REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE GEORGE & THOMAS HENRY SALTER TRUST Wallace Crooke Walsall Limited Chartered Accountants Wallace House 20 Birmingham Road Walsall West Midlands WS12LT
THE GEORGE & THOMAS HENRY SALTER TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 Page Report ofthe Trustees 1 to 4 Independent Examlnerfs Report Statement of Financial Actlvltles Balance Sheet Note5 to the Financlal Statements 8 to 14 Detalled Statement of Flnanclal Actlvltles 15
THE GEORGE & THOMAS HENRY SALTER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report wf(h the financial stslements of the charty for the year ended 31 December 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Charf(ies.' Statement of Recommende(t Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective l January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The objectives of the Charity are the advancement of education and the relief need in the Sarvjwell MelroFolrtan Borough Council area. The Trustees aim lo provide educational grants to individuals of any age or gender who are resident in the SarKlwell lo assist them to pursue their education. including general, professional and technical training whether in the United Kingdom or abroad and lo organisations who provide educational oppOrtUne8 for such individuals. They also aim ID appty fvnds for the relief of need whether via grants lo institutions and organis8tions operating in Sanowell for the benefit of Sandwell residents or lo individual residents of Sandwell who are in condiliLMS of need. haidship OT distress. The applicalh)n of Inccrfne is splil btheen the advancenEnl of educal)n and the Relief of need. Public beneflt The Trustees have regards to the Charty CMisSIon.S guidance on public benefit when considering the actimlies undertaken by the charity. ACHIEVEMENT AND PERFORMANCE Charitable activitles The Trustees continued to encourage 2nd promote Ihe objectives of the charity in the S8ndwell area. 11 is hoped that Ihg setting up of Charity's website continued to assist applInIS in applying for granis. The Eduealion grants In¢ased by 7.990h. Fewer applications had been received from schools for projects and from students. However more applicath.ons had been reeaved from youth organisations. The grants made for Relief in Need decreased by 19.61% due to increased conlael with supwt organisalions due lo the increased need as a result of hwJher costs of living and reduced stale benefits and more contact with supporting third party agencies. The incoming resources from generated funds decreasèd by 2.010 and the govemance c051s inueased by 27.47% due lo general inflalDnary increases in clerk and a¢¢ounlancy fees. postage. stationery and printing costs and some additional stockbrokers fees followng the change of investrnenl manJers.
THE GEORGE & THOMAS HENRY SALTER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2024 FINANCIAL REWEW Principal fundlng sources During the year, the Trustees reviewed the perf0rrnan of their investment managets to ensure the continued growth of income and capital. Various staff members had left EFG Hairis Allday and the service provided was no longer as largeled and personal to the Irusl. 11 was fell that the stockbrokers no longer undeislood the operatlDn of the trust and ils requirements and th21 this was reflected in their inve51menl management. After some research il was agreed lo move the investment portfolro lo Hawksmoor Iriveslmenl Managernenl. The transfer of assets look time bul was finally completed in October. However the Trustees are satisfied that the move benefrts the trust. Schools, colleges and local organisalions and Indmduals were provided with eilucalion grants totslly £51,322. 11 indiwduals and S organisalions were provlded with Rellef in Need grants totalling £6,300. This represents 135% 12023 146Yol of the total income received from investments of £40,928 1 2023 £41.768). As al 1 January 2024, the market value of fixed investments was £1,013,289. As al 31 December 2024, the fair Vatr of fixed as5el investments was £1,024,10312023 - £1,013.2891. This increase of £10,814 is represented by an increase in fair value of £67,839.36 as al the year end and a proft on diswsal of investments al cost of £100.588. Cash at the bank decreased during the year from £462.485 as at 1st January 2024 10 £449,407 as at 31 December 2024. The B21ance Sheet shows net assets of £1,469,04612023 £1,476.5141. Fixed Assets The Charty has no tangible fixed assets. Reserves Policy The Trustees have established the level of reserves that they think the Charity ought to have. Resetves are required to provide funds which can be designated to specific projects to enable these projects lo be undertaken al short notice. The Charity supports organisalions which arg dependent upon that continued support. The Trustees are concerned that Government and Local Authority fvnding is diminishing. This lack of social lunding will necess8rily result in more applicants for grants which the Trustees would wish lo en5Lire they can support. The Charit8 ineome and capital 9rowth musl be preserved to ensure support for these projects and needs in the long lern. The Trustees consider it prudent that Ihe 8moLTnl of unTe51ricted reserves should be sufficient to cover future adminislralion and support costs and therefore providè a Reserve of bebNeen £300,000 and £500,000. The cUrn1 level of reserves of £391,816 is considered to be reasonable. Going concem The financial slalements have been prepared on a going concem basis as the Iruslees believe that no material uncertainties exi81. The trustees have consided the Ve1 of funds held and the expected level of incomg and expenditure for 12 months from aulhorising these financial slaletnenls. The budget&1 inc(me and expgndf(ure 15 sufficient with the level of reserves for the charity lo be able lo continue as a going ncem.
THE GEORGE & THOMAS HENRY SALTER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE PLANS Tru51ees an11Pate that Current intxeased living costs, increases in sludenl costs and reductions in benefts and funds available for education, social and cornmunily projects and support for spcKts will resutt in more grant applications. They will continue to promote the charity through their Website. They will consider incrgasing the value of their stsndard grants to refflect infiation increases. For advancenpnl of educalron. they wll continue advising 6th fomi colleges of the grants avaikble foF indwidual students. They will seek applications from schools for projects particularly those lo provide sensory and quiet spaces, gardening and similar opportunities for pupils which are being found lo be beneffcial lo counter the ongang effects of the bckdowns during the pandemi¢. Outside schcM)Is. Trustees will hope lo encourage applications from scouts. guKles and Boys Brwades, sports clubs and other community activities, For Relief in need, the Trustees wll continue to publicize the trust lo third paty agencies such as SOCHI services, Sandwell Children's Trust and Ci(Eens Ad who support individual needy Sandwell residents. They will also seek applicatKJns from org8nisalions providing supporL partuladY sctial opportunities for the elderfy and disabled in Sandwell. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The ¢harity is controlled by governing document, a deed of trust and conslrtutes an unincorporated charity. The Charty was fomied and then registered with the Charity Commission (Registration Number 216503} c 29 March 1968. The body of trustees shall consist, when complete. of six corrpelenl persons beir4J Ore Ex officio Trustee- The Mayoi of the Borough of Sanell and Flve Trustees- Representslives of the Borough of SaThlwell The Trustees ofthe Charty during the yearwere as slated in the Trust information schedule. The Trustees are appointed at the general meeting of the Charity. New Trustses are briefed on their legal obligations under Charty Law and the Trust Deed. Risk Assessment The Trustees have assessed the major risks lo which the Charty is exposed in particular, those relating lo the operations and finances of the Charity and are satisfied that 5y51ems are in place lo miligale exposure lo those rlgks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 216503 Principal address 8 Yarnborough Hill Stourbridge Wesl MidLands DY8 2EB Trustses Mrs A F Maybury {deceased 2513r20251 MrD J Payne Mayor of Sandwell Ve2sey-Pugh Mrs D Wills Mr S N Jerrison
THE GEORGE & THOMAS HENRY SALTER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Mr R A Smallwood FCCA Wallace Crooke Walsall Limrted Chartered Accounlanls Wallace House 20 Bimiingham Road Walsall Wesl Midlands WS12LT Clerk to the Twstees Mrs J.S. Styler Bankers National Westminster Bank Pl¢ 309 High Street West Bromwich West Midlands B70 8LX Approved by order of the board of trustees on .. ... and signed on its behalf by.. Mr D J Payne- Trustee
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GEORGE & THOMAS HENRY SALTER TRUST Independent examlner's report to the trustees of The George & Thornas Henry Salter Trust I report lo the charity Iruslees on my examination of the accounts of The George & Thomas Henry Salter Trust (the Trust) for the year ended 31 December 2024. Responsibilities and basis of report As the charity Iruslees of the Trust you are responsible for the preparation of the accounts in acCOrdae with the requirements of the Charities Act 2011 fthe Act'l. 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 gNen by the Charity Commission under Section 14515llb} of the Act. Independent examinerfs statement I have completed my examinatKJn. I confimi that no material matters have come to my attention in connection with the examinalK)n giving mè cause k) believe that in any material fespect.. accounliro records were not kept in respect of the Trust as required by Section 130 of IheAd'. or the accounts do not accoTd with those records; or the accounts do not compty with the applicable requirements concerning the form and conlenl of accounts sel 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 examlnation. I have no concerns and have come across no other matters in connection wlh the examination lo which attention should be drawn in this report in order to enable a prcFer understanding of the C(MJnlS to be reached. Mr R A Smallwood FCCA Wallace Crooke Walsall Limf(ed Chartered Accounlanls VValla¢e House 20 Bimiingham Road Walsall Wesl Midlands WS12LT
THE GEORGE & THOMAS HENRY SALTER TRUST STATEMEMf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total fvnds Unrestricted Endowment funds fund Notes INCOME AND ENDOWMENTS FROM Investment incomg 40,928 40,928 41,768 EXPENDITURE ON Charitable actlvltles Education Grants Relief in need 57.434 18,711 57,434 18,711 56,100 19.357 Tolal 76,145 76,145 75.457 Net gains on investments 32,749 32.749 28,796 NET INCOMEI(EXPENDITURE) 135,217) 32,749 12,4681 14.893) RECONCILIATION OF FUNDS Total funds brought forward 427,033 1,044,481 1,471.514 1,478,407 TOTAL FUNDS CARRIED FORWARD 391,816 1,077,230 1.469,046 1,471,514 The notes form part of these financial statements
THE GEORGE & THOMAS HENRY SALTER TRUST BAiANCE SHEET 31 DECEMBER 2024 2024 Total fvnds 2023 Total funds Unrestricted Endowment funds fund Notes FIXED ASSETS Investments 1.024,103 1.024.103 1.013.289 CURRENT ASss Cash al bank 396.280 53.127 449,407 462,485 CREDITORS Amounts falling due wlhin one year {4,464} 14,4641 14,2601 NET CURRENT ASSETS 391,816 53.127 444,943 458,225 TOTAL ASSETS LESS CURRENT LIABILITIES 391.816 1.077,230 1,469,046 1,471,514 NET ASSETS 391.816 1.077,230 1.469.046 1,471.514 FUNDS Unrestricted funds Endowment funds 391,816 1,077,230 427.033 1,044,481 TOTAL FUNDS 1.469,046 1,471,514 The finantial statements were approved by Ihe Board of Twslees and aulhorised for issue on . and were signed on rts behaK by.. Mr D J Payne- Trustee The notes form part of these fmancial statements
THE GEORGE & THOMAS HENRY SALTER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 ACCOUNTING POUCIES Basis of preparing the financial statements The George & Thomas Henry Satter Trust is a public benefit entity in England I Wales. The address of the registered i)ffice ts given in the charity infomialK)n on page 2 of these financial slalements. nature of the charity's opetalions and principal activities are page 1 of these financial slalemenls. The charity conslilules a public benefrt entity as defined by FRS 102. The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalement Recommended Practice applicable to charities preparing their accounts in accordance wlh the Financial Reporting Stsndard Èpplicable in the UK and Republic of Ireland IFRS 1 D21 issued on 16 Jufy 2014 la5 updated through Update Bulletin 1 published on 2 February 20161, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepted Practice as il applies from 1 January 2015. The charity has applied Update Bulletin 1 a8 publish on 2 February 2016 and does not include cash flow slatgment on the grounds that il is applying FRS 102 Section 1A The financial statements are prepared on a going concern basis under the historical c05t convention, modrfied lo include certain r(ems al fair value. The financial stslemenls are presented in slerting whh is the functional ¢urFency of the charity and rounded lo the nearest £1. The Signffant accounting policies applied in the preparation of these financial st*em&nls are set out below. These policies have been consislenlly applied lo all years presented unless olhemise stated. Tho charity has gol cash resources and has no requirement for external funding. The trustees h8ve a reasonable expectation that Iherg are adequate resources to continue in operational existen for the foreseeable futurè. They continue to believe that the going concern basis of accounting is appropriate in the preparation of the financial slatemenls. Crltlcal accountingjudgements and key sources of estimation uncertainty In the application of the Charity's accounting policie5. Ihe Iruslees are required lo make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sOUrs. The estim81es and associated judgements are based on historical experienc8 and other fadors that are considered lo be relevant. Actual results may differ from these eslimales. The trustees do not consider any of these judgements or eslimalions lo have any sNJnificanl effect on the financial statements. Income All income is recognised In the Statement of Financi41 Actvtiies once the charity has enti(lement to the funds. il is probable that the income will be received and the amount can be measured reliably. EXnditUre Liabilrties are recognised as expenditure as sojn as there is a legal or conslruclive (l)ligalion committing the charrty lo 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 relk2bty. Expenditure Is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the calggory. Vvhere costs eannol be directly attributed lo particular headings they have been allocated to activth'es on a basis consistent wlh the use of resources. Grants offered subject to conditsons which have not been met at the year end dale are noted as a eommilmenl but not accfued as expenditure. Taxation The charity is exempl from lax on its charitable actwilies. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives al the discretion d the trustees. continued...
THE GEORGE & THOMAS HENRY SALTER TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER2024 ACCOUNTING POLICIES- continued Fund accountlng Reslricled funds Can On be used for Partular restricted purposes within the objects of the charty. Reslricbons arise when specified by Ihe donor or when funds are raised for parbcular reslricled purposes. Further explanation of the nature and purpose of each fund is included in the notes to the ffinancial slalemenls. Fixed asset investments Investments are initially recognised at their Iransacticm value and subsequenlly measured 81 their market value as at the balance sheet dale using the closing quoted market price. The statement of financial activities includes the nel gains and losses arising on revaluation and disposaL8 throughout the year. Hlre purchase and leasing commitments Renta15 paid under operating leases a charged to the Slalement of FinancHI Activities on a straight line basis over the period of the lease. Pension Costs and other postaretirement bgnefit$ The charty $ not operates a defined contribution pensi)n he. Independent examiners remuneratlon The independent examiners remuneralon amounts lo an independent examination fee of £4,404 12023- £4,440). INVESTPIIENT INCOME 2024 2023 Dividend income Deposit account interest Charities deposit fund Interest 25,223 10,153 5,552 30,546 7,356 3.866 40,928 41.768 CHARITABLE ACTIVITIES COSTS Grant funding of acliwlies Iseg note 41 Support costs Totals EducalKJn Grants Relief in need 48,172 9,450 9,262 9,261 57,434 18,711 57,622 18,523 76,145 continued..,
THE GEORGE & THOMAS HENRY SALTER TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 GRANTS PAYABLE 2024 2023 Education Grants Relief in need 48.172 9,450 48.835 12.091 57,622 60,926 The total grants paid lo instrtutions during the yearwas as fdlows.. 2024 2023 Education grants to local trainees at college and university BOS Youth Theatre Sandwell Asian Development Association Education grants lo local schwls Friends of Dartmouth Park Charlemont Star Fwlball Club Charlemonl Dramatic Scciely Yendy's Netball Club 14th West Brornwh Boys BrvJade Singh Sabha FC Relief in Need- Cameo Frietxlship Group Dartmouth Central Club 2nd1261h Birmingham & 3rd Waty BB Boys Brigade Wesl Mid District Relief in need grants lo IcKal instilutw)ns The Gap Christian Family Centre Sandwell Youth in Action Albright Education Centre St Bernards Church Dartmouth Links BIng Club 5th Wesl Bromwich Boys, Brigade 37th Wesl Bromwich Brownies Sandwell Asian Development Associatn African Women Impact UK Dartmouth Central Club Wesl Brom¥Mch Arthritis Self Help Brandhall Colts East U 105 GAP Entertainment CIC Mid Staffs & Sandwell Battalion Sandwell MBC-Plas Gwynanl 2nd Wednesbury Boys. Brigade 37th Wesl Bromwich Guides 37th Wesl Bromwich Rainbows 46th Sandwell Couts Gayton Indoor Bowls Club Sandwell U3A Showtime Communty ProduCtn$ 1,000 1,500 500 5.900 25,850 1.500 500 600 1,000 850 4,000 600 1,000 600 4.000 560 4,000 2,000 3,150 3,000 900 4,164 250 250 850 350 500 500 500 500 500 560 575 700 1,000 1.$00 2.000 1,500 1,250 500 1.500 412 2,000 soo 32.872 52,999 The lolal of education grants to local trainees al colleges and universities amounted lo £21,600 12023.. £17,550). together wlh education grants lo indiwdua15 and schools £29.722 12023.. £31.2851 anv)unled lo a lolal of £51.322 {2023.. £48,835). The total of reliet in need grants paid lo individuals amounted lo £3,15012023'. £7,927}.together with the relief in need grants paid to institutions £3,15012023.' £4,614} anKJunled M) total lo £6.300 12023.. £12.0911. -10- continued...
THE GEORGE & THOMAS HENRY SALTER TRUST NOTES TO THE FINANCIAL STATENIENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 GRANTS PAYABLE- contlnued The grants paid lo Inslilulions are detailed as fonows.. 2024 2023 Bloomfield Over 50's club Wesl Bromwich Arthritis Care Group Cameo Friendship Group Sandwell African Women Assn Leabict41 Melhodisl church BUDS St John's Tipton Ryders Green Methodist Day Centre Sandwell Young Careers Total 1.000 50L) 1.000 150 500 1,000 750 1,164 1,000 2,500 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits lor the year ended 31 December 2024 nor for the year eIed 31 December 2023. Trustees. expenses There were no trust, expenses paid for the year ended 31 t)ecember 2024 ngr for the year ended 31 December 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricted Endowment funds fund Total funds INCOME AND ENDOWMENTS FROM Investh)ent ince(ne 41,768 41,768 EXPENDITURE ON Charltable activities Educali)n Grants Relief in need .100 19.357 56,100 19,357 Totsl 75,457 75,457 Net gains on investments 28.796 28.796 NET INCOMEIIEXPENDITUREI (33,689) 28,796 (4,8931 RECONCILIATION OF FUNDS Total funds brought forward 460,722 1,015,68S 1,476.407 TOTAL FUNDS CARRIED FORWARD 427,033 1,044,481 1.471.514 -11- continued...
THE GEORGE & THOMAS HENRY SALTER TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSET INVESTMENTS Liqled investments MARKET VALUE Al 1 January 2024 Additions Disposals Revaluations 1,013,289 443,010 1364,3571 167.8391 Al 31 December 2024 1,024,103 NET BOOK VALUE Al 31 December 2024 1,024,103 At 31 December 2023 1,013,289 There were no inveslrnenl assets outside the UK. Cost or valuation at 31 Deeember 2024 is represented by: sled investments Valuation in 2024 1,024,103 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 4,464 4,260 MOVEMENT IN FUNDS Net movement in funds Al 111124 31112124 Unrestricted funds General fund 427.033 (35,2171 391,816 Endomnent funds Endowment Fund 1,044,481 32,749 1.077,230 TOTAL FUNDS 1,471,514 12,4681 1,469,046 -12- continued...
THE GEORGE & THOMAS HENRY SALTER TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 MOVEMENT IN FUNDS- continued Nel movement in funds, included in the aly)ve are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fijnd 40,928 176.145) {35.217) Endowment funds Endowment Fund 32,749 32,749 TOTAL FUNDS 40,928 176.1451 32.749 12,468) Compardtives for movement in funds Net movement in funds At 31112123 At 111123 Unrestricted funds General fund 460.722 133.6891 427,033 Endowment funds Endowment Fund 1,015,685 28,796 1,044,481 TOTAL FUNDS 1,476,407 14,893} 1,471.514 Comparative net movement in funds. included in the above are as follows.. Incomy)g reSoue$ Resources expended Gains and losses Movgmenl I funds Unrestrlcted funds General fund 41,768 (75,457) 133.689} Endowment funds Endowment Fund 28,796 28.798 TOTAL FUNDS 41,768 175,457) 28,796 14,8931 continued...
THE GEORGE & THOMAS HENRY SALTER TRUST NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 DECEMBER 2024 10. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. -14-
THE GEORGE & THOMAS HENRY SALTER TRUST DETAILED STATEMENT OF FINANCIAL ACTIWTIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Oividend income Dep05il account inler&sl Charilies deposit fund Interest 25,223 10,153 5.552 30,546 7,356 3.866 40.928 41,768 Totsl Incoming resoUeS 40,928 41.768 EXPENDITURE Charitable activitles Grants lo inslilulws Grants to indThiiduals 32.872 24.750 52.999 7.927 57.622 60,926 Support costs Governance Costs Secretarial Fees Clerks fees Accountancy Stockbroker Fees Other adminislralion costs 1,140 3,400 4.404 8,360 1.219 1,125 3.300 4.440 4.235 1.431 18,523 14,531 Total resource5 expended 76,145 75,457 Net expenditure before gains and losses {35,217) {33,689) Reallsed recognised galns and losses Realised gainslllossesl on fixed asset investments 32,749 28,798 Net expendire 12,4681 14.8931 This page does not fomi @ of the stalulory financial slalements -i&