Charity number: 1001272
NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 18 |
NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
| Trustees | Mr M F Ball (resigned 30 September 2024) |
|---|---|
| Mr S C Hudson | |
| Mr J E Wood | |
| Mr A Hadfield, Chair | |
| Ms J Winterton (appointed 22 October 2024) | |
| Mr J P Stevens (appointed 22 October 2024) | |
| Mr G Nelson (appointed 22 October 2024) | |
| Charity registered number 1001272 Principal office c/o Notts Miners Pension Office Berry Hill Lane Mansfield Nottinghamshire NG18 4JR Accountants Barnett & Turner Cromwell House 68 West Gate Mansfield Nottinghamshire NG18 1RR Bankers National Westminster Bank 9 Church Street Mansfield Nottinghamshire NG18 1AF The Co-Operative Bank PO Box 250 Skelmersdale WN8 6WT Solicitors BRM Solicitors Gray Court 99 Saltergate Chesterfield Derbyshire S40 1LD Investment advisers Brewin Dolphin 1st Floor, Waterfront House Waterfront Plaza 35 Station Street Nottingham NG2 3DQ |
Page 1
NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report together with the financial statements of the charity for the year from 1 January 2024 to 31 December 2024. The trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
Objectives and activities
a. Policies and objectives
The objectives of the charity are to promote and improve the health, social well-being and conditions of living in the mining communities of Nottinghamshire.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The Trustees consider requests for grants from a wide variety of individuals and organisations in the beneficial area. Trustees receive those applications through its own Volunteer Social Welfare Team who have visited the individuals concerned and determined a need for assistance towards items that would make their life more comfortable or relief of hardship. The charity also assists the work and objects of the registered charity number 1015581, the Coal Industry Social Welfare Organisation (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.
Achievements and performance
a. Review of activities
The Trustees have referred to the guidance given by the Charity Commission public benefit when reviewing the aims and objectives and approved expenditure of £481,869 in the form of individual grants to beneficiaries and £28,431 to support community service provision and complimentary charities.
The Trustees are pleased to report that following the successful implementation of initiatives arising from its 2023 Strategic Review, the overall demand for the Fund's services continued to increase during 2024, with grant awards continuing to significantly exceed investment income. The Trustees are confident that they can continue to offer this assistance in the coming year.
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Achievements and performance (continued)
b. Investment policy and performance
The investment strategy was reviewed by Trustees during 2024 and is planned for review in 2025. The primary aim of the strategy is to maximise the long-term total returns from the investments. The Trustees' stance on its risk profile is that the charity's assets should be invested within the moderate risk investment criteria and have appointed Brewin Dolphin Investment Managers to manage and administer the Fund's portfolio of investments. The Trustees consider that both the investment strategy and the consequential income profile are both appropriate and acceptable for 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 of Investment Principles (SIP) covering the Trustees' requirements is available for inspection by contacting the Trustees.
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
Currently the Trustees work with our own voluntary social work team and that of CISWO to receive and consider individual and community grant applications.The Trustees plan to review our eligibility criteria during 2025 to ensure that we try to balance out the needs of both current and future beneficiaries.The demographics of our beneficiary population show that demand on our services will decline over the years as our beneficiary population shrinks. Our plans, once revised eligibility criteria are in place, envisage us being able to service our beneficiary population over a period of circa 15 years which will accommodate the needs of current beneficiaries and also based on the demographics the needs of a significant majority of future beneficiaries.Our free reserves at the end of 2024 amounted to £1,567,716 and it is likely that we will need to approach the Charity Commission around 2028 in order to seek their approval to use our endowment funds (value at the end of 2024 £3,148,902) for the benefit of future beneficiaries.
c. Principal risks and uncertainties
The principle risks facing the charity lie in the performance of investments and operational risks from ineffective grant making. Investment risk is mitigated by retaining an expert investment manager and having a diversified investment portfolio. Grants are awarded to individuals after need and eligibility have been thoroughly researched.
d. Financial review
The Trustees are pleased to report net investment gains of £130,718 for the year compared with net investment gains of £51,344 in the previous year. When taking these gains into account and outgoings, the charity is able to report a net reduction in its reserves of £248,380 for the year compared with a net reduction in reserves of £56,127 in the previous year.
The Trustees will continue to promote the Fund and give active consideration to eligible applications enabling them to best utilise the Charity's financial resources and thus meet their charitable objectives.
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, governance and management
a. Constitution
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 appointment or election of Trustees
The management of the charity is the responsibility of the trustees who are elected under the terms of the Trust Deed.
c. Organisational structure and decision-making policies
The charity operates through a Board of Trustees and its own Volunteer Social Welfare Team.
During the year Mike Ball retired after many years of service as a Trustee and Chairman. The Board would like to place on record their thanks for Mike’s contribution and wish him well in his retirement. In October 2024, Jade Winterton, George Nelson and John Stevens, were appointed to the Trust Board. The Trustees who have served the charity during the year are shown on page 1.
The charity also assists the work and objects of the registered charity number 1015581, the Coal Industry Social Welfare Organisation (CISWO). The Trustees consider requests for grants from a wide variety of individuals and organisations in the beneficial area. Trustees receive those applications through its own Volunteer Social Welfare Team who have visited the individuals concerned and determined a need for assistance towards items that would make their life more comfortable or relief of hardship, and via CISWO’s 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. The administration of the Trust Fund during the year has been carried out by Trustees.
The Trustees received no remuneration or re-imbursement for expenses incurred during 2024 (2023: Nil).
Approved by order of the members of the board of trustees on 26 August 2025 and signed on their behalf by:
Mr A Hadfield (Chair of Trustees)
Mr J E Wood (Trustee)
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Independent Examiner's Report to the Trustees of Nottinghamshire Miners' Welfare Trust Fund ('the charity')
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024.
Responsibilities and Basis of Report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's 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 charity's trustees those matters I 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 responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.
Signed: Jonathan Wilson Dated: 26 August 2025 Jonathan Wilson FCA CTA Cromwell House Mansfield
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income and endowments from: Donations and legacies 3 Investments 4 Total income and endowments Expenditure on: Raising funds 5 Charitable activities 7 Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Expendable fund 2024 £ 100 72,221 72,321 12,031 521,761 533,792 (461,471) 15,941 (445,530) 82,373 (363,157) 1,930,873 (363,157) 1,567,716 |
Endowment fund 2024 £ - 82,373 82,373 - - - 82,373 114,777 197,150 (82,373) 114,777 3,034,125 114,777 3,148,902 |
Total funds 2024 £ 100 154,594 154,694 12,031 521,761 533,792 (379,098) 130,718 (248,380) - (248,380) 4,964,998 (248,380) 4,716,618 |
Total funds 2023 £ - 157,583 157,583 12,259 252,795 265,054 (107,471) 51,344 (56,127) - (56,127) 5,021,125 (56,127) 4,964,998 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 18 form part of these financial statements.
Page 6
NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 13 Net current assets Total net assets Charity funds Endowment funds Expendable fund Total funds |
- 155,885 155,885 (55,701) |
2024 £ 169 4,616,265 4,616,434 100,184 4,716,618 3,148,902 1,567,716 4,716,618 |
15,000 272,988 287,988 (39,223) |
2023 £ 4,319 4,711,914 |
|---|---|---|---|---|
| 4,716,233 248,765 |
||||
| 4,964,998 | ||||
| 3,034,125 1,930,873 |
||||
| 4,964,998 |
The financial statements were approved and authorised for issue by the trustees on 26 August 2025 and signed on their behalf by:
Mr A Hadfield (Chair of Trustees)
Mr J E Wood (Trustee)
The notes on pages 8 to 18 form part of these financial statements.
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
Nottinghamshire Miners' Welfare Trust Fund is a registered charity, number 1001272.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Nottinghamshire Miners' Welfare Trust Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
At the date of signing there are no concerns regarding the sustainability of the charity. The trustees continue to monitor the position and see no reason to suggest that the charity cannot continue at its current level of activity and they therefore continue to adopt the going concern basis.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.4 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Plant and machinery
33% straight line basis
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 9
NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.11 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Fund accounting
Investment income, gains and losses are allocated to the appropriate fund.
Expendable funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations | 100 | 100 | - |
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. Investment income
| Income from listed investments Interest receivable Income from listed investments Interest receivable |
Expendable fund 2024 £ 68,472 3,749 72,221 Expendable funds 2023 £ 72,130 954 73,084 |
Endowment fund 2024 £ 82,373 - 82,373 Endowment funds 2023 £ 84,499 - 84,499 |
Total funds 2024 £ 150,845 3,749 |
|---|---|---|---|
| 154,594 | |||
| Total funds 2023 £ 156,629 954 |
|||
| 157,583 |
5. Investment management costs
| Investment management fees Investment management fees |
Expendable funds 2024 £ 12,031 Expendable funds 2023 £ 12,259 |
Total funds 2024 £ 12,031 |
|---|---|---|
| Total funds 2023 £ 12,259 |
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. Analysis of grants
| Personal welfare and hardship grants Grants to organisations Personal welfare and hardship grants Grants to organisations |
Grants to Institutions 2024 £ - 28,431 28,431 Grants to Institutions 2023 £ - 3,780 3,780 |
Grants to Individuals 2024 £ 481,869 - 481,869 Grants to Individuals 2023 £ 234,009 - 234,009 |
Total funds 2024 £ 481,869 28,431 |
|---|---|---|---|
| 510,300 | |||
| Total funds 2023 £ 234,009 3,780 |
|||
| 237,789 |
Page 12
NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. Analysis of expenditure on charitable activities
Summary by fund type
| Personal welfare and hardship grants Grants to organisations Office costs Depreciation Independent examiner fees Other expenses Legal fees Communication costs Personal welfare and hardship grants Grants to organisations Computer costs Office costs Depreciation Accountancy fees Other expenses Legal fees Communication costs |
Expendable funds 2024 £ 481,869 28,431 317 4,150 1,800 2,904 2,220 70 521,761 Expendable funds 2023 £ 234,009 3,780 300 100 4,150 1,800 1,412 5,280 1,964 252,795 |
Total 2024 £ 481,869 28,431 317 4,150 1,800 2,904 2,220 70 |
|---|---|---|
| 521,761 | ||
| Total 2023 £ 234,009 3,780 300 100 4,150 1,800 1,412 5,280 1,964 |
||
| 252,795 |
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the charity's independent examiner for the independent | ||
| examination of the charity's annual accounts | 1,800 | 1,500 |
9. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 December 2024, no trustee expenses have been incurred (2023 - £NIL).
10. Tangible fixed assets
| Cost or valuation At 1 January 2024 At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Plant and machinery £ 32,114 |
|---|---|
| 32,114 | |
| 27,795 4,150 |
|
| 31,945 | |
| 169 | |
| 4,319 |
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. Fixed asset investments
| Market Value At 1 January 2024 Additions Disposals Revaluations At 31 December 2024 |
Expendable Fund £ 1,888,889 (332) (377,615) 12,862 1,523,804 |
Endowment Fund £ 2,823,025 866,374 (708,156) 111,218 3,092,461 |
Total £ 4,711,914 866,042 (1,085,771) 124,080 |
|---|---|---|---|
| 4,616,265 |
12. Debtors
| Due within one year Other debtors Creditors: Amounts falling due within one year Other creditors Accruals and deferred income |
2024 £ - 2024 £ 50,962 4,739 55,701 |
2023 £ 15,000 |
|---|---|---|
| 2023 £ 34,356 4,867 |
||
| 39,223 |
13. Creditors: Amounts falling due within one year
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. Financial instruments
| Financial assets Financial assets measured at fair value through income and expenditure Financial liabilities Other financial liabilities measured at fair value through income and expenditure |
2024 £ 4,772,150 2024 £ 55,701 |
2023 £ 4,999,902 |
|---|---|---|
| 2023 £ 39,223 |
Financial assets measured at fair value through income and expenditure comprise fixed asset investments, loans and bank balances.
Other financial liabilities measured at fair value through income and expenditure comprise creditors and accruals.
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Summary of funds
Summary of funds - current year
| General funds Endowment funds |
Balance at 1 January 2024 £ 1,930,873 3,034,125 4,964,998 |
Income £ 72,321 82,373 154,694 Income £ 73,084 84,499 157,583 |
Expenditure £ (533,792) - (533,792) Expenditure £ (265,054) - (265,054) |
Transfers in/out £ 82,373 (82,373) - Transfers in/out £ 84,499 (84,499) - |
Gains/ (Losses) £ 15,941 114,777 130,718 Gains/ (Losses) £ 9,507 41,837 51,344 |
Balance at 31 December 2024 £ 1,567,716 3,148,902 |
|---|---|---|---|---|---|---|
| 4,716,618 | ||||||
| Balance at 31 December 2023 £ 1,930,873 3,034,125 |
||||||
| Summary of funds - prior year | ||||||
| General funds Endowment funds |
Balance at 1 January 2023 £ 2,028,837 2,992,288 5,021,125 |
|||||
| 4,964,998 |
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NOTTINGHAMSHIRE MINERS' WELFARE TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Expendable funds 2024 £ 169 1,523,804 99,444 (55,701) 1,567,716 |
Endowment funds 2024 £ - 3,092,461 56,441 - 3,148,902 |
Total funds 2024 £ 169 4,616,265 155,885 (55,701) 4,716,618 |
|---|---|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Expendable funds 2023 £ 4,319 1,888,889 76,888 (39,223) 1,930,873 |
Endowment funds 2023 £ - 2,823,025 211,100 - 3,034,125 |
Total funds 2023 £ 4,319 4,711,914 287,988 (39,223) 4,964,998 |
|---|---|---|---|
17. Related party transactions
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 December 2024.
Page 18