Company no. 06748664 Charity no. 1141550
Max Carey Woodturning Trust Report and Unaudited Financial Statements 30 November 2021
Max Carey Woodturning Trust
Reference and administrative details
For the year ended 30 November 2021 Company number 06748664 Charity number 1141550 Registered office and 35 High Street operational address Portishead Bristol North Somerset BS20 6AA Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Mary Ashton Stuart Bradfield Ian Thomas Burke June Carey Harry Childs Bankers Barclays Bank 68 High Street Portishead North Somerset BS20 6EH Independent examiners Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
1
Max Carey Woodturning Trust
Report of the trustees
For the year ended 30 November 2021
The trustees present their report and the financial statements for the year ended 30 November 2021.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated on the 13 November 2008 and registered as a charity on the 21 April 2011. The company was established under a memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association the trustees are elected each year at the organisation’s Annual General Meeting. One third of the trustees must retire each year.
Objectives and activities
The Max Carey Woodturning Trust is a not-for-profit company limited by guarantee and a registered charity. Its object is to advance the education of the public in the subject of woodturning.
The trustees regularly review the services delivered by the Trust to ensure they fall within the Trust's charitable objects. In doing so, the trustees have regard to the Charity Commission's general advice on public benefit.
Achievements and performance
The trustees can report that the Trust had a subdued year due to theongoing impact of COVID 19. All available places on courses were filled whilst ensuring compliance with COVID 19 requirements and there is waiting list of people who wish to benefit from the programmes.
The trustees believe that the opportunities and facilities which the MCWT provide are unique and are highly valued by the beneficiaries. Structured courses enable the students to develop their woodturning skills in a systematic way whilst encouraging artistic flare and creative talent to be nurtured.
The four major training programmes provide a progression route enabling beginners to progress and achieve exceptionally high standards of work. The Trust is now an accreditation centre for Tutor Training and Assessment and is one of only three accredited centres for the delivery of the Worshipful Company of Turners national ‘Certificate in Woodturning’. Nine students commenced the certificate during the year.
The ‘Masters’ programme has provided the beneficiaries with the skills to manage a range of MCWT programmes. This provides additional support to the running of the MCWT through volunteering activities with additional skills in tutoring, demonstrating, health and safety, and first aid. Ten volunteers are now AWGB ‘Approved’ Tutors. More than 2,100 man-hours have been given by volunteers in support of the Trust's activities.
2
Max Carey Woodturning Trust
Report of the trustees
For the year ended 30 November 2021
The Trust operates the policy of providing free access to anyone who is on benefit, unemployed or in full-time education. Financial assistance has been provided to ensure that no one is disadvantaged and can fully benefit from the programmes which the Trust provides.
Throughout the year the MCWT has provided support to other local Charities including the Clevedon Pier Trust.
Limited investment was made throughout the year in plant, machinery and equipment due to the impact on income of COVID 19. Any investment is directed towards further enhances to the educational experience and Health & Safety of all participants.
The Trustees wish to recognise the dedication and skill of the tutors in the delivery of the programmes, the volunteers who support the ongoing operations of the Trust and the internationally renowned woodturners who have used their expertise to further develop the activities and beneficiaries of the Max Carey Woodturning Trust.
Financial review
The Trust received income during the year of £29,832 (2020 £31,141). Expenditure for the same period was £27,611 (2019: £30,213). Reserves at 30 November 2021 were £57,247 (2019: £55,026) of which £nil was restricted and £57,247 was unrestricted. The level of unrestricted reserves represents just over 12 months expenditure in a normal year of operation which the trustees consider to be appropriate. For this reason, the trustees consider the charity a going concern for a period of 12 months from the date the financial statements are approved.
The Trustees’ recognise the need to retain reserves to cover unforeseen events and major future developments. These include:
-
The costs of unforeseen events;
-
The need to replace machinery; and
-
The need to relocate the operations of the Trust.
The trustees review risk on an annual basis.
Statement of responsibilities of the trustees
The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with 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).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:
3
Max Carey Woodturning Trust
Report of the trustees
For the year ended 30 November 2021
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures 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 operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Independent examiners
Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 22 February 2022 and signed on their behalf by
Stuart Bradfield
Stuart Bradfield - trustee
4
Independent examiner's report
To the trustees of
Max Carey Woodturning Trust
I report to the trustees on my examination of the accounts of Max Carey Woodturning Trust (the charitable company) for the year ended 30 November 2021, which are set out on pages 6 to 14.
Responsibilities and basis of report
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charitable company 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 the charitable company's accounts 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
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
(1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
-
(2) the accounts do not accord with those records; or
-
(3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
(4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
William Guy Blake
Date: 22 February 2022 William Guy Blake ACA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
5
Max Carey Woodturning Trust
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 30 November 2021
| Note Income from: Donations and legacies 2 Charitable activities 3 Other income Total income Expenditure on: Charitable activities Total expenditure 4 5 Reconciliation of funds: Total funds brought forward Total funds carried forward Net income and net movement in funds |
2021 £ 17,717 10,862 1,253 29,832 27,611 27,611 2,221 55,026 57,247 |
2020 £ 22,861 7,589 691 |
|---|---|---|
| 31,141 | ||
| 30,213 | ||
| 30,213 | ||
| 928 | ||
| 54,098 | ||
| 55,026 |
All of the above results are derived from continuing activities. There were no recognised gains or losses other than those stated above. All funds received in both the current year and the prior year were unrestricted.
6
Max Carey Woodturning Trust
Balance sheet
As at 30 November 2021
| Note Fixed assets Tangible assets 8 Current assets Stocks 9 Debtors 10 Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 11 Net current assets Net assets Funds Unrestricted funds General funds Total charity funds |
£ 5,435 3,089 44,369 52,893 1,420 |
2021 £ 5,774 51,473 57,247 57,247 57,247 |
2020 £ 4,792 5,654 3,589 42,111 |
|---|---|---|---|
| 51,354 1,120 |
|||
| 50,234 | |||
| 55,026 | |||
| 55,026 | |||
| 55,026 |
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for:
-
(i) ensuring that the Company keeps proper accounting records which comply with section 386 of the Act; and
-
(ii) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 22 February 2022 and signed on their behalf by
Stuart Bradfield
Stuart Bradfield - trustee
7
Max Carey Woodturning Trust
Notes to the financial statements
For the year ended 30 November 2021
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Max Carey Woodturning Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charity is able to continue as a going concern. The trustees have considered the impact of the COVID-19 pandemic on the charity’s current and future financial position. The charity holds unrestricted, general reserves of £57,247 and a cash balance of £44,369, which represents approximately 12 months' annual expenditure in a normal year of operations. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
d) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
e) Funds accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
8
Max Carey Woodturning Trust
Notes to the financial statements
For the year ended 30 November 2021
1. Accounting policies (continued)
f) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
g) Allocation of support and governance costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. 100% of these costs have been allocated to charitable activities, as the charity does not expend any significant resources on raising funds.
h) Tangible fixed assets
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Machinery 4 years
i) Stock
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.
j) 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.
k) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
l) Creditors
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.
9
Max Carey Woodturning Trust
Notes to the financial statements
For the year ended 30 November 2021
1. Accounting policies (continued)
m) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Depreciation
As described in note 1(h) to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Depreciation rates in operation during the current and prior period were as follows:
Machinery 4 years
2. Income from donations and legacies
| Donations Gift Aid Grants Total |
2021 £ 14,378 3,089 250 17,717 |
2020 £ 19,272 3,589 - |
|---|---|---|
| 22,861 |
All income from donations and legacies is unrestricted in the current year and prior year.
10
Max Carey Woodturning Trust
Notes to the financial statements
For the year ended 30 November 2021
3. Income from charitable activities
| Courses - students Materials sales Daily usage Total |
2021 £ 1,820 7,330 1,712 10,862 |
2020 £ 4,131 2,122 1,336 |
|---|---|---|
| 7,589 |
All income from charitable activities is unrestricted in both the current and prior year.
4. Total expenditure
| Training and courses Rent Depreciation Materials Legal & professional Advertising and events Consumables Equipment Rates and utilities Insurance Printing and stationery Travel and subsistence Repairs and maintenance Cleaning Tools Sundries Bank charge Sub-total Allocation of support and governance costs Total Total governance costs were £1,020 (2020: £1,020). |
Charitable activities £ £ 9,949 - - 4,360 - 3,516 1,840 - - 1,859 226 - - 296 638 - - 1,197 - 1,296 683 - - 534 - 430 - 424 186 - - 96 - 81 13,522 14,089 14,089 (14,089) 27,611 - Support and governance costs |
2021 Total £ 9,949 4,360 3,516 1,840 1,859 226 296 638 1,197 1,296 683 534 430 424 186 96 81 |
|---|---|---|
| 27,611 - |
||
| 27,611 | ||
11
Max Carey Woodturning Trust
Notes to the financial statements
For the year ended 30 November 2021
| 4. Total expenditure (continued) Prior period comparative: Training and courses Rent Depreciation Materials Legal & professional Advertising and events Consumables Equipment Rates and utilities Insurance Printing and stationery Travel and subsistence Fixtures and fittings Repairs and maintenance Cleaning Grants and bursaries Tools Sundries Bank charge Sub-total Allocation of support and governance costs Total 5. Net movement in funds This is stated after charging: Depreciation Trustees' remuneration Trustees' reimbursed expenses Accountant's remuneration: Independent examination (including VAT) |
Charitable activities £ £ 8,058 - - 3,800 - 2,897 2,252 - - 1,747 1,685 - - 1,520 1,484 - - 1,477 - 1,299 901 - - 713 - 687 - 543 - 375 300 - 256 - - 210 - 9 14,936 15,277 15,277 (15,277) 30,213 - 2021 £ 3,516 Nil 534 1,020 Support and governance costs |
2020 Total £ 8,058 3,800 2,897 2,252 1,747 1,685 1,520 1,484 1,477 1,299 901 713 687 543 375 300 256 210 9 |
|---|---|---|
| 30,213 - |
||
| 30,213 | ||
| 2020 £ 2,897 Nil 506 1,020 |
12
Max Carey Woodturning Trust
Notes to the financial statements
For the year ended 30 November 2021
6. Key management personnel
The key management personnel of the charity comprise the trustees. The total employee benefits of the key management personnel of the charity were £nil (2020: £nil).
7. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
8. Tangible fixed assets
| 8. Tangible fixed assets |
||
|---|---|---|
| Cost At 1 December 2020 Additions in year At 30 November 2021 Depreciation At 1 December 2020 Charge for the year At 30 November 2021 Net book value At 30 November 2021 At 30 November 2020 9. Stock Goods for re-sale 10. Debtors Gift aid debtor |
2021 £ 5,435 2021 £ 3,089 |
Total £ 42,422 4,498 |
| 46,920 | ||
| 37,630 3,516 |
||
| 41,146 | ||
| 5,774 | ||
| 4,792 | ||
| 2020 £ 5,654 |
||
| 2020 £ 3,589 |
13
Max Carey Woodturning Trust
Notes to the financial statements
For the year ended 30 November 2021
11. Creditors : amounts due within 1 year
| Accruals | 2021 £ 1,420 |
2020 £ 1,120 |
|---|---|---|
12. Related party transactions
During the year June Carey (trustee) received rental income of £4,360 (2020: £3,800) from Max Carey Woodturning Trust.
14