Company registration number: 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 2025 Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee and registered charity) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Trustees' Report Independent auditor's report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements Pages: 1 - 6 7 - 9 10 11 12 13 - 23
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The management committee of Ragged School Museum Trust (RSM) presents its report and audited financial statements for the year ended 31 March 2025. (FRS 102) (effective 1 January 2019). 1. REFERENCE & ADMINISTRATIVE INFORMATION Charity registered number: 800538 Company registered number: 2308621 Registered office: Trustees: Company secretary: Director: Auditors: Bankers: 46-50 Copperfield Road London E3 4RR Simon Bazalgette, Treasurer Robert Moye Alistair Owens Magnus von Wistinghausen, Chair Magnus von Wistinghausen Erica Davies Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL HSBC 1 Centenary Square Birmingham B1 1HQ 1
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 2. HOW WE ARE FULFILLING THE PUBLIC BENEFIT REQUIREMENTS OF THE CHARITIES ACT 2011 The primary objects for which the Museum was established remain those • To advance public education in the local history of the East End of London and the Ragged School Movement through the provision of a public museum and educational activities on site at 46, 48 & 50 Copperfield Road, London E3 4RR; To preserve and maintain the buildings onsite at this address; • To involve members of the local community in the running of the museum. The Museum's vision is to be, and to be known as, the best place in London to experience the life of the Victorian poor. Specifically, the Museum aims to: Provide children, teachers and families with understanding the life of the Victorian poor. Ensure that visits are enjoyable, inspirational and interactive. • Preserve our buildings and history. 3. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Ragged School Museum Trust (RSM) is a charitable company limited by guarantee. RSM business and governance is conducted under the framework of its memorandum of articles of association. Recruitment and appointment of management committee/training Board members are selected on the basis of the experience, skills and expertise they bring to further the main objectives of RSM. The induction process for new members includes the provision of information on their roles and responsibilities, policy and procedures, meeting with the Director and staff, and site visits. One-third of the board members must resign at each annual general meeting. The retiring members are eligible for re-election. Risk Management RSM is committed to identifying and managing potential and probable risks that the organisation faces. The oard of Trustees have overall responsibility for management of risk and it is an essential part of th rganisation's effective governance. Monitoring known risks enables the Board and Senior Managemer Team to make informed decisions and take timely action. The principal risks facing the charity are: Financial risks: Following the re-opening of the Museum in June, income from the resumed education programme along with new income streams from the introduction of admission charges and the rental of new office spaces have begun. In addition ongoing project funding support from NHF has allowed us to cover significant elements of staffing and other operating expenses. This will continue for 2 years after re opening, and will allow further new income streams from the café/restaurant and event hire to be develope n line with the business plan which underpinned the capital development. Careful management of financia resources has further allowed previously depleted reserves to be rebuilt to sound levels. 2
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 (cont'd) Operational risks: having operated on a skeleton staff throughout the project delivery phase, ongoing NLHF project funding 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 two years, also funded from the project budget. This has allowed time to form a small and re-invigorated team under the leadership of the Director. Establishing a strong and experienced team to steer the Museum into the future is a priority for the Trustees, working with the Director. 4. Review of Activities Introduction Hundreds of enthusiastic comments from visitors around the world are testament of how the Museum continues to fulfil the objectives of our National Lottery Heritage Fund (NLHF) project. Significant aims were to attract more adult visitors and to demonstrate that the history of the poor and destitute in the Victorian East End was of interest to people of all ages worldwide. The expanding number of adults visiting arrive with a variety of interests. Many people express how impressed they are by the building and how beautiful it is. A great tribute to the pioneers of the 1980's who fought to save the building from demolition to extend Mile End Park. They formed the Ragged School Museum trust, campaigning tirelessly to get the buildings listed, and to raise funds to purchase. The substantive reason for listing was the association with Thomas Barnardo as the only significant building standing where he began his work. As the decades have rolled on the importance of the building as a significant, and elegant, set of 1gth century canal warehouses increases. Reflecting on our application to the NHF we can be proud our intentions have come to fruition: "The Ragged School Museum will engage new audiences in the hidden history of the Ragged School Movement and the struggle for free education. It is the most significant ragged school open to the public able to narrate this history in an authentic building. The school was opened in 1877 by Dr Barnardo and represents his wide-ranging philanthropic work in East London from 1866. The Blitz and redevelopment left few fragments to represent the lives of impoverished Victorian Londoners. The Museum has no core public funding, must diversify income to secure its future, and is in one of the most disadvantaged wards in London. The aims: • Save the building. • Mark the significance of the Ragged School Movement in the struggle for free education. • Animate the world of Dickens and Doré through the stories of children attending this school. • Show how philanthropists, especially Barnardo and Lord Shaftesbury, drove social change. • Extensive refurbishment of undeveloped spaces. All of the building opened to the public while preserving the authenticity and layers of history. Exhibition space expanded; public facilities greatly improved, wheelchair access provided throughout; education service extended; new spaces for public and community • Create significant new revenue streams ensuring financial self-sufficiency." 3
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 (cont'd) Our objectives for 2024 - 2025 • Open the Museum to the public for 5 days a week. • Attract a wide audience from all over the UK and abroad. • Relaunch the café and make it a destination. • Recruit a team of front of house volunteers and education volunteers. • Launch a lively adult cultural programme to attract a new audience. Achieving our objectives for 2024 - 2025 Open the Museum to the public for 5 days a week: We are open to schools from Monday to Friday, to the general public from Wednesday to Sunday Attract a wide audience from all over the UK and abroad. Examples from a week in January 2025: BC, Hong Kong, Interesting museum providing insights into Victorian times. OS, USA, Very informative and well explained. DB, Italy, This was the equivalent of a ride on the time machine, so amazing. BG, Twickenham, Wonderful museum and building. L&S W, Romsey, An exhibition that really draws you in. Thank you so much. C&H L, Cornwall, Amazing museum and great building, thank you! MH, Shepperton, Surrey, Wonderfully authentic & warm. Relaunch the café and make it a destination. The café continued to open during regular Museum visiting hours, and a little earlier to accommodate customers from the Park Run in Mile End Park. Hours were occasionally extended into the early evening but there was no regular evening opening. Recruit a team of front of house volunteers and education volunteers. We are fortunate that two very experienced, dedicated volunteers, Colin Jackson and Christine Webb, have continued to give time very generously to support our schools learning programme. We owe them a great debt of gratitude for their loyalty, enthusiasm and dedication over many years. Anne Burton joined us to support volunteer recruitment. She had set up volunteer recruitment at St Alphege's church in Greenwich as part of their NHF project. Our long standing partner Queen Mary University of London remains a source of regular recruitment particularly for learning volunteers in our schools programme. Volunteers came from many disciplines and their support is gratefully acknowledged they make a vital contribution to keep the Museum going. We thank Esther Akleh Amankwah, Freya Ames, Masuma Begum Ali, Saffron Carmela, Josh Charles, Amelia Day, Ruby Franklin Goddard, Najma Ismali, Rowshan e Jahan, Rebecca Kleczkowski, Jiagi Li,, Catherine Moody, Mary O'Connell. 4
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 (cont'd) Launch a lively adult cultural programme to attract a new audience. Romy Nuttall, in charge of Adult and Cultural programmes, funded by the NHF as part of the Activity Plan organised a number of talks during spring and summer, aimed to draw an adult audience: The Children of Barnardo's at Tower Hamlets Cemetery Park, Megan Parker, Archivist at Barnardo's and Diane Kendall of the Friends of Tower Hamlets Cemetery Park described the painstaking research entailer n uncovering the histories of the children in the care of Barnardo's who are buried in the cemeter A summer lecture season entitled Barnardo's East End: W M Jacob, Poverty and Philanthropy Prof Emma Griffin, Life in Barnardo's East End Sarah Wise, Annie MacPherson: fighting 'Satan' in Whitechapel and Bethnal Green Romy worked with Prof Alastair Owens, Prof Tim Brown and their student Inayah Uddin to produce a downloadable walking tour Dr Barnardo's East London, which was trialled in July to great acclaim and enjoyment from participants. Our objectives for 2025 - 2026 • Attract a wide audience from all over the UK and abroad • Open the café in the evening in summer. • Recruit a team of front of regular front of house volunteers. • Develop event hire on the second floor of No46 Copperfield Road. • Let the first floor office space. Financial Review The completion of the building project 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 generated The Trustees operate a reserves policy whereby the free reserves held by the Trust should be approximately three months expenses, which equates to approximately £80,000 based on annual operating expenditure This would enable current activities to continue in the short term should funding drop significantly At present the free reserves of £118,151 (2024: £94,605), exceed this this target. In calculating reserve he Trustees have excluded from total funds the restricted income funds of £4,799,788 (2024: £4,684,115 Both the policy and its implementation are under regular scrutiny. 5
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 (cont'd) Trustees' Responsibilities Statement Company law requires the committee members to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied tha hey give a true and fair view of the state of affairs of the charitable company and of the incoming resource and application of resources, including the income and expenditure, of the charitable company for that In preparing these financial statements, the committee members are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102); - make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. he committee members are responsible for keeping adequate accounting records that disclose witt easonable accuracy at any time the financial position of the charity and which enable them to ensure tha the financial statements comply with the Companies Act 2006. They are also responsible for safeguardin the assets of the charitable company and hence for taking reasonable steps for the prevention and detectior of fraud and other irregularities. Each of the committee members has confirmed that there is no relevant audit information of which the charitable company's auditor is unaware; and the committee members have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Auditors A resolution proposing that Kingston Burrowes Audit Ltd be appointed as auditors of the company will be put to the Annual General Meeting. This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. This report was approved by the Trustees on 21 December 2025 and signed on their behalf by: Magnus von Wiltinghausen Chair 6
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Opinion In our opinion the financial statements: • give a true and fair view of the state of the charitable company's affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's sponsibilities for the audit of the financial statements section of our report. We are independent of tr aritable company in accordance with the ethical requirements that are relevant to our audit of the financ statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees' report, other than the financial contained within the trustees' report. nowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identit uch material inconsistencies or apparent material misstatements, we are required to determine whethe is gives rise to a material misstatement in the financial statements themselves. If, based on the work w ave performed, we conclude that there is a material misstatement of this other information, we are require to report that fact. We 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 2025 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: • the information given in the trustees' report (incorporating the directors' report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the directors' report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the accounting records and returns; or • certain disclosures of directors' remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit; or • the trustees were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees' responsibilities statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 8
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 redularities, includina fraud. ar irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • Enquiry of management and those charged with governance about actual and potential litigation or claims and the identification of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including testing journal entries and other adjustments for appropriateness; 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 misstatement due to fraud. • Professional scepticism in course of the audit and with audit sampling in material audit areas. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance 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- The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable 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 state 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 company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. K.C Fisher Kevin Fisher BA FCA CTA (Senior Statutory Auditor) For and on behalf of Kingston Burrowes Audit Ltd Statutory Auditors 308 Ewell Road Surbiton Surrey KT6 7AL 22-12 - 2025 9
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Income Donations and legacies Charitable activities Investmening activities Total Expenditure Raising funds Charitable activities Total Net movement in funds conciliation of fund otal funds brought forwar Total funds carried forward Notes Total Unrestricted funds Total united 4 5 71,309 112,536 96,036 5,056 284,937 303,823 303,823 3,122 258,269 261.391 19,587 168,563 188,150 23,546 115,673 17 17 94,605 £118,151 4,684,115 £4,799,788 Total Funds 2025 375,132 112,536 96,036 5,056 588,760 22,709 426,832 449,541 139,219 4,778,720 £4,917,939 All income and expenditure is derived from continuing activities. The Statement of Financial Activities includes all gains and losses recognised in the year. To de dom a dore ancil tans. Total Funds 2024 381,924 84,251 31,955 4,005 502,135 62,379 242,354 304,733 197,402 4,581,318 £4,778,720
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 13 4,575,139 2024 FIXED ASSETS Tangible assets CURRENT ASSETS Stocks Debtors Cash at bank and in hand 4,565,342 2,443 62,083 345,698 410,224 (67,424) 2,443 9,085 263,043 274,571 (61,193) CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL NET ASSETS 16 CHARITY FUNDS Restricted funds Unrestricted funds TOTAL FUNDS 18 17 17 17 342,800 £4,917,939 4,799,788 118,151 £4,917,939 213,378 £4,778,720 4,684,115 94,605 £4,778,720 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 by the Board of Trustees on 21 December 2025 and signed on their behalf by The notes form part of these financial statements. 11
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 Notes Cash flows from operating activities Net movement in funds per statement of financial activities Adjustments for: Interest receivable Depreciation Increase/(decrease) in stock Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operating activities Cash flows from investing activities Interest receivable Property renovation costs Purchase of office equipment Net cash provided by investing activities Change in cash at bank in the year Cash at bank brought forward Cash at bank carried forward 5 The notes form part of these financial statements 12 2025 € 139,219 (5,056) 93,354 162208) 180,750 5,056 (99,000) (4,151) (98,095) 82,655 263,043 £345,698 2024 197,402 (4,005) 1,421 24,854 (6,514) 213,158 4,005 (206,286) (658) (202,939) 10,219 252,824 £263,043
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. ACCOUNTING POLICIES General information and basis of preparation The Ragged School Museum Trust is a registered charitable company (no.800538) and a private The charity constitutes a public benefit entity 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 charities preparing their accounts in accordance with 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 (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements have been prepared on the going concern basis and under the historical cost The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Income recognition 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 within the control of the charity; • there is sufficient certainty that receipt of the income is considered probable; and • the amount can be measured reliably. of its services. Expenditure recognition 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 with attracting general donations • Expenditure on charitable activities which comprises the costs of running the various activities and services for the charity's beneficiaries. Expenditure includes those costs of a direct nature which can be allocated to a specific activity. It also includes indirect costs, including governance costs that do not relate to a specific activity but are necessary to support them. Support costs are apportioned to each activity on the basis of staff time. 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 particular purposes. Restricted funds are funds which can only be used in accordance with specific restrictions imposed by the donor or which have been raised for a particular purpose. 13
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. ACCOUNTING POLICIES../Cont'd 2. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives as per the methods described below. Depreciation is provided on the basis: Freehold property 2% Straight-line Displays 25% Reducing balance Fixtures and fittings 5% Reducing balanc Office Equipment 5% Reducing balanc Assets under construction includes its purchase price, including legal fees, design and other direct costs attributable to the development including borrowing costs. Leases Operating lease rentals are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pensions The Charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities in the year to which they relate. Debtors and creditors Debtors and creditors with no stated interest rate and receivable or payable within one year ar recorded at transaction price. Any losses arising from impairments are recognised in expenditure Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method. Government Grants Grants received under Coronavirus Job Retention Scheme is accounted for on the accrual model. DONATIONS AND LEGACIES Unrestricted Funds Heritage Lottery Fund Aldgate and All Hallows Foundation Legacies Sundry donations 70,498 811 £71,309 Restricted Funds 283,823 20,000 : E303,823 Total 2025 283,823 20,000 70,498 811 £375,132 Total 2024 380,235 1.689 £381,924 Of the £381,924 recognised in 2024, £1,689 was unrestricted fund income and £380,235 was restricted fund income. 14
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 3. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds Restricted Funds School Income Museum Visitors Shop Income Events and Lectures 87,348 17,097 9.317 £112,536 ENil Total 2025 87,348 17,097 6,317 1,774 E112,536 Total 2024 70,403 13,166 682 E84,251 All income from charitable activities was in respect of unrestricted funds in the prior year. 4. INCOME FROM OTHER TRADING ACTIVITIES Unrestricted Funds Venue hire Rent Café income 9,730 33,000 53,306 £96,036 Restricted Funds : ENil Total 2025 9,730 33,000 53,306 £96,036 Total 2024 7,205 24,750 £31,955 All income on other trading activities was charged to unrestricted funds in the prior year. 5. INVESTMENT INCOME Bank interest receivable Unrestricted Funds £5,056 Restricted Funds ENil Total 2025 £5,056 Total 2024 £4,005 All income on investment income was charged to unrestricted funds in the prior year. 6. COST OF RAISING FUNDS Direct costs - Fundraising events Other costs Unrestricted Funds 2,476 646 £3,122 Restricted Funds 16,216 3,371 £19,587 Total 2025 18,692 4,017 £22,709 Total 2024 61,497 882 €62,379 Of the £62,379 expenditure recognised in 2024, £2, 113 was charged to unrestricted funds and £60,266 was charged to restricted funds. EXPENDITURE ON CHARITABLE ACTIVITIES Summary by Fund Type Museum and schools programme nrestricte unc € £258,269 Restricted Funds Total 2025 Total 2024 £168,563 £426,832 £242,354 Of the £242,354 expenditure recognised in 2024, £51,715 was charged to unrestricted funds and E190,639 was charged to restricted funds. 15
8. RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities Undertaken Direct £202,811 Support Costs £246,730 Museum and schools programmes 9. ANALYSIS OF DIRECT COSTS Staff costs Direct costs - shop/school activities Exhibitions and events Building Renovation Fundraising Costs € 19802 £18,692 Charitable Costs 129,053 7,245 47,821 E184,119 10. ANALYSIS OF SUPPORT COSTS Fundraising Costs € Depreciation Insurance Building maintenance Cleaning Light, eat and water stations y Telephone and internet Travel and subsistence Office expense Equipment rental Fundraising and publicity Computer, website and software costs Professional fees Governance costs Irrecoverable VAT Sundry expenses - 4,017 : £4,017 Charitable Costs 93,354 8,229 8,122 1,184 61,534 2,109 65 4,260 597 8,026 12,070 4,255 19,145 16,165 £242,713 16 Total 2025 £449,541 Total Funds 2025 129,053 7,245 18,692 47,821 £202,811 Total Funds 2025 65 597 Total 2024 £304,733 Total Funds 2024 137,743 11,923 61,497 £211,163 297
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. GOVERNANCE COSTS Audit fees Other professional services Total 2025 E 3,360 895 £4,255 Total 2024 2.750 £5,965 12. STAFF COSTS 2025 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes Other staff costs 88,141 1,543 804 38,565 £129,053 105,780 5,117 1,368 25,478 £137,743 No employee received total employee benefits (excluding employer pension costs) of more than £60,000 in either year. The average number of employees, calculated on a full-time equivalent basis was: Staff 2025 Number 2 2024 Number = l The Museum considers its Key Management Personnel to comprise the Trustees and Director. The 515) Under of 102, e player eived by de ma gement ersoner a 0 94202. employer's pension costs and benefits in kind. No trustee received remuneration for their trusteeship in 2025 and 2024 No trustee expenses were reimbursed or paid by the charity in 2025 and 2024. 17
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. TANGIBLE FIXED ASSETS Cost At 1 April 2024 Additions At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Freehold Property 8 Improvements 4,601,083 99,000 4,700,083 Fixtures & Fitings 18,627 18,627 37,000 92,002 129,002 17,861 191 18,052 £4,571,081 £575 £4,564,083 £766 Office Equipment 6,337 4,151 10,488 Displays 6,775 6,775 5,844 1,161 7,005 6,775 6,775 E3,483 ENil £493 ENil Total 4,632,822 103,151 4,735,973 67,480 93,354 160,834 £4,575,139 £4,565,342 Freehold property includes capital improvements of £4,550,083 which represents the capital cost ncurred in the refurbishment of the Museum. The refurbishment of the Museum was substantiall completed during 2024. 14. STOCKS 2025 € E2,443 2024 £2,443 Finished goods and goods for resale All stock held is for the use of the Shop and Café. 15. DEBTORS Due within one year: Fees receivable Prepayment Accrued Income Other debtors - VAT recoverable 2025 2024 9,085 : £9,085 18
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. CREDITORS - amounts falling due within one year Trade creditors Other taxation and social security Other creditors Accruals and deferred income 2025 11,228 228 168 55,800 £67,424 2024 11,311 38,956 1,076 9,850 £61,193 19
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 At 1 April 2024 Income 17. MOVEMENT IN FUNDS 2025 Restricted Funds: Development fund Building renovation Building renovation - freehold Improvements Total Restricted Funds Unrestricted Funds: Designated Funds: Staffing fund Fixed assets fund - freehold Premises Fixed assets fund - equipment etc Expenditure Transfers 7,302 225,730 4,451,083 - 4,684,115 : 303,823 303,823 : (13,327) (188,150) 133,327 (188,150) 6,000 113,000 601 119,601 (92,002) (1,352) (93,354) 751 751 General Funds General funds Total Unrestricted Funds Total Funds (24,996) 94,605 £4,778,720 - 284,937 284,937 £588,760 (168,037) (261,391) E(449,541) (751) ENil 20 At 31 March 2025 7,302 92,403 4,700,083 4,799,788 6,000 20,998 26,998 91,153 118,151 £4,917,939
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS.../Cont'd Comparative information for the movement in funds in the previous year is as follows At 1 April 2023 Income Expenditure Transfers At 31 March 2024 2024 Restricted Funds: Development fund Building renovation Building renovation - freehold Improvements Total Restricted Funds 7,302 78,239 4,469,244 4,554,785 : 380,235 380,235 : 147,491 (250,905) (147,491) (250,905) 7,302 225,730 4,451,083 4,684,115 Unrestricted Funds: Designated Funds: Staffing fund Fixed assets fund - freehold Premises Fixed assets fund - equipment etc 6,000 114,000 1,022 121,022 - - - - (1,000) (421) (1,421) - - 6,000 113,000 601 119,601 General Funds General funds Total Unrestricted Funds Total Funds (94,489) 26,533 £4,581,318 121,900 121,900 E502,135 (52,407) (24,996) £(304,733) £4,778,720 21
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS.../Cont'd Staffing fund The trustees established a Staffing fund to help meet unexpected statutory and moral obligations that of star. This reserve equais a ford of the potentia laays basedon the potential redundancy liability This fund reflects the cost and depreciation of fixed assets purchased from both general funds and from restricted grants where it is considered that there is no continuing restriction. The amount carried forward is equal to the net book value of the related fixed assets at the year end Development fund This relates to funds received in previous years for a fundraising event at the House of Commons. Building renovatior The dings ane of the besigily wil prestonese out user moving contain the fund accordingly. 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 Tangible fixed assets Current assets Creditors due within one year As at 31 March 2025 Unrestricted Funds 4,058 181,517 (67,424) £118,151 Restricted Funds 4,571,081 228,707 £4,799,788 Total 20255 4,575,139 410,224 (67,424) £4,917,939 Comparative information for the analysis of net assets between funds in the previous year is as follows: 2024 Tangible fixed assets Current assets Creditors due within one year As at 31 March 2024 Unrestricted Funds 1,259 154,539 (61,193) £94,605 Restricted Funds 4,564,083 120,032 £4,684,115 Total 2024 4,565,342 274,571 (61,193) £4,778,720 22
RAGGED SCHOOL MUSEUM TRUST (A company limited by guarantee) IOTES TO THE FINANCIAL STATEMENT OR THE YEAR ENDED 31 MARCH 202 19. MEMBERS' LIABILITY Ragged School Museum Trust is a company limited by guarantee and has no share capital. The liability of each member is limited to £1. The number of members at the end of the financial year was 18(2024: 27). 20 RELATED PARTY TRANSACTION Transactions a Man the period 20324: ransactions detailed in Note 12, there were no related party 23