CHANGING TUNES Report and Financial Statements of Changing Tunes For the year ended 31 December 2024 Charity No. 1144789 Company No. 07791242
CHANGING TUNES FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2024 Contents Page Reference and administrative information Trustees, Annual Report Independent Examiner's Report io Statement of Financial Activities li Balance Sheet 12 Statement of Cash Flows 13 Notes to the Financial Statements 14-25
CHANGING TUNES REFERENCE AND ADMINISTRATIVE INFORMATION YEAR ENDING 31 DECEMBER 2024 Charity No. 1144789 Company No. 07791242 Registered office: Burton Sweet Limited, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 IUR Ambassador Jonathan James Founder and Patron Dr Richard Pendlebury FRSA MBE DL Trustees Andrew Wood Bsc ACA Richard Sayer BA Hons, Bsocsci Hons Paula Harriott Suzy Oymond-white {Chairperson) Giulia Balzan {Appointed 30101/2024) HHJ Michael Cullum James Rimmer MSC Bsc James Thorne Cameron Harper Key management personnel Chief Executive Musical Director Fundraising Manager Office Manager David Jones Gareth Hamer Rea Mole Lindsay Sellors-moore Independent Examiner Joshua Kingston BSC. ACA, Burton Sweet Limited, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 IUR Bankers Lloyds TSB, 317 Gloucester Road, Bristol, BS7 8PG Virgin Bank, Jubilee House, Gosforth, NE3 4PL Office: PO Box 2646, Bristol, BS6 9BU Telephone: 0844 414 60831 Email: info@changingtunes.org.uk | Website: www.changingtunes.org.uk
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2024 The Trustees present their report and the financial statements which have been independently examined for the year ended 31 December 2024. Structure, governance, and management Charitable Status Changing Tunes is a company limited by guarantee {number 07791242} which was incorporated on 29 September 2011. It attained registered charity status with the Charity Commission of England and Wales (number 11447891 on 24 November 2011. This charity was set up to take over the activities of an existing unincorporated charity of the same name, which was founded in 1997 as part of the work of the Bristol Chaplaincy. established as an Association with a Constitution on 2 February 2000, and granted charitable status on 2 March 2000 {charity number 10796731. As such, the assets and funds of the unincorporated charity were donated to this charity on 31 December 2011. The Memorandum and Articles were amended on the 23 October 2024. The Charitable Objects The object for which the Charity is established is as follows- The advancement of education in music and the performing arts to: a) offenders and ex-offenders with a view to aiding and furthering their rehabilitation; b) people at risk of offendingi particularly but not exclusively young people who may be drawn into committing crime as a result of deprivation, adverse childhood experiences, neurodiversity or other adverse conditions of life. The majority of the work of the charity continues to focus on working with people inside prison or post release. However, the change of charitable objects reflects a growing need and ambition to work preventatively to stem the flow of young people experiencing school exclusion entering the Criminal Justice System. Trustees The charity's trustees meet at least fourtimes a yearto discuss and review the progress and development of the charity, and are kept up-to-date, between meetings, by email. Where a requirement for a new trustee is identified, suitable individuals are identified and approved and appointed by the remaining trustees. The Chairperson of Trustees is responsible for the induction of any new trustee. New trustees have to gain an awareness of trustees, responsibilities, the governing document, administrative procedures, and the history and philosophy of the charity. The board is fortunate in being well represented in many areas and skillsets and new appointments to the board are always made to address gaps or to add skillsets and experience to those not already represented. Trustees will take advice from advisors, but also through the trustees, own professional networks, when these are of use.
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2024 Dele ation to Mana ement The charity trustees delegate the responsibility of running the charity, day-to-day, to the Chief Executive and his senior management team. However, matters like annual pay reviews and areas of new activity, are put forward to trustee meetings, debated, and approved. Risk Management The trustees have reviewed the major risks, and consider these major risks at each of its meetings during the course of the year, and there are systems in place to manage those risks. In addition, the board can be convened at any point, if a major issue is highlighted by the CEO to the Chair of Trustees. The top 5 risks as identified in the Risk Matrix are: Unscheduled departure of key personnel namely CEO and Fundraising manager Failure to adhere to prison regulations Change in political approach to prison-based funding Scandal associated with a prisoner or ex-prisoner with whom ChanginE Tunes has worked Injury to staff member All of the above risks as well as those listed in the Matrix have been considered with controls and mitigating factors put in place. Inevitably continued funding, to ensure continuation of services and employment is a constant challenge, but the trustees review quarterly management accounts, a re-forecast for the year, as needed, and fundraising applications and successes, at each of its trustee meetings.
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2024 With Thanks We would like to thank all those who have supported the Charity this year including: Armourers & Brasiers, Gauntlet Trust Aurum Charitable Trust Austin Bailey Foundation Bromley Trust Burden Trust CB & HH Taylor 1984 Trust Charlotte Bonham Carter Charitable Trust Edward and Dorothy Cadbury Trust Fanny Hugill Trust Finzi Trust Fitton Trust Fulmer Charitable Trust Garfield Weston Foundation Garrod Family Charitable Trust George Henry Collins Award GJW Turner Trust Gloucestershire Community Foundation Goldcrest Charitable Trust Grantham Yorke Trust Greene Settlement Harrison-Frank Family Foundation Henry Smith Charity Hoddell Charitable Trust Jerusalem Trust John James Bristol Foundation John Thaw Foundation Joyce Fletcher Charitable Trust Langtree Trust Lloyds Bank Foundation for England and Wales Lord Austin Trust MacFarlane Walker Charitable Trust Music for All National Lottery Reaching Communities Fund Nisbet Trust Noel Buxton Trust Norman Family Trust Parivar Trust Patrick Trust Quartet Community Foundation Samuel Gardner Memorial Trust Sir John and Lady Heathcoat Amory's Charitable Trust SJP Foundation Souter Trust Swire Charitable The Bristol 500 The Grimmitt Trust The John and Susan Bowers Fund The Lightbulb Trust Three Oaks Trust Valentine Charitable Trust We are also grateful to every individual who donated to Changing Tunes
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2024 Chairperson's report l am privileged to have taken over the role of Chairperson of Changing Tunes Board of Trustees; an organisation that I have known and admired for many years. CEO David Jones continues to ensure it thrives in the increasingly complex external economic and political environment. His courageous and insightful leadership is ensuring development opportunities and a secure future. The financial position has been generally strong but was adversely affected by a freeze in the dynamic purchasing budgets of prisons post-election. Our CEO has done impressive work on managing this to limit the impact and the future looks positive. Much energy has been put into securing funding to ensure sustainability. 6 places have been secured in the London Marathon from 2026 onwards for 4 years which will raise funding as well as being good publicity. Staff and Trustee development and protection have been improved on with Safeguarding and Anti- corruption training taking place as well as a staff day run by the Becoming an Anti-Racist Organisation Steering Group. The restructure that implemented Project Leads is proving successful and allowing the CEO more strategic opportunity. The Charitable Objectives were broadened to encompass early intervention work which gives wider delivery options. The creative output is as strong as ever with a strong presence in prisons, other institutions and the community bringing our offer to a wide range of beneficiaries. Concerts have taken place in Bristol and Solihull as well as a Bristol High Sheriff concert, an active part in a funeral/memorial service in prison and the Creative Communities Summer Show. The Koestler Awards reflected the quality of the outputs with 6 Gold, 7 Silver, 15 Bronze, 16 Highly Commended, 31 Commended and 2 Under 25 Special Awards. I must praise the team of staff and volunteers for their loyalty and commitment and the recipients of our work for their engagement and positive feedback on how Changing Tunes impacts their lives. The strong team ethos is maintained despite the necessary disparate way of working and this is testament to the inclusive style of leadership of the CEO and the credibility of the organisation. Suzy Dymond-white Chairperson of Trustees Statement of public benefit The trustees have complied with their legal duty under the Charities Act to have regard to the public benefit guidance published by the Charity Commission.
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2024 Chief Executive's Report We began our year by restructuring our leadership responding to growth and the increasing range of our activities. The internally recruited Project Leads nowoversee different areas of ourwork.. Preventative/Young people, Prisons and Post release/Advocacy. We are hopeful that this addition of a new leadership capacity and specialisation will enable Changing Tunes to adapt to the changing climate we work in. From a delivery perspective the organisation has had a very good year, working with more people than ever before, both in prison and in the community. We have focussed on developing our preventative work under the banner of Young Voices as well as diversifying our post-release offering to better target different groups of people with lived experience of prison. This deepening of our work has been accompanied by a deepening of our knowledge and expertise in working in a Trauma aware way, something we are committed to ongoing. A pilot of working with young people on the edge of permanent exclusion has proved once again that our model is highly effective at engagement and building trusting relationships. The work led to the exploration of themes such as bullying, knife crime, abuse and otherfactors affectingyoung people's behaviour in school. We are extremely pleased that this pilot has now been funded to be rolled out across the year in 2025. Our collaboration with the Bristol Drugs Project to support participants with Drugs and Alcohol usage has proved to be increasingly popular. Participants have progressed to performing at concerts and writing their own material. Alongside this our Women's only sessions have created a safe space for participants to express themselves as they re-enter society. Financially the organisation ends the year in good shape allocating surpluses to our reserves in line with our Reserves Policy. In addition, during the year we have invested in new equipment and IT to support the monitoring and evaluation of our work. The IT project also takes us closer to being Cyber Essentials accredited. Achievements and Performance As part of our work we undertake bespoke monitoring and evaluation. Below are the participant outcomes for 2024 which we are extremely proud of: 94% gained self-esteem since working with us 930A developed self-confidence since working with us 860A felt more hopeful about their future since working with us 910A felt more able to achieve their goals since working with us 810A aligned with a positive identity since working with us 96% felt part of something positive since working with us 88% stated they had found healthy relationships through working with us 960A stated they now use music to help with their mental health since working with us 940A feel that m usic is a positive force in their lives since working with us Our participant reoffending rate over the past three years is <5%. The reoffending rate for England and Wales is currently at 48% within one year of release.
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2024 Outputs of 2024: Group music sessions delivered Participants worked with Audience numbers Recordings sessions Koestler Awards received 2,391 755 3,824 293 79 Fundraising and Communications The closure of HMP Dartmoor and the termination of our contract there was unfortunate. The loss of a contract at HMP Channing's Wood prison reduced our prison income from the projected amount however atjust under £320,000 it was still the highest amount it has ever been and results in a 5 years of year on year growth. Thankfully, where Prison contract income tailed off at the end of the year grant income continued to deliver with our Fundraising Manager surpassing the years income target. We are particularly pleased with the number and size of our multi-year grants that have come in in the year. Funders are seeing the benefit and effectiveness of our work. There is also significant interest in new projects that we are developing. The following quote epitomi5es our work and the difference it makes to individuals: "Changing Tunes has been the best thing I've done, since being in prison for 18 years. If I'd had this course when I was young, I would never have been to jail. I've completely changed my behaviour since starting Changing Tunes. Before, I was the worst prisoner in the jail- down the bloc every week, assaulting staff etc. My work in Changing Tunes hos been the biggest part of my rehobilitotion and influenced my porole positively. I've been staying out of trouble and turned everything around. I stay busy all week writing for the sessions and avoid situotions where I would have previously been involved in violence. As an IPP I moy never have got out without Changing Tunes.- Financial Review Income in 2024 was £792,198, compared to £627,471 in 2023, of which 80Yo was unrestricted funds and expenditure was £641,724. This resulted in a significant surplus of £150,474. Unrestricted funds at the year-end stood at E361,169. The reserves policy of the charity prescribes maintaining a balance of six months, expenditure. This equates to reserves of £320,862 and, at the year- end, free reserves were £353,206 which is for the first time in excess of our current policy. No funds, whether restricted or unrestricted, were in deficit at the year-end. The change of Government in 2024 has resulted in departmental spending reviews and budgetary cuts for the MOJ and individual prisons. As such Changing Tunes has seen a reduction in contracted prison income in the first quarter of 2025. A Management of Change has been undertaken to reduce our associated outgoings and we are confident of continuing to be sustainable going forward.
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2024 Plans for the next 12 months The financial contractions that we have experienced at the start of 2025 mean that much of this coming year will be focussed on adapting to reduced contractual income. We are confident in our sustainability and have good systems and competent leaders to see us through this potentially difficult year. Despite these challenges we expect to be able to continue to in 21+ settings delivering upwards of 33 days week of rehabilitative music provision. Alongside this we aim to: Enlarge our preventative and early intervention work, diverting vulnerable young people away from the paths to Prison. Develop interventions to the support the emerging agenda around alternatives to Prisons Increase the numbers of prisons where we offer our services. Statement of Trustees, responsibilities The trustees (who are also directors of Changing Tunes for the purposes of company law} are responsible for preparing the Trustees, Report (incorporating the strategic report and directors, report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed by order of the Trustees Suzy Dymond-white, Chairperson Date.. 22 April 2025
CHANGING TUNES INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF CHANGING TUNES YEAR ENDING 31 DECEMBER 2024 I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 ACYI. 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 your charity's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515) {bl of the 2011 Act. Independent examinerfs statement Since the Company'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 l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or the accounts do not accord with those records; or the accounts 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 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practicefor 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 IFRS 1021. 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. Joshua Kingston BSC. ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 IUR Date: 22 April 2025 io
CHANGING TUNES STATEMENT OF FINANCIAL AcfiviTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2024 Unrestrirted Restricted Funds Funds Total Funds 2024 Total Funds 2023 Note Income from: Donations and legacies Charitable activities Prison Post-Release Work Other trading activities Investment income 308,548 156,398 464,946 427,632 319.839 2,003 5,410 319,839 2,003 5,410 195,784 2,719 1,336 Total income 635.800 156.398 792,198 627,471 Expenditure on: Raising funds Charitable activities 60,385 413,231 60,385 581,339 59,189 502,690 168,108 Total expenditure 473,616 168,108 641,724 561,879 Net Income / lexpenditure) and net movement in funds 162,184 (11,7101 150,474 65,592 Total funds at Start of year 16 198,985 86,585 285,570 219,978 Total funds at end of year 16 361.169 74.875 436,044 285,570 The Charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed as continuing. The notes on pages 14 to 25 form part of these financial statements See note 10 for fund-accounting comparative figures li
CHANGING TUNES BALANCE SHEET AS AT 31 DECEMBER 2024 Company number: 07791242 2024 2023 Note Fixed assets Tangible assets li 7,963 4,494 Current assets Debtors Cash at bank and in hand 12 59,427 380,247 41,428 256,154 439,674 297,582 Liabilitie5 Creditors amounts falling due within one year 13 {11,593} {16,5061 Net current assets 428,081 281,076 Total net assets 436,044 285,570 FUNDS Unre5trirted funds General funds Designated funds Restricted funds 17 353.206 7.963 74.875 194,491 4,494 86,585 17 17 Total funds 436.044 285,570 For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476. The directors acknowledge their responsibilities for complying with requirements of the Act with respect to accounting records and the preparation of the accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved by the trustees on 22 April 2025 and signed on their behalf by: Suzy Dymond-white Chairperson of Trustees The notes on pages 14 to 25 form part of these financial statements 12
CHANGING TUNES CASH FLOW STATEMENT YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Net cash inflow l (outflow) from operating activities 14 126,640 54,193 Non-operational cash flow5: Investing activities Fixed asset additions Investment income 17,9571 5,410 12,3331 1,336 12,547} 19971 Net cash inflow / (outflow) for the year 15 124.093 53,196 Cashflow Restrirtions Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year. The notes on pages 14 to 25 form part of these financial statements 13
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 l Accounting policies Accounting convention The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and 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 IFRS 102) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, and the Companies Act 2006. The charity is a public benefit entity as defined under FRS102. The Trustees consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern. Income Income from donations is included in income when these are receivable, except as follows: l. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods- 11. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met. Investment income is included on a receivable basis. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrual basis, inclusive of any VAT which cannot be recovered. Roisingfunds Raising funds expenditure include those costs incurred in seeking voluntary contributions. costs of goods sold and other costs which include the costs of running and participating in fundraising events and collections and cost of goods purchased for resale. Charitable Activitie5 Expenditure on charitable activities comprises those costs incurred by the Charity in the delivery of its activities and services. It includes both costs that can be allocated directly to this activity and those costs of an indirect nature necessary to support them. Support cost5 and other costs that cannot be directly attributed to activities are allocated on a basis consistent with the use of the resource. Governance c05t5 Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs. 14
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 l Accounting policies (continued) Tangible fixed assets Fixed assets are stated at cost with purchases of £500 or greater being capitalised. Depreciation is calculated so as to write off the cost of fixed assets over the useful life as follows- Music equipment Office equipment 25% reducing balance 25% straight line Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Bank Cash at bank and cash in hand includes cash and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Fund accounting Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in note 16 of the financial statements. 15
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 2 Income from: Donations and legacies Unrestricted Restricted Funds Fund5 Total Funds 2024 Individual gifts Church gifts Grants received 45,931 3,771 258,846 556 46,487 3,771 414,688 (Note 31 155,842 308,548 156,398 464,946 Prior year comparative Unrestricted Funds Restricted Funds Total Funds 2023 Restated Individual gift5 Church gifts Grants received 41.467 4.175 235.199 41,467 4,175 381.990 {Note 31 146.791 280.841 146,791 427,632 3 Grants received 2024 2023 A B Charitable Trust Aurum Charitable Trust Garfield Weston Foundation Harrison-Frank Family Foundation Henry Smith Charitable Trust John James Foundation Lightbulb Trust Lloyds Bank Foundation NL Community Fund SJP Foundation Swire Charitable Trust The Anchor Foundation The Bromley Trust The Burden Trust The Jerusalem Trust The N isbet Charitable Trust The Valentine Charitable Trust Youth Music 22,000 20,000 25,000 40,000 31,350 10,000 30,000 25,000 56,351 10,000 20,000 20,000 42,450 30,000 26,305 54,710 10,000 10,800 10,000 12,500 13,000 20,000 15,000 10,000 20,000 10,000 28,025 Grants under £IOk 71,987 102,200 414,688 381,990 16
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 4 Expenditure on: Raising funds Total 2024 Total 2023 Fundraising staff costs Travel costs Website costs Other costs 53,109 600 3,676 3,000 50,394 444 8,351 60,385 59,189 Current and prior year all represented by unrestricted funds. 5 Expenditure on: Charitable activities Support Costs (Note 6) Total 2024 Direct Costs Prison Post-Release Work 418,676 162,663 581,339 418,676 162,663 581,339 Support Costs (Note 6) Total 2023 Direct Costs Prison Post-Release Work 351,175 151,515 502,690 351.175 151,515 502,690 17
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 6 Support Costs Total 2024 Total 2023 Management & admin costs 101,342 92,060 Equipment Travel and subsistence Training Merchandise costs Office costs Recruitment Accountancy fees Publication and printing Professional fees Depreciation Loss on disposal of fixed assets Governance costs." Independent examiner's fees 109 4,032 145 3,533 2,820 180 26,633 1,847 2,367 6,319 9,651 2,311 152 27,626 1,384 2,652 3,793 13,312 4,035 453 3,780 3,642 162,663 151,515 7 Net income / (expenditure) for the year 2024 2023 This is stated after charging- Independent examiner's fee- - for independent examination - for accounts preparation 1,710 2,070 4,035 453 1,638 2,004 2,311 152 Depreciation Loss on disposal of fixed assets The total Trustees, expenses paid during the year was £Nil12023: £Nil). No Trustee received any remuneration during the current or previous year. Aggregate donations from Trustees, key management personnel, and other related parties in the year was £4,175 {2023: £4,755). 18
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 8 Staff costs and numbers 2024 2023 The aggregate payroll costs were: Wages & salaries Social security costs Pension contributions 475,656 35,342 14,828 415,244 29,561 12,247 525,826 457,052 The average weekly number of employees based on headcount during the year was 2712023: 251. One employee12023: None) received emoluments of more than £60,000. The key management personnel comprise of the Trustees, the Chief Executive Officer, the Musical Director, Fundraising Manager and the Office Manager. The total employee benefits of the key management personnel were £172,955 {2023: £160.057). 9 Taxation The charity is exempt from corporation tax on its charitable activities. 10 Statement of Financial Activities comparative figures For the year ended 31 December 2023 Unrestricted Funds Restricted Funds Total Funds 2023 Income from: Donations and legacies Charitable activities Prison Post-Release Work Other trading activities Investment income 280.841 146.791 427.632 195,784 2,719 1,336 195,784 2,719 1,336 Total income 480.680 146,791 627,471 Expenditure on: Raising funds Charitable activities 59.189 344.285 59,189 502,690 158,405 Total expenditure 403.474 158,405 561,879 Net income / (expenditure) for the year and net movement in funds 77,206 111,614) 65,592 Total funds at start of year 121.779 98.199 219.978 Total funds at end of year 198,985 86,585 285,570 19
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 11 Tangible fixed assets Office Equipment Musical Equipment Total Cost or valuation At l January 2024 Additions Disposals 5,609 5,125 {4.050) 4,971 2,832 (1,909) 10,580 7,957 15,9591 At 31 December 2024 6.684 5,894 12,578 Depreciation At l January 2024 Charge for the year Disposals 3.687 2.684 14.050} 2,399 1.351 (1,456) 6,086 4,035 15,5061 At 31 December 2024 2.321 2,294 4.615 Net book value At 31 December 2024 4,363 3,600 7,963 At 31 December 2023 1,922 2,572 4,494 12 Debtors 2024 2023 Due in less than one year: Trade debtors Prepayments and accrued income Other debtors 34,967 22,705 1,755 7,100 31,141 3,187 59,427 41,428 13 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 3,299 8,294 2,410 14,096 11.593 16,506 20
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 14 Reconciliation of net movement in funds to net cash inflow from operating activities 2024 2023 Statement of Financial Activities- Net movement in funds 150,474 65,592 Investment income Depreciation Ilncrease) / Decrease in debtors (Decrease) / Increase in creditors.. current liabilities (Gains) / Losses from sale of fixed assets 15,410} 4,035 (17,999} 14,9131 453 11,3361 2,311 {22,6091 10,083 152 Net cash inflow / loufflow) from operating activities 126.640 54,193 15 Analysis of changes in cash duringthe year 2024 2023 Change Cash at bank and in hand 380.247 256.154 124,093 2023 2022 Change Cash at bank and in hand 256,154 202,958 53,196 21
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 16 Movement in funds For the year ended 31 December 2024 Atljan 2024 At 31 Dec 2024 Income Expenditure Transfer5 Restricted funds Anchor FoundationnFN Erlestoke Harrison-Frank Lightbulb Trust Nisbet NL- Community Fund Sheriff of Gloucester SJP Foundation Small Trusts Small trusts/Young Voices Swire Valentines/ Guy Marsh Youth Music/RTR YA 4,559 14,559} (3.758} (14.0001 (14.0821 12.074} (64.4021 (1.449} (10.0001 (17.2681 (12.2001 16.658} {5,513} (12.145} 3.758 14.000 21.000 14.000 41.424 8,758 15,676 11,926 5,324 551 28,302 10.000 10.876 18.340 14.000 22,563 16,171 6,140 7,342 5,963 5,782 4.476 17.927 86.585 156,398 1168,1081 74,875 Unrestricted funds General funds Designated funds 194.491 4.494 635.800 (469.5811 14.035} (7,504) 7.504 353,206 7,963 198,985 635,800 1473,6161 361,169 Total funds 285,570 792,198 1641,7241 436,044 Designated Funds These funds represent the net book value of fixed assets held by the Charity. 22
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 16 Movement in funds (continued) For the year ended 31 December 2023 Atljan 2023 At 31 Dec 2023 Restated Income Expenditure Transfers Restricted funds 1772 Charity Anchor FoundationnFN Charles Hayward/Young Voices Erlestoke John James Lightbulb Trust NL- Community Fund Rayne Foundation SJP Foundation Small Trusts Swire Valentines/ Guy Marsh Walter Guiness/ Erlestoke Weaver5/Drake Hall Youth Music/RTR YA 15,170 (15,170) (3.001} (13.767} {245} {4.283} (12.2421 (18.2011 15.7341 17.000} {50.6641 (16.5781 16.0391 12,450} 11,3401 {1.6911 7.560 4.559 13.767 245 4.283 21.0(X) 46.503 8,758 28,302 5.734 7.000 44.410 28.817 16.578 10.515 1.750 1.340 22,563 4,476 700 19.618 17,927 98,199 146.791 1158.4051 86,585 Unrestricted funds General funds Designated funds 117.155 4,624 480.680 (401,1631 12,311} (2,181) 2,181 194,491 4,494 121.779 480.680 1403.4741 198,985 Total funds 219,978 627,471 1561,8791 285,570 Restricted Fund Descri tions 1772 Charity These funds are for the Tuning in with women project. Anchor FoundationnFN These funds were given for rehabilitative music work at Eastwood Park women's prison. Charles Hayward/Young Voices These funds were given for music rehabilitation work with young people who are in the criminal justice system, or at risk of entering it. 23
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 16 Movement in funds (continued) Erlestoke These funds were given towards the charity's work in HMP Erlestoke. Harrison-Frank These funds are for sa13ries to support group music making with prisoners and ex-prisoners. John James These funds are for Vinney Green and PRU work with young people. Lightbulb Trust These funds were given for music rehabilitation work with young people who are in the criminal justice system, or at risk of entering it. Nisbet These funds are for the rehabiliation programme at Vinney Green and St Matthias. NL- Community Fund These funds were given to help the development of women with lived experience. Rayne Foundation These funds were given to research and develop a music rehabilitation programme for Secure Children's Homes. Sheriff of Gloucester These funds were given to support our work at Vinney Green Secure Unit. SJP Foundation These funds were given for rehabilitative music work with young people who are in the criminal justice system, or are at risk of entering it. Small Trusts These funds represent lots of smaller amounts given towards a particular aspect of the charity's work. The majority of the funds represent grants given for work in a specified prison. Small trusts/Young Voices These funds were given for rehabilitative music work with young people who are in the criminal justice system, or are at risk of entering it. Swire These funds were given to support the Young Voices project. Valentine51 Guy Marsh Funding received for prison work in Dorset (Guy's Marsh). Walter Guiness/ Erlestoke The funds were given to support our work at HMP Elestoke. Weavers/Drake Hall These funds were given for the provision of a musician in residence in Drake Hall. Youth Music/RTR YA These funds were given for work with 18-25 year olds by Red Tangent Records. 24
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 17 Analysis of net assets between fund5 Unrestricted Unrestricted Designated General Funds Funds Restricted Funds Total As at 31 December 2024 Tangible fixed assets Other net assets 7,963 7,963 428,081 74,875 353,206 74.875 7.963 353,206 436,044 Unrestricted Unrestricted Designated General Funds Funds Restricted Funds Total As at 31 December 2023 Tangible fixed assets Other net assets 4,494 4,494 281,076 86,585 194,491 86,585 4,494 194,491 285,570 18 Related party transactions There are no transaction5 Wlth trustees or other related parties other than those disclosed a5 required by the SORP elsewhere in the financial statements. 25