# **Annual Report and Accounts** for year ended 31[st ] March **2022** Bishop’s Stortford Museum & Arts CIO trading as CONTENTS Of the Financial Statements for the year ended 31[st] March 22 |Reference and administrative details|1| |---|---| |Report of the Trustees|2 to 32| |Report of the independent auditors|33 to 35| |Statement of financial activities|36| |Balance sheet|37| |Cash flow statement|38| |Notes to the cash flow statement|39| |Notes to the financial statements|40 to 47| |Detailed statement of fnancial activities|48 to 49| ## Bishop’s Stortford Museum and Arts CIO Reference and Administrative details for the year ended 31[st] Mar 22 ## Trustees Deirdre Glasgow Steve Connors Graham Pettit Patrick Brennan Angela Dias Valina Bowman-Burns Ruth Davey (Resigned 28[th] September 22) Keith Warnell (Resigned 5[th] September 22) John Wyllie (Term expired 5[th] June 22) ## REGISTERED CHARITY NUMBER ## PRINCIPAL ADDRESS 1189853 1-3 South Road Bishop’s Stortford Hertfordshire CM23 3JG ## INDEPENDENT AUDITORS Johnsons, Chartered Accountants Statutory Auditor 1-2 Craven Road Ealing London W5 2UA ## KEY MANAGEMENT Chief Financial Officer: James Parker Operations Director: Paula Holland Museum Curator: Chris Lydamore Artistic Programmer: Sue Scott Davison 3 ## Bishop’s Stortford Museum and Arts CIO ## REPORT OF THE TRUSTEES for the year ended 31[st] Mar 22 The Trustees are pleased to present their report with the financial statements of the Charity for the year ended 31[st] March 2022. The Trustees have adopted the provisions of 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). Bishop’s Stortford Museum and Arts CIO (Charitable Incorporated Organisation), trading as South Mill Arts, is the successor charity to Rhodes Birthplace Trust and accepted all assets, liabilities and operations of the former charity on 1st August 2021. The Trustees would like to place on record their thanks for the work of the previous Trustees who, as Rhodes Birthplace Trust, stewarded the work of this important charity on behalf of the people of Bishop’s Stortford and the surrounding area. A summary of the wide range of work and activities of South Mill Arts for our local community appears later on in this report. 4 ## STATEMENT FROM THE CHAIR AND OPERATIONS DIRECTOR _This year has not all been plain sailing and there has been a lot of hard work and sacrifice along the way but unlike last year which was all about survival, this year has been about laying the foundations for our future. Our main priority was to get South Mill Arts open and safe for staff, volunteers and visitors to return following the two years of disruption created by the Covid pandemic. Since emerging from the last lock-down our Front of House has seen the return of live shows, cinema, and music. The museum has welcomed visitors back and outreach work, talks and activities are all on the increase. Our Theatre Lounge is once again bustling with community groups and visitors and we have been able to accommodate even more classes than before._ _The work behind the scenes has been no less intense. We have revised and modernised our governance arrangements by converting to a Charitable Incorporated Organisation (CIO), updated our governance documents and recruited some new Trustees along the way. Looking to the future, ten strategic tasks have been set and we will report back on progress next year._ _We are working on some exciting new plans for the future that will see major investments in our infrastructure which includes the refurbishment of the museum façade. These will help us reduce our carbon footprint and improve our environmental sustainability whilst enhancing our visitor experience and paving the way for our future security - good news for us and good news for the planet. We have also developed a membership scheme to encourage more involvement by the community and supporters of the theatre and museum._ _In closing, we thank the staff, volunteers and Trustees here at South Mill Arts for their incredible support and dedication, and express our gratitude to the Town Council and all our partner organisations, customers and supporters who have worked with us every step of the way, helping us to not just survive but to come back positive and looking forward to the future._ _To know more visit our website www.southmillarts.co.uk or telephone booking office on 01279710200._ Deirdre Glasgow Paula Holland _Chair Operations Director_ 5 ## OBJECTIVES AND AIMS The charitable objectives of Bishop’s Stortford Museum & Arts CIO are; To advance the education for public benefit and to promote the public appreciation of the arts in particular but not exclusively by the provision of a museum, community arts centre, theatre, cinema, art gallery and library. The preservation and maintenance of the collections formerly of the Bishop’s Stortford Local History Society and the Cecil Rhodes Memorial Museum. To promote for the benefit of the inhabitants of Bishop’s Stortford and the surrounding area the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life of the said inhabitants. 6 The Trustees are determined that the venue operated by Bishop’s Stortford Museum and Arts CIO, South Mill Arts, will sit at the heart of the local community and be the focal point of choice for cultural, social, historic and artistic activities in Bishop’s Stortford and the surrounding area. The guiding principles for how we will continue to deliver this overriding ambition are encompassed within our values being; • We are here for • We are our customers committed to continuous • We are honest improvement and respectful of others • We are proud to make a positive • We work as difference to one team our community 7 SIGNIFICANT DEVELOPMENTS FOR THE YEAR Covid-19 restrictions were lifted in May 2021. Up to that point our priority was to adhere to the Government Guidelines that involved keeping our venue closed. We were able to keep our staff through the support of the Government Coronavirus Job Retention Scheme payments and Arts Council England grants and other Local Authority grants. Upon re-opening, our priorities centred around giving staff and our venue users the confidence to return to working and using South Mill Arts. By year end we were delighted that all our regular hirers and clubs had returned to us and that a full programme of Museum talks and auditorium performances was in full swing. We are very grateful to our managers, staff and volunteers for everything they have done to ensure that we have come though the pandemic in such a strong financial position. The activities that have restarted during the financial year has given the charity a firm platform from which it can continue to thrive and be the leading cultural organisation in the area. Bishop’s Stortford Museum and Arts CIO aims to act as an independent steward of South Mill Arts whilst maintaining a close working relationship with Bishop’s Stortford Town Council, who continue to kindly fund us through an annual revenue grant. The Trustees have therefore set up three Committees (Finance, Facilities & Governance and Risk & Sustainability) and two Target Action Groups (Services and Stakeholders) to help the Trustees undertake its governance responsibilities and support the management team. Post year end each of these Committees and Target Action Groups have drawn up their Terms of Reference that are approved by the Trustees. 8 PUBLIC BENEFIT The Trustees confirm that they have referred to the guidance on public benefit contained in documents produced by the Charity Commission, when reviewing the aims and objectives of the Charity and future planning activities. The ‘benefit aspect’ ## The ‘public aspect’ To satisfy this aspect: To satisfy this aspect the purpose must: i. A purpose must be beneficial; and ii. Any detriment or harm that results from the purpose (to people, property or the environment) must not outweigh the benefit. It is the opinion of the Trustees that the benefit aspect has been satisfied by the provision of facilities, theatrical performances and free museum exhibitions providing educational, leisure and cultural benefits to the visitors of South Mill Arts without causing any detriment or harm to others. (i) Benefit the public in general, or a sufficient section of the public; and (ii) Not give rise to more than incidental personal benefit.It is the opinion of the Trustees that the public aspect has been satisfied by the provision of the above services to the general public without discrimination. The Trustees have limited personal transactions with the Charity outside the benefits obtained as members of the Bishop’s Stortford general public. Where these do occur they are done at an arm’s length basis and therefore the Trustees do not consider any individuals to have obtained more than an incidental personal benefit. 9 ## Social Investments ## Grant Making The Charity did not undertake any transactions that qualify as social investments in either the current or prior year. The Charity did not provide any grants to institutions or persons in the current or prior year. 10 As has been described above much of our work in the early part of the reporting year was concerned with following the Covid guidance from the Government and keeping staff and our visitors safe. It was therefore exciting to see audiences coming back to us in September in good numbers for shows such as ‘Uncle Funk’ and even more pleasing that we were able to put on a Christmas show again. In all there were 48 performances of Rapunzel that were very well received by families and schools alike – especially as so many other venues were unable to put on their shows. Our first Santa’s Grotto was a huge success – 588 children visited Santa in the Victorian room of our Museum, which was gratifying as we had to cancel the previous year’s Grotto at such short notice. Our Christmas offering was completed by performances of ‘A Christmas Carol’ and a screening of ‘The Nutcracker’. Despite some hesitancy on the part of some would-be visitors to attend large events, we enjoyed the feeling of returning to normality which was heightened by the box office demand for shows in the new year that had previously been postponed. We also launched our first digital brochure in early 2022. 11 All our regular hirers returned to us, and new ones joined including, calmer yoga, body works and kung fu. Our list of regular hirers or users of our venue is instructive to illustrate the range and diversity of the users of our services and the extent to which the local community benefits from our existence. •Calmer Yoga •Herts & Essex School – technical workshops •Body Works •PQA Drama - •Kung Fu •Over 50’s Fitness Classes •NADFAS Study Days (Fine Arts) •Yoga / Pilates/Kick Boxing/Baby Massage •Weight Watchers •Carers in Herts •Hummingbird Cancer Support •Adult Art Classes •Road Safety Awareness Courses •Variety of local businesses/Solicitors/ Estate Agents/ Care Providers •NHS Trust •Grove Cottage •Learning Disability Forum •Retune •Schools Appeals •Bishop’s Stortford’s first Pride Event – kindly funded by East Herts District Council – the 2021 event was funded solely by South Mill Arts, the 2022 event was funded by East Herts District Council. We also hosted the Hertfordshire Jazz Festival, the Bishops Stortford Means Business Trade Show and the National Blood Transfusion Service blood collection sessions. 12 Finally, our bar and lounge area is used by a large number of regular groups who meet, free of charge, including; •Stroke / Diabetes Group •Breast Feeding Group / Mama Leche •U3A Bridge – twice weekly •U3A Cribbage – fortnightly •Book Club •U3A Scrabble – monthly •Discussion Group –weekly •Philosophy Group – fortnightly •Exidex – experienced individuals ideas exchange – monthly •Methodist Church - weekly •Italian Speaking Group – weekly •Spanish Speaking Group – weekly •Mahjong - weekly •U3A Rummikub – monthly We are grateful to all who have supported us during the pandemic. We are delighted to have been able to welcome back so many members of our community who we know, have missed us and we are looking forward to widening further our reach in the coming years. 13 ## MUSEUM Our volunteers returned helping us to deliver an ever-widening range of activities. Collections volunteers assisted with photographing collection objects, working on our documentation backlog (we now have a total of 43,538 objects on the museum’s database) and information gathering. Our Learning & Outreach volunteers helped deliver the holiday crafts activities, assisting with school visits and providing guided town walks. The summer holiday and half term holiday programmes, which collectively comprised of 22 days of activities, were successfully delivered by museum staff and volunteers. The new combination of booked “Discover & Make” and drop-in session has been well received and has helped us to incorporate more structured learning into the holiday programme. ## Our ArtSpace area hosted two exhibitions; Changing Stortford by Mike Seabourne – a photographic exhibition taking a challenging look on changes that are occurring in Bishop’s Stortford and Startling Stortford which was an in-house production of information posters in the style of horrible histories taking a light-hearted look at some of the quirkier and lesser known facts of our town’s past. A supporting school pack was produced to help schools create their own mini exhibitions. 14 We saw the successful conclusion of this year’s ‘A Space To Be’ project which seeks to support local secondary school aged young people who are experiencing difficulties with mental health, wellbeing and self-esteem. The project, which meets weekly, is facilitated by a professional artist and hosted by our Learning and Outreach Coordinator, in the museum. It draws upon objects in our collections for inspiration. The young people are referred to the project by CAMHS (Children and Adolescent Mental Health Services) who maintain contact throughout the duration of the project (due to the success of the project, a separately funded follow-on legacy project has now commenced). We are of course very much aware that the work of the Museum is not confined to the formal displays at South Mill Arts including our auditorium at which so many of the big names of pop and rock music played their early gigs during the 1960s, but also includes outreach work, undertaken with local schools such as various history related talks, lectures (these were offered in both physical and virtual formats to improve accessibility) and walks that take place across our community. Although the museum did offer some very limited “virtual” support for schools during the lockdown, the disruption to the curriculum meant that we were unable to host a school visit until April 2021 (our first since March 2020) and ongoing problems with CV-19 school infections severely inhibited attendances for the remainder of the year. However, it was gratifying that our first school session, which took place in April 2021, was Cecil Rhodes, a new KS2 session created following the re-display of the Cecil Rhodes Room in 2020/21. This new session helps local schools to discuss and contextualise our colonial past and explore the issues that this may present in a modern multi-cultural society. We are grateful to all our volunteers and staff who work so hard to not only catalogue and care for the artifacts in our safekeeping but also to bring our local history to life so that members of our community can better understand our past and see how it has shaped our locality. 15 **----- Start of picture text -----**
SOCIAL
VALUE
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We are very much aware that our work has a positive social impact celebrating our diversity, contributing to social cohesion, reducing social exclusion and isolation whilst contributing to the well-being and education of our community. It is always difficult to express this contribution in monetary terms but using evidence data from the Department for Digital, Culture, Media and Sport we have calculated that we generate over £1m of social and economic value for our community. Put another way, we generate £3.28 of social and economic value for every £1 of the grant we receive annually from Bishop’s Stortford Town Council. We continue to be grateful for that financial support from the Council and consider we are showing a very good return for the community we serve. 16 ## VOLUNTEERS An active volunteer programme makes a significant contribution to community engagement as well as keeping costs down. All volunteers are invited to two social events during the year, a Summer Tea and Christmas Celebration, to thank them for their continued support. The Charity actively seeks the assistance of volunteers in the following two capacities: ## Performance ushers ## Museum volunteers The Charity is always keen to hear from people who would like to join our dedicated team of ushers, for whom full training is provided. During the year the Charity received support from approximately 40 volunteers who provided ushering services to the Charity. Ushers are used for cinematic and theatrical shows, promotional events and private hire bookings. The number of hours provided by such ushers is typically estimated to be the course of an event and one hour before and after the event. No reliable full-time equivalent value has been able to be calculated by the Charity in respect of a monetary valuation that the Charity benefits from the services donated by volunteers in the year. Volunteering at the Bishop’s Stortford Museum is a great way to experience a variety of opportunities and to learn something new every day. Museum volunteers are involved within the following activities: (i) Cataloguing and archiving objects in the museum collection (ii) Assisting in research for museum projects (iii) Helping with children’s workshops. During the current and prior years, the Charity received support from approximately 15 regular volunteers. The number of hours contributed by volunteers is varied and is subject to movement based on the availability of such volunteers in the year. No reliable full-time equivalent value has been able to be calculated by the Charity in respect of a monetary valuation that the Charity benefits from the services donated by volunteers in the year. 17 ## ACHIEVEMENT AND PERFORMANCE ## FUNDRAISING ACTIVITIES Bishop’s Stortford Town Council Service Level Agreement: Bishop’s Stortford Museum and Arts CIO inherited a Service Level Agreement with Bishop’s Stortford Town Council (that was agreed on 30th September 2019) at the point of accepting the assets, liabilities and operations from Rhodes Birthplace Trust. Part of the annual grant had restrictions placed upon it as a result of a proposed new venue at Old River Lane. Due to changes to the proposed new venue, as detailed in the Rhodes Birthplace Trust 2021 accounts, the Trustees of the Trust resolved to request these restrictions be removed on 28th July 2021. Bishop’s Stortford Town Council approved this request at its next meeting on 4th October 2021. Agreement with Bishop’s Stortford Town Council. The amount paid annually from the Service Level Agreement remains unchanged from when it was agreed at £255,000 per annum, however the amount above is less due to Bishop’s Stortford Museum and Arts CIO accepting all assets, liabilities and operations at 1st August 2021 when half of the annual grant had already been paid to the predecessor Charity. The removal of the restrictions has allowed Bishop’s Stortford Museum and Arts CIO to release a restricted reserve totalling £105,000 into general reserves during the 2021/2022 financial year, as detailed in the notes to the accounts. During the year Bishop’s Stortford Museum and Arts CIO raised unrestricted funds of £127,500 through the Service Level The funds have been raised via the Charity meeting the conditions of the agreement which include: i) Promote Bishop’s Stortford Museum and Arts CIO to the community and have an annual footfall exceeding 120,000; and 18 ii) Establish an annual force exceeding 35 volunteers representing Bishop’s Stortford communities to support Bishop’s Stortford Museum and Arts CIO; and iii) Co-operate in providing the necessary infrastructure in support of community groups and events by providing an annual number of outreach activities and events exceeding 20; and iv) Provide opportunities and activities for a minimum of 12 different schools in the community: and awareness of the Charity; and vi) Operate financial management in a prudent fashion to ensure sustainability and in particular maintain an adequate level of reserves as recommended by the Charity Commission; and vii) Maintain accredited status of the museum and monitor its levels of collections care annually; and viii) Ensure free entry to the museum; and v) To monitor and increase social media, website access, and marketing initiatives that will raise the profile and ix) Ensure free car parking facilities within the capabilities of the venue for all patrons ## BAR AND CATERING ACTIVITIES Bishop’s Stortford Museum and Arts CIO provides a café and bar facility in cohesion with the provision of hire facilities, promotion of the museum, and the provision of theatrical and artistic events. The facilities are open to the public and complement the facilities made available for schools and other groups, which rely on the transportation provided by parents and others. Bar and catering income in the period amounted to £117,911 compared with the direct expenditure amounting to £53,182. The net direct contribution to the Charity’s reserves from the bar and catering facilities amounted to £64,729 which is welcomed by Trustees. Bar and catering expenditure also includes a portion of the support costs included within support costs as detailed within the notes to the financial statements. These are subsequently included in the charitable activities expenditure in order to reflect the nature of the provision of bar and catering facilities within the venue. INVESTMENT PERFORMANCE During the year the Charity received unrestricted investment income of £835. 19 ## KEY PERFORMANCE INDICATORS When considering the Charity’s performance across the financial period the Trustees use the following performance measures in their assessment: 2022 Footfall at the Charity’s principal address in the year 127,328 Number of performances in the year (including panto) Number of cinema screenings held in the year Total theatre / cinema attendees in the year 128 76 11,312 Number of Museum visitors 3,403 20 ## ADDITIONAL MEASURES SOCIAL NO. OF REACH PLATFORM FOLLOWERS Average per month Facebook 4,749 33,060 Instagram Twitter 1,757 11,562 2,692 9,939 EVENTS IN 2022 386 AVERAGE TICKET PRICE £19.50 excluding free events 21 ## STRATEGIC APPROACH FOR THE COMING The Trustees will seek to build upon the work started to during YEAR The Trustees will seek to build upon the work started to during the reporting year to include; A full review of the Constitution and the governance associated with it. The establishment of our Committees and Target Action Groups to support the management team and the Board in their work. The appointment of a new Charity Secretary. Reviewing our Artistic Policy to ensure it is reflecting the ambitions of the Charity to appeal to the full diversity of our local population. 22 To build up the numbers of visitors to South Mill Arts to pre-pandemic levels and more. Ensure we have the appropriate facilities to house and protect the artifacts in our care and those we are due to receive from archaeological sites in our area. Undertake a redesign and redisplay of our public Museum exhibitions to even more effectively tell the story of the development of Bishop’s Stortford. Raise funds to address critical works that need to be undertaken to the infrastructure of our venue to ensure its sustainability in the medium term. We will also review our pricing structures to ensure that our income generation is maximised where possible but always being mindful of our charitable objectives and responsibilities to be as inclusive as possible. We will develop Reserves, Liquidity and Investment Policies for the approval by the Board. We look forward with confidence to being able to report on progress towards achieving each of these targets in next year’s report. 23 ## FINANCIAL REVIEW ## FINANCIAL POSITION The tangible fixed assets net book value of £3,889,105 remains comparable with value of the assets transferred from the predecessor Charity, due to the level of freehold property and improvements to property with net book values of £152,386 and £3,550,911 respectively. No depreciation has been provided on freehold property or improvements to the property as it was the predecessor Charity’s policy to maintain its property to a high standard through a continual programme of refurbishment and maintenance. In the opinion of the Trustees, the residual values are such that any depreciation charge would be immaterial. Heritage assets are not included in the balance sheet as explained in the notes to the financial statements. The balance sheet position shows net current assets of £478,885. The cash held at the bank and in hand amounted to £507,509. Debtors at year end stood at £61,680. Creditors due within one year at year end stood at £162,893. At year end the Charity has freely available current reserves of £315,992 which excludes tangible fixed assets of £3,889,105. Given the Charity’s current levels of expenditure this would allow for approximately three months of trading without further freely available reserves becoming available. At year end the Charity had unrestricted funds totalling £4,205,097 and restricted funds totalling £98,460 as detailed further in the notes to the financial statements. The total funds of Bishop’s Stortford Museum and Arts CIO stands at £4,303,557. ## PRINCIPAL FUNDING SOURCES The Charity’s principal funding sources continue to be grants received, bar income, hire income and theatre income, which the Trustees utilise to facilitate the continued operation of the Museum and promote cultural activities including dance, theatre, education, and cinema within the local community. The total net income for the year reflects the incoming transfer of assets from the predecessor Charity at £4,205,097. **24** Grants from the Charity’s donors are continuing to meet the operating expenses not covered by other income streams. The Charity has previously proven to be remarkably resilient to economic downturns, and Trustees believe that local people continue to prefer utilising local facilities rather than incurring the heavy costs of travelling to London for their cultural entertainment. The Charity finished the period with a largely similar level of reserves as compared to the value of the assets transferred from the predecessor Charity. This is due to prudent financial and operational management together with the constant monitoring of the financial results by Trustees and management. ## INVESTMENT POLICY AND OBJECTIVES The Trustees will develop a comprehensive investment policy in future years. This will take a very cautious view to the investment of surplus funds as these are being retained for furthering the objects of the Constitution. Funds not required for expenditure in the short term are placed on interest earning term accounts with UK banks. The rates of interest obtained on such investments were low during the year, however, it was felt that, in the current financial climate, it would not be prudent to expose the Charity to the significantly higher risks that would be required to achieve a higher return. ## RESERVES POLICY The total funds held at the period end were £4,303,557 and of which £98,460 is maintained within restricted funds for the purpose as described in the notes to the financial statements. After making allowances for restricted funds Bishop’s Stortford Museum and Arts CIO holds £4,205,097 in unrestricted funds for its general usage. Overall, the financial position of the Charity remains healthy despite the lingering effects of the Coronavirus pandemic and is a result of the vigilance of Trustees and management. A substantial proportion of the reserves on the Balance Sheet are represented by the fixed assets totalling £3,889,105 of unrestricted funds. This balance includes the building and property improvements which represent £3,703,297 of unrestricted funds and which the Trustees recognise as a commitment of the reserves the Charity holds. The level of reserves is regularly monitored by the Trustees and at present Bishop’s Stortford Museum and Arts CIO holds a healthy freely available cash balance of £294,706. In order to maximise interest, the Charity invests in higher rate notice savings accounts with a current balance of £212,803. The cash balance plus notice savings represents just under five months expenditure cover. The Trustees regularly review the finances, budgets, and cash flows to aid effective stewardship of Bishop’s Stortford Museum and Arts CIO. In common with other charities the Trustees have elected to invest substantial sums into the Charity’s buildings and facilities. The Charity has a continuing policy of refurbishment, development and investment to maintain excellent facilities for the regular users and visitors of South Mill Arts. The Trustees recognise that the level of reserves fluctuate during periods of investment by the Charity and ensure an adequate liquid reserve is maintained, ideally unrestricted reserves of a minimum 25 three months running costs. The Trustees consider that a level of three months is sufficient given the flexibility provided by the secured grant income made available by the Service Level Agreement with Bishop’s Stortford Town Council, which is payable to Bishop’s Stortford Museum and Arts CIO on a quarterly basis. The Trustees will be reviewing the Reserves and Liquidity policies in future years. ## GOING CONCERN Review of liquidity and reserves: The Charity has reported a cash inflow of £507,509. The Trustees are of the view that the cash reserves as at the reporting date of £507,509 illustrate the reduced risk of the Charity incurring cash-flow concerns in the short-term future. Therefore, there is a medium-term risk to the Charity should the Service Level Agreement not be renewed in 2024, which has been detailed further in the risk management review further in this report. ## Other going concern considerations: Following a detailed and comprehensive review of the Charity’s affairs, the Trustees have no reason, expectation, or intention to cease the Charity’s activities over the foreseeable future. Therefore, the Trustees consider it appropriate they continue to prepare the financial statements on a going concern basis. These financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate. ## Funds in deficit Due to prudent management the Charity remains a going concern at year end. ## Compliance with grant conditions: The Trustees of the Charity have identified the reliance of the Charity on Bishop’s Stortford Town Council for the provision of the annual grant. There were no funds in deficit as at the financial reporting date. ## FUTURE PLANS These are discussed in the strategic approach for the coming year commentary earlier in this report. 26 ## STRUCTURE, GOVERNANCE AND MANAGEMENT ## CHARITY CONSTITUTION Bishop’s Stortford Museum and Arts CIO is a registered charity with the Charity Commission for England and Wales, number 1189853, and is governed by a constitution dated 5[th] June 2020. RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES ## The Trustees: There should be not less than three nor more than eleven appointed Trustees, who must all be natural persons over the age of sixteen (a minimum of one Trustee must be over eighteen years of age). If there are less than three Trustees or no Trustee is over eighteen the remaining Trustees may only act to call a meeting of the charity Trustees or appoint a new Trustee. There must be at least three Trustees present at a meeting of the Trustees to form a quorum, or one third of the total number of current Trustees (whichever is greater). Meetings may be held by suitable electronic means. ## Appointment of Trustees: Trustees must be appointed for a term of four years by a resolution passed at a properly convened meeting of the charity Trustees. In selecting individuals for appointment as charity Trustees, the charity Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. ## Resignation and removal of Trustees: A charity Trustee may retire by notifying the CIO in writing (but only if enough charity Trustees will remain in office when the notice of resignation takes effect to form a quorum for meetings. Trustees will cease to hold office if; they are absent without the permission of the charity Trustees from all meetings held within a period of six months and the Trustees resolve that the absent Trustee’s office be vacated, die, in the 27 written opinion of a registered medial practitioner treating the Trustee has become physically or mentally incapable of acting as a director and may remain so for more than three months or if a Trustee is disqualified from acting as a charity Trustee by virtue of sections 178-180 of the Charities Act 2011 (or any statutory re-enactment or modification of that provision). Any retiring Trustee is eligible for reappointment. ## Terms of office: Trustees must be appointed for a term of four years. ## Remuneration and Expenses: All Trustees give their time freely and no Trustee remuneration was paid in the current and prior year, as disclosed in the notes to the financial statements. Details of Trustees’ expenses and related party transactions are also disclosed within the notes to the financial statements. 28 ## ORGANISATIONAL STRUCTURE The Trustees are responsible for the overall management and control of Bishop’s Stortford Museum and Arts CIO and meet on a quarterly basis for regular meetings in addition to any atypical meetings required to further the progress of the Charity in its objectives. The strategic direction and governance of the Charity are considered to be the key responsibilities of the Trustees, with individual Trustees assisting the key management personnel when available. The Operations Director, Museum Curator, Artistic Programmer and Chief Financial Officer are considered by the Trustees to be the key management personnel of the Charity. The key management personnel report to Trustees and are responsible for direction, control, and delegation of the Charity’s day to day operations based on their role and function within the Charity. Responsibilities of the key management personnel are detailed below. The Trustees determine the general policies of the Charity. The day to day running of Bishop’s Stortford Museum and Arts CIO is delegated to the Operations Director, supported by senior personnel. ## Chief Financial Officer The key responsibilities of the Chief Financial Officer, currently the Chief Executive Officer of Bishop’s Stortford Town Council, are to provide a regular review of the Charity’s performance, providing segregation of duties for internal controls, as well as reporting the financial results to the Trustees. ## Museum Curator The Museum Curator is responsible for the delivery and presentation of the museum exhibitions and shows, as well as the maintenance of the collections held by the Charity on show and in storage. The performance of the Museum Curator’s responsibilities and the museum exhibitions are monitored and reviewed by the Operations Director and the Trustees. ## Operations Director The Operations Director monitors and supports all day-to-day activities of Bishop’s Stortford Museum and Arts CIO with support of other key management personnel, employees, and volunteers. ## Artistic Programmer The Artistic Programmer is responsible for the production and delivery of all theatrical performances by the Charity, as well as the letting of the rooms used for theatrical purposes to third parties. The performance of the Artistic Programmer’s responsibilities, as well as the individual theatrical performances themselves, are monitored and reviewed by the Operations Director and the Trustees. 29 ## INDUCTION AND TRAINING OF NEW TRUSTEES ## Induction: All Trustees are required to sign a declaration of acceptance of office as a Trustee at the first meeting of the Trustees following their appointment. Such declarations may set out particular responsibilities to be undertaken by an individual Trustee. experience, skills and expertise required by the Charity enables the Trustees to reduce the necessity of additional training required by newly appointed Trustees. The necessity for additional skills and training is reviewed internally on a regular basis by the Trustees. ## Training: The Charity intends to ensure suitably trained and experienced individuals are recruited to be Trustees. The ability to recruit personnel with the required Depending on the experience of newly appointed Trustees induction training may be provided if deemed necessary. The level of experience and participation with the Charity sought in the Trustees during the recruitment process reduces the level of induction training normally required 30 ## KEY MANAGEMENT REMUNERATION The key management personnel of the Charity are deemed to be those listed in the Reference and Administrative Details page, as they are those charged with the authority and responsibility for planning, directing, and controlling the activities on a day-to-day basis by the Trustees. Pay and remuneration of the key management staff are determined by the employment or other contractual agreements made following approval of the Trustees. Details of remuneration paid to the key management personnel of the Charity are detailed in the notes to the financial statements ## WIDER NETWORK The Trustees may at any time co-opt individuals to provide advice. Such coopted individuals may attend and take part in meetings of the Trustees and shall not be eligible to vote. They may be excluded from any part of a meeting by resolution of the Trustees. The Trustees may terminate their co-option at any time. ## RELATED PARTIES Bishop’s Stortford Museum and Arts CIO operates with continued support of Bishop’s Stortford Town Council, including the Service Level Agreement provided by the council which provides a significant proportion of the Charity’s incoming resources. The Charity may also have regular transactions with Bishop’s Stortford Town Council by virtue of its operations taking place within Bishop’s Stortford. Further details of transactions with related parties in the current financial year are detailed in the notes to the financial statements. From time to time the Trustees may have routine transactions with the Charity but derive no benefit from having Trustee status. There are no connected charities. ## 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. The main risks to the Charity identified by the Trustees relate to its reliance on grants received from Bishop’s Stortford Town Council should the Service Level Agreement not be renewed in 2024, and the level of fund reserves amounting to £3,703,297 secured within the building and property improvements. Whilst the Service Level Agreement funding offer remains conditional, the Trustees are confident that the conditions can be met. The Trustees therefore deem the likelihood of the Service Level Agreement being withdrawn without notice sufficient prior to renewal to be a medium level of risk, and that the availability of freely available reserves to be suitably addressed in the “Reserves policy” earlier in this report sufficient to manage the risk. 31 ## STATEMENT OF TRUSTEES’ RESPONSIBILITIES The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of Trustees on 27[th] February 2023 and signed on its behalf by: - state whether applicable accounting standards have _Deirdre Glasgow - Chair_ 32 **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BISHOP'S STORTFORD MUSEUM AND ARTS CIO** ## **Opinion** We have audited the financial statements of Bishop's Stortford Museum and Arts CIO (the 'charity') for the year ended 31st March 2022 which comprise the Statement of financial activities, the Balance sheet, the Cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31st March 2022 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Report of the independent auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Report of the trustees is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 33 **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BISHOP'S STORTFORD MUSEUM AND ARTS CIO** ## **Our responsibilities for the audit of the financial statements** We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the independent auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. ## **Identification and assessment of potential risks** In identifying and assessing potential risks related to irregularities in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we conducted: - Discussions with those charged with governance and those who review the charity's internal ethics and compliance reporting summaries, including those concerning investigations; - Enquiries of management, including obtaining and reviewing supporting documentation, concerning the charity's material policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance relating to the detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; - Our reviews of the charity's remuneration policies, and key drivers for remuneration and bonus levels; - Our assessment of the influence of public officials over the operations of the charity including any material transactions with related parties and key individuals; and - Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes the Audit Director and staff who have extensive experience of working with charities in the same sectors as the charity, and this experience was relevant to the discussion about where fraud risks may arise. ## **Risks arising from legal and regulatory frameworks** We are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in which the charity operates, focusing on provisions of those areas that had a direct effect on the determination of material amounts and disclosures in the financial statements. We did not identify any material audit matters related to the potential risk of fraud or non-compliance with laws and regulations from our work: - (i) Reviewing management override of controls; - (ii) Testing the appropriateness of journal entries and other accounting adjustments; - (iii) Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and (iv) Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated our assessment of the relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 34 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BISHOP'S STORTFORD MUSEUM AND ARTS CIO** ## **Use of our report** 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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Edmund Cartwright FCCA MAAT (Senior Statutory Auditor) for and on behalf of Johnsons, Chartered Accountants Statutory Auditor 1-2 Craven Road Ealing London W5 2UA Date: ............................................. 28/02/2023 Page 35 61SHOP'S STORTFORD MUSEUM AND ARTS CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022 Unrestiicted lund Restricted funds Total funés Notes INCOME AND ENDOWMENTS FROM Donations and legach 4,378.825 97,935 4.476,760 Charl¢abl• a¢tlvl¢le8 Facility hire and Wings Museurn Provision Pantornime productK)n Other artistic e¥￿ts Central admlnlstrath)n 91,139 2,560 130.715 196,537 1,750 91.139 2,560 130.715 196,537 1,750 Other tradiThJ activit Investmènt In￿rne 117.911 835 117,911 835 Total 4,920,272 97.935 5.018 207 EXPENDITURE ON Raising funds 53,182 53,182 Charltable actlvltl Faalty hlre and letb'rvjs Museum Prtsvision Pantomirne prOduc￿ort Other artistic events Bar and catering actlvftes Central administratK)n 32.$61 52,625 108,037 231.602 7,071 228,305 32,561 52,625 108,037 231,602 7,071 228,305 Other Totsl 714 650 NET INCOME 4,205,622 97.935 4,303,557 TOTAL FUNDS CARRIED FORWARD 4 205 622 4 303 557 Page 36 BISHOP'S STORTFORD MUSEUM AND ARTS CIO BALANCE SHEET 31ST MARCH 2022 Unrestricted fund Rèstrictèd funds Total fund5 Nole5 FIXED ASSETS Tangibb assets 12 3,889,105 3,889,105 CURRENT ASSETS str￿ks Debtor6 Cash at bank aThJ In hand 13 14 8,156 61,680 409.574 8,156 61,680 507.509 97,935 479,410 97,935 577,345 CREDITORS AnY)unts falliro due within gne year 15 {162.8931 11&2,8931 NET CURRENT ASSETS 316.517 97,935 414,452 TOTAL ASSETS LESS CURRENT UABILITIES 4.205.622 97,935 4,303,557 NEf ASSETS 4,205.622 97,935 4,303,557 FUNDS Unrestricted funds Restricted funds 16 4.205.Wk2 97,935 TOTAL FUNDS The financial statemenls were approved by tha Board ol Trustees and aulh)rised for issue on ..AQ.A3... and were svJned on its behgw by.. Trustge The nol&8 form part ol these finanrAal Statements P8g& 37 BISHOP'S STORTFORD MUSEUM AND ARTS CIO CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2022 Notgs Cash Ilows from 4)poratln4 a¢tlvllles Cash generat￿ from opgr8tion$ 506,674 Net cash provided by oper8tirrfJ aetN￿8$ 506,674 Cash from In￿•11ng odvlti Interest received Net cash Pfovided by Invesb'ro activrties 835 Change In ￿$h and 8qulv?1gnt• In the repo￿n9 perlod Cash and cash •4ulval•nts atth• baginnTrng ol the reportlng perlod 507.509 C•#h and Cash equlvalents atthe end of the reportln9 perfod Page 38 BISHOP'S STORTFORD MUSEUM AND ARTS CIO NOTES TO THE CASH FLI)W STATEMENT FOR THE YEAR ENDED 31ST MARCH 2022 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTMTIES Net incom• for the reporting period las perthe Slotem¢nt of financial a¢tlvltlesl Adlvstments for: Dapreaation charges Interest rec8iV8d Adjustment for donatK)ll-in-kind Increase in stocks Incrèase in debtors Inuease In cr9ditors 4.303.557 1835} 13,927.149} 18.156} {61,680} 162 893 Nèt ¢￿h provld•d by 0￿ratIOnS ANALYSIS OF CHANGES IN NET FUNDS At 114121 Cash flow At 3113122 Net cash Cash at bank and in hand 507,509 507,509 507,509 507 509 Total 507 509 The ￿te8 form part of these finan(ial $￿eMentS Page 39 BISHOP'S STORTFORD MUSEUM AND ARTS CIO NOTES TO THE FINANCIAL STATEMeNTS FOR THE YEAR ENDED 31ST AIARCFF 2022 AccouKfiNG POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financ4al statements of the charity. wh￿h is a public benefit entrty vnder FRS 102, have been prepared in accordance bTrith the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Statemont of Recomrnended Practi(x applicable to ch8riti8s pr6p8rirKJ th*r acujunts in ac(x)rdanc6 Mth the Fin8nri81 ReportiThJ Standard applicable in the UK and Republic of Ir818nd IFRS 102118ffective 1 J8nu8ry 2019>,, Finan(ial RapoitNJ Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of IreLind' and the Charities Act 2011. The finanaal statements have been pfepared under the historKal cnst convention. The financial statements are prepared in stertino whKh is the functional wrrency of the entty and rountled to th& n&arest £. L•oal ststug Bishop's Stortford MuseLim and Arts CIO is wistered wi(h the Charity Cornmission for England & Wales wth Iho regiSte￿¢j charity number 1189853. Golng ¢on¢ern Th& trustees have assessed whether the use of the going Cnn￿rTh basis is appropriate and have consldered ssible events or ￿ndItk)n$ that mlght cast signifi￿rnt doubt on the ability of the charity to continue as a Wng concern. Th8 tIUSte8s have rnade thi5 assessment lor a period of at least one year from the date of approval of the financial statements, with th8 trustees in particular taking in to account forecasts and projections and any pressures on in￿me. After making enouiries the trustees have o)nduded that there is 8 reasonable expectath)n that th& charity has adequate resources to CLJntinue in Operal￿n81 existen¢e for th8 foreseeable future. As such the charity can 8xp8Ct to b8 ab18 to m8et its liabilitias as thay fall dua in the pèrio¢J ol at le85t 12 months from the date of approval of these accounts. However, therg can b8 rio (xrt8inty in r8latKJn to these rnattets. ckn this b8Si5 the trust8e5 h8ve (x)ndude(J that the eharty is a going (y)ncem. The finanaal statements do indude any adjuslments that woukl result from the charity not b8ing abl8 to rn88t its liabilitie5 85 they fall due. Furth8r infOrMat￿n relating to the charity's abllity to ￿ntinUe as a goiroJ ¢oncem can be found In the finane4al review under th8 report of tha trLtstÈès. INCOME All income Is recognised in the Statement of FiDanryal Activities once the charity has ent￿ernenl to the funds, It is probable that the in1￿me ￿711 b6 received and the amount (an be measured reliably. Recelpts taken In advance for the fvture prom5￿n of bar or catering 58rwc85 are not recognisod 8$ incryne untll the Acc¥)untlng per￿d Sn whSch the provLslon of the gcKJds or 8eNces occurs. Income from grants and dona￿OnI DonalKJns and grants 8r8 recognised when they have be8n communicated Ond recwved in writing with nottfication of both the arnount and settlement date. In the 8vent that a donation is subjeci to conditions that require a level of performan￿ before the charity is entitled lo the funds. the incorne is deferred and not r8cognis8d unlil either those Conditions a￿ lully mel or the fulfilment of those ¢onditKJns is wholly within the control of the th8rity and it is probable that those conditions wlll be fullllled in the reportlng period. Hlr• and kttlngs Income Income in relation to the provision of the wditorium. stud￿, OT other property hire is ￿ognIsed wrthin the rerA)rting pèrK¥J thaiiha vonug hirè takes place. Income relating to hire or lettings received in advance of the hirè p8fKKJ are reo)gnised as defa￿ed incorne until the acwunting period during which the v8nu8 hir8 occurs. Show and p•rfomwne• In¢omè Incorne relating to shows and perfornances ocojrring w￿h1n the reportSng penod are reo)gnised as In￿Mè wrthln the accounting perh)d durin9 which th8 show takes placa. Income rdating to shM and performances wwved In 8dvanc8 Ot the 8vent date are rwnised as deferred in(x)rne until thè OC(￿un￿'ng period du￿ng vthich the show C￿￿18. Bar and ¢at•rlng Income Income from the provision of bar or catering goods ands or 58rvic8S takes place. Pag8 40 nbnued... BISHOP'S STORTFORO MUSEUM AND ARTS CIO NOTES TO THE FINANCiAL sTATEMEP￿S- eontlnued FOR THE YEAR ENDED 31ST MARCH 2022 ACCOUTr￿lNG POLICIES- eontinu•d EXPENDITURE Liabiliti& ara rec(￿ntsed as expenditure as as there is 8 18gal or constfuctwè obligation cx)mmitting the ¢h8rily to th81 8xpenditure, it is prOba￿t that a tonsfer of ewnomic ben8fit5 will be required in setuement and the amount of the obligation can b8 m8asur8d r81iably. Expanditure is aco)unled for on an arxruals ba515 and h&$ b8èn dassrfted under headings that aggwate all oost r918t8d to the Ca￿Ory. whe￿ costs cannot be directly attributEd to particular heatllngs they have been alk)ca¢ed to activitie5 on a basis (tjnsistent with the use ol re8ourc8s. ITreqjvgrab￿ VAT Is eharged 4alnst the catwry ofexpendilurg for %thiL* it was incurred. Allocatlon and apportlonment of costs All expenditure Is a¢￿Unted for on an 8ccru818 b8818. All ¢ynsas induding suppKJrt C4)sts, are allctth io the applKxb18 8XP8lltJiture headings In the sts¢￿ent of finaroal actNltie5. Supwrt (￿Sts have been drffer8ntiat￿I between man￿ement I￿ls, finarTrce costs, other cc4ts. and govem8ncs o)sts. Managernent costs comprise the L))Sts ol eMptO￿TrJ key management Fef50nn81 to OV8r588 the eharity's activit￿ in the financi81 year as detailed in the Report of the Truste8S. Fin8nix NOTES TO THE FINANCIAL STATEMENTS. contlnued FOR THE YEAR eNDED 31ST MARCH 2022 DONATIONS ANO LEGACIES Donations Grants 4,349.260 127,500 4,476,760 A one-off donatM)n was rnade by Rhodes Blrthplace Trust to Bi5hop'5 Stortford Museum and Arts CIO for the amount of £4,349,260 Included in thi8 donation were gocmjs for resale. and goods inteThJe(J for on-going use. Where pr*i¢al to do so, goods received have been valu8d at fair value. Grants received frryn Iccal eounals in thg period total £127.5CX). OTHER TRADING ACTIVITIES Bar income Catering income 117.691 220 117911 INVESTMENT INCOME Oeposrt a¢(￿nt intèrest 835 INCOME FROM CHARITABLE ACTMTIES Activty Facility hire and lettings Facility hir8 8nd lattings Museum Provision Pantomime production Pantomime production Other artistic events Other artistic event5 Central admini$tratK)n stud￿ hire income Oih8r property hire Iniun8 Other charitab18 income Charitable show irtoma Other charitable incom8 Charitablè show I￿orne Other ch8ritable income (￿her charilabl8 incomo 64.804 26,335 2,560 129.301 1.414 178,803 17.734 1,750 422,701 RAISING FUNDS OTHER TRADING ACTMTIES Purchases Staff costs 42,204 53.182 Page 43 c¥)nbnued... BISHOP'S STORTFORD MUSEUM AND ARTS CIO NOTES TO THE FINANCIAL STATEMENTS- continu•d FOR THE YEAR ENDED 31ST MARCH 2022 CHARITABLE ACTIWTIES COSTS Support costs (see not8 81 Dlrect Costs Totals Facilty hire and letbngs Museum Provision Pantornirnè prOdUct￿n Other artistic ev8nts Bar and catering a¢￿Vite$ Central administrnlknn 32.561 20.134 32,561 52,625 108,037 231.602 7,071 228.305 32,491 108,037 231,602 3.090 3,981 53,758 549.767 660,201 SUPPORT COSTS Governanc )sts Managernent Finance Other Totals Failty hire and lettings Museum Provision Bar and (atering activites Central adrninlstrat￿￿ 32,561 20,134 32.561 20,134 3,981 53,758 3,981 15,231 52,695 110.434 AUDITORS. REMUNERATK)N Fees payable to the charitls a￿lItOrS for the audit of the chariV8 finanry81 st8t6ments 4,923 10. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, rernuneration or other benefits for the year ended 31st March 2022. TRUSTEES. EXPENSES There were no trustees. expenses paid for the year ended 31st March 2022. 11. STAFF COSTS Wages and Salaries Social security costs Other pensKJn o)sts 200.948 9,5 7,294 The average monlhty numberol ernploye95 duriF¥ the year w85 aslollow5'. Establlshment Museum Art5 and pantomirne Bar and cat8rirYJ 19 No 8mpk&ye8s retsNÈd Èmtsiuménts in èxcéss of£60,000. Indudad within th8 wages and salaries, disdosed above, are $ub¢xJntra¢tor costs of £3,114. The P8nsion Trust Scherne As part of the terrns and conditK>ns of ￿anant •mployman( tha charlty offafs ratirgmgnt benefts. The charty participates in a defined wntribution s¢hem8 OP8rated by The Pension5 Trust. PaJ8 44 BISHOP% STORTFORD MUSEUM AND ARTS CIO NOTES TO THE FINANCIAL STATEMENTS- continu•d FOR THE YEAR ENDED 31ST MARCH 2022 11. STAFF COSTS. COn￿n￿od The cA)st to the charity lor the financAal period was £6,02fj. As at tha reportiro date the ¥npaKI ￿￿tnbJtKYnS induda(J ￿1th1n other rndit¢)rs w85 £1,671. Local Govemment Pension Scheme ILGPSI The charfty operates a d8fined banefit scheme operated by the London PensKJn Fund AUth(￿tY. for one retir mernber of staff. This is a multi-employer scheme and it is not possiblg or appropriate to wnsistently identrfy th8 liabilili8s of tha LGPS whl¢h a￿ attributable to thtr charity as required by FRS 102 seCt￿n 28 "Empbyee Benefits.. Bishops StortfoTd Museum and Arts CIO ther8for8 a(munts for th￿ scheme as rf it wérè a ¢Jafined c0ntrfbut￿n scheme in accordanr* with paragraph 1101 Secti￿ 28 01 th8 FRS 102. During the year the arnount P8vJ in relation to the 3¢hèmè by ehanty was £nil. As at the reporting data the unpaid contributions includgd within othèr uedrtors was £1,267. 12. TANGIBLE FIXED ASSETS Improvements to property Fixtures and fittings Computer uipm8nt Totals COST Additions 3.703.297 218,191 5.661 3,¥27,149 DEPRECIATION Charge lor year NET BOOK VALUE At 31st Mareh 2022 3.703,297 181,756 4.052 3.889.105 Bishop's Storfford Musaum and Arts CIO has b88a in receipt of a donation in kn'nd from Rhodes 8irthpla(* Trust indusive ol goods for on-going use. Fixed assets transferr￿1 undèr such eA)ndftlons should be valued at the f8ir value at the point of transfer between rnarket participants. In thi8 instance. the fixed assets transferred cary 8 b&%poke ané speLYallst nature and rt is imprdLli(*l to 2ppIy 8 fair value to these assets. As suth, all donated goods for on-going us8 will be depreciated over their remaining useful lif8 in line with our existing depwation policy, whweas nwAy purchas* assets will ￿ dopro¢¥ated ov the usdul life in li￿ with our depreciab'on poliw. 13. STOCKS Blshop's Stortford Museum 8nd Arts CIO has been in recwpt of a donatlon in klnd from Rhodes Birthplace TNst inclusive of QCM)ds for resale. Goods transferred under su¢h ￿ndItionS should be valued at the lair value at the wint of transfer betsyeen market Participants. Estimating the lair value of donat￿ goods for resale is often impractKal b8C8use ol the low-value items recewl or the absen￿ ol detailed stock control syst9rn$ or r6o)rds. In this irtstanie. a stock t8ke was ￿ndUcted by an industry SP9rialist to (x)nfim the amount of stock remaining al the year-8nd of Rhodes Birthp*e Trusl, and this value has been aS(￿bed to the stock n Fund 97.935 TOTAL FUNDS 4 303 557 4 303 557 Net movement In funds, Induded In the above are as follows.. Inwming Resources exp8nd8d Movement in funds Unre•trf¢tsd fund¥ Gen8ral fund 4.W20,272 {714,6501 4,205.622 R•¥trict•d funds eook Sales Fund Museum Grant Fund Museum Donations Fund 2,282 3,926 2,2B2 3.926 2,458 1,227 2,458 1,227 Events DonatK)n Fund S106 Contmbutbn Fund 97.935 TOTAL FUNDS 5018207 714 6801 Page 46 continud... BISHOWS STORTFORD MUSEUM AND ARTS CIO NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnu•d FOR THEYEAR ENDED 31ST MARCH 2022 17. RELATEO PARTY DISCLOSURES There were rKJ related party transact￿￿$ lor the year ended 31st March 2022. 18. HIRE PURCHASE AND LEASING COMMITMENTS Bishop's Stortford Museum and Arts CIO is engaged Sn a lease agreement for tha usa of Bishop's Stortford T￿•M Counal's Cemetery Chapel where ther8 are 4 years remaining on this lease agreement. Rentsls paid under rental lease are tharged to the Statement of Finanaal ActSvrties on a straight line basy overthe period of the lease. sck)surs un¢8r Charities SORP IFRS 102) Wlthln l Y•ar 2,047 2.SYeors 6,141 > 5 Years 19. EVENTS SINCE THE END OF THE PERIOD The Tn￿te8$ have 8PFX)inted a Ch8nty Secretary to oversee the adminiStrat￿n and govemance of Charty. Since yaar end the CommitteesThaW Action Groups have met r￿ulartY and ar8 making a signtficant ntribution to the gtsvemance ol the Charity. The Truste8s of Bishop's Stortford Museum and Arts CIO h85 approv&Y Reserves, Investm￿t$ and Liquidty policAes designed to man&38 the ChariVs resources effectivdy. &47 BISHOP'S STORTFORD MUSEUM AND ARTS CIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE Y&4R ENDED 31ST MARCH 2022 INCOME AND ENDOWMENTS Donatlons and 1ogac5os CtJn8tions Grants 4.349, 127.500 4,476,760 Other trading advHles Bar iffi￿9 Catering income 117.691 220 117.911 Investment Incom• Dap05it a￿Ount intorgst 835 Charltabl• a¢tlvitl•s Stud50 hire inwme Crther prop8rty hire incorne Charitable show irwme Other charilable income 64,804 26,335 308,104 23.458 422,701 Total Incomlng rew11r￿ty 5.018.207 EXPEND￿uRE Othertradlng actIvi￿ Purchases Wag85 42,204 10.978 53,182 charitab￿ a¢tivlti•$ Wages Sodal seuJrSty Pèn5K)ns Other opérating168$8S R8t8s and water Insurar¢¢e LKJht and heat Telephone Postage and stationery SubsC￿p￿0￿S Computer costs Maintenance and repairs Marketing costs Professional fee8 Costs of exhibitM)ns and shows Contractor wst Staff training Staff expenses Staff catering Workwear Other staff reLgted cost 144,177 4.898 3.817 9,794 41,452 12,985 4,489 2,335 1,557 8,471 23.947 16.314 17.249 251,728 3.114 815 127 482 437 619 549.767 Thi$ pwJ& 1108$ not fm part oflhe st81utory finonuat stslem8nls Page 48 BISHOP'S STORTFORD MUSEUM AND ARTS CIO DETAILED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31ST MARCH 2022 CharMabl• actlvlths her Pensions 1,267 Support Costs Manwmgnt Wages Soaal securily PensK)n5 45,793 4,692 2.210 52,695 Flnance Bank charges ant and machinery Govèmane• costs Audrtors, rernuner8tK)n Accrjunlancy and leg81188S 4,923 10,308 15.231 Tot81 r8sourcas axpended 714,650 Nèt Ineom6 4 303 557 This pèje does not form part ofthe statutory financial statements Page 49