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← Key Changes: Positive Mental Health Through Music Limited

2025-03-31-accounts

KEY CHANGES POSITIVE MENTAL HEALTH THROUGH MUSIC ANUAL REPORT 2025 Ir.

We provide tailored music–mentoring programmes in hospitals and community settings for people experiencing mental health challenges. Our sessions include songwriting, production, and recording, alongside artist development, volunteering, and work-experience opportunities that support confidence, wellbeing, and personal growth. Using a trauma-informed approach rooted in real music-industry practice, we work with young people and adults with lived experience of mental health difficulties to develop skills, strengthen agency, and create new pathways for the future. All programmes are delivered by specially trained professional producers, artists, managers, industry specialists, and peer assistants who create safe, supportive, and inspiring spaces.

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TABLE OF CONTENTS

01 CHAIR’S REPORT 02 GOVERNANCE

03 OUR STORY

04 SERVICES

05 IMPACT

06 FINANCIALS 07 ACKNOWLEDGEMENTS

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01 CHAIR'S REPORT

01 CHAIR’S REPORT

Charity No: 1103774

Company No: 4641867

Registered Office: Green Fish Resource Centre. 46 - 50 Oldham Street Manchester M4 1LE

Board of Trustees Elliott Jack, Chair Kelly McMinn, Vice-Chair Tanya Blacher Tanya Das Vivine Smith Adam Thomas Mark Vincent

Management: Peter Leigh, CEO Ed West, Operations Manager Johan Ohlstrom, Service Manager Gemma Senior, Finance Manager

Accountants: Jackson Nicholas Assie Ltd Bank: The Co-Operative Bank

Over the past year, Key Changes has continued to deepen and expand its mission: delivering vital, trauma-informed support for communities disproportionately affected by mental health challenges. Particularly people facing economic disadvantage and racial inequity, LGBTQ+, homeless, refugees, care leavers, and those within forensic services. In 2025, our programmes reached more than 5,000 individuals across hospitals, community settings, and secure units with each engagement designed around the lived realities and creative strengths of the people we serve.

A major development this year was the launch of the Music Events Skills Bootcamp, an access-to-employment programme created in partnership with three London NHS Trusts. This new initiative supports participants to develop hands-on experience whilst building professional networks and progressing into roles across the music and live events sector. It represents a major step in our commitment to using creativity as a pathway to independence, confidence and opportunity.

We also began an important new project funded by the Maudsley Charity, offering specialist music mentoring and creative opportunities for people in hospital with lived experiences of psychosis. Through this work, we have seen how structured creativity can support recovery, self-expression and a renewed sense of connection.

Our team was invited to present at the Baring Foundation’s “Men’s Creative Health” Conference at the Birmingham Repertory Theatre where we shared insights from our pioneering work supporting men in secure hospital settings. This recognition reflects both the innovation and the impact of our programmes nationally.

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01 CHAIR’S REPORT

Key Changes Artists continued to take up space and share their voices across the country. They performed at Bethlem Summer Festival, at open mics and community events throughout the year, and on major stages such as the Bernie Grant Arts Centre in Tottenham. They also contributed to the National Lottery Community Fund’s national meeting in Manchester, bringing powerful performances that highlighted resilience, talent and community spirit.

We launched Rhythm and Rise, our new peer support programme for global majority musicians, and introduced the Key Changes Music and Mental Health Podcast, creating new platforms for connection, learning, and shared experience.

Our work continues to grow through partnerships with the North London Forensic Collaborative, Band on the Wall in Manchester, Pirate Studios, Warp Music, and youth and community collaborators including Moss Side’s Powerhouse Community Centre. We have expanded our Veterans’ Music Club, funded by Global’s Make Some Noise and continued our Mentorship Programme for Men in Secure Hospitals supported by the Baring Foundation.

These achievements are only possible through the commitment of our staff, artists, and volunteers, and the ongoing support of partners including the National Lottery Community Fund, City Bridge Foundation, Youth Music and our NHS collaborators. Together, we have delivered more than 10,000 hours of support across the past year.

As we look toward the coming year, our focus remains clear: to champion creativity as a force for wellbeing, recovery and community connection. Thank you to everyone who stands with us and helps this work reach the people who need it most.

Elliott Jack

Chair

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02G NCEI¥ ugh Mu* PAGE 7

01 CHAIR’S REPORT

The organisation is a charitable company limited by guarantee, incorporated on 20th January 2003 and registered as a charity on 17th May 2004.

The charity operates under a Memorandum and Articles of Association, most recently updated in October 2020. In the event of the charity being wound up, members are required to contribute an amount not exceeding £1.

Board of Trustees

The charity is governed by a Board of Trustees which sets strategic direction, approves budgets and policies, and monitors performance. Trustees are recruited to bring the skills, experience and perspectives needed for effective governance. Current areas of expertise represented on the Board include organisational strategy, financial management, fundraising, arts administration, lived experience of mental health, and music industry practice. Trustees also include service user and staff representation.

During the year we strengthened our governance through the trustees’ involvement as Honorary Treasurer and Honorary Secretary roles, and supporting supervision for service users.

Trustees give their time voluntarily and receive no remuneration. Staff trustees are paid only for duties undertaken within their contracted roles as part of normal operations. Any reimbursed expenses are disclosed as governance costs in the annual accounts. All trustees declare relevant interests and withdraw from discussions where a conflict may arise.

Management and Operations

The Board delegates day-to-day management to the Chief Executive Officer, who is responsible for ensuring the effective delivery of services and achievement of agreed objectives. The CEO oversees the staff team, ensuring that all members receive supervision, training, and professional development in line with best practice.

Trustee Recruitment and Induction

New trustees are identified through selective advertising and professional networks to meet identified governance needs. Candidates are interviewed by the Chief Executive Officer, observe a Board meeting, and are formally appointed by existing trustees. All new trustees receive an induction covering organisational strategy, governance responsibilities, safeguarding, and key operational policies. Ongoing learning includes mental health awareness and safeguarding training provided by our in-house team.

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03 ABOUT THE CHARITY "* PAGE9

03 ABOUT THE CHARITY

We provide music and mental health programmes in hospitals and healthcare settings, professional recording studios, community venues, cultural spaces, and online, helping people express themselves, build confidence, and connect through creativity.

Our trauma-informed, person-centred approach supports individuals to develop creative and vocational skills while improving confidence, resilience, and social connection.

We specialise in supporting communities most affected by mental health inequalities, including people who are economically disadvantaged, homeless, neurodiverse, LGBTQ+, racialised, refugees, care leavers, veterans, and individuals in the criminal justice system.

More than 80% of our participants come from low-income and global majority backgrounds, with around half first engaging while detained under the Mental Health Act.

Our mission is to harness the power of music for recovery — tackling health inequalities, social injustice, stigma, and discrimination by developing creative skills, strengthening community connections, and opening pathways to new opportunities in life and work.

Key Changes began as a single hospital music workshop in an occupational therapy department. We have since grown into a registered charity delivering creative health programmes across London, Manchester, Birmingham, and Brighton—supporting over 5,000 people every year.

Our work includes:

◆ Music mentoring programmes in hospitals and communities

◆ Volunteering, peer mentoring, and work experience opportunities

2003 Formed by a group of patients at Highgate Mental Health Centre in North London in response to a lack of music on the wards What started as a weekly music jam in the hospital OT department develops into music workshops and DJ sessions on the wards and regular concerts.

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03 ABOUT THE CHARITY

Timeline

2010 Services now being provided across London; first regional projects take place; Linda Polan Award for services in the community; commendation from Arsenal in the Community for Football and Music

project

2012 New services in Bury, Sheffield & Woking; Presentation at Royal College of Psychiatrists; Positive Practice in Mental Heath Award (Community Award); Commendation from NHS London for Asthma rap campaign with Healthy London Partnership

2013 New London studio donated by Amy Winehouse Foundation

2019 Presentation at National Institute for Mental Health; Key Changes Records launched

2020 Shortlisted for Gulbenkian Awards for Civic Arts for organisations who “boldly reimagined their missions to put their communities first during the pandemic”; featured on SKY news

2021 New studios in Brixton & Hounslow; new project starts in Brighton; new office and studio Manchester

2023 New studio in Finsbury Park, London; Presentation at “Voices of the Oppressed” conference in Prague

2025 Skills Bootcamp Access to Employment project launched.

Presentation at the Baring Foundation’s Creatively Minded Men conference.

Music and Mental Health Podcast released.

Rhythm and Rise peer support group established for global majority musicians.

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03 ABOUT THE CHARITY

Our work has been widely recognised by the NHS, local authorities, and the Department of Health, and has been showcased at major national conferences and forums, including:

We have also been featured across leading media platforms, with coverage in:

◆ GRM Daily, LinkUp TV, The Quietus, Trench magazine

A short film about our work, produced by The Media Trust, was nominated for the Smiley Charity Film Awards (2024).

Our programmes have been supported by a strong network of music industry partners and professionals, including: BTS One In An Army, Nao, Zara Macfarlane, Pirate Studios, Qube, Ten87 Studios, Tru Thoughts, Warp Music Publishing, Focusrite, Soundtoys, Richer Sounds, Band on the Wall, Last Night a DJ Saved My Life Foundation, and many others.

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ICES 11 PAGE 13

04 SERVICES ina J In hospitals we provide pop-up recording studio sessions on the wards which develop patients’ self-expression and creativity and foster hope for the future.

Our structured programmes in the community offer one-to-one and group mentoring in songwriting, composition, production and recording, whilst developing music industry awareness and encouraging peer support and self care.

In 2023 we introduced Musicians Wellbeing Network, a weekly online facilitated peer-support discussion and sharing session around issues oa y affecting musicians’ mental health and wellbeing. Our artist volunteer — tt. t? > ¥ , programme offers progression to develop transferable life skills and ao F work experience. p ; Our approach draws on clinical therapeutic techniques combined with ’ ee. specifically adapted elements of music industry practice. Our Pa.LT re as i a <n - programmes support creative, technical and vocational skills and open pathways to mainstream opportunities in education, training, work Fs ciel A experience and employment.

Hospitals

Pop-up recording studio sessions for young people & adults on inpatient acute, intensive care, rehabilitation, and other psychiatric wards rf — p ; We provide in-reach services for young people and adults receiving treatment on inpatient acute, intensive care, secure and rehab psychiatric wards in hospitals in London and other locations in the UK.

Using a pop-up recording studio format our specially trained musicians and producers encourage patient engagement in song writing, lyricism, beat making, production and recording. The sessions offer an 1 ty a accessible, inclusive and energising mix of genres.

Patients are supported and encouraged to step up to the mic, have a go writing lyrics and music, make beats, produce and record tracks or simply enjoy the sounds.

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04 SERVICES

The objectives are based around social inclusion and recovery and include:

We work closely with ward staff to tailor session format and content to suit ward specialisms and patient interests. An audit after each session reviews clinical feedback, patient engagement and comments and can be included in patient satisfaction surveys.

Our approach is effective in engaging patients who might not be motivated to participate in other ward activities. It’s a useful way of signposting patients to our community programme, and visits to our studio can be arranged with ward staff or care team which can help to contribute to care planning post-discharge from hospital.

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04 SERVICES

Hospital Locations

The Coborn Centre for Adolescent Mental Health, Newham, London

The Beacon Centre CAMHS, Edgeware, London

Simmons House Adolescent Unit, London

Park Royal Centre for Mental Health, London

St Bernard’s Hospital, Southall, London

Lakeside Mental Health Unit, Uxbridge, London

St Charles Centre for Mental Health, Ladbroke Grove, London

The Maudsley Hospital, London

Nightingale Hospital, London

Highgate Mental Health Centre, Archway, London

St Pancras Hospital, London

Chase Farm Hospital, Enfield, London

Cygnet Hospital Harrow, London

The Ladywell Unit, University Hospital Lewisham

Lambeth Hospital, London Mill View Hospital, Hove

Langley Green Hospital, Crawley The Oleaster, Birmingham

Mary Seacole House, Winson Green, Birmingham

Moorside Unit,

Trafford General Hospital, Birmingham

Tamarind Centre, Birmingham

Meadowbrook Unit, Salford Royal Hospital

Gardener Unit, Prestwich, Manchester

Edenfield, Prestwich, Manchester

North View, North Manchester General Hospital, London

Laureate House, Wythenshawe Hospital, Manchester

John Howard Centre, Hackney, London

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04 SERVICES

Community

Mood-boosting recovery-focused mentoring programmes, tailored to individual interests & aspirations, delivered in professionally equipped studios

Our mentoring programmes provide an opportunity to write and record music with professional producers and develop an identity as an artist – offering a new way of knowing yourself and chance to redefine who you are.

The process of creative collaboration, feelgood factor from finished mixes of musical ideas, encouragement and feedback from mentors, peers and wider audiences, can lift spirits and improve wellbeing.

Completion makes you freer from the limitations of mental health and more aware of your true potential.

What’s included:

Added Value:

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04 SERVICES

Community Locations

Feel Good Club, Manchester Boxyard Studio, Cheetham Hill, Manchester Creative Together, Manchester Band on the Wall, Manchester Chorlton Arts Festival, Manchester

4C Community Centre, Ashton Under Lyne Tameside MIND

Powerhouse, Moss Side, Manchester

Zonal Studio, Ardwick, Manchester

Green Fish Resource Centre, Manchester

The Peer Hat, Manchester Manchester Histories Festival

Custard Factory Digbeth, Birmingham

Friction Arts, Digbeth, Birmingham Progress Music Academy, Birmingham

Pop Brixton, Lambeth, London BRXTN Village Studios, Lambeth, London

South London Theatre, Lambeth, London The Loft, Hounslow, London

The Arts Centre, Hounslow, London

St Mungos, Hounslow, London GTech Community Stadium, Brentford

London Irish Centre, Camden, London

The Hive, Camden, London Warp Studio, Camden, London The Vineyard Church, Enfield, London Ealing, London

The Qube West, Brent, London St Mungos, Mare St, Hackney The Yaa Centre, Westminster, London

The Cally Festival, Islington, London

Islington Assembly Hall, London Elizabeth House Community Centre, Islington, London

St Lukes Community Centre, Islington, London

Vibast Community Centre, Islington, London Islington MIND, London

Whitecross Street Party, Islington, London

Autumn Festival, Archway, London

St Pancras International Railway Station, London

The Qube East, Tower Hamlets, London

Brighton Electric Studio, Brighton South Lanes Studio, Brighton Theatre Centre, Crawley

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04 SERVICES

Musicians Wellbeing sessions

◆ Fight, Flight, Freeze

◆ Masking

◆ Sleep Hygiene

◆ Setting Boundaries

◆ Healthy Eating & Mood

◆ Performance Anxiety

◆ Intrusive Thoughts

◆ Rumination

◆ What is Mental Health

◆ Active Listening

◆ Emotional Intelligence

◆ Perfectionism

◆ Setting Goals

◆ How Stress Affects ◆ Body & Mind

◆ Facing our fears

◆ Inner voice

◆ Our Behaviours

◆ Mind frame

◆ Calming exercises

◆ Routines

◆ Critical Inner Voice

◆ Performance Anxiety

◆ Mindfulness

◆ Building Resilience

◆ Weather and Mood

◆ Memory

◆ Emotions and the Brain

◆ Compulsive Behaviour

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04 SERVICES

Volunteering opportunities & supported work placements, progression to education, training and employment

Progression

For artists completing our programme, our Artist Volunteer Programme offers a progression pathway to developing vocational skills and work experience.

The programme aims to improve wellbeing and promote social inclusion whilst developing confidence and agency to move on to education, training or employment.

Artist Volunteers choose from a range of volunteering opportunities taking place each week online and in-person in Manchester, Birmingham, London, Brighton. Roles can include supporting and encouraging service user engagement, attending concerts and open mic sessions, representing the charity at community, cultural, health and wellbeing events.

Visiting experts and creatives provide skills building sessions for artist development and social media. Peer support is facilitated at our online Musicians Wellbeing Network sessions. Volunteers earn credit from completing each volunteering opportunity towards studio time. Through supporting the charity and its service users, volunteers become part of our community whilst continuing their mental health recovery.

Performance

Performance at open mic’s, concerts and in music video, boosts artists’ confidence & self-esteem and challenges stigma & discrimination around mental health issues

Live performance is a key component of our therapeutic approach. Performing original material produced in our studios at open mics, concerts, and in music videos, provides a boost to artists’ confidence and self-esteem and is a powerful way of challenging stigma and discrimination around mental health issues. Our regular shows are energising and life-affirming for performers and audiences alike. Our talented singers, rappers and musicians can provide a wide variety of music to suit all tastes and we welcome booking enquiries from promoters and event organisers.

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05 IMPACT

06 IMPACT

Music plays a powerful role in mental health recovery. It can inspire emotional expression, build creative and technical skills, strengthen communication and confidence, and foster positive changes in wellbeing and behaviour.

Mentoring sessions with our specially trained producers and industry professionals promote creativity, self-expression, self-care, and transferable life skills. Working one-to-one and in groups, participants gain confidence, resilience, and a renewed sense of purpose— developing realistic and achievable goals for the future.

Culturally appropriate recovery-focused activities engage participants with poor experiences of conventional support

services. The support we provide aims to reduce rates of relapse, hospital admission and service use, improve overall wellbeing, overcome social isolation, challenge health inequality, stigma and discrimination.

We monitor the impact of our programmes through detailed session reports recorded to occupational therapy standards. All data is securely stored in our Lamplight system and shared with care teams to inform both short- and long-term recovery planning. Wellbeing outcomes are measured using the Short Warwick-Edinburgh Mental Wellbeing Scale (SWEMWBS).

In collaboration with multidisciplinary health and care teams, our programmes offer a clear pathway to recovery. Participants are supported to build an artist identity as part of their therapeutic journey and to progress into volunteering, education, and employment opportunities within and beyond the music industry.

In 2025

of our users are 100% individuals experiencing 5,000+ a mental health challenges Fy Beneficiaries are unemployed or living 95% on a low income 3,000+ ~~=~~ ae Community sessions come from a global 72% majority background 60% 2,500+ ~~_~~ a Hospital sessions are under 30 years old 54% 1,500+ = have experience of e Hours of service user

1,500+ Hours of service user volunteering

have experience of homelessness or unstable housing

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06 FINANClnÈ REPORT

06 FINANCIAL REPORT

Financial Overview

In 2024/25, Key Changes generated a total income of £403,694, including £44,126 in unrestricted and earned income. Total expenditure for the year was £366,978, reflecting our continued commitment to delivering high-quality, person-centred music and mental health programmes while maintaining strong financial management.

Reserves Policy

The Trustees aim to maintain sufficient reserves to safeguard the organisation against financial uncertainty and ensure the continuity of services. Reserves also provide working capital to support innovation and the development of new programmes.

To balance financial stability with effective use of funds, the Board has agreed that free reserves should be maintained at a level equivalent to three months of core operating costs and one month of project delivery costs, which equates to approximately £36,000 at current activity levels.

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Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Key Changes: Positive Mental Health Through Music Limited

Year ended 31 March 2025

I report to the trustees on my examination of the financial statements of Key Changes: Positive Mental Health Through Music Limited ('the charity') for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the company (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 ('the 2006 Act’).

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

Independent examiner's statement

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

  1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Key Changes: Positive Mental Health Through Music Limited (continued)

Year ended 31 March 2025

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

John Assie FCCA Independent Examiner Jackson Nicholas Assie Limited Chartered Certified Accountants Suite 7, Meridian House 62 Station Road Chingford London E4 7BA

10 December 2025

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 March 2025

2025 2024
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 1,969 – 1,969 5,845
Charitable activities 6 202,702 199,004 401,706 431,506
Other income 7 19 – 19 20
───────── ───────── ───────── ─────────
Total income 204,690 199,004 403,694 437,371
═════════ ═════════ ═════════ ═════════
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies 8 (216) – (216) (194)
Expenditure on charitable activities 9,10 (185,856) (180,906) (366,762) (440,521)
───────── ───────── ───────── ─────────
Total expenditure (186,072) (180,906) (366,978) (440,715)
═════════ ═════════ ═════════ ═════════
───────── ───────── ───────── ─────────
Net income/(expenditure) and net
movement in funds 18,618 18,098 36,716 (3,344)
═════════ ═════════ ═════════ ═════════
Reconciliation of funds
Total funds brought forward 25,508 6,925 32,433 35,777
───────── ───────── ───────── ─────────
Total funds carried forward 44,126 25,023 69,149 32,433
═════════ ═════════ ═════════ ═════════

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

The notes on pages 20 to 35 form part of these financial statements.

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

2025 2024
Note £ £
Fixed assets
Tangible fixed assets 17 – 1,162
Current assets
Debtors 18 73,749 50,232
Cash at bank and in hand 41,389 43,084
───────── ────────
115,138 93,316
Creditors: amounts falling due within one year 20 (32,753) (34,570)
───────── ────────
Net current assets 82,385 58,746
──────── ────────
Total assets less current liabilities 82,385 59,908
Creditors: amounts falling due after more than one year 21 (13,236) (27,475)
──────── ────────
Net assets 69,149 32,433
════════ ════════
Funds of the charity
Restricted funds 25,023 6,925
Unrestricted funds 44,126 25,508
──────── ────────
Total charity funds 23 69,149
════════		 32,433
════════

For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of trustees and authorised for issue on 9 December 2025, and are signed on behalf of the board by:

Elliott Jack Mark Vincent Trustee Trustee

Company Registration Number: 4641867

The notes on pages 20 to 35 form part of these financial statements.

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 March 2025

2025 2024
Note £ £
Cash flows from operating activities
Net income/(expenditure) 36,716 (3,344)
Adjustments for:
Depreciation of tangible fixed assets 1,162 2,606
Interest payable and similar charges 2,478 3,443
Accrued (income)/expenses (3,571) 7,657
Changes in:
Trade and other debtors (23,517) 626
Trade and other creditors 1,713 (15,618)
──────── ────────
Cash generated from operations 14,981 (4,630)
Interest paid (2,478) (3,443)
──────── ───────
Net cash from/(used in) operating activities 12,503 (8,073)
════════ ═══════
Cash flows from financing activities
Proceeds from borrowings (14,239) (13,344)
──────── ────────
Net cash used in financing activities (14,239) (13,344)
════════ ════════
Net decrease in cash and cash equivalents (1,736) (21,417)
Cash and cash equivalents at beginning of year 43,084 64,501
──────── ────────
Cash and cash equivalents at end of year 19 41,348 43,084
════════ ════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Green Fish Resource Centre, 46-50 Oldham Street, Manchester, M4 1LE.

2. Statement of compliance

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The trustees have considered all relevant factors regarding the charities activities and have concluded there is no significant impact on the entity.

It is therefore considered that the going concern status remains intact and there are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures, fittings and equipment - Straight line over 3 years

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Limited by guarantee

Key Changes is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

5. Donations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Donations
Donations 1,969 1,969 5,845 5,845
═══════ ═══════ ═══════ ═══════
6. Charitable activities
Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Fees - Music Engagement and Recovery Services
and Musical Performances 196,101 – 196,101
Lottery – Reaching Communities – 62,656 62,656
National Foundation of Youth Music – 34,418 34,418
Global Charities – 26,700 26,700
Tudor Trust – 25,000 25,000
City Bridge – Bridging Divides – 22,410 22,410
Baring – 12,725 12,725
City Bridge – Making London More Liveable 7,275 7,275
Sussex Partnership NHS Foundation Trust 1,020 4,220 5,240
Hays Travel Foundation 3,615 – 3,615
The D'Oyly Charitable Trust – 3,600 3,600
Croydon Council 1,866 – 1,866
Other income - event 100 – 100
───────── ───────── ─────────
202,702 199,004 401,706
═════════ ═════════ ═════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

6. Charitable activities (continued)

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Fees - Music Engagement and Recovery Services
and Musical Performances 195,232 – 195,232
Lottery Reaching Communities – 45,975 45,975
Arts Council – 37,792 37,792
City of London – 36,840 36,840
National Foundation of Youth Music – 33,308 33,308
Sussex Partnership NHS Foundation Trust – 15,155 15,155
Garfield Weston Foundation – 15,000 15,000
Postcode Community – 14,725 14,725
Lottery Community Fund – 10,000 10,000
London Community Foundation – Together for
London – 9,200 9,200
CRH Foundation – 6,250 6,250
Eveson Trust 3,000 – 3,000
Coop Local Community Fund 2,518 – 2,518
London Catalyst – 2,000 2,000
LBI – Manchester Market Street 1,500 – 1,500
Norwood Forum – 1,215 1,215
Tamesside 850 – 850
Groundwork UK 500 – 500
LB Islington 350 – 350
Other income - event 96 – 96
───────── ───────── ─────────
204,046 227,460 431,506
═════════ ═════════ ═════════

7. Other income

Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Royalty 19 19 20 20
════ ════ ════ ════

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

8. Costs of raising donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Fundraising costs 216 – 216
════ ════ ════
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Fundraising costs 18 176 194
════ ════ ════
Expenditure on charitable activities by fund type
Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Recovery support and artist development 157,386 169,355 326,741
Support costs 28,470 11,551 40,021
───────── ───────── ─────────
185,856 180,906 366,762
═════════ ═════════ ═════════
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Recovery support and artist development 187,540 213,452 400,992
Support costs 24,727 14,802 39,529
───────── ───────── ─────────
212,267 228,254 440,521
═════════ ═════════ ═════════

9. Expenditure on charitable activities by fund type

10. Expenditure on charitable activities by activity type

Activities
undertaken Total funds Total fund
directly Support costs 2025 2024
£ £ £ £
Recovery support and artist
development 326,741
22,259		 349,000 422,712
Governance costs –
17,762		 17,762 17,809
─────────
────────		 ───────── ─────────
326,741
40,021		 366,762 440,521
═════════
════════		 ═════════ ═════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

11. Analysis of support costs (excluding governance costs)

Recovery,
Support and
Artist
Development Total 2025 Total 2024
£ £ £
Volunteer Expenses – – 812
Office and Studio Rent 10,510 10,510 10,375
Marketing, Publicity and Website 427 427 989
Printing, Postage and Stationery 1,145 1,145 1,007
Telecommunications 2,048 2,048 1,177
Computer Expenses 2,530 2,530 1,304
Equipment – – 451
Membership and Subscription 337 337 681
Insurance 1,222 1,222 1,382
Miscellaneous 4,040 4,040 3,542
──────── ──────── ────────
22,259 22,259 21,720
════════ ════════ ════════

11a. Analysis of governance costs

Total 2025 Total 2024
£ £
Independent Examiners Fees 4,050 3,570
Bookkeeping-Payroll 13,360 13,747
DBS 278 140
AGM/Board Meeting Expenses 40 173
Legal and Professional Fees 34 179
──────── ────────
17,762 17,809
════════ ════════

12. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

Net income/(expenditure) is stated after charging/(crediting):
2025 2024
£ £
Depreciation of tangible fixed assets 1,162 2,606
Operating lease rentals 9,786 10,060
═══════ ════════
13. Independent examination fees
2025 2024
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 4,050 3,570
═══════ ═══════

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2025 2024
£ £
Wages and salaries 122,645 164,675
Social security costs 6,603 10,200
Employer contributions to pension plans 2,335 3,340
───────── ─────────
131,583 178,215
═════════ ═════════

The average head count of employees during the year was 10 (2024: 11). The average number of full-time equivalent employees during the year is analysed as follows:

2025 2024
No. No.
Number of staff 3 8
════ ════
The number of employees whose remuneration for the year fell within the following bands, were:
2025 2024
No. No.
£60,000 to £69,999 1 1
════ ════

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total paid to key management personnel for services provided to the charity was £69,012 (2024: £66,299).

15. Trustee remuneration and expenses

During the year Adam Thomas had expenses to the value of £720 being reimbursed to cover training costs.

16. Transfers between funds

The transfers between funds were reclassification of income based on the terms of the grant.

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

17. Tangible fixed assets

Fixtures and
fittings
£
Cost
At 1 April 2024 and 31 March 2025 13,403
════════
Depreciation
At 1 April 2024 12,241
Charge for the year 1,162
────────
At 31 March 2025 13,403
════════
Carrying amount
At 31 March 2025 –
════════
At 31 March 2024 1,162
════════
18. Debtors
2025 2024
£ £
Trade debtors 67,269 43,967
Prepayments and accrued income 215 –
Other debtors 6,265 6,265
────────
────────
73,749 50,232
════════
════════
19. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2025 2024
£ £
Cash at bank and in hand 41,389 43,084
Bank overdrafts (41)
–
────────
────────
41,348 43,084
════════
════════
20. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 14,448 14,407
Trade creditors 18,281 14,720
Accruals and deferred income (1)
3,570
Social security and other taxes 18 1,873
Other creditors 7 –
────────
────────
32,753 34,570
════════
════════

There is no pension liability at the end of the reporting period.

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

21. Creditors: amounts falling due after more than one year

Bank loans and overdrafts

2025 2024
£ £
13,236 27,475
════════ ════════

22. Pensions and other post-retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,335 (2024: £3,340).

23. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At At
1 April 2024 Income Expenditure Transfers
31 March 2025
£ £ £ £ £
General funds 25,508 204,690 (186,072) – 44,126
════════ ═════════ ═════════ ════
════════
At At
1 April 2023 Income Expenditure Transfers 31 March 2024
£ £ £ £ £
General funds 33,695 209,911 (212,285) (5,813)
25,508
════════ ═════════ ═════════ ═══════
════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

23. Analysis of charitable funds (continued)

Restricted funds

ricted funds
At At
1 April 2024 Income Expenditure Transfers
31 March 2025
£ £ £ £ £
Tudor Trust 191 25,000 (23,205) –
1,986
National Foundation of
Youth Music 63 34,418 (34,481) –
–
Postcode Community 192 – (192) –
–
Arts Council 56 – (56) –
–
Baring Foundation 19 12,725 (8,521) –
4,223
City of London 843 22,410 (23,253) –
–
London Borough of
Hounslow 753 – (753) –
–
Awards For All 62 – (62) –
–
City Bridge Foundation – – – –
–
Community Fund -
Reaching Communities 16 62,656 (43,858) –
18,814
Garfield Weston
Foundation 46 – (46) –
–
London Catalyst 98 – (98) –
–
London Community
Foundation - Together
for London Fund 2 – (2) –
–
Norwood Forum 804 – (804) –
–
Sussex Partnership
NHS Foundation Trust 3,780 4,220 (8,000) –
–
Global Charities – 26,700 (26,700) –
–
City Bridge Foundation –
Making London More
Liveable – 7,275 (7,275) –
–
The D’Oyly Charitable
Trust – 3,600 (3,600) –
–
─────── ───────── ───────── ────
────────
6,925 199,004 (180,906) –
25,023
═══════ ═════════ ═════════ ════
════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

23. Analysis of charitable funds (continued)

At At
1 April 2023
Income		 Expenditure Transfers
31 March 2024
£ £ £ £ £
Tudor Trust 191
–
–		 –
191
National Foundation of
Youth Music 58
33,308
(36,423)		 3,120
63
CRH Foundation –
6,250
(6,311)		 61
–
Postcode Community 186
14,725
(14,719)		 –
192
Arts Council 32
37,792
(37,768)		 –
56
Baring Foundation 19
–
–		 –
19
City of London 843
–
–		 –
843
London Borough of
Hounslow 753
–
–		 –
753
Awards For All –
10,000
(9,938)		 –
62
City Bridge Foundation –
36,840
(39,472)		 2,632
–
Community Fund -
Reaching Communities –
45,975
(45,959)		 –
16
Garfield Weston
Foundation –
15,000
(14,954)		 –
46
London Catalyst –
2,000
(1,902)		 –
98
London Community
Foundation - Together
for London Fund –
9,200
(9,198)		 –
2
Norwood Forum –
1,215
(411)		 –
804
Sussex Partnership
NHS Foundation Trust –
15,155
(11,375)		 –
3,780
─────── ───────── ───────── ───────
───────
2,082
227,460
(228,430)		 5,813
6,925
═══════ ═════════ ═════════ ═══════
═══════

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

23. Analysis of charitable funds (continued)

Lloyds Bank Foundation - The funding was to facilitate salary costs of the young music leaders programme manager.

Tudor Trust - The funding was to facilitate salary costs for an operations manager.

Arts Council - The funding was to provide a record label.

Baring Foundation - The funding was for health equality.

City of London - The funding was for young people services by providing funding towards the salary of the Community Gateway Manager.

London Borough of Hounslow - The funding is to help create a music studio plus provide music sessions.

National Federation of Youth Music - The grant is to provide music services to young people.

Old Oak Park - The funding was provided to continue running music activities on the wards at Park Royal Centre for Mental Health.

Postcode Community - The grant was to fund the Studio Discovery programme for young people in mental health recovery.

The Smith Foundation - The grant was to fund the East Sussex Studio Discovery programme.

Brooke Young People - The grant was to fund the generic Studio Discovery programme.

The Swire Charitable Trust - The grant was to fund the generic Studio Discovery programme.

Awards for All – To fund the Community Programme.

City Bridge Foundation – To fund the Community Programme.

Community Fund – Reaching Communities – To fund the Community Programme.

Garfield Weston Foundation – To fund the Community Programme.

London Catalyst – To fund the Community Programme.

London Community Foundation (Together for London Fund) – To fund the Community Programme.

Norwood Forum – To fund the Community Programme.

Sussex Partnership NHS Foundation Trust – To fund the Community Programme.

Global Charities – To fund a Veterans Music programme

City Bridge Foundation (Making London More Liveable) – To fund a Suicide Awareness Project

The D’Oyly Charitable Trust – The fund the Birmingham Project

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

24. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Tangible fixed assets – – –
Current assets 90,115 25,023 115,138
Creditors less than 1 year (32,753) – (32,753)
Creditors greater than 1 year (13,236) – (13,236)
──────── ──────── ─────────
Net assets 44,126 25,023 69,149
════════ ════════ ═════════
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Tangible fixed assets 1,162 – 1,162
Current assets 86,391 6,925 93,316
Creditors less than 1 year (34,570) – (34,570)
Creditors greater than 1 year (27,475) – (27,475)
──────── ─────── ────────
Net assets 25,508 6,925 32,433
════════ ═══════ ════════
Analysis of changes in net debt
At
At 1 Apr 2024 Cash flows 31 Mar 2025
£ £ £
Cash at bank and in hand 43,084 (1,695)
41,389
Bank overdrafts – (41)
(41)
Debt due within one year (14,407) – (14,407)
Debt due after one year (27,475) 14,239 (13,236)
──────── ──────── ────────
1,202 12,503 13,705
════════ ════════ ════════

25. Analysis of changes in net debt

26. Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases are as follows:

2025 2024
£ £
Not later than 1 year 2,617 2,617
Later than 1 year and not later than 5 years 2,617 5,234
─────── ───────
5,234 7,851
═══════ ═══════

27. Post balance sheet events

There are no post balance sheet events to disclose.

Jackson Nicholas Assie Limited Chartered Certified Accountants

Key Changes: Positive Mental Health Through Music Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

28. Related parties

During the year £4,535 (2024: £4,868) and £720 (2024: Nil), was paid to trustees, M Vincent, and A Thomas, respectively, for consulting and training services.

Jackson Nicholas Assie Limited Chartered Certified Accountants

07 OUR FUNDERS AND SUPPO ERS

07 OUR FUNDERS AND SUPPORTERS

Central and North West London NHS Foundation Trust

East London NHS Foundation Trust

Greater Manchester Mental Health NHS Foundation Trust

North London NHS Foundation Trust

South London and Maudsley NHS Foundation Trust

Sussex Partnership NHS Foundation Trust

PAGE 26