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2023-12-31-accounts

~~eee~~ DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Registered Office: CISWO, The Old Rectory, Rectory Drive, Whiston, Rotherham, South Yorkshire, S60 4JG Charity No: 1015581 & SC03952

Coal Industry Social Welfare Organisation Financial Statements

For the year ended 31 December 2023

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Index to the financial statements

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

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

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 LLP Mitre House North Park Road Harrogate HG1 5RX

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Report of the Trustee

The Trustee presents the Report along with the Financial Statements of the charity for the year ended 31 December 2023. 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 Trustee is provided 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 oversight of 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 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 2023 there were no vacancies on the Board.

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 are:

Finance and General Purpose Committee

Responsible for:

Audit and Risk Management Committee

Responsible for:

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Report of the Trustee

Quality and Impact Committee

Responsible for:

HR, Remuneration, and Recruitment

Responsible for:

Management

The trustee delegates 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 2023, 60 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.

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 awards are discretionary within criteria established by the trustee. Grant opportunities 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 2023

Report of the Trustee

The trustee delegates 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 the 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.

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 trustee confirms that it has 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 trustee considers how activities contribute to meeting 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 clear evidence of how our intervention has benefited those we work with.

Strategy & Performance

CISWO’s new 5 year strategy, 2023-2027, outlines our commitment to the ongoing provision of services for former miners and mining communities. It builds on the past work of the organisation, drives the current work, and sets strong foundations for the future, recognizing that the needs of our target beneficiary groups are changing. As the only national charity focused on supporting coal miners and their families, our local coal mining communities and our network of local mining charities, we recognize the need to evolve and adapt to changing needs.

In this, the first year of the new strategy, we focused our work around three key themes with progress measured against these.

ENABLE: We will enable those we work with to achieve positive outcomes, providing support to help them to achieve their goals. In 2023 we did this by;

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Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Report of the Trustee

DEVELOP: We will develop our services to meet the changing needs of individuals and communities. We will develop our organisation to be fit for the future. In 2023 we did this by:

IMPROVE: we will always look for opportunities to improve the lives of those we work with, improve the services we deliver, and improve the impact we have on individuals, communities and organisations we work with. In 2023 we did this by;

Activities

In accordance with the objects of the charity, CISWO’s core activities in 2023 included:

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Report of the Trustee

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Report of the Trustee

Plans for the Future

In 2024, the second year of our new strategy, we will build on the progress made to:

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

DEVELOP: We will develop our services to meet the changing needs of individuals and communities. We will develop our organisation to be fit for the future by:

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Report of the Trustee

Financial review

Our funds are used to provide services for former miners and mining communities in accordance with our strategic delivery plan and our charitable objectives.

The main source of income continues to be generated through the investment portfolio, with dividends and interest of £1,111,822 being received in 2023 (2022: £1,051,818) representing 49% of total income.

Income is also generated through charitable activities and includes, provision of support to regional trust funds, provision of some direct delivery services and rentals received from land and property. The majority of our services to individuals and mining charities continue to be provided free of charge.

Additional income was received from the disposal of one property that is no longer suitable for service delivery, the receipt of charitable asset transfers and other sundry sources and totalled £502,674.

Total expenditure in 2023 was £3,367,737 compared to £3,299,183 in 2022. In 2022 provision was also made for pension deficit contributions resulting in total expenditure in that year of £3,681,850.

The main areas of expenditure were

We work to a planned deficit budget, the deficit from activities (before investment returns and the revaluation of investment properties) was £1,208,994, an improvement against the 2022 deficit of £2,139,612.

The overall deficit for 2023 including investment losses and the decrease in value of investment properties was £1,407,300 compared to £5,034,292 in 2022. Following a very challenging and turbulent year for the investment markets in 2022 which saw the value of the investment portfolio decrease significantly, the overall performance is 2023 improved with a small overall loss on investments of £9,506 being returned.

Reserves

The unrestricted reserves of the charity, excluding the value of fixed assets and investment properties, stood at £8,202,686 as at 31 December 2023. As part of the consideration in determining the reserves policy the trustee takes 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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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Report of the Trustee

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 Quality and Impact Committee provides 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 Trustee 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 income 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 2023 the investment portfolio performance was a return of 3.2%, compared to the benchmark of a return of 9.5%. This was due to a number of factors in both the asset allocation within the portfolio, and challenges from the US and UK markets, which have since been reviewed by Rathbones. Adjustments have been made to the asset holdings and consequently performance in 2024 should improve and be back in line with benchmark.

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.

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Report of the Trustee

The Trustee, having reviewed cashflow forecasts to May 2025 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.

Trustee’s responsibilities statement

The Trustee is responsible for preparing the Trustee’s 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 Trustee 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 Trustee is required to:

The Trustee is 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 Trustee is 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 LLP have expressed their willingness to remain in office.

ON BEHALF OF THE TRUSTEE

| DoleDocuSignedCooperby:

The Venerable R G Cooper Chair of Trustees 14 May 2024

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Independent auditor's report to the Trustee 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 2023 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 Trustee’s 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 Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee is 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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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Independent auditor's report to the Trustee 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 trustee

As explained more fully in the Trustee’s Responsibilities Statement set out on page 10, the trustee is 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 trustee determines 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 trustee is 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 trustee either intends 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 trustee, 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 the trustee and updating our understanding of the sector in which the charity operates.

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Independent auditor's report to the Trustee 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 trustee, 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 trustee 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 trustee as a body, for our audit work, for this report, or for the opinions we have formed.

“OY

Saffery LLP Statutory Auditor, Chartered Accountants Mitre House, North Park Road 5 June 2024 Harrogate, HG1 5RX

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

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

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
Net losses on investments
17
Net expenditure carried forward
Transfers between funds
13
Net movement in funds before
revaluations
(Losses)/gains on revaluation of
investment properties
14
Net movement in funds
Reconciliation of funds:
Balances brought forward
Fund balances carried forward
24		 Unrestricted
Funds
£
16,699
502,514
138,893
1,111,822
502,674		 Endowment
Funds
£
-
-
-
-
-		 Restricted
Funds
£
-
12,766
-
-
-		 Total
2023
£
16,699
515,280
138,893
1,111,822
502,674		 Total
2022
£
4,195
460,610
136,170
1,051,818
17,788
2,272,602 - 12,766 2,285,368 1,670,581
126,625
3,296,803		 -
-		 -
70,934		 126,625
3,367,737		 128,343
3,681,850
3,423,428 - 70,934 3,494,362 3,810,193
(1,150,826)
(9,506)		 -
-		 (58,168)
-		 (1,208,994)
(9,506)		 (2,139,612)
(2,901,080)
(1,160,332)
96,431		 -
(96,431)		 (58,168)
-		 (1,218,500)
-		 (5,040,692)
-
(1,063,901)
(188,800)		 (96,431)
-		 (58,168)
-		 (1,218,500)
(188,800)		 (5,040,692)
6,400
(1,252,701)
11,117,545		 (96,431)
24,559,560		 (58,168)
159,707		 (1,407,300)
35,836,812		 (5,034,292)
40,871,104
9,864,844 24,463,129 101,539 34,429,512 35,836,812

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

The statement of financial activities includes all gains and losses recognised during the year.

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

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Balance sheet

2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 15 801,859 955,346
Investment Properties 16 1,210,769 1,389,569
Investments 17 30,549,952 30,883,121
32,562,580 33,228,036
Current assets
Stocks 1,258 1,006
Debtors: due within one year 19 270,854 1,025,319
Debtors: due after one year 19 41,984 22,984
Current asset investments 18 40,000 50,000
Cash at bank and in hand 20 1,993,988 2,235,654
2,348,084 3,334,963
Creditors: amounts falling due within one year 21 (453,016) (567,359)
Net current assets 1,895,068 2,767,604
Creditors: amounts falling due after more
than one year 23 - (136,667)
Provision for liabilities 30 (28,136) (22,161)
Net assets 34,429,512 35,836,812
Funds
Unrestricted funds 24 9,864,844 11,117,545
Endowment funds 24 24,463,129 24,559,560
Restricted funds 24 101,539 159,707
34,429,512 35,836,812

The financial statements were approved and authorised for issue by the Board of Trustees on 14 May 2024.

| DoleDocuSignedCooperby:

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.

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

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 charity constitutes a public benefit entity.

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. 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 trustee, having reviewed cashflow forecasts to May 2025 does not believe that there are any material uncertainties which cast significant doubt on the ability of the charity to continue as a going concern.

Cashflow statement

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 as it is a member of a group preparing consolidated accounts.

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DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

3 Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates.

Consideration has been given to the appropriate accounting treatment to adopt for the properties which are recognised on the balance sheet and their valuation.

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 the property, 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:

Endowment funds

The Endowment Fund comprises the core investment reserve fund of the charity. Income can be drawn from the fund but the capital has to be retained.

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

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.

Restricted funds

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

Unrestricted funds

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

17

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

4 Principal accounting policies (continued)

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.

Donations

Donations are recognised as income when they are received.

Investment income

Investment income is accounted for when receivable.

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 the 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 and audit costs

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

Investments

Investments are stated at market value. Investment gains and losses are shown in 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.

18

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

4 Principal accounting policies (continued)

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 relate to residual proceeds received under the governing instrument of dissolved mining charities. Such income from these transfers is only recognised when received.

Pension costs

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

The charity is also required to contribute to the Industry Wide Coal Staff Superannuation Scheme, a defined benefit scheme for the benefit of former employees. Payments are made in accordance with agreement made with the trustees of the pension scheme 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. There are no current employees in this scheme.

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 exclusively to charitable purposes and as such has no liability to tax arises 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.

19

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

4 Principal accounting policies (continued)

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		 2023
2022
£
£
19,400
18,400
80,702
78,162
(222,746)
(16,840)
56,517
38,229

20

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

6
Grants and donations
Grants and donations received during the year were as follows:
Other grants and donations - unrestricted
7
Charitable Activities
Support grants
Social work services
Thornycroft day centre
Rental income from land and property
Included within rental income from land and property is £12,766 of restricted		 2023
£
16,699		 2022
£
4,195
2023
£
55,200
14,410
155,877
289,793		 2022
£
72,870
5,960
119,132
262,648
515,280 460,610
8
Other Trading Activities
Management charge to CISWO Trading - unrestricted
9
Other Income
Profit on sale of fixed assets
Charitable asset transfers
Sundry income		 2023
£
138,893		 2022
£
136,170
2023
£
222,746
265,467
**14,461 **		 2022
£
16,840
-
948
502,674 17,788

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

21

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

10 Trustees and employees

Wages and salaries
Social security costs
Pension contributions
Emoluments of employees over £60,000
£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		 2023
£
1,824,455
157,455
174,012		 2022
£
1,590,845
143,547
161,808
2,155,922 1,896,200
Number
1
-
1		 Number
1
-
1
10
28
1
12
9		 11
27
1
9
8
60 56

No trustees (2022: none) received any remuneration from the charity in the year. No expenses were reimbursed to trustee in the year ended 31 December 2023 (2022: none).

The total remuneration cost of the key management personnel (being the Chief Executive and Finance Director) of the charity was £196,535 (2022: £185,321).

During the year redundancy payments of £14,588 were made to 2 employees (2022: £nil).

11 Investment Manager Fees

Investment Manager Fees 2023
2022
£
£
126,625
128,343

22

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

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
Grants to groups
Recreational facilities grants
Thornycroft day centre
Land and property management
Costs in support of charitable activities
IWCSSS administration (see note 26)
Governance and audit costs
Costs in support of charitable activities
Increase in repayment plan pension liability (note 26)		 2023
£
429,814
1,075,422
211,912
3,075
74,618
332,407
184,709
971,279
35,985
48,516		 2022
£
391,927
931,827
253,430
950
165,995
284,820
237,001
925,043
31,510
76,680
3,367,737
-		 3,299,183
382,667
3,681,850
3,367,737

Expenditure against restricted funds included above is: services to individuals £34,535 (2022: £32,015), grants to individuals £15,012 (2022: £21,900) and land and property management £21,387 (2022: £54,318).

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 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
(Decrease)/Increase in value of fixed asset investment properties
(Decrease)/Increase in value of current asset investment
properties		 1 January
2023
£
24,011,568		 1 January
2023
£
24,011,568		 31
December
2023
£
23,915,137
24,011,568 23,915,137
(96,431)
(96,431)
2022
£

6,400
-
6,400
(188,800)

14 Revaluation of Investment Properties

Further details are provided in notes 16 and 18.

23

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

15 Tangible fixed assets

Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
Disposals
At 31 December 2023
Net book amount
At 31 December 2023
At 31 December 2022		 Freehold
property
£
1,442,494
-
(160,000)		 Leasehold
Property
£
13,655
-
-		 Furniture
and
equipment
£
426,663
20,577
(9,479)		 Motor
vehicles
£
57,000
-
-		 Total
£
1,939,812
20,577
(169,479)
1,282,494 13,655 437,761 57,000 1,790,910
621,137
40,436
(67,200)		 -
2,731
-		 320,579
23,285
(8,917)		 42,750
14,250
-		 984,466
80,702
(76,117)
594,373 2,731 334,947 57,000 989,051
688,121 10,924 102,814 - 801,859
821,357 13,655 106,084 14,250 955,346

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 one property used for service delivery which was included in fixed assets at a valuation of £150,000. (No further valuation of the properties has been carried out as the trustee believes that there is no material difference between the deemed cost and the current net book value).

16 Investment Properties

Cost
At 1 January 2023
Revaluation in the year
At 31 December 2023		 Investment
properties
£
1,225,800
(178,800)		 Social
investments
£
163,769
-
163,769		 Total
£
1,389,569
(178,800)
1,047,000 1,210,769

Investment properties represents 11 properties leased on commercial rentals to third parties (2022: 11) and a further 2 (2022: 2) which are not in recreational use and are retained for their capital appreciation. All properties have been valued based on open market value based on their current use, by Fisher Hargreaves Proctor Ltd as at 31 December 2023.

Social investments are properties in long term recreational use. A total of 212 properties are held on this basis. 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

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

17 Investments and Investment gains/(losses)

Funds held by Investment Managers
Investments comprise the following:
Investments listed on a stock exchange
Cash deposits held within the investment portfolio
Total investments
Quoted UK Stock Exchange Investments
Market value at 1 January
Additions at cost
Disposal proceeds
Net investment loss
Market value at 31 December
Historical cost at 31 December		 2023
£
29,845,887
704,065		 2022
£
30,372,768
510,353
30,549,952 30,883,121
2023
£
30,372,768
3,631,017
(4,152,288)
(5,610)		 2022
£
33,075,017
3,942,052
(3,750,937)
(2,893,364)
29,845,887 30,372,768
24,365,559 24,581,433

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

Net (loss)/gain on investments
Loss on quoted investments
Loss on foreign exchange		 2023
£
(5,610)
(3,896)		 2022
£
(2,893,364)
(7,716)
(9,506) (2,901,080)

18 Current Asset Investment Properties

Cost
At 1 January 2023
Revaluation in year
At 31 December 2023		 Total
£
50,000
(10,000)
40,000

Current asset investments represents 1 property (2022:1). The trustee has determined that the continued holding of this property does not align with the organisation’s objectives and the property 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 2023 by Fisher Hargreaves Proctor Limited.

25

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

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
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)		 2023
£
33,833
100,120
27,123
95,879
13,899		 2022
£
20,826
100,005
66,019
87,100
751,369
270,854 1,025,319
2023
£
**41,984 **		 2022
£
22,984
41,984 22,984
312,838 1,048,303
2023
£
1,993,988		 2022
£
2,235,654
2023
£
18,389
252,398
45,562
**136,667 **		 2022
£
35,902
255,349
30,108
246,000
453,016 567,359

26

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

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
Creditors: amounts falling due after more than one year
Repayment Plan: pension liability (see note 26)		 2023
£
33,833
100,120
27,123
-
**46,984 **		 2022
£
20,826
100,005
66,019
956
22,984
208,060 210,790
18,389
60,955
4,180		 35,902
87,766
6,687
83,524 130,355
2023
£
-		 2022
£
136,667

23 Creditors: amounts falling due after more than one year

Repayment Plan: pension liability (see note 26)

27

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

24 Analysis of net assets between funds

Year ended 31 December 2023

Unrestricted
fund
£
Fixed assets
Tangible fixed assets
451,389
Investment properties
1,210,769
Investments
6,565,844
8,228,002
Current assets
Stock
1,258
Debtors
312,838
Investment properties
40,000
Cash
1,763,898
2,117,994
Current liabilities
Amounts falling due within
one year
(453,016)
Net current assets
1,664,978
Creditors: amounts falling due
after more than one year
-
Provision for liabilities
(28,136)
Net assets
9,864,844
Endowment funds
Endowment
Fund
£
Fixed assets
Tangible fixed assets
-
Investments
23,915,137
Current assets
Cash at bank
-
At 31 December
23,915,137		 Unrestricted
fund
£
451,389
1,210,769
6,565,844
Endowment
funds
£
350,470
-
23,915,137
Endowment
funds
£
350,470
-
23,915,137		 Restricted
funds
£
-
-
68,971		 Total
2023
£
801,859
1,210,769
30,549,952		 Total
2023
£
801,859
1,210,769
30,549,952		 Total
2022
£
955,346
1,389,569
30,883,121
8,228,002
1,258
312,838
40,000
1,763,898		 24,265,607
-
-
-
197,522		 68,971
-
-
-
32,568		 32,562,580
1,258
312,838
40,000
1,993,988		 33,228,036
1,006
1,048,303
50,000
2,235,654
2,117,994
(453,016)		 197,522
-		 32,568
-		 2,348,084
(453,016)		 3,334,963
(567,359)
1,664,978 197,522 32,568 1,895,068 2,767,604
-
(28,136)		 -
-		 -
-		 -
(28,136)		 (136,667)
(22,161)
9,864,844 24,463,129 101,539 34,429,512 35,836,812
Permanent
Endowment
Fund
£
350,464
-
-		 Total
2022
£
350,470
24,011,568
197,522
350,464 197,528 24,463,129 24,559,560

28

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

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
£
-
(11,124)		 Four
Collieries
Fund
£
-
43,692		 North
Derbyshire
NUM
Fund
£
68,971
-		 Total
2023
£
68,971
32,568		 Total
2022
£
118,965
40,742
(11,124) 43,692 68,971 101,539 159,707

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 activity is channelled.

Endowment Fund (Endowment Fund)

This is the core investment reserve fund of the charity. Income can be drawn from the fund but the capital has to be retained.

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 2023 the fund had income of £12,766 from the properties and incurred expenditure of £20,939 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 2023.

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 trustee to benefit the mining communities of North Derbyshire. In 2023 expenditure totalling £49,995 was incurred on grants to individuals and staff resource from this fund.

29

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

24 Analysis of net assets between funds (continued)

Year ended 31 December 2022

Unrestricted
fund
Endowment
funds
Restricted
funds
£
£
£
Fixed assets
Tangible fixed assets
604,876
350,470
-
Investment properties
1,389,569
-
-
Investments
6,752,588
24,011,568
118,965
8,747,033
24,362,038
118,965
Current assets
Stock
1,006
-
-
Debtors
1,048,303
-
-
Current asset investment
properties
50,000
-
-
Cash
1,997,390
197,522
40,742
3,096,699
197,522
40,742
Current liabilities
Amounts falling due within one
year
(567,359)
-
-
Net current assets
2,529,340
197,522
40,742
Creditors: amounts falling due
after more than one year
(136,667)
-
-
Provision for liabilities
(22,161)
-
-
Net assets
11,117,545
24,559,560
159,707
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
24,011,568
-
-
Current assets
Cash at bank
-
-
197,522
At 31 December
24,011,568
350,464
197,528		 Unrestricted
fund
£
604,876
1,389,569
6,752,588
Endowment
funds
£
350,470
-
24,011,568		 Restricted
funds
£
-
-
118,965		 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
Total
2022
£
350,470
24,011,568
197,522		 Total
2021
£
350,470
26,147,436
197,522
24,559,560 26,695,428

30

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

Notes to the financial statements

24 Analysis of net assets between funds (continued)

Restricted Funds

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

25 Merger with the King's Silver Jubilee and Coronation Cottages

Under a Charity Commission Scheme for England and Wales dated 1 January 2010 the King’s Silver Jubilee and Coronation Cottages is 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 permanent endowment property of the King’s Silver Jubilee and Coronation Cottages will be administered in accordance with its governing document by CISWO.

26 Pension Schemes

Defined Contribution Scheme

The charity contributes to defined contribution scheme on behalf of current employees. Contributions made to this scheme on behalf of employees was £174,012 (2022: £157,936).

Industry Wide Coal Staff Superannuation Scheme

The charity is required to contribute to the Industry Wide Coal Staff Superannuation Scheme, a defined benefit scheme for the benefit of 59 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. There are no current employees in this scheme.

The charity is required to contribute to the administration cost of the scheme and contribute to the deficit funding. The cost for the year for the administration of this scheme was £35,985 (2022: £31,510).

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.

31

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

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 2023:

The charity charged CISWO Trading Limited a management charge of £138,893 (2021: £136,170) for provision of staff and administrative support. At 31 December 2023, CISWO Trading owed the charity £88,878 (2022: £89,475).

The charity incurred costs of £15,813 (2022: £10,280) on behalf of the trustee, CISWO 2014 in relation to its administration. At 31 December 2023, CISWO 2014 owed £11,093 (2022: £10,280) to the charity.

In addition, CISWO received a grant of £67,167 (2022: £65,850) from the Yorkshire Miners Welfare Trust Fund (charity no 516535), 1 of the Trustees of that Fund is also a Trustee 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
2023
£
18,750
53,125		 Other
2023
£
33,544
37,277		 Land and
Buildings
2022
£
18,750
71,875
90,625		 Other
2022
£
37,552
65,739
71,875 70,821 103,291

29 Contingent liabilities and capital commitments

There were no contingent liabilities or capital commitments as at 31 December 2023 (2022: £Nil).

30 Provision for liabilities

Balance at 1 January 2023
Provided in the year
Balance at 31 December 2023		 Holiday
pay
accrual
£
22,161
5,975
28,136

The holiday pay provision represents holiday balances accrued as a result of services provided 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

DocuSign Envelope ID: 8D482AE4-8A87-45C3-B237-69D976552CE0

Coal Industry Social Welfare Organisation Financial statements for the year ended 31 December 2023

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