2021-06-30-accounts

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

Trustee		The Master, Wardens	The Master, Wardens	and	Commonalty	Commonalty	of the	Art or Mistery of
		Salters' London
Master		Ms TJNichols
Upper Warden		Mr JRFranklin
Second Warden		Mr JWH Wordie
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
Trustees'	power ofinvestment	The Trustees' powers		ofinvestment		are governed		by a Scheme of
		the Charity Commissioners			sealed	on 1 February		1963with a
		supplemental order	sealed		on 14June 1996
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.	226799
Date ofregistration		5 October 1993

		Notes	2021	2020
			f	f
Fixed assets
Tangible assets			81,783	81,783
Investments			2,309,283	2,001,234
Total fixed assets			2,391,066	2,083,017
Current assets
Sundry debtors
Cash at bank			6,753	4,881
Total current assets			6,753	4,881
Current liabilities
Creditors			(2,184)	(2,314)
Net current assets/(liabilities)			4,569	2,567
Net assets			2,395,635	2,085,584
The funds ofthe Charity
Unrestricted funds			52,769	43,091
Designated funds			36,119	28,747
Permanent endowment	fund		2,306,747	2,013,746
Total Charity funds			2,395,635	2,085,584

				Designated
				Fund:
				Extra	Permanent	2021	2020
			Unrestricted	Ordinary	endowment	Total	Total
			funds	Repair	fund	funds	funds
		Notes		f	f
Income froani
Investments			40,597	882		41,479	57,606
Total income			40,597	882		41,479	57,606
Expenditure on:
Charitable activities
Grants made			18,000			18,000	30,000
Running Almshouses			17,289			17,289	23,245
Other			1,700			1,700	1,990
Totnl cxpenditurc			36,989			36,989	55 235
Net income before investment
gains			3,608	882		4,490	2,371
Net investment	gain/(loss)	4	6,070	6,490	293,001	305,561	(119,160)
Net income and nct movement		offunds	9,678	7,372	293,001	310,051	(116,789)
Reconciliation	offunds
Funds at 1 July	2020		43,091	28,747	2,013,746	2,085,584	2,202,373
Funds at 30June 2021			52,769	36,119	2,306,747	2,395,635	2,085,584

						2021f	2020
Secondment		charges - The Salters' Management		Company	Limited~	15,526	15,183
Charitable	giving - grant to the Salters' Charitable			Foundation		18,000	30,000
Audit fee						1,700	1,990
Almoner's	expenses					(1)	185
Miscellaneous		expenses				1,356	7,483
Investment	managers'		fees			377	394
Bank charges						30
						36,989	55,235

An analysis of	the investm	ents attributable to the funds	ofthe Charity is set out b	elow:
			Capital
			(permanent
			endowment)	Unrestricted
			fundf	fundsf	Totalf
Stock exchange	securities	at market value	2,260,109	49,046	2,309,155
Deposits			108	20	128
30June 2021			2,260,217	49,066	2,309,283
30June 2020			1,958,678	42,556	2,001,234
				2021f	2020f
Market value at 1 July			2,001,234		2,114,296
Additions				2,500	6,116
Proceeds				(11)	(18)
Net investment	gains			305,560	(119,160)
Market value	at30June		2,309,283		2,001,234
Historic cost			1,260,880		1,258,380

	Investments held at 30June 2021 considered	Investments held at 30June 2021 considered	Investments held at 30June 2021 considered	material	in the context ofthe market value ofthe portfolio are:	in the context ofthe market value ofthe portfolio are:
	Newton Fund Managers	Global Growth and		Income
	Fund for Charities				2,309,155	2,001,234
5	Creditors
					2021f	2020f
	Other creditors				1,977	2,069
	The Salters' Management	Company	Ltd		207	245
					2,184	2,314

Net assets analysed between funds
			Capital
			(permancnt
	Unrestricted	Designated	endowment)	Total:
	fundsf	fundf	fund	2021f
Land and buildings			81,783	81,783
Investments	49,046	36,119	2,224,118	2,309,283
Net current assets	(2,047)		6,904	4,569
	46,999	36,119	2,312,805	2,395,635
PRIOR YEAR: Net assets
analysed between funds			Capital
			(permanent
	Unrestricted	Designated	endowment)	Total:
	fundsf	fund	fundf	2020f
Land and buildings			81,783	81,783
Investments	40,524	28,747	1,931,963	2,001,234
Net current assets	2,567			2,567
	43,091	28,747	2,013,746	2,085,584

				Fund:
				Extra	Permanent	2020	2019
			Unrestricted	Ordinary	endowment	Total	Total
		Notes	funds	Repair	fund	funds	fundsf
Income from:
Investments			56,620	986		57,606	54,708
Total income			56,620	986		57,606	54,708
Expenditure on:
Charitable activities
Grants made			30,000			30,000	30,000
Running Almshouses			17,251	5,994		23,245	17,237
Other			1,990			1,990	1,800
Total expenditure			49,241	5,994		55,235	49,037
Net income before investment		gains	7,379	(5,008)		2,371	5,671
Net investment	gains	4	(584)	(2,532)	(116,044)	(119,160)	141,109
Net income and net movement		of
funds			6,795	(7,540)	(116,044)	(116,789)	146,780
Reconciliation	offunds
Funds at 1 July	2019		36,296	36,287	2,129,790	2,202,373	2,055,593
Funds at30June 2020		6	43,091	28,747	2,013,746	2,085,584	2,202,373