Registered Charity Number: 328258 SALTERS, CHARITABLE FOUNDATION REPORT OF THE TRUSTEE AND ACCOUNTS FOR THE YEAR EIWED 30 JUNE 2024
SALTERS9 CHARITABLE FOUNDATION coNrENtS Page Trustee and advisors Trustee Report Independent auditors, report Statement of financial activities Balance sheet Notes to the financial statements 10-18
SALTERS, CHARITABLE FOUNDATION TRUSTEE AND ADVISORS FOR THE YEAR ENDED 30 JUNE 2024 Trustee The Master, Wardens and Commonalty of the Art or Mistery of Salters, London Master Mr RP Vacher Upper Warden Mr AS Mcmurtrie Second Warden The Lord Rockley Bankers Lloyds Bank plc Threadneedle Stree( London Solicitors Pinsent Masons LLP London Investment Manager Newton Investment Management Limited London Auditor5 Saffery LLP 71 Queen Victoria Street London EC4V 4BE Clerk to tbe 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 EC2Y SDE Registered Charlty No. 328258 Date of registratlOD: l Jun¢ 1989
SALTERS, CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR EIWED 30 JUNE 2024 The Trustee presents its report for the year ended 30 June 2024. Trustee The Trustee is appointed and serves in accordance with the ternis of the Trust deed. The Court of Assistants of the Salters, Company (the 'Company') acting for the Company as trustee, considers Salters, Charitablc Foundation matters at least three times a year. The Court of Assistants has delegated day to day management of the Charity to the Salters, Company's Charities Committee and the Clerk of the Company. The Trustee receives no remuneration. Trustee and advisors The Trustee and its advisors are shown on the preceding page. Trustee'5 responsibilities The Trustee is responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP (Statement of Recommended Practice). make judgements and estimates that are reasonable and prudent. state whether applicable accounting stsndards have been followed, subject to any Tnaterial departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue as a going concern. The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. It is also responsible for the prevention and detection of fraud and other irregularities. Tbe Charity The Salters, Company Charity for the R¢li¢f of Need transferred all its assets to Salters, Charities on 30 June 201 O in order to amalgamate the two charities. Salters, Charities changed its name to the Salters, Charitable Foundation on l July2010. Salters, Charities was first registered in 1989 following the establishment of the Charity by Deed on l June 1989. The Salters, Company Charity for the Relief of Need was established by a Scheme of the Charity Commission sealed on 15 May 1985, combining the Charities of Sir John Coates, Mrs Cock, Robert Harding. Barnard Hyde (exclusive of that part for the Poor of Little Ilford), Robert Hyett, John Ireland, Henry Plompton and Sir Timothy Waldo and also included the Charities of William Robson. Thomas Barber, David Cock, Robert Payne and The Master, Wardens, Officers and Poor. Objectives and aims of the ChArity The objectives of the Charitable Foundation are an amalgamation of those of Salters, Charities and the Salters, Company Charity for the Relief of Need which merged in 201 O to fonn the Salters, Charitable Foundation. These comprise such charitable purposes as the Company may from time to time in its absolutc discretion direct as well as applying income in relieving either generally or individually persons who are in conditions of necd, hardship or distress of the following classes and in the following order of priority by making grants of moncy or providing or paying for items, services or facilities calculated to reducc the need, hardship or distress of such persons: Persons who are members of the Salters, Company or the widows or depcndants of such members. and Other persons The Trustee fulfils the objects of the Charity by the making of grants and other charitable donations.
SALTERS, CHARITABLE FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024 Grant making policy The following summarises the current grant making policy of the Salters, Charitable Foundation (SCF):. SCF provides a range of bursarics, project grants, small onc-off donations and long-term core support. SCF'S project grant-making policy is currently focused on two main priority themes - both of which are directed primarily at Relief of Need Causes: London Citizenship aDd Community Development. and Education (with a preference for science education at school and university level) SCF has a preference for funding smaller organisations where its support will make a real difference and causes where members of the Salters, Company can either become involved or are already volunteers or supporters. The SCF'S funding programme is pro-active, with SCF developing projects and partnerships with organisations working in the above priority areas. As in previous years: SCF works closely with grantees to provide added value to grant relationships SCF seeks to sustain and in¢r¢ase its capital base, for both Relief of Need and General grant-making purposes in the future SCF monitors multi-year grants on an annual basis. funding future years only if there has been satisfactory progress from the initial grants paid Should organisations or individuals have a specific project or cause they feel might be of interest to SCF, they should contact the Charity using the details on the SCF pages on the Salters, website (www.salters.co.uk). Investment powers? policy and perfomance The Trustee's investment powers are governed by the Trust Deed, which pem)its the Charity's funds to be invested in any security listed on the London Stock Exchange. The policy is to produce the optimum total return from income or capital, whichever is the more effective in the prevailing conditions. The Charity's investments have continued to be managed by the Charity's investment manager in conforniity with policy and the Trust Deed. Public benefit The Trustee has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and obJtiveS and in planning future activities. In particular the Trustee considers how planned grant making will contribute to the aims and objectives it has set. The Trustee considers the current grant making policy delivers public benefit. Details of the policy are given earlier in this report. Key Personnel The Charity's key personnel and decision maker is the Trustee. It did not receive remuneration. PrincipAI risks and uncertalDtiey The Trnstee considers that there are no material risks or uncertainties about the Charity's ability to continue as a going concern due to the value of the total Charity funds at the ycar-end. The principal risks of the Charity as assessed by the trustee are: (l ) delivery of project objectiv¢s by grantees, which is mitigated by close monitoring of grants by the Charities Manager and (2} financial strength of the Charity to deliver its charitable objectives, which is mitigated by careful management of investments and reserves.
SALTERS, CHARITABLE FOI)NDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024 Financial position and reserves policy of the Charity The Charity's income from non-livery donations was £Nil (2023: £Nil). Grant-in-Aid from the Salters, Company was £76,000 (2023: £74,312). Memberfs donations provided income of £147,361 (2023: £118,547). A donation of £25,000 (2023: £25,000) was received from Salters, Company Charities of Nicholas and Beamond to distribute on their behalf for the Relief of Need. Company members are able to indicate how they would like their contributions used. either to build up the capital base of the fund, or to be used to meet charitable giving in-year, or to be used at the discretion of the Trustees and these indications detem)ine the funds to which donations ar¢ allocated. The Trustee's long-terni objective continues to be the build up the capital base of the Fund in order to generate more income for grant making over the long-tenn and to ensure the long-terni sustainability of the Charity. Of the £673,452 in the General Fund as defined below, £22,068 relates to Manor of Sal. While it remains the intention to grow the reserves, as an operational reserve contingency policy, the reserves will not be allowed to fall below 2 years, average expenditure. At the current operating level this is £405,000. The Relief of Need expendable endowment fund was transferred from the Salters, Company Charity for the Relief of Need on 30 June 2010. The balance was £619,750 at 30 June 2024 and this should not be considered as part of the free reserves of the charity. The Salters, Fellowship Endowment Fund was created to fund annual fellowships for one-year masters, studies. The fellowships are to be awarded to UK chemistry graduates from disadvantaged backgrounds to undertake one-year postgraduate studies in non-ehemistry-related subj¢¢ts at UK Universities. At 30 June 2024 ihe balance on the Salters, Fellowship Endowment Fund was £142,539 and this should not be considered as part of the free r¢s¢rv¢s of the charity. The General Capital Fund is an expendable endowment fund, established by donations received from the Livery. At 30 June 2024 the balance on the General Capital Fund was £1,576,504. Free reserves at 30 June 2024 amounted to £651,354 being the General Fund excluding Manor of Sal. Achievements and future plans 2023-24 has been a successful year for SCF'S grant-giving programme. The Foundation continues to make small annual donations to a variety of organisations, supporting our friends and neighbours as well as the civic life of the City. Contributions were also made to ourthree affiliated cadet units, supporting their work engaging London's young people in meaningful activity, and the welfare funds of our two military affiliates. We continue to support exceptional students at Arkwright, Christ's Hospital, City of London School for Girls, Harris Westminster Sixth Forni and Royal SpringBoard, along with a number of smaller educational funds. SCF has also awarded grants to a variety of London Citizenship and Community Development projects this year. A further grant of £5,000 has been awarded to Hackney Quest, towards their new futures HQ etnployability programm¢ to support young people to gain and improve their work related skills. In addition, a further £5,000 has been awarded to Newark Youth London to help them provide short Courses to disadvantaged young adults. SCF has also made a second grant of £1 0,000 to support Refugee Education UK with their work helping young refugees navigate the UK education system. In addition, SCF has been pleased to continue to offer smaller donations to a range of causes, including to East London homelessness charity Providence Row, and to the Together Project, who work to tackle loneliness and age s¢gregation through a variety of community projects. The Trustee expects to continue with the grants programme as described above through 2024-25 and make new awards where possible in accordance with the stated policy. For and on behalf of the Saltcrs, Charitabl¢ F ndation on 7th November 2024. Mr RP Vacher Master For the Trustee cmurtrie Upper Warden For the Trustee Clerk to the Trustee
SALTERS, CHARITABLE FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 Opinion We have audited the financial statements of the Salters, Charitable Foundation for the year ended 30 June 2024, which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 30 June 2024 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we hav¢ fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sulricient and appropriate to provide a basis for our opinion. Conclusion relating to going Concerni In auditing the financial statements, we have concluded that the Trustee's use of the going concern b&sis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforn]ed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. Other information The Trustee are responsible for the other infom)ation. The other inforniation comprises the inforniation included in the annual report, other than the financial statements and our auditols report thereon. Our opinion on the financial statements does not cover the other inforn]ation and, except to the extent otherwise explicitly stated in our r¢port. we do not express any forni of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consider whether the other infonnation is materially inconsistent with thc financial statements or our knowledgc obtained in the audit or otherwise appears to be materially misstated. If w¢ identify such material inconsistencies or apparent material misstatements, w¢ are required to d¢tennine whether this gives rise to a material misstatement in th¢ financial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other inforn]ation, we are required to report that fact. We have nothing to report in this regard. Matters OD which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the infomiation given in the Trustee Annual Report is inconsistent in any material respect with the financial statements; or the Charity has not kept sufficient accounting records. or the financial statements are not in agreement with the accounting records and returns. or we have not received all the inforn]ation and explanations we require for our audit.
SALTERS. CHARITABLE FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024 Responsibilities of Trustee As explained more fully in the Trustee's Responsibilities Statement set out on page 2, the trustee is responsible for the preparation of the financial statements and for bcing satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is ncccssary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee are responsible for assessing the charity's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intend to liquidate the charity or to cease operation4 or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatements, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in th¢ aggr¢gat¢, they could reasonably b¢ expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We desi) procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks relat to irregularities: We assessed the susceptibility of the Charity's financial statements to material misstatement and how fraud might occur, including through discussion with management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended, We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the Charity by discussions with managem¢nt and updating our understanding of the sector in which the Charity operates. Laws and regulations of direct significance in the context of the Charity include the Charities Act 201 I, th¢ Charities (Account and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risk identified. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the Charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the Charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through rnanagcment override of controls by testing the appropriateness of journal entrics and identifying any significant transactions that We unusual or outside the nornial course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partnels review included ensuring that the team had approached their work with appropriate Professional scepticism and thus the capacity to identify non-compliance with laws and regulation5 and fraud.
SALTERS, CHARITABLE FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024 There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: mrww.frc.org.uklauditorsresponsibilities. This description forn]s part of our auditorfs report. Use of our report This report is made solely to the charity's trustee, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Rcgulations 2008. Our audit work has been undertaken so that we might state to the trustee those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pern]ittcd by law, we do not accept or assume responsibility to anyone other than the charity and the trustee as a body, for our audit work, for this report, or for the opinions we have fornied. •LLP Saffery LLP Statutory Auditors 71 Queen Victoria Street, London, EC4V 4BE Saffery LLP is eligible to act as an auditor in ternis of section 1212 of the Companies Act 2006 and consequently to act as the auditor of a registered charity.
SALTERS, CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted GeDeral Fund Expendable Restricted Endowment Funds Fund 2024 Total 2023 Total Funds Funds Income from: Note Donations Investments Charitable activities 116.538 41.538 1,281 27,592 16,805 104,231 535 248.361 58,878 1,281 217,859 56,221 1.073 Total income 159,357 44,397 104 766 308,520 275 153 Expenditure on: Charitable donations 28,069 106,722 134.791 128,344 Costs incurred making donations Other 60,587 5,900 60,587 5,900 37,171 2,805 Total expenditure 94,556 106,722 201,278 168,320 Net income before gains on Investments 64,801 (62,325) 104.766 107,242 106,833 {LossesyGains on investments 28,843 203,996 237.427 132,363 Net in¢ome after gains on investments 93,644 {57,737) 308.762 344,669 239,196 Transfer between funds 57,737 (57,737) Net movement in funds 93,644 251,025 344,669 239.196 Reconciliation of funds As l July 2023 As 30 June 2024 579,808 673,452 2,087,768 2,338,793 2,667.576 3,012,245 2,428,380 2,667.576 All of thc above results derive from continuing activities of the Charity. There are no recognised gains and losses other than those reported above. Notes I to 12 forn] part of these financial stat¢ments.
SALTERS, CHARITABLE FOUNDATION BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Notes Fixed assets Investments 2,933.035 2,933,035 2,479,699 2,479,699 TotAI fixed assets Current assets Cash at bank Debtors Total current assets Current liabilltles Creditors 124,048 171,053 55,623 226,676 140,810 61,600 38,799 Net eurrent assets 79.210 187 877 Net a&8ets 3,012,245 2,667 576 The funds of the Charity Unrestricted fund Restricted fund Expendable endowment fund 10 673,452 579.808 10 10 2,338,793 2,087,768 3 012,245 2,667,576 The financial statements on pages 8 to 18 were approved by the Trustee on 7th November 2024 Mr RP Vacher Master For the Trustee MrAS Murtrie Upper rden For the Trustee Mr Clerk rustee The notes I to 13 forni part of these financial statements.
SALTERS, CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies l. l Aecounting convention The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless othenvise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) (2nd edition), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a truc and fair view. This departure has involved following the SORP rather than Accounting and Reportin8 by Charities: Statement of Recommended Practice (revised 2005) which has been withdrawn. The financial statements are prepared in pounds sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustee considers theie are no material uncertainties about the Charity's ability to continue as a going concern due to the high reserves of the Charity and the limited financial cotnmitments for which the Charity has not provided at the period-end. 1.2 Investment IDcome and gifts in kind Investment income is credited on a receivable basis. Gifts of shares are valued at the amount realised on their disposal. 1.3 Income from legacies and donations Donations, legacies, and other forn]s of voluntary incoming resources are accounted for when received by the Charity. Grants given for s¢If1C projects are dealt with in accordance with the ternis of the grant. 1.4 Investments Investments are stated at market value. 1.5 Cbaritable grants Charitable grants are included on a commitment basis. Any payments which have been committed and communicated to the recipients but not paid are treated as outstanding liabilities at the year ¢nd. 1.6 Critical estimates and judgements and key Sources of estimatlOD uncertainty In the application of the Charity's accounting policies, the trustccs are required to make judgements, estimat¢s and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates ar¢ recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 1.7 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds are unrestricted funds which have been set aside for particular purposes by the Trustee. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The costs of Taising and administering such funds are charged against the specific fund. The aims and uses of each fund are set out in note 9. 10
SALTERS. CHARABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 2 Donations received Unrestrided Expendable GeDer¥l Restricted Endowment Fuftd Funds Fund 2023 Total Funds 2024 Tol91 Funds Salters, Company Grant-in-Aid Charities of Nicholas and Beamond Livery Donations 76,000 76,000 74,312 25,000 25,000 147,361 118,547 248.361 217,859 25,000 2,592 27,592 104,231 104,231 116,538 Cb8ritable giving from the Livery and Freedom Members make monthly or annual donations, the majority being subject to gift aid being reclaimed by the Charity. Together with gift aid refunds, these gifts yielded £147.361 (2023: £118,547). Grant-in-ald by the Salters, Company ADd donations Grant-in-aid of £76,000 (2023., £74,312) was madc by the Salters, Company. A donation of £25,000 (2023: £25,000) from the Charities of Nicholas and Beamond was giv¢n to the Charity for distribution for Relief of Need. 3 Charitable donations made 2024 2023 General Fund Military And Cadet Affiliations Northern District, London Area Sea Cadet Corps South West London Arniy Cadet Force IIAF Air Cadets London Wing The King's Royal Hussars Regimental Association HMS Vengeanc¢ Welfare Fund and Crew Prize I,750 1,750 1,750 1,075 323 1,500 1,500 1,500 1,000 300 Bursories and education Arkwright Scholarships Trust London Youth 4,660 10,000 city Mansion House Scholarship Scheme St Paul's Cathedral Foundation 4,000 1,075 2,000 1,000 Medical Cure Parkinson's Trust Young Lives vs Cancer 1,075 1,000 7,500 Other donations Royal Britlsh Legion (City of London poppy appeal) St Mary's Grammar School St Plus X College Rainey Endowed School Sperrin Integrated College Magherafelt High School Kilronan School 161 75 75 75 75 75 75 28,069 150 75 75 75 75 75 75 17.900 Sub-total carried forward
SALTERS, CHARITABLE FOUNDATION NOTES TO THE tThANCL4L STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 3 Charitable donations (eontinued) 2024 2023 Sub-totaI brought forward 28,069 17.900 Master's Discretionary Fund VocalEyes Prnvidence Row St Giles Church Residents, Fund Total charitable douatlODS from General Funds 2,000 2,000 3.000 24,900 Relief of Need 2024 Community EastEnd Community Foundation Newark Youth London Circle Community Knights Youth Centre Providence Row Hackney Quest 2023 7,500 5,000 7,500 5,000 2,500 i 0.000 5.000 5,000 5.000 5,000 Military and Cadet Affiliations The Royal Naval Benevolent Trust 1,075 1,000 Bursaries and edueation City of London School for Girls Christ's Hospital Royal National Children's Springboard Fund City & Guilds Refugee Education UK Limited Harris Westminster School 12,000 I 1,000 15,000 2,000 10,000 9,000 1,100 5,000 2.000 10,000 444 City St Giles Church, Cripplegate Treloar's Lord Mayorfs Appeal Sheriffs, and Recorders, Fund Lord Mayols Curry Lunch, supporting ABF (The Soldiers Charity) Barts Charity Th¢ Churches Conservation Trust 4,300 2,150 1,622 1,075 4.000 2,000 1,500 1,000 1.000 900 500 12
SALTERS? CIIARITABLE FOI]NDATION NOTES TO TItE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 Other donations 2024 2023 The Together Project The Literacy Pirates Ltd Future Frontiers Ltd PCC St Sepulchre Opera Holland Park Construction Industy Trust for Youth 5,000 5,000 10.000 10.000 3,000 10.000 10,000 Total charitable donatlODS for Relief of Need 106,722 103,444 Total charitable donations njade during the year 134,791 128,344 Costs inturred making donations General Fund Restricted Fund 2024 Total 2023 Total S0ndment charge - The Salters, Management Company Ltd 60,587 60,587 60,587 37,171 The Salt¢rs' Management Company Limited is a subsidiary company of The Salters, Company. 13
SALTERS, CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 5 Other expenditure General Fund Restricted Funds 2024 Total 2023 Total Audit fees 5,340 560 5.340 560 4,475 1,670) 2,805 Investment management & otheT expenses 5,900 5,900 6 Investments 2024 2023 Equities Cash deposits Wlth NeThton 2,932,538 497 2,933.035 2,479,202 497 2.479,699 Equities Market value at l July Additions Disposals Net investment gains Itsrket value at 30 June 2.479,202 215,909 2,346,839 237,427 2,932.538 132,363 2,479,202 Historic cost 1,680,614 1.464,705 Investments held at 30 June 2024 considered material in the context of the market value of the portfolio are: Newton Fund Managers Global Growth and Income Fund for Chariti¢s 2,905,709 2,457,321 Newton Fund Managers Global Opportunities Fund for Charities 26,829 21.881 The holding in the Newton Global Opportunities Fund was originally made in 2007 in the amount of £5k to demonstrate the value of compounded investment returns. It is to be left until 2107, after which it can be distributed in line the Foundation's charitable aitns. 7 Debtors 2024 2023 Other Debtors 16,762 16,762 55,623 55,623 8 Creditors 2024 2023 The Salters, Management Company Ltd Other creditors 21,629 39.971 61,600 10,429 28,370 38,799 14
SALTERS, CHARITABLE FOUNDATION NOTES TO THE Fll¥ANCIAL STATEMENTS (continued) FOR THE TrTAR ENDED 30 JUNE 2024 9 Movement in funds Balance 30 June 2023 Transfer between funds Net Investment Balance 30 gains June 2024 Ineome Expenditure General Funds General Fund Manor of Sal 559,646 158,933 20,162 424 579,808 159,357 (94,106) 450 (94,556) 26,911 1,932 28,843 651,383 22.068 673.452 Restricted Funds Relief of Need 44,397 44,397 106,722 (106,722) 57,737 57.737 4,588 4,588 Expendable endomment funds Relief of Need Salters, Fellowship Endowment General Capital Fund 609,968 4,087 (57.737) 63.432 619,750 53,750 72,034 1,424,050 28,645 2,087,768 104,766 16,755 142,539 I23,809 1,576,504 203,996 2,338,793 (57,737) 2,667.576 308,520 (201,278 237,426 3,012,245 Balgnce 30 June 2022 Transfer between fund$ Net Snvestment Balance 30 gains June 2023 Income Expenditure PRIOR YEAR: Movement offunds General Funds General Fund Manor of Sal 468,665 141,021 19,120 451 487,785 141,472 (64,426) 450 (64,876) 14,386 1,041 15,427 559,646 20,162 579,808 Restricted Funds Relief of Need 44,008 44,008 103,444 (103,444) 56,657 56,657 2,779 2,779 Expendable endowment funds Relief of Need Salters, Fellowship Endowment Fund General Capital Fund 623,669 4,523 (56,657) 38,433 609,968 53,750 31,400 89,673 53,750 75,724 1424,050 114,157 2,087,768 1,316,926 1,940,595 (56,657) 2,428,380 275,153 168,320 132,363 2.667,576 15
SALTERS, CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 Manor ofsal The Manor of Sal fund is a d¢signat¢d fund set up by six livery companies. Income from this fund is used to support education prizes to six schools in Northern Ireland. Relief ofNeed Thc Relief of Need expendable endowment fund was transferred from the Salters, Company Charity for the Relief of Need on 30 June 2010. The Charity Commission ha8 given its approval for these funds to be US to finance suitable projects for the relief of need, in addition to those which could previously only be funded out of income. The restricted income fund was transferred from the Salters, Company Charity for the Relief of Need on 30 June 2010. The income is applied in relieving either generally or individually persons who are in conditions of need, hardship or distress of the following classes and in the following order of priority by making grants of money or providing or paying for items. services or facilities calculated to reduce the need, hardship or distress of such person: persons who are members of the Salt¢rs' Company or the widows or dependants of such members; and oth¢r persons. The Salters, Fellowship Endowment Fund All donations to this fund are invested to generate income. The sole use of the fund is to generate income principally through dividends and interest and assets sales, to be disbursed as Salters, Fellowships such that there remains sufficient capital to continue to fund Fellowships in perpetuity. General Capital Fund During the year ended 30 June 201 l 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 allocated to the G¢neral Income Fund. Members, donation r¢c¢iv¢d for distribution (rather than capital) are transferred to the General Fund for distribution during the year. The General Fund comprises the following: 2024 2023 General fund 651,383 22,068 673,452 468,665 19,120 487,785 Manor of Sal 16
SALTERS. CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 10 Funds Expendable Endowment Fund 2024 Total Funds General Fund 2023 Total FuDds Investments Net cuent assets 594,242 79.210 673.452 2,338,793 2.933,035 79,210 3.012,245 2.479,699 187,877 2 667.576 2.338,793 Expendable endowment fund Analysls General Capital Fund & SFE Fund Relief of Need Endowment Fulld 2024 Total Funds 2023 Total Funds Investments 619,750 619,750 1,719.043 1,719.043 2 338,793 2,338 793 2.034,018 2 034,018 PIUOR YEAR: Funds Expendable Endowment Fund 2023 Total Funds General Fund 2022 Total Funds Investments Net current assets 445,681 134.127 579 808 2,034,018 53.750 2 087 768 2,479,699 187877 2,347,336 81,044 2,428,380 2 667,576 PRIOR YEAR: Expendable endowment fund analysis General Capital Fund & SFE FuDd Relief of Need Endoivment Fund 2023 Total Funds 2022 Total Funds Investments 609,968 609,968 1,424 050 1,424,050 2,034 018 2,034.018 1940,595 1,940,595 17
SALTERS, CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 I l Related party transactions Expenditure for the year includes £60,587 (2023: £37,171) relating to recharged employment and a0mMOdation charges from The Salters, Management Company Ltd. The Salters, Management Company Ltd is a subsidiary of the Salters, Company, the Charity's Trustee. At the year end the Charity owed £21,629 (2023: £10,429) to The Salters, Management Company Limited. During the year the Charity received a donation of £76,000 (2023: £74,312) from the Salters, Company. the Charity's Trustee. During the year the Charity received a donation of £25,000 (2023: £25,000) from the Salters, Company Charities of Nicholas and Beamond, an associated charity. During the year the Charity received a donation of £60,000 (2023: £nil) from the St Aldhelm's Chapel Trust. Lord Rockley is Chairn)an of St Aldhelm's Chapel Trust and also is a member of Court, the Trustee of the Charity. 12 Statement of Financial Activities for the year ended 30 June 2023 Reliefof Unreslrieled Need Expendable Genergl Restricted Endowmenl Fund Fund Fulld 2023 Total Funds 2022 Total Funds Income Donations 100,428 39,971 1,073 141,472 27,758 16.250 89.673 217,859 56,221 1,073 275,153 154,041 53,133 E,486 208,660 Invesiments Charitable activities Total income 44,008 Expenditure Charitable donations Costs incurred making donations Other 24,900 37,171 2,805 64,876 103,444 128.344 37,171 2.805 168,320 95,636 42,996 6,110 144 742 TotAI expeDditure Net incoming resources before other gains and losses 103,444 76,596 (59,436) 56,657 2,779 89,673 (56,657) 114.157 147.173 106,833 63,918 Transfer between funds Gains on investments Net incoming resources before transfers Reconciliation of funds As l July 2022 As 30 June 2023 15.427 92,023 132,363 239,196 45,613 18,305 487.785 579,808 1,940,595 2,428,380 2,410,075 2.087,768 2,667,576 2.428.380 18