Registered Charlty Nllmber: 2034fj8 SALTERS, COMPANY JAMES SMITHIS ALMSHOUSE CHARITY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
| CONTENTS | Page | |
|---|---|---|
| Trustee and advisors | ||
| Trustee Report | 2-3 | |
| Independent auditors' |
report | 4-6 |
| Statement offinancial | activities | |
| Balance sheet | ||
| Notes to the financial | statements | 9-14 |
| Trustee | The Master, Wardens | and Commonalty | and Commonalty | and Commonalty | ofthe Art | |
|---|---|---|---|---|---|---|
| or Mistery ofSalters' | London | |||||
| Master | Mr JWH Wordie | |||||
| Upper Warden | Mr RP Vacher | |||||
| Second Warden | Mr AS McMurtrie | |||||
| Bankers | Lloyds Bank pic | |||||
| Threadneedle Street, |
London | |||||
| Solicitors | Pinsent Masons LLP | |||||
| London | ||||||
| Investment | Manager | Newton Investment Management |
Limited | |||
| London | ||||||
| Auditors | Saffery Champness | |||||
| 71 Queen Victoria Street | ||||||
| London | ||||||
| EC4V 4BE | ||||||
| Clerk tothe 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 1993 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Unrestricted | ||||
| Funds | Funds | ||||
| Note | |||||
| Income from: | |||||
| Charitable activities: |
|||||
| Lettings | 46,566 | 62,454 | |||
| Other | 90 | ||||
| Investments | 15,541 | 14,886 | |||
| Total income | 62,107 | 77,430 | |||
| Expenditure | on: | ||||
| Charitable activities |
|||||
| Almshouse | management | costs | 22,634 | 16,990 | |
| Repairs and maintenance | 16,593 | 13,196 | |||
| Other | 22,450 | 26,774 | |||
| Total expenditure | 61,677 | 56,960 | |||
| Net operating Net investment |
surplus gains / (losses) |
430 35,962 |
20,470 ~33,959 |
||
| Net movement | offunds | 36,392 | 8,511 | ||
| Reconciliation | offunds | ||||
| Funds at 1 July 2022 | 928,872 | 929361 | |||
| Funds at30June 2023 | 965,264 | 928,872 |
| Note | 2023 | 2022 | |
|---|---|---|---|
| Fixed assets | |||
| Tangible assets | 263,889 | 263,889 | |
| Investments | 679750 | 643 788 | |
| Total fixed assets | 943,639 | 907,677 | |
| Current assets | |||
| Debtors | 680 | 2,553 | |
| Cash at bank | 29,876 | 26 059 | |
| Total current assets | 30,556 | 28,612 | |
| Current liabilities |
|||
| Creditors | 8931 | 7417 | |
| Net current assets I(liabilities) | 21625 | 21,195 | |
| Net assets | 965,264 | 928,872 | |
| The funds oftbe Charity | |||
| Unrestricted Funds: |
|||
| Cyclical maintenance | 25,778 | 17,746 | |
| Extraordinary repairs |
199,415 | 178,610 | |
| General fund | 740 071 | 732516 | |
| Total Charity Funds | 965,264 | 928,872 |
| Operating | Operating | 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| income | costs | Surplus | Surplus | ||||||
| g | |||||||||
| Income and | expenditure | from | |||||||
| Lettings | 46,566 | 61,677 | (15,111) | 5,494 | |||||
| Interest and | dividends | 15,541 | 15,541 | 14,886 | |||||
| Ground rent | 90 | ||||||||
| Total | 62,107 | 61.677 | 430 | 20,470 | |||||
| Total 2022 | 77,430 | 56,960 | 20,470 | ||||||
| 2023 | 2022 | ||||||||
| Operating | income | ||||||||
| Rents and service charges | 46,566 | 62,454 | |||||||
| Dividends | 15,541 | 14,006 | |||||||
| Ground rent | 90 | ||||||||
| 62 107 | 77,430 | ||||||||
| Operating | costs | ||||||||
| Direct costs | |||||||||
| Repairs and | Maintenance | 16,593 | 13,196 | ||||||
| Other Direct | Costs | 18899 | 15865 | ||||||
| Total Direct | Costs | 35,492 | 29,061 | ||||||
| Administrative | costs | 22,450 | 26,774 | ||||||
| Audit fee | 3,735 | 1 125 | |||||||
| 61 677 | 56 960 | ||||||||
| 3 | Other expenditure | ||||||||
| 2023 | 2022 | ||||||||
| K | g | ||||||||
| Secondment | charges - The Salters' Management | Company | Limited * | 22,450 | 26,774 | ||||
| 22,450 | 26,774 |
| An analysis of | the investments attributa |
ble to the funds ofthe |
charity is set out belo | w: | |
|---|---|---|---|---|---|
| Extraordiaary | |||||
| General | repair | 2023 | 2022 | ||
| fund | fund | Total | Total | ||
| K | |||||
| Stock exchange | securities | ||||
| at market value | 469,716 | 209,628 | 679,344 | 643,382 | |
| Deposits | 232 | 174 | 406 | 406 | |
| 30June 2023 | 469,948 | 2~09 802 | 679,750 | 643,788 | |
| 30June 2022 | 445,082 | 198706 | 643,788 | ||
| Securities | 2023 | 2022 | |||
| Market value at I July | 643,788 | 655,747 | |||
| Additions | |||||
| Disposais Net investment |
gain/(losses) | 35.962 | ~ll.959 | ||
| Market value | at 30June | 679 758 | 643 788 | ||
| Historic cost | 342,831 | 342,831 |
| 7 | Debtors | |||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Debtors, all ofwhich | are due within | one year, comprise; | ||||
| Salters' Charitable Foundation |
680 | |||||
| Sundry debtors | 2 553 | |||||
| 680 | 2,553 | |||||
| 8 | Creditors | |||||
| 2023 | 2022 | |||||
| 8 | ||||||
| Creditors all ofwhich | are | due within | one year, comprise: | |||
| The Salters' Management | Company | Ltd | 5,766 | 5,608 | ||
| The Salters' Company | Ltd | 458 | ||||
| Accruals and sundry | creditors | 2 707 | 1 809 | |||
| 8931 | 7,417 |
| Unrestricted Funds |
|||||
|---|---|---|---|---|---|
| Extraordinary | Cyclical | ||||
| Analysis ofmovement | in | General | repairs | maintenance | |
| funds | fund | fund | fund | Total | |
| At 1July 2022 | 732,516 | 178,610 | 17,746 | 928,872 | |
| Incoming resources | 57,311 | 4,796 | 62,107 | ||
| Expenditure | (61,677) | (61,677) | |||
| Transfer | (12,944) | 4,912 | 8,032 | ||
| Net investment gains I |
(losses) | 24 865 | 11,097 | 35962 | |
| At 30June 2023 | 740,071 | 199,415 | 25,778 | 965264 | |
| Extraordinary | Cyclical | 2023 | |||
| General | repairs | maintenance | Total | ||
| Analysis ofnet assets | between funds | fuad | fund | fund | Funds |
| Land and buildings | 263,889 | 263,889 | |||
| Investments | 469,948 | 184,024 | 25,778 | 679,750 | |
| Net current assets | 6,234 | 15,391 | 21,625 | ||
| At 30June 2023 | 740,071 | 199415 | 25 778 | 965,264 | |
| PRIOR YEAR | Extraordinary | Cyclical | |||
| Analysis ofmovement | in | General | repairs | mamtenance | |
| funds | fund | fund | fund | 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 |
(11,576) ~8,270 |
4,392 ~3,689 |
7,184 | 11,959 | |
| At 30June 2022 | 732,516 | 178,610 | 17,746 | 928,872 | |
| Analysis ofnet assets | between funds | Extraordiaary | Cyclical | 2022 | |
| General | repairs | mainteaance | Total | ||
| fund | fund | fuad | Funds | ||
| Land and buildings | 263,889 | 263,889 | |||
| Investments Net current assets |
445,082 23,545 |
180,960 ~2,350 |
17,746 | 643,788 21,195 |
|
| At 30June 2022 | 732,516 | 178,610 | 17,746 | 928,872 |