in february, on alternate years, slaithwaite celebrates a 19th-century legend of moonraking with the slaithwaite moonraking festival, with a week of lantern making and a programme of storytelling. the week-long celebration, which always takes place during the school half term week, ends with a parade of lanterns around the village, and a festival finale by the canal in the centre of the village. a heritage lottery funded project 'wild about wool', that is collating memories of the industrial heritage of the colne valley, is linked to the festival. 'wool' was also the theme of the festival held in february 2011.