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2025-03-31-accounts

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Silk Heritage Trust

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Chair on behalf of the board

Spurrell, Simon

Simon Spurrell

chair@silkmacclesfield.org.uk

IP Address: 150.228.103.216

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The Silk Heritage Trust

Charity No. 519521

Company No. 02182687

Trustees' Report and Unaudited Accounts

31 March 2025

The Silk Heritage Trust Contents

Pages
Trustees' Annual Report 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Summary Income and Expenditure Account 8
Balance Sheet 9
Statement of Cash flows 10
Notes to the Accounts 11 to 22
Detailed Statement of Financial Activities 23 to 24

Page 1

The Silk Heritage Trust Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2025.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 02182687

Charity No. 519521

Registered Office

The Heritage Centre Roe Street Macclesfield Cheshire SK11 6TJ

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

J.W. Barber E.A. Braithwaite P. Cole

==> picture [298 x 48] intentionally omitted <==

J.A. Griffiths (Resigned 24 July 2024) J.C. Hayward J. Jackson R.M. Medcalf R.D. Pownall M.J. Ward (Resigned 5 November 2025) H. Williamson

Governance and Directorship

Chair, replacing Mr John Varney, Sep 25 Mr Simon Spurrell Museum Director Emma Anderson Company Secretary Emma Anderson

Accountants

I Hate Numbers Limited Forester Building 29-35 St Nicholas Place Leicester LE1 4LD

Executive Summary

Page 2

The Silk Heritage Trust Trustees Annual Report

The year 2024–2025 was a pivotal period for The Silk Heritage Trust. Despite sector-wide challenges, including slow visitor recovery and rising operational costs, the Trust made significant progress in strengthening its financial resilience, governance, and community engagement. Key highlights include:

•� Financial Success: Secured over £500,000 in grant funding, including a major £226,000 National Lottery Heritage Fund grant, enabling transformative projects at Paradise Mill and the Silk Museum.

•� Governance & Leadership: Welcomed new Trustees with expertise in retail and digital innovation; transitioned leadership with Simon Spurrell appointed as Chair in September 2025.

•� Strategic Development : Completed the Transformation Project and launched a new five-year strategy focused on growth, diversity, and sustainability.

•� Partnerships & Outreach: Expanded collaborations with Cheshire East Council, Macclesfield Town Council, and local community groups, delivering inclusive events and creative initiatives.

These achievements position the Trust for an ambitious development programme in 2025–2026, ensuring that Macclesfield’s silk heritage continues to thrive as a vibrant cultural and educational resource.

Challenges and Strategic Focus

Like many organisations in the cultural and heritage sector, we continued to face post-pandemic challenges compounded by rising costs and slow visitor recovery. Secondary spend remains low, and overheads have increased. In response, the Board focused on diversifying income streams, rebuilding reserves, and addressing critical issues in our collections and buildings. Our clarified vision and streamlined governance have transformed operations and underpinned our fundraising success.

Governance

This year saw significant changes to our Board:

•� New Trustees: Fattori McKenna (digital innovation), Liz Cookson (art, education and creative programming), Ben Bowden (Philanthropic fundraising). We are in the process of onboarding three new young trustees in the new year to add some diversity to our board.

•� Presidency : We thank David Rutley for his long-standing support and welcome Tim Roca MP as our new President. John Varney has been given the honorary permanent title of Vice President in recognition of his long service to the Trust.

Financial Management

Financial resilience remains a priority. Despite income challenges, we protected reserves where possible and commissioned a VAT review, including plans for a subsidiary trading company. We also navigated the sudden loss of our accountancy and payroll provider. Thanks to exceptional efforts by the Director and team, we secured over £500,000 in grant funding, ensuring a strong foundation for future growth.

Page 3

The Silk Heritage Trust Trustees Annual Report

Key Grants and Projects

•� Significant Achievement: £226,000 from the National Lottery Heritage Fund for an 18-month project to transform Paradise Mill and the Silk Museum into a vibrant hub for heritage, skills, and community engagement.

Partnerships

Our partnerships remain central to our success:

• �Potential Future Partnerships : The Silk Triangle initiative has been initiated to foster mutual Museum collaboration among the three Silk Towns of Macclesfield, Leek, and Congleton. This has great opportunities that need to be defined in 2026.

Operations and Venues

Capital works at Paradise Mill, the Silk Museum, and the Old Sunday School were completed with expert support from Creative Heritage Consultants Ltd. Paradise Mill is now a key driver of organisational resilience, complemented by new displays at the Silk Museum, including the West Park collections and a football heritage exhibition.

Staff and Volunteers

•� New Museum Director : Dr Clare Harding has joined us as our new Museum Director, and she has taken on oversight of the Old Sunday School as part of her role. We are fortunate to have recruited a talented and driven individual who is already making a difference to our organisation.

• �Our brilliant garden volunteers (Shirley, Diane, and Sue), whose hard work was rewarded by Britain in Bloom, returned with a Gold Award (for the second year running!) and as Category Winners for Best Small Tourist Attraction!

New Systems and Renovations

Page 4

The Silk Heritage Trust Trustees Annual Report

We have completed a fully funded transformation of our Café, including a remodelled kitchen and counter, and an alteration to the reception desk. All beautifully painted in our benefactor-supplied Little Greene Paint colours range.

Due to the end of life of our previous system, Vennersys Ticketing was chosen as our replacement ticketing system, enhanced CRM and EPOS software solution. Amy Bishop is leading the successful integration, and we expect it to provide a significantly improved visitor experience, as well as other opportunities for retention and repeat business for the museum.

SharePoint and Email

Since my appointment, I have utilised my IT skills to enhance the security and improve our compliance with the storage and use of Trust data. Having convinced the incumbent IT support company that we are entitled to 250 free Microsoft Office licences, all Board members, trustees, and staff now have a Silk Heritage Trust email account and access to the SharePoint file repository. Access to the accounts is restricted with two-factor authentication, which significantly reduces our risk of fraud, and all guest accounts have been removed.

Projects underway with funding from public bodies, Trusts & Foundations

The National Heritage Lottery Funded consultation about the future of the museum is underway, with a report due by the end of January.

Paradise Mill

£4,200 Decorative Arts Society to research the Macclesfield School of Art Collection

£2,500 Granada Foundation for Weaver in Residence

£28,000 Arts Council Unlocking Collections for new interpretation

£125,250 Headley Trust Senior Curator Paradise Mill - 3 years

£29,000 Pilgrim Trust for Cartwright & Sheldon collections care & development

Silk Museum

£15,000 Foyle Foundation for developing Café as a Community Hub

£5,000 Museum Development North to establish Audience Baseline

£165,000 Arts Council Capital Improvement Programme – Jacquard Studio

£227,223 National Lottery Heritage Fund – Resilience programme

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

Simon Spurrell Chair

28 January 2026

Page 5

The Silk Heritage Trust Independent Examiners Report

Independent Examiner's Report to the trustees of The Silk Heritage Trust

I report to the charity trustees on my examination of the financial statements of The Silk Heritage Trust for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Chartered Association of Certified Accountants, which is one of the listed bodies.

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

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 financial

statements to be reached.

Mahmood Reza Chartered Association of Certified

Accountants

I Hate Numbers Limited Forester Building 29-35 St Nicholas Place Leicester

LE1 4LD 28 January 2026

Page 6

The Silk Heritage Trust Statement of Financial Activities

for the year ended 31 March 2025

Unrestricted
funds
2025
Notes
£
Income and endowments
from:
Donations and legacies
4
220,614
Charitable activities
5
95,157
Other trading activities
6
38,760
Investments
7
1,040
Other
8
1,249
Total
356,820
Expenditure on:
Raising funds
9
14,067
Charitable activities
10
372,991
Total
387,058
Net gains on investments
-
Net (expenditure)/income
11
(30,238)
Transfers between funds
-
Net (expenditure)/income
before other gains/(losses)
(30,238)
Other gains and losses
Net movement in funds
(30,238)
Reconciliation of funds:
Total funds brought forward
1,176,554
Total funds carried forward
1,146,316		 Unrestricted
funds
2025
Notes
£
Income and endowments
from:
Donations and legacies
4
220,614
Charitable activities
5
95,157
Other trading activities
6
38,760
Investments
7
1,040
Other
8
1,249
Total
356,820
Expenditure on:
Raising funds
9
14,067
Charitable activities
10
372,991
Total
387,058
Net gains on investments
-
Net (expenditure)/income
11
(30,238)
Transfers between funds
-
Net (expenditure)/income
before other gains/(losses)
(30,238)
Other gains and losses
Net movement in funds
(30,238)
Reconciliation of funds:
Total funds brought forward
1,176,554
Total funds carried forward
1,146,316		 Restricted
funds
2025
£
165,360
-
-
-
-		 Silk Heritage
Trust
Endowed
Charity
2025
£
12,728
100,041
-
86
265		 Total funds
2025
£
398,702
195,198
38,760
1,126
1,514		 Total funds
2024
£
374,271
139,112
34,528
848
6,041
165,360
2,852
155,116		 113,120
-
125,112		 635,300
16,919
653,218		 554,800
16,702
382,233
387,058
-		 157,967
-		 125,112
-		 670,137.00
-		 398,935
-
7,393
-		 (11,991)
-		 (34,837)
-		 155,865
-
(30,238) 7,393 (11,991) (34,837) 155,865
(30,238)
1,176,554		 7,393
27,588		 (11,991)
309,070		 (34,837)
1,513,212		 155,865
1,357,347
1,146,316 34,981 297,079 1,478,375 1,513,212

Page 7

The Silk Heritage Trust Summary Income and Expenditure Account for the year ended 31 March 2025

Income
Interest and investment income
Gross income for the year
Expenditure
Total expenditure for the year
Net (expenditure)/income before tax
for the year
Net (expenditure )/income for the year		 2025
£
634,174
1,126
635,300
670,137
670,137
(34,837)
(34,837)		 2024
£
553,952
848
554,800
398,935
398,935
155,865
155,865

Page 8

The Silk Heritage Trust Balance Sheet

at 31 March 2025

Company No.
02182687
Notes
2025
£
Fixed assets
Tangible assets
13
1,298,805
Investments
15
202
1,299,007
Current assets
Stocks
16
4,150
Debtors
17
192,859
Cash at bank and in hand
182,142
379,151
Creditors:Amount falling due within one year
18
(199,783)
Net current assets
179,368
Total assets less current liabilities
1,478,375
Net assets excluding pension asset or liability
1,478,375
Total net assets
1,478,375
The funds of the charity
Restricted funds
19
Silk Heritage Trust Endowed Charity
297,079
Restricted income funds
34,981
332,059
Unrestricted funds
19
General funds
1,146,316
1,146,316
Reserves
19
Total funds
1,478,375		 2024
£
1,312,638
202
1,312,840
3,751
75,922
240,645
320,318
(119,946)
200,372
1,513,212
1,513,212
1,513,212
309,070
27,588
336,658
1,176,554
1,176,554
1,513,212

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 March 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 28 January 2026

And signed on its behalf by:

Simon Spurrell Chair

28 January 2026

Page 9

The Silk Heritage Trust Statement of Cash flows for the year ended 31 March 2025

Cash flows from operating activities
Net (expenditure)/income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Other gains/losses
(Increase)/Decrease in stocks
(Increase)/Decrease in trade and other receivables
Increase in trade and other payables
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Dividends, interest and rents from investments
Net cash from/(used in) investing activities
Net cash from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2025
£
(34,837)
14,504
(2,640)
-
(399)
(116,937)
79,837
(60,472)
(671)
2,640
1,969
-
(58,503)
240,645
182,142
182,142
182,142		 2024
£
155,865
14,663
(848)
-
139
49,983
19,788
239,590
(152,113)
848
(151,265)
-
88,325
152,320
240,645
240,645
240,645

Page 10

The Silk Heritage Trust Notes to the Accounts

for the year ended 31 March 2025

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 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 11

The Silk Heritage Trust Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has 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.

Page 12

The Silk Heritage Trust Notes to the Accounts

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 13

The Silk Heritage Trust Notes to the Accounts

3 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4
Income from donations and legacies
Unrestricted
£
Donations
13,354
Grants
207,260
220,614		 Unrestricted
funds
2024
£
319,683
55,847
34,528
745
410,803
283,682
16,702
300,384
110,419
110,419
110,419
1,066,135
1,176,554
Restricted
£
-
165,360
165,360		 Restricted
funds
2024
£
53,425
-
-
-
53,425
29,603
-
29,603
23,822
23,822
23,822
3,766
27,588
Silk Heritage
Trust
Endowed
Charity
£
2,463
10,265
12,728		 Silk Heritage
Trust
Endowed
Charity
2024
£
1,164
89,304
-
103
90,571
68,947
-
68,947
21,624
21,624
21,624
287,446
309,070
Total
2025
£
15,817
382,885
398,702		 Total funds
2024
£
374,272
145,151
34,528
848
554,799
382,232
16,702
398,934
155,865
155,865
155,865
1,357,347
1,513,212
Total
2024
£
8,365
365,906
374,271

Page 14

The Silk Heritage Trust Notes to the Accounts

5 Income from charitable activities

Museum/Admissions
Education & Learning space
Recharges
Room hire
Cinemac
Recharge of Utilities
6
Income from other trading activities
Shop Income
Café income
7
Income from investments
Bank Interest Received
8
Other income
Other income		 Unrestricted
£
41,090
29,068
25,000
0
0
0
95,157
Unrestricted
£
1,040
1,040
Unrestricted
£
1,249
-
1,249		 Silk Heritage
Trust
Endowed
Charity
£
-
-
-
47,390
37,810
14,840
100,041
Unrestricted
£
28,777
9,983
38,760
Silk Heritage
Trust
Endowed
Charity
£
86
86
Silk Heritage
Trust
Endowed
Charity
£
265
-
265		 Total
2025
£
41,090
29,068
25,000
47,390
37,810
14,840
195,198
Total
2025
£
28,777
9,983
38,760
Total
2025
£
1,126
1,126
Total
2025
£
1,514
-
1,514		 Total
2024
£
49,924
43,300
14,259
31,629
-
-
139,112
Total
2024
£
34,528
-
34,528
Total
2024
£
848
848
Total
2024
£
5,924
117
6,041

Page 15

The Silk Heritage Trust Notes to the Accounts

9 Expenditure on raising funds

9 Expenditure on raising funds
Unrestricted Restricted Total Total
2025 2024
£ £ £ £
Costs of generating voluntary
income
Purchases 14,067 2,852 16,919 16,702
14,067 2,852 16,919 16,702
10 Expenditure on charitable activities
Silk Heritage
Trust
Endowed
Unrestricted Restricted Charity Total Total
2025 2024
£ £ £ £ £
Expenditure on charitable
activities
Recharges - - 25,000 25,000 -
Staff costs 156,791 130,736 - 287,527 147,548
Advertising & Marketing 18,392 729 - 19,121 14,697
Cleaning 4,668 - 5,280 9,948 8,074
Repairs and Maintenance 74,845 4,624 59,819 139,288 10,055
Display, Programmes and
exhibitions		 0 17,221 - 17,221 16,568
Security 9,392 - 3,854 13,246 5,574
Travel 343 - - 343 379
Insurance 21,519 - - 21,519 17,460
Premises costs 28,362 325 25,581 54,268 38,687
Depreciation 10,554 - 3,950 14,504 14,663
Legal and professional 2,400 933 1,517 4,850 66,554
Bank Charges 1,225 - 111 1,336 879
Accountancy 15,905 - - 15,905 15,550
Communications 3,718 - - 3,718 4,101
Printing and stationery 680 - - 680 639
Computer costs 9,915 548 - 10,463 7,739
Irrecoverable vat 9,488 - - 9,488 12,897
General costs 713 - - 713 169
368,911 155,116 125,112 649,138 382,233

Page 16

The Silk Heritage Trust Notes to the Accounts

11 Net (expenditure)/income before transfers

Net (expenditure)/income before transfers
2025 2024
This is stated after charging: £ £
Auditors' remuneration - 3,600
Independent Examiner's fee 4,080 -
Other fees paid to the auditor or
independent examiner		 - 11,950

12 Staff costs

No employee received emoluments in excess of £60,000. (2023-none) The management of the combined trust is the duty of the trustees who are unpaid.

The average monthly number of full time equivalent employees during the year was as follows:

Management and
administration
Fundraising
Charitable activities
13 Tangible fixed assets
The Silk Heritage
Trust
Cost or revaluation
At 1 April 2024
Additions
At 31 March 2025
Depreciation and
impairment
At 1 April 2024
Depreciation charge for the
year
At 31 March 2025
Net book values
At 31 March 2025
At 31 March 2024		 Land &
Buildings
£
1,202,215
-
1,202,215
181,085
9,500
190,585
1,011,630
1,021,130		 2025
Number
1
-
6
7
Fixtures,
Fittings and
Equipment
£
122,187
671
122,858
122,187
168
122,355
503
-		 Paradise
Mill Lease
£
152,113
-
152,113
1,213
1,213
2,426
149,687
150,900		 2024
Number
1
1
5
7
Total
£
1,476,515
671
1,477,186
304,485
10,881
315,366
1,161,820
1,172,030

Page 17

The Silk Heritage Trust Notes to the Accounts

Tangible Fixed assets- Silk Heritage Trust

14 Endowed Charity

The Heritage Centre
Cost or revaluation
At 1 April 2024
At 31 March 2025
Depreciation and
impairment
At 1 April 2024
Depreciation charge for the
year
At 31 March 2025
Net book values
At 31 March 2025
At 31 March 2024		 Buildings
£
309,111
309,111
169,795
3,300
173,095
136,016
139,316		 £
-
-		 Fixtures &
Fittings
£
105,737
105,737
104,445
323
104,768
969
1,292		 £
-
-
-
-
-
-		 Total
£
414,848
414,848
274,240
3,623
277,863
136,985
140,608

15 Investments

Cost or revaluation
Revaluation
At 31 March 2025
Net book values
At 31 March 2025
16 Stocks
Finished goods
17 Debtors
The Silk Heritage Endowed Trust
VAT recoverable
Other debtors
Prepayments and accrued income		 2025
£
4,150
4,150
2025
£
77,743
16,427
98,415
274
192,859		 Other
investments
- Listed
£
202
202
202		 Total
£
202
202
202
2024
£
3,751
3,751
2024
£
45,196
-
5,827
24,899
75,922

Page 18

The Silk Heritage Trust Notes to the Accounts

18 Creditors:

amounts falling due within one year

Creditors:
amounts falling due within one year
Trade creditors and accruals
Other taxes and social security
The Silk Heritage Endowed Trust
Other creditors		 2025
£
90,742
2,087
77,743
29,211
199,783		 2024
£
71,635
3,115
45,196
-
119,946

Page 19

The Silk Heritage Trust Notes to the Accounts

19 Movement in funds

Restricted funds:
Endowment funds:
The Silk Heritage Trust
Endowed Charity
Total
Restricted income funds:
CEC West Park
Heritage Compass
Radcliffe Grant
Manchester University
Audience Development grant
AIM Brighter Day
CEC NHMF Match
Friends NHMF Match
ACE - Unlocking
ACE-CIP2
The Headley Trust
MDNW Silk Museum in
Schools
Other grants £3000 and
under
Total
Unrestricted funds:
General funds
Total funds		 At 1 April
2024
309,070
309,070
8,246
4,842
5,000
900
3,600
2,500
2,500
-
-
-
-
-
27,588
1,176,554
1,513,212		 Incoming
resources
(including
other
gains/losses
)
£
113,120
113,120
17,000
-
-
-
-
-
6,500
25,200
59,310
41,750
3,753
11,847
165,360
356,820
635,300		 Resources
expended
£
(125,112)
(125,112)
(25,246)
(548)
(4,700)
(846)
(3,949)
-
-
(4,482)
(96,261)
(13,877)
(312)
(7,746)
(157,967)
(387,058)
(670,137)		 At 31
March
2025
£
297,079
297,079
-
4,294
300
54
(349)
2,500
9,000
20,718
(36,951)
27,873
3,441
4,101
34,981
1,146,316
1,478,375

Purposes and restrictions in relation to the funds: Endowment funds: The Silk Heritage Trust Endowed Charity

Restricted funds: CEC West Park Cheshire East Council, West Park: removal, conservation and return of paintings held at West Park to the Town Hall.

Page 20

The Silk Heritage Trust Notes to the Accounts

Silk Heritage Trust
es to the Accounts
Heritage Compass Marketing and development funding to support the broader charity's
growth, including the purchase of digital donation boxes.
Radcliffe Grant Restoration of looms at Paradise Mill alongside a placement for a weaver.
Manchester University Manchester University: restoration of looms at Paradise Mill alongside a
Audience Development grant placement for a weaver.
Audience Development: funding from the Foyle Foundation to support the
development of new audiences for the Silk Museum and Paradise Mill.
AIM Brighter Day Cataloguing, digitising and display of the children's wear collection.
CEC NHMF Match Cheshire East Council Match: match funding from Cheshire East Council to
support the reroofing of Paradise Mill, replacement of windows at the Old
Sunday School, and the development of the Jacquard Studios.
Friends NHMF Match Match funding from the Friends of the Silk Museum to support the
reroofing of Paradise Mill, replacement of windows at the Old Sunday
School, and the development of the Jacquard Studios.
ACE - Unlocking Arts Council England funding for new interpretation for Paradise Mill.
ACE-CIP2 Arts Council England funding to restore the Jacquard studios.
The Headley Trust Funding to support the role of a Senior Curator for Paradise Mill.
MDNW Silk Museum in Museums Development North West funding to develop new engagement
Schools materials for schools around the Egyptology collection.
Other grants £3000 and
under

20 Analysis of net assets between funds

Analysis of net assets between funds
Fixed assets
Investments
Net current assets
Reconciliation of net debt
Cash and cash equivalents
Net debt		 Unrestricted
funds
£
1,298,805
202
162,941
1,461,948
At 1 April
2024
£		 Restricted
funds
£
-
-
16,427
16,427
Cash flows
£		 Total
£
1,298,805
202
179,368
1,478,375
At 31
March
2025
£
240,645 (58,503) 182,142
240,645
240,645		 (58,503)
(58,503)		 182,142
182,142

21 Reconciliation of net debt

Page 21

The Silk Heritage Trust Notes to the Accounts

22 Post balance sheet events

The trustees of the Silk Heritage Trust believe that the Charity remains a going concern, supported by a healthy balance sheet as of 31st March 2025.

During the year, the Charity has experienced a loss of funding, resulting in a significant reduction in income and likely affecting the scope and scale of activities the Silk Heritage Trust could undertake beyond the following financial year.

Notwithstanding this, the trustees are confident that, over the longer term, they will be able to adapt the Charity’s practices and services and identify alternative income streams sufficient to enable the Silk Heritage Trust to continue its operations.

However, at the date of signing these accounts, the trustees acknowledge that this uncertainty may affect the Charity's going concern status as we advance.

Simon Spurrell, Chair.

For and on behalf of the Board of Trustees.

23 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 22

The Silk Heritage Trust Detailed Statement of Financial Activities

for the year ended 31 March 2025

Income and endowments from:
Donations and legacies
Donations
Grants
Charitable activities
Museum/Admissions
Education & Learning space
Recharges
Room hire
Cinemac
Recharge of Utilities
Other trading activities
Shop Income
Café income
Investments
Bank Interest Received
Other
Other income
Total income and endowments
Expenditure on:
Costs of generating donations and
legacies
Purchases
Total of expenditure on raising
funds
Charitable activities- Support costs
Recharges
Staff costs
Advertising & Marketing
Cleaning		 Unrestricte
d funds
2025
£
13,354
207,260
220,614
41,090
29,068
25,000
0
0
0
95,157
28,777
9,983
38,760
1,040
1,040
1,249
-
1,249
356,820
14,067
14,067
14,067
-
156,791
18,392
4,668		 Restricted
funds
2025
£
-
165,360
165,360
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
165,360
2,852
2,852
2,852
-
130,736
729
-		 Silk Heritage
Trust
Endowed
Charity
2025
£
2,463
10,265
12,728
-
-
-
47,390
37,810
14,840
100,041
-
-
-
86
86
265
-
265
113,120
-
-
-
25,000
-
-
5,280		 Total funds
2025
£
15,817
382,885
398,702
41,090
29,068
25,000
47,390
37,810
14,840
195,198
28,777
9,983
38,760
1,126
1,126
1,514
-
1,514
635,300
16,919
16,919
16,919
25,000
287,527
19,121
9,948		 Total funds
2024
£
8,365
365,906
374,271
49,924
43,300
14,259
31,629
-
-
139,112
34,528
-
34,528
848
848
5,924
117
6,041
554,800
16,702
16,702
16,702
-
147,548
14,697
8,074

Page 23

The Silk Heritage Trust

Detailed Statement of Financial Activities

Repairs and Maintenance
Display, Programmes and
exhibitions
Security
Travel
Insurance
Premises costs
Depreciation
Charitable activities- Direct costs
Legal and professional
Bank Charges
Accountancy
Communications
Printing and stationery
Computer costs
Irrecoverable vat
General costs
Governance costs
Total of expenditure on charitable
activities
General administrative costs,
including depreciation and
amortisation
Depreciation of Land & Buildings
Depreciation of Fixtures, Fittings
and Equipment
Depreciation of Paradise Mill
Lease
Total expenditure
Net gains on investments
Net (expenditure)/income
Net (expenditure)/income before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 74,845
0
9,392
343
21,519
28,362
10,554
2,400
1,225
15,905
3,718
680
9,915
9,488
713
368,911
4,080
4,080
372,991
-
-
-
387,058
-
(30,238)
(30,238)
-
(30,238)
1,176,554
1,146,316		 4,624
17,221
-
-
-
325
-
933
-
-
-
-
548
-
-
155,116
-
-
155,116
-
-
-
157,967
-
7,393
7,393
-
7,393
27,588
34,981		 59,819
-
3,854
-
-
25,581
3,950
1,517
111
-
-
-
-
-
-
125,112
-
-
125,112
-
-
-
125,112
-
(11,991)
(11,991)
-
(11,991)
309,070
297,079		 139,288
17,221
13,246
343
21,519
54,268
14,504
4,850
1,336
15,905
3,718
680
10,463
9,488
713
649,138
4,080
4,080
653,218
-
-
-
670,137
-
(34,837)
(34,837)
-
(34,837)
1,513,212
1,478,375		 10,055
16,568
5,574
379
17,460
38,687
14,663
66,554
879
15,550
4,101
639
7,739
12,897
169
382,233
-
-
382,233
-
-
-
398,935
-
155,865
155,865
-
155,865
1,357,347
1,513,212

Page 24