2025-11-30-accounts - Max Carey Woodturning Trust

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Company no. 06748664 Charity no. 1141550

Max Carey Woodturning Trust Report and Unaudited Financial Statements 30 November 2025

Max Carey Woodturning Trust

Reference and administrative details

For the year ended 30 November 2025 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 (resigned 15 March 2025) Stuart Bradfield Peter Bradwick Ian Burke June Carey Harold Childs Michael McCrea Steele Bankers Barclays Bank Lloyds Bank plc Leicester 1st Floor (East) LE87 2BB 10 Gresham Street London EC2V 7AE Independent examiners Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

Max Carey Woodturning Trust

Report of the trustees

For the year ended 30 November 2025

The trustees present their report and the financial statements for the year ended 30 November 2025.

Reference and administration information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum 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.

The Trustees have complied with s17(5) of Charities Act 2011 and have had due regard to the guidance on public benefit by the Charity Commission when exercising relevant powers or duties.

Objectives and activities

The Max Carey Woodturning Trust (MCWT) 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.

Achievements and performance

All available places on courses are filled and there is a 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 an accreditation centre for Tutor Training and Assessment and is one of only eight accredited centres for the delivery of the Worshipful Company of Turners’ national ‘Certificate in Woodturning’. Twelve students achieved 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. Sixteen volunteers are now AWGB ‘approved’ tutors. A total of 18 volunteers have given more than 5,500 manhours to support the activities of the Trust.

Max Carey Woodturning Trust

Report of the trustees

For the year ended 30 November 2025

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. Additional financial support has been provided to those on lower income during this period of personal economic pressure. Sixth form students are tutored to enable them to complete the craft section of the Duke of Edinburgh award scheme.

Throughout the year the MCWT has provided support to other local Charities including the Clevedon Pier Trust.

Investment was made throughout the year to provide high quality plant, machinery and equipment. Any investment is directed towards further enhancing the educational experience and H&S of all participants. World renowned professional woodturners are engaged to further develop the woodturning and artistic skills of both the students and tutors.

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 £58,607 (2024: £45,986). Expenditure for the same period was £38,747 (2024: £37,416). Reserves at 30 November 2025 were £100,949 (2024: £81,089) of which £nil was restricted and £100,949 was unrestricted. 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 Trust aims to hold unrestricted reserves of £125,000 representing estimated costs of relocation should the need arise plus cost of potential replacement of fixed assets and one year running costs. Unrestricted reserves at 30 November 2025 were £100,949, comprised of £85,357 in cash and balance invested in machinery and stock necessary to run the business. Although current reserves are below the level that the trustees would ideally like to maintain, they are more than sufficient to support the charity as a going concern.

Reserves will be used when there is a need to replace machinery. The majority of the reserve will be kept aside to cover for the two main risks:

the need to relocate the operations of the Trust; and
the costs of unforeseen events.

The trustees review risks 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).

Max Carey Woodturning Trust

Report of the trustees

For the year ended 30 November 2025

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:

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 4 March 2026 and signed on their behalf by

Michael McCrea Steele

Michael McCrea Steele - Trustee

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 2025, 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.

Jennifer Dickinson

Date: 4 March 2026 Jennifer Dickinson ACA Member of the ICAEW Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

Max Carey Woodturning Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 November 2025

Note 2 3 4 5 Total funds carried forward Net income and net movement in funds Income from: Donations and legacies Charitable activities Other trading income Other income Charitable activities Total funds brought forward Total income Expenditure Total expenditure Reconciliation of funds: Interest income	2025 £ 43,658 10,853 574 1,772 1,750 58,607 38,747 38,747 19,860 81,089 100,949	2024 £ 33,084 10,867 836 459 740 45,986 37,416 37,416 8,570 72,519 81,089

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.

Max Carey Woodturning Trust

Balance sheet

As at 30 November 2025

----- Start of picture text -----
2025 2024
Note £ £ £
Fixed assets
Tangible assets 8 6,075 4,578
Current assets
Stocks 9 6,912 6,694
Debtors 10 3,865 3,010
Cash at bank and in hand 85,357 67,977
96,134 77,681
Liabilities
Creditors: amounts falling due within 1 year 11 1,260 1,170
Net current assets 94,874 76,511
Net assets 100,949 81,089
Funds
Unrestricted funds
General funds 100,949 81,089
Total charity funds 100,949 81,089
----- End of picture text -----

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, 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 4 March 2026 and signed on their behalf by

Michael McCrea Steele

Michael McCrea Steele - Trustee

Max Carey Woodturning Trust

Notes to the financial statements

For the year ended 30 November 2025

1. Accounting policies

a) Basis of preparation and general information

Max Carey Woodturning Trust is a charitable company limited by guarantee registered in England and Wales. The registered office address is 35 High Street, Portishead, Bristol, North Somerset, BS20 6AA.

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, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

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.

Income received in advance of provision of goods or services is deferred until criteria for income recognition are met.

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.

Max Carey Woodturning Trust

Notes to the financial statements

For the year ended 30 November 2025

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

Items of equipment are capitalised where the purchase price exceeds £250.

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.

Max Carey Woodturning Trust

Notes to the financial statements

For the year ended 30 November 2025

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 source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is depreciation as described in note 1(h) above.

2. Income from donations and legacies

Total Donations Gift Aid	2025 £ 39,793 3,865 43,658	2024 £ 30,088 2,996 33,084

All income from donations and legacies is unrestricted in the current year and prior year.

3. Income from charitable activities

Courses - students Materials sales Daily usage Total	2025 £ 1,200 9,473 180 10,853	2024 £ 3,230 7,437 200 10,867

All income from charitable activities is unrestricted in both the current and prior year.

Max Carey Woodturning Trust

Notes to the financial statements

For the year ended 30 November 2025

4. Total expenditure

Training and courses Rent Materials Equipment Rates and utilities Depreciation Legal and professional Insurance Printing and stationery Travel and subsistence Cleaning Repairs and maintenance Consumables Tools Advertising and events Sundries Grants and bursaries Bank charge Sub-total Total Allocation of support and governance costs	Charitable activities £ £ 2,048 - - 7,680 10,075 - 434 - - 2,216 - 3,473 - 2,228 - 1,782 268 - - 2,271 - 1,200 - 497 - 914 2,518 - 355 - - 414 144 - - 230 15,842 22,905 22,905 (22,905) 38,747 - Support and governance costs	2025 Total £ 2,048 7,680 10,075 434 2,216 3,473 2,228 1,782 268 2,271 1,200 497 914 2,518 355 414 144 230 38,747 - 38,747

Total governance costs were £1,260 (2024: £1,170).

Max Carey Woodturning Trust

Notes to the financial statements

For the year ended 30 November 2025

4. Training and courses Rent Materials Equipment Rates and utilities Depreciation Legal and professional Insurance Printing and stationery Travel and subsistence Cleaning Repairs and maintenance Consumables Tools Advertising and events Sundries Grants and bursaries Bank charge Fixtures and fittings 5. Accountant's remuneration:  Sub-total Total Allocation of support and governance costs Net movement in funds This is stated after charging: Independent examination (excluding VAT) Trustees' reimbursed expenses Trustees' remuneration Depreciation Prior period comparative: Total expenditure (continued)	Charitable activities £ £ 5,032 - - 7,680 7,506 - 591 - - 2,450 - 3,354 - 1,650 - 1,685 777 - - 1,296 - 1,200 - 1,052 - 1,087 148 - 482 - - 359 273 - - 194 - 600 14,809 22,607 22,607 (22,607) 37,416 - 2025 £ 3,473 Nil 2,271 1,050 Support and governance costs	2024 Total £ 5,032 7,680 7,506 591 2,450 3,354 1,650 1,685 777 1,296 1,200 1,052 1,087 148 482 359 273 194 600 37,416 - 37,416 2024 £ 3,354 Nil 1,296 975

Trustees' reimbursed expenses were for travel costs for three trustees (2024: travel costs for two trustees).

Max Carey Woodturning Trust

Notes to the financial statements

For the year ended 30 November 2025

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 (2024: £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

Cost At 1 December 2024 Additions in year Disposals in year At 30 November 2025 At 1 December 2024 Charge for the year On disposals At 30 November 2025 At 30 November 2024 9. Goods for re-sale 10. Gift aid debtor Depreciation Net book value Stock Debtors At 30 November 2025	2025 £ 6,912 2025 £ 3,865 3,865	Total £ 50,770 4,970 (4,360) 51,380 46,192 3,473 (4,360) 45,305 6,075 4,578 2024 £ 6,694 2024 £ 3,010 3,010

Max Carey Woodturning Trust

Notes to the financial statements

For the year ended 30 November 2025

11. Creditors : amounts due within 1 year

Accruals	2025 £ 1,260	2024 £ 1,170

12. Related party transactions

During the year June Carey (trustee) received rental income of £7,680 (2024: £7,680) from Max Carey Woodturning Trust.