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 re￿iVed £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..
24￿t90&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 ex￿eded £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 re￿iVed
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 Inte￿St
{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 con￿rn 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 COn￿rn. 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 cOn￿M 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
re￿iVed 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 re￿iVed 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