**REGISTERED COMPANY NUMBER: CE006259 (England and Wales) REGISTERED CHARITY NUMBER: 1166562**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **FOR**
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
Fortus Midlands Limited 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
**CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 March 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**||5||
|**Cash Flow Statement**||6||
|**Notes to the Cash Flow Statement**||7||
|**Notes to the Financial Statements**|8|to|12|
|**Detailed Statement of Financial Activities**||13||
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **REPORT OF THE TRUSTEES For The Year Ended 31 March 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the Trust are;
a) Securing the conversion and freehold of the historic Taylor Bell Foundry for the future, including its machinery, equipment, patterns and archives and encompassing any other related institution or material connected to the arts and crafts bells. b) Educating the public on the history and skills of bell making, bell hanging, carillon playing and bell ringing.
c) Providing training in bell making and associated skills.
d) Providing training in all bell ringing techniques and skills.
e) Any other charitable activity that may contribute to the forgoing objectives.
## **Public benefit**
It is the Trust's aim to establish and maintain a museum for the benefit of the public.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Social investments**
The year's performance was driven by the need to respond to the difficulties caused by the Covid pandemic. This has not been allowed to divert the Trustees from their objectives.
The Trust successfully delivered the Emergency grant from Historic England of circa £1m which funded urgent repairs to the building. This was delivered to budget and on time. Work was completed in preparing a bid to the Heritage Lottery Fund (HLF) for the further restoration and development of the foundry buildings. The bid for £3.4m was successful and permission to start was received in March 2021.
The Trustees have elected amongst themselves a Chairman, a Hon. Secretary and a Hon. Treasurer and have identified the roles and responsibilities amongst the Trustees that are necessary to deliver a dynamic HLF funded project with a probable project life of circa 5 years and also to manage the CIO. Two of the Trustees regularly attend site, one acting as "Lead Trustee" and line manager to the staff as well as "The Client" to the contractors, the other managing the fund raising and media/PR activities.
The continued progress of the Trust is driven in part by the highly competent and reliable Project Management and Design Team that the Trustees have appointed along with highly competent staff in the form of the Museum Director and Education Assistant. The entire team have consistently delivered to budget and on time and have exceeded expectations in many aspects. They are now engaged in preparing the remaining contracts required to deliver the principal building works contract itself.
## **Financial review**
The development stage of the HLF project is funded by the Trust with support from the Architectural Heritage Fund and other sources. The Trust's income from the Bell Foundry rental and the Museum shop remain secure and the Trust's future income is currently able to meet its anticipated contribution to the HLF project and other liabilities.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a charitable incorporated organisation (CIO)as defined by the Companies Act 2006.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
CE006259 (England and Wales)
## **Registered Charity number**
1166562
## **Registered office**
The Bell Foundry Freehold Street Loughborough Leicestershire LE11 1AR
Page 1
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **REPORT OF THE TRUSTEES For The Year Ended 31 March 2021**
## **Trustees**
A W R Wilby D E Potter R J Cooles L R Reynolds (resigned 30.6.21) T E Hinton H L Taylor A J Slade M Williams T Bradley
## **Independent Examiner**
Fortus Midlands Limited 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ
Approved by order of the board of trustees on 28 January 2022 and signed on its behalf by:
R J Cooles - Trustee
Page 2
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **Independent examiner's report to the trustees of The Loughborough Bellfoundry Trust ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
3. 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 matter considered as part of an independent examination; or
4. 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 (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
R J Buckby FCA ICAEW Fortus Midlands Limited 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ
28 January 2022
Page 3
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 March 2021**
|Unrestricted
Restricted
fund
funds
Notes
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
-
876,044
Investment income
2
79,200
-
**Total**
79,200
876,044
**EXPENDITURE ON**
Raising funds
63,405
-
**Charitable activities**
Roof repairs
-
-
Charitable activities
27,223
597,241
**Total**
90,628
597,241
**NET INCOME/(EXPENDITURE)**
(11,428)
278,803
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
54,610
166,331
**TOTAL FUNDS CARRIED FORWARD**
43,182
445,134|2021
Total
funds
£
876,044
79,200
955,244
63,405
-
624,464
687,869
267,375
220,941
488,316|2020
Total
funds
£
372,037
79,200|
|---|---|---|
|||451,237
22,680
4,171
228,026|
|||254,877|
|||196,360
24,581|
|||220,941|
The notes form part of these financial statements
Page 4
## **THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **BALANCE SHEET 31 March 2021**
|Notes
**FIXED ASSETS**
Tangible assets
6
**CURRENT ASSETS**
Debtors
7
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|2021
£
3,558
142,289
515,707
657,996
(173,238)
484,758
488,316
488,316
43,182
445,134
488,316|2020
£
-
38,716
201,394|
|---|---|---|
|||240,110
(19,169)|
|||220,941|
|||220,941|
|||220,941|
|||54,610
166,331|
|||220,941|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 28 January 2022 and were signed on its behalf by:
R J Cooles - Trustee
The notes form part of these financial statements
Page 5
## **THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **CASH FLOW STATEMENT For The Year Ended 31 March 2021**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning of**
**the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|2021
£
318,228
318,228
(3,915)
(3,915)
314,313
201,394
515,707|2020
£
188,767|
|---|---|---|
|||188,767|
|||-|
|||-|
||||
|||188,767
12,627|
|||201,394|
The notes form part of these financial statements
Page 6
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **NOTES TO THE CASH FLOW STATEMENT For The Year Ended 31 March 2021**
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**1.**
**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**||
|---|---|
|2021
£
**Net income for the reporting period (as per the Statement of Financial**
**Activities)**
267,375
**Adjustments for:**
Depreciation charges
357
Increase in debtors
(100,534)
Increase in creditors
151,030
**Net cash provided by operations**
318,228
2.
**ANALYSIS OF CHANGES IN NET FUNDS**
At 1.4.20
Cash flow
At
£
£
**Net cash**
Cash at bank
201,394
314,313
201,394
314,313
**Total**
201,394
314,313|2020
£
196,360
-
(23,642)
16,049|
||188,767|
||31.3.21
£
515,707
515,707
515,707|
The notes form part of these financial statements
Page 7
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 March 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## **Donations and legacies**
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
## **Grants receivable**
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## **Raising funds**
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## **Charitable activities**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Heritage assets**
The Loughborough Bellfoundry Trust was gifted buildings, archives, machinery, equipment and historical intellectual property in 2016 previously owned by UK Bell Foundries Ltd. The buildings are grade 2* listed and are included on the 'Buildings at Risk' register. The trustees consider the gifted assets to be heritage assets as defined by the Charity SORP on the basis that the assets have historical, scientific and technological qualities and are held and maintained principally for their continued contribution to knowledge and culture. No reliable cost or valuation was available at the time of the gift nor subsequently. The trustees consider that the time and cost required to value the buildings, equipment and collections is not commensurate with the benefit gained for the users of the financial statements or to the charity.
continued...
Page 8
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2021**
## **2. INVESTMENT INCOME**
|Rental income
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets|2021
£
79,200
2021
£
357|2020
£
79,200|
|---|---|---|
|||2020
£
-|
## **3. NET INCOME/(EXPENDITURE)**
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
Restricted
fund
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
-
372,037
Investment income
79,200
-
**Total**
79,200
372,037
**EXPENDITURE ON**
Raising funds
22,680
-
**Charitable activities**
Roof repairs
-
4,171
Charitable activities
26,491
201,535
**Total**
49,171
205,706
**NET INCOME**
30,029
166,331
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
24,581
-
**TOTAL FUNDS CARRIED FORWARD**
54,610
166,331|Total
funds
£
372,037
79,200|
|---|---|
||451,237
22,680
4,171
228,026|
||254,877|
||196,360
24,581|
||220,941|
continued...
Page 9
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2021**
## **6. TANGIBLE FIXED ASSETS**
|Fixtures
and
fittings
£
**COST**
Additions
3,915
**DEPRECIATION**
Charge for year
357
**NET BOOK VALUE**
At 31 March 2021
3,558
At 31 March 2020
-
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2021
2020
£
£
Trade debtors
51,679
23,760
VAT
90,610
14,956
142,289
38,716
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2021
2020
£
£
Trade creditors
45,149
17,369
VAT
3,039
-
Accruals and deferred income
125,050
1,800
173,238
19,169
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
2021
2020
Unrestricted
Restricted
Total
Total
fund
funds
funds
funds
£
£
£
£
Fixed assets
3,558
-
3,558
-
Current assets
77,349
580,647
657,996
240,110
Current liabilities
(37,725)
(135,513)
(173,238)
(19,169)
43,182
445,134
488,316
220,941
**MOVEMENT IN FUNDS**
Net
movement
At
At 1.4.20
in funds
31.3.21
£
£
£
**Unrestricted funds**
General fund
54,610
(11,428)
43,182
**Restricted funds**
Restricted
111,331
278,803
390,134
Save the foundry
55,000
-
55,000
166,331
278,803
445,134
**TOTAL FUNDS**
220,941
267,375
488,316|Fixtures
and
fittings
£
3,915
357
3,558
-
2020
£
23,760
14,956
38,716
2020
£
17,369
-
1,800|Fixtures
and
fittings
£
3,915
357
3,558
-
2020
£
23,760
14,956
38,716
2020
£
17,369
-
1,800|Fixtures
and
fittings
£
3,915
357
3,558
-
2020
£
23,760
14,956
38,716
2020
£
17,369
-
1,800|
|---|---|---|---|
||||38,716|
||||2020
£
17,369
-
1,800|
||||19,169|
## **7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **9. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **10. MOVEMENT IN FUNDS**
continued...
Page 10
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2021**
## **10. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|79,200|(90,628)|(11,428)|
|**Restricted funds**||||
|Restricted|876,044|(597,241)|278,803|
|**TOTAL FUNDS**|955,244|(687,869)|267,375|
|**Comparatives for movement in funds**||||
|||Net||
|||movement|At|
||At 1.4.19|in funds|31.3.20|
||£|£|£|
|**Unrestricted funds**||||
|General fund|24,581|30,029|54,610|
|**Restricted funds**||||
|Restricted|-|111,331|111,331|
|Save the foundry|-|55,000|55,000|
||-|166,331|166,331|
|**TOTAL FUNDS**|24,581|196,360|220,941|
|Comparative net movement in funds, included in the above are as follows:||||
||Incoming|Resources|Movement|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|79,200|(49,171)|30,029|
|**Restricted funds**||||
|Restricted|317,037|(205,706)|111,331|
|Save the foundry|55,000|-|55,000|
||372,037|(205,706)|166,331|
|**TOTAL FUNDS**|451,237|(254,877)|196,360|
continued...
Page 11
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2021**
## **10. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
||||Net||
|---|---|---|---|---|
||||movement|At|
||At 1.4.19||in funds|31.3.21|
||£||£|£|
|**Unrestricted funds**|||||
|General fund|24,581||18,601|43,182|
|**Restricted funds**|||||
|Restricted||-|390,134|390,134|
|Save the foundry||-|55,000|55,000|
|||-|445,134|445,134|
|**TOTAL FUNDS**|24,581||463,735|488,316|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|158,400|(139,799)|18,601|
|**Restricted funds**||||
|Restricted|1,193,081|(802,947)|390,134|
|Save the foundry|55,000|-|55,000|
||1,248,081|(802,947)|445,134|
|**TOTAL FUNDS**|1,406,481|(942,746)|463,735|
## **11. RELATED PARTY DISCLOSURES**
Four of the trustees are also directors of John Taylor Bell Foundry (Loughborough) Limited who paid rent of £79,200 (2020 £79,200). At the year end the Trust was owed £51,679 (2020 £23,760).
Salaries and other expenses were recharged from John Taylor Bell Foundry (Loughborough) Limited amounting to £43,502 (2020 £24,920). At the year end the Trust owed £21,133 (2020 £6,707).
Page 12
**THE LOUGHBOROUGH BELLFOUNDRY TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 March 2021**
||2021|2020|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|90,871|201,275|
|Grants|785,173|170,762|
||876,044|372,037|
|**Investment income**|||
|Rental income|79,200|79,200|
|**Total incoming resources**|955,244|451,237|
|**EXPENDITURE**|||
|**Raising donations and legacies**|||
|Consultancy fees|63,405|22,680|
|**Charitable activities**|||
|Travel expenses|387|899|
|Roof repairs|392|4,171|
|Telephone|-|248|
|Literature & brochures|26,221|26,263|
|Advertising|-|2,273|
|Sundries|5,452|35|
|Outreach work|-|247|
|UK entertainment|-|40|
|Equipment hire|185|824|
|Premises restoration and repairs|273,989|-|
|Cleaning|2,005|-|
|Computer costs|7,732|-|
|Other property maintenance|29,002|-|
|Architectural, design, project and other|||
|professional fees|235,456|171,956|
|Fixtures and fittings|357|-|
||581,178|206,956|
|**Support costs**|||
|**Management**|||
|Wages|38,132|23,228|
|**Finance**|||
|Bank charges|454|243|
|**Governance costs**|||
|Accountancy fees|4,700|1,500|
|Legal fees|-|270|
||4,700|1,770|
|Total resources expended|687,869|254,877|
|**Net income**|267,375|196,360|
This page does not form part of the statutory financial statements
Page 13