Registered Charity Number: 328463 THE SALTERS, INSTITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024
SALTERS, llYsTITUTE OF INDUSTRIAL CHEMISTRY CONTENTS Page Trustee and advisers Report of the Trustee Independent auditors, report 8-10 Statement of financial activities Balance sheet 12 Cash flow statement 13 Notes to th¢ financial statements 14-22
THE SALTERS, tNSTITUTE OF ¥DusTRIAL CHEMISTRY TRUSTEE AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Trnstee The Master, Wardens and Commonalty of the Art or Mistery of Salters, London Bankers Lloyds Bank plc Threadneedle Stree( London Solicitors Pinsent Masons LLP London Investment Manager N¢Mrton Investment Managem¢nt Limited Auditors Saff¢ry LLP 71 Queen Victoria Street London EC4V 4BE 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 EC2Y 5DE Registered ChArity No. 328463 Date of registrydtion: 7 December 1989
THE SALTERS, IsTITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 The Trustee presents its rcport togcther with the audited financial statements for the year ended 30 June 2024. The financial statements comply with current statutory requirements, the requiremcnts of thc Institute's governing document and the provisions ofthe Charities SORP {FRS102). Trustee & Governance The Trustee is appointed and serves in accordance with the t¢rn]s of the Trust deed. In accordance with the Memorandum and Laws and Regulations of the Salters, Company. the Trustee has delegated the day to day management of the Institute to the Institute Board of Management, which consists of the Master and Wardens and not less than four nor more than fourteen Assistants or Members of the Salters, Company. This Board is elected annually by ballot at the meeting of the Court held on Election Day. It has met four times during the year and reports to the Court. Each member elected to the Board is given a copy of the Trust deed and the latest annual report and accounts. Training is then assessed on an individual basis and support is offered where necessary. Trustee responsibilities The Trustee is responsible for preparing the Report of the Trustee 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 Trustee 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) FRS 102: make judgements and estimates that are reasonable and prudent; state whether applicable aooounting standards have been followed, subject to any material departures dis¢los¢d and explained in th¢ financial statements. and prepare the financial statements on th¢ 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 it 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. The Charity The Salters, Institute of Industrial Chemisty was founded in 1918 by the Salters, Company. In its earliest years the Institute was especially concerned with assisting young chemists to complete their training after returning from service in the First World War. Today, its aims are clear: to promote the appreciation of, and interest in, chemisty and the related sciences amongst young peopl¢ and to encourage chetnisty-bascd careers. This is achieved through the Salters, Education Tcam and their support of, and work with, teachers, technicians, young and adult learners and families across the UK through our outreach programmes, educational activities and cu1¢u1uM design and development. Th¢ Charity was estsblished by a Declaration of Trust tnade on 7 December 1989 by th¢ Master, Wardens and Cotnmonalty of the Art or Mistery of Salters, London.
THE SALTERS, INSTITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 Object of the Charity The object of the Charity is to advance public education in chemisty. Aims of tbe Charity The Charity fulfils its object by developing and delivering a range of educational programmes that focus on engaging different audiences from Early Years through to adult learners. The education strategy (2020-2025) guides and underpins this endeavour. Our programmes include in person-events and activities for primary and secondary schools as well as digital programmes, offering curriculum-based resources and co-curricula learning. The Charity also grants awards to students and technicians as part of its celebration of excellence in chemisty and the related sciences. Actlvities of the Charity This year the Charity continued to focus on the following major areas of activity:_ Sallers, Festlvals of Chemistry The Festivals Programme continued to deliver in six regions (Scotland, Wales, NW, NE, SE and SW). We were able to host thirteen Festivals of Chemistry 'Discovery Days, in May and June 2024. These are one day events designed to offer practical chemistry in university laboratories. We worked with seven university partners across these regions. In total. 733 students attended from 86 schools, most of which met a widening participation criteria relating to areas of deprivation or low progression to higher education. There was online content for teachers and students who were unable to attend Festivals, with a dedicated Festivals website containing careers resources for use in the classroom. Salters, Chemistry Club The Salters, Chemistry Club is a unique online, interactive learning platforn) for 11-14 year olds. It aims to demystify chemisty and showcase the breadth and depth of chemistry as a subject and a career, and spark and nurture an interest in chemistry in young learners before they choose the secondary school subjects they will study later. Since its launch in September 2021 Chemistry Club has engaged 5,997 students with its content, with 48 topics covered, over 20,000 activities completed and schools registered from l O countries, including New Zealand, Ireland, China, USA, Qatar, Italy and South Korea. In 2023-2024, there were 1,187 new users and 9,047 activities completed. Salters, Awards and Alumni Progrnmme The Charity continues to build and nurture its alumni network of fornier prize and award winners, and to celebrate ¢xc¢llence. Awards were given for notable and high achievement in different education pathways: Changemakers Awards for Year 12 students, A level Awards for Year 13 students and Graduate Awards for final year Underaduat¢s. Having been Telaunched in 2022-2023 the Technician Awards were awarded to three winner5, s¢l¢cted from across England and Scotland for their outstanding contribution to teaching and learning in their schools. Salters, Annual Awards Ceremony Th¢ Annual Awards Ceremony takes place in the first week of D¢c¢mber. It is a tnajor event for both the Institute and the Salters, Company. It is attended by award and prize winners, th¢ir parents, teachers or heads of departtnents and other guests. In 2023, the ceremony took place in Salters, Hall with Dr Rehana Sidat offering the Keynote address. Mr Jamie Wordie, Master of the Salters, Company, welcomed the guests and the awards/prizes were presented by the Chairs of the Awards Panels.
THE SALTERS, TNSTITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 Salters, Public Programmes Our engagement with local communities and the City of London organisations is delivered through Public Programmes. This involved workshops for young learners and families, monthly online resources exploring'chemisty at home, and a year-long project to build a new green space/garden at a primary school facing socio-economic challenges ('Wild City,). For adult learners, we offer regular tours of Salters, Hall through which visitors can learn more about the architectu and the history and legacy of the Salters, Company and Institute. Salters, Advanced Courses Salters Advanced Chemisty, Salters Horners Advanced Physics and Salters-Nuffield Advanced Biology were developed by University of York Science Education Group (UYSEG). Following revision, new Advanced specifications were examined for the first tim¢ at A2 level in June 2017. The Salters, share of the market has reduced to around 50/0 continuing to reflect a move in schools away from context-led courses to mor¢ traditional content-led courses. GCSE Science The revised GCSE Science course, Twenty First Cenftlry Science was examined for the first time in June 2017 with students taking GCSE Science or GCSES in Biology, Chemistry and Physics. Th¢ Salters, share has now reduced to l 0/0 of the total number of students taking GCSE Science. Staifing The Institute staff comprises of a mix of full-time and part-time staff members. Over the year the average number of staff working for the Institute was 5.3. Principal sources of fundiDg Donations of £52.764 (2023: £46,252) were received from Company members. In this period 660/0 (2023: 870/0) of the funding of the Institute was provided by the Salters, Company.
THE SALTERS, t¥STITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 Investment powers? policy and performance The Trustcc's investment powcrs are governed by the Trust Deed, which pern]its the Charity's funds to be invested in any security listed on the London Stock Exchange. The investment policy is reviewed regularly. The policy is to produce the optimum total return with a preference for capital growth rather than income. The Charity's investments have continued to be managed by our investment manager in conforniity with our policy and the Trust Deed. The value of the portfolio increased during the year by 8.50/0. Grant making policy The Trustee fulfils certain of the objectives of the Charity by the making of grants. However, the Charity does not accept any unsolicited applications for grant support. Key personnel The Charity's key personnel and decision makers are the Members of the Institute Board of Management, the Clerk of the Company, the Head of Education and the Education Team. Board Members did not receive remuneration during the period. Donations from the Trustee The Charity encourages its Trustee and Salters, Company Members to donate funds towards the cost of its current activities or towards its endowment funds. Such donations are shown separately in the Notes to the Financial Statements. Principal risks and uneertAinties The Trustee has assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and is satisfied that current appropriate actions have been taken to reduce risk during the year and that systems are in place to mitigate our exposure to the major risks. The principal risks of the Charity as assessed by the Trustee are: Loss of financial support from the Salters, Company. The Charity works closely with the Salters, Company to ensure that its activities and objectives align with those of the Company to ensure continued financial support. The Charity has sought a 3-year financial commitment from the Company to th¢ Charity. Changes in the school scienc¢ curriculum resulting in a drop in the number of students taking the Salters, courses. The Institute ensures the curriculum development work is aligned with the current cU1cUluM in schools and is responsive to any changes. A drop in the number of schools participating in the Salters, Festivals of Chemistry. This year 86 schools participated in the in-person 'Discovery Days,, an increase from the prior year. Irrespective of this improved attendance, a full evaluation of the 2024 Festivals is currently underway.
THE SALTERS, ll¥STITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 Financial position and reserves policy of the Charity The Institutc's activities resulted in a surplus of £8,983 before gains on investments in line with the Institutes expectations and future fundraising activities (2023- deficit £162,264). At 30 June 2024, the Institute's total reserves were £740,464 (2023: £662,344), comprising free reserves, as defined below. of £397,671 (2023: £267,423), Capital Funds of £336,716 (2023: £390.344) and restricted reserves of £6,077 (2023: £4.577}. Free reserves comprise the r¢serve in the General Fund £397,671 (2023: £267,423) and the funds designated for Income in the Centenary Fund £NIL (2023: £NIL). The Trustees aim to maintain the level of free reserves to a level qual to at least six months of the prlor period's expenditure, being £355,000 (2023: £384,000). The funds designated for Capital in the Centenary Fund have been set aside by the Trustee to secure the long-tenn future of the Institute. The Salters, Company annual Grant-in-Aid support to the Institute for the year was £475,000 (2023: £527,751). Direct overall financial support from the Company has dropped from historically high levels of 870/0 to 660/0 in this period. The Trustce acknowledged that the level of Institute activity will reduce unless external funding is secured. Statement of Public Benefit The Institute confers public benefit through its purposes: To enhance the education and training of students of chemisty in general, particularly at the secondary level in schools, to support the work of technicians, to develop and support co-curricular learning beyond the classroom, and to encourage teachers to share best practice in innovative curriculum development and teaching. To support UK industry, particularly by facilitating the supply of high-quality chemists and chemical engineers through its educational programmes and its awards for excellence. To make chemistry more accessible and to recognise that chemistry is interdisciplinary in nature with the subject not standing in isolation from biology, physics and mathematics. To provide young people of pre-GCSE age with hands-on ¢xp¢rience of chemisty by organising a programme of Festivals in well-¢quipp¢d university laboratori¢s. To join with other professional and industrial organisations in providing a forum for discussion (and action where appropriate) on matters of common concern in the field of education in chemisty. All the Institute's education programmes are open to all schools across the state tnaintained and independent sectors. Over the past few years, the Charity has aligned its activity with widening participation criteria. and with schools and individuals facing socio-economic disadvantage. In planning its activities th¢ Trustee confirnis it has given due regard to the Charity Commission's guidance on public benefit.
THE SALTERS, INSTITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 Plans for the future The Institute's current five-year strategy, that was approved and fornially adopted in November 2020, is now coming to an cnd. However, the activities and programming outlin¢d below will continue whilst the future strategy is considercd. tkveloping Chcmisty Club for students aged 11-14. Launched in September 2021. this highly interactive online learning platforni to support independent and co-curricular Icarning requires new content. An enhancement and review of the Festivals of Chemisty programm¢ taking into account lessons learnt from COVID-19 and online delivery, in addition to consultation with our beneficiaries and partners. A strengthening of the portfolio of awards and prizes and the Alumni Programme for past scholars, award and prize winners. Development of our community engagement and local outreach activities through Public Programmes. The programme will be funded by the core donation from the Salters, Company, supported by active fund raising (see below) and co-funding of some of the programmes and projects. Fundraising The Charity continues to seek external funds to allow it to expand its education programme. Th¢ Head of Development actively seeks fundraising for the Institute through Partnerships, Trusts and Foundations, in order to increase the income available for charitable activities. The Salters, Institute received a generous donation of £20,000 for its Public Programmes strand that focused on working with primary schools. This donation, for which we are immensely grateful, enabled the third year of the Wild City Project on biodiversity. For and on behalf of the Salters, Institute of Industrial Chemisty on 7th November 2024. Mr Vacher Master For the Trustee Mr AS Mcmurtrie Upper Warden For the Trustee Dame Ma Chair Institute Board rcher DBE MrTD Clerk to the Trustee
THE SALTERS, INSTITUTE OF INDUSTIUAL CHEMISTRY INDEPENDENT AUDITORS REPORT TO THE TRUSTEE FOR THE YEAR EI¥DED 30 JUNE 2024 Opinion We have audited the financial statements of the Salters, Institute of Industrial Chemisty for the year ended 30 June 2024, which cotnprisc th¢ Statemcnt of Financial Activitics, the Balance Sheet, the Cashflow Statcmcnt and notes to th¢ financial statements, including a summary of significant accounting policies. Th¢ 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 period 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 accordan¢¢ 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 perforni¢d, 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 is responsible for the other infonnation. The other infomiation comprises the inforn]ation included in the annual report, other than the financial statements and our auditovs report thereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our repx)rt, we do not express any forn] of assurance conclusion thereon. Our responsibility is to read the other inforn)ation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent Tnatcrial misstatements, we are quired to detern]ine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work wc have perfom]ed, we conclude that there is a matcrial misstatement of this othcr information, we are required to report that fact. We have nothing to report in this regard.
THE SALTERS. JIYSTITUTE OF INDUSTRIAL CHEMISTRY INDEPENDENT AUDITORS REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 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.. the infonnation given in the Trustee Annual Report is incon51Stent 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 infomiation and explanations we require for our audit. 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 Trustee deterniines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or ernr. In preparing the financial statements, the Trustee is responsible for assessing th¢ 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 intends 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 201 l 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 consider¢d 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 Iegular1tI¢$, 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 significancc in the context of the Charity include the Charities Act 2011, the Charities (Account and Reports) Regulations 2008 and guidance issued by th¢ Charity Commission for England and Wales.
THE SALTERS, INSTITUTE OF tNDUSTRIAL CHEMISTRY YDEPENDENT AUDITORS REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 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 instanccs of non-compliance with laws and regulations or knowledge of any actual, suspccted or alleged fraud. We addressed the risk of fraud through management ov¢rrid¢ of controls by testing the appropriateness of journal entries and identifying any significant transactions that were 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 partner's review included ensuring that the team had approached their work with appropriate professional sc¢pti¢ism and thus the capacity to identify non-compliance with laws and regulations and fraud. 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 derIptIOn of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: wTrvw.frc.org.uk/auditorsresponsibilities. This description forn]s part of our auditor's report. Use of our report This report is made solely to the Charity's Trustee, as a body, in a¢¢ordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has b¢¢n undertaken so that we might state to the Trustee those matters we are required to state to it in an auditors, report and for no other purpose. To the fullest extent perniitt¢d 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 thc opinions we have forn)cd. 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. i< 2oaF 10
THE SALTERS, LYSTITUTE OF INDUSTRIAL CHEMISTRY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR EIYDED 30 JUNE 2024 Unrestricted funds Restricted funds Year Ended 30 June 2023 Festivals Year Other Technicians Ended 30 Chemistry Restricted Network June 2024 Funds £ General Centenary Fund Fund Note Income from Donations and legacies Charitable activities Fundraising events Investment income 475,000 5,264 52,764 527,764 31,764 136,901 18.949 574,003 11,598 5,000 21,500 136,901 16.436 2,5l3 19,576 Totsl ineome 482,777 206,101 5,000 21,500 715.378 605,177 Expenditure on: Raising funds Charitable activities: - Curriculum Development & Awards Festivals of Chemisty 103,842 103,842 105,293 121,592 121,592 228,756 93,717 5,000 98,717 86,433 - Chemistry Club 122,242 122,242 68,532 - Alumni 15,180 15,180 21,349 - Arnb&ssadors 42,027 42,027 41,206 - Public Programme 182 795 20,000 202,795 215 872 Total expenditure 361594 319,801 20,000 706.395 767,441 Net operaling (expenditure)lincome Net investment gains I (losses) Net income and net movement in funds 121,183 (113,700) 1,500 8,983 (162,264) 41.907 130,248 267,423 (53,628) 390,344 1,500 78,120 (120,357) 662 344 782.701 Funds at l July 2023 Funds at 30 June 2024 4.577 12 397,671 336.716 1,500 4.577 740,464 662.344 All of the above results derive from continuing activities of th¢ Charity. Thcrc arc no recognised gains and losses other than those reported above. The notes I to 15 forni part of these financial stst¢ments.
THE SALTERS, tNSTITUTE OF llYDUSTRIAL CHEMISTRY BALANCE SHEET AS AT 30 JUNE 2024 Note 2024 2023 Fixed assets Listed investments Investment in subsidiary 885,145 816,008 14 885,146 816,009 Current assets Debtors Cash Total current assets io 15,185 228,972 244,157 67,389 145.215 212.604 Current liabilities Creditors due within l year Net current assets (388,839) (144,682) (366,269) (153,665) Net assets 740,464 662,344 The funds of the Charity Unrestricted fund General fund Centenary Fund 12 12 397,671 336.716 734,387 267,423 390,344 657.767 Restricted fund Salters, Technician Networks Other restricted funds 12 12 4,577 1,500 4,577 Total Cbarity Funds 740,464 662,344 The financial statements on pages I I to 22 were approved by the Trustee on 7t November 2024. Mr RP Vacher Master For the Trustee Mcmurtrie Up r Warden For the Trustee Dame Chair Institute Board ry Archer DBE Clerk to the Trustee The notes I to 15 forn] part of these financial statetnents 12
THE SALTERS, INSTITUTE OF INDUSTRIAL CHEMISTRY CASHFLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Cash flows from operating activities: Net cash provided by operating activities (Note A) 64,808 (97,119) Cash flows from investing activities: Dividends and interest from investments Movement in investment cash Purchase of listed investments Proceeds from sale of investments Net casb provided by investing activities 18,949 19,576 18,949 19,576 ChAnge in cash and CAsb equlvalents in the period 83,757 (77,543) Casb and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 145.215 228,972 222,758 145,215 Note A - reconciliAtion of net income to net casb flow from opernting Activities 2024 2023 Net income for tbe year (As per the Statement of financial activities) 78,120 (120,357) Adjustments for: (Gainsylosses on investments Dividends and interest from investments (Increaseydecrease in debtors (Decreaseyincrease in creditors (69,137) (18.949) 52,204 22,570 64,808 (41,907) (19,576) (41,581) 126,302 97.119 Analysis of Changes in net debt At start of period 145,215 145.215 Cash flows At end of period 228,972 228,972 Cash Total 83.757 13
THE SALTERS, INSTITUTE OF llYDUSTRIAL CHEMISTRY NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR EIWED 30 JUNE 2024 Accounting policies l. l Accounting convention 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 Republi of Ireland (FRS 102) 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 RecomTnended Practice (revised 2005) which has becn 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. The results of the subsidiary have not been consolidated as it is currently domiant. 1.2 Investments Investments are stated at market value. Realised and unrealised gains arising from investment5 are recognised in the Statement of Financial Activities. 1.3 Income Income is recognised once the receipt is probable, there is entitlement and the amount is measurable. When income is subject to conditions that require a level of perforniance, the Institute recognises the income as it earns the right to consideration by its perforniance. Where the income is received in advance of perfomance, its recognition is deferred and included in creditors. Where entitlement occurs before the grant is received, it is accrued in debtors. 1.4 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 ternis of the grant. 1.5 Expenditure Expenditure is accounted for on an accruals basis and allocated to the funds to which it relates. Where an expense relates to more than one fund it is allocated on the basis of staff time spent on the particular activity. 1.6 Grants Grants payable are recognised as expenditure in the year where the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being r¢cognised as expenditure when the conditions are no longer seen to be within the control ofthe Trustee. Grants offered subject to conditions which have not been met at the period-end are noted as a commitment, but not accrued as expenditure. 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 I l. 14
THE SALTERS, INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 AccountlDg policies (continued) 1.8 Critical estimate5 and judgements and key sources of estimation uncertainty In the application of the Charity's accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparcnt from other sources. The estimates are recognised in thc period in which thc 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. In the view of the Trustee, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to the carrying amounts in the next financial year. 2 Donations and legacie8 2024 2023 Donation from Salters, Company Donations from members 475.000 52,764 527,764 527.751 46,252 574,003 3 IDcome from charitable activities 2024 2023 Sponsorship of Salters, Festivals of Chemistry Support for Activities - Wild City Support for Activities - Porter Prize Support for activities - other Attendance fees 5.000 5,000 20,000 1,500 4,363 901 1,335 5,263 31,764 4 Income from fundraising activities 2024 2023 Ticket sales, donations and related fundraising activities from Gala Dinner event 136,901 136,901 S Income from investments 2024 2023 Dividends received l8,949 19,576 19,576 18,949 15
THE SALTERS, INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 6 Expenditure Direct expenses Publiclty Governance Support 2024 2(123 Charitable activities Curriculutn Development & Awards Festivals of Chemisty Chemistry Club Alumni Ambassadors Public Programme Costs of Development 48,498 18.713 46,536 57,626 7,156 19,812 95,599 1.457 1,398 1,731 215 595 2,872 52,924 50,783 62,885 7,809 21,620 104,324 103,842 404,187 121,592 98,717 122,242 15,180 42,027 202,795 103,842 706.395 228,756 86,433 68,532 21,349 41,206 215,872 105,293 767,441 275,227 18,713 8,268 Dlrect expenses Publicity GovernAlbte Support 2023 2022 Prior period expenditure Charitable activities Curriculum Development & Awards Festivals of Chemistry Chemisty Club Alumni Ambassadors Public Programme 90,819 31,514 39,798 31,555 9,830 18,973 99,397 2,832 1,241 984 306 592 3.100 103,591 45,394 35,993 11,213 21,641 113,375 228,756 86,433 68,532 21,349 41,206 215,872 230,464 144,491 83,815 8,973 16,728 213,133 Costs of Development 105,293 9,055 436,500 105,293 767,441 42,518 740,122 290,372 31,514 7 Total expenditure 2024 2023 Total expenditure is stated after charging: Salters, Company salary recharge Salters, Company accommodation recharge Audit fee 346,706 55,945 412,219 74,919 7,620 8,450 16
THE SALTERS, ll¥STITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 8 Staff costs Staff are employed using a joint employment contract between the Salters, Institute of Industrial Chemisty and the Salters, Management Company Limited. Proportional costs are recharged to the Charity. 2024 2023 Number of staff to run the Institute at the year end Number of Salters, Ambassadors at the year end * Total Headcount at period end 14 22 13 Full time equivalent staff to run the Institute * Salters, Ambassadors, are chemistry Underaduate students employed to support Salters, outreach activities. 9 Listed investments 2024 2023 a) The Centenary Fund l ) Stock exchange securities at market valu¢ Deposits with Newton 30 June 756,670 69 696,598 69 756,739 696,667 2) Market value at l July Additions 696,598 659,723 Disposals Net investment gain/(loss) Market value at 30 June 36,875 696,598 756 670 Historic cost 366,729 366,729 b) The SAlters' Institute General Fund l ) Stock exchange securities at market value 30 June 128,406 128,406 119,341 I l9,341 2) Market value at l July Additions Disposals Net investment gain/(1055) Market value at 30 June 119,341 114,309 5,032 119.341 128,406 Historic cost 78,710 78,710 Total listed investments at 30 June 885,145 816,008 17
THE SALTERS, INSTITUTE OF tNDUSTRIAL CHEMISTRY NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Investments held at 30 June considered material in the context of the market value of the portfolio are.. 2024 2023 Newton Global Dynamic Bond Newton Growth and Income Fund for Charities 17.735 866,581 18,156 797,783 10 Debtors 2024 2023 Other debtors 15.185 67,389 I I Creditors 2024 2023 Accruals and other creditors The Salters, Management Company Ltd 26,625 362,214 388,839 139,635 226,634 366,269 Creditors: Amounts falling due witbin one year 388,839 388,839 366,269 366,269 Included under other creditors are grant commitments. Balance at l July Grants paid Balance at 30 June 42,441 42,441 42,441 42,441 18
THE SALTERS, INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 uE 2024 12 Analysis of movements on funds Investment Gains 1 (Losses) Balanfe I¢01£ Jul 2023 Resources Resource5 Expended Net Transfers Balance 30 June 2024 Unrestricted funds General Fund Designated funds Centenary Fund - Capital Fund Income Fund 267,423 482.777 (361,594 9,065 397,671 390,344 189,665 (303,365) 16.436 16,436) 390,344 206,101 319,801 657,767 688,878 (681,395) 60,072 336,716 60,072 69,137 336,716 734,387 Total unrestricted funds Restricted funds Salters, Festivals of Chemisty Other restricted funds 5,000 21,500 (5,000) (20,000) 1,500 4,577 6,077 Salters, Technician Networks 4,577 4,577 Total restrieted funds 26,500 {25,000) Total Funds 662,344 715,378 706 395 69.137 740.464 Prlor Period lovestment GAins I (Losses) BAlanc¢ In¢omin8 l Jul 2022 Resources Resour¢¢s Exp¢ndtd Net Transfers Balance 30 June 2023 Unrestricted funds General Fund Designated funds Centenary Fund "Capital" Fund "Income" Fund 231,586 537,988 (507,183) 5,032 267,423 520,538 46,252 (213,321) 15,937 15,937 520,538 62,189 229,258 752,124 600,177 736,441 36,875 390,344 36,875 41,907 390,344 657,767 Total Unrestricted funds Restricted funds Salters, Festivals of Chemisty 26,000 5,000 (31.000) Salters, Technician Networks Total restricted funds 4.577 30,577 4,577 4,577 5,000 (31,000) Total Funds 782.701 605.177 767,44l) 41,907 662,344 19
THE SALTERS, INSTITUTE OF INDUSTRL4L CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 General Fund The General Fund represents the unrestricted funds of the Charity excluding those funds that have been set aside by the Trustee to forni the Centenary Fund. Centenary Fund In recent years the Institute has bcnefitted from substantial one-off donations from the Salters, Company and its members. The Trustee has set these funds aside to be used for two particular purposes.. (i) The Capital Fund represents funds set aside to secure the long-terni future of the Institute. With the reduction in Gift-in-Aid support from the Salters, Company there is a risk that the Institute will need to reduce further its level of activity unless it can secure an increase in external funding. The incoTne and return generated by the Capital Fund's investments provide the Instituts with another source of income, which enables it to mitigate the effect of a reduction in the annual donation from the Salters, Company on the overall level of the Institute's activities. Dividend income earned by the Capital Fund in the year has been added to the Income Fund. (li) The Income Fund represents funds set aside to support the expansion of current projects and to provide initial funding for new projects. Reslricledfunds Funds raised from donations have been split according to the donors, wishes into separate restricted funds to support the Salters, Festivals, Technicians Network, Wild City, and the Porter Prize. Funds relating to Wild City and the Porter Prize have been aggregated in the Other Restricted Funds column in the Statement of Financial Activities. Wild City is an annual programme aimed at increasing knowledge of bi04liversity through creating a new green space at a local London primary school. The Porter Prize is awarded to support an undergraduate to undertake chemistry research project. 13 Split of net set8 between funds Unrestricted Restricted Total Funds Festival General Fund Centenary Fund Chemistry & other 2024 2023 Investments Net cuent assets Creditors > l year 128,406 269,265 756,739 (420,023) 885.145 816,008 (144,681) (153,664) 6,077 397.671 336,716 6,077 740,464 662,344 Prior period Unrestricted Restricted Total Funds Festival General Fund Centenary Fund Cbemistry & other 2023 2022 Investments Net current assets Creditors > l year 119,341 148,082 696,667 (306,323) 816,008 (153,664) 774,101 8,600 4,577 267,423 390,344 4.577 662,344 782,701 20
THE SALTERS, INSTITUTE OF INDUSTRIAL cEMIsTRy NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 14 Subsidiary undertaking 2024 2023 The Salters, Education Resources Limited The Institute owns the whole of the issued share capital (£1 ) of Salters, Education Resources Limited, a company registered in England. The company has been dorniant for the whole year and currently remains dorniant. The following infornlation is disclosed in respect of the company as at 30 June 2024. Capital and reserves at period end 15 Related p&rty transactions Expenditure for the year includes £402,651 (2023: £487,13 8) 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. This includes the costs of the core staff, oifice accommodation, ambassador costs and development costs. During the period the Charity received a donation of £475.000 (2023.. £527,751) from the Salters, Company, the Charity's Trustee. At the period-end the Charity owed £362,214 (2023: £226,634) to the Salters, Management Company Ltd. There were no other related party transactions during the period. 21
THE SALTERSY ll¥STITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 16 Prior year Statement of Financial Activities Unrestrieted (unds Restrleted fund5 GenerAI Fund CeDtenary Fund Ftstlvals of Chtmlstry Techrtiti•n$ Nttwork Ye*r Ended 30 June 21123 Note Income from Donations and legacies Charltable activities Investment income Total income 527,751 6,598 3.639 537 988 46,252 574.003 11,598 19.576 605 177 5,000 15.937 5,000 Expendlture on: Raising funds Charitable activities.. Curriculum Development & Awards Developtnent PTojects Festivals of Chemisty - Chemisty Club Alumni - Ambassadors - Public Programme 105,293 105,293 228.756 228,756 55,433 68,532 31,000 86,433 68,532 21,349 41,206 215.872 21,349 41,206 215.872 Total expenditure 507 183 229 258 767.441 Net operating incomel(expenditure) 30,805 (167,069) (26,000) (162,264) Net investment (1055esygains Net Ineome and net movement In funds Funds at l January 2022 5.032 35,837 36,875 (130,194) 41.907 (120,357) (26,000) 231586 520 538 26,000 782 701 Funds at 30 June 2023 267.423 390.344 4.577 662,344