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2021-09-30-accounts

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

Company registration number: 06322344 Charity registration number: 1120909

The Towcester Museum

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 30 September 2021

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 4
Statement of Trustees' Responsibilities 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 18

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Reference and Administrative Details

Trustees R Hamblin
J Scrase
S A Willet
S J Bateman
A C Pardon-Hamblin
Charity Registration Number 1120909
Company Registration Number 06322344
The charity is incorporated in England.
Principal Office White Horse Yard
163-165 Watling Steet
Towcester
Northants
NN12 6BU
Independent Examiner KRW Accountants
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
Solicitors: Arnold Thomson
205 Watlng Street
Towcester
Northamptonshire
NN12 6BX
Bankers CAF
25 Kings Hill Avenue
West Maling
Kent
ME19 4JQ

Page 1

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Trustees' Report

The trustees who are also directors of the charity for the purpose of the Companies Act 2006, present their report with the financial statements for the year ended 30 September 2021.

Structure, Governance and Management

Governing document

The charitable company is controlled by its governing document, Memorandum and Articles of Association.

The charitable company was established under a Memorandum and Articles of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the charitable company being wound up members are required to contribute an amount not exceeding £10.

Recruitment and appointment of new trustees

The Memorandum of Association of the charitable company provides for the trustees to meet at the least twice a year.

Members attending the Annual General Meeting elect trustees. The trustees, when complete consist of at least three and not more than twenty individuals, all of whom must be members. One third (or the number nearest one third) must retire and, if eligible, offer themselves for re-election at each Annual General Meeting. Those longest in service retire first and the choice between any of equal service being made by drawing lots. The trustees may at any time co-opt any person duly qualified to be appointed as a trustee to fill a vacancy in their number or as an additional trustee, but a co-opted trustee holds office only until the next Annual General Meeting when they must seek re-election.

Induction and training of new trustees

The chair of the trustees is responsible for the induction of any new trustees, which involves awareness of a trustee’s responsibilities, the Memorandum and Articles of Associated, administrative procedures, the history and philosophical approach of the charitable company. A new trustee would receive copies of the previous year’s annual report and financial statements and a copy of the charity commission leaflet ‘The Essential Trustee: What you Need to Know’. New trustees would also be encouraged to review other leaflets and publications issued by the Charity Commissions.

Page 2

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Trustees' Report

Risk Management

The trustees have a duty to identify and review the risks to which the charitable company is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have a duty to identify and review the risks that the charitable company faces. To date these have mainly related to the handling of cash and fraud. In order to minimise the risks, the trustees meet regularly to collectively review the records of the charitable company to ensure all income and expenditure is being recorded and accounted for. In accordance with the Memorandums and Articles of Associated of the charitable company all cheques and orders for payments of money are signed by at least two trustees. The trustees themselves do not receive a remuneration from the charitable company.

Objectives and Activities

Objectives and aims

The following objectives are to be applied in the town of Towcester and the area south of Northamptonshire (‘the area to benefit’):

Charitable activities

The charitable company main activities are currently:

  1. To manage its leasehold property which includes the renting of the two retail outlets.

  2. To provide the museum facilities in Towcester.

Achievement and performance

During the period, the charitable company continues to undertake these activities as described above. The museum opened to the public in December 2012.

Financial review

There was a surplus of £27,240 in the year (2020: £17,492 deficit). As at the 30 September 2021 the charity had a fund surplus of £148,960 (2020: £121,720), being a surplus on restricted funds of £55,505 (2020: £57,657) and a surplus in general reserves of £93,455 (2020: £64,063). The restricted funds are solely for improvements to the property or other specific expenditure agreed at the time of the award.

Page 3

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Trustees' Report

COVID-19 Impact

The museum successfully received business restart grants totalling £29,857 within 2020/21 which allowed the museum to maintain its running costs whilst closed and went towards the purchase of PPE for staff and equipment to ensure safe visitation.

The grants have also enabled us to improve our displays of artefacts, upgrade our merchandise in the museum gift shop and enhance our interpretive scheme for visitors.

The volunteers have been extremely resilient and patient having adapted to a great deal of change during the pandemic and the museum would not be able to provide its services but for the wonderful bank of volunteers.

Reserves Policy

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the charity should be no less than 3 months of the resources expended. At this level, the trustees believe that they would be able to continue the current activities of the charity in the event of a significant drop in funding. Accordingly, the financial statements have been completed on the basis that the company is a going concern.

The annual report was approved by the trustees of the charity on 14 June 2022 and signed on its behalf by:

......................................... R Hamblin Trustee

Page 4

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The Towcester Museum for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on 14 June 2022 and signed on its behalf by:

----- Start of picture text -----
.........................................
----- End of picture text -----

......................................... R Hamblin Trustee

Page 5

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Independent Examiner's Report to the trustees of The Towcester Museum ("the Company")

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 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 Towcester Museum 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

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 Towcester Museum 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.

......................................

KRW Accountants

The Mill Pury Hill Business Park Alderton Road Towcester Northants NN12 7LS

14 June 2022

Page 6

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Statement of Financial Activities for the Year Ended 30 September 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Investment income
5
Other income
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
18
Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other income
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
18		 Unrestricted
funds
£
5,422
29,857
1
14,132
49,412
(20,020)
(20,020)
29,392
29,392
64,063
93,455
Unrestricted
funds
£
6,503
25,000
14,335
45,838
(26,194)
(26,194)
19,644
(1,672)
17,972
46,091
64,063		 Restricted
funds
£
-
-
-
-
-
(2,152)
(2,152)
(2,152)
(2,152)
57,657
55,505
Restricted
funds
£
-
-
-
-
(2,152)
(2,152)
(2,152)
1,672
(480)
58,137
57,657		 Total
2021
£
5,422
29,857
1
14,132
49,412
(22,172)
(22,172)
27,240
27,240
121,720
148,960
Total
2020
£
6,503
25,000
14,335
45,838
(28,346)
(28,346)
17,492
-
17,492
104,228
121,720

Page 7

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

(Registration number: 06322344) Balance Sheet as at 30 September 2021

Note
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
15
Creditors: Amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
17
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
18		 2021
£
101,316
6,388
823
43,099
50,310
(2,666)
47,644
148,960
-
148,960
55,505
93,455
148,960		 2020
£
106,286
4,470
1,007
44,551
50,028
(6,926)
43,102
149,388
(27,668)
121,720
57,657
64,063
121,720

For the financial year ending 30 September 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 7 to 18 were approved by the trustees, and authorised for issue on 14 June 2022 and signed on their behalf by:

----- Start of picture text -----
.........................................
----- End of picture text -----

......................................... R Hamblin Trustee

Page 8

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2021

1 Charity status

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

The address of its registered office is: 6White Horse Yard

163-165 Watling Street Towcester Northants NN12 6BU

These financial statements were authorised for issue by the trustees on 14 June 2022.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The Towcester Museum meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Page 9

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2021

Income and endowments

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.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

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.

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.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Page 10

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2021

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Land & Buildings 2% straight line Improvements to property 2% straight line Office equipment 33% straight line Fixtures & fittings 20% reducing balance

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Page 11

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2021

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Musuem admission fees
4
Income from charitable activities
Government grants
Total for 2021
Total for 2020
5
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2021
6
Other income
Rental income		 Unrestricted
General
£
145
5,277
5,422
Unrestricted
funds
General
£
13,653		 Total
2021
£
145
5,277
5,422
Unrestricted
funds
General
£
29,857
29,857
25,000
Unrestricted
funds
General
£
1
1
Total
2021
£
13,653		 Total
2020
£
155
6,348
6,503
Total
funds
£
29,857
29,857
25,000
Total
funds
£
1
1
Total
2020
£
14,279

Page 12

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2021

7 Expenditure on charitable activities

Note
Purchases
Service charge
expenses
Light, heat and
power
Insurance
Repairs and
maintenance
Repairs and renewals
Telephone and fax
Printing, postage and
stationery
Trade subscriptions
Sundry expenses
Cleaning
Travel and
subsistence
Depreciation of
freehold property
Depreciation of plant
and machinery
Depreciation of
fixtures and fittings
Depreciation of office
equipment
Governance costs
8		 Unrestricted
General
£
2,085
1,988
1,180
2,218
1,502
42
1,180
393
245
127
20
-
100
-
3,000
457
5,483
20,020		 Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
2,152
-
-
-
2,152		 Total
2021
£
2,085
1,988
1,180
2,218
1,502
42
1,180
393
245
127
20
-
100
2,152
3,000
457
5,483
22,172		 Total
2020
£
6,283
3,478
2,041
2,016
2,157
187
1,210
594
264
64
25
52
100
2,152
3,516
1,426
2,781
28,346

Page 13

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2021

Note
Governance costs
8
Total for 2021
Total for 2020		 Unrestricted
funds
General
£
14,537
5,483
20,020
26,194		 Restricted
funds
£
2,152
-
2,152
2,152		 Total
funds
£
16,689
5,483
22,172
28,346

8 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Legal fees
Other governance costs		 Unrestricted
funds
General
£
960
3,368
1,155
5,483		 Total
2021
£
960
3,368
1,155
5,483		 Total
2020
£
960
180
1,641
2,781

Page 14

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2021

9 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

Trustees were reimbursed in the year for goods purchased on behalf on the charity.

No trustees have received any other benefits from the charity during the year.

10 Independent examiner's remuneration

10 Independent examiner's remuneration
2021 2020
£ £
Examination of the financial statements 960 960

11 Taxation

The charity is a registered charity and is therefore exempt from taxation.

12 Tangible fixed assets

Cost
At 1 October 2020
Additions
At 30 September 2021
Depreciation
At 1 October 2020
Charge for the year
At 30 September 2021
Net book value
At 30 September 2021
At 30 September 2020
13 Stock
Stocks		 Land and
buildings
£
4,995
-
4,995
1,298
100
1,398
3,597
3,697		 Furniture and
equipment
£
71,647
739
72,386
57,387
3,457
60,844
11,542
14,260		 Property
Improvements
£
107,599
-
107,599
19,270
2,152
21,422
86,177
88,329
2021
£
6,388		 Total
£
184,241
739
184,980
77,955
5,709
83,664
101,316
106,286
2020
£
4,470

Page 15

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2021

14 Debtors

Prepayments
15 Cash and cash equivalents
Cash on hand
Cash at bank
16 Creditors: amounts falling due within one year
Bank loans
Other creditors
Accruals
17 Creditors: amounts falling due after one year
Bank loans		 2021
£
823
2021
£
233
42,866
43,099
2021
£
-
1,500
1,166
2,666
2021
£
-		 2020
£
1,007
2020
£
262
44,289
44,551
2020
£
3,004
2,756
1,166
6,926
2020
£
27,668

Page 16

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2021

18 Funds

Unrestricted funds
General
Restricted funds
Total funds
Unrestricted funds
General
Restricted funds
Total funds		 Balance at 1
October 2020
£
Incoming
resources
£
Resources
expended
£
Balance at 30
September
2021
£
64,063
49,412
(20,020)
93,455
57,657
-
(2,152)
55,505
121,720
49,412
(22,172)
148,960
Balance at 1
October
2019
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
30
September
2020
£
46,091
45,838
(26,194)
(1,672)
64,063
58,137
-
(2,152)
1,672
57,657
104,228
45,838
(28,346)
-
121,720		 Balance at 30
September
2021
£
93,455
55,505		 Balance at 30
September
2021
£
93,455
55,505
148,960
Balance at
30
September
2020
£
64,063
57,657
121,720

Page 17

DocuSign Envelope ID: B8D69227-BC0E-4835-A7DA-7ABDC747DB2D

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2021

19 Analysis of net assets between funds

19 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
15,139
50,310
(2,666)
62,783
Unrestricted
funds
General
£
17,957
50,028
(3,922)
-
64,063		 Restricted
funds
£
86,177
-
-
86,177
Restricted
funds
£
88,329
-
(3,004)
(27,668)
57,657		 Total funds at
30 September
2021
£
101,316
50,310
(2,666)
148,960
Total funds at
30 September
2020
£
106,286
50,028
(6,926)
(27,668)
121,720

Page 18