MANCHESTER HISTORIC BUILDINGS TRUST (A company Ilmltad by guarantse) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 312024 3578992 ehwlty 1080606
W4NCHEgTEA H18TOAIC 8UILDINQ8 TRibY ANNUAL REPORT AND FINANCIAL STATEIIENTS FOR THE YEAR ENOED OCTOBER 812024 INDEX AdrywnistratNe Informathon Ttystees. and Diwtors annLoI rer lTh*pendenl examiner5. rèp Group stalernenl of 11e¥ Ghanty statement of finantsal acbwl Group belar sheet 10 Chanty lanCE shÉ•t Group and Charity sialents ofcash lkns 12 Notes to the fina state%)wts 13-23
MANCHESTER HISTORIC BUILDINGS TRUST ADMINisfRATIVE INFORMATION FOR THE YEAR ENDED I)GT08ER J121Y24 PRESIDENT J R Allan DIRECTORS AND TRUSTEES A Walker Ichairl D Duffy J Baxter A Higgin5 Irestgned 0611or241 L Collins Iresoned C1101?0) Eyre (resrd 06110r241 D Jarvis (resigned &S1101241 L Burns (resigned 231011251 K Rodwell lappoinlerj 261091241 S McGoldrick lappoinled 06110124) H Riches (appointed J6110Q41 L Leonard lappoinled ffi1101241 Camw3th iappointed XI101241 A Boylan jappoinled 06110124. oned 0510sr25) R PalmÈr (appointed 28111124) R Rofifah lapp04ntwJ 28111124) COMPANY SECRETARY A Higgin5 IresKJned CA1101241 Carrwalh lappoinied fN101241 REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS 84 Plymouth Glove Manchester IA13 9LW INDEPENDENT EXAMINER & ACCOUNTANTS Stacy Mason FCCA e*A Accountsnts & Financial Consultants Ltd U3 Phtttenden Horbey - Chartered Ar£ountants Hyde Park House Carfv4ri9ht Street Hyde SK14 4EH BANKERS CAF Bank - OFeratsve Bank SOLICITORS DTM Legal LLP The Plaza 100 Okl A•ll Stwt l Jvprpool L3 9QJ
AIANCHESTER HISTORIC BUILDINGS TRUST TRUSTEES. AND DIRECTORS. ANNUAL REpoKr FOR THEYEAR ENDED OCT08ER 312024 The Iruslees present their annual report together wrth the consolidated financial statements ol the chgrity and ils subsidiary company for the year ended October 31 2024 which are alsc prepared to meet the requifemenls for a direclofs, report and accolinls lor Companies 3Ct purposes_ REPORTING FRAMEWORK The financial stalemenls comply with the Charities Act 2011. the Companies Act 20C6. the Articles. and Accoun11ng and Reporting by Charities Slalement of Recommended Practice applicable lo charit$ preparing Iheir accounts In accordance w51h the Financial Reporting Standard applicable in the UK and Republic of Irelan¢ IFRS1021 (effective 1 January 20191. terred lo as the Charities SORP IFRS 1021 Isecond edition- October 20191. OBJECTIVES Charitabje objects The objec15 of the Charity are. To preserve for the benefit of the people Manchester and of the Nation. thÈ historical, liler8ry, architeetural and constructional heritage associated with 84 Plymouth Grove, Manchester I'The House'l the former home of William and Elizabeth Gaskell lincluding any stfuclure or erectn, and any part of the building as so defined) and lo advance the education of the public in the said heritage and lo undertake such other charitable adivilies as may benefit the people ol or visitors lo the said County of Greater Manchester. To acquire, preserve. document. inlerprel and make accessib exhibits. objeds and collections relating lo Ihe literary, social and historical impacl and influence of Elizabelh Gaskell and her family and io the history of the House through provision of s tnu5eurn service for the purpose of educating and informing the public. (Adopted September 2020) Activitie$ The Chaiity fulfils ils objectives through the resloralion of Elizabeth Gaskell House and its operatr.on as a museum and visitcsr attractton. Elizabeth Gaskell s House is a restored Grade Il. regency style historic House in Manchester. home lo the Victonan author Elizabeth Gaskell and her family. This house is important bec311se of its association with the writer who lived here from 1850-S5. and members ol her family who continued lo occupy It until 1913. Elizabeth Gaskell was one of the foremost nineteenth rntUry writers whose work has 3 continuing appeal and is regulaity performed on 51age. screen and radio and published worldwide in numerous Irgnslalions. Her husband William. Ministef al Manchester s Unitarian Cross Sireel Chapel, and their daughters were deepty, Involved in the cultural and educational life of the city. 50 Ihe individual contnbub.ons which they 83ch made are all iefleeted in the way the house is Interpreted_ The core aclivilies of the charity are.. Protecting and promoling the unKiue lrterary ano cuAuTal heritage of the Holise and rts Vi511ors Playing a key role. as the only literary house. in Manchester s UNESCO City of Literature partnership Being a unique example of a Viclonan middle-class house in Manchester Celebrating the life and literature of Elizabeth Gaskell and her relevance today Valuing and promoting the Gaskell lamity s role In the history of Manehesler al Afth"ck. Supporting local groups. sIdents ana schools to use and value the House and ts heritage. ACTIVITIES AND ACHIEVEMENTS In October 2024 we reached the 1Ckyear anniversary of opening to the public following the testoralion of Ihe House lo reflect how it wouid hJve been whe.n the Gaskell family lived in it. and to present nfomalion about Elizabeth Gaskell and her work. From Octor 2024- October 2025 we will be marking the anniversary wrth special dplayS and activities. Between November 202i and Octobèr 2024- We welcomed S.OOC visitors to the House overall. up by 30k on last year. We delivered 4., onlino talks. workshops discu5sion5. book groups and tours. wth mr 3.300 participants over the year. Online audience numbers are up by 270/0 year on year. We gave 22 private lour5 to gioups and secondary schools. We welcomed 8 primary school sessions. including 6 sessions from Pfimary schools In the M13 postcode area. We hosfed 21 weddings
MANCHESTER HISTORIC BUILDINGS TRUST TRUSTEES, AND OIRECTORS, ANNUAL REpoKr FOR ThE YEAR ENDED OCTO8ER 312024 We launched our 10-ye3r annNersary lebra110n$ for 2024125 with a new exhibition and event in Octtsber 2024. The Garden won a Gold Award In the RHS 8iitain in Bloom awards in the Small Visitor Attraction balegory fDT 'he second year running. Satisfied visitors and the quality ol the Wisilor offer are vital to the Jngoing success of the House. We are Cf>mmitted lo maintaining high level ol cuslomei care and ?roviding ongoing training opportunities for all staff and 'iolunteers and making physical improvements In lerms of access and InterptatIon. We regularly ask our visrtOTS and online 3udiefis what we can do tsetter and slrive lo make these changes where we can. Our TripAdvi50r iCQfe 15 4.7 out of i, wrth oisitOTS remarkir¥J on tsoth the quality uf the House as a museurn and Ihe warm welcome Irom our knowledgeable 4olvnleers. )ur Dwn research Shows 810/0 ol visitors rate their experience as exlient and 17% rate il as gocmy. 95% of vtsftoTS rate the welcome by volunteers and staff as excellent. We scored 86% sn tsur 2024 Visitor Attractions Quality Assurance Scheme IVAQASI Kispection from Visit England. This inspecbon scheme looks at everything from pre-visit Infornation online to the de3nliness of the toilets. as N¥ell as general customer servi. All the areas were scored very good or axlIent. Our on-line programrne, launched during the pandemic. conbnues io grow 4Jith tslks aiiracting participants from all Dver the UK and from ELJrope and North America. ¥Ne have continued lo develop partnerships with other 2rganisalions. These have Included partnership events with The 8ronte Parsonage, the Portico Library in Manchester. Jane Austen's House. The Dickens Fellowship and Chawton House In Hampshire. The Tea Room development group which con51sts of staff and volunleets. Jnlinues lo sxplore Nays lo Increase Snd whilst maintaining high standards of hygiene and food safety. We trial rew shop stock including jewellery. prints and new fjook editions. The monthly %econd-hand book sales continue to do well. Okjr temporary exhibition Tales of Manchesler Life - clszabelh Gaskells Manchester. April 2024 September 2024. raxplored how Elizabeth Gaskell presented Manchester and rts people ihrough her novels and short storie5. The research lor the exhibition was carried out iy a ieam of volunteers. and to bring their findings lo life the exhibition inclLtdes 1nteracbve and hands-on leatures and a map of Manchester In 1848 highlighting some of the locations that inspirecl some of the *ttings and atorylines that Elizabeth pursued such as the Mechanics, Institute, Angel Sheadows and Hulme Barracks. A tea party comer is an important reminder from Mary Barton that working-class life during the induslnal revolution W¢15 not Jne dimensional. We developed Jur Iyear anniversary programme with a new exhibition. From Dereliction lo Delight. which opened in October 2024 lellino Ihe story of how the House. as one of Manchester's Ist important htstoric cultural venues. was saved. The exhibition èxplores the building's SloratIOn and launch as è cultural attraction and contsnues Io iale 2025. Kids In Museums @stablighe(I the 'Engaging your First Young Trvslees Programme in partnership with Up Start Projects lo address the lack of representation of young ?e0p on museum boards_ Research showed that young people don't le25 L(seUmS are lor them In early 2024 we were selected lo join the orogramwne which provides additional support. mentoring and training to both the urganisalion and the Young Truvtees. In November 2024 we will welcome Rose Palmer and Rana Rofifah Into new roles as Young Trustee5 Qn our Board. They )nng new lived expeen. skills and Trew perspectives lo the goveir1clll of the House. This snitialive Is part ol a wider remit that will see the House engaging 1th new and youngei audiences as Il develops over tha next decade. Friends ol Elizabeth Gaskell's House wère Invited for a second year to sponsor books Wrth an ..Thdividual Jonatson to cover the Cost of much ne8dod repairs. The repaired books are )n display with bookplates in the Study for all vi51tors lo ass. A quinquenni81 review of ihe buikling ias given us an iThlicabon of Wofks i&ety lo be needed to bg carned Jul in the next few.0r5 bul fortunately Aothing major Is aThticipaled at this time. Partnership¥ The museum is part of the Manchester UNESCO City ol Litefature. <ey partners Include the Hidden nebNork of small Manchester venues. Jortico Library. the Working Class Movement Library. the P3nkhursl Centre. INe are part of the Literary Houses Association and have run joint events with the Bronte Parsonage and Jane Austin's House. Publlc benefit Th@ Trustees take into consideration the Charity Commission guidance on public benefit. especially In ielxtior) lo setting entrance fees and making the seivices Ihal we offer ,more aCsSible. In addition. the Trustees are committgd lo delivering 3 lange of education and oulroach activities which were Included in :he original business plan and were updated In 2023. The main thrust of the updated business plan Is directed towards broadening the audien base and 3enerating additional Income which will contribute lo long lerm tainability. A Sustainable )peralion will ensure that the public benefits which the project hag generated will conliTrue in lulure years. Especially Important In the post-covid n0d will be the programme al paid-for on-line tslks and smaller weddings which are expected lo remain popular.
MANCHESTER HISTORIC BUILDINGS TRUST TRUSTEES. AND DIRECTORS, ANNUAL REPORT FOR THE YEAR ENDED OCTOBER 312024 Contribution ol volunteers The house continues to depend upon its loyal team of approximately 40-50 volunteets who give up their lime lo be room guide5. staff the lea room, garden. lake part in cOnservattt aclivilies. SUPPOrt school groups, deliver online ialks, cary out Maintenan of the building and more. We were also delighted to achiÈvÈ a Gokl Britsin in Bloom award in the Small Visitor Attraction Category In 2024 thanks to the volunteer gardener5. Our volunteer manager continues lo improve iecruitmenl. induth.on prO$se5 and volunteer development opportunities to ensu volunteers have 3 fulfilling experien and provKle an effective Serv Many volunteers have worked in the House lor year5 but we also provide Micro Volunteering opportunib.es as a way to make Oltr volunteering more assible and lo help us fill gaps in specific roles. These are especially popular for younger volunteers. We also provide several employer-SUPPOrted volunleenng IESVI plaS and host a sllidenl placement with Manchester College, a5 part of their internship pro9Tamme supporting young peDple with learn9 disabilities We 3150 welcomed volunteers from University of Man¢hesler an(1 Manchester Metiopolilan University both or slruclured pl3ments ana as slandard volunteers. Our annual volunteer suivey reports very posilivel} on the overall volunteer experience. 94°h of volunteers reported that Ihey were extremely or very prDud ol the volunteer work they did al Elizabeth Gaskell'5 House. glo also satd that Ihey Celt exlremety or rfery apprecjaled.
ANCHESTER HISTORIC BUILDINGS TRUST TRUSTEES, ANO DIRecTORS' ANNUAL REPORT FOR THE YEAR ENDED OCTOBER 31 2(r24 FINANCIAL REVIEW OveTrvi•w The group had a deficit on unrestricted gereral hjnds. befo transfers, lor the year of £94.767 The subsidiary has contind to operate Gaskell House and has borre an appropriate Sha of the costs. Risk management The Trustees regularly review and asses the iisks faced by the thanty aThJ a risk register B mainlairled lo plan lor the management of those risk$. Reserve8 The Trustees gUlarlY r&assess the Aeed lor reserves. Consering currnnt risk factors and the latest guidance. The charity deems It is rrece55ary to hold back some funds as SerVeS In grder lo cover unloreseen (&mergencies or olhef unexpected needs for funds. unforeseen day-to-day opetabonal costs. lo givè time to take aetson Il Income levels lall below 2xpectations. to cover any planned commitments that cannot be mel by tuture incomé ak)ne, to Ver the need lo fund short-lem deficits In tho Gash bLKloet and also to Tnaintain a buikling maintenance lund. Given the scale of Ihe chanty's weration and tho risks that Il laces. Ihe Trustees consider that tho required level of tree reserves. that Is unr&strict8d funds not mvested bn fixad a£Éets or otherwise desKJnated, (also ralèttèd to as general fund within financial slalemenlsl thould bè a minimum of £70.000. Considering this need. the TrustÈÉs have maje tho dÈeJsion to transfer L80.() fvom the designated to th8 neral fund. The remaining deSnated funds are Set aside for wJular )uiJding maintenancè. At October 31 2024 free reserves (general fvJrMYI are È73.352 and total cksonated are £14.orKJ. In line with Ihe targeL Going concem The Trusle8s consider that the Chanty will txjntinue as a ooina conrn for a peric#Y of at least 12 months from :he date on whieh these financial statements are approved. supported by detailed cash Ilw forecasts lor tho coming year. The Trustees recognise that additional IOme SoUrS must bo develored lo ensure th• museum can continue to c)Derate beyond this period and work Is being JTrdertaken lo achieve this FUTURE PLANS From October 2024 .2025 we will carry tsut a 11kyear anniversary programme Including an p.xhibitian. events and fundraising •pFeal. As we seek io widon oiir aDgeal for young people we will recruit young Iruslees. host 3 Young Wnters, resenCY In partnership with City of Literature and develop further actr¥its for famil e5pecialty those from our imm&Yiate ne1jhUrh00d. STRUCTURE GOVERNANCEAND MANAGEMENT Governing document The Charity Is a company limrted by guarantee and ooverfd by its MemoraTrJum and A"deS of Associabon dated June 10 1998. as arnended by special resolution dated September 19 2020. It is wistered as a ch¥nty with the Charity Commission. Membern of the company Those eligib for membership of thé Jjrnpany arp. the original subscribers to the Articles and "such other getsons or corporations as may desi io be admitted to membership and who a elected by the Goveming 8t)dy". Thp.rp are currently 130 members of the company. none of which are wrporatnS. each L)[ whom ree5 to contnbute a sum not èxceeding £1 in the event of the charity being wound up. Appointment of DirÈttors and Trustees- The Governlng Body The Oirectors. who are the Trustees. are collectively known as the Goveming Bc¥Jy. They are appointed erther by the Goveming Body or by Ihe members In general meetsrKJ. One Ihird ol Ihe Trustees 11 ty rotation each year. beir thè bngest in tsffiee and are éligibl8 for re4leclion. Only Ihose retiring by rotation Dr those nominated by the Governing 8ody are 911b1 for election unsS a member gives not less th30 fourteen and
MANCHESTER HISTORIC 8UILDIIIGS TRusr TRUSTEES. AND DIRECTORS, ANNUAL REPORT FOR THE YEAR ENDED OCTOBER 312024 nol more than sixty days writteri notice Ideliveied to the Company s registered offieel of their Intention to stsnd or propose someone else lor e¢tIOn (who has also confim)èd in writsng their willingness lo be elecledl. Trugtee recruitment, indJJctjDn and training TrLislees are recruited lor Iheir in(Jividu81 skills. eXpernCe and expertise arKI usually have an nteresl In the Gaskells. either through Elizabelh's writing5 or Whlliam's ligIouS and social WO (in which he was supported by the rest of the family) andlor an interest in promoting the house as a community. arts and cultural venue. Tru51ees are made aware of the resour(Es avaiL4b on the Charity Commission websrte. Organisation The Goveming Body, which musl not be less than five members or more than fiftèen. administer5 the Charity and meets as necessary, now bi-monthly. Responsibility for Jay-to4lay management Is delegated lo the House Director. Related parties Details ol related paty transactions are given in the notes to the financial statements_ Co-operation with othei oryanisation$l¢haritie5 Elizabeth Gaskell's House is part of an effective nefyvork of small heritage attractions across klanchester. The Hden 8 ork logelhei to market their venues and cr055-promote even15 and group'.ours. Elizabeth Gaskell's House has also hosted events as part of Manchester "teratUre Festsval and IS a part of the consortium of organisabons developing Manchester s UNESCO Crty of Litèrature activils. TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Iruslees Iwho are also d1clOrS ol the company for the purposes of company lawl are responsible for prepanng the Trustees, Annual Report and the financial slalemenls in aCrd8fi with applicable law and United Kingdom Accounting Standaids (United Kingdorn Generally Accepted Accounting Practil- Company law require5 the Iruslees to PPare financial statements for each financial year. which glve a and fair view of the s131É of affairs ol the charitable Company and of the Incoming resources and application of resour$. including Ihe income and expenjjilure, of the charrtable company for that peric¥J. In prepanng ihese financ1 statements. the trustees are required to. • select suitable accounting Policies ano then apply them CAinsistentty". obseThe tha method5 and principles In the Charities SORP IFRS 102115econd edition- October 2019).. make judgements and estsmales ihat a reasonable and prudent". slate whether applicable UK Accounting Standards have been folh)wed. subject lo any material departures disclosed and explainerj In th8 financial statements". prepare the financial slalemenls on Ihe going conrn basis unless rt Is inappropriate lo presume that the charitable company will continue in operation. The Iruslees are responsible lor keeping adequate accountsng records that dClOSe with reasonable accuracy al any time the financial position ol the ch3rilable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsib for safeguarding the assets of the charitable company and hen for iaking feasonable steps for the prevention and detection ol fraud and other irregularities. SMALL COMPANY PROVISIONS AND APPROVAL This report has been prepared accordance with thè provisions applicable to companies entitled lo the small companies exemption. Approved by the Board ol Trustees and signed on its behall by". 23 54ZoL< Alexandra Walker- Chajr D81e".
MANCHESTER HISTORIC BUILDINGS TRUST GROUP STATEMENT OF FINANcL ACTNMES th• PA •xpwthn •cc FOR THE YEAR ENDED OCTOBER 31 2024 I report to the chanty trustees on my examination of the consolidated accounts of the Group comprisin9 Manchester Historic Buildings Trust (the companv/charityl and its subsIdry lor the year ended October 31 2024 which are Set out Dn pages 8 to 24. Responsibillties and basls of report As the charity trustees of the company land also its directors for the purposes OF company law) you are responsible lor the preparation of the accounts In accordance with the reovirements of the fompanies Act 2006 I'the 2006 Act'l and you have chosen to prepare consolidated accounts lor the Group. You are satisfied that the accounts of both the Charity and the Group rtot requirecl by charity law lo be audited and have clTr Instead to have an Independent examination. Having satisfied rnysell that the accounts of the company are not required to be audited under Part ' 6 of the 2006 Art and a eligible for Indepen(Jent examination, I port in spert of my examination of your consolidated accounts ag carried out under section 145 of the Charities Act 2011 {'the 201 L Act'l. In carrying Dut my examination I Ive followed the Directions givèn by the Charity Commission under Section 145(51(bl ol the 2011 Act. Independent examiner's statement I have completed my examination. I confimi that io matters ha¥e come to my attention ITr connection with the examination giving me cause to believe that In ony material resr*rt.. accounting records were not kept in rÈ5PÈtt of the company as required by gectlon 386 OF the 2006 Act,. or Ih(t accounts do rsot atcord with those records: nr the accounts do not comply with the accountjng reo¥Jirements of section 396 uf :hè 2006 lict other than any requirement that the aetount5 give a 'true and lair view, which is not a rJJnsidered as part of an independent examination- or the accounts have mt been prepa in accordance with the methods and ?rinciples of the Statement of PAcommended Practice for accounting and optsrting jy -hanties applicable to charities prÈparino their accounts In accordance with the Financ1 Reporting Standard applicable in the JK and Republic of Lreland IFRS L021. I have no concerns and have come across no other matters in connection with the pxaminatton to hICh attention should be drawn In this report In order to pnable a groper Jnderstanding of -he accoiintS to be reached. For and Dn behalf of.. 5tacv Mason FCCA HGA ArrniJntAnt4 & Financièl Consultants Ltd vè Chittenden Horlpy - Chartered Accountants Hvde Park House r.Artwright 5treot Hyde SK14 4EH Date.. 2510712025
MANCHESTER HISTORIC BUILDINGS TRUST CONSOUDATED STATEMEpif OF FINANCIAL ACTMTIES AS AT OCTOBER 31- 2024 Noies Unrestrict•d funds Restricted Total Total Geneial Designaied Funds 2024 2023 Incoming resources IT geneiated funds.. DDnalions 1.045 14.789 ?? 303 Charitable <liti'iiPjÉÉ 408 40.834 Other rrading a1....e
4.839 54.839 76.707 Inoeslrr,ent income bank interest TOTAL INLOME 1.045 110.752 EXPENDITURE P.aising Lnds 8.?jl 58.251 Chdiif2blÈ acli'ii:.ies 13.832 160.055 139.903 TOTAL EXPENDITURE Isa 474 13.8i2 118.306 ?Cp4.39' NET INCOMEIIEXPENDITUREI BEFORE TRANSFERS 11?7871 1107.554 15?. ?58,, Tran>6ef< funes 16 80.000 180.OfXJi NET MOVEMENT IN FUNDS 16 j 14.7671 11?7871 1107.5541 (59.358J FUNDS BROUGHT FORWARD 16 88119 94 XI 2.8[.350 2.188.469 FUNDS CARRIED FORWARD 16 2.680.915 The noles on page5 13 to 23 forn part of thes2 finan¢ral statements.
MANCHESTER HISTORIC BUILDINGS TRLIST AS AT OCTOBER 312024 CHARITY STATEMENT OF FINANCIAL ACTIVITY Ilncluding Incomè and EndIture Accounii FOR THE YEAR EKOED OCTOBER 312024 Notes UnTOSTricied funds Designaied Restiicled Total Toial GeneTal FutKIs 2024 2023 Incomiiig resources l¥om generated funds: Donariot7S 045 14.789 Chafilable actl¥liie¥ iltliér Ifading acttvitiès 6.OCC 16.8',8 InvAgrmor,t income - bank interes* TOTAL INCOME )45 21.079 EXPFNDITURE Raisiffj fijr.ds 3.159 3.159 2561 Chariiabbn acti Ities 1383? 125.473 10? d25 TOTAL FXPFNDITURE 11J 800 ',3 832 128.632 NET INCOMEI(EXPENDITUREI BEFORE TRANSFERS 194 ", 661 112 7871 1107.5531 159, 3561 Transtèrs L4tQda$n lIa$ 16 180(xJ)I NET MnvFMFNT IN fuNDS 1É 11J 7661 18cfAx)I 119 KA71 {107.5531 li9.35D) FIJNDS 8RoiJf.HT FORWARD 16 88.170 34.0 ? 6C6 350 2,788.470 2.8'1.82ti FUNDS CARRIED FORWARD 16 14.0(yJ 2.680.917
IIANCHESTER HISTORIC 8UILDINGS TrLIST AS AT OCTOBER 312024 GROUP BALANCE SHEET AS AT OCTOBER 312024 Noies 2024 2024 2023 2023 FIXED ASSETS Tangitylf A5se".s - functiona Tangible As<èlS- lérithge 82.052 2.516.654 2.598,706 )A 039 2 51e 554 26q! 4y.I CURRENT ASSETS 10.469 7932 Debtors L3sI'. al 6a.?k anc ip.. Hand 14 10.554 95.668 116.691 CREDITORS Amounts ialling cue in one ve8r 15 34.482 NET CURRENT ASSETS 82.209 NET ASSETS 2.680.915 FUNDS unresl.rycl P.e5?ri:', 16 16 67.352 2,593.563 2.680.915 182. 2.60£.35CI TOTAL FUNDS 2.-8R JPO These financial slalemenls have been ppared in accord2ncg with the provisions applicable lo ¢ompanies subjert to ',he small companies regime. For the yeaT ending October 312024. the company was enb.tled lo exemption from audit under sects'on 477 of the Companies Act 200e relating lo small companies and no noticé has r)een Lleposrted under se¢tion 476 requiring the Gotnpany lo obtain ali audit ol Ils gecounts for the yeaT In question. Dire¢tors' responsibilities The directors acknowledge their responsibilities for mpIng 'Nith the reqUIrnents of ihe Act with respect to accounting records ano the prepar31ior. ol accounts. The notes on pages 13 10 23 form part of th&s8 financial statements. Approved by the Board and authorised for issue on= And signed on their behalf by: Alexandri Walker- Director 10
MANCHESTER HISTORIC BUILDINGS TRLIST AS AT OCTOBER a12024 CHARITY BALANCE SHEET AS AT OCTOBER 312024 Notes 2024 2024 2023 2023 FIXED ASSETS T3n).Ji$ A- Tangible A%%giS- heiiiag Inv4aylniet',15 - fur.ct..onal 82.052 1.516.654 2.516.i54 10 2.598.716 CURRENT ASSETS Dobior 18.410 81.903 1th)_311 Cash at 8aryk and Hand 122.413 IQS ?83 CREDITORS Amounts 'c111ing due one leaf 15 18.112 NET CURRENT ASSETS a2.201 NET ASSETS 2.680.917 2.", 88.470 FUNDS Unrèstrictad 16 87.3 16 2.593.563 TOTAL FUNDS 2.680.917 9 188.470 Company "pgistr8tion iiimhp.r 3578992 These Trn3n¢ial statements have been ppared in accordance vmth :h& prowsions applicable io companies Subject lo the mall Companies regime. For the year endino October 31 ?n?4, thè company was entilled to gxemption trom audit Llnder etTron t177 01 the Companies Act 2006 rplating to &mall Y)mpanies and no notiee has bèèn deposited under seclion 476 requiring the company '.ts obtain an audit Df its accoun15 IOT the year bn question. Directors, responsibilities The directors acknowledge their respon5ibilibes for comptying Mth requirements of the Act with respect lo accounting records and the preparation of 2eeounte. The Notes on pages 13 to 23 form part of these financial statements. Approved by the Board and authorised for i#Aue on- And signed on their b•half by- Alexandra Walker- Director Company registration numb8r 3578992
ANCMESTER HISTORIC BUILDINGS TRUST GROUP AND CHARITY STATEIAEIITS OF CASH FLOWS AS AT OCTOBER 312024 Group 2024 Group 2023 Chèrity 2024 2023 oles Cash used in owrating activiiies 184.6831 141.3601 133. 5001 Cashflows Irom inve51iiig a¥[eS Inlerest and di%'ide?ds Purchase of ,Angible fixed asset Cash provicled by111e in) iiivesiing activities I(9 1&19 IOI Cashllows Ironi fiiiancin9 al¥l(leS Prcceéds trgm ne¥% bnfrcw>n95 P,ep¥Tri'rre.ri o" rrO%:, Cash used in linancing activities Increaselldecfeosel in cash & cash equivalents in the year 184.393) 4348?1 141.070) 132.55", Cash aijd cash equivalents bioughi forwaid 180.060 122.972 155.j?J Ca$h and cash eqiiivalenis carrièd foFW8rd 95.667 18fJ thc, 81.9)2 122 G7A Cash ai)d cash èquivalenis consisi of.. ar bank and in hand 95.667 I,.000 81.2 95.667 81.2 The notes on page5 13 to 23 forn part of ihese financial statements. 12
IAANCHESTER HISTORIC 8UILOINGS TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENOEO ocfoBER 312024 1 ACCOUNTING POLICIES 8asis of preparation The financial slalemenls have been ppad- under the historic cost convenb"on." ifi accordance with the Statement of Recommended Practi Accounting and Reporting by Chaftlies prepanng their account5 in accordance with the Financial Reporting Standard applicable in Iho UK and Republic of Ireland IFRS1021 effective January 1 2019 .'second edition October 20191.. FRS102 and th8 Companies Act 20CkS. The charity constilules a public benefft entity as Ipfined by FRS102. The accounts are prepared in £ 5teding. which is the w%tional wrrency of the Group. The accounts have been prepared Dn the going COnM basis. and the :rustees believe that this remains appropriate. Income recognition All Income 15 recognised [)n the charity has enlitlemenl to the inefjme. it is ?rObab that the income will be ret£ived and the amount of income receivable can be measured reliably. The following applieg to particular types of income. Grants. whether of a capital Dr ievenue iature. are Tcognised when the charity has entitlement lo the fvJnd8. any perft)rman conditions have been mel and it ts probable that Iha income will bo rctsived. Donation$ Irom Individuals and other xJd*s IrKJI being of the nature Jf a Jrant) ar8 recognised when 1vable. EarnÈd income Is measured at thè fair value of the coThsthfation received or r1V8h for ervIS and goods supplied, net of discounts and VAT. DefÈrrÈd Income Income ig Jnly deferred and Included in creditors when". The Income relates lo a future accounliro per A sales Invol h3s been "aise(1 ahèad of Iho work Ing Trrried tsut and there is no contractual entitlemant lo Ihe income until the work las been done Not all the terms and conditions of tho Jr3nt have Deen mel. including tho ircurring of expenditu and thè grant conditions are such Ihat Jnspent grant must ba fefunded Expenditure and Irrg_r.nv@fdblo VA T Expenditure recognised once 'here a legal or constructive obligation to make a payment to a third paty. it is probable ihat the settlement will be required ar the amount of tha oblo31ion can be measured rp.IIAhly. Expenditure Is classified under Iho follow1ng activity he8dings". C051s of raising funds including ihose 4550cialed with fundraising ar.ttvitips. managing investments and commarcial trading by the Bubsidiary company. Charitable activities <14 of undertaking the work of thè charity. The afoup L- rpoiqterprt tnr VA T and has elected lo t3¥ on ,.ts DrnrJP.rty n?Askp.11 House. It p able lo recover some of the ingul tax -harged as It relates to VATabla SUDDlies. Cosls arp =tated net nf VAT where charged ar irrecoverable VAT 1£ includad as a seD8rale charge either within d1ct costs or surjpnrt eogtg as appropriate. Allocation of support costs Support costs arp ihose lunctiong which assist Ihg wnrk of the charity C<her by 5vpporhng the dp.livp.ry of pharitable activilie3 Of by SUPPOrting Ihe generation of funds. They nclude Drnt)p.rty costs. back offi hjnctions, Trircularisalion trsIs. -qpcurity and m?inl>.n2nrp. costs and professional lees. The b¥B of allocalion5 16 5Ot out note 8. 13
MANCHESTER HISTORIC BUILDINGS TRUST NOTESTO THE FINANCIAL 8TATEIIEiif8 FOR THE YEAR ENDED OMBÉR 812024 1 ACCOUNTING POLICIES (continued) Funclionjl tangible fixed assets and depreciation Indivu?1 functional Fixed 85sels costing more than L1.000 are capitalised al cost and are depreciated. after takino account of residual values. over their eslimaled useful lives on a slrasghl line bas15 as set out below. oepreci31iDn rates are as follows.. Fixtures and fittings 250 Oisplay and inlerprelation ovei 15 yea15 HeriL3ge Assets Asse15 held lor Iheir historical or arristic importance to ¥Jvan preservation. conseNalion and public acces5 to the nation's culture and education are classjfied as heritage assets In the accounts. The Trust capilalises hentage properties at their purchase price plus any restoration c051s to restore Ihern lo their lomer condib'on and bring them back into use_ Any further pseallOn costs are charged lo the statement ol financial activilies when earned out. The Trust owns the freehold propety baskell Hous8 ',he lormei home ol the Elizabeth and Wlliam Gaskell and their daughters and during the year commen1 the final stage of the resloralion through work on the Coach House. Items acquired for exhibition are included at their purchase price or if donated at their estimated value on acquisition. No depiecialior. Is charged on heritage assets as Ihe Iruslees believe that they have an indefinite life. The trustees consider annually whelher any heiit3ge asseÈs have been impaired and adjust the carrying value accordingly. Théfe have been no impairrnenls lo the assets. Debtor¥ Trade and other debtors are recognised al the setlement amount due and prepayments are valued al the amount prepa. Cash at bank and In hand C3str. al bank and in hand Includes cash and short lèm highly IvId investrnents with a short maturity of three months or from the dale ol acquisition or Dpening ol the deposil or similar account. Creditor5 and provisions Creditors and provision5 are recognised where the charity has a psent obligation resulting from a past event that will probabty result in the transfer of lunds lo a third party ancl the amouni due to settle the obligation be rneasud or estimated feliabty. Creditors and provisions are nom)aSly fecognised at their settlement amount. Financial instrumgnts The charity has only basic financial instrumenls which are Initial recordetl at cosc and subsequentty measured at their settlement value. Group finaftcial statements The linanctal slalemenls cDnsolidate the results of the tharity its wholly ownéd subsidiary. The Gaskell's House Trading Ltd on a lir>e by line basis. Judgemerits and key sources ol estimation uncertainty The prepaialityj ol the financial statements requjies managemenl lo make ILKlgements. esttmates and assumptions that affect the amounts reported. These eslimales and iudgements are continually reviewed and are based on experience and other factors, including expectations of future events that are beIVed lo be re3sonable under the ciccumstsnces. 14
MANCHESTER HISTORIC BUILDINGS TRUST NOTE8 TO THE FINANCIAL STATEMEHfs FOR THE YEAR ENOEO OMER 312024 2023 nrestricied RÈsiricièd Total IITesErictod Re&tficièd Tolal 2 DONATIONS 545 2.800 Icc TrailblaTkr soo Othèr 721 Reset & Recok'eff¥ 5rffjo Legac5 ICC.. Business 4iipport.'LOVID Membership JQD41iop,> indivéiials 10.(k)O 500 2969 90J7 2.969 9.047 864 1.884 3.598 Dor.4trinyq - WroDni qi i%tainAhle. Iniprobenient Fund Book. qwnsor?hip Group iiicome .Ja%¥pI1'< Hn,.i.sp Trading .td Charity incomo 3. 3th9 3.3fhl 1.728 14.789 27.803 137 14.789 27,803 3 INCOME FROM CHARITABLE ACTIVITIES Charity riicom Eanied iiKoine Subsidiary Èncom@ Adn'issions 17.102 29 751 29.751 E.Jènis 13.732 9,766 39.57 1 40.834 Group income 40.834 39.51": .?Q,.41 T 4 OTHER TRADING INCOME ents. IAfflb?q and other 912 p.eni ar¢ 'wrr) nile 6.nnn 15.846 16.818 Chariry intome 6.) G.nnft 16.618 Subsidiary income 13.781 1',.9A3 11.94.? and 314is Rcom -, o[p 16 16.190 16.242 24.8&8 41.704 54.839 Mg.86' 69.889 less eliminaied on consolidaiion: Reni 8 manaqemenl nharses to 'JHT . (.10.000) Group income 54.839 Tfi.707 15
MANCHESTER HISTORIC BUILDINGS TRUST IIOTESTO THE FINANCIAL STATEIAEi4fs FOR ThE YEAR ENI)ED OCTOBER 312024 5TRADING SUBSIDIARY . The Gaskèlls, House Tiadiry Ltd 2024 2023 Turn0e( 95.673 133.456 62.217 162.2171 ?rJQ Jot COST 0, sales f¥? 9951 894,, Gross profil Adn11n51.".ATjCK} cos1 Net profit before Taxation Tax3lion 189.41 Net profit after taxation Tol31 asse:. > 78.600 78.5901 10 8D 6361 I let fJnd- Subsidiary costs inclu(Jed in Group accounls LDSL Oi >al&s 33.456 Yg.995 AdminiitTat¢on tosrs 62.217 Less eliniinaled on consoli¢J<ori - and management tharo@ 6.000 89.673 fo Gooi Subsidiary income and costs included on consolidaiion are analysed as follows: Chafiiable 2024 Chariiable 2023 activities Fundraising Total aciivitiès Fundraising Total INCOPIE Te3 foGP'.S 13.781 13.781 16.190 24.868 27,102 943 11.943 oks ali d giys Room hif 16.1 16.242 41.704 29.751 Adr115510ns GJICÉ bcoks 13.732 95.673 9.766 9.766 60 889 109.406 EXPENDITURE <'iafr,.-OSLS Ig.174 28 76C 47.934 22.570 1¢ ty05 56.6T5 '. CO¥".x te?. rcoms 8.88., 8.881 8.277 Goods ror rg4alg 7.793 8_3Tg TicKetirg éi/er". and o:.he.r costs A¢veriiifig anrt Prc.mise5 8 insurance cos15 5.408 3.465 8.228 7.964 3.439 6.745 17,172 4.879 17)3 4.7.> i.550 5556 09[8d5 3.896 89.673 61.930 99.406 Rent ch.arged b:, the cnanly of -6.OQC iiC.-.3 - j 1 Pr?ftiises insLirance and gV¥r&ads are allocatee c>v an esliniale Oi resources u,. . IS 41minat on n.>all. 16
MANCHESTER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMEPITS FOR THEYEAR ENDED OMBER 312024 024 2023 nresiricled Resiricied Toial nrestricted Resiricted Total G COSTS OF £WSING FUNDS Stafr c04t5 DiTetr.. costs cogtg 3159 3.159 3.159 3.159 25e7 2.561 2.551 Cliarity cosls 2.=é.¥ Slibsidiary costs Staff 28.760 RJ Gi04 34.005 DiiecL os":s tea r(7 8.88: 8.881 7.793 1.733 8,?T7 8.219 3.3T3 Goods lof re¥ab 7.793 Adi¥grtiS4ng & marketinc Prèniis&s. insurance & .J¥6rh•3<45 1733 .JiJ 79?5 1.925 7.996 55.092 a30 ti7.930 Gro(Ip cosls 58.251 6d.dQl 7 EXPENDITURE ON CHARITABLE ACTIVITIES Chaiity ',.I COSLJ 69.423 47.079 9.490 nthor ry1rt i05tS 6.777 De['ier!alior. irIp0 =osts Charoed :.0 ieDtncted furd 12.787 12.787 36.487 37 (169 33,069 15',di Tolal loi charity coinpany 125.473 102.425 Subsidiaiy Dh¥e¢i cosis S'tafr cos; 19.174 22.670 TirKetipg. •'JQD", ar¥J o., PrertTrises 1 ir,R[IraniP i0siS &r rosts 4.193 4.199 S.a5o- 5.556 SuppotT r.0$14 with subsidiary.. 1733 .3.17? 3.373 a ri69 3.440 Id.$82 37.478 (J.'anl elipiir4a:.a =,n con301>..af.'oft Toral foi group 160.055 ',2- 758 139,903 17
MANCHESTER HISTORIC BUILDINGS TRUST
NOTESTO THE FINANCIAL 8TATEMEpifs FOR THeYEAR ENDED OCTO 31 %r24
8 SUPPORT & GOVERNANCE COSTS
2024
2023
Fundraising Chairtable
Total
Fundraisino Chariiab
Total
Suppon cosrs
Piemises & insufanie
2.328
23.283
3.872
2.425
2.500
6,629
17.297
C.ffit4 ioslq 8 otrer cost5
Ciiiul3Ii5alioD
Advertising & prornotion
Securits. 8 mainlÈnanc8
P..lanagemenl accounts
8ank chaiges
387
702¥
561
5 j67
T.803
2425
2500
?.966
2,561
5,J67
153
37
368
33,579
663
15
138
37
72
i66
35 403
Se!
34
Governance costs
Legal. profe<sional 8 accountan
865
865
865
2.050
£.05fJ
2.050
865
2.050
Toial suDJ)on cosis
30 208
ai i165
35,629
CIL
MANCHESTER HISTORIC BUILDINGS TRUST NOTESTO THE FINANCIAL STATEMEPn FOR THEYEAR ENDED OCTOBER 912024 11 TANGIBLE FIXED ASSETS- FUNCTIONAL Gioup and charty Fixtures Display & littings & InierorelatM)n equipmenl Total Cosi As at November 1 202i Additions 191.810 21,446 213256 OIsp05als s at October 3 1 2024 21446 214756 Depreckiiion is alNovembef 1 2023 Proi."Idpd 96.971 12.787 21 446 11Q417 12 787 Oicoosals 5 21 C.ctobef 31 20?4 109 21 446 131 204 ei BIM)k Value As at October 31 2024 22.052 82.052 As al ot0er 31 2023 8Jg 12 TANfilAI F FIXED ASSETS- HERtrAf7F ASSETS Freehokl Group and charity Cosi property Exhihrt¢ Total Ag at 0vambèr i ?0?3 2.458.596 2516>4 Addibons Disposals Ag al October 31 2024 245g.?96 js fJ58 2516654 DeDrecraiion As at November 1 2Q23 Ag ai iThctober 3.. 2024 pt Book Value As at October 3 1 2024 2 45a.596 58.058 2.516.654 As at October 31 2023 .1.58. %56 55 056 Thè freenoid progert:, i< biecr io 3 firrt ihafge n fa¥our of me *entage lottepi KlamoriaS fvlnrf entered into Dll OitODer 10 201 J as a condition of the ai'éard ol a grani of nfi.8m Iov,'3rds Jhace 2 of thè 'e<loralion The aDove asoèts arp all InrlLidp.d at rosl The five year financial 5umrnapi tjf heritage asset Ir8nsacbons .s ac folloos 2019,20 lQ21Q1 2021,'22 2023,'2J 2023124 guilding acquisibonlrestoratEon E'-hibilS Iluinilurg. filbng< & fixtures) 6900 E.:tiiL¥il< 1nclu¢Je lurnituro rrtinos and fvKtures acquired the Tnjsl in ordef io fvrnish the hoLbse Iri an authentic cor4SlSlent 41iilh the G35keli F3mily"s ocujpalion of tne piopÈrts'. 1518 19
MANCHESTER HISTORIC BUILDINGS TRUST
NOTES TO THE FINANCIAL STATEMEpifs FOR ThEYEAR ENDED OCTOBER 312024
13 FIXED ASSETS INVESTMENTS
Jl thé Issued >nare capral ol i.le -tJloKing company
Aclivity
Invesimeni
I hg chariri. has 0,n5 '.gO'"
Name
Company no.
2024
2043
T17e 1=35kg11s Hovse Trading Ltd
JnniTJ= Gè
IAANCHESTER HISTORIC 8UILDINGS TRUST NOTES TO THE FINANCIAL STATEMEln FOR THE YEAR ENDED oGfoBER 912024 16 STATEMENT OF FUNDS ZQX?3 ZQ231•1 ji.io o-J 1111 20L 1rtoll TraDsfvra Olrl•.lOZJ In¢•rni Exwlirtw• TrahSt•rS J111aJ2•44 Unroslrle0 Funds.. 123Y I(PJ 7D7 73.3S2 14.ooo R•s?rTcr•d Fun•¥'. Is JCO IT Ilk7 2 593.%) Tsul lund 1 284". ¥_ '4i.03o 12L.2 ?y35 2.UO.915 4.1.. Chaity 10?2,?3 2023?4 31 10.?2 01411,12 kncomé E7tn%brur ft•tt4fr Oli11.202J Kome T¥anslTS &1.10.'2024 65 2D.034 1114.800. $0.ooo 73.391 600¢0 146.0001 134.OOOk oTrploho jj S?.: 1868:,, OQ?4 17.3S4 if Rosili&n£& hJndlDg LF Lovid Enio100nry tyDdmg HLF-=RFI 2è 54Z 545.. 245 5 Coyl Iliam> S 6 162 Su¢lè'.nable mttl9n1.tFTr caal qronis e¥uèndèd arDLP e)peDo-d azsèioayl8iir(sd 2e06".E2 2,59i.J9 2,5Q3.5fj3 015 Total 412Se3 2.680.917 21
IANCHESTER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMEP4T8 FOR ThE YEAR ENDED OCTOBER 312024 16 STA TEMENT OF FUNDS Iconlifiuedl TransleTS Con5eniatOPs & BuildiriG MainlenancE Transfer back to general funds lo Eupport l0¢ses Junng ihe rfear Resiricied funds Donabons - William's stud }' For the resloiab.on and furnishing ol iliiilliarn Gackell'< stuO5' Amounls nvesle¢ In fixed assels ,. here the.. e are conbnuing ie5tTiclions ovèr their Deprecabon Is ch8Tg@d 10 lttis fund. Granlr ewended and as5el i3pitslise 17 ANALYSIS OF COMPANY NET ASSETS BETWEEN FUNDS Unreslricieo lunds General Designated Restricted Funds Total Funo balance5 31 Ocrober 312024 are represenie(Iby.". TangibleTlJed abqel Investmenls 5.311 2 593.395 2.598,706 10 10 Nel cuirenl ascels 14.000 168 82.201 14.000 .i93.i63 2.680.917 Fund b3131Kes ai Ociober 312023 are repfeseniedby... Tangible fi lèd assetr In¥,estD)ents Nel ilJTrenl assets 2.606. 182 2.61 1.4y j 116799 60 000 68 12Cp Oi?t J50 18 CONSTITUTION The Company Is limiie¢ bi gJaranlae and L1oes lOt,iave a share car)rtal In the evenl of the Compani being iiiound 'JF ihe memberc are commlllg4 to conlribuling £1 eaclj. 19 TAXA TION The Cornpany is a reoislered charl. and is entslled to claim annual exemptron trorn UK Cofporation la•. 20 CAPtrAL COMMtfMENTS Th9re . 'iere no capital romrnitmenls aulhorised and contaded for at the gnd of Ihe }'ear 120?1 fNil). 21 RECONCILIATION OF P4ET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES Group 2024 Group 2023 Charrty 2024 Charity 2023 Nel Iniomeil P i penditure,, Add bach. depreiialion Adiuslmenl liLF Ph35e 2 fvnding DeduL-I Inlereql Income shovin In 1nyesb.ng aihs'ilies Deduct profitl?dd baik-1055e5 on aisoorals of FA Decfeaseljincreaie.. in stock.s Decreaseliinciease,, in Oeblofg Inirea5eii decrease,. in creditors Net cash generatel frijni'lused in) opeiating aclTvwIs 1107,5541 12.787 I5.3?1 1107.5531 12.787 12901 (4 e09J 12901 (! Q091 12.537} 7.948 57,000 13.3041 41,360 f3 382 4.963 84.68: .iOJI
IANCHESTER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THEYEAR ENDED OCTOBER 812024 22 RELATED PARTY TRANSACTIONS Oetails ol the trading baeen the ehanty and its subsidiary company are shown in the notes to the financial statements. There were other,'elated party Iransaclions. 23 CONTINGENT LIABILITIES The charity has received grant support for the restoration of nJaskell House fvom a number of different lunders, which have continuing re51TiCtions over Ihe disposal of the propety. Heritage Lottery Fund IHLF)- ÉIYJ.935 (phase 1) and £1,430,877 (phase 2- excluding revenue yupportl The Charity cannot dispose ol the propety by sale or lease for a penod of fftr¢ty five years from June 2012 without the written consent ol HI F and il Let Dr sold at a full markat rale HLF may require thai a proportion of the net proceeds are paid lo Ih8m in accordan with their standard orant condition5. The charity 13 also )bhged lo open tha property to Ihe public and to advcrtise Ihe opening times. English Heritage - £297.911 (Phase 11 and £86,849 (Phase 2) The Chanty cannot dispose of the property hy sale or lease for a peric#Y of ten yeafs after the fiftal t)ayment of tha grant leffeclively from March 20131 without tho wntten consent of English Heritage. which consent will Dnly be given after any grant already paid has bogn recovered in full. The phanty B also gblKJed to open the property to tho public and to athertise the opening limes. BiffA . fSO,000 If Iha chanty disposes of tha propèrty, RSWT Ilhe grantor) is entitFed to some of ihe proceeds in proporhon lo their=. ontribution. unless otherwise agreed. Thero are no conhngènt liabilitie$ attaehing lo the fund4ng trom other Sour5. Nonp. of the above ty)ntingenl liabilitses are expected to crystallise. 24 ULTIMATE CONTROL The company has been under the cnllecltve control of its dirpttttrs, appointed by thé members, throughout this and the precedino year_ No directoi or member Ilaking account of any asSlates) has a controlling ntÈrÈst In the company. 23