R¢stered Charity Number: 226799 SALTERS, COMPANY CHARITIES OF NICHOLAS AND BEAMOND ACCOUNTS FOR THE YEAR ENDED30 JUIYE 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 | 9-13 |
| 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 | |||||
| Trustee's | power ofinvestment | The Trustee's 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 Trustee | Mr TD Smith | |||
| Enquiries about the Charity |
should | be addressed | to | ||
| Mr TD Smith | |||||
| The Salters' Company | |||||
| Salters' Hall | |||||
| 4London Wall Place | |||||
| London | |||||
| EC2Y 5DE | |||||
| Registered Charity No. | 226799 | ||||
| Date ofregistration | 5October 1993 |
| Notes | 2023 | 2022 | ||
|---|---|---|---|---|
| 8 | f. | |||
| Fixed assets | ||||
| Tangible assets | 81,783 | 81,783 | ||
| Investments | 2,397,925 | 2 270 9'15 | ||
| Total frxed assets | 2,479,708 | 2,352,778 | ||
| Current assets | ||||
| Sundry debtors | 11,945 | |||
| Cash at bank | 18357 | 15,075 | ||
| Total current assets | 18,357 | 27,020 | ||
| Current liabilities | ||||
| Creditors | 6,435 | 20,824 | ||
| Net current assets/(liabilities) | 11,922 | 6196 | ||
| Net assets | 2,491,630 | 2,358,974 | ||
| The funds ofthe Charity | ||||
| Unrestricted funds |
64,547 | 57,822 | ||
| Designated funds |
39,504 | 35,810 | ||
| Permanent endowment |
fund | 2 387,579 | 2 265342 | |
| Total Charity funds | 2,491630 | 2350974 |
| Desiga ated | ||||||||
|---|---|---|---|---|---|---|---|---|
| Fund: | ||||||||
| Extra | Permaaeat | 2023 | 2022 | |||||
| Unrestricted | Ordinary | endowment | Total | Total | ||||
| funds | Repair | fund | funds | funds | ||||
| Notes | ||||||||
| Income from: | ||||||||
| Investments | 53,689 | 1,692 | 55,381 | 51,977 | ||||
| Total income | 53689 | 1 692 | 55381 | 51,977 | ||||
| Expenditure on: |
||||||||
| Charitable activities |
||||||||
| Grants made | 25,000 | 25,000 | 25,000 | |||||
| Running Almshouses |
21,440 | 21,440 | 20,054 | |||||
| Other | 3,215 | 3,215 | 1,285 | |||||
| Total expenditure | 49655 | 49,655 | 46,339 | |||||
| Net income before investment | ||||||||
| gaias | 4,034 | 1,692 | 5,726 | 5,638 | ||||
| Net investment | gain/(loss) | 4 | 2,691 | 2,002 | 122,237 | 126,930 | (42,299) | |
| Net income and net movement | of | |||||||
| funds | 6,725 | 3,694 | 122,237 | 132,656 | (36,661) | |||
| Reconciliation | offunds | |||||||
| Funds at 1 July | 2022 | 57,822 | 35,819 | 2,265 342 | 2,358,974 | 2 395635 | ||
| Funds at30June 2023 | &l,547 | 39,504 | 2,387,579 | 2,491,630 | ~2358~974 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Secondment | charges - The Salters' Management | Company Limited* | 15,208 | 18,484 |
| Charitable giving - grant to the Salters' Charitable |
Foundation | 25,000 | 25,000 | |
| Audit fee | 3,215 | 1,285 | ||
| Miscellaneous | expenses | 5,788 | 1,272 | |
| Investment managers' fees |
414 | 268 | ||
| Bank charges | 30 | 30 | ||
| 49.633 | 46,339 |
| An analysis | oft | he inv | e | stm | ents attri |
butable | to the fun | ds | ofth | e Cha | rity is set out b | elow: | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital | ||||||||||||||
| (permanent | ||||||||||||||
| endowment) | Unrestricted | |||||||||||||
| fund | funds | Total | ||||||||||||
| Stock exchange | securities | at market | value | 2,346,947 | 50,843 | 2,397,790 | ||||||||
| Deposits | 115 | 20 | 135 | |||||||||||
| 30June 2023 | 2,347,062 | 50,863 | 2,397,925 | |||||||||||
| 30June 2022 | 2,222,824 | 48,171 | 2,270,995 | |||||||||||
| 2023 | 2022 | |||||||||||||
| Market value | at | I July | 2,270,995 | 2,309,283 | ||||||||||
| Additions | 4,000 | |||||||||||||
| Proceeds Net investment gains |
/ | (losses) | 726,930 | 11 ~42, 299 |
||||||||||
| Market value at 30June | 2397'725 | 2,270,995 | ||||||||||||
| Historic cost | 1,264,880 | 1,264,880 | ||||||||||||
| Investments | held at 30 | June 2023 considered material | in the | context ofthe market value of | the portfolio are: | |||||||||
| ~ M F |
dM | 0* | Gl 06G | Mg | dI | F | dg | C0 | M | 2,397.790 | 2270860 | |||
| Creditors | ||||||||||||||
| 2023 | 2022 | |||||||||||||
| Other creditors | 2,541 | 1,285 | ||||||||||||
| The Salters' | Management | Company | Ltd | 3,894 | 3,539 | |||||||||
| The Salters | Charitable | Foundation | 16,000 | |||||||||||
| 6,435 | 20,824 |
| Net assets analysed between funds |
||||
|---|---|---|---|---|
| Capital | ||||
| (permaneat | ||||
| Unrestricted | Designated | endowment) | Total: | |
| funds | fund | fund | 2023 | |
| Land and buildings | 81,783 | 81,783 | ||
| Investments | 50,843 | 39,504 | 2,307,578 | 2,397,925 |
| Net current assets | 13704 | I 782 | 11,922 | |
| 64,547 | 39,504 | 2,31L579 | 2 491 630 | |
| PRIOR YEAR: Net assets analysed between funds |
Capitol (permaaent |
|||
| Unrestricted | Designated | endowment) | Total: | |
| funds | fuad | fuad | 2022 | |
| Land and buildings | 81,783 | 81,783 | ||
| Investments | 48,151 | 35,810 | 2,187,034 | 2,270,995 |
| Net current assets | 9671 | 3475 | 6 196 | |
| 57822 | 35,810 | 2,265,342 | 2,358,974 |
| Statement ofF | inancial Activiti | es f | or the year ende | d 30June 202 | 2 | ||
|---|---|---|---|---|---|---|---|
| Fund: | |||||||
| Extra | Permanent | 2022 | 2021 | ||||
| Unrestricted | Ordinary | endowment | Total | Total | |||
| fuads | Repair | fund | funds | funds | |||
| Income from: | |||||||
| Investments | 51,392 | 585 | 51,977 | 41,479 | |||
| Total income | 51392 | 585 | 51 977 | 41,479 | |||
| Expenditure on: |
|||||||
| Charitable activities |
|||||||
| Grants made | 25,000 | 25,000 | 18,000 | ||||
| Running Almshouses |
20,054 | 20,054 | 17,289 | ||||
| Other | 1,285 | 1,285 | 1,700 | ||||
| Total expenditure | 46,339 | 46339 | 36989 | ||||
| Net income before investment | |||||||
| gains Net investment |
gains | 5,053 | 585 ~894 |
~41,405 | 5,638 ~42,299 |
4,490 305.561 |
|
| Net income and net movement | of | ||||||
| funds | 5,053 | (309) | (41,405) | (36,661) | 310,051 | ||
| Reconciliation | offunds | ||||||
| Funds at I July | 2021 | 52,769 | 36 119 | 2,306 747 | 2,395 635 | 2,085,584 | |
| Funds at30June 2022 | 57,822 | 35.810 | 2,265 342 | 2,358974 | 2,395,635 |