Charlty reglstratlon numbor 1068710 Company reglslration number 03487093 (England and Walas CODA MUSIC AND ARTS TRUST LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
CODA MUSIC AND ARTS TRUST LTD LEGAL AND ADMINISTRATIVE INFORMATION TrLF$te¥s Mr T M Claik (Chair) MrsA Jeffery Ms E J Bovey MrKCMann (Appointed 21 July 20231 ChSef Executlve Offlcor Mr Phil Hallell Secretary Mr P Hallett Charity number 1068710 Company number 03487093 Prlnclpal address Chewton Farm Road Vvalkford Christchurch Dorsel BH23 SQL Roglstered office Chewton Farm Road Walkford Christchurch DDrsel 8H23 SQL Independent examiner F J Wilde FCCAMBA DChA Wainei Wilde 4 Marigold Drlve Bisley Surrey GU24 9SF
CODA MUSIC AND ARTS TRUST LTD CONTENTS Page Trustees, ieport Inéependenl examinèr's report S181emerit ol financial activities Balance sheet Statement of cash flows Notes lo th8 financial slatem6nls 10-20
CODA MUSIC AND ARTS TRUST LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2023 The TrLJ8tees PFesent their annLEal report and fin8ncial slalemenls for the year ended 31 August 2023. The financial slalemenls have been prepBred In accordance w41h the accounllng policies sel out in note 1 to thè financial slalemenls and comply with the charity's governing document, the Companles Act 2006 and 'Accounting and Reporting by Charities.. Slalemenl of Recommended Fra¢lice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th& UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. Objectlves and actlvltles Coda was orfginally established in 1992 2nd in 1997 regislored as Code Music Trusl Ltd with the Charity Commlssion IR8g. No 10687101 with the purpose of providing education lo the public through music. In June 2023 Coda Music Trust Ltd (Coda) has joined with Hampshiie Art for Recr881ion and Therapy IhArtI to become Coda Music and Arts Trust Ltd (Registered Charity No 1068710, Company No. 03789101. Thè merger of our two charities means an expansion of Coda's objectlves to include music and tho arts. and a significant Increase in our creative health and therapy prDgrarllmes lo support the local community. With this organisalional dev@lopmenl comes a significant capital developrnenl project al our home, a hvo-acTe fami sile on the borders of the New Forest and Bournemoulh, Chrislchyrch and Poole {BCPI. Coda's aclivilias gr8 carried out both al our Christchurch premises and also on location across East Dorsel, Bournemouth Chrisl¢hur¢h and Poole IBCPI and in the New Forest and Vvest Hampshirè area. Our programmes and 8ervices ffleel a neeol caused by.. A significant decline in cultural provision in schools and a lock of relevant facilities In alternative community- based sellings. The growing need for arts organisalions lo provide life-long leaming opportunitl8s. employment tralnlng and skills development for both adu51s and young people. The need for third sector organisalions to SUPPCJrt th8 health and social care se¢lor and the increased underslanding lo the role of the arts in providing Innovative services and solutions lo the crisis in care. Public benen The Trustees have paid due regard lo guidance issued by the Charlly Commission in de¢lding what activities the charity shoLEld undertak8. Achlevements and performance Following the celebration of the 25th anniversary Df Coda in 2022, the organisallon ha5 continued lo see recovery from the effects of the coronavirus pandemic and has increased ils woik with the local communily, includlng those most vulnerable lo the virus. Activity numbers and most programmes have now nearly recoveièd lo pre-pand8mlc lev81s. Having worked together with 8 local arts charity. formerly known as hArt IH8mpshire Art for Recreation and Therapy) Ic>r some lime, thls year finally saw Ihls organlsalion merge with Coda under the revised name Coda Music and Arts Trust. We are delighted lo welcome them lo the organisation. The merger was a natural wogression and provides Coda with a broadar offering of both Music and Art whilst operating within the same ethos and obleclivtrs. hArt offered creative Iherapèulic and recreational activities lo support mental health. wellbeing and wider soci81 Issu&s in people of all ages and abilities and had developed a PTogramme of art therapy 8etvices to SUPPDrt the natlonal social prescribing agenda and lo address the crisis in health and 50¢ial care. Their programmes include extensive art therapy Inlervenlions in a rang8 of 5ellings and a unlque progression model of arts on prescription, creative wellbeing and pegr support programmes in the community. formally evaluated lo meet NHS 818ndards and successfully evidencing the power of CTealivily lo tackle mental hea i88ues and lo improve well being. Since OLJf merger in June 2023 Coda has adopted these programmes as ils own and has delniered regular Creative Well Belng and Arts on Prescription sessions In New Milton, Hylhe, Pennington and Fordingbridge. provided support fDr children and familles through the New Forest family Support SeNices, and worked closely with Culture In Common, the Crè81ive People and PlaS prograrnme for tha New Forest and our partners in Folio, lo increase engagement lo culture in the region.
CODA MUSIC AND ARTS TRUST LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Our partnership with hArt is ieflecled in our plans for the development of our sile and this year has also sean the fruition of our ambitions in concept, design and planning to restore the major remainlng part of the Coda site. Wlh planning Consent gained and funding secured, the capital dovtrlopmenl proje¢l aims lo provide new facilities for new aclivily, whilst consetvlng the heritage and Character of our unique Viclorlan farm sile on the HampshlrèlDorsel botder. Al August 2023 Coda's work is reaching in éxcess of 600 E)ttople each week, including some of the most vulnorable children, young people and adults in the local community. Through a wide and varied programme ol creative therapy and well being services to support those most need, and an engaging and irnclusive range of learning PTogrammes in the CommnitY, the TTUSI ha8 provided a unique space lo access culture and Greativily, OUT learning programmes ar6 enjoyed by young and old alike and encompass an exemplary inslrumenlal teachlng $8rvioe, a range of social ensembles, courses, and workshops al Coda deliverèd by an excollenl team of local musicians and èducators. New ensemble8 such as Ihe Campfire Band. Rusty Rockers and Health and Happiness Choir provide an opportunity lo develop muslcal ability for adults, while also enhancing well being and building community. Off sile, Coda's learning programme Is exemplified by Thè Coda Fiddle Orchestra, a B05combe based ensemble for young p8ople aged 5 to 17 that has achieved Tegion81 renown and offers free access to music for families facing financial deprivation. Our work in school sellings remalned heavily reduced since the pandemic bul we are delighted to have grown our WOTk in Special Educational Needs and Disability ISENDI selling5 in the regiDn this year, adding lo oui longstanding partnershlp with Linwood School with new music and art therapy provision in Longspee School in Bourngmoulh. and a creative music project called Night, in five furth6r SEND Schools in BCP in 2023. The Impact of the global pandemic and national lockdowns of 2020 8nd 2021 conllnuas to be felt in a numbèr of ways and during the spring and summer th8 Trust wotk6d with Hampshire Coullly Council lo encourage vulnerable adults back out illto their communities by devising and dèlivering a range of new cultural activities for adults with learning disabilities. In Collaboration with Forest Forge Theatre and Hampshire Art for Recreation and Therapy IhArtI, the project delivèred music, dfama and arts and Grafts workshops across th8 New Forest with thè goal lo build confid8nce and redu¢8 isolation. The project is complimentary lo, and an expansion of, Coda's long-standing work with adults with learning disabllilies and has seen Increased engagement and imwoved well being afnong this largel group. On sile we welcomed Music Theraplsl Veronica Launn, who jtined Owain Clark in delivering an expanded Musi Therapy sérvice lo cllenls from acr055 the region, and Coda's partnership wth the Unlversity of the West ol England's Music Therapy poslgraduale course also conllnued this year with a new student placemenl on site that sees Coda support praclicg-based leaFnlng for the 51udenl and more setvlces lo local people in need. Fundraising Coda Music Trust is extremely grateful lo those Charitable trusts and other PBrtnèrs for their interest In the work of the Trust and IOT their invaluable support. During the year much of our ftjndraising focus has cenlred on support for our capital plans bul we have also worked hard lo relain relationships with existing funders and supporters and lo secure Support for the programmes Inhoriled from our m&rg8r with hArt. We are partlcularfy grateful to all those that hav8 SUPPOrted our ¢ommunily projects and lo Boumemouth Rotary Club and The John Thornlon Youn9 Achievers Foundation for their ¢onlinued support oveT many years for the Cod8 Fiddle Orche51ra and lo Soundslorm, our partners al the Music Hub IOT Bournemoulh, Christchurch and Poole for thair investment in our music catIon proje¢ts both within schools and in the community. We are also grateful lo the Burry Trust and the many individual donor8 for their support for our bursary schem95 that support many individuals lo acce88 our services, and lo The End of The Road Festival for Ihelr continued association and donations lo Coda. The Trust also recelves support lor our work through grants, contracts and commlssions from our immediate local aulhorilies, town and parish councils, includlng New Forest Dislri¢l Coun¢il, Hampshire County Council, Bournemoulh, Chrislchtjrch and Poole, and Dorsel County Councll.
CODA MUSIC AND ARTS TRUST LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 On4lte development Having secured investment of £340,000 from Arts Goun¢il England togelhtsr with funds from Thè Talbol Village Trust, New Forest District Council, Sovereign Network Group, and numerous individual donations including designated funds from our recent18gacy gifl, buildir*g work Dn site commenced during the summer of 2023. The new fa¢ilili8s al Coda Include further space for cr6alive health services, 8longside learnlng, workshop, rehearsal and exhibillon spaces. This region suffers from signific2nl geographical barriers lo servicès and has been identified as an area of cultural deprivation, 2nd C(a seeks lo provide 8 broad progTamme of creative health servic8S that respond lo need at a local level while being part of a regional and national movement led by thè National Centre for Creative Health, among other networks. The newty restored building will meet als current gnvironmenlal ané building regulations and will be eco efflcienl with the installation ol solar pane15 and energy storage. This ambitious project and th8 assocAaled fundralslng challenge 1$ ongoing and a n7ain phase of developmènt Is due for complètion in the summer of 2024 with further planned capital development I the following year. The Trustees would like lo express their sinceTe thanks to everyone who has, and is, conlrlbuling lo this key prole whlch will be a much needed community resource al a lime when government and local aL41horily spending and resources are under enormous pressure. Flnanclal review The finandal activities of the charity are closely monitorèd by the management and Trustees and a monthly ¢Bshflow review and forecast. logelhèr with quarterly management accounts and an annual review ensre that income and expenditure are Garefully monitored. Coda employs Tamsyn Beach lo manage book keeplng, VAT and payroll commilmenls. Careful overhead control combined wth effective fundraising and increased charitable income has Gontinued to ensurè that the Trust has run at a surplus and that il conllnues lo repay ils loans. The remalnlng borrowing represents a mortgagé t8ken out lo buy the site for the charity with a remaining term of 7 years. During the year the Trusl received an exCeptn81 legaGy gift that will enable th8 charity lo increase ils work to the benefit of the publi¢ and lo realise ils long held capital developmenl plans. Despite the continuing dlfficullies faced by smaller charities and SME'S In the ¢urrènl, uncertain economic climate, the Trustees see a healthy future in the short and medium term, Roservos pollcy In accordancè with the Charity SORP, it is a requirement of Trustees lo justify the retentlon of income a5 reserve8 and lo continuously monitor thè lèvel of reserves. During ils first 25 years, Coda has never baen fortunate enough lo enjoy any significant reserves and most DI its development costs hav8 been mel eilh8r wllh specific grants and donations or borrowing. Howev6r, since the gianling of an Arts Council England award lo enhance ils fundralsing skills and strategies in 2017 and the subséquent Tise in Individual donations received, alongslde the recent drive lo raise funds to support the lalesl stage in the capital development of the Christchurch sile, Coda is now in a stronger financial posillon. Our capllal development plans for the fL¢lure are a major project and the excepllonal donAlions received this year have provided the charity with the opportunity to undertake many of ils long-held ambits'ons lo transform the remaindér of our former farm sile into cultural f8cilities fil for the cornmunily. The development plans. Shaped through Consullalion wilh local people and stakeholders and designed by We51em Design Archilecls will enhance the cultural offer of the charity and enable il to move a signiflc4nt slap towards ils flnanGial viability In the long lorm. During the year to 31 August 2023, th8 Gharily received £599,456 of unreslricled donations DI whlch £490,000 has been designated by Trustees lo speciflc capltal projects and £50.000 lo opeTatlonal projects lo be used during 2024 2025. It is the Trusle@s longer~lerm intention to continue lo build reserves for the charily Ihal would give a financial buffer of al least 6 months operation lo ensure the IDng-lerm prosperity of the charity. The Trustee8 consider Ihal reserves at this level wlll ensure that, in the &venl of a signifiGant drop funding, they will be able lo continue the Trust'8 Current acllvflies while conslderalion is given lo ways In which addltional funds may be raised.
CODA MUSIC AND ARTS TRUST LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 structure. govemance and management Coda Music and Arts Trust Llmilad {Codal is a Company Limited by guarantee and is a regi8ler8d charity operating from ils former farm sile on Chewton Fam RDad, Walkford, Christchurch, Dorsel. 11 is governed by ils Memorandum and Articles ofAssocialion and was incorporated on 30 December 1997. The Trusl86s, who are 8180 the élreclors lor the purpose of company law. and who served during the year and up to the dale of Signature of the financlal statements weie.. Mr T Clark {Chair) MrsA Jeffery Ms E J Bovey MrKCMann (Appolnted 21 July 20231 Recrnllmonl and appointment of Imslees Tru51ees are recruited locally by th8 charity through contacts and public appeal and are appointed subject to a six- month probaliDn. Trust&8 selection is made by exisiing Trustees working wlh the Chief Exe¢uiive and is based on r8levanl charitable and business skills plus enthtjsiasm and molivatson lo help make a differenGg. No Truste8 has any beneficlal interest In the company or received ony remuneration ot other payment from the company th8 year. The Trustees are eleGled from and by the Membars of the charily who are enlllled lo vole al Annual Gene¥al and Extraordinary General Meelings of the Trust. Coda operales with a small bul effi'cient adminislralive and management team headed by the Chief Executive Officer ICEOI Phil Hallell, C8nlre Adminislralor Amie McAndrew, and Marketing and PromoliDns Officer Marina Tucker. Slnce June 2023 this team have been enhanced by Martin Pettett as Health and Well-Being Manager. The Tru81 omploys a team ol up to 25 part-b'me music educators and freelance music and art facililalors and Iherapisls. The majority of staff are on PAYE fjxed lem) contract5 Complying with the Inland Revenue IR35 Regulations and Employment Lègislation. All staff undergo enhanced DBS checks. Coda is commllled Ic> equality and accesslb1151y and Ils Saleguardlng Policy. Health and Safety Policy and Equal Opportunitles Policy for both staff and u5er8 are central lo Ils work. Prole551onal development opportunities and training are offéred lo staff throughout the year using onllne course8 from iH8gco and a r8nge of other providels. None of the Trustees ha5 any b9neficl81 interest in tho company. Al of the Trusleos are members of tho company and guarantee to contribute £1 In the evenl of a wnding up. Trustees, report approved by the Board of Tiustee$. Mr T M Clark IC*8irl Trustee
CODA MUSIC AND ARTS TRUST LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CODA MUSIC ANDARTS TRUST LTD I r8POrt lo the Trustees on my exBmination of the Ilnanclal slalemenls of Coda Muslc and Arts Trust Ltd (the charilyl lor the year ended 31 August 2023. Résponslbllboes and ba$ls of rnport As the Trustees of the charity land also its directors lor the purposes of company lawl y¢)u are responsible for tha preparation of the financial slalemenls in accordance wth the requirements ol the Companies Act 2006 (the 2006 Acll Havlng satisfied myself that th8 flnancial statements of the ch8rity are not requlrad lo be audited und¢1 Part 16 of the 2006 Act and are eliglble for Independent examinaliorb, I report ir) respect ol my examination ol tha Charity's financial slalemenls carried out rer section 145 of the CharitÈes Act 2011 Ilhe 2011 Acll. In carrylng out my ex8minalion I have followed all the applicable Direcknons given by the Charity Commission under section 14515llb) of the 2011 Act. Independent examln8rfs siatèment Since the charlly's gross Income exceeded £250,000 yOLif 8xaminar must be a member of a body Ilsled In section 145 ol the 2011 Act. l Gonfirm that l am qualified lo undertako the examin81ion because l am a member trf the Association of Chartered Certifled Accounlanls. which 18 one of the lislad bodies. I h8ve completed my examinallon. I nffirM that no matters have come lo my atlantlon iri c(fftnects'on wilh the examination giving me cause lo believe that in any malarial respect.. accounllng records wwe not kept in respect of the charity as rw4uired by sècllon 386 of the 2006 Act: or the financial sl8lemenls do not accord with those records.. or tho financial slalernenls do not comply with the accounting requirements of $ècllon 396 of the 2006 Act other than any requirement that Ihg accounts give a Iiue and falr view which 58 nol a maller consldered as part of an Independent Bxamination.. or the financlal statements have not been prepared In accordancts wlh the methods and principles of the Slalemenl of Recomm8nded Practice for accounting and reporting by ch8rilies applicable to charities weparing their accounts in 8ccordance wth the Finanaal RepIThJ Slandard appIlble in the UK arKI Republlc ol IrelarKI IFRS 1021. I have concern8 and have com8 across no other mallers In connection with the examin8liDn lo which allenllon Should be drawn In this report In order lo enable a proper undgrslanding of the financial slalemenls lo be roached. F J Wildo FCCA M8A DChA Warner Wlde 4 Marisold Drive Bisley Surrey GU24 9SF Dated.. ..24.May.2024
CODA MUSIC AND ARTS TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 Current Ilnanclal year UnstrICted Unrestrlcted funds funds general deslgnatèd fund 2023 Restricted funds Total Total 2023 2023 2023 2022 Notss Income from: Donations and legacie5 ChBrllable activitie8 Investments 617,824 242,355 5.678 45,972 2,500 663,796 244,855 5,678 145.126 202,262 Total Income 865,857 48.472 914.329 347.456 Expondltvre on: Raising funds Charitable activitias 560 281,570 290 462,606 290 604,705 42.099 Tol81 expenditure 462,896 42,099 504.995 282.130 Net Income 402,1 6,373 409.334 65,326 Transfer8 between fund8 {540,0001 54D,000 Nel movement In funds (137.0391 540.000 6.373 409.334 65,326 Reconclllgtlon of funds,. Fur¢d balances al 1 SepteMr 2022 499,500 8,792 508,292 442,8 Fund balances at 31 August 2023 362,461 540,000 15,165 917.626 508,292 The siatem8nl of financial activities Includgs 811 gains and10$8es recognised In the year. All income and expenditure derlve from continuing adivllles.
CODA MUSIC AND ARTS TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES ICONTINUED) INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 Prlor Ilnanclal year Unrestdcted funds 2022 Restrictod lunds 2022 Total 2022 Notes Income from: Donations and legacies CharilaNe activities Investments 126,626 199.762 68 18,500 2.500 145.126 202,262 68 Total income 326,456 21,000 347,456 Expendlture on: Raising funds ch8iilaNe aclivilies 560 288,581 560 281,570 12,989 Total gxpendlture 269,141 12,98S 262,130 Not Income and movtrment In funds 57,315 8.011 85,326 Reconclllatlon of funds: Fund balgnces al 1 September 2021 442.185 781 442,968 Fund balances at 31 August 2022 499,500 8,792 508,292
CODA MUSIC AND ARTS TRUST LTD BALANCE SHEET ASAT31 AUGUST2023 2023 2022 Notes Flxgd assets Tangible assets 12 469,721 473.430 Currènt assets Debtor5 Cash al b&nk and In hand 13 8,384 637,952 139.816 546,336 139,816 Credltors: amounts falling due withln on• year 16 23,386 20.593 Not current asselg 522.950 119,223 Total assets1g98 CUTrent liablllti 992,671 592,653 Creditors: amounts falllng due after more than on& year 16 175,0451 (84.361) Net assets 917,626 508.292 Th8 funds of the Charity Restricted inwna lunds Unreslricled lunds- general Unre8lricled fund8- de8ignaled fund 17 15,165 362,461 540,000 8,792 499,5CIJ 18 917,826 508,292 The company18 enlilled lo tho exemption from the audit fequiremenl contained in Section 477 of the Compani88 Act 2006, for the year ended 31 August 2023. The directors acknowlethJ8 thelr responsibilities for coMy1ng wth the requirements of the Companies Act 2¢J06 wlh respect lo accounllny records and the preparallon of financ481 stalemenl5. The members have not requlred the company to t)blaln an audit of ils flnancial s1glemenls for the year in qu951ion in accordance wlh section 476. These financlal slaternenls have been prepared in accordance wlth the provislons appliCae to cornpanie8 8ubfvcl lo the small companie8 reglme. The financl818latements were apwoved by the Trustees on ...24 May. 2024 Mr T M Clark {Chalrl Trustee Company registration numbeT 03487093 (England and Wales)
CODA MUSIC AND ARTS TRUST LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Notes Cash flows from operatlng actlvities Cash generated from opemlions 22 408.391 49,699 Investlng activltles Investment income received 5,678 68 Net cash generaied from Investing actlvities 5.678 68 Financlng actlvities Repayment of bank loans 116,9341 118,8051 Net cash us8d In flnanclng activltles 115,9341 118,8051 Net Increase In cash and cash &qulvalents 398,135 30,962 Cas* and cash equivalents al beginning of year 139,816 108,854 Cash and cash equlvalent5 at end of year 537,952 139,816
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policiey Charlty Informatlon Coda Music and Arts Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Ghewlon Farm Road, Walklord, Christchurch, Dorset, BH23 SQL. 1.1 Accountlng convention The flnancial statements have b8en prepaied in accordance with the ¢harily's governing document, the Cornpanies Act 2006, FRS 102 'The Financial Reportlng Slondard applicable In the UK and Republic of Ireland. I'FRS 1Q2'1 and the Charities SORP Accounting and Reporting by Charities.. St8lemenl of Recorllmended Practi applicable lo charities preparlng Ihair accounts in accordance with the Financial Reporting Standard applicable in the UK and Reptjblic ol Ireland IFRS 1021" leffecllve 1 January 20191. The charity is a Public 88nelil Entity as defined by FRS 102. The financial slalemenls arè prepared in sterling, which is the functional currency of the charity. Monetary arnounls in these linancial slalemenls are rounded lo the nearest £. The financial statements have been prepared under the historical wsl convention. Th& princlpal a¢counling policies adopted ale sel out below, 1.2 Golng concern At the lime of approving the financial slalements, the Trustees have a reasonable expectation that the Gharity has adequate résources lo continue in Dpèralional existen foi the foieseeabl8 future. Thus the Trusteès continue lo adopt the going concern ba818 ol accounting in preparing the fi'nanclal slalemenls. 1.3 Charltable funds Unreslricled fiinds are available for use al the discretlon of the Trustees in furtherance of their charitsble objectives. Reslricled funds are subject ID specifiG conditions by donors or grantors as to how they may be used. The purposes and uses of th8 reslrided funds are Sel out in the notes lo the flnancial slalemenls. Endowment funds are subjecl lo specifi¢ conditions by donors that the capital musl be mainlalned by the Gharity. 1.4 Income Income is recognised when the charity is legally enlilled to It aftar any performance conditions have been mel, the amounts can be measured reliably, and it is probable that income will received. Cash donations are recognised on receipt. Other donallons 8re recognlsed once the charity has b88n notified of the donation, unless performance conditions require deferral of the amount. Income tax rectsverable in relation lo donations received undér GiftAid or deeds of covenant is re¢ognised at the lime of the donation. Legacies are recognised on re¢BipI or olheNise if the ch8rity has been notified ol an impending dislrlbulion, the amount is known, and recelpl is expectad. 11 the amount Is not known, the legacy is Ifealed as a conlingenl asset. 10.
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng polic$ {Continuedl 1.5 Expendlture Expenditurè is recognlsed once there Is a legal or constructive obligation lo transfer economi¢ benefit lo a third party, il is probable that a transfer of economic benefits will be required In selllemenl, and the amount of the obligation can be m&a$ured reliably, ExpenditUTe is dassifi'8d by 8cIDJily. The costs of each a¢livty are made up of the lolal of direct CDSts and shared costs, including support costs Involved in undertaking each aclivity. Dlrect costs atlribulable lo a single activity are allocated direo15y lo that activity. Shared costs which Contribute lo more than one activity and support costs which are not allribulable lo a single acliwly are apportioned between those activities on a ba515 consislenl with the use ol resources. Céntral staff costs are allocated on the basis of lime spent, an depreciation charges are allocated on the portion DI the assel's use. 1.6 Tanglble fixed assets Tangible fixed assets are initially measuréd al cost and SLJbsequenlly measured al cost or valuation, nel of depreciation and any impaimi&nl losses. Depreciation is recognised so as to Wfite off the c051 or valuation Df assets less Ihelr residual values over Ihelr useful lives on the followng bases.. Land and bLtildings Instruments Computer equipment Nil Ilmprovement8 al 2% slralghl Ilne} 250/ts slraighl line 25Vo slraighl Ilne The gain or loss arfsing on the disposal of an asset is determined as the difference between the sale prw@eds and the carrying value of the asset, and is recognised in the slalement of financial acllvilies. 1.7 Impairment of flxed as$ets Al each reporting Ènd dale, the charity revlews the carrying amoL¢nls of ils tangible assets to determinè whèther there is any indication that those ass&ls have Suffered an impairment loss. If any such indi¢alion exlsls. th8 recoverable amount of the asset is eslimaled in order to determine the exlenl of the impairment Ioss lif any}. 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held al call wlth banks, other short-lerm liquid investments with original malurilies ol three months or Sess, and bank overdiafts. Bank overdrafts are shown within borrowngs in current li8bililies. 1.9 Flnancl81 Instruments The charity has ele¢led lo apply the provlslons of Section 11 'Basic Financial In8lwmenls' and Secllon 12 'Olher Financlal Instruments Issues, of FRS 102 10 all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the conlraclual provisions of thB Instrument. Financial assets and liabllilies are offset, with the nel amounts presented in th& financial slalements, when there is a legally enforceable right lo sel off th8 recognised amounts and Iheie is an inlenlion lo sellle on a net basls or lo realise the asset and sellle the Ilabilily simullan&ously. 11
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng pollcles IConUnuedl Baslc financlal assets Basic finanolal assets, which indude debtors and cash and bank balances. are Inltlally measurtsd 8t transaction price including transaction Gosls and are subs&quenlly oarried al amortised cost using the effeGtive interest method unle88 the arrangement constilules a financing Iransaclion, where the transaction is m&a$ured al the present value of the future receipts discounted at a market rale of interest. Financial assets classified as rec8ivable withln on8 year are not amortlsed. Basic financial Ilabilltles Basic financial liabilities, including Creditors and bank loans ar6 initially recognised al transaction price unless the arrangement conslilules a ftnancing Iransaclion. where the debt inslrurnenl is measured al the present value of the future payments discounted at a market rale of interest. Flnancial Ilabllilios classified as payable within one year are not amortised. Debt instruments are subsequeritly carried al amort*sed cost. using the effective interest rate method. Trade creditors are Dbllgalions lo pay for goods or services that have been acquired in the ordinary Course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. 11 not, they are presented as non-currenl liabilities. Trade creditors are recognised initially al Irgnsaclion price and subsequently mèasured al amortised cost using the effective interest method. Derecognition of financlal Ilabllltios Financial liabilities are defecognised when the charity's contractual obligatlons expire or ar& discharged or ancelled. 1.10 Employee benefits The Gosl of any unused holiday entillemenl Is recognised in the p8rlod in whlch the omployee'8 services are received. TeTmlnalion benefi18 are recognised immediately as an èxpense when the charity is demonstrably commilled lo terminate the employment ol an employee or lo provide temiinatton benefits. 1.11 R&llrement beneflts Payments to defined conlribullon retirement benefit schernes are charged 8s an expense as they fall due. Crftlcal acCounng estimatas and ludgemonts In the application of the charity's accounting policies, thè Truste8S are requiied lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that ara not readily apparent from other sources. The eslimales and assoclated assumptions are based on hisloiical experienco and other factors that are considered lo be relevant. Aclu81 results may differ from these eslimales. The estlmales and underfying assumptions are reviewèd on an ongoing basis. Revisions lo accounting @slimales are recognised in the period In which the estimate is revised where the révision affects only that period, or in the period ol the rovlsion and future periods where the revision affocls both current and fLrture periCS. 12-
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Income from donatlons and legacles Unrestrlcted Restrl¢ted funds funds 2023 2023 Total Unrestricted Restrlcted funds fund$ 2022 2022 Totsl 2023 2022 Donations and gifts Legacies receivable Grants Donated goods and setvices 93,971 500,910 16,943 44,472 138,443 500,910 18,443 16,856 95,501 14,269 4,500 21,366 95,501 28.269 1,500 14,000 6,000 6,000 617.824 45,972 663,796 126,626 18,500 145,126 Incomo from charitable actlvlties Unro$tricted RBstrlcted funds funds 2023 2023 Total Unrestricted Restricled funds funds 2022 2022 Total 2023 2022 CODA Music luilion and leaTning MusiclArt for health and welkbÈing Gharilable ranlal incomè Other income 215,633 215.633 192,369 192,389 18.082 520 2,500 20,582 520 4,082 2,400 911 2,500 6,582 2,400 911 hArt MusiclArt for health and wèll-beSng 8,12Q 8,120 242,355 2,500 244,855 199,762 2,500 202,262 Income fmm Investmgnts Unrestrleted Unrestrlctad funds funds 2023 2022 Intèrest reiv3bte 5,678 68 13-
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Expendltur8 on ralslng funds Unrestrlcted Unre$trlctgd funds funds 2023 2022 Fundralslng and publlclty Adv8rtising 290 560 Expendlture on charitable actlvlties CODA 2023 hArt 2023 Total 2023 CODA 2022 Dlrect Costs Staff costs Depreciation and impairment Music lultion and learning MusiclArt for health and well-baing 110,801 3,708 48.867 20,786 2,121 112,922 3,708 48,867 28,194 101,611 3,965 26,154 20,647 7,408 184,162 9,529 193,691 152,377 Share of support and gov&rnance costs (See note 81 Support Governance 305,987 4,898 149 306,116 4,898 126,015 3,178 495,027 9,678 504,705 281.570 Analysls by fund Unreslricled funds- general Reslricled funds 455,956 39,071 6,65Q 3,D28 462,606 42,099 268,581 12.989 495,027 9,678 504,705 281,570 14-
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Support costs allocated to actlvitles 2023 2022 Staff CDSIS Adminislralion Premises Finance 86,334 5,858 7,888 10,797 75,843 5,808 5,926 7,275 730 2,910 1.945 25,578 3,178 Insurance other support costs Stable development Govemance costs 3.124 1,412 189,923 4,898 311,014 129,193 Analysed between.. CODA hArt 310,865 149 129,193 311,014 129,193 Governance costs Includes payments lo the independent examiner of £2664 for accounts prep8ratson and Independenl examination {2022'. £18001. Trustees None ol th8 Tluslees (or any persons connected with th8ml received any remunèration or benefits from the charity during the year. 10 Employ¢es The average monthly number of employees during the year was.. 2023 Numbor 2022 Number Therapy l Tuition Adminislralive Total 10 15-
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 10 Employees IContlnu8dl Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 190,913 5,588 2,755 172,692 2,777 1,985 199,256 177,454 The average number of employees is expressed as a fultIme eqtjlvalenl. Key management personnel is defined as the Chief Executive role only. Total remuneratson for k?y management personnel in the current period, including trmployer's national insurance and pensson conlrtbulions, was £42,838 (2022.. £39,358). There w8re no employees whose allnual remuneration was morè than £60,000. Remuneratlon of koy managèmont personnel The remuneration of key management persor¢nel is as follows. 11 Taxatlon The charity Is exempl from taxation on its activities because all ils Income is applied for charitable purposes. 12 Tanglble flxed assets Land a[ In5trum8nts bulldlngs ComputeT equlpment Total Cost Al 1 September 2022 501,884 16.096 3,000 520,980 At 31 August 2023 501,884 18,096 3,000 520,980 Depreclatlon and Impairment At 1 Septembèr 2022 Depreciatlon charged In the year 29,982 3,177 15.621 238 1,947 294 47,550 3,709 At 31 August 2023 33,15g 15,859 2,241 51,259 Carrylng amount At 31 August 2023 488,725 237 759 469,721 At 31 August 2022 471,902 475 1,053 473,430 16-
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST2023 13 Debtors 2023 2022 Amounts falllng duè wlthln one year.. Tradè debtors 8,384 14 Loans and overdrafts 2023 2022 Bank loans 85,725 101,859 Payable withln one year Payable after one year 10.680 75,045 17,298 84,361 Thère is a term of 7 years remainlng on the mortgag& which is secured on the charlty's premises, This is subje¢t lo interest al 2 /ll over base rate, c4l¢ulaled daily. 16 Creditors: amounts falllng due wlthln one year 2023 2022 Notes Bank loans Other taxation and social security Trade creditors Other creditors Accrua5s and deferred Ir7come 14 10,680 1.276 7,062 1,704 2,4 17,298 819 224 452 1,800 23,386 20,593 16 Credltors: amounts falllng due after more than one year 2023 2022 Notes Bank loans 14 75,045 84,3e1 17-
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 17 Restrlctod funds Tha restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific cond1t1tS by donors as IL¥ how they may be used. At1 September 2022 Incomlng resources Resour¢e$ At 31 August expended 2023 Fiddle Orch8slra Hampshire County Councll hArt- Arts on Prescription hArt - Well Being Stables Development 11,075 19,6601 18,792) {377) 12,6511 120,6191 1,415 8,792 10.290 6.488 20,619 9,913 3,837 8,792 48,472 {42,099) 15,165 Prgvious year: At1 September 2021 Incomlng Rèsources At 31 August rosources oxpendèd 2022 Fiddle Orchestra Hampshire County Council 781 7,000 14,000 17,7811 15,2081 8.792 781 21.OOD 112,9891 8.792 Hampshlre County Council.. adults health & care grant ftjnding for the Gel Golng Again Project. The Coda Flddle Or¢hestra- a project that started wkIng with childran arKI young peoplè aged 5 to 16 from a depTived area of Bournemouth Galled Boscombe in 2Q05. As a Gommunity based ensemble it remains a key asset for the community of Boscombe bul has also attracted families frDm across Bournemoulh, Chiislchureh 8nd Poole IBCPI, and is now made up of soThe 40 young musicians from a IrLtly dlverse range of nabonalilies. The Or¢hÈslra breaks down cultural barriers like no other project in the town, providing inspiration and creating aspiration, nurturing young people Ihrough opportunlly and leainlng, and achieving musical excelle¢0. In response to changes at Coda. the charity w¢ll undertake a review ol ils role in the project in the autumn of 2023. stables D8velopment: Coda has embarked on a sigr¢ificant capital development prole¢l lo transform dilapldaled agricultural buildings at our home into dynamic community assets lo wovide a vibranl, creative space for people ol 811 ages and abilities. The new facilities will be enjoyed by hundreds of people of all ages and abilities each week.. A home lo artists making professional work in dedicated studios and inspirlng an exhibillon progfamme featuring local, national and Intemalional praclitloners,. A wide ranging prwtamme ol educational activities, skills development and training. inclLJdlng art classes lor children 8nd workshops for adults,. And a clinical and participatory wogramme using the arts a$ a tool for therapy, health 8nd well being. hArtArts on Prescrlptlon.. Art Therapy programme8 for peopl& wlh menlaS hoalth issues. hArt Well Bfrlng.. Cr83live Well Being workshop5 for people with mental health issues. 18-
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 18 Unrèstrlcted funds- designated fund These ara unrestricted funds which are material lo the charity's aclivilies. At1 Septsmber 2022 Transfers At 31 August 2023 Capital Projects Future Projects 450,000 50,000 490,000 50,000 540.000 540,000 19 Unrestrlcted funds The unreslricled funds of thé charity comprise the unexpended balances of donations and grants which arè not subject lo speafic conditions by donois and gralltors as lo how they may bo used. These include designated funds which have been set aside out of unreslricled funds by the tfustees for swif1¢ purposes. Atl September 2022 Incomlng resourcos Resources expgnded Transfers At 31 August 2023 General funds 499.500 865,857 1462,8981 1540,0001 362,461 Prevlous year., At1 Septembgr 2021 Incomlng resources Resources expendod Transf&rs Al 31 August 2022 General funds 442,185 326,456 1269,1411 499,500 20 Analysis of net assets between funds Unrestrl¢tèd Unrestrlcted funds funds general deslgnated 2023 2023 Restrlcted funds Total 2023 2023 Fun(J balances at 31 August 2023 are represented by: Tangible assets 437,5Q6 Current assetll10bI4Ill8sI Long term IiBbllltles 32,215 507,7e5 489,721 522,950 175,0451 15,165 175,0451 362,461 540,000 15,165 917,626 19-
CODA MUSIC AND ARTS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 20 Analysis of net assèts betwe6n funds Icontinuedl Unrestricted Unrestrlcted funds funds general deslgnated 2022 2022 Rostrlcted funds Total 2022 2022 Fund balances at 31 August 2022 are represented by: Tangible a8s&is 473,430 Current assèlsllliabililiesl 119,223 Long term liabilibes 193.1531 473.430 119,223 (&4,3611 8.792 499,500 8,792 508,292 21 Related party transactions Thère ware no disclosable related pariy transactions durfng th8 year12022- none). 22 Ca$h generated from operatlons 2023 2022 Surplus for the year 409,334 65,326 Adjustments for.. Investment income recognised IR Statement of financlal activities Depreciallon ar7d impairment of tangible fixed assets 15,6781 3.708 {68) 3,965 Movements in WOTklng capitsS: Ilncreasel in debtors Increaselldecreasel in creditors 18,3841 9,411 (19,524) Cash generated from operation5 408,391 49,699 23 Analysls of changes In net funds At I September 2022 Cash flows At 31 August 2023 Cash al bank and In hand 139,816 398,136 537,952 Loans lalling due within one year Loans falling due after more than one year 117,2981 184,3611 6,618 9.316 110,6801 175,0451 38,157 414.070 452,227 -20-