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2021-12-31-accounts

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements For the year ended 31 December 2021

Company no. 09113084 Charity no. 1160157

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

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Index to the financial statements

Legal and administrative details 1 – 2
Report of the Trustees (incorporating the Strategic Report) 3 – 12
Independent auditor's report 13 – 16
Group charitable company statement of financial activities (incorporating
the consolidated income and expenditure account)		 17
Group and parent company balance sheets 18
Group statement of cash flows 19
Notes to the financial statements 20 – 39

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Legal and administrative details

Company registration number:

09113084

Charity registration number:

1160157

Registered office:

The Old Rectory Rectory Drive Whiston ROTHERHAM S60 4JG

Chief Executive:

N M Didlock

Directors and Trustees:

The Venerable R G Cooper Chairman C D Ambler J L Hattersley J G Humble C Kaye G Smith W T Thomas (resigned 1 October 2021) P M Carragher C Langrick M Macdonald D Steer (appointed 23 September 2021) K Walters (appointed 23 September 2021)

The directors of the charitable company are its trustees for the purpose of charity law.

Senior Management:

Chief Executive – N M Didlock Finance Director – J Wallage

Secretary:

N M Didlock

Bankers:

Lloyds Bank PLC 1 High Street SHEFFIELD S1 2GA

1

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Legal and administrative details

Solicitors:

Irwin Mitchell LLP 2 Millsands Riverside East SHEFFIELD S3 8DT

Charity Specialist

Brabners LLP Horton House Exchange Flags LIVERPOOL L2 3YL

Investment manager:

Rathbone Investment Management Limited 8 Finsbury Circus LONDON EC2M 7AZ

Auditor:

Saffery Champness LLP Mitre House North Park Road Harrogate North Yorkshire HG1 5RX

2

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Report of the Trustees (incorporating the Strategic report)

The trustees, who are also the directors for the purpose of company law, present their Report along with the financial statements of the Charitable Company for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 21 – 25 and comply with the Charitable Company's trust deed and applicable law.

Structure, Governance and Management

The Coal Industry Social Welfare Organisation 2014 is a company limited by guarantee (registered in England, company number 09113084). It operates throughout England, Wales and Scotland and is a charity registered in England and Wales (Charity Commission registration number 1160157).

The charitable company is governed by its Articles of Association which set out the charitable purposes of the organisation.

The Coal Industry Social Welfare Organisation 2014 (CISWO 2014) is the trustee of the Coal Industry Social Welfare Organisation (CISWO) and the Miners’ Welfare National Educational Fund (MWNEF) and the sole member of the charitable company CISWO Charitable Property Services Trust and the sole member of the incorporated entity CISWO Trading Limited.

The Board of Trustees

CISWO 2014 Board of Trustees includes 12 members in total, each appointed for their skills, experience and expertise through an open recruitment process. New trustees receive an appropriate induction into the organisation, coordinated through the Chief Executive and Human Resources Manager. At 31 December 2021 there was one vacancy on the Board. Recruitment to fill this vacancy will commence early in 2022.

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

3

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Report of the Trustees (incorporating the Strategic report)

These include;

Finance and General Purpose Committee

Responsible for:

Audit and Risk Management Committee

Responsible for:

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 CISWO, the charity, through a defined scheme of delegation, to the Chief Executive and the senior management team.

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

4

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Report of the Trustees (incorporating the Strategic report)

Policy

The following policies underpin the group’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.

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

Education Grants Policy

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

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

Recreational Facilities Development Policy

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

5

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Report of the Trustees (incorporating the Strategic report)

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.

The objectives of the charity are delivered through the subsidiary entities.

CISWO

CISWO’s core activities in 2021 included;

Miners Welfare National Education Fund (MWNEF)

Provision of grant assistance to eligible persons to support them to take advantage of higher education.

CISWO (Trading) Limited

Provision of accounting services to mining related charities and their trading companies.

CISWO Charitable Property Services Trust

Provision of assistance to local mining trusts that are required to dispose of charitable property with the aim of maximising the net proceeds of these disposals to apply to alternative charitable activity.

6

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Report of the Trustees (incorporating the Strategic report)

Strategic Report

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

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

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

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

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

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

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

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

7

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Report of the Trustees (incorporating the Strategic report)

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

Activities in Scotland

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

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

8

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Report of the Trustees (incorporating the Strategic report)

Plans for the Future

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

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

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

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

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

9

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Report of the Trustees (incorporating the Strategic report)

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:

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

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

The income for 2021 is £2,895,988 broadly in line with 2020 (£2,774,547). Investment income increased as dividend receipts improved from 2020 which had been adversely impacted by the COVID pandemic as major companies either suspended or significantly reduced dividend payments. Income from charitable activities decreased by 30% compared to 2020.

Total expenditure on charitable activities (before accounting for pension deficit funding) was £3,256,711 a decrease on 2020 (£3,595,058) as for part of the year, COVID impacted on our delivery models requiring a different staffing structure.

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

Reserves

The unrestricted reserves of the charity, excluding the value of fixed assets and investment properties, stood at £11,891,511 as at 31 December 2021. As part of the consideration in determining the reserves policy the trustees take in to account the necessity to balance the needs of current and future beneficiaries. We are committed to providing long term sustainable services and are heavily reliant upon our investment income to enable us to deliver these services. Adequate reserves are therefore maintained to provide the income requirements anticipated both in the short and long term. The reserves policy will be reviewed annually and expenditure budgets will be built around the strategic plan.

10

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Report of the Trustees (incorporating the Strategic report)

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

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

Investment Policy and Objectives

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

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

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

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

Going concern

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

11

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Report of the Trustees (incorporating the Strategic report)

The directors, 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.

Trustees’ responsibilities statement

The trustees (who are also directors of The Coal Industry Social Welfare Organisation 2014 for the purposes of company law) 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).

Company law 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 charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group 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 charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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

Auditor

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

ON BEHALF OF THE TRUSTEES

The Venerable R G Cooper Chair of Trustees 26 May 2022

12

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Independent auditor's report to the members and trustees of The Coal Industry Social Welfare Organisation 2014

(a charitable company limited by guarantee)

Opinion

We have audited the financial statements of The Coal Industry Social Welfare Organisation 2014 (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2021 which comprise the group charitable company statement of financial activities (incorporating the consolidated income and expenditure account), the group and parent charitable company balance sheets, the group charitable company cash flow statement 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 group and parent charitable company 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 group or the parent charitable company'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.

13

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Independent auditor's report to the members and trustees of The Coal Industry Social Welfare Organisation 2014

(a charitable company limited by guarantee)

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 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.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

14

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Independent auditor's report to the members and trustees of The Coal Industry Social Welfare Organisation 2014

(a charitable company limited by guarantee)

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on pages 12 and 13, the trustees (who are also the directors of the parent charitable company for the purposes of company law) 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 the 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 group and the parent charitable company’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 group or the parent charitable company 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 Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 group and parent charitable company’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 group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

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 parent charitable company’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 parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

15

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Independent auditor's report to the members and trustees of The Coal Industry Social Welfare Organisation 2014

(a charitable company limited by guarantee)

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 parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members 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 parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sally Appleton (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

Chartered Accountants Statutory Auditors Mitre House, North Park Road Harrogate HG1 5RX

16 June 2022

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

16

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Group charitable company statement of financial activities (incorporating the consolidated income and expenditure account)

Note
Income and endowments from:
Donations and Legacies
6
Charitable Activities
7
Other trading activities
8
Investments
Other Income
9
Total Income
Expenditure on:
Investment Manager fee
11
Charitable Activities
12
Total Expenditure
Net expenditure before investment
gains
Net gains/(losses) on investments
17
Net income/(expenditure)
Transfers between funds
13
Net Movement in Funds
(Losses)/gains on revaluation of
investment properties
Net movement in funds
Reconciliation of funds
Balances brought forward
Fund balances carried forward at
31 December 2021*		 Unrestricted
Funds
£
4,581
406,372
162,456
1,068,097
1,241,481		 Endowment
Funds
£
-
-
-
-
-

Restricted
Funds

£

-

13,001

-

-
-
Total
2021
£
4,581
419,373
162,456
1,068,097
**1,241,481 **		 Total
2020
£
3,350
603,571
138,981
962,725
1,065,920
2,882,987 -
13,001		 2,895,988 2,774,547
134,275
3,204,697		 -
-
-

52,014		 134,275
3,256,711		 108,258
3,617,893
3,338,972 -
52,014		 3,390,986 3,726,151
(455,985)
3,292,234		 -
-
(39,013)

-		 (494,998)
3,292,234		 (951,604)
(346,246)
2,836,249
(2,683,325)		 -
2,683,325
(39,013)

-		 2,797,236
-		 (1,297,850)
-
152,924
(49,700)		 2,683,325
-
(39,013)

-		 2,797,236
(49,700)		 (1,297,850)
46,600
103,224
13,816,324		 2,683,325
24,012,103
(39,013)

295,249		 2,747,536
38,123,676		 (1,251,250)
39,374,926
13,919,548 26,695,428
256,236		 40,871,212 38,123,676

All of the activities of the Charitable Company are classed as continuing.

*Information up to and including net income/expenditure represents the information required by the Companies Act 2006.

The accompanying accounting policies and notes on pages 20 - 39 form part of these financial statements.

17

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Group and parent company balance sheets

Note
Fixed assets
Tangible assets
15
Investment Properties
16
Investments
17
Current assets
Stocks
Debtors: due within one year
19
Debtors; due after more than one year
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
22
Provisions for liabilities
23
Net assets
Funds
Unrestricted funds
24
Endowment funds
24
Restricted funds
24		 Group
Company
2021
2020
2021
2020
£
£
£
£
995,338
1,062,375
-
-
1,383,169
1,432,869
-
-
33,916,325
27,793,637
-
-
36,294,832 30,288,881
-
-
250
1,500
-
-
1,300,606
400,345
13,461
-
772,984
-
-
50,000
4,554,500
-
-
2,847,373
3,535,379
1,087
4,464
4,971,213
8,491,724
14,548
4,464
(377,965)
(626,636)
(14,518)
(3,988)
4,593,248
7,865,088
30
476
-
-
-
-
(16,868)
(30,293)
-
-
40,871,212
38,123,676
30
476
13,919,54813,816,324
30
476
26,695,42824,012,103
-
-
256,236
295,249
-
-
40,871,212
38,123,676
30
476		 Group
Company
2021
2020
2021
2020
£
£
£
£
995,338
1,062,375
-
-
1,383,169
1,432,869
-
-
33,916,325
27,793,637
-
-
36,294,832 30,288,881
-
-
250
1,500
-
-
1,300,606
400,345
13,461
-
772,984
-
-
50,000
4,554,500
-
-
2,847,373
3,535,379
1,087
4,464
4,971,213
8,491,724
14,548
4,464
(377,965)
(626,636)
(14,518)
(3,988)
4,593,248
7,865,088
30
476
-
-
-
-
(16,868)
(30,293)
-
-
40,871,212
38,123,676
30
476
13,919,54813,816,324
30
476
26,695,42824,012,103
-
-
256,236
295,249
-
-
40,871,212
38,123,676
30
476		 Group
Company
2021
2020
2021
2020
£
£
£
£
995,338
1,062,375
-
-
1,383,169
1,432,869
-
-
33,916,325
27,793,637
-
-
36,294,832 30,288,881
-
-
250
1,500
-
-
1,300,606
400,345
13,461
-
772,984
-
-
50,000
4,554,500
-
-
2,847,373
3,535,379
1,087
4,464
4,971,213
8,491,724
14,548
4,464
(377,965)
(626,636)
(14,518)
(3,988)
4,593,248
7,865,088
30
476
-
-
-
-
(16,868)
(30,293)
-
-
40,871,212
38,123,676
30
476
13,919,54813,816,324
30
476
26,695,42824,012,103
-
-
256,236
295,249
-
-
40,871,212
38,123,676
30
476		 Group
Company
2021
2020
2021
2020
£
£
£
£
995,338
1,062,375
-
-
1,383,169
1,432,869
-
-
33,916,325
27,793,637
-
-
36,294,832 30,288,881
-
-
250
1,500
-
-
1,300,606
400,345
13,461
-
772,984
-
-
50,000
4,554,500
-
-
2,847,373
3,535,379
1,087
4,464
4,971,213
8,491,724
14,548
4,464
(377,965)
(626,636)
(14,518)
(3,988)
4,593,248
7,865,088
30
476
-
-
-
-
(16,868)
(30,293)
-
-
40,871,212
38,123,676
30
476
13,919,54813,816,324
30
476
26,695,42824,012,103
-
-
256,236
295,249
-
-
40,871,212
38,123,676
30
476
**36,294,832 ** 30,288,881 - -
250
1,300,606
772,984
50,000
2,847,373		 1,500
400,345
-
4,554,500
3,535,379
-

13,461

-

-

1,087		 -
-
-
4,464
4,971,213
(377,965)		 4,464
(3,988)
4,593,248 7,865,088
30		 476
-
(16,868)		 -
-
40,871,212 38,123,676
30		 476
13,919,548
26,695,428
256,236		 13,816,324
24,012,103
295,249
30

-

-		 476
-
-
40,871,212 38,123,676
30		 476

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

The Venerable R G Cooper

Chairman

Company number: 09113084 Charity number: 1160157

The accompanying accounting policies and notes on pages 20 - 39 form part of these financial statements.

18

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Group statement of cash flows

Note
Cashflows from operating activities
Net cash used in operating activities
28
Cashflows from investing activities
Returns on investments
29
Cashflows from financing activities
Capital expenditure and financial investment
30
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash equivalents at the end of the reporting period
31		 2021
£
(4,093,874)
1,068,097
2,337,771		 2020
£
(3,189,329)
962,725
2,384,976
(688,006)
3,535,379		 158,372
3,377,007
2,847,373 3,535,379

The accompanying accounting policies and notes on pages 20 - 39 form an integral part of these financial statements.

19

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

1 Charity information

The organisation is a charitable company limited by guarantee. It was incorporated on 2 July 2014 and registered as a charity on 26 January 2015. It has registered charity number 1160157 and company registration number 09113084.

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 Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for 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.

Income has continued to be generated in line with expectations and we are able to meet our liabilities as they fall due. The company has no external debt facilities and has not made any extended financial commitments. The company has no direct expenditure as all costs are borne by its parent undertaking and recharged when the company has the ability to meet the obligations.

The directors, 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.

Basis of consolidation

The group financial statements consolidate those of The Coal Industry Social Welfare Organisation 2014 and of its subsidiary undertakings (see note 37). Subsidiaries are defined as entities where the parent charity has control and derives financial benefit and are consolidated on a line by line basis.

20

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

3 Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been exercised are detailed below.

Consideration has been given to the appropriate accounting treatment to adopt for the properties which have not previously been 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.

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 such a wind-up. Where the trust 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 of disposal to be claimed back from the ultimate realisation of the mining trusts' 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.

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.

21

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

4 Principal accounting policies (continued)

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

Unrestricted funds

Designated funds are amounts that have been set aside at the discretion of the trustees. The Unrestricted Fund represents unrestricted income which is expendable at the discretion of the trustees in furtherance of the objects of the charity.

Income

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

Donations

Donations are recognised as income when they are received.

Trading Income

Trading income is the amount receivable for services provided, excluding value added tax where applicable.

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 and activities of the charity.

Investment Managers Fees

These 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 individuals are recognised once the grant application has been approved and communicated to the recipient.

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

22

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

4 Principal accounting policies (continued)

Support costs

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

Governance costs

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

Investments

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

Investment Properties

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

Tangible fixed assets and depreciation

Tangible assets are stated at cost, net of depreciation.

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

Freehold property 3% - 10% per annum
Freehold property – King's Silver Jubilee and The properties were transferred to CISWO at a
Coronation Cottages nominal value of £1 each and are stated in the
balance sheet at this value.
Leasehold property 2% per annum
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.

23

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

4 Principal accounting policies (continued)

Taxation

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

Redundancy and termination payments

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

Debtors

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

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, 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 group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group 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.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Investments in subsidiaries

The consolidated financial statements incorporate the financial statements of the Charitable Company and entities controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of the entities so as to obtain benefits from its activities.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Financial instruments

The charitable group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognized 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

24

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

Group

Net expenditure is stated after charging:
2021
£
Auditor's remuneration – audit of financial statements
22,400
Depreciation on tangible fixed assets
76,546
Net profit on disposal of tangible fixed assets
(668,557)
Rentals under operating leases
51,592
6
Donations and Legacies
Group
Grants and donations received during the year were as follows:
2021
£
Other grants and donations - unrestricted
4,581
7
Charitable Activities
Group
2021
£
Support grants
88,980
Social work income
8,620
Thornycroft day centre
73,656
Interests in land
248,117
419,373
Included within rental income from land is £13,001 of restricted income (2020: £8,183).
8
Other Trading Activities
Group
2021
£
Provision of Accountancy Services - unrestricted
162,456
9
Other Income
Group
2021
£
Unrestricted
Profit on sale of fixed assets
668,557
Charitable asset transfers
460,781
Sundry income
112,143
1,241,481		 2021
£
22,400
76,546
(668,557)
51,592
2021
£
4,581		 2020
£
21,950
80,192
(876,119)
39,439
2020
£
3,350
2021
£
88,980
8,620
73,656
248,117		 2020
£
142,639
7,717
202,677
250,538
419,373 603,571
2020
£
138,981
2021
£
668,557
460,781
112,143		 2020
£
876,119
128,094
61,707
1,241,481 1,065,920

25

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

10 Trustees and employees

Group

Wages and salaries
Social security costs
Pensions
Emoluments and 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
Management and Adminstration		 2021
£
1,513,749
122,039
442,521		 2020
£
1,764,620
151,188
556,734
2,078,309 2,472,542
Number
-
1
-
1		 Number
1
-
1
-
13
24
2
5
8		 10
32
2
13
8
52 65

No trustees (2020: none) received any remuneration from the charity or group in the year. Total expenses reimbursed to the trustees at cost for the year ended 31 December 2021 including indemnity insurance were £5,622 (2020: £4,454) for 12 trustees.

All Directors are trustees and all trustees are Directors.

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

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

Included within pensions cost is £246,000 (2020: £327,996) in respect of deficit contributions to the IWCSSS (see note 25).

11 Investment Manager fees

Group
Investment Manager Fees		 2021
2020
£
£
134,275
108,258

26

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

12 Charitable Activities

Group

Group
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
Interests in land
Costs in support of charitable activities
Pension deficit funding
Governance Costs
Increase/(Decrease) in repayment plan pension liability		 2021
£
435,652
817,167
243,657
266,548
198,769
231,576
964,343
246,000
98,999		 2020
£
409,842
966,030
325,857
224,166
366,622
339,792
914,848
327,996
47,901
3,502,711
(246,000)		 3,923,054
(305,161)
3,256,711 3,617,893

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

13 Transfers between funds

Group

Summary

Summary
CISWO
Total		 Unrestricted
fund
£
(2,683,325)		 Endowment
funds
£

2,683,325		 Restricted
funds
£
-		 Total
2021
£
-
-		 Total
2020
£
-
- -

CISWO – Unitised Fund Investments

The whole of the investments are held within a unitised fund managed by Rathbones. Each year the unitised fund is analysed between that part which represents unrestricted fund holdings, restricted funds and that which represents endowment funds. For the statutory accounts purposes the whole of the income and gains are deemed to be unrestricted and then a transfer is made reflecting the growth in net asset value of the endowment fund and restricted fund based on the movements of the unitised fund.

14 Revaluation of Investment Properties

Group
(Decrease)/Increase in value of fixed asset investment properties
Increase in value of current asset investment properties
Further detail is provided in notes 16 and 18.		 2021
£
(49,700)
-		 2020
£
46,600
-
(49,700) 46,600

27

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

15 Tangible fixed assets

Group

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

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

Company

The charitable company had no tangible fixed assets at 31 December 2021 or 31 December 2020.

16 Investment Properties

Group
Cost
At 1 January 2021
Revaluation in the year
At 31 December 2021		 Investment
properties
£
1,269,100
(49,700)
1,219,400		 Social
investments
Total
£
£
163,769
1,432,869
-
(49,700)
163,769
1,383,169

Investment properties represents, 11 properties leased on commercial rentals to third parties (2020: 11) and a further 2 (2020: 5) which are not in recreational use and are retained for their capital appreciation. Properties held for commercial rental have been valued, as at 31 December 2021, based on the expected future income stream to be generated, the difference in valuation from 2020 has been reflected above. All other properties were valued at 31 December 2018, based on their existing use. Valuations were performed by Fisher Hargreaves Proctor Limited. These valuations are still considered appropriate as at 31 December 2021.

Social investments are used in the furtherance of the organisation’s objective to continue to secure provision of recreational facilities that are still utilised and needed by former mining communities. A total of 212 properties are leased to charities, sports clubs, community organisations and local authorities.

28

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

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.

Company

The Charitable Company had no investment properties at 31 December 2021 or 31 December 2020.

17 Investments and Investment (losses)/gains

Group

Group
Quoted UK Stock Exchange Investments
Market value at 1 January 2020
Additions at cost
Disposal proceeds
Net investment gain
Market value at 31 December 2021
Historical cost at 31 December 2021		 2021
£
27,402,996
7,573,902
(5,198,792)
3,296,911		 2020
£
28,038,238
4,989,153
(5,280,709)
(343,686)
33,075,017 27,402,996
24,162,227 20,730,409

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 gain/(loss) on investments
Gain/(loss) on quoted investments
Loss on foreign exchange		 2021
£
33,075,017
841,308		 2020
£
27,402,996
390,641
33,916,325 27,793,637
2021
£
3,296,911
(4,677)		 2020
£
(343,686)
(2,560)
3,292,234 (346,246)

Company

The Charitable Company had no investments, other than its interest in subsidiaries (see note 37) at 31 December 2021 or 31 December 2020.

18 Current Asset Investment Properties

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

29

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

Current asset investments represents 1 property (2020: 7. The trustees have determined that the continued holding of these properties 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. These valuations are still considered appropriate as at 31 December 2021.

Company

The Charitable Company had no current investments at 31 December 2021 or 31 December 2020.

19 Debtors

Due within one year:
Trade debtors
Car loans
Due from CISWO (Trading) Limited
Amounts due from Regional Trust and
Convalescent Funds
Prepayments
Other debtors
Miners Welfare Charities
Due after more than one year:
Other debtors
Miners Welfare Charities
Total debtors as at 31 December 2021
20
Cash at bank and in hand
Total cash in hand
21
Creditors: amounts falling due within one year
Funds committed to mining charities
Other creditors and accruals
Social security and other taxes
Amount due to CISWO
Repayment Plan: pension liability (note 25)		 Group
2021
2020
£
£
102,194
118,824
4,852
10,671
-
351,084
85,478
92,453
162,389
750,023
-
-
2,000
1,300,606
379,362
750,000
-
22,984
20,983
772,984
20,983
2,073,590
400,345
Group
2021
2020
£
£
2,847,373
3,535,379
Group
2021
2020
£
£
43,902
100,871
296,904
245,150
37,159
34,615
-
-
-
246,000
377,965
626,636		 Group
2021
2020
£
£
102,194
118,824
4,852
10,671
-
351,084
85,478
92,453
162,389
750,023
-
-
2,000
1,300,606
379,362
750,000
-
22,984
20,983
772,984
20,983
2,073,590
400,345
Group
2021
2020
£
£
2,847,373
3,535,379
Group
2021
2020
£
£
43,902
100,871
296,904
245,150
37,159
34,615
-
-
-
246,000
377,965
626,636		 Company
2021
2020
£
£
-
-
-
-
13,461
-
-
-
-
-
-
-
-
-
13,461
-
-
-
-
-
-
-
13,461
-
Company
2021
2020
£
£
1,087
4,464
Company
2021
2020
£
£
-
-
3,727
3,856
-
-
10,791
132
-
-
14,518
3,988		 Company
2021
2020
£
£
-
-
-
-
13,461
-
-
-
-
-
-
-
-
-
13,461
-
-
-
-
-
-
-
13,461
-
Company
2021
2020
£
£
1,087
4,464
Company
2021
2020
£
£
-
-
3,727
3,856
-
-
10,791
132
-
-
14,518
3,988		 Company
2021
2020
£
£
-
-
-
-
13,461
-
-
-
-
-
-
-
-
-
13,461
-
-
-
-
-
-
-
13,461
-
Company
2021
2020
£
£
1,087
4,464
Company
2021
2020
£
£
-
-
3,727
3,856
-
-
10,791
132
-
-
14,518
3,988
1,300,606 379,362 13,461 -
750,000
**22,984 **		 -
20,983		 -
-
-
13,461		 -
-
772,984 20,983 -
2,073,590 400,345 -
377,965 626,636 14,518 3,988

30

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

22 Creditors: amounts falling due after one year

Group

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

Repayment Plan: pension liability 2021
2020
£
£
-
-

The repayment plan determined by the actuarial valuation as at 31 December 2018 required the organisation to pay a sum of £27,333 per month until September 2021. (See note 25). ). An actuarial valuation of the Industry Wide Coal Staff Superannuation Scheme is being undertaken as at 31 December 2021, following which a revised repayment plan will be agreed and determined. As at the date of these financial statements, the likely future obligations cannot be accurately determined and as such no provision has been reflected within these financial statements (see note 33).

23 Provisions for liabilities

Group

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

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

31

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

24 Analysis of net assets between funds

Year ended 31 December 2021

Group
Unrestricted
fund
£
Fixed assets
Tangible fixed assets
644,868
Investment properties
1,383,169
Investments
7,591,069
9,619,106
Current assets
Stock
250
Debtors
2,073,590
Investment properties
50,000
Cash
2,571,435
4,695,275
Current liabilities
Amounts falling due within one
year
(377,965)
Net current assets
4,317,310
Provisions for liabilities
(16,868)
Net assets
13,919,548
Company
Current assets
Debtors
Cash
Current liabilities
Amounts falling due within one year
Net current assets
Net assets		 Unrestricted
fund
£
644,868
1,383,169
7,591,069		 Endowment
funds
£
350,470
-
26,147,436		 Endowment
funds
£
350,470
-
26,147,436		 Restricted
funds
£
-
-
177,820		 Restricted
funds
£
-
-
177,820		 Total
2021
£
995,338
1,383,169
33,916,325		 Total
2021
£
995,338
1,383,169
33,916,325		 Total
2020
£
1,062,375
1,432,869
27,793,637
9,619,106 26,497,906 177,820 **36,294,832 ** 30,288,881
250
2,073,590
50,000
2,571,435		 -
-
-
197,522		 -
-
-
78,416		 250
2,073,590
50,000
2,847,373		 1,500
400,345
4,554,500
3,535,379
4,695,275
(377,965)		 197,522
-		 78,416
-		 4,971,213
(377,965)		 8,491,724
(626,636)
4,317,310 197,522 78,416 4,593,248 7,865,088
(16,868) - - (16,868) (30,293)
13,919,548 26,695,428 256,236 40,871,212 38,123,676
Total
2021
£
13,461
1,087		 Total
2020
£
-
4,464
4,464
(3,988)
476
476
14,548
(14,518)		 14,548
(14,518)
30 30
30 30

32

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

24 Analysis of net assets between funds (continued)

Endowment funds Group

Endowment funds
Group
Fixed assets
Tangible fixed assets
Investments
Current assets
Cash at bank
At 31 December 2021
Restricted funds
Group
Fixed assets
Investments
Current assets
Cash at bank
At 31 December 2021		 Endowment
Fund
£
-
26,147,436
-
26,147,436
King's
Silver
Jubilee and
Coronation
Cottages
Restricted
Fund
£
-
34,724		 Permanent
Endowment
Fund
£
350,464
-
-
King's Silver
Jubilee and
Coronation
Cottages
Permanent
Endowment
Fund
£
6
-
197,522
197,528
North
Derbyshire
NUM
£
177,820
-
Total
2021
£
350,470
26,147,436
197,522		 Total
2020
£
340,470
23,464,111
197,522
350,464 26,695,428 24,012,103
Four
Collieries
Fund
£
-
43,692		 Total
2021
£
177,820
78,416		 Total
2020
£
219,793
75,456
34,724 43,692 177,820 256,236 295,249

The net assets of the group 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.

33

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

24 Analysis of net assets between funds (continued)

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

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

Four Collieries Fund (Restricted Funds)

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

North Derbyshire NUM Fund

The funds were transferred to the Coal Industry Social Welfare Organisation in 2015. The funds are to be used at the discretion of the Trustees to benefit the mining communities of North Derbyshire.

Year ended 31 December 2020

Group

Fixed assets
Tangible fixed assets
Investment properties
Investments
Current assets
Stock
Debtors
Current asset investment
properties
Cash
Current liabilities
Amounts falling due within
one year
Net current assets
Creditors: amounts falling due
greater than one year
Provisions for liabilities
Net assets		 Unrestricted
fund
£
711,905
1,432,869
4,109,733		 Endowment
funds
£
350,470
-
23,464,111		 Restricted
funds
£
-
-
219,793		 Total
2020
£
1,062,375
1,432,869
27,793,637		 Total
2019
£
1,128,519
1,976,226
28,362,771
6,254,507 23,814,581 219,793 **30,288,881 ** 31,467,516
1,500
400,345
4,554,500
3,262,401		 -
-
-
197,522		 -
-
-
75,456		 1,500
400,345
4,554,500
3,535,379		 1,500
417,831
5,262,000
3,377,007
8,218,746
(626,636)		 197,522
-		 75,456
-		 8,491,724
(626,636)		 9,058,338
(880,770)
7,592,110 197,522 75,456 7,865,088 8,177,568
-
(30,293)		 -
-		 -
-		 -
(30,293)		 (223,161)
(46,997)
13,816,324 24,012,103 295,249 38,123,676 39,374,926

34

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

24 Analysis of net assets between funds (continued)

Company
Current assets
Debtors
Cash
Current liabilities
Amounts falling due within one
Net current assets
Net assets
Endowment funds
Group
Fixed assets
Tangible fixed assets
Investments
Current assets
Cash at bank
At 31 December
Restricted funds
Group
Fixed assets
Investments
Current assets
Cash at bank
At 31 December		 Company
Current assets
Debtors
Cash
Current liabilities
Amounts falling due within one
Net current assets
Net assets
Endowment funds
Group
Fixed assets
Tangible fixed assets
Investments
Current assets
Cash at bank
At 31 December
Restricted funds
Group
Fixed assets
Investments
Current assets
Cash at bank
At 31 December		 year
Endowment
Fund
£
-
23,464,111
-
23,464,111
King's
Silver
Jubilee and
Coronation
Cottages
Restricted
Fund
£
-
31,764		 Permanent
Endowment
Fund
£
350,464
-
-		 Unrestricted
fund
£
-
4,464		 Total
2020
£
-
4,464		 Total
2020
£
-
4,464		 Total
2019
£
182,619
27,315
4,464
(3,988)		 4,464
(3,988)		 209,934
(3,697)
476 476 206,237
476 476 206,237
King's Silver
Jubilee and
Coronation
Cottages
Permanent
Endowment
Fund
£
6
-
197,522
350,464 197,528 24,012,103
Four
Collieries
Fund
£
-
43,692
43,692		 North
Derbyshire
NUM
£
219,793
-		 Total
2020
£
219,793
75,456
31,764 219,793 295,249

35

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

25 Industry wide coal staff superannuation scheme

Industry Wide Coal Staff Superannuation Scheme

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

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

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

The last actuarial valuation was undertaken as at 31 December 2018 and the resulting repayment plan required the organisation to pay deficit contributions of £27,333 per month until September 2021. Currently the actuarial valuation as at 31 December 2021 is being undertaken. (See note 33).

Defined Contribution Scheme

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

26 Related party transactions

The following transactions were undertaken with group entities during the year:

The Coal Industry Social Welfare Organisation paid expenses on behalf of CISWO 2014. At the year end an amount of £10,971 (2020: £132) was owed to the Coal Industry Social Welfare Organisation. CISWO 2014 will receive a payment under gift aid from CISWO Trading Limited of £13,461 (2020: £Nil). At the year end an amount of £13,461 (2020: £Nil) was owed by CISWO Trading Limited.

27 Operating lease commitments

The total lease commitments under non-cancellable operating leases are:

Group
Leases which expire in less than one year
Leases which expire within two to five years		 Land and
Buildings
2021
£
-
-		 Other
2021
£
31,255
13,122		 Land and
Buildings
2020
£
11,996
-		 Other
2020
£
27,442
35,024
- 44,377 11,996 62,466

Company

The Company had no operating lease commitments at 31 December 2021 or 31 December 2020.

36

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

28 Reconciliation of changes in resources to net cash outflow from operating activities

Net income/(expenditure) for the reporting period (as per the statement of
financial activities)
Net movement in funds
Adjustments for:
Investment income
Investment loss/(gain)
Depreciation
Loss/(Profit) on sale of tangible fixed assets
Recognition of property
Decrease(increase) in stock
Decrease/(increase) in debtors
Decrease in creditors
Decrease in provision
Net cash used in operating activities
29
Returns on investments
Investment income received
30
Capital expenditure and financial investment
Purchase of tangible fixed assets
Sale of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Increase in fixed asset investment bank balances
31
Reconciliation of net cash flows to movement in net debt
(Decrease)/Increase in cash for the year
Net funds at 1 January 2021
Net funds at 31 December 2021		 2021
£

2,747,536
(1,068,097)
(3,296,911)
76,546
(668,557)
49,700
1,250
(1,673,245)
(248,671)
(13,425)		 2021
£

2,747,536
(1,068,097)
(3,296,911)
76,546
(668,557)
49,700
1,250
(1,673,245)
(248,671)
(13,425)		 2020
£
(1,251,250)
(962,725)
343,685
80,192
(876,119)
(46,600)
-
17,487
(477,295)
(16,704)		 2020
£
(1,251,250)
(962,725)
343,685
80,192
(876,119)
(46,600)
-
17,487
(477,295)
(16,704)
(4,093,874) (3,189,329)
2021
£
1,068,097
2021
£
(32,196)
5,195,744
(7,573,902)
5,198,792
(450,667)		 2021
£
1,068,097
2020

£

962,725
2020
£
(20,116)
2,179,644
(4,989,153)
5,280,709
(66,108)
2,337,771 2,384,976
2020
£
158,372
3,377,007
2,847,373 3,535,379

37

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

32 Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 At 1
January
2021
£
3,535,379


Cash flows
£
(688,006)
(688,006)		 At 31
December
2021
£
2,847,373
3,535,379 2,847,373

33 Contingent liabilities and capital commitments

It is anticipated that the result of the actuarial valuation currently being undertaken for the Industry Wide Coal Staff Superannuation Scheme (See note 25) will require the organisation to make further contributions to a deficit in the scheme. As the value and timing of these contributions are unknown no provision can be made in these financial statements.

34 Financial instruments

Carrying amount of financial assets
Measured at amortised cost
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Carrying amount of financial liabilities
Measured at amortised cost
Other creditors
Funds committed to other charities
Trade creditors		 Group
2021
2020
£
£
102,194
118,824
-
-
1,105,959
119,132
1,208,153
237,956
227,620
212,956
43,902
100,871
106,449
66,820
377,971
380,647		 Company
2021
2020
£
£
-
-
13,461
-
-
-
13,461
-
3,727
3,988
-
-
-
-
3,727
3,988		 Company
2021
2020
£
£
-
-
13,461
-
-
-
13,461
-
3,727
3,988
-
-
-
-
3,727
3,988
1,208,153 13,461 -
227,620
43,902
106,449		 3,727
-
-		 3,988
-
-
377,971 3,727 3,988

38

The Coal Industry Social Welfare Organisation 2014 (a charitable company limited by guarantee) Consolidated financial statements for the year ended 31 December 2021

Notes to the financial statements

35 Charitable Company results

The charity has taken advantage of Section 408 of the Companies Act 2006 and has not included its own income and expenditure account in the accounts.

The results of the charity are summarised below:

The results of the charity are summarised below:
Total income
Total expenditure
Net expenditure		 2021
£
13,461
(13,907)
(446)		 2020
£
-
(205,762)
(205,762)

36 Liabilities of members

Under the Articles of Association all members undertake to contribute to the assets of the Charitable Company such an amount as may be required, not exceeding £1, in the event of it being wound up.

37 Subsidiary undertakings

At 31 December 2021 the Charitable Company controlled the following entities:

Results
Country of for the
incorporation Company Charity OSCR financial
/ registration number number number Reserves year
£ £
Coal Industry Social England - 1015581 SCO39529 40,871,104 2,811,644
Welfare
Organisation
Miners' Welfare England - 313246 SCO38771 - (70,929)
National Education
Fund
Coal Industry Social England 03153888 - - - -
Welfare
Organisation
(Trading) Limited
CISWO Charitable England 09263738 1163041 - - -
Property Services
Trust

39