Trustees' Annual Report for The St. Mary’s Church Portsea Music Foundation - Year Ending 31st March 2024
Objectives and Activities
The St. Mary’s Church Portsea Music Foundation exists to support the music ministry at St. Mary’s Church, Portsea. This includes promoting musical education, delivering choral and instrumental activities, and enhancing appreciation for organ music. Throughout 2023-24, the Foundation has focused on advancing these areas, particularly through the work of The Organ Project , which concluded at the end of 2023 and was funded in part by the National Lottery Heritage Fund.
Achievements and Performance
In the past year, the Foundation received vital support through donations, events, and investment returns. The Organ Project has been a major endeavour, with the Organ Fund largely focused on completing this initiative. Key financial highlights are as follows:
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Total Incoming Resources : Income for the year totalled £39,534, with £33,812 designated as restricted funds, primarily directed towards The Organ Project , and £5,722 in unrestricted funds. Voluntary contributions were the main source of income, along with fundraising events and dividends.
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Expenditure : Total resources expended reached £66,488, with the Organ Fund constituting the majority (£64,905) spent on final costs associated with The Organ Project . Unrestricted funds covered essential activities, including music lessons and other choral support.
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Investment Gains : Investment returns improved with a gain of £4,354, contrasting with the previous year’s loss.
Financial Review
The total movement in funds resulted in a net decrease of £22,599, reflecting the planned reduction in restricted funds as The Organ Project concluded. Nonetheless, the Foundation’s unrestricted reserves saw a positive balance, closing at £68,192, while
restricted funds ended at £4,581. This reduction aligns with the complete use of National Lottery Heritage funding designated for the project.
At year-end, the Foundation’s balance stood at £72,773, providing a stable base for continued activities. The trustees will focus on identifying additional sources of funding to ensure the sustained support of music education initiatives.
Reserves Policy
The trustees have established a reserves policy to ensure the Foundation remains resilient and capable of continuing its activities through funding fluctuations. Unrestricted reserves provide essential operational flexibility, while restricted reserves are managed according to their specific purposes.
Future Plans
Following the completion of The Organ Project , the Foundation will continue to advance the legacy of organ music at St. Mary’s Church. Future plans include:
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Ongoing support for music education and choral programmes, extending opportunities for young musicians.
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Increasing community engagement through concerts and recitals, aiming to maintain interest and support for music at St. Mary’s.
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Seeking new funding avenues to sustain current and new projects and initiatives.
The trustees express sincere appreciation to all supporters, especially the National Lottery Heritage Fund, for enabling The Organ Project . We look forward to building upon this success as we further our mission in the coming year.
Approved by the trustees on 1st July 2024, and signed on behalf of the board,
Revd. Canon Bob White Chair of Trustees
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST MARCH 2024
| 2024 Unrestricted Restricted Total Fund Funds Funds Note £ £ £ INCOMING RESOURCES Voluntary Income 2a 997 33,640 34,637 Activities for generating funds 2b 2,230 171 2,402 Income from investments 2c 1,240 - 1,240 Income from Foundation activities 2d 1,255 - 1,255 TOTAL INCOMING RESOURCES 5,722 33,812 39,534 RESOURCES EXPENDED Foundation Activities 3a 1,582 64,905 66,488 Governance 3b - - - TOTAL RESOURCES EXPENDED 1,582 64,905 66,488 NET INCOMING (OUTGOING) RESOURCES 4,140 (31,094) (26,954) LOSSES / GAINS ON INVESTMENTS 4 4,354 - 4,354 NET MOVEMENT OF FUND 8,495 (31,094) (22,599) BALANCE BROUGHT FORWARD 50,531 44,841 95,372 BALANCE CARRIED FORWARD 5 59,026 13,747 72,773 |
2024 Unrestricted Restricted Total Fund Funds Funds Note £ £ £ INCOMING RESOURCES Voluntary Income 2a 997 33,640 34,637 Activities for generating funds 2b 2,230 171 2,402 Income from investments 2c 1,240 - 1,240 Income from Foundation activities 2d 1,255 - 1,255 TOTAL INCOMING RESOURCES 5,722 33,812 39,534 RESOURCES EXPENDED Foundation Activities 3a 1,582 64,905 66,488 Governance 3b - - - TOTAL RESOURCES EXPENDED 1,582 64,905 66,488 NET INCOMING (OUTGOING) RESOURCES 4,140 (31,094) (26,954) LOSSES / GAINS ON INVESTMENTS 4 4,354 - 4,354 NET MOVEMENT OF FUND 8,495 (31,094) (22,599) BALANCE BROUGHT FORWARD 50,531 44,841 95,372 BALANCE CARRIED FORWARD 5 59,026 13,747 72,773 |
2023 Total £ 198,374 1,207 1,185 277 |
|---|---|---|
| 5,722 33,812 39,534 1,582 64,905 66,488 - - - 1,582 64,905 66,488 4,140 (31,094) (26,954) 4,354 - 4,354 8,495 (31,094) (22,599) 50,531 44,841 95,372 59,026 13,747 72,773 |
201,043 | |
| 196,689 - |
||
| 196,689 | ||
| 4,354 (2,223) |
||
| 2,132 93,240 |
||
| 95,372 |
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION BALANCE SHEET 31ST MARCH 2024
| THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION BALANCE SHEET 31ST MARCH 2024 |
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION BALANCE SHEET 31ST MARCH 2024 |
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION BALANCE SHEET 31ST MARCH 2024 |
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|---|---|---|---|---|
| Notes 2024 £ £ INVESTMENTS at Market Value 4 CBF Investment Fund - Income Units 47,658 CBF Investment Fund - Fixed Interest Securities Fund 9,353 57,011 CURRENT ASSETS CBF Deposit Account - Natwest Current Account 15,074 Receivables from PCC 688 Debtors - 15,762 Less Creditors - 15,762 72,773 FUNDS Unrestricted 5 68,192 Restricted 5 4,581 72,773 |
2023 £ £ 43,705 8,952 |
|||
| - 15,074 688 - |
57,011 15,762 72,773 68,192 4,581 72,773 |
- 36,939 5,776 - |
52,657 42,715 |
|
| 15,762 - |
42,715 - |
|||
| 95,372 | ||||
| 59,697 35,675 |
||||
| 95,372 |
Approved by the Trustees on 1st July 2024 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 2024
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 Organist Grant (CO-OP) b. Generating Funds Fundraising Portsmouth Lottery Amazon SMILE 100 Club c. Income from Investments Interest on CBF deposit account Dividends d. Income from Foundation activities Concerts and Organ recitals Contributions to Tour e. Unrealised Investment Surplus TOTAL INCOMING RESOURCES |
2024 2023 Unrestricted Restricted Total Total Fund Funds Funds Funds £ £ £ £ 677 33,640 34,317 196,378 320 - 320 74 - - - 1,922 |
|---|---|
| 997 33,640 34,637 198,374 |
|
| 2,107 - 2,107 757 - - - 15 32 - 32 23 92 171 264 412 |
|
| 2,230 171 2,402 1,207 |
|
| - - - - 1,240 - 1,240 1,185 |
|
| 1,240 - 1,240 1,185 |
|
| 1,255 - 1,255 277 - - - - |
|
| 1,255 - 1,255 277 |
|
| 4,354 - 4,354 (2,223) |
|
| 10,077 33,812 43,888 198,820 |
6
THE ST. MARY'S CHURCH PORTSEA MUSIC FOUNDATION NOTES FORMING PART OF THE ACCOUNTS (continued) 31ST MARCH 2024
3. RESOURCES EXPENDED
| a. Foundation activities Director of Music Fees Music Lessons Assistant Organist Concert Costs Chorister Rewards Bursaries 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 - 100 Club Prize Fund - Organist Fund - Organ Fund |
Unrestricted Restricted Fund Funds £ £ 724 - 663 - - - - - - - - - 195 - - 64,905 - - |
2024 Total Funds £ 724 663 - - - - 195 64,905 - |
2023 Total Funds £ 754 1,300 364 111 - 600 357 193,203 - |
|---|---|---|---|
| 1,582 64,905 |
66,488 |
196,689 |
|
| - - |
- | - | |
| 1,582 64,905 |
66,488 |
196,689 |
|
| Opening Income Balance £ £ 59,697 10,077 |
2024 £ 52,657 4,354 |
2023 £ 54,879 (2,223) |
|
| 57,011 | 52,657 |
||
| 25,109 Expenditure Closing Balance £ £ (1,582) 68,192 |
25,109 | ||
| £ £ 441 - 268 171 3,700 - 31,265 33,640 |
£ £ - 441 - 439 - 3,700 (64,905) (0) |
||
| 35,675 33,812 |
(64,905) 4,581 |