2021-03-31-accounts

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

Charity Number: 1153109

BANBURY MUSEUM TRUST (A CHARITABLE INCORPORATED ORGANISATION)

UNAUDITED

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

Contents
	Page
Reference and Administrative Details	2
Trustees’ Report	3 – 11
Independent Examiner’s Report	12 – 13
Consolidated Statement of Financial Activities	14
Consolidated Balance Sheet	15
Consolidated Statement of Cash Flows	16
Notes to the Financial Statements, incorporating:
Accounting Policies	17 – 21
Other Notes to the Financial Statements	21 – 32

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DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

Reference and Administrative Details

Trustees

Mr R S Langton Chair (resigned 9 June 2020) Ms R Mileham Chair (from 9 June 2020) Mr A Scott Deputy Chair Mr J E Spratt Mr A C Jones Dr H Forde Mrs A Williams Mr A McHugh Mrs C Adams Mrs S Hussain (appointed 10 March 2021)

Key Management Personnel Mr S Townsend, Museum Director Mrs S Denton, Director of Operations

Principal Address Banbury Museum Spiceball Park Road Banbury Oxfordshire OX16 2PQ

Registered Charity Number 1153109

Independent Examiners Whitley Stimpson Limited 29-31 Castle Street High Wycombe Buckinghamshire HP13 6RU

Bankers HSBC Bank Plc 17 Market Place Banbury Oxfordshire OX16 5ED

Solicitors Spratt Endicott Limited Linden House 55 The Green South Bar Street Banbury Oxfordshire OX16 9AB

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DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report together with the consolidated financial statements of the Banbury Museum Trust (‘the Trust’) for the year ended 31 March 2021.

The year 1[st] April 2020 to 31[st] March 2021 has been exceptional, the museum responding to the Covid-19 pandemic environment. The Museum has necessarily been forced to close during lockdowns, placing all staff on furlough, with the exception of the Museum Director and Operations Director. The government’s furlough scheme has offered essential support replacing visitor income during periods of closure. Inevitably various programmes were paused, including our audience development project Audience Champions; our reminiscence and educational work; and our exhibition and events programmes.

Despite this challenging operational environment, the museum has completed works on the Rosemarie Higham Library, changed the name of the Museum to Banbury Museum & Gallery and raised funds to create a brand-new entrance that offers an improved welcome and retailing. The Museum has also approved a new vision:

Banbury Museum & Gallery is a place of new ideas:

we reflect the past and present, and work with people from all backgrounds to create the future.

Structure, Governance and Management

Constitution

The Trust is a charitable incorporated organisation, incorporated and registered with the Charity Commission for England and Wales on 29 July 2013. The primary governing document of the Trust is its Constitution, dated 29 July 2013 and as amended on 21 June 2018 and 10 June 2021.

Details of the Trustees who served throughout the year are included in the Reference and Administrative Details on page 1.

Members’ Liability

In the event of the charity being wound up, the Members have no liability to contribute to the assets of the Trust and no personal responsibility for settling its debts and liabilities.

Trustees’ Indemnities

In accordance with normal commercial practice the Trust has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on Trust business. The insurance provides cover up to £1,000,000 on any one claim.

Method of Recruitment and Appointment or Election of Trustees

The Trust’s Constitution specifies that the number of Trustees shall be not less than three and not more than nine. All Trustees are appointed for a two-year term except for the Chair of Trustees who is appointed for a three-year term. The Board of Trustees consider nominations for new Trustees who can make a valuable contribution to the strategy and management of the Trust, with any appointments of new Trustees being approved at a meeting of the Board of Trustees.

Policies and Procedures Adopted for the Induction and Training of Trustees.

All Trustees received a general introduction to the Trust, its organisation, structures and employees. Every 2 years all appointed Trustees attend a Trustee training day which outlined their roles, responsibilities and obligations under charity law and applicable guidance issued by the Charity Commission. All Trustees are also updated annually on relevant changes in charity law and Charity Commission guidance as well as attending relevant training courses, seminars and conferences.

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BANBURY MUSEUM TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Organisational Structure

The Board of Trustees are responsible for the overall governance of the Trust. They set the general strategy and business plans for the Trust, approve an annual budget, monitor performance against the plans and budgets and make major decisions about strategy, Museum development and senior staff appointments. The Trustees policy is to meet at least 6 times each year, although for the year ended 31 March 2021 the special circumstances of the pandemic allowed only 4 Board Meetings, supplemented with more frequent less formal meetings.

The Board of Trustees have also established two sub-committees for the purposes of undertaking certain aspects of the governance of the Trust. These are a Resources Committee and a Development Committee. The Board of Trustees appoint the members to these sub-committees, with the members of the sub-committees then electing their respective Chair and Deputy Chair. These sub-committees meet on a regular basis throughout the year in undertaking their respective responsibilities as set out in their respective terms of reference as agreed by the Board of Trustees.

The Trustees have delegated the day-to-day management of the Trust to the senior management team, which is led by the Museum Director.

The Trustees comply with the Charity Governance Code, routinely reviewing governance structures to ensure best practice is adhered to. The Trustees are satisfied that they have applied all the material best practice requirements of the Code and remain focused on the following priorities.

• To develop data of audiences, both users and non-users, within Banbury and the surrounding areas to make the Museum’s services accessible for all, including ‘hard to reach’ communities.

• To ensure all Trustees and senior staff complete an annual declaration of interests and that a separate register of interests is maintained.

• To ensure the Trust has a program in place for the regular / cyclical review of all policies / procedures, as well as ensuring we have a plan in process to address new areas of compliance going forward (such as GDPR, Fundraising etc).

• To regularly review the terms of reference for the sub-committees of the Board of Trustees and their membership.

Arrangements for setting pay and remuneration of key management personnel

The Trustees consider the Board of Trustees and the senior management team to comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day-to-day basis. All Trustees give of their time freely and no Trustee received any remuneration in the current or prior year. Details of Trustees’ expenses and related party transactions are disclosed in note 9 and 22 of the financial statements respectively. The pay of the senior management team is reviewed annually and normally increased in line with average earnings. In view of the nature of the charity, the Trustees benchmark the pay for senior management staff against the pay levels in other Local Authority funded organisations and other similar charitable organisations.

Related Parties and Other Connected Organisations

Although the undertaking of Banbury Museum was transferred to the Trust from Cherwell District Council (‘the Council’) on 1 November 2013, the Trust continues to be supported by and to work closely with Cherwell District Council, as well as having a member of the Council sit on its Board of Trustees. The Trust receives grant funding and service income from the Council, which covers the core operational costs of the Museum, and also buys certain administration and support services and supplies from the Council. The details of the transactions between the Trust and the Council during the year ended 31 March 2021, along with other related party transactions, are set out in more detail in note 22 of the financial statements.

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BANBURY MUSEUM TRUST

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and Activities

Objects and Aims

The object of the Trust, as set out in its Constitution, is “To advance the awareness and education of the public, particularly, but not exclusively, in the history of Banbury, North Oxfordshire and the adjoining counties, and preserve the collections and archives in its stewardship. This will be achieved, in particular but not exclusively, by:

• Effective stewardship of the Museum’s collections and archives;

• Exhibiting, interpreting and providing access to the collections and archives;

• Establishing and maintaining Museum(s), and / or archive(s) for the public benefit, and assisting other organisations in achieving these objectives; and

• Collecting artefacts and archives in the Museum’s own right, or in collaboration with other Museums.

Objectives, Strategies and Activities

The role of the Trust is to enhance the quality of life in the community by promoting understanding and appreciation of the locality and the wider human heritage. This will be achieved by promoting access, interest, and an understanding of the heritage by making collections and associated information accessible to the public. The Trust will also work in collaboration with other museum services to collect, record, conserve and curate evidence of past human activity.

The Trust’s key aims are:

• To maintain and develop the Museum audience.

• To develop the education service for both formal and informal users.

• To engage in research to benefit better interpretation of the Museum’s collections.

• To develop the exhibitions and events programme.

• To build financial resilience and sustainability.

• To be an acknowledged Museum of best practice.

Public Benefit

The Trustees confirm that they have complied with the requirement in the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit in exercising their powers and duties. They have referred to this guidance when reviewing the Trust’s objects and aims and in planning its future activities and are satisfied that the Trust’s activities comply with this guidance and are of public benefit.

Achievements and Performance

The year to 31 March 2021 has been the Trust’s seventh full year of operation of the Museum following the transfer of the Museum to the Trust on 1 November 2013. The Trustees, employees, volunteers and supporters have all contributed to the ongoing development of the Trust and the Museum during this time and all remain firmly committed to the continuing desire to build a successful and sustainable future for the Museum.

The Trust continued to concentrate on its infrastructure, reviewing and revising governance and operations; marketing and communications; retail strategy and activities; and the further development of the Museum’s brand.

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BANBURY MUSEUM TRUST

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

The total number of visitors to the Museum during the year to 31 March 2021 was 17,274 visitors, over 118,000 fewer visitors than the previous year. This fall in numbers followed government legislation in regard to the pandemic, requiring the Museum to close for all, or part, of April, May, June, November, January, February and March. Furthermore, when open the Museum was required to limit access in order to comply with social distancing.

This figure represents users for the whole Museum building, which offers a range of services, and reflects the national picture for cultural venues.

Despite the context, the Museum has continued to excel in many areas during the 2020/21 year, including a new and exciting exhibition in the Pye Gallery and increasing the use of volunteers.

The Museum completed the transformation of the Resource Room, creating the Rosemarie Higham Library, which will offer a new information resource for those interested in the region’s rich local history. Cataloguing will be completed in 2022 by a volunteer library professional, and the catalogue will be made available online.

In terms of the Trust’s achievements and performance against its 5 Strategic Aims for the year, these are as follows:

Sustainability and Organisational Capacity

• The Museum has maintained Full Accreditation, although the accreditation process has been paused in response to the pandemic. The museum will reapply in 2022.

• The Museum has attempted to maintain charitable giving to the Museum despite periods of closure. Of particular note is the grant from the Garfield Weston Foundation, to create a new entrance and welcome to the Museum, which includes a new retail space and improved connectivity to the museum galleries. This work is a priority as the museum is sited in a commercial and cultural quarter currently being regenerated. This capital project will be completed in the financial year 2021/22.

• The Museum has continued to develop and maintain supporters and stakeholders, despite the pandemic.

• The Museum has continued to develop many key business community partnerships despite the pandemic.

• The Museum continues to operate a shop and whilst the Covid-19 restrictions meant that it was forced to be closed during much of the 2020/21 accounting period it continues to post good results.

The Museum Audience

• The Museum has continued to develop its marketing, communications, and fundraising strategy.

• The Museum successfully applied to join the Arts Council England funded, Audience Champions programme. Audience Champions is a 2-year project which will help us to develop a data-driven approach to audience development through the use of Audience Finder. This project has been paused but will recommence in April 2021.

Education and Events

• The Museum’s formal education programme was redesigned for the pandemic, the museum providing outreach materials for use in the classroom.

• The Museum’s events programme was limited, in respect of the closures and social distancing.

• The Museum’s reminiscence programme was redesigned, maintaining contact through newsletters and online events.

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BANBURY MUSEUM TRUST

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

• The lecture programme, managed by partner the Banbury Historical Society, moved online, and was delivered using Teams Live. The equipment to allow this broadcast was purchased through a grant from Arts Council,England.

Exhibitions

• The Exhibition Programme offered in the Pye Gallery included the prestigious show, Portrayals: Paintings & Drawings from the Arts Council Collection, including David Hockney, Lucian Freud and Paula Rego . This exhibition was originally programmed for 3 months but was extended to ensure it was made accessible to the museum’s audiences despite periods of enforced closure.

Monitoring

• The Museum has routinely monitored its performance, covering exhibitions, events and its retail trading activities.

Financial Review

The majority of the Trust's income continues to be in the form of grant funding from Cherwell District Council, the use of which is restricted to the particular purpose of operating the Museum. The grants received from the Council during the year ended 31 March 2021 and the associated expenditure of these grants are shown as Restricted Funds in the Statement of Financial Activities. The Trust also received grant funding from other organisations during the period, principally the Oxford University Museums Partnership who fund the operation of the Museum’s ongoing reminiscence program.

Other income was generated from a range of activities, including educational visits and events, art exhibitions, room hire, the operation of a Visitor Information Centre for Cherwell District Council and the income generated by the Trust’s trading subsidiary, Banbury Museum Trading Limited, which operates the Museum shop. The Trust also generated income from donations, which were received from both individuals and corporate trusts and entities, with the majority of these having been received as part of the Trust’s ongoing Museum development and resilience project.

For the year ended 31 March 2021, the total consolidated operating expenditure (excluding depreciation and amortisation charges, FRS102 pension cost and interest cost adjustments and gallery refurbishment expenditure) was £433,178 (2020: £582,777) while the total consolidated operating income was £560,896 (2020: £569,684) (excluding the Museum development fundraising income). The consolidated operating net surplus for the year was therefore £127,718 (2020: net operating deficit of £13,093).

The Trust’s wholly owned subsidiary company generated turnover for the year of £40,523 (2020: £97,233) with a gross profit margin of £22,518 (2020: £54,826) or 55.6% (2020: 56.4%) and a net operating profit for the year of £nil (2020: £9,991). The periods of forced museum closure dramatically reduced turnover.

The consolidated net deficit funds of the Trust at 31 March 2021 are £60,573 (2019: net surplus funds of £23,442), which comprised of the following:

Restricted General Funds £104,083 (2020: £24,959) Restricted Pension Liability Fund (£339,000) (2020: (£75,000)) Restricted Fixed Asset Fund £10,797 (2020: £26,421) Unrestricted Funds £163,547 (2020: £47,062)

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BANBURY MUSEUM TRUST

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

The pension scheme liability relates to the deficit in the Trust’s defined benefit pension scheme, which was transferred to the Trust from Cherwell District Council on 1 November 2013. Although the eligible employees who transferred to the Trust on 1 November 2013 were transferred on a fully funded basis such that there was no surplus or deficit in the scheme on the transfer date, the FRS102 report produced at 31 March 2021 has assessed that the deficit in the scheme at 31 March 2021 is £339,000. The Trust is currently required to make any accelerated payments to meet this pension scheme liability and were arrangements to change again as result of future actuarial valuations of the scheme, then this would represent an additional cost for the Trust which it would need to be met from its recurring core grant funding and other sources of income. Note: Under the terms of a Guarantee to the Admission Agreement dated 1 November 2013, Cherwell District Council guarantees any outstanding Local Government Pension Scheme liabilities to the extent the Trust is unable to meet any such liabilities in the future.

Overall however, the Trustees continue to be satisfied with the Trust’s financial performance during the year ended 31 March 2021 and its overall financial position at 31 March 2021.

Reserves Policy

The Trustees policy is to review the reserve levels of the Trust on an annual basis. This review will encompass the nature of the income and expenditure streams, the need to match income with commitments and the nature of the Trust’s reserves. The Trustees also take into consideration the future plans of the Trust, the uncertainty over some elements of future income streams and other key risks identified during the risk review process.

The Trustees have determined that the Trust should hold free cash reserves sufficient to cover approximately 1.5months core operating costs, which equates to approximately £68,000. The reason for this is to provide sufficient working capital to cover delays between spending and receipts of grants and to provide a cushion to deal with the reduction in grant funding in future years from the Council, together with unexpected emergencies such as urgent maintenance, long term staff absences etc.

At 31 March 2021, the Trust’s total reserves were in deficit by £60,573, but this included restricted fixed asset funds of £10,797 and a pension scheme reserve (reflecting the deficit on the Trust’s pension scheme) of £339,000. Excluding these, the Trust reserves were £267,630. Of this, £104,083 relates to restricted funds, which can only be expended in line with the requirements of the grants and other funders who provided them. The Trust’s free cash reserves at 31 March 2021 were therefore £163,547 (2020: £47,062).

Going Concern and the Impact of COVID-19

In common with Cultural Organisations across the UK, the outbreak of COVID-19 has had a direct and significant impact on the Trust’s ability to deliver our programme of activities due to the ongoing restrictions. As a result, this has led to a reduction in certain elements of the Trust’s income since 31 March 2020. However, the Trust has continued to receive its core grant funding from Cherwell District during the 2020/21 and 2021/22 financial years.

After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies note of the financial statements.

In making this assessment, the Trust continues to be reliant on the grant funding provided to it by Cherwell District Council, which is provided pursuant to the terms and conditions of the Grant Agreement with the Council dated 1 November 2013. Under the terms of the Grant Agreement, the Council will provide an annual grant to the Trust in respect of each financial year up to and including the year ending 31 March 2024, the use of which is restricted to the core operating costs of the Museum. The basis of the annual grant provided in respect of each financial year of the Trust is dependent on many factors, as set out the specific terms of the Grant Agreement with the Council and includes phased reductions in the annual grant of £10,000 per year from 1 April 2016 onwards until 31 March 2024.

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BANBURY MUSEUM TRUST

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

Investment Policy

The Trust’s investment policy is to maintain all surplus funds in current and deposit accounts with the Trust’s appointed bankers.

Risk Management

The Trustees have a risk management strategy which comprises:

• An annual review of the principal risks and uncertainties that the Trust, and its subsidiary company, Banbury Museum Trading Limited, face;

• The establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and

• The implementation of procedures designed to minimise or manage any potential impact on the Trust should those risks materialise.

The Trustees remain focused on financial sustainability, noting the reliance on grant funding from Cherwell District Council. New initiatives to improve sustainability are focused on improving trading performance, improving the facility to drive more footfall, engagement and trade, and the development of new membership clubs. Necessarily progress with these initiatives has been limited through the pandemic, however funds have been secured for a major redevelopment of the Museum’s shop, promising improved turnover post pandemic.

A key element in the management of financial risk is the regular review of the financial health of the Trust, and the Trustees examine the financial health of the Trust formally every quarter, reviewing performance against budget and overall level of expenditure, as well as reporting to Cherwell District Council every quarter on the operation of the Museum and expenditure of the grant from the Council. The Trust also has a risk register in place, which is regularly reviewed in light of any new information and formally reviewed annually by the Trustees.

The Trustees recognise that the Local Government Pension Scheme could represent a significant potential liability to the Trust in the future. However, as the Trustees consider the Trust is able to meet its known annual contribution commitments for the foreseeable future, the risk from this liability is considered to be minimal. Under the terms of a Guarantee to the Admission Agreement dated 1 November 2013, Cherwell District Council guarantees any outstanding Local Government Pension Scheme liabilities to the extent the Trust is unable to meet any such liabilities in the future.

Attention has also been focussed on non-financial risks arising from Trust’s operations, including the health and safety of Museum visitors and the management of the Museum’s exhibitions and collections. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place and through regular awareness training for staff working in these operational areas.

Plans for Future Periods

Central to the Trust’s Business Plan for the 2021/2022 year is the continued implementation of the fundraising strategy to continue to develop the Museum as one of the region’s leading independent Museums, capable of attracting new funding from individuals, organisations and charitable trusts. Great strides have been made here, as the Museum rethinks its potential geographic reach.

The Trust is well on the way to achieving its four core objectives as set out in the Business Plan, setting the foundations in place to fundraise successfully:

1. Banbury Museum will have broadened its financial support in order to become more sustainable, drawing from among other sources, retail, private and corporate giving.

2. Banbury Museum will be recognised as an excellent example of best practice, illustrating the benefits of good governance and charitable status.

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BANBURY MUSEUM TRUST

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

1. Banbury Museum will offer the highest quality collections and knowledge to its users. The programme of exhibitions and events has included international contributions demonstrating the Museum’s growing intellectual and reputational reach. Of note in the current financial year is the exhibition Portrayals, drawn from the Arts Council Collection, that included work by David Hockney and Lucian Freud.

2. Banbury Museum will be recognised as an acknowledged expert in several fields including the delivery of special exhibitions, local history, reminiscence, and work with a broad audience, including seniors and young people, inspiring them in the arts and science.

These four objectives will be achieved through five themes as follows:

 Sustainability and Organisational Capacity

The Museum will seek investment from individuals, companies, charities, national and European funders, to resource its ambitious programmes. The Museum’s fundraising strategy is a first step to inform the fundraising focus and ensure long term sustainability.

The Museum will invest in its Board, through continuous training to encourage good governance, supplementing the Board with additional skills as required. The annual Awayday Programme makes a vital contribution to this objective.

The Museum will invest in its stakeholders, managing relationships with the purpose of maximising the opportunities available, and contributing to the wider profession to raise standards. To this end the Museum meets routinely with both Cherwell District Council and Arts Council England and enjoys excellent relationships with both.

The Museum acknowledges that financial and environmental sustainability are closely linked, and consequently we will seek to continually improve the environmental and sustainability performance of our activities.

 Museum Audience

The Museum routinely gathers information on its users, and uses this to offer more relevant services, and communicate more effectively. Developing the marketing address list is a priority and is delivering rewards.

The Museum is engaged in a two year programme funded by Arts Council England called Audience Champions, which will develop the Museum’s ability to collect and use audience data.

The Museum continues to develop its Marketing and Communications Plan, reviewing and improving its marketing, and benefitting from a new more dynamic, user friendly website.

The Museum strives to be accessible to all, as defined by the Access Policy Statement. This policy supports our statement of purpose by providing a framework that strives to include all our visitors, potential visitors, and staff. We will make the collections and buildings accessible by removing as many physical, intellectual or cultural barriers to access as practicable, within the limits of budgetary, legal and planning considerations.



Education Services and Events

The Museum is continually developing its formal education programme for schools and young people, to ensure they are relevant and successful.

The Museum will continue extend its reminiscence services, supported through its partnership with Oxford University Museums.

The Museum will offer a broad programme of events, which will draw upon the Museum’s displayed collections and archives, in line with our charitable objectives.

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TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

 Exhibitions

Exhibitions are at the core of the Museum’s work, and it is the Trustees’ intention to build the programme for the Pye Gallery which opened in December 2018, offering visitors access to exceptional collections, exhibitions and knowledge. The Museum Trust continues to build the budget for special exhibitions, ensuring a much-improved programme going forward.

 Monitoring

The Museum will seek peer review, to measure the outputs of this plan, and judge whether the vision has been achieved.

Funds held as Custodian Trustee on Behalf of Others

The Trust and its Trustees do not act as Custodian Trustees of any other charities or organisations.

24/8/2022 | 14:28 PDT

Approved by order of the Board of Trustees and signed on their behalf on …………………….. by:

R Mileham Chair of Trustees

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BANBURY MUSEUM TRUST

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2021

Independent Examiner’s Report to the Trustees of Banbury Museum Trust (the ‘Group’)

I report to the charity Trustees on my examination of the consolidated accounts of the group comprising the Banbury Museum Trust (a Charitable Incorporated Organisation) ('the parent charity') and its subsidiary undertakings for the year ended 31 March 2021 which are set out on pages 14 to 32.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the parent charity and the charity's Trustees as a body, for my work or for this report.

Responsibilities and Basis of Report

As the Trustees of the parent charity you are responsible for the preparation of the consolidated accounts of the group in accordance with the requirements of the Charities Act 2011 ('the 2011 Act') and you have chosen to prepare consolidated accounts for the group. You are satisfied that the accounts of both parent charity and the group are not required by charity law to be audited and have chosen instead to have an independent examination.

I report in respect of my examination of the consolidated accounts carried out under section 152 of the Charities Act ('the 2011 Act'). In carrying out my examination I have followed all the Directions given by the Charity Commission under section 152(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no option as to whether the consolidated accounts present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.

Independent Examiner's Statement

Since the Trustees have opted to prepare consolidated accounts for the group your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the group has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records with respect to the parent charity were not kept as required by section 130 of the 2011 Act and with respect to its subsidiaries as required by section 386 of the Companies Act 2006; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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

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BANBURY MUSEUM TRUST

INDEPENDENT EXAMINER’S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

1. 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 (FRS102).

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.

Mr J Walton BFP FCA FCCA

Whitley Stimpson Limited 29-31 Castle Street High Wycombe Buckinghamshire HP13 6RU

24/8/2022 | 22:36 BST Date:

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BANBURY MUSEUM TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note INCOME Donations and legacies 2 Trading activities 3 Investment income 4 Charitable activities 5 TOTAL INCOME EXPENDITURE Raising funds 6 Charitable activities 7 TOTAL EXPENDITURE NET INCOME / (EXPENDITURE) BEFORE TRANSFERS Transfers between funds 17 NET INCOME /(EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES Actuarial gains / (losses) on defined benefit pension schemes 21 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Funds at 1 April 17 TOTAL FUNDS AT 31 MARCH 17	Unrestricted Funds £ Restricted Funds £ Restricted Fixed Asset Funds £ Total Funds 2021 £ Total Funds 2020 £ 1,334 - - 1,334 43,359 45,906 500 - 46,406 109,944 61 - - 61 85 2,500 610,045 - 612,545 445,410
	49,801 610,545 - 660,346 598,798
	40,523 - - 40,523 87,242 6 462,208 15,624 477,838 586,879
	40,529 462,208 15,624 518,361 674,121
	9,272 148,337 (15,624) 141,985 (75,323) 107,213 (107,213) - - -
	116,485 41,124 (15,624) 141,985 (75,323)
	- (226,000) - (226,000) 443,000
	116,485 (184,876) (15,624) (84,015) 367,677
	47,062 (50,041) 26,421 23,442 (344,235)
	163,547 (234,917) 10,797 (60,573) 23,442

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 17 to 32 form part of these financial statements.

14

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021

Notes FIXED ASSETS Intangible assets 11 Tangible assets 12 Investments 13 CURRENT ASSETS Stock 14 Debtors 15 Cash at bank and in hand LIABILITIES Creditors: amounts falling due within one year 16 NET CURRENT ASSETS NET ASSETS EXCLUDING PENSION SCHEME LIABILITY Pension scheme liability 21 NET ASSETS / (LIABILITIES) FUNDS Restricted Funds Fixed asset funds 17 General restricted funds 17 Pension fund reserve 17 Total Restricted Funds Unrestricted Funds General funds 17 TOTAL FUNDS / (DEFICIT)	Group 2021 £ 2020 £ - - 50,615 57,342 - - 50,615 57,342 7,350 11,958 28,493 145,972 344,805 122,643 380,648 280,573 (152,836) (239,473) 227,812 41,100 278,427 98,442 (339,000) (75,000) (60,573) 23,442 10,797 26,421 104,083 24,959 (339,000) (75,000) (224,120) (23,620) 163,547 47,062 (60,573) 23,442	Charity 2021 £ 2020 £ - - 50,615 57,342 1 1 50,616 57,343 - - 39,204 154,530 338,809 108,552 378,013 263,082 (150,202) (231,974) 227,811 31,108 278,427 88,451 (339,000) (75,000) (60,573) 13,451 10,797 26,421 104,083 24,959 (339,000) (75,000) (224,120) (23,620) 163,547 37,071 (60,573) 13,451	Charity 2021 £ 2020 £ - - 50,615 57,342 1 1 50,616 57,343 - - 39,204 154,530 338,809 108,552 378,013 263,082 (150,202) (231,974) 227,811 31,108 278,427 88,451 (339,000) (75,000) (60,573) 13,451 10,797 26,421 104,083 24,959 (339,000) (75,000) (224,120) (23,620) 163,547 37,071 (60,573) 13,451
			57,343
			- 154,530 108,552
			263,082
			(231,974)
			31,108
			88,451
			(75,000)
			13,451
			26,421 24,959 (75,000)
			(23,620)
			37,071
			13,451

The financial statements were approved by the Trustees and signed on ………………………….. on their behalf by:

R Mileham Chair of Trustees

The notes on pages 17 to 32 form part of these financial statements.

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DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Notes Cash flows from operation activities Net cash provided by operating activities 19 Cash flows from investing activities Interest income Purchases of tangible fixed assets Net cash provided by / (used in) investing activities Cash flows from financing activities New borrowings Net cash provided by / (used in) financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 20	2021 £ 234,952 61 (12,851) (12,790) - - 222,162 122,643 344,805	2020 £ 24,050 85 (12,888)
		(12,803)
		-
		-
		11,247
		111,396
		122,643

The notes on pages 17 to 32 form part of these financial statements.

16

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES

A summary of the principal accounting policies, which have been applied consistently, except where noted, is set out below.

Basis of Preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the 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 issued October 2019 (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Banbury Museum Trust constitutes a public benefit entity as defined by FRS 102.

The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the Trust and its subsidiary undertaking.

The results of the subsidiary are consolidated on a line-by-line basis. No separate SOFA has been presented for the Trust alone as permitted by the Charities SORP (FRS102).

Going Concern

The Trustees assess whether the use of going concern is appropriate (i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern). The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

In common with Cultural Organisations across the UK, the outbreak of COVID-19 had a direct and significant impact on the Trust’s ability to deliver our programme of activities due to the restrictions put into place by the UK Government. As a result, this has led to a reduction in certain elements of the Trust’s income since 31 March 2020. However, with this period now passed, the Trust is now operating on a similar basis to that experienced pre-pandemic with new exhibitions and expansions planned with many already delivered.

Although the Trust has consolidated net liabilities at 31 March 2021 of £60,573, this arises due to the deficit on the Trust's defined benefit pension scheme of £339,000. Excluding the pension deficit, the consolidated net assets of the Trust at 31 March 2021 are £278,427. As such, whilst the Trust remains reliant on grant funding provided by Cherwell District Council, which has phased reductions in future years under the Grant Agreement with Cherwell District Council, the Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. Therefore, after making appropriate enquiries, the Board of Trustees has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

17

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES (continued)

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by funders where the asset acquired or created is held for a specific purpose.

Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the Trust has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Trust of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised in the financial statements.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Trust which is the amount the Trust would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the Trust has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Interest Receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust, which is normally upon notification of the interest paid or payable by the Bank.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

18

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES (continued)

Expenditure (continued)

Support costs are those costs incurred directly in support of expenditure on the objects of the Trust and include project management carried out at Headquarters. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

All expenditure is inclusive of any irrecoverable VAT.

Operating Leases

Rentals under operating leases are charged to the statement of financial activities on a straight-line basis over the lease term.

Investments

Investments in subsidiaries are valued at cost less provision for impairment

Intangible Fixed Assets

Intangible assets costing £nil or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment.

Amortisation is provided on intangible fixed assets at rates calculated to write off the cost of each asset, less their estimated residual value, over their expected useful lives on the following bases:

Website development work - 4 years straight line

Tangible Fixed Assets

Assets costing £500 or more are capitalised.

The heritage assets held by the Trust are represented by collections that are held on permanent loan from other Museums and individuals and as such do not form part of the Trust’s assets and are therefore not included in the Trust’s financial statements.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities.

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the Balance Sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fund in the Statement of Financial Activities and carried forward in the Balance Sheet. Depreciation on such assets is charged to the restricted fund in the Statement of Financial Activities to reduce the fund over the useful economic life of the related asset on a basis consistent with the Trust’s depreciation policy. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery - 8 years straight line Fixtures and fittings - 4 years straight line

19

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES (continued)

Stock

Stocks are valued at the lower of cost and net realisable value after making allowance for obsolete and slowmoving stocks. Cost includes all direct costs.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at Bank and In Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and Provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Pensions Benefits

The Trust operates a defined contribution pension scheme for eligible employees and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

Retirement benefits to certain employees of the Trust, being those employees who were eligible employees who transferred to the charity from Cherwell District council on 1 November 2013, are provided by the Local Government Pension Scheme (‘LGPS’). This is a defined benefit scheme and is contracted out of the State Earnings-Related Pension Scheme (‘SERPS’). The LGPS is a funded scheme and the assets are held separately from those of the Trust in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are recognised immediately in other recognised gains and losses.

20

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES (continued)

Critical Accounting Estimates and Areas of Judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are detailed below.

The present value of the LGPS defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 21, will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pensions liability at 31 March 2021. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

Tangible fixed assets are depreciated over their economic useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors

Critical areas of judgement

The classification of expenditure between restricted and unrestricted funds is a critical area of judgement as certain expenditure can be applied to both funds. Where this is the case and the amounts in question are considered material the expenditure is apportioned to both funding streams on an appropriate basis.

2 INCOME FROM DONATIONS AND LEGACIES

Donations Total - 2020	Unrestricted Funds 2021 £ 1,334 4,245	Restricted Funds 2021 £ - 39,114	Total Funds 2021 £ 1,334 43,359	Total Funds 2020 £ 43,359

21

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3 INCOME FROM TRADING ACTIVITIES

Commercial trading activities Hire of facilities Other trading activities Total - 2020		Unrestricted Funds 2021 £ 40,523 1,520 3,863 45,906 109,944	Restricted Funds 2021 £ - 500 - 500 -	Total Funds 2021 £ 40,523 2,020 3,863 46,406 109,944	Total Funds 2020 £ 97,233 6,605 6,106
					109,944

4 INVESTMENT INCOME

Bank interest Total - 2020	Unrestricted Funds 2021 £ 61 85	Restricted Funds 2021 £ - -	Total Funds 2021 £ 61 85	Total Funds 2020 £ 85

5 INCOME FROM CHARITABLE ACTIVITIES

Museum activities Grants Cherwell District Council Oxford University Museums Partnership Covid-19 Grants Other grants Other funding Service income Exhibitions and events Other income Total Total - 2020	Unrestricted Funds 2021 £ - - - - - - - 2,500 2,500 2,500 510	Restricted Funds 2021 £ 359,100 10,107 92,534 130,696 592,437 10,000 6,728 880 17,608 610,045 444,900	Total Funds 2021 £ 359,100 10,107 92,534 130,696 592,437 10,000 6,728 3,380 20,108 612,545 445,410	Total Funds 2020 £ 359,100 11,278 - 7,650
				378,028
				10,000 40,901 16,481
				67,382
				445,410

22

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6 EXPENDITURE ON TRADING ACTIVITIES

Commercial trading activities Total - 2020	Unrestricted Funds 2021 £ 40,523 87,242	Restricted Funds 2021 £ - -	Total Funds 2021 £ 40,523 87,242	Total Funds 2020 £ 87,242

7 EXPENDITURE ON CHARITABLE ACTIVITIES

Museum activities Staff costs Staff related costs FRS102 pension net interest cost Exhibitions and events Insurance Technology Maintenance of premises and equipment Cleaning Advertising and marketing Service agreements Museum refurbishment and redecoration Printing, postage and stationery Legal and professional fees Bookkeeping and accountancy fees Independent examiners fees Governance support costs Human Resources consultancy Other support costs Bank charges Depreciation and amortisation Total - 2020		Unrestricted Funds 2021 £ - - - - - - - - - - - - - - - - - - 6 - 6 -		Restricted Funds 2021 £ 335,632 371 7,000 25,433 6,890 18,568 353 3,759 3,704 4,615 27,605 1,094 - 13,628 1,500 1,368 1,276 4,980 478 19,578 477,832 586,879		Total Funds 2021 £ 335,632 371 7,000 25,433 6,890 18,568 353 3,759 3,704 4,615 27,605 1,094 - 13,628 1,500 1,368 1,276 4,980 478 19,578 477,838 586,879	Total Funds 2020 £ 387,594 1,208 19,000 45,024 6,518 17,807 1,803 7,726 22,003 4,642 28,411 1,672 449 12,140 1,500 1,920 1,530 5,331 668 19,933
							586,879

23

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8 STAFF COSTS

Staff costs during the year were: Wages and salaries Social security costs Pension costs (note 21)	2021 £ 276,850 16,191 57,120 **350,161 **	2020 £ 332,560 22,519 67,712
		422,791

The average number of persons (including senior management team) employed by the Trust during the year was as follows:

Management Museum Administration and support	2021 No. 2 9 9 20	2020 No. 3 11 12
		26

No staff received remuneration in excess of £60,000 in either the current or prior year.

The total employee benefits, including employer pension contributions and employer National Insurance contributions, for the Trust’s key management personnel for the year were £103,296 (2020: £137,320).

9 TRUSTEE REMUNERATION AND EXPENSES

No Trustees received any remuneration, reimbursed expenses or other benefits during the year ended 31 March 2021 (2020: £nil).

10 TAXATION

Factors affecting tax charge for the year

The Trust is exempt from corporation tax on income falling within the relevant section of the Taxes Act 1988 to the extent these are applied for charitable purposes.

Factors that may affect future tax charges

There were no factors that may affect future tax charges

24

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

11 INTANGIBLE FIXED ASSETS

Group and Charity Cost At 1 April 2020 and 31 March 2021 Amortisation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020	Website £ 16,870
	16,870 -
	16,870
	-
	-

12 TANGIBLE FIXED ASSETS

Group and Charity Cost At 1 April 2020 Additions At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020	Fixtures & Fitting £ Plant & Machinery £ Total £ 160,154 56,104 216,258 12,851 - **12,851 **
	173,005 56,104 229,109
	104,600 54,316 158,916 18,406 1,172 19,578
	123,006 55,488 **178,494 **
	49,999 616 50,615
	55,554 1,788 57,342

25

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13 FIXED ASSET INVESTMENTS

Charity Market Value At 1 April 2020 and 31 March 2021	Shares in group undertakings £ 1

The Trust owns 100% of the issued share capital of Banbury Museum Trading Limited. The company was incorporated on 19 February 2014 and commenced trading from 1 April 2014. Its principal activity is the operation of the Museum shop and the sale of commercial merchandise on behalf of the Trust.

The company’s activities for the year ended 31 March 2021 have been consolidated on a line-by-line basis. The turnover for the year was £40,523 (2020: £97,233) and its result for the year was a profit of £nil (2020: £9,991). The company has net assets at 31 March 2021 of £1 (2020: £9,992).

14 STOCK

Shop stock EBTORS Trade debtors Amounts owed by subsidiary company Other debtors Prepayments and accrued income	Group 2021 £ 2020 £ 7,350 11,958 Group 2021 £ 2020 £ (39) 116,527 - - 12,731 13,156 15,801 16,289 28,493 145,972	Charity 2021 £ 2020 £ - - Charity 2021 £ 2020 £ (39) 115,243 10,711 10,711 12,731 12,287 15,801 16,289 39,204 154,530	Charity 2021 £ 2020 £ - - Charity 2021 £ 2020 £ (39) 115,243 10,711 10,711 12,731 12,287 15,801 16,289 39,204 154,530
			154,530

15 DEBTORS

16 CREDITORS: Amounts falling due within one year

Other loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income	Group 2021 £ 2020 £ 60,000 60,000 15,133 20,068 53,256 39,782 3,700 7,764 20,747 111,859 152,836 239,473	Charity 2021 £ 2020 £ 60,000 60,000 14,456 17,258 51,534 37,991 3,465 4,866 20,747 111,859 150,202 231,974	Charity 2021 £ 2020 £ 60,000 60,000 14,456 17,258 51,534 37,991 3,465 4,866 20,747 111,859 150,202 231,974
			231,974

26

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16 CREDITORS: Amounts falling due within one year (continued)

The other loans comprise a loan provided by the Pye Settlement Trust towards the refurbishment of the temporary galleries which were completed in December 2018. The loan is unsecured and interest free and is conditional upon the Museum continuing to operate for a period of 5 years from the original loan date of May 2017 after which it will be converted to a donation to the Trust.

17 STATEMENT OF FUNDS

TATEMENT OF FUNDS
	At 1					At 31
	April			Transfers	Gains &	March
	2020	Income	Expenditure	In / (out)	losses	2021
	£	£	£	£	£	£
Restricted Funds
Museum fund	-	471,992	(364,779)	(107,213)	-	-
Museum fundraising fund	20,000	-	-	-	-	20,000
Resilience fund	(25,807)	-	(7,906)	-	-	(33,713)
OUMP fund	-	10,107	(10,107)	-	-	-
Library fund	25,000	-	(1,112)	-	-	23,888
Welcome project fund	-	77,200	(579)	-	-	76,621
Other restricted funds	5,766	51,246	(39,725)	-	-	17,287
Pension fund	(75,000)	-	(38,000)	-	(226,000)	(339,000)
	(50,041)	610,545	(462,208)	(107,213)	(226,000)	(234,917)
Restricted Fixed Asset Funds
Fixed assets funds	26,421	-	(15,624)	-	-	**10,797 **
Total Restricted Funds	(23,620)	610,545	(477,832)	(107,213)	(226,000)	(224,120)
Unrestricted Funds
General funds	47,062	**49,801 **	(40,529)	107,213	-	163,547
Total Funds	23,442	660,346	(518,361)	-	(226,000)	(60,573)

The specific purposes for which the funds are to be applied are as follows:

Restricted General Funds

Museum Fund

The Museum Fund represents the core operation of Banbury Museum with the Museum’s activities being funded through the grant funding received from Cherwell District Council together with other income generated from services, events and exhibitions operated by the Museum.

Museum Fundraising Fund

The Museum Fundraising Fund represents a specific additional grant funds that were received from Cherwell District Council when the Museum’s activities were transferred to the Trust on 1 November 2013. The purpose of this grant was to enable the Trust to invest in its fundraising development and establishment costs so with the aim of becoming more self-sustainable with the reduced reliance on grant funding from the Council.

OUMP Fund

The OUMP Fund represents the ‘reminiscence’ program operated by the Trust which is directly funded by grant funding from the Oxford University Museums Partnership (OUMP).

27

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17 STATEMENT OF FUNDS (continued)

Resilience Fund

The Resilience Fund is a project established for the redevelopment and refurbishment of Banbury Museum. Funding for this project has been generated from grants provided by the Arts Council England and from donations from private donors and other charitable trusts and organisations. The deficit balance on this fund at 31 March 2021 arises due to part of the expenditure of this project having been funded from the loan provided by the Pye Settlement Trust. Under the terms of the loan, this will be converted to a donation in May 2023.

Library Fund

The Library Fund represents a project established for the development of the Rosemarie Higham Library at Banbury Museum, which has been funded by donations from private donors for this specific purpose.

Welcome Project Fund

The Welcome Project was conceived in 2015 and recommended as one of a series of Stage 1 capital projects. The project was identified in a development plan commissioned from consultants DCA and funded by Arts Council England. The purpose is to redevelop the Museum’s main entrance, creating a welcoming introduction to Banbury Museum & Gallery, and an attractive retail space.

Other Restricted Funds

The Other Restricted Funds represents funding provided by various other charitable trusts and organisations to support shorter-tern specific projects undertaken by the Trust, including some specialist exhibitions.

Pension Reserve Fund

This relates to the deficit in the Trust’s defined benefit pension scheme.

Restricted Fixed Asset Fund

The restricted fixed asset fund represents the fixed assets transferred to the Trust from Cherwell District Council on 1 November 2013, net of the depreciation charge on these assets.

Statement of funds – prior year

tatement of funds – prior year
	1 April			Transfers	Gains &	31 March
	2019	Income	Expenditure	In / (out)	losses	2020
	£	£	£	£	£	£
Restricted Funds
Museum fund	-	435,947	(481,630)	45,683	-	-
Museum fundraising fund	20,000	-	-	-	-	20,000
Resilience fund	2,514	3,614	(31,935)	-	-	(25,807)
OUMP fund	-	11,303	(11,303)	-	-	-
Library fund	-	25,500	(500)	-	-	25,000
Other restricted funds	-	7,650	(1,884)	-	-	5,766
Pension fund	(475,000)	-	(43,000)	-	443,000	(75,000)
	(452,486)	484,014	(570,252)	45,683	443,000	(50,041)
Restricted Fixed Asset Funds
Fixed assets funds	43,048	-	(16,627)	-	-	26,421
Total Restricted Funds	(409,438)	484,014	(586,879)	45,683	443,000	(23,620)
Unrestricted Funds
General funds	65,203	_114,784 _	(87,242)	(45,683)	-	_47,062 _
Total Funds	(344,235)	598,798	(674,121)	-	443,000	23,442

28

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current year

urrent year
Intangible fixed assets Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges rior year Intangible fixed assets Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges	Unrestricted Funds £ Restricted General Funds £ Restricted Fixed Asset Funds £ Total Funds £ - - - - - 39,818 10,797 50,615 177,309 203,339 - 380,648 (13,762) (139,074) - (152,836) - (339,000) - (339,000)
	163,547 (234,917) 10,797 (60,573)
	Unrestricted Funds £ Restricted General Funds £ Restricted Fixed Asset Funds £ Total Funds £ - - - - - 30,921 26,421 57,342 65,638 214,935 - 280,573 (18,576) (220,897) - (239,473) - (75,000) - (75,000)
	47,062 (50,041) 26,421 23,442

Prior year

19 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income / (expenditure) for the year Adjustment for: Depreciation charges Interest receivable Defined benefit pension scheme cost less contributions payable Defined benefit pension scheme net finance costs (Increase) / decrease in stocks (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash provided by operating activities	2021 £ 141,985 19,578 (61) 31,000 7,000 4,608 117,479 (86,637) **234,952 **	2020 £ (75,323) 19,933 (85) 24,000 19,000 (2,867) (78,206) 117,598
		24,050

29

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20 ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand and at bank	2021 £ 344,805	2020 £ 122,643

21 PENSION COMMITMENTS

Certain eligible employees of the Trust belong to a defined contribution scheme. The total contributions made for the year ended 31 March 2021 were £2,025 (2020: £3,068) and contributions amounting to £nil (2020: £Nil) were payable to the scheme at 31 March 2021.

As described in note 1, certain of the Trust's other employees belong to the Local Government Pension Scheme (LGPS) which is managed by Oxfordshire County Council and which is a defined benefit scheme. The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the LGPS was at 31 March 2021. The LGPS is a funded defined benefit scheme, with the assets held in a separate trustee-administered fund. The total contributions made for the year ended 31 March 2021 were £35,000 (2020: £52,000) of which employer's contributions totalled £24,000 (£2020: £41,000) and employees' contributions totalled £11,000 (2020: £11,000). The agreed contribution rates for future years are 16.3% for employers and varying rates of 5.5% to 6.8% for employees.

Contributions amounting to £2,944 (2020: £4,295) were payable to the scheme at 31 March 2021. As described in note 1, the LGPS obligation relates to the certain eligible employees of the Trust, who were the eligible employees transferred from Cherwell District Council to the Trust on 1 November 2013. Under the terms of the Services Transfer Agreement dated 1 November 2013, the eligible employees transferred to the Trust on 1 November 2013 were transferred on a fully funded basis such that there was no surplus or deficit in the LGPS transferred to the Trust on this date. Under the terms of a Guarantee to the Admission Agreement dated 1 November 2013, Cherwell District Council guarantees any outstanding Local Government Pension Scheme liabilities to the extent the Trust is unable to meet any such liabilities in the future.

Principal actuarial assumptions

The principal actuarial assumptions at the balance sheet date (expressed as weighted averages) were:

	2021	2020
Rate of increase in salaries	2.80%	1.80%
Rate of increase for pensions in payment / inflation	2.80%	1.80%
Discount rate for scheme liabilities	2.05%	2.30%

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed live expectations on retirement age 65 are:

	2021	2020
Retiring today - Males	22.4	22.2
Retiring today - Females	24.7	24.3
Retiring in 20 years - Males	23.4	22.9
Retiring in 20 years - Females	26.3	25.6

30

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21 PENSION COMMITMENMTS (continued)

Sensitivity analysis:

The sensitivities regarding the principal assumptions used to measure the scheme liabilities (i.e. the defined benefit obligations) are as follows:

Discount rate – 0.1% (2020 : - 0.5%) Salary increase rate + 0.1% (2020 : + 0.5%) Pension increase / inflation + 0.1% (2020 : + 0.5%) The Trust’s share of the assets in the scheme were as follows: Equities Gilts and Bonds Property, LLP’s and Diversified Growth Funds Cash Total market value of assets	31 March 2021 £ 40,000 7,000 32,000 31 March 2021 £ 875,000 234,000 74,000 50,000 1,233,000	31 March 2020 £ 146,000 29,000 115,000 31 March 2020 £ 661,000 214,000 68,000 29,000
		972,000

The actual return on scheme assets for the year ended 31 March 2021 was £232,000 (2020: (£183,000)).

The amounts recognised in the Statement of Financial Activities are as follows:

Current service cost Interest on liability Interest on scheme assets Total	2021 £ (55,000) (30,000) 23,000 (62,000)	2020 £ (65,000) (47,000) 28,000 (84,000)

Movements in the present value of defined benefit obligations were as follows:

Opening defined benefit obligation * Current service cost Interest cost Contributions by scheme participants Actuarial (gains) / losses Benefits paid Closing defined benefit obligation	2021 £ 1,047,000 55,000 30,000 11,000 435,000 (6,000) 1,572,000	2020 £ 1,584,000 65,000 47,000 11,000 (654,000) (6,000) 1,047,000

• This is net of the liabilities in the scheme at 1 November 2013 of £242,000 which are funded by CDC.

31

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

BANBURY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21 PENSION COMMITMENMTS (continued)

Movements in the fair value of Trust’s share of scheme assets:

ovements in the fair value of Trust’s share of scheme assets:
Opening fair value of scheme assets Interest on assets Actuarial gains / (losses) Contributions by employer Contributions by scheme participants Benefits paid	2021 £ 972,000 23,000 209,000 24,000 11,000 (6,000) 1,233,000	2020 £ 1,109,000 28,000 (211,000) 41,000 11,000 (6,000)
		972,000

22 RELATED PARTY TRANSACTIONS

Owing to the nature of the Trust’s operations and the composition of the Board of Trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the Trustee has an interest. All transactions involving such organisations are conducted at arm’s length and in accordance with the provisions of the Trust’s Constitution, the requirements of the Charities Act 2011 and the Trust’s normal procurement procedures, and none of the Trustees benefit personally from any such transactions.

The following transactions took place during the year ended 31 March 2021:

Mr A McHugh, who is a Trustee, was also a member of the Council. During the year ended 31 March 2021, the Council providing core grant funding to the Trust of £359,100 (2020: £359,100) and service income for the operation of a Tourist Information Centre by the Trust of £10,000 (2020: £10,000). The Trust also purchased various services from the Council during the year ended 31 March 2021, including ICT provision, graphic design and printing services, which totalled £20,520 (2020: £22,952). At 31 March 2021, the amount owed by the Trust to the Council was £nil (2020: £2,869) and the amount due to the Trust from the Council was £nil (2020: £89,775).

Mr A C Jones, who was a Trustee throughout this accounting period, is also a Director at Cooper Parry. During the year ended 31 March 2021, Cooper Parry charged the Trust for accountancy services totalling £2,750 (2020 : £nil).

Mr J E Spratt, who is a Trustee, was also a Director of Spratt Endicott Limited. During the year ended 31 March 2021, Spratt Endicott Limited charged the Trust for legal and HR services totalling £850 (2020: £1,700). At 31 March 2021, the Trust owed £nil (2020: £850) to Spratt Endicott Limited.

The Trust also re-charged staff and other administration and support costs totalling £22,518 (2020: £44,835) to Banbury Museum Trading Limited, the Trust’s wholly owned trading subsidiary, during the year ended 31 March 2021.

32

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

Banbury Museum Trust Museum & Gallery Spiceball Park Road Banbury Oxon OX16 2PQ

Whitley Stimpson Limited Claremont House 1 Market Square Bicester Oxon OX26 6AA

Dear Sirs

The following representations are made on the basis of enquiries of management and trustees with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the charity’s financial statements for the year ended 31 March 2021. These enquiries have included inspection of supporting documentation where appropriate of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief.

General

• 1 We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK) and that you do not express an audit opinion.

• 2 We confirm that the charity was entitled to exemption under section 144 of the Charities Act 2011 the requirement to have its financial statements for the financial year ended 31 March 2021 audited.

• 3 We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter dated 10 August 2022, under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.

• 4 All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.

Cont/…

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

Cont/2…

• 5 All the accounting records have been made available to you for the purpose of your independent examination. We have provided you with unrestricted access to all appropriate persons within charity, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission.

• 6 The financial statements are free of material misstatements, including omissions.

Internal control and fraud

• 7 We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud.

• 8 We have disclosed to you all instances of known or suspected fraud affecting the entity involving management, trustees who have a significant role in internal control or others that could have a material effect on the financial statements.

• 9 We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former trustees, analysts, regulators or others.

Assets and liabilities

• 10 We have disclosed to you any significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.

• 11 All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.

• 12 We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.

Accounting estimates

• 13 We have disclosed to you any significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.

Legal claims

• 14 We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for, and disclosed in, the financial statements.

Cont/…

DocuSign Envelope ID: 418D32A0-9300-4EC3-BC40-6DD3DCF948A2

Cont/3…

Laws and regulations

• 15 We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.

Related parties

• 16 Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements.

Subsequent events

• 17 All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.

Going concern

• 18 We believe that the charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity's needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity's ability to continue as a going concern need to be made in the financial statements.

Grants and donations

• 19 All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.

Yours faithfully

24/8/2022 | 14:28 PDT ...................................................................... ........................................................ Rebecca Mileham Date Signed on behalf of the board of trustees

Certificate Of Completion

Envelope Id: 418D32A093004EC3BC406DD3DCF948A2 Status: Completed Subject: Please DocuSign: BMT - Consolidated Accounts for 2021 Year Final - ammended IER_1735347.docx, L... Source Envelope: Document Pages: 36 Signatures: 3 Envelope Originator: Certificate Pages: 5 Initials: 0 James Field AutoNav: Enabled [e-mail] EnvelopeId Stamping: Enabled IP Address: 46.31.170.148 Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London Record Tracking Status: Original Holder: James Field Location: DocuSign 24/8/2022 | 15:33 [e-mail] Signer Events Signature Timestamp Rebecca Mileham Sent: 24/8/2022 | 15:55 [e-mail] Viewed: 24/8/2022 | 22:19 Security Level: Email, Account Authentication Signed: 24/8/2022 | 22:28 (None) Signature Adoption: Uploaded Signature Image Using IP Address: 91.125.13.208 Electronic Record and Signature Disclosure: Accepted: 24/8/2022 | 22:19 ID: 8d905d6b-d750-4efa-8ddd-23728d7977da Jonathan Walton Sent: 24/8/2022 | 22:28 [e-mail] Viewed: 24/8/2022 | 22:36 Managing Director Signed: 24/8/2022 | 22:36 Whitley Stimpson Limited Signature Adoption: Pre-selected Style Security Level: Email, Account Authentication (None) Using IP Address: 92.15.61.232 Signed using mobile Electronic Record and Signature Disclosure: Not Offered via DocuSign

In Person Signer Events	Signature	Timestamp
Editor Delivery Events	Status	Timestamp
Agent Delivery Events	Status	Timestamp
Intermediary Delivery Events	Status	Timestamp
Certified Delivery Events	Status	Timestamp
Carbon Copy Events	Status	Timestamp
Alastair Scott		Sent: 24/8/2022
[e-mail]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 10/8/2022	16:03
ID: 6afe123c-515d-450d-ba16-ad08846128be

Witness Events

Signature

Timestamp

Notary Events	Signature	Timestamp
Envelope Summary Events	Status	Timestamps
Envelope Sent	Hashed/Encrypted	24/8/2022
Certified Delivered	Security Checked	24/8/2022
Signing Complete	Security Checked	24/8/2022
Completed	Security Checked	24/8/2022
Payment Events	Status	Timestamps
Electronic Record and Signature	Disclosure

Electronic Record and Signature Disclosure created on: 14/1/2021 | 09:22 Parties agreed to: Rebecca Mileham, Alastair Scott

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