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2022-12-31-accounts

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Registered Office: CISWO, The Old Rectory, Rectory Drive, Whiston, Rotherham, South Yorkshire, S60 4JG Charity No: 1015581 & SC039529

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Index to the financial statements

Legal and administrative details 1
Report of the Trustees 2 – 11
Independent auditor's report 12 – 14
Statement of financial activities 15
Balance sheet 16
Notes to the financial statements 17 – 34

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Legal and administrative details

Charity registration number: 1015581 Scottish charity registration number:[SC039529 ]

Registered office: The Old Rectory Rectory Drive Whiston ROTHERHAM S60 4JG

Website: www.ciswo.org.uk 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 Shakespeare Martineau 2 Millsands Waterfront House Riverside East Waterfront Plaza SHEFFIELD Nottingham S3 8DT NG2 3DQ 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 2022

Report of the Trustees

The Trustees present their Report along with the Financial Statements of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out on pages 17 – 21 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 whole of the former UK coalfields 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. We do this through the provision of support across our beneficiary groups, 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, 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 2022 there was one vacancy on the Board with recruitment underway.

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:

Audit and Risk Management Committee

Responsible for:

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Report of the Trustees

Quality and Impact Committee

Responsible for:

HR, Remuneration, and Recruitment

Responsible for:

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 2022, 56 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 2022

Report of the Trustees

The Trustees delegate the responsibility for processing grant applications to the head office team with all awards authorised by the Chief Executive under criteria established through the policy.

Education Grants Policy

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

Grants are provided to eligible students to support participation 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 is facilitated by 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 are 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 2022 included:

CISWO’s 5 year strategy, 2017 – 2022, outlines our commitment to the ongoing provision of services for former miners and mining communities. In this, the final year of the current 5 year strategy, we continued to work towards four strategic goals and progress is measured against these.

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Report of the Trustees

1 Our services will make a real difference, and be of high quality, focusing on those individuals and families most in need. In 2022:

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. With significant increases in the cost of living, and the disproportionately negative impact this has on those with low incomes, in 2022 we introduced a one off grant for former mineworkers and their dependent beneficiaries to specifically support with high energy costs. Through this and other specific interventions we provided:

2 We will support other mining charities to deliver services where there is evidenced need

Following the previous two years of the pandemic, 2022 proved to be a challenging year for our network of 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. With the first full year of re-opening since 2019, local charities focused on re-engaging with their local communities. However, with inflating operating costs and lower disposable income across the main user groups impacting on both income and expenditure, the challenges of sustainability continue. Our support to other mining charities is therefore more important than ever and in 2022 we supported miners’ welfares through;

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

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Report of the Trustees

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

Activities in Scotland

Scotland’s dedicated personal welfare team provided support to 595 individual clients during the year with beneficiaries supported to access an additional £371,495 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 2022

Report of the Trustees

Plans for the Future

CISWO’s new 5 year strategy for 2023 – 2027 was developed during the year and focuses on creating a strong, sustainable organisation that can meet both the current and future needs of former coal miners and mining communities. It will build on the past work of the organisation, drive current work, and set strong foundations for the future.

We recognise that the needs of our beneficiary groups are changing and also recognise that the current environment for both individuals and community organisations is more challenging than ever before. We will adapt and evolve to support those most impacted and ensure that CISWO is here for the long term.

We have set ambitious objectives for the next 5 years focused on three key themes:

----- Start of picture text -----
Enable
Develop Improve
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In 2023 we will begin our journey to:

ENABLE those we work with to achieve positive outcomes, providing support to help them achieve their goals through:

DEVELOP our services to meet the changing needs of individuals and communities. We will DEVELOP our organisation to be fit for the future; We will DEVELOP our employees to have the skills to meet the challenges by;

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Report of the Trustees

IMPROVE the lives of those we work with, IMPROVE the services we deliver, and IMPROVE the impact we have on individuals, communities and other organisations we work with through:

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:

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

The income for 2022 is £1,670,581, a decrease from 2021 of £2,887,652. The main income in 2022 was generated through the investment portfolio with dividend and interest of £1,051,818 being received. This amounts to 63% of our total income. Investment income yield was 3.1% 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 significant other income was received from charitable assets transfers and the disposal of land no longer sustainable or used for charitable or recreational activity. There have been no receipts of this nature in 2022.

Total expenditure on charitable activities (prior to accounting for the pension deficit liability) was £3,299,183, a decrease from 2021 (£3,429,604). Expenditure increased on services to personal beneficiaries as our staff team expanded to manage increased demand and individual grant giving also increased. The 2021 cost includes pension deficit contributions of £246,000, no such contributions were made in 2022.

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, there were no contributions paid to the scheme (2021:

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Report of the Trustees

£246,000). An actuarial valuation of the scheme was undertaken as at 31 December 2021, the resulting recovery plan requires payments to be made of £27,333 for a period of 14 Months from April 2023. This total liability of £382,667 has been included in the 2022 accounts.

The deficit before accounting for the movement on investments was £2,139,612 (2021: £430,036).

2022 was a very challenging and turbulent year for global investment markets which were impacted by a number of factors including high inflation and the prospect of worldwide recession. Consequently, the value of the portfolio decreased by £2,901,080 (2021: increase of £3,291,380).

Reserves

The unrestricted reserves of the charity, excluding the value of fixed assets and investment properties, stood at £9,123,100 as at 31 December 2022. 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.

Managing Change and Risk

The major risks to which the charity is exposed are:

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.

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Report of the Trustees

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 2022 the investment portfolio performance was a return of -5.8%, compared to the benchmark of a return of -5.1%.

Going concern

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 the holding of 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 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 charity 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:

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.

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Report of the Trustees

Auditor

Saffery Champness LLP have expressed their willingness to remain in office.

ON BEHALF OF THE TRUSTEES

The Venerable R G Cooper Chair of Trustees 16 May 2023

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

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 2022 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:

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 2022

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:

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 2022

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.

14 June 2023

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

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

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Statement of financial activities

Note
Income from:
Donations and Legacies
6
Charitable Activities
7
Other Trading Activities
8
Investment income
Other Income
9
Total income
Expenditure on:
Investment Managers Fees
11
Charitable activities
12
Total expenditure
Net (expenditure) before
investment (losses)/gains
Net (losses)/gains on investments
17
Net (expenditure)/income carried
forward
Transfers between funds
13
Net movement in funds before
revaluations
Gains/(losses) on revaluation of
investment properties
14
Net movement in funds
Reconciliation of funds:
Balances brought forward
Fund balances carried forward
24		 Unrestricted
Funds
£
4,195
448,906
136,170
1,051,818
17,788		 Endowment
Funds
£
-
-
-
-
-		 Restricted
Funds
£
-
11,704
-
-
-		 Total
2022
£
4,195
460,610
136,170
1,051,818
17,788		 Total
2021
£
4,581
441,373
133,500
1,066,717
1,241,481
1,658,877 - 11,704 1,670,581 2,887,652
128,343
3,573,617		 -
-		 -
108,233		 128,343
3,681,850		 134,084
3,183,604
3,701,960 - 108,233 3,810,193 3,317,688
(2,043,083)
(2,901,080)		 -
-		 (96,529)
-		 (2,139,612)
(2,901,080)		 (430,036)
3,291,380
(4,944,163)
2,135,868		 -
(2,135,868)		 (96,529) (5,040,692)
-		 2,861,344
-
(2,808,295)
6,400		 (2,135,868)
-		 (96,529)
-		 (5,040,692)
6,400		 2,861,344
(49,700)
(2,801,895)
13,919,440		 (2,135,868)
26,695,428		 (96,529)
256,236		 (5,034,292)
40,871,104		 2,811,644
38,059,460
11,117,545 24,559,560 159,707 35,836,812 40,871,104

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 17 - 34 form part of these financial statements.

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Balance sheet

Note
Fixed assets
Tangible assets
15
Investment Properties
16
Investments
17
Current assets
Stocks
Debtors: due within one year
19
Debtors: due after one year
19
Current asset investments
18
Cash at bank and in hand
20
Creditors: amounts falling due within one year
21
Net current assets
Creditors: amounts falling due after more
than one year
23
Provision for liabilities
30
Net assets
Funds
Unrestricted funds
24
Endowment funds
24
Restricted funds
24		 £
1,006
1,025,319
22,984
50,000
2,235,654		 2022
£
955,346
1,389,569
30,883,121		 £
250
1,307,363
772,984
50,000
2,827,839		 2021
£
995,338
1,383,169
33,916,325
33,228,036 36,294,832
3,334,963
(567,359)		 4,958,436
(365,296)
2,767,604
(136,667)
(22,161)		 4,593,140
-
(16,868)
35,836,812 40,871,104
11,117,545
24,559,560
159,707		 13,919,440
26,695,428
256,236
35,836,812 40,871,104

The financial statements were approved and authorised for issue by the Board of Trustees on 16 May 2023.

The Venerable R G Cooper

Chairman

Charity numbers: 1015581 SC039529

The accompanying accounting policies and notes on pages 17 - 34 form part of these financial statements.

16

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

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 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.

17

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

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:

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.

18

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

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.

None of the endowment funds can be utilised without the consent of the Charity Commission.

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:

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.

19

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

4 Principal accounting policies (continued)

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.

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.

20

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

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:
Auditor's remuneration – audit of the financial statements
Depreciation on tangible fixed assets
Net profit on disposal of tangible fixed assets
Rentals under operating leases		 2022
2021
£
£
18,400
16,900
78,162
76,546
(16,840)
(668,557)
38,229
51,592

21

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

6 Grants and donations

Grants and donations received during the year were as follows:

2022
£
Other grants and donations - unrestricted
4,195
7
Charitable Activities
2022
£
Support grants
72,870
Social work services
5,960
Thornycroft day centre
119,132
Rental income from land
262,648
460,610
Included within rental income from land is £11,704 of restricted income (2021: £13,001).
8
Other Trading Activities
2022
£
Provision of accountancy services - unrestricted
136,170
9
Other Income
2022
£
Profit on sale of fixed assets
16,840
Charitable asset transfers
-
Sundry income
948
17,788		 2022
£
4,195		 2021
£
4,581
2022
£
72,870
5,960
119,132
262,648		 2021
£
110,980
8,620
73,656
248,117
460,610 441,373
2021
£
133,500
2022
£
16,840
-
948		 2021
£
668,557
460,781
112,143
17,788 1,241,481

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

22

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

10 Trustees and employees

Wages and salaries
Social security costs
Pensions
Emoluments of employees over £60,000
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000 - £109,999
The average number of employees during the year was:
Community Welfare Services
Personal Welfare Services
Land Management
Thornycroft Centre
Management and Administration		 2022
£
1,590,845
143,547
161,808		 2021
£
1,513,749
122,039
442,521
1,896,200 2,078,309
Number
-
1
-
1		 Number
-
1
-
1
11
27
1
9
8		 13
24
2
5
8
56 52

No trustees (2021: none) received any remuneration from the charity in the year. No expenses were reimbursed to trustees in the year ended 31 December 2022 (2021: none).

The total remuneration cost of the key management personnel (being the Chief Executive and Finance Director) of the charity was £185,321 (2021: £183,680)

During the year there were no redundancy payments (2021: £40,383 to 4 employees).

Included within pensions cost is £Nil (2021: £246,000) in respect of deficit contributions to the IWCSSS (see note 26).

11 Investment Manager Fees

Investment Manager Fees 2022
2021
£
£
128,343
134,084

23

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

12 Charitable Activities

A summary of the major cost components is given below:
Community welfare services and services to other charities
Services to individuals
Grants to individuals
Recreational facilities grants
Thornycroft day centre
Land management
Costs in support of charitable activities
Pension deficit funding
Governance costs
Costs in support of charitable activities
Increase/ (Decrease) in repayment plan pension liability (note 26)		 2022
£
391,927
931,827
254,380
165,995
284,820
237,001
956,553
-
76,680		 2021
£
431,794
817,167
196,863
266,548
198,769
231,576
959,699
246,000
81,188
3,299,183
382,667		 3,429,604
(246,000)
3,183,604
3,681,850

Restricted expenditure included above is: services to personal beneficiaries £32,015 (2021: £18,830), grants to personal beneficiaries £21,900 (2021: £12,439) and land management £54,318 (2021: £20,745).

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
Net value of investments in Endowment Fund
Movement of net asset value in year
Transfer value transferred to unrestricted fund
Revaluation of Investment Properties
Increase/(Decrease) in value of fixed asset investment properties
Increase in value of current asset investment properties		 1 January
2022
£
26,147,436
26,147,436
2022
£
6,400
-
6,400		 1 January
2022
£
26,147,436
26,147,436
2022
£
6,400
-
6,400		 31
December
2022
(note 24)
£
24,011,568
24,011,568
(2,135,868)
(2,135,868)
2021
£

(49,700)
-

(49,700)
6,400

14 Revaluation of Investment Properties

Further details are provided in notes 16 and 18.

24

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

15 Tangible fixed assets

Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
Disposals
At 31 December 2022
Net book amount
At 31 December 2022
At 31 December 2021		 Freehold
property
£
1,442,494
-
-		 Leasehold
Property
£
-
13,655
-		 Furniture
and
equipment
£
489,933
25,951
(89,221)		 Motor
vehicles
£
57,000
-
-		 Total
£
1,989,427
39,606
(89,221)
1,442,494 13,655 426,663 57,000 1,939,812
578,301
42,836
-		 -
-
-		 387,288
21,076
(87,785)		 28,500
14,250
-		 994,089
78,162
(87,785)
621,137 - 320,579 42,750 984,466
821,357 13,655 106,084 14,250 955,346
864,193 - 102,645 28,500 995,338

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
At 1 January 2022
Revaluation in the year
Transfer to current asset investment
properties
At 31 December 2022		 Investment
properties
£
1,219,400
6,400
-		 Social
investments
£
163,769
-
-
163,769		 Total
£
1,383,169
6,400
-
1,225,800 1,389,569

Investment properties represents 11 properties leased on commercial rentals to third parties (2021: 11) and a further 2 (2021: 2) which are not in recreational use and are retained for their capital appreciation. Properties held for commercial rental have been valued by management, as at 31 December 2022, based on the expected future income stream to be generated, the difference in valuation from 2021 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 2022.

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.

25

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

17 Investments and Investment gains/(losses)

Quoted UK Stock Exchange Investments
Market value at 1 January
Additions at cost
Disposal proceeds
Net investment (loss)/gain
Market value at 31 December
Historical cost at 31 December		 2022
£
33,075,017
3,942,052
(3,750,937)
(2,893,364)		 2021
£
27,338,219
7,573,950
(5,133,209)
3,296,057
30,372,768 33,075,017
24,581,433 24,162,227

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

Funds held by Investment Managers

Investments comprise the following:
Investments listed on a stock exchange
Cash deposits held as part of investment portfolio
Total investments
Net (loss)/gain on investments
(Loss)/gain on quoted investments
Loss on foreign exchange		 2022
£
30,372,768
510,353		 2021
£
33,075,017
841,308
30,883,121 33,916,325
2022
£
(2,893,364)
(7,716)		 2021
£
3,296,057
(4,677)
(2,901,080) 3,291,380

18 Current Asset Investment Properties

Cost
At 1 January 2022
Revaluation in year
Disposals
At 31 December 2022		 Total
£
50,000
-
-
50,000

Current asset investments represents 1 property (2021: 1). The trustee has 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 2022.

26

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

19
Debtors
Due within one year:
Trade debtors
Amounts owed by group undertakings
Amounts due from Regional Trust and Convalescent Funds
Prepayments
Other debtors
Due after more than one year:
Other debtors
Miners Welfare Charities
Total debtors as at 31 December
20
Cash at bank and in hand
Total cash and bank balances
21
Creditors: amounts falling due within one year
Funds committed to mining charities
Other creditors and accruals
Social security and other taxes
Repayment plan: pension liability (see note 26)		 2022
£
20,826
100,005
66,019
87,100
751,369		 2021
£
18,374
90,577
351,084
92,453
754,875
1,025,319 1,307,363
2022
£
-
22,984		 2021
£
750,000
22,984
22,984 772,984
1,048,303 2,080,347
2022
£
2,235,654		 2021
£
2,827,839
2022
£
35,902
255,349
30,108
246,000		 2021
£
43,902
290,345
31,049
-
567,359 365,296

27

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

22 Financial instruments

Carrying amount of financial assets
Measured at amortised cost
Trade debtors
Amounts owed by group undertakings
Amounts due from Regional Trust & Convalescence Funds
Loans
Miners Welfare Charities
Carrying amount of financial liabilities
Measured at amortised cost
Funds held on behalf of third parties
Trade creditors
Other creditors		 2022
£
20,826
100,005
66,019
956
22,984		 2021
£
18,374
90,577
351,084
4,852
22,984
210,790 487,871
35,902
87,766
6,687		 43,902
106,449
5,113
130,355 155,464

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 2022
2021
£
£
136,667
-

The repayment plan determined by the actuarial valuation as at 31 December 2021 requires the organisation to pay a sum of £27,333 per month from 1 April 2023 to 31 May 2024. (See note 26).

28

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

24 Analysis of net assets between funds

Year ended 31 December 2022

Unrestricted
fund
£
Fixed assets
Tangible fixed assets
604,876
Investment properties
1,389,569
Investments
6,752,588
8,747,033
Current assets
Stock
1,006
Debtors
1,048,303
Investment properties
50,000
Cash
1,997,390
3,096,699
Current liabilities
Amounts falling due within
one year
(567,359)
Net current assets
2,529,340
Creditors: amounts falling due
after more than one year
(136,667)
Provision for liabilities
(22,161)
Net assets
11,117,545
Endowment funds
Endowment
Fund
£
Fixed assets
Tangible fixed assets
-
Investments
24,011,568
Current assets
Cash at bank
-
At 31 December
24,011,568		 Unrestricted
fund
£
604,876
1,389,569
6,752,588
Endowment
funds
£
350,470
-
24,011,568
Endowment
funds
£
350,470
-
24,011,568		 Restricted
funds
£
-
-
118,965		 Total
2022
£
955,346
1,389,569
30,883,121		 Total
2022
£
955,346
1,389,569
30,883,121		 Total
2021
£
995,338
1,383,169
33,916,325
8,747,033
1,006
1,048,303
50,000
1,997,390		 24,362,038
-
-
-
197,522		 118,965
-
-
-
40,742		 33,228,036
1,006
1,048,303
50,000
2,235,654		 36,294,832
250
2,080,347
50,000
2,827,839
3,096,699
(567,359)		 197,522
-		 40,742
-		 3,334,963
(567,359)		 4,958,436
(365,296)
2,529,340 197,522 40,742 2,767,604 4,593,140
(136,667)
(22,161)		 -
-		 -
-		 (136,667)
(22,161)		 -
(16,868)
11,117,545 24,559,560 159,707 35,836,812 40,871,104
Permanent
Endowment
Fund
£
350,464
-
-		 Total
2021
£
350,470
26,147,436
197,522
350,464 197,528 24,559,560 26,695,428

29

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

24 Analysis of net assets between funds (continued)

Restricted funds

Current assets
Investments
Cash at bank
At 31 December		 King's Silver
Jubilee and
Coronation
Cottages
Restricted
Fund
£
-
(2,950)		 Four
Collieries
Fund
£
-
43,692		 North
Derbyshire
NUM
Fund
£
118,965
-		 Total
2022
£
118,965
40,742		 Total
2021
£
177,820
78,416
(2,950) 43,692 118,965 159,707 256,236

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. In 2022 the fund had income of £11,703 from the properties and incurred expenditure of £49,379 on maintenance. The Trustee is aware of the deficit on this fund and is taking steps to rectify it.

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. There were no movements on the fund in 2022.

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. In 2022 expenditure totalling £58,854 was incurred on grants to individuals and staff resource from this fund.

30

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

24 Analysis of net assets between funds (continued)

Year ended 31 December 2021

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

31

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

Restricted Funds

Current assets
Investments
Cash at bank
At 31 December		 King's
Silver
Jubilee and
Coronation
Cottages
Restricted
Fund
£
-
34,724		 Four
Collieries
Fund
£
-
43,692		 North
Derbyshire
NUM
Fund
£
177,820
-		 Total
2021
£
177,820
78,416

Total
2020

£
219,793
75,456
34,724 43,692 177,820 256,236 295,249

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 61 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 £33,872 (2021: £323,996).

The last actuarial valuation was undertaken as at 31 December 2021 and the resulting repayment plan requires the organisation to pay deficit contributions of £27,333 per month from 1 April 2023 to 31 May 2024.

Defined Contribution Scheme

The charity contributes to defined contribution scheme on behalf of employees. The cost for the year was £157,936 (2021: £148,548).

32

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

Notes to the financial statements

27 Related party transactions

The trustee, The Coal Industry Social Welfare Organisation 2014 (CISWO 2014), is also the sole member of CISWO Trading Limited.

During the year ended 31 December 2022:

The charity charged CISWO Trading Limited a management charge of £136,170 (2021: 133,500) for provision of staff and administrative support. At 31 December 2022, CISWO Trading owed the charity £89,475 (2021: £80,100).

The charity incurred costs of £10,280 (2021: £10,791) on behalf of the trustee, CISWO 2014 in relation to its administration. At 31 December 2022, CISWO 2014 owed £10,280 (2021: £10,791) to the charity.

In addition, CISWO received a grant of £65,850 (2021: £40,551) from the Yorkshire Miners Welfare Trust Fund (charity no 516535), 2 of the Trustees of that Fund are also Trustees of CISWO 2014.

28 Operating lease commitments

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

In less than one year
Between two and five years		 Land and
Buildings
2022
£
18,750
71,875		 Other
2022
£
37,552
65,739
103,291		 Land and
Buildings
2021
£
-
-		 Other
2021
£
31,255
13,122
90,625 - 44,377

29 Contingent liabilities and capital commitments

There were no contingent liabilities or capital commitments as at 31 December 2022 (2021: £Nil).

30 Provision for liabilities

Balance at 1 January 2022
Released in the year
Balance at 31 December 2022		 Holiday
pay
accrual
£
16,868
5,293

Total
provisions

£

16,868

5,293
22,161
22,161

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.

33

DocuSign Envelope ID: B173D20D-CA51-433B-AAAC-684DCFD5B94EDocuSign Envelope ID: 1A0AE10C-B1BF-4564-9432-E426BE173E3B

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2022

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.

34