**REGISTERED COMPANY NUMBER: 05159742 (England and Wales) REGISTERED CHARITY NUMBER: 1186365**
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2021
for
BRITISH SCHOOL OF WATCHMAKING (A COMPANY LIMITED BY GUARANTEE)
Haines Watts Birmingham LLP
5-6 Greenfield Crescent Edgbaston Birmingham B15 3BE
BRITISH SCHOOL OF WATCHMAKING
## Contents of the Financial Statements for the year ended 30 June 2021
|||Page||
|---|---|---|---|
|Reference and Administrative Details||1||
|Report of the Trustees|2|to|4|
|Independent Examiner's Report||5||
|Statement of Financial Activities||6||
|Balance Sheet||7||
|Cash Flow Statement||8||
|Notes to the Financial Statements|9|to|15|
BRITISH SCHOOL OF WATCHMAKING
Reference and Administrative Details for the year ended 30 June 2021
|**Trustees**|Ms D Ambler (resigned 10/9/2020)|
|---|---|
||G W Bryan|
||B Jallu|
||L G Kerr|
||J Weston|
|**Company secretary**|B Jallu|
|**Registered office**|5-6 Greenfield Crescent|
||Edgbaston|
||Birmingham|
||B15 3BE|
|**Registered company number**|05159742 (England and Wales)|
|**Registered charity number**|1186365|
|**Independent examiner**|Haines Watts Birmingham LLP|
||5-6 Greenfield Crescent|
||Edgbaston|
||Birmingham|
||B15 3BE|
Page 1
BRITISH SCHOOL OF WATCHMAKING
## Report of the Trustees
## for the year ended 30 June 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2021. The trustees have adopted the provisions of 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 British School of Watchmaking was incorporated on 22 June 2004 as a company limited by guarantee, as defined by the Companies Act. Following application during the year to the Charity Commission in England & Wales, charitable status was granted and the company was registered with the Charity Commission on 14 November 2019. The annual report and accounts are therefore prepared in accordance with the Charities Statement of Recommended Practice ('Charities SORP') for the first time for the year ended 30 June 2020, with the comparative information having been presented on a consistent basis.
## **Objectives and activities**
## **Objectives and aims**
The objectives of the charity are the advancement of education, knowledge and awareness in the skills and craft of watchmaking for the public benefit, in particular by:
- providing training courses in the skill of watchmaking; and
- fostering, promoting and expanding the public interest in the skill of watchmaking.
## **Public benefit**
The trustees confirm that they have had due regard to the Charity Commission's guidance on public benefit when considering the activities undertaken by the charity.
## **Achievement and performance**
## **Charitable activities**
The school delivered charitable activity by training 5 graduates to diploma level in the skill of watchmaking. 3 are re-sitting the exam in June 2022. Coronavirus disruption has had an acute impact in all teaching facilities, BSoW was no exception. Despite remote learning caused by lockdowns and teaching by zoom classes the tutors and students have still performed very well. This provides a public service catering for the repair and restoration of beloved timepieces of the nation.
There were no 3000hrs (2 year course) graduates, All students passed their first year exam and will go on to the diploma exam at the end of 2022. The syllabus again includes an expanded micromechanics module making specialist parts for watches providing complete restoration.
The school trained x 8 - 1800hrs (1 year course) service watchmakers. 5 immediate graduates and hopefully 3 more to follow a re-sit exam in June 2022. In 2019 the BSoW was the first school in Europe to pilot this course. All post graduates are employed within this public service area.
We have to-date since opening trained 104 graduates within this hugely needed sector. 100% of which are practicing the skills the BSoW has taught them. 78 from the 3000 hrs course and 26 from the 1800hrs course.
The charity had accumulated a surplus, which had been intentional over several years. This has now been utilised towards the re-location of the school and purchase a freehold building double the size to suite our future requirements. Some funds remain to now equip the polishing room mentioned in the BSoW future plan.
Page 2
BRITISH SCHOOL OF WATCHMAKING
## Report of the Trustees for the year ended 30 June 2021
## **Financial review**
## **Financial position**
As shown in the Statement of Financial Activities on page 6, the charity's total income for the year to 30 June 2021 was £639,145 up from £427,924 in the year to 30 June 2020. This was principally due to an increase in donations which were up from £398,000 to £493,652. The income from charitable activities, being course fees receivable, was £67,880 versus £29,924 in the prior year.
The charity's total expenditure for the year also increased, but to a lesser extent, and was £370,288 compared to £347,644 in the prior year. Further details of the charity's expenditure are given in notes 5 and 6 to the financial statements. All expenditure was incurred on charitable activities; there was no fundraising, trading, or other expenditure during the year.
The bottom line for the year was therefore a net income of £268,857 as compared to £80,280 in the previous year.
The charity's total funds brought forward at the start of the year were £904,406, meaning funds carried forward at the end of the year totalled £1,173,263, all of which were unrestricted funds - i.e. not subject to any donor imposed restriction and therefore available to be applied for use within the charity's objects at the discretion of the trustees.
## **Investment policy and objectives**
The charity's trustees have the power to invest funds surplus to operational requirements, subject to conditions set out in the charitable company's Articles of Association.
There were no investments held at 30 June 2021. All funds held as cash were held on current account with the charity's bankers and were held for charitable operations.
At such time that surplus funds should be generated and designated for investment by the Trustees, this will be done under written investment policy in accordance with the provisions of the charity's Articles.
## **Reserves policy**
The charity's total funds as at 30 June 2021 were £1,173,267 all of which were unrestricted funds. Of this amount, however, £799,768 was represented by fixed assets used for charitable purposes (i.e. not liquid funds available to spend).
The trustees regularly review the appropriateness of the level of reserves held by the charity, keeping in mind the environment in which the charity currently operates, and working to ensure that the ongoing activities are safeguarded as much as possible from any unexpected fluctuations in income and expenditure.
## **Going concern**
The trustees have considered a period of at least 12 months from the date of approval of these financial statements and consider that the charity will be able to continue to attract sufficient funding and manage its expenditure levels accordingly to ensure that it continues in operational existence for the foreseeable future.
## **Future plans**
It is the intention of the school (funding permitting) to expand our current course offering to meet with public demand. Coronavirus has impeded these plans, but the goals remain the same, however, costs has increased.
These plans are detailed briefly below:
- 3rd classroom - estimated cost £80-100k
- New tutor employed to teach the additional course - estimated cost £50K - plus an admin assistant to help the GM and tutors. Cost estimated 15-20k.
- Full polishing course room. - This would be a first in the UK and would be an additional skill we would be teaching - estimated cost £150k. Again, plans are in place and when funding permits, this will be completed.
## **Structure, governance and management**
## **Governing document**
The British School of Watchmaking is a company limited by guarantee governed by its Memorandum and Articles of Association incorporated 22 June 2004 as amended by special resolution dated 13 August 2019, as registered at Companies House on 29 August 2019. Charitable status was applied for during the year and granted by the Charity Commission in England & Wales on 14 November 2019.
Page 3
BRITISH SCHOOL OF WATCHMAKING
## Report of the Trustees for the year ended 30 June 2021
## **Structure, governance and management**
## **Organisational structure**
The British School of Watchmaking was incorporated on 22 June 2004. It obtained registered charitable status during 2019 and therefore this is its first financial period as a charitable company.
The governing body of the charity is the board of trustees who also serve as directors of the charitable company for the purposes of the Companies Act 2006. Any director, by agreeing to become a director, agrees to become and Member of the charity and accordingly is admitted to membership of the charity on his or her appointment as director.
The Members and the trustees/directors meet at least three times a year in accordance with the Articles of Association. No business is transacted at meetings unless a quorum is present. In the case of general meetings of the Members, a quorum is at least three Members entitled to vote; and the case of meetings of the trustees/directors, unless otherwise fixed by a decision of the directors, the quorum for decision making is three or not less than one third of the total number of trustees/directors. Members and trustees are entitled to one vote and decisions are made by a simple majority of votes. In the case of an equality of votes, the chairman has a second or casting vote.
The directors may delegate any of their powers to any committee consisting of one or more directors.
The directors may delegate day to day management and administration of the charity to one or more more managers.
The trustees who served the charity during the year and up to the date of the approval of these financial statements are named on page 1 of this report.
## **Recruitment and appointment of new trustees**
As set out in the charitable company's Articles of Association, new trustees are appointed by the existing trustees and serve for three years, after which they may put themselves forward for re-appointment. The Articles of Association provide for a minimum of three trustees and a maximum of ten.
## **Induction and training of new trustees**
A new trustee is briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association and the Charity Commission's guidance on public benefit and trustee responsibilities. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
## **Key management remuneration**
The trustees consider the board of trustees/directors to comprise the key management personnel of the charity. All trustees give their time freely and no trustee remuneration was paid in the year. Details of any trustee expenses and related party transactions are disclosed in note 8 and note 15 to the financial statements.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 28 April 2022 and signed on its behalf by:
J Weston - Trustee
Page 4
Independent Examiner's Report to the Trustees of British School Of Watchmaking
## **Independent examiner's report to the trustees of British School Of Watchmaking ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2021.
## **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 accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the 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 your charity'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**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
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:
1. accounting records were not kept in respect of the 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.
Nichola Venables Institute of Chartered Accountants in England and Wales Haines Watts Birmingham LLP 5-6 Greenfield Crescent Edgbaston Birmingham B15 3BE
28 April 2022
Page 5
BRITISH SCHOOL OF WATCHMAKING
## Statement of Financial Activities for the year ended 30 June 2021
|**2021**
Unrestricted
Restricted
**Total**
funds
funds
**funds**
Notes
£
£
**£**
**Income and endowments from**
Donations and legacies
2
**493,652**
**-**
**493,652**
**Charitable activities**
3
Education and training
**67,880**
**-**
**67,880**
Other income
**77,613**
**-**
**77,613**
**Total**
**639,145**
**-**
**639,145**
**Expenditure on**
**Charitable activities**
4
Education and training
**370,288**
**-**
**370,288**
**NET INCOME**
**268,857**
**-**
**268,857**
**Reconciliation of funds**
**Total funds brought forward**
**904,406**
**-**
**904,406**
**Total funds carried forward**
**1,173,263**
**-**
**1,173,263**|2020
Total
funds
£
398,000
29,924
-|
|---|---|
||427,924
347,644|
||80,280
824,126|
||904,406|
The notes form part of these financial statements
Page 6
## BRITISH SCHOOL OF WATCHMAKING
## Balance Sheet 30 June 2021
|Unrestricted
funds
Notes
£
**Fixed assets**
Tangible assets
10
**799,768**
**Current assets**
Debtors
11
**277,786**
Cash at bank and in hand
**360,809**
**638,595**
**Creditors**
Amounts falling due within one year
12
**(34,423)**
**Net current assets**
**604,172**
**Total assets less current liabilities**
**1,403,940**
**Creditors**
Amounts falling due after more than one year
13
**(230,677)**
**NET ASSETS**
**1,173,263**
**Funds**
16
Unrestricted funds
**Total funds**|Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2021**
**Total**
**funds**
**£**
**799,768**
**277,786**
**360,809**
**638,595**
**(34,423)**
**604,172**
**1,403,940**
**(230,677)**
**1,173,263**
**1,173,263**
**1,173,263**|2020
Total
funds
£
16,616
361,410
536,122|
|---|---|---|---|
||||897,532
(9,742)|
||||887,790|
||||904,406
-|
||||904,406|
||||904,406|
||||904,406|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 28 April 2022 and were signed on its behalf by:
J Weston - Trustee
The notes form part of these financial statements
Page 7
## BRITISH SCHOOL OF WATCHMAKING
|Cash Flow Statement
for the year ended 30 June 2021
**2021**
Notes
**£**
**Cash flows from operating activities**
Cash generated from operations
18
**382,910**
Interest paid
**(8,424)**
Net cash provided by/(used in) operating activities
**374,486**
**Cash flows from investing activities**
Purchase of tangible fixed assets
**(803,361)**
Net cash (used in)/provided by investing activities
**(803,361)**
**Cash flows from financing activities**
New loans in year
**270,000**
Loan repayments in year
**(16,438)**
Net cash provided by financing activities
**253,562**
**Change in cash and cash equivalents in**
**the reporting period**
**(175,313)**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**536,122**
**Cash and cash equivalents at the end of**
**the reporting period**
**360,809**|2020
£
(164,978)
-
(164,978)
-
-
-
-
-
(164,978)
701,100
536,122|
|---|---|
The notes form part of these financial statements
Page 8
BRITISH SCHOOL OF WATCHMAKING
Notes to the Financial Statements for the year ended 30 June 2021
## **1. Accounting policies**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees' Annual Report.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Allocation and apportionment of costs**
Resources expended are allocated to the particular activity where the cost relates directly to that activity.
## **Tangible fixed assets**
Tangible fixed assets are initially recorded at cost.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
|Leasehold improvements|**-**|10% straight line basis|
|---|---|---|
|Fixtures & Fittings|**-**|25% reducing balance|
|Plant & Machinery|**-**|25% reducing balance|
|Computer equipment|**-**|25% straight line basis|
|Freehold property|-|2% straight line basis|
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 9
continued...
BRITISH SCHOOL OF WATCHMAKING
## Notes to the Financial Statements - continued
## for the year ended 30 June 2021
## **1. Accounting policies - continued**
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Debtors and creditors receivable/payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Leasing commitments**
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight line basis over the period of the lease.
## **2. Donations and legacies**
|**2.**
**Donations and legacies**|||
|---|---|---|
|**2021**
**£**
Donations
**493,652**
**3.**
**Income from charitable activities**
**2021**
Activity
**£**
Student fees
Education and training
**67,880**
**4.**
**Charitable activities costs**
Support
Direct
costs (see
Costs
note 5)
£
£
Education and training
**275,057**
**95,231**
**5.**
**Support costs**
Management
Finance
£
£
Education and training
**7,299**
**340**
Governance
Other
costs
£
£
Education and training
**39,282**
**9,203**
**6.**
**Net income/(expenditure)**
Net income/(expenditure) is stated after charging/(crediting):
**2021**
**£**
Depreciation - owned assets
**20,209**|2020
£
398,000||
||2020
£
29,924
Totals
£
**370,288**|2020
£
29,924|
||Property
costs
£
**39,107**
Totals
£
**95,231**
2020
£
6,064||
|||Totals
£
**95,231**|
|||2020
£
6,064|
Page 10
continued...
BRITISH SCHOOL OF WATCHMAKING
## Notes to the Financial Statements - continued
## for the year ended 30 June 2021
## **7. Trustees' remuneration and benefits**
There was no trustees' remuneration or benefits paid for the year ended 30 June 2021, nor for the year ended 30 June 2020, other than any disclosed in note 17 - related party transactions.
## **Trustees' expenses**
Expenses totalling £540 (2020: £545) were reimbursed to 1 trustee (2020: 1) in connection with out of pocket expenses incurred.
## **8. Staff costs**
|Wages and salaries
Social security costs
Other pension costs|**2021**
**£**
**176,625**
**14,868**
**3,822**
**195,315**|2020
£
164,661
19,547
3,745|
|---|---|---|
|||187,953|
The average monthly number of employees during the year was as follows:
|Management
Teaching|**2021**
**1**
**2**
**3**|2020
1
2
3|
|---|---|---|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**2021**|2020|
|---|---|---|---|
|£60,001|- £70,000|**2**|1|
The total amount of employee benefits received by key management personnel was £Nil (2020:£Nil). The key management personnel of the Charity comprise the Trustees
## **9.**
## **Comparatives for the statement of financial activities**
|Unrestricted
Restricted
funds
funds
£
£
**Income and endowments from**
Donations and legacies
398,000
-
**Charitable activities**
Education and training
29,924
-
**Total**
427,924
-
**Expenditure on**
**Charitable activities**
Education and training
347,644
-
**NET INCOME**
80,280
-
**Reconciliation of funds**
**Total funds brought forward**
824,126
-|Total
funds
£
398,000
29,924|
|---|---|
||427,924
347,644|
||80,280
824,126|
Page 11
continued...
BRITISH SCHOOL OF WATCHMAKING
## Notes to the Financial Statements - continued for the year ended 30 June 2021
|**9.**|**Comparatives for the statement of financial activities - continued**|**Comparatives for the statement of financial activities - continued**||||
|---|---|---|---|---|---|
|||Unrestricted||Restricted|Total|
|||funds||funds|funds|
||||£|£|£|
||**Total funds carried forward**|904,406||-|904,406|
|**10.**|**Tangible fixed assets**|||||
|||Freehold||Leasehold|Plant and|
|||property||improvements|machinery|
|||£||£|£|
||**Cost**|||||
||At 1 July 2020|**-**||**42,908**|**262,512**|
||Additions|**803,361**||**-**|**-**|
||At 30 June 2021|**803,361**||**42,908**|**262,512**|
||**Depreciation**|||||
||At 1 July 2020|**-**||**42,908**|**248,192**|
||Charge for year|**16,067**||**-**|**3,580**|
||At 30 June 2021|**16,067**||**42,908**|**251,772**|
||**Net book value**|||||
||At 30 June 2021|**787,294**||**-**|**10,740**|
||At 30 June 2020|-||-|14,320|
|||Fixtures||||
|||and||Computer||
|||fittings||equipment|Totals|
|||£||£|£|
||**Cost**|||||
||At 1 July 2020|**17,459**||**4,949**|**327,828**|
||Additions|**-**||**-**|**803,361**|
||At 30 June 2021|**17,459**||**4,949**|**1,131,189**|
||**Depreciation**|||||
||At 1 July 2020|**15,361**||**4,751**|**311,212**|
||Charge for year|**525**||**37**|**20,209**|
||At 30 June 2021|**15,886**||**4,788**|**331,421**|
||**Net book value**|||||
||At 30 June 2021|**1,573**||**161**|**799,768**|
||At 30 June 2020|2,098||198|16,616|
Page 12
continued...
BRITISH SCHOOL OF WATCHMAKING
## Notes to the Financial Statements - continued for the year ended 30 June 2021
## **11. Debtors: amounts falling due within one year**
|Amounts receivable
**12.**
**Creditors: amounts falling due within one year**
Bank loans and overdrafts (see note 14)
Social security and other taxes
Other creditors
**13.**
**Creditors: amounts falling due after more than one year**
Bank loans (see note 14)
**14.**
**Loans**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
**15.**
**Secured debts**
The following secured debts are included within creditors:
Bank loans
The bank loan is secured by a legal charge over the freehold property.|**2021**
**£**
**277,786**
**2021**
**£**
**22,884**
**4,370**
**7,169**
**34,423**
**2021**
**£**
**230,677**
**2021**
**£**
**22,884**
**23,870**
**75,655**
**131,152**
**2021**
**£**
**253,561**|2020
£
361,410|2020
£
361,410|
|---|---|---|---|
||||2020
£
-
4,249
5,493|
||||9,742|
||||2020
£
-|
||||2020
£
-|
||||-|
||||-|
||||-
2020
£
-|
|||||
Page 13
continued...
BRITISH SCHOOL OF WATCHMAKING
## Notes to the Financial Statements - continued for the year ended 30 June 2021
## **16. Movement in funds**
|**Movement in funds**|||||||
|---|---|---|---|---|---|---|
|||||Net|||
|||||movement|||
||||At 1/7/20|in funds|At 30/6/21||
||||£|£||£|
|**Unrestricted funds**|||||||
|General fund|||**604,406**|**268,857**||**873,263**|
|Designated reserve|||**300,000**|**-**||**300,000**|
||||**904,406**|**268,857**|**1,173,263**||
|**TOTAL FUNDS**|||**904,406**|**268,857**|**1,173,263**||
|Net movement in funds, included in the above are as follows:|||||||
||||Incoming|Resources|Movement||
||||resources|expended||in funds|
||||£|£||£|
|**Unrestricted funds**|||||||
|General fund|||**639,145**|**(370,288)**||**268,857**|
|**TOTAL FUNDS**|||**639,145**|**(370,288)**||**268,857**|
|**Comparatives for movement in funds**|||||||
||||Net|Transfers|||
||||movement|between|||
||At 1/7/19||in funds|funds|At 30/6/20||
|||£|£|£||£|
|**Unrestricted funds**|||||||
|General fund|824,126||80,280|(300,000)||604,406|
|Designated reserve||-|-|300,000||300,000|
||824,126||80,280|-||904,406|
|**TOTAL FUNDS**|824,126||80,280|-||904,406|
|Comparative net movement in funds, included in the above are|||as follows:||||
||||Incoming|Resources|Movement||
||||resources|expended||in funds|
||||£|£||£|
|**Unrestricted funds**|||||||
|General fund|||427,924|(347,644)||80,280|
|**TOTAL FUNDS**|||427,924|(347,644)||80,280|
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continued...
BRITISH SCHOOL OF WATCHMAKING
## Notes to the Financial Statements - continued for the year ended 30 June 2021
## **17. Related party disclosures**
There were no related party transactions for the year ended 30 June 2021.
## **18. Reconciliation of net income to net cash flow from operating activities**
|**Reconciliation of net income to net cash flow from operating**|**activities**|||
|---|---|---|---|
|||**2021**|2020|
|||**£**|£|
|**Net income for the reporting period (as per the Statement of**||||
|**Financial Activities)**||**268,857**|80,280|
|**Adjustments for:**||||
|Depreciation charges||**20,209**|6,064|
|Interest paid||**8,424**|-|
|Decrease/(increase) in debtors||**83,624**|(250,845)|
|Increase/(decrease) in creditors||**1,796**|(477)|
|**Net cash provided by/(used in) operations**||**382,910**|(164,978)|
|**Analysis of changes in net funds**||||
||At 1/7/20|Cash flow|**At 30/6/21**|
||£|**£**|**£**|
|**Net cash**||||
|Cash at bank and in hand|**536,122**|**(175,313)**|**360,809**|
||**536,122**|**(175,313)**|**360,809**|
|**Debt**||||
|Debts falling due within 1 year|**-**|**(22,884)**|**(22,884)**|
|Debts falling due after 1 year|**-**|**(230,677)**|**(230,677)**|
||**-**|**(253,561)**|**(253,561)**|
|**Total**|**536,122**|**(428,874)**|**107,248**|
## **19.. Analysis of changes in net funds**
## **20. Company limited by guarantee**
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee given by the Members of the charity is limited to £1 per Member.
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