OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Coda Music And Arts Trust

2025-08-31-accounts

Charity registration number 1068710 (England and Wales) Company registration number 03487093

CODA MUSIC AND ARTS TRUST LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

CODA MUSIC AND ARTS TRUST LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr T M Clark (Chair) Mr K C Mann Mr S Crew (Appointed 8 May 2025) Ms A Green (Appointed 5 September 2024) Chief Executive Officer Mr Phil Hallett Secretary Mr P Hallett Charity number 1068710 Company number 03487093 Principal address Chewton Farm Road Walkford Christchurch Dorset BH23 5QL Registered office Chewton Farm Road Walkford Christchurch Dorset BH23 5QL Independent examiner F J Wilde FCCA MBA DChA Warner Wilde Limited 4 Marigold Drive Bisley Surrey GU24 9SF

CODA MUSIC AND ARTS TRUST LTD

CONTENTS

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Summary income and expenditure account 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 26

CODA MUSIC AND ARTS TRUST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees present their annual report and financial statements for the year ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Coda was originally established in 1992 and in 1997 registered as Coda Music Trust Ltd with the Charity Commission (Reg. No 1068710) with the purpose of providing education to the public through music. In June 2023 Coda Music Trust Ltd (Coda) joined with Hampshire Art for Recreation and Therapy (hArt) to become Coda Music and Arts Trust Ltd (Registered Charity No 1068710, Company No. 0378910).

The merger of our two charities led to an expansion of Coda’s objectives to include music and the arts, and a significant increase in our creative health and therapy programmes to support the local community.

Alongside these significant organisational changes, the charity embarked on a substantial capital development programme at its home, a former farm site owned by the charity since 2005. These capital works were completed in March 2025 and have transformed semi-derelict barns into beautiful new facilities for our creative health, learning, workshop, rehearsal and exhibition programmes. This region suffers from significant geographical barriers to services and has been identified as an area of cultural deprivation by Arts Council England, and Coda seeks to provide an engaging cultural participation programme that responds to need at a local level. Our newly restored buildings meet all current environmental and building regulations and are supporting Coda’s commitment to reduce our carbon footprint with the installation of PV solar panels and energy storage.

Our financial investment in capital works to the car park, driveway, stables and grain store buildings over the past 2 years has reached £1,171,705 which has resulted in significant increase in our tangible assets and which, for accounting purposes will be depreciated in line with the overall buildings depreciation policy as stated in these accounts.

This investment has been supported with restricted grants and donations of £341,705; With endowment funds from Arts Council England grant of £340,000; And with designated funds of £490,000 from a legacy gift.

The Trustees would like to express their sincere thanks to everyone who has, and is, contributing to these new facilities. They are rapidly becoming a much-needed community resource at a time when government spending and other community-based opportunities are under enormous pressure.

Sadly, in December 2024 we lost our friend Annie Jeffery to cancer. Annie was a Coda Trustee and founder of hArt, and was at the heart of our success in recent years. Her knowledge, charm and empathy will be greatly missed by everyone at the charity.

CODA MUSIC AND ARTS TRUST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Mission

Coda aims to make a positive impact in our local community, tackling inequality through universal access to a broad range of artistic and creative services and delivering innovative education and health programmes with people of all ages and abilities.

Our activities take place at both our home and on location across East Dorset, Bournemouth Christchurch and Poole (BCP) and in the New Forest and West Hampshire area.

We believe music and art is in our nature and that cultural, creativity and artistic expression is central to a happy and fulfilling life, but over the past decade Coda’s programmes and services have often responded to:

Coda has found a unique place at the heart of its local community and its popularity and value to local people continues to grow year on year.

CODA MUSIC AND ARTS TRUST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Activity in 2024/5

As at August 2025 Coda’s work regularly reaches more than 600 people each week, including some of the most vulnerable children, young people and adults in our local community. Through a wide and varied programme of therapy and well being services to support those most in need, and an engaging and inclusive range of learning programmes in the community, the Trust has provided a unique space to play, make, learn and benefit from cultural creativity.

Our learning programmes are enjoyed by young and old alike and encompass: An exemplary instrumental teaching service delivered on site by a team of 18 part-time music tutors and providing both informal and formal learning pathways with links to music examination boards, in particular Trinity College London; A range of social ensembles, courses, and workshops for adults delivered by an excellent team of local musicians and educators. Coda’s music ensembles such as the Folk Orc, Ukulele Band, Campfire Band, Rusty Rockers and Health and Happiness Choir provide an opportunity to develop musical ability for adults, while also supporting well being, community and friendship.

The completion of The Stables in September 2024 as part of our capital development programme has enabled a significant programme of arts activities on site. Our new facilities include six resident artists studios, a large vaulted gallery space, a workshop space and a café, Bramble Hill Café and in 2024/25 we have presented four exhibitions, delivered over 100 workshops and classes, and provided workspace for seven artists. This new programme continues to evolve and grow and we are grateful to all those local artists, participants, clients and diners that have ventured to Coda and worked with us in the first year of this initiative.

Off site, Coda’s learning programme is supported by local authorities, the regional music and cultural networks for schools, individual schools and other providers and after many years of working within Special Educational Needs and Disability (SEND) settings in the region Coda is considered by many partners as a specialist provider in this sector. In 2025 we continued our longstanding relationship with Linwood School in Bournemouth, recently awarded specialist music school status, and, with workshop leader Sam Mason, devised and delivered Be Happy, an inspirational music project with five SEND schools to support well being through creative music making.

Other community-based projects remain central to our work, often engaging the more vulnerable people in our community and in 2024/25 Coda’s work in the community focussed on supporting older people, people with disabilities, and those experiencing poor mental health.

Our free Creative Well Being sessions continue on a weekly basis in five targeted locations across the region (New Milton, Somerford, Hythe, Pennington, Somerford and Fordingbridge) using arts activities to help address the mental health crisis in our communities, reducing anxiety, depression and loneliness and providing tools to build resilience and better manage participants mental health.

Demand for our Music Therapy service has been growing since the pandemic and during the year, Music Therapist Fiona Pritchard joined Veronica Launn and Owain Clarke in providing one to one Music Therapy to clients here at Coda. In 2025 we began to offer Clinical Art Psychotherapy alongside our Music Therapy Service and we hope to grow this offer more in the coming year.

Coda is situated in the midst of one of the largest populations of older people in Europe and our work reflects a growing body of evidence surrounding the positive impact of music, and the arts on the health and well being of older people.

Last year, funds from NFU Mutual enabled us to create a new Memory Band led by musician Stuart Jebbitt with a band of local amateur musicians drawn from Coda’s weekly social ensembles to perform in residential care homes across the New Forest and at some key local community events such as the opening of the Dementia friendly allotment in New Milton.

During the year Coda responded to an invitation from Bournemouth Royal Hospital to take up residence on the Elderly Care Unit, an acute ward for patients experiencing dementia and delirium and through monthly visits we have supported the nursing team’s efforts to bring new activities onto the ward and to evidence the positive impact of music on both patients and staff. The success and value of this work led to a donation by Mudeford Arts Festival to widen the programme to include art therapy and in 2025 we increased our work there to include monthly arts and crafts sessions to patients, as well as music.

CODA MUSIC AND ARTS TRUST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

This focus on older people also led us to rekindle our work with people with Parkinson’s Disease and, with new Music Therapist Fiona Pritchard having undergone Sing To The Beat training to support her practice in this area, a singing/therapy group was promoted locally and attracted immediate interest. Parkinson’s is a neuro degenerative disease with main dangers in the latter stages from falls and pneumonia or respiratory failure caused by the symptoms of the disease.

It is widely acknowledged that both dance and singing can be of great benefit and from Coda’s perspective the project meets a need that the NHS cannot meet – ongoing physical therapy and mental health support for people with Parkinson’s in the community following diagnosis. It also tries to provide a bridge between primary care and social care working across GPs, social prescribers, Parkinson’s UK, professional social care teams and family carers to help people with Parkinson’s manage their journey over the long term. Participation and ability were monitored throughout the work and improvements in physical movement, coordination, musicality, vocal technique and socialisation and mood have been significant.

Fundraising

Coda Music Trust is extremely grateful to those individuals, charitable trusts, public bodies and authorities and other partners for their interest in the work of the charity and for their invaluable support. During the year much of our focus centred on realising our capital programme but we have also worked hard to retain relationships with existing funders and supporters.

The development of the Stables and the Grains Store at Coda have been major projects for the charity and required significant investment in time and funds. The support provided by Arts Council England, The Talbot Village Trust, New Forest District Council and many individual donors is providing a wonderful facility for the local community and a shining beacon for cultural participation in the region.

The impact of our work on the immediate locality has been recognised by our Parish Council and we are grateful to Highcliffe and Walkford Parish Council for their funded support for Coda this year.

Individual donations have transformed the financial landscape of the charity recently with an exceptional legacy donation from a local resident providing much needed funds for both the capital development project and ongoing core and project costs when other fundraising capacity was limited. Our former Trustee, Annie Jeffery also donated a significant sum specifically to our Grain Store development project in 2025 and although, very sadly. she passed away before its completion, we believe it to be a fitting legacy to her love for creativity.

Financial Review

The financial activities of the charity are closely monitored by the executive team and Trustees and a monthly cashflow review and forecast, together with quarterly management accounts and an annual review ensure that income and expenditure are carefully monitored.

Coda engages an independent book keeper, Tamsyn Beach, to manage accounting and payroll commitments.

Careful overhead control combined with effective fundraising and increased charitable income has continued to ensure that the Trust continues to repay its loans. The remaining borrowing represents a mortgage taken out to buy the site for the charity with a remaining term of 5 years.

Despite the continuing difficulties faced by smaller charities and SME’s in the current, uncertain economic climate, the Trustees see a healthy future in the short and medium term.

CODA MUSIC AND ARTS TRUST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Reserves policy

In accordance with the Charity SORP, it is a requirement of Trustees to justify the retention of income as reserves and to continuously monitor the level of reserves. During its first 25 years Coda’s development costs have been met either with specific grants and donations or borrowing. However, since the granting of an Arts Council England award to enhance its fundraising skills and strategies in 2017 and the subsequent rise in individual donations received, alongside the recent drive to raise funds to support the latest stage in the capital development of the Christchurch site, Coda is now in a stronger financial position.

Our recent capital development plans have provided the charity with the opportunity to undertake many of its longheld ambitions to transform the remainder of our former farm site into cultural facilities for the community. This development has enhanced the cultural offer of the charity and enabled it to move a significant step towards its financial viability in the long term.

However, the charity does now need to meet the challenge of increasing its customer base, particularly in its new areas of operation and funding the increased costs of a larger site and the ongoing repairs to older buildings. Therefore its reserves policy should now reflect the need to protect its operational costs during this next phase of organisational development and necessary capital and maintenance demands on its site. Change at Coda comes at a time of major cost challenges to charities in the UK due to further inflation and increases in Employers NI but we continue to manage the charity’s finances with care and diligence.

During the year to 31 August 2025, the Charity drew on designated funds to support the capital development project and operational costs as necessary.

It is the Trustees longer-term intention to continue to build reserves for the charity that would give a financial buffer of at least 6 months operation to ensure the long-term prosperity of the charity. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised.

Risk policy

In conjunction with its reserves policy, the charity actively manages its risks by carrying out a regular review across all areas of activity in order to identify, prioritise and mitigate risks to the charity including mitigation of financial risks and the need to maintain the financial stability of the charity which include managing its fund raising and the provision of reserves to cover any short-term financial shortfall whilst the current development phase is in progress.

Structure, governance and management

Coda Music and Arts Trust Limited (Coda) is a Company Limited by guarantee and is a registered charity based on Chewton Farm Road, Walkford, Christchurch, Dorset. It is governed by its Memorandum and Articles of Association and was incorporated on 30 December 1997.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr T M Clark (Chair)

Mrs A Jeffery (Deceased 2 December 2024) Ms E J Bovey (Resigned 12 May 2025) Mr K C Mann Mr S Crew (Appointed 8 May 2025) Ms A Green (Appointed 5 September 2024)

CODA MUSIC AND ARTS TRUST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Recruitment and appointment of trustees

Trustees are recruited locally by the charity through contacts and public appeal and are appointed subject to a sixmonth probation. Trustee selection is made by existing Trustees working with the Chief Executive and is based on relevant charitable and business skills plus enthusiasm and motivation to help make a difference. No Trustee has any beneficial interest in the company or received any remuneration or other payment from the company in the year. The Trustees are elected from and by the Members of the charity who are entitled to vote at Annual General and Extraordinary General Meetings of the Trust.

Coda operates with a small but efficient administrative and management team headed by the Chief Executive Officer (CEO) Phil Hallett, Centre Manager Amie McAndrew, Marketing and Promotions Officer Lucy Walters, Martin Pettett as Health and Well-Being Manager and Heidi Stellar as Creative Programme Director (Arts). Thanks to Lucy Wilcox, who keeps the charity’s home spotless.

The Trust employs a team of up to 25 part-time music educators and freelance music and art facilitators and therapists. The majority of staff are on PAYE fixed term contracts complying with the Inland Revenue IR35 Regulations and Employment Legislation.

We also benefit from the generous help of many volunteers to deliver our work, and to manage our site and their support is essential to the success of the charity. Particular thanks go to Lynda Hutchins whose hard work and diligence in creating and upkeeping the landscape and gardens following the completion of capital works on site has been a highlight for all our users and visitors.

All staff, volunteers and Trustees undergo enhanced DBS checks. Coda is committed to equality and accessibility and its Safeguarding Policy, Health and Safety Policy and Equal Opportunities Policy for both staff and users are central to its work. Professional development opportunities and training are offered to staff throughout the year using online courses from iHasco and a range of other providers.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The Trustees' report was approved by the Board of Trustees.

T M Clarke (May 7, 2026 20:29:22 GMT+1)

.............................. Mr T M Clark (Chair) Trustee

07/05/2026 Date: .............................................

CODA MUSIC AND ARTS TRUST LTD

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CODA MUSIC AND ARTS TRUST LTD

I report to the Trustees on my examination of the financial statements of Coda Music and Arts Trust Ltd (the charity) for the year ended 31 August 2025.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

F J Wilde FCCA MBA DChA

Warner Wilde Limited 4 Marigold Drive Bisley Surrey GU24 9SF 08/05/2026 Date: ............................

CODA MUSIC AND ARTS TRUST LTD

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2025

Current financial year
Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general designated
fund
2025
2025
2025
2025
Notes
£
£
£
£
Income from:
Donations, legacies and
grants
3
73,721
7,836
159,205
34,790
Charitable activities
4
296,568
-
-
-
Investments
5
3,078
-
-
-
Total income and
endowments
373,367
7,836
159,205
34,790
Expenditure on:
Raising funds
6
3,243
-
-
-
Charitable activities
7
372,458
15,604
73,881
-
Total expenditure
375,701
15,604
73,881
-
Net income/(expenditure)
(2,334)
(7,768)
85,324
34,790
Transfers between funds
(7,763)
-
7,763
-
Net movement in funds
9
(10,097)
(7,768)
93,087
34,790
Reconciliation of funds:
Fund balances at 1 September
2024
365,401
619,625
364,658
305,210
Fund balances at 31 August
2025
355,304
611,857
457,745
340,000		 Total
2025
£
275,552
296,568
3,078
575,198
3,243
461,943
465,186
110,012
-
110,012
1,654,894
1,764,906		 Total
2024
£
673,085
240,465
18,381
931,931
729
383,857
384,586
547,345
-
547,345
1,107,549
1,654,894

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CODA MUSIC AND ARTS TRUST LTD

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Prior financial year
Unrestricted
Unrestricted
Restricted
Endowment
funds
funds
funds
funds
general
designated
fund
2024
2024
2024
2024
Notes
£
£
£
£
Income from:
Donations, legacies and
grants
3
18,300
7,489
342,086
305,210
Charitable activities
4
240,465
-
-
-
Investments
5
18,381
-
-
-
Total income and
endowments
277,146
7,489
342,086
305,210
Expenditure on:
Raising funds
6
729
-
-
-
Charitable activities
7
342,396
26,375
15,086
-
Total expenditure
343,125
26,375
15,086
-
Net income/(expenditure)
(65,979)
(18,886)
327,000
305,210
Transfers between funds
(100,385)
98,511
1,874
-
Net movement in funds
9
(166,364)
79,625
328,874
305,210
Reconciliation of funds:
Fund balances at 1 September 2023
531,765
540,000
35,784
-
Fund balances at 31 August 2024
365,401
619,625
364,658
305,210		 Total
2024
£
673,085
240,465
18,381
931,931
729
383,857
384,586
547,345
-
547,345
1,107,549
1,654,894

CODA MUSIC AND ARTS TRUST LTD

SUMMARY INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2025

All income funds
2025
£
Gross income
540,408
Total expenditure from income funds
465,186
Net income for the year
75,222		 2024
£
626,721
384,586
242,135

CODA MUSIC AND ARTS TRUST LTD

BALANCE SHEET

AS AT 31 AUGUST 2025

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
The funds of the charity
Endowment funds
19
Restricted income funds
20
Unrestricted funds - general
22
Unrestricted funds - designated fund
21		 2025
£
£
1,790,068
1,837
43,442
45,279
(19,709)
25,570
1,815,638
(50,732)
1,764,906
340,000
457,745
355,304
611,857
1,764,906		 2024
£
£
1,459,941
5,392
298,232
303,624
(45,072)
258,552
1,718,493
(63,599)
1,654,894
305,210
364,658
365,401
619,625
1,654,894

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

07/05/2026

The financial statements were approved by the Trustees on .........................

T M Clarke (May 7, 2026 20:29:22 GMT+1)

..............................

Mr T M Clark (Chair)

Trustee

Company registration number 03487093 (England and Wales)

CODA MUSIC AND ARTS TRUST LTD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

2025 2024
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 25 118,811 557,301
Investing activities
Purchase of tangible fixed assets (462,979) (804,470)
Investment income received 3,078 18,381
Net cash used in investing activities (459,901) (786,089)
Financing activities
Repayment of bank loans (12,031) (10,932)
Net cash used in financing activities (12,031) (10,932)
Net decrease in cash and cash equivalents (353,121) (239,720)
Cash and cash equivalents at beginning of year 298,232 537,952
Cash and cash equivalents at end of year 43,442 298,232

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

Charity information

Coda Music and Arts Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Chewton Farm Road, Walkford, Christchurch, Dorset, BH23 5QL.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been 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.

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit 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 is classified by activity. The costs of each activity 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. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Nil (improvements at 2% straight line) Instruments 25% straight line Furniture & equipment 10% straight line Computer equipment 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

3 Income from donations, legacies and grants

Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general designated
fund
2025
2025
2025
2025
£
£
£
£
Donations and gifts
61,721
7,836
-
-
Grants
12,000
-
159,205
34,790
Donated goods and services
-
-
-
-
73,721
7,836
159,205
34,790		 Total
Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general designated
fund
2025
2024
2024
2024
2024
£
£
£
£
£
69,557
10,300
-
252,500
-
205,995
-
7,489
89,586
305,210
-
8,000
-
-
-
275,552
18,300
7,489
342,086
305,210		 Total
2024
£
262,800
402,285
8,000
673,085

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
CODA
Income from activities 261,346 214,614
Services provided under contract 35,222 25,851
296,568 240,465

5 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 3,078 18,381
6 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising and publicity
Advertising 3,243 729

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

7 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Music tuition and learning
Music/Art for health and well-being
Share of support and governance costs (see note 8)
Support
Governance
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated fund
Restricted funds		 CODA
2025
£
117,760
34,521
63,797
42,538
258,616
178,196
25,131
461,943
372,458
15,604
73,881
461,943		 CODA
2024
£
126,913
4,173
37,219
35,121
203,426
160,862
19,569
383,857
342,396
26,375
15,086
383,857

8 Support costs allocated to activities

Support costs allocated to activities
Staff costs
Administration
Premises
Finance
IT
Insurance
Other support costs
Governance costs
Analysed between:
CODA		 2025
£
127,717
8,897
22,426
10,918
977
6,600
1,419
24,373
203,327
203,327		 2024
£
119,119
9,383
14,202
11,230
1,008
4,448
1,472
19,569
180,431
180,431

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

8
Support costs allocated to activities
Governance costs comprise:
Independent Examination fees
Other governance costs
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 (Continued)
2025
2024
£
£
1,876
2,739
22,497
16,830
24,373
19,569
2025
2024
£
£
1,876
2,739
34,521
4,174		 (Continued)
2025
2024
£
£
1,876
2,739
22,497
16,830
24,373
19,569
2025
2024
£
£
1,876
2,739
34,521
4,174
19,569
2024
£
2,739
4,174

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

Therapy / Tuition
Administrative
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
7
4
11
2025
£
235,152
6,842
3,483
245,477		 2024
Number
7
4
11
2024
£
236,135
6,615
3,282
246,032

The average number of employees is expressed as a full-time equivalent.

Key management personnel is defined as the Chief Executive role only.

There were no employees whose annual remuneration was more than £60,000.

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

11 Employees

(Continued)

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate compensation 47,507 51,906

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Cost
At 1 September 2024
Additions
Other changes
At 31 August 2025
Depreciation and
impairment
At 1 September 2024
Depreciation charged in the
year
At 31 August 2025
Carrying amount
At 31 August 2025
At 31 August 2024		 Land and
buildings
Assets under
construction
Instruments
£
£
£
1,397,947
98,330
16,096
444,886
-
-
-
(98,330)
-
1,842,833
-
16,096
36,337
-
16,096
29,997
-
-
66,334
-
16,096
1,776,499
-
-
1,361,611
98,330
-		 Furniture &
equipment
£
-
17,315
-
17,315
-
4,329
4,329
12,986
-		 Computer
equipment
£
3,000
778
-
3,778
3,000
195
3,195
583
-		 Total
£
1,515,373
462,979
(98,330)
1,880,022
55,433
34,521
89,954
1,790,068
1,459,941

.

The carrying value of land included in land and buildings comprises:

Freehold property (acquired 2003/4) - an impairment review is carried out annually to ensure that the carrying value in the accounts is not overstated. No depreciation is charged.

Property improvements(2007 to 2016) - these are depreciated at 2% a year

Stables Development (2023/4) - these are depreciated at 2% a year

Grain Store (2024/5) - these are depreciated at 2% a year.

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

14
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
15
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 2025
£
(1,618)
3,455
1,837
2025
£
62,762
12,030
50,732		 2024
£
5,392
-
5,392
2024
£
74,793
11,194
63,599

There is a term of 5 years remaining on the mortgage which is secured on the charity's premises. This is subject to interest at 2% over base rate, calculated daily.

16 Creditors: amounts falling due within one year

Notes
Bank loans
15
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
17
Creditors: amounts falling due after more than one year
Notes
Bank loans
15
18
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
12,030
1,573
2,142
1,255
2,709
19,709
2025
£
50,732
2025
£
3,483		 2024
£
11,194
260
29,968
836
2,814
45,072
2024
£
63,599
2024
£
3,282

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

18 Retirement benefit schemes

(Continued)

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

19 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 Incoming At 31 August
September resources 2025
2024
£ £ £
Expendable endowments
Stables Development - ACE 305,210 34,790 340,000
Previous year: At 1 Incoming At 31 August
September resources 2024
2023
£ £ £
Expendable endowments
Stables Development - ACE - 305,210 305,210

Stables Development - ACE : this fund represents Arts Council England funding for the development of the stables. This fund is represented by the value of the development in tangible fixed assets and will be reduced by depreciation each year over the life of the work.

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 Incoming Resources Transfers At 31 August Transfers At 31 August
September resources expended 2025
2024
£ £ £ £ £
hArt - Arts on Prescription 9,913 - (9,913) - -
hArt - Well Being 14,839 (6,379) (14,963) 6,503 -
Stables Development 91,166 3,334 (19,877) - 74,623
Beautiful music (1,260) - - 1,260 -
Annie Jeffery - Grain Store
Development 250,000 - (29,128) - 220,872
Grain Store Development - 162,250 - - 162,250
364,658 159,205 (73,881) 7,763 457,745

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

20 Restricted funds (Continued)
Previous year: At 1 Incoming Resources **Transfers ** At 31 August
September resources expended 2024
2023
£ £ £ £ £
Fiddle Orchestra 1,415 - (3,289) 1,874 -
hArt - Arts on Prescription 9,913 - - - 9,913
hArt - Well Being 3,837 21,000 (9,998) - 14,839
Stables Development 20,619 71,086 (539) - 91,166
Beautiful music - - (1,260) - (1,260)
Annie Jeffery - Grain Store
Development - 250,000 - - 250,000
35,784 342,086 (15,086) 1,874 364,658

Hampshire County Council: adults health & care grant funding for the Get Going Again Project.

The Coda Fiddle Orchestra: After two decades of delivery in Boscombe in Bournemouth this community project came to an end following the retirement of its Director Jack Maguire and Coda's decision to focus its activities in other areas.

Stables Development: Coda has embarked on a significant capital development project to transform dilapidated agricultural buildings at our home into dynamic community assets to provide a vibrant, creative space for people of all ages and abilities. The new facilities will be enjoyed by hundreds of people of all ages and abilities each week: A home to artists making professional work in dedicated studios and inspiring an exhibition programme featuring local, national and international practitioners; A wide ranging programme of educational activities, skills development and training, including art classes for children and workshops for adults; And a clinical and participatory programme using the arts as a tool for therapy, health and well being.

hArt Arts on Prescription: Art Therapy programmes for people with mental health issues.

hArt Well Being: Creative Well Being workshops for people with mental health issues.

Annie Jeffery - Grain Store : a donation for the development of the grain store. This fund will be released to the Statement of Financial Activities gradually as the value of the Grain Store development depreciates each year. The fund is represented by the charity's tangible assets as shown in the 'analysis of net assets' note to the financial statements.

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

21 Unrestricted funds - designated fund

These are unrestricted funds which are material to the charity's activities.

At 1 Incoming Resources Transfers At 31 August Transfers At 31 August
September resources expended 2025
2024
£ £ £ £ £
Capital Projects 490,000 - - - 490,000
Future Projects 50,000 - - - 50,000
hArt Legacy 79,625 7,836 (15,604) - 71,857
619,625 7,836 (15,604) - 611,857
Previous year: At 1 Incoming Resources Transfers At 31 August
September resources expended 2024
2023
£ £ £ £ £
Capital Projects 490,000 - - - 490,000
Future Projects 50,000 - - - 50,000
hArt Legacy - 7,489 (26,375) 98,511 79,625
540,000 7,489 (26,375) 98,511 619,625

22 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 Incoming Resources Transfers At 31 August Transfers At 31 August
September resources expended 2025
2024
£ £ £ £ £
General funds 365,401 373,367 (375,701) (7,763) 355,304
Previous year: At 1 Incoming Resources Transfers At 31 August
September resources expended 2024
2023
£ £ £ £ £
General funds 531,765 277,146 (343,125) (100,385) 365,401

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

23 Analysis of net assets between funds

Unrestricted
Unrestricted
Restricted
Endowment
funds
funds
funds
funds
general
designated
fund
2025
2025
2025
2025
£
£
£
£
At 31 August 2025:
Tangible assets
380,466
611,857
457,745
340,000
Current assets/(liabilities)
25,570
-
-
-
Long term liabilities
(50,732)
-
-
-
355,304
611,857
457,745
340,000
Unrestricted
Unrestricted
Restricted
Endowment
funds
funds
funds
funds
general
designated
fund
2024
2024
2024
2024
£
£
£
£
At 31 August 2024:
Tangible assets
214,020
619,625
321,086
305,210
Current assets/(liabilities)
214,980
-
43,572
-
Long term liabilities
(63,599)
-
-
-
365,401
619,625
364,658
305,210		 Total
2025
£
1,790,068
25,570
(50,732)
1,764,906
Total
2024
£
1,459,941
258,552
(63,599)
1,654,894

24 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

25
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
(Decrease)/increase in creditors
Cash generated from operations		 2025
£
110,012
(3,078)
34,521
3,555
(26,199)
118,811		 2024
£
547,345
(18,381)
4,173
2,992
21,172
557,301

CODA MUSIC AND ARTS TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

26 Analysis of changes in net debt
At 1 September Cash flows At 31 August
2024 2025
£ £ £
Cash at bank and in hand 298,232 (254,790) 43,442
Loans falling due within one year (11,194) (836) (12,030)
Loans falling due after more than one year (63,599) 12,867 (50,732)
223,439 (242,759) (19,320)