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2021-04-05-accounts

Charity Registration No. 273657

SALAMANDER CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

SALAMANDER CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees Mr R P Douglas Mrs A M Hardwick Mrs C Douglas Charity number 273657 Principal address The Old Rectory 5 Stamford Road South Luffenham Oakham LE15 8NT Independent examiner Mr C France Geens Limited 68 Liverpool Road Stoke on Trent ST4 1BG Bankers HSBC Bank PLC PO Box 68 130 New Street Birmingham B2 4JU Investment advisors Sarasin and Partners LLP Juxton House 100 St Paul's Churchyard London EC4M 8BU

SALAMANDER CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1
Independent examiner's report 2
Statement of financial activities 3
Balance sheet 4
Notes to the financial statements 5 - 9

SALAMANDER CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their report and accounts for the year ended 5 April 2021 .

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The principal objects of the Salamander Charitable Trust are to carry out all such charitable purposes as the trustees in their absolute discretion from time to time think fit.

The trustees confirm they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Achievements and performance

During the year, the charity endeavoured to give a total of £104,500. Each individual donation ranged in value from £1,000 to £6,500.

Financial review

In respect of the accounts, net outgoing resources before valuations during this year amounted to £45,204 compared to net outgoing resources of £34,367 in the previous year.

Net Investment gains amounted to £390,782 compared to losses of £135,564 in the previous year. Overall fund balances therefore increased by £ 345,578 , compared to a decrease of £ 169,931 in the previous year.

Reserves Policy

After discussion, the trustees’ reserve policy is now to gradually reduce the Trust’s investments. The aim will be to maintain at least the current level of grants to deserving charitable causes by selling investments so as to make up the shortfall in annual income, with the overall objective eventually of closing the Trust.

The financial position of the charity at the balance sheet date remains sound. The Charity’s funds are all unrestricted, and all the investments held have been acquired in accordance with the power available to the trustees. In addition, the trustees have not identified any major risks to which the charity is exposed.

Structure, governance and management

The Salamander Charitable Trust is an unincorporated body constituted by a Trust deed dated 10th Ma y 1977. The management of the charity is vested in the trustees who hold regular meetings.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr R P Douglas

Mrs A M Hardwick Mrs C Douglas

The power to appoint new trustees is vested in the continuing trustees.

The trustees' r eport was approved by the Board of Trustees.

Mr R P Douglas

Trustee Dated: 3 November 2021

SALAMANDER CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SALAMANDER CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of Salamander Charitable Trust (the charity) for the year ended 5 April 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mr C France Geens Limited 68 Liverpool Road Stoke on Trent ST4 1BG

Dated: 3 November 2021

SALAMANDER CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Notes
Income from:
Investments
2
Expenditure on:
Charitable activities
3 + 4
Net gains (losses) on investments
7
Net income/(expenditure)
Fund balances at 6 April 2020
Fund balances at 5 April 2021		 2021
£
60,610
105,814
390,782
345,578
1,660,787
2,006,365		 2020
£
61,830
96,197
(135,564)
(169,931)
1,830,718
1,660,787

The funds of the charity are all unrestricted funds.

SALAMANDER CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2021

2021
Notes
£
£
Fixed assets
Investments
8
1,985,559
Current assets
Cash at bank and in hand
22,006
Creditors: amounts falling due within
one year
9
(1,200)
Net current assets
20,806
Total assets less current liabilities
2,006,365
Income funds
Unrestricted funds
2,006,365
2,006,365
The financial statements were approved by the Trustees on 3 November 2021
Mr R P Douglas
Mrs A M Hardwick
Trustee
Trustee		 2020
£
£
1,638,390
24,437
(2,040)
22,397
1,660,787
1,660,787
1,660,787

SALAMANDER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The accounts are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and not less than one year from the date of approval.

The Trustees are constantly monitoring the position of the charity and the ongoing uncertain situation in respect of COVID-19 have written to our investment advisors to ask them to minimise the effect of the pandemic on the long-term reserves.

Under all scenarios reviewed, the Charity has sufficient reserves to enable it to continue as a going concern for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Dividends are recognised once the dividend has been received .

SALAMANDER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably .

All expenditure is accounted for on an accruals basis. All expenses including governance costs are allocated or apportioned to the applicable expenditure headings.

The costs of generating funds consist of investment management costs and certain legal fees.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.

Governance costs are those costs associated with governance of the charity which relate to the general running of the charity.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their purchase value. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Financial instruments are recognised on the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

SALAMANDER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

2 Investments

Income from UK equities and unit trusts
Interest on funds deposited with investment broker
Interest receivable		 2021
£
60,587
11
12
60,610		 2020
£
61,541
229
60
61,830

3 Grants payable

Grants to institutions:
Bible Translators and Distributers
Christian Broadcasters
Missions and Missionaries
Churches
UK Aid - Christian
UK Aid - Non-Christian
Overseas Aid - Christian
Overseas Aid - non-Christian
UK Aid - Medical
Medical Research
Support for Military Veterans
Dogs and Dog-related Charities
Sailing-based Charities
Music and the Arts
Others		 2021
£
4,500
8,500
9,000
13,000
11,000
11,000
14,500
5,500
5,000
9,000
3,000
2,000
2,000
4,500
2,000
104,500		 2020
£
4,500
8,000
8,000
11,000
10,000
7,000
13,500
6,500
3,000
7,000
3,000
2,000
3,000
4,500
3,000
94,000

SALAMANDER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

4 Support costs

Support
costs
Governance
costs
£
£
Independent examiner's
fees
-
1,200
Bank charges
-
-
Postage
-
-
Broker's fees
-
113
-
1,313
Analysed between
Charitable activities
-
1,313		 2021
£
1,200
-
-
113
1,313
1,313		 Support
costs
Governance
costs
£
£
-
1,820
-
10
-
49
-
318
-
2,197
-
2,197		 2020
£
1,820
10
49
318
2,197
2,197

Governance costs are classified by the trustees.

5 Trustees

T he trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (20 20 : £nil). No trustees had expenses reimbursed during the period (2020: £nil).

6 Employees

The average monthly number of employees during the year was:

Total
7
Net gains/(losses) on investments
Unrealised gains/(losses) on changes in market value of investments held
Realised gains/(losses) on disposal of investments		 2021
2020
Number
Number
-
-
2021
2020
£
£
377,646
(143,557)
13,136
7,993
390,782
(135,564)

SALAMANDER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

8 Fixed asset investments

Listed
investments
£
Cost or valuation
At 6 April 2020
1,632,273
Valuation changes
390,782
Realisation of investments
(43,500)
Investment management fees paid
-
At 5 April 2021
1,979,555
Carrying amount
At 05 April 2021
1,979,555
At 05 April 2020
1,632,273		 Cash in
portfolio
6,117
-
-
(113)
6,004
6,004
6,117		 Total
£
1,638,390
390,782
(43,500)
(113)
1,985,559
1,985,559
1,638,390

Fixed asset investments revalued

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

9 Creditors: amounts falling due within one year

Accruals and deferred income
10
Related party transactions		 2021
£
1,200		 2020
£
2,040

There were no disclosable related party transactions during the year (2020 - none) .