Charity number: 1001272 NorriNGHAMSHIRE MINERS. WELFARE TRUST FUND UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 NorriNGHAMSHIRE MINERS, WELFARE TRUST FUND CONTENTS Referen¢e and admln18tratlve detslls of the Charfty, fts Truste0$ and advlser8 Trusteos. rnport Indapendent •xamlnor'$ report Statement of financlal actlvltl•8 Balance $hoet Not•s to the flnanclal 8tat•mant$ Page 9-18 NO￿INGHAMSHlRE MINERS. WELFARE TRUST FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trusteos Mr M F Ball, Trustee Mr S C Hudson, Trustee Mr J E Wood. Trustee Mr A H&Jfield, TNstee Charfty reglstered number 1001272 Prfnclpal offlce clo Notts Miners Pension Office Berry Hill Lane MansfEkl Nottinghamshire NG18 4JR Bankorn National We$tmln$ter Bank 9 Church Street mansf￿ld Nottinghamshire NG18 1AF The Cfyoperative Bank PO Box 250 Skelmersdale WN8 6wr Sollcltorn BRM Solicitors Gray Court 99 Saltergat• Che8terfield Derbyshire S40 1LD secretary Ms P Chartes (From 1 January 2023- 23 October 2023) Coal Industry Social Welfare Organisation Welfare Offices Berry Hill Lan6 Mansfield NG18 4JR Page 1 NOTTINGHAMSHIRE MINERS. WELFARE TRUST FUND TRU8TEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annu81 report together with the financial statements of the Nottinghamshire Miners, Welfare Trust Fund for the year 1 January 2023 to 31 December 2023. Objectives and actlvltles . Pollclos and objectlves The obj8Ctives of tha charity are to promote and improve the health, social well-b8ing and conditlons of living in the mining communiti&8 of Nottingham8hire. In setting abjectives and planning for activities, the Tru$tea8 have given due consideration to general guldance published by the Charlty Commisslon relating to public benefrt, including th8 guidance 'Public benefit.. running a charity (PB2)'. b. Actlvltlos undertak6n to achleve obJectlva8 The Trustees consider requ•sts for grants from a wlde vari•ty of individuals and trgani8ations in the beneficial area. Trustees receive those applicatlons through ts own Volunteer Social Welfare Team who have visited the individuals concerned and detemiined 8 need for assistance towards items that VK•uld make their lrfe more comfortable or relief of hardship. The charfy al80 assists the work and objects of the registered charity number 1015581, the Coal Industry Soc181 Welfare Organlsation (CISWO), and via its Social Welfare Team who have similarly followed that same process. The Social Welfare Teams also provide support with benefit applications and general social work interventions with the aim of combatting financial hardship and Improving the general conditions of living. Achl•vements and performanrA . Rovlew of aetlvltles The Trustees have approved expenditure of £234,009 in the fomi of Individual grants to beneficiaries ar £3,780 to support community service provlsion and complimentary charities. A strategic review of the Trust Fund wa$ undertaken by Trustees during the year. This was in résponse to concerns that over a number of years, expenditure on grants had been consistenty lower than inv8Stment income, coupled with a historical trend that shovRd an ongoing reduction in the number of individu81 grant Bubmissions received via CISWO'S Social Welfare Team. With no 8vldence or assurance fr(m CISWO that this trend was likely to be reversed in the future, and in the belief that there was a greater demand for its support and services than was belrYJ presented, the Trustees agreed to the setting up of its ovm Volunteer Social Weware Team, tsrgeted marketing and development of its own website Mv.nmwtt.co.uk. The Trustees are pleased to report that through the successful implementation of these initiatives and continued submissions from CISWO, the overall demand for the Fund's services has now increased during the year with grant awards signrficantly exceeding investrnent income for the first time in a number of years. The Trustees are confident they can continue to offer this assistance in the coming year. Page 2 NOTTINGHAMSHIRE MINERS. WELFARE TRUST FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomianee (contlnuedl b. Investment pollcy and pèrfornmnce The investment strategy was reviewed by Trustees durfng 2022 and is planned for review in 2024. The primary aim of th8 investment strategy is to maximise the long tem total returns from investments. The Trustees. 8tsnce on its risk profile is that the charivs assets should be invested within the moderato risk investment criteria and have appolnted Brewin Dolphin Investrnent Managers to manage and administer the Fund's portfolio of investments. The Trustee8 consider that both the investment strategy and the consequential income profil8 are both appropriate and acceptable to the Fund. The investment managers treat all investments the same. regardless of whether they are held in the expendable or endowment fund. The latest detailed Statement in Principle covering all of the Trustees, requirements is available for inspection by ¢￿￿a¢lIng the Trustees. Flnanclal rovl•w a. Golng conc•m Aft•r makrn9 appropriate enquirkns, the Trustees have a reasonabl8 expectation that the Charity has adequate resources to continue in operatlonal existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparlng the financial statements. Further detai18 regarding the adoption of the golng concern basis can be found in the accounting policie8. b. Resorves pollcy The Trustees of the Nottinghamshlre Miners, Welf8re Trust Fund remain committed to ¢ontinu8 Its work through its Volunteer Social Welfare T8am and CISWO'S Social Welfare Team and as such, re$erv•s are held at l•vel, whi¢h the Trustees believe will allow them to continue to provide such a8SlStance. c. Prln¢lpal rl3ks and unc•rtalntles The prin¢iple risks facing the charty lie in the performance of investrnent8 and operational risks from ineffective grant making. Investrnent ri8k Fs mitigated by retaining an expert investment manager and having a diversified investment portfolio. Grants are awarded to individuals after need and eligibilty have been thoroughly researched. d. Flnanclal r•vlew The charity showed a net deficit for the year of £107,471 before recognising any movements on its investment portfolio, compared with a net surplus of £58,966 last year. This is the result of an increased amount of grants being paid in 2023, compared to 2022. The charty has made a net gain of £51,344 for the year on its investments, compared with a net loss of £618,245 last year. Financial markets have suffered a period of volatilty with the differing global events of the past few years, but 2023 has seen a recovery. as evidenced by the tumaround in the investment Valuations. The Trustees will continue to promote the Fund and give active consideration to elrgible applications enabling them to best utilise the Charitys financial resources and thus meet their charitable objectives. Page 3 NOTTINGHAMSHIRE MINERS. WELFARE TRUST FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure. govornance and management . Constltutlon Nottinghamshire Miners, Welfare Trust Fund is a registered charity, number 1001272, and is constituted by a Trust Deed dated 12 October 1990 and amended by a Supplemental Trust Deed dated 29 May 1998. b. Method of appolntment or el•ctlon of Twsteos management of the Charity 1$ th• re$ponsibilty of the Tru8te•s who are elected under the temis of tho Trust Deed. c. Organ18atlonal structure and declslonwmaklng poll¢le8 The charty operates through a Board of Trustees and it8 own Volunteer Social Welfare Team. The Trustee8 who have ser4ed during the year are shown on Page 1. The finance and admlnistration of the Trust Fund during the year ha8 b•en Jointly carried out by Trustees and CISWO staff for which no charge was made. Th8 Trustee¥ received no remuneration or re-imbursement for expenses incurred during 2023 (2022: Nil}. Page 4 NorriNGHAMSHIRE PJIINERS. WELFARE TRUST FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trusteas. responslbilitl•s The Trustees are responsible for preparing the Trustees. report and the financlal statements in accordance with appllcable law and United Klngdom Accounting Standards (United Klng(Jom Generally Accepted Accounting Practice). The law appllcable to charitl8s in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charlty and of its incoming resources and applicatlon of resources, including its income 8rKI expendlture, for that perlod. In preparing these financ5al statements, the Trustees are required to: select suitable accountlng policles and then apply them consistently,. observe the methods and principles of the Charities SORP (FRS 102),, make ludgments and accountlng estlmates that are reasonable and prudent,, stste whether appllcable UK Accounting Standards (FRS 102) have been followed, subject to any materlal dePartU￿S disclosed and explaSned in the financlal statements,- prepare the financial statements on the going concern basis unless it18 Inappropriate to presume that the Charity will contlnue in busines8. The Trustees are responsible for keeplng adequate accounting records that are sufficient to show arKI explain the Charitys transactlons and dlsclose with reasonable accuracy at any tlme the flnancial position of the Charity and enable them to ensure that th8 flnancial statements comply with the Charities Act 2011, the Charty (Accounts and Reports) Regulations 2008 and the provlsions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taklng reasonable steps for the preventlon and detection of fraud and othpr Irregularltles. Approved by der the members the board and signed on their behalf by.. Trustees on MrA Hadfl•ld MrMFBall Page 5 NOTTINGHAMSHIRE MINERS. WELFARE TRUST FUND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent 8xamlnerfs report to the Trustees of Nottlnghamshlre Miners. Welfarn Trust Fund ('the charit￿) report to the charity Trustees on my examinats'on of the accounts of the Charity for the year 8nded 31 December 2023. Respon8lbllltles and ba818 of report As the Trustees of the Charlty you are responsibFe for the preparats'on of the accounts in accordance with the requirements of the Charities Act 2011 {'the 2011 Act,). I report in respect of my examlnation of the Charftsls accounts carrled out under sectlon 145 of the 2011 Act and In carrying out my examination I have foll0v￿d the applicable Directlons given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examlner's Statement Your attentlon is drawn to the fact that the Charlty has prepared the account8 in accordance wlth Accountlng arKI Reportlng by Charities: Statement of Recommended Practlce appllcable to charities prepariThJ their accixjnts in accordance with the Financlal Reportlng Standard appllcable in the UK and Republic of Ireland (FRS 102) in preference to the Accountlng and Reporting by Charitles: Statement of Recommended Practlce issued on 1 April 2005 which is referred to In the extant regulations but has been withdrawn. l understand that thls has been done in order for the accounts to provlde a true and fair vlew in 8rKordance wlth the Generally Accepted Accountlng Pr8Ct5ce effectlve for reporting periods beginning on or 8fter 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention In connection with the examination givlng me cause to belleve that in any material respect: accounting records y￿re not kept in respect of Charfty as requlred by sectlon 130 of the 2011 Act; or the accounts do not accord wlth those records,. or the accounts do not comply wlth the applicable requlrements concerning the form and content of accounts set out in the Charitie3 (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true 8rKI fairf view which is not a matter consldered as part of an independent examlnation. I have no concerns and have come across no other matters in connection with the examinatlon to whlch attention should be drawn in thls report In order to enable a proper understanding of the accounts to be re8ched. This report is made solely to Ihe Charitys Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charty's Trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responslbility to anyone other than the Charlty and the Charitys Trustees as a body. for my y￿rk or for this report. Signed". Dated: Jonathan Wllson FCA CTA Cromwell House Mansfield Page 6 NOTTINGHAMSHIRE MINERS. WELFARE TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Expendable fund 2023 Endowm•nt fund 2023 Total funds 2023 Total funds 2022 Not• Income and endowmonts from: Investments 73,084 84,499 157,583 148,966 Total Income and endowment8 Exp8ndlture on: Raising funds Charitable acttvitie8 73,084 84,499 157.583 148,966 12,259 252.795 12,269 262,795 12,607 77.393 Total expondltur• 265,064 265,064 N•t (expendlturelllncome boforn net galnslllosses) on Invastmonts Net gain81(losses) on inve8tments (191,970} 9.507 84,499 41,837 {107,471) 61,344 58,966 (618,245) Net1oxpendltur8)Ancomo Transfer$ between funds (182,463 84N99 126,336 (84,499) (58,127) (559,279) 13 Net movement In funds 197,964 41,837 156,127 (559,279) Reconclllatlon of funds: Total funds brought forward Net movement in funds 2,028.837 (97,964 2,992.288 41,837 5,021,125 156,127 5, 580,404 (559.279) Total funds carrl•d fomard 1,930,873 3,034.125 4,964,998 5,021, 125 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 9 to 18 fom part of these financial statements. Page 7 NornNG￿lftE MINER8. WELFARE TRUST FUND BALANCE 8HEEr A8 AT 31 DECEMBER 2023 2023 2022 Flx•d ass•ts Tanglble assets Investrngnts 4,319 4711,914 7,960 45M439 10 CuTh•nt ass•ts Debtors Cash at bank and In hand 4716,233 4,552,399 11 18,000 271988 497,401 287,988 497,401 Credltor&' amounts lalllng du8 vllhln one 12 139,223) (28.675) 248,786 468. 726 Tatal ass•ts1•68 8urr•nt HabHIII•• 4,984.998 5,021, 125 Total n•t a8s•ts 4,9849 5,021, 125 Charlty fund• Endowmont fvnd8 Expendable fund 13 13 3,034120 1,930 2,992,288 2.02Q837 Total funds 4021, 125 Tha finarKlal staten￿t8 approved and authorw for by the Trust￿3 on and SIgn￿ on thelr behalf ty. The notes ¢)n pages 9 to 18 fomi part of the88 financial statements. Page 8 NOTTINGHAMSHIRE MINERS, WELFARE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General Inforniatlon Nottinghamshire Miners, Welfare Trust Fund 18 a registered charity, number 1002n. Accountlng pollci•s 2.1 Bash of preparatlon of flnanclal Statements The financial ststement8 have be8n prepared In accordance with the Charitles SORP (FRS 102) - Accounting and Reportlng by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicab16 in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019), the Financial Reporting Standard appllcable in the UK and Republ￿ of Ireland {FRS 102) and the Charities Act 2011. The financial statements have been prepared to give 8 Irue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 onfy to the extent required to provide a 'true and fairf vlew. This departure has invofved following the Chariti•s SORP