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← The Salters' Institute Of Industrial Chemistry

2025-06-30-accounts

Registered Charity Number: 328463

THE SALTERS' INSTITUTE OF INDUSTRIAL CHEMISTRY

REPORT OF THE TRUSTEE AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY

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|||||| |---|---|---|---|---| |CONTENTS| |Page| |Trustee|and|advisers|1| |Report of|the|Trustee|2-7| |Independent|auditors’|report|8-10| |Statement|of financial|activities|11| |Balance|sheet|12| |Cash flow|statement|13| |Notes|to the|financial|statements|14-22|

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY TRUSTEE AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025

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|||||||| |---|---|---|---|---|---|---| |Trustee|The Master, Wardens and Commonalty of|the Art or Mistery of Salters'| |London| |Bankers|Lloyds Bank plc| |Threadneedle|Street,|London| |Solicitors|Pinsent Masons LLP| |London| |Investment Manager|Newton|Investment Management Limited| |Auditors|Saffery LLP| |71|Queen|Victoria|Street| |London| |EC4V|4BE| |Clerk|to|the|Trustee|Mr TD|Smith| |Enquiries|about the|Charity|should|be|addressed|to:| |The|Salters'|Company| |Salters'|Hall| |4|London|Wall|Place| |London| |EC2Y|5DE| |Registered|Charity No.|328463| |Date|of registration:|7 December|1989|

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025 SE

The Trustee presents its report together with the audited financial statements for the year ended 30 June 2025. The financial statements comply with current statutory requirements, the requirements of the Institute's governing document and the provisions of the Charities SORP (FRS102).

Trustee & Governance

The Trustee is appointed and serves in accordance with the terms 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 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 2011, 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 Chemistry 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, chemistry and the related sciences amongst young people and to encourage chemistry-based careers. This is achieved through the Salters’ Education Team 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 curriculum design and development.

The Charity was established by a Declaration of Trust made on 7 December 1989 by the Master, Wardens and Commonalty of the Art or Mistery of Salters' London.

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025

Object of the Charity

The object of the Charity is to advance public education in chemistry.

Aims of the 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 chemistry and the related sciences.

Activities of the Charity

This year the Charity continued to focus on the following major areas of activity:-

Salters' Festivals of Chemistry

The Festivals Programme continued to deliver in Scotland, Wales, Northern Ireland and England. The Institute hosted fifteen Festivals of Chemistry 'Discovery Days' in 2025. These are one day events designed to offer practical chemistry in university laboratories. The Institute worked with eight university partners and the National Oceanography centre across these regions. In total, 790 students attended. The majority is schools that attended a festival met a widening participation criterion such as 30% or more students eligible for free school meals or from areas with a low progression to higher education. There was online content for teachers containing careers resources for use in the classroom which complimented the Discovery Day.

Salters' Chemistry Club

The Salters’ Chemistry Club is a unique online, interactive learning platform for 11-14 year olds. It aims to demystify chemistry 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. In 2025 over 100 new schools registered from countries around the world and students have completed over 14,000 activities. This is a record number of activities for the Chemistry Club platform, and the Institute hopes to continue to build on this success over the coming years.

Salters' Awards and Alumni Programme

The Charity continues to build and nurture its alumni network of former prize and award winners, and to celebrate excellence. Awards were given for notable and high achievement in different education pathways: Chemistry Changemakers Awards, A level Awards for Year 13 students and Graduate Awards for final year undergraduates. Having been relaunched in 2022-2023 the Technician Awards were awarded to four winners, for their outstanding contribution to teaching and learning in their schools.

The Porter Prize

Established in memory of Lord George Porter OM, FRS, FRSE and Dr Andy Porter, who were drivers of change through their research, this award funds a 1st or 2nd year undergraduate to undertake a summer research project on a chemistry related topic. This prize has been made possible through the generosity of the Porter family. Funding for research projects can be very limited, and summer research experience is very valuable for students considering their next steps after graduating, whether this be industry or academia. The 2025 prize was awarded for a research project on making transparent electrodes for use in solar cells.

Salters' Annual Awards Ceremony

The Annual Awards Ceremony takes place in the first week of December. It is a major event for both the Institute and the Salters' Company. It is attended by award and prize winners, their parents, teachers or heads of departments and other guests. In 2024, the ceremony took place in Salters' Hall. The keynote engaging lecture was provided by Professor Andrea Sella. Mr Piers Vacher, Master of the Salters' Company, welcomed the guests and the awards/prizes were presented by the Chairs of the Awards Panels

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025

Saar

Salters' Advanced Courses

Salters Advanced Chemistry, 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 time at A2 level in June 2017. The Salters' share of the market has reduced to around 5% continuing to reflect a move in schools away from context-led courses to more traditional content-led courses.

GCSE Science

The revised GCSE Science course, Twenty First Century Science was examined for the first time in June 2017 with students taking GCSE Science or GCSEs in Biology, Chemistry and Physics. The Salters' share has now reduced to 1% of the total number of students taking GCSE Science.

Staffing

The Institute staff comprises of a mix of full-time and part-time staff members. Vacant roles have now been filled, and the team has 5 members of staff.

Principal sources of funding

Donations of £28,582 (2024: £52,764) were received from Company members.

In this period 58% (2024: 66%) of the funding of the Institute was provided by the Salters' Company.

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025

Investment powers, policy and performance

The Trustee's investment powers are governed by the Trust Deed, which permits the Charity's funds to be invested in any security listed on the London Stock Exchange. The 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 conformity with our policy and the Trust Deed.

The value of the portfolio increased during the year by 3.8%.

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 uncertainties

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:

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025

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Financial position and reserves policy of the Charity

The Institute's activities resulted in a surplus of £315,131 before gains on investments in line with the Institutes expectations and future fundraising activities (2024: gain £8,983). At 30 June 2025, the Institute's total reserves were £1,089,095 (2024: £740,464), comprising free reserves, as defined below, of £661,327 (2024: £397,671), Capital Funds of £411,462 (2024: £336,716) and restricted reserves of £16,306 (2024: £6,077).

Free reserves comprise the reserve in the General Fund £661,327 (2024: £397,671) and the funds designated for Income in the Centenary Fund £NIL (2024: £NIL). The Trustees aim to maintain the level of reserves to a level equal to 2 years of the prior period's expenditure, being £820,000 (2024: £1,413,000). In addition to this, on the 25th September the Trustee agreed to establish two designated funds as follows.

  1. Curriculum Update - £150,000 to support the update of the Salters’ A-level curriculum 2. Programme Development - £100,000

The funds designated for Capital in the Centenary Fund have been set aside by the Trustee to secure the longterm future of the Institute. The Salters' Company annual Grant-in-Aid support to the Institute for the year was £425,000 (2024: £475,000). Direct overall financial support from the Company has dropped from historically high levels of 66% to 58% in this period. The Trustee acknowledged that the level of Institute activity will reduce unless external funding is secured.

Statement of Public Benefit

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025

Plans for the future

The Institute's current five-year strategy, that was approved and formally adopted in November 2020, has come to an end. We are pleased to confirm that the new 5 year strategy launched in July 2025 and its focus includes the below areas.

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. The Head of Development actively seeks fundraising for the Institute through Partnerships, Trusts and Foundations, in order to increase the income available for charitable activities.

In 2024-2025 ExxonMobil Chemical Limited donated £223,000 to the Institute to support the Festivals of Chemistry programme.

For and on behalf of the Salters' Institute of Industrial Chemistry on 30 October 2025.

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Mr AS\McMurtrie
Master
For the Trustee
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DameIG wi ay Archer DBE
Chair
Institute Board
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The Lord Rockley
Upper Warden
For the Trustee
Mr~ TD,A Sitith—WI:Ly
Clerk to the Trustee
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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY INDEPENDENT AUDITORS REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025 eS

Opinion

We have audited the financial statements of the Salters' Institute of Industrial Chemistry for the year ended 30 June 2025, which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit ofthe 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 ofthe going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities ofthe Trustee with respect to going concern are described in the relevant sections of this report.

Other information

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

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

We have nothing to report in this regard.

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY INDEPENDENT AUDITORS REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025

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:

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 determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either 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 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatements, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the Charity's financial statements to material misstatement and how fraud might occur, including through discussion with management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended, We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the Charity by discussions with management and updating our understanding of the sector in which the Charity operates.

Laws and regulations of direct significance in the context of the Charity include the Charities Act 2011, the Charities (Account and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY INDEPENDENT AUDITORS REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025

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Audit response to risk identified;

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the Charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the Charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Charity's Trustee, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustee those matters we are required to state to it in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Caffe LLP

Saffery LLP Statutory Auditors 71 Queen Victoria Street, London, EC4V 4BE

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 and consequently to act as the auditor of a registered charity.

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025

Unrestricted funds Unrestricted funds Restricted funds Restricted funds
Year
Festivals Year Ended
General Centenary of Other Technicians Ended 30 30June
Fund Fund Chemistry Restricted Network June 2025 2024£
Note £ £ £ Funds £ £ £ £
Income from
Donations and
legacies 2 421,457 28,582 - - . 450,039 527,764
Charitable activities 3 26,753 - 203,066 10,850 - 240,669 31,764
Fundraising events 4 11,585 - - . - 11,585 136,901
Investment income 5 4,141 16,750 - - - 20,891 18,949
Total income 463,936 45,332 203,066 10,850 . 723,184 715,378
Expenditure on: 6
Raising funds - - - - - - 103,842
Charitable activities:
- Curriculum
Development&
Awards 153,060 - - 4,693 - 157,753 121,592
- Festivals of
Chemistry - : 198,994 . - 198,994 98,717
- Chemistry Club 26,963 ~ - - - 26,963 122,242
- Alumni - - - . - - 15,180
- Ambassadors 24,343 - - - - 24,343 42,027
- Public Programme - - - - - 202,795
Total expenditure 7 204,366 - 198,994 4,693 - 408,053 706,395
. Net operating income 259,570 45,332 4,072 6,157 - 315,131 8,983
Net investmentgains 4,086 29,414 - - - 33,500 69,137
Net income and net
movement in funds 263,656 74,746 4,072 6,157 - 348,631 78,120
Funds at July 2024 397,671 336,716 - 1,500 4,577 740,464
Funds at 30 June
2025 12 661,327 411,462 4,072 7,657 4,577 1,089,095 740,464

All of the above results derive from continuing activities of the Charity. There are no recognised gains and losses other than those reported above. The notes 1 to 16 form part of these financial statements.

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY BALANCE SHEET AS AT 30 JUNE 2025

:

Te

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|||||||| |---|---|---|---|---|---|---| |Note|2025|2024| |£|£| |Fixed|assets| |Listed|investments|9|918,645|885,145| |Investment|in|subsidiary|14|1|1| |918,646|885,146| |Current|assets| |Debtors|10|48,109|15,185| |Cash|256,255|228,972| |Total current|assets|304,364|244,157| |Current|liabilities| |Creditors|due within|1|year|1]|(133,915)|(388,839)| |Net current|assets|170,449|(144,682)| |Net|assets|1,089,095|740,464| |The|funds|of the|Charity| |Unrestricted|fund| |General|fund|12|661,327|397,671| |Centenary Fund|12|411,462|336,716| |1,072,789|734,387| |Restricted|fund| |Salters'|Technician Networks|12|4,577|4,577| |Other restricted|funds|12|11,729|1,500| |Total Charity Funds Charity Funds Funds|1,089,095|740,464|

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Total Charity Funds Charity Funds Funds

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The financial statements on pages 11 to 22 were approved by the Trustee on 30 October 2025.
4. K
Master UpperThe LordWarden RockleyThe LordWarden Rockley LordWarden RockleyWarden Rockley Rockley
For the Trustee For the Trustee
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K
UpperThe LordWarden RockleyThe LordWarden Rockley LordWarden RockleyWarden Rockley Rockley
For the Trustee
3
MrF TDau: Smith
Clerk to the Trustee
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Dame ghee,Achy DBE
Chair
Institute Board
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The notes | to 16 form part of these financial statements

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THE SALTER®’ INSTITUTE OF INDUSTRIAL CHEMISTRY

CASHFLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025

2025 2024
£ £
Cash flows from operating activities:
Net cash providedbyoperating activities (Note A) 6,392 64,808
Cash flows from investing activities:
Dividends and interestfrom investments 20,891 18,949
Movement in investment cash - -
Purchase oflisted investments - -
Proceeds from sale ofinvestments - -
Net cash provided by investing activities 20,891 18,949
Change in cash and cash equivalents in the period 27,283 83,757
Cash and cash equivalents at the beginning ofthe period 228,972 145,215
Cash and cash equivalents at the end ofthe period 256,255 228,972
NoteA - reconciliation ofnetincome to net cash flowfrom operating activities
2025 2024
£ £
Netincome for the year (as per the
statement offinancial activities) 348,631 78,120
Adjustments for:
(Gains)/losses oninvestments (33,500) (69,137)
Dividends and interestfrom investments (20,891) (18,949)
(Increase)/decrease in debtors (32,924) 52,204
(Decrease)/increase in creditors (254,924) 22,570
6,392 64,808
Analysis ofchanges in net debt
At startof
period		 Cash flows Atendof
period
Cash
“a.		 228,972 27,283 256,255
Total
,		 228,972 27,283 256,255

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 et

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the SORP rather than Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005) which has been withdrawn. The financial statements are prepared in pounds sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The Charity constitutes a public benefit entity as defined by FRS 102.

The Trustee considers there are no material uncertainties about the Charity's ability to continue as a going concern due to the high reserves of the Charity and the limited financial commitments for which the Charity has not provided at the period-end. The results of the subsidiary have not been consolidated as it is currently dormant.

Investments are stated at market value. Realised and unrealised gains arising from investments are recognised in the Statement of Financial Activities.

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 performance, the Institute recognises the income as it earns the right to consideration by its performance. Where the income is received in advance of performance, 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 terms of the grant.

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 recognised as expenditure when the conditions are no longer seen to be within the control of the 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.

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 11.

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

] Accounting policies (continued)

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 Donationsand legacies 2025 2024
£ £
Donation from Salters' Company 421,457 475,000
Donations from members 28,582 52,764
450,039 527,764
3 Income from charitable activities 2025 2024
£ if
Sponsorship ofSalters' Festivals ofChemistry 5,000 5,000
Sponsorship fromExxonMobil 223,066 -
Support forActivities -
WildCity - 20,000
Support for Activities -
Porter Prize 10,850 1,500
Support for activities - other 1,164 4,363
Attendance fees 589 901
240,669 31,764
4 Incomefrom fundraising activities 2025 2024
£ a
Income from Reaction Fundraising event 11,585 -
Ticket sales, donations and related fundraising activities from GalaDinner event - 136,901
11,585 136,901
5 Income from investments 2025 2024
£ £
Dividends received 20,892 18,949
20,892 18,949

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THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Se

6 Expenditure

Direct
expenses		 Publicity Governance Support
2025 2024
£ £ £ £ £ £
Charitable activities
Curriculum Development&
Awards 41,626 29,338 3,722 83,067 157,753 121,592
Festivals ofChemistry 64,504 - 5,768 128,722 198,994 98,717
Chemistry Club 8,740 - 782 17,441 26,963 122,242
Alumni - - - - - 15,180
Ambassadors 7,891 - 706 15,746 24,343 42,027
Public Programme - - - - - 202,795
Costs ofDevelopment - - - - - 103,842
122,761 29,338 10,978 244,976 408,053 706,395

The Trustee agreed that the Costs of Development were not recharged to the Charity in the current year.

Prior period expenditure Trees
expenses		 Publicity Governance Support 2024
£ £ £ £ £
Charitable activities
Curriculum Development&
Awards 48,498 18,713 1,457 52,924 121,592
Festivals of Chemistry 46,536 - 1,398 50,783 98,717
Chemistry Club 57,626 - 1,731 62,885 122,242
Alumni 7,156 - 215 7,809 15,180
Ambassadors 19,812 - 595 21,620 42,027
PublicProgramme 95,599 - 2,872 104,324 202,795
Costs ofDevelopment - - - 103,842 103,842
275,227 18,713 8,268 404,187 706,395

7 Total expenditure

Total expenditure
2025 2024
£ £
Total expenditure is stated after charging:
Salters' Company salary recharge 181,997 346,706
Salters'Company accommodation recharge 62,979 55,945
Auditfee 7,920 7,620

16

THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

8 Staff costs

Staff are employed using a joint employment contract between the Salters' Institute of Industrial Chemistry and the Salters' Management Company Limited. Proportional costs are recharged to the Charity.

==> picture [469 x 73] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Number|of staff to|run the|Institute|at the year end|4|5| |Number|of Salters'|Ambassadors|at the|year end|*|10|8| |Total Headcount|at period|end|14|13| |Full|time|equivalent|staff to|run|the|Institute|3.4|5.3|

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==> picture [494 x 449] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |9|Listed investments|2025|2024| |£|£| |a)|The|Centenary Fund| |1)|Stock exchange|securities|at market value|786,084|756,670| |Deposits with Newton|69|69| |30|June|786,153|756,739| |2)|Market value|at|1|July|756,670|696,598| |Additions|-|-| |Disposals|-|-| |Net|investment gain/(loss)|29,414|60,072| |Market value|at|30|June|786.084|756,670| |Historic|cost|364,131|364,131| |b)|The|Salters'|Institute|General Fund| |1)|Stock exchange|securities|at market|value|132,492|128,406| |30|June|132,492|128,406| |2)|Market value|at|1|July|128,406|119,341| |Additions|-|.| |Disposals|-|-| |Net|investment gain/(loss)|4,086|9,065| |Market value|at 30|June|132,492|128.406| |Historic|cost|78,332|78,332| |Total|listed|investments|at 30|June|918,645|885,145|

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17

THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 oo

SSSFSSSSSSSSSSSSSSSSSSSSSsseFeFeFesessssFSSSSsSsSsMFssFeFsSsS—SsS—

Investments held at30June consideredmaterial inthecontextof
themarketvalue ofthe portfolio are:		 2025
£		 2024
£
NewtonGlobalDynamicBond 18,308 17,735
NewtonGrowthandIncomeFundforCharities 900,268 866,581
10 Debtors
2025 2024
£ £
Prepayments
Otherdebtors		 29,639
18,470		 15,185
-
48,109 15,185
11 Creditors
2025 2024
£ £
Accrualsandothercreditors
Salters' CharitableFoundation		 63,407
1,000		 26,625
-
The Salters' ManagementCompanyLtd 69,508 362,214
133,915 388,839

18

THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

12 Analysis of movements on funds

Investment
Balance
1 Jul2024		 Incoming
~=Resources		 Resources
Expended		 Gains /
(Losses)		 Net
Transfers		 Balance30
June2025
£ £ £ £ £ £
Unrestricted funds
General Fund 397,671 463,936 (204,366) 4,086 - 661,327
Designated funds
Centenary Fund
- CapitalFund 336,716 28,582 16,750 29,414 - 411,462
- IncomeFund - 16,750 (16,750) - - .
336,716 45,332 - 29,414 - 411,462
Total unrestricted funds 734,387 509,268 (204,366) 33,500 - 1,072,789
Restricted funds
Salters' Festivals of
Chemistry - 203,066 (198,994) - - 4,072
Other restricted funds 1,500 10,850 (4,693) - - 7,657
Salters' TechnicianNetworks 4,577 - - - - 4,577
Total restricted funds 6,077 213,916 (203,687) . - 16,306
Total Funds 740,464 723,184 (408,053) 33,500 - 1,089,095
Prior Period
Investment
Balance
1 Jul 2023		 _Incoming
=Resources		 Resources
Expended		 Gains /
(Losses)		 Net
Transfers		 Balance30
June2024
£ £ £ £ £ £
Unrestricted funds
GeneralFund 267,423 482,777 (361,594) 9,065 - 397,671
Designated funds
Centenary Fund
-"Capital" Fund 390,344 189,665 (303,365) 60,072 - 336,716
-"Income" Fund - 16,436 (16,436) - - -
390,344 206,101 (319,801) 60.072 - 336,716
Total unrestricted funds 657,767 688,878 (681,395) 69,137 - 734,387
Restricted funds
Salters' Festivals of
Chemistry 5,000 (5,000) - -
Other Restricted funds 21,500 (21,500) 1,500
Salters' TechnicianNetworks 4,577 - - - - 4,577
Total restricted funds 4,577 26,500 (25,000) - - 6,077
TotalFunds 662,344 715,378 (706,395) 69,137 - 740.464

19

THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

eee

General Fund

The General Fund represents the unrestricted funds of the Charity excluding those funds that have been set aside by the Trustee to form the Centenary Fund.

Centenary Fund

In recent years the Institute has benefitted 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-term 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 income and return generated by the Capital Fund's investments provide the Institute 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. (ii) The Income Fund represents funds set aside to support the expansion of current projects and to provide initial funding for new projects.

Restrictedfunds

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 bio-diversity through creating a new green space at a local London primary school. The Porter Prize is awarded to support an undergraduate to undertake a chemistry research project.

13 Split of net assets between funds

Unrestricted Unrestricted Restricted Total Funds
Festival
General Centenary ofChemistry&
Fund Fund other 2025
Investments
Netcurrent assets
Creditors> 1 year		 £
£
£
£
132,492
786,153
-
918,645
528,835
(374,691)
16,306
170,450
-
-
-
-
Pe
a
iw
661,327
411,462
16,306
1,089,095
Priorperiod Unrestricted Restricted TotalFunds
Festival
General Centenary ofChemistry&
Fund Fund other 2024
Investments
Net currentassets
Creditors> 1 year		 £
128,406
269,265
-		 £
756,739
(420,023)
-		 £
-
6,077
-		 £
885,145
(144,681)
-
ee eee
397,671
Soo Se“—“"“.		 336,716 6,077 740,464
———S—————————

20

THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

14 Subsidiary undertaking

2025 2024
£ £
The Salters' Education Resources Limited 1 1

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 dormant for the whole year and currently remains dormant.

The following information is disclosed in respect of the company as at 30 June 2025.

Capital and reserves at period end

£ l

15 Related party transactions

Expenditure for the year includes £244,976 (2024: £402,651) 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, office accommodation, and ambassador costs.

During the period the Charity received a donation of £421,457 (2024: £475,000) from the Salters' Company, the Charity's Trustee.

At the period-end the Charity owed £69,508 (2024: £362,214) to the Salters' Management Company Ltd.

At the year end the Charity owed £1,000 to the Salters Charitable Foundation, a related charity (2024: nil). The Institute Board members and Court members of the Trustee also support the charity by attending fundraising events for which they purchase tickets at the same price as other attendees. There were no other related party transactions during the period.

21

THE SALTERS’ INSTITUTE OF INDUSTRIAL CHEMISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

SSeS

16 Prior year Statement of Financial Activities

Unrestricted Unrestricted Unrestricted
funds Restricted funds
Note General
Fund
£		 Centenary
Fund
£		 Festivals
ofChemistry
£		 Other
Restricted
Funds		 Technicians
Network
£		 Year Ended30
June2024
£
Income from
Donations and
legacies 2 475,000 52,764 - - 527,764
Charitable activities 3 5,264 - 5,000 21,500 - 31,764
136,901 136,901
Investment income 4 2,513
16,436
-
-
18,949
NBD
Totalincome 482.777
aan		 206,101
eree		 5,000 21,500 -
715,378
715378
Expenditure on: 5
Raising funds - 103,842 - - 103,842
Charitable activities:
- Curriculum
Development&
Awards
- Development		 121,592 - - - 121,592
projects - - - - -
- Festivals of
Chemistry . 93,717 5,000 - 98,717
- Chemistry Club - 122,242 - 122,242
-Alumni 15,180 . - - 15,180
-Ambassadors 42,027 - . - 42,027
-PublicProgramme 182,795
.
-
20,000
.
202,795
202,795
Total expenditure 6 361,594
319,801
ee		 5,000 20,000
-
706,395
706395
Net operating
income/(expenditure) 121,183 (113,700) - 1,500 - 8,983
Net investment
(losses)/gains
‘
Net income and net		 9,065
a		 60.072
a		 - - 69,137
*+
movement 130,248 (53,628) - 1,500 - 78,120
in funds
Funds at 1 January 2023 267,423
390.344
.
4.577
662,344
Te
662,344
Funds at 30 June
2024 11 397,671
336.716
-
1,500
4,577
740,464
740,464

22