## 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:
1. **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.
2. **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.
3. **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:
- Ongoing support for music education and choral programmes, extending opportunities for young musicians.
- Increasing community engagement through concerts and recitals, aiming to maintain interest and support for music at St. Mary’s.
- 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**|||
|---|---|---|---|---|
|**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||