BRITISH GLASS FOUNDATION (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company numbor: 07344291 Charity number: 1139252
BRITISH GLASS FOUNDATION (A company limited by guarantee) CONTENTS Page Directors, and Trustees, Report Independent Examiner's Report 12 statement of Financial Activities 13 Balance Sheet 14 Notes forming part of the Financial Statements 15
BRITISH GLASS FOUNDATION (A company limited by guarantee) DIRECTORS, AND TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 CHAIRMAN'S REPORT This year marks the 2nd Anniversary of the opening of Stourbridge Glass Museum. After many delays and challenges, including Covid, the brand-new Slourbridge Glas5 Museum opened to the public for the first lime on Saturday 9 April 2022 and was formally opened by HRH The Duke of Gloucester on 19 April 2023. Historic Glass Giound Floor Gallery l am delighted that some of the best pieces of the world-renowned Stourbridge glass collection is now on display at the new museum in the heart of the Glass Quarter. The collection is one of the finesl holdings of Brilish and international 17th, 18th, 19th and 20th century glass in Ihe world. We have a purpose-buill building in a perfect, iconic location with room for expansion in the future. The new museum will nol only celebrate the skills of local people and integrate with the other local tourist allractions bul will guarantee the future of the world-famous glass collections for generations lo come. Our application for Accreditation was approved in July 2023 and the next step will be Designation for which we have already registered and hope to achieve this shortly. The high rise in energy costs has had a major impact on the hot gla5S Studio where gas prices increased from £12,000 p.a. to over £85,000 p.a. The gas equipment has been replaced with electric and solar panels will shortly be installed, along with other energy saving devices, in an effort to save costs and to reduce our carbon footprint. The opening ofthe new museum is notthe end butthe start ofsome very exciting plans thatwe have. A Feasibility study has been undertaken on our behalf by Drakon Heritage to establish the costs for moving the whole of the collection to Stourbridge Glass Museum into a fil-for-purpose cuslom made secure facility. If the collection was at Stourbridge Glass Museum this would make il easier to change exhibitions and we could also have "behind the scenes" tours so visitors could see the whole collection and not just that on display in the museum. In the longer term we will also be looking at having an Education CentrelLibrary to house the books and archive malerials. The collection of glass related books that we currently have and Ihose at Himley Hall would be one of the largest glass reference libraries in Europe. Page
BRITISH GLASS FOUNDATION {A company limiled by guarantee) DIRECTORS, AND TRUSTEES, REPORT (continued) YEAR ENDED 31 MARCH 2024 l am extremely proud of what we have achieved and I would like lo thank all our volunteers, staff, my fellow Trustees, Founding Patrons and Ambassadors, for their dedication and commitment and for sacrificing so much of their personal time and energy to the charity. I would also like to add thanks to Dean Shaw and Larry Priest of BPN Architects in Birmingham and lan Harrabin of Complex Development Projects Limited for their invaluable help and support over the years. I would like to say a very special thank you to my fellow Trustees, Gavin Whitehouse for his valuable experience being a Fellow of the Institute of Chartered Accountants, and Graham Fisher MBE, for delailing in his latest book'slourbridge Glass Museum.. How It Came Into Being" the incredible journey over Ihe last 14 years and the commitment and dedication ofthe Trustees and everyone else who helped make the dream a reality. 11 is also a reminder of what the site looked like back in 2015 and how this has been transformed from an eyesore in the community to the world class museum you see today celebrating 400 years of glassmaking history. All proceeds from Ihe sale of the book, available frorn the museum, go to the British Glass Foundation. All Trustees are deeply committed and active with specific knowledge and experience which covers all aspects of running a museum and all of them dedicale an enormous amount oftime to support our professional staff on a daily basis. Graham Knowles Chairman Dale.. 17 September 2024 Oerelict Sile 2015 Page
BRITISH GLASS FOUNDATION {A company limited by guarantee) DIRECTORS, AND TRUSTEES, REPORT (continued) YEAR ENDED 31 MARCH 2024 The directors and trustees are pleased to present their report and financial statements for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE INFORMATION Charity Name British Glass Foundation Charity Registration Number 1139252 Company Registration Number 07344291 Registered Office Stourbridge Glass Museum stuart Works High Street Wordsley Wesl Midlands England DY8 4FB Independent Examiner O Ross FCA Muras Baker Jones Limited Chartered Accountants Regent House Bath Avenue Wolverhampton 14EG Bankers HSBC Bank PIC Church Green Road Reddilch Worcestershire B97 4EA Solicitors Higgs & Sons 3 Waterfront Business Park Brierley Hill Dudley DY51LX Page
BRITISH GLASS FOUNDATION (A company limited by guarantee) DIRECTORS, AND TRUSTEES, REPORT {continued) YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE INFORMATION (continued) Board Members The Board Members, who are directors for the purpose of company law and Irustees for the purpose of charity law, who served during the year and up to the date of this report, are set out below.. G Knowles (Chairman) G Fisher A Malcolm J Measell L Priest G Vvhitehouse STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The organisation is a charitable company limiled by guarantee, having no share capital. It was incorporated on 12 August 2010 and regislered as a charity on 2 December 2010. The charitable company was established under a Memorandum of Association. which established ils objects and powers, and it is governed under its Articles of Association. In the evenl of the charitable company being wound up members are required to contribute an amount not exceeding £1. It is exempl from using"Limited" under Section 60 of the Companies Act 2006. Recruitment and Appointment of the Directors hen recruiting new directors the existing directors look for those individuals whose skills and experience can make a significant contribution to the management of the charitable company. New directors are made aware of Iheir responsibilities as charity trustees and company directors and are helped to familiarise themselves with the practical and financial aspects of the charitable company's operations. To help them they are provided with a copy ofthe company's memorandum and articles ofassociation, the latest published accounts, the charitable comparsy's mission statement and appropriate Charity Commission publications. Director Induction and Training New directors are inducted by the current directors and are given a comprehensive overview of the charitable company by the chair of the organisation. New directors are given the Charity Commission guide on becoming a trustee together with copies of the Memorandum and Articles ofAssociation oflhe charitable company, financial information and Board minutes. All of the directors are regularly kepl up to dale with changes in relevant legislation. Page 4
BRITISH GLASS FOUNDATION (A company limited by guarantee) DIRECTORS, AND TRUSTEES, REPORT (continued) YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Risk Management The directorsltrustees have assessed the major risks to which the charitable company is exposed to and are satisfied that systems are in place to minimise the effect of such risks upon the charitable Gompany. OBJECTIVES AND ACTIVITIES The objectives of the charitable company are set out in the Memorandum & Arti¢les of Association are the promotion, advancement, encouragement and support ofthe craft of glass making and the education of the public in the arts, industry and history of glass making. In shaping the charitable company's objectives for the year and planning its aclivities the directors have considered the Charity Commission's guidance on public benefit. Page
BRITISH GLASS FOUNDATION (A company limited by guarantee) DIRECTORS, AND TRUSTEES, REPORT (continued) YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE The British Glass Foundation, launched in November 2010, arose out of proposals by Dudley MBC in 2009 to lose Broadfield House Glass Museum, home to the inlernationally renowned Stourbridge glass collection, and became a key partner alongside Dudley Council and Complex Development Projects Limited in creating a new purpose built facilily, with bigger and more flexible exhibition space, on Ihe site of the former Stuart & Sons Glassworks in the heart of the Glass Quarter. The Trustees negotiated a 125 year Lease on the museum building,. a 125 year Loan Agreement for the glass collections and a 125 year Lease of the adjoining buildings lo be used for businesslcraft units that will bring in rental income towards the running costs of the museum to ensure sustainability for the future. The leases were signed and exchanged on 1 May 2019. The National Lollery Heritage Fund confirmed in June 2018 that it would provide funding of£980,000 towards the internal fit-out of the new museum and 'Permission To Start, was granted in February 2020 once all the legalities had been completed. In December 2021 they agreed lo increase their grant by £76,900 and in March 2024 they agreed a further £249,284 to assist with our energy saving plans taking the overall grant lo £1,306,184. In March 2024 we also heard that we had been successful with our grant application to Arts Council England for £249,000 to enable us to become more eco-friendly, efficient and innovative and race towards net zero with 100 % renewable energy, a first for a UK glass studio. Malch funding was raised from various Trusts and Foundations wilh the help of our Fundraising Consultant, Jacqui Walson. Stourbridge Glass Museum was opened to the public on 9 April 2022 and was formally opened by HRH The Duke of Gloucester on 19 April 2023. A major attraction at the new museum is a visit to the hot glass studio to see highly skilled glass makers in action. From talks and tours lo gla55making workshops we offer activities for everyone including tunnel tours, wine and gin tasting and canal walks. FQUR CEN RIES OF Page
BRITISH GLASS FOUNDATION IA company limited by guarantee) DIRECTORS, AND TRUSTEES, REPORT Iconllnued) YEAR ENDED 31 MARCH 2024 Alexander Goodger, Museum Director, took up his new role on 2 October 2022 having previously been Museum Manager at The Transport Museum in Dundee. Alexander has made a significant contribution to the new museum having increased visitor numbers and income,. oblained an Alcohol Licence and arranged AA signage to the museum. We are No 1 on TripAdvisor and also received their 2023 and 2024 Travellers Choice Awards. Alexander is supported by part-time staff Harrison Davies, Curator, appointed 28 April 2022, Moemi Madigan, Volunteer Co-ordinator, appointed 2 August2022, and Corrina Field, Education & Events Co-ordinator, appointed 2 October 2022. They have all settled in extremely well and we now have our'dream team" ••• [11 Alexander Harrison Corrina Moemi Harrison has thoroughly enjoyed curating the exhibitions and gives talks to various groups an exclusive opportunity to learn about the history of the museum and the glass collection and a chance to get hands on with hi51oriG glass artefacts. A recent important acquisition, with funding from The Glass Society, were the Letters Patent of Benjamin Richardson which are now on display at the museum and following a meeting with John Northwood111 a loaned piece made for John Northwood Il's retirement from Stevens & Williams in 1947 is now also on display. Since the museum opened we have acquired more than 1,000 objects and we are working to add more which fill gaps in our collection which tell the story of British and local glass. Corrina has arranged over 90 events during the year for the local community including the Pumpkin Carving Workshop and Pumpkin Flotilla, in conjunction with The Grimmilt Trust, which was extremely popular as was the Christmas Bauble Decorating Workshop and Santa's Grotto with over 2,000 visitors that weekend. A full programme of events, workshops, lectures, education activities and outreach sessions can be seen on the web site. Moemi, born in Japan, looks after our team of 60 volunteers and also the museum shop. She is also a self- employed translatorlinlerpreter and a qualified Blue Badge Tourist Guide. Volunteers meet at the museum every Thursday to catalogue the glass related books that have been bequeathed or donated lo us where we will have a Library recognised archival system. Conservation training has been undertaken together with training on cleaning, packing and handling the glass and training with Mrs History which focusses on superb cuslomer service. All staff and volunteers have also received deaf awareness training including British Sign Language {BSL} and dementia awareness training. A hearing loop has also been installed at the museum. Page
BRITISH GLASS FOUNDATION (A company limited by guarantee) DIRECTORS, AND TRUSTEES, REPORT (conlinuedl YEAR ENDED 31 MARCH 2024 Visitors are also able to meet with Terri L Colledge who engraved the 2012 Portland Vase which is on display at the museum along with the Amphora Vase and Auldjo Jug which she also engraved. She is currently working on her version of the Blue Vase, in the Naples Museum, to be unveiled after the International Festival of Glass, which is likely to be the last one in Stourbridge after 20 years. Thomas Southall was also resident at the museum in 2023, a very talented glass engraver. When he heard the news aboul the demolition ofThe Crooked House in Himley he wanted to commemorate this and made a touching tribute which is on display in the upstairs gallery at the museum. joa¥Ép VWJSE Page
BRITISH GLASS FOUNDATION (A company limited by guaranlee) DIRECTORS, AND TRUSTEES, REPORT {conllnued) YEAR ENDED 31 MARCH 2024 The first temporary exhibition was by Vanessa Culler which was replaced with one by the Contemporary Glass Society (CGS} to celebrate their 25th anniversary which was opened by Andy Mcconnel of BBC Antiques Roadshow. This also included the unveiling of Chris Day's After The Darkness, The Light, a joint commission by CGS and SGM which is now part of the permanent collection. This was followed by exhibitions by Georgia Redpath, The Carnival Glass Society and The Pate Oe Verre exhibition whi¢h ran from January to July 2024. We had part of our historic glass collection on display at The Glass Heart Exhibition at Two Temple Place, London from 27 January to 21 April 2024 which included work by local glassmakers and Trustees, Chris Day and Elliot Walker. Illi Vessels By Chris Day on Display al Two Temple Place, London Various television shows have been filmed at the museum including Four In A Bed., BBC Antiques Roadlrip and The Great Auction Showdown. Allisler Malcolm, our resident glass artist, has also featured as a Mentor on the BBC TV show Make It At Market (over 2 million viewers per episode) and he has hosted iwo reunions at the museumwhere visitors could meel with the artisls and watch them demonstrating which proved extremely popular. As seen on BBC Onel Meet and greet the artists New art work unveiled Live glass making demonstrations. ALLI$TER IIIL¢OLII Sat 4th Feb 10.30am- 4pm STODRIHI)G£ Page
BRITISH GLASS FOUNDATION IA company limited by guarantee) DIRECTORS, AND TRUSTEES, REPORT (conlinuedl YEAR ENDED 31 MARCH 2024 Guided walks along the Slourbridge Canal through the Glass Quarter examine some of the key players in the Slourbridge Glass induslry from the perspective on the canal thal served them and who pul Stourbridge glass on the map. Tours of the tunnels beneath the museum are undertaken by a team ofvolunteers and these are extremely popular and sell out quickly. We have been bequeathed 600 items of uranium glass and some of these are on display in the museum and some in the tunnels as they "glow in the dark" A Goncept has been drawn up by Simworx in Kingswinford for interprelalion in the tunnels and we are working on grant applications for the funding for this. i*t•- Concept for Ihe Tunnels by Simworx Page 10
BRITISH GLASS FOUNDATION (A company limited by guarantee) DIRECTORS, AND TRUSTEES, REPORT (continued) YEAR ENDED 31 MARCH 2024 The landscaping al the entrance to the museum was completed in May 2023 with funding of £78,000 from FCC Communities Foundation. The work was undertaken by Jack Moody Landscaping & Civil Engineering Limited of Wolverhampton and designed by BPN Architects of Birmingham. The lighting structure, known affectionately locally as The Dalek, was designed and installed by Simworx of Kingswinford and the plinth for the structure was installed by Paul Wentworth (Builders) of Dudley. We can now have more outside events for families, visitors and the local communily. We are currently fundraising to refurbish the car park at the museum to include EV charging points and extra disabled car parking bays. Slourbridge Glass Museum 2024 We are most grateful for the all the help and support we have received including from BPN Architects, Complex Development Projects Limited, many glass enthusiasts and volunteers without whom we would not be where we are today and we would like lo thank everyone who has made a donation or provided sponsorship, grant funding and support lo the British Glass Foundation. We would particularly like to thank our Founding Patrons who are helping to secure the museums sustainability, support operating expenses and enabling us to conserve and care for the glass collection, work with local communities and creating opportunities for leaning and enjoyment. Foundin Patrons Dame Jenifer Wilson-Barnett Viv Astling OBE John H Hughes Graham Knowles Clive Manison Gavin Whitehouse David Williams-Thomas DL Giles Woodward Page 11
BRITISH GLASS FOUNDATION (A company Ilmited by guarantee) DIRECTORS, AND TRUSTEES, REPORT (continued) YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW The charitable company received income of £146,229 during the year (year to 31 March 2023.. £116,061) with the main source of funding being the Heritage Lottery Fund. Expendilure of £144,951 (year to 31 March 2023.. £105,970) was incurred resulting in a net inflow of funds of £1,278 for the year (year to 31 March 2023.. net inflow of £10,091 }. At 31 March 2024, the charitable company had unre51ricled funds carried forward of £98,777 and restricted funds carried forward of £107,022 - totalling £205,799 (31 March 2023.. total funds £204,521). DIRECTORS. AND TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees {who are also the Directors of British Glass Foundation for the purposes of Company Law) are responsible for preparing the Annual 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 directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that year. In preparing those financial statements, the directors are required to.. select suitable accounting policies and then apply them consistently., observe Ihe methods and principles in the Charities SORP {FRS 102)., make judgements and estimales that are reasonable and prudent,. prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business; and state whether UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statement5. The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any lime the financial position of the charitable company and to enable them lo ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislalion in other dictions. Approved b directo and signed on their behalf on 17 Seplembe 024. owlo rma G Whitehouse Treasurer Cha Page 12
BRITISH GLASS FOUNDATION IA company limited by guarantee} INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS AND TRUSTEES OF BRITISH GLASS FOUNDATION YEAR ENDED 31 MARCH 2024 I report lo the charity trustees on my examination of the financial statements of the charitable company for the year ended 31 March 2024 which are set out on pages 1410 23. RESPONSIBILITIES AND BASIS OF REPORT As the charity's trustees of the company (who are also the directors of the company for the purposes of company lawl, you are responsible for the preparalion of the accounts in accordance with the requirements of the Companies Acl 2006 {"Ihe 2006 Act'i. Having satisfied myself that the accounts of the company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination (following the granting of a dispensation), I report in respect of my examinalion of your charitable company's accounts as carried out under section 145 of the Charities Act 2011 1"the 2011 Act"). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145{5llb} of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examinalion. I confirm that no other mallers have come to my allenlion in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in accordance with section 386 of the 2006 Act; or the accounts do not accord with such records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a maller considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102). I confirm that there are no material mallers in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Oliver Ross FCA Muras Baker Jones Limited Regent Hous? Bath Avenue Wolverhampton WV14EG Date.. 17 September 2024 Page 13
BRITISH GLASS FOUNDATION IA company limited by guarant¢e) STATEMENT OF FINANCIAL ACTIVITIES (In¢orporating an Income and Exp¢nditure Account) FOR THE YEAR ENDED 31 MARCH 2024 Year to 31 Mar¢h 2024 Year to 31 March 2023 R95tricted Restricted Funds Funds IHLF) (Other) Note Unrestricted Funds Total Funds Total Funds In¢ome from: Donations and grants 60.400 10,378 75,451 146,229 116,061 Total Income 60,400 10,378 75,451 146,229 116,061 Expendituro on.. Charitable activities 46,605 20,305 78,041 144,951 105,970 Total expenditure 46,605 20,305 78,041 144,951 105,970 Net (expenditure)Ilncome for the year 13,795 {9,9271 {2,590} 1,278 10,091 Transfers {8,363) 9,927 {1,5641 Net movement In funds 5,432 14,154) 1,278 10,091 Reconciliation of funds.. Total funds brought forward 93,345 111,176 204,521 194,430 Total funds carrled forward 98,777 107,022 205,799 204,521 There were no other recognised gains or losses other than those included in the Slalement of Financial Activities. All income and expenditure relates lo continuing operations. The notes on pages 16 to 23 form part of these finan¢ial stalemenls. Page 14
BRITISH GLASS FOUNDATION IA company limited by guaranteo) BALANCE SHEET AS AT 31 MARCH 2024 Company number 07344291 31 March 2024 31 March 2023 Note Fixed assets Investments Heritage assets - glass collection 35.618 35,618 35,619 35,619 Curr¢nt assets Debtors 154,931 181,812 Cash at bank and In hand 17,449 11,803 172,380 193,615 Crgditors.. amounts falling due within one year 2,200 24,713 Net current assets 170,180 168,902 Net assets 205.799 204.521 Unrestricted funds General 98,777 93.345 Restricted funds 10 107,022 111,176 205,799 204.521 The Directors consider that the charitable company is enlilled lo exemption from the requirement to have an audil under the provisions of section 477 of the Companies Act 20061 the Act") and members have not required the charitable company lo obtain an audit for the year in question in accordance with section 476 of the Act. The Directors acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with section 386 of the Act and for prepafing financial slalements which give a true and fair view of the slate of affairs of Ihe charitable company as al 31 March 2024 and of ils result for Ihe year then ended in accordance with the requirements of sections 394 and 395 of the Act and which comply with the requirements of the Companies Acl 2006 relating to the financial statements so far as applicable to the company. The financial statements have been prepared in accordance with the special provisions relating lo companies subject to the small companies regime within Part 15 01 the Companies Act 2006. The notes on pages 16 10 23 form part of these financial slalements. The financial s menls were approved by the Trustees on 17 September 2024 and signed on their behalf by.. GKno les Whitehou ge 15
BRITISH GLASS FOUNDATION (A company limited by guaranteol Chairman Treasuror NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES General information and basls of preparation British Glass Foundation is a charitable company in the United Kingdom. In Ihe event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial stalemenls. The nature of the charity's operalions and principal activities are the promotion, advancement, encouragemenl and support oflhe craft of glass making. The charity conslitules a public benefit entity. The financial statements have been prepared in accordance with Accounting and reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102 (issued in October 201911 the Financial Reporting Standard 102, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. The charitable company has taken advantage of the option provided in SORP lo use headings in the Statement of Financial Activity that are applicable lo its operations rather Ihan reporting on an activity basis. The significanl accounting policies applied in Ihe preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless olheNise staled. Going ¢oncorn The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial statements. The budgeted illcome and expenditure is sufficient with the level of reseNes for the charity lo be able to continue as a going concern. Funds Unreslricled funds are available for use al the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designaled funds comprise unrestricted funds that have been sel aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are lo be used in accordance with specific reslriclions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial slalements. VAT Value added tax is not recoverable by the charitable company, and as such is included in the relevant costs in the Statement of Financial Activities and tangible fixed assets. Page 16
BRITISH GLASS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (CONTINUED) Income recognition All incoming resources are included in the Slalemenl of Financial Activities (SoFA} when the charity is legally enlilled to the income after any performance conditions have been mel, the amount can be measured reliably and il is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the selllemenl date in writing. If there are conditions attached lo the donation and this requires a level of performance before enlillement can be obtained, then income is deferred until those conditions are fully mel or the fulfilmenl of those conditions is within the control of the charity and it is probable that they will be fulfilled. No amount is included in the financial slalemenls for volunteer time in line with the SORP. Income from trading activities includes income earned from fundraising events and trading activities lo raise funds for the charity. Income is received in exchange for supplying goods and services in order lo raise funds and is recognised when entitlement has occurred. The charity receives various government gran15. Income from government and other grants are recognised at fair value when the charity has entillemenl after any performance conditions have been met, 11 is probable Ihal the income will be received and the amount can be measured reliably. If entitlement is not mel, then these amounts are deferred. Investment illcome is earned through holding assets for investment purposes such as surplus funds on bank deposit. Interest income is recognised using the effective interest method. Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to Ihird parties. il is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expense against Ihe activity for which expenditure arose. Support costs allocation Support costs are Ihose that assist the work of the charity but do not directly represent charitable activities and include office cosls, governance costs, adminislralive payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be direc15y allributed lo particular headings they have been allocaled to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises and other overheads have been allocated on a percentage use of resources basis. Fund-raising costs are those incurred in seeking voluntary conlribulions and do not include the cosls of disseminating informatioll in support of the charitable activities. Page 17
BRITISH GLASS FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (CONTINUED} Tax The charitable company met the definition of charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the lesls set oul in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Debtors and creditors receivable I payable within one year Debtors and creditors wilh no slaled interest rate and receivable or payable within one year are recorded al transaction price. Any105ses arising from impairment are recognised in expenditure. Heritage assets Heritage assets comprise the glass collection which is held in support of the charity's main objects which are the promotion, advancement, encouragement and support of the craft of glass making and the education of the public in the arts. industry and history of glass making. Heritage assels are valued al cost or valuation (where donated} and no depreciation is charged as Ihe collection has an indeterminate life. Expenditure required lo preserve or prevent deterioration of individual heritage items is recognised as expendilure in the year il is incurred. DONATIONS AND GRANTS Year ended 31 March 2024 Ygar ended 31 March 2023 Unrestricted Donations 35.885 Grants Bank inleresl Donalion from subsidiary company 2,500 27,039 5,000 361 28.000 3,000 50 60,400 41.435 Page 18
BRITISH GLASS FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 DONATIONS AND GRANTS (CONTINUED) Year to 31 March 2024 Year to 31 March 2023 Restrlcted Restrlcted Funds Funds {HLF) (Other) Total Funds Total Funds Reslricled National Lottery Heritage Fund John Ellerman Foundation Ironbridge Gorge The Arts Society Dudley MBC National Manuscript The Association of IND Hobson Charity Decorative Arts Society FCC Communities Foundation 10.378 10,378 20,000 5,000 5,000 4,846 12.500 11,722 28,526 20,000 20,000 5.000 5,000 4.846 12,500 11,722 10,300 5,000 10.800 16.383 16,383 10,378 75,451 85,829 74,626 Page 19
BRITISH GLASS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 EXPENDITURE Year to 31 Year to 31 March March 2024 2023 Restricted Restricted Funds Funds (HLF) (other) Unre$trlctod Funds Total Funds Total Funds Direct costs of charitable activities Museum development costs PR and communication services Fundraising expenses Curator support 7,669 12,909 58,506 79,084 60,757 180 8,190 16,988 3,896 7,396 11,292 19,535 19.535 11,565 20,305 78.041 109,911 86,115 Support costs allocated to charitable activities Professional fees Legal fees stationery and computer expenses 600 583 167 180 180 180 180 1,350 Governance costs Meeting expenses Secrelari81 seiceS Independent examiner's fees Insurance 442 31,890 2,200 328 442 31,890 2,200 328 460 15.090 2,060 895 34,860 34,860 18,505 Total expenditure 46.605 20,305 78,041 144,951 105,970 Total expenditure of £144,951 (2023.. £105,970} is charged.. unreslricled expenses in 2024 of £46,605 (2023.. £9,211) and as restricted expenses in 2024 £98,34612023.' £96,759). Page 20
BRITISH GLASS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 FIXED ASSETS - INVESTMENTS Subsidiary Undertaking Cost At 31 March 2024 and 31 March 2023 The charity wholly owns a trading subsidiary, BGF Trading Limited, which is incorporated in the UK. During the year the subsidiary received rental income for units within the Vvhite House Cone, Museum of Glass in relation leases with third-party tenants. The subsidiary donates ils laxable profil lo the Charity as unreslricled funds. HERITAGE ASSETS- GLASS COLLECTION Cosl Al 1 April 2023 and 31 March 2024 35,618 DEBTORS 31 March 2024 31 March 2023 Grants receivable Prepayments 124.946 117,123 25,431 Amount due from subsidiary 29,985 39,258 154,931 181.812 CREDITORS.. Amounts falling due wlthln ono year 31 March 2024 31 March 2023 Trade creditors and accruals 2,200 24,713 TAXATION As a charitable company, British Glass Foundation is exempt from tax on income and gains falling within section 478 of the Taxes Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to ils charitable objects. No lax charges have arisen wilhill the charitable company. Page 21
BRITISH GLASS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 UNRESTRICTED FUNDS Transfer between funds Balan¢¢ at 1 April 2023 Balance at Outgoing 31 March 2024 Incoming General Fund 93,345 60,400 18,363) 146.6051 98,777 Transfer between funds Balance at 1 April 2022 Balance at Outgoing 31 March 2023 Incoming General Fund 61,121 41,435 {9,211) 93,345 10 RESTRICTED FUNDS Transfer between restricted funds Balance at 1 April 2023 Balance at Outgolng 31 March 2024 Incoming Other HLF 111,176 75,451 10,378 (1,564) 9,927 {78,041 } (20,305) 107,022 111,176 85,829 8.363 (98,3461 107.022 Transfer between restricted funds Balance at 1 April 2022 Balance at Outgoing 31 March 2023 Incoming Other HFL 133,309 46,100 28,526 {26,2411 26,241 (41.9921 {54,7671 111,176 133.309 74,626 {96,759) 111,176 The reslricled fund olher is made up of donations received from a number of charitable trusts, foundations and individuals to be spent on various projects related to the museum. The Trustees have utilised some of these donations during the year as part of the match funding requirements relating lo the opening ofthe museum. Page 22
BRITISH GLASS FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 11 FUNDS Fund balances at 31 March 2024 represented by: Unrostricted funds Restricted funds Total Investmenls Glass collection Debtors Cash at bank and in hand Creditors 35,618 47,909 17,449 {2,200} 35.618 154,931 17,449 (2,200) 107,022 Total net assets 98,777 107,022 205,799 Fund balances at 31 March 2023 represented by.. Unrestrl¢ted funds Restricted funds Total Investments Glass collection Debtors Cash al bank and in hand Creditors 35,618 57,101 5,338 14,713} 35,618 181,812 10.803 {24.713) 124,711 6,465 120,000} Total net assets 93,345 111,176 203,521 12 DIRECTORS'rrRUSTEES' REMUNERATION AND RELATED PARTY TRANSACTIONS Hulbert Properties Limited made donations of £9,600 (2023.. £11,100) during the year. G Knowles, a director of the company, is also a director and shareholder of Hulbert Properties Limited. Bennett Vlhilehouse Limited made donations of £1,20012023'. £1,650) during the year. G Whilehouse, a director of the company, is also a director and shareholder of Bennett Whilehouse Limiled Allisler Malcolm, 8 director of the company, made donations of £25012023.. £335) during the year. No other director or other person related to the charitable company had any other personal interest in any transaction entered into by the charitable company during the year. During the year, BGF Trading Limited (the subsidiary company of British Glass Foundalionl made a gift payment of £28,00012023.' £2,500} lo the charitable company. Al 31 March 2024, the charitable company owed £29,98512023'. £39,258) from BGF Trading Limited. Page 23