Company Number 2844791 (England and Wales) Registered Charity Number 1047187 UEEN STREET SCHOOL PRESERVATION TRUST limited b uarnnt Fin ncial Statements For the ear ended 31Au ust 2023 1111 111 •AD45)S03• 29105r2024 COAIPANIES HOUSE A11
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QUEEN STREET SCHOOL PRESERVATION TRUST Financial statements for the ear #nd 31Au ust 2023 CONTENTS PAGE Company Informats Independent Examinerfs Report Trustees, Report 3to7 Income and Expenditure Account Statement of Financial Activities Balan Sheet 10 Notes lo the Financial Ststements 11tolS
UEEN STREET SCHOOL PRESERVATION TRUST Com an inlomiation for the ear ended 31 Au ust 2023 Chari Name Queen stet School Preservats"on Trust Charil Number 1047187 istra n Numter 2844791 T ustees John French Louise Harper Graham Cannon Phil Bradley Jean Cannon (Chair) lan Wolseley Charles Dickens Stephanie Codd lapFointed 26 June 2023) Caroline Edwards lappoinled 20 March 20241 Secreta lan Wolseley Princi l Address Wilderspin National School Queen Street Barton upon Humber North Lincolnshire DN18 5QP Re istefed Off Queen Street Barton upon Humber North Lincolnshire DN18 5QP In(le ndenl Examiner John Heeney 8A {Honsl FCA RNS Chartered AccoLtnlants 41 High Street Barton upon Humber North Lincolnshire DN18 5PD
UEEN STREET SCHOOL PRESERVATION TRUST Inde endent Examinerfs Re rt to the Trustees of the Ugen Street School Pre59Nation Trust I report lo the charity Iruslees on my examination of the accounts of the company for the year ended 31 August 2023 which are sei out on pages 8 to 15. onsibililies ond basis of rg ort As the charity trustees of the company {and also its directors for the purFL)ses of company lawl you are reSwnsIb for the preparatw)n of the accounts in xcordance with the requirements of the Ccxnpanies Act 2006 {'Ihe 2006 Act'l 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 examinab"on. I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carying out my examination I have followed the Dir&b"ons given by the Charity Commission under section 145(51{bl of the 2011 Act Inde ndent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connedion with the examination giving me eause to believe that in any material respect-. aQUAtIng records were not kept in sPeCt of the company as required by section 386 of the Companies Act 20.. or the accounts do not accord wilh those record.. or the aecounts do not Comply th the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the accounts 9ive a 'true and fair view, which is not a matter considered as part of an independent examinats"on," or the accounts have not been prepared in accordance with the methcfvys and principles of the Stslemenl of Recommended Practice." Accounting and Reporting by Charrties applieable to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republ of Ireland {FRS 102). I have no concems and have come across no other matters ift connection with the exarninalion lo which attention should be drawn In this report in order lo enable a proper understanding of the accounts lo be reached. John Heene BA Hon$ FCA RNS Chartered Accountsnts 41 High Street Barton upon Humber North Lincolnshire DN18 5PD 2024
UEEN STREET SCHOOL PRESERVATION TRUST rt of the Trustees lor the ear ended 31 Au ust 2023 The Trustees present their report and financial statements of the charity for the year ended 31 August 2023. The Iruslees have adopted the provisions of the Statement of Recommended Practice ISORP). Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statemenls of the chanty. Reference and admlnistratlve detalls Trustees The Trustees who served durirvJ the year and since the year end were as follows.. John French Louise Harper Graham Cannon Phil Bradley Jean Cannon lan Wolseley Charles Dickens Stephanie Codd (appointed 26 June 20231 Caroline Edwards lappoinled 20 March 2024) The mernbers of the Board of TnJstee5 ate elected at the Annual General Meeting by the members of the charity, and usually serve for a three year term. The ¢ompany 15 limrted by guarantee therefore none of the irustees have an interest in share capital. Objectives andpnnclpal aclivities Queen Street Schcx)I Preservation Trust is a Registered Charity, Ihe obJ"e¢tives of which are.. To acquire. preserve and maintain the old school and other buildings in the Queen Street area, and lo carry out repairs, alteralions. maintenance and conslruclion on the same in order to create an educational, heritsge and community centre for the benefit of the people of Barton, visitors. schools and educatK)nal historians. To continue lo preserve and maintsin and to manage the said centre. To acquire and maintsin for the advancement of education a museum comprising a collection of artefacts for display and study PLirposes on the subject of the history of primary education with particular reference to Samuel WildeTspin and his rote in it The principal activity of the company is the preservalion of the Queen Street School (known now as Wilderspin National School) for the benefit ol the inhabitants of Barton upon Humber. Statement for public benefit test for charities In setting our objectives and planning our activits.es the trustees have given Careful consideratK)n to the charity commission general guidan on public benefrt.
UEEN STREET SCHOOL PRESERVATION TRUST Re ort of the Trustees for the ear endgd 31 Au ust 2023 conllnued Statoment of the Twstees. rospon$ibilitles The tTuslees Iwho are also directors of the charity for the purpose5 of company law) are responsible for preparing the Trustees, Annual Report and the finane*l stslemenls in accordance with applicable law and United Kingdom Accounbng Standafds (United Kingdorn Generally Accepted Accounting Practice). Company ¢aw requires the trustees to prepare financial statements for each financial year. which give a true and fair view of the slate of affairs of the charitable company and of the ineoming resourtss and application of resources. including the income and exFenditure. of the charitable company for that period. In prepanng these tinancial statements. the trustees are required to.. select suitable accounting policies and then apply them consislenlty.. obseNe the methods and principles in the Charities SORP 2015 IFRS102)- make judgements and estimates that are reasonable and prudent- stsle whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and explained in the financial statements", Prepare the financial statements on the going concern basis unless it is inapproprrdte to wesume that the company wll ¢onts"nue to Operate. The Iruslees are responsible for keepin9 adequate accounb.ng records that disclose with reasonable accuracy at any time the financial position of the charitable cornpany and enable them lo ensure that the financial statements comply wrth 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 irregularib"es. In so far as Ihe tnjstees are aare. there is no relevant audit information of whieh the charitable company's audrtor is unaware., and. the trustees have taken all steps that they ought to have taken to make themselves aware of any levanl audrt informabon and to e5tsblish that the auditor is aware of that inforrnation Achievements and perfonnance Collections The Archive Store was reorganised and re-shelved. Bound print copies of the Church School Managers, Minule Books11856-18601 were donated. The Collections Policy was reviewed and updated. Museums Development Yorkshire has continued to support the Trus( Advice and guidance was presented to the Council of Management by the Region81 Aecreditalion Advisor, and the MDY Development Officer fflade a sile visit to offer general guidance and advice whieh led to training workshops ond advice relating to energy and conservation managemenc colle¢tson care. and security- itor Service$ There were 1,014 visitors during the year. Ajthough this represents about 25% of the pre Covid number of visitors 120181191 the reducb.on was anlicipaled following ihe introduction of a trial admiss fee in November. The annual adult lickel costs £5 and all¢)ws for unlimited retum visits for tsvelve months. Children are free. During the firsl len months of operation the Tevenue stream from this reduced number of visitors has exceeded the voluntsry donation income when admissb)n was free, although visitor numbers were higher. Donab"ons revenue has held up also to Pre¥u5 levels. A higher proportion of visitors this year were chiklren {25%1. The Old School Canteen coffee shop reported 6,662 customers compared lo 9,722 in 2021r22. Increasing operating costs impacted severely on its ybilIty. especially energy costs and, unfortunately. the coffee shop hal lo cease trading in August.
UEEN STREET SCHOOL PRESERVATION TRUST Re ort of the Trustees for the ear ended 31 Au ust 2023 continued Vlsitor SeThltes (tontinuedl A totsl of 9.082 visitors and coffee shop customers visf(ed the site, including 1.046 participants in our evenl$ programme. An additional 1,592 children visrted as part of an educa1)nal visit with their school, and 76 aduits as part ol a group visit. In Summary, there were 10.750 people visiting the Museum. using the coffee shop or attending events. Since the Museum opened in 2009 there have now been 143,323 museum visitors. Because of the hi9h winter energy costs, reduced winter opening was trialled with allernate weekend opening only. The Old Schcol Canteen coffee shop continued Wth ils regular weekly opening hours. Community Engagement Barton Civic Society and the Workers EdUcatn ASlatIOn continue to use the Joseph Wright Hall for their public lecture programme and committee meetings. The Hall is also used on a fegLtlar basis by art, woodcarving and spinning groups. Productions have now been re-started. The autumn saw a very 5ucces5ful production of Al in Wondertand by the community performance group. Frnds al Barton, in the Joseph Wright Auditorium, having been delayed by Covid reslrictsons. A trial partnership with North Lincolnshire Council's Supported Employment Scheme involved one volunteer helping with gardening. The final balance of a £5.000 development grant awafded by the Humber Museums Partnership enabled completion of our Memory Cafè Project which has intrrluced Memory Boxes and funded community work with care homes. The Museum assisted with a new Barton Men in Sheds group. offering a base until rrnanent accommodation could be sought. Barton Volunteers have begun assisting wtth care of the Playground and site plantings. Volunteers There are 35 volunteers. Recruitment has been probrnatiC and volunteer numbers have reduced a little. Thi5 has been the national trend since Covid in the charity sector. Our volunteers Continue with their hard work and dedication. Several of them assisted with another participation in the Mystery Shopper project organised by Museums Development Yorkshire. Education & Interpretation A record number of leaming sessions were delivered. A small team of slaff laughl 127 sessions to 33 schools involving 1.592 children and their accompanying adults. equivalent lo an audience of 3,709 session places. The demand has stretched our limrted staffing capactty. The Joseph Wnghl Hall has provided essential accommodation for learning activities, lunch and cloakroom facilities. Work has begun on updating each of the leaming Sessions and aslated scripts and teaching notes. An extension of the Administration Assistant's paid hours provtded essential capaclty to deal with school and group bookings. All kIng admini5trab.on has been revwed and updated. Adult group visits were slower lo recover following Covid". Five groups involving 72 Part1PanIS visited the Museum. Displays & Exhibitions A display about the nineteenth century philanthropist Vere Foster and his work improving schools in Ireland was added to the Reminiscence Classroom. Archive research has begun on living memories of the Barton Church School. Events There was a successful Bunny Trail for children al Easler folkjwed by Wilderspin's Marvellous Menagerie trail in the summer. Barton Christmas Festival was back to pre£ovid levels and proved to be very suecessful once again. ReguLgr quiz nights have also proved popular. The Memory Café Project lunded by the Humber Museums PartneF5hip in 2021122 led to the creation of a Chatty Café organised by a small, di9te group of volunteers who organised monthly conversation sessions based on museum or other themes. Anolhei Open Day was held in September to raise the profile of the Mvsevm and recruit volunteers. A duced programme only was possible fof Heritage Open Days which adopted a local theme of "Heritage Without Walls" in partnership wlh other venues in the town. There were 568 participants in the joint Barton programme.
UEEN STREET SCHOOL PRESERVATION TRUST Re ort of the Trustees for the ear ended 31 Au ust 2023 conlinued Building Assets School (Museum) The Office was re-located back to the School followng its temp)rary move to create safer 5pa¢e for the Old School Canteen coffee shop dunng Covid. Joseph Wrlghl Hall Improvement works were much delayed. However. work on a new fire refuge and staircase are now underway. The Trust is grateful for funding support tor this project whth has included." 8ern8rd Sunley Foundation Foyle Foundatson Sir James Reckitt Keigar Homes Banks Group N Lincs Community Fund127%) Private donors Storage and workshop spaces have been created. Other works have in¢luded fire safety and electrical cettficalion safety work. Aelberry Buildlng One business unit Continues to be used by Humber Clockworks. In May, the remaining units were occupied by the Humber and Wolds Aclion Group. The first flc4)r continues in ijse as Museum storage. Alms for the Future There will be a recruitmenl drive to eno)urage more volunteers lo In us. This would ease the workload of our existing Voluntee and give us more potential to gr(Iw in the future. Other priorities include.. volunteer OrdinatIon and management.. expansion of education and learning opportunities", better marketing and improved use of social media. These May be held by a local partnership with other local heritage venues as part of a pilot Barton Heritage Project in 2022123. Improved access lo our collections and a wider appre¢ration of the importance of Samuel Wilderspin's conlribuhon to British education through outreach events and creative interpfetation. The increase in costs, utilities in particular, has been a source of coneem and inve5tsgations are ongoing into how these can be mitigaled induding measures to improve energy conservation. 11 is hoped that ifflprovement5 to fire safety Measu5, accessibility and customer facilities in the Joseph Wright Hall will enable us to increase capacity in the Auditorium, and make the spaces more attractive to potential user5 and community groups. We continue to look for grant funding lo enable us lo remain sustainable and grow in financial terms as well as lo enable us lo carry out future improvement works. Flnancial Review The Slalemenl of Financial Activits-es (SOFA) showE that at the end of the financial year we had positive reserves to carry foNard of £ 499,482. compared posrtr¥e reserves of £520,640 at 31 August 2022. The Trustees are continuing fundraising actNitr"e5, and income from rents and organi5ed school and other V1511s are increasing. We are confident therefore that our activities are sustsinable and that we are on course to increase the surplus on unrestncted reser¥es_ The TnJstee5 consider it prudent that unrestricted reserves shoLtld be sufficient lo cover at least one yearfs operating costs.
UEEN STREET SCHOOL PRESERVATION TRUST Re ort of the Trustees for the ear ended 31 Au ust 2023 continued Strncture. governance and management Corporate status The o)mpany was incorporated as a private company limited by guaranlee without share capital. Organisalion As referred to above, the company is managed by the board of Trustees which is elected al the Annual General Meeting. The company delegates responsibility for the day to day running of charitable matters lo the Oevelopment Officer. via the Council of Mana9ement and Finance. Gov•mance The Trust continues to be run aceording to our Arttles and PAemorandum. bearing in mind the Charity Commission's general guidance on public benefit. The Trust is represented al regular meetings of the Lincolnshire Heritage Network, Barton Tourism Partnership and Museums Development Yorkshire Forum. Appointment of a volunteer Museum Mentor has been agreed with Arts Council England lo assist the Trust with ils Museum Accreditation. The Trust has fostered links wrth Homes Museum volunteers to share eaS and good practice. Small companie5 provision The report of the trustees has been prepared taking advantage of the small companbes exemptson of SeCtn 415A ol the Companies Act 2006. By order of the Board Jean Cannon Chairman Date.. 2024
UEEN STREET SCHOOL PRESERVATION TRUST Income and ex enditure account Year ended 31 Au ust 2023 2023 2022 Incom• 68.908 64,876 Investment inGome 4c6 40 Gross Income 69.314 64.916 Expendlture 90.472 77.262 Net l•xpenditur•yincome 121.1581 112.3461 The income and expenditure account has been prepared on the basis that all operations are continuing operab"ons.
UEEN STREET SCHOOL PRESERVATION TRUST Statement of Financial Activities For the ear ended 31 Au U5t 2023 Unrestricte Note Funds Restricted Funds Total 2023 Totsl 2022 Income from: Donations Gift Aid Claim5 Charitable activities Other trading activitS Investment income Govemment grant 9.026 763 2 13.530 3 45.589 4c6 9,026 763 13,530 45.589 4C 4,280 2,237 24,050 27,642 40 6,667 Total income 69.314 69,314 64,916 Expenditure on: Charitable a¢lNlties GovernanGe ¢osts 4 87,521 2.951 87.521 2,951 76,017 1,245 Total expenditure 90.472 90.472 77,262 Net income 13 121.158) (21,1581 {12,3461 Total funds brought foThvard 13 50,640 470.000 520,640 532,986 Total funds carried forward 13 29,482 470.ofyj 499.482 520,640
io UEEN STREET SCHOOL PRESERVATION TRUST Com an Number 2844791 Balance sheet Asat31Au ust 202 Total 2023 Total 2022 Noles Flxed assets Tangible assets 10 560.000 560.QOO Current assets Stock5 2.314 2,314 Debtors 11 335 525 Cash at bank and in hand 39.15%3 59.210 Totsl current ass 41.845 62,049 Creditorn.. Amounts falling due wthin one year 12 12.363 11,409 Net currenl assets 29.482 50.640 Total assets less current liabilities 589.482 610.640 CTeditors-. Amounts falling due more than one year 10 90.000 90,000 Net assets 499.482 520.640 Funds of the chari Unreslrieted fund 13 29,482 50.640 Restn"cled income funds 13 470,000 470.000 Totsl charit lunds 499.482 520.640 For the year ended 31 August 2023 the company was entitled to exernpt)n from audrt under sectson 477 of the Companies Act 20C6 relats.ng lo small companies. Oirectors. responsibilities.. the members have not required the company to obtain an audit of its accounts for the year in question in accordance wth section 476.. the directors acknowledge their reswnsibilits.es for complying with the requirements of the Act with respect to accounting record5 and the preparation of oUnts.. These financial statemenls have been prepared in acLx*rdanee with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 20C6. The financ ernents were approved by the 8oard on 2024. .Jean Cannon, Chaiman
QUEEN STREET SCHOOL PRESERVATION TRUST Notes to th¢ financial statements Year ended 31 Au ust 2023 1 Summa of si nifieartt accountiTr licies (al General infonnatlon and basis of preparatlon aueen Street School Preservati)n Trust is a private company limited by guarantee incorporated in England. In the event of the charity being wound up. the liabilrty in respect of the guarantee is lirniled 10 £1 per member of the charity. The address of the registered office is given in the charity infomalion on page 1 of these financial statements. The nature of the charity's operations and principal activities are described on page 3. The charity constitutes a pfjjblic benefit entrty as defined by FRS 102. The financial sialemenls have been prepared in accordance wrth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to tharilies preparing their accounts in accordance with the Financial Reporting Standard applrcable in the UK and Republic of Ireland {FRS 102) issued on 19 October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republn of Ireland {FRS 1021. the Chantses kt 2011. the Companies A¢t 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concem basis under the historical cost convenb'on. mOdifd io include eertain items al fair value. The financial statements are pSented in sterling which is the lunclional currency of the charity and rwnded to the nearest £. The sonificanl accounting wIleS applied in the preparation of these financial statements are set out below. These policies have been con51StenUy applied to all years presented unless othetwise stsled. (bl Income recognition Grants received of a revenue nature are credited lo Incoming Resources in the Ststemenl of Financial Activities when the company is legally entied to the income and the amount can be quantified with reasonable accuracy. Services provided, investment income and rents are accounted for on the accruals basis. Other income is accounted for when retsived. All income is sh¢)wn gross with associated costs included in expenditure. Grants received lo fund the purchase of fixed assets are credited lo the Statement of Financial Activrties when the ¢ompany is legally entrtled lo the income. The related expenditure is charged to Fixed Assets in the Balarsce Sheet. (cl Expenditure recognftlon All expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate costs lated to the category. Where costs cannot be dire¢Uy attributed to particular heading5 they have been allcKaled lo activit5 ors a basis ¢onsi5tent with the use of resources. (dl Tangible flxed assets and depreeiation Tangible fixed assets are slated at Cost less depreciation. Depfecialion is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful Long lemi leasehold land and buildings are sho at open market value.
12 UEEN STREET SCHOOL PRESERVATION TRUST Notes to the financial ststements Year ended 31 Au ust 2023 le) Funds Reslricled funds are funds which are to be used in accordance with specific reslriclions imposed on donors. Restricted funt1s afe accounted for separately from each other and from the core funding of the company. General funds a UnStrICted funds which are available for use at the discretion of the trustees in the further8n¢e of the general obieclives of the charity and which have not been desvJnated for other purwjses. 2 Income from charitable activitles Unrestricted Fund Total 2023 otal 2022 Other grants 13.530 13.530 24.050 13.530 13.530 24.050 3 Income from other tradln activS1ies Unrestricted Funds Total 2023 Total 2022 Shop sales Group visits Events Entrance fees Second hand btsjks Sundry income Catering and conferencing Qui2zes Lottery Club Education Rent and facility hire 1,732 387 2,365 1.990 275 1.993 1.732 387 2.365 1,990 275 1,993 2.814 185 1,606 23 326 415 11.873 23.612 621 326 415 11,873 23,612 621 350 4,115 18,015 528 45.589 45,589 27.642
13 UEEN STREET SCHOOL PRESERVATION TRUST Notes to the financial statements Year ended 31 Au USI 2023 4 Ex enditure on eharilable actlvities Unrestricted Funds Total 2023 Total 2D22 ArchNes and collections canIng and waste Salaries P8nsion contributions Shop stock Refteshmenls Events Equipment and materials Telephone and postage Eleclricily. gas and water Business rates Marketing and advertising Education and OLtlreach Miscellaneous Insurance Premises repairs and maintenance Printing and stationery Bar JWH development project JWH Back Stair5 project JWH Electrics project MDY voluntsry video Memory café project Get involved HLF project 250 1,046 21,913 25 28 54 934 30 900 9,808 1,761 130 2,296 936 3,919 8,253 999 159 2.CQS 23.528 2,005 23,528 785 98 2.158 69 30 21,671 1,708 742 4,179 1.169 2,676 3,612 1.014 374 1,947 18.012 785 98 2,158 69 30 21.671 1,708 742 4.179 1,169 2.676 3.612 1.014 374 1.947 18,012 14,050 1.600 1.492 5.434 1.744 1,744 87.521 87.521 76,017 Unrestricted Funds Total 2023 Total 2022 5 Govemanee costs Accountancy Bank charges Legal and professnal fees 997 117 1,837 997 117 1.837 1.140 105 2.951 2.951 1.245 6 Staff costs and numbe 2023 2022 Wages and salaries Pension costs 23.528 21.913 25 No employee received emoluments of rnore than £60.0. The average number of employees during the year was 312022 - 3).
14 UEEN STREET SCHOOL PRESERVATION TRU Notes to the financial statements Year ended 31 Au ust 2023 ralin su lus The operating surplus is after charging: 2023 2022 Independent examinerfs fee 997 978 8 Interest receivable and similar in rne 2023 2022 Bank interest 406 40 9 Taxatlon As a charity the company is exempt from Corporation Tax. 10 Tan ible fixed assets 2023 2022 Leasehold Land and Buildings Value al 1 September 2022 8fKI 31 August 2023 560,000 560,000 North Lincolnshire Council owns the freehold of the land on which the School stands. The Authority granted a 50 year lease to the Trust. rent free. There is an option to purchase the fhOld for £1, which the Charity is considering. The buildings themsdves belong lo the Queen Street S¢hool Preservath"on Trust. The precise cost of bringing the buildings to their present condrtion was £1.765,180. Such costs were not ¢apitalised as fixed assets in the Balance Sheet as there was considerable doubl as to whether the costs incurred repsented the true value of the land and buildings. The Trustees sought an extemal valuation in 2012 which gave a value of £470,000 which was re¢ognised in the accounts. In 2015 the Tnjsl acquired the Citadel next door lo the School from The salvab.on Army with a loan from North Lincolnshire Council for £90.000. An agreement was made lo repay the purchase monies lo the Council once the buildin9 is refurbished and fully operational as a Community Arts Theatre. 11 0eblor& 2023 2022 Debtors Prepayments and accrued income 332 522 335 525
15 UEEN STREET SCHOOL PRESERVATI Notes to the financial statements Year ended 31 Au ust 2023 N TRUST 12 Creditors: Amounts fallin due within on ear 2023 2022 Trade creditors Accruals and deferred income Other creditors 4,659 3.757 1,552 6.100 6,100 12,363 11,409 13 Ateumulate funds Restricted Ca Fund Unre5tri¢ted Funds Total As at 1 September 2022 50,640 470,CQO 520,640 Deficit for the year 121.158) {21,158} As at 31 August 2023 29.482 470,000 499,482 Unreslri¢ted fund5 are those which can be spent on any actNrty within the charty's overall objectives. The restricted capital fvnd are ihose funds raised for caprtal spending specifically on the renovation and restoration of the old school building and OLrtbuik1ings. 14 Anal sis of net assets between funds Unrestricted Funds Restricted Fund$ Total Tangible fixed assets Current assels Current liabilities Long temi liabilities 560,000 560.000 41.845 112,3631 190,0001 41.845 112.3631 19),ClJO) 29,482 470.000 499,482 15 Trustees, remuneration No remuneration or expenses directly or in¢Jirectly out of the fvnds of the company was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.