•iswo
THE COAL MINING CHARITY
Coal Industry Social
Welfare Organisation
Financial
statements
Registered Office..
CISWO.Th¢ Old Re¢tory.
RoctoryDrivo. Whiston, Rotharha
south Yot*shire.
$60 4JG
For the year ended
31 December 2021
Charity No.. 1015581 & SC039529

**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Index to the financial statements 

|Legal and administrative details|1|
|---|---|
|Report of the Trustees|2 – 10|
|Independent auditor's report|11 – 13|
|Statement of financial activities|14|
|Balance sheet|15|
|Notes to the financial statements|16 – 33|





**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Legal and administrative details 

Charity registration number: 1015581 Scottish charity registration number: SC039529 Registered office: The Old Rectory Rectory Drive Whiston ROTHERHAM S60 4JG Trustee: The Coal Industry Social Welfare Organisation 2014 Secretary: N M Didlock Bankers: Lloyds Bank PLC 1 High Street SHEFFIELD S1 2GA Solicitors: Irwin Mitchell 2 Millsands Riverside East SHEFFIELD S3 8DT **Charity Specialist** Brabners LLP Horton House Exchange Flags LIVERPOOL L2 3YL Investment manager: Rathbone Investment Management Limited 8 Finsbury Circus LONDON EC2M 7AZ Auditor: Saffery Champness LLP Mitre House North Park Road Harrogate HG1 5RX 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Report of the Trustees 

The Trustees present their Report along with the Financial Statements of the charity for the year ended 31 December 2021.  The financial statements have been prepared in accordance with the accounting policies set out on pages 16 – 20 and comply with the charity's trust deed and applicable law. 

## **Reference and Administrative Details** 

Information about the charity and its trustees is given on page 1 of this report. 

## **Structure, Governance and Management** 

The Coal Industry Social Welfare Organisation (CISWO) is a national charity with the vision of enabling former coal miners and mining communities to reduce disadvantage. Established as a charity in 1995, the organisation provides a wide range of services across the UK in order to meet our mission to improve the lives of individuals and communities facing disadvantage due to the impact of the coal mining industry, through the provision of support, improvement of resources and protection of recreational land. 

The charity’s Board of Trustees is responsible for overall governance, and the delivery of the organisation’s strategic plan 2017 – 2022 , ensuring our charitable objects are met, defined as the promotion of health, the relief of poverty and hardship, and the advancement of education and other charitable purposes for the benefit of employees and former employees of the coal industry in the United Kingdom, employed or formerly employed in any present or past coal mining area of the UK and of their relatives and dependents and of the communities in which they live within those areas. 

## **The Board of Trustees** 

CISWO is governed by a singular corporate trustee, CISWO 2014 which is a charity in its own right, registration number 1160157. CISWO 2014 Board of Trustees includes 12 members in total, each appointed for their skills, experience and expertise through an open recruitment process. New trustees receive an appropriate induction into the organisation, coordinated through the Chief Executive and Human Resources Manager.  At 31 December 2021 there was one vacancy on the Board. Recruitment to fill this vacancy will commence early in 2022. 

The Board of Trustees is responsible for the professional, legal and financial governance of the charity, the formulation and implementation of organisational strategy, and overseeing the implementation of the strategy through operating plans and budgets and monitoring progress within this. The Board is supported by four committees with delegated responsibility for key aspects of oversight and governance. These include: 

## _**Finance and General Purpose Committee**_ 

## Responsible for: 

- Overseeing and monitoring the financial position of the charity. 

- Appointing and overseeing the management of the investment portfolio of the charity. 

- Reviewing and recommending the annual financial budget. 

- Overseeing the management of property in line with the organisation’s Asset Management Policy. 

## _**Audit and Risk Management Committee**_ 

## Responsible for: 

- Overseeing the charity’s risk management systems and processes. 

- Reviewing the effectiveness of internal controls. 

- Receiving and reviewing the charity’s annual accounts and report prior to full Board approval. 

- Considering any areas of risk identified through internal or external audit processes. 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Report of the Trustees 

## _**Quality and Impact Committee**_ 

Responsible for: 

- Advising on the strategic direction of the organisation’s delivery of services for individuals. 

- Reviewing the organisation’s operational policy framework and overseeing its implementation to ensure organisational adherence to good practice and legislation. 

- Reviewing the performance of the organisations services for individuals and advising on improvement priorities. 

- Being accountable for any serious safeguarding issues where necessary. 

## _**HR, Remuneration, and Recruitment**_ 

Responsible for: 

- Leading on the recruitment of trustees and senior members of staff and reviewing staff pay and retention policies. 

- Review HR strategy and policies and to monitor performance in relation to HR matters. 

- Review complaints and grievance policies, and act as advisory panel in relation to disciplinary processes. 

## **Management** 

The Trustees delegate the management, implementation of strategy and overall leadership of the charity, through a defined scheme of delegation, to the Chief Executive and the senior management team. 

The management of the organisation is structured into 4 regions; Scotland, North England, South England and Wales. These are supported from a central head office in Rotherham, South Yorkshire where central support functions are accommodated. During 2021, 52 staff were employed across the organisation. 

## **Policy** 

The following policies underpin the organisation’s grant giving.  Grant criteria is agreed by the Board of Trustees and these policies are reviewed on a cyclical basis in line with good practice. 

## **Individual Grant Giving Policy** 

CISWO provides financial support to individual beneficiaries in the form of grants to meet specific needs, in line with the organisation’s operational grants policy.  These grants are available for former miners and dependents of former miners where specific eligibility criteria are met. Grant awards are discretionary within criteria established by the trustees of CISWO. 

The Individual Grant Giving Policy defines how the organisation focuses its financial support for those in greatest need. This includes a grant provision for former mineworkers who have been diagnosed with the coal industry related disease, pneumoconiosis. 

Grant applications are advertised through the organisation’s personal welfare service and through organisational literature, social media channels and the website. Applications can be submitted at any point in the year following an assessment by a member of the personal welfare team to determine eligibility and need. Grants are only considered within a wider package of intervention and are submitted by a member of the personal welfare team on the client’s behalf with their consent. 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Report of the Trustees 

The trustees delegate the responsibility for processing grant applications to the head office team with awards authorised by the Chief Executive under criteria established and reviewed by the full Board of Trustees within the organisation’s individual grant giving policy. 

## **Education Grants Policy** 

Education grants are awarded in accordance with the organisation’s Educational Grants Policy which outlines eligibility criteria and application process. 

Grants are provided to eligible students to participate in higher education. Eligible applicants include those who were employed in the coal mining industry of Great Britain where they have completed the required length of service and dependent children of such former employees, where they are financially dependent on parents.  Eligibility is based upon need with grants only being offered to those families where there is demonstrable low income.  Grants are available for initial higher education courses in the UK. 

## **Recreational Facilities Development Policy** 

CISWO is committed to supporting other mining charities to deliver services and to secure the ongoing availability of recreational facilities in local communities. This includes the provision of financial support through grants and loans within specific parameters. Our Recreational Facilities Development Policy provides the principles and specific parameters underlying this provision alongside defining the process required to ensure this support is delivered on a systematic, equitable, and rational basis. Facilities that could benefit under this policy are identified through our ongoing partnership working with miners’ welfare charities and will be considered as part of a wider support package focused on sustainability to meet the needs of local communities. 

## **Public Benefit** 

The trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity’s aims and objectives and future activities. In particular, the trustees consider how activities contribute to meet the objectives set in the organisation’s strategic plan as outlined below. Particular focus has been given to interventions and policies that will deliver the greatest impact to those former mining families and communities most in need. In delivering services we are aiming to provide clearer evidence of how our intervention has benefited those we work with. 

## **Activities, Achievement and Performance** 

In accordance with the objects of the charity, CISWO’s core activities in 2021 included; 

- the provision of personal welfare support for former miners and their families including; advice, guidance, advocacy and grant assistance, and provision of social inclusion activities; 

- the provision of the Thornycroft day centre in Pontefract, and residential properties at sites in Yorkshire and North Derbyshire; 

- the preservation of recreational facilities in former mining communities; 

- the provision of support to other mining charities including local miners’ welfare charities, regional miners’ welfare trust funds and miners’ convalescent trusts; 

- encouragement and support for participation in higher education through the provision of education grants for former miners and their dependents. 

CISWO’s 5 year strategy outlines our commitment to the ongoing provision of services for former miners and mining communities. To achieve this, we have committed to four strategic goals and will measure progress against these. 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Report of the Trustees 

## **Activities, Achievement and Performance (continued)** 

## _**1 Our services will make a real difference, and be of high quality, focusing on those individuals and families most in need. In 2021:**_ 

The COVID pandemic continued to impact on our delivery with services being delivered remotely for a significant part of the year. A return to usual delivery methods was not feasible until the latter end of the year when home visiting was able to resume and our day centre in Pontefract was able to re-open with stringent health and safety measures in place. 

During 2021 we continued to focus on those most vulnerable, our services being a lifeline for many with significant health issues, socially isolated, and with limited support networks. During the year we provided; 

- Support for 5,932 former miners or their family members delivered through our personal welfare service. 

- 13,500 interventions, carried out during the year through our personal welfare team. 

- Over 6,700 telephone support calls for vulnerable and socially isolated clients. 

- £3,246,705 in income secured for beneficiaries by our staff completing 1,263 applications for additional funds or financial support. 

- £144,370 through 130 CISWO grants to former miners and their families in need. 

- Of this, 76 grants awards were made, totaling £114,000, to former miners or their partners to aid with additional needs caused by pneumoconiosis. 

- 33 education grants were awarded totaling £49,500 for the academic year 2021/2022. 

## _**2 We will support other mining charities to deliver services where there is evidenced need.**_ 

The pandemic continued to impact heavily on our mining charities.  Each of these standalone charities is governed by their own independent Board of Trustees acting in a voluntary capacity to provide recreational and social activities in their local community. As restrictions eased during 2021, CISWO supported many miners’ welfares to ensure they could re-open and restart activities in a safe way, ensuring these valuable community assets could continue. In addition to the guidance provided, financial support was awarded to a number of miners’ welfare charities through grants to improve their recreational facilities. CISWO has supported miners’ welfares through; 

- The provision of advice and guidance directly relating to the management of the impact of COVID and re-opening for 220 miners’ welfare charities across the UK. 

- Specific guidance issued relating to accessing financial support through government grants, and risk management. 

- £540,939 secured from the Governments Job Retention Scheme through claims made on behalf of 31 miners’ welfares. 

Additional support has been offered to a number of regional mining charities including; 

- Guidance around good governance. 

- Facilitation of remote working practices. 

- Management of premises 

- Extended administrative support to facilitate the ongoing operations of these charities including their ongoing provision of financial support for beneficiaries. 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Report of the Trustees 

In addition to CISWO’s specific provision in response to COVID, further support has been provided to mining charities: 

   - CISWO has provided financial support for mining charities to develop their facilities. During 2021, £323,517 was provided to miners’ welfares to fund capital development. 

   - Ongoing support to 12 regional grant making and convalescent trusts over the year facilitating them in turn, to provide additional benefit for former mining communities and individuals. 

- **3** _**We will secure the provision of recreational facilities where these are still needed and utilised by former coal mining communities**_ 

   - We have continued to protect over 200 recreational sites, amounting to approximately 1,500 acres across the UK, for recreational use under CISWO’s custodianship. Recreational sites include all forms of recreation from playgrounds to leisure centres, access to fishing, to football grounds and community centres to miners’ welfares offering recreational activity. 

   - We have continued to protect a further 300 sites, amounting to approximately 2,000 acres of recreational land through CISWO’s retention of legal rights or fiduciary interest. These sites, formerly held under mining charitable trusts, have been transferred to a tier of local government such as a local authority, or parish council. CISWO provides a protective role in ensuring that these sites are retained for recreational purpose, not disposed of or developed inappropriately. CISWO supports statutory providers to understand their responsibilities for these facilities and challenges where such responsibilities are not upheld. 

   - We have continued to disseminate funding opportunities to support recreational activities in local communities. 

- _**4 We will secure the ongoing financial viability of the organisation to meet current and future needs**_ 

During 2021 we made significant improvements in our systems and processes in order to improve the efficiency and cost-effectiveness of our work. This included making improvements to our IT infrastructure, and developing new databases in order to more clearly evidence our work. We have also appointed new auditors to ensure our financial controls and reporting are independently reviewed and objectively scrutinised. 

## **Activities in Scotland** 

Scotland’s dedicated personal welfare team provided support to 786 individual clients during the year, with 1442 interventions delivered. Beneficiaries were supported to access an additional £468,383 income through increased benefits, grants and financial aid. 

Improved support has been offered for local mining charities with dedicated management support provided through the local Scottish CISWO office and additional support through the organisation’s head office. 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Report of the Trustees 

## **Plans for the Future** 

As we continue to deliver on our 5 year strategy 2017-22, the focus remains on ensuring that the organisation is adapting to both the current needs of beneficiaries alongside anticipated future needs. 2022 will be the final year of the current 5 year strategy with a new strategic plan being developed during the course of the year. We know that the mining population will diminish in the coming years, but anticipate that there will be an ongoing and potentially increasing need for our services for many years to come, as age and health related issues continue to impact our client group. We also know that with the last deep coal mine closing in 2015, there is still a future population who need our services. 

In addition to securing the services for former miners and their families, we recognize the increasing importance of our recreational facilities. Through our own land holdings, and those held by the miners’ welfares that we support, many communities are provided with the only recreational facilities available in their locality. This is during a time when such facilities are becoming increasingly important to the health and wellbeing of current and future populations.  Retaining and protecting these facilities is a key priority for CISWO and will remain so in the long term future. 

For 2022 we continue to progress with our 4 strategic goals established in our 2017-2022 Strategic Plan. These will be delivered through the following activities; 

## _**1 Our services will make a real difference, and be of high quality, focusing on those individuals and families most in need. We will:**_ 

   - Further develop our service offer to combat social isolation including revitalising our services at the Thornycroft Centre. 

- Develop our support offer for those clients at end of life. 

- Further develop our governance structure to provide greater scrutiny of all areas of service delivery. 

- _**2 We will support other mining charities to deliver services where there is evidenced need. We will:**_ 

   - Improve our communication with miners’ welfare charities to share good practice, funding opportunities and governance support. 

   - Create networking opportunities for other mining charities. 

   - Further develop our support offer for regional miners’ trust funds. 

## _**3 We will secure the provision of recreational facilities where these are still needed and utilised by former coal mining communities. We will:**_ 

   - Further invest CISWO funds in the retention of recreational facilities in local communities. 

   - Work with other charities and other local organisations to further develop models for sustainable recreational facilities. 

- _**4 We will secure the ongoing financial viability of the organisation to meet current and future needs. We will:**_ 

   - Develop our next 5 year strategic plan focusing on individuals and communities most in need. 

   - Ensure this plan is based on a robust understanding of the demographics of our target client groups, both individuals and communities. 

Alongside this activity we will continue to focus on promoting our services in local communities, extending our reach to ensure those that need or would benefit from our support are aware of the help available and can access us easily. 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Report of the Trustees 

## **Financial review** 

Our funds have been applied to support the strategic delivery plan.  Supporting the plan requires: 

_**Expenditure to provide the structure to deliver our front line services.**_ Main areas of expenditure are: 

- Staff, through which our core activities are delivered 

- Direct service delivery at the Thornycroft day centre 

- Direct grant expenditure to former miners and their dependents 

- Funding for capital development at miners welfares 

- Management of recreational land assets 

- Infrastructure to support the services provided through the office structure, direct administrative support and IT 

_**Management of income.**_ Main sources of income received in the year were: 

- Return on investment portfolio – we are predominantly funded through our investments 

- Charitable activities – support to regional trusts funds, provision of services through direct delivery and through land interests, namely rent. 

- Charitable asset transfers 

Investment income yield was 3.8% measured against the opening valuation of the portfolio and the cost of generating this income remained at 0.42% of the value of the portfolio. 

In 2021 and 2020, the organisation received income from charitable assets transfers and the disposal of land no longer sustainable or used for charitable or recreational activity. £3m of this income was transferred to Rathbones for investment, in order to fund service delivery and future development of recreational facilities. 

The income for 2021 is £2,887,652 broadly in line with 2020 (£2,988,345).  Investment income increased as dividend receipts improved from 2020 which had been adversely impacted by the COVID pandemic as major companies had either suspended or significantly reduced dividend payments.  Income from charitable activities decreased by 30% compared to 2020. 

Total expenditure on charitable activities (before accounting for pension deficit funding) was £3,183,604 a decrease on 2020 (£3,472,564), as for part of the year, COVID impacted on our delivery models requiring a different staffing structure. 

In accordance with FRS 102 and the Charities SORP FRS 102, the liability relating to past service in the Industry Wide Coal Staff Superannuation Scheme has been accounted for as the present value of the agreed deficit contributions. During the year, £246,000 (2020: £327,996) was paid to the Scheme. An actuarial valuation is currently ongoing as at 31 December 2021.  The outcome of which will not be known prior to signing of these financial statements. 

## **Reserves** 

The unrestricted reserves of the charity, excluding the value of fixed assets and investment properties, stood at £11,891,403 as at 31 December 2021. As part of the consideration in determining the reserves policy the trustees take in to account the necessity to balance the needs of current and future beneficiaries.   We are committed to providing long term sustainable services and are heavily reliant upon our investment income to enable us to deliver these services. Adequate reserves are therefore maintained to provide the income requirements anticipated both in the short and long term.  The reserves policy will be reviewed annually and expenditure budgets will be built around the strategic plan. 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Report of the Trustees 

## **Managing Change and Risk** 

The major risks to which the charity is exposed are: 

- Reliance on investment income – ensuring adequate returns in challenging market conditions. 

- Capability and capacity of service delivery to respond to fluctuating demand. 

- Inability to respond to external environmental challenges. 

Controls have been identified to minimize and manage these and other risks. Trustees continually assess the process of change and risk.  The Audit and Risk Management Committee examines management risk registers and undertake the formal review of the strategic registers on an annual basis. Specifically the investments of the organisation are managed by specialist charity investment advisors, Rathbones Investment Management Limited.  The performance of the funds is reviewed quarterly and monitored against agreed benchmarks by the Finance and General Purpose Committee. 

The establishment of the Quality and Impact Committee provides greater scrutiny to our delivery of services to individuals, reviewing of performance and advising on improvement priorities.  Thereby reducing the risk of the organisation not being able to respond to fluctuating demand. 

A detailed operational plan has been developed to deliver the organisation’s strategic goals and progress against this plan is reported and monitored at each meeting of the Board of Trustees. 

## **Fundraising** 

CISWO does not undertake any fundraising activity or engage with any commercial fundraiser to undertake this activity on our behalf. Any funds received through occasional donations and gifts from individuals are unsolicited and have to date been unconditional in nature. 

## **Investment Policy and Objectives** 

The investments of the charity are managed by Rathbones Investment Management Limited and constantly reviewed by the trustees and by the Finance and General Purposes Committee composed of Trustee members. 

The primary objectives are to ensure that the Funds maximize the long-term total returns within a medium level risk profile as well as meeting the withdrawal requirements of the charity. 

Performance of the investments, which are compared against agreed benchmarks, are calculated by Rathbone Investment Management Limited and measured on a total return basis. 

In 2021 the investment portfolio performance was a return of 14.8%, compared to the benchmark of a return of 12.2%. 

## **Going concern** 

Changes required to our service delivery have not resulted in an adverse impact on either income or expenditure.  We are not reliant on external funding or fundraised income which could be adversely impacted in the current external environment. We have not made any extended commitments that will significantly alter our financial position. We manage a planned deficit budget and have sufficient liquid resources to meet our obligations for the foreseeable future, (a period of at least 12 months).  Our longer term funding is provided by our investments. These investments are actively managed by our investment managers. The organisation has ensured ongoing effective governance of the charity through regular reporting of activity to the Board and to the holding the usual cyclical Board and Committee meetings. 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Report of the Trustees 

The Trustees, having reviewed cashflow forecasts to December 2024 do not believe that there are any material uncertainties which cast significant doubt on the ability of the charity to continue as a going concern. 

## **Trustees’ responsibilities statement** 

The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England, Wales and Scotland 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 and of the incoming resources and application of resources of the charity for that period.  In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP (FRS102); 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), applicable accounting regulations and the provisions of the trust deed.  They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## **Auditor** 

Saffery Champness LLP were appointed as auditor to the charity on 23 September 2021 following a robust tender process and have expressed their willingness to remain in office. 

ON BEHALF OF THE TRUSTEES 

The Venerable R G Cooper Chair of Trustees 26 May 2022 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Independent auditor's report to the trustees of Coal Industry Social Welfare Organisation 

## **Opinion** 

We have audited the financial statements of Coal Industry Social Welfare Organisation for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 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). 

In our opinion the financial statements 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- have been prepared in accordance with the requirements of the Charities Act 2011; and 

- have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). 

## **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 of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the 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 of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are 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 course of 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 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Independent auditor's report to the trustees of Coal Industry Social Welfare Organisation 

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. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in respect of which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion: 

- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or 

- the charity has not kept proper and sufficient accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees’ Responsibilities Statement set out on page 10, the trustees are 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 trustees determine 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 trustees are 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 trustees either intend 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 the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under those Acts. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 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 discussions with the trustees, 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 trustees and updating our understanding of the sector in which the charity operates. 

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**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Independent auditor's report to the trustees of Coal Industry Social Welfare Organisation 

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities (Accounts and Reports) Regulations 2008, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator. 

## Audit response to risks 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 noncompliance 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 is available on the Financial Reporting Council’s website at: www.frc.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 trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Saffery Champness LLP Statutory Auditor, Chartered Accountants Mitre House, North Park Road Harrogate, HG1 5RX 16 June 2022 

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

13 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Statement of financial activities 

|**Note**<br>**Income from:**<br>Donations and Legacies<br>6<br>Charitable Activities<br>7<br>Other Trading Activities<br>8<br>Investment income<br>Other Income<br>9<br>**Total income**<br>**Expenditure on:**<br>Investment Managers Fees<br>11<br>Charitable activities<br>12<br>**Total expenditure**<br>Net (expenditure) before investment<br>gains/(losses)<br>Net gain/(losses) on investments<br>17<br>**Net income/(expenditure) carried**<br>**forward**<br>Transfers between funds<br>13<br>**Net movement in funds before**<br>**revaluations**<br>(Losses)/gains on revaluation of<br>investment properties<br>14<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Balances brought forward<br>**Fund balances carried forward**<br>24|**Unrestricted**<br>**Funds**<br>**£**<br>4,581<br>428,372<br>133,500<br>1,066,717<br>1,241,481|**Endowment**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>13,001<br>-<br>-<br>-|**Total**<br>**2021**<br>**£**<br>**4,581**<br>**441,373**<br>**133,500**<br>**1,066,717**<br>**1,241,481**|Total<br>2020<br>£<br>3,350<br>629,571<br>133,500<br>956,004<br>1,265,920|
|---|---|---|---|---|---|
||2,874,651|-|13,001|**2,887,652**|2,988,345|
||134,084<br>3,131,590|-<br>-|-<br>52,014|**134,084**<br>**3,183,604**|107,458<br>3,495,399|
||3,265,674|-|52,014|**3,317,688**|3,602,857|
||(391,023)<br>3,291,380|-<br>-|(39,013)<br>-|**(430,036)**<br>**3,291,380**|(614,512)<br>(324,949)|
||2,900,357<br>(2,683,325)|-<br>2,683,325|(39,013)<br>-|**2,861,344**<br>-|(939,461)<br>-|
||217,032<br>(49,700)|2,683,325<br>-|(39,013)<br>-|**2,861,344**<br>**(49,700)**|(939,461)<br>46,600|
||167,332<br>13,752,108|2,683,325<br>24,012,103|(39,013)<br>295,249|**2,811,644**<br>**38,059,460**|(892,861)<br>38,952,321|
||13,919,440|26,695,428|256,236|**40,871,104**|38,059,460|



All of the activities of the charity are classed as continuing. 

There were no other recognised gains or losses in the year. 

The accompanying accounting policies and notes on pages 16 - 33 form part of these financial statements. 

14 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Balance sheet 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>15<br>Investment Properties<br>16<br>Investments<br>17<br>**Current assets**<br>Stocks<br>Debtors: due within one year<br>19<br>Debtors: due after one year<br>19<br>Current asset investments<br>18<br>Cash at bank and in hand<br>20<br>Creditors: amounts falling due within one year<br>21<br>**Net current assets**<br>**Creditors: amounts falling due after more**<br>**than one year**<br>23<br>**Provision for liabilities**<br>30<br>**Net assets**<br>**Funds**<br>Unrestricted funds<br>24<br>Endowment funds<br>24<br>Restricted funds<br>24|**£**<br>**250**<br>**1,307,363**<br>**772,984**<br>**50,000**<br>**2,827,839**|**2021**<br>**£**<br>**995,338**<br>**1,383,169**<br>**33,916,325**|£<br>**1,500**<br>**419,415**<br>**20,983**<br>**4,554,500**<br>**3,488,963**|2020<br>£<br>**1,062,375**<br>**1,432,869**<br>**27,728,859**|
|---|---|---|---|---|
|||**36,294,832**||**30,224,103**|
||**4,958,436**<br>**(365,296)**||**8,485,361**<br>**(619,711)**||
|||**4,593,140**<br>**-**<br>**(16,868)**||**7,865,650**<br>**-**<br>**(30,293)**|
|||**40,871,104**||**38,059,460**|
|||**13,919,440**<br>**26,695,428**<br>**256,236**||**13,752,108**<br>**24,012,103**<br>**295,249**|
|||**40,871,104**||**38,059,460**|



The financial statements were approved and authorised for issue by the Board of Trustees on 26 May 2022. 

The Venerable R G Cooper 

## **Chairman** 

Charity numbers: 1015581 SC039529 

The accompanying accounting policies and notes on pages 16 - 33 form part of these financial statements. 

15 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Notes to the financial statements 

## **1 Charity information** 

The charity is constituted under a supplemental trust deed, and is a registered charity, number 1015581.  In addition, the charity is also registered as a charity in Scotland, registered number SC039529. 

The registered office is The Old Rectory, Rectory Drive, Whiston, Rotherham, S60 4JG. 

## **2 Basis of preparation** 

The financial statements have been prepared in accordance with applicable United Kingdom accounting standards including 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities and Trustee Investment (Scotland) Act 2005 (the 2005 Act). The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for investment properties and certain financial instruments as specified in the accounting policies below. 

The financial statements are presented in Sterling £s. 

## **Preparation of accounts - going concern basis** 

The principal financial risk facing the charity is its ability to generate sufficient income to cover expenditure incurred in fulfilling the objectives of the charity. 

We are not reliant on external funding or fundraised income which could be adversely impacted in the current external environment. We have not made any extended commitments that will significantly alter our financial position. We manage a planned deficit budget and have sufficient liquid resources to meet our obligations for the foreseeable future, (a period of at least 12 months). Our longer term funding is provided by our investments. These investments are actively managed by our investment managers and as we won’t require any withdrawal from those funds for at least 12 months.  The organisation has ensured ongoing effective governance of the charity through regular reporting of activity to the Board and to the holding the usual cyclical Board and Committee meetings. 

The trustees, having reviewed cashflow forecasts to December 2024 do not believe that there are any material uncertainties which cast significant doubt on the ability of the company to continue as a going concern. 

## **Cashflow** 

The charity has taken advantage of the exemption from publishing a statement of cash flows set out in paragraph 1.12(b) of FRS 102. 

16 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Notes to the financial statements 

## **3 Significant judgements and estimates** 

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are the treatment of long term debtors and certain land interests. 

Where a third party charity undergoing formal wind-up and/or land disposal, governed under a mining trust where the organisation has the right to any residual assets, there may be costs associated with the transaction.  Where that charity does not have the resources to meet these costs (often where the only asset is land which may take a considerable period of time to dispose of) the organisation may provide funding to pay for the costs, to be claimed back from the ultimate realisation of the mining charity’s assets. These cost advances are treated as debtors. 

These debtors are reviewed by the executive and periodically by the Finance & General Purpose Committee.  If recoverability is in doubt full provision is made against the debtor. 

Consideration has been given to the appropriate accounting treatment to adopt for the properties which are required to be recognised on the balance sheet. 

The accounting treatment adopted has been based on the current use of each property and its classification under the organisation’s Asset Management Policy.  The Policy defines the principal reason for the organisation to retain ownership of property is to secure the provision of recreational facilities where they are needed and utilised.  Following a detailed review, each property has been categorised into one of the following:- 

## **1) Fixed Assets - Investment Properties** 

Included within this category:- 

- a) Properties that are not currently in recreational use and have not been for a significant time, with no prospect of returning to recreational use, being retained for future capital appreciation; 

- b) Properties not in recreational use and leased to third parties under formal lease agreements under which a commercial rental is being received. 

## **2) Fixed Assets – Social Investments** 

Property in long term recreational use, under lease to tenants, largely on peppercorn rentals. 

## **3) Current asset – Investment Properties** 

Property no longer needed or utilised for recreational purposes, where a decision has been made to dispose of, disposal is being actively pursued and is expected within the foreseeable future. 

## **4 Principal accounting policies** 

## **Fund accounting** 

The charity maintains various types of funds (funds are detailed in note 24) as follows: 

## **Restricted funds** 

Restricted funds represent grants and donations received which are allocated by the donor for specific purposes. 

## **Endowment funds** 

The Capital Endowment Fund comprises the former Capital Endowment Fund of CISWO and the former Endowment Fund of CIBT. Income can be drawn but capital has to be retained. 

The Permanent Endowment Fund represents fixed assets that cannot be realised for revenue purposes. 

17 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Notes to the financial statements 

## **4 Principal accounting policies (continued)** 

The King's Silver Jubilee and Coronation Cottages Permanent Endowment Fund represents the properties transferred into the King's Silver Jubilee and Coronation Cottages trust together with any proceeds received on subsequent disposals. 

## **Unrestricted funds** 

Designated funds are amounts that have been set aside at the discretion of the trustees. 

The Unrestricted Fund represents unrestricted income which is expendable at the discretion of the trustees in furtherance of the objects of the charity. 

## **Income** 

All income is recognised in the statement of financial activities when the conditions for receipt have been met and there is probable assurance of receipt.  Income from donations and grants, including capital grants, is included in income when these are receivable, except as follows: 

- When donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods. 

- When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in income until the pre-conditions for use have been met. 

- When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in income of restricted funds when receivable. 

- Where a claim for repayment of income tax has or will be made, such income is grossed up for the tax recoverable. 

## **Donations** 

Donations are recognised as income when they are received. 

## **Investment income** 

Investment income is accounted for when receivable.  Tax recoverable relating to investment income is accounted for in the same period as the related income. 

## **Charitable expenditure** 

Charitable expenditure includes all expenditure directly related to the objects of the charity. 

## **Investment Manager Fees** 

Fees comprise costs attributable to managing the investment portfolio and raising investment income. 

## **Operating leases** 

Operating lease rentals are charged to the statement of financial activities in equal amounts over the lease term. 

## **Grants payable** 

Grants payable are payments made to third parties in the furtherance of the charitable objects of the organisation. 

Grants to personal beneficiaries are recognised once the grant application has been approved and communicated to the recipient. 

Grants awarded under our recreational facilities development policy are recognised when the grant has been approved, communicated to the recipient and all performance conditions have been fulfilled. 

18 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 

## Notes to the financial statements 

## **4 Principal accounting policies (continued)** 

## **Support costs** 

Support costs are those costs that are necessary to deliver a charitable activity but do not themselves produce or constitute the output of the charitable activity.  Support costs are allocated to unrestricted funds. 

## **Governance costs** 

Governance costs are those associated with meeting the constitutional and statutory requirements of the Charity, including audit fees and strategic management expenditure. 

## **Investments** 

Investments are stated at market value.  Investment gains and losses are shown in the appropriate section of the statement of financial activities. 

## **Investment Properties** 

Investment properties are initially recognised at cost, then subsequently at fair value at the balance sheet date, where the fair value reflects the current use of the property.  Where an investment property has been categorised as a social investment the property is recognised at cost less any impairment. 

## **Tangible fixed assets and depreciation** 

Tangible assets are stated at cost, net of depreciation. 

Depreciation is provided on a straight line basis to write off the cost of fixed assets over their estimated useful lives at the following rates: 

|Freehold property|3% - 10% per annum|
|---|---|
|Freehold property – King's Silver Jubilee and|The properties were transferred to the Trust at a|
|Coronation Cottages|nominal value of £1 each and are stated in the balance|
||sheet at this value.|
|Furniture and equipment|10% per annum|
|Computers and related equipment|20% per annum|
|Motor vehicles - minibuses|25% per annum|



## **Impairment of assets** 

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. No such loss has been identified. 

## **Stocks** 

Stocks are stated at the lower of cost and net realisable value. 

## **Charitable Asset Transfers** 

Charitable asset transfers relates to proceeds from the dissolution of mining charities where the organisation is entitled to the residual proceeds under the governing instrument of the mining charity concerned. Such income from these transfers is only recognised when received. 

## **Pension costs** 

The charity contributes to the Industry Wide Coal Staff Superannuation Scheme, a defined benefit scheme. Payments are made in accordance with instructions given by the actuary and charged to the statement of financial activities.  The scheme is a multi employer defined benefit scheme, but is being accounted for as a defined contribution scheme as the employer is unable to identify its share of the underlying assets and liabilities in the scheme on a consistent and reasonable basis.  The scheme closed to new entrants on 1 January 1995. 

The charity contributes to a defined contribution scheme for employees who wish to participate in it. 

19 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **4 Principal accounting policies (continued)** 

## **Taxation** 

The fund is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within categories covered by Part 11, Chapter 3, CTA 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes and as such has no liability to tax on its charitable activities. 

## **Redundancy and termination payments** 

All redundancy and termination payments and amounts in lieu of notice are charged or accrued as incurred. 

## **Debtors** 

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. 

## **Creditors** 

Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 

## **Provisions for liabilities** 

Provisions are recognised when the charity has a present obligation (legal or constructive) as a result of a past event, it is probable that the charity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. 

## **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, representing amortised cost, as follows: 

|Financial instrument|-|Measurement on initial recognition|
|---|---|---|
|Cash|-|Cash held|
|Debtors|-|Settlement amount|
|Creditors|-|Settlement amount|



## **5 Net expenditure** 

|Net expenditure is stated after charging:<br>Auditor's remuneration – audit of the financial statements<br>Depreciation on tangible fixed assets<br>Net profit on disposal of tangible fixed assets<br>Rentals under operating leases|**2021**<br>2020<br>**£**<br>£<br>**16,900**<br>16,750<br>**76,546**<br>80,192<br>**(668,557)**<br>(876,119)<br>**51,592**<br>39,439|
|---|---|



20 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

|**6**<br>**Grants and donations**<br>Grants and donations received during the year were as follows:<br>**2021**<br>**£**<br>Other grants and donations - unrestricted<br>**4,581**<br>**7**<br>**Charitable Activities**<br>**2021**<br>**£**<br>Support grants<br>**110,980**<br>Social work services<br>**8,620**<br>Thornycroft day centre<br>**73,656**<br>Rental income from land<br>**248,117**<br>**441,373**<br>Included within rental income from land is £13,001 of restricted income (2020: £8,183).<br>**8**<br>**Other Trading Activities**<br>**2021**<br>**£**<br>Provision of accountancy services - unrestricted<br>**133,500**<br>**9**<br>**Other Income**<br>**2021**<br>**£**<br>Profit on sale of fixed assets<br>**668,557**<br>Charitable asset transfers<br>**460,781**<br>Sundry income<br>**112,143**<br>**1,241,481**|**2021**<br>**£**<br>**4,581**|2020<br>£<br>3,350|
|---|---|---|
||**2021**<br>**£**<br>**110,980**<br>**8,620**<br>**73,656**<br>**248,117**|2020<br>£<br>168,639<br>7,717<br>202,677<br>250,538|
||**441,373**|629,571|
|||2020<br>£<br>133,500|
||**2021**<br>**£**<br>**668,557**<br>**460,781**<br>**112,143**|2020<br>£<br>876,119<br>128,094<br>261,707|
||**1,241,481**|1,265,920|



All income is unrestricted in both the current and prior year. 

21 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **10 Trustees and employees** 

|Wages and salaries<br>Social security costs<br>Pensions<br>**Emoluments of employees over £60,000**<br>£70,000 - £79,999<br>£80,000 - £89,999<br>£90,000 - £99,999<br>£100,000 - £109,999<br>The average number of employees during the year was:<br>Community Welfare Services<br>Personal Welfare Services<br>Land Manangement<br>Thornycroft Centre<br>Management and Administration|**2021**<br>**£**<br>**1,513,749**<br>**122,039**<br>**442,521**|2020<br>£<br>1,764,620<br>151,188<br>556,734|
|---|---|---|
||**2,078,309**|2,472,542|
||**Number**<br>**-**<br>**1**<br>**-**<br>**1**|Number<br>1<br>-<br>1<br>-|
||**13**<br>**24**<br>**2**<br>**5**<br>**8**|10<br>32<br>2<br>13<br>8|
||**52**|65|



No trustees (2020: none) received any remuneration from the charity in the year.  No expenses were reimbursed to trustees in the year ended 31 December 2021 (2020: none). 

The total remuneration cost of the key management personnel (being the Chief Executive and Finance Director) of the charity was £183,680 (2020: £170,895) 

During the year redundancy payments were made totalling £40,383 (2020: £46,119) to 4 employees (2021: 9 employees) 

Included within pensions cost is £246,000 (2020: £327,996) in respect of deficit contributions to the IWCSSS (see note 26). 

## **11 Investment Manager Fees** 

|Investment Manager Fees|**2021**<br>2020<br>**£**<br>£<br>**134,084**<br>107,458|
|---|---|



22 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **12 Charitable Activities** 

|A summary of the major cost components is given below:<br>Community welfare services and services to other charities<br>Services to individuals<br>Grants to individuals<br>Recreational facilities grants<br>Thornycroft day centre<br>Land management<br>Costs in support of charitable activities<br>Pension deficit funding<br>Governance costs<br>Costs in support of charitable activities<br>Decrease in repayment plan pension liability (note 26)|**2021**<br>**£**<br>**431,794**<br>**817,167**<br>**196,863**<br>**266,548**<br>**198,769**<br>**231,576**<br>**959,699**<br>**246,000**<br>**81,188**|2020<br>£<br>403,405<br>966,030<br>222,357<br>224,166<br>366,622<br>339,792<br>910,168<br>327,996<br>40,024|
|---|---|---|
||**3,429,604**<br>**(246,000)**|3,800,560<br>(305,161)<br>3,495,399|
||**3,183,604**||



Restricted expenditure included above is: services to personal beneficiaries £18,830 (2020: £18,100), grants to personal beneficiaries £12,439 (2020:£25,583) and land management £20,745 (2020: £17,816). 

## **13 Transfers between funds** 

## **Transfer from Unrestricted to Endowment – Unitised Fund Investments** 

The whole of the investments of the Endowment Fund are held within a unitised fund managed by Rathbones.  Each year the unitised fund is analysed between that part which represents unrestricted fund holdings and that which represents endowment funds.  The net asset value of the endowment fund is detailed below at the beginning of the year and the end of the year and the calculation of the transfer value is shown below: 

|Unitised fund investments<br>Net value of investments in Endowment Fund<br>Movement of net asset value in year<br>Transfer value transferred to unrestricted fund<br>**Revaluation of Investment Properties**<br>(Decrease)/Increase in value of fixed asset investment properties<br>Increase in value of current asset investment properties|1 January<br>2021<br>£<br>23,464,111|1 January<br>2021<br>£<br>23,464,111||**31**<br>**December**<br>**2021**<br>**(note 24)**<br>**£**<br>**26,147,436**|
|---|---|---|---|---|
||23,464,111|||**26,147,436**|
|||||**2,683,325**|
|||||**2,683,325**|
|||||2020<br>£<br> <br>46,600<br>-<br>46,600|
|||**(49,700)**|||



## **14 Revaluation of Investment Properties** 

Further details are provided in notes 16 and 18. 

23 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **15 Tangible fixed assets** 

|**Cost**<br>At 1 January 2021<br>Additions<br>Disposals<br>At 31 December 2021<br>**Depreciation**<br>At 1 January 2021<br>Charge for the year<br>Disposals<br>At 31 December 2021<br>**Net book amount**<br>At 31 December 2021<br>At 31 December 2020|**Freehold**<br>**property**<br>**£**<br>1,530,250<br>-<br>(87,756)|**Furniture**<br>**and**<br>**equipment**<br>**£**<br>478,683<br>32,196<br>(20,946)|**Motor**<br>**vehicles**<br>**£**<br>57,000<br>-<br>-|**Total**<br>**£**<br>2,065,933<br>32,196<br>(108,702)|
|---|---|---|---|---|
||1,442,494|489,933|57,000|1,989,427|
||599,650<br>44,161<br>(65,510)|389,658<br>18,135<br>(20,505)|14,250<br>14,250<br>-|1,003,558<br>76,546<br>(86,015)|
||578,301|387,288|28,500|994,089|
||**864,193**|**102,645**|**28,500**|**995,338**|
||930,600|89,025|42,750|1,062,375|



Included within freehold property are properties originally included at valuation which was used as deemed cost; at Thornycroft the property was included at £575,000 and two properties used for service delivery which were included in fixed assets at a valuation of £310,000. (No further valuation of the properties has been carried out as the trustees believe that there is no material difference between the deemed cost and the current net book value). 

## **16 Investment Properties** 

|**Cost**<br>At 1 January 2021<br>Revaluation in the year<br>Transfer to current asset investment<br>properties<br>At 31 December 2021|**Investment**<br>**properties**<br>**£**<br>**1,269,100**<br>(49,700)<br>-|**Social**<br>**investments**<br>**£**<br>**163,769**<br>-<br>-|**Total**<br>**£**<br>**1,432,869**<br>(49,700)<br>-<br>**1,383,169**|
|---|---|---|---|
||**1,219,400**|**163,769**||



Investment properties represents 11 properties leased on commercial rentals to third parties (2020: 11) and a further 2 (2020: 2) which are not in recreational use and are retained for their capital appreciation. Properties held for commercial rental have been valued, as at 31 December 2021, based on the expected future income stream to be generated, the difference in valuation from 2020 has been reflected above.  All other properties were valued at 31 December 2018, based on their existing use.  Valuations were performed by Fisher Hargreaves Proctor Limited.  These valuations are still considered appropriate as at 31 December 2021. 

Social investments are used in the furtherance of the organisation’s objective to continue to secure provision of recreational facilities that are still utilised and needed by former mining communities.  A total of 212 properties are leased to charities, sports clubs, community organisations and local authorities. All sites are subject to leases ranging from 5 to 100 years in duration and at peppercorn rentals.  It is the intention of the organisation to retain properties in recreational use in the long term, as such they are considered not to have a capital value over and above any acquisition cost. 

24 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **17 Investments and Investment gains/(losses)** 

|**Quoted UK Stock Exchange Investments**<br>Market value at 1 January<br>Additions at cost<br>Disposal proceeds<br>Net investment gain/(loss)<br>Market value at 31 December<br>Historical cost at 31 December|**2021**<br>**£**<br>**27,338,219**<br>**7,573,950**<br>**(5,133,209)**<br>**3,296,057**|2020<br>£<br>27,826,138<br>4,970,306<br>(5,135,836)<br>(322,389)|
|---|---|---|
||**33,075,017**|27,338,219|
||**24,162,227**|20,669,234|



The difference between market value and historical costs is included within unrestricted funds and endowments. 

|**Funds held by Investment Managers**<br>Investments comprise the following:<br>Investments listed on a stock exchange<br>Cash deposits held as part of investment portfolio<br>Total investments<br>**Net gain/(loss) on investments**<br>Gain/(loss) on quoted investments<br>Loss on foreign exchange|**2021**<br>**£**<br>**33,075,017**<br>**841,308**|2020<br>£<br>27,338,219<br>390,640|
|---|---|---|
||**33,916,325**|27,728,859|
||**2021**<br>**£**<br>**3,296,057**<br>**(4,677)**|2020<br>£<br>(322,389)<br>(2,560)|
||**3,291,380**|(324,949)|



## **18 Current Asset Investment Properties** 

|**Cost**<br>At 1 January 2021<br>Revaluation in year<br>Disposals<br>At 31 December 2021|**Total**<br>**£**<br>4,554,500<br>-<br>(4,504,500)|
|---|---|
||**50,000**|



Current asset investments represents 1 property (2020: 7).   The trustees have determined that the continued holding of this property does not align with the organisation’s objectives and properties will be realised at best value in accordance with the Charities Act 2011 guidance. 

The property was valued based on an open market value at 31 December 2018 by Fisher Hargreaves Proctor Limited.  This valuation is still considered appropriate at 31 December 2021. 

25 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **19 Debtors** 

|**Due within one year:**<br>Trade debtors<br>Amounts owed by group undertakings<br>Amounts due from Regional Trust and Convalescent Funds<br>Prepayments<br>Other debtors<br>Miners Welfare Charities<br>**Due after more than one year:**<br>Other debtors<br>Miners Welfare Charities<br>**Total debtors as at 31 December 2021**<br>**20**<br>**Cash at bank and in hand**<br>Total cash and bank balances<br>**21**<br>**Creditors: amounts falling due within one year**<br>Funds committed to mining charities<br>Other creditors and accruals<br>Social security and other taxes<br>Repayment plan: pension liability|**2021**<br>**£**<br>**18,374**<br>**90,577**<br>**351,084**<br>**92,453**<br>**754,875**<br>**-**|2020<br>£<br>19,880<br>138,999<br>85,478<br>162,388<br>10,670<br>2,000|
|---|---|---|
||**1,307,363**|419,415|
||**2021**<br>**£**<br>**750,000**<br>**22,984 **|2020<br>£<br>-<br>20,983|
||**772,984**|20,983|
||**2,080,347**|440,398|
||**2021**<br>**£**<br>**2,827,839**|2020<br>£<br>3,488,963|
||**2021**<br>**£**<br>**43,902**<br>**290,345**<br>**31,049**<br>**-**|2020<br>£<br>100,871<br>240,119<br>32,721<br>246,000|
||**365,296**|619,711|



26 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **22 Financial instruments** 

|Carrying amount of financial assets<br>Measured at amortised cost<br>Trade debtors<br>Amounts owed by group undertakings<br>Amounts due from Regional Trust & Convalescence Funds<br>Loans<br>Miners Welfare Charities<br>Carrying amount of financial liabilities<br>Measured at amortised cost<br>Funds held on behalf of third parties<br>Trade creditors<br>Other creditors|**2021**<br>**£**<br>**18,374**<br>**90,577**<br>**351,084**<br>**4,852**<br>**22,984 **|2020<br>£<br>19,880<br>138,999<br>82,978<br>10,670<br>22,983|
|---|---|---|
||**487,871**|275,510|
||**43,902**<br>**106,449**<br>**5,113**|100,871<br>66,820<br>3,481|
||**155,464**|171,172|



## **23 Creditors: amounts falling due after more than one year** 

CISWO participates in the Industry Wide Coal Staff Superannuation Scheme. At the year end a repayment plan had been agreed to fund past deficits on the scheme as follows: 

## Repayment Plan: pension liability 

|**2021**|2020|
|---|---|
|**£**|£|
|**-**|**-**|



The repayment plan determined by the actuarial valuation as at 31 December 2018 required the organisation to pay a sum of £27,333 per month until September 2021. (See note 26).  An actuarial valuation of the Industry Wide Coal Staff Superannuation Scheme is being undertaken as at 31 December 2021, following which a revised repayment plan will be agreed and determined.  As at the date of these financial statements, the likely future obligations cannot be accurately determined and as such no provision has been reflected within these financial statements (see note 29). 

27 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

- **24 Analysis of net assets between funds** 

## **Year ended 31 December 2021** 

|**Unrestricted**<br>**fund**<br>**Endowment**<br>**funds**<br>**Restricted**<br>**funds**<br>**£**<br>**£**<br>**£**<br>**Fixed assets**<br>Tangible fixed assets<br>644,868<br>350,470<br>-<br>Investment properties<br>1,383,169<br>-<br>-<br>Investments<br>7,591,069<br>26,147,436<br>177,820<br>9,619,106<br>26,497,906<br>177,820<br>**Current assets**<br>Stock<br>250<br>-<br>-<br>Debtors<br>2,080,347<br>-<br>-<br>Investment properties<br>50,000<br>-<br>-<br>Cash<br>2,551,901<br>197,522<br>78,416<br>4,682,498<br>197,522<br>78,416<br>**Current liabilities**<br>Amounts falling due within one<br>year<br>(365,296)<br>-<br>-<br>**Net current assets**<br>4,317,202<br>197,522<br>78,416<br>Provision for liabilities<br>(16,868)<br>-<br>-<br>**Net assets**<br>13,919,440<br>26,695,428<br>256,236<br>**Endowment funds**<br>**Endowment**<br>**Fund**<br>**Permanent**<br>**Endowment**<br>**Fund**<br>**King's**<br>**Silver**<br>**Jubilee and**<br>**Coronation**<br>**Cottages**<br>**Permanent**<br>**Endowment**<br>**Fund**<br>**£**<br>**£**<br>**£**<br>**Fixed assets**<br>Tangible fixed assets<br>-<br>350,464<br>6<br>Investments<br>26,147,436<br>-<br>-<br>**Current assets**<br>Cash at bank<br>-<br>-<br>197,522<br>At 31 December<br>26,147,436<br>350,464<br>197,528|**Unrestricted**<br>**fund**<br>**Endowment**<br>**funds**<br>**Restricted**<br>**funds**<br>**£**<br>**£**<br>**£**<br>**Fixed assets**<br>Tangible fixed assets<br>644,868<br>350,470<br>-<br>Investment properties<br>1,383,169<br>-<br>-<br>Investments<br>7,591,069<br>26,147,436<br>177,820<br>9,619,106<br>26,497,906<br>177,820<br>**Current assets**<br>Stock<br>250<br>-<br>-<br>Debtors<br>2,080,347<br>-<br>-<br>Investment properties<br>50,000<br>-<br>-<br>Cash<br>2,551,901<br>197,522<br>78,416<br>4,682,498<br>197,522<br>78,416<br>**Current liabilities**<br>Amounts falling due within one<br>year<br>(365,296)<br>-<br>-<br>**Net current assets**<br>4,317,202<br>197,522<br>78,416<br>Provision for liabilities<br>(16,868)<br>-<br>-<br>**Net assets**<br>13,919,440<br>26,695,428<br>256,236<br>**Endowment funds**<br>**Endowment**<br>**Fund**<br>**Permanent**<br>**Endowment**<br>**Fund**<br>**King's**<br>**Silver**<br>**Jubilee and**<br>**Coronation**<br>**Cottages**<br>**Permanent**<br>**Endowment**<br>**Fund**<br>**£**<br>**£**<br>**£**<br>**Fixed assets**<br>Tangible fixed assets<br>-<br>350,464<br>6<br>Investments<br>26,147,436<br>-<br>-<br>**Current assets**<br>Cash at bank<br>-<br>-<br>197,522<br>At 31 December<br>26,147,436<br>350,464<br>197,528|**Unrestricted**<br>**fund**<br>**£**<br>644,868<br>1,383,169<br>7,591,069|**Unrestricted**<br>**fund**<br>**£**<br>644,868<br>1,383,169<br>7,591,069|**Endowment**<br>**funds**<br>**£**<br>350,470<br>-<br>26,147,436|**Endowment**<br>**funds**<br>**£**<br>350,470<br>-<br>26,147,436|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>177,820|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>177,820|**Total**<br>**2021**<br>**£**<br>**995,338**<br>**1,383,169**<br>**33,916,325**|Total<br>2020<br>£<br>1,062,375<br>1,432,869<br>27,728,859|
|---|---|---|---|---|---|---|---|---|---|
|||9,619,106<br>250<br>2,080,347<br>50,000<br>2,551,901||26,497,906<br>-<br>-<br>-<br>197,522||177,820<br>-<br>-<br>-<br>78,416||**36,294,832**<br>**250**<br>**2,080,347**<br>**50,000**<br>**2,827,839**|30,224,103<br>1,500<br>440,398<br>4,554,500<br>3,488,963|
|||4,682,498<br>(365,296)||197,522<br>-||78,416<br>-||**4,958,436**<br>**(365,296)**|8,485,361<br>(619,711)|
|||4,317,202||197,522||78,416||**4,593,140**|7,865,650|
|||(16,868)||-||-||**(16,868)**|(30,293)|
|||13,919,440||26,695,428||256,236||**40,871,104**|38,059,460|
|||||||||**Total**<br>**2021**<br>**£**<br>**350,470**<br>**26,147,436**<br>**197,522**<br>**26,695,428**|Total<br>2020<br>£<br>350,470<br>23,464,111<br>197,522<br>24,012,103|
||26,147,436||350,464||197,528|||||



28 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **24 Analysis of net assets between funds (continued)** 

## **Restricted funds** 

|**Current assets**<br>Investments<br>Cash at bank<br>At 31 December|**King's Silver**<br>**Jubilee and**<br>**Coronation**<br>**Cottages**<br>**Restricted**<br>**Fund**<br>**£**<br>-<br>34,724|**Four**<br>**Collieries**<br>**Fund**<br>**£**<br>-<br>43,692|**North**<br>**Derbyshire**<br>**NUM**<br>**Fund**<br>**£**<br>177,820<br>-|**Total**<br>**2021**<br>**£**<br>**177,820**<br>**78,416**|Total<br>2020<br>£<br>219,793<br>75,456|
|---|---|---|---|---|---|
||34,724|43,692|177,820|**256,236**|295,249|



The net assets of the charity are represented by the following funds: 

## **Unrestricted Fund** 

This is the core operational fund of the charity through which all its operational work is channelled. 

## **Endowment Fund (Endowment Fund)** 

This is the core investment reserve fund of the charity.  It comprises the former Capital Endowment Fund of CISWO and the former Endowment Fund of CIBT. 

## **Permanent Endowment Fund (Endowment Fund)** 

This fund is comprised solely of fixed assets that cannot be realised for revenue purposes. 

## **King's Silver Jubilee and Coronation Cottages Permanent Endowment Fund (Endowment Fund)** 

The Charity Commission Scheme which linked this charity to the organisation required the properties to be separately identified together with the proceeds received upon any subsequent disposals. 

## **King's Silver Jubilee and Coronation Cottages Restricted Fund (Restricted Fund)** 

This fund is to be applied in meeting the costs of administering and managing the King's Silver Jubilee and Coronation Cottages properties. 

## **Four Collieries Fund (Restricted Funds)** 

This fund was established by gift transfer from the United Collieries Benevolent Fund and is to be used for the relief of hardship in the East Midlands Coalfield. 

## **North Derbyshire NUM Fund (Restricted Funds)** 

These funds were transferred to the organisation in 2015.  The funds are to be used at the discretion of the trustees to benefit the mining communities of North Derbyshire. 

29 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **24 Analysis of net assets between funds (continued)** 

## **Year ended 31 December 2020** 

|**Unrestricted**<br>**fund**<br>**Endowment**<br>**funds**<br>**Restricted**<br>**funds**<br>**£**<br>**£**<br>**£**<br>**Fixed assets**<br>Tangible fixed assets<br>711,905<br>350,470<br>-<br>Investment properties<br>1,432,869<br>-<br>-<br>Investments<br>4,044,955<br>23,464,111<br>219,793<br>6,189,729<br>23,814,581<br>219,793<br>**Current assets**<br>Stock<br>1,500<br>-<br>-<br>Debtors<br>440,398<br>-<br>-<br>Current asset investment<br>properties<br>4,554,500<br>-<br>-<br>Cash<br>3,215,985<br>197,522<br>75,456<br>8,212,383<br>197,522<br>75,456<br>**Current liabilities**<br>Amounts falling due within one<br>year<br>(619,711)<br>-<br>-<br>**Net current assets**<br>7,592,672<br>197,522<br>75,456<br>Creditors: amounts falling due<br>after one year<br>-<br>-<br>-<br>Provision for liabilities<br>(30,293)<br>-<br>-<br>**Net assets**<br>13,752,108<br>24,012,103<br>295,249<br>**Endowment funds**<br>**Endowment**<br>**Fund**<br>**Permanent**<br>**Endowment**<br>**Fund**<br>**King's**<br>**Silver**<br>**Jubilee and**<br>**Coronation**<br>**Cottages**<br>**Permanent**<br>**Endowment**<br>**Fund**<br>**£**<br>**£**<br>**£**<br>**Fixed assets**<br>Tangible fixed assets<br>-<br>350,464<br>6<br>Investments<br>23,464,111<br>-<br>-<br>**Current assets**<br>Cash at bank<br>-<br>-<br>197,522<br>At 31 December<br>23,464,111<br>350,464<br>197,528|**Unrestricted**<br>**fund**<br>**£**<br>711,905<br>1,432,869<br>4,044,955|<br>**Endowment**<br>**funds**<br>**£**<br>350,470<br>-<br>23,464,111|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>219,793|**Total**<br>**2020**<br>**£**<br>**1,062,375**<br>**1,432,869**<br>**27,728,859**|Total<br>2019<br>£<br>1,128,519<br>1,976,226<br>28,150,671|
|---|---|---|---|---|---|
||6,189,729<br>1,500<br>440,398<br>4,554,500<br>3,215,985|23,814,581<br>-<br>-<br>-<br>197,522|219,793<br>-<br>-<br>-<br>75,456|**30,224,103**<br>**1,500**<br>**440,398**<br>**4,554,500**<br>**3,488,963**|31,255,416<br>1,500<br>409,954<br>5,262,000<br>3,169,282|
||8,212,383<br>(619,711)|197,522<br>-|75,456<br>-|**8,485,361**<br>**(619,711)**|8,842,736<br>(875,673)|
||7,592,672|197,522|75,456|**7,865,650**|7,967,063|
||-<br>(30,293)|-<br>-|-<br>-|**-**<br>**(30,293)**|(223,161)<br>(46,997)|
||13,752,108|24,012,103|295,249|**38,059,460**|38,952,321|
|||||**Total**<br>**2020**<br>**£**<br>**350,470**<br>**23,464,111**<br>**197,522**|Total<br>2019<br>£<br>350,470<br>23,506,927<br>197,522|
|||||**24,012,103**|24,054,919|



30 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

|**Current assets**<br>Investments<br>Cash at bank<br>At 31 December|**King's**<br>**Silver**<br>**Jubilee and**<br>**Coronation**<br>**Cottages**<br>**Restricted**<br>**Fund**<br>**£**<br>-<br>31,764|**Four**<br>**Collieries**<br>**Fund**<br>**£**<br>-<br>43,692|**North**<br>**Derbyshire**<br>**NUM**<br>**Fund**<br>**£**<br>219,793<br>-|**Total**<br>**2020**<br>**£**<br>**219,793**<br>**75,456**|<br> <br>Total<br>2019<br> <br>£<br> <br>263,476<br> <br>85,089|
|---|---|---|---|---|---|
||31,764|43,692|219,793|**295,249**|<br>348,565|



## **25 Merger with the Coal Industry Benevolent Trust and King's Silver Jubilee and Coronation Cottages** 

Under a Charity Commission Scheme for England and Wales dated 1 January 2010, the Coal Industry Benevolent Trust (CIBT) and King’s Silver Jubilee and Coronation Cottages are to be treated as forming part of the Coal Industry Social Welfare Organisation for the purposes of Part II (registration) and Part VI (accounting) of the Charities Act 1993. 

The trusteeship of the property of CIBT was transferred by scheme to CISWO for the relief of poverty and hardship amongst that charity’s beneficiaries. The permanent endowment property of CIBT will be administered by CISWO as a linked charity. King’s Silver Jubilee and Coronation Cottages will be administered in accordance with its governing document by CISWO. 

## **26 Pension Schemes** 

## **Industry Wide Coal Staff Superannuation Scheme** 

The charity contributes to the Industry Wide Coal Staff Superannuation Scheme, a defined benefit scheme for the benefit of 1 current and 62 former employees.  The assets of the scheme are administered by pension scheme trustees in a fund independent from that of the charity.  The scheme was closed to new entrants on 1 January 1995. 

The charity's contributions are affected by a surplus or deficit in the scheme but the charity is unable to identify its share of the assets and liabilities when they choose.  The charity has applied the multiemployer exemption to account for the scheme as a defined contribution scheme. 

The cost for the year for this scheme was £323,996 (2020: £386,806). 

The last actuarial valuation was undertaken as at 31 December 2018 and the resulting repayment plan required the organisation to pay deficit contributions of £27,333 per month until September 2021. Currently the actuarial valuation as at 31 December 2021 is being undertaken.  (See note 29). 

## **Defined Contribution Scheme** 

The charity contributes to defined contribution scheme on behalf of employees.  The cost for the year was £148,548 (2020: £169,927). 

31 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **27 Related party transactions** 

The trustee, The Coal Industry Social Welfare Organisation 2014 (CISWO 2014), is also the trustee of the Miners Welfare National Educational Fund (MWNEF) and the sole member of CISWO Trading Limited. 

During the year ended 31 December 2021: 

The charity charged the MWNEF a total of £22,000 (2020: £26,000) in respect of administrative expenses incurred on it’s behalf.  At 31 December 2021 MWNEF owed CISWO £Nil (2020: £26,000). 

The charity charged CISWO Trading Limited a management charge of £133,500 (2020: 133,500) for provision of staff and administrative support.  At 31 December 2021, CISWO Trading owed the charity £80,100 (2020: £120,150). 

The charity incurred costs of £10,791 on behalf of the trustee, CISWO 2014 in relation to its administration.  At 31 December 2021, CISWO 2014 owed £10,791 to the charity. 

## **28 Operating lease commitments** 

The total lease commitments under non-cancellable operating leases is as follows: 

|In less than one year<br>Between two and five years|**Land and**<br>**Buildings**<br>**2021**<br>**£**<br>**-**<br>**-**|**Other**<br>**2021**<br>**£**<br>**31,255**<br>**13,122**<br>**44,377**|Land and<br>Buildings<br>2020<br>£<br>11,996<br>-|Other<br>2020<br>£<br>27,442<br>35,024|
|---|---|---|---|---|
||**-**||11,996|62,466|



## **29 Contingent liabilities and capital commitments** 

It is anticipated that the result of the actuarial valuation currently being undertaken for the Industry Wide Coal Staff Superannuation Scheme (See note 26) will require the organisation to make further contributions to a deficit in the scheme.  As the value and timing of these contributions are unknown no provision can be made in these financial statements. 

## **30 Provision for liabilities** 

|Balance at 1 January 2021<br>Released in the year<br>Balance at 31 December 2021|**Holiday**<br>**pay**<br>**accrual**<br>**£**<br>30,293<br>(13,425)|<br> <br>**Total**<br>**provisions**<br> <br>**£**<br> <br>**30,293**<br> <br>**(13,425)**|
|---|---|---|
||16,868|<br>**16,868**|



The holiday pay provision represents holiday balances accrued as a result of services rendered in the current period and which employees are entitled to carry forward. The provision is measured as the salary cost payable for the period of absence. 

32 



**Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2021** 


## Notes to the financial statements 

## **31 Controlling related party** 

The Coal Industry Social Welfare Organisation 2014 (charity no. 1160157 and Company no. 09113084) is the sole corporate trustee and the controlling party of the Coal Industry Social Welfare Organisation. 

Copies of the parent charity's consolidated financial statements may be obtained from the charity at The Old Rectory, Rectory Drive, Whiston, Rotherham, S60 4JG. 

33