2023-06-30-accounts - Salters' Charitable Foundation

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CONTENTS		Page
Trustee and advisors
Trustee Report		2-4
Independent auditors'	report	5-7
Statement offinancial	activities
Balance sheet
Notes to the financial	statements	10-18

Trustee		The Master, Wardens	and Commonalty	and Commonalty	ofthe Art or Mistery of Salters'
		London
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
		EC4V4BE
Clerk to the Trustee		Mr TD Smith
		Enquiries about the Charity should be			addressed to:
		Mr TD Smith
		The Salters' Company
		Salters' Hall
		4 London Wall Place
		London
		EC2YSDE
Registered	Charity No.	328258
Date ofregistration:		1 June 1989

				Expendable
		Unrestricted	Restricted	Endowment		2023 Total		2022 Total
		General Fund	Funds	Fund		Funds		Funds
Income from:	Note
Donations		100,428	27,758	89,673		217,859		154,041
Investments		39,971	16,250			56,221		53,133
Charitable activities		1,073				1,073		1,486
Total income		141472	44,008	89,673		275,153		208 660
Expenditure on:
Charitable activities
Charitable donations		24,900	103,444			128,344		95,636
Costs incurred making
donations		37,171				37,171		42,996
Other		2,805				2,805		6,110
Total expenditure		64,876	103,444			168,320		144,742
Net income before gains	on						'
investments		76,596	(59,436)	89,673'	-.	106,833		.63,918
Transfer between funds			56,657	(56,657)
(Losses)/Gains on investments		15427	2 779	114157		132363		45 613
Net movement in funds		92,023		147,173		239,196		18,305
Reconciliation offunds
As 1 July 2022		487 785		1940595		2428 380		2,410075
As 30June 2023		579,808		2,087,768		2,667,576		2,428,380

					2023	2022
				Notes	8
Fixed assets
Investments					2479699	2347336
Total fixed assets					2,479,699	2,347,336
Current assets
Cash at bank					171,053	146,635
Debtors					55,623	36,985
Total current		assets			226,676	183,620
Current liabilities
Creditors					38,799	102,576
Net current	assets				187077	81 044
Net assets					2 667 376	2428 380
The funds ofthe Charity
Unrestricted	fund			11	579,808	487,785
Restricted fund				11
Expendable	endowment		fund	11	2,087,768	1,940,595
					2,667,576	2,428,380

			Unrestricted		Expeadable		2022
			General	Restricted	Endowment	2023 Total	Total
			Fund	Funds	Fund	Funds	Funds
Salters' Company	Grant-in-Aid		74,312			74,312	60,879
Charities ofNicholas		and Beamond		25,000		25,000	25,000
Livery Donations			26,116	2,758	89673	118,547	68,162
			100,428	27 758	89,673	217859	154,041

3	Charitable activities
						2023	2022
	Costs relating to the charitable activity		ofproviding	an educational	public
	programme.
4	Charitable donations made
	General Fund					2023	2022
	MiTitary and Cadet Affiliations
	Northern District, London Area SeaCadet 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
	London Youth						10,000
	City
	Mansion House Scholarship	Scheme				2,000	2,000
	StPaufs Cathedral Foundation					1,000	1,000
	Medical
	Cure Parkinson's Trust					1,000	1,000
	Young Lives Verses Cancer					7,500
	Other donations
	Royal British Legion (City ofLondon		poppy appeal)			150	150
	StMary's Grammar School					75
	StPius XCollege					75
	Rainey Endowed School					75
	Sperrin Integrated College					75
	Magherafelt High School					75
	Kilronan School					75
				Sub-total carried forward		17,900	24,550

							2023	2022
							g
					Sub-total brought	forward	17,900	24,550
Master's Discretionary	Fund
Harris Westminster School								3,000
VocalEyes							2,000
Providence Row							2,000
StGiles Church Residents'		Fund					3,000
Total charitable donations			from General Funds				24,900	27,550
Relief ofNeed							2023	2022
							g	g
Community
EastEnd Community Foundation							7,500
Newark Youth London							5,000
Endeavour								3,000
Circle Community							2,500	2,500
Sam Carling								750
Knights Youth Centre							10,000
Providence Row							5,000	5,000
Hackney Quest							5,000
Military and Cadet Affiliations
The Royal Naval Benevolent			Trust				1,000	1,000
Bursaries and education
City ofLondon School for		Girls						9,336
Christ's Hospital							1,100	11,000
Royal National Children's		Springboard		Fund			5,000
City tk Guilds							2,000	2,000
Refugee Education UK Limited							10,000
Harris Westminster School							444	18,000
City
StGiles Church, Cripplegate							4,000
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
Barts Charity							900
The Churches Conservation			Trust				500

Other donations					2023	2022
The Literacy Pirates	Ltd (formerly	Hackney
Pimtes)					5,000
Future Frontiers Ltd					10,000
PCC StSepulchre					10,000
Opera Holland Park					3,000
Construction Industry	Trust for Youth				10,000
Total charitable			donations	for Relief ofNeed	~103 444	~68 086
Total charitable		donations		made during the year	~128 44	93,636

					General	Restricted	2023	2022
					Fund	Fund	Total	Total
							6	K
Secondment		charge		- The Salters'
M	9	tC	9	7 Ltd	37171		37 171	42,996
					37,171		37,171	42996

				General	Restricted	2023	2022
				Fund	Funds	Total	Total
Audit fees 1 *t t	0 *tg	tp*	0	4,475 ~3,670		4,475 ~3,6701	4,405 1705
				2,805		2,805	6,110
Investments
						2023	2022
Equities						2,479,202	2,346,839
Cash deposits with Newton						497	497
						2,479,699	2,347,336
Equities
Market value at 1 July						2,346,839	2,342,538
Additions							50,000
Disposals Net investment	(losses)/gains					132 363	(86) ~45,673
Market value	at 30June					2,479,202	2,346,839
Historic cost						1464.705	1,464,705

	Investments held at 30J	une 2023 considered material in the context ofthe m	une 2023 considered material in the context ofthe m	arket value ofthe	portfolio are:
	Newton Fund Managers	Global Growth and Income Fund for Charities		2,457,321	~227,240
8	Debtors
				2023	2022
	Other Debtors			55 623	36,985
				55,623	36,985
9	Creditors
				2023	2022
	The Salters' Management	Company	Ltd	10,429	11,148
	Other creditors			28 370	91,428
				38,799	102,576

				Balance			Transfer	Net
				30June			betweea	investment	Balaace 30
				2022	Income	Expenditure	funds	gains/0osscs)	June 2023
				g
General Funds
General	Fund			468,665	141,021	(64,426)		14,386	559,646
Manor ofSal				19,120	451	450		1,041	20,162
				487,785	141,472	(64,876)		15,427	579,808
Restricted	Funds
Relief ofNeed					44008	103,444	56 657	2779
					44,008	(103,444)	56,657	2,779
Expendable	endowment		funds
Relief ofNeed				623,669	4,523		(56,657)	38,433	609,968
Salters' Fellowship		Endowment			53,750				53,750
General	Capital Fund			1,316,926	31,400			75,724	1 424,050
				1,940,595	89,673		(56,657)	114,157	2,087,768
				2,428,380	275,153	168320		132,363	2667,576
				Balance			Transfer	Net
				30June			between	investment	Balance 30
				2021	Income	Expenditure	funds	gains/(losses)	June 2022
PRIOR	YEAR:
Movement offunds
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)
					43,175	(68,086)	25,853	(942)
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
				2410,075	208 660	144,742)	-	45,613	2428 380

General Income Fund. Members' donation received for distributi General Fund for distribution during the year.	on (rather than capital) are transfe	rred to the
The General Fund comprises the following:	2023	2022
General fund	559,646	468,665
Manor ofSal	20 162	19,120
	579,808	487,785

Funds				Expendable
			General	Endowment	2023 Total	2022 Total
			Fund	Fund	Funds	Funds
Investments			445,681	2,034,018	2,479,699	2,347,336
Net current assets			134,127 579.11118	53 750 2,087,768	187877 2,667 576	31 1144 ~428 380
Expendable	endowment	fund analysis	Relief of
			Need	General
			Endowment	Capital	2023 Total	2022 Total
			Fund	Fund	Funds	Funds
						f.
Investments			6099611	1424050	2034018	1940.595
			609968	1424050	2034018	1940,595
PRIOR YEAR:			Relief of
Funds			Need	Expendable
		General	Restricted	Endowment	2022 Total	2021 Total
		Fund	Fund	Fund	Funds	Funds
Investments		406,741		1,940,595	2,347,336	2,342,949
Net current assets		81,044			81,044	67,126
		487785	-	1940595	2428.380	2410.075
PRIOR YEAR:			Relief of
Expendable	endowment		Need	General
fund analysis			Endowment	Capital	2022 Total	2021Total
			Fund	Fund	Funds	Funds
			f.
Investments			623,669	1,316,926	1,940 595	1,969 067
			623,669	1316,926	1940595	1969.867

					Reliefof
				Uarestricted	Need	Expendable	2022	2021
				General	Restricted	Eadowment	Total	Total
				Fund	Fund	Fund	Funds	Funds
Income
Donations				90,681	27,647	35,713	154,041	197,546
Investments				37,605	15,528		53 133	40907
Charitable activities				1 486			1,486	400
Total income				129,772	43,175	35,713	208,660	238,853
Expenditure
Charitable activities								48,638
Charitable donations				27,550	68,086		95,636	109,214
Costs incurred	making		donations	42,996			42,996	37,620
Other				6,110			6 110	4601
Total expenditure				76656	68 086		144,742	200,073
Net incoming	resources before other gains
and losses				53,116	(24,911)	35,713	63,918	38,780
Transfer between		funds			25,853	(25,853)
Gains on investments				5539	942)	39132	45,613'1	312052
Net incoming	resources before transfers			47,577		(29,272)	18,305	350,832
Reconciliation	of	funds
As 1 July 2020				440,208		1 969,867	2,410,075	2 059243
As 30June 2021				487,785		1,940,595	2,428,380	2,410,075