The Towcester Museum

	Page
Trustees' Report	1—4
Independent Examiner's Report	5
Statement of Financial Activities (including Income and Expenditure Account)	6
Comparative Statement of Financial Activities (including Income and Expenditure Account)	7
Balance Sheet	8
Notes to the Financial Statements	9—14

The trustees present their report and the financial statements for the period ended 31 December 2025.

Objectives and Activities

Aims and Objectives

The following objectives are to be applied in the town of Towcester and the area south of Northamptonshire (‘the area to benefit’):

To collect, document, preserve, exhibit and interpret objects, items and heritage assets into a Collection for long term public benefit, held in trust and separate from corporate assets.
Collections will be held in trust for public benefit, in line with sector standards (for example the UK Museum Accreditation Scheme and Spectrum) and Museums own Collections Development Plan and Policy and are dealt with as separate to the organisations Corporate Assets.
The promotion of study and research into the history of the town of Towcester and surrounding areas.

Charitable activities

The charitable company main activities are currently:

To manage its leasehold property which includes the renting of the two retail outlets.
To provide the museum facilities in Towcester.

Achievements and Performance

Main Achievements

During the period, the charitable company continues to undertake these activities as described above. The museum opened to the public in December 2012.

Financial Review

Financial Position

There was a surplus/(loss) of (£3,807) in the year (2024: (£10,849)). As at the 31 December 2025 the charity had a fund surplus of £106,613 (2024: £110,420), being a surplus on restricted funds of £46,897 (2024: £49,049) and a surplus in general reserves of £59,716 (2024: £61,371). The restricted funds are solely for improvements to the property or other specific expenditure agreed at the time of the award. The funds available were £21,972 cash assets, and £85,597 tangible assets. The Asset list of the museum has been revised to remove out of date items such as equipment and items listed as assets which are artefacts.

Reserves Policy

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the charity should be no less than 3 months of the resources expended. At this level, the trustees believe that they would be able to continue the current activities of the charity in the event of a significant drop in funding. Accordingly, the financial statements have been completed on the basis that the company is a going concern.

Structure, Governance and Management

Governing Document

The charitable company is controlled by its governing document, Memorandum and Articles of Association.

The charitable company was established under a Memorandum and Articles of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the charitable company being wound up members are required to contribute an amount not exceeding £10.

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The Towcester Museum

Trustees' Report (continued)

For the Period 1 October 2024 to 31 December 2025

Trustee Selection Methods

The Memorandum of Association of the charitable company provides for the trustees to meet at least twice a year.

Members attending the Annual General Meeting accept the retirement of those Trustees who wish to retire or who are retiring by rotation and elect Trustees to fill the vacancies arising. The trustees, when complete consist of at least three and not more than twenty individuals, all of whom must be members. The trustees may at any time co-opt any person duly qualified to be appointed as a trustee to fill a vacancy in their number or as an additional trustee, but a co-opted trustee holds office only until the next Annual General Meeting when they must seek re-election.

Induction and training of new trustees

The chair of the trustees is responsible for the induction of any new trustees, which involves awareness of a trustee's responsibilities, the Memorandum and Articles of Associated, administrative procedures, the history and philosophical approach of the charitable company.

Risk Management

The trustees have a duty to identify and review the risks to which the charitable company is exposed and to ensure appropriate actions and controls are in place.

The trustees have a duty to identify and review the risks that the charitable company faces. A review of risks and actions can be found in the museums business plan.

Reference and Administrative Details

Trustees

D Reynolds - Chair (appointed 27/02/2025)

S A Willett

D L Ward (appointed 16/09/2025)

R J Dando L'Olive (appointed 27/02/2025)

V Litherland (appointed 27/02/2025)

G Millis (appointed 27/02/2025)

M A Sargent (appointed 16/09/2025)

I A Macaulay (appointed 01/06/2026)

Charity Number

1120909

Company Number

06322344

Principal Address

White Horse Yard, 163-165 Watling Street

Towcester

NN12 6BU

Independent Examiner

KRW Accountants Ltd

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

Bankers

CAF

25 Kings Hill Avenue

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The Towcester Museum

Trustees' Report (continued)

For the Period 1 October 2024 to 31 December 2025

West Maling

Knt

ME19 4JQ

Solicitors

Arnold Thomson

205 Watling Street

Towcester

Northamptonshire

NN12 6BX

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The Towcester Museum

Trustees' Report (continued)

For the Period 1 October 2024 to 31 December 2025

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The Towcester Museum for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the 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 judgments and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

D Reynolds

Trustee

30 September 2026

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The Towcester Museum

Independent Examiner's Report to the Trustees of The Towcester Museum

For the Period 1 October 2024 to 31 December 2025

Independent Examiner's Report to the Trustees of The Towcester Museum

I report to the charity trustees on my examination of the accounts of the Company for the period ended 31 December 2025.

Responsibilities and Basis of Report

As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner's Statement

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

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

KRW Accountants Ltd

30 September 2026

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

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The Towcester Museum

Statement of Financial Activities (including Income and Expenditure Account)

For the Period 1 October 2024 to 31 December 2025

Statement of Financial Activities (including Income and Expenditure Account)

				31 December 2025	30 September 2024
		Unrestricted funds	Restricted funds	Total funds	Total funds
	Notes	£	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	19,266	-	19,266	9,394
Investments	4	357	-	357	301
Other	5	16,044	-	16,044	18,323

		35,667	-	35,667	28,018

EXPENDITURE ON:
Raising funds	8	(979 )	(1 )	(980 )	477
Charitable activities:	8
Museum costs		(36,539 )	(999 )	(37,538 )	(39,344 )

		(37,518 )	(1,000 )	(38,518 )	(38,867 )

NET EXPENDITURE		(1,851 )	(1,000 )	(2,851 )	(10,849 )

Transfers between funds	16	(938 )	938	-	-

NET MOVEMENT IN FUNDS		(2,789 )	(62 )	(2,851 )	(10,849 )
RECONCILIATION OF FUNDS:
Total funds brought forward		61,371	49,049	110,420	121,269

TOTAL FUNDS CARRIED FORWARD	16	58,582	48,987	107,569	110,420

The notes on pages 9 to 14 form part of these financial statements.

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The Towcester Museum

Comparative Statement of Financial Activities (including Income and Expenditure Account)

For the Period 1 October 2024 to 31 December 2025

Comparative Statement of Financial Activities (including Income and Expenditure Account)

				2024
		Unrestricted funds	Restricted funds	Total funds
	Notes	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	9,394	-	9,394
Investments	4	301	-	301
Other	5	18,323	-	18,323

		28,018	-	28,018

EXPENDITURE ON:
Raising funds	8	477	-	477
Charitable activities:	8
Museum costs		(37,192 )	(2,152 )	(39,344 )

		(36,715 )	(2,152 )	(38,867 )

NET EXPENDITURE		(8,697 )	(2,152 )	(10,849 )


NET MOVEMENT IN FUNDS		(8,697 )	(2,152 )	(10,849 )
RECONCILIATION OF FUNDS:
Total funds brought forward		70,068	51,201	121,269

TOTAL FUNDS CARRIED FORWARD	16	61,371	49,049	110,420

The notes on pages 9 to 14 form part of these financial statements.

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The Towcester Museum

Balance Sheet

As At 31 December 2025

Balance Sheet

				31 December 2025	30 September 2024
		Unrestricted funds	Restricted funds	Total funds	Total funds
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12	36,610	48,987	85,597	93,650

		36,610	48,987	85,597	93,650
CURRENT ASSETS
Stocks	13	2,000	-	2,000	477
Debtors	14	4,135	-	4,135	442
Cash at bank and in hand		18,440	-	18,440	19,134

		24,575	-	24,575	20,053
Creditors: Amounts Falling Due Within One Year	15	(2,603 )	-	(2,603 )	(3,283 )

NET CURRENT ASSETS (LIABILITIES)		21,972	-	21,972	16,770

TOTAL ASSETS LESS CURRENT LIABILITIES		58,582	48,987	107,569	110,420

NET ASSETS		58,582	48,987	107,569	110,420

FUNDS OF THE CHARITY
Restricted Funds				48,987	49,049
Unrestricted Funds				58,582	61,371

TOTAL FUNDS	16			107,569	110,420

For the period ending 31 December 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The financial statements were approved by the board of trustees on 30 September 2026 and were signed on its behalf by:

D Reynolds

Trustee

The notes on pages 9 to 14 form part of these financial statements.

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The Towcester Museum

Notes to the Financial Statements

For the Period 1 October 2024 to 31 December 2025

Notes to the Financial Statements

1. General Information

The Towcester Museum is a company limited by guarantee, incorporated in England & Wales, registered number 06322344 and registered charity number 1120909 . The registered office is .

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d).

2.3. Going Concern Disclosure

The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern.

2.4. Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose.

Restricted funds are to be used for specific purposes as laid down by the donor.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.5. Incoming Resources

Income and endowments

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

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

2.6. Donated Goods and Services

During the year, the Charity received donated computer equipment comprising a desktop PC and a laptop for use in its charitable activities. The assets were recognised at their estimated fair value at the date of donation, being £400 for the PC and £250 for the laptop, giving a total value of £650.

In accordance with the Charity's accounting policy, the donated equipment has been capitalised within tangible fixed assets and a corresponding amount of £650 has been recognised within donations income in the Statement of Financial Activities.

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The Towcester Museum

Notes to the Financial Statements (continued)

For the Period 1 October 2024 to 31 December 2025

2.7. Resources Expended

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

2.8. Tangible Fixed Assets and Depreciation

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

Land and buildings	2% straight line
Improvements to property	2% straight line
Fixtures and fittings	20% reducing balance
Office equipment	33% straight line

2.9. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities.

2.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.11. Taxation

The charity is exempt from tax as all its income is charitable and applied for charitable purposes.

3. Income from Donations and Legacies

	31 December 2025	30 September 2024
	Unrestricted	Unrestricted
	funds	funds
	£	£
Donations and gifts	11,686	9,394
Grants	7,580	-

	19,266	9,394

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The Towcester Museum

Notes to the Financial Statements (continued)

For the Period 1 October 2024 to 31 December 2025

4. Investment Income

	31 December 2025	30 September 2024
	Unrestricted	Unrestricted
	funds	funds
	£	£
Bank interest receivable	357	301

5. Other Income

	31 December 2025	2024
	Unrestricted funds	Unrestricted funds
	£	£
Rental and other income from property	16,044	18,323

6. Government Grants

Government grants recognised in the accounts were as follows:

	31 December 2025	30 September 2024
	£	£
Towcester Town Council	2,580	-

7. Net Income/(Expenditure)

The net expenditure is stated after charging/(crediting):

	31 December 2025	30 September 2024
	£	£
Depreciation of tangible fixed assets - owned	2,447	4,961
Gain/Loss on disposal of tangible fixed assets	6,555	-

8. Analysis of Expenditure

			31 December 2025
	Activities undertaken directly	Support costs (see note 9 )	Total
	£	£	£
Raising funds	980	-	980
Museum costs	9,615	27,923	37,538

	10,595	27,923	38,518

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The Towcester Museum

Notes to the Financial Statements (continued)

For the Period 1 October 2024 to 31 December 2025

			30 September 2024
	Activities undertaken directly	Support costs (see note 9 )	Total
	£	£	£
Raising funds	(477 )	-	(477 )
Museum costs	17,648	21,696	39,344

	17,171	21,696	38,867

9. Support Costs

	31 December 2025	30 September 2024
	Museum costs	Museum costs
	£	£
Employee costs	1,118	-
Premises expenses	14,706	11,989
General administration	12,099	9,707

	27,923	21,696

10. Independent Examiner's Remuneration

	31 December 2025	30 September 2024
	£	£
Independent examination of the financial statements	1,253	1,169

11. Average Number of Employees

Average number of employees during the period was: NIL (2024: NIL)

12. Tangible Assets

	Land & Property
	Land and buildings	Improvements to property	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost
As at 1 October 2024	4,995	107,599	74,524	6,542	193,660
Additions	-	-	299	650	949
Disposals	-	-	(50,071 )	(4,547 )	(54,618 )

As at 31 December 2025	4,995	107,599	24,752	2,645	139,991

Depreciation
As at 1 October 2024	1,698	27,878	64,093	6,341	100,010
Provided during the period	100	1,195	835	317	2,447
Disposals	-	-	(43,516 )	(4,547 )	(48,063 )

As at 31 December 2025	1,798	29,073	21,412	2,111	54,394

...CONTINUED

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The Towcester Museum

Notes to the Financial Statements (continued)

For the Period 1 October 2024 to 31 December 2025

Net Book Value
As at 31 December 2025	3,197	78,526	3,340	534	85,597

As at 1 October 2024	3,297	79,721	10,431	201	93,650

13. Stocks

	31 December 2025	30 September 2024
	£	£
Stock	2,000	477

14. Debtors

	31 December 2025	30 September 2024
	£	£
Due within one year
Other debtors	4,135	442

15. Creditors: Amounts Falling Due Within One Year

	31 December 2025	30 September 2024
	£	£
Other creditors	1,500	2,160
Accruals and deferred income	1,103	1,123

	2,603	3,283

16. Movement in Funds

	As at 1 October 2024	Income	Expenditure	Transfers	As at 31 December 2025
	£	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	61,371	35,667	(37,518 )	(938 )	58,582
Restricted funds
Restricted fund	49,049	-	(1,000 )	938	48,987


Total funds	110,420	35,667	(38,518 )	-	107,569

	As at 1 October 2023	Income	Expenditure	As at 30 September 2024
	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	70,068	28,018	(36,715 )	61,371

...CONTINUED

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The Towcester Museum

Notes to the Financial Statements (continued)

For the Period 1 October 2024 to 31 December 2025

Restricted funds
Restricted fund	51,201	-	(2,152 )	49,049


Total funds	121,269	28,018	(38,867 )	110,420

17. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

18. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure.

19. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

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