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 obJ￿tiveS 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. CHAR￿ABLE 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
S￿0ndment 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
I￿tsrket 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 cu￿ent 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
a￿0mMOdation 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