2022-07-31-accounts - The Rhythm Studio Foundation

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The Rhythm Studio Foundation Report of the Trustees For the Year Ended 31st July 2022

(August 1st 2021- July 31st 2022)

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of The Rhythm Studio Foundation for the year ended 31 July 2022. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ issued in March 2005.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number (England and Wales):

7734732

Registered Charity number:

1145472

Registered office:

St Georges Yard, Castle Street, Farnham, Surrey, GU9 7LW

Trustees: C N C Hodges Mrs C Carey O Fetiveau M Horner S T Jenkins Ms C A Bishop Ms S Ibrahim J Kandunias J R Lake F G Martin

Independent Examiner:

Blackwood Futcher & Co. Chartered Accountants 9 St George’s Yard Farnham, Surrey, GU9 7LW

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Method of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and coopted under the terms of the Trust deed.

Organisation and decision-making

The charity is run by a board of trustees. It employs a part-time project manager and fundraiser.

Related parties

As noted in the Report of the Trustees, Christopher Hodges is a Trustee of The Rhythm Studio Foundation. Christopher Hodges is also the sole director of The Rhythm Studio. During the period the Foundation paid the Company teaching fees totalling £18,373 (2020/1 £14,068). All fees charged by the Company to the Foundation are priced at or below the cost of providing the teaching.

The trustees acknowledge the potential conflict of interest and have reviewed the relationship between the two entities.

In accordance with the guidelines of the Charities Commission for England and Wales there is nothing preventing the Foundation from engaging the services of any other independent third party, should it believe that the third party provides a better alternative in fulfilling the charitable objectives of The Rhythm Studio Foundation.

Governance and management

Trustee meetings take place at least 4 times a year. Christopher Hodges liaises on a weekly basis with the Foundation’s part-time employee to discuss operations, objectives and strategy.

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to major risk. These include:

A monthly account reconciliation and activity review
Quarterly financial review at trustee meeting
Quarterly risk review at trustee meeting
Countersigning protocol for all payments from the charity’s bank account
• Policy for safeguarding children
Employers Liability insurance
Public Liability insurance
Compliance with GDPR

OBJECTIVES AND ACTIVITIES

Policies and objectives

The Rhythm Studio Foundation (“RSF”) was founded in 2011 with the goal of transforming the lives of young people through music.

“We believe young people deserve the chance to transform or enrich their lives through music, whatever their background or their personal circumstances.” - Mission statement

In association with The Rhythm Studio Academy of Music (“RSAM”), we work with schools, hospitals and community groups to provide opportunities to economically underprivileged and socially disadvantaged young people who have limited access to music-making.

ACTIVITIES FOR ACHIEVING OBJECTIVES

School workshops

We deliver pop and rock music workshops that allow local primary school children to experience the excitement of collaborative music-making. The workshops include creative music technology sessions using computers and tablets, and pop choir and rock band sessions culminating in a live performance at the end of term. Secondary school sessions focus on creative music technology using Logic Pro X software.

Hospital workshops

We carry out a program of weekly and fortnightly inspirational music workshops on the paediatric wards of local hospitals at St Mary’s, Paddington with the Imperial Health Charity and Chelsea & Westminster Hospital with the CW Plus Charity.  We also have a Young Patients Programme providing one-to-one music lessons via Zoom. This scheme is open to young people, aged 8-18 who have medical conditions that mean they need to shield at home, have limited access to activities due to medical issues or whose well-being or mental-health would improve by having music lessons.

Provision of Scholarships and Bursaries

The Rhythm Studio Foundation Scholarship is an annual award aimed at talented and passionate 11 to 18 year-old musicians in need of financial support to help reach their full potential. We fund weekly lessons on drums, guitar, bass, piano, vocals or music technology. Students also experience playing in bands, performing live and recording as well as mentoring from music industry professionals.

ACHIEVEMENT AND PERFORMANCE

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

REVIEW OF ACTIVITIES

In July 2021, RSAM moved premises from North Kensington to West London College, in West Kensington. With this larger studio space, RSF was able to expand its reach to a new group of beneficiaries in the local area whilst continuing to work with partner schools in the previous North Kensington base.

Schools

In 2021/22, as we emerged into the post-Covid environment, RSF was able to resume its series of 10-week Primary Schools Rock & Pop workshop programmes. We continued to work with four local primary schools in the North Kensington area – St Peters CE Primary School, Ark Atwood Academy, Ark Brunel Academy and St Mary’s RC Primary school – as well as adding two new schools, Addison Primary School and St Pauls CE Primary School, both local to The Rhythm Studio’s new studios.

These workshops allowed pupils to learn drums, guitar, bass or vocals and come together to form bands, as well as creating music using GarageBand on iPads or Bandlab software. Supported by John Lyon’s Charity, workshops took place at RSAM’s music studios in West Kensington as well as at schools’ premises with over 400 Year 5 and Year 6 pupils participating in our award-winning Primary Schools Rock & Pop Workshop programme, the highest number of students we have ever had.

“We have been astounded, as a school, to see what the children produce after a 10-week block at The Rhythm Studio. Their confidence to compose and consider audience and effect is impressive. Sometimes it feels like they are students in KS3! The children are so engaged and enthusiastic. They develop excellent skills in listening and collaboration which they bring back to school... We have been so fortunate to work with The Rhythm Studio staff, who support the children, have the highest expectations of what they can achieve and out no ceiling on this. The team are gifted and passionate about music and technical skills and therefore the children feel enthusiastic and appreciate the team sharing their expertise. The performances make me super proud of the children and what they can achieve”

Claire, Head, St Pauls CE Primary

In terms of secondary schools, RSF worked in partnership with the Triborough Music Hub as part of a year-long “Sounds Like Hammersmith & Fulham” project. Sponsored by the London Mayor’s fund, RSF delivered a comprehensive set of Song Writing & Hip Hop music education resources as well as delivering a programme of live webinars and workshops to a large number of secondary school students in the Borough of Hammersmith & Fulham.

Hospitals

We were unable to resume our face-to-face hospital visits over this period. However, with our expanded Young Patients Programme, we continued to deliver weekly, zoom-based, one-toone music lessons for patients referred to us by the Imperial Health Trust.

“For us as a family, Drew being give this wonderful opportunity has been brilliant, a bit of sun on a gloomy situation. He’s looked forward to every lesson and Kaja is an amazing teacher. Online lessons have taken nothing away from the experience, lessons are well structured & Kaja is patient, enthusiastic and brings out the best in Drew.”

- Helen, patient Drew’s mother

Charity partner CW Plus have also asked us to become involved more widely in their arts programme, with opportunities including lunchtime performances, hospital radio, podcasts and Christmas concerts.

Scholarships

An RSF Scholarship worth over £1,000, is awarded on a means-tested basis, and contributes from 50%-100% of fees. In 2021/22, RSF funded 25 students, with 9 scholarships at 50% and 16 at 100%. Each student received weekly one-to-one lessons on their chosen instrument or a band class.

Scholarship holders had a number of opportunities to perform such as busking as part of “Valentine’s Voices” or featuring in the new RSF video promoting the foundation, in particular, the annual scholarship scheme. In March 2022, RSF Scholarship holder Magan was the winner of the Future Sounds competition held at the iconic Bush Hall, winning a recording day at Eastcote Studios in Ladbroke Grove and a further opportunity to perform at RSF10.

In terms of specific achievements, one of our scholarship holders, Zipporah, won a fully funded scholarship to go to Columbia University in New York. Another scholarship holder Asia, gained a place at Leeds Conservatoire and was selected for a mentoring programme by Sony Records.

Other activities

In October 2021, the RSF Welcome Evening was a small event to celebrate the move to our new home and to showcase the talent of our scholarship students. A number of our important and long-standing supporters, as well as trustees and the families of our beneficiaries attended the event

RSF delivered a weekly choir for the neighbouring refugee charity, West London Welcome. We also set up a programme offering weekly one-to-one instrument lessons to young refugees referred to us by the charity.

In May 2022, we belatedly celebrated our 10[th] anniversary with RSF10 at Bush Hall. The event showcased several scholarship performers, who played with our RSF All Stars band, which included patrons Guy Chambers and Tim Bran. Nick Lowe played a short set with his son and we had video messages from RSF patrons Coldplay, Sharleen Spiteri, Martin Terefe and Shaun Keaveny.

We also participated in The Big Gig Take One which took place at Westfield in July 2022, putting together an industry panel to give advice to young musicians, as well as providing a performance opportunity on a festival-style outdoor stage for several RSF Scholarship holders.

FINANCIAL REVIEW

Investment policy and performance

The Foundation currently holds no investments.

Reserves policy

The Foundation’s Reserves policy is to maintain 9 months of core fixed costs (i.e salary and administration). Projects will not be undertaken if they cannot be comfortably funded.

Surplus

The Foundation reported an accumulated surplus of £95,932 for the year (2020/21: £90,591). Our income at £68,311, was lower than £77,187 in the previous period which had been significantly boosted by the RSF Music Marathon Challenge. In addition, the main purpose of our major event, RSF10, was to rebuild our community after Covid restrictions rather than to raise funds. Our expenditure returned to a more normal level at £62,970 (2020/21: £39,194), as we were able to resume and expand our Primary Schools Workshop Programme.

PRINCIPAL FUNDING

Fundraising

Our fundraising activities included the RSF10 event at Bush Hall, where we relaunched our RSF Friends Scheme and unveiled our new RSF brand video, raising over £5,000 from T-shirt sales, tickets and donations on the night. Compared to 2020/21, the amounts raised were relatively modest.

Funds and Trusts

We received funding from: The Ofenheim Trust (£13,000), The Nathan M Ohrbach Fund (£4,583), The Margaret Killbery Foundation (£8,062), John Lyon’s Charity (£10,000), The Worshipful Company of Glovers (£2,500) and The Basil Samuel Charitable Trust (£5,000).

Individual Giving

We received a combination of direct donations (£9,547), the Friends Scheme (£2,410) and Gift Aid (£956) from individuals and families. Local businesses including Elephant Music, XL Recordings and CLC Solicitors also supported The Rhythm Studio Foundation and Scholarship scheme.

Fees

Our partner primary schools normally contribute to the funding of workshops – typically 2030%.  We received £2750 in fees from schools during the period and offered reduced or free programmes to our new partner schools for a trial period.

Future funding

Along with diversifying our income sources, we plan to build up our community fundraising capability, increase our support from Trusts and Foundations and boost our Friends regulargiving programme.

FUTURE DEVELOPMENTS

Schools programme

We currently work with eight local schools with Year 4, 5 and Year 6 pupils and that brings us close to capacity at the studio. We have some room to expand our creative music technology workshops which can be carried out at individual schools’ premises and therefore we hope to reach more young people in the future. We also hope to increase our work with secondary schools in the local area, focusing on music production.

Hospitals

We have now resumed face-to-face hospital workshops and are continuing our Young Patients Programme with a target of 8-10 beneficiaries. We also plan to increase our workshop programme with events targeted at outpatients both at the hospitals and at The Rhythm Studio itself.

Scholarships

We aim to continue to fund 20 – 25 music tuition scholarships.

FUNDS HELD AS CUSTODIAN

The Foundation does not hold any funds as custodian.

Approved by the order of the board of trustees on …………………………….. and signed on 29th May 2023 its behalf by:

………………………………………………. - Trustee

Chris Hodges

Rèport of the Trustees and unaudIt Fin8n¢lal Statements forth• Year Ended 31 July 2022 for Th• Rhythm Studlo Foundatlon Blockwood Fulcher & Co. Ch8rtored Accountants 9 Sl George's Yard Farnham Surrey GU9 7LW

The Rhythm Studlo Foundatlon Contents tsfthe Flnanclal Statements for the Year Ended 31 July 2022 Pggg R*port of the Trustees Indgpendent Examinerf8 Report Statement of Flnan¢lo1 Actbvttle8 Balance Sheet NoteB to t Financbal Stat8m&nts 5 to g D8talled Statsment of Flnanclal Actlvltleg 10

The Rhythm StLKllo Foundatlon Report of the Trusteos forthe Yr Erbded 31 July 2022 The trustees who are 50 directors of thè charity fcrf the purposes of the Companles Act 2QCe, present thwr report wth the finan¢lal statern&nts of the charity for the year ended 31 July 2022. The trustees have adopted the provlsions of Accountlng and Reporting by Ch8ritiè8'. Statement of Recommend8d Practi appll¢able to ¢arities preparing their aeLounts in ccordanc& wlh the Financial Reporting Standard applicAblè in tt)e UK and Republic ol Irèland IFRS 1021 leffedive t January 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Tho tharity is controlled by itg govemlng documént, a daèd of trust, and con8tilule8 a Ilmhed rnpany, Ilmlt8d by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 07734732 IEngland and Wales) R8gi8lered Charlty number 1145472 Reglstarad offlc& 9 St George's Yard Farnham Surrey GU9 7LW TruBte88 C N C H¢xlgo8 Mrs C Carèy O Fetlveau T Rodgers Ir¢8lgn8d 8.9.211 M Horner S T Jenklns Ms C A Blshop lappoinled 6.9.211 Ms S Ibrahim lappolnled 6.9.211 J Kandunlas (appointed e.9.211 J R Lake lappo?nl¥d 6.9.211 F G Martln lappoinled e.9.211 Independent Examlner l R Futcher FCA Inslilule of Chartered Accountsnts In England and Wales Blaowood Fulcher & Co. Chartered Account8nt8 9 Sl George's Yard Famharn Surroy GU97LW Approved by ordei of th6 board of tru$tee5 on ,,.,...14th J.oov.Iry.?.p.%a.. .... and signed on its behalf by.. C N C H¢)dges- Trustee Page 1

In(lependent Examinerfs Report to th• Trtee5 of The Rhythm Studio Foundatlon Independent examIn•$ report to the trustees of The Rhythm Studio Foundatlon l*he Company'l I report to the charity trustees on my examination of thè acxounts ol the Company for the year ended 31 July 2022. Re8ponslbilitl&s and bas18 of r•port As the charty's Iruslees ol the Company land also its dir6etors for the purp059s of company lawl you ar8 responsible for the preparatDn of the accounts in accordance wth the requirements ol the Companies Ad 20061'the 2006 Act'i. Having 88ti8fied myself that the accounts of the Company are not required to be audited un¢Yer Part 18 01 the 2006 Act and are eligibl8 for independent examination, I report in résp8Ct of My examlnalion ol your charity's accounts as carried out under section 145 of the Charities Act 2011 I'lhe 2011 ACVI. In carrying out my examination I have folbwed the Directions gwen by the Charity Coffltni58ion under seetion 145151 Ibl olthe 2011 Act. Indep•ndont •xwnln06 8tatem•nt I have completed my examinab"on. I wnfirm that no matt8rs have corne to my attention in connection the examination giving me cause lo believe.. accounting records were not kept in respect of the Company as requlred by seth'on 386 olthe 2006 Act,. or tre account5 do not accord with those records., or the accounts do not wmply with the accounting requirements of section 396 01 Ihg 2006 Act other than any requirement that the ke¢ounl3 give a true 8nd Pdir view whlth is not 8 rratter consldered as part of an independent •x8min8lion', or tre accounts have not been prepared In acwrdance ¥Mth the methods and prindple8 of the Staternent ol Recommended Practlce for acwunting and reporting by charlties (applicable lo charities preparing their accounts In accordance with the Financi81 Reporting Standard applicae In the UK and Republic ol Ireland IFRS 10211. I have no concerns &nd have come across no other maltsrs In connèction with the examinth'on to ¥thich attantlon Should be drawn in this report In ord6r to enable a proper undÈr8tanding of the accoun18 to be reached. l R Fulcher FCA Instltute of Chartered Accountan18 in England and VVale$ Blackwood Futcher & Co. Chartered Accountants g Sl George's Yard Farnham Surrey GU97LW Dato.. ...,.,. P8ge 2

The Rhythm Studk> FoUndaOn Statement tsf Flnancial A¢livities for the Y&ar Ended 31 July 2022 31.7.22 Total fimds 31.7.21 Totsl lunds Unr¢strScted fijnd Rè$tslcted fijnd Notes INCOME AND ENDOWMENTS FROM Donations 4nd legacies 68,255 ee,2S5 77,180 Investrnent InM8 56 Total 88,311 68,311 77,187 EXPENDITURE ON Charitable adbvities 62,798 82,798 20,500 Olher 172 172 18,694 Total 62,970 62,970 39,194 NET INCOME 5,341 5,341 37,993 Transfors b•tw•en funLIg 4,594 14.5941 N•t movement In fund8 9,935 14.5941 5,341 37.993 RECONCILIATION OF FUNDS Totsl fund8 brought forward 70,8 19,731 90.591 52,508 TOTAL FUNDS CARRIED FORWARD 80,795 15,137 95,932 90.591 The notes form part cf these financial statements Page 3

The Rhythm Studlo Foundatlon Balance Shèot 31 July 2022 31.722 Total fimds 31.7.21 Total Jnds Unr9str1cted fund Restricted fvnd FIXED ASSETS Tangible assets 710 71CI CURRENT ASSETS Cash al bank 81,230 16.137 98,367 91.353 CREDITORS Amounts falllng due Wthln on? year 11,1451 11.1451 1762) NETCURRENT ASSETS 80,085 15.137 95.222 90,591 TOTAL ASSETS LESS CURRENT LIABILITIE8 80,795 15,137 95,932 90.591 NET ASSETS 8Q.795 15,137 95,932 90,591 FUNDS Unrestrlot6d funds Rgslricled funds 80,795 15,137 70,seo 19,731 TOTAL FUNDS 95,932 ,591 The ¢harllabJe company 18 enllled to $xgmptl¢n from audll und8r Section 477 01 the Cornpanles Act 2(X)6 for Ihe y?8r ended 31 Juty 2022. The rnembers hav? not requlred the company lo obtaln an audll of St8 flnanclal 81alements for th8 y88r ended 31 July 2022 In accordance Wlh slI0n 476 01 the Cornpgnigs Act 2006. The trustees acknOedge Ihelr responslblllll88 for lal ensuring that the ¢haritable cempany keeps gccounllng record8 Ihal comply with Section¥ 388 and 387 01 the Companiès Acl 2006 and proparlng financial slatém9nts which glve a Iru& and fair vlew ol the 8tale of affalrs ol the chatltabla ¢ompany aB at the end ol each flnandal yÈ¥r and of its 8urplu$ or deficit for each financial year In accordancg Wth the requir&m8nl8 ol Sectlons 394 and 39S and which olhepmsp comply with the r8quir&ments ol the Companies Act 21KJ6 re181ing lo finandal statements, $0 far as appllcable to thè eharitable company. These finanoal 8t8tsment8 have been pr8p8rod in accordarn with the provislons applicabl* to Charitable companles subject to Ihe small companies reglme. Ibl The financial Statements were 8pproved by th8 Board ol Twslees and aulhorfs8d for issue on and werè signÈd on115 behalf by,, 14th January 2028 C N C Hodges- Trustee The notes form part ol Ihese finandal statem& Page 4

The Rhythm Studlo Foundation Not¢$ to the Financial Statements for the Year Endèd 31 July 2022 ACCOUNTING POLICIES Basls of preparlng the flnanclal stal&ments The financial statèments of the charllablg company, ¥thich 59 a public benefft enlty under FRS 102, have been prepared in accordance wth the Charitie8 SORP IFRS 1021 'AoUnting and Reportlng by Charities.. Statement of Recommended Practice applicable to chariti88 preparlng thelr accounts in accordance with the FInaNal Reportlng Standard appllcable in the UK and RepuNlc of Irèland IFRS 1021 leffectlve 1 January 20191,. Financial Reportlng Stsndard 102 'The Finameial Reportlng Standard appli¢8ble in the UK and Republlc ol Ireland, and the Cornpanies Act 26. Thè financial 8lalernenls h8V8 been prepared under the h181orical cost conv&nlion. comè All incom8 is recognised in the Slatement ol Financial Acts'v11188 On the charity ha8 enlillement lo the fiJnd8, il is probable that the income will be re*ived and the amount can be measured rellably. Expendlture Liabllllies are regnISed as 8xpendllure as 800n as Ihore 18 8 legal or ¢onstnJth've obljgatlon comm1ttl the Charity lo that expenditure, il is prob8bl8 Ihal a transfer ol tsconomic benefits wlll be requlred in settlement and the amount of the obllgab'on can be measurad reliably Exp8nditure 1$ 8¢counted for on Èn arruals basls and has boen dasslfied under headings th81 agggate all ¢osl related to th8 category. Where costs cannot be directly attribuleij lo parlicular headlngs Ih$y hav8 been allocatad to gctlvllies on a basis eonsiBtenl ¥thth the u$& ol re80urces. Tangltsle flxed a86ets Depreclauon Is provided at the bHowlng annual rale$ in ordar to wrll8 off èach a8sel 0r Its esllmatod useful life. Cornputer equlpmenl 33% on cost Taxatlon Th? ¢harity1g exèmpt from corporauon lax on Ils ¢hartsbl& acttvllles, Fund a¢¢ountlng Unrestrlcted fvnd8 can be used in acrdanCe wllh tre Charitable objecllves altho dlscretion olthe tru8te8S. Restrided funds can only b& used lor partlculor restrlcted purposes wilhln the objects ol tho chorlty. Re8lrlctScfis arfse whgn Speofled by the don¢Y or when fvnds are ra18ed for particular raslri¢ted purpc¥ses. Further exOnatiOn of the nature and purposè of each fund is includgd In th8 notss lo the financial stalgm&nl8. Penslon costs and other po8taretlremonl benefits The charitable company operates a defined conlrlbuon p8nsion scheme. Contrlbulbns payable to th8 charitable company's penslon 8cherne are charged lo he Statement ol Flnancial Actlvilles in th¢ petlod lo thlch they rel81¢. INVESTMENT INCOME 31,7.22 31.7.21 Bank interest 58 Page 8 conllnued...

The Rhythn7 Studlo Foundatlon Notes to the Financlal Ststements. contlnued for the Year Ended 31 July 2022 NET INCOMEIIEXPENDITUREI Net ncomellexpendSlurel is staled after chargingllcredltingl,, 31.7.22 31.7.21 Depre¢iallon- ovmed assets 172 52 TRUSTEES. REMUNERATION AND BENEFITS There wer8 no trustees, remun9ratlon or other benefft5 for the year 8nded 31 Juty 2021 nor for the year ended 31 July 2022. Trusts•&' pxpenge$ There were tKJ Iruslee's exF4nse8 paid for the year ended 31 July 2022 nor for thè year ended 31 July 2021. STAFF COST8 The averagè monthly numbèr of employees durtng the year wgs a8 follows.. Supp¢rt 31.7.22 31.7.21 No gmployees recelved emolum8nts In e8$ of£80,000. COMPARATIVES FOR THE STATEMENT OF FINANGIAL ACTIVITIES Unr8slrlcted lund Restricted fund Total fijnds INCOME AND ENDOWMENTS FROM Donations and legacies 69,469 7,711 77,180 Inve8lmenl Incom8 Totsl 89,476 7,711 77.187 EXPENDITURE ON Charitable activlll88 20,600 20,500 Olh8r 18,694 18,894 Totsl 39,194 39,194 NET INCOAIE 30,282 7,711 37.993 RECONCILIATION OF FUNDS Total fvnds brought foThvaril 40,578 12,020 52,598 TOTAL FUNDS CARRIED FORWARD 70,8e 19,731 90,591 Page 6 continued...

The Rhythm Studlo FOUndaOn Notès to the Flnanci41 Statements- contlnued forthe Year Ended 31 Juty 2022 TANGIBLE FIXED ASSETS Computer equipment COST At 1 Augu812021 Addllions 942 At 31 July 2022 1,824 DEPRECIATION Al 1 August 2021 Charge for year 942 172 At 31 July 2022 1,114 NET BOOK VALUE Al 31 July 2022 710 At 31 July 2021 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.7.22 31.7.21 Trade credltors Soclal securSly and ¢lh8r taxes Olh&r ¢dItOrs Accrued expenseg 115 11e 56 78 758 1,145 762 MOVEMENT IN FUNDS Nel movement In fund8 Tiansfer$ bebw&en funds Al 31.7.22 A11.8.21 Unrestrlctod fund8 Ggneral fvnd 70,860 5,341 4,594 8Q,795 Restrfjctsd fund8 Restricted 19,731 14,5941 15,137 TOTAL FUND8 90.591 5,341 95,932 N8t movement in funds, Included In thÈ 8bove are as follows,. Incoming resources Re80urE¢¥ expended Movement in funds Unrestrlcted fundg Gener81 fund 68,311 162,9701 5,341 TOTAL FUNDS 68,311 162,9701 S,341 Page 7 continued...

The Rhythm Studlo Foundation Not&s to the Flnancial Statements- cOnnUed forth? Year Ended 31 Juty 2022 MOVEMENT IN FUNDS- ¢ontlnued Comparatlvas for movement in fvnds Net movement in fvnds At 31.7.21 Al 1.8.20 Unrestrlcted fund8 General fund 40,578 30,282 70,860 Rt8trlcled funds Restricted 12,0 7,711 19,731 TOTAL FUNDS 52,698 37,993 90,591 Comparalive net movement in funds, Included In the abtsv8 are as follows.. ItKoming re8cyJrce$ Resour¢&8 expended Movement In fund$ Unrestricted fund8 General fund 69,478 139.1941 30.282 Re8trf¢ted fund8 Reslrl¢ted 7.711 7,711 TOTAL FUND8 77,187 139,1941 37.993 A current year 12 month8 and prlor ytrar 12 month$ combSned posltion18 86 follows.. Net movernenl In lund8 Transfer8 b8tween nd8 Al i.8.2D 31.7.22 UnrestfiCt•d fundB General fund 40,578 35,823 4.594 80,79S Restrlcted lund8 Restricted 12,020 7.711 14,5941 IS,137 TOTAL FUNDS 52,598 43,334 95,932 Page 8 continued...

The Rhythm Studio Foundation Note8 to thè Financial Statoments- continued for the Yèar Ended 31 July 2022 MOVEMENT IN FUNDS- continued A current year 12 months 8nd prior year 12 months comblned n@t movement in funds, indude(l in the above ar& a8 follow8.' Incom(ng resources Rè80urTrs 8xpended Movement in funds Unrostrlctsd funds General fund 137,787 1102,1e41 35,823 Ro8trlcted fund8 Reslrided 7,711 7,711 TOTAL FUNDS 145,498 1102,1641 43,334 10. RELATED PARTY DISCLOSURE8 A5 noted in the Report ol the Truste68, C Hodges is a Trustsa of The Rhythm Studio Foundatlon Ilhe 'Foun(lallon'l. C Hodge8 18 also th& sole director ol The Rhythm Studio Llmitsd (the 'Company'l. Durlng Ihe perk)d the Foundatlon pald th$ Company lgachlng fees lotalling £18,37312021- £14.0681. The Tru9teg9 &d(nOedge the polgnllal conllct ol Inlwesl and h8ve ravlgwed thè ralallonship bth88n trie enlllies. As all fees charged by the Company to the Foundatlon are bèlow thè cost ol prOling the teaching 8nd al an approprl81@ msrket rate. the Tru$tee$ are sallsfled that Iher& Is llo delrirrenl lo the Foundation. In accord8nce wlh the guidelines of IhÈ Charitres Commission for England and Wales Ih¢re18 ntsthing preventing the Foundallon frorn engaging the servl¢e$ ol any ott)er independent Ihlrd paty, should It bolleve that the third party providès better allernalive in ftJlflllirrfJ the charllable oblediv&s of The Rhythm Sludlg Foundation. Page 9

The Rhythm S10 Foundation Dètslled Statemènt of Flnancial Activitles lor the Year Ended 31 Juty 2022 31.7.22 31.7.21 INCOAqE AND ENDOWMENTS Donatlons and lega¢le¥ Donali¢n5 & sponsorship Gift ald S7.298 957 73,511 3,669 68,255 77.180 Investment Income Bank inlareBI Totsl Ineomlng resour¢ 68,311 77,187 EXPENDITURE Charitable actlvltb Event fees Teachlng fe¢$ 2,804 32,572 487 20,033 35,376 20,5C¥) Other Oepn ol mputer equlpment 172 52 Support costs IA8nagement Wages Pensions Insur8nc Postage and stslionery Adv6rt18ing Sundri88 Accountancy Trgvel Training 19,301 392 339 479 5,171 13 1,475 106 15.819 333 327 184 250 1,289 70 27.276 18,581 Fln4nce Bank ch8rge3 148 81 Total reseurces expgnd8d 62,970 30,194 Not incomtr 5.341 37,993 Thls page does not fomi part olthe stabjtory fin¢la1 slalernents PaJe 10