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2021-06-30-accounts

Charity Registration No. 1144394

Company Registration No. 07658158 (England and Wales)

OSWESTRY TOWN MUSEUM LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

OSWESTRY TOWN MUSEUM LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr R Gough Miss C Killow Miss C L Phillips Mr A M Hignett Secretary Mr A M Hignett Charity number 1144394 Company number 07658158 Registered office Guild Hall Oswestry Shropshire United Kingdom SY11 1PZ

Independent examiner

Azets 5 - 7 Beatrice Street Oswestry Shropshire United Kingdom SY11 1QE

OSWESTRY TOWN MUSEUM LIMITED

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the accounts 6 - 11

OSWESTRY TOWN MUSEUM LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2021

The trustees present their report and financial statements for the year ended 30 June 2021.

The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice (FRS102) applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2015).

Objectives and activities

The objective of the charity is to establish and maintain a museum for the benefit of the public and to collect, preserve, restore and display artefacts relating to the history of Oswestry town and its surrounding area including any links with other areas that have had an impact on the history of the town and its surrounding area.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the

charity should undertake.

The museum opened to the public on 1 March 2012. Since opening, the museum has hosted its standing display as well as participating in the National Heritage Open Days and has hosted a range of educational events and talks.

Achievements and performance

During the year the charity has continued to operate the town's museum.

Financial review

The charity considers that free reserves should be maintained at a level which covers running costs of the charity for a period of six months. During the year the charity is showing a small deficit but remains able to pay its debts as and when they fall due. The trustees are looking to increase the reserves of the charity now that the initial launch has been completed.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Risk management

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

Structure, governance and management

The charity is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr R Gough Miss C Killow Miss C L Phillips Mr A M Hignett

The trustees' report was approved by the Board of Trustees.

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

OSWESTRY TOWN MUSEUM LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Mr A M Hignett

Trustee Dated: .........................

OSWESTRY TOWN MUSEUM LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF OSWESTRY TOWN MUSEUM LIMITED

I report to the trustees on my examination of the financial statements of Oswestry Town Museum Limited (the charity) for the year ended 30 June 2021.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

Azets

5 - 7 Beatrice Street Oswestry Shropshire SY11 1QE United Kingdom

Dated: .........................

OSWESTRY TOWN MUSEUM LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
3
46,173
-
Charitable activities
4
-
1,141
Total income
46,173
1,141
Expenditure on:
Charitable activities
5
18,445
1,141
Net income for the year/
Net movement in funds
27,728
-
Fund balances at 1 July
2020
6,766
1,141
Fund balances at 30
June 2021
34,494
1,141		 Total
Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
46,173
21,196
-
1,141
-
1,308
47,314
21,196
1,308
19,586
14,820
1,308
27,728
6,376
-
7,907
390
1,141
35,635
6,766
1,141		 Total
2020
£
21,196
1,308
22,504
16,128
6,376
1,531
7,907

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

OSWESTRY TOWN MUSEUM LIMITED

BALANCE SHEET

AS AT 30 JUNE 2021

Notes
Fixed assets
Tangible assets
8
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
9
Net current assets
Total assets less current liabilities
Deferred income
10
Income funds
Restricted funds
11
Unrestricted funds		 2021
£
15,635
(2,005)		 £
30,794
13,630
44,424
(8,789)
1,141
34,494
35,635		 2020
£
5,387
(1,780)		 £
14,230
3,607
17,837
(9,930)
1,141
6,766
7,907

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2021.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

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

Mr A M Hignett Trustee

Company Registration No. 07658158

OSWESTRY TOWN MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

Charity information

Oswestry Town Museum Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Guild Hall, Oswestry, Shropshire, SY11 1PZ, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

OSWESTRY TOWN MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery 10% reducing balance Computer equipment 33% and 20% reducing balance Exhibit Costs Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Taxation

The charity is exempt from corporation tax on its charitable activities.

OSWESTRY TOWN MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

(Continued)

1.10 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.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Donations and gifts 6,168 11,196
Grants 40,005 10,000
46,173 21,196

4 Charitable activities

Museum Museum
2021 2020
£ £
Museum 1,141 1,308

OSWESTRY TOWN MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

5 Charitable activities

Depreciation
Insurance
Telephone
Postage and stationery
Advertising
Sundries
Travelling
Charges
Hire and haulage
Heritage open days and other events
Accountancy
Cleaning
Repairs and maintenance		 2021
£
1,587
814
1,108
5,965
1,432
1,032
204
30
-
-
600
3,774
3,040
19,586
19,586		 2020
£
1,812
668
1,602
1,912
1,318
1,116
2,211
40
28
3,950
1,471
-
-
16,128
16,128

6 Trustees

There were no trustees' remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020.

Trustees expenses

There were no trustees' expenses paid for the year ended 30 June 2021 nor for the year ended 30 June 2020.

7 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Total - -

There were no employees whose annual remuneration was £60,000 or more.

OSWESTRY TOWN MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

8
Tangible fixed assets
Plant and
machinery
Computer
equipment
Exhibit Costs
£
£
£
Cost
At 1 July 2020
27,511
10,958
-
Additions
9,130
1,369
7,651
At 30 June 2021
36,641
12,327
7,651
Depreciation and impairment
At 1 July 2020
14,825
9,413
-
Depreciation charged in the year
1,269
318
-
At 30 June 2021
16,094
9,731
-
Carrying amount
At 30 June 2021
20,547
2,596
7,651
At 30 June 2020
12,685
1,545
-		 Total
£
38,469
18,150
56,619
24,238
1,587
25,825
30,794
14,230

9 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Accruals and deferred income		 2021
£
830
-
1,175
2,005		 2020
£
1,183
22
575
1,780

10 Deferred income

Arising from government grants
Arising from being released in year		 2021
£
9,930
(1,141)
8,789		 2020
£
11,238
(1,308
9,930

OSWESTRY TOWN MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

11 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 July 2019 resources expended
1 July 2020		 resources expended 30 June
£ £ £ £ £ £ 2021
£
Acquisition
fund 1,141 1,308 (1,308) 1,141 1,141 (1,141) 1,141

Acquisition Fund

The Acquisition Fund takes donations from members of the public to be used to purchase exhibits for the museum.

Included in the fund is a receipt of a grant from Shropshire Council to help towards the purchase of the initial assets required to furnish the museum. The movement on the fund represents the depreciation of the assets and a matched amount of funding being released.

12 Analysis of net assets between funds

Unrestricted
fund
Restricted
fund
2021
2021
£
£
Fund balances at 30
June 2021 are
represented by:
Tangible assets
20,864
9,930
Current assets/(liabilities)
13,630
-
Provisions and
deferred income
(17,578)
(8,789)
16,916
1,141		 Total
Unrestricted
fund
Restricted
fund
2021
2020
2020
£
£
£
30,794
3,159
11,071
13,630
3,607
-
(8,789)
-
(9,930)
35,635
6,766
1,141		 Total
2020
£
14,230
3,607
(9,930)
7,907

13 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).