks. 8nd to respond appropriately lo instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detectlon 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 finanGial reporting standards as issued by the Financial Reporting Councll and UK taxation legislation. We obtained an understanding of how the parent charily and the group comply with these requirements through discu35ion5 Wlth management and those charged with governance. We assessed the risk of material misstalement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and thcse Charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specifi¢ appropriate audit procedures to identify instances of non- compliance with laws and regulations. This included making enquiries of m8nagement and those charged with governance and obtaining additional corroborative evidence as required. Page11

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 nol detect all irregularities. including those leading lo 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 irregularilies occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responslbiliti88 for the audit of th8 financial statemenls is localed on the Financial Reporting Council's website at.. www.fr uklauditorsres Auditors, report. onsibili118s. This description forms part of our Use of our report This report is made solely to the charitls trustees, as a body, in accordance wilh Part 4 of the Charities (Accounts and Reports) Regulalions 2008. Our audit work has been undertaken so that we might state to the charity's Irustees those matters we are required to state to them in an Auditors, ieport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 8nyon8 other than the charily and its trustees. as a body, for our audit worf(, for this report. or for the opinions we have lormed. MA Partners Audlt LLP Chartered Accountants statutory Auditcr 7 The Close Norwich Norfolk NR14DJ Date: 13 January 2025 MA Partners Audit LLP are eligible to 8Ct as auditors in lemis 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 2024 Other endowment funds 2024 Group tradlng Unrestricted endowment funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Other trading activitie5 Investments Other income 1,412 1,412 15,824,510 259,128 5,000 2,170 15,913, 104 199,272 5.500 15,824,510 180,664 5,000 78,464 Total income and endowments 16,010,174 79,876 16,090,050 16, 120,046 Expendlturo on: Raising funds Charitable aclivities Other expenditure 15,650,303 15,650,303 220,634 110,085 15. 753,556 207,958 (18,248) 220.634 570 109.515 Total oxpendlture 15,759,818 221,204 15,981,022 15,943,266 Net income I (expenditure) before net (losses) I galns on Investments Net (losses) I gains on investments 250.356 (141,3281 109.028 176. 780 (q4,2961 112,208 97.912 (155,613) N8t (8xpandltura) I Income Transfers between funds Net income I (expendlturel before transfers {14,296) 362,564 (141,328) 206.940 21,IS7 22 380 (107,500) 107,120 113,916) 255,064 134,208) 206,940 21, 167 Page 13

THE R C SNELLING CHARITABLE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Endowment funds 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note ReconGiliatlon of funds: Total funds brought fO￿ard Net movement in funds 22 4,745,053 113,916) 9,758,913 255,064 82,791 (34,208) 14,566,757 206,940 14,545,590 21,167 Total funds carried forward 4,731,137 10,013,977 28,583 14,773,697 14,566,757 The Consolidated statement of financlal activities includes all gain8 and losses recognised in the year. The notes on pages 18 to 45 form part of these financial statements. Pag8 14

THE R C SNELLING CHARITABLE TRUST CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2024 2024 2023 Note Fixed assets Tangible assets Investments Investment prcperty 13 15 14 1.231,487 7,078,100 1,560,000 1.311,510 6,918.504 1.560,000 9,869,587 9,790,014 Current assets stocks 16 17 1,254,632 4,161,797 3,510.021 1,245. 079 4, 720, 866 2, 432, 846 Debtors Cash at bank and in hand 8,926,450 8, 398, 791 Gredfcors.. amounts falling due within one year 18 (3,759.466) (3,422,362) Net current assets 5,166,984 4.976,429 Total assets less Current liabilities 15.036,571 14, 766,443 Creditors.. amounts falling due after more than one year Provisions for liabilities 19 21 (26,553) 1236,321) (53, 811) (145,875) Total net assets 14,773,697 14.566. T57 Charlty funds Other endowment funds Group trading endowment Unrestricted funds 22 22 22 4,731,137 10,013.9TI 28,583 4, 745.053 9. T58.913 62,791 Total funds 14,773,697 14,566,757 The fin statements were approved and authorised for issue by the Trustees and signed on their behalf by= N R Savory S Phillips Date: 9 January 2025 The notes on pages 18 10 45 form part of these financial statements, Page15

THE R C SNELLING CHARITABLE TRUST CHARITY BALANCE SHEET AS AT 30 APRIL 2024 2024 2023 Note Fixed assets Investments Investment property 15 14 10,726,409 1,560.000 10, 656.395 1,560,000 12.288.409 12,216,395 Current assets Debtors Cash at bank and in hand 17 10.537 91.685 7.54q 218. 183 102,222 225, 724 Creditors: amounts falling due within one year 18 {45.333) (50. 697) Net current assets 56,889 175.027 Total assets less current liabilities 12.343,298 12,391,422 Total net assets 11343,298 12,391,422 Charity funds other endowment funds Group trading endowment Unrestricted funds 4.731,137 7,583,578 28.583 4, 745,053 7, 583,578 62,791 Total funds 12,343.298 12.391,422 The fin gpprovehh part & tr￿Se finantaal &tBtementB. Page 16

THE R C SNELLING CHARITABLE TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 Cash flows from operating activities Net cash provided by l (used in) operating activities (note 24) 1,281,465 339, 143 Cash flows from invèsting activities Proceeds from the sale of tangible f￿ed assets Purchase oftangible assets Proceeds from sale of investments Purchase of investments 27,275 32, 007 (169.881) {265, 721) 989,465 997,815 (1,051,149) (919, 132) Net cash used in investing activities (204,290) {155,031) Change In cash and cash equivalents in th8 year Cash and cash equivalents at the beginning of the year 1,077,175 2,432,846 184,112 2.248, T34 Cash and cash equlvalents at the end of the year {note 251 3,510,021 2,432.846 The notes on pages 18 to 45 fomi part of these financial statements Page 17

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies 1.1 Basis of preparatlon of financlal statements The financial statements have been prepared in accordance vAlh the Charities SORP (FRS 102) Accounting and Reportin9 by Charitres: Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ 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 Repubfic of Ireland (FRS 102) and the Charities Act 2011. The R C Snelling Charitable Trust meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity 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 concem The Trust is exFected to have adequate resources to conlinue 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 cc￿￿rn 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 2024 Accountlng pollcles (contlnuad) 1.3 Income All income is recognised once th8 Charity has entitlement to the income, it is probable that the income will be re￿iVed and the amount of income receivable can be measured reliably. The recognilion of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to eslimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has suffiGi8nt 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 amounl receivable. which will generally be the expected cash amount to be distributed to the Charity. can be reliably Measured. Turnover is recognised to th8 extent that it is probable thal the economic benefils 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 recogni5ed from the date the contraclual agreement is signed. Turnover earned from the servicing of televisions and home appliances is recognised on the date of the completion ofthe maintenance provided. Work in progr8SS For other contracts in progress at the end of the financial year, income is recognised, and values are staled in the balance sheet, as amounts recoverable on contracts or payments received on account, in aGcordance 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 obligalion can be measured reliably. Expenditure is classified by aclivity. The costs of each activity are made up of the total of direct cost5 and shared costs. including support costs involved in undertaking each aclivily. Direct costs attributable to a single activity are allccated 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 reSoUr￿s. Central staff costs are allocated on the basis of time spent, and depreciation charges allocal8d on th8 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 2024 Accounting policies (continued) 1.4 Expenditure (contlnued) ExpenditLtre on charttable activities is incurred on diredly 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 trealed as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concemed. 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 recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Grcup: this is normally upon notification of the interest paid or payable by the institution with whom the funds ar8 deposited. 1.7 Foreign currencies Monetary assets arKS liabilities denominated in foreign Cu￿enCieS are translated into sterling at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterfing 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 ft>r 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 flxed assets and depreclatlon 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 2024 Accountlng policies Icontlnued) 1.9 Tangible fixed assets and depreclation (continued) Freehold property Leasehold improvements Motor vehicles Fixtures, fittings, tools and equipment Compuler equipment (includ8d wllhin fi'xtures. fittings tools and equipment) Hire and demonstration equipment (included within fixtures, fittings, tools and equipment) 4% reducing balance period of18ase straight line 25 /¢ reducing balan 250A reducing balance 25°A straight line 30'A reducing balance The assets, resldual values, useful Ilves and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a slgnlficant change slnce th8 last reporting date. Galns 2nd losses on dlsposals are determined by comp8ring the proceeds with the carrying amount and are recognised in the Consolidated statement of flnancial activities. 1.10 Investments Flxed asset investments are a form cf flnanclal Instrument and are inStially recognlsed at thelr 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 'Gainsl(Losses) on investment5, in the Consolidated ststement of finanGial activities. Investments held as fixed assets are shown at cost less provision for impairment. 1.11 Stocks Slocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includ8s all direct costs and an appropriate proportion of r￿ed and variable overheads. At each reporting date. stocks are assessed for impaimient. 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 propertles investment properties are included in the Balance Sheet at their open market value and are not depreciated. Page 21

THE R C SNELUNG CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accountlng policies (continued 1.13 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepaymènts are valued at the amount prepaid net of any ttade discounts due. 1.14 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm 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 Liabilltlas Liabilities and provisions are recognised when there is an obligation at the Balan￿ 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 Ét will pay to s8ttle the debt or thè 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 sèttle 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 rs recognised tn the Consolidated slalement of financial activities as finance cost. 1.16 Deferred taxatlon Full provisit)n is made for deferred tax assets and liabilities arising from all timing differences bebNeen 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 règarded as more likely than not that théré 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 expecled to be effective at the time the timing differences are expeded to reverse. Page 22

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accountlng 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 Dr receivables, are measured, initially and subsequently, at the undisccunted 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 markel rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a rnarket rate of interest for a similar debl instrument and subsequently at amortised cost. For financial assets measured at cost less impairrnent. the impairment loss Is measured as the difference between an asset's carrying 8mount 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 Rentsls paid under operating leases are charged to the Consolidated statement of flnancial activities on a straight line basis over the lease term. 1.19 Pensions The Group operat85 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 accountlng General funds are unrestricted funds which are available for use at the discretion of the Twstees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Expendable endowmenl funds are donations received which the trustees have set aside to generate funds for future distribution. Trading endowment funds repres8nt funds retained within the trading subsidiaries for their financial stability and growth, These funds can be paid up tc the Charity rf required and are therefore treated as an expendable endowment fund. Designated funds comprise unrestricted funds Ihat 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 2024 Crltlcal accounting estlmates and areas of judgement Estimates and judgements are conlinually 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 conceming 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 liabiliti6s within the nexi financial year are discussed below. Useful economlc lives of tangible assets The annual depreciation charge for tangbi le assets is sensitive tD changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re- assessed annually. They are amended when necessary to reflect curr&nt estimates, based on technological advancemènt, future investments. economic utilisation and the physical condition of the assets. See note 13 for the carying amount of the tangible fixed asset5 and note 1.9 for the useful economic lives for each class of assets. Inventory provlsioning The Group sells and installs integrated audro visual systems and communications technology which is subject lo industry demands and trends. Consequently. it is necassary 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 good5 and future usage of raw materia15. See note 16 for the net carrying amount of the inventory and associated provision. Impalmient of debtors The Group rnakes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors. management considers faclor5 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 recognltion The Group uses the percentage-of-completion method in accounting for its fixed-price contracts. Use of the per￿nt8ge-0f-C0mp1eti0n method requires the Group to estimate the setvices perfomed lo dale as a proportion of the total sen4ices to be perfomied. Page 24

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 1,412 1,412 2,170 Trading activities Income from non charltable trading activities Group trading endowment 2024 Total funds 2024 Total funds 2023 Subsidiary trading income Subsidiary rental income 15.463.755 15,463.755 15,515.844 360.755 360.7S6 397.260 15,824,510 15,824510 15.913, 104 In 2024 total income from non charitable trading activities related to the Group trading endowment. Exp8nditure 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 2024 Investment income Group trading Unrestricted endowment funds 2024 2024 Total funds 2024 Rental income Income from listed investments Income from bonds Interest receivable 8.190 58,746 8,190 164,702 19,819 66,417 105,956 19.819 54.889 11,528 180,864 78,464 259,128 GllxJp tfading Unrestricted endowment funds 2023 2023 Tot81 funds 2023 Rental income Income frorn listed investments Income from bonds Interest receivable Interest re￿1vable 7,800 48.879 7,800 16CI, 734 16,804 13,843 91 111,855 16.804 6.417 91 7,426 135, 167 64, 105 199, 272 Other incoming resources Group trading endowment 2024 Total funds 2024 Total lunds 2023 Government grants receNable 5,000 5,000 5, 500 Page 26

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Analysis of grants Grants to Institutlons 2024 Total funds 2024 Grants payable 204.760 204,760 Grants to Instilutions 2023 Total funds 2023 Grants payable 188, 700 188, 700 Page 27

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Analysis of grants (continued) 2024 2023 Name of institution Priscilla Bacon Hospice Norwich Samaritans Thomage Hall Independenl Living Ltd St Barnabus Counselling SeNices The Norfolk Churches Trust Its on the Ball Soul Church Friends of Browick Road Primary and Nursery SchooI Holt Youth Project Blofield Parish Council The Matlhew Project Norfolk and Waveney Mind 44th Norwich (1 st Old Catton) Scout Group East Anglian Air Ambulance Norfolk Community Law Servi Voluntary Norfolk stalham Baptist Church NANSA Multiple Sclerosis Therapy Centre Norfolk St Martins Housing Trust Other grants to instrtuttons Yo,000 10,000 10,000 7,500 20,000 11,000 10,550 10.000 7,500 6.000 5,300 5,200 5.000 5.000 5.000 5,000 7,000 7, 500 5, 600 5,400 5, 100 109,210 120.600 204,760 188. 700 Page 28

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Analysis of expenditure by actlvlties Grant funding of activities Support costs 2024 Total funds 2024 2024 Charitable activities 204.760 15.874 220,634 Grant funding ol aclivities 2023 Support costs 2023 Total funds 2023 Charitsble activities 188, 700 19,258 207, 958 Analysis of 5UPPQrt costs Total funds 2024 Total funds 2023 Newsletter Audit and accountancy fees Museum costs Legal and professional fees 7,609 4,611 382 7,500 4. 640 823 3,272 6.295 15,874 19,258 In 2024 and 2023 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 2024 Other expenditure Group tradlng Unrestricted endowment funds 2024 2024 Total funds 2024 Subsidiary tax charges Propety maintenance costs 109.515 109.515 570 570 109,515 570 110,085 Group trading Unreslricted endowment funds 2023 2023 Total funds 2023 Subsidiary tax charges Property maintenance costs (18.599) (18,599) 351 351 (18.599) 351 {18,248) 10. Auditors. remuneration 2024 2023 Fees payable to the Charitys auditor in respect ot. Auditors, remuneration - audit (Charity) Audrtors, remuneration - audit (Group excluding Charity) Auditors. remuneration - norpaudit (Group) 2.875 15.385 6.615 2. 750 13, 925 1.890 Page 30

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 11. Staff costs Group 2024 Group 2023 Wages and salaries Social security costs Contribution to defined contribution pension scheme5 2,935,496 312,134 267,375 2,737.270 291,397 196, 191 3,515,005 3, 224, 858 Wages and Salaries include benefrts in kind in respect of cars of £19,318 (2023 - £22, 744) and privalé medical Insuran￿ of £35,722 (2023 - £27.959). The average number of persons employed by the Charity during the year was as follows: Group 2024 Group 2023 No. Sales Adminlstration 16 18 41 19 25 27 Engineers 75 71 The number of employees whose employee benefits (excluding employer pension costs) exceed&d £60,000 was: Group 2024 No. Gn)up 2023 No. In the band £60,001- £70.000 In the band £70,001- £80,000 In the band £80,001- £90.000 In the band £90,001- £100,000 In the band £100.001- £110,000 The Trustees of the Charity (deemed to be the key management personnel) receive remuneration from their role5 as director5 or employees within Ihe 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 2024 12. Trustees, remuneratlon and expenses During the year, no Truste& received any remuneration or has received other benefits in respect of their roles as Trustees of the Charity. Remuneration in respect of their roles as directors in the subsidiary trading ￿mpanieS are detailed below. 2024 2023 N R Savory P Buttinger S Phillips R A Cogman Remuneration Remuneration Remuneration Remuneration Pension contributions paid Other benefrts Remuneration Pension contributions paid Other beneffts Remuneration Remuneration Pension contributions paid Other benefits Remuneration Pension contributions paid 11,026 11,025 11.025 97,423 7,497 4,039 99,914 17.647 6,557 11,025 89,198 6,615 1,646 39,250 3,140 10,500 10,500 10,500 92,829 7, 140 3, 792 101,747 8. 180 5, 703 70,500 T Wise D G M Jarrold P G Giles 6,300 1.488 37.500 3,000 M Gook During the year ended 30 April 2024, no Trustee expenses have been incurr8d {2023- £NIL). Page 32

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 13. Tanglble fixed assets Group and Charlty Flxtures, rittlngs, too15 and equipment Freehold property Motor vehicleg Hlre Leas8hold equipment Improvem'ts Total Cost or valuatlon At 1 May 2023 Additions Disposals 927,205 330,454 71,973 174.347 1,710,381 46,547 {14,263) 1,410,181 51,361 (84,755) 250,301 4,628,522 169,881 1173,365 At 30 April 2024 927,206 328,080 1,742,666 1,376,787 250.301 4,625,038 DepreGiation Al 1 May 2023 Charge for the year On disposals 343,831 13,649 209,575 42,092 161,830) 1,453,182 98,039 {13.335) 1,218.779 62,229 (74.325) 91,645 10,020 3.317,012 226,029 (149,490) At 30 April 2024 357,480 189,837 1,537,886 1.206,683 101.66S 3,393,551 Page 33

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 13. Tanglble fixed assets (continued Group and Charlty (continued) Fixtures, fittings, tools and equipment Freehold property Motor vehlcles Hlre Lèasehold equlpment improvem'ts Total Net book value At 30 April 2024 569,726 138,243 204,779 170,104 148,636 1,231,487 At 30 Apn'l 2023 583,374 120,879 257, 199 191,402 158, 656 1,311,510 Included in Freehold property is freehold land at a cost of £241.000 (2023 - £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 2024 14. Investment property Group Freehold Investment proparty Valuation At 1 May 2023 1,560.000 At 30 April 2024 1,560,000 ChaTIty Freehold investment property Valuation At 1 May 2023 1.S60,000 AI 30 April 2024 1.560,000 The 2024 valuations for two properties were made by the Trustees, on an open market value basls, Page 35

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 15. Fixed asset investments Llsted securities Unlisted Other gecurities Investments Total Group Cost or valuation At 1 May 2023 Additions Disposals Revaluations 6.021,664 1,051,149 (1,014,938) 190,729 12,840 884,000 6,918,504 1.051.149 11.014.938) 123,385 (67,344) At 30 April 2024 6,248.604 12,840 816,656 7,078,100 Net book value At 30 April 2024 6,248,604 12,840 816,656 7,078,100 At 30 Aprll 2023 6, 021, 664 12,840 884, QOO 6,918.504 Listed securltles Unlisted Other securities Investments Total Charlty Cost or valuatlon At 1 May 2023 Additions Disposals Revaluations 2,178,817 403,910 (322,510) 55,958 7,593,578 884,000 10,656,395 403,910 (322,5101 (11,3861 (67,344) At 30 April 2024 2,316,175 7,593,578 816,656 10,726,409 Net book value At 30 April 2024 2.316,175 7.593,578 816,656 10,726,409 AI 30 Apn7 2023 2,178,817 7,593,578 884, 000 10, 656,395 Page 36

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 16. Stocks Group 2024 Group 2023 Raw materials and consumables 1.254,632 1.245.079 The carrying value of stocks are stated net of ifflpairrnent losses totalling £74,894 (2023 - £81, 898) due to slow-moving and obsolete stock. Impairment losses of £7,004 were reversed {2023 - £40.853 chawed) to the statement of financial activities. 17. Debtors Group 2024 Group 2023 Charity 2024 Charify 2023 Due withln one year Trade debtors Other debtors Prepayments and accrued income Amount8 recoverable on long-term contracts 1,122,818 125,245 412,225 2,501,509 3.546.616 36,172 393.329 744. T49 10,637 7,541 4,161,797 4, 720, 866 10,537 7,541 18. Creditors: Amounts falling due withln one year Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade creditors Amounts owed to group undertakings Corporation tax Other tsxation and social securty other creditors Accruals and deferred income 2.565,860 2,037.920 26,875 27,500 19,839 177,710 89,335 906,722 13. 700 371,493 37.817 962.032 9.623 5,555 3,280 9, 042 5,355 8, 800 3.759.466 3.422.362 45,333 50,697 Page 37

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 19. Credltors: Amounts falling due after more than one year Group 2024 Grjup 2Q23 Accruals and dèferred income 26.553 53,811 20. Flnanclal instruments Group 2024 Group 2023 Charity 2024 Charity 2023 Flnancial assets Financial assets measured at fair value through income and expenditure 3.522,861 2,445, 686 7,685,263 7,811,761 Financial assets measured at fair value through income and expenditure comprise listed securities, investment propéty and cash and cash equivalents. 21. Deferred taxation Group and Charity 2024 At the beginning of the year Charge for the year 145.875 90,446 236,321 The deferred tax liability is made up as follows: Group 2024 Group 2Q23 Accelerated Gapital allowances Capital gains deferred (165.821) (159, 375) (70.500) 13, 500 1236,321) {145.875J Page 38

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 22. Statement of lunds Statement of funds - current year Balance at 30 Aprll 2024 Balance at 1 May 2023 Transfers inlout Galnsl (Losses) Income Expendlture UnTestrlcted funds Designated funds Designated Funds - all funds 20,167 (382) 19,785 General funds General Funds 42,624 79,876 (220,822) 107,120 8.798 Total Unrestrlct&d funds 62,791 79,876 (221,204) 107,120 28,583 Endowment funds Expendable Endowrnent Funds 4.745.053 380 (14,2961 4,731,137 Group Trading Endowment Group Trading Endowment 9,758.913 16,010,174 (15.759.818) (107,500 112,208 10,013,9TI Total of funds 14.566,757 16,090,050 115,981.022 97,912 14,773,697 Page 39

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 22. Statement of funds (contlnued Statèment of funds- prior year Balance at l May 2022 Tt3nsf8rs in/out Gains/ Balance at (Losses) 30 Apnl 2023 Income Expanditure Unrestricted funds Designated funds Deslgnated Funds 20,990 {823) 20.167 General funds General Funds 79,324 66,275 (207,486) 104,511 42,624 Total UnrestrlGted funds 100,314 66,275 (208,309) 104,511 S2,791 Endowmont funds Expendable Endowment Funds 4, T47.647 2,989 (5.583) 4, 745,053 Group Tradlng Endowment Group Trading Endowment 9, 697, 629 16,053, 771 (15, 734.957) (107,500) (150,030) 9, 758,913 Total of funds 14, 545, 590 16, 120, 046 (15, 943,266) (155. 613) 14,566, 757 Page 40

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 22. Statement of funds (continued) Fund Transfers During the year ended 30 April 2024 a transfer of £380 (2023.. r2.989) 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 Charily. A transfer of £107,500 (2023.. £107,500) 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 résults for the year Brought fo￿rd funds of the Charity al 1 May 2023 were £12.391,422 (1 May 2022.. £12,431,539). Net expendrture for the Charity for the year ended 30 April 2024 was £33,82B before gains and losses (2Q23.' £35,534 net expenditure). Net losses on listed investmenls for the year énded 30 April 2024 were £14,296 (2023.. £5,583 losses). Thi5 resulted in a net deficit of £48,124 for the year (2023., £40,117 deficit). Charity funds carried forward at 30 April 2024 were £12,343,298 (2023.. £12.391,422). 23. Analysls of net assets between funds Analys18 of nèt assets between funds - current perfod Group Endowment Trading Unrestrlcted funds Endowment funds 2024 2024 2024 Total funds 2024 Tangible fixed asset5 Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 1,231,487 3,935,269 1,231,487 7,078,100 1,560,000 47.116 8,926,450 (18,533) (3,759,466) (26,553) 1236,321) 3,142.831 1,560,000 28.306 8,851.028 (3,740.933) (26.553) {236,321) Total 4.731.137 10.013.977 28,583 14,773,697 Page 41

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 23. Analysls of net assets between funds Icontinuedl Analysls of net assets beiween funds - prior period Group Endowment Trdding Unrestricted funds Endowment funds 2023 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilitie5 and chargas 1,311,510 3,845,687 1,311,510 6,918,504 1,560,000 113,488 8, 398, 791 {50, S97) {3, 422,362) (53,811) (145, 875) 3,072,817 1,560,000 112,236 8, 173,067 (3,371. 665) (53,811) (145.875) Total 4. 745,053 9, 758.913 62, T91 14,566,757 24. Reconciliation of net movement In funds to net cash flow from operating actlvltles Group 2024 Group 2023 Net income for the period las per Statement of Financial Activities) 206,940 21.167 AdJu8tments for: Depreciation charges Gainsl(losses) on investments Profit on the sale of fixed assets Decreasel(increase) in stocks Decreasel{increase) in debtors (Decrease)lincrease in creditors Increase in deferred tax provision 226.029 (97.9121 (3,4001 19,5531 S69.069 309,846 90A46 214,536 161, 747 (10.606) 182.000 (973,634) 75S.223 (12,290) Net cash provlded by operatlng activitles 1,281.465 339, 143 Page 42

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 25. Analysis of cash and cash equlvalents Group 2024 Group 2023 Cash in hand 3,540,021 2,432, 846 Total Gash and Gash equlvalents 3,510,021 2,432, 846 26. Analysis of changes In cash and cash equlvalents At1 May 2023 Cash flow8 At 30 Aprll 2024 Cash at bank and in hand 2,432,846 1,077,175 3,510,021 2,432.846 1,077,175 3.510,021 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 siatements. There were £23,852 <2023 £19,295) accrued contributions in the Group at 30 April 2024. 28. Operatlng leas8 commitments At 30 April 2024 the Group and the Charity had commitments to make future mlnlmum leas8 paymenls under non-cancellable operating leases as follows: Group 2024 Group 2023 Not later than 1 year Later than 1 year and not later than 5 year5 30.164 6,432 58,897 34,47g 36,586 93,376 The Charty had no commitments under ncn-cancellable operating leases at 30 April 2024. Page 43

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 29. Related party transactlons 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 propety was subsequently let by the trustees to Snelling Business Systems Limttéd 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 £795 (2023." £560) for managing the funds and commission charges of £6,118 (2023.. £5.311) were incurred during the nomal 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 (2023.. £5.000) to East Anglian Air Ambulance, a charity in which N R Savory 15 also a truslee. During the year, the Charity paid S Phillips £4,000 (2023.. £4,000) for the production of ￿ newsletter5. S Phillips is a trustee of the Charity. No amounts were outstsnding at 30 April 2024 (2023.. £Nifj. Durin9 the year, the Charty paid Fakenham Ra￿COurse Limited £468 (2023.. £486) for sponsorship and events. N R Savory is a director of Fakenham Ra￿COUrse Limited. Group During the year the Group used Barratt & Cooke Limited as Investment Advisor5 and Managers. Commission and management fees of £18,688 {2023.' £17, 396) were incurred during the nomial course of business. N R Savory, a trustee and director of Snellings Limited, is a Non-Executive Director of Barratt & Cooke Limited. The Group paid £18,850 (2023." £18,850) 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 facilty. No amounts were oulstandlng at 30 April 2024 (2023.. £Nil). During the year, the Group paid Fakenham Racecourse Limtled £11,852 (2023.. £13, 109) for sponsorship and events and invoiced Fakenharn Racecourse Limited £nil (2023.. £18,325) for gDods and services. N R Savory is a director of Fakenham Ra￿CoUrse Limited. Page 44

THE R C SNELLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 30. Prlncipal subsidiarie5 Subsidiary nam Company r8gistration number Basis of control Equity shareholding Snellings Limited 07613036 Share capital 1QO/o Total assets as at 30 April 2024 Total liabilities as at 30 April 2024 Total equity as at 30 April 2024 £14,017,784 (£3.767,4861 £10,013,977 Turnover for the year anded 30 April 2024 Expenditure for the year ended 30 April 2024 Profit for the year ended 30 April 2024 £15,821,989 (£15,566,925) £255.064 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 2024. R C Snelling Limited - 100 % owned- Sale, rental and services of televisions and home applian￿5. Snelling Business Systems Limited - 1000/0 owned Provision of integrated audio visual systems and communications technology. R C Snelling (Blofield) Limited- 100Q/o owned - Dormant. Gerald Giles Limited - 100'h owned - Dormant. Page 45