Registered Chaiity Number.. 203458 SALTERS, COTriPANY JAMES SMfTH'S ALMSHOUSE CHARITY ACCOUNTS FOR THE YEAR ENDED 311 JUNE 2024 SALTERS. COMPANY JAMES STrtmi's ALMSHOUSE CHARrrY CONTENTS Pag¢ Truste¢ and advisors Tn￿lee Report Independent auditors, report Stat¢m¢nt of financial activities Balanc¢ sh¢et Not¢$ io th¢ financial statements 9-14 SALTERS, Co￿A1¥y JAMES SMrrH'S ALMSHOUSE CHARrrY TRUSTEE AND ADVISORS FOR THE YEAR ENDED 30 JUNE 2024 Trustee The Master. Wardens and Commonalty of the Art or Mistery of Salters, London Mastsr Mr RP Vg¢her Upper Warden Mr AS Mcmurtrie Second Warden The Lord Rockl¢y Bankers Lloyds Bank plc Threadneedle Sir¢eL tA)ndon Solicitor8 Pinsent Masons LLP London Investment MAnager N¢wton Investment Management Lirnited London Audltors Saffery LLP 71 Queen Victoria Strecl London EC4V 4BE Clerk to the Trustees MrTD Smith Enquiries about thc Charity should be addressed to MrTD Smith The Salters, coM￿nY Salters, Hall 4 London Wall Place London EC2Y 5DE Reglstered Chrdrity No. 203458 Date of registrntloD: 23 February 1993 SALTERS, COIVIPANY JAMES SMITH'S ALMSHOUSE CHARfTY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 The Tt7￿Ce presents its report for the year ended 30 June 2024. Trustee The Trustee is appointed and serves in accordance with the terms of th¢ Trnst D¢ed. Th¢ Court of the Salters, Company acting for the Company as Trustee meels to discuss the S<ers' Company James Smith's Almshouse Charity matters at least hvice a year. Trustees and advisor The names of the Trust¢e and its advisors are shown on the preceding page. Trustee responsibilities The Trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Genernlly Accepted Accounting Practice). The law applicable to charities in England & Wales requires th¢ Trustee lo prepare financial statements for e￿h financial year which give a true and fair view of the state of affairs of the charity and of the incoming resourees and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charilies SORP (Statement of Recommended Practice). make judgements and estimates that are reasonable and prnd¢nt' stale whetherapplicable accounting stsndards have been followed, subject to any material departures disclosed and explained in the financial statements- and pr¢pare the financial slatemenls on the going concern basi5 unles5 it is inappropriate to presume that the Charity will conlinue as a going concern. The Trustee is responsible for keeping proper &ecounting re¢ord5 which disclose with reasonable accuracy 8t any time the financial position of the Charity and io enable it to ensure that th¢ finan¢ial slatements comply with the Charities Act 2011, the Charity {Accounls and Reports) Regulations 2008 and the provisions of the Trust deed. It is also responsible for the prevention and detection of fraud and other irregularities. The Ch#rlty Eight houses at 79-85 Bridge Road, Maidenhead were founded as almshouses by Jam¢s Smith in 1661. The eight houses were converted into four houses in 1949. The four houses were further converted into ¢ight flats in 1989. Nominations are for p(￿r men and their wives, or pcK>r widows or widowers, for inhabilant5 of the Royal Borough of Windsor and Maidenhead and above fifty years of age. Nominations may be made aliernalely by the Council of the Royal Borough of Windsor and Maidenhead and the Parish of Cookham. subject lo the approbation and confirn]&tion of the Salters, Company. The Charity is regulated by a Scheme of the Charity Commissioners of 23 February 1993. Th¢ Charity entered into a 100 year long lease on 29 Septem￿r 1988 with the Royal Borough of Windsor & Maidenhead for Salters, Close, on which nine bungalows have been built. Objeetlve and alms of tbt Charity The principal objective and aim of the Charity, as set out in the Sch¢m¢, is to apply the income of the Charity for the benefit of th¢ altnspeople of the Charity or any of them in such a manner as ihe TNstee thinks fit from tim¢ lo time. Activities of the Charity The Charity aims to ensure the wellbeing of all the &lmshouse residents. There were eight residents occupying the eight flats as at 30 June 2024. Key Personnel The Charity's key personnel and decision maker 15 the Trustee acting either vi& the Salters, Court or a nominated sub-committee. They did not receive remuneration nor expenses. Donations from Trustee There have been no donations from the Trustee during the year. SALTERS. COMPANY JAMES SMITH'S ALMSHOUSE CHARTTY REPORT OF THE TRUSTEE (Continued) FOR THE YEAR ENDED 30 JUNE 2024 Investment power59 policy and performance The Trustee's investment powers are governed by the Trust Deed, which perniits the Charity's funds ¢0 be inv¢st¢d in any security listed on the London Stock Exchange. The policy is to produce the optimum totsl return from incoTne or capital, whichever is ih¢ more effe¢tiv¢ in the prevailing conditions. The Charity's investments have continued to be managed by the Charity's investment manager in confornity with policy and the Trust tked. The portfolio enjoyed another positive year and by the year-end the portfolio had experienced increase in value of £58.584. Publlc benefi¢ The Trustee has referred to th¢ guidanre ¢ontained in the Charity Commission's general guidance on public ￿nefit when reviewing the aims and objectiv¢s and in planning future activities. In particular the Trustee consider5 how planned activities will contribute to the aitns and objectives they have sel. The Trus*¢ Considers the CU￿ent activities deliver public b¢nefit. Details of the activities are given earlier in ihis report. PrlncipAI and uncertginties The 'l'rustee considers there are no material risks or uncertainties about the Charity's ability to conlinue as a going concem due to the value of th¢ total Charity funds ai the year-end. The principal risks of the Charity a5 assessed by the trustee are: (l ) Fire and Flood, which risk is mitigated with building insurance w)licy and {2) rising costs of maintenance. which is mitigat¢d by adequately funded maintenanc¢ funds. Flnan¢ial pn51tion and reserves pollty of the Charlty Ihe reserves policy is to build and hold investments to provide an income stream tOW8rds meeting the Charity's operating costs. At 30 June 2024 free reserves were £520.759 (2023.. £476,182). This figure does not include the value of the housing land and buildings, £263,889 (2023: £263.889}. as ihe Trustee doe5 not consider this lo be & readily realisable asset, whilst the Charity continues io operate. The Trustee believ¢s it 15 appropriate lo hold reserves of between £0.35million and £0.75million to fulfil their obligation5 to r¢sid¢nts should there be a fall in the income of the Charity or a sudden nccd for major expenditure. In the Current economic climate, the Trustee does not believe the level of reserves 15 exce55ive. In the longer-lemi the Charity may require substantially higher reserves when the long leasehold expires (see Note 1.3). Future plans The Trustee will continue lo m¢et th¢ objective and aim of the Charity which is to apply the income of the Charity for the benefit of the almspeople of the Charity or any of them in such a manner as the Trusle¢ thinks fit from time to lim¢. In doin8 SO It will consider all methods of achieving this. For and on behalf of Sahers, Company James Smith's Almshouse ChaTity on 7th November 2024. Mr lip Vacher Master For th¢ Trustee McMurtri¢ Upper Warden For the Trustee Clerk e Trustee SALTERS, COMPANY JAMES SMITH'S ALMSHOUSE CHARfTY DEPENDENT AUDITORS, REPORT TO THE TRUSTEE FOR THE YEAR EL¥DED 30 JUNE 2024 Opinio We have audiied the financial statements of the Salters, Company James Smith's Almshouse Charity for the year ended 30 June 2024, which comprise the Statement of Financial Activities. the Balan¢¢ Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of I￿land (Unil¢d Kingdom Generally Accepted Accounting Practice). In our opinion the financial stateTnents-. give a true and fair view of the state of the charity's affairs as at 30 June 2024 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. and have been prepared in accordance with the requirements of Ih¢ Charities Act 2011. Bas1$ for opinion We conducted our audit in accordance with Inlernalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audiiols resw)nsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements IhaL are relevant to our audit of Ihe 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 beli¢ve that the audit evidence we have obtained 15 sufficient and appropriate lo provide a basis for our opinion. Coneluyion relating to Eojllg ¢ODcern In auditing the financial statements, we have concluded that Ih¢ Trustee's use of ihe going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we hav¢ perfornied, we hav¢ not idenlified any malerial uncertainties relating to events or conditions that, individually or ¢oll¢ctiv¢ly, may cast significant doubt on the Charity's Ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our r¢sponsibiliti¢s and the responsibilities of the Truslee with respect to going concern are described in the relev4nt s¢¢1ions of this report. Other i￿rorMation The Trustee is responsible for the other inforniation. The other inforniation comprises the information included in the Annual report, other than the financial statements and our auditors, report thereon. Our opinion on the financial statements does not cover the other information and, except to the ¢xl¢nt otherwise explicitly stated in our report, we do not express any forni of &ssurance conclusion thereon. Our responsibility is to read the other infom)ation and, in doing 50. consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misslaled. If we identify such material inconsistencies or apparent malerial misst8tem¢nts, we are required to determine whether this gives rise to a material misstatem¢nt in the finan¢ial statements themselves. If, based on the work we have perfomied, we conclude that there 15 a material misstatemenl of this other inforniation. we are required to report that faa. We have nothing to report in ihis regard. MAtteTh on which we are required to report by exception We have nothing to report in respect of Ih¢ followin8 matters in relation to which the Ch&rities (Accounts and RetK)rts) Regulations 2008 requir¢ u$ to report to you if, in our opinion: the inforniation given in the Trustee Annual Report is inconsistent in any Mat￿la] respect with the financial statements- or the Charity has not kept sufficient accounting records- or the finan¢ial statements are not in a¥reement with the accounting records and returns- or we have not received &ll the inforniation and explan&tions we require for our Audit. SALTERS, COMPANY JAMES SMrrH'S ALMSHOUSE CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 Responsibilitie3 of the Trnstee As explained more fully in the Trustee Responsibilities Statement set out on page 2, the trustee is responsible for the preparation of the financial statements and for being satisfied that thcy give a true and fair view, and for such internal control as the trustees deterniin¢ is necessary to enable the preparation of financial statem¢nts that are free from material misstal¢ment, whether due to fraud or eThor. In preparing the financial ststements, the trustee is respjnsible for assessing the charity's ability to continue a5 a going concern, disclosing, as applicable. matteTS related to going concern and using Ihe going concern basis of accounting unless the trust¢¢s either intend to liquidate the charity or to cease operations, or have no realistie alternative but to do so. Auditor's r¢spoN5ibilities for the audit of the fiD4ncial stAtemeDts W¢ have been appointed as auditors under the Charities Act 2011 and ryrt in accordance with regulations made under that Act. Our obje¢tives are to obtain reasonable assurance aboul wh¢iher the financial ststetnenls as a whole are free from material misstatements, whether due to fraud or error. and to issue an auditor's rew)rt that includes our opinion. Reasonabl¢ assurance is a high level of assurance. but is not a 8uRrantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatement% can arise from fraud or error and are considered material if. individually or in the aggregate, th¢y Could reasonably be expected to iT]fluence the economic decision5 of users taken on the basis of these financial slatemenLs. Irregularities. including fraud. are instances of non-compliance with laws and regulations. W¢ design pro¢¢dures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The specific pfLK'edures for this engagem¢nt and the extent to which these are capable of detectin8 irregularities, including fraud are detailed below. Identifying and assessing risks related io irregul8rities'. W¢ assessed the susceptibility of the Charity's financial statements lo material misstatement and how fraud might occur. including through discussion with management. discussions within our audit team planning m¢eting, updating our record of intemal controls and ensuring th¢s¢ controls operatcd as intcndcd, We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the Context of the Charity by discussions with management and updating our understanding of the sector in which the Charity operates. Laws and regulations of direct significance in th¢ context of the Charity include the Charities Act 2011. the Charities (Account and Reports) Regulations 2008 and 8uidAnce issued by the Charity Commission for England and Wales. Audit response to risk identified. We considered the extent of compliance with th¢s¢18ws 8nd regulations as part of our audit procedu￿$ on the related financial statement items including a review of financial statement disclosures. We reviewed the Charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorilies to identify potential materi81 mi5Statements arising. We discussed ihe Charity's policies and procedures for ompliance with laws and regulations wilh members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquir¢d of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, Suspected or alleged fraud. W¢ &ddress¢d the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the nornial Course of business. We assessed whether judgements mad¢ in making accounting e5titnates gav¢ rise Io A possible indication of management bias. At the completion stage of th¢ audit, the engagement partnels review in¢lud¢d ¢nsuring that the leam had approach¢d their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detectin8 a material misstatement due to fraud is high¢r than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example. forgery or intentional misrepr¢s¢ntations, or through Collusion. A furth¢r description of our responsibilities for the audit of the financial stalem¢ntS is located on the Financia] Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This d¢scription forms part of our auditofs re￿rt. SALTERS. COIKPANY JAMES SMrrH'S ALMSHOUSE CHARITY INDEPEIYDENT AUDITORS, REPORT TO THE TRUSTEE (con¢inued) FOR THE YEAR EIYDED 30 JUNE 2024 Use of our report This report is made solely to the charity's trustee, as & 17ody. in accordance with part 4 of the Charities Accounts and RetK)rt5) Regulations 2008. Our audit work has been undertaken so that we tnight state to the trustees those matters we are required lo state to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law. w¢ do not accept or assum¢ responsibility to anyone other than the charity and the trnstees as body. for our audit work, for this report. or for the opinions we have fornied. A further description of our responsibilities for the audit of the financial statement5 is located on th¢ Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibilities. This description fornis part of our audilols report. S• LLF 20 Saff¢ry LLP Statutory Auditors 71 Queen Victoria Stree¢ London, EC4V 4BE Saffery LLP is eligible to act &s an auditor in ternis of section 1212 of the Compani¢s Act 2006 and Consequently to act as the auditor ora registered charity. SALTERS, COMPANY JAMES SMrrH'S ALMSHOUSE CHARITY STATEMEIYT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 2024 UnrestricÉed Funds 2023 Unrestrlcted Funds Note Income froTn: Ch8ritable activities- tkttings Investments 62,126 16.031 46,566 15,541 Total income 62.107 Expenditllre 011: Charitable a¢tivities Almshouse manag¢m¢nt costs Repair5 and maintenance Other 20.905 33.725 24.846 22.634 16,593 22,450 TotAI expenditure Net opcrating surplus Net investment gains Net movement of fundB 79,476 61.677 (1.319) 430 58,584 57,265 36.392 Reconeillatlon of funds Funds at l July 2023 965 264 928 872 Funds at30 June 2024 1,022.529 965.264 All of the above results derive from continuing activities of the Charity. There are no recognised gains and loss¢s other than those reported above. Not¢5 1 to 10 forni part of these financial statements. SALTERS? COMPANY JAMES SMrrH'S ALMSHOUSE CHARtTY BALANCE SHEET AS AT 30 JUNE 2024 Nrjte 2024 2023 Flied wsetg Tangible assets Investments 263.889 738,334 1,002,223 263.889 679,750 943.639 Totgdl fixed assets Currenl wsets Debtors Cash at bank 3,042 27.989 31.031 680 29,876 30,556 Totsl eurrent Assets Current Il&bllities Creditors 10.725 8.931 Net current assets / (Iiydbllliles) 20.306 21,625 Net ￿￿ets 1,022.529 965.264 The ￿ndS ofthe Charity Unrestricted Fullds: Cyclical m&inien8nee Extraordinary repairs General fund 34.130 203.751 784,648 1.022,529 25,778 199,415 740,071 965,264 Tot*1 Cbarity Funds Th¢ financial stslem¢nls on pages 7 to 14 were approved by the Trustee on 7ih November 2024. Mr RP Vacher M&sl¢r For the Trustee Mcmurtrie r Warden the Trustee th Clerk to the Trustee Up The not¢s I to 10 fomi part of these financial statements. SALTERS, COMPANY JAMES SMITH'S ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Ac¢ouDting poli¢] l. l Accounting convention The accounts hav¢ been prepard under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the r¢l¢vant note(s) to these accounts. The account5 have been prcpared in accordance with the'Siatem¢nl of Re¢ommended Praclice- Accounting 8nd ReFK)rting by Charities preparing their 8c¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {2nd edition), and the Financial Reporting Standard &pplicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial stalements have been prepared to give a true and fair view have departed from th¢ Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. The financial 5talem¢nts are prepared in pounds sterling, which is the functional currency of the Charity. Monetary amounts in these financial stat¢ments are rounded to the nearest £. The Charity constitutes a public benefil ¢ntity as defined by FRS 102. The Trustee Conside￿ Ihere ar¢ no material uncertainties about the Charity's ability to continue as a going oncern due lo the volume of the totsl Charity funds at the yeAr