THE COTTON INDUSTRY WAR MEMORIAL TRUST
TRUSTEES ANNUAL REPORT AND THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
CHARITY NUMBER 242721
Page |
THE COTTON INDUSTRY WAR MEMORIAL TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
| CONTENTS | PAGE |
|---|---|
| Trustees Annual Report | 2-7 |
| Auditors Report | 8-9 |
| Statement ofFinancial Activities | 10 |
| Balance Sheet | 11 |
| NotestotheFinancialStatements | 12-17 |
Page 2
THE ANNUAL REPORT OF THE TRUSTEES OF THE COTTON INDUSTRY WAR MEMORIAL TRUST 19 SHEPHERD STREET ROCHDALE LANCS OL11 5SU (REGISTERED CHARITY 242721)
Introduction
This Annual Report of the Trustees, together with the Statement of Accounts has been prepared in accordance with the Statement of Recommended Practice on ‘Accounting by Charities’ issued by the Charity Commissioners for England and Wales and with subsequent legislation.
The Cotton Industry War Memorial Trust
The Cotton Industry War Memorial Trust Act, 1947, as amended by regulations made in 1971, is the legislation under which the trust operates. There are eight Trustees (four of whom are representative of the employers and four of whom are representative of employees in the industry) who, under clause 4 of the 1947 Act, are constituted for all purposes as a body corporate by name ‘The Cotton Industry War Memorial Trust’.
Trustees and Secretary
The Department for Business, Energy and Industrial Strategy (BEIS), in their absolute discretion, have power (a) to appoint any person to be a Trustee of this Trust for the purpose of filling a vacancy and (b) to remove any Trustee. In making any appointments, the BEIS consults with such persons and bodies representative of the interests of employers carrying on business and of operatives employed in the industry as appear to them to be desirable to secure just and equitable representation on the Trust of the interests of both employers and employees in the industry.
During the year 2023, the following served as Trustees:
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Representative|of Employers:|Representative|of Employees:|
|Michael|Glover|Bartle|Alan|Paul|Robinson|
|Peter|John|Davey|Peter|John|Richard|Booth|
|Adrian|George|Abel|Philip|Clay|
|Malcolm|Douglas|Jarvis|Robert|Christopher|Trotter|
|The|Chairman|and|Vice|Chairman|are|elected|annually,|but|each|serves|for|a|period|of two|years.|Both|
|offices|rotate|between|Trustee|representatives|of employers|and|employees.|During|2023|Malcolm|Douglas|
|Jarvis|served|as|Chairman,|Trustee|Alan|Paul|Robinson|served|as|Vice|Chairman|in|accordance|with|the|
|Schedules|of the|1947|Act.|
----- End of picture text -----
Mr. Philip William Roberts served as Trust Secretary
Trustee Training
Policies and procedures are in place for the induction and training of new Trustees. However, in recognition of the vast experience, which is evident amongst the current Trustees, the Trust has no plans for the training of Trustees at present. The Trustees are aware that if the need arises, they will of course arrange such training to be carried out.
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Trust Advisers
Bankers The National Westminster Bank plc Lancaster Business Centre PO Box 17 68 Church Street LANCASTER LA1 1LN
Solicitors Knights 10 Mannin Way Lancaster Business Park LANCASTER LAI! 3SW
Auditors CWR Chartered Accountants 20 Mannin Way Lancaster Business Park Caton Road LANCASTER LA1 3SW
Investment Advisers Quilter Cheviot Senator House 85 Queen Victoria Street LONDON EC4V 4AB
Page 4
Trust Funds and Investment Powers
The Trust must act in accordance with the provisions of the Cotton Industry War Memorial Trust Act 1947, as amended in 1971. Under Section 11 of the Act, the Trustees have power to invest the funds and to vary those investments, and to apply the capital and income there from for the purposes set out in Section 12 of the Act. The second Schedule of the Act sets out the “restricted funds” of the Trust, which form the original Trust Fund. That capital cannot be expended without prior consent of BEIS.
Section 12 of the 1947 Act provides that (a) any investment made out of unapplied income of any year or the accumulations of such income and (b) bonuses or profits arising out of the conversion or sale of any investment of the Trust may be applied by the Trustees for any purposes set out in Section 12 of the Act and the consent of BEIS shall not be required for such application.
The Trustees have considered the type of service required from the Trust’s Investment Advisers. They have concluded that an Advisory Portfolio Service adequately meets the investment needs of the Trust. After advice, investments are made in accordance with the provisions of the Trustee Investment Act 1961. Moreover, because of the size of the Trust’s portfolio, it is felt that the investment need in respect of narrow and wider range investments are best served by using gilt-edge securities and a reputable Common Investment Fund rather than a private discretionary management service. This policy is under constant review by the Trustees based on information supplied by the Trust Accountants and Financial Advisors at regular intervals.
Objectives of the Trust and Policies of Implementation
The objects of the Trust are set out fully in the provisions of The Cotton Industry War Memorial Trust Act 1947, as amended in 1971. Regulations made under Section 8 (2) of the Act determine the operation of the Trust. Employers and Trade Unions in the industry, appropriate Educational and research establishments, Citizens Advice Bureau, together with published Directories of Charities, etc., are made aware of the provisions of the Act and of its objectives. The Trustees hold at least four meetings annually to consider policy, requests for funds or grants, disbursements and the uses to which the Trust funds should be put. From time-to-time urgent decisions can be made by means of Trustee Memorandum Resolutions. These are subsequently confirmed in meetings.
The Secretary, in regular consultation with the Chairman and Vice Chairman, implements the policies and decisions of the Trustees. Minutes of meetings, investment portfolios and the annual report are submitted to the Trustees for approval. Copies of the Annual Report of the Trustees and Financial Statements are sent to the Charities Commission.
All decisions on the disbursement of the Trust Funds are made and approved by Trustees in meeting. Detailed information is given on every item of expenditure, and Trustees receive regular reports on approved research projects etc., and details of grants made to eligible students by textile educational establishments.
The Trustees regularly review the policies adopted in carrying out their functions and responsibilities under the 1947 Act and under the Charities Acts. No major material changes in these policies have been made since the previous Annual report of the Trustees.
The Secretary is the sole executive of the Trust. No further staff are employed. This obviously involves close liaison with the Trustees, the Chairman and Vice Chairman and the Trust’s advisers.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
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Implementation of section 12 of the Act
The income of the Trust is solely derived from its investments, except that the “restricted funds” cannot be expended without prior consent of BEIS.
Disbursements to beneficial trusts are made under Section 12 of the 1947 Act.
During the year 2023, apart from making pension payments to former employees of the Trust and meeting the expenses of operating the Trust, the income of the Trust has been used for the following purposes:
The cost of operating (under rules determined, and reviewed regularly, by the Trustees) the Convalescence Scheme for those individuals currently employed in the industry, or for those who have been so employed at some time during the last forty years, who are currently sick or injured and who have been certified by their own Doctor as being in need of convalescence rest. Commercial hotels in Blackpool provide necessary accommodation, and visits are made during the year to the hotels used in order to ensure the accommodation and service is appropriate for the needs of the convalescent and the smooth operation of the Trust’s Convalescence Scheme.
In 2023, the Trust arranged convalescence for 46 applicants who qualified for the assistance offered by the scheme. This figure shows a decrease from those attending convalescence in 2022. This decrease is mainly due to clients exhausting their entitlement of the convalescence scheme. Letters and cards had been received from several clients who attended for the convalescence, thanking the Trust in allowing them the opportunity to recuperate. This appreciation also applied to the management and staff of both the Imperial Hotel and the Headlands Hotel in Blackpool, for the most courteous and helpful way they were treated, and for the excellent service provided.
Grants are available to be made under Section 12 (1) of the 1947 Act, to eligible individuals within the scope of that provision who require a variety of needs and who may fall within the scope of the Act under which the Trust operates.
With regards to the above, individual requests for grant aid can be made to the Trust, represented by such organisations as the Age Concern, SAFA, CAB etc.
During 2023 the Trust considered the following grant applications.
-
Blesma the limbless Veterans Trust was awarded a grant of £10,000 towards their work with ex service personnel.
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A grant of £20,000 was awarded to Stanley Grange as a contribution towards refurbishment of premises.
-
A grant of £20,000 was awarded to Huddersfield Centre of Excellence for the provision of education and training of cotton industry employees.
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£6,800 was awarded to the Textile Biennial event workshops held in the Blackburn area.
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A grant of £9,000 was awarded to Aspire for workshops in the Huddersfield area.
-
£14,000 was made available to Foodbanks in Lancashire and South Yorkshire during the year.
-
A grant of £10,000 was awarded to Francis House Hospice.
-
Grants of £5,000 each were awarded to Leeds Hospital Charity, Chrysalis Holidays, Leeds Weekend Care and Little Hiccups Trust for their work with vulnerable young people and families.
Page 6
-
Bursary’s totalling £69,625 was awarded to students from Leeds University and the Textile Conservation Foundation.
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A grant of £10,000 was awarded to DePaul UK.
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Orchid was awarded a grant of £6,000 towards providing cancer awareness workshops in two former cotton textile towns in the Northwest of England.
-
Accrington Stanley Community Trust was awarded a grant £10,000.
-
Seashell Trust was awarded £30,000 towards extending the school premises.
-
A grant of £10,000 was awarded to Veterans into Logistics for former Armed Forces personnel retraining.
15. Derby Toc H was awarded a grant £8,000.
Financial Review
The Trust’s work is entirely reliant on income from its investments. The income on fixed interest investments and on Charifund income units for 2023 was up in comparison to the previous year.
The value of the Trust’s investments has decreased during the year.
The Trustees consider that future income levels will be sufficient to cover the costs of the Trust.
Trust Investments
Acting on professional advice and within the provision of the Trustee Investment Act 1961, the Trustees have made every endeavour to ensure that the investments held by the Trust have been acquired in good faith and are fully in accordance with the powers given to them by The Cotton Industry War Memorial Trust Act 1947.
Legislation
During the year, various new elements of legislation have either been enacted or brought into force and the Charity Commission is becoming more involved in the functions, finances and detailed activities of Charities. The legislative changes are intended to meet the need for public accountability for the resources in the hands of Charities.
This will enable more information to be made available to the public and the users. The Trust is fully aware of developments in all areas of work and will take the necessary steps to ensure compliance with the new requirements as they are laid down and brought into force.
Reserves Policy
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a level which equates to approximately six months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs, and to respond to emergency applications for funding, which arise from time to time.
Risk Management
The Trustees have examined the major strategic, business and operational risk which the Charity faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risk.
Page 7
Future Plans
The Trust’s plans for the future aims and key objectives will continue to offer what help it can, in grant aid or other measures, in assisting individuals or organisations who request help, providing of course it comes within the scope of the Cotton Industry War Memorial Trust Act 1947.
Trustees Responsibilities in Relation to the Financial Statements
Laws applicable to Charities in England and Wales requires the Trustees to prepare financial statements for each financial year which givea true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements the Trustees are required to:
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¢ Select suitable accounting policies and then apply them consistently. ¢ Make judgments and estimates that are reasonable and prudent.
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¢ State whether applicable accounting standards and statements of recommended practice have been followed subject to any departure disclosed and explained in the financial statements; and
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¢ Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping accounting records which 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.
Approved by the Trustees on Thursday 28" March 2024 and signed on their behalf by:
M D JARVIS
CHAIRMAN
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THE COTTON INDUSTRY WAR MEMORIAL TRUST
INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE COTTON INDUSTRY WAR MEMORIAL TRUST
Opinion
We have audited the financial statements of The Cotton Industry War Memorial Trust (the “Charity”) for the year ended 318 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
e give a true and fair view of the state of the Charity’s affairs as at 318‘ December 2023 and of its income and expenditure for the year then ended;
-
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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e 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 annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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.
Continued)
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THE COTTON INDUSTRY WAR MEMORIAL TRUST INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE COTTON INDUSTRY WAR MEMORIAL TRUST
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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e sufficient accounting records have not been kept;
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e the financial statements are not in agreement with the accounting records and returns; or
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e we have not obtained all the information and explanations necessary for the purposes of our audit.
Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they 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.
Our responsibilities for the audit of the financial statements
We have been appointed as auditor under the Charities Act 2011, s.144 and report in accordance with regulations made under 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 an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. To this extent our procedures are capable of detecting irregularities, including fraud.
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 auditor’s report.
Use of our report
This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. 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’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
20 Mannin Way Lancaster Business Park Caton Road Lancaster LA1 3SW
Phillip Dennison (Senior Statutory Auditor) For and on behalf of CWR Chartered Accountants and Statutory Auditor
28" March 2024
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THE COTTON INDUSTRY WAR MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
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||||||||||
|---|---|---|---|---|---|---|---|---|
|NOTES|2023|2023|2023|2022|
|UNRESTRICTED|RESTRICTED|TOTAL|TOTAL|
|FUNDS|FUNDS|FUNDS|FUNDS|
|INCOME|AND|ENDOWMENTS|
|Incoming|Resources|from|Generated|Funds:|
|Investment|Income|2|398216|-|398216|388135|
|TOTAL|INCOME|398216|-|398216|388135|
|EXPENDITURE|
|Costs|of Generating|Funds:|
|Investment|Management|Costs|3|3631|-|3631|4188|
|Charitable|Activities|:|348315|-|348315|274247|
|TOTAL|EXPENDITURE|351946|:|351946|278435|
|NET|INCOME|FOR THE YEAR|46270|-|46270|109700|
|OTHER|RECOGNISED|LOSSES|
|Loss|on|Investment|Assets|10|(154868)|-|(154868)|(547127)|
|NET MOVEMENT|IN|FUNDS|(108598)|-|(108598)|(437427)|
|RECONCILIATION|OF|FUNDS|
|TOTAL|FUNDS|BROUGHT|FORWARD|AT|
|1ST JANUARY|2023|6025894|790970|6816864|7254291|
|TOTAL|FUNDS|CARRIED|FORWARD|
|AT 31ST DECEMBER 2023|5917296|790970|6708266|6816864|
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THE COTTON INDUSTRY WAR MEMORIAL TRUST
BALANCE SHEET AS AT 31ST DECEMBER 2023
| UNRESTRICTED | RESTRICTED | TOTAL | TOTAL | ||
|---|---|---|---|---|---|
| NOTES | FUNDS | FUNDS | 2023 | 2022 | |
| FIXED ASSETS | |||||
| Investments | 9 | 5966925 | 790970 | 6757895 | 6912763 |
| CURRENT ASSETS | |||||
| Debtors | 11 | 42960 | - | 42960 | 40984 |
| Cash at Bank and in Hand | 12 | 287091 | - | 287091 | 209989 |
| TOTAL CURRENT ASSETS | 330051 | - | 330051 | 250973 | |
| LIABILITIES | |||||
| Creditors: Amounts Falling Due WithinOneYear |
13 | 98026 | - | 98026 | 80741 |
| NET CURRENT ASSETS | 232025 | . | 232025 | 170232 | |
| TOTAL ASSETS LESS | |||||
| CURRENT LIABILITIES | 6198950 | 790970 | 6989920 | 7082995 | |
| Creditors: Amounts Falling | |||||
| Due AfterMore Than One | 14 | 281654 | - | 281654 | 266131 |
| Year | |||||
| TOTAL NET ASSETS | 5917296 | 790970 | 6708266 | 6816864 | |
| FUNDS | 16 | 5917296 | 790970 | 6708266 | 6816864 |
These Financial Statements were approved by the Trustees on 28" March 2024
M D JARVIS
CHAIRMAN
The notes on Pages 12 to 17 form part of these Financial Statements
Page 12
THE COTTON INDUSTRY WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
- PRINCIPAL ACCOUNTING POLICIES
a) Basis of preparation
The financial statements are prepared under the historical cost convention as modified by the revaluation of fixed asset investments. The financial statements have been prepared in accordance with the Charities Act 2011 and in compliance with the provisions of FRS102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland.
b) Investment Income
Investment Income consists of income received in the year after adjusting for opening and closing accrued income.
c) Expenditure
Expenditure is included on an accruals basis.
Charitable Activity Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Charitable Activity costs comprise costs for processing grants and applications, including support to actual and potential applicants. Governance Costs comprises costs for the running of the Charity itself as an organisation.
Where overhead and support costs cannot be directly attributed to either of these two categories, it is estimated based on activity levels that 66.67% of staffing costs and 66.67% of the costs are attributable to charitable costs with the balance attributable to governance costs. The allocation of overhead and support costs is analysed in note 4.
d) Fixed Asset Investments
Investments are valued at the middle market price at the close of business on 31st December 2023.
- Gains/(Losses) arising on revaluation or disposal are recognised in note 10, Gain/(Loss) on Investment Assets, and credited/charged to the Statement of Financial Activities.
e) Fund Accounting
Details of the nature and purpose of each fund is set out in note 16.
f) Pensions Pension provisions are based on external valuations obtained by the Trustees. Details of the current provision is set out in note 15.
g) Going Concern The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
| 2. | INVESTMENTINCOME | 2023 | 2022 |
|---|---|---|---|
| Interest onUK GiltEdged Securities and Fixed Interest Unit Trusts | 21718 | 21718 | |
| Dividend on UKM&G Securities Charifund Income | 375813 | 366319 | |
| Interest on Cash Deposits | 685 | 98 | |
| 398216 | 388135 |
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THE COTTON INDUSTRY WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023 (Continued)
| 2023 | 2022 | |||
|---|---|---|---|---|
| 3. | INVESTMENTMANAGEMENT COSTS | |||
| Stockbrokers Fees | 3631 | 4188 | ||
| 4, | ALLOCATIONOFSUPPORTCOSTSANDOVERHEADS | Total —— |
Charitable Activities |
Governance Costs |
| StaffCosts | 32201 | 21468 | 10733 | |
| Office Costs and Overheads | 2580 | 1719 | 861 | |
| 34781 | 23187 | 11594 | ||
| 5. | CHARITABLE ACTIVITIES | 2023 | 2022 | |
| StaffCosts | 21468 | 20328 | ||
| Office Costs and other Overheads | 1719 | 1392 | ||
| Convalescent Scheme Costs | 32394 | 42985 | ||
| Grants payable—see note 6 | 264325 | 183600 | ||
| Governance Costs— see note 7 | 28409 | 25942 | ||
| 348315 | 274247 |
Page 14
THE COTTON INDUSTRY WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023 (Continued)
| 6. | GRANTSPAYABLE | GRANTSPAYABLE | 2023 | 2022 |
|---|---|---|---|---|
| a) | Children’s Adventure Farm Trust | - | 26500 | |
| b) | Leeds University | 59625 | - | |
| c) | Medi Equip 4 Kids | - | 6500 | |
| d) | Go Beyond | 3300 | 3300 | |
| e) | Bradford Textile Society | 4500 | 3500 | |
| f) | British Textile Biennial | 6800 | - | |
| g) | Donations to 7 Regional Food Banks | 14000 | 16000 | |
| h) | Leeds Weekend Care | 5000 | - | |
| 1) | Boomerang Play Centre | - | 20000 | |
| j) | Accrington Stanley Community Trust | 10000 | - | |
| k) | Sunshine and Smiles | - | 2500 | |
| 1) | The Kirkwood | - | 5000 | |
| m) | Seashell Trust | 30000 | - | |
| n) | Booth Centre | - | 4500 | |
| 0) | Orchid | 6000 | 6000 | |
| p) | SEN Manchester | 4500 | 4000 | |
| q) | Leeds Hospital Charity | 5000 | - | |
| r) | Henshaw | 4000 | 2500 | |
| s) | Francis House Children’s Hospice | 10000 | 5000 | |
| t) | Huddersfield Textile Centre ofExcellence | - | 40000 | |
| u) | Derby TocH Children’s Camp | 8000 | 8000 | |
| v) | Depaul UK | 10000 | - | |
| w) | Bradford Inclusive Disability Service | - | 5000 | |
| x) | Live MusicNow | - | 2300 | |
| y) | Blesma | 10000 | 10000 | |
| z) | Chrysalis Holiday | 5000 | - | |
| aa) | Little Hearts Matter | 4000 | 4000 | |
| ab) | Textile Conservation Foundation | 10000 | - | |
| ac) | Royal School ofNeedlework | - | 2000 | |
| ad) | Heron Corn Mill | 2000 | 2000 | |
| ae) | The Shop ofHope | 850 | - | |
| af) | Ribble Valley Art4 All | 1000 | - | |
| ag) | StickN Step | 3500 | - | |
| ah) | Veterans Logistics | 10000 | - | |
| ai) | Aspire Communities | 9000 | - | |
| aj) | Playlist for Life | 1000 | - | |
| ak) | Little Hiccups | 5000 | - | |
| al) | Leeds University—Debbie Bamford | 2250 | - | |
| am) an) |
Stanley Grange Section 12 (1) Grants (2022 : to |
individual) | 20000 - |
|
| 264325 | 183600 |
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THE COTTON INDUSTRY WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 (Continued)
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2023|2022|
|RECONCILIATION|OF|GRANTS|PAYABLE|
|Commitments|at|1st|January|2023|40000|-|
|Commitments|Made|in|the|Year|264325|183600|
|Commitments|Met|(198700)|(143600)|
|Commitments|at|31st December|2023|105625|40000|
|7.|GOVERNANCE|COSTS|
|Staff Costs|10733|10162|
|Office|Costs|and|Other|Overheads|861|696|
|Auditors|Fees|for|Audit|Services|5124|4880|
|Auditors|Fees|for|Other|Services|8244|7848|
|Costs|of Meetings|3447|2356|
|28409|25942|
|8.|STAFF|COSTS|AND|TRUSTEES’|REMUNERATION|
|Salaries|32201|30490|
|Social|Security|Costs|-|-|
|32201|30490|
|The|average|number|of employees|during|the year was|1|||
|Trustees|received|no|remuneration|(2022:|nil)|
|Travel|allowances|of £2978|were|paid|to|Trustees|(2022:|£1472)|
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Page 16
THE COTTON INDUSTRY WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 (Continued)
| 9. | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| Movement in fixed asset investments | 2023 | 2022 | |
| Market value at 1stJanuary 2023 | 6912763 | 7459890 | |
| Add: Investments in Year at cost | - | - | |
| 6912763 | 7459890 | ||
| Less: Investments Realised in Year |
- | - | |
| 6912763 | 7459890 | ||
| Less: Net Investment Losses in Year (Note 10) |
(154868) | (547127) | |
| Market value at 31st December 2023 | 6757895 | 6912763 | |
| Cost at 31st December 2023 | 1944228 | 1944228 | |
| Investments at market value comprised: | |||
| Equities | 6245364 | 6398003 | |
| Fixed Interest securities | 512531 | 514760 | |
| 6757895 | 6912763 | ||
| All investments were held in the UK. At 31st December 2023, the following investment | represented | ||
| more than5%ofthe portfolio by marketvalue | |||
| M & G Securities Ltd— Charifund units | 6245364 | 6398003 | |
| 10. | LOSSES ON INVESTMENTASSETS | ||
| Realised Losses on Disposal ofInvestment Assets | - | - | |
| Change in Unrealised Losses on Investment Assets | (154868) | (547127) | |
| NETINVESTMENTLOSSES | (154868) | (547127) | |
| 11. | DEBTORS | ||
| Prepayments Accrued Income |
743 42217 |
218 40766 |
|
| 42960 | 40984 |
Page 17
THE COTTON INDUSTRY WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023 (Continued)
| 12. | CASH AT BANKAND IN HAND | 2023 | 2022 |
|---|---|---|---|
| General Accounts | 222494 | 161083 | |
| High Interest Business Reserve Account | 64597 | 48906 | |
| Cash in Hand | “ | . | |
| 287091 | 209989 | ||
| 13. | CREDITORS: Amounts Falling Due Within One Year | ||
| Accruals | 62941 | 48844 | |
| Pension Provision (note 15) | 35085 | 31897 | |
| 98026 | 80741 | ||
| 14. | CREDITORS: Amounts Falling Due AfterMore Than One Year | ||
| Creditor | 53000 | - | |
| Pension Provision (note 15) | 228654 | 266131 | |
| 281654 | 266131 | ||
| 15. | PENSIONPROVISION |
The previous secretaries to the Trust retired in April 2009, April 2014 and April 2019. The Trustees have agreed to pay each a discretionary pension for the term of their lives.
A provision for the pensions is included within creditors notes 13 and 14. The provision is based on an external valuation of the pensions obtained by the Trustees.
It has been decided by the Trustees that discretionary pensions will not be paid to the current or future secretaries when they retire. New secretaries will be offered the opportunity to join a contributory pension scheme.
- FUNDS
Unrestricted Funds
These comprise those funds which the Trustees are free to use in accordance with the provisions of The Cotton Industry War Memorial Trust Act 1947.
Restricted Funds
This fund represents the capital of the trust established under the provisions of The Cotton Industry War Memorial Trust Act 1947. Any accumulated income and surplus arising from sale of investments are available to be used by the Trustees at their discretion under the terms of the Act.
- RELATED PARTY TRANSACTIONS
No related party transaction took place during the year other than disclosed at note 8 for Trustee expenses.