REGISTERED CHARITY NUMBER: 1078527
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2023
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Contents of the Financial Statements for the year ended 31 December 2023
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Cash Flow Statement | 8 |
| Notes to the Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 16 |
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Reference and Administrative Details for the year ended 31 December 2023
| TRUSTEES | DMB Snowdon |
|---|---|
| Dr RM Cayton | |
| C Wilson | |
| JFD McMillan BFP FCA | |
| CJ Malpas | |
| SG Allison (appointed 20/10/2023) | |
| PRINCIPAL ADDRESS | Haverthwaite Lodge |
| Haverthwaite | |
| Ulverston | |
| Cumbria | |
| LA12 8AJ | |
| REGISTERED CHARITY | 1078527 |
| NUMBER | |
| INDEPENDENT EXAMINER | A.I. Cherry Limited |
| Chartered Accountants | |
| 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 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
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 in Barrow, Kendal and Penrith. Contact has also been made with Cumbria Council for Voluntary Service and other local advice bodies.
The Trustees met three times during the year including once with the Investment Managers, having received quarterly written updates from them.
The direct employment costs of the secretarial services provided to the Charity have been reimbursed - on a full-time equivalent basis this was calculated at 0.26 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, particularly 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
During the year grants of £84,975 (2022 £57,850) were awarded 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 Eden Valley Hospice, for the refurbishment of a children's bedroom and ensuite bathroom.
The Ulverston Scholarship for sixth form students of Ulverston Victoria High School finished in 2023 and the Trustees are considering a replacement Bursary scheme.
Page 2
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees
for the year ended 31 December 2023
FINANCIAL REVIEW
Financial review
During the year gift aid donations of £32,600 (2022: £7.800) were received together with the tax reclaim on the donations amounting to £7,075 (2022: £1,950). In addition, there were dividends and interest received of £113,409 (2022: £47,452).
The amount in reserves of £6,101,209 (2022: £5,845,258) is to generate a return from which to make future grants. The investments increased in value by £253,428 (2022: decreased by £197,014).
The investments are managed by two investment managers on a discretionary basis whilst 2023 saw positive returns across all asset classes.
The initial purchase of the units in 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 2023 the Fund represent 47.7% of the total investments of the Charity. The fund focuses on global growth investment and has an overall Equity content of around 70%. The fund has a diversified portfolio of holdings, across all asset classes and thematic equity areas. During 2023 the units recorded a positive return of 4.28% compared with a positive return of 7.08% in the Fund's benchmark. Areas such as commercial property and smaller companies brought the overall performance down relative to the benchmark, during a continuing period of high inflation and interest rates. As interest rates are likely to start falling in the year ahead, this should provide support to the areas invested within the fund in the future.
The remaining funds are managed by Investec and comprise a portfolio principally of equities, the initial investment was made in December 2021. The net performance for 2023 was a positive 8.8% and takes into calculation the additional £300,000 invested in March 2023. This compares to an average positive return for a similar portfolio as reported by the fund's benchmark ARC of 7.2%.
The existing Investment Policy statement was updated on 20 October 2023 and takes account of the unforeseen high level of inflation by including 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.
During the year the Charity received the deferred consideration on the transfer of investments in 2021 of £603,657, together with interest. The Trustees initially placed £300,000 on a 35 day notice bank account and the £300,000 invested with Investec as mentioned above.
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 by contact with appropriately qualified individuals 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 3
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees
for the year ended 31 December 2023
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.
Approved by order of the board of trustees on 8 April 2024 and signed on its behalf by:
DMB Snowdon - Trustee
Page 4
Independent Examiner's Report to the Trustees of The David Snowdon Trust
Independent examiner's report to the trustees of The David Snowdon Trust
I report to the charity trustees on my examination of the accounts of The David Snowdon Trust (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A I Cherry
A.I. Cherry Limited Chartered Accountants
Date: .............................................
Page 5
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Statement of Financial Activities for the year ended 31 December 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Grants Other Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 39,675 113,409 153,084 46,395 84,975 25,478 156,848 259,715 255,951 5,845,258 6,101,209 |
2022 Total funds £ 2,780,328 47,452 2,827,780 29,701 57,850 25,101 112,652 (201,411) 2,513,717 3,331,541 5,845,258 |
|---|---|---|
The notes form part of these financial statements
Page 6
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Balance Sheet 31 December 2023
| Notes FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
2023 2022 Unrestricted Total fund funds £ £ - 367 5,392,834 4,463,654 5,392,834 4,464,021 - 603,657 720,375 796,280 720,375 1,399,937 (12,000) (18,700) 708,375 1,381,237 6,101,209 5,845,258 6,101,209 5,845,258 6,101,209 5,845,258 6,101,209 5,845,258 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 April 2024 and were signed on its behalf by:
DMB Snowdon - Trustee
The notes form part of these financial statements
Page 7
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Cash Flow Statement
for the year ended 31 December 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of fixed asset investments Sale of fixed asset investments 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 |
2023 £ 480,151 480,151 (963,396) 293,931 21,099 92,310 (556,056) (75,905) 796,280 720,375 |
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 |
|---|---|---|
The notes form part of these financial statements
Page 8
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Cash Flow Statement
for the year ended 31 December 2023
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of | |||
| Financial Activities) | 255,951 | 2,513,717 | |
| Adjustments for: | |||
| Depreciation charges | 367 | 367 | |
| (Gain)/losses on investments | (259,715) | 201,411 | |
| Interest received | (21,099) | (1,004) | |
| Dividends received | (92,310) | (46,448) | |
| Decrease/(increase) in debtors | 603,657 | (425,000) | |
| (Decrease)/increase in creditors | (6,700) | 7,689 | |
| Net cash provided by operations | 480,151 | 2,250,732 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/1/23 | Cash flow | At 31/12/23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 796,280 | (75,905) | 720,375 |
| 796,280 | (75,905) | 720,375 | |
| Total | 796,280 | (75,905) | 720,375 |
The notes form part of these financial statements
Page 9
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements for the year ended 31 December 2023
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 October 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice (effective from January 2019).
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 10
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2023
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
| Donations Gift aid Donation from other charity 4. INVESTMENT INCOME Dividends on investments Bank interest |
2023 £ 32,600 7,075 - 39,675 2023 £ 92,310 21,099 113,409 |
2022 £ 7,800 1,950 2,770,578 |
2022 £ 7,800 1,950 2,770,578 |
|
|---|---|---|---|---|
| 2,780,328 | ||||
| 2022 £ 46,448 1,004 |
||||
| 47,452 |
Page 11
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2023
| 5. RAISING FUNDS Investment management costs Portfolio management 6. CHARITABLE ACTIVITIES COSTS Grants |
2023 2022 £ £ 46,395 29,701 Grant funding of activities (see note 7) £ 84,975 |
|---|---|
| 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 Salvation Army Penrith Kepplewray Trust Cumbria Council for Voluntary Support Carer Support South Lakes Grange and District Concert South West Lakes District Scouts The total grants paid to individuals during the year were as follows: Individuals |
||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| 84,975 | 57,850 | |
| 2023 | 2022 | |
| £ | £ | |
| 22,875 | - | |
| - | 4,300 | |
| 4,600 | - | |
| 5,000 | 5,000 | |
| - | 30,000 | |
| 8,000 | 2,550 | |
| 9,000 | 3,000 | |
| 4,000 | - | |
| 10,000 | - | |
| 15,000 | - | |
| 3,000 | - | |
| 1,000 | - | |
| 82,475 | 44,850 | |
| 2,500 | 13,000 | |
Page 12
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2023
8. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | 13,478 | 12,000 | 25,478 |
Auditors/Independent examiners remuneration included above is £2,100 (2022: £3,600).
9. TRUSTEES' REMUNERATION AND BENEFITS
A trustee, Mr JFD McMillan, is a director of McMillan & Co Consultants Limited who are due a fee of £8,250 (2022: £9,000) 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 2023 nor for the year ended 31 December 2022.
10. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Fixtures | |
| and | |
| fittings | |
| £ | |
| COST | |
| At 1 January 2023 and | |
| 31 December 2023 | 1,100 |
| DEPRECIATION | |
| At 1 January 2023 | 733 |
| Charge for year | 367 |
| At 31 December 2023 | 1,100 |
| NET BOOK VALUE | |
| At 31 December 2023 | - |
| At 31 December 2022 | 367 |
Page 13
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued for the year ended 31 December 2023
11. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2023 Additions Disposals Revaluations At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 The analysis of the market value at the end of the year is as follows: 2023 £ Listed investments: Mattioli Woods Growth 2,572,883 Investec portfolio 2,819,951 5,392,834 12. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Other debtors - |
Listed investments £ 4,463,654 963,396 (287,644) 253,428 5,392,834 5,392,834 4,463,654 |
||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| 2,572,883 | 2,509,160 | ||
| 2,819,951 | 1,954,494 | ||
| 5,392,834 | 4,463,654 | ||
| 2022 £ 603,657 |
Page 14
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2023
| 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Other creditors 12,000 14. MOVEMENT IN FUNDS Net movement At 1/1/23 in funds £ £ Unrestricted funds General fund 5,845,258 255,951 TOTAL FUNDS 5,845,258 255,951 Net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 153,084 (156,848) 259,715 TOTAL FUNDS 153,084 (156,848) 259,715 Comparatives for movement in funds Net movement At 1/1/22 in funds £ £ Unrestricted funds General fund 3,331,541 2,513,717 TOTAL FUNDS 3,331,541 2,513,717 Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 2,827,780 (112,652) (201,411) TOTAL FUNDS 2,827,780 (112,652) (201,411) |
2022 £ 18,700 At 31/12/23 £ 6,101,209 6,101,209 Movement in funds £ 255,951 255,951 At 31/12/22 £ 5,845,258 5,845,258 Movement in funds £ 2,513,717 2,513,717 |
|---|---|
Page 15
continued...
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued
for the year ended 31 December 2023
15. RELATED PARTY DISCLOSURES
The following related party transactions occurred:
- DMB Snowdon made a donation of £32,600 (2022: £7,800).
During the year reimbursement of costs of £9,939 (2022 £6,133) were made to DMB Snowdon in respect of the time spent on the charity's behalf by the secretary who he employs.
Page 16