**Charity Registration No. 1197627** ## SNOWDON TRUST ## ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 **SNOWDON TRUST** One Bell Lane Lewes East Sussex **BN7 lJU** SNOWDON TRU5r coNrEpif5 Pa Compèny inlormation Trusiees. report ststemtni of Trullees. responsibllities 19 Independent auditor's report 20.22 Statement olfinanclal athviiies 23 alance sheet 24 Statement ol Cash flows 25 Notes to the financlal statements 26-40 SNOWDON TRU LEGALAND ADMINtSTRATniE INFOIIMATION htron Baroness Tanni Grey-Th(rfnpson D8E Vlc• Presld•nts Sirjohn Hannam Andrew Farquhar Trustees Lath FrancesArnistrow-Jones Or Paolo S Dasgupts Ms Anll Hunter Mr Andy Kneen OBE Ms Molly Lawson Lord Colin Low of Dalston CBE Mrjacob Meagher Mr John Milli8an Dr Wendy Platt Ichalrl Mr S T Preece 14¥ipolnted 21 June 20231 (Appolntsd 21 June 20231 (Appofjnted 21 June 20231 Chl•f Ex•cutl¥e Offi￿r Helen Saelensminde Ch•dty numb•r 1197627 Prfndpal addr•ss 18 Oèkhurtt Buslnw Park Southwater Horsham West Sussex RH13 9RT Audltors TC Knill James Ltd One Bell Lane Lewes Éast Sussex 8N7 IJU Bank•rs CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ SNOWDON TRusr LEGALAND ADMIN15TIIATIVE INFORMATION Invw41rn•nt advllorn Cazenove Capital Mana9ewtht l London Wam Place London EC2Y SAU SNOWDON TRUST TRUSTEES. REPORT FOR niE YEAR ENDED 30APRIL 2024 Thè Trustees present their annual report and finanoal staternents for the year ended 30 April 2024. The accounis have beèn Pfepared in accofdance with accountfng polities ￿ thjt In note i to the acctyjnts and omply with the char¢ty's governin8 document. the Charities Art 2011 and "Accounting and Reportlng ty charl￿e$.. Statement of Recommended Practice applicable to charities prepaNn£ their accounts In accordance wlth the Financlal RepoffjDg Siandard applicable in ihe UK and Republlc of I￿land IFRS 1021" las èmended for accountlng perlods commendn8 from l January 20191. Introdurt5on from our Chalr It Is a pleasure for m• io Introduce the Snowdon Tru￿ annual report for the fitst ttme havlw tsken on the role of Chabr of Trustèes mi0￿aY throueh the finanoal year 2023.24. The work we dld lart year to update our swems and processes stood us In good steèd for effectlve progrnmme delivery ihls year, even thls was Insuffi¢lent to cope with the scale of demand for our financla awards. Applicattons contrnue to grow at 3 rate which is Imp05yble to 5eNce and thi5 has forted the team to further review our programme delivery tsthrs. More Importantly thLJU8h. thls grv*rth ha5 pl￿d a ¢ru¢ial role In dri¥lw4 OUT Stratewc dlscusslons. The theme for the financial yeaf 2023-24 has been on bulld1￿ for the fvturn. O%*n¥h•lmlni d•mand hr support The scale of applicaYon5 lo oyr firtandal award programmes means that an ellgible appllcani currently has no more than a 30% chance of receNin8 a disabiltyrelated study costs grant. and just a 1% chance of receiving a Snowdon master's scholarship. These odd5 are too low. Fundraising to inuea5e our tapacity to deliver sUPPOrt is an urgent priority but we are also looking at why applicatron numbers are increasing $0 5ubstanttalW. Some of it can b• simply attributed to the work we've done to ra15e our profile. but there are wider issues drvin8 thi5 growth. A st1¢kI￿ plaster Our disabilrty-related 5tu(fy tost grant meets an urgent need lor support fN disabled S￿dents who would otherwlse not be able to compleie their higher education studies effectively lor at alll. We break dxvn a barrier for disabled students. Bur the support we provide through these grants might also be called 'reasgn*le adjustments. and those are the legal responsibility of higher education institutions under their PuFJic Sertor Equality Duty. We need io better understrnd what prevents universitr.es from meeting the 5UPPQrt nea15 of thelr disabled student5 and we need to ensure that by providing a stf(*ing plaster for individual students. we are not masking the scale of a bigger STrmit problem. SNOWWN TRU5r TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED30APRIL 202 Amplifying disabled student ￿1C￿$ and dr￿4rt8 sy5temlc than Every application for a financial award provides èn insight into one person's INed experience of disabllity barrièrs and failures in prowsion. These siories feed into our strategic planning but we need to do more to collate and share those stories to help drive informed and èffective practice. This year we h3¥e growN our network5 Wlth expert practitioners. academies and researchers in the sector to morè effectivdy share this dats and knowledge to support and pafticipate in work bein8 done auoss the HE sertor to create better 511PPOrt systems for disabled students. Th￿5 is ars area we will invest in much more during 2024-25. All of our advocacy work is further supplemented by ouf Disabled Leader5 Network who are beginnin8 to create their own projects. using their Ilved experience to hi8hli8ht the challen8es and offef tsngbble wlvtlons to support accesslbillty. Board le•d¢rshlp •nd yowth There have been signihcant chan8es auoss thè board ol Trustees this year. In Spring 2022. we sèt out to r￿r￿lt Trustees to fill three board vacaTrcie5. C￿le¢￿Vely, we. the Boaid were unequivocal that the new aFvolntments should brtn8 addittonal livtd experience of disability to our strategic team. We were all deli8hted with the appointment of Andy Kneen. Jacob MeaRher and Molly Lawson to the board at the beginnin6 of the 202>24 flnancial year. All three trustees bring valuable professional and personal experience to our work. Early in the yeaf. Dr Renny Leach, then Chair of Trustees. announced hls inientfon to stand d¢)wn as Chair rnidway through the year befr)re ren"rin8 from his folt as a Trustee at ihe end of the financial year. It was a privilege for me to be asked to become Chair of Trustee5 by my fellow Y￿stee$ and I took ¢)ver this role formalty in September 2023. At the same board rneetrng. Irustees wted io elect a Vite Chair to further bolster our collectfve strength and John Milligan was unanimously elected into ihis role. At the end of the financial ytar we said e¢)odbye to Dr Rènny Ltach and Or Richard Lansdown who both stood down from their roles after rnany years of impeccable service to the Trust. Richafd also reDred from his role as Deputy Chair of the Snowdon Trust Seleciion Panel. on which he had ser¥ed for more than thirty years. A new round of Trustee recruitment has subsequently taken place to recrull Trustees with spetiftc expertise which wtll complement our board and these appointments wll be formally appro¥ed by the Board in ottobèr 2024. Wendy Platt Chalr of TnMt••s SNOWDON TRU5r TRusfEES' REPORT {co•mNUEDI FOR 711E YEAREPIDED30APAIL 2024 How w¢ work Our ¥I￿on Is for 4 sgcbety In Ththlch dlsabled people no loryr fxe barrl*r5 In eduratlon or w0￿p1a￿. IV% 51Jdal justlce155ue. Our founder. the first Earl of Snowdon *stsblished hbs chanty In 198L hoping it would only need to exlst for around twenty year5 before equalty caught up. More than 410 yeats later. our work is as desperately needed as It ever was and we will wntinue to deliver our core prryaommcs unbl educabon and work are fully accessible, Indusive. and representative of everyone in socth. The cruclal elements of huw we work are these: l. We break down barrier5 for disabled 5tudtnt5 to athltve their tdutatton and employablllty goals. there we can't do this dirertly, we support students and graduates to de¥elop their own skllls and resllla)te to face head on the barrier5 to inclusion they must conynue to overcome. 2. We are a tiry charity with limited re50ur(e5. We work with partner5 to extend our read) and Incre&e the impact we tan have for disabled studefiis and graduates. 3. Inclusion Is at ihe core of evewhlng we do. Since the outset, the work of the Snowdon Trust ha5 been delivered by a team of Disabled and Non-Disabled Pe¢)ple. We bdieve true incluslon exist5 in J dlver5e ttam whlth ensurtt that th• eXpe￿se and experlencts of our whole communlty drlves Lwerythlng we Our strat•¢y Our strategy for 2021-2025 Is focused on breaklng down the barriers that prwent dls¥bled students and graduates futhlling their potentfal. Our wor* Is delfvered across three prlority area5'. The Dtsabled Leaders NeI￿￿k. A le&Jership ftyum for ￿$•bled Siudenis aThJ Graduaie5 to conne( (dIab￿are devdop skdls on ther￿5 around Leadership l￿d Dthlity Financial Awards to udtnis wthich redu¢* Incqualrtles In the cost of hi8her and further educaiiorl vthith acceler•te the ogress ol future Chsabled Le•dtrs and ￿n￿tIng wh*h extends rhe reach of oui Impait and sharing all of our expertise aTrJ knv*ded8e to supwt carnpaigning •rKI Th$5 area of vlork rePr￿ented 86VJ of our charirable exPend￿U In 202>24 Th15 area of work preSen￿d 11 % of our Charitab￿ expendiwre in 2023-24 This area of work repfÈsented 3* of our tharrtable èxpendf(ure in 2023-24 SNOVIDON TRUSr TRUSfEES' RÉPORT ICONTINUEDI FOR ThIE YEAR ENDED30APRII Z024 H¢>w ¥¥e rnised our money ¥5C. £0 11. F￿*•$ ri res¥. -23 H4X¥ w* spent our money 3C¢.C 11 P￿￿C0. w4¥d5 e 5*ed Le￿er5 Ner%'.crk. Fee in -23.?É • 2￿- SNOWOON TAUST TRUSTEES. REPORT IcoKfiNUEDI FOR ThE YEAR EPIDE030APRIL2024 11 T•le mak• flnanclal •w4rds to DISabl￿ Studerts W• spent £486A091£535.455 In 2022-23) Key strate￿( oble¢¥vé: To prowde financial awards to dO￿bled students whlth reduce inequalitr.es in the cost of educanon and accelerate the progress of future disabled leade Whyw• do thls: Disability-related study costs can make it more expensi¥e for th'sabled People to acce￿ furtherand higher education. Where these are not covered by statutory fvnding like Disabled Students Allowance. Oi5abSpd Students are left at an untsir financial disadvantsge. Somenmes this means they can't afford tQ StLk4y at At every lèvtl of edutatlonal attainment. Disabled Ptoplt are less likety to secure a lob compared to thelr non4i5abled peer5. blrt the higher the attainment level. the smaller the gap. It means Disabled People must be dispr0portb0nate￿ more qualthed to ¢omptte for lobs making their edu¢attonal journèy more expenslve. Disabled People are dlsproportlonately under-￿pIesented In leadushlp roles which imparts on declsion- makin8 about them ènd tor them. To drive stiuctural change, fvfvre Dlsabled Le•ders need to be supported and accelerated thfOU8h fvrther and hi6her education. What we do.. We deliver twoflnanclal award proerammes: Obsabilrt*r*lat*d Study Costs Grants and Snowdon Tnjst Master's S¢holar5hlps. Dls•blllty.r•l•ted Study Costs Grnnts Grants pay for disabilrty-related Mudy costs that otherwise put students at a finaTrcial disa&4hnts8e. We ward up to £5,CpJ) for costs like si8n laTh8uage interpreters and other vitsl human support, computer equlpment and adap￿ve software, mobllity equlpment, accesslble accommodaJon or addltlMal accomrnodatton for o PA or ¢arer, travel costs. and occasionally leès. Impart In numbers We awarded 83 8rantsto dlsabled students fac￿ with addloonal costs The aveTr8e #rant award was £3.733 The number ol appll¢atlon5 rtt￿¥ed was 312 5NOWDON TRusr TRUSTEE5' REPORT ICONTINUEO) FOR THE YEAR EP4DED30APRIL 2024 35 3C. 25 EQU,'FldEN- E¢U.FldEII- AC:CI4CDI-. CN 5￿Pc￿. cr. cthu . i¢r• f*¥pretni Fffs cmwiers xecttss :esst .. •2"2?.23 Snowdon Trust Master's Scholarships Our Master's Scholarshlps support the most extepttonal d15abled students to accelerate through their Master's studies. We established the scheme in 2017 because there are too few disabled people in leadèrship positsons. By fvJndin8 these students through their postgraduate 5tudie5. we achie¥e two 8oals'. We support disabled students to achieve the hi8her-level qualrh"canons ihèi tnablt them to comptte effecttvely In the jobs market Compared to non-disabled peers. We accelerate turrent and future disabled leaders Into workplètt leadership so they are visible role models lor othèr disabled people. and $0 they cèn dri¥e progress towards disability inclusion. The M•st•r's Scholarship 0￿rI up to £30.rJxi of fundin& split between a ¢owse fee payment of up to £15,0￿, and £15,LVJ Pfovided to cover livlng costs forihe durntion of the Master's. Imp•rt In numbers We awarded 9 Masier's Schola￿h1pS to exteptbonal students studyiw a dNerse range of sutj'ects In seven UK universittes. We reteived 748 applications for a scholarship award. a 30% increase on the previous year. The success rate wa5 just 1.2%. By any stsndards. this is a competitwe award. To date we have awarded 67 scholafships to mJ5ter'5 students who ha¥e qone on to beCty￿e Lawyers. ArDSts, Scientrsts. Academics. Software De￿oper$, ainical Psycholo8iSts. Compose￿. Civil 5er¥ants and mo￿. OptimislnK pro£ramm• delivery One of the key strategic projert5 we undertook this year, inctrporzting member5 of the Board of Trustees, staff. Selection Panel and ￿Ved Experience Advisory Panel teams. was to complete a full review of our financial award programme5 to ensure they are purKM)seful ènd effective. Across both the grant and scholarship progr￿me5, the team considered the external landscape. delivery and prcce5s thallenge5. and the needs of ovr applicants to make a series of retommendations fof future activity. These ￿0mMendationS came into effect during the Fyocess of rnaking thnancial awaid5 for 2024-2S. The Most si8niftcant review outcomes are noted here. SNOWDON TRUST TRU5fEES' REPORT IcopifiNUEDI FOR THE YEAA £PID£D30APAIL 2024 Problem.. ApplicaDons to both financial award programmes are ￿0w1n@ at a pace we tannot support. Not only Lloes thls create a workload the team struggle to manage, the Ilme and effort it takes to Complete art applicatfon for fundlng from u5 adds to the heavy burden ol adminisiiatlon expeiien¢etl by disabled students seeking support for adjustments and accessibility solutions. The review team agreed that r( wès necessary to tighten our eli8ibility criteria to try and ￿d￿ce the Thumbef of applicants applying to us without success. Solukn.. Grant applicants can no longer apply to U5 ft>r fvnding for fee award5 lunles5 they are Jlrejdy part way through a toursè we have already prwded fee funding forl. Thi5 reduce5 the nurnber of applications being received. but also acknowledges the challenge of a$S￿51n& fee award5. rnany of which ute finanual difficulty rather than being a sp•cific disabllity-related cost. While we acknowledge the increased financial pressure that dlsat*lity causes, this doesn't fall strlrtly wiihln the guldelines of our thafitsble objethies. For 2024125 we have trlèlled limillng eligibility lor a Snowdon Master's Scholatship to applicants who have home fee status applicants andlor completed their first degree at 3 UK univèrsity IA an effort to reduce the masslve number of applicattons b•'r4 submitted. We have also Introduced a multl-5tsge sthdar5hlp appllcatlon process whlch 8reatly reduces the affK>unt ol Infofmatlon requested from the siudent fof their stage one applicatlon. This also prvlde5 a 5ignlftcant redurtion n workload for thè staff ttam ￿￿tWIng applicatbons. Probl•m'. Provlding ￿dence of dlsabillty can be thme&coffjumln8 and expenslve where orlglnattne medlcal conhmatton Is requlred. Medical agencies often tharge a fee for provlding Inft>rmatlon whlch puts 5tudent5 at even greater fiThanclal diSa￿antage. Solutlon.. When we ask for proof of dlsablllty to support a grant appllcatlon. we no longer requ1￿ thls to tr* an 0￿gInal document from a medlcal praciitlonef. Applicants can provlde copies of thls Infom)afjon or P￿de tt from another officlal source that cOnfiM￿ thdr ell8lblllty for dsèbillty SUPPOrt. Problem.. Provlding academic referenc￿ Is Increaslngly difficult for undergraduate students. They tend to Iwve little or no dealines wrth Indlvidual academic stsff members who either have no tlme to provide the information, or don't know the student suffi'ciently well to be able to prowde a meaninthil summary. It has become aPpo￿nt that trwng to provide thls InformaElon in support of ovr disabillty-relaied slvdy costs grant is stressful and difficult for applicants. We seek thè Informa￿0￿ tts bè sure wè are supportln8 Students likely to do well in ther studles becausè of our 5UPPOrt. but wè arè mindful that academit achievement shtsuldn't unduly influence the provlslon of study eost5 5UPPOrt. More. we are aware that som￿]mes. latk of atademit Slttcèss caA be the dirert impact of lack of disability-related study 5UPPOrt. Solutlon: Grant applicants are no longer ￿qUired to provlde an academic reference but are encouraged to do so If they would like. Instead. we rely on confirmaiion of a vnfjvefslty place for flrst year students and on Hl8her Education Achievement Record of those in their setond year or btyond. Stholatship applicants do SOI need to provide an academic referen￿ refflecting the awar(fs focus oft Éxtellente. SNOWDON TRUST TRU5fEES' REPORT IcopillNVEDI FOR ThtE YEAR EPIDED 30APRIL 2024 Probleffl.. Many of the grant applications we receive are for equipment. accommodation or specialtst 5UPPOrt vthich are considered reasonable adjustments under the 2010 Equality A¢ and which are therefore the legal obl8ation of universities to provide to students a5 part of thebr Public Sector Equality Duty. We don't have enO￿h funds to support all the stvdents who apply to us for help. Should we push the responsibility back on universtie5 when the 5￿c[fiC iequest falls under their le￿￿1 oblwn? And if we don't. tts what extent are we masking the scale of a 5y5temic problem? Solutlon.. The scale of thls problem 15 nol easily sow by an Internal revlew of systems and prKesses. It Is the central theme being dixussed at the heart of our strategic planninK and forces us io reco8nise that our grants programme 15 a sticking plaster. A vitsl gne for hundreds of students each year. But if we are to trufy help dlsabled students, we need io address the sysiemic issues. not just the challenges they create. Impatl measurem•nt We colleci quantitatlve and qualltatlve data as part of ouf ffinancial award pro8rammes whlth providè important Inslght into the disabled student experience. We have contributed our dats io several pieces of research the higher educaiion sertor this year and are developinR Ways to improve our data collectyon and share more of It across the 5ettor in order to focus more attentron on the problems and io support policy driven Improvement. 21 W• d•ll%*r p••r support throulh th• Dlsabled L•ad•n N•t Wo $pent £61.2131£17,209 In 2022-231 Key strdtetlt objec￿￿.. To creaie a supportlve. safe and ambitious SP3ce lor d15abled student5 and gradu•te5 to collaborate. network, develop career and leadership skills, Campai￿ and advocate for disablliiy Indusion. Why we do It: Disabled people rem•ln 5igniflcontly under-represented in senlor leadership and decision.making roles in all seuors. This means that ihe needs and vtewpoints of Disabled people are effe£tfvely ttsn5id￿td or supported. and th* signrflcant and IMp￿an1 decisions that irnpatt on th'sabled people are taken without themlus. The iransitton Into employment is challenging lor Disabled graduates who mull nawgate disciiminaYK*n in recruitment and bureaucrayc hurdles tg access reasonable adjustments. Where we can't reduce or eliminate Mructural barriers. we suppon siudents and graduates to devekjp thelr own skllls and res11ience to fa￿ head on the barrlers to Indusii)n thLy must conitnue to overcome. What WÈ dts: The Disabled Leaders Netwofk is the only independent lèadèrship group fcKu5ed on dri￿n8 disabled leadership for a Thew generation of disabled graduates. After Several years prrA*iding ￿311 scale investment to support this burgeoning community. we have significantly increased the resource5 avatlable to Members to drive the development of their own communtsty space, suppornn8 theif personal devel￿)ment and their collertlvedisabllity athvism. SNOWWN TRUST TRU5tEES' REPORT ICOPlllNUEDI FOR Th£ YEAR EPIDED 30APRIL 2024 Dell¥ery We cornmission the Gli)bal Disability Innovation Hub IGDI Hubl to run the network on our behalf using a series of social medla platforms to engage and connect members. an annual programme of speaker events Includlty weblnars. panel dis¢usslons and hlgh-profile speaker events. and the ntlwT)rk's own websi* io showcase Ils members through publication of their artides, blc£ posts and other accomplishments. Thi5 year's prograrnme wa5 5trurtured ar¢)und a series of core thernes focused on disability theory, disability and representati(￿, disability and academia, dlsability and the work￿a(e, public speakin8 and disability prlde. Ac¢•Mlblllty Costs Delivery costs for thi5 inthative are high because when you create a forum in which all its disalled rnémbers can engagè, it rnust be fully acce55ible. Fartoring in the cost of 8SL interpretstr'on and live (aptions a5 well as other pra¢t5cal acce55 511PPOrt Increase5 costs for the notwork by almort 50%. And because accessibility ¢• b• expensive, somell.mes St means we must sacfifice content to ensure we can budget for access. When cory)ared to similar InSttatives that do bulld In accesslbillty. li mlght make our network look dlsproportlonately expensive, but we hope that our ploneering approach showcases the value of an accesslble deslgn outlook for any person- centred prolect. Ctrd¢slgn The new delivery framework for the DLN. created as Part of a fvll cHlesi8n with its rnember5. centred around the rea￿On of a core member committee to drive amiity In hve areas: 50cial medla, event5. membership thourne￿. member eftgagement and content cieatfon. These roles wert pald to reflect the Ilme Investment required from cornmlttee members and have proved to be an tffeciive drivef of acifvity across the network. Communlty The Strong priority Idenb'fled by DLN member5 durin8 the Inittal ctrdesign pro¢tSS ￿d$ that durin8 this first yèar. their priority was to connert and learn from each other. ¢reatln8 community from thè bottom up and èxthanglng their breadth of knowledge and 5ki115 to leverage eath other's individual and col￿tt￿Ye dèvèloprnènt through thelr educatton and into their desired ureer5 and leadership roles. One of thè tarly priorittès for the n*work was to cfeate a buddy system to onboard new membefs effectbvety. This scheme worked highly effectfvely durln6 year one and members are lookin8 at extending this Into an Informal peer mentorlng scheme. M•mb•rs In •ctlon Members are encouraged to acifvety partlclpate and speak at evenrs which support the development ol leadership. public speaking and seK-èdvocacy ski115. This opportunity arisès intèrnally as part of the DLN events calendar but also through opportuThib"e5 that the Snowdon Trust and the GDI Hub can facilitate. This year. the DLN were Invited t0 Speak at the Westrninster Higher Educatton Forum conferen￿. Next Steps for sypptsrtir8 students wlth dlsabilitres. and the DLN hosted a Snowdon Trust community event, the Disabled Student Forurn, at the Housè of Commons In Marth 2024. sharing their experiences as disabled S￿dents In hi6her educatfon advotatkng for change wlth an audiencè of frlends. partner organisaiions and MPS. N*rt 5t•ps Year one of this new phase of delNery has been an important one to build and con501idate a senseof community among members and this will conttnue to be embedded in year ￿. The nthvork will a150 build on a pilot projert with one corporate supporter to provide ne￿orkIng and mentoring opporrunities and roll this otrt morp wldely across a ran8e of career settors. In year fvoo. member5 have identified a desire to prioritise the developrnent of advocacy projects that will create too15 to benefit disabled students more widefy, including an aecessibility toolkit. Focusing on membership Browth will also be a ke)T priority next year. to maximise the collectlve imp&t of the network. SNOWDON TRvsr TRUSTEES. REPORT ICONTINUE DI FOR THE YEAR ENDED 30APRIL2024 31 We fund Inlom)•tlon and Ump•1￿ •nd Yese•r¢h We spent £19.OLX> I£ZI192 In 2022-Z31 Key str¥leil¢ oblerti¥e: We pr(wide informab'on. a(knce and $￿p0St￿1g and we work in partnership with other organisaDons across the voluntary. corporate and academic sectors to extend the reach of our impact and maxlmise outcomes for our beneh"ciaries. We use our knowledge. expertise and data to support a(Ivocacy. policv development aThd sVslern5 change. Why we do tt: Life tan be complkated whèn you'fe dlsabled. Èspètialty durin¢ translttonal Pe￿0d5. e.g. from sthool to universlty. or from unIVe￿ity to empltyment. when you have to rtrapply to new statutory sources lor funding, in(l￿dIng Student Finance or Accw to Work. It can be difficult to find all the informati ouired to do thi5 effectively and it Is frequently a burdensome undertaking. Despite the Equality Act 2010. there are many tlmes when disabled students hnd thern5elve5 afferted bv discriminatory prartices. or in situatlons where univer51Des or other educational instituttons fail to provide the reasonable adjusiments they are required to. Too often. they don'i know their rlghts, wtrere to go for help. or how to advocate fof the support they are entitled to. Snowdon Trust flnantial awards make a big impart for each indiwdual they support bui they are significant investment per person they benelit. Alongside these we can increase the reach and impact of our work by also funding athty that extends into a bi88er audience to effert P95itrve change for disabled students. While disabled people - and disabled siudents In particular- contynue to face barr¢er5 to Inclus￿n. we must connnue to challenge the siruaural causes. We want to deliver or support athity which amplrfies disabled 5tudenl voices to accelerate struttural chan8e. What wè do: Dlsabled Student telephone helplln¢ We provide funding to Disability Rights UK to increase the number of hours they can operate thelr tèlèphone helpllne and email advice services tor disabled students and to fund the provislon of more specialist input. During the last year ol our lunding 5UPPOrt, the service responded to more than 160) requests for help. TvFically. these were questtons about funding for course fees and everyday living txpenses. benefit eniftlement in further and higher education. rights to supwt under the Eguality Act. how to apply for Disabled Students, ￿l(l￿ance IDSAI and how to challengt prthidèrs for discrlmlrtatL¥y prattlces. Ac¢ess Insl¢hts-the 2023 Dlsawed Siudent Sur￿1 For more than 25 years the Snowdon Trust has ci>mmlsskM)ed regular but infrequent surveys whlch catture the disabled student experience in hi8her educaiion. and amplify the vol￿5 of disabled students who are the best experts in thelr own needs. Thss year. instead of commis￿0￿1￿¥ our own projetl we elerted to provide fundin¢ to support Dis**led Students UK conduct their inaugural ￿'sabled Student Survey as part of their A£￿$ Insights project aiming to shine a light on accesslbility failures- and best praCti￿- across the UK university settor. Aiming for at least 3LK) responses, the survey collated feedback from rn0￿ ihan 13(K) disabled students. making it the largest ever survey of this cohort and providing the most CoMp￿en5¢ve picture of the disabled student experience in highef educaDon that exists. 10- SNOWOON TRUST TRUSTEES. REPORT ICOPfflNUf DI FOR THE YEAR £h10£030APRIL 2024 Not unexpectedly. li shows ihat the disabled SbJdent experience Yaries masswety between different ins11t￿l0ns. While some are delivering excellent support to their disabled students. other5 are letting them downterribly. It cannot be ignored that the survey highlight5 that Just 35% of disabled Students have all the supportand 3dlLtstrnent5 they need to access thelr degree on equal ternis wlth thelr noTrdisabled peers. The Informatton omin8 Out of this report is feeding direcUy into our strategic planniry4. Sertor partnershlps This year we have worked hard to widen ovr netwths. ccwnmunicaii"n& c¢)openn"ng and ¢ollabofall"ngwith colleague3 workin8 in higher educabon. championing dTrsability rights and suppgrting disabled people into employment. We are proud to be a member of the Disabled StydeTht Cofflrnitment partnership 8roup al￿￿$￿e expert5 and prarbtroner5 championin8 the ri8hts of disabled students. Our plans for 2024125 The curreni year has been one In which we've fvlt overwhelmèd by tht hu8* demand for our financlal 5UPPOrt and have been able to support le$5 than a third of 5tudtnts who havt asked us for hèlp. Wè know too many of them have nowhere else to turn. It has forced us to consider what else we can do to drtve systems chan8e and thls Is feeding dirertly irblo our work durin6 2024-25 10 set a new thretryear strategy for 2025-2027. Durln8 2024-25, the prlority areas tor our chafltable a(Dvity are these.. SNOWDON TRusr TRUSTEES. REPORT ICONTINUEDI FOR THE YEIIRENDED 30APRII20Z4 FmJrK411 Awafos TO Ensure that our w{￿lty OKed to Oelfytr tyjr In the cosr ot r*￿lut for aisabied reKh Of￿ irrpart s￿rir* all Of Kceier#e Vosfessof f4nwe dis•bled 1*4(IErs •r*d skllls needs of wr cliff L*a(ler5hip arnl Emw sys:ern5 Jtyl PfOcess￿ whi( SUgPOrt eff Cient cos:.effearye pro1￿0￿Me Odvery ndmnm5el￿C •OrninisiiJive Dv¢een lor Ooolican ocus on new ry*mber fecruiimenr 10 Srcth rhe 'mpaa tN1 ol rhe networ Dertopo Irbform•iJon prow5WI to stl￿en.$.:tr IrdJae more Ir>lo*mJtion on le8ai figh:$. rtr*¥:O crf•te for them. Thos¥:¢ c¢ff p ait) r. iyese Jie Develc*P a new Ihree. yeor 5trottsy our p'4Oflte5 ef ve r.r￿￿J.￿l ch)rge I￿8$.0t rhe Immecio¥e 5JPPOry Creère a rtKre fo'r41.5ed r*moer éd stJdents ceniee Cont nue ¢0 IIYP". The Odr Irr.px: rne45Ufemen: an¢ "eportins Jno shè"t Ihis 1¢ supw the tr.. partnèrs In the srfror 'ncrease tn8Jsefpent ¢ co lo¢¢r•rJ?n De'lver a ne fitianc￿. STr￿t￿Y to ervt.ncJme 8ro.ffi en5Ufe our . Irjnc 41 reyi ence ard epJD e Col'J¥oraie )* th rt￿r$ dt'.Ntr pavers po ov.er eoningfJl %¥ry expe•*nce. rren:OfFng ￿¢) gr￿￿are chavfAble ODiecrNtS to 9JPWi ¢Jisab1ed s[￿t￿lS 'e.t Is nee¢e¢ elop Irvtha:.ye ways to Incrt•se ,lJb.ity of Vse the Iiveo expeqise of (x In¥tst in our re•m io ensure Y** the '8*1 m x of SKillSto gu" carr¢n: aCT.v ty ana fotu't •nlOflion nver5ltos to offer Ktr0,'or￿lPs to Suppoq memoefs 10 leirye", proJerJ rha: oknca:e lor part of rneir publ.C Sec jof egual aury. Iu5ve cro8re55 in siTr¢ler.rs feceTht Ihe reJsonatrie ipey are ent.-.le¢ to TfUStet5 f'ghl miy ef Skills ono IrfluerKe art dwng grtrhtn ane InncY•rron Wofk"*rh H¥ 5eaor o denrify s¢lu)ops ro rhe',ur.d.n8 gap lor feasoft•ble ius=mep. SNOWDON TRusr TRUSTEES. REPORT {copm14UEDI FOR ThIE YEAR EPIDED30APAIL 2024 Our people We're proud of what the Snowdon Trust accwplishe5 eath year to SUPPOrt and thamplon disabled students with a staff team of just 4.2 FTE staff. Being such a 5rnall team fequire5 an agile and team-focu5ed apprDaih fTUffl everyone but this also ensures a very joined-up approath across all of our programmes. None of our work would be p055ible wIth￿t two crucial groups of voluntee￿ who guide. dtlivtr and challeng* our woik. The Sel•ctk+n Pan•1 Financial awards are made by our SelectSon Panel v&tho bdn8 a bffjad raw of expertlse and expedence to the de¢isi•n-makin8 pro¢¢ss. Each year they wew the panel membership and the ¢rlterla Ind processes invotved In their work to ensure the system is robust. transparent and fair. Applications for all our awards outstrfp the funds available and $0 the panel must make diffi'cult decisions about how they prioriti5e funding towards those most In need of support. The Pènel's extensNe knowledge of disability SUPPOrt pfogrnmmes means that they can often signpo& appllcants back towards other sovrces of funding they may have ovedooked or been wron8ty advlsed abouL Includlng Items eligible to be tovèred by their Oisabled Studerfs Allowance. U¥ed Experlen¢e Ad¥lsory P•n•l ILEAPI Last year we recruited a new tsved Éxperience hfvisory Panel to review our stratrflc priorftbe5 aTr4 help us shape activity. Group members are encouraged to challenge assumptr"ons. recomrnend soluttons and ensurè that every declslon Is informed by the valuable perspethe5 of a diverse ran8e of people with Ilved experiences. Twèlvt panel mtmbers with a variety of experiences and different levels of prewous eft8a8ement wlth the 5nowdon Tiust lin¢ludift8 some who were familiar wlth us before belng recruited) meet around four tyme5 year. tlmed to shortly pfecede our schedule of Trustee meetings. The LEAP has è rollin8 chalr who artends the subsequent Trustee meeting to feedback on the LEAP panel di5CU55ions and ensu￿ that INed experience voices feed into all strategic decisions tsken by Trustees. The panel provide valuable perspertFvt on the Snowdon TrusL our publtc perceptton and our strategic plans. Hi8hli8hts of their Inv0￿Ment thi5 year. intluded [￿lS1on$ to our scholarship applicatton process and improved acces￿bIe communlcaoon of applicatyon deadlin￿. Fundra151n¢ Fundraisin8 IS the Snowdon Tnjst's most impNtsnt and most si8nill¢ant source of Income drfvln8 our work to 5UPPOrt d15abled 5tudent5. In 20Z31Z4. 80% of gr05$ Income tame from fvndraislng actlvllles. vAth the remalnder coming from Investment income. In totsl. our donors, supporters and London Marathon runners raistd mre than £320.Cm, to ensu￿ the Snowdon Trust could be a lif￿hanging s¢)urce of sUPPQrt for mort than one hundred disabled students and provide less specialist support to more than a thousand. We increased our hjndraised income by a small amount this year. to £323.3611£316,691 in 20221231. Thls income was used to fund 39% of our expenditure during the year. and investment income enabled è fvrther IO% of our expenditure to be covered. The most significant sourte of funds came from ovr own Investments. from whlch we spent more than £420,￿)), fvnding more than half of all of our ¥¢tivity. This was a planned approach to conttnu* to spend down our ￿SerVeS in line *Mth Ouf reserves policy, working t¢)wards achiwng this goal by April 2026. 13- SNOWDON TRusr TRUStEES' REPORT ICONTINUEO) FOR THE YEAR EPIDED 30APRII ZOZ4 With a signihcant established annual expenditure budget. we are entering a critical phase of balance b￿ween reducinÉ reserves and increasing fundraised income w mitrgate this. rf we are unable to drive lundnising 8rowth at a suffi'cient rate to offset the loss of our own investment income. we will be forced to reduce planned charitable expenditure in futur* years. Trusts and Foundatlons Trust and Foundatron fundralsing- our stalwart for many yea￿- remains thallenEln8 and hlghly competlttve with almost all donors reportrng that funding applications vastly outstrip their resource. Despite this, we were pleased to begin partnefships th several newTrust and Fwndatton supporters. to whom we are hugely gratefijl. We recognlse that our work bs relevant to a number of malor8rant fvnder5 but we have been ineliglblè to appty to them for support while the ￿alue of our reserves has been highw than their funding threshold allowsfor. We have comrnenced a sensSble spend-down of these and anticipatè this puts us in a strone posrtlon to be8in seeking to work with some key grant makers who Share our ambitton to achieve soclal lusttce fof disabled students and graduates. However, it is a delicate 5tste of balance to ensufe we don't lun oui of money to fund existing pro8rarnrnes before we carb achieve sufficient growth from fundefs. which would force us io close down actrvitte5. Corpornte partner5 There is an important synèryy b￿ween our work and ihèi ot the Increas1￿ number of wmpanles who are atifvely workin8 to Improve inclusion in their workplaces. We are proud of the partnerships we hold with forward- thinking companies who. In additron to their fundin¥ 5UPPOrt. strengthen our pèrtnershlps in a varleiy ol ways. including offerin8 work expefience and learning opportunities to beneficiafies, 8iftin8 use of meetrng rooms and hospitality and provldin8 IJS with London Marathon runner5. We are keert to develop more $trate8lc corporate partnership5. particularly In connection wilh the Disabled Leaders Network. London Marathon The London Marathon Is our ¢Mly mass partfclpatton e4ent, and It has been èn important 50urte of lundraislng for us ever slnce the first Earl of Snowdon fired ihe Start1￿ pistol In the 1993 event. Thi5 year. 13 wnazin8 runners ralstrd lus1 Shy 01 £38.OCQ to level the playing fveld for disabled students. makin& it our rn05t profitable London marathon event evef lour marathon income of £60.398 in 2022123 was achleved ihrou8h two london marathons taking place in October 2022 and April 2023 as they transitlorted the event back to normal following the pandernicl. We are In gr*eful awe of every cffie of our brilliant marathon runnersl Pwl¥¥e FundrJl4ni The 5nowdon Trust Is rewstèred with and regulated by the F￿draIsIn8 Regulator. and we comply wlth the Fundraising Code of Practtce and the Fundralslng Promise. We dld not recelve any complaints about our lundraislng durlng the year10 in 20221231. ans for the yearzhead We have created a new lundraSsin8 strate8Y to shape our athity in 2024n5 and btyond. Our diverslficatlon strategy is alreadv vielding success and we wll continue to invest resources into our fundraisin8 athvifv to generate growth. Our focu5 will be on excellent ￿eWardShIp of our current partnerships and the atquisition of new donors a(ross Trusts and F￿ndatiOns. major grant funders. and corporate partners. We reccfnise that we need to invest in our fundraising activity now to give ourselves the best chance to build sustainabk income streams. Leadin¢ fundraising artivity will be a key focus for our Chief Executlve over the coming yeaf. reflecting its Importance for our stratewc development. 14- SNOWDON TRUST TRUSTEES, REPORT ICONnNUEDI FOR THE YEAR ENDED30APRII 2024 Financlal re￿*￿ Durlng the year we received £323,3611£316.691 in 2022-231 from charitable trusts and foundattons, companies and private donor5. Wè received a further £81.286 I£ICIS.S91 in 2022-231 from investment income. Total Income therefore arnounted to £404,647 IE423.282 in 2022-231. We 5peTIt E827,5951£854,224 in 2022-231 in ihe deliverv of our charitable actfvlties whlch resulted in net ou4Oirya re%wJrces for the year of £422,948 1£43Q942 in 2022-231. before any gains or losses on investments. The finart¢ial Statements show a deficit Unre￿Il￿ed 8entrnl lunds. Thls Includes admini#fdll"ve costs onnerted with the scholarship pr(8ramme which is funded from the designated Stholaf5hips fvnd which 15 a150 ynrestrirted. In the comin8 flnèndèl year the trustees will rvlew the cate8ori5ation of dbarltable expenditure supported by each fund. Reserves Pollcv Last year. Trustees completed a 5trnte8k review of the Snowdon Trust's reserves ind futurè flnanaal strategy. A legacy gift of £2.Im in the 2016-17 financial year tran5fofmed the financial p05rt1on of the Snowdon Trust. leadlng to the e51ablishment of the Sngwdon Master's Scholarshrp programme. awarding up to £30.C£Q of noTrrepayable funding to exceptlonal future dlsabled leadefs. It was an#cipated that this money be used to award SO scholarshlps over a perSod of S-7 years. Good Investment le￿rn$ have increased the lonqevity of thegift so by the end of 2023-24 desplte awarding 9 stholarshlps over the pe￿0d, and 67 over the litettme ot the award prorframme. there rèmalns an unspeffl balance of £732.289 which Ss held as deslgnated reseryes. Total fvnds held at 30 Aprtl 2024 were £L770.7111£2.106.625 in 2022.231. Thls Includes endowment lunds of £293.6211£293.621 In 2022-231. restrirted funds of £77.6471£56.307 in 2022-231 relatlng to Ilnanckll awards rnade but not yet spent. and de51gnatsd and unrestritted fvnds of £1.399.4431£1.756.697 In 2022.231. At the current tlme. desliDated and unrestdrted funds are equivalent to approximately 20 month5 of running costs whlch exceeds the Trustee's strted pollcy to malntsin reser¥es at a minlmum of 12 month5 equlvalent. 8ecause we delSver an annual programme ot Pfe-awarded 8rants and scholarshlps. It Is nece55ary to ensure we alway5 have sufficient tapital to deliver these obligattons. In 2022. Trustees authorlsed the alloc*on of up to £5￿.co) from our In¥èstrnents per ￿ar over a period ol three years to fufid ongoing charitable act1%4tles as part of a stratewc 5pendinÈ down of rÈser¥es to itath ihe stated policy amount. In the current year. £624.087 was taken from deslgnaled and free resÈr¥e5 to fund tharitablt txpenditure. representtng 80% of all spending o charitsble actfvrtles. A new fundraising Stratekry is the crucial partner to this stratew'¢ spend down of reserves to ensure that ￿lianCe on our own de(liTrin8 Investments Is offset by growrh in incorne from external swrces. Fundraising growth conttnues to be impacted by our current reserves p0S￿On but we hgpe fvnders wll be mlndful of the impendlng tllff face we are approachin8. If fvndrnlslng 8ro¥rth fails to match prolecTrd forecasts, we will be lor£ed tg reduce eApendliU￿ on CharItsb￿ acii*tye> to ensure that the chafity feserves protect our ability to deliver future work. In¥estment pollry Our investments are managed by Cazen¢%e Capital Mana8ement, Mo$￿V in a Multy-Asset Common Imiestment Fund for Charitses which Is designed to at least maintain the real value of capi(al over the long-term whlle generating a sustainable and ￿liable distribuDon. The objertive Is to deliver an overall return of inflatr.on plus 4%. We recewe a 4% distribullon each year. The funds perfomiance is ben(h-marked agalnst similar funds and the FT share index. Oveiall. th* lon8-tÈrm $tratè8y is meettng expectattons. Durin8 ihe 2023124 fi.nancial year. our fund delivered an overall return of 9.8%1-2% in 2022-231 which reflected a positi¥e yearfor the markets. Regular reviews a￿ held the in¥e5trnent manager5 to rnonitw performante against expeetstfons. 15- SNOWDON TRUST TRU5fEE5' REpoKf ICONTINUEDI FOR TIIE YEIIA ENDED JOAPRIL 2024 Rlsk managernent The Trustees of the Snowdon Trust ensure there are pftxedures in place to prevent and detert risl including fraud and other irregularities. The significant nsk5 for the Snowdon Trvst ère ouillned below- Fin¥￿1•1 ruili•fie* in incoft*or Il¢yiO . h*ment •r￿ monrtorfiJn&wyry 5tr•te&v •nd enswe this to 5¢JffKtht *rtI bs appro￿*1￿￿ resourced to irthme 8row Annu•l bJdser senin8 pr￿eSS 10 ensu￿ pl•nned Ensure V•r maintoin an appropriate level of reseThes io Cyb•r *•¢urlty •hd d•t• inieBrity Thfe)Is:o oau 5afery ¢x GDPR policies are In place for all ocriwry •nd It￿eWed nnuol Up8radt¢ sy3rerns Jnd sofrw•re hwt betn in plac* io ensure V￿ Pl￿ta d•ta and there 4pproyi•te. store safely (￿r In5ur•nce Pf+xeas J8)Inx the Impaa ol￿r crime Trullees rewewihe safeguarding prJli(y •nnu•ltyand d￿s￿￿* Trusree Is respcrftsible for addirionol ¢)¥ersighr Repornns procedu￿$ •re In pljce for sr•ff ond vc¢lunteers •nd incideni reponin8 is o siandord boafd o8endo ￿ern Rt8u ar d15CtsS5 Qns with Ca=eDove Caprtal PJona8ernent ro ensufe lsséts 4re m4no8ed e+fectNely Trusiees esr•bUshed ) FI￿￿e COMMI￿te In 2022.23 to Increase overgshi •nd sT*aiewc pljnning •nd knll recruit • Trusiee ￿1h Specific expertise In This •re PnoftDse wellbein8 of M•ff thftyJ8h resulv 1:1& perftymance m•n•8efrwrt •ré ie•m l)uilthns J(tMts*S nd and fl￿b￿ worktn8 Is offered •s sr•nd•rd Ensure tha¢ re•son•ble adiuslrnents •rt offered ro all STaff It￿ ro loss. or iMlaJthorll￿ aiwosur* S•l•8u•rdin8 Vulner•tyt Denefi￿r*￿ supponer5. voldntetrs mff cou￿ be pur M *iSk Pro¢e¢¢ins our •ssefs EcoroTr.¢ volakilitrs ryuy Imoacr Invesront Stsff wdlb•lfv8 •nd Poor fe(rUrtry￿I impKr on Grdfit m*kln8 pollry Through its grant-giving, the Snowdon Tnjst supp(wts disabled ￿￿dents to overcome barriers that them at "nancial disadvantage. and to atceleraie the most exceptlonal students Into future leadership. We aso casionally support other organi5ations to further the Snowdon Trust's stratwc t)bjeuives to enatye disabled students to fulfil their potential. Fvnding to other or8anisatlons i% rare and arrnn8ed only at our invitation. We rtever accept fundin8 applicaDons from Organisati￿5. The Snowdon Trusi financial awards programmes are funded by external trusts. foundation5. corporate partners and from its ¢)wn income. Ead) grant or scholarship applicaD"on is rigor¢w$￿ assessed against our pthlished criteria. All financial award recipients are required to 5ubmil progres5 reports Itermly for scholarship students and at the end of the academic year for grant recipientsl. Grant5 and stholarships are usvally awèrded br one academic year. after which. any unspent monies are written back vnle5s special afran8ements are agreed. 16- SNOWIXIN TAusr TRusfEES' REPORT ICONTINVEDI FOR THE YEAR EPIDED 30APRIL 2024 Go¥emanc The Snowdon Tfust is a registered charity. registration number 1197627. constituted a5 a Charitabse Incorporated Organisaiion ICIOI and subject to Charrty Law. The CIO was constituted on 2S January 2022 and began operatSn8 Irom l May 2022. It followed a Special re501ution appiove(I by Tru5tee5 on 29 September 2022 to establish a CIO as a more appropriate constitutional model for the Snowdon TDJst. It sUPe￿edeS the Sftowdon Trust. a registered charity, registra￿0￿ number 282754, 8overned by a Trust deed. All the Trustees ol the original Trust also agreed to become Trustees of the 00 on l May 2022. The Snowdon Trust ao Is 8ry4erned by • con5tituiional document v&thith Sets out its charitsble objectlves.. To asslst disabled persons to athle4e thelr potenb.èl through educatron in such ways that the Trustees thlnk fit, Includin8 through the provision of fi.nancial 8rants and other prnrtical support that enhances their educational attalnment. drive5 the Social inclusion of disabled people. and better equips them for and in the workplate. Th¢ Snowdon Trust Boarf ofTrustees Our Board olTrustees have overall responslbiityfor the strate￿, maTha8emerrt, and control of the Snowdon Twst. Our Chief Executlve Is responslble for delivertng the Boartts vis¢on and strategy and for the day.tObday operattons. As of 30 Aprll 2024. thè Board was made up of ten Truthees. Our tonstltulson allows for up to 12 Trusiees, The Trusieès meet at Itast oncè pèr quartértog*htr wlth the Chlef Executlvè and the Chair of the Selethon Panel (who is also a Trvsteel to èlree the Twu5t'S Slratelic plans. set annual work plans. xrutynise financial a¢Dvily. and monitor and review against the Trusys tharltable objecttves. Our auditors and Investment I￿nagerS attend these meetlny where appropriate. I the irustees, except where otherwlse stated, seryed for the whole year. Or Renny Leach IRetsred 30 April 20241 Lady Frances Armstrong-lones Or Paolo S Das8upta Ms Anjl Hunter Mr Andy Kneen OBE Dr Rlchard Lansdown Ms Molly Lawson Lord Colin Low of Dalston CBE Mr Jacob Meagher Mr John Milligan Dr Wendy Platt Ichairl Mr S T PrtecÈ IAppointed 21 Jun* 20231 IReslgned 30Aprll 20241 IAppointed 21 Jun* 20231 IApp0inted 21 June 20231 Trustee rn¢rultrn*nf and Indu¢thn The hrst Tiustèes of the Snowdon Trust CIO, Charity registr*fjon 1197627. are appointsd to serve an initlal three vears. All subsequent Trustees serve for an initial term of four year5 and. 5ubietl to rewew and the appr￿31 of the Board of Trustees, may 5er¥e for two further periods of four year5. We reonably be experted to influtnct the econ¢)rnic d￿lSIOnS of vsers taken on the basls of these finandal statements. A further destrlptton of our rÈsponsibilit￿$ Is availa￿• on the Finanoal Repo￿Tr8 Coundl's webslte at.. https'.11 www.fr(.or8.uVauditotsrespon5ibilities. TNS des¢ripibtyi lomis part of our auditof's report. Other m•tters Your attentyon is drawn to the fact that the charity has prepared finandal ststements in accOrda￿e with "Accounting and Reporting by Charitte5.' Statement of Recommended Prathce applitable io tharilles preparing thelr accounts tn accordance wf(h the Financial ReportinB Standard applicable in the UK and Republi£ of Ireland IFRS 1021" las amended) in preference to the Accounting and Reporting by Charilits.. Statement of Recommended Pracisce issued on l April 2￿5 which is referred to in the extant regulations but ha5 now been withJrawTh. Thi5 has been done in order for ihe Ilnancial siaiements to provlde a true and falr ￿eW In accordance wlth current Generally Accepted Accountlng Pntttte. 21- SNOWDON TRU INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TOTHE TRU5tEES OF SNOWDON TRUST Use ol our report This report is made solety to the charity'5 trustees. as a body. in accordance with part 4 of the Charities IAccounts and Reports) Regulations 2C(18. Our audit work has been undertaken so that we rni8ht state to the charity's trustees those matter5 we are required to stst¢ to them in On auditor's report and lor 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'5 trustees as a body. for audit work. for ihis repon. or for the opinions we have formed. Tc TC Group Statutory AudStor Offict.. Lewès Datt.. 2tyl4 TC Group Is eliglble for appolntment 0$ audltof of the charity by virtue ot its d￿lbilIty for appointment as audrtor of a company under ol sectron 1212 of the Companies Att 2LI SNOWWN TRUST STATEMENT OF FINANCIAL ACTNMES INCLUDING INCOME ANO EXPENDITURE AccouKr FOR THE YEIR ENDED 30APRIL Z024 Unrestrirted De*nated Ilestrirted End¢>wment nds funds funds funds Total 2024 Totsl 2023 Don3bons and legacies Fundraising events Investments 108.206 37.8LX) 81,286 177,355 285.561 37.8C 81,286 256.293 60.398 106,591 Total In￿rn• 227.292 177.355 404.647 423,282 Raisin8 tunds 46,795 47,493 63.052 Charitsble a¢tWes 397.381 226.706 156.015 780.102 791,172 TotJl resourttj e)tp•nded 444.176 227.404 156.015 827.595 854.224 Nei Ilos$118ain on Invèstments 5,987 81.047 87,034 1142,6551 Net mo¥ement In lub￿1 1210.8971 1146.3S71 2L340 133S.9141 1573,5971 Fund balances at i May 2023 149.266 1.607.431 56.307 293,621 I(￿,625 2,680,222 Fund bala￿e$ •t 30 Aprfl 2024 161.6311 1.461.074 77.647 293.621 L770.711 2.106.625 -23- SNOWDON TRUST BAiANCE SHEET AsAf30APftIL2024 Z024 Z023 FIMed a$5ets Tangible assets Investments 12 187,192 1.668.953 190.153 1,950.245 1.856.145 2,140.398 Current a95ets Debtoys Cash at bank and in hand 41.235 51.184 49,867 130.035 92,419 179,902 Credltors: amounts fallln8 *rfthln one year 16 1177,8531 1213,6751 Net current liabill￿e5 185.4341 133,7731 Totsl a￿¢151¢55 current Ilabllltles 1.770.711 2.106,625 Capltal funds Endowment fvnds 293.621 293,621 Income funds Restricted lunds Desi8nated fynds Unrestricted funds- general 77,647 1,461,074 161,6311 56,307 1.607,431 149.266 21 1.770.711 2,IC6.625 The financial statements wefe approved by the board of trusiees and 4uthorisÈd for issue on 14 October 2024 and are signed on it5 behalf bv.. Dr Wendy Platt Ichairl Trustee -24- SNOWDON TRUST sfATEMENf OF CASH FLOWS FOR ThE YEAREPIDED30APRI£ 2024 2024 20Z3 C•5h flows frnm oper•tlni •¢Ovrtl•s Cash absorbed by operattons 1522.7791 1544.4381 Investln8 •rtMtI•s Purchase of tangible fixed assets Proceeds from disp￿al ol investments Investrnent income receSved 12,9381 365,$80 81,286 205.910 106,591 Net cash 8•n•rai•d lrnm Inb*stlni acthrffl•s 443.928 312.501 N•t ash umd In Ilnandn¢ N•t d•tt•aM sn ￿$h and ash •qulval•nts 178.8511 1231.9371 Cash and cash equivalents at be¢innln8 of 130.035 361,972 C•sh and (ash •qUI￿lInts * •nd of ynr 51.184 130.035 -25- SNOWDON TRusr NOTES TO THE FINANCIALSTATEMENTS FOR ThtE YEAR ENDED 30APRIL 2024 Auounting pdi(it5 tharity informatlon Snowdon Trusi Is a Charitable Or8anlsatfon e￿ablished by a constitutlon dated 24 January 2022. The registered charity number 1$ 1197627. The re8iStered charity address is 18 Oakhurst Business Park. Wilberforce Way. S¢yAhwètef. Horsham. RH13 9RT. 1.1 A¢¢ounting conventlon The accounts have been prepared in accordance wth the tharitV5 constrtution. tht Chèrlttes Act2011 and "Accounnng and ReporbnÉ by Charitr"es". Statement of Recommended Practice applicable to charitles preparing their accounts in accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 1021- leffecnve from l January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements ha¥e departed from the Chirrtles (Accounts and Aeportsl Aegulatlons 2008 only to the extent required tts Provide a true and fair vièw. This departure has Involved followlnR the Statement of Recommended Practlte lov charities applying FRS 102 rather than the verslon of the Statement ol Recommended Practlce which 15 referred to in the Regulattons but whith has since been wlthdrawn. The flnandal statemeftts are prèpartd in stedin& whith is thè functfonal currency of ihe charlty. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared on the hlstrylcal cost con¥entlon, modlhed to includt the revalua￿On of certain financial instruments at fair value. The principal atcounting polities adopted a￿ set out below. 1.2 Golng conc•m The Trustees have •Meued whthher the 8oin8 ¢on¢•m basis of pr¢paratlon contlnues to be appropriate. based on whether there are any matenèl uncertaintres related to events or tonditfons that may cast sigfiificant doubl on the ability of the charity io continue as a 8oing concern. At the ttme of approving the financlal siatements. the Tiumees have believe that all approprlate measures have been or will be taken to ensure that tht tharity will be able to contsnue operatrons for at least the next 12 months and thus toncludè that the going contem basis rèmains appfopriate. 1.3 Charft•bl• lunds Unrestrided funds are available for use at the tJisc￿lOn of the Trustees In fvrtherance of their charitable objethvès unless the funds have been designated for other purposes. Oesignated funds comprise unrestricted hjnds that have been Set aside by the trustees for parti¢ular purposes. The aim and use of eath designated fund is Set out in the notes to the financial ststements. Restricted funds are fvnds whith art to be ustd in attordante with speofic restritlions imposed ty the donors which ha¥e been raised by the charity for particular purposes. The cost of rai5in8 and administering such funds are charged against the specthc fund. The aim and use of each restricted fund is sel out in the notes to the financial statemenis. Endowment hJnd5 are capitsl funds held on trust to be retsined forthe benefit ofthe charity. SNOWDON TIIUST NOYESTO THE FINANCIAL StATEMENTS {CONllNUEOI FOR THE YEAR EP4DED30APRIL 2024 A¢¢ountin8 pollde5 Icontlnuedl 1.4 Incomlne r•souv(es Income is retogni5ed when the tharity is legalfy entl￿ed to it after ary performance condition5 IBve been mèt. the amounts can be measured reliably. and it is probable that income will be receNed. Cash donatrons art recognised w receipt. Other donation5 are recognised cffice the charity ha5 been notified of the d¢)nation. unless performance condidons require deferral of the amovnt. Income tsx recoverable in relation to donab.ons received under Grft ￿"d or deeds of covenant is retO8nlsed at the n.me ofthe donatron. Le8acles are recoenised on rtteipt or othèrwis• if the charity has bten nottfied of an imptnding distribution. the amount 15 known. and receipt is expected. If the amount is not knLSwn. the legacy 5 treated as a coniin8*nt a￿¢t. 1.5 Resou￿￿ expended l expendlture is accounted for on an accnjals basls and Induded under the expenses categories that a8gr4ate all costs for allocatton to athities. Where costs cannot be directly attributed to parttular acyvlttes ihey hw• been allocated on • ￿$1$ consist*nt with th* us• of th• r•sour¢es. Fundralsing costs are thost Incuffed In setklng voluntary ContrIbu￿On$ and do not Includt costs of disseminattn8 Informa￿on lrt support of the charity's objecifves. Support costs are those costs Incwrèd dirèrtty in support of expenditure on the objetts of tht charity. Govtrnartc* costs art those tnturral In connethon wf(h the admlnistration of the charity and compliance with constttutionèl aTrO 5tstutory quirements. Grtnts poy•ble •rn ch•ryed In the ye•r the offer is made except in those ￿$t$ where the 0￿rIS condi￿on•1, such grants bein8 recognised as e¥pendtiure when ihe condltlons attachln8 to them are fvffilled. Granis offe￿d subject to conditfons whith have not beeft met ai the year end are noted x a commltment, but not accrued as expenditure. 1.6 Tan8lblt Nxtd ass•ts Tangible lixed assets are Inmally measured at cost ind subsequentty measured at ¢05t or ¥al￿￿on, net of depreciatton and any Impalrment105se5. Dewedatbon 15 reco8nised so 45 to wrtte off the cost or v71u1￿On of assets less their residual values over thelr u5efvl Ilves on the I￿lOWIng bases.. Land & buildin85 Fixtures. ffttln8s & equipment 2% stralght Ilne 20% ￿Night line The eain or loss adsing on the dlsposal of an asset Is detemilned as the dlfference between the sale proceeds and the (arrying value of the a55et. and is recognised in the statement of financial activihe5. 1.7 Flxed asset Investments Fixed a55et investments are Initi'al￿ measured at tra[￿aCtion price exduding transaction costs, and are subsequently measured at fair value at each ￿POr￿n9 date. Changes in fair value are recognised In net incomellexpendlturel for the year. Transaction costs are expensed as incurred. SNOWDON TRUST NOTE5TOTHE ANANaAL ￿ATEmENTs ICONTINUEDI FOR THE YEAA ENDED30APRIL 2024 A¢countlng pollcl {Contlnu•dl 1.8 lfflpalm)•rt of flxed assets At each repofting end dale. the charity reviews the ￿lIving amounts of its tsngible and iitsngible asseis to determine whether the￿ is ary indicabon that ihose assets have suffered an impairment loss. If aThy such ndiCa￿On exists. the re(overable amount of the asset is esnmaied in or(ler to determine the extent of the irnpairment10ss Ilf any). 1.9 Cash and tssh •gufvalents Cash and cash equivalents include cash in hand. deposits held at call wlth banks. other shfftterm liguld In¥es¢ments with original maluritiè5 of threè months or Itss. and bank overdrafts. 1.10 Fln•n¢lal Inrtruments The charlty has elerted to appty the provlslons of Sectlon 11 'Baslc Finandal Instruments, and SÈ£tlon 12 '(Xher Flnanclal InstTumeThts1$5ues' ot FRS 102 to all of its financial instruments. Fln?nclal Instruments are reco8nlsÈd when iht cha￿ty becomes party to the contraciual pfovlslons ol the Instrument. 8oskflnon¢ldl trssets 835ic financial assets. which include debtots and tash ènd bank balances. are Inltlalfv measured transaction price including transactlon tosts and are subsequentty tafried at amortlsed cost Usin8 the effective interest method unless the arrangement constitutes a financing transachon, where the transacison is measured at the present value of the fvture receipts discounted at a market rate of iThterest. Fi￿ncl31 assets classifled as recelvable vlthin ￿e year are not amortlsed. knkfinun¢lol Ilubllltles Basic bnancial liabilittes. includin6 creditors and bank loans a￿ initially reCt￿nISed at transartion price unl&s the arran8ement constitutes a hnancin8 transaction, where the debt instrument is measured at the Pfe5eni value of ihe future payments dixounted at a market rate ol interest. Finèncial liaknlities classihed a5 payable withsn one year are not amornsed. Debt instrument5 art subsequentty tarried at amtirtised tost. using the effeetfve interest rète method. Trnde creditors are 0￿•gatiOnS to pay for gC￿ or seNces that have been acquired in the ordinary tour5e of operatlons Irom suppliers. Amounts payable are classthed as current li0￿11￿"e5 if payment is due within one year or less. If not. they are presented as n￿-CUrrent liabilities. Trade creditors afe feco8nised initially at transaction price and subseqUe￿1V meèsured at amorttsed cost using the effethe intefest method. 1.11 Retirerneni btneffts The charity operates a defined contribution ptnsion stheme and the ptnsion tharge represents the mounts poyable to the fund in respect ofthe year. -28- SNOWDON TRUST NOTESTO THE FINANCIAL 5TATEMENrs IcopinNUEDI FOR THE YEARENDED 30APAIL 2024 FundA1￿n1￿nts Unrestrlrted Urmtrlrted funds funds 2023 Fundralslft8 Incomè. London Marathon 37,8 60.398 In 2023, there were two London marathons in finanoal ￿•r (Ort 2022 and Apr 20231 as a result ol prvrious dlsrupffton due to Co¥id-19. Donatlons •nd lepdos Unr•strlrt•d Restrlcted funds fundi Iuhds lunth 2024 2024 2024 2023 2023 2023 Oonatlons and gifts 108,2 177.355 285,561 76,788 179,505 256,293 108.2 177.355 285.S61 76.788 179.505 256,293 InY&*Stments Unrestrfrted Unrertrfrt•d funds funds 2024 Rerttal income Incorne frc¥n listed investments Interest recelvable 3,415 76,612 1.259 16.890 89,305 396 81.286 106.591 SNOWI)ON TRUST NOTESTO THÉ FINANCIAL sfATEMENTS IcoimNUEDI FOR THE YEAR ENDED 30APRIL 2024 Ra1￿￿& funds Unrnstrl(t•d I)e51￿￿ted nd5 funds Totsl 2024 Total 23 Fundraising and publicity Other fundfalsing costs stsff costs Oepre¢latlon •nd Impairment Support costs Isee note 81 6.261 143 39,909 6,261 143 39,9)9 1,180 51,193 1.131 4.732 Fundrnising expenses and other costs 46,795 698 47.493 63,052 Forthe ye•r ended 30 Aprll 2013 Fundrassing expenses and thher costs 62,158 63.052 SNOWDON TRU5r NOTESTO THE FINANCIAL sfATEMEPlfS IcopillNUEDI FOR THE YEAR ENDED30APftIL 2024 Charlt•ble •¢tl¥llies 2024 2023 Flnanclal Awards to Indlv5dua15 Stholarships Grants Dlrect prolect costs 221.987 257,614 6.808 314.965 220.490 23.137 Dls*bled Leadern Network 61.213 17.209 Campalgnln8. ad¥lt• and ad¥otaty 19.CO) 28.192 566,622 603.993 Staff costs Oegreciatton and lrnpalrment Share of support costs note 81 Share of 8overnin¢e ¢05ts (see nott 81 159.708 4.719 41,351 7,702 137.598 4.523 38,458 780,102 791.172 An•tysls by fvr+d Unrestritted fvnds Oesianaled funds Aestritted funds 397,381 226.7C6 156,015 301,631 319.488 170,053 780,102 791.172 Gnnts payable to individuals in the year were £257,614 12023 - £220,490) and 8rants payable to or8anisatfons in ihe year were £19,CKQ12023- £28,192). Net mo¥ement In funds 2024 2023 The net M￿rnent in fvnds 15 5tsted after charwngl1c￿dI￿n8l. Fee5 payable forthe audit of the charity's Ifnanual statements Depreciatron of owned tsw.ble fixed assets 7,702 5.899 5.654 -31 SNOWDON TRusr r40TES TO THE FINANCIAL sfATEMÈpifs {CONnNUEDI FOR nlE YEAR EPIDED30APRIL 2024 Support costs Support Go%*rn•n¢e costs Tot•1 2024 Support G0￿manCe costs Total 2023 Other costs (including marken"ng. administranon and prernise5 Costs) 41.351 41.351 43.190 43,19) Audlt fees 7,702 7.702 41.351 7.702 49.053 43.190 49,790 Analysed b￿W¢ert Fundraising Charitable actr'wtie5 4,732 38,458 4,732 45.058 41.351 7.702 49.053 41,351 7.702 49.053 43.190 49,790 Trust••s None of the Tru5tee5 lor any persons connected ¥￿th thtrnl received any remuneraiion. During the year Ihere wefe relmbursed travel expenses of £19112023- £1701. 10 Employees The average monthly number of employees durin8 the year w¥.. 2024 Numb•r 2023 NUffl￿r Chaflty staff Employment rosts 2024 2023 Wages and salaries Social seojnty costs Other pension costs 177.567 13.201 8,849 168,954 12.085 7,752 199.617 188.791 SNOWDON TRU5r NOTES TO THE FINANCIAL STATEME14TS {CONTINUEDI FOR THE YEAR ENDED SOAPRIL 2024 10 Employ••s Icontlnuedl The number of employees whose annual remuneratlon was more than £f4J.C(MJ is a5 follows.. 2024 Number 2023 MuM￿r £f4J.C Remuneratlon of key manwent perMnMI The remWthr¥Y*n 4 kel P14ha8ement personnel was as follows.. 2024 A8gregate (aft**tt 72,$83 69,380 11 Taxadon The tharlty Is exemo from tax on income and gains falling within sethon 505 01 the Taxes Act 1988 or sertlon 252 of the Taxatton of Chaigeable Gains Act 1992 to the extent that these are appli￿ io its charitable objerts. 12 TIn￿bI• fiM•d asmts L¥nd & Flxturqs. tsulldlws & •qulpm•nt Totsl Al l May 2023 AddStlons 270,832 17,332 2,938 288,164 2.938 AI 30 Aprll 2024 270￿32 20.270 291.102 Depr•¢ladon and Impalm)ent Al l May 2023 Depredatlon charged In the year 81,253 5,417 16,758 98,011 5,899 At 30 Apdl 2024 86.670 17.240 103,910 Carry0￿ amount At 30 April 2024 184.162 3.030 187.192 At 30 April 2023 189.579 574 190.153 SNOWDON TRUST NOTES TO THE FINANCIAL STATEMEpifs ICONflNUEDI FOR THE YEAR EP4DED30APAIL 2024 12 Tanglbl¢ Ilxed assets Icontlnuedl At the Ilme of the appfoval of the finandal statements for the year ended 30 Aprll 2024, the varL4fer of the property to the CIO is not complete. Two ad1￿￿1n& landowneys are sis11 to provide the necessary consents. SNOWDON TRU5r NOTESTO THE ANANCIAL STATEMENTS ICONnNUEDI FOR THE YEAR ENDED30APRIL2024 13 Flxed asset In¥estments 2024 2023 Usted In￿stments 1,668,953 1.950.245 Mo¥•m•nts In flx•d ass•t InTMsfm Total Cost or valu*lon At l May 2023 Valuatton chan8es 015posa15 1.950.24S 84.288 1365.5801 1,9SO,245 84.288 1365.5801 At 30 Aprtl 2024 1.668.953 1,668,953 C•rrylni amount At 30 April 2024 1.668,953 1.668,953 At 30 Ap￿1 2023 1,950,245 1,950,245 P•rman¢nt ¢ndowm¢nt Inbysted on total return basls The investments above indudè those in¥e5ttd on a total return basbs: 2024 2023 Trust for investment brought forward Mark￿ value of endowment fund brought forynrd 293,621 388.545 293.621 418.460 Un•ppll•d total r•turn bYou8htlorw•rd 94,924 124,839 Incorne In the year Capital Ilossllgain in the year 17.440 17.477 17.373 128.7381 Total return In the year 34,917 111,3651 Market value of endowment fund carrfjed fward 410.065 388,545 Unappll•d total rntum caffl•d for*a 116,444 94,924 SNOWDOP4 TRUST NOTESTO THE FINANCIAL sfATEMEP4TS {CONTINUED} FOR THE YEAR EP4DE030APRIL 2024 14 Debtors 2024 2023 Amounts falllng T•thhln ont y•ar. Other debtors Prepayment5 and accrued Income 18.429 22.806 27.922 21,945 41.235 49.867 15 Flnan¢l•l Instruments 2024 2023 C•nyln8 amount olfln•nd•l •￿ets Debt Instruments measured at arnortised cost Instruments measured at fair value through profit (* toss 69.613 1.668.953 157,957 1,950,245 1.738.566 2,108,202 C•rryln8 amount olfinanclal Ilabllrtl•s Measured at amorttsed c05t 174,957 209.661 16 Credltors: •mounts fallln8 du• wlthln on• 2024 2023 her taxatron and s¢xial security Other treditors Accruals and deferrtd income 2.896 151,129 23.828 4.014 198,023 11,638 177.853 213.675 17 Retlrement ben•fft sth•mes 2024 2023 Deflned ¢ontrlbullon s(￿M Charge to profit or loss in respect of delfned contribu15on schemes 8.849 7,752 The charity Oper￿e$ a defi.ned contribuDon pension scheme for all qualifying employees. The assets of the scheme a￿ held separately Irom th￿e of the charrty in an independentty administered fund. Contributions totalling £1.28012023- £1.2711 w￿￿ payable to the fvnd at the year end and are included In ueditots. SNOWDON Trusr NOTES TO THE FINANCIAL sfATEMEpirs IcopmNUED) FOR ThE YEARENDED 30APRIL 2024 IB End0￿￿*￿t funds Endowment fvnds rep￿ent assets whSch must be hdd perniaoently by the charity. Incorne and gains arisin8 on the endowment funds can be used in accordance with the objects of the charity and are Induded In unre5tricled fvnds. M¢)vement in fvnds Inmrnlni Resources Balance at 30 ¢Mpended Aprfl 2024 8•l•ne¢ at I May 2023 PermJn¢nt endowments 8rid8et's Tiust 293,621 293.621 293.621 293,621 19 D•$lir￿￿ fund5 The unrestrlcted funds ot the tharlty comprise the unexpended balanw of donatk*ns and grants whlch are not 5ubjert to Specific condittons by donor5 and grantor5 as to how they may be used. These include desi8nated fvnJ5 which have been set aside out of unre5tritted funds by the trustees for specifsc purposes. At l Mty 2023 Re50Urt eXper￿ed Galns and AI 30 Aprll 2024 Prope*Tr Inve5trnents 5th￿a￿h1ps 189,579 519.525 898,327 15,4171 184,162 544,623 732,289 25,098 55,949 1221,9871 1,607,431 1227.4041 81.047 1,461,074 Pr•¥lous y••r. At l M•y 2022 Resource5 and At 30 Apr51 experAed 2023 Property Investments 194.996 554,379 1.282.353 15.417) 189.579 519.S25 898,327 134.8S41 I69,r￿li Scholarships la14,9651 2,031.728 1320.3821 1103.9151 1.607,431 -a7- SNOWDON TAUST NOTESTO THE FINANCIAL STATEMEpifs ICOPfflNVED} FOR THE YEAR EPIDED 30APRIL2024 19 Oesl£nated funds Iconllnuedl The desi8nated property fund represents the net book value of the freehokl propertv. The pyrp05es of the designated investment funds are to prowde investment growth and income which 15 used to support the Trust's thariuble objectives and to furtd capsial expenditure that may from nme to time be agreed by the tIU5tees. Exceptionally. in the event ol unexpecied income shortfalls. designated funds may be used io ensure the chanty's commitment5 to Students are maintained. The designated Sch￿arshIpS lund has been established to provide funding for the Snowdon Stholarships prograrnrne. 20 Restrfcted lunds The income fvnd5 of the charity include restrirted funds compri5in8 the following unexpeThded balartes of donatyons and grants hekl on trust for speohc purp05e5'. At l M•y 2023 In(omi Resources At 30 Aprll 2024 Student grants and scholarshlps 56,307 177.355 1156.0151 77.647 Prevlous ye•r: At l M•y 2022 Incomln¢ re50Urt•s Resources expended At 30 Aprfl 2023 Student grants and scholarships 46.855 179,505 1170,0531 S6,307 21 Unre5trfrttd fvnd5 The unrestricted fvnds of the charrty comprise the unexpended balance5 of donations and grant5 which a not subject to speclfic conditi0Ths by don0￿ and grantws as to how they rnay be used. These include designated funds whlch have been set aslde out of unrestntted fvnds by the trustees for specific purposes. At l Mty 2021 Incoml res•ur¢es Re￿U￿ Galn5 and expended At 30 Aprfl 2024 General fvDd5 149,266 227.292 1444,1761 5.987 161,6311 SNOWDONTRUST NOTESTOThE FINANCiAL STATEMENTS IcoiillNUEDI FOR ThE YEAR EPIDED 30APftIL 2024 21 Unrn$￿rted lunds IContInu￿) Pre¥lou5 y•af: At l May 2022 In(41mlnu R•swr(es Galns and At 30 Aprll r•sour¢es •xp•nded 202J Propertv Inve5trnent5 Scholarshlps General funds 194.996 554.379 1,282.353 11.723.710) 15.4171 189,579 519,525 898.327 11,458,1651 134.8541 169.Cfjll 65.175 1314.9651 143,4071 243,777 308.018 243.777 363.789 138.7401 149.266 The desi8nated propertyfund represents the net bcrfjkvalue of the freehold propefty. The purposts ol thè dtsl8nated Investment funds are to pmlde Investment growth and Income whlth Is sed to support the Trust's charitable objèthes and to fund capital expenditure that rnay from tlme to time be ayeed by the trustees. Exceprbonally. in the event of unexpected Income shortfalls, designated luThd5 May be used to ensure the charlvs commltments to students are fflaintsined. The deslgnated stholarshlps fvnd has been estsblished to provide fvnding for th¢ Snowdon Scholarshlps programme. 22 An•lysls of •Mets between fvnds funds funds funds fvnds Fvnd balances at 30April 2024 re represented bv: Tangiblè assets Investments Current assds/lliablllt1•51 3,030 98.420 1141.3511 184.162 1.276.912 187,192 1,668,953 185.4341 293,621 55.917 139,9011 1.461,074 55,917 293,621 1.770,711 23 Related party tsan5a(tions There were no transartions with related parties during the year. Anaty￿s of thanges in net funds The charrty had no material debt durfnethe year. SNOWDON TRU P40TES TO THE ANANCIAL 5fATEMENTS ICONTINUEDI FOR THE YEAR ENDED30APRIL 2024 25 Cash ynerated from operakns 2024 2023 Oelitit for the year 1335,9141 1573.5971 Adjustments for.. Investment Income rec(eTrised in 51atement of financial acDviDes Fair value gains and losses on investments Depreciation and impairment of ta￿lble ttxed assets 181.2861 184.2881 5.899 1106,S911 147.249 5.654 Movement5 in workln8 capltal.. Decreasellintreasel in debtors IDecreasel/increase in credito 8,632 135,8221 125,6511 8,498 Cash ab50rtJed by 1522,7791 1544,4381