Company registration numt)er'. 2308621 Charity registration number. 800538 RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee and Registered Charity) TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The management committee of Ragged School Museum Trust IRSMI presents its report and audited financial ststements for the year ended 31 Marth 2024. The accounts have been prepared in accordance with the accounling policies set out in note 1 to the accounts and comply with the charity's constitution, applicable law and the requirements of the Accounting and Reporttr)g by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective l January 2019). I. REFERENCE & ADMINISTRATIVE INFORMATION Charity registered number- 800538 Company registered number: 2308621 Registered office: 4&50 Copperfièld Road London E3 4RR Trustees: Simon Bazalgette. Treasurer Robert Moyè Alistair Owens Magnus von Wstinghausen, Chair Company Secretary: Magnus von Imstinghausen Director. Erica Davies Auditors: Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL Bankers.. HSBC 1 Centenary Square Birmingham B1 1HQ
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 (cont'dl Operational risks." having operated on a skeleton staff throughoul the project delivery phase, ongoing NLHF project ftjnding provided 2-3 years of seed funding towards new posts to manage the operations in the re-opened Museum. In addition, Glevum as project Co-ordinators have continued to provide significant support throughout the re-opening phase and for a period of a further years, also funded from the project budget. This has allowed time to fomi a small and re-invigorated team under thé leadership of the Director. Establishing a strong and experienced team tr) steer the Museum into the future is a priority for the Trustees, working with the Director. 4. Review of ActSvities Intrtxluction The splendidly refurbished Ragged School Museum officially reopened on 151h June. Eilish McGuinness, Chief Executsve of the National Lottery Heritage Fund and Nick Ashley Cooper, 12th Earl of Shaftesbury were guests of honour. In her opening speech Eilish McGuinness was enthusiastic on the achievements of the project." "It has been fantastic to watch the progress of Èhe Ragged School Museum, seeing this project transform from the earliest stages of planning for funding, to developAng ideas, facing and ov6rcoming challerFges, and emerging with heritsge notjust saved and intact, butinvlgorated and wAth 8 fresh perspective.. Lord Shaftesbury followed in footsteps of the 7th Eart who opened Thomas Barnardo's Mission Hall at the Edinburgh Castle in 1873. G(Jests induded a rollcall of the many people who have supported the Museum since the 1980s- trustees, staff, actors, volunteers, project team members and craftsmen. It is no small achievement for a small organisalion to steer a major NLHF funded project through to a successful conclusion. The opening was concluded by a joyous paty, the opportunity to thank those who have worked with energy, CDmmitment and determination for over a decadè to save and enhance a remarkable building with an extraordinary hislory. In the lead-up to Ihe opening final elements were completed.. Saskia Hunning worked on the historic painOrk, on the second ',loor, Clarisse d'Arcimoles set up her installation Forgotten Tale on the second floor, A 3-dimensional recreation of a photograph of 1902 showing a poor brush maker and her six children from the Bishopsgate Institute,. Realm installed tre permanènt exhibition, they made an extra-special effort to install. at short notice, panels of children's photographs designed by David Ellis. Mihai CuGicea worked with Temarkable accuracy at lightning speed on the day of the opening. Following the opening, the Aldgate & Allhallows Foundation. a supporter of the RSM for many years, and a generous matched funder, held a trustees meeting and Itjnch at the Museum. Pulse, our Project Managers held a staff awayday, Jonny Aldworlh, project manager since gave a lively account of the project Staff of the World Monuments Trust Britain visited with their Executive Director, and chair of the RSM, Magnus von Wi8b'nghausen. Recognition of the Project The refurbishment has been recognised by the following organisations.. Royal Instttute of Chartered SuTveyors-. Refurbishment Revitslisation award, Shoruisted, 2024. Royal Institute of Chartered Surveyors Heritage award, Shortlisted, 2024. Civic Trust Award Regional Finalist 2025.
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 (wnt'dl Our objectives for 2024- 2025 Open the Museum to the public for S days a week Attract a vAde audience from all over the UK and abroad. Develop more evening trade in the café. Develop the business in event hire Expand the adult cultural programme to attract a new audien¢e. Dlrector: The Executive Director, Erica Davies, continued to oversee Ihe NLHF project as the main Client Representative and was the only active member of staff since April 2020 until October 2022. The Truste8s wish to acknowledge their thanks and appreciation for the enormous effort this has represented over a very challenging period. Adult & Cultural Programmes offlcor. Romy Nuttall supported the relaunth of the schools programme and planning a series of diverse events. Our objectives for 2023- 2024 Open the Museum to the public for 5 days a week. Attract a wide audien from all over the UK and abroad. Relaunch the café and make it a destin2t"on. Recruit a team of front of house volunteers and education volunteers. Laun a lively adult cultural programme to attract a new audience. Flnancial Review The completion of the building project has set the Museum on a solid path to transform the operations and secure long term financial sustainability of the organisation. New revenue streams have been gener8ted from Offi space rental, introducing admission charges to {increased number ofj visitors, a beller shop and the new cafélrestaurant. Venue hire income is also being developed and represents a considerable further potential as the Museum establishes itself as an attractive choice for business and private events. The Trustèes operate a reserves policy whereby the free reserves held by the Trust should be approximately three months expenses, which equates to approximately £78.OIX) based on post-opening year annual operating expenditure. This would enable current activities to continue in the short term should funding drop Si9nificantly. At present thè free reseryes of £94,605, reach this tsrget. In calculating reserves, the Trustees have excluded from lotal funds the restricted income funds of £4.684,115. Both the policy and ils implementation are under regular scrutiny.
RAGGED SCHOOL MUSEUM TRUST (A company limited by guaranteè> INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Oplnlon We have audited the financial statements of Ragged School Museum Trust (the 'charitable company'} for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Balan Sheet, Cash Flow Statément and notes to the financial statements, including significant accounb'ng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in ffte UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial ststements: give a true and fair view of the slate of the charitsble company's affairs as at 31 March 2024, and of its incoming resources and application of resour8, including its income and expenditure, for the yearthen ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance wilh Ihe requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordan wth Intemational Standards on Auditing (UK) {ISAs (UK)} an applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the aijdit of the financial statements section of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audFt of the financial statements in the UK, including the FRC'S Ethical Standard, and we have ftjlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have conduded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material Unrtainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'5 ability to continue as a going concem for a period of at least e1ve monlhs from when the financ5al statements are authorised for issue. Our responsibilities and the responsibilities of the truslees wth respect to going concern are descfibed in Ihe relevant sections of this report. other information The other information comprises the information included in the trustees, report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the trustees, report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, W8 do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of Ihe audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mi5Statement of thi5 other information, we are required to report that fact. W& have nothing to report in this regard.
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Irregularities, including fraud, are instances of non-complian with laws and regulations. We design procedures in line wlh our responsibilitie5, oullined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed beli)w'. Enquiry of management and those charged with governance about actual and potential litigation or claims and the idenlification of nofvcompliance with laws and regulations. Reviewing minutes of meetings of those charged with govemance. Reviewing financial statement disclosures and testing to supporting documèntation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, inclL¢ding testing journal entries and other adjustments for appropriatenes5,' assessing whether the judgements made in making accounting estimates are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatemenl due to fraud. Professional scepticism in course of the audit and wilh audit sampling in material audit areas. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregulartties, including those leading to a material misstatement in the financial statements or non<ompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- complian. The risk is also greater regarding irregularilies occurring due to fraud rather than eOr, as fraud involves intentional concealment, forgery, collusion, omission or mi5repre5entation. A ftjrther description of our responsibilities is available on the Financial Reporting Council's webstLe at.. www.frc.or .ukl uditorsres nsibilities. This description forms part of our auditor's report. Use of our report This report is madè solely to the charftable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable (ximpany and the charitable compary's members as a body, for our audit work, for this report, or for the opinion8 we have fomied. Kevin Fisher BA FCA CTA (Senior Ststutory Auditor} For and on behalf of Kingston Burrowes Audit Ltd statutory Auditors 308 Ewell Road Surbiton Surrey KTS 7AL 30- 2025
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 FIXED ASSETS Tangible assets 13 4,565.342 4,359,819 CURRENT ASSETS stocks Debtors Cash at bank and in hand 2,443 9,085 263,043 2,443 33,939 252.824 15 274,571 289,206 CREDITORS Amounts falling due within one year 16 {61.193) {67,7071 NET CURRENT ASSETS 213,378 221.499 TOTAL NET ASSETS 18 £4,778.720 £4,581,318 CHARITY FUNDS Restricted funds Unrestricted funds 17 17 4,684,115 94.605 4,554,785 26,533 TOTAL FUNDS 17 £4,778,720 £4,581,318 These financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. Approved b the Board of Trustees on 30 J8nuary 2025 and signed on their behalf by Magnus von W. Chair nghausen The notes form part of these financial slatements.
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES General infomiatlon and basis of preparation The Ragged School Museum Trust is a registered charitable company Ino.8005381 and a private ompany limited by guarantee Ino. 2308621) registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office is given in Ihe reference and administrative information on page 1. The charity constitutss a public benefit entsty as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charf(ies preparing their accourrts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102}, the ChartLies Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial stat&menls have been prepared on the going Gonrn basis and under the historical cost convention. The significant accounting policies applied in Ihe preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise slated. Income recognltion Items of income are recognised in the financial statements when all of the following criteria are met.. The charity has entitlement to the funds" any performance conditions have been met or are fully WFthin the control of the charity., there is sufficient certainty that receipt of the income is considered probable,. and the amount can be measured reliably. Contract income is recognised as the charity earns the right to consideration through the perfonrance of its services. Expenditure recognltlon Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount can be measured reliably. Expenditure is classified under the following activity headings-. Costs of raising funds which comprise those costs associated wilh attracting general donations Expenditure on charitab5e activities which comprises the costs of running the various activities and serViS for the charity's beneficiaries. Expenditure includes those costs of a direct nalure which can be allocated to a specific activty. 11 also indudes indirect costs, including governan costs that do not relate to a specific activity but are neSsary to support them. Support costs are 8PPOrtioned to each activity on the basis of staff lime. Fund accounting Unrestricted general funds are those funds which are freely available for use in furtherance of the objects of the charity and which have not been designated for specific purposes. Designated funds are unrestricted funds set aside by the trustees for parhcular purposes. Restricted funds are funds which can only be used in accordance wth specific restrictions imposed by the donor or which have been raised for a particular purpose. 13
RAGGED SCHOOL MUSEUM TRUST IA company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds Restricted Funds Total 2024 Total 2023 School Income Museum Visitors Shop Income 70,403 13,166 682 70,403 13,166 682 14,437 £84.251 £Nil £84,251 £14,437 All income from charitable activities was in respect of unrestricted funds in the prior year. INCOME FROPJt OTHER TRADING ACTIVITIES Unrestricted Funds Restricted Funds Total 2024 Total 2023 Venue hire Rent 7.205 24,750 7,205 24,750 300 £31,955 £Nil £31.955 £300 All income on other trading activities was charged to unrestricted funds in the prior year. INVESTMENT INCOME Unrestricted Funds Restricted Funds Total 2024 Total 2023 Bank interest receivable £4,005 £Nil £4,005 £951 All income on investment income was charged to unrestricted funds in the prior year. COST OF RAISING FUNDS Unrestricted Funds Restricted Funds Total 2024 Total 2023 Direct msts- Fundraising events other costs 1,231 60.266 61,497 882 36,213 5.464 £2,113 £60,266 £62,379 £41,677 All expenditure on raising fvnds was allocated to unrestricted fvnds in the prior year. EXPENDITURE ON CHARITABLE ACTivrriES Unrestricted Funds RestriGted Funds Total 2024 Totsl 2023 Summary by Fund Type Museum and schools programme £51,715 £190.639 £242,354 £116,486 Of the £11 S,486 expenditure recognised in 2023, £44,022 was charged to unrestricted funds and £72,464 was charged to restricted funds. 15
RAGGED SCHOOL MUSEUM TRUST (A Company limited by guaranteè} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. GOVERNANCE COSTS Total 2024 Total 2023 Audit fees Other professional serVIS 3,250 2,715 3,600 6,705 £5,985 £10,3CI5 12. STAFF COSTS 2024 2Q23 Wages and salaries Social security Costs Contribution to defined contribution pension schemes Other staff costs 105,780 5.117 1,368 25,478 57,433 1,111 264 4,438 £137.743 £63,246 No employee received total employee benefits (excluding employer pension costs} of more than £80,000 in either year. The average number of employees. calculated on a fulktime equivalent basis was- 2024 Number 2023 Number Staff The Museum considers its Key Management Personnel to comprise the Trustees and Director. The total amount of employee benefits received by key management personnel was £48,515 (2023 = £43,287). Under FRS 102, employee benefits include gross salaries. employer's national insurance, employerfs pension costs and benefits in kind. No trustee received remuneration for their trusteeship in 2024 and 2023. No truste6 expenses were reimbursed or paid by the charity in 2024 and 2023. 17
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. CREDrroRS- amounts fallSng due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 11,311 38,956 1.076 9,850 58,349 1,682 1,076 6,800 £61.193 £67,707 19
RAGGED SCHOOL MUSEUM TRUST IA company limited by guaTantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS...ICont'd Comparative information for the movement in funds in the previous year is as follows At 1 April 2022 At 31 March 2023 Income Expenditure Transfers 2023 Restricted Funds: Developmenl nd Building renovation Building renovation- freehold Improvements 7,302 78,239 7,302 78,239 2,325,684 2,257,701 (114,141) 4,469,244 Total Restricted Funds 2,411.225 2.257.701 1114,141) 4,554,785 Unre$tri¢ted Funds: Designated Funds." Staffing fund Fixed assets fund - freehold Premises Fixed assets fund - eqLtipment etc 6,¢0 8,000 115,000 (1,000) 114.000 1,606 (584) 1,022 122.606 (1,5841 121,022 General Funds General ndS (72,140} 20,089 (42,438) (94.4891 Total Unrestrfcted Funds 50,466 20.089 (44,0221 26,533 Total Funds £2,461,691 £2,277,790 158.163} £Nil £4,581,318 21
RAGGED SCHOOL MUSEUM TRUST {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. MEMBERS, LIABILITY Ragged School Museum Trust is a company limited by guarantee and has no share capital. The liability of each member 15 limited to £1. The number of members at the end of the financial year was 27 (2023 . 28). 20 RELATED PARTY TRANSACTION Other than key Management Personnel transactions detailed in Note 12, there were no related paty transactions during the period {2023 .' £Nil). 23
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