2022-06-30-accounts - Salters' Charitable Foundation

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CONTENTS		Page
Trustee and advisors
Trustee Report		'i 4
Independent auditors'	report	5-7
Statement offinancial	activities
Balance sheet
Notes to the financial	statements	10-17

			Unrestricted		Expendable
			General	Restricted	Endowment	2022 Total	2021 Total
			Fund	Funds	Fund	Funds	Fundsf
Income from:		Notes
Donations			90,681	27,647	35,713	154,041	197,546
Investments			37,605	15,528		53,133	40,907
Charitable activities			1,486			1,486	400
Total income			129,772	43,175	35,713	208,660	238,853
Expenditure on:
Charitable activities							48,638
Charitable donations		4	27,550	68,086		95,636	109,214
Costs incurred	making
donations		5	42,996			42,996	37,620
Other		6	6,110			6,110	4,601
Total expenditure			76,656	68,086		144,742	200,073
Net income before gains
on investments			53,116	(24,911)	35,713	63,918	38,780
Transfer between funds				25,853	(25,853)
(Losses)/Gains investments	on		5,539)	942)	139,132)	~45,6)3)	312,052
Net movement	in funds		47,577		(29,272)	18,305	350,832
Reconciliation	offunds
As 1 July 2021			440,208		1,969,867	2,410,075	2,059,243
As 30June 2022			487,785		1,940,595	2,428,380	2,410,075

			Notes	2022f	2021f
Fixed assets
Investments				2,347,336	2,342,949
Total fixed assets				2,347,336	2,342,949
Current assets
Cash at bank				146,635	135,275
Debtors				36,985	3,228
Total current assets				I83,620	138,503
Current liabilities
Creditors				(102,576)	(71,377)
Net current	assets			81,044	67,126
Net assets				2,428,380	2,410,075
The funds ofthe Charity
Unrestricted	fund		11	487,785	440,208
Restricted fund			11
Expendable	endowment	fund	ll	1,940,595	1,969,867
				2,428,380	2,410,075

Donations receiv	ed
					Expendable
			Unrestricted		Endotrrnent	2022	2021
			General	Restricted	Fund	Total	Total
			Fund E	Fundsf	f	Fundsf	Funds E
Salters' Company	Grant-in-Aid		60,879			60,879	110,000
Charities ofNicholas		and
Beamond				25,000		25,000	18,000
Livery
Donations			29,802	2,647	35,713	68,162	69,546
			90,681	27,647	35,713	154,041	197,546

3	Charitable activities
								2022	2021
								f	f
	Costs relating to the charitable activity			ofproviding	an	educational	public
	programme.								48,638
4	Charitable donations made
	General Fund							2022	2021
	Military and Cadet Affiliations
	Northern 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
	Bursaries and education
	Arkwright Scholarships Trust							4,600	4,400
	The Lord Todd Memorial	Bursary at Christ's College							3,250
	London Youth							10,000
	City
	Mansion House Scholarship		Scheme					2,000	2,000
	St Paul's Cathedral Foundation							1,000	1,000
	Medical
	Cure Parkinson's Trust							1,000	1,000
	Other donations
	Royal British Legion (City ofLondon			poppy appeal)				150	150
	St Mary's Grammar School								75
	St Pius XCollege								75
	Rainey Endowed School								75
	Sperrin Integrated College								75
	Magherafelt High School								75
	Kilronan School								75
	Members' matched fundin
	Young Minds								5,000
						Sub-total	carried forward	24,550	23,050

						2022f	2021f
				Sub-total brought	forward	24,550	23,050
Master's Discretionary	Fund
Harris Westminster School						3,000
Samaritans' City Hub							3,000
Total charitable donations		from General Funds				27,550	26 050
Relief ofNeed						2022f	2021f
Community
Voyage							3,000
Endeavour						3,000
Circle Community						2,500
Sam Carling						750
Providence Row						5,000
Military and Cadet Affiliations
The Royal Naval Benevolent Trust						1,000	1,000
Bursaries and education
City ofLondon School for		Girls		(2)		9,336	20,664
Christ's Hospital				(3)		11,000	11,000
Royal National Children's	Springboard		Fund	(4)			10,000
City &Guilds						2,000	2,000
Farheen Muhammed							500
Harris Westminster School						18,000
City
St Giles Church Residents'		Fund					3,000
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
YMCA London City						10,000

Response to Covid-19 pandemic	Response to Covid-19 pandemic	Response to Covid-19 pandemic					2022	2021
								f
London Community Response
Fund								8,000
Livery Kitchen Initiative								10,000
Samaritans City Hub								4,500
Salters' members								4,000
	Total charitable		donations	for Relief ofNeed			68,086	83,164
	Total charitable	donations made during			the year		95,636	199.214
(1)	An additional f10,000to be		paid in 2022/23 subject to satisfactory project				progress.
(2)	Two year bursary awarded	in 2020/21; to be paid in 2021/22				and 2022/23.
(3)	Two year bursary awarded	in 2020/21; to be paid in 2021/22				and 2022/23.
(4)	Two bursaries awarded in	2020/21; to		be paid in later years.
	Costs incurred making donations
				General	Restricted		2022	2021
				Fund		Fund	Total	Total
				f		f	f	f
	Secondment charge - The
	Salters' Management Company Ltd '			42,996			42,996	37,620
				42,996			42,996	37,620

			General	Restricted	2022	2021
			Fund	Funds	Total	Total
			f	f	f	f
Audit fees			4,405		4,405	3,480
Investment	management	&other
expenses			1,705		1,705	1 121
			6,110		6,110	4,601

Investments
		2022 f	2021 f
Equities		2,346,839	2,342,538
Cash deposits with Newton		497	411
		2,347,336	2,342,949
Equities
Market value at 1 July		2,342,538	1,977,399
Additions		50,000	53,087
Disposals Net investment	(tosses)/gains	(86) ~45,6131	312,052
Market value	at 30June	2,346,839	2,342,538
Historic cost		1,464,705	1,424,728

	are:
	Newton	Fund Managers	Global Growth and Income Fund for
	Charities			2,327,240	2,320,934
8	Debtors
				2022f	2021f
	Other Debtors			36,985	3,228
				36,985	3,228

2022f	2021f
11,148	2,490
91,428	68,887
102,576	71,377

				Transfer		Net
	Balance 30			between		investment	Balance 30
	June 2021f	Incomef	Expendituref	funds	f	gains/(losses) f	June 2022 f
General Funds
General Fund	421,141	129,347	(76,656)		-	(5,167)	468,665
Manor ofSal	19,067	425				372	19,120
	440,208	129,772	(76,656)		-	(5,539)	487,785
Restricted Funds
Relief ofNeed		43,175	68,086	25,853		(942	0
		43,175	(68,086)	25,853		(942)	0
Expendable endowment	funds
Relief ofNeed	659,904	2,647		(25,853)		(13,029)	623,669
General Capital Fund	1,309,963	33,066				(26,103)	1,316,926
	1,969,867	35,713		(25,853)		(39,132)	1,940,595
	2,410,075	208,660	(144,742)		-	(45,613)	2,428,380
				Transfer		Net
	Balance 30			between		investment	Balance 30
PRIOR YEAR:	June 2020	Income	Expenditure	funds		gains/(losses)	June 2021
Movement offunds						f	f
General Funds
General Fund	309,280	175,766	(110,633)			46,728	421,141
Manor ofSal	16,494	341	450)			2,682	19,067
	325,774	176,107	(111,083)		-	49,410	440,208
Restricted Funds
Relief ofNeed	42,002	32,712	(88,990)	7,907		6,369
Heritage Lottery Fund
	42,002	32,712	(88,990)	7,907		6,369
Expendable endowment	funds
Relief ofNeed	577,760	2,521		(7,907)		87,530	659,904
General Capital Fund	1,113,707	27,513				168,742	1,309,962
	1,691,467	30,034		(7,907)		256,277	1,969,866
	7,059,243	238,853	(200,073)		0	312,052	2,410,075

OR	THE YEAR ENDED 30JUN General Capital Fund	THE YEAR ENDED 30JUN General Capital Fund	THE YEAR ENDED 30JUN General Capital Fund	THE YEAR ENDED 30JUN General Capital Fund	E 2022	E 2022	E 2022	E 2022
	During the year ended 30June				2011 a General Capital Fund				was	established,	as an expendable		endowment
	fund, for those Livery donations				received		by the Salters' Charitable			Foundation	which are to be	held as capital.
	Income arising on investments				held	in the General Capital Fund is				treated as unrestricted income and agocated
	to the General	Income Fund.		Members'			donation received for distribution (rather than capital)					are	transferred
	to the General	Fund for distribution				during		the year.
	The General Fund comprises			the following:							2022 f		2021 f
	General fund										468,665		421,141
	Manor ofSal										19,120		19,067
											487,785		440,208
11	Funds							Relief of
								Need	Expendable		2022
					General			Restricted	Endowment		Total		2021Total
						Fund		Fund		Fund	Funds		Funds
						f		f		f	f		f
	Investments				406,741			0		1,940,595	2,347,336		2,342,949
	Net current assets				81,044						81,044		67,126
					487,785			0		1,940,595	2,428,380		2,410,075
	Expendable	endowment	fund		analysis			Relief of
								Need		General	2022
								Endowment		Capital	Total		2021Total
								Fund		Fund	Funds		Funds
								f		f	f		f
	Investments							623,669		1,316,926	1,940,595		1,969,867
								623,669		1,316,926	1,940,595		1,969,867
	PRIOR YEAR:							Relief of
	Funds							Need	Expendable		2021
					General			Restricted	Endowment		Total		2020 Total
						Fund		Fund		Fund	Funds		Funds
						f		f		f	f		f
	Investments				373,082					1,969,867	2,342,949		1,978,897
	Net current assets				67,126						67,126		80,346
					440,208					1,969,867	2,410,075		2,059,243
	PRIOR YEAR:							Relief of
	Expendable	endowment						Need		General	2021
	fund analysis							Endowment		Capital	Total		2020 Total
								Fund		Fund	Funds		Funds
								f		f	f		f
	Investments							577,760		1,113,707	1,969,867		1,691,467
								577,760		1,113,707	1,969,867		1,691,467

					Relief of
				Unrestricted	Need	Expendable	2021	2020
				General	Restricted	Endosvment	Total	Total
				Fund	Fund	Fund	Funds	Funds
							f
Income
Donations				146,991	20,521	30,034	197,546	190,776
Investments				28,716	12,191		40,907	56,005
Charitable activities				400			400	2,320
Total income				176107	32,712	30,034	238,853	249,101
Expenditure
Charitable activities				48,638			48,638	49,622
Charitable donations				26,050	83,164		109,214	134,087
Costs incurred	making		donations	32,429	5,191		37,620	36,293
Other				3,966	635		4,601	6,902
Total expenditure				111,083	88,990		200,073	226,904
Net incoming	resources before other gains
and losses				65,024	(56,278)	30,034	38,780	22,199
Transfer between		funds			7,907	(7,907)	0
Gains on investments				49,410	6,369	256,272	312,051	117,277)
Net incoming	resources before transfers			114,434	(42,002)	278,399	350,831	(95,078)
Reconciliation	of	funds
As 1 July2020				325,774	42,002	1,691,468	2,059,244	2,154,322
As 30June 2021				440,208		1,969,867	2,410,075	2,059,244