##
|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|
|11|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|