2025-04-30-accounts

Charity number: 1074776

THE R C SNELLING CHARITABLE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

THE R C SNELLING CHARITABLE TRUST

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 7
Independent auditors' report on the financial statements	8 - 11
Consolidated statement of financial activities	12 - 13
Consolidated balance sheet	14
Charity balance sheet	15
Consolidated statement of cash flows	16
Notes to the financial statements	17 - 42

THE R C SNELLING CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2025

Trustees	N R Savory
	S Barratt
	P Buttinger
	S French, Employee nominated Trustee (appointed 12 May 2025)
	P G Giles
	P M C Gormley (appointed 9 January 2025)
	D G M Jarrold
	S Phillips
	T Wise
Charity registered number 1074776 Principal office Laundry Lane Blofield Norwich NR13 4SQ Independent auditors MA Partners Audit LLP Chartered Accountants Statutory Auditors 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 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 May 2024 to 30 April 2025. 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.

c. Main activities undertaken to further the Charity's purposes for the public benefit

The Charity furthers its charitable purposes for the public benefit through its grant-making policies as identified above.

Achievements and performance

a. Key performance indicators

Charity

No. Unrestricted income for year Net income before transfers / grants Grants made Local community 10 Other 76 86 Average award Local community Other	2025 2024 £ No. £ 288,058 187,376 267,455 171,884 3,620 14 4,785 220,508 68 199,975 224,128 87 204,760 362 252 2,901 2,941	2025 2024 £ No. £ 288,058 187,376 267,455 171,884 3,620 14 4,785 220,508 68 199,975 224,128 87 204,760 362 252 2,901 2,941
		204,760
		252 2,941

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 has increased.

Page 2

THE R C SNELLING CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

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.

unrealised revaluation effects.
	2025	2024
	£	£
Income from trading activities	14,582,817	15,821,989
Net (deficit) / surplus on trading endowment	(438,597)	255,064
Unrealised valuation (losses) / profits	(140,425)	134,770
Adjusted realised (losses) / profits	(298,172)	120,294
Percentage	(2.045%)	0.76%

The Group continues to operate in competitive markets. The Charity’s aim is for the trading Group to be selffinancing and to make Gift aid payments to the Charity. In the year ended 30 April 2025 the trading Group Gift aided £90,000 ( 2024: £nil ) to the Charity.

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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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 operates in challenging and fast moving markets. The Trustees recognise that these businesses require substantial reserves to finance short term working capital requirements, invest for the future and be able adapt to change. The Trustees also expect the Group to be in a position to support the Charity through rent and Gift aid.

At 30 April 2025, total funds stood at £14,278,998 ( 2024: £14,773,697 ).

Page 3

THE R C SNELLING CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

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 continue 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 3.05% ( 2024: 2.89% ). The annual capital return of the combined portfolio was a decrease in value of 3.73% ( 2024: growth of 2.57% ) against a growth in the FTSE all share index of 4.31% ( 2024: growth of 3.42% ).

Structure, governance and management

a. Group Ethos and Core Values

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.

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THE R C SNELLING CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

Structure, governance and management (continued)

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 co-opted under the terms of the Trust deed.

The trustees who served the Charity during the year were: N R Savory (Chair) S Barratt P Buttinger R A Cogman (resigned 19 June 2025) P Giles M Gook (resigned 12 May 2025) P M C Gormley (appointed 9 January 2025) D M G Jarrold S Phillips T Wise

Post year end, on 12 May 2025, S French was appointed Employee nominated Trustee.

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.

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-today administration of grants and the processing and handling of the applications prior to consideration is delegated to an administrator.

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THE R C SNELLING CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

Structure, governance and management (continued)

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 remaining commercially viable.

The trustees through having expendable endowments can 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. Consequently, 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.

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THE R C SNELLING CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements 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 year which give a true and fair view of the state 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, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them 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 steps 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 aware, 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 to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

The auditors, MA Partners Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

ASS Approved by order of the members of the board of Trustees and signed on their behalf by: App er of the members of the board of Trustees and signed on their behalf by: N R Savory NR Savory Date: 26 January 2026 Date: DN “Samay 4 222s

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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 2025 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 2025 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.

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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 9

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.

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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 Auditors 7 The Close Norwich Norfolk NR1 4DJ

26 January 2026

MA Partners Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 11

THE R C SNELLING CHARITABLE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2025

Note Income and endowments from: Donations and legacies 4 Other trading activities 5 Investments 6 Other income 7 Total income and endowments Expenditure on: Raising funds Charitable activities 9 Other expenditure 10 Total expenditure Net (expenditure)/income before net (losses)/gains on investments Net (losses)/gains on investments Net (expenditure)/income before taxation Taxation 14 Net (expenditure)/income after taxation Transfers between funds 24 Net movement in funds	Endowment funds 2025 £ - - - - - - - - - - (99,159) (99,159) - (99,159) - (99,159)	Group trading endowment 2025 £ - 14,584,219 161,933 3,500 14,749,652 14,941,491 - - 14,941,491 (191,839) (140,425) (332,264) 112,542 (219,722) (218,875) (438,597)	Unrestricted funds 2025 £ - - 69,183 - 69,183 - 245,001 - 245,001 (175,818) - (175,818) - (175,818) 218,875 43,057	Total funds 2025 £ - 14,584,219 231,116 3,500 14,818,835 14,941,491 245,001 - 15,186,492 (367,657) (239,584) (607,241) 112,542 (494,699) - (494,699)	Total funds 2024 £ 1,412 15,824,510 259,128 5,000 16,090,050 15,650,303 220,634 570 15,871,507 218,543 97,912 316,455 (109,515) 206,940 - 206,940

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THE R C SNELLING CHARITABLE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

Note Reconciliation of funds: 24 Total funds brought forward Net movement in funds Total funds carried forward	Endowment funds 2025 £ 4,731,137 (99,159) 4,631,978	Restricted funds 2025 £ 10,013,977 (438,597) 9,575,380	Unrestricted funds 2025 £ 28,583 43,057 71,640	Total funds 2025 £ 14,773,697 (494,699) 14,278,998	Total funds 2024 £ 14,566,757 206,940
					14,773,697

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 17 to 42 form part of these financial statements.

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4

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THE R C SNELLING CHARITABLE TRUST

———,,,,,,,,,,,,,

CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2025

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||||||| |---|---|---|---|---|---| |2025|2024| |Note|£|£| |Fixed|assets| |Tangible|assets|15|1,143,783|1,231,487| |Investments|17|6,734,233|7,078,|100| |Investment property|16|1,560,000|1,560,000| |9,438,016|9,869,587| |Current|assets| |Stocks|18|1,231,981|1,254,632| |Debtors|19|2,565,605|4,161,797| |Cash|at bank and|in|hand|3,916,857|3,510,027| |7,714,443|8,926,450| |Current|liabilities| |Creditors:|amounts|falling|due within|one| |year|20|(2,700,087)|(3, 759,466)| |Net current assets|5,014,356|5,|166,984| |Total|assets|less|current liabilities|14,452,372|15,036,571| |Creditors:|amounts|falling|due|after more| |than one|year|21|(27,512)|(26,553)| |Provisions|for|liabilities|23|(145,862)|(236,321)| |Total|net assets|14,278,998|14,773,697| |Charity funds|‘| |Other endowment funds|24|4,631,978|4,731,137| |Group trading|endowment|24|9,575,380|10,013,977| |Unrestricted|funds|24|71,640|28,583| |Total funds|14,278,998|14,773,697|

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“KS\tat-statements were approved and authorised for issue by the Trustees and signed on their behalf by: N R Savory S$ Phillips

Date: 2\on,Seussas, 224, ,

The notes on pages 17 to 42 form part of these financial statements.

—SSS

:

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cy

THE R C SNELLING CHARITABLE TRUST

CHARITY BALANCE SHEET AS AT 30 APRIL 2025

;

			2025		2024
	Note		£		£
Fixed assets
Investments	17		10,530,831		10,726,409
Investment property	16		1,560,000		1,560,000
			12,090,831		12,286,409
Current assets
Debtors	19	24,358		10,537	.
Cash atbank and in hand		260,087		91,685
		284,445		102,222
Current liabilities
Creditors: amounts falling due within one
year	20	(88,080)		(45,333)
Netcurrent assets			196,365		56,889
Total assets less current liabilities			12,287,196		12,343,298
Total netassets			12,287,196		12,343,298
Charityfunds
Other endowmentfunds	24		4,631,978		4,731,137
Grouptrading endowment	24		7,583,578		7,583,578
Unrestricted funds	24		71,640		28,583
Tota!funds			12,287,196		12,343,298

The finangial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

----- Start of picture text -----
N R Savory
----- End of picture text -----

----- Start of picture text -----
S Phillips ——
----- End of picture text -----

on" Date: 2\ ° Darras) 22 {

The notes on pages 17 to 42 form part of these financial statements.

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THE R C SNELLING CHARITABLE TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025

Cash flows from operating activities Net cash used in operating activities (note 25) Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed 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	2025 £ 426,669 19,845 (143,961) 1,598,001 (1,493,718) (19,833) 406,836 3,510,021 3,916,857	2024 £ 1,281,465 27,275 (169,881) 989,465 (1,051,149) (204,290) 1,077,175 2,432,846 3,510,021

The notes on pages 17 to 42 form part of these financial statements

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THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

1. General information

The R C Snelling Charitable Trust is an unincorporated charity in the United Kingdom. The address of the registered office is Laundry Lane, Blofield Heath, Norfolk, NR13 4SQ. 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.

2. Accounting policies

2.1 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 Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

2.2 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.

2.3 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.

Page 17

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

2. Accounting policies (continued)

2.3 Income (continued)

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.

2.4 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.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Page 18

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

2. Accounting policies (continued)

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities upon the completion of the relevant performancerelated conditions. Other grants that are not subject to performance-related conditions are credited to the Consolidated statement of financial activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability.

2.6 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.

2.7 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.

2.8 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.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 19

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

2. Accounting policies (continued)

2.9 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

• 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 25% straight line (included 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.

2.10 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 in subsidiaries are valued at cost less provision for impairment.

Investments held as fixed assets are shown at cost less provision for impairment.

2.11 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.

Page 20

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

2. Accounting policies (continued)

2.12 Investment properties

Investment properties are included in the Balance Sheet at their open market value and are not depreciated.

2.13 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.

2.14 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.

2.15 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.

2.16 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 21

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

2. Accounting policies (continued)

2.17 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.

2.18 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.

2.19 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.

2.20 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.

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 22

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

3. Critical accounting estimates and areas of judgment

Estimates and judgments 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 14 for the carrying amount of the tangible fixed assets and note 2.9 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 17 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 18 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 23

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

4. Income from donations and legacies

	Unrestricted	Total	Total
	funds	funds	funds
	2025	2025	2024
	£	£	£
Donations	-	-	1,412

5. Trading activities

Income from non charitable trading activities

Subsidiary trading income Subsidiary rental income	Restricted funds 2025 £ 14,257,971 326,248 14,584,219	Total funds 2025 £ 14,257,971 326,248 14,584,219	Total funds 2024 £ 15,463,755 360,755
			15,824,510

In 2025 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 24

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

6. Investment income

Rental income Income from listed investments Income from bonds Interest receivable Total 2024	Group trading endowment 2025 Unrestricted funds 2025 £ £ - 10,140 101,547 59,043 26,545 - 33,841 - 161,933 69,183 180,664 78,464	Total funds 2025 £ 10,140 160,590 26,545 33,841 231,116 259,128	Total funds 2024 £ 8,190 164,702 19,819 66,417
			259,128

7. Other incoming resources

Government grants receivable Analysis of grants Grants payable Total 2024	Restricted funds 2025 £ 3,500 Grants to Institutions 2025 £ 224,128 204,760	Total funds 2025 £ 3,500 Total funds 2025 £ 224,128 204,760	Total funds 2024 £ 5,000
			Total funds 2024 £ 204,760

8. Analysis of grants

Page 25

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

8. Analysis of grants (continued)

Name of institution The Norfolk Churches Trust The Whitlingham Charitable Trust Care for the Clare School St Mary of Magdelane Church Big C Ambers Army Priscilla Bacon Hospice Marie Currie St John's Primary School Brundall Memorial Hall Great Yarmouth Pathway Cafe and Support Centre Headway Norfolk & Waveney East Anglian Air Ambulance Its on the Ball Soul Church Friends of Browick Road Primary and Nursery School Holt Youth Project Blofield Parish Council The Matthew Project Norfolk and Waveney Mind Other grants to institutions	2025 £ 20,000 9,000 8,100 7,500 7,500 7,000 5,100 5,000 5,000 5,000 5,000 5,000 5,000 - - - - - - - 94,200 129,928 224,128	2024 £ 20,000 - - - - - - - - - - - 5,000 11,000 10,550 10,000 7,500 6,000 5,300 5,200
		80,550 124,210
		204,760

Page 26

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

9. Analysis of expenditure by activities

Charitable activities Total 2024	Grant funding of activities 2025 £ 224,128 204,760	Support costs 2025 £ 20,873 15,874	Total funds 2025 £ 245,001 220,634	Total funds 2024 £ 220,634

Analysis of support costs

Newsletter Computer costs Museum costs Audit and accountancy fees Legal and professional fees	Charitable activities 2025 £ 9,266 2,039 270 5,436 3,862 20,873	Total funds 2025 £ 9,266 2,039 270 5,436 3,862 20,873	Total funds 2024 £ 7,609 - 382 4,611 3,272
			15,874

In 2025 and 2024 total support costs related to unrestricted funds.

10. Other expenditure

	Unrestricted	Total	Total
	funds	funds	funds
	2025	2025	2024
	£	£	£
Property maintenance costs	-	-	570

Page 27

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

11. Auditors' remuneration

	2025	2024
	£	£
Fees payable to the Charity's auditor in respect of:
Charity audit	4,500	2,875
Group audit	22,200	15,385
Group non-audit	7,300	6,615

12. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group 2025 £ 3,292,089 331,951 332,818 3,956,858	Group 2024 £ 2,975,257 312,134 267,375
		3,554,766

Wages and salaries include benefits in kind in respect of cars of £25,604 ( 2024 - £19,318 ) and private medical insurance of £50,886 ( 2024 - £34,282 ).

The average number of persons employed by the Charity during the year was as follows:

Sales Administration Engineers	Group 2025 No. 18 18 43 79	Group 2024 No. 16 18 41
		75

Page 28

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

12. Staff costs (continued)

The number of employees whose employee benefits (excluding employer NI contributions and pension costs) exceeded £60,000 was:

	Group	Group
	2025	2024
	No.	No.
In the band £60,001 - £70,000	5	1
In the band £70,001 - £80,000	-	1
In the band £80,001 - £90,000	1	2
In the band £90,001 - £100,000	3	1
In the band £100,001 - £110,000	2	2

13. Trustees' remuneration and expenses

During the year, no Trustee received any remuneration or has received other benefits in respect of their roles as Trustees of the Charity. Remuneration in respect of their roles in the subsidiary trading companies are detailed below.

		2025	2024
		£	£
N R Savory	Remuneration	11,025	11,025
P Buttinger	Remuneration	11,025	11,025
S Phillips	Remuneration	11,025	11,025
R A Cogman	Remuneration	96,531	97,423
	Pension contributions paid	11,962	7,497
	Other benefits	4,295	4,039
T Wise	Remuneration	94,377	99,914
	Pension contributions paid	28,745	17,647
	Other benefits	8,449	6,557
D G M Jarrold	Remuneration	11,025	11,025
P G Giles	Remuneration	91,669	89,198
	Pension contributions paid	10,220	6,615
	Other benefits	-	1,646
M Gook	Remuneration	41,000	39,250
	Pension contributions paid	3,280	3,140

During the year ended 30 April 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 29

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

14. Taxation

	2025	2025	2024	2024
	£		£
Corporation tax
Current tax on net (expenditure)/income for the year	(10,207)		19,081
Adjustments in respect of previous periods	(11,876)		(12)
Total current tax	(22,083)		19,069
Deferred tax
Origination and reversal of timing differences	(90,459)		90,446
Total deferred tax	(90,459)		90,446
Taxation on net (expenditure)/income	(112,542)		109,515
The tax assessed for the year is higher than (2024-higher than) the standard rate of corporation tax i				n
the UK of 25% (2024-25%). The differences are explained below:
	2025		2024
	£		£
Net (expenditure)/income before tax	(607,241)		316,455
Net (expenditure)/income multiplied by the standard rate of corporation tax
in the UK of 25_(2024 - 25%)._	(151,810)		79,114
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation
and impairment	50,342		2,494
Depreciation on assets not qualifying for capital allowances	3,430		3,120
Utilisation of tax losses	4,433		-
Adjustments to tax charge in respect of prior periods	(7,905)		-
Other timing differences leading to an increase/(decrease) in taxation	(11,032)		18,979
Change in deferred tax rate from 19% to 25%	-		37,040
Dividends from UK companies	-		(28,866)
Marginal relief	-		(2,366)
Total tax (credit)/charge for the year	(112,542)		109,515

The tax assessed for the year is higher than ( 2024 - higher than ) the standard rate of corporation tax in the UK of 25% ( 2024 - 25% ). The differences are explained below:

There are no factors considered likely to affect future tax charges.

Page 30

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

15. Tangible fixed assets

Group

Cost or valuation At 1 May 2024 Additions Disposals At 30 April 2025 Depreciation At 1 May 2024 Charge for the year On disposals At 30 April 2025 Net book value At 30 April 2025 At 30 April 2024	Freehold property £ 927,205 - - 927,205 357,480 13,104 - 370,584 556,621 569,725	Long-term leasehold property £ 250,301 15,555 - 265,856 101,665 10,280 - 111,945 153,911 148,636	Motor vehicles £ 321,853 22,880 (16,340) 328,393 183,610 38,628 (15,189) 207,049 121,344 138,243	Fixtures and fittings £ 1,742,665 54,092 - 1,796,757 1,537,886 95,783 - 1,633,669 163,088 204,779	Other fixed assets £ 1,376,787 51,434 (440,858) 987,363 1,206,683 57,154 (425,293) 838,544 148,819 170,104	Total £ 4,618,811 143,961 (457,198) 4,305,574 3,387,324 214,949 (440,482) 3,161,791 1,143,783 1,231,487

Included in Freehold property is freehold land at a cost of £241,000 ( 2024 - £241,000 ) which is not depreciated.

Page 31

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
16. Investment property Group Valuation At 1 May 2024 At 30 April 2025 Charity Valuation At 1 May 2024 At 30 April 2025	Freehold investment property £ 1,560,000 1,560,000 Freehold investment property £ 1,560,000 1,560,000

The 2025 valuations for two properties were made by the Trustees, on an open market value basis.

Page 32

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

17. Fixed asset investments

Group Cost or valuation At 1 May 2024 Additions Disposals Revaluations At 30 April 2025 Net book value At 30 April 2025 At 30 April 2024 Charity Cost or valuation At 1 May 2024 Additions Disposals Revaluations At 30 April 2025 Net book value At 30 April 2025 At 30 April 2024	Listed securities £ 6,248,604 1,493,718 (1,494,559) (226,026) 6,021,737 6,021,737 6,248,604 Listed investments £ 2,316,175 363,390 (351,598) (90,370) 2,237,597 2,237,597 2,316,175	Unlisted investments £ 12,840 - - - 12,840 12,840 12,840 Unlisted investments £ 7,593,578 - - - 7,593,578 7,593,578 7,593,578	Other investments £ 816,656 - - (117,000) 699,656 699,656 816,656 Other investments £ 816,656 - - (117,000) 699,656 699,656 816,656	Total £ 7,078,100 1,493,718 (1,494,559) (343,026) 6,734,233 6,734,233 7,078,100 Total £ 10,726,409 363,390 (351,598) (207,370) 10,530,831 10,530,831 10,726,409

Page 33

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

18. Stocks

Raw materials and consumables

Group	Group
2025	2024
£	£
1,231,981	1,254,632

The carrying value of stocks are stated net of impairment losses totalling £147,960 ( 2024 - £74,894 ) due to slow-moving and obsolete stock. Impairment losses of £Nil were reversed ( 2024 - £7,004 reversed ) to the statement of financial activities.

19. Debtors

Due within one year Trade debtors Other debtors Prepayments and accrued income Amounts recoverable on long-term contracts	Group 2025 £ 860,447 47,023 627,323 1,030,812 2,565,605	Group 2024 £ 1,122,818 125,245 412,225 2,501,509 4,161,797	Charity 2025 £ - 15,334 9,024 - 24,358	Charity 2024 £ - - 10,537 -
				10,537

20. Creditors: Amounts falling due within one year

Trade creditors Amounts owed to group undertakings Corporation tax Other taxation and social security Other creditors Accruals and deferred income	Group 2025 £ 1,354,810 - - 358,321 40,283 946,673 2,700,087	Group 2024 £ 2,565,860 - 19,839 177,710 89,335 906,722 3,759,466	Charity 2025 £ - 34,000 - 27,200 - 26,880 88,080	Charity 2024 £ - 26,875 - 9,623 5,555 3,280
				45,333

Page 34

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

21. Creditors: Amounts falling due after more than one year

	Group	Group
	2025	2024
	£	£
Accruals and deferred income	27,512	26,553

22.	Financial instruments
		Group	Group	Charity	Charity
		2025	2024	2025	2024
		£	£	£	£
	Financial assets
	Financial assets measured at fair value
	through income and expenditure	3,929,697	3,522,861	7,853,665	7,685,263

Financial assets measured at fair value through income and expenditure comprise listed securities, investment property and cash and cash equivalents.

23. Deferred taxation

Group and Charity

At the beginning of the year Credit for the year	2025 £ 236,321 (90,459)
	145,862

The deferred tax liability is made up as follows: Accelerated capital allowances Tax losses carried forward Pension surplus Capital gains	Group 2025 £ (135,840) 63,351 8,460 (81,833) (145,862)	Group 2024 £ (158,321) - - (78,000)
		(236,321)

Page 35

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

24. 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 Fund Restricted funds Group Trading Endowment Total of funds	Balance at 1 May 2024 £ 19,785 8,798 28,583 4,731,137 10,013,977 14,773,697	Income £ - 69,183 69,183 - 14,749,652 14,818,835	Expenditure £ (270) (244,731) (245,001) - (14,941,491) (15,186,492)	Taxation £ - - - - 112,542 112,542	Transfers in/out £ - 218,875 218,875 - (218,875) -	Gains/ (Losses) £ - - - (99,159) (140,425) (239,584)	Balance at 30 April 2025 £ 19,515
							52,125
							71,640
							4,631,978
							9,575,380
							14,278,998

Page 36

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

24. 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 Fund Restricted funds Group Trading Endowment Total of funds	Balance at 1 May 2023 £ 20,167 42,624 62,791 4,745,053 9,758,913 14,566,757	Income £ - 79,876 79,876 - 16,010,174 16,090,050	Expenditure £ (382) (220,822) (221,204) - (15,759,818) (15,981,022)	Transfers in/out £ - 107,120 107,120 380 (107,500) -	Gains/ (Losses) £ Balance at 30 April 2024 £ - 19,785 - 8,798 - 28,583 (14,296) 4,731,137 112,208 10,013,977 97,912 14,773,697	Gains/ (Losses) £ Balance at 30 April 2024 £ - 19,785 - 8,798 - 28,583 (14,296) 4,731,137 112,208 10,013,977 97,912 14,773,697
						8,798
						28,583
						4,731,137
						10,013,977
						14,773,697

Page 37

THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

24. Statement of funds (continued)

Fund Transfers

The consolidated Statement of Financial Activities has eliminated intra group rent and donations payable to the Charity. A transfer of £218,875 ( 2024 - £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 results for the year

Brought forward funds of the Charity at 1 May 2024 were £12,343,298 ( 1 May 2023 - £12,391,422 ). Net income for the Charity for the year ended 30 April 2025 was £43,057 before gains and losses ( 2024 - £33,828 net expenditure ). Net losses on listed investments for the year ended 30 April 2025 were £99,159 ( 2024 - £14,296 losses ). This resulted in a net deficit of £56,102 for the year ( 2024 - £48,124 deficit ). Charity funds carried forward at 30 April 2025 were £12,287,196 ( 2024 - £12,343,298 ).

25. 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 2025 £ - 2,947,253 1,560,000 124,725 - - - 4,631,978	Group trading Endowment 2025 Unrestricted funds 2025 £ £ 1,143,783 - 3,786,980 - - - 7,463,998 125,720 (2,646,007) (54,080) (27,512) - (145,862) - 9,575,380 71,640	Total funds 2025 £ 1,143,783 6,734,233 1,560,000 7,714,443 (2,700,087) (27,512) (145,862) 14,278,998

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THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

25. 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 2024 £ - 3,142,831 1,560,000 28,306 - - - 4,731,137	Group trading Endowment 2024 £ 1,231,487 3,935,269 - 8,851,028 (3,740,933) (26,553) (236,321) 10,013,977	Unrestricted funds 2024 £ - - - 47,116 (18,533) - - 28,583	Total funds 2024 £ 1,231,487 7,078,100 1,560,000 8,926,450 (3,759,466) (26,553) (236,321) 14,773,697

26. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure 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 Decrease/(increase) in debtors (Decrease)/increase in creditors (Decrease)/increase in deferred tax provision Net cash provided by operating activities	Group 2025 £ (494,699) 214,949 239,584 (3,129) 22,651 1,596,192 (1,058,420) (90,459) 426,669	Group 2024 £ 206,940 226,029 (97,912) (3,400) (9,553) 559,069 309,846 90,446 1,281,465

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THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

27. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	Group 2025 £ 3,916,857 3,916,857	Group 2024 £ 3,510,021
		3,510,021

28. Analysis of changes in cash and cash equivalents

Cash at bank and in hand	At 1 May 2024 £ 3,510,021 3,510,021	Cash flows £ 406,836 406,836	At 30 April 2025 £ 3,916,857
			3,916,857

29. 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 £33,841 ( 2024 - £30,764 ) accrued contributions in the Group at 30 April 2025.

30. Operating lease commitments

At 30 April 2025 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 2025 £ 48,673 106,570 155,243	Group 2024 £ 11,554 6,004
		17,558

The Charity had no commitments under non-cancellable operating leases at 30 April 2025. Lease commitments between subsidiary companies and the Charity are not included in the table above.

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THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

31. Related party transactions

Group

During the year the Group used Barratt & Cooke Limited as Investment Advisors and Managers. Commission and management fees of £23,781 ( 2024 - £18,688 ) were incurred during the normal 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 £22,400 ( 2024 - £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 facility. No amounts were outstanding at 30 April 2025 ( 2024 - £Nil ).

During the year, the Group paid Fakenham Racecourse Limited £Nil ( 2024 - £11,852 ) for sponsorship and events and invoiced Fakenham Racecourse Limited £Nil ( 2024 - £Nil ) for goods and services. N R Savory is a director of Fakenham Racecourse Limited.

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, currently amounting to £136,000 per annum.

During the year the Charity used Barratt & Cooke Limited as Investment Advisors and Managers. Commission and management charges of £8,357 (2024 - £6,913) 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 £9,000 (2024 - £Nil) to The Whitlingham Charitable Trust, a charity in which N R Savory is also a trustee.

During the year, the Charity paid S Phillips £4,000 (2024 - £4,000) for the production of two newsletters. S Phillips is a trustee of the Charity. No amounts were outstanding at 30 April 2025 (2024 - £Nil) .

During the year, the Charity paid Fakenham Racecourse Limited £Nil (2024 - £486) for sponsorship and events. N R Savory is a director of Fakenham Racecourse Limited.

32. Principal subsidiaries

The following were subsidiary undertakings of the Charity:

Names	Company	Class of	Holding	Included in
	number	shares		consolidation
Snellings Limited	07613036	Ordinary	100%	Yes
R C Snelling Limited	03004556	Ordinary	100%	Yes
Snelling Business Systems Limited	05117092	Ordinary	100%	Yes
R C Snelling (Blofield) Limited	00657615	Ordinary	100%	Yes
Gerald Giles Limited	02032855	Ordinary	100%	Yes

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THE R C SNELLING CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

32. Principal subsidiaries (continued)

The financial results of the subsidiaries for the year were:

Names	Income	Expenditure	Profit/(Loss)	Net assets
	£	£	/ Surplus/	£
			(Deficit) for
			the year
			£
Snellings Limited	-	(83,648)	(83,648)	6,827,236
R C Snelling Limited	3,866,449	(4,014,291)	(147,842)	2,480,914
Snelling Business Systems Limited	10,716,368	(10,923,475)	(207,107)	758,729

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