This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

PDF
Markdown

2021-06-30-accounts

CONTENTS		Page
Trustee and advisors
Trustee Report		2-3
Independent auditors'	report	4-6
Statement offinancial	activities
Balance sheet
Notes to the financial	statements	9-13

Master			Ms TJNichols
Upper Warden			Mr JR Franklin
Second Warden			Mr JWH Wordie
Bankers			Lloyds Bank pic
			Threadneedle Street, London
Solicitors			Pinsent Masons LLP
			London
Investment	Manager		Newton Investment	Management	Limited
			London
Auditors			Saffery Champness	LLP
			71 Queen Victoria Street
			London
			EC4V4BE
Clerk to thc Trustees			Mr TD Smith
			Enquiries about the	Charity should	be addressed to
			Mr TD Smith
			The Salters' Company
			Salters' Hall
			4 London Wall Place
			London
			EC2Y5DE
Registered	Charity	No.	203458
Date ofregistration:			23 February 1993

	Note	2021	2020
		f	K
Fixed assets
Tangible assets		263,889	763,889
Investments		655,747	548,264
Total fixed assets		919,636	817,153
Current assets
Debtors		93	65
Cash at bank		6,039	74,716
Total current assets		6,137	24,781
Current liabilities Creditors		(5,407)	~3,6373
Net current assets I(liabilities)		725	21,124
Net assets		920,361	833,277
The funds ofthe Charit)
Unrestricted Funds;
Cyclical maintenance		10,562	25,736
Extraordinary repairs		176,403	149,331
General fund		733,396	658,210
Total Charity Funds		970,361	833,277

					2021	2020
					Unrestricted	Unrestricted
					Funds	Funds
				Note
Income from:
Income from charitable		activities:
Lettings					60,210	62,215
Other					90	90
Investments					11,557	16,314
Total income					71,857	78,619
Expenditure on:
Charitable activities
Almshouse	management		costs		21,133	22,466
Repairs and	maintenance				26,928	13,052
Other					23,291	22,650
Total expenditure					71,352	58,168
Nct operating	surplus				505	20,45I
Nct investment	gains / (losses)				86,579	(33,090)
Nct niovement	offunds				87,084	(12,639)
Reconciliation	offunds
Funds at I July 2020					833,277	845,916
Funds at 30June 2021					920,361	833,277

							Operating	Operating	Operating	2021	2020
	Dividends		and	Interest			incomef		costsf	Surplusf	Surplusf
	Income and		expenditure		from
	Lettings						60,210		71,352	(11,142)	4,047
	Interest	and		dividends			11,557			11,557	16,314
	Ground	rent						90		90	90
	Total 2021						71,857		71,352	505	20,451
	Operating		income				78,619		58,168	20,451
	Operating		income							2021f	2020f
	Rents and	service charges								60,210	67,215
	Dividends									11,557	16,314
	Ground rent									90	90
										75,857	78,559
	Operating		costs
	Direct costs									46,061	33,498
	Administrative			costs (including		general expenses	(note 4))			23,291	22,650
	Audit fee									2,000	2,020
										71,352	58,168
3	Other expenditure
										2021	2020
										f	f
	Miscellaneous			expense
	Secondment		charges - The Salters' Management				Company	Limited	~	23,291	22,650
										23,291	22,650

							Extraordinar
							v
					General		repairs	2021	2020
						fund	fund	Total	Total
								f	f
Stock exchange		securities
at market value					453,120			655,341	547,954
Deposits						232	174	406	310
30June 2021					453,352		202,395	655,747	548,264
30June 2020					374,607		173,657	548,264
Securities								2021	2020
								f	f
Market value	at I July							548,264	553,130
Additions								21,000	28,310
Disposals								(96)	(86)
Net investment		gain/(losses)						86,579	(33,090)
Market value		at 30June						655,747	548,264
Historic cost								342,831	321,927
Investments	held at 30June 2021 considered				material	in the	context ofthe market	value ofthe	portfolio are:
Newton Fund Managers			Global Growth	and	Income	Fund for Charities		655,341	547,954

Debtors
		2021f	2020f
Debtors,	all ofwhich are due within one year, comprise:
Sundry	debtors	93	65
		93	65

Creditors
			2021 f	2020f
Creditors all ofwhich are	due within	one year, comprise:
The Salters' Management	Company	Ltd	404	478
Accruals and deferred income			5,003	3,179
			5,467	3,657

				Extraordinary	Cyclical
			General	repairs	maintenance
Anslvsis ofmovement	in funds		fund	fund	fund	Total
				f	f	f
At I July 2020			658,210	149,331	25,736	833,277
Incoming resources			65,767	6,090		71,857
Expenditure			(44,424)		(26,928)	(71,352)
Transfer to ERF and CMF funds			(6,832)		6,832
Net investment gains			60,675	20,982	4 922	86,579
At 30June 2021			733,396	176,403	10,562	920,361
Analysis ofnet assets	betvveen	General	Extraordinary repairs	Cyclical maintenance	2021 Total	2020 Total
funds		fund	fund	fund	Funds	Funds
		f				f
Land and buildings		263,889			263,889	263,889
Investments		453,352	191,833	10,562	655,747	548,264
Net current assets		16,389	(15,334)		1,055	21,124
At 30June 2021		733,636	176,499	10,562	920,691	833,277
PRIOR YEAR			General	Extraordinary repairs	Cyclical maintenance
Analysis ofmovement	in funds		fund	fund	fund	Total
			f		f	f
At 1 July 2019			665,746	145,794	34,376	845,916
Incoming resources			70,457	8,162		78,619
Expenditure			(45,116)		(13,052)	(58,168)
Transfer to ERFand CMF funds			(10,336)	3,920	6,416
Net investment gains			(22,541)	(8,545)	(2,004)	(33,090)
At 30June 2020			658,210	149,331	25,736	833,277
PRIOR YEAR Analysis ofnct				Extraordinarv	Cyclical	2020
assets betsveen funds			General	repairs	ms3ntenance	Total
			fund	fund	fund	Funds
			f
Land and buildings			263,889			263,889
Investments			374,607	147,921	25,736	548,264
Net current assets			19,714	1,410		21,124
At 30June 2020			658,210	149,331	25,736	833,277