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|CONTENTS||Page|Page|
|---|---|---|---|
|Trustee and advisors||||
|Trustee Report||'7|5|
|Independent<br>auditors'|report|6-8||
|Statement offinancial|activities|||
|Balance sheet|||10|
|Notes to the financial|statements|Il|- l8|





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|Master||Ms TJNichols|||
|---|---|---|---|---|
|Upper Warden||Mr JR Franklin|||
|Second Warden||Mr JWH Wordie|||
|Bankers||Lloyds Bank pic|||
|||Threadneedle<br>Street, London|||
|Solicitors||Pinsent Masons LLP|||
|||London|||
|Investment|Manager|Newton<br>Investment|Management|Limited|
|||London|||
|Auditors||Saffery Champness|LLP||
|||71 Queen Victoria Street|||
|||London|||
|||EC4V4BE|||
|Clerk to the Trustee||Mr TD Smith|||
|||Enquiries<br>about the|Charity should|be addressed to:|
|||Mr TD Smith|||
|||The Salters' Company|||
|||Salters' Hall|||
|||4 London Wall Place|||
|||London|||
|||EC2Y SDE|||
|Registered|Charity No.|328258|||
|Date ofregistration:||1 June 1989|||





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||||Notes|2021f|2020f|
|---|---|---|---|---|---|
|Fixed assets||||||
|Investments||||2,342,949|1,978,897|
|Total fixed assets||||2,342,949|1,978,897|
|Current<br>assets||||||
|Cash at bank||||135,275|118,624|
|Debtors||||3,228|3,279|
|Total current assets||||138,503|121,903|
|Current<br>liabilities||||||
|Creditors||||(71,377)|(41,557)|
|Net current|assets|||67,126|80,346|
|Net assets||||2,410,075|2,059,243|
|The funds ofthe Charity||||||
|Unrestricted|fund|||440,208|325,774|
|Restricted<br>fund||||0|42,002|
|Expendable|endowment|fund||1,969,867|1,691,467|
|||||2,410,075|2,059,243|







||||Unrestricted||Expendable|2021|2020|
|---|---|---|---|---|---|---|---|
||||General|Restricted|Endosvment|Total|Total|
||||Fundf|Fundsf|Fundf|Fundsf|Fundsf|
|Income from:||Notes||||||
|Donations|||146,991|20,521|30,034|197,546|190,776|
|Investments|||28,716|12,191||40,907|56,005|
|Charitable<br>activities|||400|||400|2,320|
|Total income|||176,107|32,712|30,034|238,853|249,101|
|Expenditure<br>on:||||||||
|Charitable<br>activities||3|48,638|||48,638|49,622|
|Charitable<br>donations||4|26,050|83,164||109,214|134,087|
|Costs incurred<br>making||||||||
|donations||5|32,429|5,191||37,620|36,292|
|Other||6|3,966|635||4,601|6,902|
|Total expenditure|||111,083|88,990||200,073|226,903|
|Nct income before|gains on|||||||
|investments|||65,024|(56,278)|30,034|38,780|22,198|
|Transfer between|funds|||7,907|(7,907)|||
|(Losses)/Gains<br>on||||||||
|investments|||49,410|6,369|256 772|312,052|(117,277)|
|Nct movement<br>in funds|||114,434|(42,002)|278,400|350,832|(95,079)|
|Reconciliation offunds||||||||
|As<br>1 July 2020|||325,774|42,002|1,691,467|2,059,243|2,154,322|
|As 30June 2021|||440,208|0|1,969,867|2,410,075|2,059,243|





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||||Unrestricted||Expendable|202l|2020|
|---|---|---|---|---|---|---|---|
||||General|Restricted|Endowment|Total|Total|
||||Fundf|Funds|Fundsf|Fundsf|Funds|
|Salters' Company|Grant-in-Aid||110,000|||110,000|87,788|
|Charities ofNicholas||and||||||
|Beamond||||18,000||18,000|30,000|
|Livery Donations|||36,991|2,521|30,034|69,546|72,988|
||||146,991|20,521|30,034|197,546|190,776|



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|Charitable<br>activities||||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2021f|2020f|
|Costs relating to the charitable<br>activities ofproviding||||||an educational|public|||
|programme.||||||||48,638|49,622|
|Charitable<br>donations||||||||||
|General Fund||||||||2021|2020|
|||||||||f|g|
|Military<br>and Cadet Affiliations||||||||||
|Northern<br>District, London|Area||Sea Cadet Corps|||||1,500|1,500|
|South West London Army||Cadet||Force||||1,500|1,500|
|RAF Air Cadets London Wing||||||||1,500|1,500|
|The King's Royal Hussars|Regimental||||Association|||1,000|1,000|
|HMS Vengeance Welfare|Fund||and Crew Prize|||||300|300|
|Bursarics and education||||||||||
|Arkwright<br>Scholarships<br>Trust||||||||4,400|4,400|
|The Lord Todd Memorial|Bursary At||||Christ's College|||3,250|3,250|
|City||||||||||
|Mansion House Scholarship||Scheme||||||2,000|2,000|
|St Paul's Cathedral<br>Foundation||||||||1,000|1,000|
|Medical||||||||||
|Cure Parkinson's<br>Trust||||||||1,000|1,000|
|RAFT|||||||||500|
|Other donations||||||||||
|Royal British Legion (City||ofLondon|||poppy appeal)|||150|150|
|St Mary's Grammar<br>School||||||||75|75|
|St Pius XCollege||||||||75|75|
|Rainey Endowed School||||||||75|75|
|Sperrin Integrated<br>Cogege||||||||75|150|
|Magherafelt<br>High School||||||||75|75|
|Kilronan<br>School||||||||75|75|
|Members'<br>matched<br>fundin||||||||||
|Tertiary Education Scholarship|||Trust|||||||
|Africa|||||||||500|
|Young Minds||||||||5,000||
|||||||Sub-total carried forward||23,050|19,125|





|4|Charitable<br>donations|(continued)|(continued)|(continued)||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2021f|2020f|
|||||||Sub-total brought|forward|23,050|19,125|
||Masters'<br>Discretionary||Fund|||||||
||RAFT||||||||1,500|
||Cransley Hospice||||||||1,500|
||Samaritans'<br>City Hub|||||||3,000||
||Total charitable<br>donations|||from General Funds||||26,050|22,125|
||Relief ofNeed Restricted|||Fund||||2021f|2020f|
||Community|||||||||
||Voyage|||||||3,000|10,000|
||Doorstep Library||||||||2,000|
||East London Cares||||||||2,000|
||Drive Forward Foundation||||||||2,000|
||Previous<br>grant awarded;||not paid||||||(5,000)|
||Military<br>and Cadet Affiliations|||||||||
||The Royal Naval Benevolent Trust|||||||1,000|1,000|
||Bursaries and education|||||||||
||City ofLondon School|for||Girls||(1)||20,664|19,212|
||Christ's Hospital|||||(2)||11,000|11,000|
||Royal National<br>Children's||Springboard||Fund|(3)||10,000|10,000|
||The Guildhall<br>School Trust|||(GSMD)||(4)|||17,500|
||City &Guilds|||||||2,000|2,000|
||Farheen Muhammed|||||||500||
||City|||||||||
||St Giles Church Residents'|||Fund||||3,000|2,500|
||Treloar's|||||||2,000|2,000|
||Lord Mayor's Appeal|||||||1,500|1,500|
||Sheriffs' and Recorders'|Fund||||||1,000|1,000|
||Lord Mayor's Curry Lunch,|||supporting|ABF|(The Soldiers Charity)||1,000|1,000|
||Medical|||||||||
||HFT (Home Farm Trust)||||||||1,000|





|Response to Covid-19 pandemic|Response to Covid-19 pandemic||2021f|2020f|
|---|---|---|---|---|
|London Community<br>Response Fund|||8,000|10,000|
|Livery Kitchen Initiative|||10,000||
|Tower Hamlets Friends &|Neighbours|||5,000|
|Providence<br>Row||||5,000|
|The Trussel Trust||||5,000|
|Royal SpringBoard||||4,000|
|Samaritans<br>City Hub|||4,500|1,000|
|HIT||||1,000|
|Salters' members|||4,000||
|Age UK London (Golden|Lane Food|Bank)||250|
||||83,164|111,962|
|Total charitable|donations|made during the year|109,214|134,087|



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||||General|Restricted|2021|2020|
|---|---|---|---|---|---|---|
||||Fund|Fund|Total|Total|
||||||f|f|
|Secondment|charge - The Salters'||||||
|Management|Company|Ltd a|32,429|5,191|37,620|36,292|
||||32,429|5,191|37,620|36,292|





|||||General|General||Restricted|2021|2020|
|---|---|---|---|---|---|---|---|---|---|
||||||Fund||Funds|Total|Total|
||||||f||f|f|f|
|Audit fees|||||3,000||480|3,480|4,600|
|Investment|management|||&other|966||155|1,121|2,302|
||||||3,966||635|4,601|6,902|
|Investments||||||||||
|||||||||2021f|2020|
|Equities||||||||2,342,538|1,977,399|
|Cash deposits with Newton||||||||411|1,498|
|||||||||2,342,949|1,978,897|
|Equities||||||||||
|Market value||at I July||||||1,977,399|2,058,747|
|Additions||||||||53,087|102,388|
|Disposals|||||||||(66,459)|
|Net investment|||(losses)/gains|||||312,052|(117,277)|
|Market value at 30June||||||||2,342,538|1,977,399|
|Historic cost||||||||1,424,728|1,371,641|
|Investments||held at 30||June 2021 considered|material|in|the context ofthe market value ofthe||portfolio|
|are:||||||||||
|Newton<br>Fund Managers||||Global Growth and|Income|Fund for Charities||2,320,934|1,960,553|



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|8|Creditors|||||
|---|---|---|---|---|---|
|||||2021|2019|
|||||f|f|
||The Salters' Management|Company|Ltd|2,490|2,984|
||Other creditors|||68,887|38,573|
|||||71,377|41,557|





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|The General|The General|Fund comprises|Fund comprises|the following:|||2021|2020|
|---|---|---|---|---|---|---|---|---|
||||||||f|f|
|General|fund||||||421,141|309,280|
|Manor ofSal|||||||19,067|16,494|
||||||||440,208|325,774|
|Funds|||||Relief of||||
||||||Need|Expendable|2021|2020|
|||||General|Restricted|Endowment|Total|Total|
|||||Fundf|Fund<br>f|Fund<br>f|Funds<br>f|Funds<br>f|
|Investments||||373,082|0|1,969,866|2,342,949|1,978,897|
|Net current assets||||67,126|||67,126|80,346|
|||||440,208|0|1,969,866|2,410,075|2,059,243|
|Expendable||endowment|fund analysis||Relief of||||
||||||Need|General|2021|2020|
||||||Endowment|Capital|Total|Total|
||||||Fund|Fund|Funds|Funds|
||||||f|f|f|f|
|Investments|||||659,904|1,309,962|1,969,866|1,691,467|
||||||659,904|1,309,962|1,969,866|1,691,467|
|PRIOR <br>Funds|YEAR:||||Relief of<br>Need|Expendable|2020|2019|
|||||General|Restricted|Endowment|Total|Total|
|||||Fund|Fund|Fund|Funds|Funds|
|||||f|f|f|f|f|
|Investments||||245,428|42,002|1,691,467|1,978,897|2,059,028|
|Net current assets||||80,346|||80,346|95,294|
|||||325,774|42,002|1,691,467|2,059,243|2,154,322|
|PRIOR YEAR:<br>Expendable<br>endowment<br>analysis|||fund||Relief of<br>Need<br>Endowment|General<br>Capital|2020<br>Total|2019<br>Total|
||||||Fundf|Fund<br>f|Funds<br>f|Fundsf|
|Investments|||||577,760|1,113,707|1,691,467|1,657,338|
||||||577,760|1,113,707|1,691,467|1,657,338|



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|Statement of|Financial Activities for th|e year ended 30|June 2020||||
|---|---|---|---|---|---|---|
||||Relief of||||
|||Unrestricted|Need|Expendable|2020|2019|
|||General|Restricted|Endowment|Total|Total|
|||Fund|Fund|Fund|Funds|Funds|
||||||f|f|
|Income|||||||
|Donations||34,)47|32,802|123,827|190,776|171,150|
|Investments||39,109|16,896||56,005|52,063|
|Charitable<br>activities||2 320|||2,320|2,450|
|Total income||75,576|49,698|123,827|249,101|225,663|
|Expenditure|||||||
|Charitable<br>activities||49,622|||49,622|30,826|
|Charitable<br>donations||22 125|111,962||134,087|46,075|
|Costs incurred|making donations|3)496|4,697||36,293|35,680|
|Other||6,009|893||6,902|4,859|
|Total expenditure||109,351|I )7,552||226,903|117,440|
|Nct incoming|resources before other||||||
|gains and losses||(33,775)|(67,854)|)23,827|22,199|108,223|
|Gains on investments||(22,121)|(5,458)|(89,698)|(117,277)|136,461|
|Net incoming|resources before||||||
|transfers||(55,896)|(73,312)|34,129|(95,079)|244,684|
|Reconciliation|offunds||||||
|As I July 2018||381,670|I )5,314|1,657,338|2,154,322|1,909,638|
|As 30June 2019||325,774|4%002|1,691,467|2,059,243|2,154,322|