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||||
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|||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|
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||||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|
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|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|
##
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|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|