REGISTERED CHARITY NUMBER: 1078527
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees and
Audited Financial Statements
for the Year Ended 31 December 2022
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Contents of the Financial Statements for the year ended 31 December 2022
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 5 |
| Report of the Independent Auditors | 6 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Cash Flow Statement | 10 | ||
| Notes to the Cash Flow Statement | 11 | ||
| Notes to the Financial Statements | 12 | to | 18 |
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Reference and Administrative Details for the year ended 31 December 2022
| TRUSTEES | DMB Snowdon |
|---|---|
| Dr RM Cayton | |
| C Wilson | |
| JFD McMillan BFP FCA | |
| CJ Malpas | |
| PRINCIPAL ADDRESS | Haverthwaite Lodge |
| Haverthwaite | |
| Ulverston | |
| Cumbria | |
| LA12 8AJ | |
| REGISTERED CHARITY | 1078527 |
| NUMBER | |
| AUDITORS | A I Cherry Limited |
| Chartered Accountants and | |
| Statutory Auditors | |
| 26 Winckley Square | |
| Preston | |
| PR1 3JJ | |
| BANKERS | Cater Allen Private Bank |
| 9 Nelson Street | |
| Bradford | |
| BD1 5AN | |
| INVESTMENT ADVISERS | Mattioli Woods plc |
| 1 New Walk Place | |
| Leicester | |
| LE1 6RU | |
| Investec Wealth & Investment Limited | |
| 3 Hardman Street | |
| Spinningfields | |
| Manchester | |
| M3 3HF |
Page 1
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees
for the year ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of The David Snowdon Trust ("the Charity") are such general charitable purposes as the trustees shall think fit, giving special consideration to advance the education of the public, particularly in the arts, to the relief of poverty and, to the relief of suffering, including medical research. The Charity operates in the county of Cumbria including local branches of national Charities.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives.
Page 2
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees
for the year ended 31 December 2022
ACHIEVEMENT AND PERFORMANCE
Charitable activities
On 30 September 2022 the Trustees of The Neville Talbot Charity agreed to dissolve their charity and transfer all their funds to the Charity. Following approval by the Charity Commission in November 2022 assets totalling £2,770,578 were received, the majority being investments with the same Investment Managers as the Charity.
The objects of The Neville Talbot Charity were very similar to those of the Charity and in view of the size of the donation the Trustees will now include "incorporating The Neville Talbot Charity" after the Charity's name.
This year has been one of research and development following the transfer of investments of £1,455,999 in October 2021. The Trustees have made contact with many similar grant making charities in Cumbria during the year and have become members of the Cumbria Funders Forum, who meet quarterly to discuss matters of mutual interest and have attended funders fairs. Contact has also been made with Cumbria Council for Voluntary Service and other local advice bodies.
The Trustees met seven times during the year including once with the Investment Managers, having received quarterly written updates from them.
The direct employment costs of the Secretary to the Charity have been reimbursed - on a full-time equivalent basis this was calculated at 0.27 during the year.
The Trustees have updated their grant making policies which are included in the Charity's website (www.dstrust.org.uk), have designed an application form and set out the criteria upon which applications will be judged. Once a grant is awarded periodic update reports showing performance against set outcomes and targets will be required and an evaluation form completed.
The Trustees seek to support local organisations that promote self-help and support in the community particularly:
Higher Education , including causes facilitating benefit from exposure to the capitals of greater learning and innovation outside Cumbria and others offering benefit from local apprenticeship schemes, particu larly Hospitality
Social Needs, including causes alleviating poverty and increasing social mobility in rural areas The Arts , including encouraging appreciation of the arts and sponsoring talented individuals in their early careers
Five grants were made to charitable organisations totalling £44,850 (2021 £32,000) as listed in note 7 of the financial statements and a number of other grants were under consideration at the year end.
The largest project funded by the Charity during the year was to 4Eden (formerly Eden Mencap Society), a charity which provides support, services and opportunities throughout the Eden Valley from its office based in Penrith. The Charity funded Bake4Eden, which has a working bakery, to install an accessible kitchen and appliances.
The Charity continued the Ulverston Scholarship for sixth form students of Ulverston Victoria High School and those students received a total of £13,000 (2021: £6,500). The Scholarships will finish in 2023 and the Trustees are considering a replacement Bursary scheme.
Page 3
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees
for the year ended 31 December 2022
FINANCIAL REVIEW
Financial review
During the year gift aid donations of £7,800 (2021: £7.800) were received together with the tax reclaim on the donations amounting to £1,950 (2021: £1,950). In addition, there were dividends and interest received of £47,452 (2021: £9,113).
The amount in reserves of £5,845,258 (2021: £3,331,541) is to generate a return from which to make future grants. The investments decreased in value by £197,014 (2021: increased by £158,511) following the turbulence in markets after the invasion of Ukraine in February 2022. The Investment Managers held large cash deposits at the beginning of the year most of which was invested at various times during the year leaving £450,000 still to be invested at the year end.
The investments are managed by two investment managers on a discretionary basis whilst 2022 saw negative returns across all asset classes.
The initial purchase of units of the Mattioli Woods Growth Fund was made some years ago and it is a fund of funds. Additional units were purchased in December 2021 and at 31 December 2022 the Fund represented 51.4% of the total investments of the Charity. The Fund concentrates on growth equities, such as technology and smaller companies which were badly affected during the year. During 2022 the units recorded a negative return of 10.78% compared with a negative return of 8.98% in the Fund's benchmark. This compares to a positive return in the Fund of 2.6% in the last three years.
The remaining funds are managed by Investec and comprise a portfolio principally of equities. The initial investment was made in December 2021 and only a small portion was initially invested. During 2022 the portfolio recorded a negative return of 3.3% compared with a negative return of 10.2% in the portfolio's benchmark.
The existing Investment Policy statement was updated on 21 June 2022 to take account of the unforeseen high level of inflation by adding that the objective to generate a total return of inflation (Consumer Price Index) plus 3% p.a. is to be measured on a trailing thirteen quarter average. All investments are made for the medium to long term.
Following the year end the Charity received the deferred consideration on the transfer of investments in 2021 of £603,657, together with interest. The Trustees have initially placed £300,000 on a 35 day notice bank account and £300,000 has been invested with Investec.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The governing document is a Declaration of Trust dated 5 October 1999. Trustees are selected on the basis of their experience and knowledge of Cumbria and of charitable needs to meet the objects of the charity.
Reserves policy
It is the Trustees policy to maintain the capital but to distribute the majority of each years income, whilst being mindful of retaining funds to meet any large projects and causes.
Recruitment and appointment of new trustees
The trustees who have served during the year are set out on page 1 and their appointment is based on their knowledge of the aims of the charity.
New trustees are recruited and appointed as required in line with the Charity's objectives. Appropriate induction and training will be given to any new trustees. The trustees generally meet twice a year, but a sub group meets more frequently to assess grant applications and then report to the full board of the Trustees.
Page 4
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees
for the year ended 31 December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The principal risk is a major downturn in the value of its investments which if it were to continue over the longer term, would impact on the ability to provide grants. The risk is addressed by holding a diversified portfolio of investments with separate fund managers and by having policies in place to adjust distribution levels over time.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 24 April 2023 and signed on its behalf by:
DMB Snowdon - Trustee
Page 5
Report of the Independent Auditors to the Trustees of The David Snowdon Trust
Opinion
We have audited the financial statements of The David Snowdon Trust (the 'charity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, 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 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 Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the 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.
Page 6
Report of the Independent Auditors to the Trustees of The David Snowdon Trust
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, 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 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 charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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.
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 Report of the Independent Auditors.
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 the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
A I Cherry Limited Chartered Accountants and Statutory Auditors 26 Winckley Square Preston PR1 3JJ
Date: .............................................
Page 7
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Statement of Financial Activities for the year ended 31 December 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 2,780,328 Investment income 4 47,452 Total 2,827,780 EXPENDITURE ON Raising funds 5 29,701 Charitable activities 6 Grants 57,850 Other 25,101 Total 112,652 Net gains/(losses) on investments (201,411) NET INCOME 2,513,717 RECONCILIATION OF FUNDS Total funds brought forward 3,331,541 TOTAL FUNDS CARRIED FORWARD 5,845,258 |
2021 Total funds £ 1,465,749 9,113 |
|---|---|
| 1,474,862 | |
| 6,685 38,500 18,572 |
|
| 63,757 | |
| 159,552 | |
| 1,570,657 1,760,884 |
|
| 3,331,541 |
The notes form part of these financial statements
Page 8
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Balance Sheet 31 December 2022
| 2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 367 Investments 11 4,463,654 4,464,021 CURRENT ASSETS Debtors 12 603,657 Cash at bank 796,280 1,399,937 CREDITORS Amounts falling due within one year 13 (18,700) NET CURRENT ASSETS 1,381,237 TOTAL ASSETS LESS CURRENT LIABILITIES 5,845,258 NET ASSETS 5,845,258 FUNDS 14 Unrestricted funds 5,845,258 TOTAL FUNDS 5,845,258 |
2021 Total funds £ 734 2,234,815 2,235,549 178,657 928,346 1,107,003 (11,011) 1,095,992 3,331,541 3,331,541 3,331,541 3,331,541 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 April 2023 and were signed on its behalf by:
DMB Snowdon - Trustee
The notes form part of these financial statements
Page 9
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Cash Flow Statement
for the year ended 31 December 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Sale of investment property Interest received Dividends received Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 2,250,732 2,250,732 - (2,526,794) 96,544 - 1,004 46,448 (2,382,798) (132,066) 928,346 796,280 |
2021 £ 1,231,712 1,231,712 (1,100) (459,231) 5,981 31,660 73 8,440 (414,177) 817,535 110,811 928,346 |
|---|---|---|
The notes form part of these financial statements
Page 10
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Cash Flow Statement
for the year ended 31 December 2022
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| Net income for the reporting period (as per the Statement of | ||||
| Financial Activities) | 2,513,717 | 1,570,657 | ||
| Adjustments for: | ||||
| Depreciation charges | 367 | 366 | ||
| Losses/(gain) on investments | 201,411 | (159,552) | ||
| Interest received | (1,004) | (73) | ||
| Dividends received | (46,448) | (8,440) | ||
| Increase in debtors | (425,000) | (178,657) | ||
| Increase in creditors | 7,689 | 7,411 | ||
| Net cash provided by operations | 2,250,732 | 1,231,712 | ||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1/1/22 | Cash flow | At 31/12/22 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 928,346 | (132,066) | 796,280 | |
| 928,346 | (132,066) | 796,280 | ||
| Total | 928,346 | (132,066) | 796,280 |
The notes form part of these financial statements
Page 11
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements for the year ended 31 December 2022
1. GENERAL INFORMATION
The charity is a registered charity in England and Wales and is unincorporated. The address of the registered office and principal office is Haverthwaite Lodge, Haverthwaite, Ulverston, Cumbria, LA12 8AJ.
The presentational currency of the financial statements is the Pound Sterling (£).
The amounts in the financial statements have been rounded to the nearest £1.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Going concern
Having reviewed the funds currently available to the Charity, together with the likely future cash inflows and outflows and known financial commitments, the trustees have a reasonable expectation that the Charity has adequate reserves to continue its activities for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 33% on cost
Page 12
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2022
2. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.
Investments
Listed investments are included at market value at the balance sheet date.
The SOFA includes net gains and losses arising on revaluations and disposals throughout the year.
3. DONATIONS AND LEGACIES
| Shares gifted Donations Gift aid Donation from other charity |
2022 £ - 7,800 1,950 2,770,578 2,780,328 |
2021 £ 1,455,999 7,800 1,950 - |
|---|---|---|
| 1,465,749 |
Page 13
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2022
| 4. INVESTMENT INCOME Rents received Dividends on investments Bank interest 5. RAISING FUNDS Investment management costs Portfolio management 6. CHARITABLE ACTIVITIES COSTS Grants 7. GRANTS PAYABLE Grants The total grants paid to institutions during the year were as follows: Eden Valley Hospice Age Concern Eden St Mary's Hospice Combat Stress 4 Eden The Armitt Trust Well Minds Salvation Army Penrith The total grants paid to individuals during the year were as follows: Individuals |
2022 2021 £ £ - 600 46,448 8,440 1,004 73 47,452 9,113 2022 2021 £ £ 29,701 6,685 Grant funding of activities (see note 7) £ 57,850 |
2022 2021 £ £ - 600 46,448 8,440 1,004 73 47,452 9,113 2022 2021 £ £ 29,701 6,685 Grant funding of activities (see note 7) £ 57,850 |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| 57,850 | 38,500 | |
| 2022 | 2021 | |
| £ | £ | |
| - | 10,000 | |
| 4,300 | 4,000 | |
| - | 4,000 | |
| 5,000 | 4,000 | |
| 30,000 | - | |
| 2,550 | 2,000 | |
| - | 8,000 | |
| 3,000 | - | |
| 44,850 | 32,000 | |
| 13,000 | 6,500 | |
Page 14
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2022
8. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | 8,811 | 16,290 | 25,101 |
Auditors remuneration included above is £3,600 (2021: £3,000).
9. TRUSTEES' REMUNERATION AND BENEFITS
A trustee, Mr JFD McMillan, is a director of McMillan & Co Consultants Limited who are due a fee of £9,000 (2021: £6,000) plus VAT for the preparation of the accounts and related matters. Other than this no remuneration directly or indirectly out of the funds of the Charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
10. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Fixtures | |
| and | |
| fittings | |
| £ | |
| COST | |
| At 1 January 2022 and | |
| 31 December 2022 | 1,100 |
| DEPRECIATION | |
| At 1 January 2022 | 366 |
| Charge for year | 367 |
| At 31 December 2022 | 733 |
| NET BOOK VALUE | |
| At 31 December 2022 | 367 |
| At 31 December 2021 | 734 |
Page 15
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2022
| 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 The analysis of the market value at the end of the year is as follows: Listed investments: Mattioli Woods Growth Investec portfolio 12. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other debtors |
Listed investments £ 2,234,815 2,526,794 (100,941) (197,014) 4,463,654 4,463,654 2,234,815 |
Listed investments £ 2,234,815 2,526,794 (100,941) (197,014) 4,463,654 4,463,654 2,234,815 |
Listed investments £ 2,234,815 2,526,794 (100,941) (197,014) 4,463,654 4,463,654 2,234,815 |
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| 2,509,160 | 1,654,770 | ||
| 1,954,494 | 580,045 | ||
| 4,463,654 | 2,234,815 | ||
2022 £ 603,657 |
2021 £ 178,657 |
This represents the balance of the transfer of investments received in February 2023.
Page 16
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2022
| 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 14. MOVEMENT IN FUNDS At 1/1/22 £ Unrestricted funds General fund 3,331,541 TOTAL FUNDS 3,331,541 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 2,827,780 (112,652) TOTAL FUNDS 2,827,780 (112,652) Comparatives for movement in funds At 1/1/21 £ Unrestricted funds General fund 1,760,884 TOTAL FUNDS 1,760,884 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 1,474,862 (63,757) TOTAL FUNDS 1,474,862 (63,757) |
2022 £ 18,700 Net movement in funds £ 2,513,717 2,513,717 Gains and losses £ (201,411) (201,411) Net movement in funds £ 1,570,657 1,570,657 Gains and losses £ 159,552 159,552 |
2021 £ 11,011 At 31/12/22 £ 5,845,258 |
2021 £ 11,011 |
|---|---|---|---|
| 5,845,258 | |||
| Movement in funds £ 2,513,717 |
|||
| 2,513,717 | |||
| At 31/12/21 £ 3,331,541 |
|||
| 3,331,541 | |||
| Movement in funds £ 1,570,657 |
|||
| 1,570,657 |
Page 17
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2022
15. RELATED PARTY DISCLOSURES
The following related party transactions occurred:
- DMB Snowdon made a donation of £7,800 (2021: £7,800) and transferred investments to the value of £Nil (2021: £1,455,999) to the charity during the year.
During the year reimbursement of costs of £6,133 (2021 £812) were made to DMB Snowdon in respect of the time spent on the charity's behalf by the secretary who he employs.
Page 18