Charity Number: 222478 ## The Textile Institute ## Report and financial statements For the year ended 31 December 2024 ## The Textile Institute ## Reference and administrative information ## for the year ended 31 December 2024 ## **Charity number** 222478 ## **Registered office and operational address** The Textile Institute, 8th Floor, St James Buildings, 79 Oxford Street, Manchester, M1 6FQ UK **Trustees** Trustees who served during the year and up to the date of this report were as follows: Prof Malgorzata Zimniewska CText FTI Prof Jess Power CText FTI Prof Pammi Sinha CText FTI Dr Jane Wood CText FTI Helen Rowe CompTI CText FTI Jason Kent CText FTI Prof Rohana Kuruppu CText FTI Katie Greenyer Charles Wood CText FTI Prof Subhash Anand MBE DSc CompTI CText FTI Muhammad Nusrat Ali Chishti CText FTI Helen Boden-Colebourn CText FTI Dr Joanne Conlon Dr Anne Creigh-Tyte CText FTI Dr Joe Cunning CompTI Elizabeth Fox CompTI Abid Ganaie CText FTI Prof Kimti Gandhi CText FTI Dr Simon Harlock CText FTI* Dr Saniyat Islam Prof Dr Engr Ayub Nabi Khan CText FTI Prof Raechel Laing Hon FTI CText FTI Dr YM Calvin Lam CText FTI Nicole Morarescu Dr Holly Morris CText FTI World President Chair Honorary Treasurer Honorary Secretary Vice President Vice President Vice Chair Immediate Past World President President Elect 1 ## The Textile Institute ## Trustees’ annual report ## for the year ended 31 December 2024 Prof Richard Murray CompTI CText FTI* Abigail Petit CText FTI Sunil Kumar Puri CText FTI Prof Subbiyan Rajendran CText FTI Trevor Rowe CText FTI Timir Roy CText FTI Dr Vinod Shanbhag CText FTI Ian Smith CText FTI* Navdeep Sodhi Vadiraj Tilgul Prof David Tyler CText FTI ACFI* Anastasia Vouyouka CText FTI Philippa Watkins Dr Barbara Waters CText FTI* Prof Richard Horrocks CText FTI* *Standing Committee and non-Standing Committee Chairmen, not Members of Council. **Key management** Stephanie Dick, Chief Executive Officer **personnel Bankers** National Westminster Bank PLC 11 Spring Gardens, Manchester, M2 1FB UK **Solicitors** Mills & Reeve LLP 8th Floor, 1 New York Street, Manchester, M1 4AD UK **Auditors** Jennifer Daniel, Slade & Cooper Limited Beehive Mill, Jersey St, Manchester, M4 6JG UK 2 ## The Textile Institute ## Trustees’ annual report ## for the year ended 31 December 2024 The trustees present their report and the audited financial statements for the year ended 31 December 2024. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity’s constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. ## **Objectives and activities** In planning the aims and activities of the charity, the Trustees have had due regard to the guidance on public benefit issued by the Charity Commission. The Textile Institute is governed by the fifty members of the Council. These members consist of the Honorary Officers, and up to 24 nominated members of the Institute’s worldwide Sections and Committees, plus a further 24 members elected by a ballot of all voting members. Council meets regularly to set the strategic direction, policy development, oversee the execution of these and to improve lines of communication between Council and the salaried staff. In association with the Executive Director at the International Headquarters the day-to-day activities of the Institute are overseen by Council, led by the Chair, and including the World President, Honorary Officers of Council and Chairs of Standing Committees who represent all aspects of the Institute’s activities, including membership and professional services. The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. In 2024, the Institute upheld its mission of fostering global textile knowledge exchange and application, evidenced by the sustained demand for its publications and the signing of a new partnership with Corporate Member Aquitex to hold the next World Conference in Porto, Portugal in October 2025. The short courses continue to receive strong support from both industry and academia, with new offerings regularly added to the portfolio including the relaunch of Fabric Knowledge in 2024. Meanwhile, the annual Parliamentary Lunch at the House of Lords remains a prestigious and highly anticipated networking event. Holding an Institute-accredited qualification, including the Fellowships and Associateships, is a significant career milestone reflecting the high academic standards the Institute has maintained since its inception in 1925. Despite global financial challenges we have built on solid foundations underpinned by an ambitious strategy during the last 12 months, and we continue to strengthen our global standing by serving new markets across the textile supply chain, ensuring financial security despite difficult operating environments. 3 ## The Textile Institute ## Trustees’ annual report for the year ended 31 December 2024 ## **Achievements and performance** The charity's main activities and who it tries to help are described below. All its charitable activities focus on the advancement of knowledge and are undertaken to further The Textile Institute’s charitable purposes for the public benefit. The Textile Institute’s main activities are intended for the advancement of the general interests of the textile industry and in the promotion of the profession and practice of textile technology – which includes the arts, sciences and technologies involved in the design and manufacture of all products made from textile materials. The trustees are pleased to report on the activities undertaken by The Textile Institute (TI) over the past year, in line with our charitable purpose to advance the education of the public in all aspects of textiles, clothing, and footwear. Our work continues to support individuals and institutions worldwide by promoting professional excellence and facilitating the sharing of knowledge. Once again, these activities were maintained in a variety of ways throughout 2024, as reported below. ## **Publications** The Institute has a Publications Committee which works with several publishers: The Textile Institute Book Series (Elsevier) – chiefly for academics and researchers in textiles; The Textile Institute Professional Publications Series (CRC), aimed at young professionals. The Journal of The Textile Institute, Textile Progress and other journals carrying the TI brand continue to attract well respected, dedicated researchers in the field and are regularly referenced. The Textile Institute continues to have a progressive partnership with the Taylor and Francis Group who publish the Institutes longstanding journals. The performance of The Textile Institute’s journals continues to reflect their relevance and academic impact within the global textile research community. According to Clarivate’s Impact Factor, which measures the average number of citations received per paper over the past two years (as indexed by Web of Science), the Journal of the Textile Institute (JTI) achieved an impact factor of 1.5 in 2023, while Textile Progress recorded an impact factor of 2.1. Impact Factor details for 2024 are not yet available but those for 2023 had indicated slight reductions and the processing of papers had slowed, so the Editors are taking steps to re-establish improved trends. These figures though highlight the journals’ continued contribution to scholarly discourse and their role in disseminating high-quality research across the sector. _“textiles”_ magazine remains an essential platform for sharing information broadly and regularly. The print edition of the magazine features a range of informative articles covering various aspects of the global textile supply chain. It also includes TI News, which updates members on activities organised by TIIHQ, local Sections, and Special Interest Groups around the world, as well as governance matters and upcoming events. Additionally, a digital version of the magazine is available in the members-only section of the TI website. Textile Terms and Definitions (TT&D) is a comprehensive and authoritative resource, available exclusively in digital format as a valued member service of The Textile Institute. Its online availability allows for timely updates to reflect evolving terminology and standards within the industry, ensuring members have access to the most current and reliable information. The Textile Institute is grateful for the continued financial support received from the Lord Barnby Foundation which ensures the running and upkeep of The TI Library. In 2025, efforts will be undertaken to explore ways to make the information held in the library more accessible, with the aim of increasing its visibility and public engagement. 4 ## The Textile Institute ## Trustees’ annual report ## for the year ended 31 December 2024 The Institute remains committed to the dissemination of high-quality knowledge in the textile sector. As part of its ongoing public benefit initiatives, a Publications Webinar took place in December 2024, generously sponsored by Taylor & Francis **.** Offered free of charge, the event formed part of the ‘Tea with the TI’ webinar series and was designed to support new authors by guiding them through the publishing process for both academic journals and books. These webinars help demystify scholarly publishing and promote broader access to knowledge across the field. The Institute plans to host this event annually and will make recordings available via its social media channels to extend its reach and accessibility. As a testament to the quality and impact of its publications, The Textile Institute is pleased to report that at the start of 2025 the book Sustainable Innovations in the Textile Industry has received a prestigious PROSE Award from the Association of American Publishers (AAP). Published within The Textile Institute Book Series in collaboration with Elsevier, the title was recognised in the Engineering and Technology category for its significant contribution to advancing sustainability within the textile sector. This recognition underscores the Institute’s ongoing commitment to supporting innovation, research excellence, and sustainable development through education. In response to a growing number of requests for specialised information, research contacts, and opportunities for collaboration and partnerships, the Institute undertook a review of its Register of Consultants Service in 2024. While the Institute continues to support its members by facilitating access to relevant contacts, this review aimed to enhance the service's value as a public benefit to the wider industry. As a result, the Register has been redeveloped in partnership with our web management organisation to ensure it is robust, accessible, and industry ready. The new online platform was launched in 2025 and has already gained strong engagement. Ongoing efforts are focused on encouraging more members as well as prospective members to contribute by sharing their professional expertise and participating in this valuable resource. ## **Events and Activities** Events continue to play a vital role in the Textile Institute’s annual programme, and 2024 has proven to be a particularly successful year. The Institute is pleased to report that overall event income exceeded the budget forecast, reflecting strong engagement across the year. A notable highlight was the consistent popularity of The Textile Institute Short Courses. Introduction to Textiles in 2024 had two successful cohorts (March and September 2024) these were fully booked, underscoring the ongoing demand for entry-level industry training. The success of these sessions has led to their continuation in 2025 at the Midland Hotel in Manchester, with the March course already sold out and September registrations nearing full capacity. To complement its existing offerings, the Institute introduced a new training event Fabric Knowledge which was delivered in November 2024. The course received excellent feedback and aligns with the Institute’s strategic objective to diversify and expand its events portfolio. Due to its popularity, the course is scheduled to run again in December 2025, and has already sold out, further demonstrating the Institute’s responsiveness to industry needs. The Parliamentary Lunch remains a cornerstone event in the Institute’s calendar. In 2024, enhanced promotional efforts led to increased attendance, and the event was widely regarded as a success. While a higher proportion of members in attendance affected overall profitability, the event delivered strong value by generating new opportunities for Corporate Membership and strategic partnerships. We gratefully acknowledge the ongoing support and generosity of the event’s parliamentary host, Lord Haskell). Planning is well underway for the 2025 luncheon, which will take place later than usual to accommodate the scheduling of the Textile Institute World Conference (TIWC) and ITMA Singapore. A sponsorship commitment has already been secured from Taylor & Francis for this flagship event. Significant progress is also being made on preparations for the 93rd Textile Institute World Conference, to be hosted by Corporate Member Aquitex marking the Institute’s first industry-hosted TIWC. The theme, 5 ## The Textile Institute ## Trustees’ annual report ## for the year ended 31 December 2024 “Fibre to Future: Transforming Fashion and Textiles through Sustainability and Digitalisation,” reflects a forward-looking focus on innovation and sustainability. Feedback from the 2023 TIWC highlighted the need for increased industry engagement, and this theme directly responds to that recommendation. Together, these developments reflect the Institute’s continued commitment to offering high-quality, impactful events that meet the needs of the global textile community. ## **Professional Qualifications** An audit is currently underway to review existing accredited and approved courses and identify those eligible for re-accreditation. In parallel, the Institute continues to work closely with institutions and organisations to encourage applications for the accreditation or approval of new programmes. However, there has been a noticeable decline in applications for course accreditation and approval since the COVID19 pandemic. This is a key priority for the institution moving into the second half of 2025. In 2024, the Institute continued to receive a steady number of applications for Professional Qualifications, which remains a valuable pipeline for new memberships. Despite resource challenges earlier in the year, and the recruitment of a new administrator for the department in the final quarter, application levels have remained consistent. During the year, nine members were awarded Fellowships, ten received Associateships, and three were granted Licentiateships. The Institute remains committed to promoting the value of Professional Qualifications to individuals and employers alike, in line with its strategic goals. In 2024 the Chair of the committee conducted a Zoom presentation with the Australia Section, which continues to result in new applications. This initiative is open to other Sections around the world, as well as Corporate Members and industry alike. ## **Membership** In 2024, The Textile Institute continued to strengthen its connection with both Individual and Corporate Members. Active discussions with Corporate Members have progressed, with a focus on aligning membership packages to the evolving needs of both industry and academia. As the textile industry continues to experience rapid change and increasing demands, the Institute is evolving adapting services and offerings to remain relevant and innovative. The Vice President (Industry) who is also affiliated with a Corporate Member has launched a new initiative aimed at strengthening engagement with existing Corporate Members while also encouraging new organisations to join. The initiative began with a focused review involving a select group of Corporate Members, designed to gather insights into their experience and awareness of the benefits included in their membership. It became clear that many members were not fully utilising the full scope of their Corporate package and expressed a strong interest in engaging more actively. This exercise provided valuable feedback on how the Institute can improve its engagement with Corporate Members. Further work is planned in 2025 to strengthen this provision. Additionally, a full review of the Corporate Membership package was undertaken by the Membership Department at TIIHQ and evaluated by the Membership Committee in terms of the value it provides to members. The review revealed that the package offers benefits valued at over £12,000. Among the various offerings, promotional opportunities emerged as particularly valued by members, alongside the more traditional benefits of membership. A similar review was conducted for Individual Membership, revealing a cost benefit of over GBP £2,500 per member. The most significant saving identified was a 90% discount on subscriptions to The Journal 6 ## The Textile Institute ## Trustees’ annual report ## for the year ended 31 December 2024 of The Textile Institute and Textile Progress, highlighting the substantial value offered through membership. In support of our new strategy Council approved extensions to the bands for the Earnings-Related Discount (ERD) membership rates, with the aim of making membership more accessible to professionals in low-income countries. Additionally, the Section Handbook was reviewed and updated to better support the work of Section Committees. Looking ahead, the committee plans to enhance member engagement by launching a student-led Special Interest Group, designed to foster the next generation of textile professionals and encourage greater participation from early-career members in the Institute’s activities. In 2024, new Corporate Members were successfully recruited, and efforts are ongoing to recover and renew additional Corporate Memberships. Several positive developments contributed to this progress, including recruitment through Sections, Special Interest Groups (SIGs), and key industry events and exhibitions such as Techtextil. Under the leadership of the new Chair, we continue to invite Sections and Special Interest Groups to present at Council Meetings. This initiative has enhanced networking, opened new opportunities for collaboration, and strengthened the visibility of member activities on an international scale. It has also deepened engagement between trustees and local and regional activities, contributing to the ongoing growth of charitable activity. ## **Obstacles** For a number of years, the Institute faced challenges with internet access, partly due to the historic status of St James’ Building, which limited the types of work that could be carried out. During 2024 new fibre installation has been initiated and the Institute has a fully operational leased fibre internet line, which has had a positive impact on productivity. Additionally, a new telecoms system is in place, allowing callers to leave voicemail messages when lines are busy. This improvement has proven highly beneficial for the Institute. Over the past year, The Textile Institute has navigated a period of both challenge and transition. The organisation began the year with a core team of four staff members. Despite being under-resourced for much of the year and with the loss of a key member of staff, the team worked collaboratively to maintain operations and absorb responsibilities. Additional resource was added to increase capacity in the final quarter of the year. While this addition has strengthened internal operations, the Institute has some way to go before staffing meets the capacity needs of the organisation. Additional recruitment is planned for the second half of 2025. Further changes included the appointment of a new team member to provide maternity cover, contributing to a period of significant internal adjustment. In response to these pressures, the Institute has introduced improved internal tracking systems to support project management and workflow across all areas. These tools are helping ensure greater transparency, efficiency, and coordination within the team. Through commitment, flexibility, and careful planning, the team continues to demonstrate resilience while laying the foundation for strengthened operational capacity in the future. ## **Beneficiaries of our Service** The aim of The Textile Institute is to facilitate learning, to recognise achievement, to reward excellence and to disseminate information. Since 1910 The Textile Institute has been at the forefront of publishing high quality textile research. The comprehensive portfolio of publications is continually being expanded to fully represent the interests of the various textile related industries the Institute represents. 7 ## The Textile Institute ## Trustees’ annual report ## for the year ended 31 December 2024 The Benevolent Committee continues to assist eligible members to retain their membership, professional qualifications and industry standing when faced with financial hardship and to assist students at the start of their professional career to attend conferences and support their studies. ## **Financial review** This is my first report as Honorary Treasurer and I am grateful to the team at Manchester TIIHQ for the excellent care taken of the TI finances. The financial year 2024 marked a period of steady progress for the Institute, with a general trend towards improved financial stability. The global textile industry continued to experience considerable challenges, and the Institute was not unaffected by these broader pressures. The passing of a senior executive and key income generator in early 2024 placed additional strain on the already lean team at TIIHQ UK. Nevertheless, the team responded with resilience and professionalism, navigating the year with determination and purpose. Despite these challenges, the Institute ended the year in a stronger position than it began, closing with a substantial surplus and a healthy cash flow. Income generation throughout the year was broadly positive. Although total income fell slightly short of the original budget target, several key revenue streams performed well. Publications remained the largest contributor, accounting for nearly half of total income. While income from publications was marginally below target, there was a year-on-year increase, particularly in advertising and book commissioning fees. Subscription income also rose, and further growth is anticipated as promotional activities resume, and staffing capacity continues to improve. Membership income was the second largest source of revenue, contributing approximately one-third of total income. Although the aspirational target for membership income was not fully met, there were encouraging signs of growth and engagement. Considerable work has been undertaken to better understand membership patterns and renewal behaviours, which will support more accurate forecasting and strategic planning. The revised target for 2025 reflects a more measured but achievable increase in this area. Events also made a significant contribution to income, with strong performances from short courses and the Parliamentary Lunch. Attendance was higher than in previous years and continues to grow. The Institute aims to build on this momentum by extending outreach to non-members. Sponsorship and founding fees related to the upcoming TI World Conference also provided a welcome boost to income. Donations were slightly below target, which is not unexpected given the broader economic climate. Advertising income was also lower than anticipated, largely due to reduced activity during the year. However, there is clear potential for improvement in 2025 as new initiatives are implemented. On the expenditure side, the Institute remained well within budget. Total spending was significantly below the projected figure, aided by the continued use of online platforms for meetings and events, which reduced costs associated with travel, printing, and venue hire. Staffing costs were also lower than expected due to later than planned recruitment. New team members have since joined and are already contributing effectively. The Institute’s investment portfolio continues to be reviewed regularly and now remains under the management of Rathbones formerly Investec Wealth and Investment Limited. The agreed overdraft facility of £30,000, supported by NatWest Bank and secured against investments managed by Rathbones was only utilised at the close of the year. No additional borrowing from internal or external sources was required. Looking ahead, the major focus remains on strengthening core income streams particularly membership both Individual and Corporate, professional qualifications, and associated services alongside continued 8 The Textile Institute Trustees’ annual report ## for the year ended 31 December 2024 development within the events and publications portfolios. The Institute is committed to enhancing the value of membership, promoting its professional services, and expanding its reach through events and strategic partnerships. With a solid financial foundation now in place, there is confidence in the Institute’s ability to meet its financial targets for 2025 and to support its long-term sustainability. The Textile Institute met our reserve target for 2024 and remain in a stable financial position. ## **Reserve policy** ## **Purpose:** The purpose of the policy is to establish guidelines for the management of the Institute’s financial reserves to ensure that we maintain an appropriate level of reserves to support our ongoing operations and fulfil our mission. ## **Definition of Reserves:** Reserves are funds set aside to provide financial stability and security for future needs. Reserves can include cash, investments, or other assets. Reserves are the portion of the charity’s restricted funds that are freely available to support the Institutes operations in the event of unexpected financial challenges or a temporary reduction of income. These funds are not restricted, designated or committed for specific projects or obligations. Reserves are held to ensure the charity can continue to meet its core commitments, maintain essential services, and respond flexibly to unforeseen events. ## **Reserve Levels:** The Institute has set an initial reserves target of GBP £60,000.This target represents the funds that would be necessary to fulfil our remaining/outstanding financial commitments for rents, equipment contracts, redundancy payments etc. in the unlikely event that the Institute experiences a significant disruption to income or ceased operations. In 2024 the Institute agreed to set aside GBP £10,000 to be designated bank account with our existing bankers. This amount provides an immediate financial buffer to help manage short term cash flow issues or to respond to unexpected costs while we continue to maintain a reserve target of GBP £60,000. The Reserve target is reviewed annually and will be adjusted as needed based on the Institute’s financial needs and goals. ## **Use of Reserves:** The reserves can be used to: 1. Cover unexpected expenses or emergencies that may arise. 2. Support the Institute’s ongoing operations during periods of financial uncertainty. 3. Fund new programmes or initiatives that align with the Institute’s mission and strategic goals. 4. Provide financial stability and security for the Institute’s stakeholders. The Institute’s reserves will be used primarily for the purposes outlined above with the approval of Council. Any withdrawals from the designated bank account must be documented and justified to ensure accountability and full transparency. ## **Investment of Reserves:** The reserves may be invested in accordance with the Institute’s investment policy. This policy should focus on preserving the principal amount while generating a reasonable rate of return. 9 ## The Textile Institute ## Trustees’ annual report for the year ended 31 December 2024 ## **Review, Monitoring and Amendment:** The reserves will be reviewed and monitored regularly by the Chief Executive and the Honorary Officers on a six-monthly basis and by Council yearly, to ensure compliance with this policy and to ensure its continued effectiveness. Any amendments to this policy must be approved by Council. This review will take into account: The Institute’s current and projected income and expenditure Any known or emerging financial risks Changes to operating costs, contractual obligations, or staff needs Strategic plans, new initiatives, or opportunities that may affect the level of financial flexibility required. Following the review, the reserves target may be adjusted to ensure it remains proportionate to the Institute’s size, risk profile, and future needs. Any changes will be documented and explained in the Institute’s financial report and accounts. By adopting this Reserve Policy, the Institute demonstrates its commitment to prudent financial stewardship and long-term sustainability. ## **Plans for the future** Together the Honorary Officers, Council and TIIHQ have been working towards implementing the first stage of the 2024-2028 strategic plan approved in April 2024. We have moved at pace during the last 12 months, building on solid foundations underpinned by an ambitious strategy presented in the previous trustees’ report. We have stabilised the financial position of the organisation through front loading income generation particularly within our events portfolio, this has enabled the institution to have more capacity to develop new income streams. Moving forward into the second year of our newly approved five-year strategic plan we will continue to strengthen our global standing by serving new markets across the textile supply chain, ensuring financial security, and supporting our global community through our charitable status. Our vision to be the foremost international organisation for textile, clothing, and footwear professionals, advancing professional practice through networking, education, awards, and publications remains our guiding principle. We are making progress, building on our new operating model and intend to further streamline operations at TIIHQ moving to steadily expand our operations over the next four years. During 2024 The Institute recruited a new team member to support Professional Qualifications and our Publication Portfolio. In this annum will be recruiting an Office Manager to continue to improve office processes to futureproof the business. Building on the process improvements already established including new processes to strengthen/streamline business operations, build capacity, improve communication, and devise new income streams. These include monthly Honorary Officers meetings with the CEO, presentations to the Council by Sections/Special Interest Groups, bi-monthly in-person meetings with TIIHQ and Chair of Council, Honorary Treasurer and Secretary, introduction of a new structure within TIIHQ, budget setting procedures, and a risk tracker to manage the institute’s core business. In this operating period The Institute implemented a reserve policy, a strategic plan, a new process for succession planning, and developed opportunities to strengthen relationships with international Sections for membership and professional qualifications. 10 ## The Textile Institute ## Trustees’ annual report ## for the year ended 31 December 2024 Moving further into our strategy period we plan to introduce more short courses, increase the number of applications for professional qualifications to strengthen our position as the leading international network for textile, clothing, footwear, and associated industries. TIIHQ are also planning future events, assessing submissions for book proposals and journal papers, providing advice through ‘Ask a consultant’ and Information Services, and conducting assessments for medals and awards. In this next period, we have a world conference hosted by an industrial partner and we intend to grow our Sections worldwide, thus increasing opportunity to grow individual and corporate membership globally. Further to this we have ambitious plans to develop our portfolio of approved and accredited courses, supported by stronger partnerships by Sections and Special Interest Groups. ## **Membership** The Textile Institute, primarily a membership organisation, is committed to enhancing its service to members. Recognising that membership fees have not kept pace with inflation, the Council has approved a 5% increase. This increase will maintain our service level and support. Members facing financial hardship can seek assistance from the Benevolent Committee. We aim to significantly increase our current Corporate Membership and over Individual Members in the next 5 years to grow the internal networking base and extend into new countries. Other Income Streams The Textile Institute will continue to enhance its income streams: - **Qualifications** : We plan to collaborate with Individuals and Sections to promote this. - **Accredited Courses** : We will reach out to UK and international universities for assistance. - **Short Courses and Training** : We plan to extend our successful short course programme into technical textiles within the next 12 months. - **Parliamentary Lunch** : We have advertised this event earlier with a focused marketing campaign. - **Literature** : We will continue to expand our range of literature across various subjects and interest levels. - **Networking and Sponsorship Opportunities** : We will continue to develop these opportunities. - **Professional Qualifications and Accreditation** : We remain committed to supporting members seeking these. Despite past uncertainties and future challenges, The Institute is cautiously optimistic and has set ambitious targets to increase revenue and capacity, future-proofing the organisation. As the Institute celebrates the Centenary of the Royal Charter, there is much to be proud of and look forward to. ## **Structure, governance and management** Nominations are invited to fill vacancies that will occur in the said year for members of The Textile Institute’s Council. In the event of the number of candidates exceeding the number of vacancies, there will be a postal ballot of all voting members. Those elected will take office from the date of the Annual General Meeting of the said year. The Council is the Institute’s international governing body and is composed of nominees from the duly constituted Section, National & Regional Committees and an equal number of members elected by the 11 ## The Textile Institute ## Trustees’ annual report ## for the year ended 31 December 2024 membership at large. The constitution of Council and the conduct of elections to it are closely governed by the Institute’s Charter and Byelaws. Elected members normally serve for a period of three years, after which time they may submit themselves for re-election. However, no member may serve for more than three consecutive terms without taking a break of at least one year. Council normally meets at least four times a year. It is from amongst its members that Council normally selects future Chairmen, Vice-Chairmen, Honorary Secretaries, Honorary Treasurers, and members of certain committees. It is important to ensure that Council is fully representative, so that it guides the Institute’s development in a way that reflects the wishes of its membership. It is impossible to be precise about the number of vacancies because it is not known which current Members will stand for re-election or be chosen to represent a particular geographical region. The organisation is an unincorporated charitable incorporated organisation, registered as a charity on 11 November 1963 in England and Wales. The charity is constituted under a constitution of 1925. The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 10 to the accounts. ## **Funds held as custodian trustee on behalf of others** The Textile Institute does not hold any funds as a custodial trust on behalf of any others. 12 ## The Textile Institute ## Trustees’ annual report ## for the year ended 31 December 2024 ## Statement of responsibilities of the trustees Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and: - Select suitable accounting policies and then apply them consistently - Observe the methods and principles in the Charities SORP - Make judgements and estimates that are reasonable and prudent - State whether applicable UK Accounting Standards and statements of recommended practice 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 operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## Auditors Slade & Cooper Ltd were re-appointed as the charity's auditors during the year and have expressed their willingness to continue in that capacity. The trustees’ annual report has been approved by the trustees on 26/06/2025 and signed on their behalf by Prof Jess Power CText FTI Chair Prof Pammi Sinha CText FTI Honorary Treasurer 13 ## Independent auditors’ report ## to the members of ## The Textile Institute ## **Opinion** We have audited the financial statements of The Textile Institute (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 December 2024, and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the 14 ## **Independent Auditors’ Report (continued)** 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 13, the trustees are responsible for the preparation of 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. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect _[continued …]_ 15 ## **Independent Auditors’ Report (continued)** of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: - enquiry of management and those charged with governance around actual and potential litigation and claims. - enquiry of the charity's staff, management and those charged with governance to identify any instances of non-compliance with laws and regulations. - reviewing minutes of meetings of those charged with governance. - reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Slade & Cooper Limited Statutory Auditors Beehive Mill Jersey Street Manchester M4 6JG Date: 08/10/2025 Slade & Cooper Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 16 The Textile Institute Statement of Financial Artivities for the year ended 31 December 2024 Unrestricted Restrirted Total funds funds funds 2024 Total funds 2023 Note Income Donations, grants and legacies 5.832 loo 5.932 5,525 Income from charitable activities 293.022 293,022 295,846 Investment income 1,882 1,882 2,572 Total income 300.736 loo 300.836 303.943 Expenditure Expenditure on charitable activities 279,135 279,135 329,899 Total expenditure 279,135 279,135 329,899 Net income/ (expenditure) before net gains/(losses) on investments 21,601 loo 21,701 (25,956) Realised/unrealised gains/(losses) on investments 2.207 2,207 3,406 Net income/(expenditure) for the year 23,808 loo 23,908 (22,550) Transfer between ftjnds 325 (325) Net movement in funds for the year Reconciliation of funds Total funds brought forward 24,133 {225) 23,908 (22,550) 198.008 2.325 200,333 222,883 Total funds carried forward 222,141 2,100 224,241 200,333 The statement of financial artivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 17 ## The Textile Institute ## Balance Sheet ## as at 31 December 2024 |Note
**Fixed assets**
Tangible assets
11
Investments
13
**Total fixed assets**
**Current assets**
Debtors
14
Cash at bank and in hand
**Total current assets**
**Liabilities**
Creditors: amounts falling
due in less than one year
15
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**The funds of the charity:**
Restricted income funds
17
Unrestricted income funds
18
**Total charity funds**|£
£
25,349
83,766
**109,115**
135,054
70,860
**205,914**
(90,788)
**115,126**
224,241
**224,241**
2,100
222,141
**224,241**
2024|_£_
_£_
_25,630_
_81,559_
**_107,189_**
_131,492_
_36,422_
**_167,914_**
_(74,770)_
**_93,144_**
_200,333_
**_200,333_**
_2,325_
_198,008_
**_200,333_**
_2023_|_£_
_£_
_25,630_
_81,559_
**_107,189_**
_131,492_
_36,422_
**_167,914_**
_(74,770)_
**_93,144_**
_200,333_
**_200,333_**
_2,325_
_198,008_
**_200,333_**
_2023_| |---|---|---|---| ||||**_107,189_**
**_93,144_**| ||||_200,333_| ||||**_200,333_**| ||||_2,325_
_198,008_| ||||**_200,333_**| The notes on pages 19 to 34 form part of these accounts. Approved by the trustees on 26/06/2025 and signed on their behalf by: Prof Jess Power Chair Prof Pammi Sinha Honorary Treasurer 18 The Textile Institute Notes to the accounts for the year ended 31 December 2024 Accounting policies The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows= a Basis of preparation The financial statements have been prepared in accordance with 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 l January 2015) - (Charities SORP (FRS 102) amended by Update Bulletin l), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts (financial statements) have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The Textile Institute meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. b Preparation of the accounts on a going concern basis The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are no key judgments which the trustees have made which have a significant effect on the accounts. The trustees do not consider that the￿ a￿ any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next ￿pOrting period. 19 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) c Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from govemment and other grants, whether'capital, grants or'revenue. grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(5) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met. d Donated services and facilities Donated professional services and donated facilities a￿ recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102) Update Bulletin l. the general volunteer time of supporters is not recognised and refer to the trustees, annual report for more infonnation about their rnntrihi Itinn On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market. a corresponding amount is then recognised in expenditure in the period of receipt. e Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the Bank. 20 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) f Fund accounting Unrestricted funds are available to spend on artivities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. g Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activitv headinas.. Costs of raising funds comprise the costs of managing the charity's investment portfolio by Investec. Expenditure on charitable activities includes the costs of running The Textile Institute undertaken to further the purposes of the charity 5UPPOrt costs. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the artivity for which the expenditure was incurred. h Operating leases Operating leases are leases in which the title to the assets, and the risks and rewards of ownership, remain with the lessor. Rental charges are charged on a straight line basis over the term of the lease. i Tangible fixed assets Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows.. Per annum 33% 330/0 iOO/o 330/ Computer software Computer hardware Fixtures & fittings Website development The silver collection and the collection of pictures and tapestries are included in the balance sheet at valuation. These assets are not subject to wear and tear meaning that their residual values will be high. In view of the nature of these assets, no depreciation is charged against them. 21 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) j Fixed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value a5 at the balance sheet date using the closing quoted market price. The statement of financial artivities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. k Stock Stock is included at the lower of cost or net realisable value. In general, cost is detemiined on a first in, first out basis. Net realisable value is the price at which Stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessarv for obsolete. slow movino and defective stocks. l Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments a￿ valued at the amount prepaid net of any trade discounts due. m Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. n Creditors and provisions Creditors and provisions are recognised where the charity ha5 a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. o Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 22 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) p Pensions Employees of the charity are entitled to join a defined contribution 'money purchase, scheme. The charity's contribution is restricted to the contributions disclosed in note 10. Contributions outstanding at the year end was £xyz (2023: £828.13). The money purchase plan is managed by Scottish Widows PIC and the plan invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan a pension fund which is then converted into a pension upon the employee's normal retirement year age when eligible for a state pension. The charity has no liability beyond making its contributions and paying across the deductions for the employee's contributions. Legal status of the charity The charity is an incorporated Royal Charter, ￿giSte￿￿ as a charity in England & Wales. Income from donations and legacies Unrestricted Restricted Total 2024 Donations Grants 5.832 loo 5,932 Total 2024 5,832 loo 5,932 Previous Reporting Period Unrestrirted Restricted Total 2023 Dorjations Grants 5,525 5,525 Total 2023 5,525 5,525 23 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) Income from charitable activities Unrestricted Restricted Total 2024 Diplomas and exam fees Events & delegate fees Medals and Awards Membership fees (companies) Membership fees (individuals) Publications and Information Services Royalties 3,575 54,879 1.000 28,216 62.622 3,575 54,879 1,000 28,216 62,622 8,731 133,999 8,731 133,999 Total 2024 293,022 293,022 Previous Reporting Period un￿strICted Restricted Total 2023 Diplomas and exam fees Events & delegate fees Meda15 and A ward5 Membership fees (companies) Membership fees (individuals) Publications and Infom?ation Services Royolties 7,285 61,601 1,000 33,095 58. 743 7,285 61,601 1,000 33,095 58, 743 6,659 127,463 6,659 127,463 Total 2023 295.846 295,846 Investment income 2024 2023 Income from bank deposits Interest on investments 622 1,260 760 1,812 1.882 2,572 All investment income is urirestricted. 24 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) Analysis of expenditure on charitable activities Unrestricted Restricted 2024 Depreciation Events costs Membership cost Office cost Publication cost staff costs Other costs Governance costs (see note 7) 2.231 27,880 9.364 51,387 28.247 116,758 7.894 35,374 2,231 27,880 9,364 51,387 28,247 116,758 7,894 35,374 Total 2024 279,135 279,135 Previous reporting period Unrestricted Restricted 2023 Depreciotion Events costs Membership cost Office cost Publication cost Staff costs other costs Governance costs (see note 7) 15,469 29,278 9,038 47,408 30, 958 158.954 6, 700 32,094 15,469 29,278 9,038 47,408 30, 958 158, 954 6,700 32,094 Total 2023 329,899 329,899 Analysis of governance costs Basis of apportionment 2024 2023 Staff costs Audit fees Legal and professional Council expenses Time spent Governance Governance Governance 23.155 5,985 6,170 64 25,328 5,500 1,149 117 35,374 32,094 25 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) Net income/(expenditure) for the year This is stated after chargingl(crediting)= 2024 2023 Depreciation Operating lease rentals= Land and buildings Equipment Auditor's remuneration audit fees Auditor's remuneration accounts preparation fees 2,231 15,469 15,815 400 4,725 15,808 400 4,500 1,260 1,000 staff costs Staff costs during the year were as follows: 2024 2023 Wages and salaries Social security costs Pension costs staff training Backdated pension costs 122.386 5,989 5.353 603 5,582 153, 703 9,830 4,805 106 15,838 139,913 184,282 Allocation of staff cost expenditure Charitable activities Governance 116,758 23,155 158, 954 25,328 139,913 184,282 No employee has employee benefits in excess of £60,000 (2023: Nil). The average number of staff employed during the period was 4.4 (2023: 5). The key management personnel of the charity comprise the Chief Executive Officer and Executive Dirertor. The total employee benefits of the key management personnel of the charitv were £61.552 (2023: £111.552). 26 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) 10 Trustee remuneration and expenses. and related party transactions During the year, Robert Dick who is married to the charity's Chief Executive Office, ￿(eIved fees of £1800 (2023.. £650) during the year for production of annual report and marketing and promotional information in print and digital format. These payments are authori5ed by the charity's goveming documents and in line with the Charity Commission guidelines. Four trustees received travel and subsistence expenses during the year of £326. {2023'. £15.80). There are no donations from related parties which are outside the normal course of business and £100 restrirted donations were received from related parties (2023= £nil). The charity has purchased indemnity insurance for the Trustees during the year, at a c05t of £434 (2023.. £334). The following related parties received honoraria during the year for presenting on the Short Course organi5ed by TtIHQ. These payments are authorised by the charity's governing document and in line with Charity Commission guidelines. Name Relationship Amounts received 2024 2023 Prof Subbiyan Rajendran Dr Xiaogang Chen Ian Smith Council member Council member Council member 400 200 400 350 350 The following related parties received honoraria during the year for presenting on the Fabric Knowledge course organised by TIIHQ. These payments are authorised by the charity's governing document and in line with Charity Commission guidelines. Name Relationship Amounts received 2024 2023 Helen Rowe Trevor Rowe Council member Council member 300 300 The following related parties ￿ceiVed fees during the year for curriculum development and for presenting on the bespoke course. These payments are authorised by the charity's governing document and in line svith Charity Commission guidelines. Name Relationship Amounts received 2024 2023 Helen Rowe Trevor Rowe Council member Council member 1,583 1,583 The following related parties received fees during the year for book commissions. These Payments are authorised by the charity's goveming document and in line with Charity Commission guidelines. Name Relationship Amounts received 2024 2023 Ian Smith Council member 1,500 27 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) 11 Fixed assets: tangible assets Silver, pictures and tapestries Computer Software Computer Hardware Fixtures and Fittings Website Development Total Cost At l January 2024 Additions Disposals 21,200 682 5,298 1,950 3,237 73,595 104,012 1,950 At 31 December 2024 21,200 682 7,248 3,237 73,595 105,962 Depreclatlon At l January 2024 Charge for the year Disposals 682 5,086 862 2,519 202 70,095 1,167 78,382 2,231 At 31 December 2024 682 5,948 2,721 71,262 80,613 Net book value At 31 December 2024 21,200 1,300 516 2,333 25,349 At 31 December 2023 21,200 212 718 3,500 25, 630 28 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) 12 Corporation tax I ne Chanty Is exempt trom tax on Income ana gains talling within ihapter J Ot part i i ot the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity- 13 Investments 2024 2023 Market value at the start of the year Add.. additions to investments at cost Disposals at carrying value Add net gain/(10ss1 on revaluation 81.559 78.153 2.207 3,406 Market value at the end of the year 83.766 81.559 Investments are all carried at fair value and are all traded in quoted public markets. 14 Debtors 2024 2023 other debtors Prepayments and accrued income 8,089 126,965 12,830 118,662 135,054 131,492 29 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors other creditors and accruals Deferred income 24.489 48.600 17.699 19,189 43,586 11,995 90.788 74.770 16 Deferred income Asati January 2024 AsatJi December 2024 Received in Released in year year Membership subscriptions Publications subscriptions Short course income Parliamentary Lunch 10,270 308 1,417 11,424 1,639 4,250 (9,884) (308) (1,417) 11,810 1,639 4,250 11,995 17,313 (11,609) 17,699 30 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) 17 Analysis of movements in restricted funds tjaiance ai Balance at l January 2024 December 2024 Income Expenditure Transfers Benevolent Committee Manchester ènd the North West Section FCDE (The Federation of Clothing Designers and Executives) loo loo 2.000 2,000 325 (325) 2,325 loo (3251 2,100 Balance at 31 December 2023 Previous Reporting Period Balance at l January 2023 Income Expenditure Transfers Manchester and the North West Section FCDE (The Federation of Clothing Designers and Execvtivesl 2.000 2,000 3,035 (2,710) 325 5,035 {2,7101 2,325 Name of Description, nature and purposes of the fund Donations made to the benevolent funds to support members in Benevolent Committee need Manchester and the To support events held by the Manchester and Cheshire section North West Section FCDE (The Federation To support the Tailoring SIG and make an annual award to a of Clothing Designers student studying tailoring in the UK. and Executives) 31 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) 18 Analysis of movement in unrestricted funds Balance at 31 December 2024 Balance at l January 2024 Income Expenditure Transfers General fund Tt Foundation Fund 193,107 4,901 302,943 {279,135) 325 217,240 4,901 198,008 302.943 (279.135) 325 222,141 Bolance at 31 December 2023 Previous Reporting Period Balance at l January 2023 Income Expenditure Transfers General fund Tt Foundation Fund 212,947 4,901 307.349 (329.899) 2,710 193,107 4,901 217.848 307.349 (329.899) 2,710 198,008 Name of Description. nature and purposes of the fund General fund The free reserves after allowing for all designoted funds TI Foundation Fund The Trustees have designated the TI Foundation fund to be used for any purpose approved by the TI Foundation committee. 32 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) 19 Analysis of net assets between funds General fund Designated funds Restrirted funds Total Tangible fixed assets 25.349 Fixed asset investments 83.766 Cash at bank and in hand 63.859 other net current assets/{liabilities) 61.287 25,349 83,766 70,860 44,266 4.901 2,100 Total 234.261 4.901 2,100 224,241 Reporting Period General fund Designated funds Restricted funds Total Tangible fixed assets 25.630 Fixed asset investments 81.559 Cash at bank and in hand 29.196 Other net current assets/{liabilities) 61.287 Creditors of more than one year 25,630 81,559 36,422 56,722 4.901 2,325 Total 197.672 4.901 2,325 200,333 20 Operating lease commitments The charity'5 total future minimum lease payments under non-cancellable operating lease5 is as follows for each of the following periods= Land and Buildings 2024 2023 Equipment 2024 2023 Less than one year One to five years 15.815 15,815 15.815 480 480 480 960 15.815 31,630 960 1,440 33 The Textile Institute Notes to the accounts for the year ended 31 December 2024 (continued) 21 Prior year Statement of Financial Activities Unrestricted funds Restricted funds Total funds 2023 Totèl funds 2022 Income Donations. grants and 5.525 5.525 38,260 Income from charitable activities 295,846 295,846 291,630 Investment income 2,572 2,572 1,658 Total income 303,943 303,943 331,548 Expenditure Costs of raising funds Expenditure on charitable activities 329.899 329.899 311,009 Total expenditure 329,899 329,899 311,009 Net income/ (expenditure) before net gains/{Ios5es) on investments {25,956) (25,956) 20,539 Realisedlunrealised gains/(losse5) on investments 3,406 3,406 (11,115) Net income/{expenditure) for the year (22,550) (22,550) 9,424 Transfer between funds 2,710 (2,710) Net movement in funds for the year Reconciliation of funds Total funds brought forward {19,840) (2,710) (22,550) 9,424 217,848 5,035 222,883 213,459 Total funds carried forward 198.008 2.325 200.333 222.883 The statement of financial activities includes all gains and losses ￿COgnised in the year. All income and expenditure derive from continuing activities.