Company registration nurnber:06322344 Charity reglstration number.. 11209CO. The Towcester Museum (Private Mited Company byguarantee without share cawtal use of 'Limited' exemption) Annual Reportand Finanoal Statements for the Year Ended 30 September 2023 •4DfvQP5RT* 3110PX024 COMPlEs HWSE A13 .Y240
The ToW$ter Museum Referen and Adrrmnistrative tktsi Trustee5' Report 2to4 siaternentof Trustees, Responsibilities Indepèndent Examiner's Report Statementof Finanoal ArtNities Balance Sheet Notes to the Financial Ststements 9t018
The Towcester Museum Reference and Administrative Details Trusteos R HamL4in J Suase SA Willet AC Pardon-Hamblin Charlty Re8lstratlon Number 112(V309 CompanyReglslratlon Nun4 C6322344 The tharity 15 incorporated in Erland. Ylhite Horse Yard 163-165 WatJing5teet Towce5ter Northants NN126BU Prlncl Office Indèptndertt Examin KRWAccountants The Mill Pury Hill 8usiness Pafk Alderton Road N¢)rthants NN12 71S Solkitor% Amold Tht)ms 205 Watling Street T¢)wcester NorthamptLYfjhire NN12 68X 8•nke CAF 25 n85 Hill Avenue West Malin8 Kent ME194JQ Page I
The Towcester Museum Tru5tees' Report The trustees who are also directors of the tharity for the purpw of the Companies Art 2. present their report with the financial statements for the yearended 30 September 2023. Strurture,Go¥emance and MaN8wnent Governin8 documert The tharitsblecoThyany is controlled by itsÈtr4eming dooJmenL Memorandum and ArtIcSOf Association. The charitswe company was estsWished under a Memorandum and Artides of A550aztion which estsblished the objects and powers of thecharitable company and is governed underits Artides ofA%soctètion. In the event of the charitable company bein8 wound up rneMbe a required to contribute an arngunt not exceeding £10. Retruftmnt and appoirfmentof newtrnstees The Memorandum ofAssociation of the charitable company prwdes for thetrustees to meetatthe least twi¢e a year. Member5 attendingthe Annual General Meetin8 elert trustee5. The trustee5. when cornplete ttnsist of3t least three and not more tharn twenty individuals. all of whom must be members. One third lor the number nearest one thirdl must retire and. if di8ible, offer themselves for rtrelection at each Annual General Meetin8. Those longest in service retire first *)d the choice between any of equal service bein8 made by drawin8 lots. The trustees may at any timè cOt any person du 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.onty until the next Annual General Meeting when they must seek re-tltction. Inductlon and traInI of rth¥ tThees The thair of the trustees is responsible for the indurtion of any new trustee5. which NVe5 awareness of a trustee's responsibilities, the Memorandum and Articles of Associated. administrative procedure5, the history and philosophical approath ofthe charitablecompany.A newtrusteewould recebve copies olthe previou5 yearfs annual report and financial Statements and a copyof the charitycommtssion leaflet The Essential Tru5tee'. Whal you Need to Knovk. Newtrustees would also be encouraged to review other leaflets publicatlons issued bv the Charity Commissions. Pa8e 2
The Towcester Mu5eurn Tn, Reyt Rlsk Manayment The trustees have a duty to identify and review the risks to which the tharitable company is exposed and to ensure appropriate controls are in plKe to prwde reasonable assurance against fraud and error. The tfustees have a dutyto identify and review the ri5k5 that the tharitable eompanyfaces. To date these havè fflzinly related to the handlin8 of cash and fraud. In order to minirnise the risks. the trustees meet regularly to collertively reviewthe record5 of the charitsblecompany to ensure all income and expenditure is being recorded and accounted for. In accordan with thè Memornndums and Artitles ofAssociated of the charitable companv all cheques and orders for payments of money are Signed by at least two trustees. The trustee5 themsefves do not recèive a remuneration frijm the charitable company. Obhctl%*sandA¢thltles and alm5 The following objectives are to be applied in the town ofTtrwcester and the aa south of Northamptonshire I'the area to benefiVI'. The establishment. maintenance and promotion of theTowtester Museum and the encouragement and Maintenan of the interest and 5UPPOrt of the public in the said museum. The giving and exthange of information and advance and the prfyiwtion and development of public education in all matters relatin8 to the history and herita8e of the town Towtester and surrounding area by thè provision of displays, lectures, meetin8s, classes. films. audio visual presentation and the The promotion of study and research into the history of the town of Towcester and surroundin8 areas. Charhalble actileS The charitable company main activities a CUrrtry= To mana8e its leasehold prOrtY which includes the renting of the two retail outlets To prowde the museum fKilitie5 in Towce5ter. A£hle¥ementand perfwrnance Durin8 the period, the charitable company continues to undèrtake these activities as described above. The museum opened to the public in December 2012. FlnancHI re¥1 The was a loss of£27,871 in the yearl2022'. £180 surplus). As atthe 30September2023 the charity had a fund stsrplus of £121,26912022.. £149.1401. bein8 a surplus on re5trirted funds of £51.201 12022: £53,353) and a surplus in general reservès of £70,C6812022.. £95,787). The $tricted fvnds are solely for improvements to the property or other specific expenditure agreed at the time of the award. Pa8e 3
R•seAs PofKy The trustees have esrabhshed a pollcy wheth the uftrestrkted funds Art committed Of in¥ested fft tan8ible fixed assets I'the free resetyes'l hth4 bythe tharity shtyjld be no less than 3 months ofthe resourtes expeftded. Atthis level. the trustees belleve thatthywthdd be aet0 cofitiThue the current actNities ofthe charity in the event of? significant drgp in fvnding. kcorth"th. the #4tem¢thts ha¥e l>¢Èn ¢ompted on t b•sts that thecomp3ny1s a 8oln8con£ern. The annllep0 s approvedbythetntstees of thecharity on 21 2024 andsfjgned on S behalf .. Trustee
The ToWr Museum Statement of Trustees, Re5ponsibllities The irustees (who are also ihe diTettors d The T0ester Mu5wm fw the pwp05es of ¢ompany kwl are nsible for weparing the trustees. repjrt and the f)ancial sthtsments In accordance the United Kingdom AcwunfiTr8 Standard$ Iunrred Klngdom GnerUy Aepted (JrIn8 Piacticel and applicabk law and re8ulatlons. Company low re4uire$th¢ tru5teu to prepare finan¢v41 st4tEm¢nts ftyeath financkAI year. Undercompany law the tnJ5tee5 must not approve the financial 5tstements uTrk55 Ih¢y are 5atisfd that they 8ive a true and Falr vFew ofthe slate Df affairsof thecharftable CWbwnyarbdof irsin14in8re$Ourees3ftd appfication of resOUfC including its income and expendrcure. for that peric4J. In preparing thesefinanckil statements. the trustees art required to.. 5uitaLqpaccDuriting 1leS •Th1 appNfthern con5i5tentty.' observe the meth¢>J5 and wlnciples knthe Charlties SORP.. make judBements and estirnates thatare w)able and prudert: stste hher3Ppl(catrAe UK Accountift8Siandard5 been folkTh¥ed. subjertto any m¥ter1 drparture5 di¥bsed and Èxpknined ifi thefirHncrdl Statents.. artd prepar¢ th¢ fifiafickil stat¢m¢nrson the 1oin8cofi¢ern b•sis itis inapproprAte to presumèthatthe harltiblè company will continuÈ in busine. The tnjstees are responsible for keeping adequote acclxnting records that are suffnt to sh¢)w and explaln Ihe charftable company'5 tr4nsacDons and dtsCke tth reason4ble ac¢uracy ai any time the financial Position of the charitable companyand enablethem to ensure thai thefinanoal rtatennts comptywith rhe Companies Act 2006. They are 4150 re5ponsib for lesording the assets cf the charitablecompany 3hd hence lor tsklng rèasonable Mepsfor the prewentfjon and detetti of fraud and other1rye8urits. Appfo¥ed bythe ofthetharityon 11 Au8ust 2024aThd eoedoD tehaff br. amblin P•y5
The Towtester Museum Independent Examiner's Report to the tntstees of The Tovrtester Museum ("the Comparf) I report to the charity trustees my examination of the accounts of the Company for the year ended 30 September 2023. Responslbllltle5and basts of rewt As the charitys trustees of the Company land also its directors for the purpo5e5 of company lawl you are responsible forthe preparation of the aewJnts in accordan¢e with the requirements ofthe Companies Art 2LK I'the 2006 Art'l. Havin8 Satisfied myself that the accounts of The Towcester Museum are not required to be audited under Part 16 of the 2th)6 Act and are digible for independent examination. I report in respert of my examinatson of your thariVs ateounts as carried out urtder setDon 145 of the Charities Act 20111.the 2011 ACVI. In carryin8 Out my examination I have followed the Dirertions 8Jven by the Charitycommission under section 145lSllbl of the 2011 Art. Ind•pendentexamlnees statomtrt I have complètèd my examination. I confirm that no matter5 have tome to my attentson in connection with the exarnination giving rnt causeto believe.. l. accountin8 CordS were not kept in respect of The Towcester Museum a5 requsred by sertion 386 of the 2006 Art.. or 2. the accounts do notattord wth those records- 3. the accounts do not comply wth the accountin8 requirements of sertion 396 of the 2tJ16 Act other than ny requirement that the accounts gNe a 'trn and fair VieAf' which is not a matter con5idÈred as part of an independent examination.. or 4. the atcounts have not been prepared in attordante with the methods and prinoples of the Statement of Rttommended Practice for zccounting and reporting by tharities lapplitable to tharities pparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republie of Ireland IFRS 10211. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in orderto enable aproper understandin8ofthe accountsto be wthed. KRWAccountants The Mill Pury Hill Business Pa Alderton Road Towcester Northants NN12 7LS 21 August 2024 Page6
The Towcester Museum Statement of Financial Artivltles for the Year Ended 30 September 2023 Ilncludlng Income and Expenditure Account and statennt of Total Recognised Gains and Totsl 2023 fvnds fvnds Income and Endowments frtyn". Donations and le8acies Charitsble activitie5 11.021 11.021 Investment income 137 137 Other income Total income Expendlture OTr: Charitable xtwities Total expenditure 147.7511 111521 149,9031 Nel incomellexpenditurel 27 71 Net movement in fund5 125.7191 12.1521 I2771) ReC0cl{latiOfi of funds Total funds brought forward 95.787 53,353 149,140 Total funds carried foard 17 Restrthd lund5 Total fvnts Incomèand End0wmentsfr¢. Donations and IL260 11,260 Charitable actNitie5 Investment income Other income Totsl income Expenditureim: Charitsble artNlties Total expenditu 753 152 Net incomellexpenditurel 2,332 12.1521 Netmovement in fvnd5 2,332 12.1521 Reconclllatlon of fvn Total lunds brought forward Total funds carried forward 17 Page 7
IRegistration number: 06322344) alance Sheetas at 30 September 2023 Fiyed assets Tartgible assers 102.609 stks 9J50 207 8.638 t>ebto Cash * bank and hand 15 17 27.391 49.197 Creditots:Amountsfallifii thjewlthiftonev NeteThI assets Funds t1¢hartr. Reslwithd IntomJnd5 AeStrtedfvrHJs 5LIQI S3.3S3 Vnre5trfrted fvnd5 Yod$ 17 For the flnanclal year endin¥ 30 Septenthr 2023 the ¢harity wa5 entitled to exrrrytim under section 477 of the CompanlesArt 2(1)6 relatl1yynll compon5. Dlrt¢tors'1e5slb1ts.. rnembers not requlred the tharity to obt•ln aTr Iit of its accounts for the rIn quest in accord•thce seaion 476; and The dlrertors acknowledge thelr reswnswtyes comptylng wlth the reqrernents of the Aa wSth resped to •¢¢ountln8 rewrds afid th¢ pParatin of accounts. The flnanclal ststemenrson paS 7t0 18 *reapwryed thetrustttS. •nd authortsed forlw oh 21 Au 2024and r behalFty. afflbllry TNStee
The Tow¢ester Museum Notes to the Flnanclal Statements for the Year Ended 30 September 2023 I CharftystaS The charity is limited bY5ha capital. In¢pOrated in Eneland. The address of its registered office is.. 6White Horse Yard 163-165 Watlin8Street Towcester Northants NN12 68U These finanoal statements were authoriseLI for issue by thetrustets on 30 July 2024. 2 A¢counlln8 polkles Summaryotsilnifitant atcauntihg policies and k•yaccountI estknates The printipal accounting policies applied in the preparation of these finanoal statements are set out below. These polities have been consistently applied to all the years presented. unless otherwise stated. Statementof complance The financial Statements have been prepared in accordan with Accounting and Reporting by Charities.. Statement of Recommended Prattl (applicable to charities preparin8 their accounts in accordan with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 20191 Icharities SORP IFRS 10211. the Financial Reporting Stsndaril applicable in the UK and Rèpublit of Ireland IFRS 1021 and the Companies Act 2(6. easis of preparntion The Towcester Museum meets the definition of a public benefrt entity vnder FRS 102. Assets and liabilities are initially recognised at historical cost or transartion value unless otherwise stated in the relevant accounting policy notes. Golngconcem The trustees considerthat there are no material uncertainties abwt the tharity's ability to continue a5 a goin8 concern nor any si8nificant a#5 of unwtainty that affert the tarryin8 value of assets held by the charity. Exernptlon from prepth a cash flowststemènt The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a tash flow statement in these finanoal ststements. Income and endowrneTrts All intome is recognised once the chartrty has entlernent to thé intome. it is probable that the income will be received and the amount of the income receivable can be measured reliably. Pa8e9
The Towcester Museum Notes to the Flnanclal Statements for the Year Ended 30 September 2023 1knth7nsondlegqc*s Donations are retogfted when the charity has been notified in writin8of both the amountand settlement date. In the event that a donatiw is subjert to condttions that require a level of performante by the charity before the charity is entitled to the funds. the income is deferred and not recognistd until èither those conditions are fully mer or the fvifilment of those conditions is wholty within the control of the tharity and fft is probable that these Conditions will be fulfilled in the repotynB period. Investmentlncome Oividend5 are reco8nised once thedividend ha5 been dedared and notification has been received of thedividend due. Expendhure AJI expenditure is recognised once there 15 a ltgal or tOn5trutbve obligation to that expenditure. it is probable settlement is required and the amount can be ffleasured reliably. All costs are allocated to the applicable e¥penditure heading thai aggrega similar costs to that cate80ry. Where costs cannot be directly attributed to particular headin85 they have been allocated on a basis consistent vAth the use of resour5. with central staff costs allocated on the basis of time spenL antl dep0atIOn char8es allocated on the portion of the as5eY5 Ilse. Other support costs are alkKated based on the Spad of staff tos Chofttableortl¥lt Charitable expenditu comprises those costs incurred by the tharity in the delivery of its activities and servtces for its beneficiaries. It kndudes both costs that (an be allocated dirertly to such artivitie5 and those costs of an indlrect nature necessary to supportthem. These include the costs attributsble to the charit5 cornpliance with con5tibJtional and ststutory requirements, indudin8 audiL stratewc mana8ement and trustee's rneetin85 and reimbursed expenses. TatIon The eharty is considered to pass the tests set out in Paragraph I khedule 6 of the Finance Art 2010 and therèfore it mÈets the definition of a tharitable company for UK torporation tax purposes. Accordingly. the tharity 15 Potentially exempt from taxation in respect of income or capital Ezins recer¥ed within CategleS covered by Chapter3 Part 11 olthe CorporationTax Att 2010or Section 256 of the Taxation gf Chargeable Gains Art 1992, to the extent that such income oreains are applied exdusI¥e to charitsble purposes. Tangiblèfimed asets Inilividual fixed assets costin8 £250.(Kl or more are initialty recorded at cosL less any subsequent accumulated depreoation and subsequent accumulated impairment losses. Depreciation and amortisation Depretiation is provided on tangible fixed assets so as to write off the cost or waluation, less any estimated residual value. over thèir expttttd useful economie life as fdlows= Assèt Class Land & Buildings DeedaOn method and rate 2% strai8ht line Page 10
The Towcester Museum Notes to the Financlal Statements for the Year Ended 30 September 2023 Improvements to property Office equipment Fixtures & fittings 2XstraiÈht line 33% stra¥ht lint 20% reducin8 balan Stoek is valued at the lowef of cost and estimated sellire pri less costs to complete and sdl, after due regard for obsolète and sl¢)w moving stocks. Cost is detemiined using the first-in, first-out IFIFOI. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and (all deposits. and other short-twm hhlY liquld investments that are reall1 converbble to a known am(yJnt of cash and are subject to an insignlficant risk of thange in value. Borrtr*ln Interest-bearin8 borrowings are initially recorded at fair valuè. net of tfansèction eosts. Interest-bearing borrowing5 are Subsequent carried at amortised cost. with the difference between the proceeds, net of transaction costs. and theamountdue on rèdernption ing recognised as a thargeto the StatementofFinancial Activities over the period of the relevant borron& Interest expense is reco8nised on the bast5 of the effective intet meth1 and is induded in interest payable and similar charges. Borrowin85 are classified as current liabilities unless the tharity has an L¥)conditional ri8ht to defer settlement ofthe liability for at1è3st twelve months afterthe rewting date. Fund strucbx• Unrestricted income funds aregeneral funds thzt arè av•lable for use at the trustees discretion in furtherance of the objectives of the tharity. Restricted income funds are those donated for use in a particular area or for Specific purposes, the use of which is restrirted to that area or purpose. Page 11
The Towcester Museum Notes to the Financial Ststements for the Year Ended 30 September 2023 3 Incomefrom don•tSons and *8Kles Total Donations and le8aoes; Donationsfrom indNiduals Museum admission fees 11021 alL21 4 Incomé from charltable acthl Unrestricted funds Total nds Governmentgrants T¢)tsl for 2023 Totslfor 2022 5 Investh)ent Income funds General Total fvnds Interest receivable and 5imilarincome.' Interes¢ receNable on bank deposits 137 137 Total for 2023 Tal lor 2022 6 Other hKon funds T¢Mal Total 2022 Rental income Page 12
The Towcester Museum Notes to the Flnanclal Statements for the Year Ended 30 September 2023 7 Empendllureon (harltable atthAtsts Total 20 Totsl Purchases 8.286 8,286 7,017 Service char8e expenses 8ht, heat power Insuran 3553 3.SS3 3,324 14.(XX) L012 14.C•JJ 1.0 3,272 Repairs and maintenance 6.814 L330 6,814 L330 L667 Telephone and fax Printin& postsge WKI stationery Trade sub5CriPtion5 Sundryexpenses aeanin8 Dtpretiation of freehold property Depreciation of ant and mathinery Deprèciation of fixtures ?nd ffttings Depreciation ol office equipment Govefnance costs 8SI 55 320 152 20 iry) 1152 2.IS2 2.152 3.260 3.260 3.622 Page 13
The Towce5ter Museum Notes to the Financial Statements for the Year Ended 30 September 2023 UnrestrlLled Totsl funds Gerwal fi•nds 39.261 2.152 41,413 Governance costs Totsl tor 1023 T¢xal for 2022 8 Anaty515 018o¥ernance and5UPPOrt cos Governance costs fvnds Total Total Independent examinerfees Examination ofthe finanoal ststemwts L670 6.694 Le8al fees Other governance cc6ts .111 4,100 Page 14
The Toweester Museum Notes to the Financlal Statements for the Year Ended 30 September 2023 9 Trustees remyneratl¢)Tr ewse5 No trustee5. nor any persons connected ¥th them. ha4Te received any remuneration from the tharity durin¥ the year. Trustees were reimbursed in theyearfor8oods purchased on behaW on thecharity. No trustee5 have re¢eNed any other benefits from the tharity during the year. 10 lndependentexamhrfS remuneratkn 2023 2022 Examination of the finanoal statements 11 Tatsdon The charity is a re8iStered tharity and 15 iherefore exempt from taKaticffi. 12 TanÈlble fixed assets land and Fumolureand equlpmtstt operry Improbtments Totsl At l Ortober 2022 4,995 73.313 . L211 107.599 192.147 Additlons At 30 September 2023 74 24 107 599 192 147 At i ortobef 2022 1.498 Ico 58.225 3,259 23,574 2.152 89,538 5.874 Charge for the ye At 30 September 2023 Net Ix>ok ¥ae At 30 September 2023 At 30 September 2022 13 Stock 2022 Stocks Page 15
The Toweester Museum Notes to the Flnanclal Statements for the Year Ended 30 September 2023 14 Debtors Prepayments 15 Cash and cash eqlents a)23 Cash on hand Cash at bank 325 325 16 Creditors: amounts fallinB duè withiTh one 2023 2022 Othercreditors Accruals Page 16
The Towcester Museum Notes to the Financial Statements for the Year Ended 30 September 2023 17 Funds 8aknce at30 Septèmber Balae at I exped Unrestrkted lunds General 95,787 22,032 147.7511 70.068 Restricted fd5 53,353 12.1521 5L201 Total fimds Balance at September 2022 8alan(e* I October 2021 Incom5tVd expended Unrestrktedfvnds General 93.455 31,085 128.7531 95.787 ReMrf¢ted fun¢k Tt)tal Page 17
The Towcester Museum Notes to the Flnan¢lal Statements for the Year Ended 30 September 2023 18 Analysis of nèt assets bet¥Men lunds Totslfunds at Restrktsd 30 September fvnds 2023 fvnd5 TaTrgiblefixed assets Current assets 16.436 27392 81.873 98,309 27392 Current liabilltyes Totsl net assets Llnrestrkted Total fundsat 30 September 2022 Restrkted funds Tangible fixed assets Current assets Current liabilities 84,025 102.609 49.197 49,197 Total net assets Page 18