Registered Number: 2807620 Charity Number: 1020066 RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Reference and administrative deiails Trustees, Annual Report (including Directors, Report) Independent Examiner's Report 10 Statement of Financial Activities (incorporating the income and cxpenditurc account) Balance sheet 12 Statement of Cash Flows 14 Notes to the Financial Statements 15
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED 31 MARCH 2024 Registered charity name Raw Material Music and Media Education Limited Address 2 Robsart Street. London SW9 ODJ Charity registration number 1020066 Company registration number 2807620 Registered office 2nd Floor Butler House 177-178 Tottenham Court Road London WIT7AF Independent Examiner Jeffrey Lishak FCA Jones & Partners Limited 2nd Floor Butler House 177-178 Tottenham Court Road London WIT7AF
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) YEAR ENDED 31 MARCH 2024 The Trustees of Raw Material Music and Media Education Limited ("Raw Material") are pleased to present their annual report w ith the financial statements of the charity for the year ended 31 st March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities ' in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to th¢ accounts and comply with the charity. s governing document. the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance M'ith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). This report provides an overview of the activities. achievements, and financial perforn]ance during the year. W¢ would like to express our gratitude to all our funders and supporters, volunteers, staff, and partners who have contributed to the success of Raw Material's activity this year. Purposes and Aims Our charity's purposes as set out in the objects contained in the company's memorandum of association are to: promote education and training in the creative and expressive arts and media of every description (including but w'ithout prejudice lo ihe generality of the foregoing, music, photography, journalism, films and 'Ide0, radio, theatre, dance. sculpture. visual arts, graphic and J-dimensional design and int"ormation technology); advance the spiritual education physical cultural and social welfare ofyoung people and in particular those living in inner areas, so that they may grow to maturity as individuals and members of society. do all such other things as are incidental to the attainment of the objects of the Charity or any of them. Our aims fully reflect the purposes that the charity was set up to further. EXECUTIVE SUMMARY Raw Material normally operates out of a purpose-builL three-story building in Lambeth, South London, which houses two studios, a computer suite. DJ and music production equipment, and a perforn]ance/workshop space. During the year 20?3-?4 our building was undergoing a refurbishment project and we operated Raw Material"s programmes from a temporary location of St Vincent's Centr¢ Brixton. Raw Material's dedicated staff team consists of 4 males and 5 females. with diverse age groups and ethnic backgrounds representative of our diverse South London communities. Mission and Objectives: Raw Material is a creative arts and music centrc for young people and adults. Our mission is to.. 'make a credlive life a tangible reality, by nurturing raw talent, catalvsing creative d¢velopmcnL and supporting mental health through industy- standard music and media pathways.
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) YEAR ENDED 31 MARCH 2024 Our objectiv¢s include improving the lives of young people and adults. offering creative opportunities to support positive mental health, iargeting underrepresented 0Up5, and becoming a model of inclusion and diversity Nvithin our practice. Our programmes are designed to be inclusive and accessible to individuals from dii'erse backgrounds, including socio<conomically challenged groups, African, African-caribbean, Asian, and other mi.xed heritage communities. voung and emerging artists aged 16- 30, and young people aged I1-?5. Through our Arts and Wellbeing programme, we offer creative and therapeutic activities for individuals experiencing mental ill health. Our Core Values: Raw Material has five core values: Responsive Collaborative Enterprising Playful Reflective MAIN ACTIVITIES IN 2023-2024 Through our Arts and Wellbeing PTogramme. Ive offer creatiiie and therapeutic activities for individuals 16+ experiencing mental ill health, and career dei'elopment programmes for voung creatives aged 16- 30. Raw Material nornially operates out of a purpose-builL three-story building in Lambeth, South London, which houses two studios. a computer suite. DJ and music production equipmenL and a perfonnance/workshop space. Achievements and Perforniance Main Achievements During the reporting period, we accomplished the following activities and achieved notable milestones.. Inclusive Programmes: sessions and participants we delivered a total of 585 sessions, amounting to 671 hours of engagement. These sessions catered to a mixed age group (20+), as well as specifically tailored sessions for young people aged 11-19. In total, we reached 305 participants, with 243 in the 20+ age group and 69 in the 0-19 age group. Programme Highlights: we conducted various programmes, including Raw Talent, Studio Sessions, In the Mix, BeatLab, Guitar Sessions. Vibe Alliance, Raw. Vibrations, Djing, Mindful Music, The Voice, Co-Lab, Young Producers, Programming Committee. and supported two of our freelanc¢ artists to make their own ACE application to deliver In Reach sessions in hospitals. Eiients and Perfonnances: we organised I I live events and one exhibition of Miork "Humans of Raw" photos of our community members to celebrate our 30th birthday year. These events included 128 performers from our community and were attended by 485 audience members. Partnerships- we maintained partnerships with several arts organisations, including Grounded Sounds, Spiral Skills, VEVO, Cloud X, SOFAR, Youthsayers, Bethlem Gallery, London Arts & Health, Arts & Health Hub. We del'eloped a new and fruitful partnership with BTlXton House Theatre who hosted our Autumn end of tenn event. Artists Represent Recovery Network: this pioneering project in partnership with London Arts and Health, and the Arts and Health Hub, supported l O artists from Global Majority backgrounds who wish to develop their careers as arts and health practitioners. The programme attracted support from the Arts Council and th¢ GLA and completed in ?0?3-24 and is likely to run again in 9094-25. It has been presented at various Creative Health conferences and a similar inodel is now running in Greater Manchester.
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) YEAR ENDED 31 MARCH 2024 Our Impact: Our evaluations, which include tutor debriefs, pre and post course participant surveys, feedback and case studies, show that all our participants experience wsitive improvements in their mental health and improved wellbeing, increased confidence and a sense of achievement gained as they progress their learning over time. Creative self-expression alloiis them to explore their feelings and life issues, whilst engaging them in activities that interesl and bring them joy. Participant wellbeing is bolstered by opportunities to build and engage with supportive peer and creatiiie netsi:orks, and through being 'listened to and having a 'valued voice, where they can shape their own creative learning experiences (through personal goal setting, co-design and collaboralion) and contribute collectively to our programme decision making as part of our Programme Committees (see belov¥'). Structured and unstructured learning Th'ithin a safe and supportive environment, alongside opportunities to participate in live peTforniances and share and celebrate their ivork and achievements: facilitate participants, development of a broad range of creative. technical, digital. performance, personal and life skills- musicianship, independent and collaborative working, communication and listening skills, music production, sound engineering, music theory. song writing. music and media software and technology skills. In 2023-24 we focused more specifically on our impact regarding individual wellbeing. From 2023-24 data we found our programmes: Alleviatedlgreatly alleviated sympioms of anxiety for 69% of participants aged 16-25 and 64 % aged 25+ Alleviatedlgrcatly alleviated symptoms of depression for 380/0 of participants aged 16-25 and 45 % aged 25+ Alleviatedlgreatly alleviated feelings of loneliness or isolation for 45 /0 of participants aged 16-25 and 64% aged 95+ Raised levels of confidence for 70010 of participants aged l &?5 and 550/0 aged 25+ 840/0 of all participants reported feeling a sense of owmership in Raw Material's direction, and that their opinions and ideas wer¢ valued. In addition 91 0/0 reported an increased sense of pride and ownership in their work 550/0 reported increased development of collaborative music skills (i.e. playing in group and creating with others) 100 /0 said they feel part of Raw Material's creative community. "Raw hds helped me lo survive depression and be social again." Leroy, adult member The courses we run in house are supplemented by external. mentoring and progression opportunities. We offered 3 internal opportunities for community members to progress with their music making, and 13 with extemal partners. Additional educational training opportunities were provided to 24 of our members, I with volunteering and I with paid employment. These types of opportunities might include visits to external music orartistic events, or industry shoiNcases such as Rumble in the Jungle (immersive thealre show) or The Great Escape (music industry sho.CaSe). Additional artistic opportunities were given to 64 of our members folloH'"ing their course or project V*'ith us e.g. perforniance or song
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) YEAR ENDED 31 MARCH 2024 distribution, commissions and national niedia opportunities sucli as perforn)ing on Capital Radio as part of the Make Some Noise campaign. Performance of fundraising aclivities Raw Material engaged with several new funders in 2023-24 and re-engaged with Previous fund¢rs. We secured £99,903 from Youth Music in partnership with Grounded Sounds as part of their Catalyst programme for which £60,347 is allocated to Raiv Material. This is a three year fund 2023- 25. We were selected as one of 40 charities to be supported by the Global Foundation's "Make Some Noise, campaign. Aw'arded £72k to be split over years ?0?4-25 and 2025-26, to support our young people's programmes. The Q Trust - a local family trust who had supported Raw Material since 2020, comm itted to thre¢ years of support from ?3_26 at £25k per annum. Bernard Neville Estate aTharded £70k - £50k towards our Raw Sounds programme and £20k towards Capital Development for FY 2024-25. Other significant funding was brought in specifically to support the Capital project, this included: The Mark Benevolent Fund - Awarded £90,078. Edward Gostling Foundation - Aivardcd £?5,000 for FY 2024-25. The London Marathon Fund - Awarded £35 ?9? (this also includes some programme funding) for FY 2024-25. We continued our multi-year support from Arts Council England, the Tudor Trust and the Prudence Trust during this period. FINANCE A summary of this year's results is given on page I l of the accounts. We are pleased to report a surplus of £617:445. The majority of this relates to restricted funding to be spent on the capital project. The unrestricted sutylus is £47,8?5. At 31 March ?0?4 the company had reserves of £1,586,2J2 of which £825.000 is fair value reserve. Financially, the organisation's position remains stable and ne, funds were secured. Capital Development Raw Material norn]ally operates out of a building funded by a capital grant from ACE in 1999. Raw Material was delighted to be awarded major capital grants in 202? and 2023 of almost £1 m from Arts Council England: LB Lambeth and the GLA, with the aim of increasing access. improving functionality and environmental and financial effici¢ncies, and developing existing spacesto become multi-functional with flexible tech facilities and co-V¥orking space. This ivill increase the organisational reach to more emerging creatives and young entrepreneurs and incr&qse capacity for oversubscribed creative programmes. The capital development project proceeded during the year 2023-24 and continues to do so. The Board's Building Sub Committee of five (now increased to six) Trustees met on a regular basis to ov¢rse¢ the development project and continues to do so. A legal challenge 1th a neighbouring landlord halted -) w'hich was eventually resolved soine weeks later with an agreed change to progress at the end of ?0?" the design. This increased the budget and added further delay. A procurement process took place to
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) YEAR ENDED 31 MARCH 2024 select a building contractor and the firn] Cuttle Ltd M ere appointed and have now started works with a projected end date of NoN'emb¢r 2024. At the point of signing th¢ contract full funding had been secured for the budgeted cost of the development including a contingency of 8.5 %. In addition lo the three funders mentioned above, funds have been secured from a number of other sources which will be received in FY 2024-25. Trustees have also agreed that up to £25k resenies (including the £16k designated reserves) can be used for funding the capital project. During 2023-24 programmes w¢r¢ deliver from St Vincenvs Centrc in Brixton with relatively little change to operations. Reserves policy Thc reserves policy agreed by the Trustees 15 to have fre¢ reseni¢s equivalent to six months operating costs, such costs not to include specific projects benefiting from restricted grants. Additionally, there is a designated fund of £16k for major capital maintenance which trustees have agreed will be used on the capital project. IIIAINAGEMEINT Raw Material's CEO and Programmes Team continued to lead the Progrdmme Delivery supported by a largely part-time team leading on Marketing, Communications, Finance and Administration and Business Development. RISKS A risk registcr was created by th¢ Risk Sub Committee (now incorporated into the Finance, Audit and Risk Sub Committee) set up to look specifically at risk for the charitv. This is reviewed quarterly by the Finance, Audit and Risk Sub Committee and is held and updated annually by the CEO and the Board. Additionally. a separate risk register has been set up for the capital project which is updated at th¢ Building Sub Committee meetings. GOVERNANCE Appointment of trustees Trustees have been recruited through a range of routes. The Charity has used advertisements and relevant professional recommendations. A broad approach is used to recruit new Trustees rather than relying on personal recommendations. The Trustee role is Outlined in the Trustee Induction Pack. Appointment of new Trustees is a decision for the current Board. Trustees The Board typically meets between four and six times a year. Board meetings are held either in person or online. In addition to fulfilling our statutory obligations, the Board, led by Jide Ashimi and Alex Ritchie as Co-chairs, continues to lead the organisation and ihe Trustees also act as advocales for the Charity. A number of Trustees were able to support the organisation in different wavs throughout the year including mentorship, facilitation. input into the access requirements for the new building design and participation in the Programming Committees. The Trustees also participated in an ANN'ay Day where they spent time on strategic w'ork on the organisation's updated mission and values, governance, and team-building exercises.
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) YEAR ENDED 31 MARCH 2024 None of the Trustees has any beneficial interest in the company. The Trustees are the members of the company and guarantee to contribute £ l O in the ei'ent of a ivinding up. The Trustees are: T Altius J Ashimi S Denton C De Wolff (appointed June ?0?4) K Mills (appointed March 2024) S J Phillips A Ritchie G Smith Y Sode S Choudhry (resigned September 2024) E Mtungwazi (resigned March ?024) H Thomas (resigned March ?0?4) The Chief Executive Officer is Ms R Nelken. The Charity is a company limited by guarantee, governed by its Memorandum and Articles of Association last updated on 16 March 2022. Signed by order of the trustees J Ashimi Date.. 24 September 2024
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED YEAR ENDED 31 MARCH 2024 I report on the financial statements of the charity for the year ended 31 March 2024 set out on pages I I RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER The Trustees, who are also the directors of the company for the purposes of company law, are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for ihis year under section 144(?) of the Charilies Act 2011 (the Act) and that an independent exam ination is needed. Having satisfied myself that the company is not subject to audit und¢T charity or company law and is eligible for independent examination, it is my responsibility to: examine ihe financial statements under seclion 145 of the Act: follo, the procedures laid down in the General Directions given by the Charity Commission under section 145(iXb) of the Act- state w'hether particular matters have come to my attention. BASIS OF INDEPEINDEINT EXAMIINER'S STATEMEIYT My examination was carried out in accordance ivith the General Directions given by the c.harities Commissioners. An examination includes a review of the accounling records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or dI105UreS in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the financial statements present a "true and fair view,, and the report is limited to those mallers set out in the statement below. INDEPEINDENT ELKMIINER'S STATEMENT In connection with my examination, no matter has come to my attention: (i) hich gives me reasonable cause to beliei'e that in any material respect the requirements: (a) to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare financial statements which accord with the accounting records comply with the accounting requirements of section 396 of the Companies Act ?006 and with the methods and principles of the Statement of Recommended Practic¢: Accounting and Reporting by Charities have not been met: or to %hleh. in mv opinion, attention should be drdwn in order to enable a proper understanding of the accounts to be reached. (2) Jeffrey Lishak FCA Jones & Partners Limited Chart¢r¢d Accountants 2nd Floor Butler House 177-178 Tottenham Court Road London WIT 7AF 24110124 Date: 10-
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2024 Unrestricted Funds Restricted Funds Total Funds 2024 Total Funds 2023 Note IINCOMIING RESOURCES Incoming resources from generating funds: Voluntary income Investment income Incoming resources from chaTitable activities 211596 2,612 731J21 942,917 2,612 309,745 700 22259 1,000 23259 43,330 TOTAL INCOMING RESOURCES 236,467 732J21 968,788 353,775 RESOURCES EXPENDED Charitable activities Governance costs (165.001) (23,641) (162,701) (327,702) (23,641) (334,876) (20,767) TOTAL RESOURCES EXPENDED (188,642) (162.701) (351 J43) (355,643) NET INCOMING/(OUTGOING) RESOURCES BEFORE TIL4NSFERS 47025 569.620 617,445 (1,868) Transfers belween funds NET INCOME FOR THE YEAR 47025 569,620 617,445 (1,868) RECONCILIATION OF FUNDS Total funds brought fOard 929269 39,518 968,787 970,655 TOTAL FUNDS CARRIED FORWARD 977,094 609,138 1,586232 968,787 The notes on page5 15 to 21 form part of these financial statements. 11
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) BALANCE SHEET 31 MARCH 2024 2024 2023 Note FIXED ASSETS Tangible assets 10 955,765 835,045 CURRENT ASSETS Debtors Cash at bank and in hand 11 306,288 427,031 4,323 146,513 733J19 150,836 CREDITORS: Amounts falling due Ivithin one year 12 (102,852) (17,094) NET CURRENT ASSETS 630,467 133,742 TOTAL ASSETS LESS CURRENT LIABILITIES 1586232 968,787 NET ASSETS 1586,232 968,787 FUNDS Restricted funds Unrestricted funds General funds Designaled funds Fair value res¢rv¢ 14 15 609,138 39,518 136,094 16,000 825,000 88,?69 16,000 8?5,000 977,094 929,269 TOTAL FUNDS 1586232 968,787 The notes on page5 15 to 21 form part of these financial statements. 12-
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) BALANCE SHEET 31 MARCH 2024 These financial statements have been prepared in accordance with the provisions applicable to companies subject to th¢ small companie5 regin]e. For the financial year ended 31 March 2024: the charitable company is entitled to exemption from audit under Section 477 of the Companies Act ?006. No member of the charitable companv has deposited a notice. pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 9006. The trustees acknowledge their responsibilities for ensuring ihat the charitable company keeps proper accounting records iyhich comply ith section J86 of the Companies Act •006 and preparing financial statements iihich give a true and fair view of the state of affairs of the charitable companv as at the end of the financial year and of its surplus or deficii for the financial year in accordance with the requirements of section 394 and 395. and which othenvise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the charitable company. These financial statements Th'ere approved by the members of the committee on 24 September 2024 and are signed on their behalf by: J Ashimi Company registration number: 2807620 The notes on page5 15 to 22 form part of these financial statements. 13-
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) STATEMENT OF CASH FLOWS 31 MARCH 2024 2024 2023 Note Cash flow from operating activities Net cash flow from operating activities 19 411,862 (7,040) Net eash flow from operating activities 411,862 (7,040) Cash flow from investing activities Payments to acquire tangible fixed assets Interest received (133,956) 2,612 (8,132) 700 Net cash flow from investing actii'ities (131J44) (7,432) Net increase l (decrease) in cash and cash equivalents 280518 (14,472) Casb and cash equivalellts at start date l April 2023 146,513 160,985 Cash and cash equivalents at end date 31 March 2024 427,031 146.513 Cash and cash equivalents consists of: Cash at bank and in hand 427,031 146,513 Cash and cash equivalents at end date 31 March 2024 427,031 146,513 The notes on page5 15 to 22 form part of these financial statements. 14-
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of accounting These accounts have been prepared under the historical cost convention with items recognised at ost or transaction value unless otherwise stated in the relevant note(s) to these accounts. Th¢ financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 201 I, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. Th¢ trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the harity to be able to continue as a going concern. Funds structure Restricted funds are to b¢ used for specific purposes as laid doiwn b! the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs. Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. Designated funds are unrestricted funds earniarked by the trustees for particular purposes. Incoming resources Voluntary income including donations, gifts and legacies and grants that Provide core funding or are of general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods. or The donor has impos¢d conditions which must be met before the charity has unconditional entiilement. Resources expensed Resources expended are recognised in thc period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. Resources exp¢nd¢d are allocated to the particular activity where the cost relates directly to that activity. 15-
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) Governance costs Governance costs include costs of the preparation of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. Tangible fixed assets and depretiation Tangible fixed assets are stated at historical cost or valuation less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost over the expected useful economic lives. Depreciation is not charged on fr¢ehold property. Computer Equipment- 50% straight line basis Studio Equipment 50% straight line basis Furniture & Fixtures 250/0 Straight line basis Pensions Contributions towards staff defined contribution personal pensions are charged to the Statement of Financial Activities as theN' become pavable. The charitv has no liability beyond its contributions and paying across the deductions for the employees share of contributions. Financial Instruments The Charity only holds basic Financial Instrnments. The financial assets and financial liabilities of the Charity are as follows- Debtors - trade and other debtors (including accrned income) are basic financial instruments and are debt instruments measured at amortIs cost as detailed in Note I l. Prepayments are not financial instruments. Cash at bank - is classified as a basic financial instrument and is measured at face value. Liabilitics - trade creditors, accruals and other creditors will be classified as financial instruments, and arc measured at amortised cost as detailed in Note 12. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument. Legal status Raw Material Music and Media Education Limited is a company limited by guarantee and has no share capital. It is r¢gist¢red '1th the Charity Commission for England and Wales and the charity regislration number is 1020066. 16-
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 VOLUNTARY INCOME Unrestricted Restricted Total Funds Funds Fund5 2024 Total Funds 2023 Grants receivable Statutory grants Grant making trusts Donation 157,791 39205 14,600 112,109 619,106 106 269,900 658Jll 14,706 119,391 178.721 11,633 211,596 731 J21 942,917 309.745 INVESTMENT INCOME Unrestricted Total Funds Total Funds Funds 2024 2023 Bank interest receivable 2,612 2,612 700 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Sales and hire of services 22259 1,000 23,259 43,330 22259 1,000 23,259 43,330 COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Funds Restricted Total Funds Funds 2024 Total Funds 2023 General activities 165,001 162,701 327,702 334,876 GOVERNANCE COSTS Unrestricted Total Funds Total Funds Funds 2024 2023 Wages and salaries Accountancy fees Trustees training Other governance costs 14,872 4,800 1,627 2J42 14,872 4,800 1,627 2J42 13,520 3,600 1,140 2,507 23,641 23,641 20,767 17-
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 TAXATION The charitable compan)i is a registered charittF and is exempt from taxation under the provisions of the Income and Corporation Taxes Act 1988. STAFF COSTS AIYD EMOLUMENTS Total staff costs were as follows: 2024 2023 Wages and salaries Social securitv costs Pension contribution 198,825 12254 1,441 175,603 9,286 1,194 212,520 186,083 Particulars of employees: The averag¢ number of employees during the year, calculated on the basis of full-time equivalents, was as follows: 2024 2023 Number of staff Key Management Personnel The charity considers that its key staff is the Chief Executive Officer who was paid £47,107 (2023.. £45,067) including employer's national insurance contributions. ACCOUNTANCY FEES Accountancy fees of £4,800 (?0?3: £3,600) related to the independent examination of the accounts and £Nil (2023: £Nil} to other support costs. 18-
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10. TANGIBLE ASSETS Freehold Freehold Computer Studio Furniture property improTrements equipment equipment & Fixture Total COST OR VALUATION At l April 2093 Additions 825,000 10,678 14,554 16,623 894 4,510 606 856,811 133,956 117,902 At 31 March 2024 825,000 117,902 25232 17,517 5,116 990,767 DEPRECIATION At l April 2023 Charge 7,749 8,709 13,077 3J24 940 1,203 21,766 13,236 At 31 March 2024 16,458 16,401 2,143 35,002 NET BOOK VALUE At 31 March 2024 825,000 117,902 8,774 1,116 2,973 955,765 At 31 March 2023 825,000 2,929 3,546 3,570 835,045 The trustees appointed a firni of Chartered Surveyors in January 2020 to provide an independent, current fair value of the property in accordance with the methodologies and bases for estimation set out in the professional standards of the Royal Institution of Chartered Surveyors. The property is currently undergoing a renovation. The property is shown in the balance sheet at the January 2020 valualion of £825,000. 11. DEBTORS 2024 2023 Trade debtors Prepayments 299,770 6518 4,323 306388 4,323 19-
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 12. CREDITORS: Amounts falling due within one year 2024 2023 Trade creditors PAYE and social security Other creditors Deferred income 7,550 4,839 6,661 83,802 5,704 4,627 6,763 102,852 17,094 13. DEFERRED INCOME Total At l April 2023 Additions during the year Amounts released to income 83,802 At 31 March 2024 83,802 Deferred income relates to grants from Mark's Music Fund (£13,802) and Bernard Nevill Estate (£70.000) and is in respect of projects to be delivered in the year to 31 March 2025. 14. RESTRICTED FUNDS Restricted funds Total At l April 2023 Incoming resources Outgoing resources Transfer between funds 39,518 732J21 (162,701) 39,-518 732,321 (162,701) At 31 March 2024 609,138 609,138 Balance at I April 2023 Incoming resources Resources expended Balance at 31 March 2024 Capital funds Restricted funds 10,045 29,473 581,187 151,134 13236 149,465 577,996 31,142 Total funds 39,518 732J21 162,701 609,138 PURPOSES OF RESTRICTED FUNDS Capital funding received from Arts Council England, Lambeth Council and Mark Benevolent Fund was in respect of the capital project currenily being undertaken by the charity. Restricted funds received from Dr Martens Foundation. Prudence Trust, SCOPS, Tudor Trust and Youth Music -¢re in respect of delivering projects in line ivith the charity's objectives. -20-
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 15. UNRESTRICTED FUNDS Revaluation Designated funds General funds Total At l April 2023 Incoming resources Outgoing resources Transfer between funds 825,000 16,000 88269 929269 236,467 236,467 (188,642) (188,642) At 31 March 2024 825,000 16,000 136,094 977,094 PURPOSE OF DESIGNATED FUNDS The trustees have designat¢d funds of £16.000 (2023: £16,000) for essential capital item replacement w'hich the trustees have agreed will be used on the capital project. 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted funds Unrestricted funds Total Tangibl¢ fixed assets Current assets Creditors due within one year Total 130,765 478J73 825,000 254,946 (102,852) 977,094 955,765 733J19 (102,852) 1,586232 609,138 17. COANy LIMITED BY GUARAiYfEE Raw Material Music and Media Education Limited is company limited by Guarantee and not having any share capital. 18. TIL4NSACTIONS WITH TRUSTEES AND RELATED PARTIES Nonc of the Trustees (or any persons Connect with them) received any remuneration during the year (?0?3 - Nil). During the year, three trustees were paid £4?5 (2023: £2,040) for consultancy and facilitation services. 21
RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 19. RECONCILIATION OF NET INCOME l ff XPENDrruRE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income / (expenditure) for year 617,445 (1,868) Interest receil'able Depreciation and impairnient of tsngible fixed assets (Increase) / decrease in debtors Increase / (decrease) in creditors (2,612) 13,236 (301,965) 85,758 (700) 13,874 8,272 (26,618) Net cash flow from operating activities 411,862 (7,040) -22-