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2022-06-30-accounts

Reglstered Ch*rlty Nllmber. 203458 SALTERS. COMPANY JAMLS SMfTH'S ALMSHOUSE CHARrrY ACCOU FOR THE YEAR El￿ED 30 JUNE 2022

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 Mr JRFranklin
Upper Warden Mr JWH Wordie
Second Warden Mr RP Vacher
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 the 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
EC2Y 5DE
Registered Charity No. 203458
Date ofregistration: 23 February l993

2022 2021
Unrestricted Unrestricted
Funds Funds
Note
Income from:
Charitable
activities:
Lettings 62,454 60,210
Other 90 90
Investments 14,886 11,557
Total income 77,430 71,857
Expenditure
on:
Charitable
activities
Almshouse management costs 16,990 21,133
Repairs and maintenance 13,196 26,928
Other 26,774 23,291
Total expenditure 56,960 71,352
Net operating
Net investment		 surplus
gains I(losses)		 6 20,470
~11,969)		 505
86,579
Net movement offunds 8,511 87,084
Reconciliation offunds
Funds at
1 July 2021		 920,361 833,277
Funds at 30June 2022 928,872 920,361

Note 2022 2021
Fixed assets
Tangible assets 263,889 263,889
Investments 643,788 655,747
Total fixed assets 907,677 919,636
Current assets
Debtors 2,553 93
Cash at bank 26,059 6,039
Total current assets 28,612 6,132
Current
liabilities
Creditors 7,417) 5,407)
Net current assets / Nabilitles) 21,195 725
Net assets 928,872 920,361
The funds ofthe Charity
Unrestricted
Funds:
Cyclical maintenance 17,746 10,562
Extraordinary
repairs		 178,610 176,403
General
fund		 732,516 733,396
Total Charity Funds 928,872 920,361

Operating Operating 2022 2021
incomef costsf Surplus Surplusf
Income and expenditure from
Lettings 62,454 56,960 5,494 (11,142)
Interest and dividends 14,886 14,886 11,557
Ground rent 90 90 90
Total 77,430 56,960 20,470 505
Total 2021 71,857 71,352 505
2022 2021
Operating income
Rents and service charges 62,454 60,210
Dividends 14,886 11,557
Ground rent 90 90
77,430 71,857
Operating costs
Direct costs
Repairs and Maintenance 13,196 26,928
Other Direct Costs 15,865 19,133
Total Direct Costs 29,061 46,061
Administrative costs 26,774 23,291
Audit fee 1,125 2,000
56,966 71,352
3 Other expenditure
2022 2021f
Secondment charges - The Salters' Management Company Limited a 26,774 23,291
26,774 23,291

Housing
land and
buildings
Cost and net book value f
At
1 July 2021 and 30June 2022		 263,889
The Trustee has canied out an impairment review and no impairment is necessary.
Investments
An analysis ofthe investments attributable to the funds ofthe charity is set out below:
Extraordinary
General repair 2022 2021
fund fund Total Total
f
Stock exchange securities
at market value 444,850 198,531 643,382 655,341
Deposits 232 174 406 406
30June 2022 445,082 198,705 643,788 655,747
30June 2021 453,352 202,395 655,747
Securities 2022 2021
f f
Market value at 1 July 655,747 548,264
Additions 21,000
Disposals (96)
Net investment gain/(losses) (11,959) 86,579
Market value at30June 643,788 655,747
Historic cost 342,831 342,831
Investments
held at 30June 2022 considered		 material
in the context		 ofthe market value ofthe portfolio are:
Newton
Fund Managers		 Global Growth and Income Fund for Charities 643,382 655,341

7 Debtors
2022 2021
Debtors, all ofwhich are due within one year, comprise:
Sundry debtors 2,553 93
2,553 93
8 Creditors
2022f 2021f
Creditors all ofwhich are due within one year, comprise:
The Salters' Management Company Ltd 5,608 404
Accruals and sundry creditors 1,809 5,003
7,437 5,497

THE YEAR ENDE
Unrestricted
Funds		 D 30JUN E 2022
Extraordinary Cyclical
General repairs maintenance
Analysis ofmovement in funds fundf fund fundf Total
At
1 July 2021		 733,396 176,403 10,562 920,361
Incoming resources 75,926 1,504 77,430
Expenditure (56,960) (56,960)
Transfer
Net investment
gains		 / (losses) (11,576)
(8,270)		 4,392
(3,689)		 7,184 ~ll,959)
At 30June 2022 732,516 178,610 17,746 928,872
Analysis ofnet assets between General Extraordinary
repairs		 Cyclical
maintenance		 2022
Total		 2021
Total
funds fund fund fund Funds Funds
f
Land and buildings 263,889 263,889 263,889
Investments 445,082 180,960 17,746 643,788 655,747
Net current assets 23,545 (2,350) 21,195 725
At 30June 2022 732,516 178,610 17,746 928,872 920,361
PRIOR YEAR General Extraordinary
repairs		 Cyclical
maintenance
Analysis 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 (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 between funds Extraordinary Cyclical 2021
General repairs maintenance Total
fund fund fund Funds
f
Land and buildings 263,889 263,889
Investments 453,352 191,833 10,562 655,747
Net current assets 16,155 (15,430) 725
At 30June 2021 733,396 176,403 10,562 920,361