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2024-09-30-accounts

Company registration number: 06322344 Charity registration number: 1120909

The Towcester Museum

(A company limited by share capital)

Annual Report and Financial Statements

for the Year Ended 30 September 2024

The Towcester Museum

Contents

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

The Towcester Museum

Reference and Administrative Details
Chairman Mr D Reynolds
Trustees R Hamblin
J Scrase
S A Willet
S J Bateman
A C Pardon-Hamblin
Mr D Reynolds
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
Henge Barn
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

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 2024.

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

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 £25,718 lossin the year (2023: £27,871 loss). As at the 30 September 2024 the charity had a fund surplus of £109,520 (2023: £121,269), being a surplus on restricted funds of £49,049 (2023: £51,201) and a surplus in general reserves of £60,371 (2023: £70,068). The restricted funds are solely for improvements to the property or other specific expenditure agreed at the time of the award.

Page 3

The Towcester Museum

Trustees' Report

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.

10 Jul 2025

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

......................................... Mr D Reynolds Chairman and Trustee

Page 4

The Towcester Museum

Statement of 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 the 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 transaction 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 stepsfor the prevention and detection of fraud and other irregularities. 10 Jul 2025

Approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... Mr D Reynolds Chairman and trustee

Page 5

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 2024.

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

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

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

KRW Accountants

Henge Barn Pury Hill Business Park Alderton Road Towcester Northants NN12 7LS

10 Jul 2025

Date:.............................

Page 6

The Towcester Museum

Statement of Financial Activities for the Year Ended 30 September 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Other income
5
Total income
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Other income
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Unrestricted
funds
£
9,394
301
18,323
28,018
477
(37,192)
(36,715)
(8,697)
(8,697)
70,068
61,371
Unrestricted
funds
£
11,021
137
10,875
22,033
(47,751)
(47,751)
(25,718)
(25,718)
95,787
70,069
Restricted
funds
£
-
-
-
-
-
(2,152)
(2,152)
(2,152)
(2,152)
51,201
49,049
Restricted
funds
£
-
-
-
-
(2,152)
(2,152)
(2,152)
(2,152)
53,353
51,201
Total
2024
£
9,394
301
18,323
28,018
477
(39,344)
(38,867)
(10,849)
(10,849)
121,269
110,420
Total
2023
£
11,021
137
10,875
22,033
(49,903)
(49,903)
(27,870)
(27,870)
149,140
121,270

Page 7

The Towcester Museum

(Registration number: 06322344) Balance Sheet as at 30 September 2024

2024 2023
Note £ £
Fixed assets
Tangible assets 11 93,649 98,309
Current assets
Stocks 12 477 9,450
Debtors 13 443 207
Cash at bank and in hand 14 19,135 17,735
20,055 27,392
Creditors: Amounts falling due within one year 15 (3,284) (4,431)
Net current assets 16,771 22,961
Net assets 110,420 121,270
Funds of the charity:
Restricted income funds
Restricted funds 49,049 51,201
Unrestricted income funds
Unrestricted funds 61,371 70,069
Total funds 16 110,420 121,270

For the FInancial year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the charity to obtain an audit of its accounts for the years in questions in accordance with section 476; an

• The directors acknowledge their responsibilities for comply with the requirements of the Act with respect to accounting records and the preperation of accoutns.

10 Jul 2025

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

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

Mr D Reynolds Chairman and Trustee

Page 8

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2024

1 Charity status

The charity is limited by share capital, incorporated in England.

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

163-165 Watling Street Towcester Northants NN12 6BU

Authorised for issue date

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 prepaing 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 statements in these financial statements.

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.

Page 9

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2024

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 fulfillmet of those conditions is whiolly within the control of the charity and it is probable that these conditions will be fulfilld in the reporting period.

Investment income

Dividends are recognised once the dividend has been declared and nitification has been received aof the divdend 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.

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.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees 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 £250.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Page 10

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2024

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

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2024

3 Income from donations and legacies

Musuem admission fees
4
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2024
Total for 2023
5
Other income
Rental income
Unrestricted
General
£
9,394
9,394
Unrestricted
funds
General
£
18,323
Total
2024
£
9,394
9,394
Unrestricted
funds
General
£
301
301
137
Total
2024
£
18,323
Total
2023
£
11,021
11,021
Total
funds
£
301
301
137
Total
2023
£
10,875

Page 12

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2024

6 Expenditure on charitable activities

Note
Purchases
Service charge
expenses
Light, heat and
power
Insurance
Repairs and
maintenance
Telephone and fax
Printing, postage and
stationery
Trade subscriptions
Depreciation of
freehold property
Depreciation of plant
and machinery
Depreciation of
fixtures and fittings
Depreciation of office
equipment
Governance costs
7
Unrestricted
General
£
12,472
3,985
6,558
2,750
1,445
1,226
217
82
100
-
2,608
100
5,649
37,192
Restricted
£
-
-
-
-
-
-
-
-
-
2,152
-
-
-
2,152
Total
2024
£
12,472
3,985
6,558
2,750
1,445
1,226
217
82
100
2,152
2,608
100
5,649
39,344
Total
2023
£
8,286
3,553
14,001
1,012
6,814
1,329
851
55
100
2,152
3,260
-
8,490
49,903

Page 13

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2024

Note
Governance costs
7
Total for 2024
Total for 2023
Unrestricted
funds
General
£
31,543
5,649
37,192
47,751
Restricted
funds
£
2,152
-
2,152
2,152
Total
funds
£
33,695
5,649
39,344
49,903

7 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Legal fees
Other governance costs
Unrestricted
funds
General
£
1,169
4,448
32
5,649
Total
2024
£
1,169
4,448
32
5,649
Total
2023
£
1,670
6,694
126
8,490

Page 14

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2024

8 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.

9 Independent examiner's remuneration

9
Independent examiner's remuneration
2024 2023
£ £
Examination of the financial statements 1,169 1,670

10 Taxation

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

11 Tangible fixed assets

Cost
At 1 October 2023
Additions
At 30 September 2024
Depreciation
At 1 October 2023
Charge for the year
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023
12 Stock
Stocks
Land and
buildings
£
4,995
-
4,995
1,598
100
1,698
3,297
3,397
Furniture and
equipment
£
80,765
301
81,066
67,726
2,709
70,435
10,631
13,039
Property
Improvements
£
107,599
-
107,599
25,726
2,152
27,878
79,721
81,873
2024
£
477
Total
£
193,359
301
193,660
95,050
4,961
100,011
93,649
98,309
2023
£
9,450

Page 15

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2024

13 Debtors

13 Debtors
Prepayments
14 Cash and cash equivalents
Cash on hand
Cash at bank
15 Creditors: amounts falling due within one year
Other creditors
Accruals
2024
£
443
2024
£
325
18,810
19,135
2024
£
2,161
1,123
3,284
2023
£
207
2023
£
325
17,410
17,735
2023
£
3,309
1,122
4,431

Page 16

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2024

16 Funds

Unrestricted funds
General
Restricted funds
Total funds
Unrestricted funds
General
Restricted funds
Total funds
Balance at 1
October 2023
£
70,068
51,201
121,269
Balance at 1
October 2022
£
95,787
53,353
149,140
Incoming
resources
£
28,018
-
28,018
Incoming
resources
£
22,033
-
22,033
Resources
expended
£
(36,715)
(2,152)
(38,867)
Resources
expended
£
(47,751)
(2,152)
(49,903)
Balance at 30
September
2024
£
61,371
49,049
110,420
Balance at 30
September
2023
£
70,069
51,201
121,270

Page 17

The Towcester Museum

Notes to the Financial Statements for the Year Ended 30 September 2024

17 Analysis of net assets between funds

17 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Unrestricted
funds
General
£
13,928
20,055
(3,284)
30,699
Unrestricted
funds
General
£
16,436
27,392
(4,431)
39,397
Restricted
funds
£
79,721
-
-
79,721
Restricted
funds
£
81,873
-
-
81,873
Total funds at
30 September
2024
£
93,649
20,055
(3,284)
110,420
Total funds at
30 September
2023
£
98,309
27,392
(4,431)
121,270

Page 18

Issuer

KRW Accountants Ltd

Document generated Thu, 10th Jul 2025 16:29:33 BST

Document fingerprint 15702f882485a8d36aa0cc0758007450

Parties involved with this document

Document processed

Party + Fingerprint

Thu, 10th Jul 2025 16:38:45 BST Thu, 10th Jul 2025 16:39:58 BST

Mr Damian Reynolds - Signer (60e3ea677c2e94cca977ec7621503a39) Keith Witchell - Signer (f0759b33874e6c01e47439e44747992e)

Audit history log

Date

Action

Thu, 10th Jul 2025 16:29:33 BST Thu, 10th Jul 2025 16:29:33 BST Thu, 10th Jul 2025 16:29:33 BST Thu, 10th Jul 2025 16:29:33 BST Thu, 10th Jul 2025 16:29:33 BST Thu, 10th Jul 2025 16:29:33 BST

Thu, 10th Jul 2025 16:29:43 BST Thu, 10th Jul 2025 16:29:43 BST Thu, 10th Jul 2025 16:29:43 BST Thu, 10th Jul 2025 16:35:42 BST Thu, 10th Jul 2025 16:38:45 BST Thu, 10th Jul 2025 16:38:45 BST Thu, 10th Jul 2025 16:38:46 BST Thu, 10th Jul 2025 16:39:44 BST Thu, 10th Jul 2025 16:39:58 BST Thu, 10th Jul 2025 16:39:58 BST

Envelope generated with fingerprint 56164f24e6aa4b88967c9286d3028a95 (35.176.231.177) Document generated with fingerprint 959a8f1e84892852e47fd8792c82f205. (35.176.231.177) Document generated with fingerprint 15702f882485a8d36aa0cc0758007450. (35.176.231.177) Mr Damian Reynolds has been assigned to this envelope. (35.176.231.177) Keith Witchell has been assigned to this envelope. (35.176.231.177) Envelope has been set to automatically remind the active signer every 3 day(s). (35.176.231.177) Envelope generated Sent the envelope to Mr Damian Reynolds for signing Document emailed to party email Mr Damian Reynolds viewed the envelope (94.10.230.70) Mr Damian Reynolds signed the envelope (94.10.230.70) Sent the envelope to Keith Witchell for signing (94.10.230.70) Document emailed to party email Keith Witchell viewed the envelope (84.19.62.174) Keith Witchell signed the envelope (84.19.62.174) This envelope has been signed by all parties (84.19.62.174)