Treasurer’s Report 2020-21
It is my pleasure to present the annual report of accounts ending 31st March 2021, for the St Mary's Church Portsea Music Foundation - registered charity no. 102008.
In June 2020 we were excited to announce the award of a £764,000 grant from The National Lottery Heritage Fund to support the historic restoration of our pipe organ and the activities and events to be delivered by The Organ Project . The associated income and expenditure is recognised in our accounts as restricted funds under the ‘Organ Fund’.
It has, of course, been a challenging year for all. Our unrestricted income has decreased from £4,506 to £2,740 and whilst we have been unable to deliver face-to-face instrumental tuition to our young choristers, our expenditure has decreased from £4,638 to £1,433.
Over the coming months we look forward to being able to resume instrumental lessons, concerts and fundraising events.
Matt Dixon
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST MARCH 2021
| 2021 Unrestricted Restricted Total Fund Funds Funds Note £ £ £ INCOMING RESOURCES Voluntary Income 2a 360 313,939 314,299 Activities for generating funds 2b 733 - 733 Income from investments 2c 1,527 - 1,527 Income from Foundation activities 2d 120 - 120 TOTAL INCOMING RESOURCES 2,740 313,939 316,679 RESOURCES EXPENDED Foundation Activities 3a 1,433 307,831 309,264 Governance 3b - - - TOTAL RESOURCES EXPENDED 1,433 307,831 309,264 NET INCOMING (OUTGOING) RESOURCES 1,307 6,108 7,416 LOSSES / GAINS ON INVESTMENTS 4 - 639 639 NET MOVEMENT OF FUND 1,307 6,747 8,055 BALANCE BROUGHT FORWARD 47,922 5,076 52,997 BALANCE CARRIED FORWARD 5 49,229 11,823 61,052 |
2021 Unrestricted Restricted Total Fund Funds Funds Note £ £ £ INCOMING RESOURCES Voluntary Income 2a 360 313,939 314,299 Activities for generating funds 2b 733 - 733 Income from investments 2c 1,527 - 1,527 Income from Foundation activities 2d 120 - 120 TOTAL INCOMING RESOURCES 2,740 313,939 316,679 RESOURCES EXPENDED Foundation Activities 3a 1,433 307,831 309,264 Governance 3b - - - TOTAL RESOURCES EXPENDED 1,433 307,831 309,264 NET INCOMING (OUTGOING) RESOURCES 1,307 6,108 7,416 LOSSES / GAINS ON INVESTMENTS 4 - 639 639 NET MOVEMENT OF FUND 1,307 6,747 8,055 BALANCE BROUGHT FORWARD 47,922 5,076 52,997 BALANCE CARRIED FORWARD 5 49,229 11,823 61,052 |
2020 Total Funds £ 3,878 1,457 1,583 1,073 |
|---|---|---|
| 2,740 313,939 316,679 1,433 307,831 309,264 - - - 1,433 307,831 309,264 1,307 6,108 7,416 - 639 639 1,307 6,747 8,055 47,922 5,076 52,997 49,229 11,823 61,052 |
7,990 | |
| 33,805 - |
||
| 33,805 | ||
| (25,815) (639) |
||
| (26,454) 79,451 |
||
| 52,997 |
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION BALANCE SHEET 31ST MARCH 2021
| THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION BALANCE SHEET 31ST MARCH 2021 |
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION BALANCE SHEET 31ST MARCH 2021 |
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION BALANCE SHEET 31ST MARCH 2021 |
||
|---|---|---|---|---|
| Notes 2021 £ £ INVESTMENTS at Market Value 4 CBF Investment Fund - Income Units 35,218 CBF Investment Fund - Fixed Interest Securities Fund 10,495 45,713 CURRENT ASSETS CBF Deposit Account - Natwest Current Account 13,382 Loan to PCC 1,957 Debtors - 15,339 Less Creditors - 15,339 61,052 FUNDS Unrestricted 5 49,229 Restricted 5 11,823 61,052 |
2020 £ £ 34,612 10,462 |
|||
| - 13,382 1,957 - |
45,713 15,339 61,052 49,229 11,823 61,052 |
45,074 - 7,055 2,023 (1,155) 7,923 - 7,923 52,997 47,282 5,715 52,997 |
||
| 15,339 - |
7,923 - |
|||
| 52,997 | ||||
| 47,282 5,715 |
||||
| 52,997 |
Approved by the Trustees on 20th October 2021 and signed on their behalf
…………………………………. Revd. Canon Bob White
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION NOTES FORMING PART OF THE ACCOUNTS 31ST MARCH 2021
1. Accounting Policies
(a) Basis of Accounting
The accounts have been prepared on the historical cost convention and are in accordance with applicable accounting standards and the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP) 2005.
(b) Income
All income is recognised in the year in which it is received. Income tax recoverable on Gift Aid donations is recognised when the income is recognised.
(c) Income from Investments
(d) Expenditure
All expenditure is included on an accruals basis.
2. INCOMING RESOURCES
| a. Voluntary Income Donations and Grants Gift aid Assistant Organist Grant (CO-OP) b. Generating Funds Fundraising Portsmouth Lottery 100 Club c. Income from Investments Interest on CBF deposit account Dividends d. Income from Foundation activities Concerts and Organ recitals Contributions to Tour St Wilfrid's Contribution e. Unrealised Investment Surplus TOTAL INCOMING RESOURCES |
2021 2020 Unrestricted Restricted Total Total Fund Funds Funds Funds £ £ £ £ 360 311,134 311,493 1,882 - 884 884 74 - 1,922 1,922 1,922 |
|---|---|
| 360 313,939 314,299 3,878 |
|
| 63 - 63 990 110 - 110 98 561 - 561 370 |
|
| 733 - 733 1,457 |
|
| - - - - 1,527 - 1,527 1,583 |
|
| 1,527 - 1,527 1,583 |
|
| 120 - 120 873 - - - 200 - - - - |
|
| 120 - 120 1,073 |
|
| 639 - 639 (639) |
|
| 3,379 313,939 317,318 7,351 |
6
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION NOTES FORMING PART OF THE ACCOUNTS (continued) 31ST MARCH 2021
3. RESOURCES EXPENDED
| a. Foundation activities Director of Music Fees Music Lessons Assistant Organist Concert Costs Chorister Rewards Sheet Music Subscriptions Organ Fund Choir Tours b. Governance Bank Charges TOTAL RESOURCES EXPENDED 4. INVESTMENTS Quoted investments Market Value at 1st April Unrealised surplus Market Value at 31st March Historical Cost at 31st March 2011 5. Reserves Unrestricted - General Fund Restricted - Choir Tour Fund - Assistant Organist - Organ Fund |
Unrestricted Restricted Fund Funds £ £ 1,044 - - - - 1,922 (32) 150 - - - - 421 - - 305,759 - - |
2021 Total Funds £ 1,044 - 1,922 118 - - 421 305,759 - |
2020 Total Funds £ 1,155 2,784 1,922 178 - 303 367 27,095 - |
|---|---|---|---|
| 1,433 307,831 |
309,264 |
33,805 |
|
| - - |
- | - | |
| 1,433 307,831 |
309,264 |
33,805 |
|
| Opening Income Balance £ £ 47,282 3,379 |
2021 £ 45,074 639 |
2020 £ 45,713 (639) |
|
| 45,713 | 45,074 |
||
| 25,109 Expenditure Closing Balance £ £ (1,433) 49,229 |
25,109 | ||
| £ £ 441 - - 1,922 5,274 312,017 |
£ £ - 441 (1,922) - (305,909) 11,382 |
||
| 5,715 313,939 |
(307,831) 11,823 |