2023-03-31-accounts

Annual Report and Accounts for year ended 31st March 2023 Bishop's Stortford Museum and Arts CIO trading as South Mill Arts

Contents Of the financial statements for the year ended 31st March 2023 3 Reference and Administrative Details 4 - 32 Report of the Trustees 33- 35 Report of the Independent Auditors 36 Statement of Financial Activities 37 Balance Sheet 38 Cash Flow Statement 39 Notes to the Cash Flow Statement 40- 48 Notes to the Financial Statements 49 - 50 Detailed Statement of Financial Activities *A

Trustees Deirdre Glasgow Steve Connors Graham Pettit Patrick Brennan Angela Dias (resigned 29" April 20231 Valina Bowman-Burns Michelle Bri nklow (appointed l°'March 20231 El iza beth Ph i I l i PS lappointed ISI March 20231 Yvonne Estop (appointed l&t March 20231 Teresa Di Falco (appointed 24" May 20231 Gina Thomas lappointed 24. May 20231 Charity Secretary Catriona Dodsworth (appointed 7th September 2022) Principal Address 1- 3 South Road Bishop's Stortford Hertfordshire CM23 3JG Registered Charity Number 1189853 Independent Auditors Johnsons, Chartered Accountants Statutory Auditor 1- 2 Craven Road Ealing London W5 2UA Key Management Operations Director: Museum Curator: Artistic Programmer: Paula Holland Chris Lydamore Sue Scott Davison Iresigned 31"July 20231 Emma Filby (appointed I'september 20231

Blshop'.s Report of the Trustees For the Year ended 31st March 2023 eum and Arts CIO The Trustees are pleased to present their report with the financial statements of Bishop's Stortford Museum and Arts CIO (the "Charity") for the year ended 31$t March 2023. 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 1st January 2019). Bishop's Stortford Museum and Arts CIO (Charitable Incorporated Organisation), trades as South Mill Arts, hosting the Bishops Stortford Museum? performing and visual arts spaces providing an invaluable community hub for the people of Bishops Stortford and the surrounding area.

Statement from Chair and Operations Director If last year's report was celebrating our return after the effects of the pandemic started to recede, this year's report is all about consolidation and future growth. We have had many challenges with issues from ageing infrastructure and energy bills increasing to a six figure sum but this has not deterred us as we continue to grow and develop. We have delivered a packed theatre/ cinema programme, drama, heritage, walks, talks and holiday activities. We have been actively engaging with new partners enabling us to host even more inclusive community focused activities. In spite of a challenging financial environment, we have been able to invest in our museum, carrying out repairs and increasing our storage capacity in anticipation of receiving exciting new archaeological archives over the next few years. The museum is a fantastic heritage resource for the town that has been open since the 1930's. Moving into 2023 we continue to build upon our success as an Arts and Heritage Centre and will celebrate 60 years since we first opened our theatre doors and added this additional venue to the museum site. We will host a South Mill Arts 60th Birthday Celebration event inviting all of the local community. South Mill Arts team includes our fabulous staff. Trustees and volunteers and we extend our sincere gratitude for their continued dedication and support. The commitment of everyone involved has helped to create and continually develop this excellent 'go to place, in Bishop's Stortford. FdT We also thank Bishop's Stortford Town Council, our partner organisations, customers and supporters who play a huge part in the success of South Mill Arts. Deirdre Glasgow Chair Paula Holland Operations Director

. Museum * Theatre • Cinema • Maltings Bar Llve Mu¥iL ace min rencl ',Wfiere }IiTrii ca cele6iate tlie IIT Objectives and aims > The charitable objectives of Bishop's Stortford Museum and 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. 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 our customers We are honest and respectful of others We work as one team We are committed to continuous improvement We are proud to make a posltlve dlfference to our communlty

Sign ifica nt activities Last year's report celebrated our return to trading following the Covid-19 pandemic, this year's report concentrates on our return to our full range of activities and growth for the future. Working with a number of new partners, we now deliver an even wider range of events, from heritage walks to live music, drama and school holiday activities for local families as well as hosting an ever- increasing number of local clubs and organisations. Despite the pressures placed upon our finances, caused by our annual energy costs doubling to more than £IOO,000 pa and the inevitable impact of inflation, we have invested in our museum, carried out essential repairs and signed a Memorandum of Understanding with the Town Council that will hopefully secure finance that will help us to undertake overdue repairs to the infrastructure of the South Mill Arts building and develop the services we offer from our site. We are grateful to the Town Council for their support in reaching this stage in negotiations and for their continued support through their annual operational grant. During 2023 we will celebrate 60 years since our auditorium doors opened to audiences and what were to become some of the most iconic music acts of the 20th and early 21st centuries. At the same time, through our investment in our museum storage facilities, we are ready to receive artifacts from the various archaeological digs around the town that will greatly enhance our knowledge and understanding our Town's Roman history.

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 planning f uture activities. The public benefit requirements have two aspects: The 'benefit aspect,: To satisfy this aspect: 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. The 'public aspect,: To satisfy this aspect the purpose must: 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.

Social investments The Charity did not undertake any transactions that qualify as social investments in either the current or prior year. Grantmaking The Charity did not provide any grants to institutions or persons in the current or prior year. TAff)

What we do for our Community The year covered by this report was the first year we were able to be fully open following the pandemic. Since we re-opened, we have seen a trend whereby audiences buy their tickets much later than they used to. Whilst audiences were understandably slow to regain their confidence in attending crowded events, it was amazing to see so many groups using our auditorium, theatre lounge and conference rooms. A decision was made to re-introduce our printed brochure which was distributed to all households in Bishop's Stortford. Our aim at South Mill Arts is to provide the best services we can for our local community and we have welcomed the opportunity to work with partner organisations in delivering a broad and inclusive range of events and activities. Bishop's Stortford Town Council is our primary sponsor and without their continued support we would not be able to operate. By working in partnership we are able to bring a vast range of cultural activities to the local community.

We have developed partnerships working with: Retune A local organisation which inspires young people to improve their mental health through a creative musical outlet. Hummingbird Cancer Support Group Have increased their fortnightly booking to weekly and are now a registered charity offeri ng physical, mental and social support to individuals and their families who receive a cancer diagnosis. Grove Cottage Home of Mencap in Bishop's Stortford providing social and education activities for people of all ages and learning disabilities. South Mill Arts hosts their regular weekly session. Unique Disco Fun monthly event offering an inclusive disco evening for adults with learning/ physical difficulties and d isabilities. Visual Arts Group Recently formed this group of volunteers have joined together to develop the arts offer in Bishops's Stortford The Art Society Bishop's Stortford Formerly BSDFAS, holds monthly meetings with additional study days throughout the year. White Trees A local company who provide specialist care and education for vulnerable young people are also our Sponsor for the Christmas programme

Our list of regular hirers or users of our venue is instructive to Illustrate the range and diverslty of the users of our servlces and the extent to whlch the local community benefits from our existence. This financial year we have increased the number of hirers and users: Community Education Blshop's Stortford's Prlde Event * IP ,V,41" Adult Art Classes Blshops's Stortford Performlng Arts Arts Soclety Blshop's Stortford BSMT Senlor Rehearals .'Future Blllnguals Carers in Herts HCC Speed Awareness Compass Fostering Herts & Essex School - technical Grove Cottage workshops Hummlngbird Cancer Support Kumon Educatlon Learnlng Dlsablllty Forum NADFAS Study Days (Flne Arts) Lords Vine Church Whlte Trees Educatlon National Blood Donation Sessions NHS Trust stortford Performers Local buslnesses/Sollcltors/Estate Agents/Care Provlders Water Lane Rehearsals Health Ashtanga Yoga Baby Massage classes / Antenatal classes Bedazzle Bodyworks Bounce Calmer Yoga Kung FU Mini Mantras New Man Yoga Weight Watchers Dance Flexifit Graham School of Dance KDB Dance School Llttle Dance Academy SOSA Stepshak Tappy Toes Zumba Gold * The 2021 Pride event was funded solely by Bishop's Stortford Museum and Arts CIO however the 2022 event was kindly funded by East Hertfordshire District Council.

South ill Arts We are also host to 25 National Blood Transfusion Sessions plus an annual Blshop's Stortford Means Buslness Trade Show and the Hertfordshlre Jazz Festival Our bar and lounge area Is used by a large number of regular groups who meet free of charge, including; Art Group Craft Maklng Group French Speaklng Italian Language x 2 Knitters Group Mahjong Mld Week Muslc Retune Spanish Language U3A bridge U3A cribbage U3A scrabble ber 2022 saw our flrst full Chrlstmas programme slnce the pandemlc, and you could see the excitement written on people's faces - and that was just the staffl At the beginning of December, Santa made the first of 63 appearances In hls grotto. Our panto, Jack and the Beanstalk ralsed its curtain for 50 performances receiving a 5 star review from the local Independent. Our Christmas programme also included a Chas n Dave tribute night In the bar, a screenlng of The Nutcracker from the Royal Opera House, carol slnglng and an adult panto performance of Clnderella and her Naughty Buttons. We are so looklng forward to our 2023 panto - Clnderella. Seats have already been snapped up as early as in January when the tickets went on sale only confirming how important our Christmas programme is to the local community. We continue to be grateful to all who support us. We are delighted to have been able to welcome back so many members of our community following the pandemlc. It has been wonderful to see the bulldlng full of people agaln. 13

Ilishop5 Stfj LTU The volunteer support for the museum has continued to grow as operations normalised after the pandemic and their activities can, to a greater or lesser extent, now be felt throughout the museum. We typically have 15 active volunteers at any one time who collectively contribute an estimated 40 hours per week the equivalent of an additional full-time post for the museum or 2,000 hours for the year! Museum TL 5EEDLOIIN&FERTI 5coTCH SEED POTA HAR In 2022/23 we provided a total of 24 days of craft and holiday activities. all of the activities were devised in-house and were i Jointly delivered by staff and volunteers. Our monthly pre-school "Storytime" sessions also continue to enjoy good attendance. The sessions, which comprise a story, colouring-in and a craft activity, are delivered mainly by volunteers in the museum's e. Victorian Room. We also provided a total of 22 talks and guided walks throughout the year and 14 museum guided tours. Following the success of last years externally funded "A Space to Be" project (completed in March 20221, the main project partner, Bishop's Stortford Primary Care Network IPCN), elected to directly fund a further two eight-week blocks of activities for the project during the year. The value of this project was further endorsed when the Museum was nomlnated for, and won, the Hertfordshlre Assoclatlon of Museums 2023 Wellbelng award in recognition of the outstanding success of the projecL 2022 also saw us run "Young Curators" a series of 8 weekly sessions for people aged 14-20 giving an overview of the work of museums and the opportunity for participants to get some hands-on experience of collections care and display creation. Buoyed by the success of the initial pilot, a second series of sessions was delivered in early 2023 and we are now in discussion with East Herts DC to obtain grant funding for a further two years, worth of activities under their UK Shared Prosperity Fund scheme. The ongoing refurbishment of the listed buildings continued with the re-establishment and extension of the French drain along the front and side of the building and essential repairs to the soffit. We were also able to re-purpose the former Education Room to provide us with a fully equipped archaeology store in anticipation of the deposition of excavation archives from local sites and to make desperately needed improvements in our main store to the fine art storage racks.

The Artspace also saw increased use this year, hosting four exhibitions: The 2022/3 Chrlstmas Panto exhlbltlon - celebrating 17 years of Christmas fun and f rol ics St. Mlchael's Church bells restoratlon project - detailing the removal of the bells, refurbishment and upgrade of the bell tower facilities and the celebratory re- installation of the bells in the town's oldest and most iconic church Hadham School Anniversary Exhibition - marking 70 years since the opening of this pioneering local school, the exhibition featured photographs, uniforms and artifacts from the museum's collections and loaned for the exhibition by former students. Rlchard Klng 2023 a retrospective look at the work of local artist and photographer, Richard King 2023 was the first in our year-long season of exhibitions to celebrate the 60th anniversary of the opening of the Commonwealth Centre. Members of the museum team were also involved in the East Herts District Council Cultural Strategy Delivery Group, The Hertfordshire Association of Museums, The Hertfordshire Archaeological Network and the newly formed SMA Visual Arts Group. We continue to be 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. South Mill Arts 15

Social Value 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. Liie M,'.Isic AEtSpace Performi 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 £lm 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 Bishops 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. 'Frrdeiw',

An active volunteer programme makes a significant contribution to community engagement as well as much needed help and support when putting on events. Without them, those events could not take place. Volunteers 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: l) Museum volunteers: Volunteering at the Bishop's Stortford Museum is a great way to experience a variety of opportunities and to learn something new every day. M useum volunteers are involved within the following activities: i. Cataloguing and archiving objects in the museum collection; and ii. Assisting in research for museum projects. and 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. 2) Performance ushers: The Charity is always keen to hear from people who would like tojoin our dedicated team of ushers, for whom full training is provided. During the year the Charity received support from approximately 34 people 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. Our volunteers have given us 3,512 hours during the reporting year for which we are very grateful. Without our volunteers, we could not do the work we do for the community. 17

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. During the year Bishop's Stortford Museum and Arts CIO raised unrestricted funds of £255,000 through the Service Level Agreement with Bishop's Stortford Town Council which is due for review by 31 March 2024. The conditions of the agreement include: Promote Bishop's Stortford Museum and Arts CIO to the community and have an annual footfall exceeding 120,000. and 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 v. To monitor and increase social media, website access, and marketing initiatives that will raise the profile 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 ix. Ensure free car parking facilities within the capabilities of the venue for all patrons. 18

Bar and Catering Activities Bishop's Stortford Museum and Arts CIO provides a cafe and bar facility alongside 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 compliment 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 £177,924 (2022: £117,911) compared with the direct expenditure amounting to £88,005 {2022: £53.182). The net direct contribution to the Charity's reserves from the bar and cateringfacilities amounted to £89,919 (2022: £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 £8,755 (2022: 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. During the year, we have improved the way we collect this information which accounts for an understatement of performance in past years. Our Service Level Agreement with Bishops Stortford Town Council is due for review after the year end and we expect that we may well agree some new Performance Indicators that will appear in next years report. 2022 2023 Footfall at the Charity's principal address in the year Number of performances in the year (including panto) Number of cinema screenings 76 held in the year Total theatre / cinema attendees in the year Number of Museum visitors 127,328 154,548 128 147 51 11,312 38,131 3,403 8,345 Number of Museum events (including Santa's Grotto) Average ticket price (excluding £19.50 f ree events) Number of followers Facebook Instagram Twitter TikTok 386 480 £14.66 4,749 Ireach 33,0601 5,331 (reach 293,1441 1,757 (reach 11,5621 1,904 (reach 53,7921 2,692 1 N/A reach 9,9391 2,682 1 183 reach 57,5131 Strategic approach for the coming year The Trustees are pleased to report good progress on a number of the strategic activities started last year. Further progress has been seen since year end on those areas we were not able to address in the reporting year. 20

Strategic Activity Progress Comment l. A full revlew ol the Constitutlon and the governance assoclated wlth It. Our Governance document was revlewed durlng the reportlng year alongslde a new Flnanclal Risk Controls Policy. Both were approved by Trustees in May 2023 2. The establishment of our Committees and Target Aotion Groups to support the management team and the Board in their work. The year saw the Committees for Governance Risk & Su¥tainabilityi Facilities and Finance working well on behalf ofthe Board. The Target Actlon Groups for Servlces and stakeholders were also establlshed durlng the reportlng year 3. The appointment of a new Charity Secretary. We were delighted to appoint Catriona Dodsworth in September 2022 4. Reviewing our Arti$ti¢ Poli¢y to en$ure it is reflectlng the ambltlons of the Charlty to appeal to the full dlverslty of our local populatlon. We ore undertaking a Strategi¢ review for the charlty startlng September 2023. A revlew of the Artlstlc Pollcy should be part ofthls work 5. To build up the numbers of visitors to South Mill Arts to pre-pandemic levels and rnore Visitors number for the year 154,548 - ahead of pre-pandemic levels 6. Ensure we have the appropriate facilities to house and prote¢t the artifa¢t$ in our Care and those we are due to recelve from archaeological sltes In our area. We have invested significant funds in our fine art and archaeological Storage facilities housed in our bulldln& 7. Undertake a redeslgn and redlsplay of our publlc Museum exhlbltlons to even more effectively tell the story of the development of Bishop's Stortford. The creatlon of new storage facllltles now means we are well placed to progress our redisplay plans. Work is in hand to improve the lighting in the Museum and a plan is in place to ¢ommen¢e the re-disploy work 8. Raise funds to address critical works that need to be undertaken to the infrastructure of our venue to ensure Its sustalnablllty In the medlum term A Memorandurn of Understanding has been agreed with Stortford Town Coun¢il to roi$e £2.97m. The Agreement Involves the sale of our f reehold slte to the Town Councll In return for a long lease of 125 years belng granted to the Trustees. It is hoped this transaction will be completed in early 2024. 9. We will also review our pricing structures to ensure that our income generation is maximised where possible but alway$ being mindful of our charitable objectives and responslbilitles to be as Incluslve as posslble Our pricing structure has been reviewed on several occasions during the year in response to the impact of unusually high inflation afferting staff, utilities and other supply costs taklng Into account the competitlve marketplace. 10. We will develop Reserves, Liquidity and Investment PoliGie$ for approval by the Trustees. A new Reserves, Liquidity and Investment Policy was approved by Trustees on 7th September 2022 21

The Trustees are happy with the progress that has been made in revising our governance and processes - all of which gives the CIO a good basis from which to review its strategy in the coming months. In September 2023 the Trustees will commence this strategic review to determine our priorities for the next five years or so. We look forward to detailing these priorities in our next report. Financial Review Financial Position The tangible fixed assets had a net book value of £3,865,260. (2022: £3,889,105) This is due to the level of freehold and improvements to property with net book values of £3,703,297 (2022: £3,703,297). No depreciation has been provided on freehold property or improvements to the property as it is the 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 £418,035 {2022: £414,452). The cash held at the bank and in hand amounted to £525,240 (2022: £507,509). Debtors at year end stood at £65,193 (2022: £61,680). Creditors due within one year at year end stood at £179,238 (2022: £162,893). At year end the Charity had unrestricted funds totalling £4,185,344 {2022: £4,205,622) and restricted funds totalling £96,279 (2022: £97,935) as detailed further in the notes to the financial statements. The total funds of Bishop's Stortford Museum and Arts CIO stands at £4,283.295 (2022: £4,303,557). The total net deficit for the year stood at £20.262 (2022: surplus £4,303,557 reflecting the incoming transfer of assets from the predecessor Charity of £4,349,260 on 1st August 2022). Since the transfer of assets from the predecessor Charity took place on 1st August 2022 the figures for the prior financial year represent eight months operational trading income and costs. Care should therefore be taken in drawing direct comparisons between current and prior year trading figures. 22

Principal funding sources The Charity's principal fund ing 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. 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 particularly during a period when so many household incomes are under pressure from rising inflation, energy costs and interest rates. The Trustees are very grateful for the continued support of our local community who act as volunteers and attend our events. That support is never taken for granted. The Charity finished the period with a slightly reduced level of reserves, as compared to the value of the assets transferred from the predecessor Charity as a result of necessary capital expenditure and increased trading costs. The Charity has continued its prudent financial and operational management together with the constant monitoring of the financial results by the Trustees and management team.

Investment policy and objectives The Trustees 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 rose during the year as Base rates were increased by the Bank of England. Trustees consider 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 from other forms of investment. tford: d Bulldings 24

Reserves policy The total funds held at the period end were £4,283,295 (2022: £4,303,557), of which £96,279 (2022 £97,935) is maintained within restricted funds for the purpose as described in the notes to the financial statements. A substantial proportion of the reserves on the Balance Sheet are represented by the fixed assets totalling £3.865,260 (2022: £3,889,105) of unrestricted funds. This balance includes the building and property improvements which represent £3,703,297 (2022: £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 £428,961 (2022: £294,706). Due to improved interest rates being on offer across instant access savings accounts the Charity no longer invests in notice savings accounts (2022: £212,803). The cash balance represents approximately 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 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 Reserves and Liquidity policies are subject to annual review by the Trustees. 25

Going concern Review of liquidity and reserves: The Charity has reported a cash balance of £525,240 and it is the view of the Trustees that the cash reserves as at the reporting date illustrate the reduced risk of the Charity incurring cash flow concerns in the short-term future. 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. The Trustees are pleased to report that all of the conditions specified in the current Service Level Agreement have been met. other golng concern conslderatlons: 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 deflclt There were no funds in deficit as at the financial reporting date. EVENTS SINCE THE END OF THE PERIOD The Trustees started the strategic review process in September 2023 and look forward to reporting on this in nexL year's Report. Since the end of the financial year the Trustees have begun the process of negotiating the renewal of the Service Level Agreement in 2024. At the time of writing the Trustees are pleased with the progress of these discussions and are confident that the Service Level Agreement will be renewed on similar financial terms to the current Agreement. 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 5th June 2020. Recruitment and Appointment of New Trustees 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 written opi nion of a registered medical 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 f rom 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). 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. There is also a provision whereby a vote of no confidence call be called for if Trustee has done something to damage the reputation of the CIO. The vote of no confidence in that Trustee can be held to oblige the Trustee to resign. The vote must be unanimous amongst the Trustees voting on the matter - excluding the Trustee that is the subject of the vote of no confidence. 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. Any retiri ng Trustee is eligi ble for reappointment. Terms of office: Trustees must be appointed for a term of four years. Resignatlon 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. Remuneratlon 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, 27

expenses and related party transactions are also disclosed within the notes to the financial statements. Trustee attendance at meetlngs Trustees had 24 formal board or committee meetings throughout the year as well as a number of informal meetings with each other and / or Senior Managers. How many meetlngs durlng the year Percentage attendance Board or Commlttee Full Board Governance Risk & Sustainability Committee IOO/o Facilities Committee loo% Finance Committee Stskeholders Target Action Group Services Target Action Group 65% Totals 24 88% The Board is fortunate to have been able to recruit a number of new Trustees during the reporting year and since the year end. It is hoped that the increased number of Trustees will be able to share the workload of the board and committees as well as giving the senior management team more support and advice when needed. Since the year end, it has also been agreed to trial the merger of the Stakeholders and Services Target Action Groups as there is significant overlap in their discussion and will red uce the number of meetings that need to be attended by Trustees and the management team. 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, and the Artistic Programmer 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. 28

Responsibilities of the key management personnel are detailed below Decision making Inductlon and Tralnlng of new Trustees The Trustees determine the general Induction: policies of the Charity. The day to day All Trustees are required to sign a running of Bishop's Stortford Museum and declaration of acceptance of office as Arts CIO is delegated to the Operations a Trustee at the first meeting of the Director, supported by senior personnel. Trustees following their appointment. Such declarations may set out particular responsibilities to be undertaken by an individual Trustee. 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. Amongst the duties of the Operations Director is to draw up the annual financial budget in collaboration with the CIO Finance Committee and the Finance Team of Bishop's Stortford Town Council who supply financial accounting and management services to the CIO in return for a fee. Throughout the financial year, income and expenditure is managed by the Operations Director and monitored by the CIO Finance Committee and the Finance Team of Bishop's Stortford Town Council. Training: The Charity intends to ensure suitably trained and experienced individuals are recruited to be Trustees. The abilityto recruit personnel with the required 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 bythe Trustees. 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. Each new Trustee is allocated the support of an existing Trustee who acts as a link Trustee until the Induction programme is complete. 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. 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 responsi bilities, as well as the i ndividual theatrical performances themselves, are monitored and reviewed by the Operations Director and the Trustees. 29

Key management remuneration Wider network The key management personnel of the The Trustees may at any time co-opt Charity are deemed to be those listed individuals to provide advice. Such co- in the Reference and Administrative opted individuals may attend and take Details page, as they are those charged part in meetings of the Trustees and with the authority and responsibility for shall not be eligible to vote. They may planning, directing, and controlling the be excluded from any part of a meeting activities on a day-to-day basis by the by resolution of the Trustees. The Trustees. Trustees may terminate their co-option at any time. 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.

sp 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. Rlsk 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 the grant received from Bishop's Storfford Town Council and the level of fund reserves amounting to £3,703,297 (2022: £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. The renewal of the Service Level Agreement has been discussed in the Events Since the End of the Period section of this report. As stated, the Trustees are confident that the Service Level Agreement will be renewed on similar financial terms to the current Agreement. 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 trust deed 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 estlmates that are reasonable and prudent; state whether appllcable accountlng standards have 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 Inapproprlate to presume that the charlty wlll contlnue In buslness. 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 trust deed. 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 22nd November 2023 and signed on its behalf by: Deirdre Glasgow- Chair and Trustee 32

REPORT OFTIIE IhDEPEliDENf AIIDITORS TO THE TRIISTEES OF RTSHOP'S STORTFORn Ml"SEI"M.4ND ART.5 CTO OpinioD W¢ hav¢ audi￿ lh¢ finan¢ial siai¢Tn¢nL% ofRIsliop'5 sioriford Mus¢uni and Arts CIO Ilh¢'¢haril%'l for lh¢ i¢ar¢nd¢d 31 MarLh 2023 whiLli ¢ompris¢ a¢¢ouniing poli¢i¢s.'l-h¢ fiii8n¢ial r¢ty)rlinO frwh¢ivork- Ihai has b¢¢n appli¢d irt Ih¢ir pr¢paraiion is applic4bl¢ law and Unii¢d Kirtgdom A¢Louniirtg Standards (United kingdom Geiierall). Accepted Accountiiig Praclicel. In ouropinion Ih¢ firtan¢i￿ s¢ai¢mtnts give a true and fair view of the SLate of Ilie charitv's affairs as al 31 Marcli 2023 and of ils incomillg resources ￿ld applicalioll of resources. for tlie year then ertded. hav¢ biiii pwpirli p￿TarL￿ In a¢¢ordaiicL iyilh Unil¥d Kingdotn QTiiILr*ll!. AiiLplLd AIL¢)unlirtg Pra¢iiw.- and hale been prepared In accordantt witli the requireiiients of tlie Charities Act 2011 Basis for opiTrio condueied audit in 2¢¢ordgn¢t wilh InLernatiortJ giandards on Auditirtg Illkl IIS.4s IUKII and appli¢abl¢ laiv Ilur resrK)rtsibililies und¢r those btained 1% sutricieiit 2nd appropriate til pr(Jvide g b&41£ fthr thur opinii)n Conclusivns relatI￿g to goin¥ Co￿(er In auditing the fin3ncial.%tateiiients. ￿e I￿ve C(Jncluded that the trustees, ust of tlie going c(Jncem b&sis ofaccounting In the p￿parat1(jn of tlie financi l&sedi)tt the i4'(JrL-we have perf(Jrmed. ￿'e have ni)t identified atty Materi￿ llnttrtaitttie% relatino tvents orii)rtditiongthaL indillidual1!inrCI)I[eeLivel￿. niayca51 sigiiificanldoubl oli the charikv'sabilih. loo)ntiiiue as a going￿nce[￿ [0[a￿[lOd0faI lea51 hTrelve mondis fvomwhell the fil1￿1ClaI statellieiils are auththriqed for Ollr re5wnsibilities aNd the resrM)nsibilities of the trllstees ￿.1117 respect to going concern are descrited in the relevant sections ofthis report Other iDfornJgtio Th¢ IruS1i¢5 ary r¢swnsiblL for lh¢ oihir jnfonn#iion Th¢ Olh¢r lnform￿l0rt Compri￿5 the informaiion jnLluJ¢d in lh¢ Artrtual r¥w)rt, Olhur than lh¢ Our opinion on the fill￿7(1a1 statements does not cover Ilie olhei Infoimalioii and, except lo the exleiil olhetW15e explicill). 51aled in oiir report, ￿'e do noteypress anv form of assuraNce conclusion tI￿re0￿ In connection ￿1th oiir <iudit of tlie finallci<il stateiiients. oiir responsibilitv is to read tlie other inforination ￿ld. in doing so. consider whether the oih¢r Informaiivn is maw.ria11￿ InLonsisi¢nl wilh thi finaniial Sthlum¥nts ()[ our knowlLJgL in lh¢ auuil ()[ Olh¢rwis¢ 8pp¢atS ￿ b¢ maiirially mllter1￿ mi£statemtnt In tlie fiiuLncig1.4tatenients themstlve£. If. b&8edonthe work ￿e liave performed. cDrtclude thatthere 18a material misstgtemertt ol'thi5 olhcr Infotmdtion, arc rcquircd lo [c￿rtthal tail. Ilc hav¢ nothing to [c￿rt IN thi5 rcgard. latiers ort whi¢h wt #re rtquired 10 re]M)ri by txteptiort We have nothiiig lo report in respect olthe following tllatters where tlie Charities (Acwunts and Rewrtsl Regulations 2008 requiie5 US to report lo Ilie Infoitnatioii gii'en In the Report ot-the iru5tee5 is inconsistent In am, material respect with the financial staletnents. or Ui¢ finanLial SI￿¢T￿¢ni5 ar¢ noi in agr¢¢m¢nl ￿lIh lh¢ al￿￿￿11ng r¢Ltsrds artd ¢lurrts.' or we have not received all the information wid explanations we require foroiir audit. As explairted ninre fullN' in the %tatement Df tru%te&£' resrMItL£ibilitie% tlie trustee£ are re£p(Jn8ible fDr the preparatinrt i)f the firtgncial £t&tements which In preparin¥ Ilie tinancial 51alernenls. the Iru51ees are r¢s￿￿51b1¢ tor assess￿8 the charitV'5 abilit￿ to wntiniie as a going concern, d15closing, as ,IppIiciible. tllatters rel<lted to goiiig oincern aiid using the going concem basis of accoiintillg unless ihe trustees either Iniend to liquidate die cliariry. or to ce&se opeiatiDrts. nr have n(J re￿I$Ll( alterilatiie but t(J do s P￿ge 33

REPORT OFTIIE IhDEPEliDENf AIIDITORS TO THE TRIISTEES OF RTSHOP'S STORTFORn Ml"SEI"M.4ND ART.5 CTO Audii&r'% tt%]M)n%ihilitit% fthr the audii thf tht finattelal %tattmtnts We liave been apwinted as auditor under section 144 of the Cliarities Act 2011 and report in accordance with regulatioiis made llnder section 154 of Ihai A¢1. Ourobjectives are to obtain reasoiiable assUr￿lce about wlietherthe finsncial stateinents as a wliole are free from Inateri￿ misstateiiient. ￿'hether due to lldit conducLed In accordance ￿1th ISAS Iukl ￿111 al￿￿%.S detect a maLerial niis5tateineiit %vhen It exists MIs5tateinents can arise from fraud or error artd are c(Jngidered material if. ittdiVidU￿1I. irt the aggregate. the!. could re&%thnahli' he expeited ti) irtfluence the e£ntt(JmiC deii£inrt% (]fUse￿ taken on the basis ot-IlieK financial slalements Irregularili¢b. in¢ludirtg fraud. ar¢ insianL¢s ofnon-¢otnplian¢¢ wilh lam's and r¢gulaiions IN'¢ d¢5ign pro¢¢dur¢s in lin¢ ￿l¢h our r¢sponsibilili¢s. oullin¢J atK)s¢. 10 J¢i¢LI ￿la￿rIal niissiai¢tn¢nlb in r¢bp¢¢l of irr¢gulariii¢s. inuludiiig frud Th¢ ¢xi¢nl 1¢) which our pro¢¢dur¢5 ¢apabl¢ ofd¢itLlirtg Exttnt tttwhieh tbt audit wa% ei>D%idtrtd tapahlt nf dttettimg irrigularitits. iTheludiThg fraud Te Ideiitifv and &4se.%s the risks of Inater1￿ iiiisqtateinent nf the financial statementt ￿thether due LO fralld thr error. and tlieii desi￿ and perfthrin audit proicdurc5 to thos¢ r15kb. InLluding ublaining audit cvidcnLc Iliat 15 5uificiLnt und approprialc lo proiidc a b&%is foi our opinivn. [de￿lif1LmtivTh #Trd 155e551nt￿¢ ofpDleTrti#l ri5k¥ potential risks relaied lo irregularities and ill Identifving and assessing r15ks of material In15Statelliellt In respect of Irregularities. Including fraud artd nthn41)Itip113nt¢ ￿1th la￿.5 2nd reglllatinn%. ￿t conducted. nquifius of martag¢m¢ni. in¢luding obiairting and r¢Tri¢wing 5UPPOrting do¢um¢nLqiion. LonL¢tning th¢ thariti's mai¢rial poli¢i¢s and proL£dur¢s relatiiig to Identifi'ing. ev<iluatiiig and cotllpliing ￿'ith laii's and regulations and whethertheN' were aware ofarni illstances of non-compliance rel￿tIllB tothL dv-￿.¢¢]￿g r¢spvndinè IcTr Ihu risk-s whulh¢rlhL hav¢ k-nowlLdèL a¢iual. suspi¥lLyioralligLJ fraud.- and lh¢ ini¢fnal ¢onlrols Oui ￿viC￿V5 Otthc Lhanh 5 ￿nilinLratlOn poliiic5 and bonus Icv¢l5. Oui (Trf an), tnalcrial Iransailivnb with Iilalvd partlls kc}' indiNiduals- D1£c￿$￿iDn5 aill(JnÈ the trtgagtitierttteaiii ￿gardlnÉ h(J￿, 2nd WI￿re fraud Iniglitociur in the financial ststtititrtL4 and 2nN potenti￿ indicatnrs of fraud and this experience releNaNt to the di4cussioN about where fraud risk4 mav grise. Rislts arisi￿g from legal alld reglllaiorv framtworks Wu aiv als(Tr ruquirid Iv p¢rfcTrtm spviific pwLuduris Iv lo thi risk ufmanagLrnLntOVLrridc. W'c alsvvblainLd an un¢krslandin¥vf th¢ ligal and regiilalory t[￿ne￿.0[k5 iii iTrhich the cliaril!, operate5, tOCU51ng on prov1510n5 of iliose areas that had a direct etfect on the delerniinatioii ot'maleiial ounts and disclosllres iii the financial statements. We did not Identifv rniateri￿ audit niatters related to tlie ￿tentIal risk of fraud or nOn￿OMpli￿7ce with laws and regulatioiis froni our work-. ReVle￿.1ng management ovettide Df c(yntrols' Testing the appropiialenB5S Qt-joiiinal entne5 and otlier accounting adJiistmenls-, Assessing ￿l￿tIler tlie judgements niade in making accDunting estiniates are Indicative of a wtential bias.. and W¢ also wmmuni¢at¢d o￿t &ss¢ssrtierti (Trf tli¢ relevant lai¥s 2nd r¢gulations and pot¢niial fraud risks to all ertgag¢m¢ni team m¢mkrs artd r¢mained alert to aliv Indication5 of traiid or non-compliance H'illi IJw5 and regulation5 throiiglioul Ilie audit. th¢ ¢%¢rtis and IransaLiiorts r¢nt¢i¢d in ihe finan¢ial si2i¢m¢nis. as w¢ will b¢ l¢ss lik¢l!' its b¢¥om¢ aware of insian¥e% ofnon-¢ompliart¥¢ -1 h¢ risk is a150 greater regarding iire8ularilies occurtillg due lo fraud rather t11￿7 eiror. as fraud involNe5 Inientioiial concealment. forgeti,. colliisioii_ oniis510n or misr¢pr¢serttgtion description on the Financi Reporting Council's ebsite hllps-.Iliiiiii.fr¢.org.uklOur-WotklAudiU4udil-and￿sU[anLll.sla￿dardS-anaeUiu?￿lLls¢anuards-and-g￿iu￿LC-for-l￿UL1tst￿AudIturs-rl%p0nsibL1i1lL s-for-audiUI)¢s¢ription)f.auditots-r¢%ponsibilitieq-for-audit aspx -1 hi% de£¢ripiion formq part of our auditor'% report. c communiiali ￿1th Iho5c Iliaryid ivilh ¥OvCr￿an¢c rLsardin¥, amoiig olhcr mattiTr. th¢ planncd 5copc and litning of Ihc audit and si￿11t16￿nI A furthii ￿l￿¢T1PtI￿n of vui Irsponsibililics tor th¢ audit of IhL financidl stdtctn¢nts Is Ivcaicd on th¢ Financial Riportln8 CounLils wcb511E at www frc Drg uklauditor8re4rM)fi£ihilitie8 "I hi£ de£crirnion fi)mi8 part (Jf(Jur RtrM)rt ofthe Indtpertdertt AuditoTh. P￿ge 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 FMAAT (Senior Statutory Auditor) for and on behalf of Johnsons, Chartered Accountants Statutory Auditor 1-2 Craven Road Ealing London W5 2UA

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

Page 35

BISHOP'S STORTFORD MI,'SEI'M.4ND ARTS CIO STATF.￿IF.￿T OF FTNANCIAI. AC'TII'ITTF.b OR'I'HTr. I"Tr"AR &"NDE=D JI ￿lA￿cH 2023 2023 2022 Unrestricted Restricted Total Total funds Nolcs IYCOMF. 4YI) F.NDOII'MF.Yrs FRO￿1 Ik)naiitsns and l¢ga¢i¢s 262.042 4.476.700 159.060 3.482 155.880 159.060 3,482 155.880 231.354 Museuni Provisioii 2.560 Panioiiiimc productio 231.354 196.537 1.750 177.924 8.755 177.924 8.755 918.665 835 Total 5.018.207 .XPTr.YDI'I'URTr. ON Rai%ing fund% Cbaritahlt activitie$ &8.OQ5 8A.005 32.561 52,625 108.Oi7 231,602 7.071 A.305 1.267 714,650 Miiseulli Prov151011 47 85,160 Pantoinime production OLh¢r artislic ivin15 ar 2nd ¢ai¢ring a¢iiwil¢S Central admini.£tration 113.462 331.229 8.378 390.863 1.802 1,018.852 331.229 8.378 392.563 1.802 .020,-f99 Other Total 1,747 NET IliC.O￿lEIIEXPEIDITIJR[ 120.2781 4.303.557 RICONCILIATION OF FLINDS 4.205.622 4.303..%57 'I'Ul Al. bllNDb CARRITr.'I) Tr'ORII'AR 4.1¥5144 96.27¥ 4.2¥1.021 4.IDI.i57 Th¢ noirs furm part ufihis¥ finaniial Sta￿-m￿nts Page 36

?V:3 Tothl lund funds Nvlrb 3.865 ?6 i.¥05 260 5iock-5 6.93 61.6¥ lash at batLk and In hand 40 i07.5VY $77.345 F.T (-I-RRb.'Nl'.I.%%F: I 320 084 6.279 414 452 -10-l-..11 AStyb"I'S l F.%S C'I'RR Tr.I'I' .I.ABILI-I-IES 'T ASSF.T.S 4 185 344 96.279 J 18£ 3J4 T()-I.11. PI Pagc 37

BISHOP'S STORTFORD MI,'SEI'M.4ND ARTS CIO l-AbH FI.OII" ST4TF.MF.NT FOR THE I-E.4R ENDED 31 MARCH 2D23 2023 2022 Notes C45h flow5 Irom operati￿g Acti}￿tte5 Cash geiierated from 0￿rationS 25.972 ££￿.674 Nel cash provided by operatiiig acliNilies 25.972 St￿.674 CA5h flow5 (rom investing acti1￿tieS PuTcliasc ot-t￿781b7c fixcd a5scts 116.9961 8.755 83$ Ncl cash (usL￿ Inllprwidcd bv jlllLsling uclii'ilic5 835 C.'bangt in tash and tash t4lliV21tnts in ihe reporting vtar 507.509 CA$h #Thd ¢4$h equli'4leThts #i the beglnming Of the repordhg ytAr and equi14leTrts at the end ufthe rewrtink yeAr 507.509 The iiotes form part of these financi￿ ststemellts P￿ge 38

BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO OTES TO TIIE CASII FLOM. STATEMEliT oR'rHTr. I Tr.NnTr.l) 31 NI4RCH 21123 REC.ONC.ILI.QTION OF NET IEXPENDITTIREyINC.OME TO NET C.,L8H FLOII. FROPWI OPEtLITINCr iIC.TIN'ITIES 2023 2022 Net lexptnditllreVineth]nt fthr the rtwbrting peri(Kl las ptr the StaitmeTht thf tlnaThelal attlvitit%l .￿dI￿gI￿C￿￿ for.. 4.31)3.557 40.841 38.044 {8351 13.927.149) l)¢cr¢&s¢llincr¢2s¢} in sio¢L-s Increase In debtors Increase In creditors 1.226 162.893 SI￿.674 25.972 ANALYSTS OF CHANGES IY NET FI',liDS At 114122 Cash flow At 3113n3 Yet QAS Cash at bank aNd in h￿Id 507,509 525.240 The iiotes form part of these financi￿ ststemellts P￿ge 39

BISHOP'S STORTFORD MI,'SEI'M.4ND ARTS CIO OTES TO TIIE FlliilliCIAL STATEP+qENTS oR'rHTr. I Tr.NnTr.l) 31 NI4RCH 21123 ,I{.{.OIINTIliC. POLIC.IES BASIS OF PREPARING TIIE FIN.INCI.IL STATEMEliTS Tli¢ finwi¢ial siaiitninlb cTrfihL ¥harilv. Ivhiih Is a publiv bLnLI jl Lnlil!. un¢k.r FRS ID2. hayc bLLn pr¢Yar￿ In aL¢orUanL¢ wilh Ihi C'harilics SORP IfRS 1021'Accouiiting ￿ld Reportingbi Charities state11￿litOfRtCQ1uMellde4 Practice applicable to charities preparillgtheiraccounts irt a¢¢ord)n¢¢ willi lh¢ Financial R¢porting siandard appli¢able in lh¢ UK and R¢publi¢ of Ir¢land IFRS 102) (¢IT¢¢iiv¢ l Jartuar) 2UIg1'. Fillallcial Reporting Slandaid I02'T1￿ Financial Repotting Standard applicable in die UK and Republic oflielalld, ￿ld tlie Charities Act 2011. Th¢ fingn¢ial siai¢m¢nis hav¢ pr¢p#r¢d uttd¢r Ih¢ hisLori¢al tosi con￿e￿IlOn Legal statlls Bidinp'q %tDrtfthrd Musellm and Art£ CTO i% registered ￿1th the Charitv C(Jmmi£gion f(Jr EnBl2nd & with the registered (harit! number Going ¢orteerTr The trustees liaie ￿sesSed ￿llet17e[ the use of the going concern basis is appropriate wid liave considered possible eveiils or conditions that of at least oiie vear froin die date of appro1.￿ of the fill￿7claI statements. with tlie trustees Iii particular takinE Iii to account forecasts and prciJ¢¢iions and anv p¢sbur¢5 on in¢om¢ Afier making ¢nouiri¢s lh¢ Iru$1¢¢5 hai'¢ ton¢lud¢d Ihai Ih¢r¢ is a r¢sonabl¢ ¢xp¢Liaiion thai lh¢ lianty.ha5 adcqiialc rcsourcc5 to conlinuc In opcraliondl cxislcncc lor Ihc lorc5ccablc tulurc. As su¢h lh¢ ¢harilN ¢art ¢xp¢¢t 10 b¢ abl¢ ￿ m¢¢1 ils Iiabilili¢s as ih¢} fall du¢ In lh¢ p¢ri(xl of ai l¢t 12months from lh¢ dat¢ of approval of these accounts Ilowever. tliere c￿7 be no certainr¥ iii relation to these nutters On th15 ba515 tlie tnistee5 liave Goncluded that Ilie ¢harih Is a going concetn. The tiiiaNrial 51aleinen15 do include any adjustnienls that m￿li1d Further Infonnation ielJlin8 10 the cliarity s Jbilits to continue ￿ a going concem can be foiind in die fIn￿1ClaI review ullderllie report ofllie All Inwtlle 15 recowiised In the Slalemenl ot-FinanGial Activities Ollcethe charity. hasentitleineiil io the tunds, it 15 piobable that Ilie ill be ￿(eIved and the amount c￿1 be iiie&8ured reliahl Receipts taken In advallce fortiie fuliire provision ofbaroi catering seTrices ate iiol iecognised a5 income uiilil the accounting krriod in ￿'hI￿7 Ih¢ provision ofih¢ goods or s¢rvi¢es o¢cvrs. Inethine frnm granis gDd donaiinns Donation5 and gran15 are iecogn15ed when they have been conimiinicaled and ieceived In writing with tmltilicalion of ￿th the anioiinl and the Incvtne is det¥tt¢d an¢1 nolr¢cowiised until ¢ilher tliohe wnditions ar¢ lull}. nid oi the fultilffleiil ot tliose ivnditions is wholli within thecontrol ofthe c113riti' and it is probable tknt tliose conditions ￿.111 be flllfilled In the reporting period. Hire and ItttiTrgs i￿CoMe Income irt relati(Jn t(J the prthvi£ithn (Jf tlie auditnrium. £tudii). or thther propedy hire 1£ ree(Jgni%edwithin the reporting Y￿ri(jd thatthe vtnllt hire InLom¢ r¢laiing ￿ hir¢ or l¢tlings r¢¥¢iv¢d irt aJvanL¢ ofih¢ hir¢ peri(￿ ar¢ r¢¢ogrtis¢J &$ J¢f¢rr¢d irt¢om¢ uniil lh¢ awounting p¢riod during which die venue hire occurs Show perfortnance Intiimt relating tn %how.% and perf(Jrmanee4oceurring i¥ithirtthe ￿[m}rting ￿rIOd are recogni8tdg£ Inc(Jmewithirt tlie accounting period during whiih thi tak¢b plaw. InLom¢ r¢laiing li) shows artd p¢rformartWS ¢L¢iV¢41 in adv8ni¢ofth¢ ¢v¢ntdat¢ar¢ r¢Lognis¢d as d¢f¢rr¢d IttL￿Me vniil lh¢ I¢L￿￿ni1Thg p¢riod Bar cHter1￿% 1￿COme Iiicomefrom the Pro￿lS1O110fbarorCaIerlngg0odS wi(Vorservicesare recognised as liicomewidiiiitheaccountingperi￿ in whichtlie provision of tli¢ goods or ser¥i£ts t8kes pla¥e. F.XPF.NDI'I'URF. prtsbabl¢ lh￿ a iran%f¢r of ¢u)rtomi¢ b¢n¢filS will b¢ i¢quired in s¢iil¢mtni 2nd lh¢ amouni of Ihe oblig•iort urt be mta8ur¢d reliabl￿. E¥pLll(Iilurc is aiLounl¢d toron an awrudls basis and hab bLxn ilassifiid undLrhLadin¥ that a¥grcudl¢ all c4Tr51 r¢lal¢d lo IhL iati¥vrJ'. W'hc I[￿L¢)¥6[abl¢ VAT Is ¥haryLd a¥ainst lh¢ Lal¢yO￿,￿r¢XpcndIlurL for NTrhiih il 1nlurr￿. AIIoLatitsTr And Apportionmtni ol¢o$i$ All ex￿nditure Is accounted for on anaccrnals basis..411 expeiise5 Inclildingsilp￿ft costs. are allocated lo the applicable expenditure headings Page40 continued

BISHOP'S STORTFORD MI,'SEI'M.4ND ARTS CIO OTES TO TIIE FIN.INCI.4L ST.4TEfvIENfs. eontinlled oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 Accol"￿TING POLICIES- CO￿tinUed EXPENDITIIRE Supwrt cos15 have beeii differenlialed belweell Inanageinenl costs. finance costs. other costs. and governance costs. m￿laS¢￿¢￿t cosis compnsclhc coslsot-ctllploving kCYni￿la8cmCllt pcr50nn¢l looTr¢r5cclhc diaritv'sacijvilics inllic tillallcial Ncarasdciailcd In the Report of Ilie Trustee5. assets and the Interest pal'able on logn facilities In the financial year. Olhcr Losls c(Jmprisc cil'lliL ionlribulivn5 TnadL bi. lh¢ Llianl!. Iv pLnsion und ciili¢rpoSl-rcli￿￿7v￿[ b¢￿rI1$pr￿vid6d i(Tr a rclircd crnplovLL. Cil)vern¥fftce eQgL% cthmpri4e ￿1 c()qt% In￿(JIll1Thg the pllblic accnuntahilitv (Jf the charl￿, and IL% cttmpli2nce WlLh regul2tinn and g()thd pr&tice. Tlie5e costs Include the c051 ofan external audit. acGounianG)' support and olhei piofessioiial fee5 iiicurred iii the tinancial vear. TAhGIBLE FIXED.4S5ETS Depreciation is provided at the following annll￿ rates in order to ￿Tite off each asset over Itsestimated useflll life Fiyture 2nd fitLingg Coinpiil¢r equiptllenl IIW1. (Jr 2501￿ on o(J4Vredueing balance - 25/oon cost No depiecialion has been provided oli treehold properh, as the cliaiitv's wlicv is lo tnaintaiii the property. lo ahigh slaidard Ihrougii a continual prOgr￿lI1￿e of refurbisliineiit and maiiitenance In the opiiiion of the trustees the residual I.￿ue of the pro￿rt￿ is such thut depreciatioii STOC"]KS Stock lield bv the Charih Is in ielalion to bdr diinks, 5nack5 and shou. tnerchandise lield as al the balance Sheet dale. Storks ari la11￿￿ al th¢ lowcrof 1051 and llLI rLalisablc valui. aftcr [naki￿ duc allowunLL forobsvl¢¢- slow moiing il¢ms. TAXATIO The charitN is exempl from tix on Lis charitable aaivitie5. FLIND ACCOIINTJNG Llrt¢siricd furtds ¢art b¢ us¢d in g¢¢ofitsrt¢¢ with Iht ¢h2riiabl¢ obj¢ctiv¢s ai ih¢ dis¢r¢iiort orth¢ Irusi¢es. Restricted fuiids cwi Onl￿ be used for particular restricted purposes ￿1th1n1he objectsofthe c113rity Restrictions arise wlien specified by the Furth¢r ¢xplanation of lh¢ nature and purws¢ of¢a¢h fund is inLluJ¢d in ih¢ noi¢$ 10 the financial siai¢m¢nis. oVTr.'IU'I'I￿G I.Tr'.ASTr'.S Reiilals paid under anv applicable ienlal lease5 are cliarged to the Statement of Financial Activities on a straight lille basis over tiie period DONATED C.IXIDS AND SERN'IC.E8 Govds Dunllted for Ilye Doiiated goods foK on*oiiig use bv die cliarits ill carr%'ing oiit its actiiities are reCo￿lSed tangible fixed ￿Sets proi'ided their fair vallle ALirds thi th￿sh￿Id fcTrrLapilalizutivn scl bv Ihc iharih s pvliiv, with Ihc iorrisptTrndinggain riL4]gni￿a incumi frcTrm d(Trnalivns ivilhin th¢ In Common iyitli any other tan￿￿ble a55el. donated goods held as tangible tixed assets are subjeth lo depreciation or atnortl5ation and are sseS.￿ed for any indications Df inipaimient at tlie reporting date. Good5 DoDated for Resale In ac¢¢piing gwds for res￿¢. th¢ ¢hariis is r¢¢¢iving g gift in kind on Irusi for ¢onv¢r%ion irtw cash to fund th¢ ¢hariiv s a¢tivllitS. Wliere practicable. donated for resale h￿ve been measllred at fair v￿ue on IliiiL41 recogiiition 11 15 often Impractical to ialiie donated good5 tor iesale due lo the volume ot- low-valiie itetn5 received or the absence ot- detailed stock controls 8y.£tems. In£tead. the value tD the cliarity of the doiiated sold is recognised tLS income wheii Sold In this case. the value of the stock donated to Bishnp's Stortford Museum Arts CIO been independently V￿lled by gn industrv sp¢cig1isi priorw dortaiiott. artd ihis ha% b¢¢n r¢wgnis¢d in lh¢ balatt¥t sht¢i. With respected to botli goods doiiated for on-going use ￿ld goods doiiated for resale. where practical to do so. goods haye measured at C"A%H BAhK AND IN H4NI) Cash at bank wid in hand includes C￿17 and sliort tenn higlilv liquid ￿Vest￿ents with a short nMurit! of tliiee months or less froni the date of acquisition oropeningof the deposit or similar account Page41 continued

BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 ACCOIINTIliG POLICIES_ cO￿ti￿lltd PENSION COSTS.4ND OTIIER POST.RETIREfvIENf BETr4EFITS -] heLharIt￿ op¢r81¢5 aboth a defined Li)niribuiion. artd a d¢fined benefil P¢rtsion s¢h¢m¢ Loniribuiions pai'abltio Ih¢ ¢harity $￿tt$lOn$¢heMc are charged to tlie Statement of financial Activities In the period to ￿'hICh tlity relate. FIN.4NCIAL INSTRIIMENTS Bithop's %tDrtfDrd Muselliyi aiid ArL% CIO Dnly h&8 finanoial &£seLS and financial liabilities thf akind that qualify b&sic financi￿ instrllmtnts. Th¢ ¢harili drt5 noi ￿quire or us¢ pul Options. d¢rii'aiiv¢s oroih¢r ¢ompl¢Y finatt¢ial irtbirum¢nu%. FI￿1¢ fin2ncial insirum¢rtts Are irtiiialli r¢¢(>grtis¢d ai lh¢ Ir2nsa¢tiort price urtltss ihe atrang¢m¢ni ¢onsiitui¢s a finan¢ing trartsa¢tion wh¢r¢ Deht Ingtmments are guiKequentli' me&£ured at Amorti%ed eo.£t. Oih¢r firtan¢i#l in51rumenis ar¢ iniliallv r¢¢ognised ai fair v#lu¢. unless pa￿1￿¢￿¢ for an ass¢1 is d¢f¢tr¢d b¢!onJ normal bvsin¢SS I¢Tms or amark-eirate ()f inieresi for a Similard¢bi irtsirumeni. Fingn¢ial &ssets Ihaiar¢ me&sur¢d ai L¥siofa1horiis¢d wsi ar¢ revi¢w¢d forobj¢¢iiv¢ of tlie fillanci￿ a4set tlLqt exceeds what tlie carrvliig would have been had the iiiipairment not pre1.10￿￿11, been recognised. Critieal aeeollllting tstimates and judgemtDts cart>ing <imount ofassets ￿ld liabiliiies that are not readil!, appareiit from othersoiirces The estiinates ￿lld associated assuniptions ue based on his￿}rilal OlhLr f#Livrb Ihai ar¢ ¢onsi(l¢rud Iv bL r¥l¥sanl. A¢iual rusulls mai dilY¢r fwin IhLS¢ L%limg1¢b. Tlie e5tiinaies and ullderliing a￿limptIO175 are reviewed on ongoing basis Reiisioiis to accoiinting e5tiinaies are recoyised in ihe period in whi¢h lh¢ ¢Slinwi¢ is ¢vis¢d wh¢r¢ th¢ r¢vision alT¢¥ts only lh• ptriod, or in lh¢ p¢riodof lh¢ r¢vlSlOrt 8nd fulur¢ periotts wht¢ th¢ ¢vision ALrru41¥ The cliarits Inakes an estiniate of acclu￿S at ihe l'ear end based on Iiivoices received after the l'ear end and work uNdertaken ￿llIch lias not b¢in InvoiLLd bas¢d on 4uoiaiions or¢siimai¥s of amounts thai mav b¢ duL for paimLml. T4tsgiblt fiitd *￿ets Fixture alld fillings ￿ld computer equipment ate depreciated overllieir iisefiil lives taking into accounttheir residual i'alues ivhere appropriate. The actual lives of the ￿sel￿ residual value.4 are assesfied annualli aiid mai var¥ depeiiding upon a nuinber of factor.￿. In re-￿se.￿sIng the s¢is' liv¢s. raa0￿ such as I¢¢hnologi¢￿ innoV￿10n. produ¢i life ¢)¢l¢s artd maini¢nan¢¢ programmes ar¢ iaken irtto a¢¢ouni. IK)NATIONS A￿1) I.F.6ACIF. 2023 2U22 DDnatiDns 4.035 258.007 262,042 4J49.260 127.500 4.476,760 Grants A oile￿ff donation i%as niade bN Rhodes Birthplace Trust to Bishop's Stortford Miiseuin ￿ld Arts CIO for die atllouiil of nil 12022-. £4.349.2N)l. ltt¥luded irt tliis dortatiort ￿¢re gtN)d£ for ￿sale. and good% int¢nd¢d f(Jf oA%(Jing u%¢ Il'h¢re prailiial to do w. good% received have been Yalued f￿r Y￿Ue. Grants r¢c¢iTr¢d from lo¢al eounLils in lh¢ IL4r ioial £255.000 (2022-. £127,SUUI. OTHER TRADING ACTII'ITIES 2023 2022 Bar incO￿t 177,647 277 ca￿-[In¥ incorni 220 177924 This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts P￿ge 42

BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 INI'ESTMENT lliCOP+qE 2023 2022 Diposit ULcounl inlLFcsI 8.755 835 IYCOMTr. TrROM CHARI'fARI.Tr. Ac'rii'i'riTr.s 2023 2022 Actii'ih. Studio hirc incomc 64.804 26.-R35 Olhir prO￿riY hirL In¢om¢ Iiiher ehariiabl¢ ineome Lharitable ine(Jme 45.677 Muscum Provision Paniomiin¢ pwJuLlion Partti)mi1ne pr()ductinn 147.642 8.238 207.494 23.860 168 129.301 Otlier charitable income Chanlable show Iiicoine 178.803 17.734 1.7fO Otlier artlStic eNtriL 549.944 422.701 RAlblNG FUN￿5 2023 2022 OTHER TIkniDINC AC.TI)'ITIES Bar purcliases 68,125 42,204 ID.97¥ 88.005 C-HARITABLE.4CYlI'ttlES C-USTS Direct Support costs Isee note 81 C051s ToLI15 Mws¢um Pr{)visitsn Pantnniime producti(Jn Otlier artistic eients 8>,INI 113.462 331.229 8,378 392 56.1 331.229 Bar and catering activities Central ad￿lI71straIIOn 4,262 149,122 153.3¥4 247.441 777.40 93(Tr.792 SLPPORT COSTS Goiern8nce m￿lagement rinance Other costs Tothls 4.262 4.262 C¢mt[￿ adminisiTaiiort 4U.¥41 40.841 22.550 8).041 4.952 22.550 li3.3R4 AUDITORS, REMIINERATIOPI 2023 2022 Fees payable to the charitys audi1015 foi the audit ot-the charitys tinancial statements 5,775 4.923 This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts P￿ge 43

BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 io. TRIISTEES, REPwll'liER,tTIOli AND BEliEFITS There iTrere iio Iri]51ees' reniuiieration orodierbenefils fordie }'ear ended 31 March 2023 llor for the vearended 31 March 2022. TRLSTEES, EXPENSES Tli¢￿ NTrcrc no Ituslcc5' C¥PCllSC5 paid tor Ihc vcarcndcd 31 March 202i nor for Ili¢ I'car cndcd 31 Marcli 2022. ST.4FF cosrs 2023 2022 Wagcs and 5alanes 81)Ci￿ %ecuriN c()qtg 322.631 26.534 2ffl.948 9.59¢) 7.294 217.832 360.192 The averaoe monthlv llumberofemploNees during Ilie year ￿3S 35 follo￿5." 2023 2V22 Miisfutn ArL￿ pantDinin Bar and caTrring No ¢mploye¢s r¢¢¢ived ¢molum¢nis irt ¢x¢¢ss of£60.000 InLlud¢d ￿l¢hin the wag¢s and sthari¢s, di￿10$¢￿ abtsTr< 9¢ subeonira¢ior ¢0s1s of£i,9.43 12W2. £3.1141. Th¢ Fi-n5ion Trus1 S¢hvTni A5 of ihe ternis aid coiiditions of permanent emplovineiil. the charits offers retirement benefits The charitN Participates in a defiiied ¢oniribulion s¢h¢m¢ ts￿rated b!,-l-h¢ P¢nsions Irusi. The costto the cliarity for die financial >earwas £6.026 As at the rermirting date the unpgid contributions included within other creditors was Local CJov¢mm¢nt Pension S¢h¢me Ii_CJPSI Tlie ¢hJiitv operdle5 adefined benefit scheine 0￿rated bi'the Londoii Pen510n Fund Aullioiih., tor one retired inemberot 51atr. TIIis 15 a tnulti-emploNer 5clierne dnd Il Is not Possible or appropiiale lo consislenlli Idenlih the liabilitie5 oftlie LGPS which are aftributdble to the charitv as required b! FRS 102 Section 28'Etllplovee Beiiefits. Bisliop'5 Slortford Museiiin and Arts CIO therefore accouiils for diis scheme &s if it ￿'t￿e a defined cDntribution scI￿nie in accordance with parngrapli I l of section 28 ofthe FRS 102. Diiringtlie}'eardie amnunt paid in relation to thesclienie by thecharitv was £1.26712022-. nil) As atthe reportingdatedie unpaid contributions irt¥lud¢d wiihirt oth¢r ¢¢ditors w&8 £1.851 C-OMPARATII'ES FOR THE 4TATEMENT OF FI￿ A￿LIAL ACTII'ITIES Unrestricted Totsl fuiid fuiids fuiids t)0n￿lon5 and l¢gaLies 4J7￿.¥25 4,476.76V C.haritAble 9ftiiities Museum Provision 2,560 PanlvtniTnL prodiiclion L)Ih¢r artlsli¢ ¢v¢nts lentr￿ adminiqtratiort 196.537 1.750 IV6.537 1.75 Inv¢bltncnl InLorn¢ 8.R5 835 4.920.272 This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts 97.935 5.018.207 P￿ge 44

BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 li COMPARATII'ES FOR THE ST.4TEP+qENT OF FlliAliCV.4L.4crii'iTVES-continlled Unr¢Slri¢*d nd 'rothl funds EXPETr4DITURE ON ChA Tltable actiiitie5 32.501 52.025 108.037 231.602 7,071 228.305 Mu.%eum Prnvi41i1 52.&25 108.037 231.602 7.071 228.i05 Pantoiiiime pmducti(Jn Ccniral admiiiisiralio ther 1.207 714.650 1.2h7 714.650 Total NET INCOME 4205,622 97.935 4J03,557 TOTAL FUND8 C.ARRIED FORII'ARD 420£.622 97.93 4.303.557 13. T.4NGIRI.F: blX&:D ASSTr.'13 Itnprovements Fixtures and Cotnwiter ¢quipm¢ni pri)p¢rty TO1￿5 C.OST At l April 2022 Additions 3.703.297 5_661 3.927.149 16,996 3.944.145 16,996 2.35.1¥7 Al.41 Mar¢h 2023 3.7V3.297 5.661 DEPRECI.4TION Al l April 2022 Char¥i forvLar Al 31 Mar¢h 2023 36,435 3S.975 1.6C 38,044 40.841 I,Sfrf 3,475 75.410 78.¥¥5 NET BOOK I'ALUE Al 31 Marili 2023 i.703,297 159.777 2.186 -R.S65,260 At 31 Marcli 2022 3.703.297 4.0£2 3.889.105 Heritage Asse15 are not reported ill the balance 51ieet because the inarkel valiie cannot be ascertained diie to their iiature The colleclioIi comprises of pliotograplis. edinographv. art. SOCI￿ liistorv ob1ects. costumes. documeiits. etc relating to Cecil Rliodes wid late 19tli century 8olltli¢rn Afri¢aortli¢ histor% of Ilishop's 8tor¢ford 2nd suttouttding ar¢as Most nf the existing collectiott.% ￿'tre taktrt Dver ivhen the CIO succeeded RhDde8 Birthplace Tr￿81 IILself formed the merger of RhDde8 Museum and Bishop's Slorttoid Lo¢al H151or)' Museutn in 20021. Al an!. poiiil in tiine a￿ul I￿/￿01-the told items are on public d15plav. The m I.￿ tsi Inspire and educate audiences and promote the liistorv of the lo￿ll. The care polic￿ considers storage. displa),. and conservation of This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts P￿ge 45

BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 DEBTORS.. AP+qOiINTS FALLlliG DIIE II'ITIIIN ONE YEAR 2023 2022 Trade debtors 24.816 5.479 41.092 6.628 7,796 6.164 VAT PrLpaymcnu% uLcTucd incLTrni 34.898 61.O¥D CREDITORS.. AMOIINTS F.4LLIliG DIIE II'ITHIN OYE YEAR 2023 2n22 Trade creditors 46.072 15_877 18.704 800 Taxation wid SOCI￿ securits. Olhir cridilors 143.389 162.¥93 i¥i.I LEASING AGREEf*lENTS Minitnum lease pa￿[nentS under non<ancellable operdling leafie5 fall due as tollow5. 2023 2022 Within onc ycar Betweert (Jne and fi%'e iegrs 2230 4.4()0 6.6 2,047 Bishop's Stortford Mu5eiiin and Atts CIO is engaged Iii a lease agreement for the use of Bishop'5 Stortford Town Council's CetNeterv Chapel ￿llert tliere are 3 years remaining tliis lease agreement. Rent￿5 paid linder 11115 rental lease ale charged to IhE Slaletnenl ot-Finuncial Athivilies on a straight line ba515 over the iearot the lease. 17. MOI'EhlENT IN FIINDS Net moi'ement At At 114122 iii funds 3110312023 lI￿restrI(ted G¢n¢rnl fun 4,205,622 120.2781 4,185.344 Restrieted fu￿dS Book Sales fund 2ll82 2.282 3,879 2.549 1.227 86.342 96.279 42SI.623 Museum Giant Fiind Musvutn Dvnalivns FuNd F.v¢rtLS Ixination Fund 8106 Contrihllti(Jn Fund i.926 {471 2,45¥ 1227 88.042 97.935 TOTAL FIIYD5 4.-30.R.557 (21.934} This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts P￿ge 46

BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 17. MOI'EMENT IN FIINDS-eontinued Nel Inol'emenl Iii fuiids. iiicluded ill the abive ate as follo￿￿-. Iniominu rLsvurics RLsouri¢s L¥pindcd MovLin¢nl in General fund 998.574 20,278 Restrieted Ill￿d5 Mub¢urn tirJnl Fund Mus¢um nonaiions Fund 81()6 Ciintrihllti(Jn Fund 1471 47 1.700 91 TOT.4L FITYDS 998.665 11.020.599) 21.934 C.onJparatives ffftr nJrJVtmtDt in fumds Net Inoveinent At Al 114121 in funds 3110i12022 [InTestrirted G¢n¢rnl fun 4,205,622 4205.622 Restrieted fu￿dS Book Sale5 fund 2.282 i,926 2,45 2,282 3,926 2.458 Museum Giant Fiind Musvutn Dvnalivns F.v¢rtLS Ixination Fund 8106 Contrihllti(Jn Fund 1.227 88.042 88.042 97.935 TOTAL FIIYDS 4,iOi.557 4.303 557 Comp2rati%'e net movement in fllnd£. inclllded in the abDwe gre follo￿￿.. Invoming r¢sour¢¢s RLSiTrUIIIS ¢xp¢nd¢d Mvviminl in runds lI￿reSt￿￿ted G¢n¢tal fun 4,92V272 [714.050) 4205.622 Restrieted (llllds Book Sales fuiid 2.282 2.282 3,926 2,458 1.227 88.(P12 97.935 4.303.557 Museum Giant Fund Musrutn Dundlivns FuNd Fv¢rtLS tkination Fun 8lQf) Lonirihllti(Jn Fund i.926 2,458 1227 88.IM2 97.935 TOTAL FIINDS 5,018.207 (714.6fO) This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts P￿ge 47

BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 17. MOI'EMENT IN FIINDS-eontinued A current year 12 mondis and prior vear 12 months collibiiied I￿llIon is as follo￿S-. N¢1 tno%¢rn¢nl Al in Mndg 3110312023 Unresrricled funds Geiieral fuiid 4,185,344 4.185,344 Resiritled Bi)(Jk %ale£ Fund 22A2 3.879 2.£49 1227 2.2%2 3.879 2.549 1.227 86.i42 9h.279 4281.623 Mu.£elliii Cirant Fund Museuill Doiiatioiis Fulld Eients Donatioii Fuiid 86.342 9&.279 4.281.623 TOT.4L FUNDS A ¢urr¢ni y¥ar 12 months anu prior ￿ear 12 nK)nihs ¢ombin¢d n¢1 mov¢m¢nl in funus. in¢ludL'd in th¢ abov¢ arl a5 fvlloiis.. Inc(Trming r¢sour¢¢s R¢J(TriiriLS ¢xp¢nJ¢d Moviininl in runds Ilnrestritted fu￿d5 G¢iiLrdl fun(1 5,918,S46 4,185,344 Re$tri¢ted fumd$ Book Salts Fund 2282 3.926 2.282 3.879 Museiim Gr￿￿1 fund Museum Doiialion5 Fund 2.549 Eicnts Donation Fuiid SID6 Ctsnlribution Fund 1227 ¥.￿12 98.026 1,227 6.342 96.279 4.281,62.R TOTAL FIINDS 6,016.872 ia. RELATED PARTY DI8C.LOSIIRE8 -1 rusi¢¢. Mi¢h¢ll¢ Brirtklow is a dir¢¢ior of Cortsuliirtg l.irtlitrd whi¢h provid¢d HR adYi¢¢ io Iht ¢haril* amounting io £3.541112022. 19. bl"BSEQUEYt EI'ENT5 Tliere NTrere no sub5eqiienl even15 afterthe veal elided 31 March 2023. This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts P￿ge 48

BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 2023 2V22 INC.'aME illiD EliDOII'NqEliTS Donatioiis and legaeies 4_035 4.349.260 127.500 4.476.7h¢) Gran15 258.￿7 2&2.N2 Oiher tradiDg g£1ivities Bar income 177.647 277 Catering iiicollie 220 177.924 Inve%tment Dep(38lt acc(Junt interest CharitAble Aftiiitits 8.755 835 Studio hire incoine 64,804 26.j35 30S.I(H 23.45¥ Olhcr pro￿Th hirc Incomc Chariiabl¢ show iniom¢ Olh¢r Lhariiabl¢ inLOm¢ 45.677 76.127 549.944 998_665 422.701 5.018,207 Total incomiTrg re50urctS F.XPF.￿DITllRF. Piircthes 68.125 19_880 42.204 10.978 53,182 Il'ages 88.005 Wag¢s social securi 228.588 18.39£ 6_486 144.177 4.898 3.817 9,794 41,452 12.9¥5 Olhei operating lease5 Ra￿-S and 10.819 52.563 Insuran¢¢ I.1￿t artd h¢at Telephone Postage ￿ld stationerv Sub5CllPtions CoTnpulBr costs MaintL￿an￿ ￿paI[s Matk¢ting cost% 9.401 4.146 3_538 4.489 2.335 1.498 960 8,471 23.947 56,156 30.937 17.249 251.728 Costs ofexhibitions and shows 292.9)0 siarrUY￿ns¢s 127 482 437 lJ77 335 Vorkwear Otlier stsff related cost 777_408 549.767 Othtr P¥nbivns 1.207 This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts P￿ge 49

BISHOP'S STORTFORD MI.'SEI'M.4ND ARTS CIO DET.￿lLED ST..ITEP+lENT OF FIN.4NCI.AL ACTII'ITIES oR'rHTr. I Tr.AR Tr.NnTr.l) 31 M4RCH 2023 2023 2V22 8upport cw&is Manage]Deiit Il'age5 Social securitv 74.163 8,139 2.739 R5.ll41 4).793 4.692 2.210 Pcn510ns 52.h95 Finanee Bank cliarges 4.952 4.464 Other Planl rna¢hin¢ry 4().841 3¥.044 CroVerna￿te i&sts Auditors, remuneration 5.775 16,775 22.550 4.923 10_308 Accountancy and legal fees 'lotsl resourws ¢xp¢nd¢d Net lexpenditureViDcome 714.h5 4.303.557 This page (k)es not form part of ihe stamtorv fi￿nCIal ststemellts P￿ge 50