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2025-06-30-accounts

Charity registration number: 1162688

The Foundry Sheffield

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

For the year ended 30 June 2025

The Foundry Sheffield Contents

Page
Legal and administrative information 1
Trustees' annual report 2 - 9
Independent auditor’s report 10 – 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the accounts 15 - 21

The Foundry Sheffield Legal and administrative information For the year ended 30 June 2025

Registered Charity Number 1162688

Trustees

Ms AK Burnett Mr D Burton Mrs P Boulton Resigned 8 July 2024 Rev A Cooper Chair Resigned 13 February 2026 Rev J Haigh Vice Chair Mr H J Hoyes Resigned 8 July 2024 Rev R Pedro Mrs A Perch Resigned 10 March 2025 Deacon J Wright Mr D Bishop Appointed 10 March 2025 Mr A Crawford Appointed 10 March 2025 Mr A Johnson Appointed 10 March 2025 Ms M Quinn Appointed 10 March 2025 Mr S Ramshaw

Appointed 10 March 2025 Appointed 10 March 2025 Appointed 10 March 2025 Appointed 10 March 2025 Appointed 24 March 2025, Resigned 14 July 2025 Appointed 14 July 2025 Appointed 11 February 2026 Appointed 13 February 2026

Mr C Chan Mr H Hoyes Rev M Atkins Chair

Key management

Rosemarie Durant (until February 2026) Richard Chisem (from April 2026)

Chief Executive Officer Rosemarie Durant (until February 2026) General Manager Richard Chisem (from April 2026) Building development and Operations Manager Thomas Rattigan (until June 2025)

Registered Address

Victoria Hall Methodist Church Norfolk Street Sheffield S1 2JB

Accountants

Seven Hills Accountants Limited 57 Burton Street Sheffield S6 2HH

Auditors

Cooper Healey Audit Services Ltd c/o Cooper Healey Merthyr Tydfil Ltd Rabarts Building Pontsarn Road Merthyr Tydfil CF48 2SR

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 2025

The trustees of the charity submit their annual report and the financial statements for the year ended 30 June 2025.

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:

(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 fitness classes, an improv comedy club, acting classes, 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 2025

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.

Of course, Methodist services are still held in the Victoria Hall twice every Sunday, with their midweek groups having been brought into the main of the building during the renovations of the shop units on Chapel Walk. Victoria Hall continues to be the home of the Sheffield Methodist District office.

Age Active, Assist and a number of other charities continue to 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 22 new customers use Victoria Hall, 8 of these were Main Hall bookings and 12 of these have come back to rebook Victoria Hall. This has equated to approximately £34,000 of income generated through new bookings. We have welcomed a new regular licensee, Carney Academy generating an additional £12,000 per annum and which continue to have a strong musical presence within Sheffield with almost-weekly concerts, and a much broader range of concerts including soloists, music in the rounds and several rehearsals.

On the opposite side, we have had approximately 40 customers who used Victoria Hall last year, and 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 around £22k 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 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 150 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. We are also home to Food Squad who prepare a community meal every week throughout the year.

3

The Foundry Sheffield Trustees’ annual report - continued For the year ended 30 June 2025

Alongside hosting charities and events, this year has been pivotal in giving Victoria Hall a new lease of life to ensure the building is still relevant and able to meet todays needs. We have installed solar panels and secondary glazing, making the building more energy efficient, improved the shop frontages and made the building more accessible. This has included installing a ramp into the Main Hall, a platform lift for access onto the stage and into further parts of the building.

We have increased our charity support throughout the community, in 4 other community venues ensuring health and safety and cleanliness meets the requirements.

We are still home to a number of key charitable organisations who are tenants within the building, listed below:

Over the last year, our number of tenants has changed. Age Active, who previously used the Upper Hall 5 days per week, decreased their days to just 3 days per week. As a charity, they are also struggling and we allowed them to decrease their licence fee on the agreement that if we had another booking enquire we could move them to another space within the building. This has meant that we have been able to host a security training session and the Freeman’s Retirement Group quarterly.

UTU made the decision to stop using Victoria Hall this year, they were previously using the Lower Hall space one day per week. Over the last few years this had gradually decreased going from full time, to two days to one day.

The Lower Hall Kitchen is well used, Food Squad prepare a community meal each week feeding about 80, and Sunday Centre prepare food each Sunday for around 150 individuals.

This year we have expanded our reach and impact through supporting charities further, and outside of Victoria Hall. We now offer building administration, caretaking 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 Ebenezer 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.

4

The Foundry Sheffield

Trustees’ annual report - continued For the year ended 30 June 2025

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 Ebenezer Methodist Church, Nether Green Methodist Church and Broomhill Methodist Centre. Alongside, supporting several other charities on an ad hoc basis, where they are going through a short-term need for building advice or support.

During this year, the main focus has been grant-funded building works. We received a large grant from the Future High Streets funding from Sheffield City Council. The whole grant was £650,000. A further £230,313 grant funding was also awarded all of 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. We have also focused on improving our energy efficiencies and secured grant funding from VCSE Energy Efficiency Scheme and UKSPF Carbon Energy grant to install solar panels and secondary glazing into the building.

At the beginning of June 2023, we suffered a devastating flood due to a broken stop cock on Yorkshire Water’s pipes. This totally broke the heating exchange, resulting in no heating in the building until March 2025. Water was approximately 2m in depth in the basement before we were alerted to the flood. The lack of heat resulted in two very challenging winters. The heat exchange and pipes are original and replacing like for like as per insurance and conservation requirements, took considerable amount of time. Working with local companies, we 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. The loss adjuster is still working to assess the long term damage on parts of the building such as corridors, toilets and lesser used rooms which were not heated in 15 months.

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, with the shop units being on a formal lease agreement. Funding for building upgrades and improvements is generally sought from grant funding.

General room hire, office hire and Main Hall events income has all decreased compared to the previous year, this is due to a combination of the building works and the flood resulting in a lack of heating. However, our charity services have grown significantly.

Grants received during the year included:

5

The Foundry Sheffield Trustees’ annual report - continued For the year ended 30 June 2025

Reserves policy and going concern

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 previous year, the board of trustees made the decision to use additional reserves to cover staffing costs needed for the building project. At the point of making this decision, it was not known that the heating would not work for 1.5 years. Unfortunately this has left the charity with no reserves due to the significant loss of customers.

The charity had negative unrestricted reserves at the year end of £12,398. Free reserves as at 30 June 2024 were £76,158. The charity has been able to continue to manage cashflows due to the long term loan with the Sheffield Methodist Circuit.

The impact of the building works and loss of heating has been devastating, losing significant amounts of customers and tenants, it is now operating well below the reserves policy. The Foundry Sheffield staffing structure was restructured in July 2025 to recoup £40,000 of salaries and wages cost, whereby 3 members of staff were made redundant, and the operations and development manager was not replaced.

The board of trustees approved a deficit budget into the upcoming year; this was due to the number of customers which have been lost over the last 24 months. The budget presented, if there are no increases to income would mean that the charity would have to close.

The works around the building have had a significant negative impact on our generated income levels in the next year. The works were 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 while we rebuild our customer base. The board of trustees are looking at interim options to supplement the cash flow, confident that The Foundry Sheffield will be able to rebuild just as it did coming out of COVID-19 pandemic. The reduction in income warranted for a reduced staffing structure.

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 as secondary income. The focus over this year is on strategic partnerships to further the additional buildings income and to bring new customers into the Victoria Hall. This is already coming into play with only 2 Saturdays not having a Main Hall booking between September and December, and with several days where there are daytime and evening concerts. Gaining a new tenant in 45 Chapel Walk is vital, alongside more regular room licenced hirers.

The trustees have considered the future of the organisation from 12 months from signing of the accounts and are of the view that the charity will remain as a going concern over this time period.

6

Trustees’ annual report - continued For the year ended 30 June 2025

The Foundry Sheffield

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 make The Foundry Sheffield financially stable again.

The Foundry Sheffield will continue to diversify income and further their charitable aims through further building administration and support for other charities.

Due to the evolving income steams and charity support The Foundry Sheffield is providing, the constitution has been undertaking a review in 2024 – 2025. This piece of work has delved 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 are also reviewing the aims and objectives to ensure we are meeting those and that they are as accurate as they can be. As per the charities’ constitution, this is currently being reviewed by TMCP ( Trustees for Methodist Church Purposes.)

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 health and safety, community engagement, HR, marketing and charity sector - 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.

We have had some new additions to the board which has decreased the skills gap across the board., meaning we are well positioned to push forward the charity over the next year.

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.

7

The Foundry Sheffield Trustees’ annual report - continued For the year ended 30 June 2025

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.

The combination of the flood and lack of heating, alongside significant building works has left the Foundry Sheffield in a precarious position with minimal cash flow.

The biggest current risk is whether The Foundry Sheffield will be able to rebuild the reserves back to a position of strength as cash flow is an issue.

The lease on Victoria Hall expires in April 2031. There is a break clause in April 2026. Conversations will begin around whether the income generated from the Victoria Hall is adequate to continue to fund the maintenance and upkeep of the building as well as providing charity support or whether The Foundry Sheffield need to look at a new model of working.

There has been much work around this, and in October 2024, The Foundry Sheffield enacted the break clause on the lease as with the current lack of reserves they could no longer afford the upkeep of the building. However, the first 6 months of the financial year have proven that The Foundry Sheffield is still a viable business model, with a good control on spend, and an increase of £40,000 on income YTD. There is still work to be done to build up the reserves, but the trend is bucking. The Foundry have secured several new regular high-spend customers for 2026 and have a robust plan in place to further their reach and customer base.

We have also renegotiated the current loan with the Sheffield Methodist Circuit to allow an additional borrowing should our cash flow need it. With this in place, we have been able to revoke the break clause and continue with the lease on Victoria Hall until 2031.

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.

8

The Foundry Sheffield

Trustees’ annual report - continued

For the year ended 30 June 2025

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:

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.

Approved by the Board on 13 April 2026.

Signed on behalf of the board of trustees by:

David Burton Trustee

9

Report of the Independent Auditor to the Trustees of The Foundry Sheffield (“the Charity”)

Opinion

I have audited the financial statements of The Foundry Sheffield (the ‘charity’ for the year ended 30th June 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, Notes to the Statement of Cash Flows and Notes to the Financial Statements, including a summary of 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 my opinion, the financial statements:

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of my report. I am independent of the charity in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC’s Ethical Standard, and I have fulfilled my ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Matters on which we are required to report by exception

I have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require me to report to you if, in my opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees who 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.

10

Report of the Independent Auditor to the Trustees of The Foundry Sheffield (“the Charity”)

Auditor’s responsibilities for the audit of the financial statements I

have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My audit work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my audit work, for this report, or for the opinions I have formed.

Cooper Healey Audit Services Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Cooper Healey Audit Services Ltd

Cooper Healey Audit Services Ltd 13 April 2026 (Statutory Auditor)

c/o Cooper Healey Merthyr Tydfil Ltd Rabarts Building Pontsarn Road Merthyr Tydfil CF48 2SR

11

The Foundry Sheffield Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 30 June 2025

Unrestricted
funds
Notes
£
Income from:
Donations and grants
2
355
Charitable activities
3
267,002
Fundraising activities
Sales of items at auction
5,623
Investment income - bank interest
2,041
Other sources
4
110,578
Total income
385,599
Expenditure on:
Charitable activities
5
476,033
Total expenditure
476,033
Net income/(expenditure)
(90,434)
Transfer between funds
13
1,880
Net movement in funds
(88,554)
Total funds brought forward
76,158
Total funds carried forward
(12,396)		 Restricted
funds
£
751,182
-
-
-
-
751,182
750,030
750,030
1,152
(1,880)
(728)
769
41		 Total
2025
£
751,537
267,002
5,623
2,041
110,578
1,136,781
1,226,063
1,226,063
(89,282)
-
(89,282)
76,927
(12,355)		 Unrestricted
funds
£
297
270,828
-
3,214
126,214
400,553
434,326
434,326
(33,773)
1,773
(32,000)
108,158
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

12

The Foundry Sheffield Balance Sheet As at 30 June 2025

Notes
Current assets
Debtors
10
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within one year
11
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
12
Total net assets
Funds of the Charity
Unrestricted funds
Restricted funds
13
Total funds
14		 Total
2025
£
40,285
74,431
114,716
(75,821)
38,895
38,895
(51,250)
(12,355)
(12,396)
41
(12,355)		 Total
2024
£
79,384
80,532
159,916
(28,989)
130,927
130,927
(54,000)
76,927
76,158
769
76,927

These financial statements were approved by the Board of Trustees and authorised for issue on 13 April 2026. and are signed on behalf of the board by:

David Burton Trustee

Martyn Atkins Trustee

13

The Foundry Sheffield

Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 30 June 2025

Notes
Cash flows from operating activities
18
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		 2,041
(2,750)		 2025
£
(5,392)
2,041
(2,750)
(6,101)
80,532
74,431		 3,214
(3,000)		 2024
£
(65,761)
3,214
(3,000)
(65,547)
146,079
80,532

14

The Foundry Sheffield Notes to the Accounts For the year ended 30 June 2025

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 items 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. 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.

15

The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2025

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 the organisation can continue from 12 months from the signing of the accounts.

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
Contribution to CCTV upgrade
Venue hire support - caretaking, equipment,
refreshments etc		 Unrestricted
fund
£
-
355
355
Unrestricted
fund
£
207,482
24,230
35,290
267,002
Unrestricted
fund
£
106,378
4,200
110,578		 Restricted
funds
£
751,182
-
751,182
Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
-
-		 Total
2025
£
751,182
355
751,537
Total
2025
£
207,482
24,230
35,290
267,002
Total
2025
£
106,378
4,200
110,578		 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

16

The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2025

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
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
Bank charges
Governance costs
Audit fee
9
Accountancy fee (previous year -
Independent examination)
9		 Unrestricted
fund
£
221,683
3,197
7,718
1,995
46,816
124,662
-
15,455
7,580
6,718
40,209
476,033
Unrestricted
fund
£
1,724
2,033
-
667
5,448
969
13,521
6,519
3,036
292
3,000
3,000
40,209		 Restricted
funds
£
13,934
-
-
-
-
2,269
726,246
7,581
-
-
-
750,030
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
2025
£
235,617
3,197
7,718
1,995
46,816
126,931
726,246
23,036
7,580
6,718
40,209
1,226,063
Total
2025
£
1,724
2,033
-
667
5,448
969
13,521
6,519
3,036
292
3,000
3,000
40,209		 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

6 Support and governance costs

17

The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2025

7 Staff Costs and Numbers

Salaries
Employer's NI contribution
Employer's allowance
Employer's pension contribution		 2025
£
220,988
17,038
(7,019)
4,610
235,617		 2024
£
185,882
12,302
(8,152)
3,488
193,520

No employee received emoluments of more than £60,000 (2024: nil). The average number of employees during the year was 14 (2024: 12).

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.

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 (2024: £nil). One trustee was reimbursed £10 for travel expenses during the year. (2024: £nil). No other trustees were reimbursed expenses during the year (2024: £nil) . No trustees received payment for professional or other services supplied to the charity (2024: £nil).

Key management (consisting of trustees, the CEO and the Buildings development and operations manager) received total employee benefits of £82,142 during the year.(2025: £79,732).

9 Net income/(expenditure) for the year

Audit fee
Accountancy fee (previous year - Independent examination)
Other fees paid to the independent examiner's organisation for other services		 2025
£
3,000
3,000
n/a		 2024
£
-
2,340
761

10 Debtors

Trade debtors
Prepayments
Other taxes and social security due
Creditors: amounts falling due within one year
Note
Trade creditors
Accruals
Other creditors
Non-bank loan
15		 2025
£
33,502
986
5,797
40,285
2025
£
35,342
13,653
23,826
3,000
75,821		 2024
£
72,541
2,902
3,941
79,384
2024
£
16,646
5,353
3,990
3,000
28,989

11 Creditors: amounts falling due within one year

18

The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2025

12 Creditors: amounts falling due after more than one year

2025
Note
£
Non-bank loan
15
51,250
51,250
The non-bank loan is 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
36,250
54,250		 2024
£
54,000
54,000
3,000
15,000
39,000
57,000

The non-bank loan is interest free and unsecured.

13 Restricted funds

Rank Foundation
Funding Future High Streets Fund
Benefact Trust
The Beatrice Laing Trust
Arnold Clark
UKSPF Carbon energy grant
VCSE Energy Efficiency Scheme		 Brought
forward
£
769
-
-
-
-
-
-
769		 Income
£
-
520,869
130,000
7,500
1,500
71,313
20,000
751,182		 Expenditure
£
(769)
(521,672)
(127,317)
(1,975)
(1,500)
(71,313)
(25,484)
(750,030)		 Transfers
£
-
803
(2,683)
-
-
-
-
(1,880)		 Carried
forward
£
-
-
-
5,525
-
-
(5,484)
41

Rank Foundation

Grant given towards roof repairs.

Funding Future High Streets Fund

Grant toward the regeneration of Chapel Walk, Main Hall accessibility and improvement works across the building.

Benefact Trust

Grant for improvements along Chapel Walk and increased accessibility around the building. The transfer covers £803 not covered bt the FHSF grant, and £1,880 costs paid for in 23-24.

The Beatrice Laing Trust

Grant towards the redevelopment work.

Arnold Clark

Grant towards the Lower hall kitchen.

VCSE Energy Efficiency Scheme

Grant towards secondary glazing. A £5,000 donation will be received in 25/26 and any final fund balance will be transferred from unrestricted funds.

UKSPF Carbon energy grant

Grant towards solar panel installation.

Prior year comparison
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

19

The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2025

14 Analysis of net assets by fund

Net current assets
Non-current liabilities		 Unrestricted
Funds
£
38,854
(51,250)
(12,396)		 Restricted
Funds
£
41
-
41		 2025
Total
£
38,895
(51,250)
(12,355)		 Unrestricted
Funds
£
130,158
(54,000)
76,158		 Restricted
Funds
£
769
-
769		 2024
Total
£
130,927
(54,000)
76,927

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 £57,000 and £2,750 was repaid during the year - the balance as at 30 June 2025 was £54,250.

Victoria Hall Methodist Church

The Foundry leases the premises from the Church for a peppercorn lease. No value has been placed on this donated facility in these accounts.

The Foundry paid the Church £14,614 towards insurance of the property during the year including an additional premium for the building work (2024: £13,507). The Church paid the Foundry £1,315 towards utility bills during the year (2024: £2,356). No bill has yet been received relating to the final amount due for the year - an accrual has been included.

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 Lessee

As at 30 June 2025 the charity was committed to making the following payments under operating leases as follows:

Payable within 1 year 2025
£
-
-		 2024
£
271
271

This lease relates to a photocopier. The Foundry leases the premises from the Church for a peppercorn lease.

17 Operating lease commitments - as Lessor

As at 30 June 2025 the charity was committed to receiving the following receipts under operating leases relating to shop and office hire, for which the total of future minimum lease receipts are as follows:

Receivable within 1 year
Receivable between 1-5 years		 2025
£
56,945
5,208
62,153		 2024
£
52,500
55,204
107,704

20

The Foundry Sheffield Notes to the Accounts (continued) For the year ended 30 June 2025

18 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		 2025
£
(89,282)
39,099
46,832
(2,041)
(5,392)		 2024
£
(34,739)
(42,641)
14,833
(3,214)
(65,761)

19 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
£
80,532
(3,000)
(54,000)
23,532
At start
of year
£
146,079
(3,000)
(57,000)
86,079		 Cash flows
£
(6,101)
2,750
-
(3,351)
Cash flows
£
(65,547)
3,000
-
(62,547)		 Other
non-cash
changes
£
-
(2,750)
2,750
-
Other
non-cash
changes
£
-
(3,000)
3,000
-		 At
year end
£
74,431
(3,000)
(51,250)
20,181
At
year end
£
80,532
(3,000)
(54,000)
23,532

20 Post balance sheet event

In January 2026, the non-bank loan lender increased the drawdown facility by £47,000.

21