CHANGING TUNES Report and Finoncial Stotement5 of Changing Tunes For the yearended31 December2025 Charity No. 1144789 Company No. 07791242
CHANGING TUNES FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2025 Contènts Page Reference and administrative information Trustees, Annual Report 3-10 Independent Examiner's Report li Statement of Financial Activities 12 Balance Sheet 13 Statement of Cash Flow5 14 Notes to the Financial Statements 15-26
CHANGING TUNES REFERENCE AND ADMINISTRATIVE INFORMATION YEAR ENDING 31 DECEMBER 2025 Charity No. 1144789 Company No. 07791242 Registered office- Burton Sweet Limited, The Clock Tower, S Farleigh Court, Old Weston Road. Flax Bourton, Bristol B548 IUR Ambassador Jonathan James Founder and Patron Dr Richard Pendlebury FRSA MBE DL Trustees Andrew Wood Bsc ACA (Resigned February 20261 Richard Sayer BA Hons, Bsocsci Hons Paula Harriott Iresigned April 20251 Suzy Dymond-white (Chairperson) lane Lings (Appointed April 20251 Giulia Balzan HHJ Michael Cullum james Rimmer MSC BSC james Thorne Cameron Harper (Resigned July 20251 Key management personnel Chief Executive Musical Dirertor Fundraising Manager Office Manager David lones Gareth Hamer Rea Mole Lindsay Sellors-moore Independent Examiner Joshua Kingston BSC. FCA. Burton Sweet Limited. The Clock Tower, 5 Farleigh Court. Old Weston Road, Flax 8ourt(>n, Bristol BS48 IUR Bankers Lloyds TSB, 317 Gloucester Road, 8ristol, BS7 8PG Off5ce: PO Box 2646, Bristol, BS6 98U Telephone.. 0844 414 60831 Email.. info@changingtunes.org.uk | Website.. www.changingtunes.org.uk
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2025 The Trustees present their report and the financial statements which have been independently examined for the year ended 31 December 2025. Structure. 8overnance. and mana8ement Charitable Status Changing Tunes is a company limited by guarantee Inumber 077912421 which w3s incorporated on 29 September 2011. It attained registered charity status with the Charity Commission of England and Wales Inumber 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 35 part of the work of the Bristol Chaplaincy, established a5 an A550Cl8tion with a Constitution on 2 February 2000, and granted charitable status on 2 March 20tK) (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 educatlon In muslc and the performlng arts to.. al offenders and ex-offenders with a view to aiding and furthering their rehabilitation,. bl people at rlsk of offendlng, particularly but not excluslvely 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 reflett5 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 four times a year to discuss and review the progre55 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 trLJ5tee5 have to gain an awareness of trustees, responsibilities, the governing document, administrative procedures, and the historv and philosophy of the charity. The board is fortunate in being well represented in many area5 and skillsets and new appointment5 to the board are always made to address gaps or to add skillsets and experience to those not already represented. Tru5tee5 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 2025 Dele ation to Man ement The charity tfU5tees delegate the re5pon5ibility 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 Mana8ement The trustee5 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 bc)ard 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.. Income falls below level of expenditure Change in Political approach to prison-based funding e.g. DPS Injury to staff/volunteer due to participant'5 violence or another occupational hazard Changing Tunes linked to high profile security breach relating to video/music such as inappropriate lyrical content Scandal 3550tiated with a prisoner or ex-prisoner with whom Changing Tunes has worked lor with 8 prison where Changing Tunes works) All of the above risks as well a5 those listed in the Matrix have been considered with ctsntrols 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 2025 With Thanks We would like to thank all those who have supported the Charity this year including.. 29th May 1961 Charitable Trust Aurum Charitable Trust Bromley Trust Burden Trust Charities Trust D'oyly Carte Charitable Trust E G Priestley Charitable Trust ElmgrantTru8t Finzi Trust Foyle Foundation Fulmer Trust Garfield Weston Foundation George Henry Collins Charity Goldcrest Charilable Trust Grimmitt Trust Henrysmith Charity lerus8lem Trust John 8nd SLJsan Bowers Fund Leathersellers, Foundation Lloyd Robinson Family Charitable Trust Lloyds Bank Foundation lor England and Wales Maclarlane Walker Trust National Lotterycommunity Fund Nisb8t Trust Noel Buxton Trust P£riv8r Trust Patricia Routledge Foundation Quartet Community Foundation SJP Foundation Souler Charitable Trust Swire Charitable Trust The Drapers. Charitable Fund The Lightbulb Trust Walter Guinesss Charitable Trust Youth MLJSIC We are t7150 gr(Fteful to every individual who donoted to Chonging Tunes
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2025 Chairperson's report It has been an honour to Chair the Board of Trustees through this year. Delivering a service in prisons is never an easy environment and this year has seen continued economic and political challenges. It Is a huge credit to CEO Dzve Jones that we ended the year in a financially strong position. His consistent attention to securing funding and balancing the immediate and longer-term needs is a successful strategv. He is brave enough to explore ideas such as Corporate Fund Raising while managing risks appropriatelv. Safeguarding will always be a priority working with people in the criminal justice system. The Trauma Steering Group has made the decision to build on the bronze accreditation by enrolling on the silver award. This 15 fully supported by the Board and seen as a necessary development. Early intervention work has Erown: staff are developing their skills and confidence in this area. There is also growth in our post release hubs and community Settings with Probation. The balance of delivery in and out of custody is carefully calculated to ensure we maintain our core mission and our reputation with prisons remains high. A new service 'Second Verse, has been launched and early feedback from Probation has been positive. Red Tangent Records goes from strength to strength with the highest number of artists ever. A new concert in Exeter wa5 8 great succe55 reflecting the zmount of work in that area. Much work has been done behind front line delivery with new IT systems and streamlining of processes. New roles have been introduced to enhance and broaden fund raising to secure a stronger financial outlook. The London Marathon Team has seen a few ehanges but a full compliment are training hard despite the challenges of a very wet winter. Enthusiasm is high and fund raising 15 creative. The Board continues to be dynamic and has recently recruited 4 new members to better reflect the people we serve. The team of staff and volunteers continue to be loyal and committed and Dave Jones, creative and caring leadership is greatly appreciated by them and our beneficiaries. Changing Tune5 continue5 to be a leader in its field and remains a credible and highly respected organisation that l am proud to be part of. Suzy Dymond-white Chairperson of Trustees Statement of public benèfit 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 2025 Chief Executive's Report 2025 was a year of lows and then highs. The 2024 General Election triggered departmental spending reviews which in turn resulted in departmental cuts, these cuts were then passed on to suppliers of the MOJ such as ourselves. This sudden and unexpected shift in public sector funding meant we had to adapt and quickly. The reSLJlting management of change saw many staff lose hours. The proce55 W35 tough but extretnely well handled by staff a5 they showed grit and a commitment to their work. The necessary cuts were achieved without any redundancies. Within months of completing the reductions in delivery we won a contract for delivery in a new prison HMP Bullingdon fully fundedl The irony w3S nOt105t on staff. The rest of the year progressed well. We developed our next 5 year Strategy launched in lan 2026 through a series of meetings Wlth staff from all parts of our organisation. The strategy draw5 on the strengths of the or8ani5ation over many year5 and undertakes to apply them to emergin8 Opportunities. It also seeks to balance the needs of our participants with those of our staff to ensure the work is sustainable. Details are shown below. Changing Tunes broadened it's portfolio of partner organisations by beginning to work alongside Urban Pursuits, Bexcellence and Bristol Drugs Project. These partnerships have enabled to work with young people on the edge of permanent exclusion and those with addiction histories. Statistically these are the groups of people who are more likely to get caught up in the Criminal justice System. After 5 year5 of effort we launched Second Verse our first direct partnership with Probation. People on license or on community sentences can now be referred to work with Changing Tunes as part of their rehabilitative journey. The first cohort showed high levels of engagement and positive outcomes. This project will be the basis of our growth and development working with people post release as we seek to roll this out to other Probation areas. Achievements and Performance As part of our work we undertake besptske monitoring and evaluation. Below are the participant outcomes for 2025 which we are extremely proud of.. 85% gained self-esteem since working with us 89Yo developed self-confidence since working with us 79% felt more hopeful about their future since working with us 85% felt more able to achieve their goals since working with us 92% aligned with a positive identity since working with us 85% felt part of something positive Since working with us 89% stated they had found healthy relationships through working with us 92% stated they now use music to help with their mental health since working with us 90% feel that music is a p051tive force in their lives since working with us Our participant reoffending rate continues to remain under 5%. For comparison the reoffending rate for England and Wales is turrently at 48% within one year of release.
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2025 Outputs of 2025.. Our year in numbers. De5Plte the reductions in prison ftjnding and the associated disruption we are please see numbers of people worked with rise to an all-time high. Group music sessions delivered Participants worked with Audience numbers 2,804 905 1,565 163 Recordings sessions Koestler Awards received 39 FundraSslng and Communlcatlons The fLJndraising for this year h3s been exceptional with us surpassing our trusts and foundations income target. Since COVID-19 we have had a policy of seeking to diversify our income streams. In the last year we have invested in new positions to focus on generating a Corporate Funding strategy and develop our individual giving programme. We are hopeful that both of these new initiatives will begin to yield fruit in 2026. Our social media channels continue to grow enabling us to get our message out to a wider audience. The following quote epitomises our work and the difference it makes to individuals.. "Creuting pluying music helps me deol withfeeling5 Of desp(7ir und tlepression Gnd restores u 5en5e of worth andpurpose, after muking on impulsive mistake which hos destroyed relutionships and negoted former ochievements." Financial Review Income in 2025 was £820,695 compared to £792,198 in 2024, of which 82°A was unrestricted funds. Expenditure rose to £754,751 reflecting rising staff costs and expansions of fundraising spend and frontline delivery. The resulting surplus of £65,944 was an excellent result given financial pressures during the year. Unrestricted funds at the year-end stood at E464,298. The reserves policy of the charity prescribes maintaining a balance of six months. expenditure. This equates to reserves of £377,375 and, at the year- end, free reserves were £406,940 which is in excess of our current policy. The Trustees have designated a Capital Fund during the year of £45.OCM). No funds, whether restricted or unrestricted. were in deficit at the year-end.
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2025 5-Year Strategy After a series of meetings with Trustees, senior leaders and representatives from the staff body we have arrived at our 5-year strategy. The strategy will guide our development of the coming years. OBJECTIVE 1.. AMPLIFY YOUNG VOICES IN NON-MAINSTREAM EDUCATION W8 will expand ourwork into alt8rnatlV8 education s8tting8 through Young Voices, a d8dicat8d programm8 for vulnerable young pÈople. This initiative will bring the benefits of creative expression to thosÈ e)tperiÈncing eKcIu8ion, instsbility and traum8, helpingthern build resilience and a positive sense of identity. Over the next five years wg will position GhanwngTunes a& a tru8t8d and valued partner for nonmainstream edu¢ational providers. The init181 focus of thi5 workwill be in Birmingh8m. OBJECTIVE 2.. STRENGTHEN THE SUSTAINABILITY OF THE MUSICIAN IN RESIDENCE MODEL Our Musicians in Re8id8nc8 ar8 fundam8ntal to our impact. W8 will 8nsLJf8 this model is sustainable by investing in recruitment, traininE, supervision and wellbeing. We will strengthen org3nisational capacity. maintain continuity of deliv8ry acros8 81t88, and build a st8ble foundation for th8 long-term growth of our programmes. OBJECTIVE 3.. EXPAND POST-RELEASE COMMUNITY NUSIC PATHWAYS We will increase acces5 to cornmunity-ba5ed tnusical 5UPPOrt for people leaving prison. ensuringcontinuity b8tW88n in prison and community provision. By expanding our community hubs and building strong local partnerships, we aim to provid& struttLJrÈ, conn&ction and purpos& duringthÈ critical period following rele88e. Having worked with ChangingTunes in prison will no longer be a pre-requisite forworkingwith us outsid8. S8cond V8r8e will be rolled out across our patch. An'alumni, programm8 will b8 dev&lop8d to 8UPPOrt participants who no longer require intensive support. The initi81 focus of thi5 workwill be in Devon.
CHANGING TUNES TRUSTEES, ANNUAL REPORT YEAR ENDING 31 DECEMBER 2025 Statement of Trustees. responsibilities The trustees (who are also directors of Changing Tunes for the purposes of company lawl are responsible for preparing the Trustee5' 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 Finoncial Reporting Stundurd upplicuble in the UK ond Republic of Irelond (United Kingdom Accepted Accounting Prarticel. Company law requires the trustees to prepare financial statement5 for each financial year which give a true and fair view of the state of affair5 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 Charitie5 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 disc1058d and explained in the financial statement5-, and prepare the financial Statements on the going concern b3sis unless it 15 inappropriate to presume that the charitzble 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 Df 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 step5 for the prevention and detettion of fraud and other irregularities. Si8ned by order of the Trustees Suzy Dymond-white, Chairperson Date.. 23 April 2026 io
CHANGING TUNES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHANGING TUNES YEAR ENDING 31 DECEMBER 2025 I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025. Responsibilitles and basls of report A5 the charitvs trustees of the Company land also its director5 for the purpose5 of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having 5at15fied 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 a5 carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl 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 hève come to my attention in connection with the examination giving me cause to believe.. 3ccounting record5 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 settion 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which 15 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 bycharities 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 concern5 and have come across no other matters in connertion 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. otkll LLI Joshua Kingston BSC. FCA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 IUR D3te= 23 April 2026 li
CHANGING TUNES STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOVNTI YEAR ENDED 31 OECEMBER 20Z5 Unrestri¢ted Restricted Funds Funds Total Funds Total Funds 2025 2024 Note Income from: Donations and legacies Charitable activities Prison Post-Release Work Other trading activities Investment income Other income 345.118 148,489 493,607 464,946 314,659 4,121 7,743 565 314,659 4,121 7,743 565 319,839 2,003 5,410 Toial In¢ome 672,206 148,489 820,695 792,198 Expendlture on: Raising fund5 Charitable activities 101,770 467,307 101,770 652,981 60,385 581,339 185,674 Total expendlture 569,077 185,674 754,751 641,724 Net income I lexpenditurel and net movement in funds 103,129 137.1851 65,944 150,474 Total funds at start of year 16 361,169 74,875 436,044 285,570 Total funds at end of year 16 464,298 37,690 501,988 436,044 The Charity has no recognised g3ins 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 IS to 26 form part of these financial statements See note 10 for fund-accounting comparative figures 12
CHANGING TUNES BALANCE SHEET AS AT 31 DECEMBER 20Z5 Company number.. 07791242 2025 2024 Note Fixed assets Tangible assets li 12,358 7,963 Current 35sets Debtors Cash 3t b8nk and in hand 12 55,922 444,375 59,427 380,247 500,297 439,674 Creditors .' amounts falling due within one year 13 110,6671 111,5931 Net current assets 489,630 428,081 Total net assets 501,988 436,044 FUNDS Unrestrlcted funds General funds Designated funds Restrlcted funds 17 17 17 406,940 57.358 37,690 353,206 7,963 74,875 Total funds 501,988 436,044 For the year ended 31 December 2025 the company was entitled to exemption from 3udit under section 477 of th& Companies Act 2006 relating to small companies. Directors, respon5ibilities'. The metnber5 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 fur complying with requirements of the Act with respect to accounting record5 3nd the preparation of the accounts. These accounts have been prepared in accordance with the provisions applicable to companie5 subject to the small companies, regime. The financial statements were approved by the trustees on their behalf by.. 23 Ap.ril 2026 and signed on Suzy Dymond-white Chairper50n of Trustees The ngtes on page$ 15 to 26 fomi part of these finan¢ial ststements 13
CHANGING TUNES CASH FLOW STATEMENT YEAR ENDED 31 OECEMBER 20Z5 2025 2024 Note Net cash Inflow I loutflowl from operatlng artlvlties 14 66.229 126.640 Non-operational cash flows: Investing activities Fixed a55et additions Investment income 19,8441 7,743 17,9571 5,410 12,1011 12,5471 Net cash inflow / loutflowl for the year 15 64.128 124,093 Cashllow Restrl¢tions Charity law prohibit5 the use of net cash inflow5 on any endowed or other restricted fund to offset net C3sh outflow5 on any fund outside it5 own object5, except on special authority. In practice. thi5 restriction has not had any effett on cash flows for the year. The notes on pages IS to 26 fomi part of these financial statements 14
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 2025 l Accounting policies Accounting Convention The financial statements have been prepared in accordance with the historical cost convention (except where otherwise ststed 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 Fin3ncial Reporting Standard applicable in the LJK 3nd Republic of Ireland IFRS 1021 issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, and the Companies Act 2(M)6. The charitv 15 a public benefit entity as defined under FR5102. The Trustees consider that there are nts material uncertainties affecting the ability of the charity io 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 ba51S. Expenditure Liabilities are recogni5ed as expenditure as soon a5 there 15 a legal or constructive obligation cornrnitting the chzrity to that expenditure, it 15 probable that Settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrual basi5, inclusive of any VAT which cannot be recovered. RolslngAunds 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 purch3s&d for resale. ChoritobleArtlvities Expenditure on charitable 3Ctivities comprises those costs incurred by the Charity in the delivery of its 8Ctivities and services. It includes both costs that can be allocated directly to this activity 8nd those costs of an indirect nature necessary to Support them. Support costs and other costs that cannot be directly attributed to activities are allocated on a basis consistent with the use of the resource. Governon¢e Costs Governance costs include those costs associated with meeting the constitutional and statutorv requirements of the ch3ritV 3nd includ& the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs. 15
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 20Z5 l A¢¢ounting policies (continuedl Tangible fixed assets Fixed assets are stated at cost with purchases of £5(X) 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 equiprnent 25% reducing b31ance 25% Straight line Debtors Trade and other debtors are recogni5ed at the settlement arnount 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 d2te of acquisition or opening of the deposit or similar account. Creditors Creditors are recognised where the ch3rity has a present obligation resulting from a past &vent that will probably result in the transfer of funds to 8 third party and the amount due to settle the obligation can be measured or estim3ted reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Fund a¢¢ountlng Unrestrirted funds can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds forrn part of unrestricted funds and have been identified as being for particular purposes by the Trustee5. They are not restricted 3nd can be transferred to general funds at any tirne at the discretion of the Tru5tee5. 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 p8rticular restricted purposes. Further @xplanation of the nature and purpose of each fund is included in note 16 of th& financial st8t&ments. 16
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 20Z5 2 Income from- Donations and legacies Unrestrl¢ted Restrlrted Fund5 Fund5 Total Funds 2025 53,254 4,181 287,683 S3.2S4 4,181 436,172 Church gifts Grants received (Note 31 148,489 345,118 148,489 493,607 Prior year comparative Unrestricted Funds Restricted Funds Total Fund5 2024 Restated 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 3 Grants received 2025 2024 Aurum Charitable Trust Garfield Weston Found3tion Harrison-Frank Family Foundation Henry Smith Charitable Trust John James Foundation Lightbulb Trust Lloyd5 Bank Foundation NL Community Fund NL Main Grants SJP Foundation Swire Charitable Trust The Bromley Trust The Burden Trust The Jerusalem Trust The Nisbet Ch8rit8ble Trust The Valentine Charitable Trust Drapers Charitable Trust Foyle Foundation Leathersellers Comp3ny 20,000 25,000 20,000 25.000 40,000 31,350 10,000 30.000 25,000 56,351 49,350 40,000 25,000 58.045 11,000 20,000 20,000 15,000 15,000 20,000 10,000 20,000 20,000 15,000 10,000 20,000 io,ooo 15,000 20,000 22.500 Grants under £IOk 60,277 71,987 436,172 414,688 17
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 2025 4 Expenditure on: Raising funds Total 2025 Total 2024 Fundraising staff costs Travel and 5ub5i5tence costs Website costs Other costs 76,450 1,669 3,909 19,742 S3.109 600 3,676 3,000 101,770 60,385 Current and prior year all represented by unrestricted funds. 5 Expendlture on- Charltable actlvltles Support Costs INote 61 Total 20Z5 Dlrect Costs Prison Post-Relea5e Work 444,006 208,975 652,981 444,006 208,975 652,981 Support Costs INote 61 Total 2024 Direct Costs Prison Post-Release Work 418.676 162,663 581,339 418,676 162,663 581,339 18
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 2025 6 Support Costs Total 2025 Total 2024 Management & admin costs 137,647 101,342 Equipment Tr3vel and subsistence Training Office costs Recruitment Accountancy fees Publication printing Professional fees Depreciation L05s on disposal of fixed assets Governon¢e costs.. Independent examiner's fees 1,993 5,496 109 4,032 145 27,626 1,384 2,652 3,793 13,312 4,035 453 32,767 477 3,500 3,176 14,510 5,032 417 3,960 3,780 208,975 162,663 7 Net income I lexpenditurel for the year 2025 2024 This is stated after charEing'. Independent examiner's fee.. - for independent examination - for accounts preparation 1,855 2,105 5,032 417 1,710 2,070 4,035 453 Depreciation L05s on disposal of fixed assets The total Trustees, expenses paid during the year £Nil12024.. £Nill. Jane Lings (newly appointed trustee) receieved payments of £1,305 for provision of professional services during the year. These payments are permitted under the Mernorandurn & Articles of Association. No other Trustee received any remuneration during the current or previous year. Aggregate donations from Trustees, key managernent personnel, and other re13ted parties in the year was £5,38812024.. £4,1751. 19
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 2025 8 Staff costs and numbers 2025 2024 The aggregate p3yroll costs were.. Wages & salaries Social security costs Pension contributions 510,883 Sl,163 17,003 475,656 35.342 14,828 579,049 525,826 The average weekly number of employee5 based on headcount during the year was 2912024.. 271. One etnployee12024.. One) received emolument5 between £60.000 to £70.000. The key man3gement personnel comprise of the Trustees, the Chief Executive Officer, the Musical Director, Fundraising Manager and th& Offic& M3nag&r. The total employee benefits of the key management personnel were £179,50012024.. £172.9551. 9 Taxation The charity is exempt from corporation tax on it5 charitable activities. 10 Statement of Financial A¢tivities comparative figures Fgr the year ended 30 December 2024 Unrestricted Restricted Fund5 Fund5 Total Funds 2024 Income from- Donations and legacies Charitable activitie5 Prison Post-Release Work Other trading activities Investment income 308,548 156,398 464,946 319,839 2,003 5,410 319,839 2,003 5,410 Total income 635,800 156,398 792,198 Expendlture on: Raising funds Charitable activitie5 60.385 413,231 60,385 581.339 168,108 Total expenditure 473,616 168,108 641,724 Net income I lexpenditurel for the year and net movement in fund5 162,184 111,7101 150,474 Total funds at stsrt of year 198,985 86,585 285.570 Total funds at end of year 361,169 74,875 436,044 20
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 2025 11 Tangible fixed assets Offlce Equlpment Musl¢al Equlpment Total Cost or valuation At 31 D&cember 2024 Addition5 Disposals 6,684 5,197 11,6631 5,894 4,647 15001 12.578 9.844 12,1631 At 31 December 2025 10,218 10,041 20,259 Oepre¢latlon At 31 December 2024 Charge for the year Disposals 2,321 2,970 11,3511 2,294 2,062 13951 4,615 5,032 11,7461 At 31 December 2025 3,940 3,961 7,901 Net book value At 31 December 2025 6,278 6,080 12,358 At 30 D&cember 2024 4,363 3,600 7,963 12 Debtors 2025 2024 Due in less than onè year: Trade debtors Pr&payments and accrued income Other debtors 17,347 36.657 1,918 34,967 22.705 1,755 55.922 59,427 13 Creditors.. amounts falling due within one year 2025 2024 Other creditors Accruals and deferred income 3,327 7,340 3,299 8,294 10,667 11,593 21
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 20Z5 14 Reconciliation of net movement in funds to net cash irtflow from operating activities 2025 2024 Statement of Financi31 Activities.. Net movement in funds 65,944 150,474 Investrnent income Depreciation Ilncreasel / D&cre8se in debtors IDecreasel / Increase in creditors.. current liabilities IGainsl / Losses from sale of fixed assets 17,7431 5,032 3,505 19261 417 15,4101 4,035 117,9991 14,9131 453 Net cash Inflow I loutflowl from operatlng actlvltles 66,229 126,640 IS Analysis ot changes in cash during the year 2025 2024 Change Cash at bank and in hand 444,375 380,247 64,128 2024 2023 Change Cash at bank and in hand 380,247 256,154 124,093 22
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 20Z5 16 Movement in funds For the year ended 31 December 2025 Atljan 2025 At 31 Dec 2025 Income Expendrture Transters Restrlcted funds Foyle Foundation Erlestoke Lightbulb Trust Ni5bet NL- Community Fund Quartet CF Sheriff of Gloucester SJP Foundation Small Trusts Small trusts/Young Voices Swire Valentinesl Guy Marsh Youth Mu5icIRTR YA 14,0(X) 5,860 20,0(KJ 14.0(X) 45,954 9,900 114.0001 14,4511 124,8771 123.4981 136.7861 18,5451 15511 iio,0001 115,2861 113.1181 121.3421 15,9631 17,2571 1,409 10.799 2,428 14,492 1,355 15,676 11,926 5,324 551 iO,O(K) 3,500 9,800 14.0(Kl 16,171 6,140 7,342 5,963 5.782 4,385 2,822 1,475 74,875 148,489 1185,6741 37,690 Unrestricted funds General fund5 Designotedfunds Fixed asset fund Capital fund 353,206 672,206 1564.0451 154.4271 406.940 7,963 15,0321 9,427 45,000 12.3S8 45,000 361,169 672,206 1569,0771 464,298 Total funds 436,044 820.695 1754.7511 501,988 Oesi nated Fund Des¢rl ions Flxed asset fvnd These funds represent the net book value of fixed asset5 held by the Charity. Capital fund These funds are for refurbishment of our studio space. 23
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 20Z5 16 Movement in funds fcontinuedj For the year ended 31 December 2024 Atljan 2024 At 31 Dec 2024 Restated Income Expendrture Transters Restrlcted funds Anchor Found3tion/TFN Erlestoke Harrison-Frank Lightbulb Trust Ni5bet NL- Community Fund Sheriff of Gloucester SJP Foundation Srnall Trusts Sm311 trustsnoung Voices Swire Valentines/ Guy Marsh Youth MusiclRTR YA 4,559 14,5591 13,7581 114,0001 114,0821 12,0741 164,4021 11,4491 iio.0001 117,2681 112,2001 16,6581 15,5131 112,1451 3,758 14,0(M) 21,OCM) 14.OQKI 41,424 2,000 10.0 10,876 18,340 14.0 7,000 8,758 15.676 11,926 5,324 551 28,302 22,563 16,171 6,140 7,342 5,963 5,782 4,476 17,927 86,585 156,398 1168,1081 74,875 Unrestritted funds General funds Designated funds 194,491 4.494 635,800 1469,5811 14,0351 17,5041 7,504 353,206 7,963 198,985 635,800 1473,6161 361,169 Total funds 285,570 792,198 1641,7241 436,044 24
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 20Z5 16 Movement in funds fcontinuedj Restrlrted Fund Descrl tlons Anchor FoundatlonlTFN These funds were given for rehabilitative rnu5ic work at Eastwood Park women's prison. Erlestoke These funds were given towards the ch3rity's work in HMP Erlestoke. Foyle Foundation These funds were given towards the growth of 'Young Voices. music learning programme with young peopl& in prison and children at risk of offending in 202S. Harrison-Frank These funds are for salaries to support group music making with prisoners and ex-prisoners. John James These funds are for Vinney Green and PRU work with young people. Llghtbulb Trust These funds were given for music rehabilit3tion work with young people who are in the criminal justice system. or at risk of entering it. Nlsbet 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. Quartet Communlty Fund These funds were given for music Intervention Programme which supports young people at risk of permznent exclusion from school and criminal activity. Sherlff of Gloucester These funds were given to support our work at Vinney Green Secure Unit. SJP Foundztion 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 Tru5tS These funds represent lots of smaller arnounts Eiven towards a particular aspect of the charity's work. The majority of the funds represent grants given for work in a specified prison. Small trustslyoung 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 5UPPOrt the Young Voices project. Valentlnesl Guy Marsh Funding received for prison work in Dorset IGuy's Marshl. Youth MusiclRTR YA These funds were given for work with 18-25 year olds by Red Tangent Records. 2S
CHANGING TUNES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 20Z5 17 Analysis of net assets between funds Unrestricted Unrestricted Designated General Funds Funds Restri¢ted Funds Total As at 31 Dember 2025 Tangible fixed assets Other net a55ets 12,358 45,000 12,358 489,630 37,690 406,940 37,690 57,358 406,940 501,988 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 18 Related partytransartlons There are no transactions with trustees tsr other related parties other than those disclosed as required by the SORP elsewhere in the financial statements. 26