**THE COTTON TEXTILES RESEARCH TRUST**
## Annual Report for the year ended 31[st] March 2023
The trustees present their report and the accounts for the year ended 31 March 2023
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Cotton textiles Research Trust (formerly The British Cotton Growing Association Workpeople’s Collection Fund) is constituted by Deed of Trust and is a registered charity, No. 509075. Its address is c/o Finance Directorate, University of Manchester, Oxford Road, Manchester M13 9PL.
The charity trustees during the year to 31[st] March 2023 were:-
Professor D. Colman (Chair) Mr. A.J. Bond
Professor R. Green Mr. A. Ogden Mr. W. Sampson (appointed 7 February 2023)
The charity originated in 1904 from donations made by textile workers. The Fund is governed by a Trust declared by an order of the Court of Appeal dated 30[th] July 1959.
## **OBJECTIVES AND ACTIVITIES**
Founded for the benefit of workers in the British Textile Industry the charity’s work includes; the promotion of such charitable objects as the Trustees shall consider beneficial to workers in the textile industry, including (but without prejudice to the generality of the foregoing) the promotion of medical research into the prevention, treatment and cure of ailments and diseases to which such workers are especially liable.
## **ACHIEVEMENTS AND PERFORMANCE**
For a second year, in 2022/23 the charity received a good number of applications. Funding of up to £87,320 was offered to accepted projects, which are going ahead was paid out during the year. This sum exceeds the Trusts’ annual income but the trustees judged that the quality of the applications justified drawing on the substantial accumulated cash surplus from earlier years. Recent grants have been increasingly directed to research likely to lead directly to innovation in UK textile production, but also cover specialised training for the textile industry and overview of the state of the industry.
Disbursement of funds does not necessarily occur in the financial year a grant is offered. Disbursement of a grant may carry over into a later period and circumstances of the recipient institution may change after an offer is made.
The charity continues to publicise its role and to invite bids for funding for funding via its website at https://cottontextilesresearchtrust.org/
The charity obtains all its income from its investment assets, which were valued at £1,782,816 at 31st March 2023 (£2,216,432 at 31st March 2022).
The investment powers of the charity permit the trustees to invest in equities in the UK and a wide range of overseas markets including the US.
## **FINANCIAL REVIEW**
The charity showed net losses on resources for the year 1[st] April 2022 to 31[st] March 2023 of £6,843 (2022: Restated £7,432) after expenditure of £91,738 (2022: Restated £101,858) and at that date had cash on deposit amounting to £594,001 (2022: £658,702). The charity can realise investments to finance expenditure, as there is no requirement to spend only investment income rather than capital.
At 31 March 2023 the charity had unrestricted funds of £2,360,206 (2022: Restated £2,800,665).
## **Reserves Policy**
The trustees regard the present level of reserves as adequate for the present needs of the Charity. The trustees’ policy is to use funds raised primarily for the benefit of the charity’s aims and objectives whilst maintaining an adequate level of reserves for normal working capital requirements.
On behalf of the trustees
Professor David Colman Chairperson
The Cotton Textiles Research Trust
## **Statement of Financial Activities for the financial year ended 31 March 2023**
|**Unrestricted**
**funds**
**2022/23**
_Notes_
**£**
**INCOMING RESOURCES**
Dividends from investments
4
84,895
Return on unspent Grant
-
**TOTAL INCOMING RESOURCES**
84,895
**RESOURCES EXPENDED**
_Charitable activities_
Grants paid to
support research
87,320
Brokerage - custody fee
2,318
Administration fee
1,500
Miscellaneous expenses
600
**TOTAL RESOURCES EXPENDED**
91,738
(6,843)
Net (loss)/gain on investment assets
(433,616)
**NET MOVEMENT IN FUNDS**
(440,459)
2,800,665
2,360,206
**NET INCOMING RESOURCES BEFORE**
**RECOGNISED GAINS AND LOSSES**
Fund balances brought forward at 1 April
**FUND BALANCES CARRIED FORWARD AT 31**
**MARCH**|**Total**
**Total**
**2022/23**
2021/22
**£**
**£**
**(restated)**
**84,895**
82,009
**-**
12,417
**84,895**
94,426
**87,320**
96,781
**2,318**
2,205
**1,500**
1,500
**600**
1,372
**91,738**
101,858
**(6,843)**
(7,432)
**(433,616)**
(125,856)
**(440,459)**
(133,288)
**2,800,665**
2,933,953
**2,360,206**
2,800,665|
|---|---|
The Cotton Textiles Research Trust
## **Balance sheet as at 31 March 2023**
|_Notes_
_FIXED ASSETS_
Investments
_2_
_CURRENT ASSETS_
Accrued income
Cash held on deposit
TOTAL CURRENT ASSETS
_CURRENT LIABILITIES_
Accrued expenditure
TOTAL CURRENT LIABILITIES
_NET CURRENT ASSETS_
**NET ASSETS**
_REPRESENTED BY:_
UNRESTRICTED FUNDS
**TOTAL FUNDS**|**2023**
**£**
**1,782,816**
**24,390**
**594,001**
**618,390**
**(41,000)**
**(41,000)**
**577,390**
**2,360,206**
**2,360,206**
**2,360,206**|**2022**
**£**
**(restated)**
2,216,432
41,812
658,702
700,514
(116,281)
(116,281)
584,233
2,800,665
2,800,665
2,800,665|
|---|---|---|
Professor David Colman Chairperson 02/02/2024
The Cotton Textiles Research Trust
## **Notes to the accounts**
## **1. Accounting policies**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
## **1.1 Basis of accounting**
The accounts are prepared on an accruals basis.
## **1.2 Going Concern**
The financial statements are prepared on a going concern basis. The Trustees consider that there are no material uncertainties about the Charities' ability to continue as a going concern.
## **2. Fixed asset investments**
|**No of shares**
**Shareholding**
922
Columbia Threadneedle
47,636
Murray Income Trust
65,000
Murray International Trust Ord. 25p
450,000
Mercantile Investment Trust Ord. 25p
**Total Market Value 31 March**|**Market Value**
**at 31 March**
**2023**
**£**
**469**
**406,335**
**623,274**
**752,738**
**1,782,816**|**Market Value**
**at 31 March**
**2022**
**(restated)**
**£**
527
422,055
815,100
978,750
2,216,432|
|---|---|---|
The shares are all listed on the UK stock exchange
## **3. Contingent Liabilities**
There were no contingent liabilities at 31st March 2023
## **4. Investment Income**
Investment income is stated gross of custodian fees which are shown separately in resources expended.
## **5. Restatement of comparatives**
Prior year comparatives have been retated in respect of recognised grants paid in the year and corresponding accrued expenditure to account for the correct timing of grant approvals.
The impact on the financial statement account captions is disclosed below:
## Statement of Financial Activities
Grants paid to support research has decreased to £96,781 from £184,101
Net Incoming Resources before recognised losses has decreased to £7,432 to £94,751
## Balance Sheet
Accrued Expenditure has decreased to £116,281 from £203,601 Total Funds has increase to £2,800,665 from £2,712,818 Fixed Assets has been increased to £2,216,432 from £2,215,905
## **Independent examiner's report on the accounts**
**Section A Independent Examiner’s Report**
**Report to the trustees/** Charity Name The Cotton Textiles Research Trust **members of On accounts for the year** 31/03/2023 **Charity no** 509075 **ended (if any) Set out on pages** 1 to 3 (remember to include the page numbers of additional sheets)
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended **31 / 03 / 2023** .
- **Responsibilities and** As the charity trustees of the Trust, you are responsible for the preparation **basis of report** of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- the accounts do not accord with those records; or
- the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
~~Gordon~~ Digitally signed by ~~Gordon Haworth~~ **Signed:** G.Haworth Haworth Date: 2024.02.02 ~~11:30:46 Z~~ **Date:** 02/02/2024 **Name:** Gordon Haworth **Relevant professional** (CPFA) – Chartered Institute of Public Finance and Accountancy **qualification(s) or body (if any):**
**Address:** 70 Hollytree Road Liverpool L25 5PD
1
**October 2018**
**IER**
**Section B Disclosure**
Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
**Give here brief details of any items that the examiner wishes to disclose** .
2
**October 2018**
**IER**