2022-11-30-accounts

REGISTERED CHARITY NUMBER: 1195329

Audited Financial Statements for the Period 28 July 2021 to 30 November 2022

for

Garment and Textile Workers Trust

The Rowleys Partnership Ltd Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP

Garment and Textile Workers Trust

Contents of the Financial Statements for the Period 28 July 2021 to 30 November 2022

	Page
Reference and Administrative Details	1
Report of the Trustees	2 to 5
Report of the Independent Auditors	6 to 9
Statement of Financial Activities	10
Balance Sheet	11
Cash Flow Statement	12
Notes to the Cash Flow Statement	13
Notes to the Financial Statements	14 to 18
Detailed Statement of Financial Activities	19

Garment and Textile Workers Trust

Reference and Administrative Details for the Period 28 July 2021 to 30 November 2022

TRUSTEES D J Lindley (appointed 8.9.21) K M J McKeever (appointed 8.9.21) C Chung (appointed 8.9.21) T R Nelson (appointed 8.9.21) L Fonseca (appointed 8.9.21) (resigned 22.6.22) A C Tripney (appointed 8.9.21) PRINCIPAL ADDRESS The Smithy Sutton Lane Dingley Market Harborough Leicestershire LE16 8HL REGISTERED CHARITY NUMBER 1195329 AUDITORS The Rowleys Partnership Ltd Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP BANKERS HSBC 2-4 St Ann's Square Greater Manchester M2 7HD

Page 1

Garment and Textile Workers Trust

Report of the Trustees for the Period 28 July 2021 to 30 November 2022

The trustees present their report with the financial statements of the charity for the period 28 July 2021 to 30 November 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objectives are to provide grants, donations and support for textile and garment workers located in and around Leicester.

Significant activities

During this its first year of operation the Trust commissioned the Nottingham University Rights Lab and De Montfort University to undertake a review of the factors underpinning labour exploitation in Leicester's garment and textile industry. Its report 'Fashioning a Beautiful Future' was published in June 2022 and its findings and recommendations have formed the basis for the decisions by trustees about future funding priorities to address the ills identified in the report.

Public benefit

Trustees are aware of the Charity Commission's guidance on public benefit and have taken it into account when considering any decisions that they make on behalf of the charity, not least funding decisions.

Grantmaking

The Trust has yet to develop a policy on grant making but as a result of the Rights Lab report identified its initial funding priorities including English language and IT skills training, advocacy support and support to food banks. Trustees also agreed that, in the short term at least, the Trust would seek to work with established local grassroots organisations with a positive track record of delivery and engagement in the communities where many garment workers are drawn from.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

This report covers the first period of the Trust's operation during which time trustees considered amongst other matters the organisational support needed for it to deliver its charitable objectives. In addition to the Rights Lab report individual trustees attended public events and met with local organisations and persons as they considered the most appropriate way forward. As a result, it would later feel confident to make significant grants to local organisations with an established reputation for delivery to meet identified needs to deliver on three key priorities for our initial funding. These are provision of English Language training and education for garment workers, advocacy support to promote workers accessing and enforcing their rights and support to establish food banks situated in the garment and textile district to help workers with the cost-of-living crisis. During this time, trustees considered how best they could both support these organisations whilst being assured that they were delivering against the objectives and timetables agreed in the grant they received from the Trust.

Page 2

Garment and Textile Workers Trust

Report of the Trustees for the Period 28 July 2021 to 30 November 2022

ACHIEVEMENT AND PERFORMANCE

Fundraising activities

Whilst endowed initially by a significant one-off grant from boohoo Group plc trustees are mindful of the need to secure further funding. Discussions about both organisational support and fundraising would lead later to the engagement of an Engagement Manager whose role would include fundraising.

FINANCIAL REVIEW

Financial position

boohoo Group plc made an initial grant of £1 million to fund the work of the trust and a further contribution of £100,000 to meet 'set up' costs. These remain the trust's only source of income at this time.

The Trust ends its first period of operation with substantial reserves but anticipates being in a position to make decisions about the first tranche of donations to local community organisations in line with trustees' initial priorities and objectives. The balance of the startup funding received from boohoo Group plc will be held to fund ongoing organisational costs.

The total funds carried forward amounts to £991,909 of which £85,419 is the balance of the startup funding.

Investment policy and objectives

The trustees are mindful of the impact of inflation on the Trust's capital reserves and are exploring options for ensuring the best return on remaining capital.

Looking forward the trustees' aim is to hold sufficient reserves in easy access building society accounts to fund the balance of the grants made in the first tranche of donations. The remaining reserves will be held in a number of longer notice interest earning accounts.

Going concern

At this time the Trust is in a healthy financial position. Trustees have adopted a measured approach to future grant making having identified three clear initial priorities and with the realisation that to achieve the objectives and outcomes trustees desire a programme of targeted donations will likely be required over a number of years. This in turn will mean that the Trust will have to secure ongoing funding from external funders.

Early discussions by trustees identified a number of risks to its successful operation and the Trust's ability to deliver public benefit. The risks identified fall under four main headings: External, Financial, Operations and Partnerships. It is the intention of the trustees to develop an understanding of risks, not least by effective governance and management including a formal Risk Management policy.

FUTURE PLANS

The trustees aim to develop their own governance arrangements to reflect 'best practice' and to strengthen and broaden the composition of the board. They recognise the importance of ensuring that the Trust's initial tranche of grant funding achieves the objectives that will be agreed with grantees. To this end trustees aim to recruit a person to develop links with grantees and work with them to achieve the outcomes best described in the Right Labs report 'Fashioning a Beautiful Future'. Securing further funding will be essential to achieving the Trust's overall objectives and these outcomes. Trustees recognise that it will be a priority to develop a suite of employment-related policies to support them in their role as employer.

Page 3

Garment and Textile Workers Trust

Report of the Trustees for the Period 28 July 2021 to 30 November 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document formally adopted on 23 March 2022 and constitutes a Charitable Incorporated Organisation as registered with the Charity Commission on 28 July 2021.

Recruitment and appointment of new trustees

Trustees are mindful that the Trusts governing document allows for there to be up to twelve trustees. With the current trustees appointed on the same date the existing trustees are keen to minimise the risk of all being obliged by the Trust governing document to step down at the same time whilst also widening the personal, skills and experience profile of trustees.

Organisational structure

The Trust has enjoyed the benefit of pro bono secretariat and administrative support from Lowick, but trustees recognised that going forward such services will need to be put on a clearer i.e., fee-based service to cover the Trust's core functions. During this time accounting services have been provided to the Trust by Thornby Associates and it is anticipated that this will continue going forward. Trustees are of the view that these arrangements represent value for money and are appropriate for a Trust of this size. Trustees gratefully acknowledge the support from these organisations and for their help and guidance during this the Trust's first period. Trustees want also to acknowledge the pro bono legal advice and assistance they have received form Jade Saunders.

Trustees each have a network of contacts and knowledge of local organisations operating in the area. It will be their intention to seek to employ a suitably experienced person to engage with grantees and other organisations.

Related parties

Trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 12 to the accounts.

Trustees are required to disclose all relevant interests and if necessary to withdraw from discussions and decisions where a conflict of interest might arise. Declaration of Interest is a standing item on the agenda for Trust meetings.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

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

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

Page 4

Garment and Textile Workers Trust

Report of the Trustees for the Period 28 July 2021 to 30 November 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.

Approved by order of the board of trustees on 14 September 2023 and signed on its behalf by:

K M J McKeever - Trustee

Page 5

Report of the Independent Auditors to the Trustees of Garment and Textile Workers Trust

Opinion

We have audited the financial statements of Garment and Textile Workers Trust (the 'charity') for the period ended 30 November 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 30 November 2022 and of its incoming resources and application of resources, for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

In connection with our audit of the financial statements, 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 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.

Page 6

Report of the Independent Auditors to the Trustees of Garment and Textile Workers Trust

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

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

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

Report of the Independent Auditors to the Trustees of Garment and Textile Workers Trust

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial reporting frameworks (UK Generally Accepted Accounting Practice, Charities Act) and the relevant tax compliance regulations in the jurisdiction in which the charity operates;

• We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud;

• Our testing considered unusual or unexpected journal entries on a sample basis;

• We evaluated the assumptions and judgements used by management within significant accounting estimates and assessing if these indicate evidence of management bias;

• We tested significant transactions, in particular the evaluation of the business rationale for any which appear unusual or outside the charity's normal course of business;

• We assessed the appropriateness of the collective competence and capabilities of the engagement team by understanding the practical experience with audit engagements of a similar nature and complexity, plus ensuring the team had appropriate and relevant training of the financial reporting framework and the relevant tax compliance regulations specific to the entity.

• We reviewed the financial statements and tested the disclosures against supporting documentation;

• We communicated relevant matters to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 8

Report of the Independent Auditors to the Trustees of Garment and Textile Workers Trust

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

The Rowleys Partnership Ltd Statutory Auditors Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Chartered Accountants

Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP

Date: 15 September 2023

Page 9

Garment and Textile Workers Trust

Statement of Financial Activities for the Period 28 July 2021 to 30 November 2022

		Unrestricted
		fund
	Notes	£
INCOME AND ENDOWMENTS FROM
Donations and legacies	3	1,100,000
EXPENDITURE ON
Charitable activities	4
Research		79,170
Grant giving		28,921
Total		108,091
NET INCOME		991,909
TOTAL FUNDS CARRIED FORWARD		991,909

The notes form part of these financial statements

Page 10

Garment and Textile Workers Trust

Balance Sheet 30 November 2022

		Unrestricted
		fund
	Notes	£
CURRENT ASSETS
Cash at bank		1,011,330
CREDITORS
Amounts falling due within one year	10	(19,421)
NET CURRENT ASSETS		991,909
TOTAL ASSETS LESS CURRENT LIABILITIES		991,909
NET ASSETS		991,909
FUNDS	11
Unrestricted funds		991,909
TOTAL FUNDS		991,909

The financial statements were approved by the Board of Trustees and authorised for issue on 14 September 2023 and were signed on its behalf by:

K M J McKeever - Trustee

The notes form part of these financial statements

Page 11

Garment and Textile Workers Trust

Cash Flow Statement for the Period 28 July 2021 to 30 November 2022

Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities 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	£ 1,011,330 1,011,330 1,011,330 - 1,011,330

The notes form part of these financial statements

Page 12

Garment and Textile Workers Trust

Notes to the Cash Flow Statement for the Period 28 July 2021 to 30 November 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Increase in creditors Net cash provided by operations	£ 991,909 19,421 1,011,330

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash Cash at bank Total	At 28.7.21 £ - - -	Cash flow £ 1,011,330 1,011,330 1,011,330	At 30.11.22 £ 1,011,330 1,011,330 1,011,330

The notes form part of these financial statements

Page 13

Garment and Textile Workers Trust

Notes to the Financial Statements for the Period 28 July 2021 to 30 November 2022

1. CHARITY INFORMATION

Garment and Textile Workers Trust is a Charitable Incorporated Organisation registered with the Charity Commission for England and Wales. The address of the registered office is The Smithy, Sutton Lane, Dingley, Market Harborough, Leicestershire LE16 8HL.

The charity was registered on 28 July 2021 and these financial statements represent the results of the first accounting period.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 14

Garment and Textile Workers Trust

Notes to the Financial Statements - continued for the Period 28 July 2021 to 30 November 2022

2. ACCOUNTING POLICIES - continued

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the date of approving these financial statements. The budgeted income and expenditure is sufficient with the level of reserves, for the charity to be able to continue as a going concern.

Financial instruments

The charity only has financial assets and 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.

Cash at bank

Cash at bank includes short term highly liquid investments with a short maturity of three months or less from the date of acquisition on opening of the deposit or similar account.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

3. DONATIONS AND LEGACIES

Donations	£ 1,100,000

4. CHARITABLE ACTIVITIES COSTS

Research Grant giving	Direct Costs (see note 5) £ 79,170 - 79,170	Grant funding of activities (see note 6) £ - 6,000 6,000	Support costs (see note 7) £ - 22,921 22,921	Totals £ 79,170 28,921 108,091

continued...

Page 15

Garment and Textile Workers Trust

Notes to the Financial Statements - continued for the Period 28 July 2021 to 30 November 2022

5. DIRECT COSTS OF CHARITABLE ACTIVITIES Project expenses 6. GRANTS PAYABLE Grant giving 7. SUPPORT COSTS Governance Management costs £ £ Grant giving 14,581 8,340 Support costs, included in the above, are as follows: Travelling Conference attendance Internet charges Computer and software Insurance Subscriptions Marketing Auditors' remuneration 8. AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements

£ 79,170 £ 6,000 Totals £ 22,921 Grant giving £ 820 6,000 2,959 79 643 3,780 300 8,340 22,921 £ 8,340

The amount payable to the auditor was £8,340, including £7,020 for audit services and £1,320 for other services.

continued...

Page 16

Garment and Textile Workers Trust

Notes to the Financial Statements - continued for the Period 28 July 2021 to 30 November 2022

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 30 November 2022.

Trustees' expenses

There were no trustees' expenses paid for the period ended 30 November 2022.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accrued expenses MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS	Net movement in funds £ 991,909 991,909	£ 19,421 At 30.11.22 £ 991,909 991,909

11. MOVEMENT IN FUNDS

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 1,100,000 1,100,000	Resources expended £ (108,091) (108,091)	Movement in funds £ 991,909 991,909

continued...

Page 17

Garment and Textile Workers Trust

Notes to the Financial Statements - continued for the Period 28 July 2021 to 30 November 2022

12. RELATED PARTY DISCLOSURES

One of the trustees, K M J McKeever, is the managing director of Lowick Group Ltd. During the period, £16,675 of costs were paid by Lowick Group Ltd on behalf of the charity. These costs have now been reimbursed by the charity and there were no balances outstanding at the year end.

Page 18

Garment and Textile Workers Trust

Detailed Statement of Financial Activities for the Period 28 July 2021 to 30 November 2022

INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Charitable activities Project expenses Grants to institutions Support costs Management Travelling Conference attendance Internet charges Computer and software Insurance Subscriptions Marketing Governance costs Auditors' remuneration Total resources expended Net income	£ 1,100,000 1,100,000 79,170 6,000 85,170 820 6,000 2,959 79 643 3,780 300 14,581 8,340 108,091 991,909

This page does not form part of the statutory financial statements

Page 19

REGISTERED CHARITY NUMBER: 1195329

Audited Financial Statements for the Period 28 July 2021 to 30 November 2022

for

Garment and Textile Workers Trust

The Rowleys Partnership Ltd Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP

Garment and Textile Workers Trust

Contents of the Financial Statements for the Period 28 July 2021 to 30 November 2022

	Page
Reference and Administrative Details	1
Report of the Trustees	2 to 5
Report of the Independent Auditors	6 to 9
Statement of Financial Activities	10
Balance Sheet	11
Cash Flow Statement	12
Notes to the Cash Flow Statement	13
Notes to the Financial Statements	14 to 18
Detailed Statement of Financial Activities	19

Garment and Textile Workers Trust

Reference and Administrative Details for the Period 28 July 2021 to 30 November 2022

TRUSTEES D J Lindley (appointed 8.9.21) K M J McKeever (appointed 8.9.21) C Chung (appointed 8.9.21) T R Nelson (appointed 8.9.21) L Fonseca (appointed 8.9.21) (resigned 22.6.22) A C Tripney (appointed 8.9.21) PRINCIPAL ADDRESS The Smithy Sutton Lane Dingley Market Harborough Leicestershire LE16 8HL REGISTERED CHARITY NUMBER 1195329 AUDITORS The Rowleys Partnership Ltd Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP BANKERS HSBC 2-4 St Ann's Square Greater Manchester M2 7HD

Page 1

Garment and Textile Workers Trust

Report of the Trustees for the Period 28 July 2021 to 30 November 2022

The trustees present their report with the financial statements of the charity for the period 28 July 2021 to 30 November 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objectives are to provide grants, donations and support for textile and garment workers located in and around Leicester.

Significant activities

During this its first year of operation the Trust commissioned the Nottingham University Rights Lab and De Montfort University to undertake a review of the factors underpinning labour exploitation in Leicester's garment and textile industry. Its report 'Fashioning a Beautiful Future' was published in June 2022 and its findings and recommendations have formed the basis for the decisions by trustees about future funding priorities to address the ills identified in the report.

Public benefit

Trustees are aware of the Charity Commission's guidance on public benefit and have taken it into account when considering any decisions that they make on behalf of the charity, not least funding decisions.

Grantmaking

The Trust has yet to develop a policy on grant making but as a result of the Rights Lab report identified its initial funding priorities including English language and IT skills training, advocacy support and support to food banks. Trustees also agreed that, in the short term at least, the Trust would seek to work with established local grassroots organisations with a positive track record of delivery and engagement in the communities where many garment workers are drawn from.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

This report covers the first period of the Trust's operation during which time trustees considered amongst other matters the organisational support needed for it to deliver its charitable objectives. In addition to the Rights Lab report individual trustees attended public events and met with local organisations and persons as they considered the most appropriate way forward. As a result, it would later feel confident to make significant grants to local organisations with an established reputation for delivery to meet identified needs to deliver on three key priorities for our initial funding. These are provision of English Language training and education for garment workers, advocacy support to promote workers accessing and enforcing their rights and support to establish food banks situated in the garment and textile district to help workers with the cost-of-living crisis. During this time, trustees considered how best they could both support these organisations whilst being assured that they were delivering against the objectives and timetables agreed in the grant they received from the Trust.

Page 2

Garment and Textile Workers Trust

Report of the Trustees for the Period 28 July 2021 to 30 November 2022

ACHIEVEMENT AND PERFORMANCE

Fundraising activities

Whilst endowed initially by a significant one-off grant from boohoo Group plc trustees are mindful of the need to secure further funding. Discussions about both organisational support and fundraising would lead later to the engagement of an Engagement Manager whose role would include fundraising.

FINANCIAL REVIEW

Financial position

boohoo Group plc made an initial grant of £1 million to fund the work of the trust and a further contribution of £100,000 to meet 'set up' costs. These remain the trust's only source of income at this time.

The Trust ends its first period of operation with substantial reserves but anticipates being in a position to make decisions about the first tranche of donations to local community organisations in line with trustees' initial priorities and objectives. The balance of the startup funding received from boohoo Group plc will be held to fund ongoing organisational costs.

The total funds carried forward amounts to £991,909 of which £85,419 is the balance of the startup funding.

Investment policy and objectives

The trustees are mindful of the impact of inflation on the Trust's capital reserves and are exploring options for ensuring the best return on remaining capital.

Looking forward the trustees' aim is to hold sufficient reserves in easy access building society accounts to fund the balance of the grants made in the first tranche of donations. The remaining reserves will be held in a number of longer notice interest earning accounts.

Going concern

At this time the Trust is in a healthy financial position. Trustees have adopted a measured approach to future grant making having identified three clear initial priorities and with the realisation that to achieve the objectives and outcomes trustees desire a programme of targeted donations will likely be required over a number of years. This in turn will mean that the Trust will have to secure ongoing funding from external funders.

Early discussions by trustees identified a number of risks to its successful operation and the Trust's ability to deliver public benefit. The risks identified fall under four main headings: External, Financial, Operations and Partnerships. It is the intention of the trustees to develop an understanding of risks, not least by effective governance and management including a formal Risk Management policy.

FUTURE PLANS

The trustees aim to develop their own governance arrangements to reflect 'best practice' and to strengthen and broaden the composition of the board. They recognise the importance of ensuring that the Trust's initial tranche of grant funding achieves the objectives that will be agreed with grantees. To this end trustees aim to recruit a person to develop links with grantees and work with them to achieve the outcomes best described in the Right Labs report 'Fashioning a Beautiful Future'. Securing further funding will be essential to achieving the Trust's overall objectives and these outcomes. Trustees recognise that it will be a priority to develop a suite of employment-related policies to support them in their role as employer.

Page 3

Garment and Textile Workers Trust

Report of the Trustees for the Period 28 July 2021 to 30 November 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document formally adopted on 23 March 2022 and constitutes a Charitable Incorporated Organisation as registered with the Charity Commission on 28 July 2021.

Recruitment and appointment of new trustees

Trustees are mindful that the Trusts governing document allows for there to be up to twelve trustees. With the current trustees appointed on the same date the existing trustees are keen to minimise the risk of all being obliged by the Trust governing document to step down at the same time whilst also widening the personal, skills and experience profile of trustees.

Organisational structure

The Trust has enjoyed the benefit of pro bono secretariat and administrative support from Lowick, but trustees recognised that going forward such services will need to be put on a clearer i.e., fee-based service to cover the Trust's core functions. During this time accounting services have been provided to the Trust by Thornby Associates and it is anticipated that this will continue going forward. Trustees are of the view that these arrangements represent value for money and are appropriate for a Trust of this size. Trustees gratefully acknowledge the support from these organisations and for their help and guidance during this the Trust's first period. Trustees want also to acknowledge the pro bono legal advice and assistance they have received form Jade Saunders.

Trustees each have a network of contacts and knowledge of local organisations operating in the area. It will be their intention to seek to employ a suitably experienced person to engage with grantees and other organisations.

Related parties

Trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 12 to the accounts.

Trustees are required to disclose all relevant interests and if necessary to withdraw from discussions and decisions where a conflict of interest might arise. Declaration of Interest is a standing item on the agenda for Trust meetings.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

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

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

Page 4

Garment and Textile Workers Trust

Report of the Trustees for the Period 28 July 2021 to 30 November 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.

Approved by order of the board of trustees on 14 September 2023 and signed on its behalf by:

K M J McKeever - Trustee

Page 5

Report of the Independent Auditors to the Trustees of Garment and Textile Workers Trust

Opinion

We have audited the financial statements of Garment and Textile Workers Trust (the 'charity') for the period ended 30 November 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 30 November 2022 and of its incoming resources and application of resources, for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

In connection with our audit of the financial statements, 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 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.

Page 6

Report of the Independent Auditors to the Trustees of Garment and Textile Workers Trust

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

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

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

Report of the Independent Auditors to the Trustees of Garment and Textile Workers Trust

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial reporting frameworks (UK Generally Accepted Accounting Practice, Charities Act) and the relevant tax compliance regulations in the jurisdiction in which the charity operates;

• We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud;

• Our testing considered unusual or unexpected journal entries on a sample basis;

• We evaluated the assumptions and judgements used by management within significant accounting estimates and assessing if these indicate evidence of management bias;

• We tested significant transactions, in particular the evaluation of the business rationale for any which appear unusual or outside the charity's normal course of business;

• We assessed the appropriateness of the collective competence and capabilities of the engagement team by understanding the practical experience with audit engagements of a similar nature and complexity, plus ensuring the team had appropriate and relevant training of the financial reporting framework and the relevant tax compliance regulations specific to the entity.

• We reviewed the financial statements and tested the disclosures against supporting documentation;

• We communicated relevant matters to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 8

Report of the Independent Auditors to the Trustees of Garment and Textile Workers Trust

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

The Rowleys Partnership Ltd Statutory Auditors Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Chartered Accountants

Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP

Date: 15 September 2023

Page 9

Garment and Textile Workers Trust

Statement of Financial Activities for the Period 28 July 2021 to 30 November 2022

		Unrestricted
		fund
	Notes	£
INCOME AND ENDOWMENTS FROM
Donations and legacies	3	1,100,000
EXPENDITURE ON
Charitable activities	4
Research		79,170
Grant giving		28,921
Total		108,091
NET INCOME		991,909
TOTAL FUNDS CARRIED FORWARD		991,909

The notes form part of these financial statements

Page 10

Garment and Textile Workers Trust

Balance Sheet 30 November 2022

		Unrestricted
		fund
	Notes	£
CURRENT ASSETS
Cash at bank		1,011,330
CREDITORS
Amounts falling due within one year	10	(19,421)
NET CURRENT ASSETS		991,909
TOTAL ASSETS LESS CURRENT LIABILITIES		991,909
NET ASSETS		991,909
FUNDS	11
Unrestricted funds		991,909
TOTAL FUNDS		991,909

The financial statements were approved by the Board of Trustees and authorised for issue on 14 September 2023 and were signed on its behalf by:

K M J McKeever - Trustee

The notes form part of these financial statements

Page 11

Garment and Textile Workers Trust

Cash Flow Statement for the Period 28 July 2021 to 30 November 2022

Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities 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	£ 1,011,330 1,011,330 1,011,330 - 1,011,330

The notes form part of these financial statements

Page 12

Garment and Textile Workers Trust

Notes to the Cash Flow Statement for the Period 28 July 2021 to 30 November 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Increase in creditors Net cash provided by operations	£ 991,909 19,421 1,011,330

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash Cash at bank Total	At 28.7.21 £ - - -	Cash flow £ 1,011,330 1,011,330 1,011,330	At 30.11.22 £ 1,011,330 1,011,330 1,011,330

The notes form part of these financial statements

Page 13

Garment and Textile Workers Trust

Notes to the Financial Statements for the Period 28 July 2021 to 30 November 2022

1. CHARITY INFORMATION

Garment and Textile Workers Trust is a Charitable Incorporated Organisation registered with the Charity Commission for England and Wales. The address of the registered office is The Smithy, Sutton Lane, Dingley, Market Harborough, Leicestershire LE16 8HL.

The charity was registered on 28 July 2021 and these financial statements represent the results of the first accounting period.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 14

Garment and Textile Workers Trust

Notes to the Financial Statements - continued for the Period 28 July 2021 to 30 November 2022

2. ACCOUNTING POLICIES - continued

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the date of approving these financial statements. The budgeted income and expenditure is sufficient with the level of reserves, for the charity to be able to continue as a going concern.

Financial instruments

The charity only has financial assets and 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.

Cash at bank

Cash at bank includes short term highly liquid investments with a short maturity of three months or less from the date of acquisition on opening of the deposit or similar account.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

3. DONATIONS AND LEGACIES

Donations	£ 1,100,000

4. CHARITABLE ACTIVITIES COSTS

Research Grant giving	Direct Costs (see note 5) £ 79,170 - 79,170	Grant funding of activities (see note 6) £ - 6,000 6,000	Support costs (see note 7) £ - 22,921 22,921	Totals £ 79,170 28,921 108,091

continued...

Page 15

Garment and Textile Workers Trust

Notes to the Financial Statements - continued for the Period 28 July 2021 to 30 November 2022

5. DIRECT COSTS OF CHARITABLE ACTIVITIES Project expenses 6. GRANTS PAYABLE Grant giving 7. SUPPORT COSTS Governance Management costs £ £ Grant giving 14,581 8,340 Support costs, included in the above, are as follows: Travelling Conference attendance Internet charges Computer and software Insurance Subscriptions Marketing Auditors' remuneration 8. AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements

£ 79,170 £ 6,000 Totals £ 22,921 Grant giving £ 820 6,000 2,959 79 643 3,780 300 8,340 22,921 £ 8,340

The amount payable to the auditor was £8,340, including £7,020 for audit services and £1,320 for other services.

continued...

Page 16

Garment and Textile Workers Trust

Notes to the Financial Statements - continued for the Period 28 July 2021 to 30 November 2022

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 30 November 2022.

Trustees' expenses

There were no trustees' expenses paid for the period ended 30 November 2022.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accrued expenses MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS	Net movement in funds £ 991,909 991,909	£ 19,421 At 30.11.22 £ 991,909 991,909

11. MOVEMENT IN FUNDS

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 1,100,000 1,100,000	Resources expended £ (108,091) (108,091)	Movement in funds £ 991,909 991,909

continued...

Page 17

Garment and Textile Workers Trust

Notes to the Financial Statements - continued for the Period 28 July 2021 to 30 November 2022

12. RELATED PARTY DISCLOSURES

One of the trustees, K M J McKeever, is the managing director of Lowick Group Ltd. During the period, £16,675 of costs were paid by Lowick Group Ltd on behalf of the charity. These costs have now been reimbursed by the charity and there were no balances outstanding at the year end.

Page 18

Garment and Textile Workers Trust

Detailed Statement of Financial Activities for the Period 28 July 2021 to 30 November 2022

INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Charitable activities Project expenses Grants to institutions Support costs Management Travelling Conference attendance Internet charges Computer and software Insurance Subscriptions Marketing Governance costs Auditors' remuneration Total resources expended Net income	£ 1,100,000 1,100,000 79,170 6,000 85,170 820 6,000 2,959 79 643 3,780 300 14,581 8,340 108,091 991,909

This page does not form part of the statutory financial statements

Page 19

REGISTERED CHARITY NUMMEIL. 1195329 Audlte¢l Flnanclal Statements for the Perlod 28 July 2021 to 30 November 2022 for Garment and T•xtlle Workers Trust The Rowieys Partnershlp Ltd Statutory Audltors Chartered Accountants Chamwood House Harcourt Way h*rfdian Business Park Leicester Leicestershire LE19 1WP

Garnient and Textlle Workers Trust Contents of the Flnandal Statements for the Perlod 28 July 2021 to 30 November 2022 Pa8è Reference and Admlnlstratlve D•talls Report of the Trustees 2 to 5 Rep¢*t of the Independent Audltors Statement of FlTrandal Actlvftl•s Balancp Sheèt 10 11 Cash Flow staten￿nt 12 Notes to the Cash Flow Statement Not•s to th• Flnanclal Stat•ments Detalled Statement of Flnandal Actlvltl 13 14 to 18 19

Garment and Textlle Workers Trurt Reference and Admlnlstratlve Detalls for the Perlod 28 July 2021 to 30 November 2022 TRUSTEES D J Lindley lapyK)Inted 8.9,21} K M J McKeever lappotnted 8.9.211 C Chun8 lappolnted 8.9.211 T R Nelson lappolnted 8.9.211 L FcYb5Ka lappolnted 8.9.21 I Ire51gned 22.6.221 A C Tripney lappolnted 8.9.211 PRINCIPAL ADDRESS The Smlthy Sutton Lane D6n8ley Market Harborough Lelcegtershire LE16 8HL REGISTERED CHARifi NUMBER 1195329 AUDITORS The Rowleys Partnerrthlp Ltd Statutory Auditor5 Chartered Accountants charnwl￿d House Harcourt Way Merldlan Buslness Park Lelcester Lelcestershlre LE19 1WP BANKERS HSBC 2-4 St Ann's Square Greater Manchester M2 7HD Page 1

Garnient and Text51e Workers Trust Report of the Trustees for the Perlod 28 July 2021 to 30 November 2022 The trustees present their report with the flnancial statements of the charlty for the period 28 July 2021 to 30 November 2022. The Irustees have adopted the prowsions of Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charitle5 preparing thelr accounts in accordance wlth the Financlal Reporting Standard applicable in the UK and Republlc of Ire(and IFRS 1021 leffectlve 1 January 20191. The financial statements have been prepared In accordance with the accountlnq pollcles t out In the notes to the accounts and comply wlth the charity's governlng document, the Charitie5 Act 2011 and Accounting and Reporting by Chadties.. Statement of Recommended Practice appllcable to charlties preparing ihelr accounts In accordance wlth the Financial Reportlng Standard applicable in the UK and Republic of Ireland published in October 2019, OBJECTIVES AND ACTIVITIES Objectives and aims The charlty's oblectlves are to provlde grants, donatlon5 and support for textlle and qarment workers I￿ated in and around Leicester. Sllniflcant actlvltles Durlng th15 Its flr5t year of operatlon the Trust commlssioned the Nottlngham University Rlghts Lab and De Montfort Unlversity to undertake a re￿eW of the faclors underpinnlng labour exploltation In Lelceslerfs garment and iextlle Industry. Its report 'Fashionln8 a Beautiful Future, was published ?n June 2022 and Its findlng5 and recommendations have formed the bas15 for the declslons by trustees about future fundin4 prforitles to address the Ills Identlfled In the report. Publlc beneflt Trustees are aware of the Charity C¢Jffjmlsslon's guldance on public beneflt and have taken it into account when consldering any deci51ons that they make on behalf of the charityi not least fundlng declslons. Grantmakln8 The Trust ha5 yet to develop a pollcy on 8rant maklng but as a result of the Rlshts Lab report Identlfled its initlal fundin8 prioritles including English langua8e and IT sk1115 training, advocacy support and support to food banks. Trustee5 also agreed that, in the short term at least, the Trust would seek to work with established local grassroots or8an15atlcffls with a posltlve track record of delivery and engagement In the communltle5 where many garment workers are drawn from. ACHIEVEMENT AND PERFORAANCE Charltable actlvltles Th15 reporl covers the fSrst pedod of the Trust's operation durln8 which time trustee5 considered amongst other rnatters the orqanisational support needed for It to deliver Its charitable obSeclives. In addition to the Rights Lab report individual trustees attended public events and met Mth local organisations and persons as they considered the most appropriate way forward. As a result, it would later feel confldent to make signlficant grants to I￿al organisations ￿th an e5tab115hed reputation for delivery to meet Identlfied needs to dellver on three key prior5ties for our inltlal funding. These are provislon of English LangLage training and educatlon for garment workers, advocacy support to promote workers actesslng and enforcing thelr rights and support to establish food banks situated in the garrnent and textile di5tr5ct to help workers with the cost-of-living crisls. During th?S lime, trustees considered how best they could both support these organi5atlon5 whilst being assured that they were del?vering agalnst the objeclives and limetables agreed in the grant they received from the Trnst. Pa8e 2

Garment and Textlle Workers Trust Report of the Trustees for the Period 28 July 2021 to 30 November 2022 ACHIEVEMENT AND PERFOMKE Fundralslng actlvltles Whilsl endowed initially by a significant one-off grant from ttrjohoo Group plc trustees are mlndful of the need to secure further fundlng. Discussions about both or8ani5atlonal Support and fundraising would lead later to the engagement of an Engagement hlanager whose role would Include fundraising. FINANCIAL REVIEW Flnandal posltlon boohoo Group plc made an Inltlal grant of £1 rnllllon to fund the work of the trust and a further ontrlbutlon of £11J).OCQ to meet '5et up. costs. These remaln the tru5t'5 only source of income at thls tlme. The Trust ends Its flrst peric*J of operatlon wlth substantial re5erve5 but antlclpate5 being In a posltlon to make declslon5 about the first tranche of donatlons to local community organlsatlons In Ilne wlth trustees, Inltlal prforltles and objectlves. The balance of the startup funding recelved from booh¢JO Group plc will be held to fund ongolng organlsdtlonal costs. The total funds carrbed fonyard amounts to £991,909 of whlch £85,419 Is the balance of the startup fundlng. Investmgnt pollcy and oblectlves The trustee5 are mlndful of the impact of Inflatlon on the Trust's capltal reserves and a￿ explodn8 option5 for en5urlng the best return on remalnlng capltal. Looklng forward the trustees, alm Is to hold sufflclent ￿SerVeS In easy acce55 bulldln8 soclety accounts to fund the balance of the grants fflade In the first tranche of donatlons. The remalnlng reserye5 VAII be held In a number of longer notice interest eamlng accounts. Golng concern At thls tlme the Trust Is In a healthy flnancial p051tlon. Trustees have adopted a measured approach to future grant making havlng identified three clear initial priorltles and with the reallsatlon that to achleve the objectives and outcomes trustees deslre a pro8ramme of targeted donatlons wlll Ilkely be required over a number ol years. Thls In turn wlll mean that the Tnjst wlll have to secure ongolng funding from external funders. Early dlscu55ion5 by trustees identlfle¢i a number of ri5k5 to It5 successful operation and the Trust's abillty to dellver publlc benefit. The r15k5 Identlfled fall under four maln headlngs.. External, Flnanclal, Operations and Partnerships. It is the Intentlon of the trustees to develop an understanding of risk5, not least by effectlye governance and management Including a formal Risk Management policy. FLrruRE PLANS The tru5tee5 aim to (Jevelop thelr own govemance arrangements to reflect 'best practice, an(i to strengthen and broaden the cornp05ition of the board. They recogni5e the Imwrtance of ensuring that the Trust'5 initial tranche of grant funding achieves the ￿)eCtIveS that will be agreed with grantees. To this end trustees aim to recrult a person to develop links with granlees and work with them to aehieve the outcome5 best dexribed in the Right Labs report 'Fashionin£ a Beautiful Future,. Securing further fundln8 will be essential to achievlng the Trust'5 overall obJectlve5 and these outcomes. Trustees recognise that It will be a prlorfty to develop a suite of employment-related policie5 to support thern in their role as employer. Page 3

Garment and Textlle Workers Trust Report of the Tr4JStees for Perlod 28 Jufy 2021 to 30 November 2022 STRUCTURE. GOVERNANCE AND MANAGEMEKr Governlng document The charity is controlled by Its govemlng document formally adopted on 23 March 2022 and constitutes a Charltable Incorporated Organlsation as reglstered wtth the Charlty Commisslon on 28 July 2021. Recrultment and appointment of new trustees Trustees are mlndful that the Trusts governing document allows for the￿ to be up to twelve trustee5. With the current trustees appointed on the same date the existlng trustees are keen to mlnimlse the risk of all belng obliged by the Trust governlng document to step down at the same tlme whllst a150 widenlng the personal, 5k1115 and experience profile of trustees. Or8an15atlonal structure The Trust has enloyed the beneflt of pro bono secretarlat and adminlstrative suptK*rt from Lowtck but trustees recogni5ed that golng forward such services wlll need to be put on a Clea￿ r l.e., fee-based servlce to cover the Trust'5 core lunctlons. Durlng thi5 tlme accountpn8 service5 have been provided to the Trust by Thornby A550ciates and It Is anticipated that this wlll conllnue golng forward. Trustee5 are of the vlew Lhat these arrangements rep￿sent value for money and are approprtate for a Trust of thi5 size. Trustees gratefully acknowledge the support from these organi5atlC¥ls and for their help and guidance durln8 this the Trust's first pedod. Trustees want also to acknowledge the pro bono legal advice and asslstance they have received form Jade Saunders. Trustees each have a network of contacts and knowledge of local or8anlsatlons operatln8 In the area. It will be their intentlon to seek to employ a sultably experlenced person to en8age wlth 8rantees and other organlsa¢ions. Related partles Trustee5 give of thelr tlme freely and no trustee remuneratlon was pald In the year. Detai15 of trustee expenses and related party transactlon5 are disclosed in note 12 to the accounts. Trustees are required to disclose all relevant Interests and If nece55ary to ¥￿thdraW from dlscus5ions and dec151ons where a tonfllct of Interest might ar15e. Declaratlon of Interest Is a standin8 Item on the agenda for Trust meetings. STATEMENT OF TRUSTEES, RESPONSIBILMES The trustees are responslble for preparlng the Report of the Trustees and the flnanclal statements In accordance with appllcable law and United Klnqdom Accountin8 Standards Iunlted Kingdom Generally Accepted Accounting Practicel includlng Financlal Reportin8 Standard 102 'The Financial Reportlng Standard appllcable In the UK and Republlc of Ireland" The law appllcable to charftles In En8land and Wales. the Charlties Act 2011, Charlty IAccount5 and Reportsl Regula¢lons 2¢J)8 and the provisions of the trust deed reqLtires the trustees to P￿pare financial statements for each flnanclal year w17ich give a true and fair view of the state of affair5 of the charity and of the incoming resources and appllcatlon of resources, includlng the Income and expenditure, of the charity for that perlod. In preparing those flnanclal statements, the trustee5 are required to select suitable accounting policies and ihen apply them consistently. ¢)b5erve the method5 and principle5 in the Charity SORP. make judgements and estimates that are reasonable and prudent. State whether applicable accounting Standards have been followed, Subject to any material departure5 disclosed and explained in the flnancial statements; prÈpare the financlal statements on the going concern basls unless It Is inappropriate to presume that the charity will continue in buslness. Page 4

Garment and Textllè Workers Trust Report of the Tn￿te•S for the Perlod Z8 July 20Z1 to 30 November 2022 srATEMENT OF TRUSTEES. RESPONSIBIUTIES- contlnued The trustees are responsible for keeplng proper acccuntfng records whlch dlsclr￿ ￿th reasonable accuracy at any time the flnanclal position of the chartty and to enable them to ensure that the flnanclal statements comply wtth the Charitie5 Act 2011. the Charfty (Accounts and Reports) Regulatlons 2(U and the pmwsions of the trust deed. They are also responsible for safe8uardinR the assets of the charity and hence for tskln8 reasonable steps for the prevention and detec￿on of fraLhJ and other Irreqularftles. Approved by order of the board of trustees on behalf by: .It....Sii.tw.&e/ £ozs: slqned on Its J McKeever . Trust Pa4e 5

Report of the Independent Audltors to the Trustees of Garment and Textlle Worker5 Trust Op?nlon We have atjdited the financial statements of Garment and Textile Workers Trust Ithe 'chartty'l for the period ended 30 November 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, includlng a summary of significant accounting policies. The flnancial reporting framework ihat has LEen applied in theif preparation is applicable law and Unlted Kingdom Accounting Standard5 Iunlted Klngdorn Generally Accepted Accountlng Practice). 5ncludlng Financlal ReportTng Standard 102 The Flnanclal Reporting Standard applicable in the UK and Republic of Ireland.. In our oplnlon the flnanclal statements.. give a true and fair vlew of the state of the charity's affalrs as at 30 November 2022 and of Its Incomln8 resource5 and applicalion of re%yJrces, for the period then ended. have been properly prepared sn accordance with United Kingdom Generally Accepted kcounting Practoce, Sncluding Financial Reportlng Standard 102 The Flnanclal Reportlng Standard applicable In the UK and RepublSc of Ireland,; and have been prepared In accordance with the requlrernents of the Charfjtles Art 2011. Basls for oplnion We conducted our audlt In accordance with Internatlonal Standards on Audltlng IUKI IISAS IUKII and appllcable law. Our re5ponsibi15tles under those standards are further descrfbed in the Auditors, re5ponslbilitles for the audit of the flnancial staternents Section of our report. We are independent of the charity In accordance with the ethical requlrements that are relevant to our audit of the f5nanclal statements Sn the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethlcal re5ponslbillties in accordance wlth these requlrement5. We belleve that the aLKIIt e￿dence we have obtalned Is sufficient and approprlate to provlde a basi5 for our oplnion. Concluslon5 relatln8 to lo1￿ concom In auditing the financlal statements, we have concluded that the trustees, use of the 8oln8 concem ba515 of accountlng In the preparation of the flnancial statements Is approprlate. Based on the work we have perforrned, we have not Identified any materlal uncertalntles relatlng to events or condltions that. Individually or collectivdy. may cast signlflcant doubt on the charlty's ablllty to continue as a goinB concern for a period of ai least twelve months frNn when the financlal Statements are authorised for issue. Our responslbilitles and the re5ponslbllltles of the trustees wlth respect to golng concern are descrlbed In the relevant sectlons of this report. Other Inforniatlon The trustees are respon51ble for the other Informatlon. The other Informatlon comprises the information Included In the Annual Report, other than flnanclal statements and our Report of the Independent Auditors thereon. Our opinion on the flnanclal statements does not cover the other Information and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. In connection wlth our aydlt of the financlal Statements. our re5ponsibllity Is to read the other Information and, in dolng so, conslder whether the other ir*formation 15 materially incons?5tent Mth the flnanclal 5tatefflents or our knowledge obtaTned in the audlt or otheThrfse appear5 to be matedally misstated. If we identify such matedal incons?5tencie5 or apparent material misstatements, we are required to detemiine whether this glves rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied. we conclude that there is a material misstatement of thFS other informati¢Jn. we a￿ required to report that fatt. We have nothTng to re￿rt In this regard. Page 6

Report of the Independent Audltor5 to the Trustees of Gament and Textile Workers Trust Matters on which we are requlred to report by exceptlon We have nothing to report In respect of the following matters where the Charities (Accounts and Rep￿ts Regulations 2c¥)8 requires us to report to you if, In our oplnlon.. the Informatlon given in the RetM)rt of the Tru5tee5 is inconsistent in any material respect with the flnatKial statement5; or sufficient accountirbg records have not been kept. or the flnanclal statement5 are not In agreement wlth the accountlng records and retums. or we have not recelved all the Informatlon and explanatiorbs we require for our audit. Responslbllitles of trustees As explalned more fully in the Statement of Trustee5' Resp￿sIbIlItIeS. the trustee5 are re5pon51ble for the preparation of the flnanclal statement5 whlch glve a true and fair vlew, and for such internal control as the trustees determlne Is necessary to enable the preparatlon of financial statements th4t are free from material mls5tatement, whether due to fraud or errol. In preparing the flnanclal statements, the trustees are responslble for asse551ng the charlt¥s ablllty to ondnue as a 8oln8 concern, dlsc1051ng, as appllcable, matter5 related to golng c1￿Cern and uslng the 801n8 cwcem bas15 of accountlng unless the trustees elther Intend to liquidate the char(ty or to cease operatiM5, or have no reallstk alternative but to do so. Page 7

Report of the Independent Audltor5 to the Trustees of Garment and Textlle Workers Trust Our responsibilitles for the audlt of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance wlth the Act and ￿levant regulations made or having effect thereLtnder. Our objectives are to obtaln reasonable assurance abgut whether the financial statement5 as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that include5 our opinion. Reasonable assurance is a hlgh level of assurance, but is not a guarantee that an audlt conducted in accordance wtth ISA5 IUKI S￿11 always detecl a material misstatement when it exists. Misstaternents can arise from fraud or error and are considered materlal Tf. Individually or in the a88￿8ate, they could reasonably be expected to Irifluence the economic decisions of user5 taken on the basis of these flnanclal 5talements. The extent to whlch our procedu￿ are capable of detectln8 irregularStles. Includlnq fraud Is detailed below: We obtalned an understanding of the legal and regulatory frameworks that are appllcable to the charity and determlned that the most 5ignlflcant whlch are dlrectly relevant to speclfic a55erLlons in the financial statements are those related to the flnanclal reporting frameworks (UK Generally Accepted Accounting Practice. Charities Act) and the relevant tax compllance wulatlon5 in the JLtrisd5ction in which the charity operates. We enqu5re(l of management whether they were aware of any 5nstance5 of non-compllano wlth law5 and regulotlon5 or whèther they had any knowledge of aclual, suspected or alleged fraud; Our testing consldered unusual or unexpected Journal entrle5 on a sample ba5?5: We evaluated the a55umptlon5 and Judgements Used by management wlthin $18niflcant accountlng estlmates and as5e5s1ng Sf these Indlcate evidente of fflanagement bias,. We tested 5ignlficant transactlon5, in particular the evaluation of the buslr*ss ratlonale for any whlch appear unusual or outside the charlty's normal course of buslne5S; We assessed the appropriateness of the collectlve competence and capabllltles of the engagement team by under5tandln8 the practical experience with audi¢ engagements of a slmilar nature and complexilyi plus en5urlnq the team had approprlate and relevant trainlng of the flnancial reportlng framework and the relevant tax compliance regulatlons specific to the entlty. We reviewed the financial Statements and teste(I the dlsclosure5 against supportln8 documentation. We communicated relevant matters to all members of the audlt team to ensure they understood the rlsks specific to the entity and the audit procedures planned to mitlgate these, Because of the Inherent Ilmltatlons of an audlt, there 15 a risk that we wlll not detect all Irregularltle5 Ir5cluding those leading to a materlal mlsstatement in the financlal statements or non-compliance with regulatlon. Th15 risk Increases the more that compliance wth a law or regulation is removed from the even¢5 and transaction5 reflected In the financial statements, as we will be less likely to become aware of Instances of non-compllance. The risk is a150 greater regarding Irregularltles occurrlng due to frautj rather than error, as fraud involves intentional concealment, forgeryp collusic￿, omi55ion or mFsrepresentation. A further descriptlon of our responsibilltles for the audlt of the financial 5tatement5 Is located on the Financial Rep)rtin8 Council's website at www.frc.org.uk/audltorsresponsibilities. This de5CriPtion forrns part of our Report of the Independent Audltor5. Page 8

Report of the Independent Auditors to the Trustee5 of Garment and Textlle Workers Trust Use of our report Thi5 report is made solely to the charity's trustees, as a bthjy, In accordance Part 4 of the Chhrltles (Accounts and RerKJrtsl Regulations 2008. Our audit work has t*en undertaken so that we might state to the charity'5 trustees those rnatter5 we are required to state to them In an auditors, rewrt and for no other purpose. To the fullest extent pern)Itted by law, we do not accept or assume responsibility to anyone other than the charity and the charltys trustees as a trt)dy, for our audlt wod(. for thi5 report. or for the opinions we have formed. The Rowieys Partnership Ltd Statutory Auditors Ellglble to act as an audltor In terms of 5ertlon 1212 of the Companles Act 2(K16 Chartered Accountants Charnwood Fk)u5e Harcourt Way Meridian Buslness Park Lelcester Lelcestershlre LE19 1WP Date: Page 9

Garment and TextTle Workers Trust Statement of Flnanclal Activltles for the Perlod 28 July 2021 to 30 November 2022 Unrestricted fund INCOME AND ENDOWMENTS FROM D￿atIOnS and legacles Notes EXPENDITURE ON Charltable actlvltles Research Grant givlnq 79,170 Total NET INCOME 991,909 TOTAL FUND5 CARRIED FORWARD 991 909 The notes form part of these flnancial statements Page 10

Garnient and Textlle Worker5 Trust Balance Sheét 30 November 2022 Unrestrlrted fur CURRENT ASSET5 Ca$h at bank CREDITORS Al￿Trts falllng due wlthln one year 1,011.330 10 (19,421) NET CURRENT ASSETS TOTAL ASSEfs LESS CURRENT LIA81LmES 991,909 NEf ASSETS FUNDS Unrestrtcted funds 991 909 11 TOTAL FUNDS The flnandal statements were approved by the 8oard of Trustees and authoN5ed for Issue on and were slgned on Its behalf by.. K hi J McKeever- Trust The note5 form part of these financlal statements Page 11

Garment and Textile Workers Trust Cash Flow Statement for the Perlod 28 July 2021 to 30 November 2022 Notes Cash Ilows from oporatlnR actlyltles Cash oenerated froffl operations 1011 330 Net cash proylded by operatlng actfvltles 1 011 330 Chan8e In cash and cash equfvalents In the reportlng perlod Cash and cash equlvalents at the b•ilnnlni of the reportlnq pwlod Cash and cash equlvalents at the end of th• reportlno p•dod 1,011,330 1 011 330 The notes form part of these financlal statements Page 12

G)rment and Textlle Workers Trust Notes to the Cash Flow Statement for the Period 28 July 2021 to 30 November Z022 RECONCILIATION OF NET INCOME TO CASH FLOW FROM OPERATING ACnv￿lEs Net Income for the reportin8 perlod las per the Statsment of Flnandal Actlvltlesl Adjustments for: Increase In credltor5 991,909 Net cash wovlded by operatlons 1 011 330 ANALYSIS OF CHANGES IN NET FUNDS At 28.7.21 Cash flow At 30.11.22 Net cash Cash at bank 1011 330 1 011 330 1 011 330 1011 330 Total 1011 330 1 011 330 The note5 form part of these financial statements Page 13

Gamient and Textile Workers Trust Notes to the Flnanclal Statements for the Perfod 28 July 2021 to 30 November 2022 CHARITY INFORIAATION Garment and Textlle Workers Trust is a Charitable Incorporated Organlsatl¢Jn reg1ste￿d wlth the Charity Commission for England and Wales. The address of the reglstered office is The Smlthy, Sutton Lane, Dingleyp Market HaTborou8h, Leicestershi￿ LE16 8HL. The charlty was regTStered on 28 July 2021 and these financial statements represent the results of the first accountlng period. ACCOUNTING POLICIES Ba515 of preparln8 the flnanclal statements The financial statemenls of the charily, whlch Is a publlc beneflt entity under FRS 102, have been prepared in accordance wlth the Charities SORP IFRS 1021 'Accountlnq and Reporting by Char*lles.' Siatement of Recommended Pracllce appllcable io charllies preparfng their accounts In accordance th the F5nanc5al Reporting Standard appllcable In the UK and Republlc of Ireland IFRS 1021 (effective l January 2019)., Financial Reportlng Standard 102 The Financlal Reporting Standard applicable In ihe UK and Republic of Ireland, and the Charitles Act 2011. The financial statements have been prepared under the hlstorfcal c05t conventlon. Income All Income Is recognlsed In the Statement of Flnancial Actlvltles once the charlty has entitlement to the funds, It Is probable that the Income wlll be recelved and the amount can be measured rellabiy. Expen¢Jlture Llabilitles are recognlsed as expendlture as 500n as there is a legal or constructlve obligatlon committlng the charily to that expenditure, It is probable ihat a transfer of Konomic beneflts wlll be requlred In settlement and the amount of the ob15satlon can be measured reliably. Expendlture Is accounted for on an accruals basis and has been cla5sifled under headings that aggregate all cost related to the category. Where costs cannot be dlrectly attributed to partlcular headln85 they have been allocated to actlv6tie5 on J basls conslstent wtth the use of resources. Grants offered subJect to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditu￿. Taxatlon The charlty Is exempt from tax on Its charltable actlvltles. Fund acCI￿ntIng Unrestrlcted funds can be used In accordance with the charitable ob)ectlve5 at the discretion of the trustees. Restricted funds can only be used for partlcular ￿StrICted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for partlcular re5trtcted purp95es. Page 14 continued...

Garnient and Textile Workers Trust Notes to the Flnandal Statements- continued for the Perlod 28 July 2021 to 30 November 2022 ACCOUNTING POUCIES - contlnued Goln8 concern The financial statements have been prepared on a golng concern ba515 as the trustee5 believe that no matedal uncertaintles exlst. The tru5tee5 have considered the level of funds held and the expected level of income and expenditure for 12 months from the date of approvlng these financlal statewnents. The budgeted income and expenditure 1$ sufficient the level of reseNes, for the charity to be able to continue as a going concern. FIDJnclal Instruments The chadty only ha5 flnanclal assets and liabilities of a kind that qualify as ba51c flnarKlal Instruments. Baslc financial Instruments are inltlally recogn15ed at transactlon value and subsequently rmasured at their settlement value. Cash at bank Cash at bank Includes short term highly Ilquld Investments wlth a Short matudty of three months or less frorn the date of acquisition on opening of the deposlt or simllar account. Debtors and credftors recelvablelpayable wlthln one year Debtors and credltors wlth no stated Interest rate and receivable or payable wlthln one year are recorded at transactlon prtce. Any losses arlslng from impalrment are reco8nlsed In expendlture. DONATIONS AND LEGACIES Donatlons CHARITABLE AcfiviTIES COSTS Grant fundlng of actlvfjtle5 Isee note Dlrect Costslsee note 51 Support costs (see r￿te 71 61 Totals Research Grant givlng 79,170 79,170 Page 15 continued..

Garment and Textile Workers Trust Note5 to the Flnanclal Statements - continued for the Perlod 28 July 2021 to 30 November 2022 DIRECT COSTS OF CHARrrABLE ACnVITIES Project expen*5 GRANTS PAYABLE Grant givlnq SUPPORT COSTS Governance osts Managemffit Totals Grant glvlng Support cost5, Included In the above, are as follows.. Grant 81v5n8 Travelllng Conference attendance Internet charge5 Computer and softwa Insurance Subscrlptlons Marketing Audltor5' remuneratlon 820 2,959 79 643 3,780 3CQ AUDITORS. REMUNERATION Fees payable to the Charft￿$ audltors for the audlt of the charfty5 flnancial statements The amount payable to the audltor was £8,340, Includlnq £7,020 for audlt services and £1,320 for other seryices. Page 16 c(Ybtinued...

Garnient and Textile Workers Trust Notes to the FlnancTal Statements - continued for the Perlod 28 July 2021 to 30 November 2022 TRUSTEES. REMUNERATION AND BENEFrrs There were no trustees, remunerati¢)n or other teneflts for the perlod ended 30 November 2022. Trustees. expen5e5 There were no tru5tees' expense5 pald for the perfod ended 30 November 2022. 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses IAOVEMENT IN FUNDS Net movement In funds At 30,11.22 Unre5trlcted funds General fund 991,909 991,909 TOTAL FUNDS 991 909 Net rnovement In funds, InclLKled In the atr*)ve are as follows: Incornlng resource5 Resources Movement expended In fund5 Unwtrlct•d funds General fund 1,1C(I,000 1108,0911 991,909 TOTAL FUNDS Page 17 continued.

Garment and Textlle Workers Trust Notes to th¢ Flnanclal Statements- contlnued for the Perlod 28 July 2021 to 30 November 2022 12. RELATED PARff DISCLOSURES (kne of the trustee5, K M J McKeever, is the managing director of Lowick Gr￿P Ltd. During the period, £16,675 of costs were paid by Lowick Group Ltd on behalf of the chartty. These costs have rthi been relmbLbrsed by the char(ty and there were no balances cyJtstanding at the year end. Pdge 18

&irnient and Textlle Workers Trust Detalled Statement of Flnanclal Actiyltles for the Perlod 28 July 2021 to 30 November 2022 INCOME AND ENDOWMENTS Oonations and Iwcles Donations 1 100 000 Total Incomln¥ resource5 1,1(10,000 EXPENDITURE Charltable actlvltle5 Project expenses Grants to Instltutlons 79,170 85,170 Suppvrt C05ls l+lanaiement Travellln8 Conference attendance Internet charge5 Computer and software Insurance Subscrlptlons Marketln4 820 2,959 79 643 3,780 14,581 Gt>v•rnance costs Audltors. remuneratl Total resources expended Net Income This page doe5 not fomi part of the statutory flnancial statements Page 19