Charlty number: 1172363 RESTORE THE MUSIC UK TRUSTEES. REpoirf . INDEPENDENT EXAMINER'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 RESTORE ThE IAUSIC VK Page Referencè and adminlstrntiv• d•lails of th• Charfty. ts Tntst•és and athiimrn Trust•os' roport Trnstses. respoTh85bllltlgs statemont Ind•pendent examlnerfs rèp(*t ststemant ol financlal aclfvltl•g 10 11 Balan￿ she•t 12 Statement of cash Ilows 13 Notes to the financ1￿ staiemènts 14-29 RESTORE THe UK REFERENCE AND ADMINISTRATive DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Ms D M G￿dCA8 Mr G M Singer Ms S J Ra1￿• Charlty regl¥tw•d number 1172363 Princlpal Office h Fknor Pa￿ House 116 Park Street London W1K Chlef •x•cullv• offk•r Pol￿ m￿re Ind•p&ndonl Ex•nln•r CT(Me U.K LLP Chartered Accounlarts F￿rth Fbor St Janes House St Jrn Squaro Cheltenham GLSO 3PR Bankers 106 Finchley Ro&1 LoThJon NW3 5JN Page 1 RESTORE THE MUSIC UK TRUSTEES. REPORT FOR The YEAR ENDED 31 IIARCH 2023 The Trustees present their rewt and firwKial lorthe Y￿ th￿ed 31 Mwch 2023. The accounts have been prep¥ed in xcordanee wth the ¥counting polt*s set out in nol8 1 to the accounts and comply wth the ch*itys goveming docLYn8nt, th8 Charities Act 2011 and "AccountiTr3 and Reporting by CharitJ"es: St*menl of Rec¢xnmended Prxtice apF4rAle lo charities wipaiing their aceounls wi aceordarte with the Financial Reporting Sttrthrd appl￿ in the UK •KI Rewbk of Ireland (FRS 1021.. strudur•, gov•rnanc• and manag•m•nt Restore the Music UK C'RTTrK) is a eharitth a￿￿1$ation was ontorad on thg Register of Charities on 31 March 2017 and hc4d$ Charty 1172363. The cC￿stitutICffl was effectNe fr(#n that date. It The Trustees who swved duriffj the ￿and ￿ to the d*e crf signa￿re clth8 fina￿la1 statenwnts were.. Ms DM Gandda Mr GM Singer Ms SJ Rajani Trustees are appointed through ) wc¢e$$ (* rec¢￿endati￿ and interview. In good time before a Trustee is due to $18p suggestions for a replxement are made arml possible carmlidates are approa¢hed. Shortlisted cand*Jales are then interviev￿d by a trustee and the CEO, who make a recomm8ndation to the otW Ttuslees. The oveNiding aim ts to ènsur¢ that haNp a sklset ¥KII to the diverse &Xivities covered by our grant giving. Inductk)n and Trninhva of Tru¥toes Pollcy 1. RTM recognises that 8n ind￿tiOn programme 15 vital to ￿Ure that Trustee$ Uwhty understand the work ol the organi8atM. the demands. and requwemonts of roie they accepted. 2. All new Trustees will receive lith lo key documents. or thised where they can be found, ￿ati￿j to the Charity wth an explanation of their purpose and effecL Wth thi8 infOrMatK￿ a n8w Trusteo will be abb8 to make effectfft ￿rtIn￿Jt1OnS as quickty as possible. It 15 ￿ pers¢￿￿ responst)ilty L* Trustees lo ensure they are infomied ofthè policies arml key dO￿rnents of the Charity. 3. Each new Trustee will a bespoke fKILTrCt¥)n pl*)r*d *¢(¥ding to their iTrJivKlual needs requirements. In every case h￿ve1, links to certsin dO¢w￿ be wovitsd or ad¥is&l to where Ilw can be found. These are listed below. 4. Al the earfie81 oppJtunity follNIi9 receipt of thè alym ¢knum¢nt$. the Chair ty a delegated Tru$l¢e arranges to meet th the new Trustee to diseuss the current work piior*i&s of the Trust, ansV￿r any questions alout role8 and responsibilib"es. and conkn tin￿ scales ￿levant to the new Trustee's skill set. S. The Chair or deleg*d Trustee ￿s0 reviv￿ the skills audit with the new Trustee and ￿ether dewse more detaded besp&ke prtsaramme of mentoriNJ and trainirKJ. linthding the Trust$ ¢oryiutet Systems. processes. and proeedures) to be undertaken overthe forthcryning mnths. Tralnlng Commltm•nt for Tntst••s Every Trustee ¢¢¥nplete$ a $knll$ audit yew is S￿￿ted to undertake training to meet ￿Y emergiig Irainirq needs. In additM)n, the Trust supp￿9 Iranir¥J to meet the need d Ihe orwiSa￿n as it cK¢urs at other limes ofthe ye¥. Kay docum￿ts.. . The Charitys goveming dc¢wnents. . Latest annual report and accounts. . Minutes of last Iwo meelings. . Charty ConMni88ion GU￿anCe Tr EssentAI Trusiee. whal need to krniw ICC3). . Copies of RTM policie8. . Examples ofany fomial a(Ininistfatr4e dLument$ relatirvj to the Chwity and the Trustee8. . A copy ol S￿11$ Audit for ccmpletion and return. . A copy of the Register of Interests for CL¥nKAetson and retLWn. . Documènt confimiing that slhe 15 SL*able tr bewvJ a Trustee. r￿Uiring signature and a retum date. Page 2 RESTORE THE IWSIC UK TRUSTEES. REPORT {COIfflNUED) FOR THE YEAR EP¥JE0 31 MARCH 2023 The CEO, Polly Mcore, ha5 ha￿15 on day4¢￿ fesponsibmy an aspects of the Charws growih, perf0M￿nce. slratsgy and delivery. This indudes. bul is N)t limited to, presenting to Trustees, financial ovemew. marketing and braNI awareness opportunities. mw donor relth'ons. management of digital plaffom)$ and all eommunication and fundraising ean¥)aigns. The CEO 1$ respon5b￿ for the mana9ement of the grant programme - inclL*Jir4J relationships with past, Fwewt and fuiwe grantees, and building Fxogramme forecasts a rolkng 3 yw Addits'onalty, all events. from conceptual stage to post4elrv8ry. are des*3nod. managod and delivwed by Polly M¢Jore. These wiclude the Skn'nway Masterclass. Battle of the Bands, film prclluclion on k)cation. Teachers. Celebration Dinner and all fundraisiNJ evenls incknlirKJ tr* annual Gala FuThJraiser. Trustees are also rqgularty uF¥Jated on a4 weds of the progress through errAils and Trustge approval is afvtsys sought for arhy ey4endiiure over £3,IXL). The aim of Charty 1$ to keep all adffinistrtht ¢c¢ts as ￿ as pos$blo and gnsure that any ewenditure is at I times valhj, Value aJthvJ 8 f(Kus C￿ the core rwon LY8tre ofth& pr￿3[amme. Objecllves and a¢￿vItIeS Under the Constitulh)n. the Trust88s ar8 ernprywwed to use al ￿ any of capital for the Provision of financial assistance to stste pr1rn￿ and secor¥Jary schools *) tt)e UK in the sole regwd of {relbuilding their musi¢ departments. Op8rations d the Char&y ￿ govermd bythe Twstees. The S￿ ofthe Trust is Polly Vthrè. The Trustees have paid due regwd to gum1a￿e iswed by the Charty Con¥ni$sion in dgcvjing activitie8 the Irusl should undertake. RTM is dedicated lo funding arKI improv￿9 MUSK proV￿A)n in state SCI￿1$. specificaly those in areas of high Soci¢>ecor￿iK deprNathM. The founding wsion of the Charty to enable access to music for all young peopl8 and prowde fvnding for well resourced music departrn*￿s. The RTM Capital Grant Prcsramme now has funding fowrint of£1.8 million a¢ros$ 27 Lcth trtyW w*h tt* ¢apa¢ity to rexh over 70.000 ￿Ung people. Publk benefit The purpose of RThfj i8 raisllw money to rebuikl music departments fft hewty deprived a￿a$ & make mu$1¢ a¢tssibl8 & aVaila￿e to all young people througw their education. The RTM Capital Grant Programme addresses the hole created by austerity & fundwig c￿5 in slate edl￿atIOn. rtrestablishing MUS￿ as a cpe to trxk the wider inva of iryroved music pi¢)vision in the attaimient of young people in areas of high deprivath)n. This *il be done by monr1(￿Thj a range of statistics irKluding. but not h'mited lo school attenda)ce rates. exthsty)n rates and ewn resu* The Charitys inc¢yne is devoted alnKét ent•rety lo and gMI& Tho Charitls offer is pubki¥ed through xKial m￿la, Ch¥*ls ￿lte, rgmions with local MPS, music i￿lUSty partKwnts and by word of wmyjlh. )pli¢atson$ ¥e made frtyn al over the UK Ixrt I￿ from Lorvjon. AppIl￿ts are Tequired to say wthat benefft a grant wll ￿ing to thew school and its studerts as as to ¢Art p￿cISe￿ the pwchasing strategy ￿th accompanying descr4>lion of intended outcomes. The trustees have gNW du& constiyeratkx lo Chty Crnr&sion's published guid￿ cffi the Public Benefit requirement under the Charilies Acl 2011. Grant maklng polky RTM is committed to de￿Wering the founthng vision of the Charity by enat4ng access to music pro¥i8Kin for every child. The policy of the MUS￿ Grant Programme i* to invest li Sch￿18 WFKJ eleaty demonstrate a detarminalion lo defver this vision and supwt the need for MLW to b8 made freely avaikble wrthin the school environment. The prc*edure for makiffj grart aw¥ds is through a robusl application process with al recommended 8ubmissions pre8ented by the CEO lo the Boattl ofTruslees. There is a fomial funding agreement in place for afi appr¢Ned grant awa￿$ and RTM dem￿d$ integrity transparency from all Tfjcip￿nts of its grants. It 15 vitsl that al actr4th.es funded by RTM we carried out to the highest and mosl elhKal standards arKI refiect Ihe of dr¥wsity, gqu*y arKI irKlusion fuThlamental lo the demographic wthich RTM aims to SUpp￿L The Funding Round process takes pthe fv￿ce a y and aims to *￿te an charty income outside of opèrating ¢osts and the reserve pot (see bekw) so no income is wied ftmward in to the nexl financial year. Page 4 RESTORE THE MUSIC UK TRUSTeES' REPORT {CONnNUED) FOR THE YEAR ENDED 31 IIARCH 2023 A¢hlevements and perfonn•nc• The overall policy of the Charity is to fund the provision of musKal #)strumonts and tuitton for every child in stale primary aNf secothy e(lucatic￿. Grant awards were m&Je to 34 schools lor the year end•J 31 M￿h 2023. Of these, 30 grants are the full capital grants of £10.000 and £20.tsJO and then a further 4 awards of £1.000 a4varded to the 4 winners of the RTM Baltle ofthe Bands compettkn'on wh￿h toc* plxe ￿ Juty 2022. C*tsis are ￿ntsIned in Note 7 to the accounts. Grantees aR erthiraged to paitip* in vw RTM e￿nts thring the course of the and in 2022r23 these induded a (match} fundraI￿n9 carryaign By Gp￿ Christmas Chalenge and the Gala Fundraiser Dinner hdd in May 2022, attended by RTM Donors. In additb)n to the grant aN•ds m*Je. the Chaiity has rn￿e swJNfranl partnerships resulling in m4or nv furKling aclivty arnl events for ￿TTent grantees. This irK4uded a 3 yEar partnership with the SONY MUSIC UK Scoal Justice Fund delivering seed capital for Ihe setup of the RTM Nationwid? eXP￿S1On programme enabling delivery of the Grant Programme in lo &'miinghan, Manchesler Nertastle. All 3 areas were seleded for th8ir high 18vels of depriVat￿n wl)ilst also boastirvJ rich seams of cultural history and the arts which will fvrther enablg a broader offering of Wa￿e added op[thL￿*1es to RTM Grantee$ e.g. MUS￿ maslerclas5es, behind the scenes wothshops and general access Io C¥)ncerts. perforw4aw arKI meetings vthh professionals of and in the MUS￿ industy. July 2022 FundiNJ R￿nd. Grant xds t(￿l￿￿j £284.1XIO alcKated to 22 prwnwy and secondary schods across London (enabling access to music for over 14.000 Y(￿￿j people by funding new resources for their school music departments). Doc8mb8r 2022: partNJ"paion in Big Give Christmas Challen9e. a major online fundraisiNJ campaign raised total of £67,227 12022.. £64.743) (to be awarded in school grants ￿ upcoming funthng round). This fvndraising campaign is managed through the cfflline Big GNe pl*form over the course of 7 days and all funds are match8d by RTM Champitin The Chiklhood Tnjst Trnious pledges. The week is celebrated with a musical evening hekl al Sknnway Hall on wig￿￿￿e StreeL London and featuring performances by the students from the winning ensemblgs of Battle ofthe Bands (vthKh lakes p*e in e¥ty J￿). February 2023: SONY MUSIC UK the Instnwnent initk*ive - Adivath)n Event held 81 Harris Academy Gr8envKh to cdebrate the SONY MUSIC UK support of tIE BRITS music awwds cerernny. The event comprised a personal appearance by cdebr*ed Brit arti8t n¢minee Cat Burns along vthh delNèry of instruments from Fender. The s¢hod sele¢W was ch)sen t¢ their nom11￿.On as overall wnner of RTM Battle of the Bar¢ds 2022 and the event rtself Wds of pronvJtKrfwl vaue to Restor8 the Music for its contribution to improving music pmwsion in schools servww areas (A high d4vN*ion. 2023 Funding Rowd.. Gwt wards Idal￿r￿j £180.000 to 12 primry & secondary schools a￿958 London. offering lo r[NJs￿ for 8.OC#i+ studerts. Fundralstng RTM ¢arries otrt a program of fundrwiikyj events ¢)ver the course of the year in order to generate In￿M8 for the RTM Capital Grant Progrrno. RTM d¢)es not employ extemal agen￿ lo carry out wofessional fundraising on its behaff. Fol¢xirwJ the implementstion of General D*a Protèxion Regul*#?n {GDPR} 2018 and the UK GOPR (January 2021), RTM relies on conswrt for al its ma￿e￿ng activiti85. In I￿8 wrth our Data ProlectiM Policy, the charity does not sel has r￿t gi￿ data to third parties without express pemiission. A¢¢ess to the RTM database by staff and ￿lUnteerS is • contmlled varyiThJ access ￿e1$ only with the approval of the CEO. Page 5 RESTORE THE IWSIC UK TRUSTEES. REPORT (CONnNUED) FOR THE YEAR ENDED 31 IAARCH 2023 Any complaints recerrfed during Ihe Jear are recothd. There were received in the year. RTM'S income for the 12 monlhs covered by thks repyt was £788.305. approximatdy 50% higher than the previous year. The growlh in fundraising can be *tr*wted lo a number of factors but largely the creation by the CEO of stgnificant and sustainable future k)okirKJ partnwships. nam* with SONY MUSIC UK and SOUNDStart Foundation (via Save the Musie. US for Pfofrt $￿9￿￿atIOnS 501lel{31) makiig the ch*ity less dependent on the erratic fundraising resufts of muAiple phyEKal events. As set c¥Jt in the prewous report, the long temi gr(thh and sustainotslity of RTM is seen as whc4ly depertht on Ihis fundirKJ model land also bLlllding a more resilient funding forecast) and thus a signthcant prcoortK)n of the bything hours of the CEO is being deployed in this drection. No1w￿h$landlr￿j the sentrnent eypressed above, Restore the MUS￿ ttfjtinues to stage one mail Lknor facing event on an annual basis. nanety the "Gala FundAsef. This is a tickeled evenl hehj at a 5 star venue. attended by up to 200 of the top RTM ¢knO￿. Tr ctcasw is a sBnificant date on the RTM calendar and 1$ d￿gned to shuKase the schools, the d(yvys associaled brands and cc#npani&s wtho are keen lo support and chanwion in¥esknent in to margI￿lIsed peorAe. In person fvrKlraiwng events are a large %Jurc8 01 incL￿e th8 charity, because the donors relish the opportunty to watch the grantee students perfomi which in tum inspwes gemrous donations. Core cx>st of the event Is approxirw ￿4?￿d of tdal revenue,. MI￿1e$ ¥e raised via ticket sales, RTM tshirts, raffle tickets (prize - Ihe Ikywws and botde of ctsnpagne on each tabbg). sibent and LNe auction and pledges. AH items wh￿h are off 9ffted to the chwity by Supp￿￿￿$ aThJ donthns are raised from prwate indivbduals. The revenue from the Ggla event ￿CoUnts for approxmately ontrthirf of total annual revenu8 and is a Vital part of the fundraising effort. The cttasion also alcA¥s for unlimited netrlnking ¢apacity and amplthcation of the voic8 arKI fac8 of RThl . in itsol of Going fornyard the charity kntyll cMtinué to te conce￿￿ to ir￿rease the proFJOrtIc￿ of cc*e funding streams versus Jndraising events in order to wded wJainst ParMkn￿ type caneetlatsn SGgnarios and th8 reliance on this incoff*. Poy PoN¢y The key management peTSOMel of the char￿Y CLNnprM the Board ol Trustees and the CEO and they are responsible for difecling. controNing. running and operaling the ¢￿ty on a day4trday basis. All Trustees gNe their time freety tru$lee remuwation was pabj ￿ring the year. Details of Twstee expense$ and ￿lated paty traThsadiry￿ are disclose(l in nctes 12 and 23. The rernneratK>n CA Sen￿r ￿￿￿ment (CEO) IB 8ufy.ecl to feviv* *prDval by the Board of Trustee5. The package. which comprisgs a fAlary and smal, caFyed t￿￿￿5 91gment based on ￿ting fundraisiro targets. is desi9ned to ensure the selectiLM and ret&itty)n of highquality leaders. It also ensures d)at RTM donors. supporters. volunteers. ￿ner￿"a￿eS and the pubk recogrmze the importance we place on •C£CA￿l*ll￿ in all aspects ofour w(¥k, ￿ClUdIng the detenrlnaw￿ of pay and benefrts ot the management. All employee are re¥ie*ed affC￿￿ity. econobw trends extemal pay movement 18 taken in to account Rlsk management The Trustees recogni￿ that tho Charty qwates in a kyw risk environment. it does face operational and fin￿￿al risks. Every effort is m*Je to in cmtroh arKI prLxedures that are designed to mitigate identified risks. These address the folcthing." The sustainabilty of incorrthng furKls and n pw11￿Lar unre￿￿ fur¥Y8 The aUoc*ion of restrKted furvJ$ Financial controls and 84)proval of exrthjiture Pa98 6 RESTORE THE MUSIC UK TrUSTees' REPORT (¢oiffiNUED) FOR THE YEAR ENtED 31 MARCH 2023 The ¢an¢eHation or postporwrnnt of w4ents and cther fundrayr¥J parlnerships is a key risk kn th& ¢harty. In additi￿, pwtKular attentrJn was pahl to ch￿l￿S abthty to reach its benef￿18￿$ Ihn)ugh a variety of virtualonline events and more attention paKI to donor f￿1g strategy 9)ing foNrnrd specificalty with regard to updating on latest Char￿Y irHbatNes *d c* to Detailed fin￿Cial and 3 ytar foMwd mcAleiing t*es pla￿ rn￿tIty but key assumptions are continually assessed aThJ revised. T￿ fi￿laL8 come urKler monthly review by mana9emenl and ar8 p￿seftted to the Trustees bFmonthty revi￿. ¥Ah a fom￿ End Of Year review on cornpl8tK￿ of th8 Inde￿ndent Examinerfs RepDrL The chari￿$ bank acc￿1￿ arn al hekl with N*West B￿k ¥e mwwed by CEO, Poly Moore. Flnanclal r•vi•w Income for the year was thnations tC￿￿j £563,502 (2022." £277, 7241 frcrn prNate indivmluals, FourKlalK*n$ aThJ charita￿e fund$ tlk purpose of 8chLxI grants and aJministrakn* costs of the charity) £224.803 {202?. £259,040) from charitablg acti)ritse$. £464.000 12022.. £270,￿1)) wa8 spent on grant ¥wards to 34 stste prffnary and secondwy Sch￿15 across tl UK. Support ¢osts lot￿1¢￿ £175.448 12022.. £128.466) arnj costs I￿Irred on raising funds lotalled £110,727 {2022.. £92,499). Net irurm for the ywas £38.130 (￿22.. £4&7991. Res8rv•s pollcy At the ypar erKI reser¥es ofthe Ch￿ty ￿le £194.877 {2022.. £156. 74n. In ￿ne wlh the intention stal8d in the 2022 Annuat ReporL the ch&ty cMtinues to maintsin a 12 month operational ¢osl reserves Fdicy. In addilion. the charity ains to maintain a fle￿ble grant reserves policy of up to £75.000. Total reseNe lin h'ne V*ith current operationl cost) lo stand at no rTh)re than £200,000 and ￿1 other furKls to be allocated via the RTM Sch(￿1 Gwt Programme by the end of each financial year unless otheThwise agreed with the Board of Tnjslees. Future dev•l¢)pn•nts The ChariWs objedive cc4rtinues to be to fimd the of musi¢ to every ¢hihJ in slate primary and secondary Sch￿lS auoss the UK. Thi$ obje¢tive wll be achieved via the RTM Nationwvje Expansh)n Plan using part￿rShip core funding to deliver the madel in other princip￿ cities. Frcm thi$ p)wit regi¢Md p*tnerships and fuThJraising aclNrties will enable RTM to achiwe greater eoverage aThJ d81i¥er its lo￿KIl￿ visw in greatsr scal8 whdst adhering to the founding vision and low￿￿e?￿m￿h impact financHI model. The Trustees thank and &knowledge the gerwosity of The Gord￿ Jenny Singgr Foundation in the fom of an annual grant award an(1 continue in their conmnitment to seeking add￿M)nal fundiNJ from extemal parties in Order to maintain and grN the RTM Music Grant Progr*rThè. Posl-COVID. the Charity is able once again to fully fwjs on an actrve fundfaisiig programm8 for dornrs aTh varK)us ev¢nls for student participation e.g. SteThay Masterclass arKI Battle of the B¥bd$. H(y*Mier. in the event that there were to be a resurgenee of the pandemK and accoMpan￿n9 reStr￿lon$, the charity will revert back to the virtual m¢>Jel and s¢ate b&k on any eyri￿ not stricty r￿CeSSary far the purpose of deliverirwJ RTM has ful fvndiThJ in place for the year ahead whKh will all￿ for both the objectNe of the chaiity {funding the provis*)n of music to schod-going young peop￿> as as covering the costs of deliverirwJ the programme. Should a repeat of Covid style shutd¢ywn scen￿ txw. this tAra enable the Chanty to maintain it8 core obiectp and delivery at the $amè18veb as ulus 201920. P4e7 RESTORE THE MUSIC UK TRUSTEES. REPORT ICONTWUEDI FOR THE YEAR ENDED 31 A14R¢H 2023 It is antiupated that fundratsing gr¢NAh cc¥ttinue 11 2023f£4 at a siTrMlar rate. in which case the charity will accelerate nationwKle expan$ion and w Ihe Schcd Grant Prtyramme in line with the Foundir¥J Vi$ion and The Tmslees ¥e confident that the on4¢xThJ ￿l￿nge￿i pknning wiihin the ￿ganiZatiOn wiu ensure Ihal RTM is in a p)srtion to ¢ontinue and thri￿ for fweeth futuffj and, therefore. the filancial $tatwnents have been prepaied on this basis. AGknovA•dg•m•nt The Trustees wish to thank CEO. Polly McK*e. ts wtst*ding executi￿ and delbvery cl the awns and purpose of RTM and ncle the significant uptick in fvndraising gr(wrth of the tharity its n*ionwide footprint. The Trustees recognise and ackTh* a remarka)le job executed by Polty m￿re wth integnty. delemNnat#)n. and ￿ unwavering belief in the vi8N)n d RTM. Approved by ￿der ofth& members ol the board ot Trustees ￿ signwj on thwT behar ty. rG M Sing•T Chair of Trustees Page 8 I￿T{￿ THE IWSIC UK STATEMENT OF TRUSTEES. RE8PONSIBIUTIES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees are responsible for preparing thg Trustges. reF*Yt a￿1 the finwcwl stal&ments in accordance with applcable law and United Kingdom Accourrting Standards (United Kingdom Genefalty Accepted Accounting Practice). Thg l•Y applcable to ¢tsittas in Eryland & Wales the Trustees to Prepa￿ finarKial statemgnls for each financial t￿iCh give a true and fair Mew ￿ the st* of affairs of the Charty and of its inccming resources and application of resources. induding its iicoff* and expenditure. for that peritij. In preparing these financial sl*ements, the Trustees are rrfwed to.. seloct suitable accounting ￿]￿leS and then them consistenty. observe the r￿0d¥ and principl8s of the Chariti8s SORP {FRS 102),. make judgements and accounliig estim*s are reasonable arKI prudent sL7te whethgr applicable UK Accwnting StaTrJards (FRS 102) have boen fofo*ed, subjKt to any material departures disckjsed and expkined in the financial s&lements.' prepare the finanoal statements ¢)n conc￿n basis un￿S it is Inappr￿7310 to pr6sume th* the Charity will eontinue in business. Trustees are reSp￿￿1b1& for kegpYvJ *quate accoutho rec¢xds tl4t ￿ suffwrt to show explain the Charl￿8 transaclM)ns and disclose wrth ￿aSOn￿le a￿UraCY at any time the financial position of Ihe Charity and enab￿ them lo ensure that the fin￿Cial statements comply *ith the Charth"es Act 2011, the Charty {Ac¢ount$ and Reports) Regulati(￿5 2(N)8 and the proviwns of ￿ Trust deed. They are also respcmsible for safeguarding the assets of the Charity for rettOnab￿ steps for the rKeventicm and detectK*n of fraud aThJ other irregularitss. Apprt)ved by of the members ofthe board of Trustee5 aThJ on its behaw by.. MrG M Singer Chalr of Trusto08 Pagè 9 ## **RESTORE THE MUSIC UK** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023** ## **Independent examiner's report to the Trustees of Restore the Music UK ('the Charity')** **I report to the Trustees on my examination of the accounts of the Charity for the year ended 31 March 2023 which are set out on pages 11 to 29.** **This report is made solely to the Charity's Trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity, the Charity's members as a body and the Charity's Trustees as a body for my independent examiner's work, for this report, or for the opinions I have formed.** ## **Responsibilities and basis of report** **As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').** **t report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.** ## **Independent examiner's statement** **Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:** **1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or** **2. the accounts do not accord with those records; or** **3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.** **I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.** **Signed:** **Dated:** 19 July 2023 **Guy Biggin ACA** **Crowe U.K. LLP Chartered Accountants Fourth Floor St James House St James Square Cheltenham GL50 3PR** **Page 10** RESTORE THE MUSIC UK STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR EtrK￿D 31 MARCH 2023 Unr•gtrlct•d funds 2023 Tolal fund$ 2023 2022 Income from: Donth'ons Charitable &tivl 563,502 224.803 277,724 259,010 Total Incomo 788.30S 788.305 536, 764 Expendlture on: Raising fvnd5 Charitable activitses 110.727 110.727 639.448 92,499 398,466 Total •xpendltur• 750,175 750.176 490,965 Not movem•nt In funds 38.130 38.130 45, 799 Reconclllation of fund•: Total furKls brought fcrfward moverr*nt in funds 17 156,747 38,130 1S6,747 38,130 110.948 45,799 17 Totsl funds ¢•rrl•d forward 19487T 194,877 156.747 Th8 notes on pw 14 to 29 form part dlh8se stater￿nts. P4e11 RESTORE THE MUSIC UK BALANCE SHEET AS AT 31 PAARCH 2023 20rJ 2022 Flxod •8$0ts Tangblo assets 13 1,169 1.270 1,169 1.270 Curr•nt •s8•ts Debtors Cash at bank aKI Wi haNI 14 10331 200JM6 23,317 141,657 Current Ilabllllles 21OA76 164,974 Creditors: amunl$ fallng due *ryihin one 15 {16.668) (9.497) 194708 155.477 Total n•t assets 148n 156. 747 Charlty funds Unrestricted fvnds 17 194.877 156, 747 Totsl funds 194N7 156,747 The financial statthnents were appmved and aUth￿Ised for issu8 by th8 TNsto8s and signed on their behatt by: Mr G M Slng•r Chair of Truslees The notes on pages 14 to 29 fomi pal ofthese finwKial statements. Page 12 RESTORE ThE IAUSIC UK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 IAARCH 2023 2023 2022 Cash Ilows from op•rnling actlvltl•s Net used in operaliTh3 athibes 19 $9,160 36.443 Cash Ilows Irom Investlng JdlvlU•s Purchase of fLYed assets 1918) Nel cash (used Invpmlded ty Invesilng thitio¥ 1918) Cash fkn¥8 from financlng actlvlt New finance lease5 Repayments of finance leases {4921 (399) N•t cash provld•d byl(wJ￿ In) fin•nclng actlviti 146 1399} Change In Cash and ¢ash •qufval•nt8 In th• ye•r Cash cash equivaents at Ihe beginnwyj of the year 68.388 141.657 104613 Cash and cash equlvalents at the end of th• year 20 200.04S 141.657 Page 13 RESTORE THE MUSIC UK NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2023 Restore the Music UK is a Chwrtatle Ineotporated Organisation reghstered in England and Wales (Charity number. 1172363 and Company nwnber. CE0097961. The athress of its registered office is 6th Fl¢)or. Park House, 116 Pak Streel. Londm. W1K &4F. Accountlng polld•s 2.1 Bash of preparatlon of fina￿0•1 •latem•nts The fmarThl ststen*nts ha¥E been wep*ed in with th6 Charities SORP IFRS 102) . Accounting and Reportyo by Charrties.. Statement d Recommended Prn¢t￿ applicable lo charities preparing I￿1r accounts in ￿OrdanCe with the Finanaal Reporknng Standard applicable in the UK and ReP￿￿'C of Ireland {FRS 1021 leffectI￿ 1 January 2019}. the Financial Reporting Standard applicable in tho UK aTrJ of Irela￿1 (FRS 1021 arwj the Ch•itie$ Act 2011. Restore the mU￿C UK meets tho definition of a wblic benefft entty uThJer FRS 102. Assets and 1*bIl￿e5 are In￿allY recognised at hkstorK￿ cost or transactw valuè l￿￿e$S otherwse stated in the relevant accounting policy. 22 Golng cOn￿rn The Trustees beliemt th* the Ch*iWs fnancial re80urces a￿ sUffici￿t to ensure the abdty of the Charity to continue as a goir¥J concem for the thseeable fijture that there are no material un￿rtaIntieS aboul the Charitys ability to continue, being at bast month8 from the date of approval of these fina￿1￿ statements aThl therefore have prep¥ed the fina￿la1 Statements on go¥ig con¢em basi* The Charity has ful fwthg pla¢e for Ihe y ahead wh￿h WIN alkm for both the objgrtive of thg Charity (funding the provI￿an of music to schcdwing ￿Ung people) as wel as ￿Vering the costs of deliverwig the programme. a repeat of the Covbj stye shutdcwr s¢enario occur, this will enable the ¢harity to mawtsin its core ot¥ethe delivery at the same 19vel as the ¢risi$ year of 2019r20. Pago 14 RESTORE THE IWSI¢ VK NOTES TO THE FINANCIAL sTATE￿NTs FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ountlng polklos Icontlnu•d) 13 Incomo JI i￿rne is reeogniged once the ch￿ entitkn)ert lo the incomè, it is probabl8 that the irwne will be rgc8ivéd and the *r￿n1 of income receivable can be measured Te￿abty. Legaciés are c•) recryl or othw*ise rf Charly has been of an impeThSiig distribution, the wnount 1$ kntyhm. ¥rfl rece1￿ is e4)ecled. If the amourrt is rK* knuwn, the kngaGy is treated as a contingent asseL Grants aR induded in the ￿ement of finwKHI activthes on a receN3b￿ basis. The balance of irKome recei¥e(l specffic purposes birt not expended during the pericrfl is shown in the relevant funds on the Balance sheet. Where income is recewed in adv￿r* crf entitlement of receipt, its recognition 15 deferred ar￿ fftduded in creditors as d&ferfed income. whe￿ entitthent ¢x¢urs bel(Ye income is rece1￿d. the in¢(ww k8 acuued. Cash donat￿ are rwnwl ￿ receyL ljhex (kxths are rwnised once the Charity has been notffied of the donation. Un￿5$ performance condrtions require def8rral d the amount. Incom8 tsx recoverable in rel*Th to d(XwtiO￿ re¢eNed under Gift Aid or deeds of covenant is recognised at the time of the donati(m. On recevA d￿ted profeS$KN￿ seNi¢es f￿AlitieS are r&￿nised on tho basis cl the valug of the grf( to Ihe Charity which is anount it havé been Wil￿n9 to pay to obtain seMce8 or facilities of equivalent econom￿ benefft on the cwi market., a c¢yresponding amount is then recognised in expendiiure in ts pwh)d of rBcert exp•nditurn Expernjiture is r￿nIsed once there is a legal or ob￿g￿￿1n lo transfer ecommic benefft to a third party, it is probatde that a lrnnsfer of econo￿￿¢ benefits wtll b8 required Mi settlement and the amouni of the obligation be measured rdiabty. Expenditure is dassffied by actNty. The ¢o$ts of each *ivity are M￿le up of the totsl of direct costs and shared costs. including support costs invofved in undertaking exh &ti41ty. Direct costs attribu￿le to a $ingSe a¢tivty are alocated directly to that &tivity. Shared Costs whth contribute to mcKe than one xtsvty and support costs which ale not attributable to a single arg b8tween Ihose *iwties on a basis consistent with the use crf resources. Expenditure on raising funds ￿dUdeS al expenthlure i￿U1red by the Chty to raiw fvnds for its charilablo purposes and includes ￿)Sts of all fu[KIr￿SU￿ ￿tivitIeS everts. ExF¢nditure on Charitable ¥twthes is irKurred on threctty ur¥Jertaking ts actNtho$ whi¢h further Ihe Chantys objectives, a5 wel as any associatèj support eos Grants paya)le are debilwj to the StatThrt of Fiw)cial Acti¥it*s wthon ￿ undertaking to pay grant during the financial year has been entered Wbto. All expW￿rtLw8 is tndu5rva of i￿8¢0*￿ VAT. Pag615 R&8TORE THE MUSIC UK NOTES TO THE FINANCIAL STATEIENTS FOR TrIE YEAR ENDED 31 MARCH 2023 AccountlNJ pollcles {conllnu•d) 2.5 TwlA• fixod and *rKiali T￿1￿18 ffixed assets costirvJ £11XI or c8pita¥ed recogn￿ wTr￿n future 8cononThc b•nefft8 are prcthble and cost c* v*JJg oftr* assel can be rr￿ured relHbly. At rewitry date thg Charty as58SS8s whth there is any Inthe4t￿ of inwaimient. If such indicalicrt) e￿Sts. the recoverable of the asset is determined to be t1￿ hwjher of its fair value loss co¥t$ to sell and its vaue in use. An inKJaim*nl l)ss is recognised where the carrying amount exceeds the recoNwable a￿UnL Depreciatic41 is chw so as lo awale the cost fwl assets less their residual value ffftr their estwnated useful Ir￿. usirvJ the straghtkn methC￿. Depreuation is prov*tsJ on the folcAYiThJ basi&. C¢mputer ewipft* 16 Flnan¢4al Instrwr￿ts The Charity onty has fin￿￿al assets and ffinanaal liabffilies of a kiThl Ihat qualfy as ba$1¢ firwncial iistnments. BasK financial instruments ￿e initialty reeognised al tranSact￿)n value and subsequenlty Trade and other debtors recowiwj at Ihe Sett1w￿rt an¢)unt after any trade th'sc￿nI offered. Prepayments are vak*d at the amount prepa¥J. Cash at bank and In hand Cash at bank and ￿ hand includes (xsh and 8hort4em) h￿NY liquid irNesknents with a short maturity of three months ty less frtyn the date d wMsitK#I oropeniw ofthé c* sinilar account. Liabilltio9 and provlsions Liabdities are recognised when thwe is ￿ oblylvM at the Balance sheet date as a result of a past event, it 1$ probable that a tr￿sfer of ecOnC¥￿ benefft will be requred in settlement, and the arrol￿t of the setdement can be estimated roll￿ty. Liablities are re¢ognis&J at the Ihat Ihe Charity ￿tIcIpaleS it wll pay to settl& the debl or the amount it has r8cepMI a5 adVar￿e￿ pa￿eftts for the go¢d$ or seniices it must provmle. 2.7 Flnanc• l•as•s and hlre purchas• Assets obtained under hire wrchase ccffjtracts and finance l&as85 are capwised as tangible fixed assets. Assets wuired by f#1￿Ce tease we depreciat￿ over the shorter of the ￿ase tenn and their useful lives. Assets ￿ulTed by hire purchase are dewttialed over th8ir useful INes. Finance leases are those where substantially al of the benefft5 aThJ risks of Owne￿Ip are assumed by th& Charity. Obligations under Such agreemnts are indudgd in ueditOTS. net of the finanee tharge ￿k￿ated to future pericrfls. The finarKe el9￿nI of the rental paym)enl is charged to the Ststement of financial activit￿$ so as to prryjuce a ccfflstani perndic rate of charge on the net oblyt￿•n outstanthn9 in each per￿. Page 16 RESTORE THE IWSIC UK NOTES TO THE FINANCIAL sTATEME1￿s FOR ThE YEAR ENDED 31 MARCH 2023 Accountlng pollcl•s Icontinued) 18 Penslons The Charty operates a defir￿d p￿￿10n and th8 pgns*?n charge represents the amour*s paya)le by the Charity to the furKI in respect of Ihe yaar. 19 Fund x¢ountlDg G•nernl are unrèslrthd funds are avaLaAe for use ai the distt*ion of Trustees in fvrtherance d the ￿J¢C￿¥t$ of the Charly whKh have not been desIgr￿ted for clher pU￿0$e8. Crltlcal accounllng estlmates and areas of Judgmnt Estimates and Judge￿￿$ a￿ ¢￿tinu• ewthJ*d and ¥e based C￿ histoii¢al experience and other faGt¢ys, mclLKlw¥J 8xpedalw￿S of fvture events Ihat are belteved to be reasonabl8 under the Recognition of inc(*ne from grats requires I￿. See rth 2.3 for the accounlirKJ policy for grant Depreciathin is estimated at th& r*s d*iled in 2.5. the canying rnnt ofassets is detailed in note 12. The Chwity make5 e5timate¥ assumpt￿$ corKerning the future. The resutting accounting estimates and assumptions will. by defin1t1￿. ewl the related xtual resuks. The estimatss and a88umplions that have a s￿nIficant nsk of causing a material *Jjustmeftt to the carrying amounts of agsèts and liabiliti8s the next fin￿181 ￿r are discugsed bel¢yw. Page 17 RESTORE THE MUSK UK )TES TO THE FIPIANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Incom• from donations and l•gacl Unr•strict•d funds 2023 Tot•1 funds 2023 Total fvnds 2022 Grnnts and donatlon8 The Gord¢M & Jenny Sbnger F(￿ndthi Other donors The B4q GiNt SONY MUSIC LK SW of Christmas Save The MusÉ¢ 185,1)]O 64.155 67,227 127,120 70,NJO 50.(M)O 185,000 64.155 67.227 127,120 70.000 50.000 185.0ts) 27.981 64.743 Total 2023 563,502 563,602 27T,724 Tot812022 277, 724 277, 724 Income charltabl• actlvliles Total funds 2022 fvnds 2023 2023 Gala inccff 224.803 224.803 259,040 Tolal 2022 259.Q40 259,040 P4e 18 RESTORE THE WSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 31 MARCH 2023 Exp•nd6tur• on rnlslng fwKIs Costs of rnlsing volunt•ry In¢om• Unr•strlct•d funds 2023 Total fund$ 2023 fvrtds 2022 Events costs &Kial media costs 94,￿7 16.660 067 16.660 85,456 7.043 110,727 110.727 92,499 Total 2022 9Z499 92,499 Anatysis of grants Grants lo Instituti( Total fund$ 2023 Tolal funds 2022 Gwts 464,000 464,000 270.000 Tot&1 2022 270,C 270,OcL) Page19 RESTORE THE MUSIC UK NOTES TO THE RNANCJAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2023 The Char￿Y has madè thè materid grants to institutwjns during the yaar.. Name of In•lltutlon Harris Academy Tottenh Wa￿vOrth ACad￿Y Harris Cty Academy Crystal P*e Borough Academy HurlirwJham Acadèmy Ekns Academy Lawk Primary Scho Tollgate Primwy Scht Cleves Primary Schty)I Harris Primary Ac•Jemy Cmy Nelson Primary School Harri8 Garrard Prmary Acad Eastlea Cormwnty School Haggerston School Hallsvdle Primary SCIK Oaklands School Harris Acadery Clapham Ma￿t)w9r PrinBry Schcrfjl Dra￿n Park Primary Sch￿[ Cty Of Lmdon A¢adffj S¢ott Wilkie Primary Scho( Beacon High Sch￿1 John Scjjrr Primary Schc East Ma￿h￿Ster Academy Marfborough Road Primary Ac*J Acad Walker RNerside Secorthry Schod English Matyrs. Prmry SdK¥JI Hillstone Primary Sdthl Star Primary Schc Oasis Acadthny Shirtsy P•k 30.(#10 20.000 20.000 10,000 10,000 10,000 10.000 10,000 10,000 20,000 20.000 10,000 20.01)0 20.000 10,000 10.000 20.000 10,000 20.000 10,000 20.000 10.000 20.000 20,000 10.01)0 10.000 10.01)O 1,000 1,000 1,1)00 1,000 Skinners. Acadery H&kney New Prunary 464,{￿0 Pag8 20 RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EPa)ED 31 MARCH 2023 Nam• of Inslltutlon Walhamstrm Acadomy Pa(hJington A¢*Jemy Grafton Primary School Grasme(e Primary Caprta Cly Academy 20.LkXI io.coo 10.000 20.OL 20,000 20.0 20.C 20.QX) 10.000 20.C 10,C 20.OLYJ to.000 Gladesmore Communty Sclwl Sl Anne's Cath￿Ie Hwh for Gwls Robert Clad( S¢hMI Ark Acton Academy North Htrringay Primary Sc*Kxil The Forest Academy st N8 Primary School Duke's Aldridge Aca St George's C of E prim￿ S¢lK 270.OL Page21 RESTORE THE WSIC UK NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 kWiCH 2023 Analysls of 0xpond1￿rn on charltable actlv51 Summary by fund typ• Unr•strlct•d funds Totsl 2023 Total 2022 Chaiitablg xti¥it 639.448 639.448 398.466 Tolal 2022 398,466 394466 Analysls of •XPWKlllur• by xtivltia8 Grant funding of aGtivili Support osts 2023 Total funds 2023 Total 2022 charit&*￿ actsvitses 175.448 639A48 398,466 Total 20f2 270.0(KI 128,466 398,466 Page 22 RESTORE ThE IAUSIC UK IIOTES TO THE FINANCiAL STATEIIIENTS FOR THE YEAR ENDED 31 IAARCH 2023 Anatysls of •xpMdlknr• ty actlvltl•s (tontInu￿1 ATr•￿15 ofwpport costs Total funds 2023 fvnds 2022 143.489 1.019 175 6.400 6,140 2,745 110 105,572 Professional fees Rent of offKe space Websito and IT cost Travel and SL*sistence Bank charges 2.456 19Q 11 797 12648 495 Insurance 767 14.387 Advertising and Mathetir Subsuiption8 576 175.448 128.466 10. Inde￿ndent examln•rfs r•munwatlr•n 2023 2022 Fees payable to th8 Ch*rVs 8xaminw Inde￿Thjert exaMi￿1￿)n ofthe Charitys annu￿ xcounts Fee$ payable to the Ch￿5 indeperKlent exaniner #i iespect of.. Preparation of finan￿al staterrerts Bookkeepuig and payroll 2,310 2.1(Xl 2,030 7.150 Page 23 RESTORE THE IKISIC UK )TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PWICH 2023 11. Staff costs 2023 2022 Wages and salaries Social ￿￿ritY costs Contribution to defin￿ cc¥ttr*>ution s¢h 133,309 8.869 1.321 96,277 8.066 1.229 143.489 105.572 The aver4& nurthr tyth6 Charty during the ye¥ was as follc*s'. 2023 No. 2022 Adminislr**)n The number of *lK*e empk￿e benefts (ex￿￿lIng eMph)￿r p¢nwn ¢ostsl exceeded 2023 2022 No. In the band £90,001- £100.IXK* In the band £11JO,I]01- £110,000 ReM￿r￿tIOn of key mana9em*rt per8￿ne1. defined as the CEO was £111.042 {2W22. £105,572). D￿r￿j thé ￿ar ended 31 March 2023. rK> Truste8 expenses ha4e been InCun￿ (2022- £NIU. Pagg 24 RESTORE THE IKISIC UK NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Tanglblo flx•d ass•ts Computer equlpm•nt At 1 April 2022 Addit￿n$ 2,6TI 918 At 31 M¥ch 2023 3,590 Ooprnclatlon At 1 April 2022 Charge fortho y8 1A07 1.019 At 31 2023 2A26 N•1 book val At 31 March 2023 1.169 At 31 March 2022 1,2n> 14. Debto 2023 2022 Prepayments Gift aid re(1)ver￿le 10,331 20.817 10,331 23.317 Page 25 RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEAENTS FOR THE YEAR ENDED 31 IAARCH 2023 15. Cr•dltorJ: Amounts fallng du• *ithln on• y•ar 2023 2022 Ot￿r taxat*)n and xoal $e¢urity Obligations under firwice lease ald hire puKhase C￿ltraCts Ot￿r credrtors cruals Deferred income 1198 479 4101 &590 5.000 2,198 333 257 6.709 16.668 9,497 16. keruals and d•f•rMd Ine¢)m• 2023 2022 Resource8 deferred durir¥J the 6.000 Def•rr•d Incom• at 31 Ala￿h 2023 5.000 Page 26 RESTORE THE mus￿ UK NOTES TO The FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IA4RCH 2023 17. StateM￿t of funds Statsm•nt of funds- current y•ar Balan￿ at 31 March 2023 Balance at 1 Aprll 2022 Incom• Exp•ndlturn Unr•￿1¢￿ funds General Funds 166.747 788.305 1760.175 194,877 Statem•nt (rffunds- prlor year Balancé at 31 M8rch 2022 Bala￿ al l Apihl 2021 Unr•strict•d funds General Funds 110,948 536.764 (490,965) 156,747 18. Anatysls of n¢t assets l*lweon Anatysls of net a3s•ts lJ•lwe•n funds. curr•nt y•ar Unr•strlctod funds 2023 T¢)tal funds 2023 TarvJb18 fixed assets Curwt assets Creditcrt due *ithin year 1.169 210,378 116,668} 1.169 210,376 116,6681 Total 194,877 194,8TI Page 27 RESTORE THE IIUSIC UK NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2023 18. An*sl$ of Dot •$￿ts b•twn fuThls Iconthued) Analys1$ of not as•ets betW￿n funds. prlor yoar un￿stIlcted Tot81 funds 2022 22 Tangible fixed as Current assets Credit￿S dug Within one 1.270 164.974 (9.497) 1.270 164.974 (9.497) 156,747 156,747 19. R•¢on¢iliation of not movwnent In funds to n¢t cash frrlm operallng acllvhles 2023 2022 Net income for the year las per Statement of Financi￿ A(*Mtw) 38,130 45,799 Adluslments for. Depreciation charg89 Deu8asd[Increas8) in (18bt*ys Increa8e in creditors 1.019 12,986 7,025 {11.429} 1. 180 Not Cash provlded by op•rntlng actMti•s 59,160 36.443 20. Analysis of cash and cash equ5valents 2023 2022 Cash in h*d 141.657 Total cash and cash equIV￿Onts 21)0,045 141.657 Page 28 RESTORE THE UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENtIED 31 IWICH 2023 Anatysls of ¢hang•s In n•t d•b¢ At 1 Aprll 2022 Ca*h Ilo At 31 March 2023 Cash at bank and in harrtj Fuiaice leases 141,657 1333) 68.388 11461 1479) 141,324 68,242 199,S66 22. Penslon commknwnts The Charity operates a defined conithtson pensw)n scherre. The assets of the scheme are held separately from those of the Charity ￿ an independentty &Yministered fuThJ. The pension cost charge represents contrÉbutDns payable by the Chanty lo the fund *Th)unted to £1.321 (2022.. £1.229). At the ar end contrknubons payth a))ourthl lo £401 (2022." £257) ald ￿e 1K1￿￿ed in other creditors. 23. Rolat•d party traM•¢tion$ Durllw the )tar a grant of £2fKI.00012022.' £2￿.(￿ and tr¢ purchase of a lable al the Gala fundraising dinner for £10,IXK) wwe rKeived fr￿1 the Gord￿ arKI Jenny Sin9er Foundation. of whith the Tnjstee Gordon Singer is Presthnt. The grant is unrestricl*J and £15.000 of the grant was paid diftclty to the Big Give in 2023 2022. D￿atIO￿ from Tntstee8 connected pwties £19,350 were receive(1 duriThJ the financial year. Page 29