Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 Registered number: 05159742 Charity number: 1186365 BRITISH SCHOOL OF WATCHMAKING (A Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charitable company. its Trustees and Advisers Trustees. Report Independent Examlner's Report Statement of Financial Activities Balance Sheet Statement of Cash Flow$ Notes to the Financial Statements 11-22
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Trustees GWBryan B Jallu (resigned 1 July 20241 LGKerr J Weston, Chair V Borges A Nunziata {resigned 28 February 20251 A Boulnois (appointed 1 July 20241 Company reglstered number 05159742 Charlty reglstered number 1186365 Reglstered offlce Evolution House 60 Bird Hall Lane Cheadle Heath Stockport Cheshire SK3 OSB Company secretary B Jallu {resigned 1 July 20241 A Boulnois lappoinled 1 July 20241 Management J Robinson, General Manager Independent examiners Cooper Parry Group Limited Cubo Birmingham 4th Floor Two Chamberfain Square Birmingham B3 3AX Page 1
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees, who are also directors of the charitable company for the purposes of the Companies Act 2006, present Iheir report with the financial slalements of the charitable company for the year ended 30 June 2024. The financial slalemenls have been prepared in accordan with currenl slatulory requirements, Ihe requirements of the charitable company's goveming document and the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20191. Objectives and activities a. Policies and objectives 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. b. Publlc beneflt In selling objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IPB21'. Achievements and performance a. Charitable activities The charity delivered its charitable activities by training 14 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 7 graduates who successfully passed the 1,800 hrs course in December 2024. There were 7 graduates who passed the 3,OOOhrs course12-year course) in December 2024. The syllabus again includes an expanded micromechanics module making specialist parts for watches providing complete resloralion. All postgraduates are employed within this public service area. We have lo-date since opening trained 140 graduates within this hugely needed sector. 1000/4 of which are praclicing the skills the BSOW has laughl them. 90 from the 3,000 hrs Watchmaker course and 50 from the 1,800hrs service watchmaker course. The charity had accumulated a surplus, which had been intentional over several years. This has now been ulilised towards paying off the commercial mortgage and equipping the polishing room. This new course the first outside of Switzerland began in 2024. 11 also allows us to train watchmakers and polishers for this public service. To-date 12 have completed the course. Financial review a. Financial activities and position As shown in the Stslemenl of Financial Activities, the charilvs lolal income for the year to 30 June 2024 was £638,917, which was down from £649,763 in the year to 30 June 2023. Page 2
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 The charity's total expenditure increased to £539,738 from £421,845 in the prior year. Further details of the charity's expenditure are given in notes 5 and 6 to the financial slatemenls. 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 £99,179 as compared to nel income of £227,918 in the previous year. The charitys total funds brought fonNard at the start of the year were £1.406,150, meaning funds carried forward at the end of the year lotalled £1,505,329 all of which were unrestricted funds - i.e. not subject to any donor imposed restriction and therefore available lo be applied for use within the charitys objects at the discretion of the Trustees. b. Reserves policy The charills total funds as al 30 June 2024 were £1,505,329 all of which were unrestricted funds. Of this amount, however, £838,741 was represented by fixed assets used for charitable purposes li.e. not liquid funds available lo spend) and £300,000 was designated for specific purposes. This left £366,588 of remaining free unrestricted funds. The charity's policy is lo hold a minimum free funds level of £500,000. The Trustees regularly review the reserves policy, keeping in mind the envimnment in which the charity currently operates, and works lo ensure that the ongoing activities are safeguarded as much as possible from any unexpected fluctuations in income and expenditure. Despite the level of free reserves being lower than the charity's policy, the current level of free reserves is considered sufficient lo support the ongoing activities of the charity in the short lo medium term and work is underway to increase free reserves lo the policy level of £500,000. During the year, free reserves increased by £135,119 towards the policy level. c. Investment policy and objectives The charills Trustees have the power lo invest funds surplus to operational requirements, subject lo conditions set out in the charitable companls Articles of Association. There were no investments held al 30 June 2024. AII funds held as cash were held on current account with the charitls 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 8ccordance with the provisions of the ch8rills Articles. d. Going concem The Trustees have considered a period of 8t least 12 months from the dale of approv81 of these financial statements and consider that the charity will be able lo continue to attract sufficient funding and manage ils expenditure levels accordingly to ensure that it continues in operation81 existence for the foreseeable future. e. Principal risks and uncertainties The Trustees have assessed the major risks lo which the charitable company is exposed, in particular those related lo the operations and finances of the charitable company, and are satisfied that systems and procedures are in place to miligale exposure lo major risks. Structure, governance and management a. Governlng document The British School of Watchmaking is a company limited by guarantee govemed by ils 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. Charitsble stslus was applied for and granted by the Charity Commission in England & Wales on 14 November 2019. Page 3
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Structure? governance and management (continued) b. Organisational structure 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 a 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 l Directors meet at least three times a year in accordance with the Articles of Association. No business is transacted at meetings unless 8 quorum is present. In the case of general meetings of the Members, a quorum is al least three Members entitled to vote, and in the case of meetings of the Trustees l Direelors, 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 l Directors. Members and Tru8lees l Directors are entitled lo one vole and decisions are made by a simple majority of voles. In case of an equality of votes, the Chairman has a second or casting vote. The Directors may delegate any of their powers lo 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 of ils Managers, including the General Manager. The Trustees who served the charity during the year and up to the date of the appmval of these financial statements are named in the reference and adminislralive information on page 1. c. Recruitment and appointment of new Trustees As sel out in the charitable companls Article of Association, new Trustees are appointed by the existing Trusteès 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 len. d. Induction and training of new Trustees A new Trustee is briefed on their legal obligations under charity and company law, the conlenl of the Memorandum and Articles of Association, the Charity Commission's guidance on public benefit and Trustee responsibilities. Trustees are encouraged to attend appropriate extern81 training events where these will facilitate the undertaking of their role. e. Key management remuneration The Trustees consider the Board of Trustees and the General M8n8ger lo comprise the key management personnel of the charity. All Trustees give their lime freely and no Trustee remuneration was paid in the year. Details of any key management personnel remuneration, Trustee expenses and related party transactions are disclosed in notes 7, 8 and 19 to the financial slatemenls. Page 4
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Structure? governance and management (continued) f. Related party relationships Owing lo the nature of the charity and the composition of the Board of Trustees being drawn from the charity s private sector partners and supporters, transactions may lake place between the charity and organisations in which the Trustees have an interest or connection with. Although most of these organisations are not considered to be related parties for the purposes of the Charities SORP IFRS1021, all transactions involving such organisations are conducted in accordance wth charity s normal procedures and Charity Commission guidance relating lo connected and related party transactions. The aggregate donations received by the eharily during the year ended 30 June 2024 from organisalions in which the Trustees have a connection with totalled £155,000 12023.. £155,000). J Weston, the Chair of Trustees of the charity, is also a Director and shareholder of J.J. Rudell & Co Limrfced. The total donations received by the charity during the year ended 30 June 2024 from J.J. Rudell & Co Limited totalled £5.00012023.. £5,000). During the year ended 30 June 2024, the Charity also reiVed £250 from 1 Trustee for using the charity's cleaning machines12023.. £NILI. g. Members. liability The Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. Plans for future periods 11 is the intention of the charity Ifunding pemillingl to expand our current course offering lo meet with public demand. We have employed 2 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, lulor is being trained. We now employ an adminislralion assistant to help the General Manager and tutors. Full polishing wurse room, this is now complete, the tutor is now leaching the polishing course. We do hope to purchase student accommodation in the future and install a huge solar system on the roof lo reduce our carbon foolprinl. Page 5
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of ils incoming resources and application of resources. including ils income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Stsndards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will wntinue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable companls transactions and disclose with reasonable accuracy al any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for th8 prevention and detection of fraud and other irregulari118S. The financial statements have been prepared in accordance with the provisions applicable lo enlilies subject lo the small companies regime under the Companies Act 2006. Approved by order of the members of the board of Trustees on 15 April 2025 and signed on their behalf by.. 24t90&DDCEAIAB. J Weston Trustee Page 6
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2024 Independent examiner's report to the Trustees of the British School of Watchmaking I report lo the charity Trustees on my examination of the financial statements of the charitsble company for the year ended 30 June 2024. Responsibilities and Basis of Report As the Trustees of the charitable wmpany land its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'the 2006 Act'i. Having satisfied myself that the financial statements of the charitsble company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's financial slalements carried out under section 145 of the Charities Act 2011 I'the 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515}Ibl of the 2011 Act. Independent Examiner's Ststement Since the charitable companls gross income exeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. l confirm that l am qualified lo undertake the examination because l am a member of the Inslilule 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 connedion with the examination giving me Cause to believe.. accounting records were not kept in respect of the charitable MpanY as required by section 386 of tho 2006 Act., or the financial stslemenls do not accord with those records',or the financi81 statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Irue and fairf view which is not 8 maller considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Slalement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 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 stslemenls lo be reached. Signed.. Dated.. 17 April 2025 Andy Jones CA ANZ, FCA Cubo Birmingham 4th Floor Two Chamberlain Square Birmingham B3 3AX Page 7
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable adivities Investments 563,615 73,857 1,445 563,615 73,857 1,445 548.974 100,472 317 Total income 638,917 638,917 649,763 Expenditure on: Charitsble activities 539,738 539,738 421,845 Total expenditure 539,738 539,738 421,845 Net movement In funds 99,179 99,179 227,918 Reconciliation of funds.. Totsl funds brought foward Net movement in funds 13 1,406,150 99,179 1,406,150 99,179 1,178,232 227,918 Total funds carried fonNard 13 1,505,329 1,505,329 1,406,150 The Ststemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 11 to 22 fom) part of these financial ststemenls. Page 8
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) REGISTERED NUMBER: 05159742 BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Note Fixed assets Tangible assets 838,741 874.681 838,741 874,681 Current assets Debtors 37.333 736,924 124,389 625,225 Cash al bank and in hand 774,257 749,614 Creditors.. amounts falling due within one year 1107,6691 135.2771 Net current assets 666,588 714,337 Total assets less current Ilabllltles 1,505,329 1,589,018 Creditors.. amounts falling due after more than one year 1182,8681 Totsl net assets 1,505,329 1,406,150 Charity funds Restricted funds Unreslricled funds 13 1,505,329 1,406,150 Total funds 1,505,329 1,406,150 The charitable company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 30 June 2024. The members have not required the charitable company lo obtain an aLJdil for the year ended 30 June 2024 in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial stalemenls. The financial statèments have been prepared in accordance with the provisions applicable to entities subject lo the sm811 companies regime. The financial statements were approved and authorised for issue by the Trustees on 15 April 2025 and signed on their behalf by.. J Weston Trustee 9O9DOCEAIAB The notes on pages 11 to 22 fomi part of these financial statements. Page 9
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Cash flows from operating activities Net cash provided by operating activities 239,741 160,863 Cash flows from Investlng actlvltles Purchase of tangible fixed assets Interest reiVed 113.6751 1144,4901 1,445 317 Net cash used In Investlng actlvltles 112,2301 1144,1731 Cash flows from financing activities Loan repayments in year Loan InteSt {122,0721 6,260 {33,1511 9,249 Net cash used in financing activities 1115.8121 123,9021 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 111,699 17,2121 632,437 625,225 Cash and cash equivalents at the end of the year 736,924 625,225 The notes on pages 11 to 22 fomi part of these financial statements Page 10
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies 1.1 Basis of preparing the financial Ststements 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 IFRS 1021'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 1021 leffective 1 January 20191,. Financial Reporting Standard 102 'The Financial ReF)Orting 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. 1.2 Going concern The Trustees assess whether the use of going conrn is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubl on the ability of the charity to continue as a going COnrn. The Trustees make this assessment in respect of a period of at least one year from the dale of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charills ability to continue as a going concern, thus they continue to adopt the going cOnM basis of accounting in preparing the financial stalemenls. 1.3 Income All incoming resources are included in the Statement of Financial Activities ISOFAI 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 lo 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 fulfillment of those conditions is within the control of the charity and il is probable that they will be fulfilled. Income from charitable activities includes income earned from education and training. Income is reiVed in exchange for SLJpplwng services and is recognised when entitlement has occurred. 1.4 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constrictive obligation committing the charity to that expenditure, is it 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 lo the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consislenl with the used of resources. All expenditure is inclusive of irrecoverable VAT. 1.5 Pension costs The charity operates a defined contribution pension scheme. Contributions payable lo the charity's pension scheme are charyed to the Statement of Financial Activities in the period lo which they relate. Page 11
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies (continued) 1.6 Taxation The charity is exempl from corporation lax on its charitable aclivilies. 1.7 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impaimient losses. All costs incurred lo bring a tangible fixed asset into ils intended wort(ing condition should be included in the measurement of cost. Depreciation is provided al the following annual rates in order to write off each asset over ils estimated useful life. Freehold property Plant and machinery Fixtures and fillings Computer equipment Leasehold improvements 2 % slraighl line basis 25 % reducing balance 25 % reducing balance 25 % slraighl line basis 10 % slraighl line basis 1.8 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. 1.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 Liabilities Liabilities are recognised when there is an obligation al the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement be estimated reliably. Liabilities are recognised at the settlement value with the exception of bank loans which are subsequently measured al amortised Cost using the effective interest method. 1.11 Financial instruments The eharilable company only has financial assets and financial liabilities of a kind that qualify as basic financial instrLJments. Basic financial instruments are initially recognised at transaction value and SLJbsequenlly measured at their settlement value with the exception of bank loans which are SLJbsequenlly measured al amortised cost using the effective interest method. Page 12
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies (continued) 1.12 Fund accounting Unreslricled funds can be used in accordan with the charitable objectives al 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 purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial slatemenls. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Donations 563,615 563,615 Unrestricted funds 2023 Total funds 2023 Donations 548,974 548,974 Income from Charitable activities Unrestricted funds 2024 Total funds 2024 Income from charitable activities - student fees 73,857 73,857 Unrestricted funds 2023 Total funds 2023 Income from charitable activities - student fees 100,472 100,472 Page 13
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Investment income Unrestricted funds 2024 Total funds 2024 Bank interest 1,445 1,445 Unrestricted funds 2023 Total fvnds 2023 Bank interest 317 317 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Education and training 539,738 539,738 Unrestricted funds 2023 Total 2023 EdLJcalion and training 421,845 421,845 Page 14
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Education and training 360,211 179,527 539,738 The classification of expenditure between activities undertaken directly (direct costs} and support costs has been modified during the Current year so as to better reflect the nature of the activities undertaken. The prior year comparatives have not been reclassified. Activities undertaken directly 2023 Support costs 2023 Total fvnds 2023 Education and training 145,624 276,221 421,845 Analysis of support costs Total funds 2024 Total funds 2023 Management Property Finance Other 90,110 44,027 6,384 32,706 6,300 190,534 59,291 114 24,282 2,000 Governance 179,527 276,221 Page 15
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 staff costs 2024 2023 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 204,914 21,703 3,747 142,429 16,400 2,774 230,364 161,603 The average number of persons employed by the charitable company during the year was as follows.. 2024 No. 2023 No. Management Teaching The number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £60,001- £70,000 In the band £70,001- £80,000 The total amount of employee benefits ceiVed by key management personnel was £90,110 12023.. £79,319). The key management personnel of the charity comprise the Trustees and General Manager. Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits12023- £NILI. During the year ended 30 June 2024, Trustee expenses of £149 have been incurred in respect of 1 Truslee12023 - £2.369 in respect of 1 Trustee). Page 16
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Tangible fixed assets Fixtures and Computer fittings equiprnent Freehold Leasehold Plant and property improvements machinery Total Cost or valuatlon At 1 July 2023 Additions 803,361 42,908 404.883 25,849 13,675 15,0151 5,987 1,282,988 13,675 126,0571 Disposals 118,3841 12,6581 At 30 June 2024 803,361 42,908 386.499 34,509 3,329 1,270,606 Depreclatlon At 1 July 2023 Charge for the year On disposals 48,202 16,067 42,908 292,063 28.146 118,1501 19,847 4,895 14,9171 5,287 175 408,307 49,283 125,7251 12,6581 At 30 June 2024 64,269 42,908 302.059 19,825 2,804 431,865 Net book value At 30 June 2024 739,092 84,440 14,684 525 838,741 At 30 June 2023 755,159 112,820 6,002 700 874,681 10. Debtors 2024 2023 Due wlthln one year Trade debtors 37,333 124,389 Page 17
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 11. Creditors: Amounts falling due within one year 2024 2023 Bank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income 90,924 1,605 5,708 3,132 6,300 23,868 4,092 1,777 5,540 107,669 35,277 12. Credltors: Amounts falllng due after more than one year 2024 2023 Bank loans 182,868 Included within the above are amounts falling due as follows.. 2024 2023 Between one and two years Bank loans 24,896 Between two and five years Bank loans 81,310 Over five years Bank loans 76,662 The bank loan is secured by a legal charge over the freehold property of the charity and was fully repaid on 6 December 2024.. Page 18
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13. Statement of funds statement of funds - current year Balance at 30 June 2024 Balance at 1 July 2023 Transfers inlout Income Expenditure Unrestricted funds Designated funds Designated funds 300,000 300,000 General funds General funds Fixed asset funds 231,469 874,681 638,917 1490,455) 149,283) 113,3431 13,343 366,588 838,741 1,106,150 638,917 1539,738) 1,205,329 Total Unrestricted funds 1,406,150 638.917 1539,738) 1,505,329 The designated funds have been sel aside for the purpose of building improvements, to include but not limited lo installing a potential large solar system upon the roof of the building and a deposit towards the intended expansion in the future in relation to the acquisition of the neighbouring property. Page 19
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13. Statement of funds (continued) statement of funds - prior year Balance at 30 June 2023 Balance at 1 July 2022 Transfers inlout Income Expenditure Unrestricted funds Designated funds Designated funds 300,000 300,000 General funds General funds Fixed asset funds 92,134 786,098 649,763 1365,938) 155,907) {144,4901 144,490 231,469 874,681 878,232 649,763 1421,845) 1,106,150 Total Unrestricted funds 1,178,232 649.763 1421,845) 1,406,150 14. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 838,741 774,257 {107,6691 838,741 774,257 1107,6691 Total 1,505,329 1,505,329 Page 20
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 14. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 874,681 874,681 749,614 749,614 135,2771 135,2771 (182.8681 1182,8681 Total 1,406,150 1,406,150 15. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Nel income for the period las per Statement of Financial Acliviliesl 99,179 227,918 Adjustments for: Depreciation charges Interest received Loss on the sale of fixed assets Decrease I lincreasel in debtors Increase in creditors 49,284 11,4451 331 87,056 5,336 55,907 13171 1124,3891 1,744 Net cash provided by operating activities 239,741 160,863 16. Analysis of cash and cash equivalents 2024 2023 Cash in hand 736,924 625,225 Totsl cash and cash equivalents 736,924 625,225 Page 21
Docusign Envek)pe ID.. 174CB64950FB4DE8-B80B-7005B9E35705 BRITISH SCHOOL OF WATCHMAKING IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 17. Analysis of changes in net debt Other non- cash At 30 June changes 2024 At 1 July 2023 Cash flows Cash at bank and in hand Debt due within 1 year Debt due after 1 year 625,225 {23,8681 1182,8681 111,699 23,868 91,944 736,924 190,9241 190,9241 90,924 418,489 227,511 646,000 18. Company Ilmlted by guarantee The charity is a company 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 lo £1 per Member. 19. Related party transactions Owing lo th8 nature of the charity and the composition of the Board of Trustees being drawn from the charity's private sector partners and supporters, transactions may lake place between the charity and organisalions in which the Trustees have an interest or connection with. Although most of these organisalions are not considered to be related parties for the purposes of the Charities SORP IFRS1021, all transactions involving such organisalions are conducted in accordance with charity's normal procedures and Charity Commission guidance relating to connected and related party Iransaclions. The aggregate donations received by the charity during the year ended 30 June 2024 from organisalions in which the Trustees have a connection with tolalled £155,00012023= £155,000). J Weston, the Chair of Trustees of the charity, is also a Director and shareholder of J.J. Rudell & Co Limited. The total donations received by the charity during the year ended 30 June 2024 from J.J. Rudell & Co Limited tolalled £5,00012023'. £5,000). During the year ended 30 June 2024, the charity also received £250 from 1 Trustee for using the charity's cleaning machines12023.' £NILI. Page 22