OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Association Of Woodturners Of Great Britain

2024-12-31-accounts

Charity registration number 1150255

Company registration number 8135399 (England and Wales)

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J Belcher
B Milham
J Peachey
J Whitaker
P Otter
M Wilson (Appointed 20 October 2024)
G Rogers (Appointed 15 April 2024)
M Rahim (Appointed 14 April 2024)
Charity number 1150255
Company number 8135399
Registered office 36 Crown Rise
Watford
Hertfordshire
WD25 0NE
Independent examiner John Wilson FCA ATII
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
Bankers Santander UK plc
Bridle Road
Bootle
Merseyside
L30 4GB

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 18

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 2019).

Objectives and activities

The charity's objects are to promote the craft of woodturning for the public benefit and in doing so raise appreciation of the creativity, skill and heritage of woodturning, and to advance the education of the public in the craft and skill of woodturning.

  1. To foster a greater awareness, nationally and internationally, of the woodturners (turners) art and craft.

  2. To provide a forum to encourage communication and an exchange of views amongst woodturners of all nations.

  3. To make collectors, galleries, architects, suppliers and manufacturers of turners’ equipment and other interested parties aware of the turners’ work and turners’ needs.

  4. To encourage and participate in the development of training standards and educational facilities for turning.

  5. To act as the body representative for the interest of turners nationally and internationally.

  6. To provide a members’ newsletter at regular intervals.

  7. To arrange national and international seminars and exhibitions that encourage all to aim for, and achieve, high quality turnery.

  8. To act as the National Body to advise and communicate with publications and other parts of the media to foster a greater public awareness of the turners’ art and craft.

  9. To communicate with government and similar bodies relevant to the arts and crafts movements.

  10. To encourage the formation of local area woodturning branches and clubs by providing advice and practical assistance.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The charity provides a range of training courses on all aspects of woodturning including training for young people (under 22). These activities promote the art and craft of woodturning to a wide range of individuals, many of whom do not have access to a lathe at their normal place of education.

The charity operates a discretionary grant scheme through which we are able to provide courses, equipment to both individuals, branches and clubs who can demonstrate a need. The Roger Stewart Fund allow the charity to make grants available to larger or more unusual requests.

Many charity members actively demonstrate woodturning to the public either individually or as part of their own branch and club activities. As well as providing support and guidance to our members, either individually or within their branch or club we provide grants to branches that organise specific events that demonstrate woodturning to the public. These event grants are available to Branches and Clubs annually and up to £3,000 is allocated for this purpose. Branches may apply for a grant up to £300 and Clubs up to £150.

Achievements and performance

2024 has been a year when our normal activities continued, membership has recovered to pre-Covid levels. training and shows back up to strength. Preparations for the next seminar in October 2026 has just started .

There have been some issues that have gone on for a number of years with old signatories still on accounts and social media that have entailed a considerable amount of time from some of our Trustees to sort out. A better system of hand over between officers must be put in place for the future.

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

Membership has recovered to pre-Covid levels and training and show activities have increased accordingly. This is reflected in another deficit for the year. The trustees have elected to increase the membership fees for 2025 to cover this deficit.

The charity maintains its informal policy that the Main Fund should not fall below £20,000.

Our total reserves are: £64,405 Of which: Main Funds £54,415 Restricted Funds £9,990

In line with best practice, the policy will be reviewed annually.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures will be periodically reviewed to ensure that they still meet the needs of the charity. The Directors have conducted their own review of the major risks to which the charity is exposed and where appropriate have established systems to mitigate those risks.

To facilitate the smooth running of the charity the Trustees have implemented an approval policy as follows:

Accountancy Fees

Training Costs – approved by Development and Training Officer

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The charity as a not for profit organisation is exempt from 'notification' under the Data Protection Act. However, the charity recognises that it is nevertheless required to be compliant with the requirements of the Act in managing the data it holds on computers. A complete review of process was carried out in 2018 and the Association is satisfied that its process and procedures provides the correct level of protection for its database.

It is also considered that the charity is exempt from registration under the General Data Protection Regulations introduced in 2018.

The charity holds appropriate 'All Risks' insurance and Public and Product Liability cover in the sum of £5,000,000 (five million pounds). The association has negotiated a suitable policy for all clubs with its insurers. All Affiliated Branches that obtain Public and Product Liability cover in the sum of £5,000,000 (five million pounds) through this arrangement are subsidised to the extent of £105 paid for by the Association. Insurance requirements are reviewed annually prior to renewal.

The charity has policies in place to cover its activities at shows and exhibitions and for the operation of the international seminar.

The charity has policies in place to ensure that any safeguarding requirements for young and vulnerable people are satisfied.

The Trustees have established these initiatives:

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

The charity was formed in 1987 and at the end of 2012 became a Company Registered by Guarantee and a Registered Charity. It is governed by its articles of association (available on the website www.awgb.co.uk).

The trustees, who are also the directors for the purpose of company law, and who served during the year were: J Belcher D Crisp (Resigned 13 March 2025) M Mansfield (Resigned 16 January 2025) B Milham J Peachey J Whitaker R A Gibbs (Resigned 14 April 2024) R C Cutler (Resigned 26 April 2024) M Beckett (Resigned 20 February 2024) S Gordon (Resigned 20 February 2024) P Otter M Wilson (Appointed 20 October 2024) G Rogers (Appointed 15 April 2024) M Rahim (Appointed 14 April 2024)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The charity is an individual member organisation of just over 3,044 individual members many of whom also belong to one of 59 affiliated branches and 70 associated clubs across the United Kingdom and one overseas. The charity has34 Corporate Members which represent a range of businesses and industries with links to woodturning.

At the end of 2024 the charity was managed by an Executive of 9 Trustees. The Executive President, is elected by the Executive and the other Trustees are elected by the membership in accordance with the articles of association. All Trustees are Directors of the Company. The Trustees are currently assisted by four volunteers who are neither Trustees nor Directors and two Trustees in waiting.

The charity has close links with the Worshipful Company of Woodturners of London, the UK Register of Professional Turners and many other associations in Great Britain and across the globe.

The charity communicates with members by means of its quarterly newsletter “Revolutions”, its website www.awgb.co.uk, regular information emails to members, and a presence on social media including Facebook and Twitter.

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees' report was approved by the Board of Trustees.

George H Rogers

G Rogers Trustee Dated: 13 April 2025

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees, who are also the directors of The Association of Woodturners of Great Britain for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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 ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

I report to the trustees on my examination of the financial statements of The Association of Woodturners of Great Britain (the charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the charity (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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

Campbell Wilson

John Wilson FCA ATII

Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE

Dated: 13 April 2025

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
9,687
-
Charitable activities
4
63,156
5,000
Investments
5
596
-
Other income
6
2,136
-
Total income
75,575
5,000
Expenditure on:
Raising funds
7
23,280
-
Charitable activities
8
48,545
276
Total expenditure
71,825
276
Net income/(expenditure) and
movement in funds
3,750
4,724
Reconciliation of funds:
Fund balances at 1 January
2024
50,665
5,266
Fund balances at 31
December 2024
54,415
9,990		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
9,687
8,632
-
68,156
56,012
5,000
596
287
-
2,136
2,713
-
80,575
67,644
5,000
23,280
23,769
-
48,821
57,431
1,112
72,101
81,200
1,112
8,474
(13,556)
3,888
55,931
64,221
1,378
64,405
50,665
5,266		 Total
2023
£
8,632
61,012
287
2,713
72,644
23,769
58,543
82,312
(9,668)
65,599
55,931

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

BALANCE SHEET

AS AT 31 DECEMBER 2024

2024
Notes
£
Fixed assets
Investments
13
Current assets
Debtors
14
18,086
Cash at bank and in hand
69,142
87,228
Creditors: amounts falling due within
one year
15
(22,824)
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
17
Unrestricted funds
18		 2023
£
£
1
13,891
56,947
70,838
(14,908)
64,404
64,405
9,990
54,415
64,405		 £
1
55,930
55,931
5,266
50,665
55,931

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors/trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for 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 incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 13 April 2025

George H Rogers

G Rogers Trustee

Company registration number 8135399 (England and Wales)

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

The Association of Woodturners of Great Britain is a private company limited by guarantee incorporated in England and Wales. The registered office is 36 Crown Rise, Watford, Hertfordshire, WD25 0NE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the receipt of Gift Aid income from HMRC.

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Charitable expenditure is recognised on an accruals basis and disclosed in accordance with normal accounting practice. Expenditure is allocated to each activity in accordance with the nature of the expenditure.

All support and governance costs are apportioned on a specific cost basis, followed by a usage basis for any remaining unallocated expenditure.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Donations and gifts
Income from charitable activities
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Grants received
-
5,000
Membership fees
63,156
-
63,156
5,000		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
9,687
8,632
Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
5,000
-
5,000
5,000
63,156
56,012
-
56,012
68,156
56,012
5,000
61,012		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
9,687
8,632
Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
5,000
-
5,000
5,000
63,156
56,012
-
56,012
68,156
56,012
5,000
61,012
Total
2023
£
5,000
56,012
61,012

4 Income from charitable activities

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 596 287
6 Other income
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Other income 305 640
Advertising 1,831 2,073
2,136 2,713

7 Raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Costs of generating voluntary income
Advertising 620 923
Revolutions costs 22,660 22,846
23,280 23,769

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8 Expenditure on charitable activities

Mambership
activities
Grants to
members
2024
2024
£
£
Direct costs
Training costs
9,620
-
Show costs
3,219
-
Premises costs
-
-
Insurance costs
6,301
-
Office costs
6,544
-
Travel and subsistence
costs
3,385
-
General expenses
50
-
Legal and professional
costs
13
-
Governance costs
660
-
Bank charges and other
finance costs
260
-
30,052
-
Grant funding of activities
(see note 9)
-
18,769
30,052
18,769
Analysis by fund
Unrestricted funds
30,052
18,493
Restricted funds
-
276
30,052
18,769		 Total
Mambership
activities
Grants to
members
2024
2023
2023
£
£
£
9,620
9,605
-
3,219
6,461
-
-
190
-
6,301
7,014
-
6,544
9,422
-
3,385
6,882
-
50
-
-
13
26
-
660
1,472
-
260
276
-
30,052
41,348
-
18,769
-
17,195
48,821
41,348
17,195
48,545
41,348
16,083
276
-
1,112
48,821
41,348
17,195		 Total
2023
£
9,605
6,461
190
7,014
9,422
6,882
-
26
1,472
276
41,348
17,195
58,543
57,431
1,112
58,543

Included within governance costs are independent examiner's fees of £660 (2023 - £650).

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Grants payable

2024 2023
£ £
Grants to branches:
Other 18,769 17,195

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 8 of them were reimbursed a total of £2,393 travelling and subsistence expenses (2023 - 11 were reimbursed £10,357), 4 were reimbursed £895 office expenses (2023 - 7 were reimbursed £1,314).

11 Employees

Number of employees

The average monthly number of employees (including Trustees) during the year was:

2024 2023
Number Number
Trustees 8 11
There were no employees whose annual remuneration was £60,000 or more.

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

13
Fixed asset investments
Cost or valuation
At 1 January 2024 & 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
Other investments comprise:
Notes
Investments in subsidiaries
21
14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
15
Creditors: amounts falling due within one year
Notes
Deferred income
16
Accruals
16
Deferred income
Arising from Membership Income		 Other
investments
1
1
1
2024
2023
£
£
1
1
2024
2023
£
£
1,530
1,705
16,556
12,186
18,086
13,891
2024
2023
£
£
22,204
14,288
620
620
22,824
14,908
2024
2023
£
£
22,204
14,288

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January Incoming Resources At 31
2024 resources expended December
2024
£ £ £ £
Roger Stewart Fund 5,266 5,000 (276) 9,990
Previous year: At 1 January Incoming Resources At 31
2023 resources expended December
2023
£ £ £ £
Roger Stewart Fund 1,378 5,000 (1,112) 5,266

The Roger Stewart Fund provides funding to members (clubs and individuals) with limited income and available fund, to help them on their woodturning journey

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January Incoming Resources At 31
2024 resources expended December
2024
£ £ £ £
General funds 50,665 75,575 (71,825) 54,415
Previous year: At 1 January Incoming Resources At 31
2023 resources expended December
2023
£ £ £ £
General funds 64,221 67,644 (81,200) 50,665

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

19 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 December 2024:
Investments
1
-
Current assets/(liabilities)
54,414
9,990
54,415
9,990
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 December 2023:
Investments
1
-
Current assets/(liabilities)
50,664
5,266
50,665
5,266		 Total
2024
£
1
64,404
64,405
Total
2023
£
1
55,930
55,931

20 Related party transactions

Amounts owed by related Amounts owed by related
parties parties
2024 2023
Balance Net Balance Net
£ £ £ £
Entities over which the entity has control, joint
control or significant influence 16,556 16,556 10,956 10,956
16,556 16,556 10,956 10,956

21 Subsidiaries

These financial statements are separate company financial statements for AWGB Trading Limited.

Details of the charity's subsidiaries at 31 December 2024 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
AWGB Trading Limited England Trading company Ordinary 100.00