## **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 Y￿r 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
Blao*wood 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• Tr￿tee5 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 •xwnln0￿6 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 applica￿e 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> FoUnda￿On
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 In￿M8
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 $xgmptl¢n from audll und8r Section 477 01 the Cornpanles Act 2(X)6 for Ihe y?8r
ended 31 Juty 2022.
The rnembers hav? not requlred the company lo obtaln an audll of St8 flnanclal 81alements for th8 y88r ended 31 July 2022
In accordance Wlh s￿lI0n 476 01 the Cornpgnigs Act 2006.
The trustees acknO￿edge Ihelr responslblllll88 for
lal
ensuring that the ¢haritable cempany keeps gccounllng record8 Ihal comply with Section¥ 388 and 387 01 the
Companiès Acl 2006 and
proparlng financial slatém9nts which glve a Iru& and fair vlew ol the 8tale of affalrs ol the chatltabla ¢ompany aB at
the end ol each flnandal yȥr and of its 8urplu$ 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 'A￿oUnting and Reportlng by Charities.. Statement of
Recommended Practice applicable to chariti88 preparlng thelr accounts in accordance with the FInaN￿al 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 2￿6. 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 re￿gnISed 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 agg￿gate 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 0￿r 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 ac￿rdanCe 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 ex￿OnatiOn 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 conlrlbu￿on 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 e￿8$ 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 FOUnda￿On
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- cOn￿nUed
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(nO￿edge 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 prO￿ling 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 S￿￿10 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

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 Y￿r 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
Blao*wood 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• Tr￿tee5 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 •xwnln0￿6 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 applica￿e 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> FoUnda￿On
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 In￿M8
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 $xgmptl¢n from audll und8r Section 477 01 the Cornpanles Act 2(X)6 for Ihe y?8r
ended 31 Juty 2022.
The rnembers hav? not requlred the company lo obtaln an audll of St8 flnanclal 81alements for th8 y88r ended 31 July 2022
In accordance Wlh s￿lI0n 476 01 the Cornpgnigs Act 2006.
The trustees acknO￿edge Ihelr responslblllll88 for
lal
ensuring that the ¢haritable cempany keeps gccounllng record8 Ihal comply with Section¥ 388 and 387 01 the
Companiès Acl 2006 and
proparlng financial slatém9nts which glve a Iru& and fair vlew ol the 8tale of affalrs ol the chatltabla ¢ompany aB at
the end ol each flnandal yȥr and of its 8urplu$ 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 'A￿oUnting and Reportlng by Charities.. Statement of
Recommended Practice applicable to chariti88 preparlng thelr accounts in accordance with the FInaN￿al 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 2￿6. 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 re￿gnISed 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 agg￿gate 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 0￿r 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 ac￿rdanCe 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 ex￿OnatiOn 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 conlrlbu￿on 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 e￿8$ 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 FOUnda￿On
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- cOn￿nUed
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(nO￿edge 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 prO￿ling 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 S￿￿10 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