The Salter Centre RECEIPTS AND PAYMENTS ACCOUNTS For the period ended 31 March 2025 Charity No: SC052842
The Salter Centre ContsDts Truste&s' Annual Report Report of Independent Examiner Receipts and Payments Accounts Statement ofBalances Notes to the Accounts Page
The Salter Centre Trustees, Annual Report For the period ended 31 Mareh 2025 Reference aDd Administrative InfDrniatio Ch¥rlty Name". Th¢ Salter Cetktre (formeTI)' The Lothian School of Technology) SC052842 Loihian School of Technology Unil 3 Edgefield Road Industrial Estate Loanhead Midlothian EH20 9TB Charity Number: Address: slees: Independent Examiner: Hollis Accounting Limtted Chartered A¢eountants 3 Melville Cres¢enl Edinburgh EH3 7HW Structure, Governattee attd Managem¢nt CoDsll¢utiots The Charity is a Scottish Charitible Incorporated Organisation {SCIO}. li was registered a5 a chartty on 25 September 202J. The Chority is administ¢r¢d in accordance with the ternis of its constitution. Re¢Tullm¢Dt Appointment ofTrustees Upon incorporation the individuals who signed the fomis whi¢h a¢¢ompanied the appl&¢ation were deemed to have been appointed as Trnst¢¢s. The ¢onstitution provides for there to be a minimum of 3 and t maximum of IQ Trustees. The Trustees e the members of the organisation. The ¢onslitution further provides for election of Trustees from th¢ eligible membership ofthe SCIO by the membets ateach Amiuai Gen¢ral Me¢ting, and forappointm¢nt as Trustee by the Board of Trustees of atty eligible m¢mber or of any non-member nominated by ihe TTUSte¢s whos¢ sp¢¢iolist skills or experience are deemed likely to be of assistance to the Board. Trugtees are given a copy of the ¢onstilulion and suggested to review the guidance issue4f by OSCR on their role ond responsibilities. Pag¢ I
The Salter Centre Trustee5' Annual Report (continued) For the period ended 31 March 2025 OrgaDlsation41 Strne¢ure The Trustees meet when necessary. If decisions are required beh¥een meetings, then ¢mail¢d agreement is deemed suÉF&cient. Objective$ #nd Activitiey The LothiaTh School of Technology (now the Salter Centre) was founded by Professor Stephen Salter, a brilliant and fearless engineer committed to training young people and encournging low-carbon t¢¢hnologi¢s Ihat will help pui ihe planet back on an even keel. Stephen made substantial impacts in many areas including all aspects of oc¢an-wav¢ ¢nergy conversion, marinethcurrent turbAnes, wind thrbines, water bags for suppressing ¢xplosions, anti-personnel mine clearance, Stirling ¢ngines, digital hydrauli¢s, hydrofoil ships. nEtclear disarniament, rain making, and ¢loud brightening to ¢001 the planet. The Salter Centre's charitable aitns are to advance environmentsl protection and improv¢m¢nt by Contributing to the Teverse of global warEning to advance education by supporting the training of enginee in design and pra¢li¢al skills especially in the field of ¢lim&te change. Re8r¢tt#bly. Prof Saltei di¢d in F¢bruary 2024 at which point his estate, which comprises the wealth of the charity, entered the confirmation process and became inaccessible. Trustees delayed the launch of charitable activities unt&l after the confirn)ation proe¢ss concluded in April 2025. In the period leading up to April 2025 the Salter Centre did not trade. Athi¢vemeDts 4nd P¢rfornianc¢ In the period since the creation of the SCIO, the Tnlee$ have ¢nsured th81 ¢he sysiems required are being put in place. This has involved setting up ihe SCIO bank a¢¢ounts, developing plans for the shape of the SCIO'S activities and consid¢ratiort of appropriate models. Th¢r¢ are two subsidiary companies owned by the Salter Centre. which are Ocean Cooling Technologies Ltd and Lolhian School of Technology Trading Ltd. Lothian School of Technology Trading Ltd did not trade in the period. Oce&n Cooling T¢¢hnologi¢$ Ltd Continued to cany out Éts operations and w&g also responsible for administ¢ring the property e51ate that comprised part of Stephen S41t¢r's estate, The inlenlion is for the property ownership to be Iransferred to the Salter Centre, and for the properties to then be let to companies who stwe the charitable aims of ihe Salter Centre. The property estate will b¢ administ¢r¢d through Lothian School of Technology Trading Ltd. Page 2
The Salter Centre Trustees, Annual Report (continued) For the period ended 31 Mareh 2025 FiD#n¢ial Review Ther¢ were no finan¢tAI transactions between th¢ Charity being registered &nd 3 1 March ?0?5. ReseRves Poli¢y The reserves ai 3l March 2025 are £nil. The Trusiees will fomiulale a reserves policy when Ihe activiiies of the SCIO att to begin. Plan5 for Future Periods The Trustees are currently considering the shape and forni that the SCIO activities will take. Activity to plan upgrades and expansion of the building facilities is under way. Plans to develop an ely-C8reer engineer training progr8mme are also in progress. Investmeni in relevant ¢oMpanI fDr develnpmenÈ nf appropriaie tschnologies is being considered. These plans will progre&s onc state has been finalised and ihe bequest transferred to the Salter Centre. Pag¢ 3
The Salter Centre Trustees, Annual Report (continued) For the period ended 31 March 2025 Ststsm¢nt of TTh5t¢e$' Respollsibilities The truslees must prepare financi41 s¢atements which give sufft¢kent detail to enuble on appreLiation of ih¢ transa¢tions of ihe Lharity durillg the fjnancial period. The trus*es are r¢sponsibl¢ for keeping propei accounting records which. on request, musl r¢fle¢i th¢ rtnancial 5ition of the chaTity at that time. This must be done to ensur¢ that th¢ financial statetnents comply with the Charities and Trustee Inv¢stmenl (S¢otland) Aci 2005, and tlie Charities Accounts (Scotland) R¢gulations 2006. They are also responsible for safeguarding the assets of th¢ ¢hariry and musi rake reasonable sieps for the prevention &nd l or detr¢tion of fraud and oth¢r inegularities. Approved by the Trn51ees And signed oll their behalf, Date: 1711212023 Pag¢ 4
Independent Examiner's Report to the Trustees of The Salter Centre I r¢pK>rt on the accounts of ihe ¢harity for the period ending 31 March 2025 which are let out on pages 6 to 7. Respeetfve responslbllltles Df Irustees ¥nd exqmlner The ch&rity'S tTUStees are responsible for the preparation of the a¢counts in 8¢¢ord&nc¢ with lh¢ ternis of th¢ Charities and Trnsle¢ Investhlent {S¢otland) Act 2005 and the Charities Accounts (Scotland) Regulations 26. The charity truslees considerth&t the audil requirement of Regulation l O(l) (d) of the Accountg R¢gulations does not appty. It is responsibility" lo examin¢ the accounts as required under s¢¢tion H(1 ) {¢) of the A¢t and to state whether particular matters have come to my attention. B%i5 of independent examiner's ststsment An examination is c2rried out in aecord2n¢e with Regulation I l of the Chorities Accounts (Scotland) Regulations 2006, An examination includes a reviewof the accounting records kept by the Charity and a comparison of ihe accounts presented with those records. It also includes considerdtion of any unusual items or disclosures tn the aecounts: and seeks explgnatftons from the trustees concerning any su¢h matte. The pro¢¢dur¢s undertak¢n do not provide all the evidence that would be required in #n audit. and consequently I do not express an audit opinion on the view given by the accouRIs. IDdepeDdent examiDer's ststemeDt In the Course of my ¢xamination. no matter hos ¢ome to my attention. whi¢h gives m¢ r¢a50nable cause to believe that in any material respect the requirements.. to keep accounting e0rdS in accordance with SectioTh 44 (Ixa) of the 2005 Aet and Regulation 4 of the 2006 Accounts R¢gulations, and to prepar¢ ac¢ounts M.hTeh a¢¢ord with th¢ a¢¢ounling re¢ords and comply with R¢gulation 9 of the 2006 Accounts Regulation5 have not been mel, or 2. to which. tn my Opinio attentton should be drawn in order to enable a proper under%tanding of the aceounts to be reached. Hollis Accouftting l..iniited 3 Melville Crescent EdtnL)urgh EH3 7FIW Dat¢.. Page 5
The Salter Celltre Receipts And Payments ACCOnts Period ¢Dded 31 M¥r¢h 2025 Unr¢stri¢ted Restricted FuDds Funds Totsl 2025 Not¢9 Recelpts Activities for generating funds Charitable activities Bank Interesl Totsl Reeeipts Payments Cost of charitable activities Total Pgyment$ Net r¢c¢iplsl(paymenls) Transfers between funds Surylusl(d¢fi¢i¢) for ¢he perlod Pag¢ 6
Th¢ S4lter Centre Statement of Balances as at31 Mareb 2025 lJnre8trirted RestrSeted Funds FuDd5 Total 2025 Opening ¢a5h at bank and in hand Movemeot ill PeTS0d: Surplu51(deficit) for Ihe reriod Bahn¢es carrted forwird B4llk & Depo$it B#L•u¢es Current Accounts Balances al 31 M¢Ych Other *y3ets Fixed Assets Debtors Investment in subsidtarles at ¢ost The value of propem. and oiher inv¢sbnents has not yet en deterniined il awaits finalisation of a donorfs estaie Liabilities Creditors and accruals Balances at 31 December 480 480 480 480 17th Decamb8r The Accounts were approved by th¢ Board ofTrustees on.................................................2025 For and on behalf of all the trust¢¢s Page 7
The Salter Centre Notes to the Accounts Period ended 31 March 2025 No¢e l. Basis of ArtIng These a¢¢ounts have been prepared on the Receipts and Paym¢nts basis in a¢¢ordance with the Charities & Tru5tec Inve5ttnent {Scotland) Act 25 and the Charities Accounts {Seotland) Regulations 2006 (&$ amended). Note 2. Nature and prpOse of fuDd$ Unr¢stricled funds are those that may te used at the discretion of ihe trustees in furtherance of the tsbjects of the charity. The trust¢¢s maintain a single unrestricted fund for the day4041ay running of the organisation. Restricted funds may only be used for spe¢ifi¢ purposes. Restriction% arise wh¢n specified by the donor or when funds are raised for specific purposes. There are cuentlY no restricted funds. Not¢ 3. Trustee Remuneration And Related Party Transaetiotts During the pertod no ITUSt¢¢s w¢r¢ retnunerated or reimbursed any expenses. No Trustee or peTson related to a trustee has a personal interest in any contract or trangacttons entered into by the charity during the period. Note 4. Investments C05t Additionsl(disposa15) At 31 March 2025 The Sailer Centre owns one ordinary £1 share in Lothian S¢h4)ol of Technology Trading Limited. a dormant subsidiary company, and two ordinary £1 shares in Ocean Coolin8 Technology Limiied, which is also a subsidiary company. The kqu¢st from St¢ph¢n Salter includes other investments. but their value h&s no¢ yd been detemiined &$ ihe estate has noi been fin41is¢d. Nots 5. LIAblllties 2025 A¢¢Tued expenses 480 480 Page 8