CWR CharteredAccountants THE COTTON INDUSTRY WAR MEMORIAL TRUST TRUSTEES ANNUAL REPORT AND THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 CHAIUTY NUMBER 242721 20 M2nnin Way? lancaster Business Park, Caton R02d, Lancaster LAI 3SW Tel: (01524) 67371 CWR is thc Irading name of CW&R Limited, a company registercd in England and Wales, number 05568929 www.cwr-accountants.co.uk
COThON tNDUSTRY WAR MEMORtAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 CONTENTS PAGE Trustees Annual Report Auditors Report 9-12 Statement of Financial Activities 13 Balance Sheet 14 Notes to the Financial Statements
THE CoON tNDUSTRY WAR MEMORIAL TRUST THE ANNUAL REPORT OF THE TRUSTEES OF THE corfoN tNDUSTRY WAR MEMORIAL TRUST 19 SHEPHERD STREET ROCHDALE LANCS OLI 15SU 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 Practlce on 'Accounting by Charities, issued by the Charity Commissioners for England and Wales and with subsequent Icgislation. The Cotton Indust War Memorial Trust The Cotton Industry War Memorial Trust Ac¢ 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 Secreta The Department for Biisiness and Trade (DBT), 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 Ti'ustee. In making any appointments, the DBT consults with such persons and bodies representative of the interests of employers carying 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 industy. During the year 2024, the following served as Trustees: resentative of Em lo ers: Re resentative of Em ees: Michael Glover Bartle Alan Paul Robinson Peter John Davey Adrian George Abel Malcolm Douglas Jarvis Peter John Richard Booth Philip Clay Robert Christopher Trotter The Chairman and Vice Chairnian are elected annually, but each serves for a period of two years. Both offices rotate between Trustee representatives of employers and employees. During 2024 Malcolm Douglas Jarvis served as Chairn)an, Trustee Alan Paul Robinson served as Vice Chairman in accordance with the Schedules of the 1947 Act. Mr. Philip William Roberts served as Trust Secretary Trustee Trainin 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.
THE COTTON tNDUSTRY WAR MEMORIAL TRUST THE ANNUAL REPORT OF THE TRUSTEES OF THE COTTON tNDUSTRY WAR MEMORIAL TRUST Continued Trust Advisers Bankers The National Westminster Bank plc Lancaster Business Centre POBOX 17 68 Church Street LANCASTER LAI ILN Sol icitors Kniglits l O Mannin Way Lancaster Business Park LANCASTER LAI 3SW Auditors CWR Chartered Accountants 20 Mannin Way Lancaster Business Park Caton Road LANCASTER LAI 3SW Investment Advisers QLli Iter Clieviot Senator House 85 Queen Victoria Street LONDON EC4V 4AB
THE COTTON INDUSTRY WAR MEMORIAL TRUST THE ANNUAL REPORT OF THE TRUSTEES OF THE COTTON tNDUSTRY WAR MEMORIAL TRUST Continued Trust Funds and Investment Powers The Trust must act in accordance with the provisions of the Cotton Industy War Memorial Trust Act 1947, as amended in 1971. Under Section I l of the Act, the Trustees have power to invest the funds and to vary those investments, and to apply the capital and income therc from for the purposes set out in Section 12 of the Act. The second Scliedule of the Act sets out the "restricted funds" of the Trust, which fonn the original Trust Fund. That capital cannot be expended without prior consent of DBT. 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 DBT 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 provisiorls 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 Cominon Investment Fund rather than a private discretionary management service. This policy is under constant I'eview by the Trustees based on inforniation supplied by the Trust Accountants and Financial Advisors at regular intervals. Ob ectives of the Trust and Policies of Im lementation The objects of the Trust are set out fully in the provisions of The Cotton Industy War Memorial Trust Act 1947, as amended in 1971. Regulations made under Section 8 (2) of the Act detemine the operation of the Trust. Employers and Trade Unions in the industy, appropriate Educational and research establishinents, Citizens Advice Bureau, together with published Directories of Charities. etc., are tnade aware of the provisions of the Act and of its objectives. The Trustees hold at least four meetings annlially to consider policy, requests for funds or grants, disbursements and the uses to which thc Trust runds should be put. From tim¢-to-tiTne urgent decisions can be made by means of Trustee Memorandum Resolutions. These are subsequently confinned in meetings. The Secretary, in regular consultation with the Chairn]an 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 Stateinents 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 Trustces 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 canying 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 Chaiman and Vice Chairnian and thc Trust's advisers.
THE corroN INDUSTRY WAR MEMORIAL TRUST THE ANNUAL REPORT OF THE TRUSTEES OF THE COTTON tNDUSTRY WAR MEMORIAL TRUST Continued Public Benefit The Trustees confirni 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. This will enable more infonnation 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. lementation of section 12 of the Act The income of the Trust is solely derived from its investments, except that the "restricted funds" cannot be expendcd without prior consent of DBT. Disbursements to beneficial trusts are made under Section 12 of the 1947 Act. During the year 2024, apart from making pension payments to fonner employees of the Trust and meeting the expenses of operating the Trust, the income of the Trust has been used for the following purposes: Tlie cost of operating (under rules deterniined, and reviewed regularly, by the Trustees) the Convalescence Scheme for those individuals currently employed in the industy, 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 2024, the Trust arranged convalescence for 44 applicants who qualified for the assistance offered by the scheme. This figure shows a decrease from those attending convalescence in 2023. This decrease is mainly due to clients exhausting their entitlement of the convalescence scheme. Letters and cards had been received from several clients who 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 regard to the above, individual requests for grant aid can be made to the Trust. represented by such organizations as the Age Concern, SAFA, CAB, Macmillan etc. During 2024 the Trust considered the following grant applications: l. Blesma the limbless Veterans Trust was awarded a grant of £1 0,000 for their work with ex service personnel. 2 The Children Adventure Fann was awarded £35,200 towards a new project in 202412025. 3. £10,000 was awarded for the 2024 Textile Biennial Event workshops held in the Blackburn area. 4. A grant of £8,000 was awarded to Burnley Boys and Girls Club for premises rerbiShments.
THE COThON tNDUSTRY WAR MEMORIAL TRUST THE ANNUAL REPORT OF THE TRUSTEES OF THE COTTON INDUSTRY WAR MEMORIAL TRUST Continued 5. £26,000 was made available to Foodbanks in Lancashire and South Yorkshire during the year. 6. A grant of £14,328 was awarded to Gawthorpe Textile Collection. 7. Grants of £5,000 each were awarded to MedEquip4kids, Together Dementia Support, S.E.N. families support group and Saint Vincent De Paul 8. Manchester Outdoor Education Trust was awarded £ l 0,000 towards a new outdoor project 202412025. 9. A grant of £25,000 was awarded to Boomerang Bury for new equipment. l O. Orchid was aivarded a grant of £6,000 towards providing cancer awareness workshops in two fornier cotton textile towns in the North West of England. I l. Accrington Stanley Community Trust was awarded a grant of £10,000 towards new sports equipment. 12. Seashell Trust was awarded £30,000 towards extending the school premises. 13. A grant of £1 0,000 was awarded to Veterans into Logistics for fomier Amed Forces personnel retraining. 14. Derby Toc H was awarded a grant of £8,000 towards providing respite care. 15. Newlyn Art Gallery was awarded £5,000 to help purchase Textile Machinery. 16. The Society of Dyers and Colourists was awarded £ l 0,000 towards hosting several workshops in 2024. 17. Garvald Weavers was awarded £5,450 for the purchase of new materials for their workshops. 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 2024 was up in cotnparison to the previous year. The value of the Trust's investments lias also increased 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 endeavor 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. Le islation 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. Th¢ legislative changes are intended to meet the need for public accountability for resources in the hands of Charities.
THE corfoN INDUSTRY WAR MEMORIAL TRUST THE ANNUAL REPORT OF THE TRUSTEES OF THE COTTON INDUSTRY WAR MEMORIAL TRUST Continued Reserves Polic It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a level they consider to be appropriate for maintaining the current levels of 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 Mana emcnt The Trustees have examined the major strategic, business and operational risk which the Charity faces and confimls that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risk. 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 Res onsibilities 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 give a 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 arc required to: Select suitable accounting policies and then apply them consistently. Make judgments and estimates that are reasonablc and prudent. 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 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 thc prevention and detection of fraud and other irregularities. Approved by the Truste¢s on Thursday 17 April 2025 and signed on their behalf by: A P ROBINSON CHAIRMAN
THE CoON tNDUSTRY WAR MEMORIAL TRUST INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE COTTON tNDUSTRY WAR MEMORIAL TRUST Opinion We have audited the financial statements of The Cotton Industry War Memorial Trust (the "Charity") for the year ended 31" December 2024 which comprise the Statement of Financial Activitics, 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: the infonnation given in the trustees, report is inconsistent in any material respect with the financial statements. or give a true and fair view of the state of the Charity's affairs as at 31" December 2024 and of its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. 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, responsibilities for the audit of the financial statements section of our report. We are independent of the Cliarity 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. CoDclusions 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 perfornied, 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 thc relevant sections of this report. Other information The trustees are responsible for the other inforniation. The other infom]ation comprises the inforn]ation 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 infom]ation and, except to the extent otherwise explicitly stated in our report, we do not express any fom] 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 infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially m isstated. If we identify sucli material inconsistencies or apparent material misstatements, we are
10 THE COTTON TNDUSTRY WAR MEMORIAL TRUST INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE COTTON tNDUSTRY WAR MEMORIAL TRUST Continued required to determ ine whether there is a material misstatement in the financial statements or a material Inisstatement of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other inforniation, 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 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: sufficient accounting records have not been kept. the financial statements are not in agreement with the accounting records and returns. or we have not obtained all the infonnation 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 deterniine 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 ar¢ 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 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 or irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risk of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations was as follows: we identified the laws and regulations applicable to the foundation from our knowledge and experience of the charity sector. the engagement partner ensured that the engagement team collectively had the appropriate competence and skills to identify non compliance with applicable laws and regulations. we assessed the risk of management override of controls, including through journal testing and other adjustments for appropriateness.
THE corfoN INDUSTRY WAR MEMORIAL TRUST INDEPENDENT AUDITORS REPORTTO THE TRUSTEES OF THE COTTON FNDUSTRY WAR MEMORIAL TRUST Continued we reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with laws and regulations. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material m isstatements in the financial statements may not be detected, even though the audit is properly planned and perfonned in accordance with the ISAS (UK). For instance, the further removed non compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment or collusion. A further descriptton of our responsibilitics is available on the Financial Reporting Council's website at: ¥K'Ki'Ki. l-i'c.orL).Ii1. 1I1LicI iloi'.brL )oii%ibi l ilics. This description forn]s part of our auditor's report. As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatcment of the financial statements. whether due to fraud or error, design and perfonn audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal Control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal ¥ontrol. Evaluate the appropriateness of accounting policies uscd and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to tlie related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statcments rcpresent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
12 THE COTTON INDUSTRY WAR MEMORIAL TRUST 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 201 l 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 perniitted 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 havc fonned. Robert Mitchell (Senior Statutory Auditor) For and on behalf of CWR Chartered Accountants and Statutory Auditor 20 Mannin Way Lancaster Business Park Caton Road Lancaster LAI 3SW 17, April 2025
13 THE COTTON tNDUSTRY WAR MEMORIAL TRUST STATEMENT OF FINANCIALACTIVITIES ST FOR THE YEAR ENDED 31 DECEMBER 2024 2024 NOTES LfNRESTRICTED RESTRICTED FUNDS FUNDS 2024 TOTAL FLfNDS 2023 TOTAL FLfNDS tNCOME AND ENDOWMENTS Incoming Resources from Generated Funds.. Investment Income 424232 424232 398216 TOTAL tNCOME 424232 424232 398216 EXPENDITURE Costs of Generating Funds.. Investment Management Costs Charitable Activities 3611 376473 3611 376473 3631 348315 TOTAL EXPENDITURE 380084 380084 351946 NET INCOME FOR THE YEAR 44148 44148 46270 OTHER RECOGNISED GAtNSI LOSSES Gain/(Loss) on Investment Assets 10 136729 136729 154868 NET MOVEMENT tN FUNDS 180877 180877 (108598) RECONCILIATION OF FUNDS TOTAL FLfNDS BROUGHT FORWARD AT 1ST JANUARY 2024 5917296 790970 6708266 6816864 TOTAL FUNDS CARRIED FORWARD AT 31ST DECEMBER 2024 6098173 790970 6889143 6708266
14 THE corfoN tNDUSTRY WAR MEMORIAL TRUST BALANCE SHEET AS AT 3 1ST DECEMBER 2024 UNRESTRICTED FLtNDS RESTRICTED FUNDS TOTAL 2024 TOTAL 2023 NOTES FIXED ASSETS Investments 6201639 790970 6992609 6757895 CURRENT ASSETS Debtors Cash at Bank and in Hand 44512 141647 44512 141647 42960 287091 12 TOTAL CURRENT ASSETS 186159 E86159 330051 LIABILITIES Creditors: Amounts Falling Due Within One Year 13 60040 60040 98026 NET CURRENT ASSETS 126119 126119 232025 TOTAL ASSETS LESS CURRENT LIABILITIES 6327758 790970 7118728 6989920 Creditors.. Amounts Falling Due After More Than One Year 14 229585 229585 281654 TOTAL NET ASSETS 6098173 790970 6889143 6708266 FUNDS 16 6098173 790970 6889143 6708266 These Financial Statements were approved by the Trustces on 17 April 2025 A P ROBNSON CHAIRMAN The notes on Pages 15 to 21 forni part of these Financial Statements
[5 THE COTTON tNDUSTRY WAR MEMORIAL TRUST NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 PRINCIPAL ACCOUNTING POLICIES Basis of re aration 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 Investsnent Income consists of income received in the year after adjusting for opening and closing accrued income. enditure 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 arc 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 tlie 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 66.670/0 of staffing costs and 66.670/0 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. Fixed Asset Investments Investments are valued at the middle market price at the close of business on 3 1st December 2024. d) Gains/(Losses) arising on revaluation or disposal are recognised in note 10, Gain/(Loss) on Investment Assets, and creditedlcharged to the Statement of Financial Activities. Fund Accountin Details of the nature and purpose of each fund is set out in note 16. Pensions Pension provisions are based on external valuations obtained by the Trustees. Details of the current provision is set out in note 15. Goin Concern The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. g) 2. TNVESTMENT tNCOME 2024 21718 401478 1036 424232 2023 21718 375813 685 398216 Interest on UK Gilt Edged Securities and Fixed Interest Unit Trusts Dividend on UK M & G Securities Charifund Income Interest on Bank Dcposits
16 THE COTTON tNDUSTRY WAR MEMORIAL TRUST NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 Continued 3. tNVESTMENT MANAGEMENT COSTS 2024 2023 Stockbrokers Fees 3611 3631 4. ALLOCATION OF SUPPORT COSTS AND OVERHEADS Total Charitable Activities Governance Costs Staff Costs otrice Costs and Overheads 33766 5109 22512 3406 11254 1703 38875 25918 12957 5. CHARITABLE ACTIVITIES 2024 2023 Staff Costs Office Costs and other Overheads Convalescent Scheme Costs Grants payable- see note 6 Governance Costs - see note 7 22512 3406 35437 285278 29840 21468 1719 32394 264325 28409 376473 348315
17 THE corroN tNDUSTRY WAR MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 Continued 6. GRANTS PAYABLE 2024 2023 a) Children's Adventure Farm Trust b) Leeds University c) Medi Equip 4 Kids d) Go Beyond e) Bradford Textile Society British Textile Biennial g) Donations to 13 Regional Food Banks h) Leeds Weekend Care i) Boomerang Play Centre j) Accrington Stanley Community Trust k) Growthorpe l) Seashell Trust m) Rcfresh Carers n) Orchid o) SEN Manchester p) Leeds Hospital Charity q) Henshaw r) Francis House Children's Hospice s) Newlyn Art Gallery t) Derby Toc H Children's Camp u) Depaul UK Steps to Success v) Bradford Inclusive Disability Service w) Cartis Salford x) Blesma y) Chrysalis Holiday z) Little Hearts Matter aa) Textile Conservation Foundation ab) Grove Tennis Club ac) Heron Corn Mill ad) The Shop of Hope ae) Ribble Valley Art 4 All aD Stick N Step ag) Veterans Logistics ah) Aspire Communities ai) Playlist for Life aj) Little Hiccups ak) Leeds University- Debbie Bamford al) Stanley Grange am) Manchester Outdoor Education an) Together Dementia ao) Coactive Arts ap) William Merit Centre 35200 59625 5000 3300 4500 6800 14000 5000 7000 i 0000 26000 3000 25000 i 0000 14328 30000 4000 6000 5000 i 0000 30000 6000 4500 5000 4000 i 0000 5000 3000 5000 8000 5000 4000 3300 i 0000 8000 10000 10000 5000 4000 10000 4000 1000 2000 850 1000 3500 10000 9000 1000 5000 2250 20000 i 0000 i 0000 5000 1000 1000 Carried forward 255828 264325
18 THE COTTON tNDUSTRY WAR MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 Continued GRANTS PAYABLE CONTINUED 2024 2023 Brought fonvard 255828 264325 aq) Garvald Edinburgh ar) Bury Music Centre as) Burnley Boys and Girls Club at) The Society of Dyers and Colourists au) Section 12(1) Grants 5450 5000 8000 i 0000 1000 285278 264325 RECONCILIATION OF GRANTS PAYABLE Commitments at 1st January 2024 Comm itments Made in the Year Commitments Met 105625 285278 337903 40000 264325 198700 Coinmitments at 31 st December 2024 53000 105625 7. GOVERNANCE COSTS Staff Costs Office Costs and Other Overheads Auditor Fees for Audit Services Auditors Fees for Other Services Costs of Mcetings 11254 1703 5256 8562 3065 10733 861 5124 8244 3447 29840 28409 8. STAFF COSTS AND TRUSTEES, REMUNERATION Salaries Social Security Costs 33766 32201 33766 32201 The average number of cmployees during the year was Trustees received no remuneration (2023: nil) Travel allowances of £2120 were paid to Trustees (2023: £2351)
19 THE COTTON INDUSTRY WAR MEMORIAL TRUST NOTES TO THE FTNANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 Continued 9. FIXED ASSET INVESTMENTS Movement in fixed asset investments 2024 2023 Market value at 1° January 2024 Add: Investments in Year at cost 6757895 97985 6855880 6912763 6912763 Less: Investments Realised in Year 6855880 136729 6912763 (154868) Net Investment Gainsl(Losses) in Year (Note 10) Market value at 3 ISI December 2024 6992609 6757895 Cost at 31, December 2024 2042212 1944228 Investments at market value comprised: Equities Fixed Interest Securities 6509786 482823 6245364 512531 6992609 6757895 All investments were held in the UK at 31, December 2024 and represented more than 50/0 of the portfolio by market value. I O. GAtNS/ LOSSES ON INVESTMENT ASSETS Realised Losses on Disposal of Investment Assets Change in Unrealised Gain/(Losses) on Investment Assets 136729 (154868) NET INVESTMENT GAtNSI LOSSES 136729 (154868) I I. DEBTORS Prepayments Accrued Income 218 44294 743 42217 44512 42960
20 THE COTTON tNDUSTRY WAR MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 Continued 12. CASH AT BANK AND tN HAND 2024 2023 General Account High Interest Reserve Account Cash in Hand 101007 40640 222494 64597 141647 287091 13. CREDITORS: Amounts Fallin Due Within One Year Accruals Pension Provision (Note 15) 22821 37219 62941 35085 60040 98026 14. CREDITORS: Amounts Fallin Due After More Than One Year Creditors Pension Provision (Note 15) 39750 189835 53000 228654 229585 281654 15. PENSION PROVISION 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 terni 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 cuent or future sccretaries when they retire, New secretaries will be offered the opportunity to join a contributory pension scheme. 16. 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.
21 THE COTTON INDUSTRY WAR MEMOIUAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Continued 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 thc Trustees at their discretion under the ternis of the Act. 17. RELATED PARTY TRANSACTIONS No related party transaction took place during the year other than disclosed at note 8 for Trustee expenses.