## **ANNUAL REPORT** ## **& FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025** Company No. 03290459 Charity No. 1059662 ## **TRUSTEES** Harry Wardill (Chair) Alison Beardsley (resigned 5 September 2025) Manuela Bellè Simon Lakin Amelia Mary Bright Amanda Jane Brooke (resigned 30 November 2024) Ros Kerslake Samuel Burns (appointed 19 June 2024) Miranda Goodby (appointed 19 September 2024) John Philips (appointed 5 September 2025) The Trustees are the directors of the company for the purposes of the Companies Act 2006. ## **FOUNDING PATRON** HM King Charles III ## **CHIEF EXECUTIVE** Dr Alasdair Brooks ## **COMPANY SECRETARY** Dave Poulsom ## **REGISTERED OFFICE** Middleport Pottery Port Street, Stoke-on-Trent, ST6 3PE ## **INDEPENDENT AUDITOR** Crowe UK LLP Black Country House, Rounds Green Road, Oldbury, West Midlands, B69 2DG ## **BANKERS** NatWest Bank Cavell House, 2a Charing Cross Road, London. WC2H 0NN ## **WEBSITE** www.re-form.org ## CHAIR’S INTRODUCTION 2 ABOUT THE CHARITY 3 Our Mission Statement Our Sites TRUSTEES’ REPORT 5 Introduction Strategic Plan Objectives: Charity Goals Heritage Development Trust Status National Lottery Resilience Grant GOVERNANCE 10 Approach to Fundraising Public Benefit Sustainability Policy FINANCE 12 AUDITOR’S REPORT 15 FINANCIAL STATEMENTS 19 NOTES TO THE ACCOUNTS 23 **1.** ## **CHAIR’S INTRODUCTION** **Harry Wardill Chair of Trustees** Significant strides forward have been made during the year under Re-Form Heritage’s status as the Heritage Development Trust for Stoke-on-Trent. The first project to move forward is the Grade II*-listed Bethesda Methodist Chapel in Hanley, known as the ‘Cathedral of the Potteries’, with a viability study completed in December, and the transfer from the Historic Chapels due to take place later in the year. We are excited to be partnering with one of our valued tenants from Middleport Pottery, Pinc College, who will be the anchor tenant for the site. This will be the first asset we have taken on since the Harper Street terraces, and signals an exciting new era for the charity and our wider work across Stoke-onTrent. Viability work at One Bethesda, next to the chapel, and the historic Leopard Inn situated at the heart of Burslem, add real momentum across a pipeline of projects. This work has been made possible thanks to the support of the Architectural Heritage Fund and Historic England. Alongside all these expansive works as the Heritage Development Trust, the year has also seen significant investment at our first and flagship site, Middleport Pottery, with the benefit of a second-stage resilience grant from The National Lottery Heritage Fund. This will run for another year, building on the impact of the first grant across learning, heritage interpretation, energy use and fundraising capacity. Significant progress has already been made, including the conversion of an empty unit into a dedicated learning centre, which is up and running and thriving. We are very pleased to have welcomed two new trustees to the Board this year; Miranda Goodby, someone with a vast amount of local heritage experience from her almost three decades as Senior Curator of Ceramics at the Potteries Museum & Art Gallery, and Sam Burns, an experienced local Quantity Surveyor who currently works at the Canal and River Trust. We also said farewell to Amanda Brooke and thank her for the impact she made over a number of years on the Board, particularly relating to her expertise across marketing and communications. This progress throughout the year has been achieved thanks to the commitment and hard work of our management team, staff and volunteers, led by Alasdair Brooks, and supported by our Trustees. We are also grateful to all our Patrons and supporters this year, who play a vital role alongside our grants. A productive year has passed with lots to look forward to ahead. **Harry Wardill Chair of Trustees** **2.** ## **ABOUT THE CHARITY** Re-Form Heritage (the Charity) specialises in revitalising communities through the regeneration of their historic buildings. We restore heritage buildings at risk of decay and demolition where the resurgence of an existing use, or the creation of a new life and purpose, will have a beneficial effect on the local community. Re-Form Heritage supports community development through the regeneration of heritage sites of significant importance, identifying and delivering a unique business model for each site, which delivers a long-term benefit to surrounding communities. The Charity was originally part of the Prince’s Regeneration Trust, and was granted its independence in 2016. In December 2023, the Charity was appointed the heritage development trust for Stoke-on-Trent with support from the Architectural Heritage Fund, the National Lottery Heritage Fund, Stoke-on-Trent City Council, and Historic England. ## **OUR MISSION STATEMENT** ~~rs~~ Our vision as the heritage development trust for Stoke-on-Trent is to play a leading role in restoring and rejuvenating the city’s internationally significant built heritage, and, through a sustainable business case and operational delivery, breathe new life into these assets, helping to drive the regeneration of Stoke’s local communities. ## **OUR SITES** Middleport Pottery, located on the Trent and Mersey Canal, is one of the most significant ceramics heritage sites in Europe, and is the last continuously operating Victorian pottery in Stoke-on-Trent, the traditional home of the English ceramics industry. The factory was built by the Burgess and Leigh company (Burleigh) in 1888, and remains home to Burleigh and their iconic pottery range. Supported by public and private funding, the Charity acquired the Grade II* listed Middleport Pottery in 2011 and undertook sensitive remodelling and renovation. The site opened to the public in 2014 as a heritage visitor attraction and creative business centre and has won numerous awards including a Europa Nostra Award for Conservation. As a result of the regeneration of the pottery, 50 jobs were saved; a further 70 jobs have been created and Burleigh production continues using traditional hand manufacturing skills. The pottery also includes a heritage visitor centre, creative studio space, a ceramics college, and a canalside café. The site is supported by a team of volunteers who lead tours and support visitors to understand and enjoy the history of Middleport Pottery, as well as supporting collections research and the delivery of learning visits and events. Harper Street is a terrace of eleven former pottery workers’ houses opposite Middleport Pottery; Re-Form Heritage completed the regeneration of the terrace in the summer of 2022. The terrace, which had been derelict for many years, sits within a conservation area of “outstanding industrial archaeological importance”. The Charity has provided a sustainable future for this historically significant street by restoring the terrace, delivering a new heritage attraction interpreting daily life in the Potteries in the 1950s, and including additional creative studio space, a new home for the Burleigh archive, and a community hub for the Middleport Matters. This will further drive economic and social regeneration alongside heritage regeneration. The Grade I-listed Old Duchy Palace in Lostwithiel, Cornwall is over 700 years old. It once formed part of a much larger complex central to the management of the Duchy of Cornwall and the county's internationally significant tin industry. Following a sensitive restoration, the building was opened by Their Royal Highnesses the Duke and Duchess of Cornwall. Re-Form Heritage's project partner, the Cornwall Buildings Preservation Trust, runs the day-to-day operation of the building on a long-term lease. **3.** ## **ABOUT THE CHARITY** Re-Form Heritage is now actively searching for new projects under its expanded status as the heritage development trust for Stoke-on-Trent, and is working with partners to identify – and carry out viability studies for – appropriate sites. In December 2024 the charity completed a viability study for the Grade II*-listed Bethesda Methodist Chapel in Hanley, the ‘Cathedral of the Potteries’, and is currently moving forward with acquisition of the site. More details can be found in the body of the report. **4.** ## **TRUSTEES’ REPORT** ## **INTRODUCTION** The Trustees have the pleasure of presenting the report and accounts for the year ended 31 March 2025. This is the first annual report to entirely fall under the Charity’s status as the Heritage Development Trust for Stoke-on-Trent. This has had a significant impact on activity in the present reporting period as the Charity has moved forward with new heritage regeneration opportunities in the city. This does not, mean, however, a lessening of activity at Middleport Pottery, which benefitted from a second-stage £250k resilience grant from The National Lottery Heritage Fund for delivery of programmes and outcomes identified in the previous grant awarded in 2023. The Charity will continue to look to balance new projects alongside its role as the custodian of Middleport, one of the most significant ceramics heritage sites in Stoke-on-Trent. ## **STRATEGIC PLAN OBJECTIVES: CHARITY GOALS** In December 2021, the Board approved a five-year strategic plan drafted by new Chief Executive Alasdair Brooks. A key goal of the new plan was to set out a broader strategy for the growth of Re-Form Heritage as a charity rather than focus primarily on goals for specific sites, or to mix goals for the Charity alongside goals for the individual sites. The recognition of the Charity as the heritage development trust for Stoke-on-Trent has had an impact on several of these goals. The goals for 2023-2027 were set as follows: ## **1) Follow a regional model for expansion in the period 2023-2027** Following the appointment of the Charity as the heritage development trust (HDT) for Stoke in December 2023, this goal was revised. The capacity and project funding from the Architectural Heritage Fund and National Lottery Heritage Fund is contingent on the Charity only pursuing heritage regeneration opportunities within the local authority of Stoke-on-Trent. At the first Board of Trustees meeting after gaining HDT status, the board voted to favour a local Stoke-focused strategy over a regional West Midlands Strategy. The strategic plan has been revised accordingly. The Charity subsequently adopted a new mission statement to better reflect its heritage development trust status The previous mission statement read: _Our vision is to be the UK's leading specialist organisation for the restoration and rejuvenation of industrial and commercial heritage buildings at risk, and, through a sustainable business case, and operational delivery, breathe new life into these assets and help drive the regeneration of the local community._ The new mission statement (as included earlier in this report) reads: _Our vision as the heritage development trust for Stoke-on-Trent is to play a leading role in restoring and rejuvenating the city’s internationally significant built heritage, and, through a sustainable business case and operational delivery, breathe new life into these assets, helping to drive the regeneration of Stoke’s local communities._ **----- Start of picture text -----**
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## **TRUSTEES’ REPORT** ## **2) Aim to bring at least 2 more sites under its ownership, and to have begun regeneration work on these new sites by the end of this period.** The Charity is now actively pursuing opportunities at three sites. The most advanced is Bethesda Methodist Chapel in Hanley, where the viability study was completed in December 2024, and where negotiations are underway with the Historic Chapels Trust to finalise transfer of the asset to Re-Form Heritage, with the support of both parties. This transfer will be completed in the 2025-26 financial year. Viability studies are currently underway for One Bethesda (Hanley) and the Leopard Inn (Burslem). Both sites are currently privately owned, and no decisions on future ownership models will be made until the viability studies are completed in the in the 2025-26 financial year. More details on all three sites can be found in the Heritage Development Trust section of this report, below. ## **3) Ensure that all sites are financially sustainable: new sites should show an operating profit by year 4 of ownership; existing sites should show an operating profit across the five-year period.** The financial climate for heritage remained challenging in the 2024-25 financial year, though the Charity also experienced successes in this time period. In early 2024, the Charity was awarded a second-stage £250k resilience grant to progress the work identified in the 2023 first-stage resilience grant. This had particularly positive impacts in the period covered by this report on income from the education programme. Further improvements as a result of this grant, notably to energy efficiency, show a clear pathway to long-term financial resilience, and a small operating profit, for Middleport Pottery in the 2025-26 financial year. Financial resilience also remains key to the viability studies for new sites. Our December 2024 viability study for Bethesda Methodist Chapel strongly indicates that financial sustainability is reachable by year 4. The Charity has not yet completed the business plans for the other two sites under consideration; these will be delivered in the next financial year. ## **4) Maintain cash backed unrestricted reserves to cover 15% of turnover.** The Charity is not yet at a stage where it has been able to rebuild reserves following the long-term impacts of the Covid pandemic on the heritage sector and the impact of the Russian invasion of Ukraine on energy prices; the latter has had a particularly significant impact on Middleport Pottery. Free Reserves are currently at 34% of where they should be under the Charity’s reserves policy. ## **5) Set science-based net zero carbon targets as an integral part of planning for the regeneration of new sites, and develop and begin to implement net zero carbon plans for existing sites by the end of this planning period.** The 2023 first-stage Lottery resilience grant incorporated a review of energy and maintenance costs and delivery at Middleport Pottery, and the 2024 second-stage grant has enabled the Charity to move forward with several of these in the current reporting period; others will be implemented in the 2025-26 financial year. The most important changes that took place in the current reporting period were the installation of new boilers and LED lighting. Arguably the most significant change to be supported by the second-stage resilience grant will be the installation of solar panels at Harper Street (and supporting both Middleport Pottery and Harper Street) in late 2025. Identifying green energy solutions has also formed part of the thinking in the viability studies for new projects, though these are still subject to project development and/or finalisation of business plans. **6.** ## **TRUSTEES’ REPORT** ## **6) Build community engagement outcomes into planning for all new sites, and set community engagement goals for existing sites.** The Charity delivered a community engagement event for the Bethesda Chapel project in the 2024-25 financial year, the results of which were embedded in the December 2024 viability report for the site. The quantitative and qualitative data generated by this exercise made an important contribution to the viability study in terms of considering how to deliver the totality of the Chapel offer, particularly in terms of ongoing public access. A community engagement event was similarly due to be delivered for the Leopard Inn site in May 2025. The Charity is not carrying out a separate community engagement event for the One Bethesda site, as this site was included in the Chapel community engagement exercise. Community engagement, albeit differently framed, also continues to form a key part of the Middleport Pottery offer, for example via hosting the Middleport Matters community hub and Pinc College’s educational programmes for neurodiverse young adults aged 16-24. **7) Grow patron and other philanthropic donations to £200,000 a year by 2028.** The Charity raised £20,324 via these revenue streams in the 2024-25 financial year. The 2024 second-stage Lottery resilience grant has allowed the Charity to bring in a full-time Fundraising Manager. The work undertaken by the postholder has demonstrated that in-kind support and sponsorship is likely a better path to fundraising success than philanthropic patronship of the type that was envisaged when the strategic plan was originally written. This revenue stream brought in the equivalent of £13,711 in the current reporting period, but was also a brand-new initiative. Expansion of the latter revenue will be a priority in the next financial year. **8) Ensure that all new staff posts and reorganisation of existing staff are clearly justified through implementation of this strategic plan; all new sites to be operated by Re-Form Heritage will have a clear site-specific staff plan integrated into costs and 9) Ensure that other administrative reforms are directly tied to delivery of this strategic plan.** These goals are combined here as they are closely related. They continue to guide thinking on HR and administration. The second-stage Lottery grant, for example, clearly tied the creation of fixed-term staff posts and operational delivery of the grant to the overall strategic plan, while posts created under our heritage development trust status are directly tied to facilitating bringing new sites under our remit, in line with strategic plan goals. **7.** ## **TRUSTEES’ REPORT** ## **HERITAGE DEVELOPMENT TRUST STATUS** As outlined in last year’s report, Re-Form Heritage was recognised as the heritage development trust for Stoke-on-Trent by the Architectural Heritage Fund, National Lottery Heritage Fund, Stoke-on-Trent City Council, and Historic England in December 2023. The Heritage Development Trusts Capacity Building Programme is a strategic partnership between the Architectural Heritage Fund (AHF) and the National Lottery Heritage Fund (NLHF), providing resources to charities to make a positive and lasting impact on heritage in their areas. Organisations selected as heritage development trusts are being supported to become active delivery partners in place-based built heritage regeneration initiatives. The Charity was able to undertake several significant initiatives under this status in the 2024-25 financial year ## **Bethesda Chapel** The first project to be advanced under the HDT status is the Grade II*-listed Bethesda Methodist Chapel in Hanley. Known as the ‘Cathedral of the Potteries’, and one of the largest Methodist Chapels in England outside of London, the earliest parts of the site date to 1798. It was expanded and altered in stages before reaching its current appearance in 1887. The opportunity to take on the Chapel as a new Re-Form Heritage regeneration opportunity arose as current owners the Historic Chapels Trust (HCT) were undertaking a property dispersal process as part of winding up their charity. Following discussions with the HCT, Re-Form Heritage undertook a viability study funded by the AHF (with £15k of funding). This identified a viable future for the site as a special educational centre for Pinc College, which delivers arts and crafts-based educational offers for neurodiverse young adults aged 16-24, with a view towards enhancing their pathway to employability. The Charity has an established relationship with Pinc College as their other Stoke-on-Trent campus is based at Middleport Pottery, where a strong and mutually beneficial partnership has been formed. Some of the Chapel space will be available as a separate performance and exhibit space available to the general public, and there are also aspirations to convert a vestry area into heritage interpretation space. Since completing the viability study in December 2024, the Charity has progressed to project development stage, with a view to fine-tuning the offer outlined in the viability study. Much of the project development work will be funded by a £75k AHF project development grant. While outside the scope of the present reporting period, some planning is already in place for the 2025-26 financial year. Repair work will take place in the next reporting period, to be funded by a £520k Historic England Heritage at Risk Capital Grant. The Charity will also finalise a funding application to undertake the c.£600k conversion work necessary to convert the Chapel for Pinc College’s use as the anchor tenant. ## **One Bethesda** While undertaking the community engagement work for Bethesda Chapel, the Charity became aware of an opportunity to regenerate the adjacent Grade II-listed One Bethesda site. This consists of a mid-19[th] -century former Staffordshire Water Board headquarters and former bank, though the two buildings were combined into a single property before the end of the 19[th] century. If regenerated, this currently vacant building could potentially build on and support the offer at both the directly adjacent Chapel and the Potteries Museum and Art Gallery, which is directly across the street from the site. The Charity has secured £15k of project viability funding from the AHF to advance a viability study for the privately owned site, and will complete this during the 2025-26 financial year. ## **Leopard Inn** The Grade II-listed Leopard Inn (Burslem) dates back to at least 1765, when it hosted a meeting between Josiah Wedgwood, James Brindley, and Erasmus Darwin to initiate the planning of the Trent and Mersey Canal. A rear 1880s hotel addition also stands directly on top of Josiah Wedgwood’s Brick House Works; he was based at this factory **8.** ## **TRUSTEES’ REPORT** when perfecting several of his more significant technological and commercial innovations, making it arguably one of the most historically significant potbanks in the city. tekspe [=i«etWe 8s RetEeet Bi 2 Ne UNE Sa The Leopard was devasted by fire in January 2022, and has remained derelict since that date. In 2024 the Charity was made aware by both a conservation architect and Historic England that the owners were facing challenges in identifying a future for the site, and was asked to consider stepping in to undertake a viability study for the Leopard. Given the extent of the fire damage and the architectural and archaeological complexity of the site, it was apparent that any viability study would prove more costly than the similar studies at Bethesda Chapel and One Bethesda. The Charity has now secured £30k of funding to move forward with a viability study, with the AHF and Historic England funding half each. This will be completed during the 2025-26 financial year. ## **NATIONAL LOTTERY RESILIENCE GRANT** On 16 May 2023, Re-Form Heritage received a £249,962 Resilience Grant from the National Lottery Heritage Fund (NLHF) designed to help the Charity build financial resilience for Middleport Pottery. The grant was designed to help address the challenges arising from the post-lockdown heritage environment and cost of living issues that arose in 2022 (notably increases in energy prices and inflation), which were having a significant impact on the financial resilience of both Middleport Pottery specifically, and Re-Form Heritage generally. The Lottery grant had a particular focus on the site’s learning, heritage interpretation, and energy use offers, though it also included support for the fundraising and -FEELESS wedding programmes. The Charity submitted a second-phase grant application to the NLHF in the summer of 2024 for an additional £250k support. This is designed to build on the initial work and consultant recommendations to fund the following: - Conversion of an empty unit into a dedicated learning centre. - Construction of a dedicated new-build reception centre. - Installation of several improvements to the site energy offer, notably solar panels on the Harper Street roof - Additional staff support for delivery of expansion of the fundraising and wedding/room hire offers. The Charity was successful with this grant application, and has been able to move forward quickly with several of the above offers, though finalisation of delivery will mostly be completed in the 2025-26 financial year. Some projects have been completed in the current reporting period, most notably the conversion of the learning centre. The opening ceremony was held in April 2025, and it has had an immediate positive impact on the delivery of, and income from, the Middleport Pottery learning programmes. It remains the intent of the Charity to apply for separate funding for improvement of the Middleport Pottery heritage interpretation offer, in consultation with the specialist consultants who supported the first phase review, as initial analysis indicates that the cost of these lies outside the scope of the NLHF small grant programme. Discussions are ongoing with the heritage consultants who supported —— the first-stage resilience grant over how best to deliver this funding. **9.** ## **GOVERNANCE** Re-Form Heritage is a company limited by guarantee (number 3290459). It is governed by its Memorandum and Articles of Association. Its governing body, the Board of Trustees, is responsible for the Charity’s long-term direction and overall policy. The current Articles of Association were adopted in December 1996, and subsequently amended in December 2016 and July 2022. The Articles provide that there shall be a minimum of three and a maximum of eleven Trustees with each Trustee appointed for a term of up to three years from the adoption of the Articles, after which they must retire at the next following board meeting. A retiring Trustee is eligible for re-appointment. The Articles provide that no Trustee shall serve for more than nine consecutive years, save in exceptional circumstances. The Trustees, and those who acted during the year, are listed at the start of this report. New trustees are given an induction on the work of the Charity, are briefed on responsibilities and recommended practice as set out in the Charity Governance Code and are encouraged to undertake appropriate training to aid them in undertaking their role. The Trustees are recruited for their knowledge and experience of heritage regeneration, charity administration, finance, legal, education, HR matters or commerce. The Trustees typically meet quarterly. The Trustees approve strategy, which is executed by the Re-Form Heritage executive and management team. The Charity has an audit committee to support the Re-Form Heritage Board in its responsibilities for ensuring the adequacy of internal control and governance arrangements. The audit committee is a committee of the Board. Re-Form Heritage is a charity registered in England and Wales (number 1059662) and a conservation body prescribed under section 38 (4) of the Title Conditions (Scotland) Act 2003. ## APPROACH TO FUNDRAISING In seeking the support of organisations and individuals to pursue its charitable objectives, Re-Form Heritage seeks to develop honest relationships, retain independence, and avoid over-reliance upon any individual funding source. The Charity aims to be professional in its approach to fundraising and commits to comply with the Fundraising Regulator's Code of Fundraising Practice. The Charity recruited a dedicated National Lottery-funded Fundraising Manager in the 2023-24 financial year in order to further support the growth of its fundraising offer. Staff leading fundraising activity undertake six-monthly reviews of the Regulator's Code of Fundraising Practice and endeavour to maintain an awareness of changes In fundraising legislation, regulation and best practice. The Charity aims to achieve positive donor experiences and regularly updates donors on the impact of their support. Re-Form Heritage is committed to ensuring that donors can control and Influence their relationship with the Charity. Re-Form Heritage did not receive any complaints from donors or members of the public about its fundraising practice during the current reporting period. Any enquiries or concerns regarding Re-Form Heritage's fundraising practice should be directed to Dr Alasdair Brooks, Chief Executive. **10.** ## **GOVERNANCE** ## PUBLIC BENEFIT In setting the Charity’s objectives and planning its activities, the trustees have given careful consideration to the Charity Commission's guidance on public benefit. The Charity's activities clearly relate to its legal objectives of securing heritage buildings, advancing education in heritage buildings and the promotion of regeneration in areas of social and economic deprivation for public benefit. Access to Re-Form Heritage's sites is free of charge, welcoming to all and provides free and charged interpretive and educational content throughout the year. Re-Form Heritage presents high-quality engagement and partnerships to facilitate public involvement and understanding of some of the UK's most important and unique industrial and commercial heritage. Programmes of activity for children and young people at our principal site of Middleport Pottery aim to develop creativity, confidence and pride in a supportive environment. The Charity also works closely with local community groups to help build social and economic regeneration. The above statement demonstrates Re-Form Heritage's compliance with the Charities Act 2006 relating to Public Benefit ag and Charity Commission Guidance. At present, these goals are focused on Stoke-on-Trent as part of the charity’s newly acquired status as the heritage development trust for the city. ## SUSTAINABILITY POLICY The Charity is committed to observing high environmental standards and has developed a sustainability policy which includes social, economic and environmental policies. ELE **11.** **FINANCE** Group incoming resources (including interest receivable) totalled £1,100,018 (2024: £1,040,923), comprising grants and donations of £392,836and rental and other income of £707,182 In the year, £1,269,467 (2024: £1,058,166) was spent on charitable expenditure. Net incoming Group resources for the year including depreciation charges of £469,871 were a deficit of £469,989 (2024: deficit £274,686). Net incoming resources when deducted from the opening funds of £7,710,127left the Group with funds of £7,240,138. The restricted grants and donations received, together with other substantial grants received in previous years, were used to undertake the renovation of Middleport Pottery and Old Duchy Palace. These grants and donations received appear in the Charity's accounts as income, but the expenditure is capitalised in fixed assets. As a result, the net incoming resources in this and previous years arising from these grants and donations does not reflect disposable income available to the Charity. ## **RESERVES POLICY AND GOING CONCERN** Total reserves of the Charity at 31 March 2025 amounted to £7,276,475 The Charity maintains two main types of reserves: **Restricted funds:** These occur when income is received by a charity for a purpose specified by the donor and only appropriate expenses may be charged against such income. Specific grants and donations for building preservation projects appear in the accounts as income, but they will only be used in connection with the buildings in respect of which they were granted. This expenditure is capitalised where the Charity has (or is likely to have) an ownership interest in the building and so, as noted above, the net incoming resources in this and future years arising from these grants and donations does not reflect disposable income available to the Charity. At 31 March 2024 the Charity and Group had restricted funds of £7,185,532 (2024: £7,604,489), (note 3). **Unrestricted funds:** These arise from income received by a charity where there is no specific purpose specified by a donor. The use of such funds is at the discretion of the Trustees, in accordance with the Charity's objects. Within unrestricted funds the Trustees may from time to time designate some funds for use on a specific project. There were no such designations as at 31 March 2025. At 31 March 2025 the Charity’s unrestricted funds were £90,943 (2024: £112,746) and its trading subsidiary retained reserves were (£141,479) (2024: (£156,704); this resulted in Group unrestricted funds of £ 54,606 (2024: £105,638). All surpluses generated by the trading subsidiary are gifted to and are fully available to the Charity. The tangible fixed assets included within unrestricted funds amounted to £69,129 (2024: £74,398). As an organisation not in receipt of regular statutory funding and currently very dependent on sources of income which are capable of being affected by factors outside the Charity's control, the Trustees believe that the optimum level of free reserves in the future should be sufficient to cover the impact of a loss of fifteen percent of annual income. Free reserves at 31[st] March 2025 were £21,814 which represents 5.16% of annual income (2024 £38,348 8.28%) The Charity's reserves policy is reviewed and adjusted as necessary on an annual basis. Given the current level of reserves, the Trustees consider that it is appropriate for the financial statements to be prepared on a going concern basis. **12.** ## **FINANCE** ## **RISK MANAGEMENT AND PRINCIPAL RISKS** The Trustees have examined the major strategic, business and operational risks which the Charity faces, and are satisfied that appropriate systems have been established to seek to identify and manage these risks. It is recognised that systems can only provide reasonable but not absolute assurances that major risks have been adequately managed. ~~TS~~ The Trustees consider that the principal risks facing the Charity are: - Plans to secure philanthropic giving fail to reach targets, leading to a loss of funding/revenue - Workload across programmes exceeds staff delivery capacity leading to loss of income and inability to take advantage of new revenue streams - Failure to raise charity brand awareness, leading to loss of income via lack of public awareness that Re-Form Heritage is a charity, not a pottery factory. - Failure to attract unrestricted grant income, leading to lack of support for activity growth or Middleport Pottery maintenance. The Charity maintains a risk register to record all risks and mitigation measures in place and each risk is assigned an owner to oversee individual risk management. The risk register is reviewed by the Trustees when the risk profile is identified as changing or at least annually. ## **GROUP COMPANIES** Re-Form Heritage has a trading subsidiary, Re-Form Heritage Trading Ltd. This company was established to run commercial activities at Middleport Pottery. All profits of Re-Form Heritage Trading Ltd are gifted to Re-Form Heritage. ## **PAY POLICY FOR SENIOR STAFF** The Trustees consider that Dr Alasdair Brooks and Mr Dave Poulsom have been the key management personnel of the Charity, and have been in charge of directing and controlling the Charity on a day-to-day basis. Their remuneration is discussed and approved by the board of Trustees, who ensure that the remuneration packages are appropriate for the size and complexity of the role that each of them undertakes. ## **TRUSTEES' RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS** The Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and 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 profit or loss of the Charity for that period. In preparing these financial statements, the Trustees are required to: - Select suitable accounting policies and then apply them consistently - Make judgements and estimates that are reasonable and prudent - State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements **----- Start of picture text -----**
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## **FINANCE** - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate The Trustees are responsible for keeping proper 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 Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## **AUDITOR** Crowe U. K. LLP were appointed as auditors on 12th June 2019. So far as each of the Trustees of the Charity at the date of approval of this report is aware, there is no relevant audit information (information needed by the Charity's auditor in connection with preparing the audit report) of which the Trust's auditor is unaware. Each Trustee has taken all of the steps that they should have taken as a Trustee in order to make themself aware of any relevant audit information and to establish that the Trust's auditor is aware of that information. This report has been prepared taking advantage of the exemptions available to small companies under the Companies Act 2006. Approved by the Trustees and signed on their behalf by: Date: 28th November 2025 Harry Wardill Chair of Trustees **14.** ## **AUDITOR’S REPORT** ## **OPINION** We have audited the financial statements of Re-Form Heritage (the charitable company’) and its subsidiary (‘the group’) for the year ended 31 March 2025 which comprise consolidated statement of financial activities, consolidated balance sheet, consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 March 2025 and of the group’s income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. - **BASIS FOR OPINION** ~~oe~~ We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## ~~a~~ **MATERIAL UNCERTAINTY RELATED TO GOING CONCERN** We draw attention to note 1 in the financial statements, which indicates that if the growth in visitor numbers does not reach forecast levels this will increase pressure on funds to meet operational requirements. This, along with other matters set out in note 1 indicates that a material uncertainty exists which may cast significant doubt on the Group and Charity’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the Group and Charity financial statements is appropriate. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **OTHER INFORMATION** The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. **----- Start of picture text -----**
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## **AUDITOR’S REPORT** ## **OTHER INFORMATION con’t** Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006** In our opinion based on the work undertaken in the course of our audit - the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. ## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act requires us to report to you if, in our opinion: - adequate and proper accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ directors’ report and from the requirement to prepare a strategic report. **16.** ## **AUDITOR’S REPORT** ## **RESPONSIBILITIES OF TRUSTEES** As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP (FRS 102), and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. **----- Start of picture text -----**
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In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. **----- Start of picture text -----**
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## **AUDITOR’S REPORT** ## **EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING** ## **IRREGULARITIES, INCLUDING FRAUD con’t** We also considered the opportunities and incentives that may exist within the charitable group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant income. Our audit procedures to respond to these risks included enquiries of management, legal counsel and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulatory correspondence with the Charity Commission, designing procedures over grant income and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **USE OF OUR REPORT** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Helen Blundell LLB FCA FCIE DChA (Senior Statutory Auditor) For and on behalf of **Crowe U.K. LLP** Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date: 23 December 2025 **14. 8** ## **FINANCIAL STATEMENTS** > **The notes on pages 23 to 36 form part of these financial statements** This statement includes all gains and losses recognised in the year. **15. 9** **FINANCIAL STATEMENTS** **20. The notes on pages 23 to 36 form part of these financial statements** ## **FINANCIAL STATEMENTS** ## **The notes on pages 23 to 36 form part of these financial statements** **21.** **FINANCIAL STATEMENTS** **The notes on pages 23 to 36 form part of these financial statements** **22.** NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 Accounting Policies Company Infomiatlon Re-Form Heritage is a company limited by guarantee and registered in England and Wales, registration number 3290459, and a registered charrty number 1059662. The registered off￿e is Middleport Pottery, Port Street, Stoke-on-Trent ST6 3PE. Basis of preparation of financial statements The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in aC￿rdance with the Financial ReFQrting Standard applicable in the UK and Republic of Ireland (FRS1021 (effective January 2015)- (Charibes SORP (FRS102)) and the Companies Act 2006. Re-Form Heritage meets the definition of a public benefit ents'ty under FRS102. Assets and liabilities are inrtially recognised at histoncal cost or transactson value unless otherwise stated in the relevant accounb'ng policy note. Basis of consolidation The group financial statements consolidate the financial statements of Re-Fomi Heritage and all its subsidiary undertakings drawn up to 31 March each year. Subsidiaries are consolidated from the date of their acquisition. being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govem the finanaal and operating policies of the investee so as to obtain benefit from its activities. Investments In the parent company financial statements, investments in subsidiaries are accounted for at cost less impairment. Golng concern As a result of the challenges arising from the post4od(down heritage environment and c05t of living issues that arose in 2022 (notably increases in energy pnces and inflabonl the Charty made an operaling deficit for the year 2023. This resulted in a net decrease in unrestricted free reserves to less than the optimum level of free reseNes needed to cover Ihe impact of a loss of frfteen per￿n1 of annual income. The unrestricted free reserve deficit in 2025 has worsened the position bLrt forecasts for 2026 indicate improvement is expected by 31 March 2026. Over 50¥0 of the Charitys unrestricted operating income is denved from wsrtor-driven sources and in this context there will always be a risk to the Chartty of not achieving forecast visitor attendance and associated sales revenue. Early in 2023, the charity applied for and was successful in secunng a National Lottery Heritage Fund (NLHFI Resilience Grant in order to mrtigate this risk and strengthen the long term operational and financial sustainability of Middleport Pottery and Harper Street. The charity was delighted to be awarded £249,962 by the Heritage Fund in May 2023. with funding beginning in June 2023 and running through to October 2024. The activities funded by the grant reviewed all asFects of the Middlewrt Pottery heritage offer and its associated visitor driven income as well as covering the first year's costs of establishing a pipeline of philanthropic giving. In October 2024 we were successful in securing a further £249,954 funding fom) The NLHF towards the completion of the recommendabons of the grant funded review in relation to energy saving initiatives, the establishment of a dedicated leaming ￿ntre and the building of a new wsttor welcome centre The Trustees have considered these factors when considering the ChariWs ability to continue as a going concern and have conduded that it is appropriate to prepare the Financial Statements on the going concern basis. They do, however, acknowledge that if Ihe growth in visrtor numbers does not reach the forecast levels in the future it increases the pressure on the level of non-committed free unrestricted cash funds available to meet operational requirements and so charity may be unable to realize its assets and discharge its liabilities in the nonnal course of business_ The Trustees and accept that this constitutes material uncertainty over the Charitys atm'lity to conts'nue as a going concem as it is currently outlined in its strategic plan. Critical aGGounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experien￿ and other factors, including expectations of future events that are believed to be reasonable under the cirojmstances. RE.FORM HEfiiTAC.E 23. NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 1 Accounting Policies {contd) The Charity makes estimates and assumpkn'ons concerning the future. The resutting accounting eskn"mates will, by definition, seldom exactly equal the related actual results. It is in the opinion of the Trustees that there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrwng amounts of assets and liabilities within the next financial year. Revenue Income is recognised once the Chanty has enbtlement to income, it is probable that income will be received and the amount of In￿Me receivable can be measured reliably. Income from grants and donations is recojnised when the cash is received or Gommitted_ Income that is re￿iVed in advance for a future accounting period is deferred. Income from projects is accounted for on the basis of the level of activity completed. Expenditure and allocation of support costs Expenditure is recojnised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement wll be required and the amount of the obligatson can be measured reliably. Suppori costs and govemance costs are split on a time incurred basis between each ofthe charitable activities_ stocks stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Net realisable value is based on estimated selling price. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Financial instruments and cash and cash equivalents The company only enters into basic financial instruments transactions that result in the recognttion of financial assets and liabilities like trade and other accounts receivable and payable. Cash and cash equivalents is comprised of cash in hand and deposits with financial institutions repayable wthout penalty on notice of not more than 24 hours. Creditors and provisions Creditors and provisions are recognised where the chanty has a present obloation resulb.ng from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Tanglble assets Tangible fixed assets other than freehdd land are stated at cost less depreciation. Depreciation is provided at rates calculated to wrrte off the cost less est'mated residual value of each asset over rts expected useful life, using the reducing balance methtxl as follows: Computer equipment General equipment Improvements to freehold property 25% 25¥0 25% Heritage assets Heritage assets acquired as part of the building preservation objects of the Charity are capitalised at ost or, if donated. at valuation on receipt_ Cost includes staff costs which are directly attributable to bringing the assets into working condition for their intended use. The Ihreshold for capitalising heritage assets is £25,000. Heritage assets are depreciated over their estimated economic lrfe. The rate used for compleled projects is 4 % per annum. The Trustees carry out pericdic reviews of the heritage assets held for potential impaimient and a provision is made if the continuing value to the charity is determined to be lower than the recorded value of the related asset. 24. NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 032904$9 Notes to the Accounts For The Year Ended 31st March 2025 1 Accounting Policies (contd) In accordance with the SORP, inalienable assets have been excluded from the financial statements as reliable cost information is not available and the Charity considers the cost of obtaining a valuation to be onerous compared with the benefit that could be derived by the users of the financial statements in assessing the Trustees, stewardship of the assets. The inalienable assets of the Charity comprise: Middleport Pottery Collections - these comprise the factory records, pattems and general correspondence. pottery samples, moulds. tcols and fumrture. 2 Analysis of Income and Expenditure Income 2025 Group Unrestricted Restricted Charity Unrestricted Restricted Total 2025 Total 2025 Grant income Donation income 6,649 24,432 361,755 368,404 24,432 6,649 24,432 361,755 368,404 24,432 Total grant and donation income 31.081 361,755 392.836 31,081 361.755 392,836 Middleport Pottery trading Old Duchy Palace trading Total income from charitable activittes 704,577 704,577 388,812 388,812 2,000 2,000 2,000 2,000 706,577 706.577 390,812 390,812 Investment income 605 605 605 605 Total income 738,263 361,755 1,100,018 422,498 361,755 784,253 Income 2024 Group Unrestricted Restricted Charity Unrestricted Restricted Total 2024 Total 2024 Grant income Donation income 3.200 51,400 315.392 194 318.592 51,594 3,200 51,400 315.392 194 318,592 51,594 Total grant and donation income 54,600 315,586 370,186 54,600 315,586 370,186 Middleport Pottery trading 668,086 668,086 405,608 405,608 Old Duchy Palace trading Total income from charitable activib.es 2.000 2.000 2,000 2,000 670.086 670.086 407,608 407,608 Investment income 651 651 651 651 Total income 725,337 315,586 1,040,923 462,859 315.586 778,445 RE.FORM HERITAC.E 25. NOTES TO THE ACCOUNTS Re-Form Heritiige Companv Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 Analysis of Income and Expendilure {contd) Expenditure 2025 Group unrestn.cted Restricted Chanty unrestn.cted Restricted Total 2025 Total 2025 Middleport Pottery trading Middleport Pottery depreciation Support costs Total MKldleport Pottery 464.812 464.812 420,358 420,358 314.178 314.178 19.000 314,178 314.178 19,000 19.000 19,000 483,812 314,178 797,990 439,358 314,178 753,536 Old Duchy Palace depreciation Total Old Duchy Palace 45.073 45.073 45,073 45.073 45,073 45.073 45,073 45,073 AHF Heritage Trust NLHF Recovery funding AHF Recovery funding Harper Street Depreciation iaii 70.877 70.877 70,877 70,877 207,021 207,021 207,021 207,021 11,550 11,550 11,550 11,550 105.677 26.336 105.677 26.336 105,677 26,336 105,677 26,336 Q+ri Ipti Ir•0 Tangible Assets Depreciation Other operating cosls 4.943 4.943 4.943 4.943 300,540 300,540 Total expendilure 789,295 780,712 1,570,007 444,301 780,712 1,225,013 Expenditure 2024 Group Unrestricted Restricted Chari(y Unrestricted Restricted Total 2024 Total 2024 Middleport Pottery trading Middleport Pottery depreciation Support costs Tolal MKldleport Pottery 432.409 432.409 432.409 432,409 314.178 314.178 19.000 314,178 314,178 19,000 19.000 19,000 451.409 314,178 765.587 451,409 314.178 765,587 Old Duchy Palace depreciation Total Old Duchy Palace AHF Heritage Trust Harper Street Depreciation Tangible Assets Depreciation Other operating costs Total expenditure 45.073 45.073 45,073 45,073 45,073 45.073 45,073 45,073 5,592 5,592 5,592 5,592 105,677 105,677 105,677 105,677 6.074 6.074 6.074 6.074 257.443 714.926 257,443 1.315.609 600,683 457,483 600,683 1.058,166 26. NOTES TO THE ACCOUNTS Re-Form Heritage Compally Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 Support costs Group Charity 2025 2024 2025 2024 Central staff costs Govemance costs - Audit 8.000 11.000 8.000 9.250 8,000 11,000 8.000 6,450 Total support costs 19,000 17,250 19,000 14,450 RE.FORM HEfiiTAC.E 27. NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 3 Net assets Group Chanty Unrestricted Restricted Total Unrestricted Restricted Total funds 2025 funds 2025 funds 2025 funds 2025 . funds 2025 funds 2025 Current assets Current liabilities Creditors falling due after more than 1 year 137,936 (152,459) 203,716 (44,385) 341,652 (196,844) 102,698 (80,884) 203,715 (44,385) 306,413 (125,269) (325,454) (325,454) (325,454) (325,454) Free reserves Tangible assets Heritage assets Investments (14,523) 17.592 51.537 (166,123) 785 7.350,870 (180,646) 18,377 7.402,407 21,814 17,592 51,537 {166,124) 785 7,350,870 (144,310) 18,377 7,402,407 54,606 7.185,532 7,240,138 90,943 7,185,532 7,276,475 Group Charity Unrestricted Restricted Total Unrestricted Restricted Total funds 2024 funds 2024 funds 2024 funds 2024 ' funds 2024 funds 2024 Current assets Current liabilities Creditors falling due after more than 1 year 189,144 (157,904) 153,523 (17,742) 342,667 (175,646) 135,920 (97,572) 153,522 (17,742) 289,442 (115,314) (345,533) (345,533) (345,533) (345,533) Free reserves Tangible assets Heritage assets Investments 31,240 20,519 53.879 (209,752) 785 7.813.456 (178,512) 21,304 7.867.335 38,348 20.519 53,879 (209,753) 785 7,813,456 (171,405) 21,304 7,867,335 105,638 7,604,489 7.710,127 112,746 7,604,489 7,717,235 4 Resources expended includinq staff and trustee costs Group Analysis of staff costs: 2025 2024 Wages and salaries Social security costs Accrued pension contributions 590,467 47,085 13,661 651213 391,127 27,288 9.388 427 803 The average monthly number of employees during the year was made up as follows: 2025 2025 2024 full lime equivalent Café Visitor attraction Administration 21 21 13 55 28. 21 30 NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 Resources expended including staff and trustee costs (contd) Key management personnel All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be key management personnel. Total remuneration is respect of these individuals is £113,902 (2024 - £88,126). The Trustees did not receive any remuneration during the year. Reimbursement of their travel and Subsisten￿ expenses was £0 (2024: £0). The Trustees made donations to the charity of £0 (2024.. £0 (unrestricted)). 5a Tangible fixed assets Group and Charity Computer General Equipment Equipment Buildings Total Cost or valuation At 1st April 2024 Additions 11.383 23.164 1.621 13,313 395 47,860 2,016 At 31st March 2025 11,383 24,785 13,708 49,876 Depreciation At 1st April 2024 Charge for period 6,249 1.194 13.364 2.156 6.943 1,593 26.556 4,943 At 31st March 2025 7,443 15,520 8,536 31,499 Net book value At 31st March 2025 3.940 9.265 5.172 18.377 At 31st March 2024 5,134 9,800 6,370 21,304 2025 2024 2023 2022 2021 Cost 49,876 47,860 44,778 36,220 31,062 Depreciation and impairments Net book value (31.499) 18,377 (26,556) 21,304 (20,482) 24.296 (15.236) 20.984 {10.882) 20,180 RE.FORM HEfiiTAC.E 29. NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 5b Heritage assets Group and Charity Middleport Pottery Harper Street Old Duchy Palace Total Cost or valuation At 1 st April 2024 Additions 7.854,440 2,641,925 1,126,829 11,623,194 At 31st March 2025 7.854,440 2,641,925 1,126,829 11,623,194 Depreciation At 1 st April 2024 Charge for penod 3,096.097 314,178 209,086 105,677 450,676 45,073 3,755,859 464,928 At 31st March 2025 3.410,275 314,763 495,749 4,220,787 Net book value At 31st March 2025 4.444,165 4.758,343 2,327,162 2,432,839 631,080 676,153 7,402,407 7,867,335 At 31st March 2024 2025 2024 2023 2022 2021 2020 Cost Disposals Depreciation and impaimients 11,623,194 11.623.194 11,566,492 11,557,536 9,618,893 9,188,293 (4.220,787) (3,755,859) (3,290.931) (2,828,272) (2,469.021) {2,107,005) Net book value 7,402,407 7,867,335 8,275,561 8,729,264 7,149,872 7,081,288 30. NOTES TO THE ACCOUNTS Rc-Form Hcritage Company Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 6 Subsidiaries Re-Form Heritage owns 100% of the issued share capital of Re-Form Hertiage Trading Ltd, a company registered in England wth its registered office at Middleport Pottery, Port Street, Stoke-on-Trent ST6 3PE {Co no 07169150). A summary of the subsidiary results is shown below: Re-Fonn Heritage Trading Ltd 202S 2024 Turnover Resources expended Net resources 325,765 { 310,540) 15,225 272,478 (267,4431 5,035 Amount granted or gift aided to the parent 15,225 5,035 (156,704) (161,739> Funds brought fO￿ard Funds carried forward { 141,479) (156,7041 Represented by: Current assets Current liabilities Share capital 35,245 (176,722) 80,598 (237,3011 (141,478) (156,7041 7 Investments Shares in subsidiary undertaking Charity 2025 2024 Ordinary shares of £1 each Stocks Group Charlty 2025 2024 2025 2024 Books and souvenirs Café Stock Air dry clay for aGtivities 5,191 3,433 3,462 12,086 4,601 2,838 2,418 9,857 5,191 4,601 3,462 8,653 2,418 7,019 RE.FORM HEfiiTAC.E 31. NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 03290459 Notes to the Accounts For The Year Ended 31st March 202$ Debtors Group Charity 2025 2024 2025 2024 Trade debtors Amount due from subsidiary company Accrued income Other debtors Prepayments 40,392 37,934 36,510 32,953 27,368 130,329 13,950 21,614 160,855 16,009 30,587 130,329 13,950 27,931 160,855 16,009 29,010 247,843 210,144 242,384 226,214 10a Creditors: Amounts falling due within one year Group Charity 2025 2024 2025 2024 Trade creditors Accruals Other creditors Heritage Mortgage Nat West Boun￿ Back Loan 70,039 54,248 54,815 12,357 5,385 52,011 47,419 58,474 12,357 5,385 53,431 15,517 38,579 12,357 5,385 38,986 15,758 42,828 12,357 5,385 196,844 175,646 125,269 115,314 Included in other creditors is an interest free loan of £12,131 (2024 £12,131) from Stoke-on-Trent cty Council. The loan is repayable on demand by monthly instalments. The Heritage Mortgage is secured by way of a first legal charge over 93-113 Harper Street, ST6 3QT. In addition, the Group has access to an overdraft facility provided by Natwest of £50,000 but that during the year, nothing was drawn. The interest rate on this facilty is 5.6 % over base rate and this was due to expire on 29 September 2025. Subsequent to the year end this facility has been extended to have an expiry date of 29 September 2026. 10b Creditors: Amounts falling due after more than one year Group Charity 2025 2024 2025 2024 Heritage Mortgage Nat West Boun￿ Back Loan 302,153 23,301 316,847 28,686 302,153 23,301 316,847 28,686 325,454 345,533 325,454 345,533 32. NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 11 Statement of Funds Group 1st April Incoming 2024 resources Expenditure Depreciation 31st March 2025 Restricted funds Heritage assets Harper Street Middleport Pottery Old Duchy Palace 2,092,913 4,682,748 615.575 1105,677) 1,987,236 1314,178) 4,368,570 (45.073) 570.502 other AHF Heritage Trust Narrow Boat Dane NLHF Recovery funding Arts Council Bethesda Feasibilty Study HE Capacity Funding Leopard Feasibility Study Save the Whitechapel Bell Foundry campaign 29,408 60,000 119.799 4.610 70.000 (70.877) 28.531 60,000 169.954 4,610 11.300) 19.507) 7,500 257.176 {207.021) 10.250 16.829 7.500 (11.550) (26.336) (564) 7,604,489 (564) 1464,928) 7,185,532 Total restricted funds 361,755 {315,784) Unrestricted funds Revenue reserve 105.638 738.263 {784.352) (4.943) 54.606 105,638 738,263 1784,352) (4,943) 54,606 Total funds of the group 7.710.127 1.100.018 (1.100.136) {469.871) 7,240.138 Charity Restricted funds Heritage assets Harper Street Middleport Pottery Old Duchy Palace 2,092,913 4.682.748 615,575 {105,677) 1,987,236 {314.178) 4.368.570 (45,073) 570,502 Other AHF Heritage Trust Narrow Boat Dane NLHF Resilience Grant Arts Council Bethesda Feasibilty Study HE Capacity Funding Leopard Feasibility Study Save the Whitechapel Bell Foundry campaign 29,408 60.000 119,799 4.610 70.000 (70,877) 28,531 60,000 16g,954 4,610 11.300) (9,507) 7,500 257.176 {207.021) 10.250 16,829 7.500 (11.550) (26,336) (564) (564) Total restricted funds 7.604.489 361.755 (315.784) 1464.928) 7,185.532 Unrestricted funds Revenue reserve 112.746 422.498 {439.358) {4.943) 90.943 Total funds of the charity 7,717,235 784.253 1755.142) 1469.871) 7,276,475 RE.FORM HEfiiTAC.E 33. NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 11 Statement of Funds (contd) The Narrow Boat Dane restricted reserve represents the valuation of Dane when it was gifted to Re-Form Heritage. Arts Council funding is for "Meeting Point" an Arts Council England funded national programme which presents artworks in unexpected places. AHF Heritage Trust is capacity building funding received in advance from the Architectural Heritage Fund in relation to the Heritage DevelopmentTrust Programme which the Charity receives as the Heritage Development Trust for the City of Stoke-on-Trent. NLHF Resilience Grant is staff cost funding received in advance in relation to a project to increase the Charity's financial a nd operational resilience. At the year end the Save the Whitechapel Bell Foundry campaign restricted reserve was temporarily in deficit due to the timing of the receipt of donations and expenditure. At the year end Bethesda Feasibility Study and HE Capacity Funding were temporarily in deficit as these grant elements are paid in arears. 34. NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 03290459 Notes to the Accounts For The Year Ended 31st March 2025 11 Statement of Funds (contd) Group 1st April Incoming 2023 resources Expenditure Depreciation 31st March 2024 Restricted funds Heritage assets Harper Street Middleport Pottery Old Duchy Palace 2,168,160 4,996.926 660,648 30,430 (105,677) 2,092,913 (314,178) 4,682,748 (45,073) 615,575 Other Harriets Trust Narrow Boat Dane NLHF Recovery funding Arts Council Save the Whitechapel Bell Foundry campaign 35,000 (5,592) 29,408 60,000 119.799 4,610 60,000 249.962 (130.163) 4,610 (758) 194 (564) Total restricted funds 7.889.586 315.586 (135.755) (464.928) 7.604.489 U nrestricted funds Revenue reserve 95.227 725.337 (708.852) (708.852) (6.074) (6.074) 105.638 95.227 725.337 105.638 Total funds of the group 7,984.813 1,040,923 (844,607) (471,002) 7,710,127 Charity Restricted funds Heritage assets Harper Street Middleport Pottery Old Duchy Palace 2.168.160 4,996,926 660,648 30.430 (105.677) 2,092,913 (314,178) 4,682,748 (45,073) 615,575 Other AHF Heritsge Trust Narrow Boat Dane NLHF Resilience Grant Arts Council Save the Whitechapel Bell Foundry campaign 35.000 (5,592) 29,408 60,000 119,799 4.610 60,000 249,962 (130,163) 4.610 (758) 194 (564) Total restricted funds 7.889.586 315.586 (135.755) (464.9281 7,604,489 U nrestricted funds Revenue reserve 107.370 462.859 (451.409) (6.074) 112.746 Total funds of the charity 7,996,956 778,445 (587,164) (471,002) 7,717,235 RE.FORM HEfiiTAC.E 35. NOTES TO THE ACCOUNTS Re-Form Heritage Company Number 03290459 otes to the Accounts For The Year Ended 31st March 2025 12 Reconciliation of cash flows from operating activities Group 2025 2024 Net income (expenditure) for the reporting period Adjustments for = (469,989) {274,686) Depreciation charges (Increase) in stocks (Increase) in debtors Increase in creditors 469.871 471,002 (2,229) (1 ,296) {37,699) (72,846) 21,198 24,487 Net cash provided by (used inl operating activities 118,8481 146,661 Analysis of cash and cash equivalents Cash in hand 81,723 122,666 13 Related Party Transactions There have been no related party transactions that require disclosure other tt)an transactions with the subsidiary Company, Re-form Heritage Trading Ltd. as set out below.. 2025 2024 Staff costs Café Rent 55,551 10,000 52,312 10,000 36.