Charity registration number 1154170 Company registration number 0832S514 {England and Wales) BRIDGES FOR MUSIC ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
BRIDGES FOR MUSIC LEGAL AND ADMINISTRATIVE INFORMATION Trustees L Mangsel V Barriosela E Grolefeld R Kollmann K Perkins J Hulbert W Saunders {Resigned 11 May 20231 Charlty number 1154170 Company number 08325514 Registered office Manfield House 1 Southampton Street London INC2R OLR Independent examiner Alliotts LLP 3 London Square Cross Lanes Guildford GU1 1UJ
BRIDGES FOR MUSIC CONTENTS Pagg Trustees. report statement of trustees. responsibilities Independent examinerfs report Stslemenl of financial activities Balance sheet Notes lo the financial statements 8-17
BRIDGES FOR MUSIC TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies sel out in note 1 to accounts and comply wth the charity's memorandum and articles of association, the Companies Act 2006 and 'Accounling and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 JanLJary 20191°. ObJectlves and actlvltles The mission of Bridges for Music IBFMI is to empower young talent from under-resourced communities through music, providing safe Spa$, mental health support, 2lsl-ntury tools, mentorship and access to income opportunities in the creative Industries. The organisalion continues lo build on its ethos of utilizing music as a tool for positive social impact, focusing mainly on South Africa through its partners Bridges for Music NPC (South African enlityl and ils Bridges for Music Academy in Langa where most of the programs tske place. These are.. 1. Talent Development Program 2. Short- Courses on DJing and Music Production 3. After-school Program 4. lnduslryASS Program (Employment creation) The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance The year 2023 marked the 10th anniversary of Bridges for Music, a yèar in which the ¢hari(y focused on building organyzalional robustness while expanding its ¢harV(able activities. Vlfith 274 students enrolled across all programs, the organizalion continued lo invest in quality program delivery, monitoring, and evaluation, laying the foundation for future growth and a better understsnding of the impact achieved. The After4chool Program al the Bridges Academy in Cape Town continued lo thrive, providing vital creative arts education lo young people aged 10 10 18 from under-resourced communities, focusing mainly on mental health gains. Another key achievement was the growth of the Industry Access Program, which helped graduates from the Talent Development Progrsm secure income-generaling opportunities in the creative industries, supporting their transition from education lo employment. Financially, the charity saw strong growth. with totsl Incom& Increaslng by 60.3% 10 £488.051, driven primarily by a 90.2% Incroase In fundralslng Income. Over 800 pgople participated in the various ftjndraising events hosted in London, Amsterdam, Ibiza, Cape Town and Johannesburg. This finanaal growth enabled the charity lo end the year with a healthy level of reserves, which a clear goal sel by the board. Over811, 2023 was a year of both organizalional and programmatic growth, leaving the organisalion in a healthy position lo continue growing its impact over the next decade.
BRIDGES FOR MUSIC TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew 2023 marked the 10th year of Bridges for Music, a significant milestone as the charity continued its mission to support music education and employment opportunities in under-resourced communities. The year saw notable income and program delivery growth, reflecting the charity's strengthened fundraising efforts and expanding operations. Income for the period was £488.05112022'. £304,440), representing a Yoy Increase of 60.30A. This growth was primarily driven by fundraising activities, which generated £371,566, up from £195,333 in the prior year, a Yoy Increase of 90.2Yo. This increase came mainly from the success of our ADE Cycle and Dinner and an improvement in our London Gala Dinner results. Donations and gifts also rose to £116,453, up from £109,107 in 2022, reflecting a Yoy incraasa of £.7°h, while investment income added £32, contributing to the overall growth. Expenditure for the year was £436,891 12022.. £355,906), reflecting a Yoy increase of 22.8%. This rise can be attributed lo the growth in charitable activity in South Africa, particularly the expansion of the After-school Program and the Employment Pathways Program, which aim lo provide work placements and real-wodd experience for graduates. Total funds spent on charitable activities amounted lo £154.447, demonstrating a focused investment in program delivery and operational robustness. Restricted funds saw a significant increase from £150,024 to £203,245, reflecting a Yoy growth of 35.4°A, as donations continued to support specific initiatives such as the Talent Development Program and support lo continue Improving the facilities of the Bridges Academy In South Africa. However, unrestricted funds slightly decreased lo £2,48912022." £4,550), showing a Yoy decline of 45.3%, primarily due to Increased expenditure in fundraising and operational aclivilies. Overall, 2023 was a year of financial growth, with the charty achieving a net Income of £51.160 (compared lo a deficit of £51,466 in 20221. Al year-end, the cash balance was £199,854. reflecting the charity's wnlinued efforts to bLJild its reserves to cover Six months of operating wsts in ¢a$e of future uncertainties. Methods to appoint and recruit new trustees Trustees are elected al every year's AGM. Proposed trustees can be pul forward by other trustees or through formal application sent to any Iruslee. The criteria is lo keep a diverse board with different sets of skills and social backgrounds. The aim of the charity Is to pursue inclusion and diversity on a board level. Structure. governance and management Bridges for Music Is a company limited by guarantee Icompany registration number 083255141 and has no share capital.11 is also a registered charity (number 11541701. The trustees, who are also the directors for the purpose of company law, and who served during the year were.. L Mangsel V Barriosela E Grotefeld R Kollmann K Perkins J Hulbert W Saunders (Resigned 11 May 20231 The memorandum and articles of association of the company govern the appointment of trustees. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee lo contribute £1 in the event of a winding up. The trustees determine the general policy of the charity. The day to day management of the charity is delegated to V Barriosets.
BRIDGES FOR MUSIC TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 BFM UK has assisted the foundation of BFM US, which is now a 501 Icl3 tsx exempt organisalion in the US. A big important slep for the organisalion lo grow and raise funds in the US wilhoul the need of fiscal sponsors. It has also provided the structure to create BFM South Africa and run the operations in the South African territory. Both BFM US and BFM SA are now independent entities that wll operate with its own teams and funding and will have to pay back to BFM UK the money loaned for its creatlDn. BFM UK will now focus on the European fundraising events and the membership program in the UKI European territory, channelling the funding lo the program in South Africa. Advantage has been taken of the small companies exemption. The trustees, report was approved by the Board of Trustees. J Hulbert Trustee 2510912024
BRIDGES FOR MUSIC STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees, who are also the directors of Bridges for Music for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view Df the stale of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial stslemenls, the trustees are required to". select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., slate whether applicable UK Accounting Stsndards have been followed, subject lo any material departures disclosed and explained in the financial slalements", and prepare the financial stslements on the going concern basis unless il is inappropriate to presunE that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
BRIDGES FOR MUSIC INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRIDGES FOR MUSIC I report lo the trustees on my examination of the financial statements of Bridges for Music (the d)arilyl for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the charty land also ils directors for the purposes of company lawl you are responsible for the preparation of the finanryal ststemenls in accordance wth the requirements of the Companies Act 20(fi (the 2006 Acll. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 Ilhe 2011 Actl. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs ststement Since the Charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confimi that no matters have Come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial stslements do not accord with those records,. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination,. or the financial slalements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Charities applicable lo charities preparing their accoLJnts in accordance wth the Financial Reporting Standard applicable in the UK a1 Republic of Ireland IFRS 1021. I have no ¢oncems and have Come across no other mallers in Connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the finanryal statements lo be reached. Christopher Cairns Alliotts LLP 3 London Square Cross Lanes Guildford GU11UJ Dated".
BRIDGES FOR MUSIC STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestrlcted Restrlcted funds funds 2022 2022 Totsl 2023 2022 Notes In¢om9 from: Donations and gifts Fundraising Investments 11,232 326,566 32 105,221 45,000 116,453 371,566 32 39,945 195,333 69,162 109,107 195,333 Totsl Income 337,830 150,221 488,051 235.278 89,162 304,440 Expenditure on- Raising funds Charitable activities Other expenditure 262,200 74,447 3,244 17,000 80,000 279,200 154,447 3,244 160,992 191,934 2,980 160,992 191,934 2,980 11 Total expenditure 339,891 97,000 436,891 355,906 355,906 Net incomellexpenditurel and movement in funds 12,0611 53,221 51,160 1120,6281 69,162 151,4661 Reconciliation of funds- Fund balances al 1 January 2023 4,550 150,024 154,574 125,178 80,862 206,040 Fund balances at 31 December 2023 2,489 203,245 205,734 4,550 150,024 154,574 The statement of finanryal activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
BRIDGES FOR MUSIC BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets 13 420 841 Current assets Debtors Cash at bank and in hand 14 36,835 199,854 37,658 144,759 236,689 182,417 Credltots: amounts falllng due wlthln one year 16 117,4231 15,6921 Net current assets 219,266 176,725 Totsl assets less current liabilities 219,686 177,566 Creditors: amounts falling due after more than one year 17 113,9521 122,9921 Net assets 205,734 154,574 The funds ofthe charity Reslriclèd income funds Unrestricted funds 19 20 203,245 2,489 150,024 4,550 205,734 154,574 The company is entitled to the exemption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 Dember 2023. The directors acknowledge their responsibilities for complying wth the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an aLJdit of its financial statements for the year in quesb'on in accordance with section 476. These financial ststements have been prepared in accordan ¥Mth the provisions applicable to companies subject to the small companies regime. 2510912024 The financial stslemenls were approved by the Iruslees on . J Hulbert Trustee Company registration number 08325514 (England and Wales)
BRIDGES FOR MUSIC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Charity infomiation Bridges for Music is a private Company limrted by guarantee incorporated in England and Wales. The registered office is Manfield HoLJse, 1 Southampton Street, London, WC2R OLR. 1.1 Accountlng conventlon The financial statements have been prepared in accordan with the charity's Memorandum and Artides of Association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 las amended for accounting periods commencing from 1 January 20191. The charity is a Public Benefit Enlily as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities applying FRS 102 Upd* Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterting, which is the functional currency of the charity. Monetary amounts in these financial ststements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Golng concern Al 31 December 2023 the balan in lolal funds was £205,734. The trustees have considered this when reviewing going concern and believe that the improved perforrnan of the charity this financial period is indicative of future continued results. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance Conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless perfomance cond(tions require deferral of the amount. Income lax recoverable in relation lo donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. Income from fundraising activities comprise fLJnds generated from campaigns, such as cycle rides and tours. Income from government grants is recognised al the fair value of the asset re¢eived or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be reived. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Vlhere a grant does not specify performance conditions it is recognised in income when the proceeds are recewed or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. 1.5 Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligations committing the charity to that expenditure, it is probable that settlement will be requires and the amount of the obligation can be measuied reliably. Expenditure of charitable activities comprise the costs of the charity's prram, which includes (SIS of running workshops and festy'vals.
BRIDGES FOR MUSIC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounllng poll¢lg$ Icontlnuedl Governance costs indude costs associated with the governan arrangements of the charity, such as independent examinatign, accountsncy and legal fees, as well as donated administrative support. Support costs are allocated evenly between fundraising and charitsble activities as this reflects the lime spent on each activity. 1.6 Tangible fixed assets Tangible fixed assets are inrtially measured al cost and subsequently measured al cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Computers 3 years 1.7 Impairment of fixed assets Al each reporting end dale, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimienl loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order lo determine the extent of the impairment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents Include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown ¥Mthin borrowings in current liabilities. 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the conlraclual provisions of the Inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial slatemenls, when there is a legally enforceable right lo set off the recognised amounts and there is an intention lo sellle on a net basis or to realise the asset and setue the liability simLJltaneously. BasiTC financial assets Basic financial assets, which indude debtors and cash and bank balans, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised.
BRIDGES FOR MUSIC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounllng poll¢lg$ Icontlnuedl Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslilules a financing Iransaclion, where the debt instrument is measured al the prèsent value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable thin one year are not amortised. Debt instruments are subsequenuy carried al amortised cost. using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction pricè and subsequenuy measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday enliuement is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed lo leiminale the employment of an employee or to provide termination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit heMeS are charged as an expense as they fall due. 1.12 Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dales of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated al the rates prevailing on the reporting end date. Gains and losses arising on translation are included in nel Incomellexpenditurel for the period. Income from donations and gifts Unrestricted Restricted funds fund5 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Donations and gifts 11,232 105,221 116,453 39,945 69,162 109,107 Donations and gifts Other 11,232 105,221 116,453 39,945 69,162 109,107 11,232 105,221 116,453 39,945 69,162 109,107 10-
BRIDGES FOR MUSIC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from fundralslng Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Fundraising events 326,566 45,000 371,566 195,333 195,333 Income from Investments Unrestricted Unrestricted funds funds 2023 2022 Interest receivable 32 Expendlture on ralslng funds Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestrl¢ted Restrlcted funds funds 2022 2022 Total 2023 2022 Fundraising and publicty Other fundraising costs Staff costs Support costs 221.962 33,271 6,967 17,000 238.962 33,271 6,967 117.541 32,303 11,148 117,541 32,303 11,148 262,200 17,000 279,200 160,992 160,992
BRIDGES FOR MUSIC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expendlture on charltsble actlvltles Charitable activities 2023 Charitable activities 2022 Dlrect costs staff costs School construction School running costs 33,271 32,303 147,351 80,000 113,271 179,654 Share of support and governance costs (see note 71 Support Governance 32,455 8,721 3.914 8,366 154,447 191,934 Analy$l$ by fund Unrestricted funds Restricted funds 74,447 80,000 191,934 154,447 191,934 Support costs allocated to actlvltles 2023 2022 Depreciation Bridges for Music ISAI overheads Travelling HR costs Project management Website Online marketing Bank and other charges Governance costs 421 588 31 11,148 6,967 5,205 24,279 1,064 1,608 869 818 8,366 1,486 8,721 48,143 23,428 Analysed bglween: Fundraising Charrtable activits'es 6,967 41,176 11,148 12,280 48,143 23,428 12-
BRIDGES FOR MUSIC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support ¢o$ts allocated lo a¢tlvltl8s Icontlnuedl 2023 2022 Governance costs comprise.. Accountancy Bookkeeping 2,448 6,273 2,448 5,918 8,721 8,366 Net movement in funds 2023 2022 The nel movement in funds is slated after chargingllcredits"ngl'. Depreciation of owned tangible fixed assets 421 588 Trustees One of the Iruslees12022.' 11 received remuneration during the year of £58,41412022.. £56,400) as part of a service agreement for services provided on behalf of the charity. Al the year end, the trustee was owed £19,37612022'. £22,992) by the charity for unpaid salaries and other expenses incurred during the years on behaK of the charity. 10 Employees 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries Social security costs Olhei pension costs 58,414 6,808 1,320 56,400 6,886 1,320 66,542 64,606 There were no employees whose annual Temuneralion w85 more than £60,000. 13-
BRIDGES FOR MUSIC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Employ99$ Icontlnuedl Rgmun8ration of kay management p&rsonn81 The remuneration of key management personnel was as follows.. 2023 2022 Aggregate compensation 67,928 64,605 11 Other expenditure Unrestricted Unrestricted funds funds 2023 2022 Financing costs 3,244 2,980 12 Taxation As a registered charity, Bridges for Music is not liable to taxation on it charitable activities. 13 Tanglble flxed assets Computers Co$t Al 1 January 2023 2,420 At 31 Dember 2023 2,420 Depreciation and impairment Al 1 January 2023 Depreciation charged in the year 1,579 421 Al 31 December 2023 2,000 Carrying amount Al 31 December 2023 420 Al 31 December 2022 841 14 Debtors 2023 2022 Amounts falling due within one year: Trade debtors 36,835 37,658 14-
BRIDGES FOR MUSIC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Loans and overdrafts 2023 2022 Directors. loans 19,376 22,992 Payable wthin one year Payable after one year 5,424 13,952 22,992 Borrowings relate to amounts owed to a director for expenses incurred on behalf of the charity. It is expected that this will be settled within 1-2 years. 16 Creditors: amounts falling due within one year 2023 2022 Borrowngs Other taxation and social security Trade credilois Other creditors 5,424 3,640 6,092 2,267 1,730 311 3,651 17,423 5,692 17 Credltors: amounts falllng du9 after mor9 than ong year 2023 2022 Boirowings 13,952 22,992 18 Retlr&ment nfjflt schemes 2023 2022 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 1,320 1,320 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the ¢harty in an independently administered fund. 15-
BRIDGES FOR MUSIC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Restrlcted funds The restricted funds of the charity comprise the unèxpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At 1 January 2023 Incoming resources Resources expended At31 December 2023 Pioneer DJ Studio Scholarships Defected Records Education Market Campaigns Fundraising 132,950 17,074 132,950 25,295 64,221 33,000 45.000 8,000 156,0001 133,0001 45,000 18,0001 150,024 150,221 197,0001 203,245 Previous year- At 1 January 2022 Incoming resources Resources expended At31 December 2022 Pioneer DJ Studio Scholarships 78,450 4,412 56,500 12,662 132.950 17,074 80,862 69,162 150,024 20 Unrestricted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These indude designated funds which have been sel aside out of unreslricled funds by the trustees for specific purposes. At 1 January 2023 Incoming resources Resources expended At31 December 2023 General funds 4,550 337,830 1339,8911 2,489 Previous year: At 1 January 2022 Incoming resources Resources expended At31 December 2022 General funds 125,178 235,278 1355.9061 4,550 16-
BRIDGES FOR MUSIC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Analysls of net assets between funds Unrestricted funds 2023 Re$trict9d funds 2023 Totsl 2023 At 31 December 2023- Tangible assets Current assetsllliabililiesl Long temi liabilities 420 16,021 113,9521 420 219,266 113,9521 203,245 2,489 203,245 205,734 Unrestricted funds 2022 Restricted funds 2022 Total 2022 At 31 December 2022: Tangible assets Current assetsllliabililiesl Long temi liabilities 841 176,725 122.9921 26,701 122,9921 150,024 4,550 150,024 154,574 22 Related party transactions There were no disclosable related paty transactions during the year12022 - none). 17-