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2025-03-31-accounts

Charity registration number 1020066

Company registration number 02807620 (England and Wales)

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees T Altius
J Ashimi
S Denton
C De Wolff (Appointed 3 June 2024)
K Mills
S J Phillips
A Ritchie
G Smith
Y Sode
Charity number 1020066
Company number 02807620
Registered office 2nd Floor Butler House
177-178 Tottenham Court Road
London
England
W1T 7AF
Auditor Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Accountants Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Bankers Royal Bank of Scotland plc
36 St Andrew Square
Edinburgh
EH2 2UB
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent auditor's report 8 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 25

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The Trustees of Raw Material Music and Media Education Limited (“Raw Material”) are pleased to present their annual report with the financial statements of the charity for the year ended 31 March 2025.

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 the notes to the 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 with 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 performance during the year. We 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

Raw Material's charitable purposes as set out in the objects contained in the company’s memorandum of association are to:

Mission and Objectives

Raw Material is a creative arts and music centre for young people and adults. Our mission is to:

'make a creative life a tangible reality'

by nurturing raw talent, catalysing creative development, and supporting mental health through industry-standard music and media pathways.

Our objectives include improving the lives of young people and adults, offering creative opportunities to support positive mental health, targeting underrepresented groups, and becoming a model of inclusion and diversity within our practice. Our programmes are designed to be inclusive and accessible to individuals from diverse backgrounds, including socio-economically challenged groups, African, African-Caribbean, Asian and other mixed heritage communities, young and emerging artists aged 16-30, and young people aged 11-25.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Main Activities 2024-25

We are a highly regarded Arts Council England National Portfolio supported award-winning organisation. Through our ‘Raw Sounds' programme, we offer creative and therapeutic activities for individuals aged 16+ experiencing mental ill health, and through our ‘Young Creatives' career development programmes for young creatives aged 16-30.

Raw Material operates out of a purpose-built, three-story building in Lambeth, South London, which houses two studios, DJ and music production equipment, and two performance/workshop spaces.

During the year 2024-25 our building continued through its refurbishment programme and from April-December 2024 we operated Raw Material’s programmes from a temporary location at St Vincent's Centre Brixton. In January 2025, we returned to our refurbished building, from which we have continued operating.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Our dedicated staff team now consists of ten people (six women and four men), representing a range of age groups and ethnic backgrounds representative of our diverse South London communities.

Main Achievements

During the reporting period, we accomplished the following activities and achieved notable milestones:

Evaluation

Our evaluations, which include tutor debriefs, pre and post course participant surveys, feedback and case studies, show that all of our participants experience positive improvements in their mental health, wellbeing, increased confidence and a sense of achievement gained as they progress their learning over time. Creative self-expression enables participants to explore their feelings and life experiences, whilst engaging them in activities that interests and brings them joy. Participant wellbeing is bolstered by opportunities to build and engage with supportive peer and creative networks, 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 collaboration) and contribute collectively to our programme decision making as part of our Programme Committees.

Structured and unstructured learning within a safe and supportive environment, alongside opportunities to participate in live performances and share and celebrate their work and achievements, facilitate participants’ development of a broad range of creative, technical, digital, performance, personal and life skills. These include musicianship, independent and collaborative working, communication and listening skills, music production, sound engineering, music theory, song writing, music and media software and technology skills.

The data captured during 2024-25 clearly demonstrates the very positive impact our programmes have on our participants' mental health. In-person and email surveys are conducted at the start and end of each term, the results of which are below:

Mental Health and Wellbeing:

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

In addition, a range of creative and life skills were developed (based on data from the final quarter survey for 2024-25):

Participants who mentioned an improvement in 'Creative Skills':

Participants who mentioned an improvement in 'Life Skills'

Participants' own words as to their developmental journal with Raw:

"...the new skills and an environment away from my usual healthcare appointments."

"Getting to work with a great team and the safe environment to grow and learn."

"...the opportunity to direct was amazing and I am really appreciative..."

The courses we run in house were supplemented by 160 external mentoring and progression opportunities, either through our own programmes or our sigificant network of partnerships with other creative organisations across London, broken down as follows:

Internal - Music Making 2 Education or Training 8 Volunteering 28 Paid Employment / Opportunities 29 Artistic Opportunities (e.g. performance / song distribution) 93 Total 160

Awards

We were delighted to be awarded the prestigious 2024 Award for Arts & Culture at the National Social Prescribing Awards.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Performance of fundraising activities

Raw Material continued to engage with a number of funders 2024-25.

For the first time since 2022 we re-engaged with Maudsley Charity as part of an exciting consortium approach with the NHS for children and young people's mental health. Our project was featured in the industry magazine Arts Professional.

Initially funded for a development phase (from November 2024 to March 2025) we were invited to apply for a significantly larger multi-year fund for 2025-26 (outcome pending at time of writing).

Our funders:

We continued our multi-year support from Arts Council England, Global Make Some Noise, Tudor Trust and Prudence Trust during these period and gained another multi-year funder through City Bridge Trust.

Other significant funding supported the Capital project for 2024-25 (in addition to the previous financial year's funding):

Financial review

A summary of this year's results is given on page 11 of the accounts. We are pleased to report net income of £575,216 (2024: £617,445) including an unrestricted surplus of £16,850 (2024: £47,825). At 31 March 2025, the charity had reserves of £1,002,725 (2024: £1,586,232) of which £53,530 (2024: £609,138) were restricted funds, and £949,195 (2024: £977,094) were unrestricted funds. Within unrestricted funds is a fair value reserve of £745,000 (2024: £825,000). Financially, the organisation's position remains stable and new funds were secured.

In July 2025, the trustees appointed a firm of Chartered Surveyors to provide an independent current fair value of the refurbished property. The valuation showed a reduction in value of the refurbished property to £745,000, primarily driven by a change in use class under The Business and Planning Act 2020, as detailed further at note 12 to the accounts.

Capital Development

We are very proud to have successfully achieved our full fundraising target for the capital refurbishment of our building of £1.2m and achieved practical completion of the building project in January 2025.

The Board's Building Sub Committee of five Trustees met on a regular basis to oversee the developing project. During 2024-25 programmes were delivered from St Vincent's Centre in Brixton with relatively little change to operations. The building work commenced in May 2024 and progressed relatively smoothly albeit with some delays. The organisation moved back into the refurbished building at the end of January 2025 and has been operating there since.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

A fantastic and well-attended building launch event was held in March 2025 attended by partners, stakeholders and funders, and was featured in the local press.

Reserves policy

The reserves policy agreed by the trustees is to have free reserves equivalent to six months operating costs, such costs not to include specific projects benefiting from restricted grants. Per the policy, free reserves should therefore be approximately £126,000. At the reporting date, free reserves amounted to £204,000 (2023 - £136,000). The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised.

This level of reserves has been maintained throughout the year.

Additionally, there was a designated fund of £16k for major capital maintenance which, as agreed by trustees, was used on the capital project.

At the year end, free reserves were above the target level. The Trustees recognise the importance of ensuring that surplus reserves are used in line with the charity's strategic priorities and are currently considering the establishment of a further designated fund to support future building improvements. This will be formally reviewed and approved following the signing of the financial statements.

Structure, governance and management

Management

Raw Material's CEO and Programmes Team continued to lead the programme delivery supported by a largely parttime team leading on Marketing, Communications, Finance and Resources, and Business Development.

Risks

A risk register was created by the Risk Sub Committee (now incorporated into the Finance, Audit and Risk Sub Committee) set up to look specifically at risk for the charity. 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 was set up for the capital project which was updated at the Building Sub Committee meetings.

Financial risk remains the most prominent concern for the charity, especially in the context of economic uncertainty and funding competition within the sector. The trustees are addressing this through robust financial planning, prudent cost control, and by seeking to broaden our income base. We remain confident in the charity's ability to meet its obligations and continue delivering our mission thanks to these ongoing efforts.

Safeguarding also continues to be a key area of focus and risk management for the charity. We are committed to maintaining a safe environment for all those we work with, and we ensure full compliance with relevant safeguarding legislation. Our policies are up to date and widely communicated, and staff, volunteers and trustees are regularly trained in safeguarding awareness and reporting procedures. The charity maintains clear reporting lines and works in partnership with statutory authorities when required.

Organisational structure

The charity is governed by a Board of Trustees, which meets quarterly to set strategic direction and monitor performance. Day-to-day operations are delegated to the Chief Executive Officer, who is supported by a senior leadership team responsible for key areas such as finance, operations, and fundraising. The organisation has several sub-committees provide oversight and report to the board. Sub-commitees for 2024-25 were the Finance, Audit and Risk sub-committee, the Building sub-committee, and the Inclusivity and Relevant sub-committee.

Appointment of trustees

The trustees are appointed in accordance with the charity’s governing document. New trustees are recruited based on the skills and experience needed on the board and are appointed by resolution of the existing trustees.

All new trustees undergo an induction programme, which includes an introduction to the charity’s work, governance documents, and meetings with key staff. Trustees are encouraged to undertake ongoing training relevant to their role.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 the Trustees also act as advocates for the Charity. A number of Trustees were able to support the organisation in different ways 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 Away Day where they spent time on strategic work on the organisation's updated mission and values, governance, and team-building exercises.

None of the Trustees has any beneficial interest in the company. The Trustees are the members of the company and guarantee to contribute £10 in the event of a winding up.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

S Choudhry (Resigned 18 September 2024) T Altius J Ashimi S Denton C De Wolff (Appointed 3 June 2024) K Mills S J Phillips A Ritchie G Smith Y Sode

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.

Auditor

Sumer Audit were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

.............................. J Ashimi

Trustee

26 September 2025 Date: .............................................

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors of Raw Material Music And Media Education Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

Opinion

We have audited the financial statements of Raw Material Music And Media Education Limited (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting 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 the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have 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 charity’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 annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to 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 the audit, or otherwise appears to be materially misstated. 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 misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined 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 below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: compliance with the UK Companies Act and the Charities SORP (FRS 102).

In addition to the above, our procedures to respond to risks identified included the following:

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planed and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters that we are required to address

The financial statements of Raw Material Music & Media Education Limited for the year ended 31 March 2024 were unaudited.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Robin Evans

Robin Evans BA FCA CTA DChA (Senior Statutory Auditor) for and on behalf of Sumer Audit Chartered Accountants Statutory Auditor Worthing

29 September 2025

.........................

Sumer Audit is the trading name of Sumer Auditco Limited

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Restricted Restricted Total Unrestricted Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income from:
Donations and legacies 3 249,345 773,943 1,023,288 211,596 731,321 942,917
Charitable activities 4 11,122 - 11,122 22,259 1,000 23,259
Investments 5 8,607 - 8,607 2,612 - 2,612
Total income 269,074 773,943 1,043,017 236,467 732,321 968,788
Expenditure on:
Raising funds 6 15,928 7,165 23,093 13,671 8,233 21,904
Charitable activities 7 236,296 208,412 444,708 174,971 154,468 329,439
Total expenditure 252,224 215,577 467,801 188,642 162,701 351,343
Net income 16,850 558,366 575,216 47,825 569,620 617,445
Transfers between
funds 17 1,113,974 (1,113,974) - - - -
Other recognised
gains and losses:
Revaluation of tangible
fixed assets 12 (1,158,723) - (1,158,723) - - -
Net movement in
funds (27,899) (555,608) (583,507) 47,825 569,620 617,445
Reconciliation of funds:
Fund balances at 1 April 2024 977,094 609,138 1,586,232 929,269 39,518 968,787
Fund balances at 31 March
2025 949,195 53,530 1,002,725 977,094 609,138 1,586,232

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements of an income and expenditure account under the Companies Act 2006.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 12 795,249 955,765
Current assets
Debtors 13 136,662 306,288
Cash at bank and in hand 206,174 427,031
342,836 733,319
Creditors: amounts falling due within 14
one year 135,360 102,852
Net current assets 207,476 630,467
Total assets less current liabilities 1,002,725 1,586,232
The funds of the charity
Restricted income funds 17 53,530 609,138
Unrestricted funds 18 949,195 977,094
1,002,725 1,586,232

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

26 September 2025

The financial statements were approved by the trustees on .........................

..............................

J Ashimi

Trustee

Company registration number 02807620 (England and Wales)

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

2025 2025 2024
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 21 786,311 411,862
Investing activities
Purchase of tangible fixed assets (1,015,775) (133,956)
Investment income received 8,607 2,612
Net cash used in investing activities (1,007,168) (131,344)
Net cash used in financing activities - -
Net (decrease)/increase in cash and cash
equivalents (220,857) 280,518
Cash and cash equivalents at beginning of year 427,031 146,513
Cash and cash equivalents at end of year 206,174 427,031

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Raw Material Music And Media Education Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 2nd Floor Butler House, 177-178 Tottenham Court Road, London, W1T 7AF, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are donations and other incoming resources receivable or generated which are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds are unrestricted funds which have been set aside by the trustees to be used for a particular future project or commitment.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support and governance costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold property is subsequently carried at a revalued amount, being the fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Freehold property is not depreciated in the financial statements as it is the charity's policy to maintain the asset in a continual state of sound repair. The useful life of the freehold property is so long and the residual value so high, that any depreciation would not be material.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property No depreciation charged Studio equipment 20% straight line basis Furniture & fixtures 25% straight line basis Computers 50% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Restricted Restricted Total Unrestricted Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Donations and gifts
14,018		 - 14,018 14,600 106 14,706
Grants receivable
235,327		 773,943 1,009,270 196,996 731,215 928,211
249,345 773,943 1,023,288 211,596 731,321 942,917
Grants receivable for core activities
Statutory grants
157,791		 386,133 543,924 157,791 112,109 269,900
Grant making trusts
77,536		 387,810 465,346 39,205 619,106 658,311
235,327 773,943 1,009,270 196,996 731,215 928,211
Income from charitable activities
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Charitable activities
Sales and hire of services
11,122		 - 11,122 22,259 1,000 23,259
Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 8,607 2,612

4 Income from charitable activities

5 Income from investments

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Expenditure on raising funds

Unrestricted Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Fundraising and publicity
Staging fundraising
events 2,209 50 2,259 2,508 1,595 4,103
Advertising 3,631 242 3,873 955 763 1,718
Staff costs 10,088 6,873 16,961 10,208 5,875 16,083
15,928 7,165 23,093 13,671 8,233 21,904

7 Expenditure on charitable activities

Charitable Charitable
Charitable
Charitable
activities activities
2025 2024
£ £
Direct costs
Staff costs 165,597 156,549
General activities 73,721 54,306
239,318 210,855
Share of support and governance costs (see note 8)
Support 167,165 94,943
Governance 38,225 23,641
444,708 329,439
Analysis by fund
Unrestricted funds 236,296 174,971
Restricted funds 208,412 154,468
444,708 329,439

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Support costs allocated to activities

Support costs allocated to activities
2025 2024
£ £
Staff costs 58,742 25,016
Non-pay staff costs 9,776 6,312
Travel costs 4,523 1,751
Premises costs 46,135 26,048
Insurance 4,577 3,627
Computer maintenance costs 6,235 6,559
Professional fees 13,312 8,246
Bank charges 569 373
Other costs 5,728 3,775
Depreciation 17,568 13,236
Governance costs 38,225 23,641
205,390 118,584
Analysed between:
Charitable activities 205,390 118,584
2025 2024
Governance costs comprise: £ £
Staff costs 17,100 14,872
Trustees' training 1,808 1,627
Accountancy and audit fees 18,180 4,800
Other governance costs 1,137 2,342
38,225 23,641

Accountancy and audit fees within governance costs include £15,564 relating to audit fees, and £2,616 relating to the preparation of the accounts, inclusive of VAT. In the comparative period, £4,800 related to the preparation and independent examination of the accounts.

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration (2024: £nil).

During the financial year, two trustees were reimbursed for travel and subsistence expenses totalling £248 (2024: £nil).

No trustees were paid any fees during the year (2024: three trustees were paid a total of £425 for consultancy and facilitation services).

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2025 2024
Number Number
Number of staff 9 9
Employment costs 2025 2024
£ £
Wages and salaries 238,083 198,824
Social security costs 16,499 12,255
Other pension costs 3,818 1,441
258,400 212,520

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025 2024
£ £
Aggregate compensation 51,460 47,107

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Tangible fixed assets
Freehold Studio Furniture & Computers Total
property equipment fixtures
£ £ £ £ £
Cost or valuation
At 1 April 2024 942,902 17,517 5,116 25,232 990,767
Additions 960,821 29,940 8,627 16,387 1,015,775
Revaluation (1,158,723) - - - (1,158,723)
At 31 March 2025 745,000 47,457 13,743 41,619 847,819
Depreciation and impairment
At 1 April 2024 - 16,401 2,143 16,458 35,002
Depreciation charged in the year - 1,466 1,604 14,498 17,568
At 31 March 2025 - 17,867 3,747 30,956 52,570
Carrying amount
At 31 March 2025 745,000 29,590 9,996 10,663 795,249
At 31 March 2024 942,902 1,116 2,973 8,774 955,765

At 31 March 2025, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been £1,438,723 (2024 - £477,902).

The trustees appointed a firm of Chartered Surveyors in July 2025 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 shown in the balance sheet at the July 2025 valuation of £745,000.

The reduction in value of the freehold property is primarily driven by a change in use class under The Business and Planning Act 2020, with the property now falling within Use Class F1, being a non-residential institution for education and training. This use class is more restrictive than the relevant use class as at the date of the previous third-party valuation of the property, being January 2020, which has been superseded under The Business and Planning Act 2020, which became effective from 1 September 2020.

13 Debtors

Debtors
2025 2024
Amounts falling due within one year: £ £
Trade debtors 55,737 299,770
Prepayments and accrued income 80,925 6,518
136,662 306,288

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

14 Creditors: amounts falling due within one year

14 Creditors: amounts falling due within one year
2025 2024
Notes £ £
Other taxation and social security 6,480 4,839
Deferred income 15 15,035 83,802
Trade creditors 34,516 7,550
Other creditors 79,329 6,661
135,360 102,852
15 Deferred income
2025 2024
£ £
Other deferred income 15,035 83,802
Deferred income is included in the financial statements as follows:
2025 2024
£ £
Deferred income is included within:
Current liabilities 15,035 83,802
Movements in the year:
Deferred income at 1 April 2024 83,802 -
Released from previous periods (70,000) -
Resources deferred in the year 1,233 83,802
Deferred income at 31 March 2025 15,035 83,802

Deferred income relates to grants from Mark's Music Fund and is in respect of projects to be delivered in the year to 31 March 2026.

16 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £3,818 (2024 - £1,441).

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming
Resources
Resources		 Transfers At 31 March
2024 resources expended 2025
£ £ £ £ £
Capital funds 577,996 566,133 (22,370)
(1,113,974)		 7,785
Restricted funds 31,142 207,810 (193,207) - 45,745
609,138 773,943 (215,577)
(1,113,974)		 53,530
Previous year: At 1 April Incoming
Resources		 Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
Capital funds 10,045 581,187 (13,236) - 577,996
Restricted funds 29,473 151,134 (149,465) - 31,142
39,518 732,321 (162,701) - 609,138

Capital funding received from Arts Council England, Lambeth Council, Bernard Nevill Estate, Clothworkers, London Marathon Fund, and Edward Gostling, was in respect of the capital project undertaken by the charity and completed during the year. The fund also includes amounts received in the previous year from Arts Council England, Lambeth Council and the Mark Benevolent Fund. Transfers in the year include a grant from Q Charitable Trust which the charity has allocated to the capital project, along with transfers from the charity's designated and general unrestricted funds.

On completion of the capital project, a transfer from restricted to unrestricted funds has been processed, on the basis that there are no ongoing restrictions in place over the use of the asset acquired using restricted funds.

Restricted funds received from Maudsley Charity, City Bridge, Youth Music, Tudor Trust, Prudence Trust, The Big Give, Global Make Some Noise, Moleskine Foundation and London Marathon Fund were in respect of delivery projects in line with the charity's objectives. Restricted funds also includes amounts received in the previous year from Dr Martens Foundation, Prudence Trust, SCOPS, Tudor Trust and Youth Music.

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming
Resources
Resources		 Transfers Gains and Gains and
At 31 March
At 31 March
2024 resources expended losses 2025
£ £ £ £ £ £
Property fund 825,000 - - - (80,000) 745,000
Designated fund 16,000 - - (16,000) - -
General funds 136,094 269,074 (252,224) 1,129,974 (1,078,723) 204,195
977,094 269,074 (252,224) 1,113,974 (1,158,723) 949,195
Previous year: At 1 April Incoming
Resources		 Transfers Gains and
At 31 March
2023 resources expended losses 2024
£ £ £ £ £ £
Property fund 825,000 - - - - 825,000
Designated fund 16,000 - - - - 16,000
General funds 88,269 236,467 (188,642) - - 136,094
929,269 236,467 (188,642) - - 977,094

The trustees designated funds of £16,000 for essential capital item replacement in a previous year. The full balance of this fund was transferred to restricted capital funds during the year.

19 Analysis of net assets between funds

Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
Fund balances at 31 March 2025 are represented by:
Tangible assets 787,464 7,785 795,249
Current assets/(liabilities) 161,731 45,745 207,476
949,195 53,530 1,002,725

RAW MATERIAL MUSIC AND MEDIA EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Analysis of net assets between funds (Continued) (Continued)
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
Fund balances at 31 March 2024 are represented by:
Tangible assets 825,000 130,765 955,765
Current assets/(liabilities) 152,094 478,373 630,467
977,094 609,138 1,586,232
20 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
21 Cash generated from operations 2025 2024
£ £
(Deficit)/surpus for the year 575,216 617,445
Adjustments for:
Investment income recognised in statement of financial activities (8,607) (2,612)
Depreciation and impairment of tangible fixed assets 17,568 13,236
Movements in working capital:
Decrease/(increase) in debtors 169,626 (301,965)
Increase in creditors 101,275 1,956
(Decrease)/increase in deferred income (68,767) 83,802
Cash generated from operations 786,311 411,862
22 Analysis of changes in net funds

The charity had no material debt during the year.