Registeyed Charity Number: 226799 SALTERS, COMPANY CHAR[Es OF NICHOLAS AND BEAMOND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024
SALTERS, COMPANY CHARrrIKs OF IYICHOLAS AIW BEAMOND CoTEs Page TTUStee and advtsors TTUStee report Ind¢p¢ndent ouditors, r¢w)rt Statement of financial a¢tivitleS Balance sheet Notes to the financial statements 9-13
SALTERS, COMPANY CHARITIES OF NICHOLAS AND BEAMOND TRUSTEE AND ADVISORS FOR THE YEAR ENDED 30 JUNE 2024 Trustee The Master. WaTden5 and Commonalty of ihe Art or Mistery of Salters, London Master Mr RP Vacher Upper WardeD Mr AS Mcmurtrie SÈeond Warden The Lord Rockl¢y Bankers Lloyds Bank plc Threadneedle Str¢et. London Sollcitors Pinsent Masons LLP London Investment Manager Newton Investment Management Limited IAindon Audl¢ors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Trnglee'8 power of investment Th¢ Trusl¢¢'s powers of investment ar¢ governed by a Scheme of the Charity Commissioners sealed on l February 1963 with a supplemental order sealed on 14 June 1996 Clerk to the Trnslee Mr TD Smith Enquiries about the Charity should b¢ addressed to Mr TD Smith The Salters, Company Salters, Hall 4 London Wall Pl8¢e London EC2Y SDE Registered Cb*rity No. 226799 Date of registrntion 5 October 1993
SALTERS, CONIPANY CHAIUTIES OF NICHOLAS AND BEAMOL REPORT OF THE TRUSTKE FOR THE YEAR ENDED 30 JUNE 2024 Th¢ Trustee presents its report for the year ended 30 June 2024. Trustee The Trustee is appointed and serves in accordance with the terms of the Trust Deed. The Trustee meets to discuss Salters, Company Charities of Nicholas and Bearnond matters at least twice & year. either as the Salters, Court or an appointed sub-committee. Trustee and *dvisor8 The nam¢s of the Trustee and its advisors are shown on the preceding page. Statement of Trustee responjibilities The Trustee is responsible for preparing the ReTX)rt of the Trustees and the financial statements in accordance with applicable law and Unit¢d Kingdom Accounting Stsndards (United Kingdom Generally Acc¢pted Accounling Practic¢). The law applicable to charities in England & Wales requires the Trustee to prepare financial slatetnents for each financial year which give a true and fair view of the state of affairs of the Charity and of the incomin8 resources and application of resources of the Charity for that period. In pr¢paring ihese financial statements, the Trustee is required to.. select suitable accounting policies and then apply them consi.stenily; observe the methods and principles in the Charities SORP (Statement of Recommended Practice): make judgements and estimates that are reasonabl¢ and prudent. state whether applicable accounting siandards have be¢n followed. subject to any materi&l departures disclosed and explained in th¢ financial stalemenls; and prepare the financial statements on the going con¢¢rn basis unless it is inappropriate to presume that the Charity will continue as a Boing concern. The Trust¢¢ is responsible for keeping proper accounting records which disclose with reasonabl¢ a¢¢ura¢y at any lime the financial position of the Charity and lo enable it to ensure that the financial statements comply with the Charities Act 201 I, the Charity {A¢¢ounts and Reports) Regulalions 2008 and the provision5 of the Trust deed. It is also r¢sponsibl¢ for the prevention and detection of fraud and oiher irregularities. Th¢ Charity The Almshouses originally comprised six houses, fom)erly in Bread Street, afterwards in Salters, Court, Bow Lan4 founded by Ihe Will of ThoTnas Beamond, 1455. and twelve houses, fomierly in Monk Stre¢t. founded by the Will of Sir Ambrose Nicholas, Kt., l 578. Eighteen houses were built at Salters, Gardens. Church Road, Watford in 1863. These have now been converted into 39 residential units of differing sizes. A further eight house5 were built at Waiford in 1974, thus currently totalling 47 residential units. The Charities of Nicholas and B¢8mond. with numerou5 subsidiary endowments, were consolidated in 1924 by Order of the Charity Commissioners. The regulation of the Charities is governed by a Scheme sealed on 16 October 1974, as rnodified by V4 Scheme sealed on 5 October 1993 with a supplemental ord¢r s¢aled on 14 June 1996. The Charity sold a long-leasehold to the Warden Housing Association for 125 years from 1992. Investment powersy policy And performance The Trustee's investment Jxywers are governed by the Trust Deed, which pennits the Charity's funds to be invested in any security listed on the London Sto¢k Exchange. The policy 15 to produce the optimum total return from income or capital. whichever is the more effective in th¢ prevailing conditions. The Charity'5 investmenls have continued to be managed by Ih¢ Charity's investment manager in conforniity with the Charity's policy and the Trust Deed. The value of the portfolio increased during the year, net of purchases. by 9.211/ Key Personnel The Charity's key personnel and decision makers are the Court of the Salters, Company acting for the Company as Trustee and the Clerk to the Trustee. They did not receive remuneration.
SALTERS. COMPANY CHARrriES OF NICHOLAS AND BEAMOND REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024 Principal risk5 and uneertslntles The Trustee consider5 there are no material risks or uncertainties about the Charity's ability to continue as a going ncern due to the value of the totsl Charity funds at the yeay-end. The Trustee has assessed the major risks to which the Charity is exposed, in particular those related to the op¢rations and finances of the Almshouses. These have been &ddressed by (a) leasing the Almshouses to the Warden Housing Association (now Home Group Limited a registered society under the Co-operntive and Community Benefit Societies Act 2014 (registered number 22981 R)) to manage their operation (b) the long-terni Tnaintenance of the building assets and (c) continuing to grow the endowment of the Charity. To address th¢ maintenance risk a quinquennial survey was commissioned during 2019, its findings being used to ensure Home Group is maintaining the asset appropriately. Objeetiveg #nd aim$ of the Chgrity Following the sale on l January 1992 of a 125 years lease of the Salters, Gard¢n5 Slte to Warden Housing Association in return for a lump sum premium of £225,000 and retention of the right to nominate residents to a minimum of 12 units of accommodation (nomination rights were transferred to the leaseholder in 2010), the income of the Charities exc¢eded that which was needed io fulfil the principal objective set out in the Scheme, namely to apply th¢ income for the benefit of the almspeople or of any of them in such manner as ihe Trustee Ihinks fit from time to time. The Scheme allows that. if in any yearthe income of the Charities cannot be applied for the benefit of the almshouse5 nd their residents. il may be applied in one or more of the followin8 way5.. for the benefit of the alm.4hous¢s belonging lo James Smith's Almshouse Charity in the Royal Borough of Windsor and Maid¢nhead, in the Royal County of Berkshire and the residents thereof. for the relief of poor members of the Salters, Company; for the relief of poor peopl¢ in Greater London. Activitieg of the ChArity In ihe Current year a donation of £25,000 {2023.' £25,000) was made to the Salters, Charitable Foundation. At 30 June 2024 there were 13 residents. occupying 12 almshouses (2023.. 13 residents occupyin8 12 almshouses). Publlc benellt The Truslee has referred to the guidance contained in the Charity Commission's genetEI guid8nce on public benefit when reviewing th¢ aims and objeetives and in plannin8 future activities. In particular the Trust¢¢ ronsiders how planned activities will contribute to the aims and objeclives it has set. The Trustee consider the current activities deliver publi¢ b¢n¢fit. Details of the activities are giv¢n earlier in this report. FinAncial position and reserves policy of the Charlty Net gain before investment gains was £9,577 (2023.. £5.726). This nel expenditure ¢ombined with a gain on investments of £206,777 {2023.. £126,930) led to a gain in valu¢ of the pemi8nenl endowment and unrestricted funds of £216.354 (2023.. £132,656). It is the Truslee's intention to hold reserves excluding lh¢ endowment equal to at least one year's expenditure. At 30 June 2024 unrestricted reserves are £77,579 (2023.. £64,547)- Expendilure in the current year was £47.000 (2023.. £49.655). The Trustee will aitn to hold this level of reserv¢5 over the medium terni. Future plans The Trustee will continue to meet the objective and aim of the charity which is to apply the incolne of the Charity for the benefit of the almspeople of the Charity or any of them in such a rnanner &s the Trustee thinks fit from lime to lime, working in partnership with Warden Housin8 Association (Home Group Ltd) and by pursuing their ¢urrenl investm¢Dt slrntegy and policie5 for the distribution of Surplus resources for the poor of Greater London. For and on behalf of Salters, Company Charit. 5 Of Nicholas and Beamond on 7th November 2024. Mr RP Vacher Master For the Trustee Mcmurtrie pper Warden For the Trustee MrT Clerk to t rustee
SALTERS, COMPANY CHARITIES OF NICHOLAS AND BEAMOL INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 Opinion W¢ have audited the financial statements of the Sali¢rs' Company Charities of Nirholas and Beamond for the year ended 30 June 2024, which comprise the Statement of Financial Activities, the Balanc¢ Sheet and notes lo the financial stalemenls, including a Summary of si8nificant accounting policies. The financial reporting framework that has been applied in their prepardtion is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102, the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountin8 Pwlice). In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as at 30 June 2024 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practicc. and have been prepared in accordance with the requiremenls of the Charities Act 2011. BAsl8 for opinlon We conducted our audit in a¢¢ordan¢¢ with International Standards on Auditin8 (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial ststements section of our report. We are independent of the charity in accordance with the thhical requirements that are relevanl to our audit of the financial statements in Ihe UK. including ihe FRC'S Ethie&l Standard, and we have fulfilled our other eihical responsibiliti¢s in accordance with ihese requirements. We believe that the audit evidence w¢ have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusion relating to going eon¢ern In auditing the financial statements. we have concluded that the tTusl¢e's use of the going concern basis of accounting in the pr¢paralion of the financial siatements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating lo events or conditions that, individually or coll¢cliv¢ly, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statern¢nts are authorised for issue. Our responsibilities and the resw)nsibilities of the trustee with respect lo going concern are described in the relevant sections of this report. Other inform&lion The Iruste¢ is responsible for the other irtfomiation. The other infom)ation comprises the inforniation included in the annual rep¥)rt, oiher than the financial statements and our auditor's report thereon. Our opinion on ihe financial statements does not cover the other informalion and. except to the extent otherwise explicitly ststed in our reporL we do not ¢Kpress any fortn of assurance conclusion thereon. Our responsibility is to read ihe other infomiation and. in doing so. consider wheth¢r the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in th¢ course of the audit or otherwise appears to be materially misstated. If we identify such tnaterial inconsistencies or apparent material misstatements, we are required io det¢rniine whether this gives rise to a material misstat¢ment in the financial statements themselves. If, based on Ihe work we have performed, we conclud¢ that there is a material mi55tatement of this other inforniation- w¢ required to report that fact. In connection with our audit of the financial statements. our responsibility 15 lo read the other inforniation and, in doing so, consider whether the other information is materially inconsisl¢nt with the financial ststements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or app8nt malerial misstaiements, we are required to d¢tern)ine whether there is a material misstaletnent in the financial slat¢m¢nls or a material tnisstatement of the other infonnation. If, based on the work we have performed, we con¢lude that there is a material misstatement of this oiher infomiation, we are required to rep)rt that fact. We have nothing to report in this regard.
SALTERS, COLWIPANY CHARITIES OF NICHOLAS AND BEAMOND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024 Matten on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Report5) Regulations 2008 require us to report lo you if, in our opinion.. th¢ inforniation given in the Trustee's Annual Report is inconsislenl in any malerial respect with the financial statements. or the Charity has not kept sufficient accounting records- or th¢ finan¢ial statetnents are not in agreement with the accounting records and returns. or we have not received all the inforniaiion and explanations we require for our audit. R¢5ponslbilities of trustee As explained more fully in the Trustee'5 Responsibilities Statement set out on page 2, the trustee is responsible for the preparalion of the financial stalements and for being satisfied thai they give a twe and fair view. and for such internal control as the trusttt detemiines is necessary to enabl¢ the preparation of financial statements that are free from material misstal¢m¢nt. whether due to fraud or erroT. In preparing the financial statements, the trust¢¢ is resFrf)nsible for assessing the charity's ability to continue as a going concem, disclosing. as applicable. matters related to going concern and using the going con¢¢rn basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative bul to do so. Audltor's responsibilities for ¢he Audit of the finiftclal statements We have been appointed as audiiors under the Charities Act 201 l and report in accordance wilh regulations made under th81 Act. Our objectives are to obtain reasonable as5uran¢e about whether the financi81 statemenis as a whole are fr¢¢ from material misstatements, whether due lo fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conduLled in ac¢ordance with ISAS (UK) will always detect a moterial mi5Statement when il exists. Misstatemcnis can aris¢ from fraud or etyor and are considered material if, individually or in the aggregate. Ihey could reasonably be expected to influenc¢ Ihe ¢conomic decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined 8iM)V¢, to detect material misslatements in respect of irre8ularities, including fraud. The specific procedures for this engagemenl and the extent to which these are capable of detecting irregularitl¢5, includin8 frnud are detailed below. Identifying and assessin8 risks related to irregularities.. We &8sessed the susceptibility of the Charity's financial statements to material misstatement and how fraud might occur, including through discussions with PresentativeS of ihe trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluaied possible incentives and opportuniiies for frnudul¢n¢ manipulation of the financial Statements. We identified laws and re8ulations that are of si8nificance in the context of the Charity by discussion with represenlatives of the trustee and updating our understandin8 of the sector in which the Charity operaies. Laws And regulations of direct significance in the conlext of th¢ Charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wale5. Audit r¢sw)nse to risk identifi¢d. We considered the extent of compliance with these laws and regulations as part of our &udit procedures on the related financial stAtement it¢m5 including a review of financial statement disclosu$. We reviewed the Charity's records of breaches of laws and regulations, minutes of meetings and correspond¢n¢e with relevant authorities to identify potential material mi55tatements arisin8. We discussed the ChariWs policies and procedures for compliance with laws and regulations with members of management responsible for complian¢e.
SALTERS, ColANy CHARrrIES OF NICHOLAS AND BEAMOND tNDEPENDENT AUDITORS, REPORT TO THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024 During the planning meeting with the audil team, the engagement partner drew attention to the key areas which might involv¢ non-compliance with laws and regul&tions or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowldg¢ of any actual, suspected or alleged fraud. We addressed the risk of fraud through management oveIde of controls by testing the appropriateness of journal entries and identifying any si8nifi¢ant transactions that were unusual or outside the nornial course of business. We assessed whether judgements made in making aOUntIng estimates gave rise to )ssible indication of management bias. At the completion stage of the audit, the ¢ngag¢menl partner's review included ¢nsuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described al)ove and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the fin8nciAI ststem¢nls, th¢ less likely we would become aware of il. Also, the risk of not detecting a material misslatemenl due to fraud is higher ihan the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example, forgery or in¢¢n¢ional misrepresentations, or through Collusion. A further dwription of our responsibilities for th¢ audit of the financial stai¢ments is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description fom)s part of our auditor's report. Use of our report This report is made solely lo the charity's truslee, as a body. in accordance with part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the trustee tho matt¢rs we are required to state to them in an auditors, report and for no other purpose. To the fulles¢ extent perniitted by law, we do not awept or assume responsibility to anyone other than the charity and the trustees as body, for our audit work, for this report. or for the opinions we hav¢ fornied. IÉ Ljoatr 102 Saffery LLP Statutory Auditors 71 Queen Victoria Sire¢L London, EC4V 4BE Saffery LLP is eligible to act as an auditor in tmns of sectioll 1212 of the Companies Act 2006 and consequ¢ntly to act as the auditor of a registered charity.
SALTERS, COLPANy CHARITIES OF NICHOLAS AND BEAMOND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR EI¥DED 30 JUNE 2024 Deslgnatsd Fund: Extra Perrn3nent OrdinAry endowment Repair fund 2024 Total funds 2023 Total ds Unrestrieted furtds Notes In¢ome from: Investm¢nL8 55,377 1,200 56.577 55.381 Total income 56,577 55,381 Expenditure on: Charitable activities Grants made Running Almshouses Other 25,000 19.421 2,579 25.000 19,421 2.579 25,000 21,440 3,215 Total expendlture Net income before finvestment gains Net investment gain/(loss) Net ID¢om¢ and net movemellt of funds 47,000 47.000 49,655 8,377 4.655 1,200 3,617 9,577 206.777 5.726 126.930 198,505 13,032 4.817 198,505 216,354 132,656 Re¢on¢illation of ndS Funds at l July 2023 39,504 2,387,579 2,491,630 2.358.974 Funds at 30 June 2024 44.321 2,586,084 2.707,984 2,491,630 All of the above results derive from continuing activities of the Charity. There are no recognised gains and losses other than those reported above. Nol¢s I to 9 forn] part of these financial statem¢nls.
SALTERS, COMPANY CHARrrIES OF NICHOLAS AND BEAMOND BALAIYCE SHEET AS AT 30 JUNE 2024 Notes 2024 2023 Flxed Tangible assets Investments Tot81 flxed Assets 81.783 2,604,702 2.686,485 81,783 2.397.925 2,479,708 Curren¢ Assets Sundry debiors Cash at bank Tot41 current assets Current Ilabllltles Creditors 12,757 16,072 28,829 18,357 Net current aSSe{liAbIlItIe5) N¢t 8sJets 21.499 11,922 2 707 984 2491630 The fund8 ofthe Ch*rlty Unrestricted funds Designated funds Pemianent ertdowm¢nt fund Total ChArity funds 77,579 44.321 2,586.084 2 707 984 64.547 39,504 2 387 579 2491630 The financial statements on pages 7 to 13 were approv¢d by the Trustee on 7th November 2024 Mr RP Vacher Master For the Trust¢e AS Mcmurtrie Upper Warden For the Trustee MrTD Clerk to the Trustee The notes I to 9 forni part of ihese financial statements.
SALTERS, COLVIPANY CHARITIES OF IYICHOLAS AND BEAMOND NOTES TO THE FINANCIAL STATEMELYrs FOR THE YEAR ENDED 30 JUNE 2024 Aceoun¢ing poli¢ie5 l. l Aceoun¢ing convention The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The a¢¢ounts have been prepared in a¢cordance with the 'Slatement of Recommended Practice.. Accounting and Reporting by Charities preparing their &ccounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (2nd edition) and the Charities Act 2011. The financial statem¢nts have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulation5 2008 only to the extent required to provide a true and fair view. This departure has involved following the SORP rnther than Accounting and Reporting by Charities: Stalement of Recommended PrH¢ti¢¢ (revised 2005) which has been withdrawn. The financial statements ar¢ prepared in pounds sterling, which is the functional currency of the Charity. Monetry amounts in these financilll statements are rounded to th¢ n¢ar¢st £. The Charity constitut¢s a publi¢ benefit entity as defined by FRS 102. The Truste¢ considers there are no material uncertainties &lx)ut the Charity's ability lo Continue as h going concern due lo the value of the total Charity funds at lh¢ year-end. 1.2 Turllovtr Turnover represents inv¢stmenl income. 1.3 Trixed ossets The freehold housing land & buildings is slated al cost. No depreciation has been char8ed on the basis that it would be immatcriAI. As a resuli the freehold properties are subjected to impairnient r¢vi¢ws 81 the end of each reporting period. 1.4 Investmenl income Investm¢nt income is credited on an accruals basis. 1.5 Repalr8 Following the grant of a 125 year l¢as¢ lo Warden Housing Association of the Almshouses following redevelopment, the Charity Commission has agreed that no further annual contributions will be made to th¢ extraordinary repairs fund. The extr&ordinary repairs fund is being retained and both this and the genernl fund may be added lo in future years at the discretion of the Trustee. 1.6 Fund accounting For the purposes of these financial Slatements, fund5 have been se8re8ated into- ital Fund Being pernianent endowment funds which relate to funds donated where c&pital is required to be retained in perpetuity and the income is for use by the TtW5tee in lurthering the Charity's objects. Where the Trustee has right to utilise the capital these funds are expendable endowment and when tht right isxxercised a transfer is made from Capital to income. Income Fund Where the funds can be expended at the discretion of the Trustee. The income fund includes Extraordinary Repairs Fund {EORF), which ha5 be¢n designated by the Trustse for futur¢ repairs and to assess what repairs are required. 1.7 Investments Investments are stated at market value.
SALTERS, COMPANY CHAIUTIES OF LYICHOLAS AND BEAMOND NOTES TO THE FINANCIAL STATEMENTS FOR TH£ YEAR ENDED 30 JUNE 2024 Accounting Policies (continued) 1.8 Critical eslima¢es And Judgements &nd key sources of estimailon ulleertaity In the application of the Charity's accounting wlicies. the trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estiTnates are re£ogmis¢d in the period in which the estimate is revised wh¢r¢ the revision affects only that period. or in the period of the vIsion and fure priodS where the revision affects both current and futu periods. 1.9 Gifts ID kind Gifts in kind of shar¢s are valued at the amount realised on their disposal. 2 Expenditure 2024 2023 Secondment char8es- The Salters, Manag¢m¢nt Company Limited* Charitable giving- grant to the Salters, Charitabl¢ Foundalion Audit fe¢ Mi¢1[neOUS ¢xpenses Investm¢nt managers, fees Bank charge5 17.605 25,000 2,579 1,495 291 30 15.208 25.000 3.215 5.788 414 30 49,655 * The Sali¢rs' Mana8¢men¢ Company Limited is a subsidiary of The Salters, Company, the Charity's Trust¢¢. Employment Information The Charity has no employees. The Trustee has not r¢1Ved ¢ith¢r remuneration nor reimbursement of ¢xp¢nses in this or the preceding periods. 3 Tangible aJsets- Housing land and buildillgx 2024 2023 Cost and net book value at 30 June 2024 and 30 June 2023 Fre¢hold housing land And buildings comprise the Salters, Gardens site and residences. The site and old residences stated at nil cost, while £81,783 represents the cost of the bungalows built in 1974. io
SALTERS, COMPANY CHARITIES OF NICHOLAS AND BEAMOND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 30 JUNE 2024 4 Investmenls An analysis of the investments attributable to the funds of the Charity is set out below: Capital (permanent endowment) fund Unrestrieted fvrtds Total Stock exchange s¢curities ai market value tkp051ts 2.549.340 115 55.227 20 2.604,567 135 30 June 2024 2.549.455 55.248 2,604,702 30 June 2023 2,347.062 2,397,925 2024 2023 Market valu¢ at l July Additions Proceeds Net inv¢5tment gains l (losse5) Marke¢ value At 30 June 2,397,925 2,270,995 206,777 2,604,702 126.930 2.397,925 Historic cost 1,264 880 1264.880 Investments held 8130 June 2024 considered material in the context of the market value of the portfolio are: Newton Fund Managers Global Growth and Income Fund for Charities 2,604,567 2 397,790 5 Debtors 2024 2023 Prepayments and sundry debtors 12.757 6 Creditors 2024 2023 Other creditors The Salters, Management Company Ltd 2.580 2,541 3.894 6,435 7,330
SALTERS, COLIIPANY CHARITIES OF NICHOLAS AND BEAMOND NOTES TO THE FINANCIAL STATEllNTs FOR THE YEAR ENDED 30 JUNE 2024 7 Net assets analysed between funds Capitl (permanent endowment) IIiDd Unrestricted D¢8lgn8ted fund Total.. 2024 Land and buildings Investments Net current ass¢ls 81.783 2.505.134 833 81,783 2,604,702 55,247 22,332 77,579 44,321 2 586 084 2 707 984 PRtOR YEAR: Net assets Analysed between funds Cpital (p¢rThntnt endowment) fund Unrestrlcted fundj DeJl%nated ruad Totsl: 2023 Land and buildings Inveslments Net current assets 81,783 2,307,578 1,782 2 387 579 81.783 2.397.925 50,843 13.704 64,547 39.504 2,491630 8 R¢l#ted p4rty tran8actlonJ Expenditure for the year includes £17,605 (2023.. £15,208) relating to recharged employment and accommodation charges from The Salters, Management Company Ltd. The Salters, Mana8emenl Company Lid ig a subsidiary of the Salters, Company, the Charity's Trustee. At the year ¢nd lh¢ Charity owed £4.750 (2023: £3,894) to Th¢ Salt¢rs' Management Company Limited. Salters, Charitsble Foundation is an associated Charity. During the year th¢ Charity made a grant of £25,INJO (2023.. £25,000) to Solters, Charitable Foundation. Thcre were no other related party transactions during the year. 12
SALTERS, COMPAiYY CHAIUTt&S OF NICHOLAS AND BEAMOND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 9 S¢Atement of Financial Activliie8 for the year ended 30 Julle 2023 Fund: Extra Ordinary Repair Perjnanent endowment fund 2023 Tot81 funds 2022 Total funds Unre$trletsd funds Income from: Inveslments 53,689 53,689 1,692 1,692 55,381 55,381 51.977 51,977 Total income Expenditure on: Charilabl¢ activities Grants made Running Almshous¢s Other 25.000 21.440 3,215 25,IXIO 21,MO 3.215 25,000 20,054 1.285 Total expendi¢ure Net income before iDves¢m¢nt 8aln8 Nel investment gains Nel income net movemenl of nds Reco¢11]atL0tt of ndS Funds Ml l July 2021 49,655 49,655 46,339 4.034 1,692 5,726 126 930 5,638 122 237 6.725 3,694 122,237 132.656 (36,661) 2 265 342 2 358 974 2 395,635 Funds Ydt 30 June 2023 64.547 39,504 2 387.579 2,491630 2,358.974