**Charity registration number: 1162688**
## **The Foundry Sheffield**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**For the year ended 30 June 2024**
**The Foundry Sheffield Contents**
||**Page**|
|---|---|
|Legal and administrative information|1|
|Trustees' annual report|2 - 8|
|Independent examiner’s report|9|
|Statement of financial activities|10|
|Balance sheet|11|
|Statement of cash flows|12|
|Notes to the accounts|13- 19|
**The Foundry Sheffield Legal and administrative information For the year ended 30 June 2024**
**Registered Charity Number** 1162688
## **Trustees**
Ms AK Burnett Appointed on 11 September 2023 Mr D Burton Mrs P Boulton Resigned on 8 July 2024 Mr S W Clark (Deceased) Removed on 30 September 2023 Rev A Cooper Chair Rev J Haigh Vice Chair Mr H J Hoyes Resigned on 8 July 2024 Mr M J North Resigned on 11 September 2023 Mr R R Pedro Mrs A Perch Appointed on 11 September 2023 Deacon J Wright Appointed on 11 September 2023
## **Key management**
Chief Executive Officer Rose Durant Building development and Operations Manager Thomas Rattigan Events manager Rachel O’Leary
Rose Durant Rachel O’Leary Until August 2023
## **Registered Address**
Victoria Hall Methodist Church Norfolk Street Sheffield S1 2JB
## **Accountants**
Seven Hills Accountants Limited 57 Burton Street Sheffield S6 2HH
## **Bankers**
Unity Trust Bank Four Brindleyplace Birmingham B1 2JB
Central Finance Board (of the Methodist Church) Methodist Church House 25 Tavistock Place London WC1H 9SF
1
## **The Foundry Sheffield Trustees’ annual report For the year ended 30 June 2024**
The trustees of the charity submit their annual report and the financial statements for the year ended 30 June 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **Objectives and activities**
The charity’s legal objectives are:
- To promote the benefits of the inhabitants of the city of Sheffield and elsewhere, without distinction of sex, sexual orientation, age, race or of political, religious or other opinions by associating the local authorities, voluntary and other organisations and inhabitants in a common effort to relieve poverty and advance education, and to provide facilities in the interests of social welfare for recreation and leisure-time occupation, and to relieve unemployment, with the object of improving the conditions of life for the said inhabitants.
- The promotion of the voluntary sector for the public benefit by providing low cost accommodation and facilities in central Sheffield for voluntary sector organisations. Working alongside Voluntary Sector Organisations for public benefit through ensuring the spaces and facilities are safe, fully working and of high standard, and investing into and providing additional facilities where a need has been identified.
_(The voluntary sector means charities and voluntary organisations. Charities are organisations, which are established for exclusively charitable purposes in accordance with the law of England and Wales. Voluntary organisations are independent organisations, which are established for purposes that add value to the community as a whole, or a significant section of the community, and which are not permitted by their constitution to make a profit for private distribution. Voluntary organisations do not include local government or other statutory authorities’ provided that none of the objects nor any activity within the objects shall be undertaken otherwise than in accordance with or in furtherance of the purposes of the methodist church contained in section 4 of the methodist church act 1976 and/or the doctrinal standards of the methodist church.)_
The Foundry Sheffield was formed in 2015 and runs and operates from Victoria Hall Methodist Church. Victoria Hall has been serving Sheffield for over 250 years. Typical of a Methodist Central Hall, Victoria Hall was designed as a concert venue, with numerous rooms for social work, as well as centre of mission from as far back as 1907. Today - as well as being home to a number of key charities through the rental of offices, rooms and facilities, Victoria Hall offers a number of rooms and halls to suit groups of a handful to up to 100 delegates to support events in the Main Hall or to hire as separate meeting rooms. The Foundry is also landlord to 4 shop units along Chapel Walk which provide continued income to enable the rooms to be let at a lower cost to the Voluntary sector.
The main hall has always been a popular venue for choral, instrumental and other events and South Yorkshire's finest amateur orchestra, The Sheffield Philharmonic, holds its weekly rehearsals and the majority of its concert season performances there. Around the building, each week we have been home to 3 choirs, an improv comedy club, a conversation club and some of the smaller rooms are used multiple times per week by Solace providing counselling support to refugees and asylum seekers.
2
**The Foundry Sheffield Trustees’ annual report - continued For the year ended 30 June 2024**
A growing programme of concerts and events is now restoring the Victoria Hall’s reputation as one of the city’s most vital and diverse performance spaces.
And, of course, Methodist services are still held in the Victoria Hall twice every Sunday, with various other activities throughout the week, and it continues to be the home of the Sheffield Methodist District office.
A number of charities work out of The Foundry’s range of offices rented on an annual licence.
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including guidance on fee charging.
## **Ensuring our work delivers our aims**
We review our aims, objectives and activities each year. Looking at what we are currently doing to ensure it fits within our objectives, and then looking ahead at whether there are different ways in which we can further meet the aims of the charity. During this meeting we refer to the charity commissions guidance.
## **Summary of main achievements during the year**
Over the year we have seen approximately 60 new customers use Victoria Hall, 16 of these were Main Hall bookings and 1 regular new user. This has equated to approximately £26,000 of income generated through the Main Hall from new bookings.
On the opposite side, we have had approximately 40 customers who used Victoria Hall last year, not use it again this year. This was approx. 13 Main Hall bookings, 1 tenant and 2 regular customers. This has resulted in a loss of £21,800 from Main Hall bookings.
At the beginning of the year, we had 3 choirs rehearsing in the building, all of which have now either ceased to meet or moved to different locations. Although these may not have brought in high income, they were a part of the heritage and culture of the building, so we will be advertising to try and recruit some choirs.
Throughout the year we have seen around 30 customers coming back and making a repeat booking, 16 of these have been Main Hall bookings. The trend is that most customers have cut back their usage and spent less on their booking overall this year, however we have come positive from repeat bookings in the Main Hall. Sheffield City Council continue to use us regularly, for both small and large bookings.
Down in the Lower Hall approximately 120 meals are prepared weekly by Sunday Centre serving some of those most in need in the city. This only ceases over the Christmas period where Homeless and Rootless at Christmas take over providing a warm safe space, entertainment and food in our Lower Hall throughout the season.
3
**The Foundry Sheffield Trustees’ annual report - continued For the year ended 30 June 2024**
We are still home to a number of key charities who are tenants within the building, listed below:
Age Active Sheffield District of the Methodist Church Assist Urban Theology Union City of Sanctuary Victoria Hall Methodist church Samaritans
This year we have expanded our reach and impact through supporting charities further, and outside of Victoria Hall. We now offer building administration and management support to other charities, specifically where their aims align with ours. We have had several requests to support with building management, however we assess each case carefully to ensure that the value of us supporting the organisation benefits and aligns with our aims. For example, Walkley Ebeneezer Methodist Church approached us to support with administration, room bookings and building management. When we looked at the value of the building, there are groups using the building daily. One of which supports vulnerable adults with learning disabilities. Alongside, several exercise groups, Brownies and an annual Pantomime. Supporting with the building management to enable the church building to stay open as an asset to this community and all the benefits it brings those users, aligns directly with the aims which The Foundry Sheffield are trying to achieve. Through the year, we have supported Quaker Meeting House, Walkley Ebeneezer Methodist Church and Broomhill Methodist Centre.
During this year, the main focus has been the large grant from the Future High Streets funding we received from Sheffield City Council. The whole grant will be approx. £650,000 , which is funding extensive renovations throughout the building, including increasing the accessibility in the Main Hall and upgrades to the shop units, to increase footfall into the city centre and usage in spaces which are currently underused.
At the beginning of June 2023, we suffered a devastating flood due to a broken stop cock on Yorkshire Waters pipes. This has totally broken the heating exchange, resulting in no heating currently in the building. Water was approximately 2m in depth in the basement before we were alerted to the issue. The lack of heat resulted in a very challenging winter. The heat exchange and pipes are original and replacing like for like as per insurance and conservation requirements, is taking considerable time as we are once again heading into the winter without proper heating. Working with local companies, we have managed to implement a temporary heating system into the rooms, however this took several months to get right, and we lost some custom along the way. There is slight concern on the long term damage on parts of the building such as corridors, toilets and lesser used rooms which haven’t been heated now in over a year.
## **Financial review**
We generate income from the shop units along Chapel Walk, alongside hiring out the rooms within the building. Some are hired on an annual licence agreement, whereas others are let out by the day/hour. Funding for building upgrades and improvements is generally sought from grant funding.
General room hire, office hire and Main Hall events income has all increased compared to the previous year, this is due to a combination of price increases and increased room usage. We changed how we offered additional provisions to the room hire and pushed this over the year.
4
**The Foundry Sheffield Trustees’ annual report - continued For the year ended 30 June 2024**
Grants received during the year included:
- Joseph Rank Foundation – Energy efficient lighting
- Majorie Cootes Foundation – Emergency Evacuation Chairs
- South Yorkshire Community Fund – Increase in cost of living running costs
- Future High Street Fund - Improvements to Chapel Walk to encourage footfall into the city centre, and internal improvements in encourage increased usage in underused spaces.
## Reserves policy
The aim of the Trustees is to hold free reserves to provide sufficient funds that, in the event of a significant drop in income, they will be able to continue the charities activities while consideration is given to the way in which additional funds may be raised. This target is £80,000. The upcoming financial year, the trustees have made the decision to invest in staffing to enable the building improvements, and will therefore deplete the additional reserves the charity was holding.
Free reserves as at 30 June 2024 were £76,158 (2023: £108,158).
## Investment policy
The Trustees have liquid funds held in Unity Trust Bank and a Deposit Account with the Central Finance Board. Amounts in each bank are under the £85k guaranteed limit.
## **Future plans**
The biggest focus of the upcoming year will be to reinstate the heating system in time for the colder winter months. As of late November 2024, the heating exchange has been fixed, however the heating controller is still awaiting replacement. The system will then need to be pressure tested prior to turning the heating back on.
The Foundry Sheffield will continue to diversify income and further their charitable aims through further building administration and support for other charities.
The Foundry Sheffield must spend the remainder of the Future High Street Fund grant. Works are underway to restore some of the historic beauty of the building down Chapel Walk and to make the internal parts of the building more accessible, along with upgrades to some of the facilities.
Due to the evolving income steams and charity support The Foundry Sheffield is providing, the constitution is undertaking a review in 2024 – 2025. This piece of work will delve into the current make up of the board to understand if this is still relevant or whether changes need to be made to open up more opportunities to increase the knowledge set within the board. We shall also review the aims and objectives to ensure we are meeting those and that they are as accurate as they can be.
The lease on Victoria Hall expires in April 2031. Conversations will begin around the renewal as it stands in The Foundry Sheffield’s best interest to renew this earlier so that the charity has stability to continue the work, and will still be eligible for grant funding for building improvements.
5
**The Foundry Sheffield Trustees’ annual report - continued For the year ended 30 June 2024**
The board of trustees approved a deficit budget into the upcoming year; this was a decision to invest into increasing the team. This was a necessary choice to ensure that the £650,000 FHSF grant works could be organised and executed. The works around the building will have a significant negative impact on our generated income levels in the next year. The works are needed to ensure the building is relevant for today’s society, and will continue to generate the income stream in the future, however, this comes with a short-term negative impact on our income levels over the next financial year. Communications with customers will be vital to ensure that they return to hiring the hall and facilities once the works are completed.
The Foundry Sheffield understand the need to diversify income to create a more sustainable business model – the increase of charity support to additional buildings has been invested into with new roles being created. Some of the roles are fixed term, and will come to an end when the grant building works cease. The reserve levels at the end of the previous financial year were in a position that this choice was able to be made, without putting the charity at high risk.
The following year, the additional charity support works are predicted to pay for the team who are not on fixed term contracts, and the income will be back to previous years levels.
## **Structure, governance and management**
The Foundry Sheffield is a Charitable Incorporated Organisation and a registered charity, 1162688. The charity's governing document is its Constitution.
Policy decisions of the charity are taken by the trustees. Up to three trustees may be nominated by Victoria Hall Methodist Church Council, up to three trustees may be nominated from the Sheffield Circuit by the Sheffield Circuit Meeting, 1 trustee may be nominated by the Sheffield District of the Methodist Church, the Minister of Victoria Hall Methodist Church is an ex-officio trustee of The Foundry Sheffield and one of the Super-intendants of the Sheffield Circuit is an ex-officio trustee of The Foundry Sheffield and up to three trustees may be co-opted by the elected trustees by reason of their knowledge, skills and experience are able to make a contribution to the work and objects of the CIO. Trustees stand for a period of 3 years and coopted trustees are appointed for a maximum of one year but may be co-opted for a further period of one year.
The Foundry’s trustees are all volunteers with a variety of personal specialisms - including architecture, community engagement and finance - and their aim is to see the Victoria Hall become a key venue for everything from concerts to conferences and as a hub for a host of city charities, small businesses and organisation.
A new chair of the board of trustees was appointed at the beginning of the financial year. He has vast experience in working with boards and brings a wealth of expertise.
The trustees delegate day to day running of the charity to a small team of committed workers, supported by volunteer teams on reception and to support events. A team of 10 keeps the building open 7 days a week 365 days a year.
6
**The Foundry Sheffield Trustees’ annual report - continued For the year ended 30 June 2024**
## **Trustee Induction and Training**
New trustees are invited to spend time with the team and attend a trustee meeting before they commit to becoming a trustee. Once the commitment is made to become a trustee, they are invited to an induction presentation, where the charities aims and objectives are outlined, alongside the practicalities of what the charity does and their responsibilities as a trustee. They receive a copy of the constitution, current financial statements and our lease on Victoria Hall.
## **Risk management**
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
## **Organisational Structure**
A scheme of delegation is in place and day to day running of the charity and responsibilities lie with the Chief Executive Officer, with support from the staff team. The Chief Executive Officer is responsible for ensuring all the activities the charity engages with meet the aims and objectives of the charity and are compliant with charity law.
## **Trustees’ responsibilities in relation to the financial statements**
The charity trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the applicable Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
7
## **The Foundry Sheffield**
**Trustees’ annual report - continued For the year ended 30 June 2024**
13/01/25 Approved by the Board on ______________________ and signed on behalf of the board of trustees by:
Name: _________________________ Jonathan Haigh ______________________ Ashley Cooper Trustee Chair of Trustees Position: _________________________ ______________________
8
## **Independent Examiner’s report to the trustees of The Foundry Sheffield (“the Charity”)**
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 30 June 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
Your attention is also to drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: ______________________ Sarah Lightfoot FCA DChA Seven Hills Accountants Limited 57 Burton Street Sheffield S6 2HH
Date: ______________________27 February 2025
9
## **The Foundry Sheffield Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 30 June 2024**
|**Unrestricted**
**funds**
**Notes**
**£**
**Income from:**
Donations and grants
**2**
297
Charitable activities
**3**
270,828
Investment income - bank interest
3,214
Other sources
**4**
126,214
**Total income**
**400,553**
**Expenditure on:**
Charitable activities
**5**
434,326
**Total expenditure**
**434,326**
**Net income/(expenditure)**
**(33,773)**
Transfer between funds
13
1,773
**Net movement in funds**
**(32,000)**
Total funds brought forward
108,158
**Total funds carried forward**
**76,158**|**Restricted**
**funds**
**£**
138,328
-
-
-
**138,328**
139,294
**139,294**
**(966)**
(1,773)
**(2,739)**
3,508
**769**|**Total**
**2024**
**£**
138,625
270,828
3,214
126,214
**538,881**
573,620
**573,620**
**(34,739)**
-
**(34,739)**
111,666
**76,927**|Unrestricted
funds
£
990
252,870
2,715
-
256,575
277,668
277,668
(21,093)
7,144
(13,949)
122,107
108,158|Restricted
funds
£
49,810
225
-
-
50,035
47,556
47,556
2,479
(7,144)
(4,665)
8,173
3,508|Total
2023
£
50,800
253,095
2,715
-
306,610
325,224
325,224
(18,614)
-
(18,614)
130,280
111,666|
|---|---|---|---|---|---|
10
**The Foundry Sheffield Balance Sheet As at 30 June 2024**
**----- Start of picture text -----**
Total Total
Notes 2024 2023
£ £
Current assets
Debtors 10 79,384 36,743
Cash at bank and in hand 80,532 146,079
Total current assets 159,916 182,822
Creditors: amounts falling due within one year 11 (28,989) (14,156)
Net current assets 130,927 168,666
Total assets less current liabilities 130,927 168,666
Creditors: amounts falling due after more than one year 12 (54,000) (57,000)
Total net assets 76,927 111,666
Funds of the Charity
Unrestricted funds 76,158 108,158
Restricted funds 13 769 3,508
Total funds 14 76,927 111,666
**----- End of picture text -----**
These financial statements were approved by the Board of Trustees and authorised for issue on _________________ 13/01/25 and are signed on behalf of the board by:
Name:
## Jonathan Haigh
**----- Start of picture text -----**
Ashley Cooper
**----- End of picture text -----**
Position: Trustee
## Chair of Trustees
11
## **The Foundry Sheffield**
## **Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 30 June 2024**
|**Notes**
**Cash flows from operating activities**
**17**
**Cash flows from investing activities**
Investment income
**Net cash (used in)/provided by investing activities**
**Cash flows from financing activities**
Repayment of borrowing
**Net cash provided by/(used in) financial activities**
**Change in cash and cash equivalents**
**Cash and cash equivalents at the beginning of the year**
**Cash and cash equivalents at the end of the year**
Net cash provided by/(used in)
operating activities|3,214
(3,000)|**2024**
**£**
(65,761)
3,214
(3,000)
(65,547)
146,079
80,532|2,715
-|**2023**
**£**
(64,137)
2,715
-
(61,422)
207,501
146,079|
|---|---|---|---|---|
12
**The Foundry Sheffield Notes to the Accounts For the year ended 30 June 2024**
## **1 Accounting Policies**
## **a General**
The Foundry Sheffield is a Charitable Incorporated Organisation registered in England and Wales. In the event that the charity is wound up the liability in respect of the guarantee is limited to £nil per member of the charity. The address of the registered office is given in the information on page 1 of these financial statements.
The accounts (financial statements) have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity meets the definition of a public benefit entity as defined under FRS102. The financial statements are presented in sterling which is the functional currency of the charity and are rounded to the nearest £1.
## **b Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Contract income for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual obligation for it to be spent on a particular purposes and return if unspent, in which case it may be regarded as restricted.
## **c Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **d Tangible fixed assets**
All items of capital expenditure below £2,000 are written off as incurred.
## **e Trade debtors**
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.
## **f Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
13
**The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2024**
## **1 Accounting Policies (continued)**
## **g Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
## **h Fund accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
Restricted funds are to be used for specific purposes as laid down by the donor.
## **i Defined contribution pension scheme**
The charity contributes to a defined contribution pension scheme for the benefit of the employees. The pension costs charged against net incoming resources are the contributions payable to the scheme in respect of the accounting period in accordance with FRS102.
## **j Taxation**
As a charity, the organisation is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
## **k Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist.
## **2 Income from donations and grants**
|Grants
Donations
**Income from charitable activities**
Rental of venue
Charity support (buildings and administration)
**Income from other sources**
Insurance claim
Venue hire support - caretaking, equipment,
refreshments etc|**Unrestricted**
**fund**
**£**
-
297
**297**
**Unrestricted**
**fund**
**£**
238,692
23,550
8,586
**270,828**
**Unrestricted**
**fund**
**£**
126,214
**126,214**|**Restricted**
**funds**
**£**
138,328
-
**138,328**
**Restricted**
**funds**
**£**
-
-
-
-
**Restricted**
**funds**
**£**
-
**-**|**Total**
**2024**
**£**
138,328
297
**138,625**
**Total**
**2024**
**£**
238,692
23,550
8,586
**270,828**
**Total**
**2024**
**£**
126,214
**126,214**|Unrestricted
fund
£
-
990
990
Unrestricted
fund
£
237,245
15,625
-
252,870
Unrestricted
fund
£
-
-|Restricted
funds
£
15,750
34,060
49,810
Restricted
funds
£
225
-
-
225
Restricted
funds
£
-
-|Total
2023
£
15,750
35,050
50,800
Total
2023
£
237,470
15,625
-
253,095
Total
2023
£
-
-|
|---|---|---|---|---|---|---|
- **3 Income from charitable activities**
- **4 Income from other sources**
14
**The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2024**
## **5 Expenditure on charitable activities**
|Note
**Direct costs**
Salaries
7
Other staff costs
Conferences & meetings
Advertising
Utilities
Repairs & maintenance
Building upgrades
Insurance
Security costs
Professional fees
Support and governance costs
6
**6**
**Support and governance costs**
Note
**Support costs**
Rent & rates
Administration costs
Legal and professional fees
Volunteer expenses
Telephone
Printing, postage & stationery
Computer, IT and website
Cleaning
Bad debts
Sundry expenses
Bank charges
**Governance costs**
Independent examination
9
**7**
**Staff Costs and Numbers**
Salaries
Employer's NI contributions
Employer's allowance
Employer's pension contribution|**Unrestricted**
**fund**
**£**
193,520
3,607
4,435
2,344
43,487
134,921
1,912
15,001
530
2,155
32,414
**434,326**
**Unrestricted**
**fund**
**£**
2,491
1,282
1,950
670
3,331
2,193
9,435
6,636
1,858
-
228
2,340
**32,414**|**Restricted**
**funds**
**£**
-
-
-
-
5,000
2,000
132,294
-
-
-
-
**139,294**
**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
**-**|**Total**
**2024**
**£**
193,520
3,607
4,435
2,344
48,487
136,921
134,206
15,001
530
2,155
32,414
**573,620**
**Total**
**2024**
**£**
2,491
1,282
1,950
670
3,331
2,193
9,435
6,636
1,858
-
228
2,340
**32,414**|Unrestricted
fund
£
150,876
1,557
5,730
2,700
43,500
25,510
-
16,340
1,323
7,176
22,956
277,668
Unrestricted
fund
£
1,846
1,588
-
721
2,162
1,875
5,501
5,650
-
1,808
275
1,530
22,956|Restricted
funds
£
550
-
-
-
-
46,606
-
-
-
-
400
47,556
Restricted
funds
£
-
-
-
-
-
-
400
-
-
-
-
-
400
**2024**
**£**
185,882
12,302
(8,152)
3,488
**193,520**|Total
2023
£
151,426
1,557
5,730
2,700
43,500
72,116
-
16,340
1,323
7,176
23,356
325,224
Total
2023
£
1,846
1,588
-
721
2,162
1,875
5,901
5,650
-
1,808
275
1,530
23,356
2023
£
142,975
9,457
(3,446)
2,440
151,426|
|---|---|---|---|---|---|---|
No employee received emoluments of more than £60,000 (2023: nil). The average number of employees during the year was 12 (2023: 9).
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost chare represents contributions payable by the company to the fund.
15
**The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2024**
## **8 Trustees and key management remuneration, benefits and expenses**
The charity trustees were not paid or received any other benefits from employment with the Charity in the year (2023: £nil). One trustee was reimbursed £10 for travel expenses during the year. (2023: £nil). No other trustees were reimbursed expenses during the year (2023: £nil) . No trustees received payment for professional or other services supplied to the charity (2023: £nil).
Key management (consisting of trustees, the CEO, the Buildings development and operations manager and the Events manager) received total employee benefits of £79,732 during the year.(2024: £94,689).
## **9 Fees paid to the independent examiner's organisation**
|**2024**
**£**
Independent examination fee
**2,340**
Other fees paid to the independent examiner's organisation:
Other services
761
**10**
**Debtors**
**2024**
**£**
Trade debtors
72,541
Prepayments
2,902
Other taxes and social security due
3,941
**79,384**
**11**
**Creditors: amounts falling due within one year**
**2024**
Note
**£**
Trade creditors
16,646
Accruals
5,353
Other creditors
3,990
Other taxes and social security
-
Non-bank loans
15
3,000
**28,989**
**12**
**Creditors: amounts falling due after more than one year**
**2024**
Note
**£**
Non-bank loans
15
54,000
**54,000**
Non-bank loans are due for repayment by installments (based on the current repayment schedule) as follows:
Repayable in under year
3,000
Repayable in 1-5 years
15,000
Repayable after 5 years
39,000
**57,000**|2023
£
1,530
-
2023
£
28,819
7,924
-
36,743
2023
£
3,175
3,911
1,778
2,292
3,000
14,156
2023
£
57,000
57,000
3,000
15,000
42,000
**60,000**|
|---|---|
16
**The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2024**
## **13 Restricted funds**
|Heritage Cultural Recovery fund - round 2 and 3
National Lottery Community Fund
Future High Streets Fund
Marjorie Coote Old People's Fund
Rank Foundation
South Yorkshire Community Fund Cost of living grant|**Brought**
**forward**
**£**
1,773
1,735
-
-
-
-
**3,508**|**Income**
**£**
-
-
128,328
2,000
3,000
5,000
**138,328**|**Expenditure**
**£**
-
(1,735)
(128,328)
(2,000)
(2,231)
(5,000)
**(139,294)**|**Transfers**
**£**
(1,773)
-
-
-
-
-
**(1,773)**|**Carried**
**forward**
**£**
-
-
-
-
769
-
**769**|
|---|---|---|---|---|---|
## **Heritage Cultural Recovery fund - round 2 and 3**
Grant to help with the Charity's projects and aims during the pandemic. Since this project is now complete, the fund b/fwd has been transferred to unrestrcited funds.
## **National Lottery Community Fund**
Grant given towards roof repairs.
## **Future High Streets Fund**
Grant toward the regeneration of Chapel Walk, Main Hall accessibility and improvement works across the building. The claims are paid in arrears and the income due on the pending claim at the year end has been provided for as a debtor.
## **Marjorie Coote Old People's Fund**
Grant towards evacuation chairs.
## **Rank Foundation**
Grant towards replacement of lighting around the building
## **South Yorkshire Community Fund Cost of living grant**
Grant towards winter utility bills.
|_Prior year comparison_
_Heritage Cultural Recovery fund - round 2 and 3_
_Arnold Clark_
_Main Hall seating_
_National Lottery Community Fund_
**Analysis of net assets by fund**
Net current assets
Non-current liabilities|**Unrestricted**
**Funds**
**£**
130,158
(54,000)
**76,158**|_Brought_
_forward_
_£_
_1,773_
_400_
_6,000_
_-_
_8,173_
**Restricted**
**Funds**
**£**
769
-
**769**|_Income_
_£_
_-_
_-_
_44,185_
_5,850_
_50,035_
**2024**
**Total**
**£**
130,927
(54,000)
**76,927**|_Expenditure_
_£_
_-_
_(400)_
_(43,041)_
_(4,115)_
_(47,556)_
Unrestricted
Funds
£
165,158
(57,000)
108,158|_Transfers_
_£_
_-_
_-_
_(7,144)_
_-_
_(7,144)_
Restricted
Funds
£
3,508
-
3,508|_Carried_
_forward_
_£_
_1,773_
_-_
_-_
_1,735_
_3,508_
2023
Total
£
168,666
(57,000)
111,666|
|---|---|---|---|---|---|---|
## **14 Analysis of net assets by fund**
17
**The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2024**
## **15 Related party transactions**
Due the charity's link with the Methodist Church (by way of leasing a Methodist church building and having trustees in common) there are related party transactions with the following:
## Sheffield Methodist Circuit
The Circuit made a loan to the charity of £60,000 in 2020 to assist with property renovations. The loan is interest free, and repayable by voluntary installments from August 2023. The loan at the start of the financial year was £60,000 and £3,000 was repaid during the year - the balance as at 30 June 2024 was £57,000.
In the previous financial year, the Circuit gave a grant of £6,900 for the replacement of chairs during the year.
## Victoria Hall Methodist Church
The Foundry leases the premises from the Church for a peppercorn lease.
The Foundry paid the Church £13,507 towards insurance of the property during the year (2023: £13,552). The Church paid the Foundry £2,356 towards utility bills during the year (2023: £1,455). No amounts were payable or receivable at the year end.
In the previous year the Church gave a donation of £32,718 for the replacement of chairs during the year.
## Sheffield Methodist District
The District rented office space and occasional room use at the agreed rate for Methodist related entities. Sheffield Methodist District can hire a small room on 6 occasions per year for free.
## **16 Operating lease commitments**
As at 30 June 2024 the charity was committed to making the following payments under operating leases as follows:
|Payable within 1 year
Payable between 1-5 years
**Reconciliation of net expenditure to net cash flow from operating activities**
Net income/(expenditure) for the year (as per the SOFA)
Adjustments for:
(Increase)/decrease in debtors
Increase/(decrease) in creditors (excluding bank loan)
Investment income
Net cash provided by/(used in) operating activities|**2024**
**£**
271
-
**271**
**2024**
**£**
(34,739)
(42,641)
14,833
(3,214)
**(65,761)**|2023
£
1,085
271
1,356
**2023**
**£**
(18,614)
(25,767)
(17,041)
(2,715)
**(64,137)**|
|---|---|---|
## **17 Reconciliation of net expenditure to net cash flow from operating activities**
18
**The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2024**
## **18 Net debt reconciliation**
|Cash at bank and in hand
Loan falling due within 1 year
Loan falling due in 1-5 years
_Prior year comparative_
_Cash at bank and in hand_
_Loan falling due within 1 year_
_Loan falling due in 1-5 years_|**At start**
**of year**
**£**
146,079
(3,000)
(57,000)
**86,079**
_At start_
_of year_
_£_
_207,501_
_-_
_(60,000)_
_147,501_|**Cash flows**
**£**
(65,547)
3,000
_-_
**(62,547)**
_Cash flows_
_£_
_(61,422)_
_-_
_-_
_(61,422)_|**Other**
**non-cash**
**changes**
**£**
-
(3,000)
3,000
**-**
_Other_
_non-cash_
_changes_
_£_
_-_
_(3,000)_
_3,000_
_-_|**At**
**year end**
**£**
80,532
(3,000)
(54,000)
**23,532**
_At_
_year end_
_£_
_146,079_
_(3,000)_
_(57,000)_
_86,079_|
|---|---|---|---|---|
19