Charity number: 1172363 RESTORE THE MUSIC UK TRUSTEES, REPORT , INDEPENDENT EXAMINER'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
RESTORE THE MUSIC UK CONTENTS Page Reference and administratlve detalls of the Charlty, It8 Trustées and adviser8 Trustees. roport Tru8t•88' ra8ponslbilitie8 Statement Indopendent examlner'g roport Statom•nt of financlal act5vlti•s 10-11 12 8alanco sheel 13 Statement of cash flow8 14 Notes to tha financlal statements 15-31
RESTORE THE MUSIC UK REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRLISTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Ms D M Gandola Mr G M Singer Ms S J Rajani Charlty reglstèred nUMr 1172363 Princlpal office 6th Floor Park House 116 Park Slreet London W1K6AF Chlef oxacutive offlcer Polly Stepan Independent Examiner Crowe U.K. LLP Chartered Accountants Fourth Floor St Jame6 House St James Square Ch8ltenham GL50 3PR Bankers N8tWest Swiss Cottage 106 Finchley Road London NW3 5JN Page 1
RESTORE THE MUSIC UK TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees pr8s8nt their report and financial statements for the year ended 31 March 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the chariws goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Pradice applicable to chariti8s preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).° Structure, govemance and management Restore the Music UK ( RTM UK") is a charitable incorporated organisation and was entered on the Register of Charities on 31 March 2017 and hokl8 Charity number 1172363. The Constitution was effective from that date. It is exempt from tsxalion. The Trustees who sep4ed during the year and up to the data of signature of the financial statements were.. Ms D M Gandola Mr GM Singer MS SJ R8jani Trustees are appointed through a proc888 of recommendation and interview. In good time before a Trustee is due to Slep down suggestions for a replacement are made and possible candidates are approached. Shortlisted candidates are then inteNiewed by a trustee and the CEO. who make a recommendation to the other Trustees. The overriding aim is to 8nsure that trustees have a skillset well suited to the diverse activities covered by our grant giving. Appolntmgnt of a Patron Respected schools. music charity Restore The Music (RTM) has announced Lady Ella Wlndsor as 118 Patron. Lady Ella has a lifelong love of music and takes on hèr Patronage to support the charty in its 'whole child approach, to music education. Inductlon and Tralnlng of Tru8t••8 Pollcy RTM recognises an induction programme as vital to ensuring new Tru8tees understand the work of the organisation, the demands and requirements of the role. New Trustees will receive links to key documents, relating to the Charity with an explanation of their purpose and effect. It is the personal responsibility of new Trustees to ensure they are informed of the policies and key docum&nts of the Charity, Each new Tru8tee will have a bespoke induction planned according to their individual needs and requirements. In every case however, links to certain documents will be provided or advised to where they can be found. These are listed below. At the earfiest opportunity following receipt of the above documents, the Chair or a delegated Trustee arranges to meet with the new trustee to discuss the current work prioritie8 of the Trusl, answer any questions about roles and responsibilities, and confirm time scales relevant to the new Trustee's skill set. The Chair or delegated Trustee also reviews the skills audit with the new trustee and together they devise a more detailed bespoke programme of mentoring and training, (including the Trusls computer systems, processes, and procedures) to be undertakon over the forthcoming months. Page 2
RESTORE THE MUSIC UK TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 202S Trainlng Commltment for Trustees Every trustee completes a skills audit every year and is supported to undertake training to meet any emerging training needs. In addition, the Trust supports training to meet the need of the organisation as it occurs at other times of the year. Key documents: The Charity's governing documents. Latest annual report and accounts, Minutes of last two meetings. Charity Commission Guidance 'The E8sentl81 Trustee, what you need to know (CC3). Copies of RTM policies. Examples of any formal administrative documents relating lo the Charity and the Truste0$. . A copy of the Skills Audit for completion and relum. A copy of the Register of Interests for completion and return. • Document confirming that slhe is suitable for bein9 8 Trustee, requiring signature and a return date. Rol• of th• CEO The CEO, Polly Stepan. has hands on datOaY responsibility for all aspect3 of the Charitls growlh, perft)mianc8. strategy and delivery. This includes, but is not limited to, presenting to Trustees, financial overview, marketing and bland awarenes3 Opportunities, major donor relations, management of digltal plalforms and all communication and fundraising campaigns. The CEO is responsible for the delivery of the RTM programme - including relationships with pasl, present and future RTM schools, and building programme forecasts on a rolling three- year view. Additionally, the CEO delivers event8 from conceptual Stage to po$t-delivery. The CEO updates Trustees regularly on all aspect8 of the charity's progress. The Charfty aims to be as efficient a8 P0$8ible, keeping overhead co$t$ at a modest level, while maintaining efficiency. Oblectlvos and actlvltles Under the Conslitution. the Trustees are empowered to use all or any of th8 capital for the provision of financial 8S8iStance to state primary and s8condary schools in the UK in the sole regard of (re)building their music departments. Operation8 of the Charity are governed by the Trustees. The secretary of the Twst is Polly Stepan. The Trustees have paid due regard to guidance issued by tha Charlly Commission in deciding what activities the trust should undertake, Restore the Music (RTM) is a social impact investment programme focussed on lifting young people out of poverty. This is achieved by supporting schools in areas of high deprivation to equip and rebuild their music departments. acknowledging the vital role of accessible and well-resourced music departments in improving whole school attendance and attainment. The mission is to ignite students, potential using music education as the foundalion for their future. To date. Restore the Music has supported 160 schoo58 in building their music departments meaning a reach of over 125.000 young people through music. Page 3
RESTORE THE MUSIC UK TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2026 Publlc benefit The founding vision of the charty is lo deliver transfonnative opportunities and multiple pathways to all young people by enabling well-resourced music education programmes in schools, As a direct result of these programmes can be seen the benefrts of social cohesion and mobilty that a levelling up in music education can deliver. The main demographic who ser¥e as the focal point of this vision are those who Vuld be identified as eligible for Free School Meals {currenlly a total of 2.5 million children across the UK). The trustees have given due consideration to the Charity Commission's Public Benefit requirement under Charities Act 2011. Mlssion and mod•l The charity'8 mission is to ignite young (>18yrs) paople's potential using music as the bridge. Deserving sch¢X)Is are identified initially as those with at least 50% of the students on Free School Meals. A rigorous interview process ensures the Principal is on board 80 that the music teacher has wholfrvof-school 8UPPOrt in delivering music edutIon. In little over t8n years, RTM has equipped more than 160 music departments in primary and Secondary schools in London, Birmingham, Manchester and New¢a$tle, opening up music 8ducalion to young people acr06S the mosl deprived areas of the UK. RTM schools report higher attendance levels and overall academic attainment. Grant awards for prfmary and secondary schools The RTM School Music Award$ Programme addresses the gap in music provision created by years of austerity and funding cuts in State education, re-estsblishing music as a core subject priority in all schools and helping to facilitale social cohesion and mbility. RTM funding for pre4pproved Instnjment Award Bundles (IA8) are delivered directly to state schools via the School Music Awards Programme. This programma allocates Instrument Awards ranging from a value of £5,000 to £20,000 to schools of above average Free School Meals and Pupil Premium. The RTM IA8 enables access to a music education for all students, providing a gateway to new opportunilies, unlocking hidden talents and building cultural capital. students are encouraged to take instruments home and to support their peers in ensemblès both In and out of the classroom. Impact ranges from developing confidence, aspiration, and positive attitude to a greater understanding and acceptance of diversity within our global cufture. RTM works with local partners to identffti schools best placed lo optimise the funding and deliver maximum impact. Restore the Music partners with education providers, regional Music Hubs and complementary charities to provide the best possible impact for the schools it senRs. Ellglblllty A school's eligibility is initially determined by whether it has above average numbers of student$ on Free School Meals and % Pupil Premium. The degree of social mobility in the school population. as well as English as an additional language are also considered. In the award application, schools must demonstrate a clear and sustainab18 Strategy for delivering music provision over a three-year period design8d for the maximum benefit of their student cohort. Applications must include an itemised breakdown of proposed expenditure on musical instrumenls. Award applications are approved by the RTM Board of Trustees. Award recipi8nts are expected to participate in RTM events and showcase their students and new facilities. Page 4
RESTORE THE MUSIC UK TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Success measures Data and feedback are reviewed alongSKle the orinal grant application to ensure adherence to approved vision and strategy and a commitrnent to sustainable music provision. RTM schools provide updates, a prescribed fomat, on the impacl of the funding. This report details musical performances: quantrtative data on students participating in ensemble groups; uptake of inslrumental learning and exam results. Success is measured not only on glades. bul also by increaséd participation in the music offering e.g. through iecoiding student numbers choosing music GCSEIBTEC and A Level alongside other academic subjects. Increased attendance in extra-curricular music department clubs {or¢hestra. samba band, Slreet choir 8tc.), is another factor of note. Achievement is, therefore, qualitative, as well as quantitative. For example, learning to play the drums might play a transformative ro18 in a child's ability to engage with school lrfe, or a child with limited English vocabulary may find a voice through playing an instrument can be priceless. Publ1¢ awarene88 The chanty's work is publicised widety through social media, the charily's website, and through word of mouth via regional music hubs and industry partners, and. in particular, via $trong relalionships with an over 70 strong nerk of MPS in the areas we serve, Regular congtituency funding updates and MPS are invited to attend local RTM grantee school for in person demonstration of how a well-equipped music department can Improve the emotlonal, mental and academic lives of the whole school cohort, Awards poII¢y RTM is committed to delivering the founding vision of the Charity by enabling access to music provision for every child. The policy of the R TM School Music Awards Programme is to invest in schools which clearly demonstrate a datermination to deliver this vision and support tha need for music to be made fieely available within the school environment. A formal funding agreement 18 in place for all approved in8trum8nt awards. RTM require8 integrity and transparency from all recipient$ of it8 awards to ensure activities funded by RTM are carried out to the highest and most ethical standards, roflecting the principles of diversity, equality and inclusion fundamental to the demographic RTM 8UPPOrts. School Music Awards are made annually and, on occasion, biannually. The charity aims to allocate all fund- raised income outside of operating costs and a prud8nt reserve. Fundralslng The annual gala fundraising event in May 2024 was SUCC8ssful. The evenl was attended by 200 donor$, contributing £2.045 to the totsl funds raised in 2024-25 of £945,482. Other source$ of fund raising income include individual donors (including three-year donation commitments), corporate partners, Trusts and Foundations. The Story of Christmas and The Big Give. Steinway donated five upright pianos to RTM schools and named RTM as the beneficiary of its October 2024 piano sale. RTM continues to be engaged in strateglc fundraising to support the charity's work. A key success for the on- going fund-raisin9 is securing, in early 2024, an Anchor donor who has agreed to match donations with a further 750A contribution. once an initial £300,000 fundraising amount is reached in 202*5. This provides the basis for a reinvigorated case for support for major donors and trust and foundations. underpinning RTM'S plan to scale up the operation to provide more UK children currentty living in poverty with a music education. Page 5
RESTORE THE MUSIC UK TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 A¢hlevements and performance RTM d81iv8red an outstanding programme of school music awards, perfomiance opportunities and fund-raising in 2024. making new in-roads into mapping the efficacy of music education with the launch of the Spotlight study. the conts'nuation of music teachar support and with the expansion of the programma to Newcastle-upon Tyne. The following represent s¢)me highlights of the yearfs aclivity: Restore the Music supported 24 schools in 2024-5 with total value of £398,000 in grant awards for musical Instruments. RTM Schools performed at the Royal Foundation Westminster Abbey Carol Service at th& invitation of Lady Gabriella Windsor Announced Lady Ella Windsor as Patron. In January 2025, undertook three-way collaboration with DDMIX (a dance In schools charity) and ptace28e. with an event in ARK primary in Birmingham. Established RTM presence in Newcastle with support from the Worshipful Company of Fishmongern. Held annual Teachers, celebratory dinner. h08ted & funded by the Fishmongers, Company. MP visits with Liam Byrne, Marsha de Cordoba and Preet Gill with regular updat&s and RTM presence In key education policy initiatives. In 2024, held RTM ninth Battle of the Bands competitive event for School music ensembles, with co- spon80rs Gibson & Morgan Lovell. Launched year one of Spotllght Project - a five year Study f¢llowing progress in music education in four dlfferenl schools across the UK. February 2025, the third SONYMuslc Beyond the Music Initiative, this year at City Academy Hackney. SONY artist DJ Sigala was special guest, with £20k gifted as instrument endowment. Pay Policy The key management personnel of the Charity comprise the 808rd of Trustees and tha CEO and they are responsible for directing, controlling, running and operating the charity on 8 datOlaY basis. All Trustees give their time freely and no trustee remuneration was Paid during the year. Dotails of Trusiee expenses and related party Iransactions are disclosed in notes 12 and 23. The remuneration of Senior Management (CEO) is subject lo review and approval by the Board of Trustees. The package, which comprises a salary and small, capped bonus element bas8d on meeting fundraising targets, is designed to ensure the selection and retention of hwh-quality leaders. It also ensures that RTM donors, supporters, volunteers, schools and the public recognize the importance we place on accountabilty in all aspects of our vrk, including the detemiination of pay and benefrts ol the senior management. Employee salaries are reviewed annually. taking into account affordability, economic trends and external pay Page 6
RESTORE THE MUSIC UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Risk management The Trustees recognise that although th& Charity generally opèrates in a Iow•risk environment, it does face operational and financial risks. Every effort is made to put in place controls and procedures that are designed to mitigate identified risks. These address the following.. The sustainability of incoming funds 8nd in particular unrestricted funds. The allocation of restricted funds. Financial controls and approval of expendrture. The cancellation or postponement of events and other fvndraising partnerships is a key risk for the charlty. In addition, particular attention was paid to the charity's ability to reach ts b8neficiaries Ihrough a variety of virtuallonline events. More focus is baing given to the donor-facing communications strategy, with specifi¢ regard to providing updates on the latest RTM initiatives with calls to action for potential donors. Detailed financial forecasting and three year forward modelling take place monlhly with assumptions continually assessed and revised. Financials are pr8sented to the Trustees for bi-monthly review. A formal End Of Year review takes place on completion of the Independent Examinerfs Report. The Charity's bank accounts are all held with Natwest Bank and are managed by CEO, Polly Stepan. Flnanclal revl Income for the year was donations totalling £739,437 {2024'. £665,319) from private individuals, Foundations and charitable funds (for the purpose of school grants and administrative co8t8 of Ihe charity) and £206,045 (2024., £239,735) from charitable activities.The charity distributed £398,000 (2024.. £595,210) in grant awards to 24 {2024: 411 state primary and secondary schoo18 acro88 the UK. Operating profrt for the year was £212,758 {2024: loss £22,957). Reserves pollcy At the year end unrestricted reseNe8 of the Charity were £354.678 <2024: £171,920) and restricted reserves were £30.000 (2024.. £Nil). In line with the intenlion stated in the Annual Report, tha charity continues to maintsin a 12 month operational crJSt reseNe8 policy, Totsl reserve (in line with current operational cost) to stsnd at no more than £150.000 and all other funds to be allocated via the RTM School Music Awards by the end of each financial year unless otherwise agreed with the Board of Trustees. In 2025 the reserves actually stood as £384,678 dug to a donation being received in advance of £225,000, which will ba spent within the 2025126 year end. Strateglc revlew Restore the Music started an intensiv8 process of strategic review and development in February 2025. This includes developing the fund•raising capability to sustain RTM'S work in conjunction with modelling a five-year plan for strategic expansion within the charity. Our process takes account of dynamic factors affecling UK music hubs, the national curriculum, music teacher training, the changing arts funding landscape, as well as building the charitls internal capacity and external networks. This programme of work was planned wrth 9uidance and expertise from Dylan Tatz, Director, The Singer Family Charitable Foundation, and fom)er director of The Becker Foundation. Strategic consultant Janet Reeve is working closely alongside the RTM CEO to develop fund-raising and governance infrastructure. Our plan is to incr8ase board membership to ten by end 2026. The list for consideration is based on candidates, skills and experience in the following areas: music education. social welfare. fund-raising, musicianship, creativa industries and legal. Page 7
RESTORE THE MUSIC UK TRUSTEES, REPORT {coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2025 Futur¢ developments The Charity's objeclive continues to be lo resource school music departments in areas of high deprivation across the UK and hamess the power of music to build a path out of poverty. This obj8Ctive will be achieved via a longer-term fundraising strategy which. coup18d with a match-funding pledge by an anchor donor will help achi8V8 greater reach across the UK and further resourcing opportunities for Cufrent award recipients. With a footprint in the 4 key hubs - London, M8nch8Ster, Newcastle and Bimiingham - now firmly estsblished and irrafutable proof of concept and impact (cf. Grant Impact Report) in hand, the intention is to secure regional funding partners and deliver the founding vision in greater scale, The Trustees thank and acknowledge lh8 generosily of The Singer Famity Charitable Foundatlon in the form of an annual grant award and continue in their commrtmant to seeking additional funding from external parties in order to maintain and grow the RTM School Music Programme. The Charity runs an active fundraising programme for donors and various events for student participation eg. Gala Dinner and Battle of the Bands, However, the application process and funding model of the School Mu81C Awards Programme itself remains a virtual operation which is fully Scalable and deliverable in any location. RTM has full funding in place for the year ahead whlch will allow for both the objective of the charity (funding tha provision of music to school%oing young people) as well as covering the costs of delivaring Ihe pro9ramme. The charity is felt to have a suffKiently stied resenie sum and thus all other incom8 lo be distributed via the RTM SChCl Music Awards Programme by end of financial year, unforeseen restrictions notwithstanding. The charity will continue to operate Dnty in line with its revenue forecasl and will trim or grow the funding rounds accordingly. Howwor the charity naturally hopes that nationwide expansion will continue and enable growth of the RTM School Music Awards Programme in line with Iha Founding Vision and Code of Governance oullined above. The Trustees are confident that the on-going contingency planning within the organization will ensure that RTM is in a position to continue and thrive for the foreseeable future and. therefore, the financial Statements have been prepared on thig basis, Acknowledgement The Trustees wish to thank CEO. Polly Stepan, for outstanding execution and delivery of the aims and purpose of RTM and note the significant uptick in fundraising and grh of the charity and its nationwide footprint. The Trustees recognise and acknowledg& a remarkable job executed by Polly Stepan with integrity. determination and an unwaverin9 belief in the vision of RTM. Approved of the members of the board of Trustees and signed on their behalf by: S5nger Chair of Trustees Date.. 27111 2r Page 8
RESTORE THE MUSIC UK STATEMENT OF TRUSTEES, RESPONSIBIUTIES FOR THE YEAR ENOED 31 MARCH 2025 The Trustees are responsible for preparing the Trustees, report and the financial stataments in accordance with applicable law and United Kingdom AountIng Siandards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wal&s requires th8 Truste88 to prepare financial sl8tements for each financi81 which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial Statements, the Tru8tees are required to.. select suitable accounting policie8 and than apply them consistently: obsèrve the methods and principles of the Charities SORP IFRS 102)., make judgements and accounting estimates that are reasonable and prudent; state wh8ther applicable UK Accounting Standards (FRS 102) have been followed, subject to any malerial departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the Charity will continue in busine88. The Trustees are responsible for keeping adequate accounting record8 that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that tha financial statements compty with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are 81so responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection Of fraud and other irregularities. Approved by o he members of the board of Trustees and signed on its behalf by: Slnger Chair of Trustees Date.. 271111kn2r Page 9
RESTORE THE MUSIC UK INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENOED 31 MARCH 2026 Independent oxam5ner'8 report to the Trustees of Restore the Muslc UK ('th• Charity.) I report to the charty Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025. Responslbllltlos and basis of report A8 the Trust&es of the Charity you are r8sponsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the 2011 Act,). I report in re8pect of my examination of the Charity5 accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Direclion8 given by the Charity Commission under section 145(5)(b) of the 2011 Act. Indapondent examlner's statement Sinca 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 confim that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants England and Wales, which IB one of the listed bodies. Your attention is drawn to the fact that the Charity has prepared the accounts In accordance with Accounting and Reporting by Charrtie5,' Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities.. Statemenl of R8¢ommanded Practice issued on 1 April 2005 which is referred to in the exlant ragulations but has been withdrawn. l understand that thi8 has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or afler 1 January 2019. I have completed my examination. l confirm that no matters have come to my attention in connection wrth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act. or the accounts do not accord with those records; or the accounts do not compty 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 'lwe and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no oth8r matters in connection with the examinalion to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be aChed. Page10
RESTORE THE MUSIC UK INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 This report is made solely to the Charitys Trustees, as a body, in accordance wrth Part 4 of the Charities (Accounts and R8POrts) Regulations 2008. My work has been undertaken so that I mi9ht state to Ihe Charitys Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest exient pemiitted by law, I do not cept or assume responsibility to anyone other than the Charity and the Charitys Tiustees as a body, for my work or for this report. Signed.. Dated.. l December 2025 Guy Biggln ACA Crowe U.K. LLP Chart8r8d Accountants Fourth Floor St James House St James Square Cheltenham GL50 3PR Page11
RESTORE THE MUSIC UK STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2026 Unre9tr1¢ted funds 2025 Restrlcted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donalions Charilable activities 699.437 206,045 40,000 739,437 206,046 665.319 239, 735 Total Income 905,482 40,000 945,482 905, 054 Expendlture on: Raising funds Charitable activities 128,259 594,465 128,259 604,466 131,639 796,372 10,000 Total expendltur• 722,724 10,000 732,724 928,011 Net mov•m8nt In funds 182,758 30,000 212,768 (22.957) R•¢onciliatlon of funds: Total funds brought fonNard Net movement in fund8 18 18 171,920 182.758 171,920 212,758 194,877 (22, 957) 30,000 Total funds carrl•d forward 364.678 30,000 384,678 171,920 The notes on pages 15 to 31 form part of these financial statements. Page 12
RESTORE THE MUSIC UK BALANCE SHEET AS AT 31 MARCH 2025 2026 2024 Note Fixed a888ts Tangible assets Current assets 13 2,707 484 Debtors Cash at bank and in hand 14 7.423 629,728 23, 155 197, 163 637,151 220,318 Curr•nt Ilabllltle$ Creditors.. amounts falling due within one year 15 (264,688) (48,882) Nét current aggots 382,463 171,436 Creditors.. amount8 fallin9 due aftar more than one year 16 1492> Total net as88ts 384,678 171.920 Charlty funds Restricted fund8 Unrestricted funds 18 18 30,000 354,678 171,920 Total fund8 384,678 171,920 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Slnger Chair of Trustees Dat8. 27111 Jsir The notes on pages 15 to 31 form part of these financial statements. Page 13
RESTORE THE MUSIC UK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flows from operating actlvltlos Net cash used in operating activities 20 434,271 (2, 563) Cash flows from Investlng a¢tlvltle8 Purchase of tangible fixed assets 12,636) Net cash {usgd Inyprovld¢d by Investing a¢tlvltle8 {2,635) Cash flows from flnanclng aciivitios New finance lease$ Repayments of financè kases 1,188 1269} (319) Net cash provld•d byl{u8ed In) flnan¢ing actlvltles 929 {3191 Chang• In cash and cash equlvalents In th• y•ar Cash and cash equivalents at the beginning of the year 432,566 197,163 12.8821 200, 045 Cash and cash equlvalents at the end of the year 21 629.728 197, 163 The notes on pages 1 S to 31 form part of these financial statements Page 14
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Information Restore the Music UK is a Charitable Incorporated Organisation registered in England and Wales (Charity number: 1172363 and Company number.. CE009796). The address of its registered office is 6th Floof, Park House. 116 Park Street, London, W1 K 6AF. Accountlng pollcles 2.1 8a81s of preparatlon of flnan¢lal statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounling and Reporting by Charrtie$.' Statement of Recommended Practice applicable to charities praparing their accounts in accordance wrth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) {effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and tho Charities Act 2011. Restore the Music VK meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheThvise 8tatad in thè relevant accounting policy, 2.2 Golng Concern The Tru8tees believe that the Charity's financial resource8 are Sufficlent to ensure the abilty of the Charity to continue as a 90ing concern for the foreseeable future and that there are no material uncèrtainties about the Charity's ability lo continue, being at least tsvelve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis, The Charity has full funding in place for the year ahead which will allow for both the objective of the Charity (funding the provision of music lo school-going young poople) as well as covering the cosls of delivering the programme. The charity is felt to have a sufficiently sized reserve sum and thus all other income to be distributed via the School Grant Programme by end of financial year, unforeseen restrictions notwithstanding. Page 15
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 Accountlng pollclos {continued) 2.3 Incomo All income is recognised once the Charity has entillement to the income, il is probable that the income will be received and tha amount of income receivable can be measured reliably. Legacies are recognised on receipt or otheDNise if the Charity has be8n notified of an impending distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specrfic purposes but not expended during the period is shown in the relevant fund8 on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs fore income is received, th8 income is accrued. Cash donations are recognised on receipt. Other donations are recognised once the Chanty has been notrfied of the donation. unless performance conditions require deferral of ihe amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognlsed at the time of the donation. On rKeipt, donated professional $eNices and facilities are recognised on the basis of the value of the gift to the Charity which 19 tha amount It would have been willing to pay to obtain seNicas or facilities of equivalent economic benefit on the open marffet; a corresponding amount is then recognised in expenditure in the period Of receipt. 2.4 Expendlture Expandilur8 18 recognised once there Is a legal or constructive obligation to transfer economic benefrt to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 18 classified by activity. The costs of each adivity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shad ¢ost$ which contribute to more than one activity and support costs which are not attributable to a single activrty are apportioned between those activitie$ on a basis consistent with the use of resources. Expenditur? on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes cosls of all fundraising activities events. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objective8, as well as any associated support costs. Grants payable are debited to the Statement of Financial Adivities when an undertaking to pay the grant during the financial year has been entered into. All expenditure is inclusive of irrecoverable VAT. Paga 16
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Account5ng pollcles (contlnued) 2.6 Tanglble flxod assets and depreclatlon Tangible fixed assets costing £100 Qr more are capitalised and recognis8d when future economic benefils ar& pft)bablè and Ihe cost or value of the asset can be measured reliabty. At each reporting date the Charily assesses whether there Is any Indicalion of impairment. If such indication exists, the recoverabl8 amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impaimient loss is recogni3ed where tha carrying amount exceeds the recoverable amount. Depreciation is charg8d so 85 to allocate the cosl of tangible fixed assets less their re8idual valu& over their estimated u8eful lives, using tha straight-line method. Depreciation is provided on the following basis: Computer equipment 330 2.6 Flnanclal In8trum•nts Tha Charity only ha8 financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequenlly measured at their settlement value. Debtorn Trade and other debtors are recognised at the settlement amounl 8ft&r any trade discount offered. Prepayments are valued at the amount prepaid. Cash at bank and In hand Cash al bank and in hand Includes cash and short-term highly liquid investments with a short maturrty of three month8 or less from the date of acquisition or opening of thè deposit or similar account. Llabllltlos and provision$ Liabilities are recognised when there is an obligation at the Balance sheet date as a resull of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount thal th8 Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or san4ices it must provid8. 2.7 Flnance l&as•s and hlre purchase Assets obtained under hire purchase contracts and finance leases are capitalised 8S tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Financ8 leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 17
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Account5ng policies {contlnued 2.8 Penslons The Charity operates a defined contribution pension scheme and the pension charge represent5 the amounts payable by the Charity to the fund in respect of the year. 2.9 Fund accountlng General funds are unrestriclad funds which ale available for use at the discratlon of Ihe Tfustees in furtherance of the general objectives of the Charily and which have not been designated for olher purposas. Restricted funds are funds which are to be used in accordance wilh specific restriction8 impo8ed by donor8. crftl¢al accountlng e8tlmate8 and areas of judgement Estimales and judgemenls are continually evaluated and are based on historical experience and other fadors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definiiion. seldom equal the r&lated actual results. The estimates and a$sumption8 that have a significant risk of causing a material adjustment to the Carrying amounts of assets and liabilities within the next financial year are discussed below. Critical accounting estimate8 and ag8umptions', Recognition Of income from grant8 requires judgement. See note 2.3 for the accounting poliw for grant income. Depreciation 18 estimated at the rates detailed in note 2,5, the carying amount of assets is detailed in note 12. Page 18
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2025 Income Irom donatlons and legacles Unre8trlct8d Restricted funds funds 2026 2025 Total funds 2025 Grants and donatlons Singer Family Charitable Foundation Propokenya Other donors The Give SONY MUSIC UK Story of Christmas Rayne Foundatlon 410,000 15,000 5,113 70.710 148,614 40,000 10,000 40,000 460,000 15,000 6,113 70,710 148,614 40.000 10,000 Total 2025 899,437 40.000 739.437 Unrestricted lunds 2024 Tol81 funds 2024 Donatlons The Gordon and Jenny Singer Foundation Propokenya Othei donors The Big Give SONY MUSIC UK Story of Christmas Save Thè Music 185,000 70,000 54,473 52,3T2 133,474 60.000 110,000 185,000 70,000 54,473 52,372 133,474 60,000 110,000 665,319 665,319 Income from charitable activltles Unrestri¢tsd funds 2025 Totsi funds 2025 Gala income 206,045 206,045 Page 19
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charltsble a¢tlvltles {contlnued Unrestrict8d funds 2024 Tot81 funds 2024 Gala income 239, 735 239, 735 Expenditure on ralslng funds Costs of ralslng voluntary Incom• Unrnstrlctad funds 2025 Total funds 2026 Events costs Social media costs 117.884 10,37S 117,884 10,376 128,259 128,269 Page 20
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on ralslng funds l¢ontinued) Costs of ral$lng voluntary Income (continued) Unrest17Cted funds 2024 Total funds 2024 Event costs Social media costs 119,348 12,291 119,348 12.291 131,639 131,639 Analy818 of grants Grants to In8tltutlons 2025 Total funds 2026 Grants 398,000 398,000 Grants to Instilulions 2024 Tot81 funds 2024 Grants 599,210 599.210 Page 21
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 All grants made in th8 year were to institutions. The Ch8rty has made the following material grants to institutions during the year.. 2026 Nam• of Institution Ark Priory Primary Academy Ark All Saints Academy Ark School Burlington Danes Academy Buxton School The City Academy Ark John Archer Primary Academy Trinity Academy Brixton Ark Putney Academy Gladesmore Community School Harris Academy Battersea Harris Invictus Academy Croydon George Green's School Sch¢JoI 21 Manchester Academy {United Learning) Boldon Sthool Manchester Communication Primary Academy West Newcastle Academy Art( Boulton Academy Four Dwellings Primary Academy North Birmingham Academy Ark St Albans Lordswood Boys, School COOP Academy Bell Vue Callerton Academy 10.000 20.000 20.000 10,000 18.000 6,000 1 5,000 20,000 10.000 20,000 20,000 20,000 30.000 20,000 20,000 10,000 10,000 20,000 10,000 20,000 20,000 10,000 20,000 20,000 398,000 Page 22
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2024 Name of Institutlon Albion Primary School Sl Mary's Lewisham CE Primary School Gladstone Park Primary School Cardinal Pole Catholic School Bolder Academy Lilian Baylis Technology School Abraham Moss Community School Harris Science Academy Chobham Academy Benfield School Dukesgate Academy Our Lady's RC High School Thomas Walling Primary Academy Lordjwood Boy's School St Benedicts Primary School Salford City Academy Lea Forest Prlmary Holyhead School Ark Acton Academy Walkar Riverside School Oasis Acadèmy Shifley Park Easllea Community School Oak Wood School Harris Academy Clapham Harris Academy St John's Wood Skinners, Academy Easl Manchester Academy Ark WaNvorth School 21 Ark Globe Primary Harris Primary Acad8my Crystal Palace The City Academy Harris Academy Purely Bobby Moore Academy Walk6r RiversKle 10, 000 10, 000 10,000 20, 000 20,( 20, 000 10,000 to,000 10.000 20,000 to,000 20.000 11,000 11,000 11,000 11,000 11,000 11,000 20,000 11,000 11,000 11,000 11.(X 10,000 10,000 20.000 20,OLXI 20,000 15,210 10,000 20,000 20,000 20,000 Ark Tindal Primary Academy Ark Kings Academy Hebbum School Broadoak School Page 23
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Walling Park Primary Harris Academy Greenwich Harris Cty Academy Crystal Palace 10,000 599,210 Analys18 of 8xp•ndlture on charftable actlvltle8 Summary by fund typ• Unrestrict•d Restrlcted fund$ funds 2025 2025 Total 2025 Charitable activities 594,465 10,000 604.465 Unrnst17Cted lunds 2024 Total 2024 Charitable activities 796,372 796,372 Analys18 of expendlture by activities Grant fundlng ol actlvltles 2025 Support costs 2025 Total funds 2025 Charitsble activities 398,000 206,465 604,465 Page 24
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expendlture by actlvltles (continued) Grant lunding ol 8Ctivit19S 2024 Support costs 2024 Tot funds 2024 Charitable activities 599,210 197, 162 796, 372 Analysls of support costs Total funds 2026 Total funds 2024 Staff c03ts Depreciation Rent of office space Website and IT cost Travel and subsistence Bank charges Office costs Insurance Accountancy and Independent Examinerfs fee8 Advertising and Marketing Subscriptions Consultancy fees Telephone and internet 163,069 412 6,600 3,286 2,286 147 112 1,211 14,887 4,202 156.058 685 6.400 11,468 1.911 135 219 1.299 14.381 4.556 50 10,000 206.465 197. 162 Page 25
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 10. Independent exam•nerf$ r8muneratlon 2025 2024 Fees payable to the Charitys independent examiner for the independent examination of the Charty's annual accounts Fees payable lo the Charivs independent examiner in respect of.. Preparation of financial statements 8ookkeeping and payroll 3,330 3, 180 2,666 8.892 2,549 8, 652 11. Stsff Costs 2026 2024 Wage8 and salarks Social security costs Contribution to defined contribution pengion scheme8 149,140 11,816 2,103 142. 787 11.191 2.080 163,069 156.058 The average number of persons employed by the Charily during the year was as follows.. 2025 No. 2024 No. Administration The number of employees whose employee benefrts (axcluding employer pension costs) exceeded £60.000 was: 2025 No. 2024 No. In Ihe band £110,001- £120,000 Remuneration of kay manag8ment personnel, defined as the CEO was £121,371 (2024 - £115,258). 12. Trustee8' remuneration and expenses During the year. no Trustees received any remuneration or other benefrts (2024 - £NIL). During the year ended 31 March 2025. no Trustee expenses have been incurred (2024 - £NIU. Page 26
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Tanglble fixed ass¢ts Computer equipment Cost At 1 April 2024 Additions 3,596 2.635 At 31 March 2025 6.230 D•preclatlon At 1 April 2024 Charge for the year 3,111 412 At 31 March 2025 3.523 Net book value At 31 March 2025 2,707 Al 31 Mah 2024 14. Dobtorn 2026 2024 Prepayments and accrued income 7,423 23,155 Page 27
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Credltor8; Amounts falllng due wlthln one year 2025 2024 Obligations under finance lease and hire purchase contracts Other Creditors Accruals and deferred income 597 160 405 48,317 263,682 264,688 48, 882 16. Credltorn: Amounts falllng due after more than one year 2025 2024 Net obligations under finance lease and hire purchase conlracts 492 17. Accruals and deferr income 2025 2Q24 Deferred income at 1 April 2024 ReUr¢e$ deferred during the year Amounts released from previous periods 40,500 96,000 140,600 65,493 (29.993) Deferred Income at 31 March 2025 95,000 40, 500 Page 28
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Statement of funds Statement of fundg - curront year Balance at 31 March 2025 Balance at 1 Aprll 2024 Incom• Expendltur• Unrestrlctod funds General Funds 171,920 905.482 (722,724) 354,678 Re8trlctod fund$ Fundraising Consullant 40,000 {10,000) 30.000 Total of funds 171,920 945,482 (732,724) 384.678 Statem•nt of lunds - prlor y•ar B81ance at 31 Ma 2024 Balance at 1 Ap1712023 Income Exp8ndifure Unrnstricted funds General Funds 194.877 905.054 (928,011) 171,920 Re$trlct6d funds Fundraising consultant- Fundraising consultant, hired to provide strategic fundraising direction and development working directly wth the CEO. Page 29
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Analysls of net assets betOn funds Analysls of not assets betweon funds - current year Unrestrictsd Restrlctod funds funds 2025 2025 Total funds 2025 Tangible fixed assels Current assels Credrtors due within one year Creditors due in more than one year 2,707 597,151 {244,688) (492) 2,707 40.000 637,151 (10,0001 (254,688) (492) Total 354,678 30,000 384,678 Analy818 of net a8sets b•tween funds - prlor yoar Unrestiicted funds 2024 Total funds 2024 Tangible fixed asset8 Current assets Creditors due wlthin one year 220,318 (48, 882) 220,318 (48,882) Total 171,920 171,920 20. ReconGlllatlon of n•t movement In funds to net cash flow from operatlng actlvltles 2025 2024 Net incomelexpenditure for the year las per Statement of Financial ActThiities) 212,768 (22, 957) Adjustmonts for: DepreCiatn charges Decreasel (in¢reas8) in deblors Increase in creditors 412 16,732 205,369 685 (12.824) 32.533 Net cash provided byl{used In) operating actfvltles 434.271 (2. 563) Page 30
RESTORE THE MUSIC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Analysis of cash and cash equlvalents 2026 2024 Cash in hand 629,728 197, 163 Total cash and cash equivalents 629,728 197, 163 22. Analysls of changes In nol dfrbt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand Financé leases 197.163 432,566 1929) 629.728 (1,089) 197,003 431,636 628,839 23. Pon8lon commitm•nt8 The Charity operates a defined contribution pension scheme. The asset$ of the scheme are held saparately from th058 of the Charity in an independently administered fund. The pension ¢o$t charge represents contributions payable by tha Charity to the fund and amounted to £2.103 (2024.. £2,080). At the year end contributions payable amounted to £409 (2024.. £405) and are included in other creditors. 24. Related party transa¢tion8 During the year grants of £465,000 {2024.' £200,000) and the purchase of no tables at the Gala fundraising dinner for £Nil.12024.' 2 table for £20,000) wer8 received from Singer Family Charitsble Foundation, of which the Tru8tee Gordon Singer is President. £425,000 of tha grant al)ove is unrestricted. £40,000 of the grant is restricted for a fundraising consujiant and £15.000 of the grant was paid direclly to the Big Give in 2025 and 2024. £1,000 VRS also donated by the Singer Family Charitable Foundation at the Gala fundraising evenl. Donations from Trustees and connected parties totslling £1,000 {2024: £9,788) were received during the financial year and Ihe purchase of 2 tables at the Gala fundraising dinner for £20,000. The purcha3e of tsbles at the Gala fundraisin9 dinner are shown in deferred income in the accounts. Page 31