Charity registration number 1150255
Company registration number 8135399 (England and Wales)
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
J Belcher
D Crisp
M Mansfield
B Milham
J Peachey
J Whitaker
R A Gibbs
R C Cutler
M Beckett
(Appointed 2 April 2023)
S Gordon
(Appointed 2 April 2023)
P Otter
(Appointed 2 April 2023)
Charity number
1150255
Company number
8135399
Registered office
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
Independent examiner
John Wilson FCA ATII
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
Bankers
Santander UK plc
Bridle Road
Bootle
Merseyside
L30 4GB
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
CONTENTS
Page
Trustees' report
1 - 5
Statement of trustees' responsibilities
6
Independent examiner's report
7
Statement of financial activities
8 - 9
Balance sheet
10
Notes to the financial statements
11 - 19
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

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

 

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

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

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

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

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

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

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

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

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

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

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

 

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

 

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

 

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

Achievements and performance

2023 has been a year when our normal activities continued, membership has recovered to pre-Covid levels. training and shows back up to strength. Preparations for the next seminar at Yarnfield in October are well in hand.

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Financial review

Membership has recovered to pre-Covid levels and training and show activities have increased accordingly. This is reflected in another deficit for the year. The trustees have elected to increase the membership fees for 2024 to cover this deficit.

 

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

 

 

Our total reserves are:     £55,946

Of which:

Main Funds          £50,680

Restricted Funds          £5,266

 

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

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

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

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

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

Revolutions printing and postage costs – approved by the Editor

Annual Insurance Payments

Accountancy Fees

Training Costs – approved by Development and Training Officer

 

 

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

 

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

 

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

 

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

 

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

The Trustees have established these initiatives:

 

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Structure, governance and management

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

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

J Belcher
D Crisp
M Mansfield
B Milham
B Mouat
(Resigned 2 April 2023)
J Peachey
J Whitaker
A Wells
(Resigned 2 April 2023)
R A Gibbs
R C Cutler
M Beckett
(Appointed 2 April 2023)
S Gordon
(Appointed 2 April 2023)
P Otter
(Appointed 2 April 2023)

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

The charity is an individual member organisation of just over 3,200 individual members many of whom also belong to one of 67 affiliated branches and 62 associated clubs across the United Kingdom and one overseas. The charity has 29 Corporate Members which represent a range of businesses and industries with links to woodturning.

 

At the end of 2023 the charity was managed by an Executive of 9 Trustees. The Executive President, is elected by the Executive and the other Trustees are elected by the membership in accordance with the articles of association. All Trustees are Directors of the Company. The Trustees are currently assisted by four volunteers who are neither Trustees nor Directors and two Trustees in waiting.

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

 

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

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

M Mansfield
Trustee
Dated: 13 April 2024
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The trustees, who are also the directors of The Association of Woodturners of Great Britain for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

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

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
- 7 -

I report to the trustees on my examination of the financial statements of The Association of Woodturners of Great Britain (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements 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 financial statements to be reached.

John Wilson FCA ATII
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
Dated: 13 April 2024
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2023
2023
2023
2022
Notes
£
£
£
£
Income and endowments from:

Voluntary Income

3
8,632
-
8,632
11,928
Charitable activities
4
56,012
5,000
61,012
53,614
Investments
5
287
-
287
29
Other income
6
2,713
-
2,713
8,554
Total income
67,644
5,000
72,644
74,125
Expenditure on:
Raising funds
7
23,769
-
23,769
22,735
Charitable activities
8
57,431
1,112
58,543
63,783
Total expenditure
81,200
1,112
82,312
86,518
Net (expenditure)/income for the year/
Net movement in funds
(13,556)
3,888
(9,668)
(12,393)
Fund balances at 1 January 2023
64,221
1,378
65,599
77,992
Fund balances at 31 December 2023
50,665
5,266
55,931
65,599

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
Notes
£
£
£
Income and endowments from:

Voluntary Income

3
11,928
-
11,928
Charitable activities
4
53,614
-
53,614
Investments
5
29
-
29
Other income
6
8,554
-
8,554
Total income
74,125
-
74,125
Expenditure on:
Raising funds
7
22,735
-
22,735
Charitable activities
8
60,643
3,140
63,783
Total expenditure
83,378
3,140
86,518
Net (expenditure)/income for the year/
Net movement in funds
(9,253)
(3,140)
(12,393)
Fund balances at 1 January 2022
73,474
4,518
77,992
Fund balances at 31 December 2022
64,221
1,378
65,599
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
1
1
Current assets
Debtors
14
13,891
11,696
Cash at bank and in hand
56,947
68,511
70,838
80,207
Creditors: amounts falling due within one year
15
(14,908)
(14,609)
Net current assets
55,930
65,598
Total assets less current liabilities
55,931
65,599
Income funds
Restricted funds
17
5,266
1,378
Unrestricted funds
50,665
64,221
55,931
65,599

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

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

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

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

The financial statements were approved by the Trustees on 13 April 2024
M Mansfield
Trustee
Company registration number 8135399
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Charity information

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

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

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

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

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

1.2
Going concern

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

1.3
Charitable funds

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

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

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.5
Expenditure

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

 

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

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

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

1.6
Fixed asset investments

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

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

1.7
Cash and cash equivalents

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

1.8
Financial instruments

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

 

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

 

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

Basic financial assets

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

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

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

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3

Voluntary Income

Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
8,632
11,928
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
4
Charitable activities
Membership Income
Membership Income
2023
2022
£
£

Grants received

5,000
-

Membership fees

56,012
53,614
61,012
53,614
Analysis by fund
Unrestricted funds
56,012
53,614
Restricted funds
5,000
-
61,012
53,614
5
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
287
29
6
Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Other income
640
5,476

Training income

-
1,149

Advertising

2,073
1,929
2,713
8,554
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
7
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Costs of generating voluntary income
Advertising
923
1,202
Revolutions costs
22,846
21,533
23,769
22,735
8
Charitable activities

Membership activities

Grants to Members

Total
2023
Total
2022
£
£
£
£

Training costs

(8,358)
-
(8,358)
12,546
Digital Seminar costs
17,963
-
17,963
-

Show costs

6,461
-
6,461
1,612

Premises costs

190
-
190
-

Insurance costs

7,014
-
7,014
7,158

Office costs

9,422
-
9,422
5,609

Travel and subsistence costs

6,882
-
6,882
16,058

General expenses

-
-
-
40

Legal and professional costs

26
-
26
-

Governance costs

1,472
-
1,472
863

Bank charges and other finance costs

276
-
276
273
41,348
-
41,348
44,159
Grant funding of activities (see note 9)
-
17,195
17,195
19,624
41,348
17,195
58,543
63,783

Included within governance costs are independent examiner's fees of £650 (2022 - £600).

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
9
Grants payable
2023
2022
£
£
Grants to branches:
Other
17,195
19,624
10
Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 11 of them were reimbursed a total of £10,357 travelling and subsistence expenses (2022 - 11 were reimbursed £10,827), 7 were reimbursed £1,314 office expenses (2022 - 5 were reimbursed £454).

11
Employees
Number of employees

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

2023
2022
Number
Number
Trustees
11
11
There were no employees whose annual remuneration was £60,000 or more.
12
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
13
Fixed asset investments
Other investments
Cost or valuation
At 1 January 2023 & 31 December 2023
1
Carrying amount
At 31 December 2023
1
At 31 December 2022
1
2023
2022
Other investments comprise:
Notes
£
£
Investments in subsidiaries
20
1
1
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,705
1,459
Other debtors
12,186
10,237
13,891
11,696
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Deferred income
16
14,288
13,784
Other creditors
-
225
Accruals and deferred income
620
600
14,908
14,609
16
Deferred income
2023
2022
£
£
Arising from Membership Income
14,288
13,784
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
17
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Balance at
1 January 2022
Resources expended
Balance at
1 January 2023
Incoming resources
Resources expended
Balance at
31 December 2023
£
£
£
£
£
£
Roger Stewart Fund
4,518
(3,140)
1,378
5,000
(1,112)
5,266

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

18
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Fund balances at 31 December 2023 are represented by:
Investments
1
-
1
1
-
1
Current assets/(liabilities)
50,664
5,266
55,930
64,220
1,378
65,598
50,665
5,266
55,931
64,221
1,378
65,599
19
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts owed by related parties
Amounts owed by related parties
2023
2022
Balance
Net
Balance
Net
£
£
£
£
Entities over which the entity has control, joint control or significant influence
-
-
8,445
8,445
-
-
8,445
8,445
THE ASSOCIATION OF WOODTURNERS OF GREAT BRITAIN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
20
Subsidiaries

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

Details of the charity's subsidiaries at 31 December 2023 are as follows:

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