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← Salters' Charitable Foundation

2025-06-30-accounts

Registered Charity Number: 328258

SALTERS' CHARITABLE FOUNDATION

REPORT OF THE TRUSTEE AND ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2025

SALTERS’ CHARITABLE FOUNDATION

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CONTENTS Page
Trustee andadvisors 1
Trustee Report 2-4
Independent auditors' report 5-7
Statementoffinancial activities 8
Balance sheet 9
Notestothefinancialstatements 10-18

SALTERS’ CHARITABLE FOUNDATION

TRUSTEE AND ADVISORS FOR THE YEAR ENDED 30 JUNE 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |Trustee|The|Master,|Wardens|and Commonalty|of the|Art|or Mistery|of Salters'| |London| |Master|Mr AS|McMurtrie| |Upper Warden|The|Lord Rockley| |Second Warden|Mr|J|Stebbing| |Bankers|Lloyds Bank|plc| |Threadneedle|Street,|London| |Solicitors|Pinsent Masons LLP| |London| |Investment|Manager|Newton|Investment Management|Limited| |London| |Auditors|Saffery LLP| |71|Queen|Victoria|Street| |London| |EC4V|4BE| |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| |EC2Y|SDE| |Registered|Charity|No.|328258| |Date|of registration:|1|June|1989|

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1

SALTERS’ CHARITABLE FOUNDATION

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025

TL TD The Trustee presents its report for the year ended 30 June 2025.

Trustee

The Trustee is appointed and serves in accordance with the terms of the Trust deed. The Court of Assistants of the Salters' Company (the 'Company’') acting for the Company as trustee, considers Salters' Charitable 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's 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 Charity

The Salters' Company Charity for the Relief of Need transferred all its assets to Salters' Charities on 30 June 2010 in order to amalgamate the two charities. Salters' Charities changed its name to the Salters' Charitable Foundation on 1 July 2010.

Salters' Charities was first registered in 1989 following the establishment of the Charity by Deed on 1 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 ofWilliam 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 2010 to form the Salters' Charitable Foundation. These comprise such charitable purposes as the Company may from time to time in its absolute discretion direct as well as applying income 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 persons: - Persons who are members of the Salters' Company or the widows or dependants of such members; and - Other persons

The Trustee fulfils the objects of the Charity by the making of grants and other charitable donations.

2

SALTERS’ CHARITABLE FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2025

Grant making policy

The following summarises the current grant making policy of the Salters' Charitable Foundation (SCF):-

As in previous years:

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 performance

The Trustee's investment powers are governed by the Trust Deed, which permits 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 conformity 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 objectives 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.

Principal risks and uncertainties

The Trustee 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 year-end.

The principal risks of the Charity as assessed by the trustee are: (1) delivery of project objectives 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.

3

SALTERS’ CHARITABLE FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2025

Financial position and reserves policy of the Charity

The Charity's income from non-livery donations was £Nil (2024: £Nil). Grant-in-Aid from the Salters' Company was £70,042 (2024: £76,000). Member's donations provided income of £88,646 (2024: £147,361). A donation of £30,000 (2024: £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 determine the funds to which donations are allocated.

The Trustee's long-term 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-term and to ensure the long-term sustainability of the Charity. Of the £738,833 in the General Fund as defined below, £23,012 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 £390,000. 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 £628,494 at 30 June 2025 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-chemistry-related subjects at UK Universities. At 30 June 2025 the balance on the Salters’ Fellowship Endowment Fund was £166,000 and this should not be considered as part of the free reserves of the charity. The General Capital Fund is an expendable endowment fund, established by donations received from the Livery. At 30 June 2025 the balance on the General Capital Fund was £1,671,086. Free reserves at 30 June 2025 amounted to £716,790 being the General Fund excluding Manor of Sal.

Achievements and future plans

2024-25 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 our three 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 Form 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 The Together Project, towards their work to tackle loneliness and age segregation through a variety of community projects. In addition, £5,000 has been awarded to Number Champions to help them improve children's numeracy, boost their self-esteem, and ultimately enhance their educational opportunities. SCF has also made a grant of £5,250 to support 3 Pillars with their work helping people in custody via sports based mentoring. In addition, The Salters Fellowship Endowment Fund made its first grant, awarding £5,000 to a student to complete studies as Lucy Cavendish College. SCF made two similar awards, of £5,000 each, to support students to pursue further studies at Imperial College.

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The Trustee expects to continue with the grants programme as described above through 2025-26 and make new awards
where possible in accordance with the stated policy.
For and] behalf of the Salters' Charitable Foundation on30 October 2025.
| GO Bult
Mr AS MeMurtrie The Lord Rockley Mr TDS
Master Upper Warden Clerk to the Trustee
For the Trustee For the Trustee
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4

SALTERS’ CHARITABLE FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025

Opinion

We have audited the financial statements of the Salters' Charitable Foundation for the year ended 30 June 2025, 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:

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 have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusion relating to going concern

In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, 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 information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on 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:

5

SALTERS’ CHARITABLE FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2025 eee

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 being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary 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, disclosing, 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 operations, 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 the aggregate, they could reasonably be 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 design 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 related 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 management 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 1, the 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 management override of controls by testing the appropriateness ofjournal entries and identifying any significant transactions that were unusual or outside the normal 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 partner's 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 regulations and fraud.

6

SALTERS’ CHARITABLE FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2025

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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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) Regulations 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 permitted 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 formed.

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Saffery LLP

Statutory Auditors

71 Queen Victoria Street, London, EC4V 4BE

Saffery LLP is eligible to act as an auditor in terms 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 2025 Sa

Unrestricted
General		 Restricted Expendable
©Endowment		 2025Total 2024Total
Fund Funds Fund Funds Funds
£ £ £ £ £
Income from: Note
Donations
Investments		 2 98,334
43,578		 32,583
17,279		 57,771
-		 188,688
60,857		 248,361
58,878
Charitable activities 17,815 - - 17,815 1,281
Total income ee
159,727
49,862
57,771
267,360
308,520
a
A ODE
IA
207,500
308,520,
Expenditure on:
Charitable donations 3 36,263 83,038 119,301 134,791
Costs incurred
making donations 4 64,110 - - 64,110 60,587
Other 5 9,219 - - 9,219 5,900
SSS.
Totalexpenditure 109,592
$e		 83,038
MIS		 .
192,630
NIE OSD		 201,278
201,278
Netincome before gains on
investments 50,135 (33,176) 57,771 74,730 107,242
Gains on investments 16,215
$a		 2,639
DF		 99.553
FADD		 118,407
NSU		 237,427
237,427
Net income after gains on
investments 66,350 (30,537) 157,324 193,137 344,669
Transferbetween funds - 30,537 (30,537) - -
Netmovement in funds 66,350 - 126,787 193,137 344,669
Reconciliation offunds
As 1 July2024 673,452
$e		 -
2,338,793
IOI		 3,012,245
UNL245
As30June2025 739,802
-
2,465,580
3,205,382
ee		 3,012,245

All of the above results derive from continuing activities of the Charity. There are no recognised gains and losses other than those reported above. Notes | to 12 form part of these financial statements.

8

BALANCE SHEET AS AT 30 JUNE 2025

SALTERS’ CHARITABLE FOUNDATION

2025 2024
Notes £ £
Fixed assets
Investments 6 3,097,889 2,933,035
Total fixed assets 3,097,889 2,933,035
Current assets
Debtors 19,897 16,762
Cash at bank 7 120,976 124,048
Total current assets 140,873 140,810
Current liabilities
Creditors 8 (33,380) (61,600)
Net current assets 107,493 79,210
Net assets 3,205,382 3,012,245
The funds of the Charity
Unrestricted fund 10 739,802 673,452
Restricted fund 10 - -
Expendable endowment fund 10 2,465,580 2,338,793
3,205,382 3,012,245

The financial statements on pages 8 to 18 were approved by the Trustee on 30 October 2025

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AY
Vi/ oe
Mr AS McMurtrie The Lord Rockley
(Master Upper Warden
For the Trustee For the Trustee —
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P
¥
Mr TD
Clerk to the Trustee
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The notes 1 to 13 form part of these financial statements.

9

SALTERS’ CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 EES

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise 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 Standard 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 true and fair view. This departure has involved following the SORP rather than Accounting and Reporting 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 there 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 commitments for which the Charity has not provided at the period-end.

1.3. Income from legacies and donations Donations, legacies, and other forms of voluntary incoming resources are accounted for when received by the Charity. Grants given for specific projects are dealt with in accordance with the terms of the grant. 1.4 Investments Investments are stated at market value.

1.5 Charitable 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 end. 1.6 Critical estimates and judgements and key sources of estimation uncertainty In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are 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 raising 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’ CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

2 Donations received

Donations received
Unrestricted
General		 Restricted Expendable
Endowment		 2025 Total 2024
Total
Fund Funds Fund Funds Funds
£ £ £ £ re
Salters' Company Grant-in-Aid 70,042 - - 70,042 76,000
Charities ofNicholas andBeamond - 30,000 - 30,000 25,000
Livery Donations 28,292 2,583 57,771 88,646 147,361
98,334 32,583 57,771 188,688 248,361

Charitable 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 £88,646 (2024: £147,361).

Grant-in-aid by the Salters' Company and donations

Grant-in-aid of £70,042 (2024: £76,000) was made by the Salters' Company. A donation of £30,000 (2024: £25,000) from the Charities of Nicholas and Beamond was given to the Charity for distribution for Relief of Need.

3 Charitable donations made

General Fund 2025 2024
£ £
Military and Cadet Affiliations
Northern District, LondonArea SeaCadet Corps 1,750 1,750
SouthWestLondonArmy CadetForce 1,750 1,750
RAF Air Cadets LondonWing 1,750 1,750
The King'sRoyal Hussars Regimental Association 1,075 1,075
HMS Vengeance WelfareFund andCrew Prize 24 323
Bursaries and education
Arkwright Scholarships Trust 5,270 4,660
London Youth - 10,000
Imperial College 10,000 -
Prep Schools Trust 4,608 -
City
Mansion House Scholarship Scheme 4,000 4,000
St Paul's Cathedral Foundation 1,075 1,075
Medical
Cure Parkinson's Trust 1,075 1,075
Other donations
Royal British Legion (City ofLondonpoppy appeal) 161 161
StMary's Grammar School 75 75
StPiusX College 75 75
RaineyEndowed School 75 75
Sperrin Integrated College - 75
Magherafelt High School 75 75
Kilronan School 75 75
Sub-totalcarriedforward 32,913 28,069

11

SALTERS’ CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025 Sea

3 Charitable donations (continued)

Charitable donations (continued)
2025 2024
£ £
Sub-total brought forward 32,913 28,069
Master's Discretionary Fund
InstituteofCancerResearch 3,000 -
StJohnofJerusalem Eye Hospital 350 -
Total charitabledonationsfrom General Funds 36,263 28,069
Salters' Fellowship EndowmentFund
Lucy CavendishCollege 5,000 -
Total charitabledonations from Salters FellowshipEndowment
Fund		 5,000 -
ReliefofNeed 2025 2024
£ £
Community
EastEndCommunityFoundation - 7,500
NewarkYouthLondon - 5,000
ProvidenceRow - 5,000
HackneyQuest - 5,000
TheTogetherProject 5,000 5,000
3 Pillars 5,250 .
NumberChampions 5,000 -
BrighterTogether 7,500 -
HarvardSummer SchoolProgramme 1,000 -
ConstructionIndustry TrustforYouth - 10,000
Military and Cadet Affiliations
TheRoyalNavalBenevolentTrust 1,075 1,075
Bursaries and education
CityofLondon School for Girls 11,000 12,000
Christ'sHospital 11,000 11,000
RoyalNational Children's SpringboardFund 10,000 15,000
City& Guilds 2,000 2,000
RefugeeEducationUKLimited - 10,000
HarrisWestminsterSchool 9,000 9,000

12

SALTERS’ CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

City
St Giles Church, Cripplegate 4,300 4,300
Treloar's 2,150 2,150
LordMayor's Appeal 1,613 1,622
Sheriffs’ and Recorders' Fund 1,075 1,075
LordMayor's Curry Lunch, supportingABF (The Soldiers Charity) 1,075 -
Total charitable donations for ReliefofNeed 78,038 106,722
Total charitable donationsmade during theyear 119,301 134,791
4 Costs incurred making donations
General
Fund		 Restricted
Fund		 2025
Total		 2024
Total
£ £ £ £
Secondment charge - The Salters'
ManagementCompanyLtd 64,110 - 64,110 60,587
64,110 - 64,110 60,587

The Salters' Management Company Limited is a subsidiary company of The Salters' Company.

5 Other expenditure

Other expenditure
General
Fund		 Restricted
Funds		 2025
Total		 2024
Total
£ £ £ £
Audit fees 5,520 - 5,520 5,340
Investmentmanagement 550 - 550 (545)
Other expenses 3,149 3,149 1,105
9,219 - 9,219 5,900

13

SALTERS’ CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025 Se

6 Investments

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||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Equities|3,083,818|2,932,538| |Cash|deposits|with Newton|14,071|497| |3,097,889|2,933,035| |Equities| |Market value|at|||July|2,932,538|2,479,202| |Additions|32,873|215,909| |Disposals|-|-| |Net investment|gains|118,407|237,427| |Market value|at 30 June|3,083,818|2,932,538| |Historic cost|1,715,865|1,680,539|

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Investments held at 30 June 2025 considered material in the context of the market value of the portfolio are:

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|||||| |---|---|---|---|---| |Newton Fund Managers|Global Growth and Income Fund|for Charities|3,054,676|2,905,709| |Newton Fund Managers|Global|Opportunities Fund for Charities|29,142|26,829|

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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 21 07, after which it can be distributed in line the Foundation's charitable aims.

7 Debtors

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |The|Salters'|Institute|for|Industrial|£|ie| |Chemistry|1,000|.| |Other Debtors|18,897|16,762| |19,897|16,762|

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||||| |---|---|---|---| |2025|2024| |£|£| |The|Salters' Management Company Ltd|5,832|21,629| |Other creditors|27,548|39,971| |33,380|61,600|

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14

SALTERS’ CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

9 Movement in funds

Balance Transfer Net Balance
30 June between investment 30 June
2024 Income Expenditure funds gains 2025
£ £ £ £ £ £
General Funds
General Fund 651,384 159,282 (109,217) - 15,341 716,790
ManorofSal 22,068 445 (375) - 874 23,012
673,452 159,727 (109,592) - 16,215 739,802
Restricted Funds
Salters' Fellowship - - (5,000) 5,000 - .
Relief of Need - 49,862 (78,038) 25,537 2.639 -
. 49,862 (83,038) 30,537 2,639 -
Expendable endowment funds
ReliefofNeed 619,750 3,400 - (25,537) 30,881 628,494
Salters' Fellowship Endowment 142,539 19,789 - (5,000) 8,672 166,000
General Capital Fund 1,576,504 34,582 - - 60,000 1,671,086
2,338,793 57,771 - (30,537) 99,553 2,465,580
3,012,245 267,360 (192.630) - 118.407 3,205,382
Balance Transfer Net Balance
30 June between investment 30 June
2023 Income’ Expenditure funds gains 2024
PRIORYEAR:
Movement offunds £ £ £ £ £ £
General Funds
General Fund 559,646 158,933 (94,106) - 26,911 651,384
ManorofSal 20,162 424 (450) - 1,932 22,068
579,808 159,357 (94,556) - 28,843 673,452
Restricted Funds
Relief of Need - 44,397 (106,722) 57,737 4,588 -
- 44,397 (106,722) 57,737 4,588 -
Expendable endowment funds
ReliefofNeed 609,968 4,087 - (57,737) 63,432 619,750
Salters' Fellowship Endowment
Fund 53,750 72,034 - - 16,755 142,539
General Capital Fund 1,424,050 28,645 . - 123,809 1,576,504
2,087,768 104,766 - (57,737) 203,996 2,338,793
2,667,576 308,520 (201,278) - 237.426 3,012,245

15

SALTERS’ CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025 ee

EEeEESSFSFSSMMMMMSSmmmmMhFeFeseseFSSSSSSSSSS———S—

Manor ofSal The Manor of Sal fund is a designated fund set up by six livery companies. Income from this fund is used to support education prizes to six schools in Northern Ireland. ReliefofNeed The 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 has given its approval for these funds to be used 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 Salters' Company or the widows or dependants of such members; and - other 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 2011 a General Capital Fund was established, as an expendable endowment fund, for those Livery donations received by the Salters' Charitable Foundation which are to be held as capital. Income arising on investments held in the General Capital Fund is treated as unrestricted income and allocated to the General Income Fund. Members' donation received for distribution (rather than capital) are transferred to the General Fund for distribution during the year.

The General Fund comprises the following: 2025 2024
General fund £
716,790		 £
468,665
ManorofSal 23,012 19,120
739,802 487,785

16

SALTERS’ CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

Eun: Expendable 2025 2024
General Endowment Total Total
Fund Fund Funds Funds
£ £ £ £
Investments 632,309 2,465,580 3,097,889 2,933,035
Net current assets 107,493 107,493 79,210
739,802 2,465,580 3,205,382 3,012,245
Expendableendowmentfund analysis General
Reliefof Capital
Need Fund& 2025 2024
Endowment SFE Total Total
Fund Fund Funds Funds
£ £ £ £
Investments 628,494 1,837,086 2,465,580 2,338,793
628,494 1,837,086 2,465,580 2,338,793
peiYEAR:
saad		 General Expendable
Endowment		 2024
Total
Fund Fund Funds
£ £ £
Investments 594,242 2,338,793 2,933,035
Net current assets 79,210 - 79,210
673,452 2,338,793 3,012,245
PRIORYEAR: General
Expendable endowment Reliefof Capital
fund analysis Need Fund& 2024
Endowment SFE Total
Fund Fund Funds
£ £ £
Investments 619,750 1,719,043 2,338,793
619,750 1,719,043 2,338,793

17

SALTERS’ CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025 eo

11 Related party transactions

Expenditure for the year includes £64,110 (2024: £60,587) relating to recharged employment and accommodation 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 £5,832 (2024: £21,629) to The Salters' Management Company Limited.

During the year the Charity received a donation of £70,042 (2024: £76,000) from the Salters' Company, the Charity's Trustee.

During the year the Charity received a donation of£30,000 (2024: £25,000) from the Salters' Company Charities of Nicholas and Beamond, an associated charity. At the year end the Charity was owed £1,000 from The Salters' Institute of Industrial Chemistry, a related charity (2024: nil). There were no other related party transactions during the year.

12 Statement of Financial Activities for the year ended 30 June 2024

Reliefof
Need Expendable 2024
Unrestricted Restricted Endowment Total
General Fund Fund Fund Funds
£ £ £ £
Income
Donations 116,538 27,592 104,231 248,361
Investments 41,538 16,805 535 58,878
Charitable activities 1,281 - - 1,281
Total income 159,357 44,397 104,766 308,520
Expenditure
Charitable donations 28,069 106,722 - 134,791
Costs incurred makingdonations 60,587 - - 60,587
Other 5,900 - . 5,900
Total expenditure
Netincoming resources before othergainsand		 94,556 106,722 - 201,278
losses 64,801 (62,325) 104,766 107,242
Transferbetweenfunds - $7,737 (57,737) -
Gains oninvestments 28,843 4,588 203,996 237,427
Net incoming resources before transfers 93,644 - 251,025 344,669
Reconciliation offunds
As 1 July2023 579,808 - __2,087,768 2,667,576
As30June2024 673,452 - _2,338,793 3,012,245

18