Treasurer’s Report 2021-22
Annual report of accounts for the St Mary's Church Portsea Music Foundation - registered charity no. 102008, to 31st March 2022.
In June 2020, the Parochial Church of St Mary Portsea was awarded a £764,000 grant by The National Lottery Heritage Fund, to support the restoration of its 1889 pipe organ, and the activities and events delivered by The Organ Project . Following the award, the Parochial Church Council approved the Music Foundation as management partner for funding, partnership fundraising, and contractor recruitment. Associated income and expenditure is recognised under the ‘Organ Fund’ restricted account. The Parochial Church Council, through the Organ Project Committee, receives frequent reports on the financial position of The Organ Project . The Organ Fund balances at £29,342 on income of £377,921 and expenditure of £359,961. This balance is identified as partnership funding for The Organ Project , and has primarily been achieved through its Make a Joyful Noise campaign, alongside successful applications to other funding bodies. Of this £29,342, £18,776 has been loaned to the Parochial Church Council, to support their cash flow. NB. At the time of writing, repayments on this loan balance have reduced it to £5,775. To best reflect the financial position of the Music Foundation, and to support comparison with previous years, the Organ Fund account will be disregarded for the remainder of this report.
Through 2021-22, Foundation income decreased from £3,379 to £3,101, with expenditure increasing from £1,433 to £2,878. The surprising, yet welcomed performance of Church of England Investment Funds, has contributed the majority of income uplift, with 20% unrealised growth. Fundraising has increased from £63 to £347, recognising the success of birthday Facebook fundraising campaigns by advocates of the Foundation. The Music Foundation 100 Club has continued to prove popular, with the added benefit of projecting awareness of the Music Foundation to wider audiences. Unbanked collections held in the safe during COVID suggest a drop in performance, this not being quite the case, although it is noted that monthly play has reduced.
Music tuition expenditure has increased from £1,044 to £1,331, as we proudly support new young musicians and an increase to the hourly rate paid for lessons. The Music Foundation share to the Parish for Director of Music fees has decreased by £344, to £811.
Our thanks to the Co-op for sponsoring the Assistant Organist position, with a healthy balance of £4,664. Donations to this account are also supporting a £60 monthly stipend to liturgical organ scholar, Emily Smith, and weekly lessons to performance organ scholar, Markus Simojoki.
Cash flow remains a concern, with an end of year unrestricted balance of £3,739. Fundraising should be a priority for the forthcoming year, to ensure that the Foundation can continue to operate beyond 2023 without drawing down on income-generating investments.
Matt Dixon
2021-22 Music Foundation Accounts
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THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31ST MARCH 2022
2022 2021
Unrestricted Restricted Total Total
Fund Funds Funds Funds
Note £ £ £ £
INCOMING RESOURCES
Voluntary Income 2a 693 383,030 383,724 314,299
Activities for generating funds 2b 671 - 671 733
Income from investments 2c 1,514 - 1,514 1,527
Income from Foundation activities 2d 222 - 222 120
TOTAL INCOMING RESOURCES 3,101 383,030 386,131 316,679
RESOURCES EXPENDED
Foundation Activities 3a 2,878 360,231 363,109 309,264
Governance 3b - - - -
TOTAL RESOURCES EXPENDED 2,878 360,231 363,109 309,264
NET INCOMING (OUTGOING)
RESOURCES 223 22,800 23,022 7,416
LOSSES / GAINS ON INVESTMENTS 4 - 9,166 9,166 639
NET MOVEMENT OF FUND 223 31,966 32,189 8,055
BALANCE BROUGHT FORWARD 49,229 11,823 61,052 52,997
BALANCE CARRIED FORWARD 5 49,452 43,789 93,240 61,052
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2021-22 Music Foundation Accounts
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THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION
BALANCE SHEET
31ST MARCH 2022
Notes 2022 2021
£ £ £ £
INVESTMENTS at Market Value 4
CBF Investment Fund - Income Units 45,315 35,218
CBF Investment Fund - Fixed Interest Securities Fund 9,564 10,495
54,879 45,713
CURRENT ASSETS
- -
CBF Deposit Account
Natwest Current Account 19,585 13,382
Loan to PCC 18,776 1,957
Debtors - -
38,361 15,339
Less Creditors - -
38,361 15,339
93,240 61,052
FUNDS
Unrestricted 5 58,618 49,229
Restricted 5 34,622 11,823
93,240 61,052
Approved by the Trustees on 16th October 2022 and signed on their behalf
…………………………………. Revd. Canon Bob White
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2021-22 Music Foundation Accounts
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION
NOTES FORMING PART OF THE ACCOUNTS
31ST MARCH 2022
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
| 2. INCOMING RESOURCES | |
|---|---|
| a. Voluntary Income Donations and Grants Gift aid Assistant Organist Grant (CO-OP) |
2022 2021 Unrestricted Restricted Total Total Fund Funds Funds Funds £ £ £ £ 447 377,921 378,368 311,493 247 175 421 884 - 4,934 4,934 1,922 |
| 693 383,030 383,724 314,299 |
|
| b. Generating Funds Fundraising Portsmouth Lottery Amazon SMILE 100 Club |
347 - 347 63 80 - 80 110 26 - 26 - 218 - 218 561 |
| 671 - 671 733 |
|
| c. Income from Investments Interest on CBF deposit account Dividends |
- - - - 1,514 - 1,514 1,527 |
| 1,514 - 1,514 1,527 |
|
| d. Income from Foundation activities Concerts and Organ recitals Contributions to Tour |
222 - 222 120 - - - - |
| 222 - 222 120 |
|
| e. Unrealised Investment Surplus | 9,166 - 9,166 639 |
| TOTAL INCOMING RESOURCES | 12,267 383,030 395,297 317,318 |
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2021-22 Music Foundation Accounts
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THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION 6
NOTES FORMING PART OF THE ACCOUNTS (continued)
31ST MARCH 2022
3. RESOURCES EXPENDED
2022 2021
Unrestricted Restricted Total Total
Fund Funds Funds Funds
£ £ £ £
a. Foundation activities
Director of Music Fees 1,331 - 1,331 1,044
Music Lessons 936 - 936 -
Assistant Organist - 270 270 1,922
Concert Costs - - - 118
Chorister Rewards 271 - 271 -
Bursaries 60 - 60 -
Subscriptions 280 - 280 421
-
Organ Fund 359,961 359,961 305,759
Choir Tours - - - -
2,878 360,231 363,109 309,264
b. Governance
- - - -
Bank Charges
TOTAL RESOURCES EXPENDED 2,878 360,231 363,109 309,264
4. INVESTMENTS 2022 2021
Quoted investments £ £
Market Value at 1st April 45,713 45,074
Unrealised surplus 9,166 639
Market Value at 31st March 54,879 45,713
Historical Cost at 31st March 2011 25,109
5. Reserves
Opening Income Expenditure Closing
Balance Balance
£ £ £ £
Unrestricted - General Fund 49,229 12,267 (2,878) 58,618
£ £ £ £
Restricted - Choir Tour Fund 441 - - 441
-
- Assistant Organist Fund 4,934 (270) 4,664
- Organ Fund 11,382 378,096 (359,961) 29,517
11,823 383,030 (360,231) 34,622
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