REGISTERED CHARITY NUMBER: 1145472 Report of the Trustees and Unaudited FinanGio1 Staternents for the Year Ended 31 Juty 2024 for The Rhythm Studio Foundatlon CIO Blac&wood Futther & Co. Charlered Accountants 9 St George's Yard Farnham Sutrey GU9 7LW
.. The Rhythm Studio Foundation CIO Contents of the Financial Statements for the Year Ended 31 July 2024 Page Report of the Trustees Independent Examineffs Report Statement of FinancFal Activities Balance Sheet 10 Notes to the Flnancial Statements 11 to 15 Detailed Statement of Financial Activities 16
The Rhythm Studio Foundation CIO Report of the TteeS for the Year Ended 31 Juty 2024 The charity is the Suc$S0r to The Rhythm Studio Foundation (registered charity number 1145472), which was established by a declaration of trust dated 16 January 2012. wth subsequent amendments. h was registered as a Charitable InrPOrated Organisation on 10 October 2023. On 10 January 2024 all the activities. assets and liabilities of the incorporated charrly were transferred by deed to Ihis Charitable Incorporated Organis8ti0n. OBJECTIVES AND ACTlVtTIES Policies and objectives The Rhythm Studio FoLFndalion {'RSF'? was founded in 2011 with the goal of Iransfomiing the lives of young people through musi 'We believe young people deseNe the Chan to transfomi or enrith the lives through music, whatever their background or their personal circurnstances.". Mission stslement In association with The Rhylhm Studio Academy of Music ("RSAM, we work wilh schwls. hospitals and community groups to provide opportunities to e¢oFrnica1IY underprivileged and soryally disadvantaged young people have limited access lo 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 ollaborative music-making. The worf(shops include Creative music technology sessions using computers and tablets. and pop thoir and rock band sessions culminating in a live performan at the end of term. SecoTrJary school sessions ftjcus on creative music technology using Logic Pro X soflware. Hospital workshops We carry out a program of weekty inspirdtional music workshops on the paedialric wards of local hospitals at Sl Mary's, Paddington with the Imperial Health Charity and Chelsea & Weslminster Hospital with the CW Plus Charity. We also have a Young Patienls Programme providing on&t04Jne music lessons via Zoom. This scheme is open to young people, aged 8-18 who have medical conditions that mean they need to shield al home, have limited access to activities due to medical issues or whose well-being or mental-heaFth would improve by having music lessons. Provision of Scholarships and Bursaries The RSF Scholarship is an annual award aimed at talented and passionate 11 tr) 18 year-old musicians in need of financial support to help reaGh their full potential. We fund weekly lessons on drums. guitar. boss, piartro, vocals or music techllology. stdents also experien rAawng in bands. performiThJ live and recording as well as menloriro from music industry piofessionals. Page 1
The Rhythm Studio Foundation CIO Report of the Trustees for the Year Ended 31 July 2024 ACHIEVEMENT AND PERFORMANCE Going concern After making appropriate enquiries. the Iruslees have a reasonable expectation that the tharity has adequate resourees to continue in operational existence for the foreseeable fulute. For this reason. they continue lo adopt the going COnM basis in preparing the financial stalemenls. Further details regarding the adOpt)n of the going concem basis Can be found in the Accounting Policies Review of activltles The Rhythrn Sludio Foundation {RSF) delivers music activtties from ils base at The Rhyihm Studio Academy of Music (RSAMI at West London College as well as off-site at a neiwoth of local schools. community centres and h05pilals. RSF works closely wth The Triborough Music Hub and its work is wedominantty focused in the tÉJroughs of Kensington & Chelsea, Hammersmilh & Fulham and Westminster. Schools In 2023r24 over 5CQ thildren participated in the musrc workshop programme whiGh 15 Ihe second year that this number has been achieved. We now have active partnerships with 8 schools in the Tri-borough area of Weslminsler, Kenngton & Chelsea and Hammersmith & Fulham. We worked with four local primary schools in the North Kensington area - St Peters CE Primary School. Ark Alwood AGademy. Ath Brunel Academy and Sl Mary's RC Primary School. In Hammersmith & Fulham. wilhin walking distance of The Rhythm Studio. our partner 5thools were - Avonrnore Primary School, St Pauls CE Primary Schwl, Addison Primary School and Lamenier & Sacred Heart Catholic Primary School. The Rhythm Studio FoundaticK)'s Primary Schools programme provided a unique music experience for children delivered in a relevant, current and relatabie manner. Pupils leaml musical concepts and skills in fun. interactive and accessible sessions wth plenly of ConfenCe&b9osIIng opportunities lo perform in front of peers on weekly basis. These workshops allowed pupils to leam drums. guitsr. bass or vocals and come logether lo form bands, as well as crealing music using Logic Pro. GarageBand on iPads or BandLab software. The programme continued lo be supported by John Lyon's Charity, wlh workshops tsking pla al RSAM'S music studios in Wesl Kensington as well as at sGhools' premises. One of the key features of the programme was the high staff lo pupil ratio where iPad ¢lasses of 15 had a lead and assislant tutor, Bandlab classes of 30 had 2 lead tutor and 2 assistants and the Band sessior¢s al The Rhyihm Studio had 3 lutors for up to 10 pupils. At the end of each programme, pupils were signposted to free or low-cost fnusic-making opportunities that exist in the local area. including applwng for The Rhythm Studio Foundation's annual Scholarship S¢heme. A highlight of the year was when Ed Sheeran made a surprtse vtsit lo the studio and met Year 5 pupils from Addison Primary School. listened to their Compositio and vrdtched Ihem perform DamS by Fleetwood Mac. Teachers have said: 'The performances were absolutety fantastic - il was wonderful to see the finished videos and band perforrnance and see our stLFdents perforrn at a high level. This gave them a h)t of pride in their own abilities and il was also wonderful they could share il with their families. l think it was also so good for their families and the school to See what young people can achieve when given access to quality instruments and tUon.._ Year 5 teacher "Il r88lly focuses on Ihe creative aspect of music, rather than theoretical or technical. which really emphasises the fun de of music learning and creation.". Year S tearher For most of them. ifs a completely new experience, and a lot of them were inspired to go on Garageband themselves al home. This is especially important for the children at our h0O1, who often come from quite difficult or deprive(I home backgrounds." _ Year 5 teacher .1 think the collaboration is brilliant and all the teachers at the RSF were great to woth wth. I learn every tirne I visit more about music arKI encouraging children to have an inwt in sorne of the decTsK)rts made." Year 6 teather Page 2
The Rhythm Studio Foundation CIO Report of the Trustees for the Year Ended 31 July 2024 Pupils have said: "l enjoyed leaming and understanding new songs. singing them with my friends and also leaming how lo be in tem and lo adapt certain techniques while singing with the band. It was a great experience and I would love to have a chance lo do it againlry Year 6 Pupil "I had a fabulous time. Seeing as I love music it Wds one of the best experiences l ever had - highly recommend." Year 6 pupil "The best thir)g about working as a team ts getttng to know each other better aTMJ leaTning abLMJt the rnusiG my partner likes. Sometimes we had lo deal wlh each otherfs preferences. We might nol have the sarre.. Year 5 pupil "I really enjoyed working wth other students singing as a group. This task gained my confidence in singing in front ol a crowd. The teachers were l¢)vely and gave great dIr110ns. I had so muth fun wth my friends and it was a blasl.. Year 6 pupil Hospitals During 2023124, RSF tulors made 84 visits to the paediatric wards al Chelsea &We51rninster Hospital in Fulham and St Mary's Hospital in Paddinglon, interacting with over 600 patients end carers. We also continued our Young Patients Programme, providing weekly, zoorn-based, one-lo-one music lessons for patients referred to us by the Imperial Health Charity. With our weekly $it$ to Ih7spital paedFaliic wards. Iwo RSF tutors delivered bespoke, adaptable and interactive music sessions for short and long-term patients featuring musical games, percussion. ukelele and singing. Each hospital session typically lasted 2 hours and often provided necessary respite for families and carers from difficult and stressful circumstances. Our Young Patient5 Programme provided weekty one-t¢one instrument s5OnS lo up to 8 8-18 year-olds referred lo us from Imperial Health Charity as well as a yourvJ person referred to us from the Muscular Dystrophy charity. The Muscle Help Foundalion. We also continued our hospital outreach wot*. with regular lunchlime perfomiarKes at Chelsea & Westminster Hospit81 by The Rhyihm stud.$ 6th form students. Our partners have said: 'The Rhythm Studio workshops are an essential part of our participation prcgramme. Bringing music to the most seriously unwell children at St Mary's. RSF offers a prilesS distraction for the young people, relatives and staff." Kate Pleydell. Arts Engogemenl Curator, Impertal College Heallhtsre Charity "CW+ values our partnership wlh The Rhythm StU(r Foundation, which provides impactfvl music across Chelsea & Westminster Hospital. The Rhythm Studio Foundation's skilled tutors deliver wonderful engaging sessions with young patients directly on the hospital wards. Drawing on previous experiences from our long-slanding partnership, and a deep understanding of the bosptial environment. the leam carefully craft Iheir music making sessions to meet the young patients where they are at emotionally. or physically in their health joumey, for a truly meaningful connection. The tutors are profe55ional and exceptional at creating natural and fun interactions for the young patients." - Abigail Balkitis Arts Offitsr CW+ The shielding sesonS the Rhyihm Studio Foundation have wovided for the young people I have referred to Ihern, have by far exceeded my expectations. At first. referrals were made as simply something lo do to past time however it soon became clear that the Sessions offered so much more. The childrell and parents feedback enlhusiaslically how much the young person had enjoyed the $essn$ and how their general rnood and wellbeing had improved since engaging with Ihe RSF team. They felt part of a passionate family vitth music at the centre of il all. The young children learnt a new skills which brings a sense of achievement and pfide., something which is not easily achieved in their worlds where they have limited access to group aclNilies or hobbies such as rnusic due to their chronic health condition and the sanctiOll5 It brings. I cannot recornmend RSF enough Ihey are a wonderful organisation and have facilitated so much positive change and creativity in our young people." - Becky Aimstrong, dinical psychologist. Impwial College Healthcare Page 3
The Rhythm Studio Foundation CIO Report of the Trustees for the Year Ended 31 July 2024 Scholarships An RSF Scholarship worth over £1.000 enables students to receive weekly one-to-one lessons on their chosen instrument or participate in a band class. It is awarded on a means*tesled basis. contributing either 50% - 100.10 of fees. In 2023124, 20 out of 21 RSF Scholarship awards were 100% funded. wilh only 1 al 50% (compared lo a higher proportion of 50 /a awards in the prewous year). This reflected the increasing impact of the CDsI-of4iving crisis on the applicants. financial situations. In teThns ol highlights, scholarship holder Sonny played wrylh his baThJ at the Royal Albert Hall in the Future Makers final, Anais recorded al the legendary Abbey Road Studios. Aarion and Andreza performed with the RSF All Stars at Bright Futures and Elena won the Oulslanding Vocalist award al the Triborough-wide Future Sounds competition. Recent scholarship alumnae took up places at Leeds Consewvatoiie. Trinity Laban and Goldsmiths, a Scholarship lo Columbia University {New York) and performed in West End prodUctrts of Jesus Chrrsl Superslar and The Lion. The Witch and The Wardrobe. Fundraising activities In partnership wth ICKAI charity West London Welmme, RSF continued to provide music scholarships for you refugees lo have weekly. on&tO-one music lessons. We also organised numerous perforTnaTice opportunities for our scholarship students al Queens Park Day, Hanwell Hootie, Tavisloc& Festival and The Great Exhibition Road Feslival, as well as regular lunchtime gigs at Fulham Good NeighlrS and Chelsea & Weslminster Hospitsl. 'The Rhythm Studio Foundation have delivered high-quality perf0mlanS through the CW+ Lunchtime Concert series. The wonderful performances by lalenled sluderrts are often the highligm of our staff and patient's dayl They are always positively received by the audience as they offer an important, positive distraction from the preSsUS of the hospital environment. - Abigail Balkilis. Arts Officer. CW+ Page 4
The Rhythm Studio FouTKlation CIO Report of the Trustees for the Year Ended 31 July 2024 FINANCIAL RFrfIEW Investment policy and perfomiance The Foundation currenlly holds no investments. Reserves pollcy The Foundation's Reserves policy is lo maintain 9 months of core fixed costs {i.e salary and administration). Projects will not be undertaken if they cannot be wmfortably funded. Surplus The Foundation reported an actsjmulated surplus of £77,821 for the year 2023124 (2022123.. £120,184). Our income al £61.498 was also signifin1[Y lower than £95,888 in the previous period in part because we received several unexpected large donations from private ttusls in 2022123. We made a deliberate decision lo reduce our surplus lo a more appyopriale level and therefore exparKled our project delnrery over 2023r24 xross all areas. As a result, our expendilure rose sharply to £103,861 12022r23.' £71.636) mainly due to increased school workshop delivery, an increase in the number of 100% 5Gholarships and bootcarnp places, more hospital vtsils and increased staffing lo indude a part-lime administrative assistant {£9.4421 as well a5 a freelan music lead {£2.592}- PRINCIPAL FUNDING Fundraising RSF focused on community fundraisirwJ over Ihe period. th fewer applications lo Trusts and Foundations. Funds and Trusts We received funding from: The Ofenheim Trust {£7,CXI), The Nathan M Ohrbath Fund (£4,304) and The Worshipful Company of Glovers {£2.500). Individual Giving Our Friends Stheme (£3,180) and Gift (£902) raised funds from indmduals and families whilst record label XL Recordings continued lo support The Rhythm Studio Foundalion's Scholarship scherne1£850). RSF Fundraising Activities We had an aclive year of ct)mmunity-based fundraising . In October 2023. an RSF team took part in the Royal Parks Half Marathon. wilh 10 runners completing the course and raising £10.000 for the Charity. The famous RSF Fundraising Pub Quiz at The Troubadour was a sell-out once again and finally. the RSF Bright Fubjres 2024 fundraising concert, where young musicians perfomied with RSF Patrons, songwriter Guy Chambers and designer Tom Dixon OBE. as well as guest performeT5 including Ni( Lowe and Hollie Cooke. successfully raised mre than £25,000. Fees RSF has extended the offer ol reduced or free programmes to sth¢)ols, ackrKiwledging the financial constraints facing Schools and the light budgets for extra-curricular activities. Whilst receiving £902 in fees. we do not expect them lo make a material contribution in the lorseeable future. Page 5
The Rhythm Studio Foundation CIO Report of the Trustees for the Year Ended 31 July 2024 FUTURE FUNDING AND DEVELOPMENTS Future Funding Along with diversifying our income sources. we plan to twild up (Mjr community fundraising capacity. sustain our support from Trusts and Foundations. boost the Friends Scheme and expand the number of corporate supporters. FUTURE DEVELOPMENTS Schools programme We currently work vith eight local schools Yth Year 4. 5 and Year 6 pupils and that brings us close to capacity al the studio. We our planning to increase the number of our creative music lechnology workshops which can be carried oul at individual schools. premises and therefore we hope lo reath more young people in the future. including those with SEND requirements. We plan to increase our work with secondary schools in the local area, focusing on music production. Hospitsls We plan lo increase our programme of events targeled at oulpalients both at the hospilals and at The Rhythm Studio itself. Scholarships We aim to continue to fund 20-25 music tuition scl)olarships. STRUCTURE, GOVERNANCE AND MANAGEMEI Constitution The charity is controlled by ils governing document. and constilules a Charitable Incorporated Organisation ICIO). This is a change from its previous status as a limtted ¢ompany, lirnited 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 whose terms, dulles and responsibilities are sel out in its, goveming dOrment as presuibed under the regulations in the Charilies Act 2011. Organisation and decision-making The charity 1$ run by a board of trustees. It employs a part-time Head of Operations & Fundraising arKi a part-time Adminislralive Assistant REFERENCE AND ADMINISTRAThIE DETAILS Registered Charity number 1145472 Principal address West London College Gliddon Road London W14 9BL Trustees C N C Hodges Mrs C CaTry O Fetiveau S T Jenkins Ms C A Bishop J Kandunias F G Martin A Lozano Nodar (appointed 19.9.23) E O Papot {appointed 9.7.24) Page6
The Rhythm Studio Foundation CIO Report of the Tntstees for the Year Ended 31 July 2024 REFERENCE AND ADMINISTrATIVE DETAILS Independent Examiner l R Fulcher FCA Blackwood Fulcher & Co. Chartered Accountants 9 Sl George's Yard Famham Surrey GU9 7LW FUNDS HELD AS CUSTODIAN FOR OTHERS The Foundation does Mt hold any fijnds as CStodIan for others. Approved by order of the board oftrustees on 18 December 2024 and signed on its behalf ty. C N C Hodges- Trustee Page 7
Independgnt Examinefs Report to the Trustees of The Rhythm Studio Foundation CIO I report on the accounts of the charity for the year ended 31 Juty 2024. which are sel out on pages 7 to 14. Respectlve responsibilities of trustee5 and examiner The charitls tsuslees are responsible for the preparation of the accounts. The thartty's trustees consider that an audit is not Tequired for this year under section 144{2) of the Charities Act 2011 {Ihe 2011 Acl) and that an independent exarninalion is needed. l am qualFfied to undertake the examination being a qualified member of the ICA£W. It is my responsibility lo.- exarnine the accounts under section 145 of the 2011 {li) lo follow the procedures laid down in the general Directions given by the Charity Commission under section 145151{b) of the 2011 Acl: and (iii) lo slate whelher part[lar maiters have come to My attentic. Basi$ of independent examinefs report My examination was carried out in accordance WFth the general Directions given by the Charity Comffli5sion. An examination includes a review ol the accounting records kept by the charily and a wmparison of the aount$ presented wth those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustees conceming any such matters. The piocedures undertaken do not provide all the eviden that would be required in an audit and consequently no opinion is gNen as to whether the accounts present a 'true and fair vieW and the rewi is fimiled to those matters set out in the statement below. Independent examinevs statement In connection with my examination, no matter has come to rny attenlion.. (a) which gives me reasonable cause to believe that in any material respect the requirements: lo keep accounting records in accordance wtt) section 130 of the 2011 Act; and to prepare accounls which accord with the accounting records and comply with the accounting requirements of the 2011 Act: have not been mel., or (bl lo which. in my opinign, attention should be dravm in order lo enable a proper understanding of the arwunls to be reached. J 4JtA) l R Futcher FCA 81ackwood Fulcher & Co. Chartered Accountants 9 St George's Yard Famham Surrey GU9 7LW 18 December2024 Page 8
The Rhythm Studio FourHlation CIO ststement of Financial AGtivities for the Year Ended 31 July 2024 31.7.24 Total funds 31.7.23 Total funds Unrestricted fund Reslricled fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 54.355 4,840 59.195 Investment income 2.303 2.303 944 Total 56.658 4.840 61,498 95,888 EXPENDITURE ON Raising funds 74,747 28,742 103.489 71,342 Other 372 372 Total 75.119 28.742 103,861 71,636 NET INCoMEI{EXPENDURE> (18,461) 123,902) {42,363) 24,252 RECONCILIATION OF FUNDS Total funds brought forward 87.138 33.046 120,184 95,932 TOTAL FUNDS CARRIED FORWARD 68,677 9,144 77,821 120,184 The notes fomi part of these financtal statements Page 9
The Rhythm Skndio Foundation CIO Balance Sheet 31 July 2024 31.7.24 Total funds 31.7.23 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets 446 416 CURRENT ASSETS Debtors Cash at bank 400 120.560 71,224 9.144 80.368 71.224 9.144 80,368 120.960 CREDITORS Amounts falling due wthin one year {2.993) {2,993> (1,1921 NET CURRENT ASSETS 68.231 9.144 77.375 119,768 TOTAL ASSETS LESS CURRENT LIABIUTIES 68,677 9.144 77.821 120,184 NET ASSETS 9.144 77,821 120,184 FUNDS Unrestricted funds Restricted funds 68.677 9,144 87.138 33,046 TOTAL FUNDS 77,821 120.184 The financial statements were approved by the Board of Trustees and aulhorised for issue on 18 December 2024 and were signed on tts behalf by. C N C Hodges - Trustee The notes fonn part ofthese finanaal ststements Page 10
The Rhythm Studlo Foundatlon CIO Note5 to the Financial Staternents for the Year Ended 31 July 2024 ACCOUNTING POLICIES Basis of preparing the financial slatements The Rhythm Studio Foundation CIO is a tharilable InrpOrated organisation registered with the Charity Commission in England & Wales. The office add$S is West London College. 9 Gliddon Road. London, W14 98L. The accounts have been prepared in accordan wth applicable accounting standards. the Statement of Recommended Pracfice. 'Accounting and Reporting by Charities. (The Charities SORP FRS 102), effective 1 January 2019 and the Charities Acl 2011. Incorne All income is recognised in the Statement ol Financial Activities once the charity has entitlement to the funds, il is probable thai Ihe income will be reiVed and the amunl can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as Ihere is a legal or constwclive oblrgation wmmltting the charity lo that expenditure. il is probable that a transfer of economic befitS will be required in settlement and the amount of Ihe obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings Ihal aggregate all cost related to Ihe category. Where costs cannot be directly attributed to particular headings they have been allocated lo activitie5 on a b8Sts consislenl with the use of resources. Tangible fixed assets Depreciation is provided al the following annual rates in order to lIe off each asset over its estimated usefvl Computer equipment 33% on cost Taxatlon The chartty is exempl from tax on its charFtabie adivities. Fund accounting Unreslricled funds can be used in accordance wilh the tharilable objeclNes at the diserelion of the trustees. Reslricled funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when speciffed by the donor or when funds are raised for particular reslricled purposes. Further explanation of the nature and purpose of e2¢h fund is induded in the notes to the financial statements. Pension costs and other post-retirement benefits The charity operates a defined contribution pension stheme. Conlributions payable lo the charivs pension scherlle are charged lo the Slalement of Financial Activitie5 in the period lo which they relate. INVESTMENT INCOME 31.7.24 31.7.23 Bank interest 2,303 944 TRUSTEES. REMUNERATION AND BENEFrrs There weie no trustees, remuneration or olher beneffts for Ihe year ended 31 July 2024 nor for the year ended 31 Juty 2023. Page11 continued...
The Rhythm Sttjdlo Foundation CIO Notes to the Financial Statements - continued for the Year Ended 31 July 2024 TRUSTEES. REMUNERATION AND BENEFrrs- continued Trustees. expenses There were no trustee's expenses patd for the year ended 31 Juty 2024 nor for the year ended 31 July 2023. STAFF COSTS The average monthly number ofemployees during the year was as fDIIows.' Support 31.7.24 31.7.23 No employees received ernoluments in excess of £60.CKX). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund Tofal funds INCOME AND ENDOWMENTS FROM Dtsnalions and legacies 72,673 22.271 94.944 Investment income 9H Total 73.617 22,271 95,888 EXPENDITURE ON Raising funds 66.980 4.362 71,342 Other 294 Total 67.274 4,362 71.636 NET INCOME 6,343 17.909 24,252 RECONCILIATION OF FUNDS Total funds brought forward 80,795 15.137 95,932 TOTAL FUNDS CARRIED FORWARD 87.138 33.046 120.184 Page 12 continued...
The Rhythm Studio Foundatlon CIO Notes to the Financial Statements - continued for the Year Ended 31 July 2024 TANGIBLE FIXED ASSETS Computer equipment COST At 1 August 2023 Additions 1,824 402 At 31 July 2024 2.226 DEPRECIATION At 1 August 2023 Charge for year 1,408 372 At 31 July 2024 1,780 NET BOOK VALUE At 31 July 2024 446 At 31 July 2023 416 DEBTORS: AMOUNTS FALLING DUE YIITHIN ONE YEAR 31.7.24 31.7.23 Trade debtors 400 CREDITORS: AMOUNTS FALLING DUE VThIN ONE YEAR 31.7.24 31.7.23 Trade creditors Taxation and social security Other creditors 144 284 2,565 79 241 872 2,993 1,192 MOVEMENT IN FUNDS Nel movement in funds Al 31.7.24 At 1.823 Unrestrrcted funds General fund 87.138 (18.461> 68.677 Restricted funds Restricted 33.046 (23.902) 9.144 TOTAL FUNDS 120.184 (42.363) 77.821 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 56.658 175.119) {18.461) Restricted funds Restricted 4.840 (28.7421 123.902) TOTAL FUNOS 61.498 {103,861) (42.363) Page 13 continued...
The Rhythm Studio Foundation CIO otes to the Financial Ststements- continued for the Year Ended 31 July 2024 MOVEMENT IN FUNDS- Gontinued Comparatives for movement in lunds Net movemer¢l in funds At 31.7.23 At 1.8.22 Unrestricted funds General fund 80.795 6,343 87,138 Restrlcted fund5 Restricted 15,137 17,909 33,046 TOTAL FUNDS 95.932 24.252 120,184 Comparative nel movement in funds. itKluded in the above are as follows: Incoming sources Resources expended Movement in funds Unrestricted funds General fund 73,617 167,274) 6,343 Restricted funds Restricted 22.271 (4.362} 17,909 TOTAL FUNDS 95.888 {71.636) 24.252 A current year 12 months and prior year 12 months combined positron is as follows: Net movement in funds At 31.7.24 At 1.8.22 Unrestricted funds General fund 80.795 (12.118) 68,677 Restricted funds Reslrided 15.137 15,993} 9.144 TOTAL FUNDS 95,932 (18,111) 77,821 A current year 12 months arKJ prior year 12 months combined net movernenl in funds, included in the above are as follows= Incoming resources Resources expended Movement in funds Unrestrlcted fund5 General fund 130.275 (142.3931 112,118) Restricted funds Restsicted 27,111 (33,104) 15,9931 TOTAL FUNDS 157.386 (175.497) {18.111) Page 14 conbnued...
The Rhythm Studio Foundation CIO Notes to the Financial Statements - contlnued for the Year Ended 31 July 2024 10. RELATED PARTY DISCLOSURES As note(l in the Report of the Trustees. Christopher Hodges is a Trustee of The Rhythm Studio FoundatlDn. Christopher Hodge5 is also the sole director of The Rhythm Studio Lirnited. During the period the Foundation paid the Company leaching fees tolalling £20.559 (2022123 of £16.49n. All fee5 charged by the Company to the Foundation are priced al or below the cost of providing the leaching. The trustees acknowledge the potential confiict of interest and have re¥d fhe relationship been the two entities. In accordance with the guidelines of the Charities Commission for England and Wales the is nolhing preventing the Foundation frorn engaging the services of any other independent Ihird party. should it believe Ihat the third paty provides a better altemative in fulfilling the charitable objecttves of The Rhythm Studio Foundation. Page 15
The Rhythm Studio Foundation CIO Detailed Statement of Financial Activities for the Year Ended 31 Juty 2024 31.7.24 31.7.23 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid 58.293 902 93,918 1,026 59.195 94.944 Investment income Bank interest 2,303 944 Total incoming resource$ 61.498 95,888 EXPENDITURE Raising donations and legacies Event fees Teaching fees 8.409 58.166 1,929 43,217 66,575 45.146 Other Computer equipment 372 294 Support costs Management Wages Pensions Insurance Postage and stationery Advertising Sundries Accountancy Travel 32,314 595 403 513 113 383 2.336 197 21,574 425 362 319 227 514 2.160 549 36.854 26,130 Finance Bank charges 66 Total resources experKled 103,861 71.636 Net lexpenditureifincome {42.363} 24,252 This page does not fomi part ofthe statutory financial ststements Page 16