THE COTTON TEXTILES RESEARCH TRUST
Annual Report for the year ended 31[st] March 2024
The trustees present their report and the accounts for the year ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Cotton textiles Research Trust (formerly ���������������������������������������������������� 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 2024 were:-
Professor D. Colman (Chair) Mr. A.J. Bond Professor R. Green Mr. A. Ogden
Professor. W. Sampson
Dr. C. Henninger (appointed 25th April 2024)
Professor. S. Postlethwaite (appointed 25th April 2024)
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����������������; 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
In 2023/24 the charity received a good number of applications. Funding of up to £146,437 was offered to accepted projects, which are going ahead was paid out during the year. This sum exceeds �������������������������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 £2,234,973 at 31st March 2024 (£2,178,778 restated at 31st March 2023).
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 2023 to 31[st] March 2024 of £15,121 (2023: £6,843) after expenditure of £195,315 (2023: £91,738) and at that date had cash on deposit amounting to £649,261 (2023: £594,001). The charity can realise investments to finance expenditure, as there is no requirement to spend only investment income rather than capital.
At 31 March 2024 the charity had unrestricted funds of £2,797,242 (2023: Restated £2,756,168).
Reserves Policy
The trustees regard the present level of reserves as adequate for the present needs of the Charity.
whilst maintaining an adequate level of reserves for normal working capital requirements.
On behalf of the trustees
Professor David Colman
Chairperson 21/10/2024
The Cotton Textiles Research Trust Statement of Financial Activities for the financial year ended 31 March 2024
INCOMING RESOURCES
Dividends from investments Interest on cash
TOTAL INCOMING RESOURCES RESOURCES EXPENDED
Unrestricted funds Total 2023/24 2022/23 £ Notes £ (restated) 4 88,995 84,895 91,199 - 180,194 84,895
Charitable activities Grants paid to support research 181,709 87,320 Brokerage - custody fee 10,794 2,318 Administration fee 1,500 1,500 Miscellaneous expenses 1,312 600 TOTAL RESOURCES EXPENDED 195,315 91,738 NET INCOMING RESOURCES BEFORE RECOGNISED GAINS AND LOSSES - 15,121 - 6,843 Net (loss)/gain on investment assets 56,195 - 37,654 NET MOVEMENT IN FUNDS 41,074 - 44,496 Fund balances brought forward at 1 April 2,756,168 2,800,665 FUND BALANCES CARRIED FORWARD AT 31 MARCH 2,797,242 2,756,168
The Cotton Textiles Research Trust
Statement of Financial Position as at 31 March 2024
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2024 2023
£
Notes £ (restated)
FIXED ASSETS
Investments 2 2,234,973 2,178,778
CURRENT ASSETS
Accrued income 27,591 24,390
Cash held on deposit 649,261 594,001
TOTAL CURRENT ASSETS 676,852 618,390
CURRENT LIABILITIES
Accrued expenditure -114,583 -41,000
TOTAL CURRENT LIABILITIES -114,583 -41,000
NET CURRENT ASSETS 562,270 577,390
NET ASSETS 2,797,242 2,756,168
REPRESENTED BY:
UNRESTRICTED FUNDS 2,797,242 2,756,168
TOTAL FUNDS 2,797,242 2,756,168
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NAP
Professor David Colman Chairperson 21/10/2024
The Cotton Textiles Research Trust
Notes to the accounts
- 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.
- Fixed asset investments
Market Value Market Value at 31 March at 31 March of shares shares Shareholding 2024 2023 £ £ (restated) 922 Columbia Threadneedle 516 493 47,636 Murray Income Trust 396,332 406,335 65,000 Murray International Trust Ord. 25p 1,030,500 869,700 450,000 Mercantile Investment Trust Ord. 25p 807,625 902,250
No of shares shares Shareholding
Total Market Value 31 March
2,234,973 2,178,778
The shares are all listed on the UK stock exchange
- Contingent Liabilities
There were no contingent liabilities at 31st March 2024
- Investment Income
Investment income is stated gross of custodian fees which are shown separately in resources expended.
- Restatement of comparatives
Prior year comparatives have been restated 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 Net Loss on Investment Assets has decreased by £402,805 to £37,654 Fund balances carried forward has increased by £395,963 to £2,756,169
Statement of Financial Position Investments has increased by increased by £395,962 to £2,178,778 Total Funds has increased to £2,797,242 from £2,360,206
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 31/03/2024 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 / 2024.
- 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 I have completed my examination. I confirm that no material matters have examiner's statement come to my attention (other than that disclosed below *) in connection with the examination which gives me cause to believe that in, any material respect:
-
accounting records were not kept in accordance with section 130 of the Act or
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the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
- Please delete the words in the brackets if they do not apply.
Date: 27/09/2024 ~~———~~
Signed: Date: 27/09/2024 Name: Ahmed Karolia ~~Cs~~ Relevant professional ACCA (Association of Chartered Certified Accountants) qualification(s) or body (if any): Address: 20 Moorside Avenue Blackburn BB1 2BA
October 2018
1
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 .
October 2018
2
IER