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, I￿sTITUTE 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 cu￿1¢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
Under￿aduat¢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 cU￿1cUluM 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 I￿egular1tI¢$,
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 de￿rIptIOn 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 Under￿aduate 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 ￿u￿E 2024
12 Analysis of movements on funds
Investment
Gains 1
(Losses)
Balanfe
I￿¢0￿1￿£
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 cu￿ent 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 c￿EMIsTRy
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