## 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||