## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the Charity are the advancement of education and relief in need in the Sandwell Metropolitan Borough Council area .
For the advancement of education, the Trustees aim to provide
1.Grants to individuals of any age, gender, resident in Sandwell to assist them to pursue their education including general, professional, vocational and technical training, whether in the United Kingdom or abroad. 2.Grants to Sandwell schools for projects and equipment.
3.Grants to youth organisations, libraries, amateur dramatic societies, sports clubs and similar operating in Sandwell
For relief in need, the Trustees aim to provide
1.Grants through third party agencies to assist Sandwell residents who are in conditions of need, hardship or distress with the purchase of white goods, furniture and similar
2.Grants to institutions or organisations, who serve and provide support, leisure and social opportunities for such Sandwell residents who are in conditions of need, hardship or distress
On the 3 November 2022, the trustees unanimously passed a resolution that the funds of the charity should with effect from this date here cease to be divided and should be treated and dealt with as unrestricted and applied accordingly.
## **Public benefit**
The Trustees have had regard to the Charity Commission's guidance on public benefit when considering the activities undertaken by the charity.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The Trustees were pleased to be able to meet face to face after the ending of pandemic restrictions. They made grants to assist organisations recover financially from the impact of those restrictions.
The Charity website was launched at WWW.georgethomashenrysaltertrust.com to promote the Trust online. It has worked well and has made the the grant application process easier particularly for university students.
The grants made for Relief in Need increased by 45.73 % due to increased contact with support organisations. The Education grants increased by 5.98%.
The incoming resources from generated funds increased by 9.26 % and the governance costs increased by 40.35% due to a change in stockbrokers fees and increased postage, printing and stationery.
-1-
**THE GEORGE & THOMAS HENRY SALTER TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022**
## **FINANCIAL REVIEW**
## **Principal funding sources**
During the year 33 individuals and 5 organisations were provided with grants for relief totalling £9,884. Schools, colleges , local organisations and individuals were provided education grants totalling £48,255
This represents 166% (2021: 167%) of the total income received from Investments of £35,015 (2021: £32,046).
As at 1 January 2022, the market value of fixed investments was £1,151,813. During the year there was a net negative re-investment of £55,853. As at 31 December 2022, the market value of fixed investments was £976,561, as a result of the fair value loss recognised during the year of £119,420.
Cash at bank decreased during the year from £512,242 as at 1 January 2022 to £503,746 as at 31 December 2022.
The Balance Sheet shows net assets of £1,476,407(2021 - £1,659,915).
## **Fixed Assets**
The Charity has no tangible fixed assets.
## **Reserves Policy**
The Trustees have established the level of reserves that they consider the Charity ought to have. Reserves are required to provide funds which can be designated to specific projects to enable these projects to be undertaken at short notice. The Charity supports organisations which are dependant upon continued support. The Trustees are concerned that Government and Local Authority funding is diminishing. This lack of social funding together with the economic effects of the pandemic is expected to result in more applicants for relief in need which the Trust would wish to ensure it could support and the charity's income must be preserved to ensure support for these projects and needs in the long term.
The Trustees therefore consider it prudent that the amount of unrestricted Reserves should be sufficient to cover future administration and support costs and therefore provide a Reserve of between £300,000 and £500,000. The current level of reserves of £460,722 is considered to be reasonable.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **FUTURE PLANS**
The Trustees are concerned at the current increased costs of living and its economic impact on the needy residents of Sandwell and the reduced amounts that will be available for education and in particular for organisations providing sports and other community opportunities for the enhancement of the lives of the people of Sandwell.
They anticipate receiving increased grant applications . They are changing investment advisers to ensure continued growth of both income and capital to ensure they can meet this need.
They will continue to promote the charity through their website for both education and relief in need .Additionally,for education they will maintain their contacts with 6th Form Colleges serving Sandwell students going onto Higher Education, Sandwell Schools to assist with projects and equipment and Sandwell organisations providing educational opportunities such as Boys' brigades , scouts and guides, sports clubs, dramatic societies, choirs, luncheon clubs, and similar .
For Relief in Need - they will continue to publicise the Trust and in particular those supporting the trust, Social Services, Citizens Advice and similar organisations serving Sandwell residents who are in need and in particular supporting the elderly and disabled and providing social opportunities for them .
-2-
**THE GEORGE & THOMAS HENRY SALTER TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Charity was formed and then registered with the Charity Commission (Registration Number 216503) on 29 March 1968.
The body of trustees shall consist, when complete, of six competent persons being
One Ex officio Trustee - The Mayor of the Borough of Sandwell and Five Trustees - Representatives of the Borough of Sandwell
The Trustees of the Charity during the year were as stated in the Trust information schedule.
The Trustees are appointed at the general meeting of the Charity. New Trustees are briefed on their legal obligations under Charity Law and the Trust Deed.
## **Risk Assessment**
The Trustees have assessed the major risks to which the Charity is exposed in particular, those relating to the operations and finances of the Charity and are satisfied that systems are in place to mitigate exposure to those risks.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 216503
**Principal address** 8 Yarnborough Hill Stourbridge West Midlands DY8 2EB
## **Trustees**
Mrs A F Maybury Mr D J Payne Mayor of Sandwell Mrs H Veasey-Pugh Mrs D Wills Mr S N Jerrison
## **Independent Examiner**
Mr R A Smallwood FCCA Wallace Crooke Walsall Limited Chartered Accountants Wallace House 20 Birmingham Road Walsall West Midlands WS1 2LT
## **Clerk to the Trustees**
Mrs J.S. Styler
## **Bankers**
National Westminster Bank Plc 309 High Street West Bromwich West Midlands B70 8LX
-3-
**THE GEORGE & THOMAS HENRY SALTER TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022**
Approved by order of the board of trustees on 8 June 2023 and signed on its behalf by:
Mr D J Payne - Trustee
-4-
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **FOR**
**THE GEORGE & THOMAS HENRY SALTER TRUST**
Wallace Crooke Walsall Limited Chartered Accountants Wallace House 20 Birmingham Road Walsall West Midlands WS1 2LT
**THE GEORGE & THOMAS HENRY SALTER TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|4|
|**Independent Examiner's Report**||5||
|**Statement of Financial Activities**||6||
|**Balance Sheet**||7||
|**Notes to the Financial Statements**|8|to|15|
|**Detailed Statement of Financial Activities**||16||
## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the Charity are the advancement of education and relief in need in the Sandwell Metropolitan Borough Council area .
For the advancement of education, the Trustees aim to provide
1.Grants to individuals of any age, gender, resident in Sandwell to assist them to pursue their education including general, professional, vocational and technical training, whether in the United Kingdom or abroad. 2.Grants to Sandwell schools for projects and equipment.
- 3.Grants to youth organisations, libraries, amateur dramatic societies, sports clubs and similar operating in Sandwell
For relief in need, the Trustees aim to provide
1.Grants through third party agencies to assist Sandwell residents who are in conditions of need, hardship or distress with the purchase of white goods, furniture and similar
- 2.Grants to institutions or organisations, who serve and provide support, leisure and social opportunities for such Sandwell residents who are in conditions of need, hardship or distress
On the 3 November 2022, the trustees unanimously passed a resolution that the funds of the charity should with effect from this date here cease to be divided and should be treated and dealt with as unrestricted and applied accordingly.
## **Public benefit**
The Trustees have had regard to the Charity Commission's guidance on public benefit when considering the activities undertaken by the charity.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The Trustees were pleased to be able to meet face to face after the ending of pandemic restrictions. They made grants to assist organisations recover financially from the impact of those restrictions.
The Charity website was launched at WWW.georgethomashenrysaltertrust.com to promote the Trust online. It has worked well and has made the the grant application process easier particularly for university students.
The grants made for Relief in Need increased by 45.73 % due to increased contact with support organisations. The Education grants increased by 5.98%.
The incoming resources from generated funds increased by 9.26 % and the governance costs increased by 40.35% due to a change in stockbrokers fees and increased postage, printing and stationery.
-1-
## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022**
## **FINANCIAL REVIEW**
## **Principal funding sources**
During the year 33 individuals and 5 organisations were provided with grants for relief totalling £9,884. Schools, colleges , local organisations and individuals were provided education grants totalling £48,255
This represents 166% (2021: 167%) of the total income received from Investments of £35,015 (2021: £32,046).
As at 1 January 2022, the market value of fixed investments was £1,151,813. During the year there was a net negative re-investment of £55,853. As at 31 December 2022, the market value of fixed investments was £976,561, as a result of the fair value loss recognised during the year of £119,420.
Cash at bank decreased during the year from £512,242 as at 1 January 2022 to £503,746 as at 31 December 2022.
The Balance Sheet shows net assets of £1,476,407(2021 - £1,659,915).
## **Fixed Assets**
The Charity has no tangible fixed assets.
## **Reserves Policy**
The Trustees have established the level of reserves that they consider the Charity ought to have. Reserves are required to provide funds which can be designated to specific projects to enable these projects to be undertaken at short notice. The Charity supports organisations which are dependant upon continued support. The Trustees are concerned that Government and Local Authority funding is diminishing. This lack of social funding together with the economic effects of the pandemic is expected to result in more applicants for relief in need which the Trust would wish to ensure it could support and the charity's income must be preserved to ensure support for these projects and needs in the long term.
The Trustees therefore consider it prudent that the amount of unrestricted Reserves should be sufficient to cover future administration and support costs and therefore provide a Reserve of between £300,000 and £500,000. The current level of reserves of £460,722 is considered to be reasonable.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **FUTURE PLANS**
The Trustees are concerned at the current increased costs of living and its economic impact on the needy residents of Sandwell and the reduced amounts that will be available for education and in particular for organisations providing sports and other community opportunities for the enhancement of the lives of the people of Sandwell.
They anticipate receiving increased grant applications . They are changing investment advisers to ensure continued growth of both income and capital to ensure they can meet this need.
They will continue to promote the charity through their website for both education and relief in need .Additionally,for education they will maintain their contacts with 6th Form Colleges serving Sandwell students going onto Higher Education, Sandwell Schools to assist with projects and equipment and Sandwell organisations providing educational opportunities such as Boys' brigades , scouts and guides, sports clubs, dramatic societies, choirs, luncheon clubs, and similar .
For Relief in Need - they will continue to publicise the Trust and in particular those supporting the trust, Social Services, Citizens Advice and similar organisations serving Sandwell residents who are in need and in particular supporting the elderly and disabled and providing social opportunities for them .
-2-
## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Charity was formed and then registered with the Charity Commission (Registration Number 216503) on 29 March 1968.
The body of trustees shall consist, when complete, of six competent persons being
One Ex officio Trustee - The Mayor of the Borough of Sandwell and Five Trustees - Representatives of the Borough of Sandwell
The Trustees of the Charity during the year were as stated in the Trust information schedule.
The Trustees are appointed at the general meeting of the Charity. New Trustees are briefed on their legal obligations under Charity Law and the Trust Deed.
## **Risk Assessment**
The Trustees have assessed the major risks to which the Charity is exposed in particular, those relating to the operations and finances of the Charity and are satisfied that systems are in place to mitigate exposure to those risks.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
216503
## **Principal address**
8 Yarnborough Hill Stourbridge West Midlands DY8 2EB
## **Trustees**
Mrs A F Maybury Mr D J Payne Mayor of Sandwell Mrs H Veasey-Pugh Mrs D Wills Mr S N Jerrison
## **Independent Examiner**
Mr R A Smallwood FCCA Wallace Crooke Walsall Limited Chartered Accountants Wallace House 20 Birmingham Road Walsall West Midlands WS1 2LT
## **Clerk to the Trustees**
Mrs J.S. Styler
## **Bankers**
National Westminster Bank Plc 309 High Street West Bromwich West Midlands B70 8LX
-3-
## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022**
Approved by order of the board of trustees on 8 June 2023 and signed on its behalf by:
Mr D J Payne - Trustee
-4-
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GEORGE & THOMAS HENRY SALTER TRUST**
## **Independent examiner's report to the trustees of The George & Thomas Henry Salter Trust**
I report to the charity trustees on my examination of the accounts of The George & Thomas Henry Salter Trust (the Trust) for the year ended 31 December 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr R A Smallwood FCCA
Wallace Crooke Walsall Limited Chartered Accountants Wallace House 20 Birmingham Road Walsall West Midlands WS1 2LT
8 June 2023
-5-
## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
**Charitable activities**
3
Education Grants
Relief in need
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
9
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
35,015
54,109
16,792
70,901
-
(35,886)
232,090
196,204
264,518
460,722|Endowment
fund
£
-
-
-
-
(147,621)
(147,621)
(232,090)
(379,711)
1,395,396
1,015,685|2022
Total
funds
£
35,015
54,109
16,792
70,901
(147,621)
(183,507)
-
(183,507)
1,659,914
1,476,407|2021
Total
funds
£
32,046|
|---|---|---|---|---|
|||||51,054
11,523|
|||||62,577|
|||||105,209|
|||||74,678
-|
|||||74,678
1,585,236|
|||||1,659,914|
The notes form part of these financial statements
-6-
## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **BALANCE SHEET 31 DECEMBER 2022**
|Notes
**FIXED ASSETS**
Investments
7
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
funds
£
-
464,622
(3,900)
460,722
460,722
460,722|Endowment
fund
£
976,561
39,124
-
39,124
1,015,685
1,015,685|2022
Total
funds
£
976,561
503,746
(3,900)
499,846
1,476,407
1,476,407
460,722
1,015,685
1,476,407|2021
Total
funds
£
1,151,813
512,241
(4,140)
508,101
1,659,914
1,659,914
264,518
1,395,396
1,659,914|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 June 2023 and were signed on its behalf by:
Mr D J Payne - Trustee
The notes form part of these financial statements
-7-
**THE GEORGE & THOMAS HENRY SALTER TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The George & Thomas Henry Salter Trust is a public benefit entity in England / Wales. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are page 1 of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The charity has got cash resources and has no requirement for external funding. The trustees have a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. They continue to believe that the going concern basis of accounting is appropriate in the preparation of the financial statements.
## **Critical accounting judgements and key sources of estimation uncertainty**
In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated judgements are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The trustees do not consider any of these judgements or estimations to have any significant effect on the financial statements.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
-8-
## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Fixed asset investments**
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **Pension costs and other post-retirement benefits**
The charity does not operates a defined contribution pension scheme.
## **Independent examiners remuneration**
The independent examiners remuneration amounts to an independent examination fee of £3,598 (2021 - £4,140).
## **2. INVESTMENT INCOME**
|Dividend income
Deposit account interest
Charities deposit fund Interest|2022
£
33,044
1,097
874
35,015|2021
£
30,590
1,445
11|
|---|---|---|
|||32,046|
## **3. CHARITABLE ACTIVITIES COSTS**
|Grant
funding of
activities
(see note
4)
£
Education Grants
48,255
Relief in need
9,884
58,139|Support
costs
£
5,854
6,908
12,762|Totals
£
54,109
16,792|
|---|---|---|
|||70,901|
continued...
-9-
## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022**
## **4. GRANTS PAYABLE**
|**GRANTS PAYABLE**|||
|---|---|---|
|Education Grants
Relief in need
The total grants paid to institutions during the year was as follows:
Education grants to local trainees at college and university
WBOS Youth Theatre
Boys and Girls Brigade's
Sandwell Asian Development Association
Education grants to local schools
Friends of Dartmouth Park
Charlemont Star Football Club
Charlemont Dramatic Society
West Bromwich Brownies
West Bromwich Rainbows
Yendy's Netball Club
Ryders Green Methodist Day Centre
14th West Bromwich Boys Brigade
West Bromwich Guides
Singh Sabha FC
Relief in Need - Cameo Friendship Group
CADS
Hope Church
PoliceCommunity Clubs of GB
West Brom Rambling Club
Dartmouth Ladies Bowling Club
West Brom Baptist Church
Brandhall colts East U9s
Canal River Trust
Dartmouth Central Club
26th Birmingham &3rd WarleyBB
Oldbury Swimming Triathlon
2nd Wednesbury Boys Brigade
Boys Brigade West Mid District
African Women Impact UK
Relief in need grants to local institutions|2022
£
48,255
9,884
58,139
2022
£
19,100
1,500
-
500
6,000
-
570
-
-
900
700
-
4,000
900
600
-
785
2,000
2,400
800
-
-
700
-
-
4,000
500
1,200
600
500
3,500
51,755|2021
£
47,018
6,467|
|||53,485|
|||2021
£
18,703
1,500
350
-
13,120
725
545
800
1,500
1,500
750
500
-
-
525
700
-
-
2,400
1,000
400
500
600
500
400
-
-
-
-
-
2,350|
|||49,368|
The total of education grants to local trainees at colleges and universities amounted to £19,100 (2021: £18,703), together with education grants to individuals and schools £29,155 (2021: £28,315) amounted to a total of £48,255 (2021: £47,018).
The total of relief in need grants paid to individuals amounted to £6,384 (2021: £4,117),together with the relief in need grants paid to institutions £3,500 (2021: £2,350) amounted in total to £9,884 (2021: £6,467).
continued...
-10-
## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022**
## **4. GRANTS PAYABLE - continued**
The grants paid to Institutions are detailed as follows;
||2022|2021|
|---|---|---|
||£|£|
|Bloomfields Over 50's club|1000|600|
|West Bromwich Arthritis Care Group|500|-|
|Cameo Friendship Group|750|700|
|BUDS|750|750|
|Others|-|300|
|Total|3500|2350|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
**Charitable activities**
Education Grants
Relief in need
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
32,046
51,054
11,523
62,577
-
(30,531)
295,049
264,518|Endowment
fund
£
-
-
-
-
105,209
105,209
1,290,187
1,395,396|Total
funds
£
32,046|
|---|---|---|---|
||||51,054
11,523|
||||62,577|
||||105,209|
||||74,678
1,585,236|
||||1,659,914|
continued...
-11-
## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022**
## **7. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 January 2022
Additions
Disposals
Revaluations
At 31 December 2022
**NET BOOK VALUE**
At 31 December 2022
At 31 December 2021
There were no investment assets outside the UK.
Cost or valuation at 31 December 2022 is represented by:|Listed
investments
£
1,151,813
17,666
(73,498)
(119,420)
976,561
976,561
1,151,813|
|---|---|
|Valuation in 2022
Cost
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**9.**
**MOVEMENT IN FUNDS**
Net
movement
At 1/1/22
in funds
£
£
**Unrestricted funds**
General fund
-
(35,886)
Education Fund
30,196
-
Relief in Need
234,322
-
264,518
(35,886)
**Endowment funds**
Endowment Fund
1,395,396
(147,621)
**TOTAL FUNDS**
1,659,914
(183,507)|2022
£
3,900
Transfers
between
funds
£
496,608
(30,196)
(234,322)
232,090
(232,090)
-|Listed
investments
£
239,119
737,442
976,561
2021
£
4,140
At
31/12/22
£
460,722
-
-
460,722
1,015,685
1,476,407|
|---|---|---|
continued...
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## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Endowment funds**
Endowment Fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
Education Fund
Relief in Need
**Endowment funds**
Endowment Fund
**TOTAL FUNDS**|Incoming
resources
£
35,015
-
35,015||
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Education Fund
Relief in Need
**Endowment funds**
Endowment Fund
**TOTAL FUNDS**|Incoming
resources
£
25,636
6,410
32,046
-
32,046|Resources
expended
£
(51,054)
(11,523)
(62,577)
-
(62,577)|Gains and
Movement
losses
in funds
£
£
-
(25,418)
-
(5,113)
-
(30,531)
105,209
105,209
105,209
74,678|
|---|---|---|---|
continued...
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## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
Education Fund
Relief in Need
**Endowment funds**
Endowment Fund
**TOTAL FUNDS**|At 1/1/21
£
-
55,614
239,435
295,049
1,290,187
1,585,236|Net
movement
in funds
£
(35,886)
(25,418)
(5,113)
(66,417)
(42,412)
(108,829)|Transfers
between
funds
£
496,608
(30,196)
(234,322)
232,090
(232,090)
-|At
31/12/22
£
460,722
-
-
460,722
1,015,685
1,476,407|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Education Fund
Relief in Need
**Endowment funds**
Endowment Fund
**TOTAL FUNDS**|Incoming
resources
£
35,015
25,636
6,410
67,061
-
67,061|Resources
expended
£
(70,901)
(51,054)
(11,523)
(133,478)
-
(133,478)|Gains and
Movement
losses
in funds
£
£
-
(35,886)
-
(25,418)
-
(5,113)
-
(66,417)
(42,412)
(42,412)
(42,412)
(108,829)|
|---|---|---|---|
## **Transfers between funds**
On the 3 November 2022, the trustees unanimously passed a resolution that the funds of the charity should with effect from this date hereo cease to be divided and should be treated and dealt with as unrestricted and applied accordingly.
continued...
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**THE GEORGE & THOMAS HENRY SALTER TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022**
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2022.
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## **THE GEORGE & THOMAS HENRY SALTER TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022**
||2022|2021|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Dividend income|33,044|30,590|
|Deposit account interest|1,097|1,445|
|Charities deposit fund Interest|874|11|
||35,015|32,046|
|**Total incoming resources**|35,015|32,046|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Grants to institutions|51,755|49,368|
|Grants to individuals|6,384|4,117|
||58,139|53,485|
|**Support costs**|||
|**Governance costs**|||
|Secretarial Fees|1,055|1,020|
|Clerks fees|3,000|2,950|
|Accountancy|3,597|4,200|
|Stockbroker Fees|3,537|-|
|Other administration costs|1,573|922|
||12,762|9,092|
|Total resources expended|70,901|62,577|
|**Net expenditure before gains and losses**|(35,886)|(30,531)|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset|||
|investments|(147,621)|105,209|
|**Net (expenditure)/income**|(183,507)|74,678|
This page does not form part of the statutory financial statements
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**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GEORGE & THOMAS HENRY SALTER TRUST**
## **Independent examiner's report to the trustees of The George & Thomas Henry Salter Trust**
I report to the charity trustees on my examination of the accounts of The George & Thomas Henry Salter Trust (the Trust) for the year ended 31 December 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr R A Smallwood FCCA
Wallace Crooke Walsall Limited Chartered Accountants Wallace House 20 Birmingham Road Walsall West Midlands WS1 2LT
8 June 2023
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