## ## |||Page| |---|---|---| |Trustee and advisers||| |Report ofthe Trustee||2-7| |Independent
auditors'|report|8-10| |Statement offinancial|activities|| |Balance sheet||12| |Cash flow statement||13| |Notes to the financial|statements|14 - 22| |Trustee||The Master, Wardens|The Master, Wardens|and Commonalty ofthe Art or Mistery ofSalters'|and Commonalty ofthe Art or Mistery ofSalters'| |---|---|---|---|---|---| |||London|||| |Bankers||Lloyds Bank pic|||| |||Threadneedle
Street,||London|| |Solicitors||Pinsent Masons LLP|||| |||London|||| |Investment|Manager|Newton
Investment|Management||Limited| |Auditors||Saffery Champness|LLP||| |||71 Queen Victoria Street|||| |||London|||| |||EC4V4BE|||| |Clerk to the Trustee||Mr TD Smith|||| |||Enquiries
about the|Charity should||be addressed to:| |||The Salters' Company|||| |||Salters' Hall|||| |||4 London Wall Place|||| |||London|||| |||EC2Y5DE|||| |Registered|Charity No.|328463|||| |Date ofregistration:||7 December 1989|||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||Unrestricted|Unrestricted|funds||Restricted funds|Restricted funds||| |---|---|---|---|---|---|---|---|---|---|---| |||||||||||6-Month| ||||||||||Year|period| |||||||Festivals|||Ended 30|Ended| ||||General|Centenary||of|Chemistry|Technicians|June|30June| |||Note|Fund||Fund|Chemistry
K|Club
f|Network
f|2022
f.|2021f| |Income from||||||||||| |Donations
and||||||||||| |legacies|||546,125||66,977||||613,102|240,237| |Charitable
activities||3|6,024|||5,175|||11,199|264| |Investment
income||4|2,099||15,264||||17,363|6,401| |Total income|||554,248||82,241|5,175|||641,664|246,902| |Expenditure|on:|||||||||| |Raising funds|||||42,518||||42,518|| |Charitable||||||||||| |activities:||||||||||| |-Curriculum||||||||||| |Development|&|||||||||| |Awards|||230,464||||||230,464|26,386| |- Festivals of||||||||||| |Chemistry|||||124,316|20,175|||144,491|180,506| |-Chemistry
Club|||||83,815||||83,815|63,399| |- Alumni|||8,973||||||8,973|21,382| |- Ambassadors|||16,728||||||16,728|2,154| |-Public Programme|||213,133||||||213,133|12,194| |Total expenditure||6|469,298||250,649|20,175|||740,122|306,021| |Net operating||||||||||| |(expenditure)fincome|||84,950||(168,408)|(15,000)|||(98,458)|(59,119)| |Transfer between||||||||||| |funds||11|(26,000)|||26,000||||| |Net investment|gains J|||||||||| |(losses)|||(3,772)||(12,262)||||(16,034)|56,377| |Net income and net||||||||||| |movement
in|funds||55,178||(180,670)|11,000|||(114,492)|(2,742)| |Funds at I Jan 2021||||||||||| |/ I Jul 2021|||176,408||701,208|15,000||4,577|897,193|899,935| |Funds at 30June||11|231,586||520,538|26,000||4,577|782,701|897,193| ||||Note|2022|2021| |---|---|---|---|---|---| |||||f|f| |Fixed assets|||||| |Listed investments|||8|774,101|790,136| |Investment
in subsidiary|||13|1|1| |||||774, 102|790,137| |Current
assets|||||| |Debtors||||25,808|2,148| |Cash||||222,758|291,490| |Total current assets||||248,566|293,638| |Current liabilities|||||| |Creditors due within||1 year|10|~239,967)|~)-3,789)| |Net current assets||||8,599|167,849| |Creditors due & 1 year|||10||(60,793)| |Net assets||||782,701|897,193| |Tbe funds ofthe Charity|||||| |Unrestricted
fund|||||| |General
fund||||231,586|176,408| |Centenary
Fund||||520,538|701,208| |||||752,124|877,616| |Restricted fund|||||| |Salters' Festivals ofChemistry|||11|26,000|15,000| |Salters' Chemistry|Clubs||11||| |Salters' Technician|Networks||11|4,577|4,577| |Total Charity Funds||||782,701|897,193| |||||||||6month| |---|---|---|---|---|---|---|---|---| |||||||||period to30| ||||||||2022|June 2021| ||||||||f|f| |Cash flows from operating
activities:||||||||| |Net cash provided
by operating|activities|||(Note A)|||(86,095)|(135,801)| |Cash flows from investing
activities:||||||||| |Dividends
and interest from investments|||||||17,363|6,401| |Movement
in investment
cash||||||||13,000| |Purchase oflisted investments||||||||(13,000)| |Proceeds from sale ofinvestments||||||||(1)| |Net cash provided
by investing|activities||||||17,363|6,400| |Change in cash and cash equivalents||in the|period||||(68,732)|(129,401)| |Cash and cash equivalents
at the beginning|||ofthe period||||291,490|420,891| |Cash and cash equivalents
at the end||ofthe|period||||222,758|291,490| |Note A - reconciliation
ofnet income||to net|cash flow from|operating|activities|||| |||||||||30June| ||||||||2022|2021| ||||||||f|f| |Net income for the year (as per|the|||||||| |statement offinancial activities)|||||||(114,492)|(2,742)| |Adjustments
for:||||||||| |(Gains)/losses
on investments|||||||16,034|(56,377)| |Dividends
and interest from investments|||||||(17,363)|(6,401)| |(Increase)/decrease
in debtors|||||||(23,659)|(1,908)| |(Decrease)/increase
in creditors|||||||53,385|68,373)| ||||||||(86,095)|(135,801)| |Analysis ofchanges in net debt||||||||| |||||At start
period|of|(|ash flows|period| |Cash||||291,490|||68,732)|222,758| |Total||||291,490|||68,732|222,758| ## ## ## ## ## ## ## ## |||||||||6month| |---|---|---|---|---|---|---|---|---| |||||||||period to| |||||||||30June| |2|Donations|and legacies|||||2022f|2021f| ||Donation|from||Salters' Company|||546,125|229,500| ||Donations|from members||||||| ||investment|||into Centenary||funds - capital|1,875|| ||unrestricted||||||65,102|10,737| ||restricted||expenditure|||||| ||||||||613,102|240,237| |||||||||6 month| |||||||||period to| |||||||||30June| |3|Income from
~Shi|||charitable|activities||2022f|2021f| ||Salters' Festivals ofChemistry||||||5,175|| ||Fees|||||||| ||Salters' Festivals ofChemistry|||||||| ||Support for||activities||||1,662|| ||Attendance||fees||||4,362|264| ||||||||11,199|264| |||||||||6 month| |||||||||period to| |||||||||30June| |4|Income from|||investments|||2022
f|2021f| ||Dividends|received|||||17,363|6,401| ||||||||17,363|6,401| |4|Income from investments| |---|---| ||Dividends
received| ## |Expenditure|||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||||6 month| |||||||Direct
expenses|Publicity|Governance|Support|2022|period to
30June| ||||||||||||2021| ||||||||||||f| |Charitable
activities|||||||||||| |Curriculum
Development||||&Awards||83,162|65,179|1,767|80,357|230,464|26,386| |Festivals ofChemistry||||||72,699||1,544|70,247|144,491|180,506| |Chemistry
Club||||||42,171||896|40,748|83,815|63,399| |Alumni||||||4,514||96|4,362|8,973|21,382| |Ambassadors||||||8,417||179|8,133|16,728|2,154| |Public Programme||||||107,236||2,278|103,619|213,133|12,193| |Costs ofdevelopment||generating|||||||||| |voluntary
income|||||||||42,518|42,518|| |||||||318,199|65,179|6,760|349,984|740,122|306,020| |Prior period expenditure||||||Direct
expenses|Publicity|Governance|Support|202l|31
December
2020| ||||||||||||f| |Charitable
activities|||||||||||| |Festivals ofChemistry||||||105,321||5,366|69,819|180,506|111,712| |Curriculum
Development|||&Awards|||7,785|10,859|397|7,345|26,386|297,966| |Chemistry
Club||||||54,588||2,781|6,030|63,399|| |Public Programme||||||8,108||413|3,672|12,193|| |Alumni||||||239||12|21,131|21,382|| |Ambassadors||||||719||37|1,398|2,154|| |Costs ofgenerating|voluntary|||income|||||||423| |||||||176,760|10,859|9,006|109,395|306,020|410,101| ||||||||||||6month| |||||||||||period to 30|| |Total expenditure||||||||||2022|June 2021| |||||||||||f|f| |Total expenditure||is stated||atter charging:|||||||| |Salters' Company||salary|recharge||||||240,029||100,496| |Salters' Company|accommodation||||recharge|||||67,351|8,899| |Audit fee||||||||||5,350|8,204| ## ## |||||||6 month| |---|---|---|---|---|---|---| |||||||period to 30| ||||||2022|June 2021| ||Headcount
at period end||||6|4| ||Full time equivalent
staff|||to run the Institute|4.7|3.2| |8|Listed investments||||2022|2021| |||||||f| |a)|The Centenary|Fund||||| |1)|Stock exchange|securities||at market value|659,723|671,986| ||Deposits with Newton||||69|69| ||30June||||659,792|672,055| |2)|Market value at|1 July|2021 /1 January 2021||671,986|609,549| ||Additions|||||13,000| ||Disposals||||(1)|(50)| ||Net investment|gain/(loss)|||(12,262)|49,487| ||Market value at|30June|||659,723|671,986| ||Historic cost||||366,729|366,729| |b)|The Salters' Institute||General Fund|||| |1)|Stock exchange|securities||at market value|114,309|118,081| ||30June||||114,309|118,081| |2)|Market value at|1 July|2021 /1 January 2021||118,081|111,191| ||Additions|||||| ||Disposals
Net investment|gain/(loss)|||~3.7723|6,890| ||Market value at|30June|||114,309|118,081| ||Historic cost||||78,710|78,710| ||Total listed investments|||at30June|774,101|790,136| ||Investments
held at 30June considered|Investments
held at 30June considered|Investments
held at 30June considered|material|in the context of|2022|2021| |---|---|---|---|---|---|---|---| ||the market value ofthe portfolio are:|||||f|f| ||Newton Global Dynamic Bond|||||18,481|20,471| ||Newton Growth and|Income Fund|for Charities|||755,551|769,596| |9|Debtors||||||| |||||||2022
f|2021f| ||Other debtors|||||25,808|2,148| |10|Creditors||||||| |||||||2022|2021| |||||||f|| ||Accruals and other creditors|||||131,079|180,205| ||The Salters' Management
Company||Ltd|||108,888|6,377| |||||||239,967|186,582| ||Creditors: Amounts|falling due within||one year||239,967|125,789| ||Creditors: Amounts|falling due between 2-5|||years||60,793| |||||||239,967|186,582| ||Included
under other|creditors are|grant|commitments.|||| ||Balance at 1 July 2021 / 1 January||2021|||134,428|239,046| ||Grants paid|||||(91,987)|(104,618)| ||Grants awarded||||||| ||Balance at 30June|||||42,441|134,428| ## ||||||Investment||| |---|---|---|---|---|---|---|---| |||Balance|Incoming|Resources|Gains(|Net|Balance 30| |||I Jul 202I|Resources
f|Expended|(Losses)|Transfers|June 2022| |Unrestricted
funds|||||||| |General Fund||176,408|554,248|(469,298)|(3,772)|(26,000)|231,586| |Designated
funds|||||||| |Centenary
Fund|||||||| |-Capital Fund||630,856|66,977|(165,033)|(12,262)||520,538| |-Income Fund||70,352|15,264|(85,616)|||| |||701,208|82,241|250,649)|(12,262)||520,538| |Total unrestricted|funds|877,616|636,489|(719,947)|(16,034)|(26,000)|752,124| |Restricted funds|||||||| |Salters' Festivals of|||||||| |Chemistry||15,000|5,175|(20,175)||26,000|26,000| |Salters' Chemistry|Clubs||||||| |Salters' Technician|||||||| |Networks||4,577|||||4,577| |Total restricted funds||19,577|5,175|(20,175)||26,000|30,577| |Total Funds||897,193|641,664|(740,122)|(16,034)||782,701| ||||||Investment||| |---|---|---|---|---|---|---|---| |||Balance|Incoming|Resources|Gains l|Net|Balance 30| |Prior Period||I Jan 2021|Resources|Expended|(Losses)f|Transfers|June 2021
s| |Unrestricted
funds|||||||| |General Fund||144,553|230,797|(62,115)|6,890|(143,717)|176,408| |Designated
funds|||||||| |Centenary
Fund|||||||| |-"Capital" Fund||570,632|10,737||49,487||630,856| |-"Income" Fund||64,984|5,368||||70,352| |||635,616|16,105||49,487||701,208| |Total unrestricted|funds|780,169|246,902|(62,115)|56,377|(143,717)|877,616| |Restricted funds|||||||| |Salters' Festivals of|||||||| |Chemistry||73,309||(180,506)||122,197|15,000| |Salters' Chemistry|Clubs|41,880||(63,399)||21,520|| |Salters' Technician|||||||| |Networks||4,577|||||4,577| |Total restricted funds||119,766|-|(243,905)||143,717|19,577| |Total Funds||899,935|246,902|(306,021)|56,377||897,193| ## ## ## ## |Split ofnet assets between|funds|funds|||| |---|---|---|---|---|---| ||Unrestricted||Restricted|Total|Funds| ||||Festival||| ||||of||| ||General|Centenary|Chemistry||30June| ||Fundf|Fund|&otherf|2022f|2021f| |Investments|114,309|659,792||774,101|790,136| |Net current assets
Creditors ) 1 year|117,277|(139,254)|30,577|8,600|167,850
60,793| ||231,586|520,538|30,577|782,701|897,193| |Prior period|Unrestricted||Restricted|Total|Funds| ||||Festival||| ||||of||31| ||General|Centenary|Chemistry||December| ||Fund|Fundf|&otherf|2021f|2020f| |Investments|118,081|672,055||790,136|733,758| |Net current assets
Creditors ) 1 year|119,120
60,793)|29,153|19,577|167,850
60,793|217,971
46,794)| ||176,408|701,208|19,577|897,193|899,935| ## ## ## ||||||||6 month| |---|---|---|---|---|---|---|---| ||||||||period ended| |||Gcnernt|Ccntenery|Festlvcls|Chemistry|Tcchntclons|30June| ||Note|Fundf|Fundf|ofChcmhtryf|Club
f|Network|sett| |Income from|||||||| |Donations
and legacies||229,500|10,737||||240,237| |Charitable
activities||264|||||264| |Investment
income||1,033|5,368||||6,401| |Total income||230,797|16,105||||246 902| |Expenditure
on:|||||||| |Raising funds|||||||| |Charitable
activities:|||||||| |- Curriculum
Development|||||||| |&Awards||26,386|||||26,386| |Development
projects|||||||| |Festivals ofChemistry||||180,506|||180,506| |Chemistry
Club|||||63,399||63,399| |Alumni||21,382|||||21,382| |Ambassadors||2,154|||||2,154| |- Public Programme||12,193|||||12,193| |Total expenditure||62,115||180,506|63,399||306,021| |Net operating
income/(expenditure)||168,682|16,105|(180,506)|(63,399)||(59,119)| |Transfer between
funds||(143,717)||122,197|21,520||| |Net investment
(losses)/gains||6,890|49,487||||56,377| |Net income and net movement||31,855|65,592|(58,309)|(41,879)||(2,742)| |in funds|||||||| |Funds at
1 January 2021||144,553|635,616|73,309|41,880|4,577|899,935| |Funds at 30June 2021|ll|176,408|701,208|15,000|0|4,577|897,193|