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 2025
The David Snowdon Trust (incorporating The Neville Talbot Charity)
Contents of the Financial Statements for the year ended 31 December 2025
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|Reference and Administrative Details||1||
|Report oftheTrustees|2|to|8|
|Report of the Independent Auditors|9|to|10|
|Statement of Financial Activities||11||
|Balance Sheet||12||
|Cash Flow Statement||13||
|Notes to the Cash Flow Statement||14||
|NotestotheFinancialStatements|15|to|22|
## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Reference and Administrative Details for the year ended 31 December 2025
TRUSTEES DMB Snowdon (resigned 5/10/2025) Dr RM Cayton C Wilson JFD McMillan BFP FCA CJ Malpas SG Allison MS Bult (appointed 6/10/2025) RS Jackson (appointed 6/10/2025) PRINCIPAL ADDRESS Haverthwaite Lodge Haverthwaite Ulverston Cumbria LA12 8AJ REGISTERED CHARITY 1078527 NUMBER AUDITORS A 1 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 Rathbones Investment Management Limited 3 Hardman Street Spinningfields Manchester M3 3HF
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The David Snowdon Trust (incorporating The Neville Talbot Charity) Report of the Trustees for the year ended 31 December 2025 The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. 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, more particularly the area of the Westmorland and Furness Council, 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.
## ACHIEVEMENTS AND PERFORMANCE
## Charitable activities
The Trustees have made contact with many similar grant making charities in Cumbria during the year and are 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 four 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 0.24 during the year. In addition, the Charity contracted for the services of a part time grant officer from 1 October 2025.
The Charity launched new social media accounts on Facebook and Linkedin in October 2025 to strengthen i our communications and increase awareness of our grant-making activity. These platforms provide an i important channel to showcase the Charity’s work and the impact of funded projects across Higher Education, Social Needs and the Arts. Through our social media presence, we aim to encourage eligible organisations to apply for funding by sharing : grant application information, deadlines and guidance, alongside relevant funding opportunities from other i organisations where appropriate. We will also highlight grant awards, funded projects and beneficiary : testimonials, helping to demonstrate impact and strengthen connections with charities, partners and the wider community across Cumbria. The Trustees have updated their grant making policies which are included in the Charity's website i (www.dstrust.org.uk), including an application form and set out the criteria upon which applications will be i judged. Once a grant is awarded periodic update reports showing performance against set outcomes and : targets will be required and an evaluation form completed.
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## The David Snowdon Trust (incorporating The Neville Talbot Charity)
## Report of the Trustees
for the year ended 31 December 2025
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 £159,250 (2024: £120,395) were awarded as listed in note 7 of the financial statements and a number of other grants were under consideration at the year end.
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## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees for the year ended 31 December 2025
The impact of the certain of the donations is as follows:-
AgeWith UKfundingNorthreceivedCumbria from The David Snowdon Trust Age UK North Cumbria were able to support more people living in the Eden area. The difference the funding has made is — More people are better informed on how to access help and support More older people financially secure. More older people accessing grants and welfare benefits. More older people socially connected. Armitt Library and Museum Centre The funding enabled a project to support the creation of a new temporary display and covered the costs of an artist facilitator to run a series of portrait workshops for young people. Funding covered resources and workshops. Over 4,634 people benefitted from the project.
BEEP£40,000Doctors funding over two years enabled BEEP Doctors to purchase a Volvo XC60 which is based in the north of the county serving the Penrith and Carlisle area. Cumbria's 12 BEEP Doctors, who are all volunteers, provide enhanced pre-hospital emergency medical care. Previously BEEP Doctors had a vehicle that covered the northern part of the county but it was also shared with other parts of Cumbria. Before receiving this new car, some Doctors relied on their own personal vehicles fitted with blue lights and sirens to respond to emergencies. Having a liveried emergency vehicle is a far safer option both for doctors and other road users. It improves visibility, enhances road safety and ensures they can navigate traffic and difficult terrain more efficiently.
> CumbriaThe CumbriaOperaOperaGroupFestival 2025, only the third event of its kind, was a ten-day series of events that took place across Cumbria during August 2025. The aim was to bring world-class opera, classical music and music education to all sides of Cumbria. It was curated to be an accessible, wide-ranging, and glocalised project. From Barrow to the border, and from Kendal to Keswick, all sides of Cumbria were visited in this ambitious, ten-day series of events.
Their inaugural Young Artists’ Scheme saw young Cumbrians ‘cover’ various roles and perform a Young Artists’ Showcase, while their second Young Composers’ Competition culminated in performances of the winning competitions at the Opera by Candlelight events. Thousands of Cumbrian children benefitted from the Education Programme, while many of the festival events sold out. The festival received fantastic feedback and acclaim from national publications including OperaWire and Seen and Heard International plus coverage from ITV Border. Following further discussions, The David Snowdon Trust awarded scholarship funding to Cumbria Opera Group enabling them to create the Cumbria Opera Scholarship which will support young Cumbrian singers for their training at a Conservatoire or University. The first three recipients will be studying at the Royal Conservatoire of Scotland and the Royal Birmingham Conservatoire.
StKitchen/cateringMary's Hospicefacilities at St Mary's Hospice were not fit for purpose and were restricting their ability to introduce new catering support to patients in the community as well as increase income generation. The David Snowdon Trust awarded £20,000 towards the reconfiguration and refurbishment of their kitchen and catering facilities. These new facilities will allow the hospice café to increase footfall and achieve all that is needed to improve and expand their support to patients and families and increase income generation.
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## The David Snowdon Trust (incorporating The Neville Talbot Charity)
## Report of the Trustees
for the year ended 31 December 2025
## Young Enterprise
A key part of Young Enterprise's mission is to remove barriers to social mobility for young people who need this support the most. Aiming to tackle the opportunity gap for young people from underserved communities, they aimed to reach 1,000 young people facing disadvantage in Cumbria through delivering a range of programmes which provide opportunities for them to develop their financial capability, enterprising mindsets, employability skills and aspirations for the future.
## Some of the Beneficiary Testimonials are:-
"This new dedicated car will always be available for emergencies in the Northern area, ensuring a faster and more reliable response when people need it most".
“Thank you. This was the most positive experience I’ve had with a mental health service.”
"It was really accommodating. Doesn't feel like you are being dismissed or misunderstood. Perfect atmosphere unlike other mental health services | have used in the past." “Without this support, | may not be here now, or at the very least, | wouldn't have evolved into the person I'm a lot happier with now." “Volunteering massively helped with my recovery. Nine months in | felt like a different person. Doing stuff, being in the outdoor education environment, talking to Tutors reignited those brain pathways for me. Even sitting with staff at mealtimes and talking through things | would normally chat through in my role as a Tutor (before my head injury) was something | hasn't done in a few years. It re-energised my brain and activated parts | hadn’t used for a while.”
“Totally brilliant workshop delivered thank you”.
"A hidden gem of a resource for the right group of students - our Year 12's made great progress on the day and were able to sustain this initial inspiration into an extended project”
"Just wanted to say a big thank you for coming into school, the children really enjoyed it!”
“We are delighted to have had the opportunity to spend the day with you. Your passion and enthusiasm had the children captivated from the very beginning. You delivered workshops across the school, ensuring each year group had a unique experience. This was an invaluable experience for our children, and we hope to welcome you back very soon’.
A previous participant of one of the workshops is now set to begin an actor-musician course at the Guildford School of Acting. In her words, Cumbria Opera Group is an ‘inspiring’ initiative that has ‘greatly affected the trajectory of my life’.
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## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees for the year ended 31 December 2025
FINANCIAL REVIEW
Financial review
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During the year gift aid donations of £125,000 (2024: £110,465) were received together with the tax reclaim on the donations amounting to £31,250 (2024: £27,616). In addition, there were dividends and interest received of £128,358 (2024: £126,665).
The amount in reserves of £7,108,379 (2024: £6,508,116) is to generate a return from which to make future grants. The investment value (excluding cash with investment managers) increased in value by £939,510 (2024: increased by £442,963).
The investment portfolio increased by 11.3% over the year against the ARC benchmark which increased by 9.5%. The final sale of the Mattioli Woods holding was completed in the year and the portfolio is invested in preferred assets. The forecast income total amounts to £124,000.
The gilt portfolio increased by 4.9% over the year with a lower income yield of 1.53%. In July 2025 the Charity transferred a further £100,000 from the bank account to purchase short-dated UK Government gilts maturing in 2028 in order to lock in the favourable high rates of total return which were fixed at the point of | purchase. | Global equities ended 2025 on a strong note despite bouts of volatility, with broad indices posting gains for the | year, underscoring the constructive backdrop for risk assets into the year end. U.S. equities advanced in Q4 with the S&P 500 up around 2% even after an April drawdown, helped by contained volatility late in the year. | Rate dynamics also turned more supportive. The Federal Reserve delivered three 25 bps cuts in 2025 | (September, October and December), with the policy rate ending the year at 3.50%-3.75% and the Bank of England reduced rates to 3.75%.
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## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees for the year ended 31 December 2025
## FINANCIAL REVIEW
## Financial review
Over the final quarter resilient equity performance, easing financial conditions, and fading energy led inflation pressures helped price assets higher at year end and are supportive for valuation metrics heading into 2026.
Global growth moderated but proved resilient into year end. In the US, mixed labour data and softer activity prompted the Fed's "hawkish cuts," while Europe showed a modest Q3 pickup and steadier sentiment into Q4.
Overall company earnings, notably in the US, were strong and beat expectations. Technology led the way, driven by demand for Al infrastructure and cloud services with evidence of continued earnings to support the elevated valuations.
Against this backdrop, the Investment Managers continue to see a supportive environment for equities into early 2026, anchored by falling policy rates, resilient earnings, and structural investment in Al and critical infrastructure. Valuation and concentration risks support a balanced approach and diversification.
The Investment Managers will continue to monitor Geopolitical tensions, the supply chain impact and central bank policy against the underlying equity multiples and make adjustments as necessary.
The existing Investment Policy statement was updated on 23 November 2024 principally to include the gilt portfolio which is managed ona total return basis. The Investment Managers have confirmed adherence to the Investment Policy statement.
In addition to the cash funds with Rathbones the Charity has over £280,000 in its bank current and deposit accounts at the year end.
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.
David Snowdon retired as a trustee in October 2025 and became the Charity President. We welcomed Stuart Jackson and Michael Bult who were appointed as trustees in October 2025.
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 is given to any new trustees. The trustees generally meet three times a year, but a sub group meets more frequently to assess small grant applications and then report to the full board of the Trustees.
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## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Report of the Trustees for the year ended 31 December 2025
## 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 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".
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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 Charities 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 and The Charity (Accounts and Reports) Regulations 2008. 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 26 February 2026 and signed on its behalf by:
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JFD McMillan BFP FCA- Trustee
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## 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 2025 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 2025 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 materia! 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
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- 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.
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## 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 contro! as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement,In preparing whetherthe financial due tostatements, fraud or error.the trustees are responsible for assessing the charity's ability to continue as 4 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, oF have no realistic alternative but to do so. OurWe have been responsibilities appointed as for the audit of auditors the under financial Section statements 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 awhole 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, bul 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 financialThe extentstatements. to which our procedures are capable ofdetecting 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,A further descriptionincludingoffraud. our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at ww fro, orgalk/auditorsresponsibiliies, 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.
E Al rry Limited : Chartered Accountants and Ef Statutory Auditors i 26 Winckiey Square : Preston PR1 3JdJ Sp Oo. | Date:aSax
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The David Snowdon Trust (incorporating The Neville Talbot Charity) Statement of Financial Activities for the year ended 31 the year ended 31 year ended 31 ended 31 31 December 2025 2025
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|||||
|---|---|---|---|
|for the year ended 31 the year ended 31 year ended 31 ended 31 31|December 2025 2025|2025|2024|
|Unrestricted|
|fund|Total|funds|
|£|£|
|Notes|
|456,250|138,081|
|INCOME AND ENDOWMENTS FROM|
|128,358|426,665|
|Donations and legacies|3|
|4|
|Investment income|284,608|264,746|
|Total|
|39,692|43,497|
|5|
|EXPENDITURE ON|
|Raising|funds|
|;|159,250|420,395|
|Charitable|activities|6|
|Grants|38,935|29,434|
|Other|237,877|193,326|
|Total|
|553,532|335,487|
|Net gains on|investments|
|600,263|406,907|
|NET|INCOME|
|6,508,116|6,104,209|
|RECONGILIATION|OF FUNDS|
|Total funds brought forward|
|7,108,379|6,508,116|
|TOTAL FUNDS CARRIED FORWARD|
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## The David Snowdon Trust (incorporating The Neville Talbot Charity)
|Charity)||||
|---|---|---|---|
|Balance Sheet||||
|31 December2025||2025|2024|
|||Unrestricted
fund|Totalfunds|
|||£|£|
||Notes|||
|FIXED ASSETS
Investments|11|6,775,307|5,835,797|
|CURRENT ASSETS
Debtors
Cash atbank|12|-
361,922
361,922|5,000
683,219
688,219|
|CREDITORS
Amountsfallingduewithinoneyear|13|(28,850)|(15,900)|
|||333,072|672,319|
|NET CURRENTASSETS||||
|TOTALASSETS LESSCURRENT||7,108,379|6,508,116|
|LIABILITIES||||
|||7,108,379|6,508,116|
|NET ASSETS||||
|FUNDS|14|7,108,379|6,508,116|
|Unrestricted funds||7,108,379|6,508,116|
## TOTAL FUNDS
The financial statements were approved by the Board of Trustees and authorised for issue on 26 February 2026 and were signed on its behalf by: D MM——~ es SED MeMillanBEP FCA - Trustee
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## The David Snowdon Trust (incorporating The Neville Talbot Charity)
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|||||||
|---|---|---|---|---|---|
|Cash|Flow Statement|
|for the year ended|31|December 2025|
|2025|2024|
|Notes|£|£|
|CashCash generated from fiows from|operating operationsactivities|1|(63,677)|(66,345)|
|Net cash used in operating|activities|(63,677)|(56,345)|
|CashPurchase flows of fixed from assetinvesting investmentsactivities|(2,698,823)|(1,577,902)|
|Sale of fixed asset investments|2,312,8454,866|4,470,42645,204|
|123,492|411,461|
|Interest|received|
|Dividends received|
|Net cash (used in)iprovided by investing|activities|(257,620)|19,189|
|Changein the reportingin|cash periodand cash|equivalents|(321,297)|(37,156)|
|Cashbeginningand|ofcash theequivalents reporting periodat the|683,219|720,375|
|Cash|and cash|equivatents|at the end|361,922|683,219|
|of the|reporting|period|
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## The David Snowdon Trust (incorporating The Neville Talbot Charity)
## Notes to the Cash Flow Statement
## for the year ended 31 December 2025
|1.|RECONCILIATION OF NET INCOME TO NETCASH FLOW FROM|OPERATING ACTIVITIES|OPERATING ACTIVITIES|
|---|---|---|---|
|||2025|2024|
|||£|£|
||Net income for the reporting period (as per the Statement of|||
||Financial Activities)|600,263|406,907|
||Adjustments for:|||
||Gain on investments|(553,532)|(335,487)|
||Interest received|(4,866)|(15,204)|
||Dividends received|(123,492)|(111,461)|
||Decrease/(increase) in debtors|5,000|(5,000)|
||Increase in creditors|12,950|3,900|
||Netcashusedinoperations|(63,677)|(56,345)|
|2.|ANALYSIS OF CHANGES IN NET FUNDS||||
|---|---|---|---|---|
|||At 1/1/25|Cash flow|At 31/12/25|
|||£|£|£|
||Net cash||||
||Cash at bank|683,219|(321,297)|361,922|
|||683,219|(321,297)|361,922|
||Total|683,219|(321,297)|361,922|
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## The David Snowdon Trust (incorporating The Neville Talbot Charity)
## Notes to the Financial Statements for the year ended 31 December 2025
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 BAJ.
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 freland' 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.
The Trustees have concluded that the accounts give a true and fair view.
## Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probabte 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 15
: |
## The David Snowdon Trust (incorporating The Neville Talbot Charity)
## Notes to the Financial Statements - continued
for the year ended 31 December 2025
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
|3.|DONATIONS AND LEGACIES|||
|---|---|---|---|
|||2025|2024|
|||£|£|
||Donations
Gift aid|125,000
31,250|410,465
27,616|
|||156,250|138,084|
|4,|INVESTMENT INCOME|||
|||2025|2024|
||Dividends on investments|123,492|111,461|
||Bank interest|4,866|15,204|
|||128,358|126,665|
| |
Page 16
## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued for the year ended 31 December 2025
5, RAISING FUNDS
**----- Start of picture text -----**
|||||
|---|---|---|---|
|Investment|management|costs|
|2025|2024|
|£|£|
|Portfolio|management|39,692|43,497|
|6.|CHARITABLE|ACTIVITIES|COSTS|
**----- End of picture text -----**
Grant funding of activities (see note 7) £ Grants 159,250
|
Page 17
## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued for the year ended 31 December 2025
|Ls|GRANTS PAYABLE|||
|---|---|---|---|
|||2025|2024|
|||£|f|
||Grants|159,250|120,395|
||The total grants paid to institutions during the yearwere as follows:|||
|||2025|2024|
|||£|£|
||Eden Valley Hospice|5,000|3,395|
||Age UK|4,000|8,000|
||St Mary's Hospice|20,000|2,100|
||Combat Stress|-|6,000|
||Ulverston Inshore Rescue|-|11,000|
||The Armitt Trust|8,000|8,000|
||Salvation Army Penrith|3,000|42,000|
||Kepplewray Trust|-|3,500|
||Creative Communities|2,000|-|
||Carer Support South Lakes - Development|10,000|15,000|
||Carer Support South Lakes - Driving|5,000|-|
||Cumbria Opera Festival|2,000|-|
||Cumbria Opera Scholarship|7,500|-|
||Flutes & Co|-|2,400|
||Girl Guiding Cumbria South|"|1,000|
||Wave Forward|-|5,000|
||Growing Well|5,000|5,000|
||Beep Doctors|20,000|20,000|
||Bendrigg Trust|-|4,000|
||Blackwell Sailing|-|4,000|
||Friends of Pennybridge|5,000|-|
||Friends of Sandside|20,000|-|
||Hospitality Action|5,000|-|
||Lake District Music|3,750|~|
||Mind in Furness|10,000|-|
||The Big Give re Combat Stress|7,000|-|
||Brathay Trust - Aspiring Leaders|5,000|-|
||Theatre Factory|5,000|-|
||The Telling|2,000|-|
||Young Enterprise|5,000|-|
|||159,250|120,395|
||Individuals|“|-|
Page 18
## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued for the year ended 31 December 2025
|8.|SUPPORT COSTS||||
|---|---|---|---|---|
||||Governance||
|||Management|costs|Totals|
|||£|£|£|
||Otherresourcesexpended|21,835|17,100|38,935|
Auditors remuneration included within governance costs above is £4,800 (2024: £4,800).
9. TRUSTEES' REMUNERATION AND BENEFITS A trustee, Mr JFD McMillan, is a director of McMillan & Co Consultants Limited who are due a fee of £10,250 (2024: £9,250) 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 2025 nor for the year ended 31 December 2024.
## 10. TANGIBLE FIXED ASSETS
|TANGIBLE FIXED ASSETS||
|---|---|
||Fixtures|
||and|
||fittings|
||£|
|COST||
|At 1 January 2025 and||
|31 December 2025|1,100|
|DEPRECIATION||
|At1 January 2025 and||
|31 December 2025|1,100|
|NET BOOK VALUE||
|At 31 December 2025|-|
|At31December2024|-|
Page 19
## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued for the year ended 31 December 2025
## 11. FIXED ASSET INVESTMENTS
|11.|FIXED ASSET INVESTMENTS|||
|---|---|---|---|
||||Listed|
||||investments|
||||£|
||MARKET VALUE|||
||At 1 January 2025||5,835,797|
||Additions
Disposals||2,698,823
(2,169,564)|
||Unrealised gains||410,251|
||At 31 December2025||6,775,307|
||NET BOOK VALUE|||
||At 31 December 2025||6,775,307|
||At 31 December2024||5,835,797|
||The analysis of the market value at the end ofthe year is as follows:|||
|||2025|2024|
|||£|e|
||General|6,178,713|5,361,657|
||Gilts|596,594|474,140|
|||6,775,307|5,835,797|
|12.|DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||
|||2025|2024|
|||£|£|
||HMRC|-|5,000|
|13.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||
|||2025|2024|
|||£|£|
||Othercreditors|28,850|15,900|
Page 20
## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued for the year ended 31 December 2025
## 14. MOVEMENT IN FUNDS
|MOVEMENT IN FUNDS||||
|---|---|---|---|
|||Net||
|||movement|At|
||At 1/4/25|in funds|31/12/25|
||£|£|£|
|Unrestricted funds||||
|General fund|6,508,116|600,263|7,108,379|
|TOTALFUNDS|6,508,116|600,263|7,108,379|
Net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|Unrestricted funds|||||
|General fund|284,608|(237,877)|553,532|600,263|
|TOTALFUNDS|284,608|(237,877)|553,532|600,263|
Comparatives for movement in funds
|||Net||
|---|---|---|---|
|||movement|At|
||At 1/1/24|in funds|31/42/24|
||£|£|£|
|Unrestricted funds||||
|General fund|6,101,209|406,907|6,508,116|
|TOTALFUNDS|6,101,209|406,907|6,508,116|
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|Unrestricted funds|||||
|General fund|264,746|(193,326)|335,487|406,907|
|TOTALFUNDS|264,746|(193,326)|335,487|406,907|
Page 21
## The David Snowdon Trust (incorporating The Neville Talbot Charity)
Notes to the Financial Statements - continued for the year ended 31 December 2025
## 15. RELATED PARTY DISCLOSURES
The following related party transactions occurred whilst DMB Snowdon wasa trustee:
A donation of £90,000 (2024: £110,465) was made.
Reimbursement of costs of £9,922 (2024: £11,722) was made in respect of the time spent on the charity's behalf by the secretary who he employs.
## 16. COMMITMENTS
At 31 December 2025, the Trustees have approved the following grants to be paid in future years:
|||2025|2024|
|---|---|---|---|
|||£|£|
|Beep|Doctors|-|20,000|
Page 22