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 pain￿Ork, 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 resour￿8, 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 Un￿rtainties 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 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 ONLINE SUBMISSION REPORT Client name: Garland Antiques GARL41 CIRent code: UTR: 9955732457 Page: Printed: l of I 3010112025 at 4:14 PM Taxyear: Return type: IR mark: 2024 SA800 TVLJKVTFIEB5DV5PECT3YUZBHLOJT62U The following response was received from HNlliC: Time accepted: 3010112025 at4:13:31 PM Message #OOOO: HMRC has received the HMRC-SA-SA800-ATT document ref: 9955732457 at 16.13 on 3010112025. The associated IRmark was: TVLJKVTFIEB5DV5PECT3YUZBHLOJT62U. We strongly recommend that you keep this receipt electronically. and we advise that you also keep your submission electronically for your recoyds. They are evidence of the information that you submitted to HMRC. 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