Company Number 2844791 {England and Wales) RegiSted Charrty Number 1047187 QUEEN STREET SCHOOL PRESERVATION TRUST Acom Ilmited b uarantee Flnancial Statements Forthe ear ended 31Au ust 2021 *A84ZITE8• 2W05r2022 COMPANIES HOUSE
UEEN STREET SCHOOL PRESERVATION TRUST Financial statements for the ear ended 31 A ust 2021 CONTENTS PAGE Company Information Independent Examinerfs ReFKIrt Trustees. Report 3to8 Income and Expenditure A¢¢ount Statement of Finane4al Activi$ 10 Balance Sheet 11 Notes lo the Financial Statements 12to17
QUEEN STREET SCHOOL PRESERVATION TRUST Com an Information for Ihe ear ended 31 Au ust 2021 Charit Name Queen Sireel School Preservation TnJsl Charit Num 1047187 Corn an islration Number 2844791 Tnjslees John French Carol Thornton (resigned 5 November 20211 Louise Harper John Walker Graham Cannon James Emerson Phil Bradley Jean Cannon lan Wolseley (appointed 10 September 2021) Secrela Carol Thornton Princi l Address WilderSn Natial School Queen Street 8arton upon Humber North Lincolnshire DN18 SQP Re istere Queen Street Barton upon Humber North Lincolnshire DN18 SQP Inde endenl Examiner John Heeney. BA (Hons) FCA RNS Chartered Accountants 41 High Street 8arton upon Humber North Lincolnshire DN18 5PD
QUEEN STREET SCHOOL PRESERVATION TRUST Inde endent Exarniner'$ Re rt to the Trustees of the ueen Street Sch¢)ol Preser¥ation Trust I report to the ¢harily trustee5 on my examinatr.on of the accounls of the company for the year ended 31 August 2021 which are set out on pages 9 10 17. Res onsibilitles and basis of re As the charity Iruslees of the rnpanY land also its diwlors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Ael 20Cfj I'lhe 2006 Act'l. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 20C6 Act and are eligible for independenl examination. I report in respect of my exarninalion of your company's accounts as carried out under seth'on 145 of the Chartties Act 2011 I'lhe 2011 Act'l. In arryirig out my examinab.on I have folbwed the Directions given by the Charity Commission under seclion 14515llbl of the 2011 Act Ini18 endent examiner's statement I have completed my examination. I confimi Ihat no matters have come to my attention in connection with the examination giving me cause to believe that in any material respe¢t'. aOuntIng records were not kept in respect of the COTnpany as required by section 386 of the Companies Acl 2006.. or the accounts do not accord with those record.. or the accounts do not comply wlh the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'lrue and fair view, which is not a matter congdered as part of an independent examinalion.. or the accounts have not been prepared in accor(lance with the methods and principles of the Stslemenl of Recommended Practice." Accountsng and Reporting by Charities applicable lo chanlies preparing their aecounls in accordance with the Financial Reporting Standard applicable in the UK and RepU1C of Ireknd {FRS 1021. I have no concerns and have come across no other matters in conneclion with the examination to which attention should be drawn in this reFKJrt in order lo enable a proper understanding of the accounts to be reached. ohn Heene BA Hons FCA RNS Chartered Accountants 41 High Street Barton upon Humber North Lincolnshire DN18 SPD 2022
QUEEN STREET SCHOOL PRESERVATION TRUST Re ort of the Trustees for the ear ended 31 Au ust 2021 The Trustees present their report and financial statements of the charTty for the year ended 31 August 2021. The Iruslees have adopted the provisions of the Ststement of Recommended Practice ISORPI 'Accounling and Reporb"ng by Charities. IFRS 102} in preparing the annual report and linancial statements of the charity. Objecllves and principal activities. Queen Street School Preservation Trust is a Registered Charity. the obj'ectives of which are.. To wuire, preserve and maintain the old school and other buildings in the Queen Street area, and lo cary out repairs, alleratsons, maintenanee 2nd eonstruclion on the same in order lo create an educational, heritsge and communf(y centre for the benefit of the people of Barton, visitors, schools and educational hi5torian5. To continue to preseTre and maintain and to manage the said centre. To acquire and maintsin for the advancement of education a museum comprising a collection of artefacls for display and study purposes on the subject of the history of primary educatson with particular reference lo Samuel Wiloerspin and his role in rt. The pnncipal activity of the company is the preservation of the Queen Street School Iknown now as Wilderspin National Sch)11 for the neffit of the inhabitants of Barton upon Humber. Trustees The Trustees who served during the year and since the year end were as follows.. John French Carol Thornton (resigned 5 November 2021) Louise Haiper John Walker Graham Cannon James Emerson Phil Bradley Jean Cannon lan w01seY lappoinled 10 September 20211 The member5 of the Board of Trustees are elected at the Annual General Meeting by the members of the charity. and usually serve lor a three year tem. The company is limited by guarantee therefore none of the trustees have an interest in share capitsl.
QUEEN STREET CH OL PRESERVATION TRUST .Re ort of the Trustees for the ear•nded 31 Au u¥t 2021 continued Statttmtrnt of the Truslees. responsibilities The Iruslees Iwho are also directors of the charity for the purposes of cornpany law) are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo Prepa financial statements for each financial year, which give a true and fair view of the slate of affairs of the charitable comparby and of the incoming resources and application of resoljrs, including the income and expenditure, of the charilable company for that period. In preparing these finarb¢ial statements. the trustees are required lo.. selecl suilable accounting policies and then apply them consistently. observe the method5 and principle5 in the Charities SORP 2015 IFRS102>- make judgements and esb'males that are reasonable and prudenL $tsle whelhei applicabk UK Accounting Stsndards have been followed, subj.eet lo any material departures disclosed and explained in the financial stalements". prepare the financial statements on the going concem basis unless tl is inappropriale lo presume that the company will conlinue lo operate. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial wsilion of the charitable company and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit informaln of whrh the charitable companYs auditor is unaware., and. the trustees have taken all"steps that they ought to have taken lo make themselves aware of any revant audit infomi8tDn and to establish that the auditor ts aware of that information Corporate status The company was incorporated as a prNate cixnpany limited by guarantee without share capital. Oryanisatlon As referred lo above, the company is manage(1 by the board of Twslees which is elected al the Annual General Meeting. The company delegates SponsIbl111Y for the day lo day running of charitable matters lo the Development Offior. via the Council of Managemenl and Finance. Flnancial Revlew The Slalemenl of Financial ActNrtS (SOFA) shows that al the end of the financial year we had posilbve serves tr) ¢arry forward of £532.986. ¢ompared wrth posrtive reserves of £516,334 at 31 August 2020. The Trustees are continuing fundraising activities. and income from rents and organised school and other visits are increasing We are confident therefore that our a¢tTrvitses are sustsinable and that we are on course lo increase the surplu5 on unreslricled reserves. The Trustees consider il prudent that Un$ttted reserves should be suffic*nl to cover al least one yearfs operating costs.
UEEN STREET SCHOOL PRESERVATION TRUST ort of the Trustees for the ear ended 31 Au ust 2021 continued Achievements and perfomionce The Impact of Covid 19 Covid 19 restrictions (March - July 20201 which had been eased during the summer were re-imposed in the autumn 8$ part of the govemment tiered system. A second national lockdown in England began on 5 November. The Museum 2nd Coffee Shop were closed from March 2020 due lo Covid 19. 8nd all work stopped. Staff were furloughed and volunteer activities ceased, tentatively resuming behind the scenes with care in the lead-up to the new financial year. The Old School Canteen reopened in July 2020 with 8ddilional space provided by closing the Reminiscence Classroom lo provide safely distsnced sealing and using the Playground also. Restricted access lo the Museum slarted in August 2020 with a one-way visitor flow and the removal of all lacb.le exhibits. Reduced volunteer staffing meant that wintef opening hours (weekends only} had to be adopted, and a ftjrther closure of the sile due lo Covid followed in November 2020. The coffee.shop re4opened in May 2021, onts again with extra safely spaced sealing inside and outside, and the Museum in July with a soft-launch of the diSplaYed rooms, followed by a formal launch as part of Heritage Open Days in September 2021. Performance in 2020 Covid interrupted reporting in 2019r20. The viru$ impacted on our year•on-year growth. 2020 2019 Total Museum visitors.. 12,208 19.892 Museum only 11.350} 14.118) Museum events {3.4511 12.337) Museum school visits 19701 {1.9781 Old School Canteen ¢offee shop 16.476) {11.2151 Outreach 39 2.180 Additional facility hire users 6.085 {7,720) . Joseph Wright Hall IJWH) 15.452) {9,142) (The JWH is also used for our evenls arKI school visits included al)ove.") Total vlsllors and users: 18,332 29.792 Covid Recovery A Covid recovery grant of £10.000 was awarded to the Trust by the Natnal Lottery Heritage Fund facilitating the redisplay of the former Inlerpretstion Room into a Victorian Classroom, and the former 18905 Classfoom into a Warts'me Classr¢)om. Interprelatson was dispersed throughout each of the historic rooms Rebranding of the Museum was also undertaken and associated changes to publicity and the Trust's social media messaging, including preparations for a new website. The Covid recovery project was managed by Heritage Consultant, Ali Bodley. who has also drafted.. Options Appraisal Audience Development Plan Marketing and Social Medial Plan Volunteers, Inductson Handbook Project duration is Apft"12021 - February 2022. Volunteers In wmmon with other museums and organisations which rety on volunteers the Covid interruptions and its ongoing health issues impacted on our volunteer workforce resu"n9 in a number of retirements. The loss of volunteers during Lockdown was 151-37%)-
UEEN STREET SCHOOL PRESERVATION TRUST Re rt of the Trustees for the earended 31 Au ust 2021 continued Volunteer recruitment to rebuild the volunteer team was assisted by a £1,500 grant from Museums Developrnent Yorkshire enabling us to produce Iilmed inlervEws wrth volunteers lo use in digital media to promote volunteering opportunits"es. Our Volunteer induth.on programme has been IntrodUced and a Tr¢ruitment ¢ampahJn was planned for Sprin9 2022. Recnjilment of new volunteers during Covid recovery project was 18 {+7%1. The Volunteer Team has recovered to the pre Covid level and we are on target to increase it to 50 by 2023. Covid Recovery Comparison of pre Covid12019120). Lockdown {2020r21). and post COVKI INLHF Projectl {2021122): Juty-February {NLHF project period) 19r20 20121 21r22 Museum visitors Annual change Project change 12019120 to 2021122) 2.187 415 915 1% +121% -58% Coffee Shop customern Annual change Project change 12019120 10 20211221 7.923 3.609 6.602 -54% +83% -17% The Project has contributed lo a 74% recovery of our pre Covid visitor and customer footfall. Museurn Renopening and Relaunch 22 May 2021 - weekend openirvJ,' restrithd rooms,. use of a¢JdilnaI space for coffeE shop seating 22 July 2021 (soft launch) September 2021 (Heritage Open Days fomial launch) Refresher training sessions x 2 was FKovi¢Jed for Reception Visitor Guides {volunteers x 151 The projeel has re-focussed our interpretstion on the Wiklerspin Story through.. Redisplay of th rc#Jms with improved interwelatK)n Including infomiation targeted al children Revised guided lour New Visitor Guide sheet School Visits School visits were cancelled during Icckdowns and the ensuing pressure sclK)ols faced. Brigg Primary School brought the class "bubble5" on three separate days once restrith.ons began to ease. We also delivered our first outreach wofkshop Iwartimel lo of our regular schools, Hull Collegiate. School visits were not possible during the redisplay work. and we need to rebuild our education team so a re-launch of our educalion programme is planned for September 2022 while we review and revamp the learning sessions.
UEEN STREET SCHOOL PRESERVATION TRUST Re ort of the Trustees for the ear ended 31 Au ust 2021 continued Miscellaneous Covid caused carlIation of our events programrres. Small scale costumed family sessions were trialled in the summer. Commercial hire of the premises ceased during Covid Icckdowns. Government. Council and Arts Council England Covid support grants are detailed in the Financial report The Tmst After a tenure of fifteen years, John Walker retired a5 Chair. This pericmj covered the restoration of the derelict building, opening of the Museum and establishing The Wiklerspin as a key partner in the town's visitor eeonomy. The Trust is immensely graleful to John for enthusiaskn"c involvement and his re an(J encouragement of volunteers. lan Wolseley retired as Development Offir - a role he began in 2006 in a full-time c8P8city overseeing the resloralion and setting-up of the Museum, an¢J continuing in a part-time capacity as manager of the Museum until this year. lan fomally Joined the Trust and took over as Chair from September 2021. As part of our succession planning, Yvonne lQ"ng was welcomed to the Museum in January 2021 to lake on the new part-lime role of Business & Sile Manager concentrating on cafe and opefatsons of the buildings and the site, and helping make sure our public service5 run efficiently, including the visitor attraction experience and the hire of OLJr faulities. In addition lo Yvonne's appointment, further delegation of the fomer Development Officer's role has included broader involvement of volunteers in management and running of Ihe Museum. and changes lo our committee and working groups structure. Tho School Bulldlng The Wilderspin Schoolroom V•ryndow has been repaired. The fomier Girt5' Classroom. used previously as the Interpretalion Room, was restored (repainted, repaired elcl. The Office has been relocated to the Ross Room (Varah Buikliryi". The fir5t-floor Sto of the fomer Masterfs House is n¢)w rented as an offKe and store by The Ohd School Canteen. Joseph Wright Hall No activity or events have been possible during the Covid crisKs. Occupancy levels a restricted until a Fire Safety Audit is undertaken and the remedial works Completed lcompted 20211221. The Lockdown coincided with a successfvl grant applicalion to EnTrust for £40,000 to enable us lo instsll a lift. A lot of preparation work was neeessary. and the lift was installed during 2021. The electrics were upgraded. and a fire alarm system arml emergency lighting installed. We are very grateful lo the LondTrust for their funding SUPFQrt of the lift. A new tJTr"ler has been installed thanks to an EU IERDFI Smart Energy grant. Since taking on the Hall in 2015 the Trust has been successful raising around £94,000 of grant funding for the works so far to supplement our own cash contribulion. The in-kind support of volunteer5 over the years is valued at many thousands of pounds. Individual and corporate generosity for the pew cushions. amongst other things, amounts lo over £34.000. and the value of investment and cash support by South Bank Players and Friends at Barton is over £10.000.
UEEN TREET CHOOL PRESERVATION TRUST ort of the Trustees for the ear ended 31 Au ust 2021 continued This is truly a magniftrnt plural achievement and we are well on the way to creating a niche perfomiance venue for community use. Yet rn0 funding is needed to rnodemise the ground floor to create spaces we can use ourselves for Museum acbvities including our events and school visits. The ground floor will also be used for cornmercial and communty hire too. In lime. the aim is 10 9enerate in¢ome from the Hall which will help.ppOrt the Museum. The Trust's efforts to attract additional exlemal funding will be signifieanlly improved if il can be shown to potential funders that it is able to provide more funds from its own resources and from community 5UPPgrt. and to that end we launched an appeal to local businesses and individuals. Looking Ahead The Covid recovery project identified a need to pre<Jress further dissemination. research and publication about Wilderspin lo older students, colleges and academics. aduh edlt)n groups - as well as school groups. The Trust has been successful securing funding from the Humber Museums Partnership lo develop a Memory Café in 2022 as part of our cornmunity outreach and engagement. New links with Wildeispin descendants in USA could lead to donation of personal artefacts including the Travelling Bookcase. During the Covid lockdown we established a link with the Jacobs Foundation Global Education Museum Initiative based in Swtzerland. The Gemini project will provide curated "learning joumeys. on the topic of education, and the vision is to enable contributing museum5 to present their eolleebons and their educational know-how, as well as build an intemational communty of museums. A fire safely audit is planned in 2021122 for the Joseph Wright Hall (completed 2021)- The next proje¢l will centre on increasing aydrence capacity by improving fire escape routes. Statement for public benefft test for Charities In seth.ng otjr objectives and planning our actNities the trustees have given careful Conseration to the charity eommission general guidan on publie benefit. Small companies provisions The report of the trustees has been prepared tsking advantsge of the small companies exemplM)n of Sect)n 41 SA of the Companies Act 2006. By order of the Board Jean Cannon Chairman Dale". 2022
QUEEN STREET SCHOOL PRESERVATION TRUST Income and ex enditure aecount Year ended 31 Au ust 2021 2021 2020 Income 122.423 97.275 Investment Income 18 Gross incoffle 122.429 97.293 Expenditure 105.777 63.216 Net incorne 16.652 34,077 The income and expendilure account has been prepared on the basis that all OperaS are continuing operations.
io UEEN STREET SCHOOL PRESERVATION TRUST ststement of Financial Activities For the ear ended 31 Au ust 2021 Unrestrieted Rtrstritted Note Funds Funds Total 2021 Total 2020 Income from: Donations Gift Aid Claim5 Charitable activities Other trading activities Investment income Government grant 3.481 81 2 52.700 9.588 3.481 81 52.700 9.588 16.171 3.085 24.300 28,719 18 25.000 56.573 56.573 Total iTrcome 122,429 122,429 97.293 Expenditure on: Charitsble activities Governance c(Jsls 4 103.946 1,831 103,946 1,831 52.102 11,114 Total expenditure 105.777 105,777 63,216 Net income 13 16.652 16,652 34,077 Total funds brought foThvard 13 46.334 470,OCN) 516.334 482,257 Total funds carried forward 13 62.986 470.000 532.986 516,334
UEEN STREET SCHOOL PRESERVATION TRUST Com an Number 2844791 Balance sheet Asat31Au ust 2021 Total 2021 Total Notes Fixed assets Tangible assets 10 560.000 560,000 Current assets Stocks 1.951 2,036 Deblors 11 1.217 635 Cash at bank and in hand 76.731 52.024 Total current assets 79,899 54.695 Creditors". Amounts falling due wrthin one year 12 16.913 8,361 Net current assets 62.986 46,334 Tol81 asse15 le$$ current liabilrties 622,986 6Ck%,334 Creditors.. Arnounls falling due more than one year 10 90.000 90.000 Net assets 532,986 516,334 Funds of the chari Unrestricted fund 13 62.986 46.334 Restricted income fvnds 13 470,000 470.t)00 Total charit funds 532,986 516,334 For the year ended 31 August 2021 the company was enlilled lo exemption from audit under section 477 of the Companies Ael 2006 relating to small companies. rectors, responsibilities". the members have not required the company to obtain an audit of its accounls for the year In question in accordance with section 476.. the directors acknowledge their responsibilities for complying with the requirements of the Act with respecl to accounting records and the prepafation of accounts.. These financial statements have been prepared in accordance with the special provisions relating to companies subject to Ihe small companies regime within Part 15 of the Companies Act 2006. The fina I statements were approved by the Board on 2022. Jean Cannon. Chaiman
QUEEN STREET SCHOOL PRESERVATION TRUST Notes to the financial statements Year ended 31 Au ust 2021 1 Surnma ofsi nificant accountin licies (al General Inforniation and basls of preparation Queen Street School Preservalton Trust 15 a private company limited by guarantee incoTporaled in Erbgland. In the event of the charity being wound up. the liabilrty in respect of the guarantee is limited 10 £1 Fef member ol the charity. The addres5 of the registered office is given in the charity inft)rmation on page 1 of these financial stalements." The natu of the eharty$ operation$ and principal activitie5 ate described on page 3. The charity constit¥Jles a public benefit entity as defined by FRS 102. The financial slalements have been prepared in accordance with Accounting and Reporting by charit5.. Stslemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued on 16 July 2014 {as updated through. Update Bulletin 1 published on 2 February 20161. the Financial Reporting Standard applicable in the Unrted 'ngdoM and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Acl 2006 and UK Generally Accepted Accounting Pfactice. The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. The financial slatern8nls are prepared on a going concem basis under the historical cost convention, modified lo include certain items al fair value. The financial stalernents are presented in sterling which is the lunth.onal currency of the charity and rounded to the nearest £. The significant accounting poliaes applied in the preparatson of these financial slalemenls are set out below. These policies have been ¢onsistenlly applied to all years presented unless otherwise staled_ Ib) Income recognition Grants received of a revenue nature are erediled to Incomin9 Resources in the Statement of Financial Activities when the cornpany is legally entilled to the income and the amount can be quanlrfied with reasonable accuracy. Sérvices provided, investmerbt income and rents a accounted for on the accruals bas15. Other income is accounted foi when receNed. All inwne is shown gross with associated costs included in expenditure. Grants received lo fvrKI the Purchase of Ted assets are credited to the Stslement of Financial Activities when the company is legally entitled to the income. The related expenditure 1$ tharged lo Fixed Assets in the Balance Sheet. Ic) Expenditure recognltlon l expenditure is accounted for on an accruals basis and has been classified under headings that aggregate cost5 related to the tegory. Where costs cannot be directly attributed to particular headings they have been allocated to acliwlies on a basis consislenl with the use of resources. Id) Tanglble fixed assets and depre¢iatlon Tangible fixed assets are stated al cost less depreciation. Depreciation is provided at rates calculated lo write off the cost less estsmaled resKlual value of each asset over its expected useful Long term leasehokl land and buildings are shown at open market value.
13 UEEN STREET SCHOOL PRESERVATION TRUST Notes to the financial statements Ygar ended 31 Au ust 2021 Ie) Funds Restricted funds are fvnds which are to be used in accordance wilh specific StriCt10n$ imposed on donors. Reslricled funds are a¢¢ounled for separately from each other and from the core funding of the company. General fund5 are unreslncted funds whth are available for use al the discretion of the Iruslees in the furtherance of the general oty'ectives of the charity and which have t been designated for other purposes. 2 In from charitable activltie Unrestrlcted Funds Total 2021 Totsl 2020 Other grants Arts Council Grant 50,000 2,700 50,000 2,700 24,300 52.700 52.700 24.300 3 Income from other tradin activities Unrestricted Funds Total 2021 Total 2020 Shop sales Refreshments School visits Group visrt$ Events Garden Second hand books Sweets Guides Bric a Brac Sundry income Catering and conferenang Lottery Club E¢Jucalion . Rent and facility hire Bar Sponsorship 156 23 728 156 23 728 1,424 6,224 545 18 63 545 18 63 5,911 90 104 147 60 10 212 240 712 12.577 1,032 1301 70 70 445 445 7,540 7.540 9.588 9.588 28,719
14 UEEN STREET SCHOOL PRESERVATION TRUST Notes to the linancial statements Year ended 31 Au ust 2021 4 Ex enditurg on charitable activities Restricted Fund$ Unrestricted Funds Total 2021 Total 2020 Conferencing Salaries Pension contributions Shop stock Refreshments Events Equipment and malefials Telephone and postage Eleelricrty, gas and water Business rales Security Marketing Education and outreach Miscellaneous Insurance Consumables Premises repairs and maintenance Printing and stationery Bar JWH Lift project HLF exhibition development COVID support payments 90 14,324 236 922 15.536 165 145 15,536 165 145 40 3.840 812 5.165 3.736 40 3,840 812 5.165 3,736 1,047 1.292 926 8,998 4,070 2.089 272 1,631 1,522 3,524 561 4.125 1.469 398 819 125 1.439 1.893 333 14.360 77 819 125 1,439 1,893 333 14.360 77 44,414 11.038 44,414 11.038 4,600 103,946 103.946 52,102 Unrestricted Fund$ Tolal 2021 Total 2020 S Governance costs Trustees. insurance Accountancy Bank charges Legal fees 224 1,182 60 9,648 1.746 85 .1.746 85 1.831 1.831 11,114 6 Staff Costs and numbers ' 2021 2020 Wages and salaries Pension costs 15,536 165 14,324 236 No employe8 received emoluments of rn0 than £60.000. The average number of employees during the year was 312020- 2).
15 UEEN STREET SCHOOL PRESERVATION TRLIST Notes to the financlal statements Year ended 31 Au ust 2021 ratln sur The operats.ng surplu5 15 after charging-. 2021 2020 Independent examinerfs fee 570 570 8 Interest reeeivable and simllar income 2021 2020 8ank interest 18 9 Taxation A$ a charity the company is exempt from Corporation Tax. 10 Tan ible fixed assets 2021 2020 Leasehold Land and Buildings Value at 1 September 2020 and 31 Augusl 2021 560,C>OO 560,000 North Lincolnshire Courtcil owns the freehold of the land on which the School stands. The Authority granted a 50 year lease to the Tnjst. rent free. There is an oplion lo purchase the freehold for £1, which the Charity is ¢on$iderirvJ. The buildings themselves belong to the Queen Street School Preservation Trust. The precise cost of bringing the buildings to their present condition was £1.765.180. Such costs were not capitalised as fixed assets in the Balance Sheet as there was considerable doubl as lo whether the costs incurred represented the true value of the land and buildings. The Trustees sought an external valuation in 2012 whth gave a value of £470,000 which was recognised in the account5. In 2015 the Trust acquired the Ciladel next door lo the School from The Salvation Amiy with a loan from North Lincolnshire Council for £90.000. An agreement was made lo repay the purchase monies to the Council once the building is refurbished and fully operational as a Comrnunity Arts Theatre.
16 UEEN STREET SCHOOL PRESERVATION TRUST Notes to the financial staterngnts Year ended 31 Au USI 2021 11 Debtors 2021 2020 Debtors Prepayments and accrued income 723 494 635 1,217 635 12 Creditors: Amounts lallin due within on ear 2021 2020 Trade creditors Accruals and deferred income Other creditors 9.163 1,650 6.100 2,787 574 5,000 16.913 8,361
17 QUEEN STREET SCHOOL PRESERVATION TRUST Notes to the financial statements Year ended 31 A ust 2021 13 Accumulaled funds Restricted Ca Fund nrestricted Funds Total As at 1 September 2020 46.334 470,000 516,334 Sufplus for the year 16.652 16,652 As at 31 August 2021 62.986 470.000 532,986 UntriCted funds are those whh can be SnI on any activty within the charity's overall objectives. The restn.cted e8Pital fund are those funds raised for CaPTtal spending specffjcally on the renovatson and resloralion of the old schrxjl building and outbuiklin9S. 14 Anal Is ol net assets between funds UnTrstricted Funds Restricted Funds Total Tangible fixed assets Current assets Current liabilities Long term liabilits.es 560.000 560,000 79,899 (16,9131 190,0001 79.899 116.913} {90,0001 62,986 470,000 532,986 1 S Trustees. remuneration No remuneration or expenses directly or indirectly out of the funds of the company was paid or payable for the year to any Irustee or to any person or person5 known to be connected with any ol them.