Companyregi51rati¢Jn numberCE005316 IEngland and Wale51 Charity reEi5tration number 1165405 IEnEland and Wale51 OVATION MUSIC ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC LEGALAND ADMINisfRATIVE INFORMATION Trustees Mr N Davidson MT N Oldharn Mr S Morris Chafity number IEnKland and Wale51 1165405 Company number CECK15316 Independent examlner Oliver Reod FCCA ACA Jarnes Todd and Co limited Drnyton House Drayton Lane Chichester West &J55ex England P020 2EW Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC CONTENTS Page TrustÈes' report Independent exarniner's report Statement ol flnancial activities Balance sheet Notes to the linantial statements 7-11 Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 AUGUST2025 The trustees present their annual rewrt and financial staiements for the yearended 31 August 2025. The financial ststements hève been prepared in accordancÈ with the a£countin8 policies set out In note I to the flnanclal statements and compty with the charity's governing document. the Companies Act 2006 and Accountlng and Reporting by Ch8fltles.' Statement of Recommended Prattice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffective I january 20191. Objerti¥es and adivities The charity's objects are.. To advance the education of the public. particularty but not e¥clusively children and youn8 people under the age of 18 years, in the art of music in Portsmouth and Chichester and in such other parts of the United Kingdom a5 the Trustee5 rnay from time to tirne think fit. particularly but not excluswely by the provision of workshop5, educational opportunitie5 and opportunities for children and youn8 people to perform fflu51C. To promote the development of young people in achieving their 5ki115, Capacities and upabilitie5 to enable thern to participate in society a5 independent. mature responsible ifidividuals. The policies adopted in furtherance of these objerts are-. Carried out a number of music workshops including a peOrtS. cholr throughout the year.. provided prartical work experience opportunities to childten and youn8 people.. staged fourteen performances leaiuring youn8 musicians lincludin8 children) ai a number of ¢ommunily events, festivals and in a Khool.. Provided workshops to'NEETS' (Not in Education, Employment or Trainin81- offered and provided free music education to vulnerable children. In carryln8 Out the actlvltles above the trustees have had regard io the 8uldance Sssued by the Charity Comm15sion on publlc beneflt. There ha5 been no change in these durln8the year. Publlc beneflt The trustee5 have paid due to guidance issued by the Chority Commissioh in decidin8 what octivitie5 the charity Should undertèke. Achle¥ernents and performance Stgnificunt octivities ochievements o¢oirtst objertives The charity's main achievement5 include.. reachin6 out to a wider 8roup ol children and youn8 people in the local community and provlding thern with a POSltive creative and 5UPPOrtive environment to express thernsefves through mus1C,' hand5 on practical viork experience was offered to a nufflber of children and young people at music festiva15 and concert5. Thi5 experience includeil sound. lighting and technKal supwjrt and volunteering with 50cial media and marketing initiative5,' providing young tnv51ClanS Wlth acce55 to 5VPPQrt 5bts at music fe5tiva15 and enabling confidence through thi5 type of perforrnance,. seeing children and young people interactinK With eath other in a POSitr¥e way and helping raise significant funds for IoEal childrEn'5 charitie5 in addition to (hfation Musit. Flnancial review Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use Should be maintained at a level equivalent to between three and six rnonth'5 exp2nditure. The trustee5 consider that reserwes at this level will ensure th8t, in the event of a signrficant drop ITr fundin& they will be able to continue the Iharty's current aitivities while consideration is given to ways in which additional funds may taised. This level of reserves has bÈen maintainÈd throughout the year. Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 At the year end the charity's cash resee$ amounted to £29.27112024.. £20,780). The remaining reserves are used to facilitate and further the charitable objectives in subsequent accountiTrB per)ds. Mojor flSks The trustees have assessed the rnajor risks to which the charity 15 exposed. and are satlsfied that 5YSterns are in place to rnitigate exposure to the Major ri5k5. Stru£tiire governance and management The charity is setup as a Charitable Incorpornte (nISatIon ICIOI aNI gIStered with ihe Charlties Commission for England and Wales as chèrlty number 1165405. The tru5tee5, who ère a150 the directors for the purpose of company law, and who served during the year and up to the date of Signature of the financial 5tstemeTht5 were.. Mr N Davidson Mr N Oldham Mr M Rlthards Mr S Morn5 IResiRfied 31 August 20251 Recruitment ond uppointrnentoltru5tees Apart from the first charity trustees, every trustee must be appointed by a resolution pa55ed at a properly convened meeting ol the charity trustees, In selectin8 indivlduals lor appointment as charity tru5tee5. the charity trustees rnu5t have regard to the Skills, knowled8e and experience needed for the effective administration of the CIO. No person may be appointed 8 charity trLJ$tee at ¥ general meetih8 unless.. he or She is ¢0mMended for election by the Charity trustees.. or not less than 14 nor more than 35 ¢*ardays befo the date ol the meetifi8. CIO 1$ given notice that.. lil is Signed by a charity trustee entitled to vtste at the meetin lill states the ¢harity trustee's intention to Pfokxjse the apwintment of a person as a charity trustee. and Ilill is signed by the person who is proposed to show his or her willingness to be apptsinted All chèrlty trustees who are entitled to rece notice of a general meeting must be given not less than 7 nor more than 28 clear days. notice of any $OlU1H?n to be put to the MeingtO appoint a charity trustee. The appolntment of a charty trusiee musr not (ause the number of charrty trnstees exceed any number flxed as the maxlmum number of charlty trumees. During the under review one of the charitls tnjstees, Nitk l)avidson. eryd payment for management, administration and ¢onsukancy services totslin8 £l0.)12024.. £16.5(K)I. Suppller payrneTht pollcv The company's current policy concerning the payment of trade £rediknfS is follow the CBI'S Prompt Payers Code (copies are available from the CBI. Centre Point, 103 New Oxford Street. London WCIA IDUI. The company's Current pollcy concerning the paymentof trade creditors is to.. settle the terms of payment with suppliers when agreeingthe terms of each transattion., ensure that suppliers are made aware of the terms of paymenr by Tnclusion ol the relevant rerms In contracts.. and pay In accordance with the company's contrattual and other leeal oblieations. Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 The tru5tees' report was approved by the Board of Trustees. Mr N DavSdson Date.. 2010512026 Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC INDEPENOENT EXAMINER'S REPORT TO THE TRUSTEES OF OVATION MUSIC I report to the trustees on my examinatlon of the financial statements of (hfation Mus (the charltyl for the year ended 31 August 2025. Responsibilities and basis of report As thè trustees of the tharity land also its diredots for the purposes of ComnY lawl. you are resw)nsible for thÈ preparation of the financial statements in accordance wilh the requ1Ments of the Companies Art 21M)6. Having satisfied myself th2t the financial statements of the charity are not reguired to be audited under Parr 16 of the Companies Act 2006 and are eligible for independent examinatn. I report in respert of my examination of the charity's financial statements carried out under 5ertion 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under settion 1451Sllbl of the Charities Act 2011. Independent examlner's 51atement I have completed my examinatlon. I conflrm that no matters have come to my attentlgn In connertion wlth the examlnatlon glvlng me c8U5e to believe that In any material resFrt'. a¢countint re¢ords were not kept in respert of the charity as wuired by sertion 386 Of the Companies Act 2006. the financial statements do not accord with those records", or the financial statements do not £omply with accounti 9¥Irnents ol se¢tion 396 of the Companies Act 2006 other than any requirement that the finowlal ststements iNe a rrue and lair v*w. which Is not a matter ¢onsldered as part of 3n independent exèmination. or the financial statement5 have not been prepared in accordance with the method5 and principles of the Statement ol Recornrnended Practice for accountin8 ar reportin8 by charities applicable to charitie5 preparin8 their financlal statelnents In accordance with the Financial Reportin8 Standard applicable in the UK and Republic of I14 IFRS 1021. I have no concerns and have come across no other rnatters in connefflion with the examination to which attentlon should be drawn in this POrt in order to enable a proper unt1erstandingof the financial statements to be reached. James Todd and Co Llmlted Oliver Read FCCA ACA Drayton House Drayton Lane Chlchester West Sussex P020 2EW England Date.. Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC ATEMENT OF FINANCIAL A1VITIEs (INCLUDING INCOME AND EXPENDITUREACCOUNn FOR THE YEAR ENDED 31 AUGUST2025 Unrestricted funds 2025 Unrestricted funds 2024 Notes Income from.. Donation5 and legacie5 3.CM)O 42,919 4,580 30,778 Total Income 45.919 35,358 Expenditure oil.. 3?,434 42,310 Total expendlture 37.434 42,310 Net In¢omellèxpendlturtl and movemtnt In funds 8.485 16,9521 Ae¢on¢lllailon of funds.. Fund balances at I Septernr 2024 20,054 27,006 Fund balantt$ al 31 Au8USt 2025 28.539 20,054 The statement of financial activ1t include5 all gains and losses recognised in the year. All Income and expendlture derlve from continuing actlvities. Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC BALANCE SHE ASAT31 AUGUST2025 2025 2024 Notes Current assets Cash at bank and in hand 29.271 20.780 Credltors= ¥mount5 f¥llinB due wl¢hln one year 17321 17261 Net current assets 28,539 20,054 The funds olihe ¢h•tlty Unrestricted funds 12 28.539 20,054 28.539 20,054 The company is entitled to the exernption Irom the audit requirement contained in section 477 01 the Companies Act 2fM)6, for the year ended 31 Au8USt 2025. The dlre¢tor acknowledges hls responsibilities for compIng with ihe requirements of ihe Companies Act 2006 with respecr to accounting records and the pparatiOn of financial statements. The members have not requlred the compary to obtaln an audrt of its Ilnanclal statements for the year In question In accordance with sectlon 476. These financial 5titements have been prepared in actordance with the provisions •pplie4ble to ttJmpanie5 subject to the small Companies regime. The financial statements were approved by the trUeeS on 201.¢Slltsh Mr N Davidson Trustee Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 Accountlng pollcles Charity inforniation Ovation Mu51C 15 a CharitsblÈ Irorpoted Ot8anisatiDn ICIOI. K•Stered wrth the Charities Commission for England and Wales as tharity numbeT 1165405. 1.1 Bas15 of preparatlon The financial statements have en pfepared in èctordance with the chafity's 8ovÈrnin8 document. the Companiès Act 2006 and "Accounting and Reporting by CharitiÈs'. Ststement of RecommÈnded Practice applicable to charitles preparlng thelr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191" The charity is a Public Beneftt Entity as deflned by FRS 102. The charity has rèken advantage of ihe provisions in the SORP for charities applyiTh8 FRS 102 Update Bulletln I not to prepare a Statement of Cash Flows. The flnan¢ial statemenis a prepared in sterlin& whh is the funttional CUrncY ol the charity. Monetary amounts In these flnancièl statements are rounded to the nearest E. The financlal staternent5 ha¥e been prepared under the historical cost convention and the prlnclpal accountln8 pollcle5 dopted are Set out below. 1.2 Golng concern At the time of approving the financial statements. the iwttees have a reasonable expeciation that the charlty has adequète resources to continue in operational existence for the foreseeable fuits. Thus the trustees contlnue to adopt the going concern basis gf accounting in preparing the linancial statements. 1.3 Charltable lund5 Unrestritted funds are avallabie for use at the discretion of the trustees In furtherance of their charitable oblectlves. Restrlcted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and Uses of the restricted funds are sei oui in The noies to The financial statements. Endowment funds are subject to 5pecrfic condition5 by donor5 that the capital must be maintsined by the charitv. 1.4 lfi¢ome Income Is recognised when the charity is legal entiiled to r( after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recoEni5ed on receipt. Other donations are COgnised once the charity ha5 been notified of the donation, unle55 perforrnantr condrtions require deferral of the amount. Income tsx recoverable in relation to donations received under Gift Aid or deed5 of covenarbt 15 cognised at the time of the donation. Legacie5 are tognised on reteipt OT OthÈwwisÈ rf thè charity has rtrf1@d of an IMndIng distribution. th amount is known. and reteipt is expetted. If the amDUnt is ntst kn¢Jwn. thÈ14aty is trÈatsd as 3 tontingent asset. 1.5 Expendlture Liabilities are recogni5ed as expenditure a5 Soon as there 15 a legal or construrtwe obligation comrnitting the charity to that expenditure, it is probable that a ttan5fer of econotnic benefits will be required in settlemerit and the amount of the obligation can be measured reliably. Exppnditure 15 accounted ft>r on an accruals basi5 and ha5 been Ila55ified under headings that aggregate all cost related to the category. Where costs cannot be dirertly attributed to particular heading5 they have been allocated to activitie5 on a ba51S COn5iStentwtth the use of re50urce5. Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Accounting policies Icontinuedl Expenditure on charitable activtties intludes all expenditure diTertly lating to the objerts of the charity. Expenditure on the raising of funds rpresÈnts eXndItre intufred in pnerating intome to finante the tharity's activities and governance. 1.6 Cash and cash equivalents Cash and cash equivalents include Cash in nd. deposits held at call with banks, other short-term liquid Investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowines in Boskllmnclolossets Basic flnanclèl assets, whlch include debtors and Cash and bank balances, are inltially measured at rransèrtlon price Includlng trènsa£tion costs and are subsequently carrd at amortised cost using the effective interest method unless the èrrèngement constitutes a financing transaction, where the transartion is measured at the present value of the future receipts dSscounted at a market rate oi Interest. Flnancial assets classifled as recelvable within one year are not amortised. Boslcllnonclol Ilobilltles Basic financial lièbilities, Includlng creditors and bank loans a initlally rern8nlsed at transattion price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interesi. Financial liabilities Classilied as payable wlthin one year are not amortised. Debt Instruments are sub5equentlycarrled at amortised cost, using the effertive Interest rate rnethod. Trade credltors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppllers. Amount5 pa¥able are cla55ified as current liabilities tf payment is due within one year or le55. If not, they are presented a5 non-current liabilities. Trade creditors are reco8nised Inrtialtv at transartion price and Subsequently measured at arncrti5ed c05t U5in8 the effective interest fflethod. Derecoqnltlon oJflnonclolllobllltles Flnancial liabilities are derecognised when the charlrfs contrattual obll8aiknnsexplre or are dlschar8ed or cancelled. 1.7 Employee benefrt$ The c051 of ony unused holiday erbtitlement is reco8ni5ed in the period in which the ernployee's services are received. Termination benefit5 are recognised immediatety a5 an expense when the charity 15 dernon5trably cornmitted to terminate the ernploymerbt of an employee orto provide terrnination benefits. Itlcal accountlng estlmates andludgements In the application of the charity's accounting policies. Ihe trustees are required to make judgements, estlmates and a55umptions about the carryin8 amount of assets and liabilities that are not adIlY apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual re5uIt5 rnay er from these estimate5. The estimates and undertyinE assumptK)ns afe reviewed on an ongoiThg ba515. Revi5i0n5 to accounting e5timate5 are recogni5ed in the period in which the estirnate is Wi5ed where the revision affects only that perio(l. or in the period of the revision and futUTe peri5 where the revi5iorb afferts ixAh curTent and futu peri(Kl5. Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Income from donatlons and legades Unrestricted funds Unrestricted funds 2025 2024 Donations and gifts Grants 3.000 2,580 2,000 3.CM)O 4,580 Income from charltsble actmtles Unrestrlcted funds 202S Unrestrlcted lunds 2024 Charltable actfvltles 31.969 10,950 22,218 8,560 Room hlre 42.919 30,778 Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Expendlture on charltable actl¥ltles Charitable artivttie5 Charitable activitie5 2025 2024 Dlrect £05ts Rent and rate5 Studio and venue hire ManagÈmÈnt consultancy Tutors Repairs and maSntenance Other expenses 6.969 2.798 10.000 15.900 322 743 8,859 3,717 16,500 11,903 605 36.732 41,584 Share ol support and governance costs (see note 61 Governance 702 726 37.434 42,310 Anatysls bylund Unrestricted lund5 37,434 42,310 Support £tssts alloraled 10 a(Ilvltlts 2025 2024 Governance costs 702 726 Analysed between: Charitable attivities 702 726 2025 2024 Govemarbce costs comprlse.. Accounrancy 702 726 702 726 Net movement In lunds ZOZ5 20Z4 The net movement in funds is stared after chargingllcreditingl.. Fee5 payable forthe independent exafflination of the chartty's financial ststements 10- Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855
OVATION MUSIC NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Trustees During the year under review one of the charity'5 trustee5, Nick Da¥id50n, received payment for managernent, dministration and consuttancy Services totsling £I0.C(2024_. E16.STr)1. Employees The average monthly number ol employees during the yearwas.. 2025 Number 2024 Numbe Total The We no emplgyees whose annual remuneratlon was MO ihan £60.W). 10 Taxatlon The charlly is exempt from taxaiknn on ils auivilies because all its Iorne Is applied for chariiable purposes. 11 CredIto. afflountsfallln4 due whhln one 20Z5 20Z4 A¢¢ruals and deferretl Inttjme 732 726 12 Unre$trl¢ttd funds The nstriCted funds of the charity comprise the unexpended balances of rfonations and grants which a not subject to specifi£ conditions by donors and grantots as to how they may be used. These in£lude designated funds which have been set aside out of unrestricted funds byihe trustees for specrfic purposes. At l September 2024 In¢omini Resour¢es expended Al 31 August 2025 General funds 20.054 45.919 137,4341 28,539 Previou5 year: At I September 2023 Incoming re5our¢es Re50urce5 expende41 At 31 August 2024 GÈnÈral funds 27.IM)6 35.358 142,3101 20,054 13 Rel•ted party trnns•rtions Aside from those already disclosed underthe Trustees Mte. there were no fijrther disclosable related party tranrtionS during the year12024- none). Doc ID.. d85fflcc4a4f38228b36f300dd943931f51af855