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 2023
for
BRITISH SCHOOL OF WATCHMAKING (A COMPANY LIMITED BY GUARANTEE)
Cooper Parry Advisory Limited CUBO Birmingham Office 401, 4th Floor Birmingham West Midlands B3 3AX
BRITISH SCHOOL OF WATCHMAKING
Contents of the Financial Statements for the year ended 30 June 2023
| 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 2023
G W Bryan B Jallu L G Kerr J Weston
Trustees G W Bryan B Jallu L G Kerr J Weston Company secretary B Jallu Registered office Sky View, Argosy Road East Midlands Airport Castle Donington Derby Derbyshire DE74 2SA Registered company number 05159742 (England and Wales) Registered charity number 1186365 Independent examiner Cooper Parry Advisory Limited CUBO Birmingham Office 401, 4th Floor Birmingham West Midlands B3 3AX
Page 1
BRITISH SCHOOL OF WATCHMAKING
Report of the Trustees for the year ended 30 June 2023
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 2023. 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 11 graduates to diploma level in the skill of watchmaking. This provides a public service catering for the repair and restoration of beloved timepieces of the nation.
There were 6 graduates who successfully passed the 1800 hrs course, 1 is re-sitting the exam in December 2023.
There were 5 graduates for the 3000hrs course (2-year course), 5 students passed their second-year final year exam and 1 will re-sit in December 2023. The syllabus again includes an expanded micromechanics module making specialist parts for watches providing complete restoration.
All postgraduates are employed within this public service area.
We have to-date since opening trained 118 graduates within this hugely needed sector. 100% of which are practicing the skills the BSoW has taught them. 83 from the 3000 hrs course and 35 from the 1800hrs course.
The charity had accumulated a surplus, which had been intentional over several years. This has now been utilised towards paying off part of the commercial mortgage and equipping the polishing room. This new course the first outside of Switzerland, it is scheduled to begin mid-2024. It also allows us to train watchmakers and polishers for this public service.
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 2023 was £649,762 up from £377,570 in the year to 30 June 2022.
The charity's total expenditure increased to £421.844 from £372,601 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 £227,918 as compared to £4,969 in the previous year.
The charity's total funds brought forward at the start of the year were £1,178,232, meaning funds carried forward at the end of the year totalled £1,406,150 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.
Page 2
BRITISH SCHOOL OF WATCHMAKING
Report of the Trustees
for the year ended 30 June 2023
Financial review
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 2023. 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 2023 were £1,406,150 all of which were unrestricted funds. Of this amount, however, £874,681 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. We intend to employ 2/3 more tutors enabling an expansion of the current course numbers offered, allowing more spaces for students.
These plans are detailed briefly below:
-
3rd classroom - now equipped, awaiting a tutor.
-
We now employ an admin assistant to help the GM and tutors.
-
Full polishing course room, nearing completion and tutor being sourced.
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 2023
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 18 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.
26/03/2024
Approved by order of the board of trustees on ............................................. 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 2023.
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 member of the 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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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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
-
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
Cooper Parry Advisory Limited CUBO Birmingham Office 401, 4th Floor Birmingham West Midlands B3 3AX 26/03/2024 Date: .............................................
Page 5
BRITISH SCHOOL OF WATCHMAKING
Statement of Financial Activities for the year ended 30 June 2023
| 2023 Unrestricted Restricted Total funds funds funds Notes £ £ £ Income and endowments from Donations and legacies 2 548,974 - 548,974 Charitable activities 4 Education and training 100,472 - 100,472 Investment income 3 317 - 317 Total 649,763 - 649,763 Expenditure on Charitable activities 5 Education and training 421,845 - 421,845 NET INCOME 227,918 - 227,918 Reconciliation of funds Total funds brought forward 1,178,232 - 1,178,232 Total funds carried forward 1,406,150 - 1,406,150 |
2022 Total funds £ 362,354 15,216 - |
|---|---|
| 377,570 | |
| 372,601 | |
| 4,969 1,173,263 |
|
| 1,178,232 |
The notes form part of these financial statements
Page 6
BRITISH SCHOOL OF WATCHMAKING
Balance Sheet 30 June 2023
| Unrestricted funds Notes £ Fixed assets Tangible assets 11 874,681 Current assets Debtors 12 124,389 Cash at bank and in hand 625,225 749,614 Creditors Amounts falling due within one year 13 (35,277) Net current assets 714,337 Total assets less current liabilities 1,589,018 Creditors Amounts falling due after more than one year 14 (182,868) NET ASSETS 1,406,150 Funds 17 Unrestricted funds Total funds |
Restricted funds £ - - - - - - - - - |
2023 Total funds £ 874,681 124,389 625,225 749,614 (35,277) 714,337 1,589,018 (182,868) 1,406,150 1,406,150 1,406,150 |
2022 Total funds £ 786,098 - 632,437 632,437 (33,533) 598,904 1,385,002 (206,770) 1,178,232 1,178,232 1,178,232 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 ............................................. and were signed on its behalf by: 26/03/2024
............................................. 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 2023
| Notes Cash flows from operating activities Cash generated from operations 19 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Interest received Net cash used in investing activities Cash flows from financing activities Loan repayments in year Loan interest Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2023 £ 170,112 (9,249) 160,863 (144,490) 317 (144,173) (33,150) 9,248 (23,902) (7,212) 632,437 625,225 |
2022 £ 312,089 (10,229) 301,860 (7,309) - (7,309) (22,923) - (22,923) 271,628 360,809 632,437 |
|---|---|---|
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 2023
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.
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continued...
BRITISH SCHOOL OF WATCHMAKING
Notes to the Financial Statements - continued for the year ended 30 June 2023
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 |
||
|---|---|---|
| 2023 £ Donations 548,974 3. Investment income 2023 £ Interest receivable - trading 317 4. Income from charitable activities 2023 Activity £ Student fees Education and training 100,472 5. Charitable activities costs Support Direct costs (see Costs note 6) £ £ Education and training 145,624 276,221 6. Support costs Management Finance £ £ Education and training 190,534 114 Governance Other costs £ £ Education and training 24,282 2,000 |
2022 £ 362,354 |
|
| 2022 £ - 2022 £ 15,216 |
2022 £ - |
|
| Totals £ 421,845 |
||
| Property costs £ 59,291 |
||
| Totals £ 276,221 |
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continued...
BRITISH SCHOOL OF WATCHMAKING
Notes to the Financial Statements - continued for the year ended 30 June 2023
7. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 55,907 | 20,979 |
8. Trustees' remuneration and benefits
There was no trustees' remuneration or benefits paid for the year ended 30 June 2023, nor for the year ended 30 June 2022, other than any disclosed in note 18 - related party transactions.
Trustees' expenses
Expenses totalling £2,369 (2022: £718) were reimbursed to 1 trustee (2022: 1) in connection with out of pocket expenses incurred.
9. Staff costs
| Staff costs | ||
|---|---|---|
| Wages and salaries Social security costs Other pension costs |
2023 £ 142,429 16,400 2,774 161,603 |
2022 £ 156,382 18,244 3,289 |
| 177,915 |
The average monthly number of employees during the year was as follows:
| Management Teaching |
2023 1 2 3 |
2022 1 2 3 |
|---|---|---|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2023 | 2022 | ||
|---|---|---|---|
| £60,001 | - £70,000 | 2 | 2 |
The total amount of employee benefits received by key management personnel was £Nil (2021:£Nil). The key management personnel of the Charity comprise the Trustees
10. Comparatives for the statement of financial activities
| Unrestricted funds £ Income and endowments from Donations and legacies 362,354 Charitable activities Education and training 15,216 Total 377,570 |
Restricted funds £ - - - |
Total funds £ 362,354 15,216 |
|---|---|---|
| 377,570 |
Expenditure on
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continued...
BRITISH SCHOOL OF WATCHMAKING
| Notes to the Financial Statements-continued | Notes to the Financial Statements-continued | ||||
|---|---|---|---|---|---|
| for the year ended 30 June 2023 | |||||
| 10. | Comparatives for the statement of financial activities - continued | ||||
| Unrestricted | Restricted | Total | |||
| funds | funds | funds | |||
| £ | £ | £ | |||
| Charitable activities | |||||
| Education and training | 372,601 | - | 372,601 | ||
| NET INCOME | 4,969 | - | 4,969 | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 1,173,263 | - | 1,173,263 | ||
| Total funds carried forward | 1,178,232 |
- | 1,178,232 | ||
| 11. | Tangible fixed assets | ||||
| Freehold | Leasehold | Plant and | |||
| property improvements | machinery | ||||
| £ | £ | £ | |||
| Cost | |||||
| At 1 July 2022 | 803,361 | 42,908 | 262,512 | ||
| Additions | - | - | 142,371 | ||
| At 30 June 2023 | 803,361 | 42,908 | 404,883 | ||
| Depreciation | |||||
| At 1 July 2022 | 32,134 | 42,908 | 254,457 | ||
| Charge for year | 16,068 | - | 37,606 | ||
| At 30 June 2023 | 48,202 | 42,908 | 292,063 | ||
| Net book value | |||||
| At 30 June 2023 | 755,159 | - | 112,820 | ||
| At 30 June 2022 | 771,227 | - | 8,055 | ||
| Fixtures | |||||
| and | Computer | ||||
| fittings | equipment | Totals | |||
| £ | £ | £ | |||
| Cost | |||||
| At 1 July 2022 | 23,730 | 5,987 | 1,138,498 | ||
| Additions | 2,119 | - | 144,490 | ||
| At 30 June 2023 | 25,849 | 5,987 | 1,282,988 | ||
| Depreciation | |||||
| At 1 July 2022 | 17,847 | 5,054 | 352,400 | ||
| Charge for year | 2,000 | 233 | 55,907 | ||
| At 30 June 2023 | 19,847 | 5,287 | 408,307 | ||
| Net book value | |||||
| At 30 June 2023 | 6,002 | 700 | 874,681 | ||
| At 30 June 2022 | 5,883 | 933 | 786,098 |
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BRITISH SCHOOL OF WATCHMAKING
| Notes to the Financial Statements-continued for the year ended 30 June 2023 12. Debtors: amounts falling due within one year Amounts receivable 13. Creditors: amounts falling due within one year Bank loans and overdrafts (see note 15) Social security and other taxes Other creditors 14. Creditors: amounts falling due after more than one year Bank loans (see note 15) 15. 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 16. 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. |
2023 £ 124,389 2023 £ 23,868 4,092 7,317 35,277 2023 £ 182,868 2023 £ 23,868 24,896 81,310 76,662 2023 £ 206,736 |
2022 £ - |
|
|---|---|---|---|
| 2022 £ 23,868 4,151 5,514 33,533 2022 £ 206,770 |
2022 £ 23,868 4,151 5,514 |
||
| 33,533 | |||
| 2022 £ 23,868 |
|||
| 24,896 | |||
| 81,310 | |||
| 100,564 2022 £ 230,638 |
|||
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BRITISH SCHOOL OF WATCHMAKING
Notes to the Financial Statements - continued for the year ended 30 June 2023
17. Movement in funds
| Unrestricted funds General fund Designated reserve TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Designated reserve TOTAL FUNDS Comparative net movement in funds, included in the above are a Unrestricted funds General fund TOTAL FUNDS |
At 1/7/22 £ 878,232 300,000 1,178,232 1,178,232 Incoming resources £ 649,763 649,763 At 1/7/21 £ 873,263 300,000 1,173,263 1,173,263 s follows: Incoming resources £ 377,570 377,570 |
Net movement in funds £ 227,918 - 227,918 227,918 Resources expended £ (421,845) (421,845) Net movement in funds £ 4,969 - 4,969 4,969 Resources expended £ (372,601) (372,601) |
At 30/6/23 £ 1,106,150 300,000 |
At 30/6/23 £ 1,106,150 300,000 |
|---|---|---|---|---|
| 1,406,150 | ||||
| 1,406,150 | ||||
| Movement in funds £ 227,918 227,918 At 30/6/22 £ 878,232 300,000 |
||||
| 1,178,232 | ||||
| 1,178,232 | ||||
| Movement in funds £ 4,969 4,969 |
||||
| 4,969 |
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BRITISH SCHOOL OF WATCHMAKING
Notes to the Financial Statements - continued for the year ended 30 June 2023
18. Related party disclosures
There were no related party transactions for the year ended 30 June 2023.
19. Reconciliation of net income to net cash flow from operating activities
| Reconciliation of net income to net cash flow from operating | activities | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of | |||
| Financial Activities) | 227,918 | 4,969 | |
| Adjustments for: | |||
| Depreciation charges | 55,907 | 20,979 | |
| Interest received | (317) | - | |
| Interest paid | 9,249 | 10,229 | |
| (Increase)/decrease in debtors | (124,389) | 277,786 | |
| Increase/(decrease) in creditors | 1,744 | (1,874) | |
| Net cash provided by operations | 170,112 | 312,089 | |
| Analysis of changes in net funds | |||
| At 1/7/22 | Cash flow | At 30/6/23 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 632,437 | (7,212) | 625,225 |
| 632,437 | (7,212) | 625,225 | |
| Debt | |||
| Debts falling due within 1 year | (23,868) | - | (23,868) |
| Debts falling due after 1 year | (206,770) | 23,902 | (182,868) |
| (230,638) | 23,902 | (206,736) | |
| Total | 401,799 | 16,690 | 418,489 |
20. Analysis of changes in net funds
21. 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.
Page 15